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Bajaj Finserv surges 10% after board approves 1:1 bonus, 1:5 stock split

Shares of Bajaj Finserv surged 10 per cent to Rs 14,579.95 on the BSE in Thursday’s intra-day trade after the company’s board approved 1:1 bonus issue and 1:5 stock split. On July 28, 2022, the board approved sub-division of each existing equity share of face value of Rs 5 into five equity shares of face value of Rs 1 fully paid- up. The board also approved issue of one bonus equity shares of face value of Rs 1 for every 1 equity share of Rs 1.

Nestle India net profit declines 4.3% to Rs 515.3 cr in April-June qtr

Nestle India on Thursday reported a net profit of Rs 515.3 crore in the AprilJune quarter, down 4.3 per cent from last year. The consumer goods firm’s revenue from operations was Rs 4,036.6 crore, up 16.1 per cent. “The growth is broad based and while being primarily driven by pricing, [it] has a healthy underlying volume and mix evolution. I am also happy to share that the ‘out of home’ space got back to accelerated growth in channels like hotels, education centres and workplaces,” said Suresh Narayanan, chairman and managing director of Nestle India, which makes Maggi noodles and KitKat chocolate.

Cipla Q1 revenue may be muted on high base, low Covid drug sales: Analysts

Mumbai-based pharma giant Cipla Ltd is set to release its June quarter earnings on Friday, July 29. Analysts expect the company to post a muted rise in revenues on a yearly basis to Rs 5,670.5 crore due to weakness in domestic sales. Four out of five brokerages project the company’s revenue to increase by 3- 6 per cent year-on-year (YoY), while the fifth, ICICI Securities, estimates a 1.2 per cent decline for the same. The adjusted profit after tax is also likely to decline by up to 25 per cent YoY to Rs 608 crore.

Shree Cement Q1 net profit falls 56% to Rs 279 cr; revenue rises 21%

Shree Cement Ltd on Thursday reported a decline of 55.8 per cent in its consolidated net profit to Rs 278.86 crore for the first quarter ended June 30. The company had posted a net profit of Rs 630.89 crore in the April-June period a year ago, Shree Cement said in a BSE filing.

ONGC, partners to splash $ 6.2 billion on green energy projects

India's top oil explorer ONGC and its partners will invest USD 6.2 billion (Rs 50,000 crore) in green energy projects to produce carbon-free hydrogen and green ammonia as part of an ambitious decarbonization drive, officials said. ONGC has signed a pact with Greenko, one of India's largest renewable energy companies, to form a 50:50 joint venture for green energy projects. The JV will set up 5.5-7 gigawatts (GW) of solar and wind power projects, and use electricity generated from such plants to split water in an electrolyzer to produce green hydrogen, which in turn would be used for manufacturing green ammonia, they said.

Adani Capital planning IPO as soon as 2024 at $2-bn valuation: CEO

A non-bank lender backed by Gautam Adani, Asia’s richest person, is planning to raise at least Rs 1,500 crore ($188 million) in an initial public offering in Mumbai that could take place as early as 2024. Adani Capital’s first-time share sale will offer about a 10% stake in the shadow bank and target a valuation of around $2 billion.

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