ONGC: India has reduced the windfall tax on diesel and jet fuel exports by Rs 2 per litre, according to a government notification. New Delhi has reduced the duty on domestically produced crude oil to Rs 17,000 per tonne, effective July 20.
L&T India: L&T Finance Holdings Ltd (LTFH) yesterday reported a 47 percent jump in net profit to Rs 261 crore for the quarter ended June 2022. The non-banking finance company posted a net profit of Rs 177 crore for the quarter ended June 2021. Total income rose marginally to Rs 3,135.80 crore in the April-June period of the 2022-23 financial year from Rs 3,115.71 crore.
Life Insurance Corporation: LIC yesterday said it has increased its stake in heavy electrical equipment maker Siemens and rating agency Igra to Rs 1,983 crore. Corporation’s stake in Siemens Limited is diluted from 25,623,599 to 18,412,652 equity shares. Its stake has declined from 7.195% to 5.170% of the company’s paid-up capital. Thus LIC has filed the regulation.
ICICI Lombard: ICICI Lombard General Insurance Company reported a nearly 80% jump in its net profit to Rs 349 crore for the quarter ended June 2022. Profit before tax rose 80.1% to Rs 465 crore in the first quarter of FY23. Capital gains were Rs 32 crore in Q1 FY22 and Q1 FY23.
Reliance Industries: India cuts windfall tax on diesel and jet fuel exports Due to this, the government has announced that it will be reduced by 2 rupees per litre. The tax on domestically produced crude oil has been reduced to Rs 17,000 per tonne, effective July 20.
Juwari Agro Chemicals: Mangalore Chemical & Fertilizer Company (MCF), a subsidiary of Juwari Agro Chemical, has shut down its phosphatic fertilizer plant. In its regulatory filing last Monday, the company said it would shut down its phosphatic fertilizer plant due to unavailability of raw material phosphoric acid. In the financial year 2020-21, the company produced 3,53,607 tonnes of urea, 2,57,589 tonnes of phosphatic fertilizers and 13,013 tonnes of ammonium bicarbonate.
Ambuja Cement: Ambuja Cements posted a 25.46% decline in consolidated net profit to Rs 865.44 crore for the June 2022 quarter due to rising fuel prices and inflationary effects. This follows the January-December financial year, when the company posted a net profit of Rs 1,161.16 crore in the year-ago quarter, Ambuja Cements said in a Sensex filing.
Indian Bank: Public Sector Indian Bank yesterday announced that it has partnered with Tata Motors, Passenger Vehicles Limited to offer car loans to customers. The strategic partnership aims to offer personalized car loans to customers through the bank’s 5,700 branches.
Network 18: For the first quarter ended June 30, 2022, TV18 Broadcast Ltd reported a 63.05 percent decline in its consolidated net profit at Rs 60.02 crore. The company posted a net profit of Rs 162.44 crore in April. -June period of the previous financial year, TV18 broadcaster said in a regulatory filing. Its consolidated revenue from operations rose 9.53 percent to Rs 1,265.05 crore in the quarter under review. It was Rs 1,154.98 crore in the corresponding quarter of the previous year.
Vedanta: Mining major Vedanta yesterday approved its second interim dividend of Rs 19.50 per share for the current financial year. The total amount will be Rs.7,250 crore.
STL Technologies: Digital networks integrator STL yesterday said it will set up a high-performance communication network in nine circles at the telecom company after bagging a Rs 250-crore contract to provide optical fibers and deployment services. In this nationwide project, STL intends to provide a pre-integrated set of optical fiber cables comprising of shielded, ducted and universal cables to suit various deployment scenarios and integration services with its end-to-end deployment system.