It's Good To Talk Housing Finance Corporation
Bharti Airtel: Telecom major Bharti Airtel’s consolidated net profit surged 89% QoQ to ₹3,005.6 crore for the fourth quarter. It was ₹1,588.2 crore in Q3FY23. The consolidated revenue from operations was by marginally by 0.6% sequentially to ₹36,009.0 crore from ₹35,804.4 crore. The company’s consolidated net profit for Q4FY23 rose 49.7% on year from ₹2,007.8 crore during the same period in the previous fiscal. The consolidated revenue from operations jumped 14.3% on year to ₹36,009.0 crore from 31,500.3 crore in Q4FY22 on the back of robust and consistent performance delivery across the portfolio.
Infosys: IT major Infosys and bp, a global integrated energy company on Tuesday announced the signing of a Memorandum of Understanding (MoU) to demonstrate their intent for Infosys to be bp’s primary partner for end-to-end application services, including development, modernization, management and maintenance. “This strategic engagement further strengthens the long-standing relationship, spanning over two decades, between the two companies,” said Infosys in its regulatory filing.
LIC Housing Finance: LIC Housing Finance in its Q4FY23 results reported a net profit of ₹1,180.3 crore, registering a growth of 5.5%, compared to ₹1,118.6 crore in the corresponding period last year. The company’s NII for the January-March quarter came in at ₹1,990.3 crore, reporting a growth of 22.1%, compared to ₹1,630 crore in the year-ago period. The leading housing finance mortgage loan company’s revenue for the quarter ended March 2023 was ₹6,415.11 crore, compared to ₹5,299.66 crore in the same quarter last year, posting a growth of 21.04% year-on-year.
TCS/Intellect Design Arena: IT major TCS and Intellect Design Arena are in the race for a contract for the development of an advanced version of the public procurement portal GeM, sources said. The government invited tenders for new GeM (Government e-marketplace) portal development work in February-March this year and after scrutiny of the bids, TCS and Intellect Design Arena qualified in the technical stage. The government had set a pre-condition for the bidders to have a special certificate to qualify for the GeM portal tender.
Indian Oil Corporation: State-run Indian Oil Corporation Ltd (IOC), the country’s largest oil refiner and retailer, recorded a massive 54.8% year-on-year jump in its net profit at ₹10,289.8 crore for the just-concluded January- March quarter on the back of a rise in gross refining margins. “The gross refining margin (GRM) for FY2022-23 was $19.52 per bbl as compared to $11.25 per bbl in the previous financial year,” said S M Vaidya, chairman, Indian Oil, as the company beats a profit estimate of ₹7,214 crore by a Bloomberg consensus.
Jindal Steel and Power: Jindal Steel and Power Ltd (JSPL) saw its consolidated reported net profit at ₹465.66 crore decline 69.5% year-on-year during the January-March quarter compared to ₹1527.04 crore during the year-ago quarter. The year ago, however, had seen steel manufacturers benefit from an extraordinary rise in steel prices post the start of the Russia-Ukraine War. The company’s adjusted Ebitda at ₹2,240 crore came significantly lower than ₹2899 crore in the year-ago quarter and slightly lower than the adjusted Ebitda of ₹2,296 crore in the previous quarter.
One 97 Communications: Fintech giant Paytm has elevated Bhavesh Gupta as the company’s President and Chief Operating Officer (COO), according to a business update by One 97 Communications – which operates Paytm. Gupta, previously Senior Vice President at Paytm, will now be responsible to lead verticals of lending, insurance, payments–online and offline, consumer payments and drive key initiatives including user growth, operations risk, fraud risk and compliance, according to a regulatory filing by the company to the stock exchanges.
Bank of Baroda: State-owned Bank of Baroda has set aside ₹500 crore as provisions to cover any potential hit if loans to Go Airlines (India) Ltd turn sour, a senior executive said on Tuesday. Sanjiv Chadha, chief executive, Bank of Baroda said that Go Airlines has indicated that the bank’s exposure is about ₹1,300 crore, without accounting for the exposure guaranteed by the government. Chadha said that any potential downside has been fully taken into account and the bank is completely protected as far as the account is concerned.
Dish TV: A group of minority shareholders of Dish TV has sent a notice to call an Extraordinary General meeting (EGM) of the direct-to-home service provider, raising concerns over corporate governance issues, seeking reconstitution of the board and removal of two independent directors questioning their independence. The notice sent by 77 shareholders of Dish TV, representing 10.15 per cent shareholding, proposed to nominate K Badri Narayanan, Satis Kumar Yanmandra, and Jeet Sen Gupta as independent directors on the board of the Essel Group firm.
Jupiter Wagons: Jupiter Wagons Ltd (JWL) has raised ₹125 crore through a qualified institutional placement (QIP) route. The funds will be utilized to accelerate its wagon manufacturing capacity, JWL said in a statement on that the QIP got an overwhelming response from investors like Tata Mutual Fund, Ananta Capital, ITI Mutual Fund, etc. JWL is a leading provider of comprehensive mobility solutions encompassing rail, road, and marine transportation. The company also has a presence in the commercial electric vehicle (CEV) segment.
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