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Adani Wilmar Q3 results: Consolidated PAT surges 66% to Rs 211 crore

FMCG firm Adani Wilmar, which got listed last week, on Monday reported 66% jump in consolidated net profit at Rs 211 crore for the quarter ending December 31, 2021. It reported net profit of Rs 127 crore in the year-ago period. The company's consolidated revenue from operations rose 40% to Rs 14,379 crore as compared to Rs 10,229 crore in Q3FY21. Adani Wilmar is a 50:50 joint venture company between Ahmedabadbased Adani group and Singapore's Wilmar group.

Cult.fit acquires Gold's Gym fitness chain in India, value of deal unknown

Health and wellness start-up Cult.fit has picked up a majority stake in F2 Fun & Fitness India, thereby becoming the master franchise partner for Gold’s Gym in India. The companies did not disclose the value of the deal.Cult.fit said its endeavour is to continue scaling its business nationally, across non-metro cities and towns, as well as house brands like Gold’s Gym into its network to further propel their growth in the coming years.

ICICI Bank's Sandeep Bakhshi is Business Standard Banker of the Year

Sandeep Bakhshi, managing director (MD) and chief executive officer (CEO) of ICICI Bank, is the Business Standard Banker of the Year 2020-21 for turning around the private sector lender and changing the perception about it during his tenure of the past three and a half years.

Bakhshi took charge in October 2018 amid a controversy around his predecessor, who had to step down over corporate governance issues. Since then, he has not just unhinged the bank from the controversy but also delivered growth on almost all parameters.

LIC IPO: DHRP filed with SEBI, govt to offload 5% stake

The government will sell 5 per cent of its stake in Life Insurance Corporation (LIC), through an initial public offering (IPO), of which 100 per cent is offer for sale. LIC filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi) on Sunday, thus setting the wheels in motion for the country’s largest-ever IPO

The market regulator, according to sources, is expected to give its nod for the LIC IPO in three weeks. The Union government has often reiterated that the public issue of LIC will happen within the current financial year (FY22). According to them, this maiden share sale should fetch the government between Rs 60,000 crore and Rs 75,000 crore, which could peg the insurer's market value between Rs 12 trillion and Rs 15 trillion. The final valuation will be decided closer to the IPO.

RIL preps for satellite broadband entry

The satellite broadband business is heating up. A few weeks ago, Reliance Industries ended months of speculation when Jio Satellite Communications, a Reliance Jio subsidiary, applied to the Department of Telecom (DoT) for a global mobile personal communication by satellite (GMCS) licence.

The move will see Reliance locking horns with its chief rivals in the telecom sweepstakes — Sunil Mittal-backed OneWeb, which was the first to apply for the same licence and is awaiting a go-ahead. For the uninitiated, like the Unified Access Service Licence (UASL), which allows telcos to offer access for a range of terrestrial telecom services, GMCS offers satellite access services to customers. The only difference is that while UASL is given city- or “circle”- wise GMCS is given for pan-India operations.

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