Reliance Industries: Reliance Industries Ltd (RIL) and BP Plc, which operate more than 1,400 fuel retail outlets under the Jio-BP brand name, are drawing up a compensation plan for dealers to stave off closure, as per a news report. In March, RIL nearly halved fuel supply to its dealers due to losses of ₹10-12 per litre daily on the sale of diesel. It has not resumed fuel supplies fully.
Telcos: Bharti Airtel continued gaining subscriber share with 2.2 million customers added in March. Reliance Jio broke its three-month losing streak by adding over 1.2 million users during the month, taking its total base to 404 million, while Vodafone Idea lost over 2.8 million users in March.
Larsen & Toubro: The engineering & infrastructure behemoth reported 10% year-on-year rise in profit to ₹3,621 crore for the March quarter, with revenue also up 10% at ₹52,851 crore. EBITDA increased 2.1% to ₹6,520.5 crore and order inflows grew 46 percent on year to ₹73,941 crore in during the quarter.
Tata Motors: Has said inflation and a chip shortage are the biggest challenges facing Tata Motors. The company will nevertheless meet its profit and cashflow targets for the year. Capex is likely to increase to up to ₹6,000 crore this fiscal. Tata Motors saw its consolidated net loss narrow to ₹992.05 crore in March quarter from ₹7,585.34 crore a year ago. Revenue from operations fell to ₹78,439.06 crore from ₹88,627.90 crore in the year-ago period.
PNB: Punjab National Bank has said it would subscribe to the rights issue of its associate mortgage lender PNB Housing Finance, which has renewed its capital raising plan by selling equity shares to existing shareholders.
Zomato: Online food-delivery and restaurant booking company Zomato’s 10-minute delivery plan is being re-evaluated as the platform hasn’t been able to meet the time target for all orders during its pilot in Gurgaon, as per a media report.
Adani Green Energy: Has approved allotment of two crore equity shares for ₹3,850 crore to Green Energy Investment Holding RSC Ltd. Adani Green will issue 2,00,18,198 equity shares of face value ₹10 each at the rate of ₹1,923.25 per share for ₹38,49,99,99,303.50 to Green Energy Investment Holding.
Future Retail: The Mumbai bench of NCLT has granted more time to Future Retail Ltd. (FRL) to file its response to a Bank of India petition seeking to initiate insolvency resolution proceedings against the company for defaulting on loans.
Petronet LNG: Has begun talks with Qatar to renew a multi-year gas deal despite market "turbulence", making new long-term contracts difficult as sanctions on Russian fuel have squeezed an already tightly supplied market. India's top gas importer has till end-2023 to renew its long-term liquefied natural gas (LNG) deal with Qatar Gas to beyond 2028.
Ujjivan Small Finance Bank: Reported a 7% year-on-year decline in profit at ₹127 crore in quarter ended March, dented by higher provisions. Net interest income grew 48% to ₹544 crore and pre-provision operating profit rose 40% to ₹217 crore.
