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IOC to invest Rs 7,000 cr in city gas after it secures 33% market areas.

Indian Oil Corporation (IOC), the nation's largest oil firm, on Sunday said it will invest over Rs 7,000 crore in setting up city gas distribution networks in the cities for which it has secured a licence in the latest bidding round..

IOC secured 33 per cent of the demand potential that was up for grabs in the recently concluded 11th round of CGD bidding, cornering cities from Jammu to Madurai to Haldia, the firm said.

Oil India exits US shale venture, sells 20% stake for $25 million

State-owned Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million -- the second exit of an Indian firm from the US shale business in two months. OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for USD 82.5 million.

Metro Brands Q3 consolidated net profit jumps 53% to Rs 102 cr

Footwear firm Metro Brands on Saturday reported 53% rise in consolidated net profit at Rs 102 crore for the quarter ending December 31, 2021. The company, which recently got listed on bourses, reported net profit of Rs 66 crore in the year-ago period. Consolidated revenue from operations rose 59% to Rs 484 crore as compared to Rs 304 crore in Q3FY21. Basic Earnings per share (EPS) for Q3FY22 stood at Rs 3.82, as compared with Rs 2.50 for Q3FY21.

HDFC Bank's Q3 net profit rises 18% to Rs 10,342 cr

Country’s largest private sector lender, HDFC Bank, on Saturday has reported an 18 per cent jump in net profit in the October–December quarter (Q3FY22) aided by higher credit growth and lower provisions. The lender’s profit after tax was to the tune of Rs 10,342.2 crore, in line with the Street estimates, compared to Rs 8,758.29 crore in the corresponding quarter of previous financial year (FY21). Analysts at Bloomberg had estimated a net profit of Rs 10,136 crore. Net interest income, which is the interest earned minus the interest expended, increased by 13 per cent to Rs 18,443.5 crore in Q3FY22 as compared to Rs 16,317.6 crore in Q3FY21, backed by a 16.5 per cent growth in advances. Net interest margin, a measure of profitability of the bank, stood at 4.1 per cent in the reporting quarter.

HCL Tech's Q3 net profit falls 13.6% to Rs 3,442 cr, revenue rises 15.7%

HCL Technologies’ third quarter revenue growth beat Street estimates, but supply-side cost, increments and taxation pulled down net profit. The company reported a net profit of Rs 3,442 crore, down 13.6 per cent year-on-year (YoY). Net profit was, however, up 5.4 per cent on a sequential basis. Revenue for the quarter grew 15.7 per cent YoY to Rs 22,331 crore, and rose 8.1 per cent sequentially. On a constant currency basis, HCL Tech’s revenue was up 7.6 per cent sequentially, one of the best quarters in the last 12 years, said the company.

Sequent Scientific names Rajaram Narayanan as MD, CEO for five years

Sequent Scientific, an animal health firm, on Friday said it has appointed Rajaram Narayanan as MD and CEO for five years, with effect from April 11, 2022. Narayanan replaces Manish Gupta who has put in his papers.

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