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JSW Energy signs PPA for 540 MW of wind power projects

JSW Energy said its arm JSW Renew Energy has signed a power purchase agreement (PPA) for the supply of 540 Mw of blended wind power capacity. The PPA is signed with Solar Energy Corporation of India (SECI). The company in a statement said this is single largest PPA for wind/blended wind power capacity awarded to a company and will mark the foray of JSW in this segment. The firm won these projects in a competitive bidding done by SECI. Earlier on March, it was awarded 450 Gw of wind power capacity. JSW aims to be a 10 Gw energy firm in this decade. In September 2020, JSW Energy said JSW Future Energy had received Letter of Awards for total blended wind capacity of 810 Mw in respect of the tariff-based competitive bids invited by SECI for setting up of 2,500 Mw ISTS -connected blended wind power projects.

Covid-19 second wave may stall mobility sector's recovery, says RedSeer

The mobility space became ‘essential’ over the years, with the public convenience that it ushered in. However, the sector saw a huge dip after the outbreak as the larger base of customers started working from home. The ecosystem witnessed an overall change in consumer behaviour. Mobility had recovered 63 per cent compared to the pre-Covid days, with 71 million rides in January 2021, according to RedSeer Consulting. However, with the surging Covid-19 wave in the country, the recovery is likely to go on a downward trajectory with a drop of 30-40 per cent in the coming months as many states like Maharashtra, Delhi and Karnataka among other states go into lockdown, said RedSeer.

SBI Life profit nearly flat in Q4, net premium income jumps to Rs 15,556 cr

SBI Life Insurance Company on Monday reported a flat net profit at Rs 532 crore for the March 2021 quarter. The life insurer had posted a net profit of Rs 531 crore in the corresponding quarter of the previous financial year 2019-20. Total income in January-March 2021 jumped multi-fold to Rs 20,897 crore, compared with Rs 5,675 crore in year-ago period, SBI Life said in a regulatory filing. Net premium income jumped to Rs 15,556 crore, from Rs 11,863 crore a year ago. For full year, the company's net profit rose 2 per cent to Rs 1,456 crore in 2020-21, against Rs 1,422 crore in FY20.

Varun Beverages Q1 net more than doubles, board recommends a bonus issue

Varun Beverages Ltd, PepsiCo's largest franchise bottler, on Monday reported a more than two-fold jump in consolidated net profit to Rs 136.75 crore in the first quarter ended March 2021, helped by volume growth across domestic and international markets. The company, which follows the calendar year as its financial year, had posted a net profit of Rs 60.06 crore in the year-ago period. Its total income during the quarter under review stood at Rs 2,275.60crore, up 31.96per cent from the same period a year ago. It was at Rs1,724.51crore in the corresponding period last fiscal, Varun Beverages said in a regulatory filing.

IDBI Bank Q4 net profit jumps 278% to Rs 512 crore; NII rises 38%

IDBI Bank turned profitable in FY21 after five years as the private sector lender on Monday reported a net profit of Rs 1,359 crore for the financial year against a net loss of Rs 12,887 crore in FY20. The bank posted a 278 per cent year-on-year rise in net profit at Rs 512 crore for the fourth quarter ended March 2021 (Q4FY21) on robust growth in net interest income. Sequentially, its net profit was up 35 per cent from Rs 378 crore in the quarter ended December 2021 (Q3FY21).

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