Reliance Industries: The oil-to-telecom conglomerate will announce its March quarter earnings later today. India's most valuable company is likely to report at least a 40% year-on-year growth in net revenue in March quarter, while profit is seen rising 30-100%.
Mahindra & Mahindra: The Mahindra Group has initiated a restructuring to trifurcate its flagship automobiles business that contributes 55% to the group revenue, according to a media report. The exercise, in the early stages, will involve separating the electric vehicle, tractor and passenger vehicle (PV) businesses into three independent companies via a demerger process.
Banks: ICICI Bank, Bank of Baroda, and Bank of India have raised interest rates on new loans by 40 basis points, a day after the Reserve Bank of India raised its repo rate by a similar quantum, citing inflationary pressure.
Wipro: The IT major and HFCL Ltd., a telecom equipment manufacturer and technology provider, have entered into a partnership to engineer a variety of 5G transport products, the companies said in a joint statement on Thursday.
TVS Motor Co: Reported a 14% year-on-year decline in its consolidated net profit for the March quarter to ₹275 crore, due to low sales. Revenue from operations, however, rose to ₹6,585 crore during the period under review from ₹6,132 crore a year ago.
Future Lifestyle Fashions: Said that IDBI Trusteeship Services has invoked the pledge it made on investments in FLFL Lifestyle Brands and nearly a dozen other associate firms, after the former failed to redeem ₹450 crore of nonconvertible debentures. Separately, Future Group said it has completed the sale of its 25% stake in Future Generali India Insurance Co. Ltd. to its JV partner Generali for ₹1,266.07 crore as part of its asset monetisation plans to pare debt.
ACC Ltd. and Ambuja Cements: Billionaire Gautam Adani is in talks with investment groups and funds from the Middle East, for financing support of up to $2 billion for acquisition of ACC and Ambuja, Holcim’s twin cement assets in India.
Ceat: Reported a decline of 83% year-on-year slump in its consolidated net profit to ₹25.25 crore for the March quarter, largely because of input cost inflation. Revenues rose 13% on year to ₹2,592 crore.
Tata Power Company: Tata Power Solar Systems, a subsidiary of Tata Power, said it has won India's largest solar engineering procurement and construction order for 1 GW project worth ₹5,500 crore from state-owned SJVN Ltd. Tata Power will also announce its March quarter results today.
Indus Towers: The telecom infrastructure major reported a 34% year-on-year rise in its consolidated net profit to ₹1,829 crore for the March-ended quarter. Revenue rose 10% on year to ₹7,116 crore during the reported quarter.
