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Axis Bank Q3 results: Net profit rises 61.9% to Rs 5,853 crore

Indian private lender Axis Bank Ltd on Monday reported a 61.9% rise in quarterly profit, as strong loan growth boosted interest income.

Net profit rose to 58.53 billion Indian rupees ($719.53 million) in the three months ended Dec. 31 from 36.14 billion rupees a year earlier, Mumbaibased Axis Bank said in an exchange filing.

IDBI Bank posts record-high Q3 profit of Rs 927 crore on lower provisions

State-owned IDBI Bank Ltd reported a record third-quarter profit on Monday, boosted by lower bad loan provisions and improved asset quality.

IDBI Bank, which had some of the worst asset quality among lenders during India's bad loan crisis, has seen soured loans drop dramatically over the past few quarters on strong recoveries, and is now the focus of a government move to monetise a majority stake.

Gross bad loans as a measure of total loans -- a key measure of asset quality -- improved to 13.82% in the quarter ended Dec. 31, from 16.51% in the previous quarter. The lender said last quarter it expected the figure to come down to 12% by the end of this fiscal year.

Sterlite Power bags orders worth Rs 3,800 crore from April to December

Sterlite Power on Monday said it has bagged orders worth Rs 3,800 crore in the first three quarters of this fiscal, which is 90 per cent higher than a year ago.

The orders were bagged by the solutions' business unit in the domestic and international markets during the first three quarters FY23, showing a growth of 90 per cent growth compared to the same period of FY22, a company statement said.

Vistara reports first ever quarterly profit in Q3, figure undisclosed

Vistara made its first ever quarterly profit in the three-month period ended December 2022, on a surge in operations and revenue. The airline did not disclose the profit figure, but said that it excluded unrealised foreign exchange loss. On a year-on-year basis Vistara said it grew its capacity and passenger traffic by 37 per cent and 47 per cent, respectively, in the third quarter.

BPCL plans to shut Bina refinery in June for a month for maintenance

India's Bharat Petroleum Corp plans to shut its 156,000 barrels-per-day (bpd) Bina refinery in central India for about a month in June for maintenance, two sources familiar with the plan said.

The state-run refiner also plans to shut half of its 240,000 bpd Mumbai refinery in western India for three to four weeks in September-October for maintenance, the sources said

Mahanadi Coalfields Ltd to set up Rs 12,000 cr power plant in Odisha

Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India Limited, is looking to diversify into power generation, and plans to set up a Rs 12,000 crore power plant in Odisha.

It also aims to enter into aluminium business and may soon set up a greenfield aluminium project.

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