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CORPORATE AND ECONOMY NEWS

* Tata Steel (Consolidated, YoY): Revenues down 6.21% at Rs 59,489.6 crore vs. Rs 63,430.07 crore. Net Profit down 91.84% at Rs 633.95 crore vs. Rs 7,764.96 crore. Ebitda down 65.45% at Rs 5,173.82 crore vs. Rs 14,972.8 crore. Ebitda Margin at 8.7% vs. 23.61%.

* PNB Housing: Company's net interest income improved by 70 percent YoY and 6 percent QoQ to Rs 629 crore. Profit after Tax increased by 48 percent YoY and 24 percent QoQ to Rs 347 crore. IT also recorded its highest ever Return on Asset in a decade at 2.07 percent in Q1FY24 as compared to 1.61 percent in FY23.

* DCM Shriram Q1FY2024 (Consolidated, YoY): Total revenue from operations was down 1% to Rs 2,937.17 crore vs. Rs 2,971.83 crore. Net profit down 78% at Rs 56.58 crore vs. Rs 253.96 crore. Ebitda down 62% to Rs 166.02 crore vs. Rs 436 crore. Ebitda margin at 5.7% vs. 14.7%.

* JK Paper Q1FY2024 (Consolidated, YoY): Total revenue from operations is up 11% at Rs 1,584.36 crore vs. Rs 1,430.23 crore. Net profit up 18% at Rs 312.56 crore vs. Rs 264.23 crore. Ebitda up 13% at Rs 477.19 crore vs. Rs 423.13 crore. Ebitda margins at 30.1% vs. 29.6%.

* Chennai Petroleum Corporation Q1FY2024 (Consolidated, YoY): Revenues down 34% at Rs 17,985.67 crore vs. Rs 27,449.52 crore. Net profit down 76% to Rs 556.5 crore vs. Rs 2,357.62 crore. Ebitda down 72% at Rs 949.87 crore vs. Rs 3,406.59 crore. Ebitda margin at 5.3% vs. 12.4%

* Reliance Industries: The company will invest Rs 378 crore in Mercury Holdings, a 50:50 joint venture between Brookfield Infrastructure and Digital Realty. It also committed to further invest up to Rs 622 crore via equity and debt.

* Maruti Suzuki: The carmaker has recalled 87,599 S-Presso and Eeco models manufactured between July 5, 2021, and Feb. 15, 2023. The recall is over a possible defect in a part of the steering tie rod that may break and affect vehicle steerability and handling.

* Tata Motors: JLR India has recorded its best ever first quarter sales in the country in April-June 2023. The company said its retail sales rose 102 percent to 1,048 units in the June quarter as compared with the same period last year.

* LIC Housing Finance: The company has fixed August 18, 2023 as the record date for the purpose of ascertaining the eligibility of members for payment of final dividend. The final dividend, if approved by the members in the 34th AGM, will be paid to the eligible members within the stipulated period of 30 days from the date of AGM.

* Vedanta: The company’s application under the government's Modified SemiScheme for fab manufacturing is under consideration for approval. The company will also apply for display manufacturing under the Modified Display Scheme.

* Federal Bank: The lender has approved allocating 23 crore shares at Rs 131.9 apiece to eligible, qualified institutional buyers.

* SJVN: The company has bagged five hydropower projects totalling 5097 MW in Arunachal Pradesh's Dibang Basin. The investment will be worth Rs 50,000 crore.

* Tata Steel: The company approved re-appointing T. V. Narendran as the chief executive officer and managing director of the company for a further period of five years from Sept. 19, 2023, till Sept. 18, 2028.

* AstraZeneca Pharma India: The Drugs Controller General of India has granted permission to the company to import pharmaceutical formulations of a new drug for sale or distribution in Form CT-20, which is a marketing authorisation, for Dapagliflozin tablets of dosage 10 mg. Dapagliflozin Tablets are used to treat heart failure in adults.

* Wipro: Wipro FullStride Cloud has partnered with data storage solutions company Pure Storage to incorporate sustainable technology practices into clients’ technology infrastructure.

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