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RIL's retail business likely to grow 3x in next 3-5 years: Report

Reliance Industries' (RIL) retail business is expected to grow three times in next the next three to five years at a robust CAGR of 35-40 per cent, said a Bernstein report. Digital or new commerce continues to scale up and contributes 10 per cent of sales, it said. It further said that, RIL's recently announced clean energy business may well be create a valuation of about $36 billion.

HDFC Bank's net profit rises 16% in June quarter; misses Street estimates

The country’s largest private-sector lender HDFC Bank on Saturday reported a 16.1 per cent jump in net profit to Rs 7,729.6 crore in the quarter ending June, lower than Street estimates as the bank’s asset quality deteriorated and provisions increased. In the same period last year, the bank's net profit stood at Rs 6,658.6 crore. The NII of the lender rose 8.57 per cent in Q1FY21 to Rs 17,009 crore, driven by growth in advances at 14.4 per cent and a net interest margin of 4.1 per cent. In the same period, the other income of the lender was up 54.3 per cent at Rs 6,228.5 crore.

Reliance Retail buys controlling stake in Just Dial for Rs 5.7k crore

Sharpening its e-commerce play, Reliance Retail Ventures Ltd (RRVL) is acquiring a controlling stake in 25-year-old search engine platform Just Dial for Rs 5,719 crore. RRVL will acquire 25.33 per cent in Just Dial through a preferential allotment at Rs 1,022.25 per share and take another 15.62 per cent from its founder VSS Mani at Rs 1,020 per share. It will then make an open offer for 26 per cent in accordance with Securities and Exchange Board of India (Sebi) regulations for a consideration of Rs 2,222 crore. Mani will continue as managing director and chief executive of the company.

Kirloskar Oil Engines to invest Rs 250 crore more in NBFC business

Kirloskar Oil Engines will be investing another Rs 250 crore into its nonbank finance company (NBFC) Arka Fincap as it seeks to grow its operations, its promoters said on Friday. They also announced plans to monetise its 50-acre land bank in its base of Pune for its realty company Avante Spaces, starting with a mixed use project with a development potential of 2 million equare feet on a 12-acre plot in the Kothrud area.

L&T Finance Holdings consolidated Q1 net up 20% to Rs 178 cr

L&T Finance Holdings Ltd posted a 20 per cent rise in consolidated net profit, at Rs 178 crore in the first quarter ended June 2021 (Q1FY22) on improvement in margins and fees. It had posted a net profit of Rs 148 crore in June 2020 (Q1FY21). The consolidated net profit in the March 2021 quarter was at Rs 266 crore. Its net interest margin (NIM) plus fees improved to 7.52 per cent in June 2021 quarter from 5.78 per cent a year ago (Q1FY21) on consolidated basis. Sequentially, it was down from 8.17 per cent in Q4FY21. Despite lockdown, collections during Q1FY22 grew about three times to Rs 13,166 crore from Rs 4,321 crore in FY21.

HDFC AMC reports 14% surge in profit after tax to Rs 345.45 crore in Q1

HDFC Asset Management Company (AMC) on Friday reported over 14 per cent surge in profit after tax to Rs 345.45 crore for the three months ended June 30. The asset management firm had posted a profit after tax (PAT) of Rs 302.36 crore in the same quarter preceding fiscal, HDFC AMC said in a regulatory filing to the stock exchanges. The company's total income rose to Rs 607.99 crore in the June quarter, from Rs 491.31 crore in the year-ago period.

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