Bharat Petroleum Corp: The government called off the strategic sale of BPCL after companies that showed initial interest in buying the country’s second-largest state-run refiner changed their minds as the outlook for Indian refiners soured because of the pandemic and soaring global energy prices that forced them to sell fuel below cost.
Hindalco Industries: The Aditya Birla Group company's consolidated March quarter net profit nearly doubled to a record ₹3,851 crore from the previous year’s ₹1,945 crore, backed by a strong performance in its India aluminium business. Consolidated revenue grew 37.7% during the period.
Piramal Enterprises: The company reported a consolidated net profit of ₹150.5 crore in the three months through March, as against a loss of ₹510.4 crore in the same period last year. In its financial services business, AUM increased 33% year-on-year (y-o-y) to ₹65,185 crore in Q4. The share of retail in the overall loan book increased from 12% in March 2021 to 36% in March 2022, with the retail book growing 306% y-o-y to ₹21,552 crore.
Bharti Airtel: Moody's Investors Service has upgraded the company 's rating to Baa3, citing continued strengthening of its operational metrics as well as stabilisation of the financial profile. It has withdrawn the company's Ba1 corporate family rating. Moody's has also changed the outlook for the company to stable from positive.
Union Bank of India: The state-owned lender on Thursday said its board of directors has approved raising up to ₹8,100 crore by issuing equity shares through various modes. The board of directors, in its meeting held on May 26, considered and approved raising of equity capital not exceeding ₹3,800 crore, within the overall limit of ₹8,100 crore.
Tata Power: The company's wholly-owned subsidiary Tata Power Renewable Energy has commissioned 100 MW project for Maharashtra State Electricity Distribution Company Limited in Partur, Maharashtra. The installation comprising over 4,11,900 monocrystalline PV modules is expected to reduce around 234 million tonnes of CO2 annually.
NMDC: The state-owned company said its consolidated net profit fell 36% to ₹1,812.98 crore for the quarter ended March 31, weighed down by higher expenses. During the quarter under review, the company's total income rose marginally to ₹7,034.83 crore, from ₹6,932.75 crore in the year-ago period.
Berger Paints India: The company reported a 5.6% increase in consolidated net profit to ₹220.29 crore for the fourth quarter ended March. Revenue from operations was up 7.9% at ₹2,187.51 crore.
Zee Entertainment Enterprise: The company reported a consolidated net profit of ₹181.93 crore for the March quarter. Its total income during the quarter under review was ₹2,361.17 crore. It was at ₹1,984.39 crore in the year-ago period.
Muthoot Finance: The company reported a marginal decline in its consolidated net profit at ₹1,006.23 crore for the quarter ended March as core interest income fell. The non-banking finance company, mainly into gold loan services, had registered a net profit of ₹1,023.76 crore in the same period a year ago.
