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Tata Communications Q1 consolidated net profit grows 15% to Rs 296 crore

Tata Communications on Wednesday posted about 15 per cent jump in consolidated profit at Rs 296.11 crore in the quarter ended June 2021. The company had a profit of Rs 257.8 crore in the same quarter a year ago. "In a challenging quarter impacted by the second wave of COVID-19, we have delivered a robust performance. The global markets are slowly opening up and we are witnessing greenshoots of demand recovery," Tata Communications Managing Director and CEO A S Lakshminarayanan said in a statement. The consolidated revenue of Tata Communications declined by about 7 per cent to Rs 4,103 crore during the reported quarter as compared to Rs 4,403 crore in the corresponding quarter of 2020-21. Data business revenue declined by 2.2 per cent on a year-on-year (y-o-y) basis to Rs 3,104 crore.

Tata Steel BSL posts Rs 2,478-crore consolidated net profit for June qtr

Tata Steel BSL Ltd on Wednesday returned to the black, posting a consolidated net profit of Rs 2,478 crore in the quarter ended June 30. The company had clocked a Rs 650-crore net loss in the April-June quarter of the previous financial year 2020-21, Tata Steel BSL said in a BSE filing. Its total income during April-June 2021 jumped to Rs 7,884 crore, from Rs 2,710 crore in the year-ago period. Total expenses stood at Rs 5,405 crore, compared with Rs 3,360 crore a year ago.

Banks to discuss next course of action on debt-laden Vodafone Idea

Lenders to Vodafone Idea (VIL) are expected to hold talks to decide on the future course of action with regard to their exposure to the debt-laden telecom player which is struggling to stay afloat. This comes in the wake of Aditya Birla Group Chairman Kumar Mangalam Birla offering to hand over his stake in VIL to the government or any other entity so that the company remains functional. Meanwhile, Birla on Wednesday stepped down as nonexecutive director and non-executive chairman of Vodafone Idea.

Dr Reddy's to sell US, Canada territory rights for migraine drug to BDSI

Drug firm Dr Reddy's Laboratories on Wednesday said it has entered into a definitive agreement with BioDelivery Sciences International, Inc., to sell its US and Canada territory rights for Elyxyb 25 mg/mL to the US-based firm. Elyxyb is indicated for the acute treatment of migraine with or without aura in adults. The company has entered into a definitive asset purchase agreement, pursuant to which it will sell its US and Canada territory rights for Elyxyb (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International, Inc (BDSI), Dr Reddy's said in a regulatory filing.

HPCL's Q1 net dips 11% to Rs 2,003 cr, income up 66% to Rs 77,980 cr

l (HPCL) has reported a net profit of Rs 2,003.90 crore for the first quarter of FY22. This is 11.04 per cent lower than the Rs 2,252.65 crore net profit reported by the company in the comparable quarter of financial year 2020-21. Total income during the period under review stood at Rs 77,980.15 crores, up from Rs 46,702.09 crores in the same quarter of the previous financial year. During April-June 2021, HPCL achieved total sales volume of 8.83 million tonnes (MT) against 7.62 MT in previous year for the same period representing a growth of 15.9 per cent. “During the quarter, the sales of major products have shown significant growth compared to same period last year despite an aggressive second wave of Covid-19 pandemic forcing partial lockdowns across the country. The sale of petrol was up 36.6 per cent, diesel 22.2 per cent and Aviation Turbine Fuel, 118.8 per cent,” a company statement said.

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