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ICICI Bank, UK's Santander sign MoU to ease corporate banking at both ends

One of India's leading private sector banks, ICICI Bank, on Tuesday announced a tie-up with Santander bank in Britain in a pact aimed at facilitating the banking requirements of corporates operating across both countries. The memorandum of understanding (MoU) between ICICI and Santander UK Plc, signed in Mumbai, is designed to establish a framework of partnership between the banks to meet the financial service requirements of corporate customers operating within the India-UK corridor.

Cera to invest Rs 200 crore in sanitaryware, faucetware expansion

Ahmedabad-based Cera Sanitaryware Limited is set to expand its sanitaryware and faucetware manufacturing capacity in two phases for a capital expenditure (capex) of nearly Rs 200 crore.

The Board of Directors on Tuesday approved the capex of around Rs 197 crore for the company's expansion plans including a greenfield sanitaryware plant and a brownfield faucetware unit. Currently, Cera Sanitaryware Ltd. has a sanitaryware capacity of 2.5 million pieces per annum (mppa) and faucetware capacity of 3 mmpa. The company informed exchanges that the existing capacity utilisation is close to 90-100 per cent.

The expansion plan includes a greenfield plant with an initial capacity of 1.2 mmpa in the first phase which can be further expanded to another 1.2 mmpa in second phase, thereby aggregating to 2.4 mmpa. On the other hand, additional capacity of faucetware in phase one will be 1.2 mmpa which further expandable to total 2.4 mmpa in second phase.

Asian Paints Q4 results: Net profit declines marginally to Rs 850 cr

Asian Paints' consolidated net profit fell marginally to Rs 850.42 crore in Q4FY22 as compared to year-ago period. Revenue from operations increased 18.66% to Rs 7,892.67 crore.

Consolidated sales increased 20.6% to Rs 7,890 crore in Q4FY22 over Q4FY21, the company said on Tuesday. Profit before exceptional items and tax increased 12.8% to Rs 1,304.88 crore from Rs 1,156.31 crore.

MRF's March quarter profit declines 50.26% to Rs 165.21 crore

Tyre major MRF Ltd on Tuesday reported a 50.26 per cent decline in consolidated profit from continuing operations to Rs 165.21 crore for the fourth quarter ended March 2022, hit by higher expenses, especially raw materials.

The company had posted a consolidated profit from continuing operations at Rs 332.15 crore in the same period of the previous fiscal, MRF Ltd said in a regulatory filing. The consolidated revenue from operations in the fourth quarter was Rs 5,304.82 crore against Rs 4,816.46 crore a year ago, it added.

Dalmia Bharat profit down 6.10% to Rs 600 crore in fourth quarter

Cement maker Dalmia Bharat has reported 6.10 per cent decline in consolidated net profit at Rs 600 crore for the fourth quarter ended March 2022. It had clocked a net profit of Rs 639 crore in the year-ago period, Dalmia Bharat said in a regulatory filing. However, revenue from operations was up 7.26 per cent to Rs 3,380 crore during the quarter under review as against Rs 3,151 crore in the same period a year ago.

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