IGI Logo

Key News

ICICI Bank's net profit rises 260% to Rs 4,403 cr in Q4FY21; NII rises 17%

Private sector lender ICICI Bank on Saturday reported a net profit of Rs 4,403 crore in the March quarter of FY21, up 260 per cent year-on-year (YoY). In the same period last year, the bank's net profit stood at Rs 1,221 crore. The net interest income (NII) increased by 17 per cent YoY to Rs 10,431 crore in Q4FY21 from Rs 8,927 crore in Q4FY20 while the net interest margin (NIM) was 3.84 per cent in Q4FY21 as compared to 3.67 per cent in Q3FY21 and 3.87 per cent in Q4FY20. The non-interest income of the lender, excluding treasury income, was Rs 4,137 crore in the March quarter of FY21 compared to Rs 4,013 crore in the same period last year.

Mahindra Finance Q4 consolidated net down 8% to Rs 219 cr, income down 3%

Mahindra and Mahindra Financial Services Ltd posted an eight per cent drop in consolidated net profit at Rs 219 crore in fourth quarter March 2021 (Q4FYF21). It had posted consolidated net profit of Rs 239 crore in Janaury-March 2020 (Q4FY20). The net profit for FY21 declined by 28 per cent to Rs 780 crore from Rs 1,086 crore in FY20, the finance company said in a statement. Its board of Directors has recommended a 40 per cent dividend of (Re 0.80 per share on equity share of Rs two each), subject to shareholders approval. The total income in Q4FY21 was down three per cent at Rs 3,038 crore from Rs 3,140 crore in Q4FY20. The impairment on financial instruments rose to Rs 910.08 crore in Q4FY21 from Rs 821.9 crore in Q4FY20.

HCL Tech Q4 net dips 6%, expects FY22 revenue to grow in double digits

IT services firm HCL Technologies fourth quater numbers were impacted by higer taxes and one-time bonus payment. The company reported a 64.9 per cent fall in its fourth quarter net profit at Rs 1,111 crore on a year-onyear basis. Profit was down 72 per cent on a sequential basis. The provision for tax nearly doubled sequentially in Q4 to Rs 1,191 crore. The fourth quarter revenue was Rs 19,642 crore, up 1.8 per cent sequentially and up 5.7 per cent on y-o-y basis. The firm also reported the highest ever new deal booking this quarter of $ 3.1 billion, a 49 per cent increase annually, with an all-time high exit pipeline.

Cadila Healthcare's Hepatitis C drug gets approval for emergency use

Cadila Healthcare has received restricted emergency use approval from local regulators to use a Hepatitis C drug as a treatment for moderate Covid-19 in adults, the drugmaker said on Friday. The approval follows promising results from a late-stage study of the drug, and comes in the middle of a massive wave of Covid-19 cases in India, which has overwhelmed its health system and left many hospitals short of critical oxygen supplies. Cadila said patients given its therapy in clinical trials had shown lesser need for supplemental oxygen, which is given to seriously ill Covid-19 patients to increase its supply in the blood and lungs

RIL to pare stake in Hathway Cable; to launch Rs 442-crore OFS on April 26

Reliance Industries (RIL)-promoted Hathway Cable & Datacom will launch an offer for sale (OFS) on Monday -- the second time in a month it will be doing so. The last OFS for Rs 853 crore was partially subscribed. This month, the company will launch a Rs 442-crore share sale, offloading 205.44 million shares, or an 11.61 per cent stake, at a floor price of Rs 21.50. Promoter group firms that will sell shares include Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer