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HDFC Q3 results: Net profit rises 11% to Rs 3,261 cr

Housing finance major HDFC on Wednesday reported 11% rise in standalone net profit at Rs 3,261 crore for the quater ending December 31, 2021. HDFC reported standalone net profit of Rs 2,926 crore in the year-ago period.

Net interest income rose 5% to Rs 4,284 crore as against Rs 4,068 crore in Q3FY21.

Tata Sons excited to work together to make AI airline of choice: Ratan Tata

Tata Group is excited to work together to make Air India the airline of choice in terms of passenger comfort and service'.

This is an audio message from Ratan Tata played onboard some Air India flights. Tata Group completed the takeover of the loss-making Air India on January 27. On Wednesday, the airline tweeted a 19-second video with the message of Ratan Tata.

Google to build more products in India for the world: Sundar Pichai

Reiterating his vision to help India join the digital bandwagon, Alphabet and Google CEO Sundar Pichai has said the ongoing investments are a reflection of the company's confidence in the future of the country and its digital economy. The company, which announced a $10 billion Google for India Digitisation Fund last year, has already invested $4.5 billion for a 7.73 per cent stake in the top telecom network Reliance Jio Platforms, along with recently investing up to $1 billion in Bharti Airtel.

S&P downgrades Future Retail to 'D' after company fails to clear dues

Standard and Poor's (S&P) has lowered Future Retail Ltd's long-term issuer credit rating from "CCC-" to "D" after the company failed to repay dues. Future Retail Ltd failed to make the principal payments due on its restructured domestic bank borrowings on December 31, 2021. The 30-day review period (grace period to pay) allowed by India's central bank has ended, S&P said in a statement.

A principal repayment of about Rs 3,500 crore was due on December 31, 2021, on the company's bank borrowings as part of a one-time restructuring plan implemented by the onshore lenders in April 2021. The company was allowed a review period of 30 days to cure the default.

ONGC, IOC, others to spend Rs 1.11-trn capex in FY23

State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents

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