BlackRock Real Assets, together with Mubadala, will invest Rs 4,000 crore ($525 million) for a 10.53 percent stake in the company’s subsidiary Tata Power Renewables. The investment has taken a base equity valuation of the subsidiary to Rs 34,000 crore.
The bank reported a profit after tax of Rs 10,055.20 crore, a 2.8 percent drop QoQ, but a 22.8 percent YoY increase. In its quarterly earnings report released on Saturday, the bank reported a consolidated net profit of Rs 10,443.01 crore, a 1.32 percent dip QoQ, but a 24 percent increase YoY.
The Indian IT major expects 13-15 percent growth in constant currency revenue in the next 12 months — its best guidance in 10 years. Analysts in a CNBC-TV18 poll had expected the company’s guidance at 12-14 percent. Infosys’ revenue, in dollar terms, came in at $4,280 million for the fourth quarter of the financial year 2021-22, as against $4,250 million for the previous three months.
The gas company has hiked CNG prices by Rs 2.5 per kg to Rs 71.61 per kg & PNG prices by Rs 4.25 per scm to Rs 45.96 per scm in Delhi/NCR.
Bank of India
The bank has moved NCLT to initiate bankruptcy proceedings against Future Retail for non-payment of dues.
The company received a certificate of good manufacturing practices from the South African Health Products Regulatory Authority. The company had undergone an inspection-audit during September 20-29, 2021. Windlas can now start manufacturing and sell its products in South Africa market. The company also received zero critical observations for its plant-IV at Dehradun after European Union GMP inspection carried out by the National Institute of Pharmacy and Nutrition, Hungary during April 11-13.
The company has received CDMO contract worth Rs 270 crore in specialty chemicals business from an “international customer”. The contract is for three years. The company will supply two key GMP intermediates for one of the “patented drugs” of the innovator pharmaceutical customer.
Mahindra & Mahindra
The company has hiked the price of its vehicles by 2.5 percent. The price revision is a result of a continuous increase in prices of key commodities such as steel, aluminium and palladium, the company said.
The cement maker’s UAE subsidiary, UltraTech Cement Middle East Investments, has picked up a 29.39 percent stake in RAK Cement Company for White Cement and Construction Materials PSC, a listed entity on Abu Dhabi and Kuwait stock exchanges. This is a strategic investment and the acquisition cost will be $101.1 million.
India’s largest airline by market share has appointed Vikram Singh Mehta, retired Air Chief Marshal BS Dhanoa as Independent Non-Executive Director.
The pharma company’s Taloja unit has been cleared by the US health regulator as the unit has not received “Form 483” after inspection. The US FDA inspected the company’s bioequivalence centre at Taloja in Maharashtra during April 11-14.