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HDFC Life's net profit jumps 12% to Rs 357 cr; VNB margins at 29.3%

Private sector life insurer, HDFC Life, reported a 12.6 per cent jump in net profit to Rs 357 crore in the January–March quarter (Q4FY22), from Rs 317 crore in the year ago period as the impact of Covid on profits has started to wane.

Its new business margins expanded 240 basis points year-on-year (YoY) to 29.3 per cent in Q4FY22 from 26.9 per cent in the year-ago period. For the full year (FY22), the insurer reported a new business margin of 27.4 per cent compared to 26.1 per cent last year. New business margin indicates the profit margin of a life insurance company.

1 mn 'Make in India' iPhones shipped in Q1 2022 as Apple grows 22%

Giving its India growth story another fillip, Apple shipped nearly 1 million 'make-in-India' iPhones in the country in the first quarter of 2022, a massive jump of 50 per cent (year-on-year) in iPhone shipments from within the country, data showed on Tuesday

According to data shared by market intelligence firm CyberMedia Research (CMR), iPhones in India registered an overall growth of 22 per cent in the Q1 2022, led by iPhone 12 and 13 sales.

Zee Learn stock tumbles over 18% after Yes Bank seeks insolvency

Private sector lender Yes Bank has moved NCLT seeking initiation of insolvency proceedings against Zee Learn, according to a regulatory filing. The company said Yes Bank has allegedly claimed that the total amount in default with respect to a financial facility is Rs 468 crore

Zee Learn has received a notice from the Mumbai bench of the NCLT over Yes Bank's petition and is in the process of compiling information to verify the facts, the filing said on Monday.

S&P lowers ratings for Future Retail overseas bonds to 'highly vulnerable'

Global rating agency Standard and Poor’s today lowered rating on Future Retails Ltd’s overseas bonds worth $500 million from CCC- to CC, indicating that they are 'highly vulnerable'. The move follows the termination of the deal to sell the ailing company's assets to the Mukesh Ambani-led Reliance group.

The issuer credit rating remains 'SD', given the continuing default on the onshore bank borrowings.

Adani Group in advanced talks to acquire Holcim businesses in India

Gautam Adani’s conglomerate is in advanced talks to acquire Holcim Ltd.’s businesses in India, according to people familiar with the matter.

The billionaire’s Adani Group could sign an agreement to acquire a controlling stake in Ambuja Cements Ltd. from Holcim as soon as in the coming days, the people said, asking not to be identified as the information is private. Other bidders including JSW Group remain interested in the assets, they said.

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