Infosys: India's second-largest IT services company Infosys on Thursday posted a better-than-expected 11% rise in consolidated net profit at ₹6,021 crore for the September quarter and announced a buyback of shares worth ₹9,300 crore. The Bengaluru-headquartered company raised its FY23 revenue growth guidance to 15-16%. Infosys board has also declared an interim dividend of ₹16.50 per share. The interim dividend payout will be about ₹6,940 crore.
Mindtree: IT company Mindtree on Thursday reported a 27.5% year-on-year rise in its consolidated net profit to ₹508.7 crore for the September quarter. Seen sequentially, the net profit was about 8% higher than in the June quarter. The Q2 revenue came in at about ₹3,400.4 crore, growing 8.9% over the previous sequential quarter and 31.5% on the year. The total contract value or TCV in the fiscal's first half crossed USD 1 billion for the first time.
Reliance Industries: Reliance Industries Ltd. is in advanced discussions to acquire German firm Metro AG’s wholesale operations in India, according to people familiar with the matter, as the conglomerate led by billionaire Mukesh Ambani seeks to dominate India’s mammoth retail sector. Charoen Pokphand Group Co. is no longer actively in talks with Metro, leaving only Ambani’s Reliance to pursue the carry business.
ONGC: A consortium led by ONGC Videsh Ltd (OVL), and comprising other state-run companies Indian Oil Corp. Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL), is looking to buy a stake in a producing hydrocarbon asset of the Abu Dhabi National Oil Co. (Adnoc), the largest oil company of the United Arab Emirates (UAE), said two people aware of the matter. The proposed transaction is being facilitated through govt-to-govt talks between India and the UAE.
HDFC Life: Insurance sector regulator Irdai has granted final approval to HDFC Life Insurance Company Ltd (HDFC Life) to merge Exide Life into the company. In January this year, HDFC Life acquired 100% stake in Exide Life Insurance Company from its parent firm Exide Industries for ₹6,687 crore in order to increase its presence in the south India market.
Angel One: Angel One, a mid-cap broking company having a market cap of ₹13,228.51 crore, Board of Directors declared a second interim dividend of Rs. 9 per share and set the record date for that purpose in order to determine the shareholders' eligibility. The company recorded a 17.7% sequential growth in profit at ₹213.6 crore for the quarter ended September FY23.
MTNL: State-owned MTNL on Thursday said its shareholders have approved a proposal to raise up to ₹17,571 crore through government-guaranteed debt bonds on a private placement basis. Shareholders of the loss-making public sector telecom firm have also enhanced the power of the board to borrow up to ₹35,000 crore from banks and other financial institutions, according to the result of the scrutinised report of MTNL's annual general meeting held on October 10.
Tata Steel: Tata Steel Long Products, a subsidiary of Tata Steel, on Thursday said that the company has acquired equity shares in its subsidiary Neelachal Ispat Nigam Limited, amounting to ₹300 crore. The company has acquired 4,68,75,000 equity shares of ₹10 each at a premium of ₹54 per share. The company will now own 95.81% of Neelachal Ispat Nigam Ltd.
Coal India: As part of its diversification programme for clean energy, Coal India Limited (CIL), on Thursday signed a Memorandum of Understanding (MoU) with the Rajasthan Vidyut Utpadan Nigam Limited (RRVUNL) for developing a solar power plant of 1190 MW in the state, the Ministry of Coal said in a statement. The project would boost CIL’s pursuit of solar power generation as part of its diversification programme for clean coal energy.
Anand Rathi Wealth: Non-bank wealth solutions company Anand Rathi Wealth on Thursday reported a 41% jump in profit after tax at ₹43 crore for three months ended September 2022. In comparison, the company had posted a PAT (Profit After Tax) of ₹30.4 crore in the same quarter preceding the fiscal, Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, said in a statement.
