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IDBI Bank's Q1 net rises 25% to Rs 756 cr as provisions, contingencies dip

Private sector lender IDBI Bank’s net profit rose 25 per cent year on year (YoY) to Rs 756 crore in the quarter ended June (Q1FY23), on the back of a sharp fall in provisions and contingencies. The bank had posted a net profit of Rs 603 crore during the same period last year (Q1FY22). Sequentially, its net profit rose by 10 per cent from Rs 691 crore in Q4FY22.

Hotel business de-merger ‘very much’ on table, says ITC chief Sanjiv Puri

Cigarettes-to-hotels conglomerate ITC is considering a de-merger of its hotel business, the company’s chairman and managing director Sanjiv Puri said at a press conference on July 21. “We had shared plans about an alternate structure for the hotel business before the pandemic, however, with COVID-19 we had to hold it back,” Puri said. “We have reiterated in the annual report and the AGM that we will take ahead the plan in line with industry recovery dynamics. And now that there are indications of industry on a positive trajectory, it is very much on the table,” he added.

UltraTech Cement Q1 preview: PAT may decline 20-27% YoY, revenue growth of 20-25% likely

UltraTech Cement Ltd is likely to report a 20-27 percent decline in its consolidated profit after tax (PAT) on July 22 when it will share its numbers for the June 2022 quarter. UltraTech Cement’s consolidated revenue, however, is expected to grow 20- 25 percent from the June quarter of 2021, a poll of brokerages that Moneycontrol got accessto, shows.

Gland Pharma tanks 7% as analysts cut earnings estimates post poor Q1

Shares of Gland Pharma tanked about 7 percent after the company reported disappointing quarterly numbers for the quarter-ended June. The company said its profits slumped 35 percent year-on-year (YoY) to Rs 229.2 crore. Its revenue declined 26 percent to Rs 856.9 crore. Ebitda margins also came down by 400 basis points. The company said continued supply disruption, cost escalation and the Company’s decision to shut down two of its manufacturing lines for productivity improvement have affected the business for the quarter.

Adani Group approaches SBI for Rs 14,000 crore loan: Report

Adani Group has approached the State Bank of India (SBI) for a loan worth Rs 14,000 crore to build a new plant in Mundra in Gujarat. The new facility is being planned to manufacture polyvinyl chloride (PVC) from coal, a Mint report stated. The total cost of setting up the project is expected to be around Rs 19,000 crore. The application for the PVC plant comes just days after Adani Group secured a loan worth Rs 6,071 crore for a new copper refinery at Mundra, on June 26. It was secured by one of the subsidiaries of the group, Kutch Copper Limited.

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