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Tube Investments to buy 70% stake in e-tractor co Cellestial for Rs 161 cr

Marking its aggressive foray into e-mobility space, Murugappa group company Tube Investments of India (TII) has decided to come up with a 100 per cent subsidiary to focus on clean mobility and is planning to infuse around Rs 350 crore into the newly-formed arm through a combination of equity, preference and debt instruments.

The new subsidiary will also acquire a 70 per cent stake in Cellestial EMobility, a Hyderabad-based start-up engaged in the design and manufacture of E-tractors. The Cellestial stakes are valued at around Rs 161 crore and will be acquired through a combination of primary and secondary purchases of shares.

LIC's net profit zooms to Rs 1,437 crore in H1FY22 ahead of IPO

IPO-bound Life Insurance Corporation (LIC) has reported a net profit of Rs 1,437 crore in the first half of FY22 (April-September), compared to just Rs 6.14 crore in the year-ago period. The sharp jump in profit was aided by a 12 per cent rise in income from investments even as net premium earned by the insurer reported a tepid growth.

In FY21, the state-owned insurance giant had reported a net profit of Rs 2,906.77 crore, and in FY20, profits were to the tune of Rs 2,712.7 crore.

Vedanta demerger call by March-end: Anil Agarwal

Metals and mining group Vedanta Ltd will announce the contours of a proposal to spin off key businesses into separate listed companies by Marchend, its chairman Anil Agarwal said, as he looks to simplify and streamline the corporate structure to create value. While the zinc business is already housed in a listed subsidiary, the plan is to demerge the aluminum, iron and steel, and oil and gas businesses into standalone listed entities.

Cipla Q3 PAT dips 2.6% at Rs 729 crore

Drug major Cipla on Tuesday reported a 2.6 per cent decline in its consolidated profit after tax to Rs 729 crore for the third quarter ended on December 31, 2021. The Mumbai-based company had posted a consolidated profit after tax (PAT) of Rs 748 crore in the October-December quarter of 2020-21 fiscal. Total revenue from operations, however, rose by 6 per cent to Rs 5,479 crore in the third quarter as compared with Rs 5,169 crore in the same period of last fiscal, Cipla said in a regulatory filing.

United Spirits Q3 profit up 27% to Rs 291 cr; net sales up 7.6%

Diageo-controlled liquor maker United Spirits Ltd on Tuesday reported a 26.62 per cent increase in consolidated net profit at Rs 291.1 crore for the third quarter ended December 2021. The company had posted a net profit of Rs 229.9 crore in the October-December period a year ago, United Spirits Ltd (USL) said in a regulatory filing. Its revenue from operations rose 7.64 per cent to Rs 8,854.5 crore, as against Rs 8,226 crore in the corresponding period of the previous fiscal.

Federal Bank's Q3 net profit rises 29% to Rs 522 cr on lower provisions

Private sector lender Federal Bank’s net profit rose 29 per cent year-on-year to Rs 522 crore in the third quarter ended December 2021 (Q3 of FY22) on sharp reduction in provisions and marginal improvement in net interest margin. Net profit was Rs 404 crore in Q3 of FY21. Sequentially, net profit rose by 13.2 per cent from Rs 460 crore in the second quarter ended September 2021.

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