ITC Ltd on Friday reported a 23.09 per cent increase in consolidated net profit at Rs 5,070.09 crore for the third quarter ended December 2022, helped by growth momentum across its operating segments. The diversified company had posted a net profit of Rs 4,118.80 crore during the October-December quarter of the previous fiscal, ITC said in a regulatory filing. Its revenue from operations was up 3.56 per cent to Rs 19,020.65 crore during the quarter under review, as against Rs 18,365.80 crore in the corresponding period of the previous fiscal.
Posts tagged Rediff
Voda Idea’s interest dues to be converted into equity (03-02-2023)
The government has approved conversion of over Rs 16,133 crore interest dues of debt-ridden Vodafone Idea into equity, the company said in a regulatory filing on Friday. Equity shares of face value of Rs 10 each will be issued to the government at the same price. “Ministry of Communications…passed an order today ie 3 February, 2023…directing the Company to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR Dues into equity shares to be issued to the Government of India,” the filing said.
Indian drug co recalls eye drop linked to vision loss (03-02-2023)
Global Pharma Healthcare is recalling entire lots of eye drop linked to vision loss in the US, according to the US Food and Drug Administration. The Chennai-based company is recalling all lots of artificial tears lubricant eye drops distributed by EzriCare, LLC and Delsam Pharma to the consumer level due to possible contamination, the US health regulator said in a statement. “The Centres for Disease Control and Prevention (CDC) alerted FDA to an investigation of a multi-state cluster of Verona Integron-mediated Metallo-ß-lactamase (VIM)- and Guiana-Extended Spectrum-ß-Lactamase (GES)- producing carbapenem-resistant Pseudomonas aeruginosa (VIM-GES-CRPA) infections possibly associated with the use of the artificial tears manufactured by Global Pharma Healthcare,” USFDA said.
India’s forex kitty jumps $3.03 bn to $576.76 bn (03-02-2023)
India’s forex reserves increased by $3.034 billion to $576.76 billion as of January 27, making it the third consecutive week of a jump in the kitty. The overall reserves had risen by $1.727 billion to $573.727 billion in the previous reporting week. It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion.
Adani will find it hard to raise funds, says Moody’s (03-02-2023)
Moody’s Investors Service on Friday warned that the rout in Adani Group shares could hurt the conglomerate’s ability to raise capital, while its peer Fitch saw no immediate impact on its ratings. Adani Group’s listed companies have lost over USD 100 billion in value in just over a week after short-seller Hindenburg Research’s scathing report flagged concerns about the ports-to-energy conglomerate’s debt levels and alleged stock manipulation, accounting fraud and the use of tax havens.
Heavy buying in banking stocks lift Sensex by 910 pts (03-02-2023)
From the Sensex pack, Titan, Bajaj Finserv, Bajaj Finance, HDFC Bank, HDFC, State Bank of India, Mahindra and Mahindra and IndusInd Bank were among the major winners. HCL Technologies, Wipro and Tech Mahindra were among the laggards.
‘Common Man Is Abusing The Budget’ (03-02-2023)
‘We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.’
‘We are closing loopholes exploited by taxpayers’ (03-02-2023)
‘…Market-linked debentures, high-value insurance, exemptions from capital gains by investment in real estate, etc.’ ‘So, there are a number of measures directed at collecting a fair share from higher income individuals.’
Gautam Adani no more among the world’s 20 richest (03-02-2023)
Industrialist Gautam Adani slipped out of the World’ Real-time Billionaires list of Forbes on Friday and was placed in 22nd position. Gautam Adani’s wealth had declined 21.77 per cent or $16.2 billion. The current net worth of the industrialist was $581.1 billion at 1.23 pm (IST) on Friday afternoon, while Reliance Industries Mukesh Ambani’s net worth was at $82 billion.
‘Majority will shift to new tax regime’ (03-02-2023)
‘I believe the modified scheme is much more beneficial and simpler.’