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25-Sep-2021 (16:43) Balkrishna Inds board OKs fund raising up to Rs 1,000 cr
In a regulatory filing, the company said its board at a meeting held on Saturday decided to raise funds up to Rs 1,000 crore which can be in the form of foreign currency bonds, Non-Convertible Debentures (NCD), external commercial borrowings and term loans in various currencies. The long term borrowings may be secured or unsecured, rated or unrated, in one or more tranches.

The board has further delegated the finance committee of the company to do deeds.

Shares of Balkrishna Industries rose 0.25% to Rs 2,654.60 in Friday's trade.

Balkrishna Industries is a tire manufacturing company. The company manufactures off-highway tires used in specialist segments like mining, earthmoving, agriculture and gardening. Balkrishna Industries' consolidated net profit surged 151.3% to Rs 330.56 crore on a 91.3% jump in net sales to Rs 1,802.87 crore in Q1 FY22 over Q1 FY21.

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25-Sep-2021 (16:18) SMALLCAP World Fund pares stake in Gulf Oil Lubricants
On 22 September 2021, SMALLCAP World Fund sold 9.98 lakh equity shares (2% equity) of Gulf Oil Lubricants. The transaction took place in open market on National Stock Exchange. The disclosure was made today, 25 September 2021.

Gulf Oil Lubricants, part of Hinduja Group, is an established player in Indian lubricant market. It markets a wide range of automotive and industrial lubricants, greases, 2-wheeler batteries, etc. The company reported a 76.8% rise in net profit to Rs 30.35 crore on a 73% jump in net sales to Rs 417.37 crore in Q1 FY22 over Q1 FY21.

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25-Sep-2021 (15:04) Biocon's subsidiary receives six observations from USFDA
The US Food and Drug Administration (USFDA) conducted an on-site pre-approval inspection of the company's Malaysian subsidiary Biocon Sdn Bhd's manufacturing facility for Insulin Aspart between 13 September and 24 September, Biocon said in a statement.

A Biocon spokesperson said the company is confident of addressing these observations through procedural enhancements and an appropriate Corrective and Preventive Action Plan (CAPA), which will be submitted to the USFDA in the stipulated time. He further added that the company does not expect the outcome of the inspection to impact commercialization plans for insulin Aspart in the US. Biocon Biologics remains committed to global standards of Quality and Compliance.

Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune.

The company's consolidated net profit declined 43.5% to Rs 84.4 crore in Q1 FY22 from Rs 149 crore in Q1 FY21. Revenue from operations increased by 4% YoY to Rs 1,761 crore in Q1 FY22 from Rs 1693.8 crore in Q1 FY21

Shares of Biocon ended 2.07% lower at Rs 360.20 on Friday.

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25-Sep-2021 (14:24) SJVN bags 1000 MW solar PV power project

SJVN bagged the full quoted capacity of 1,000 MW at a viability gap funding (VGF) support of Rs 44.72 Lakh per MW by Government of India. Viability gap funding (VGF) is a one-time grant or deferred grant, provided to support infrastructure projects that are economically justified but fall short of financial viability.

The tentative cost of construction and development of this project is Rs 5,500 crore. The project is expected to generate 2,365 million units (MU) in the first year and the project cumulative energy generation over a period of 25 years would be about 55,062 MU.

The projects will assist SJVN in achieving its ambitious shared vision of 5000 MW by 2023, 12,000 MW by 2030 and 25,000 MW by 2040 and simultaneously contribute towards RE capacity addition target of 175 GW by 2022 set by Government of India.

Shares of SJVN closed 0.19% lower at Rs 26.95 on Friday.

SJVN is a Mini Ratna, Category-I and Schedule 'A' CPSE under administrative control of Ministry of Power, Govt. of India. The company's present installed capacity is 2016.51 MW and aims to be 5000 MW company by 2023. As of 30 June, the Government held 86.77% stake in the PSU company.

On a consolidated basis, the company posted a 13% rise in net profit to Rs 342.13 crore on a 1.7% decline in net sales to Rs 662.46 crore in Q1 FY22 over Q1 FY21.

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25-Sep-2021 (16:11) Axis Bank board to consider Q2 result on 26 Oct
Axis Bank reported a 94.2% jump in standalone net profit to Rs 2,160 crore on a 2.4% rise in total income to Rs 19,591 crore in Q1 FY22 over Q1 FY21. The bank's net interest income (NII) grew 11% year on year (YoY) to Rs 7,760 crore from Rs 6,985 crore in Q1FY21. Net interest margin (NIM) for Q1 FY22 stood at 3.46%.

On the asset quality front, as on 30 June 2021, the bank's reported Gross NPA and Net NPA levels were at 3.85% and 1.20% respectively as against 3.70% and 1.05% as on 31 March 2021. Gross slippages during the quarter were at Rs 6,518 crores, compared to Rs 5,285 crores during Q4FY21 and Rs 2,218 crores in Q1FY21.

Axis Bank offers the entire spectrum of financial services to customer segments covering large and mid-corporates, MSME, agriculture and retail businesses. As on 30 June 2021, the bank had a network of 4,600 domestic branches and extension counters situated in 2,628 centres.

Shares of Axis Bank closed 1.74% lower at Rs 798.20 on Friday.

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25-Sep-2021 (13:43) NHPC invests Rs 25 cr to set up two wholly-owned subsidiary companies

The board has also accorded its investment approval to contribute initial equity of Rs 5 crore by NHPC in the proposed subsidiary company.

Meanwhile, the board has also considered and approved the proposal regarding formation of a wholly-owned subsidiary company for the development of renewable energy, small hydro and green hydrogen projects, subject to approval of Government of India (GoI).

The board of NHPC has accorded its investment approval to contribute initial equity of Rs 20 crore by NHPC in the proposed subsidiary company.

On the same day, NHPC considered and approved the proposal to initiate the process of merger of Jalpower Corporation, a wholly-owned subsidiary of NHPC, with NHPC as per applicable provisions of the Companies Act, 2013 subject to approval of GoI.

On a consolidated basis, the company's net profit jumped 14.9% to Rs 982.86 crore on 13% decline in net sales to Rs 2,417.12 crore in Q1 June 2021 over Q1 June 2020.

NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 30 June 2021, the Government of India held 70.95% stake in the company.

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25-Sep-2021 (13:03) Indiabulls Housing Finance offloads stake held in OakNorth Holdings for Rs 251 cr

As per the company's press statement, the sale proceeds will be accretive to the regulatory net worth and the capital-to-risk weighted assets ratio (CRAR) of the company and will be added to the regulatory equity capital of the company.

Indiabulls Housing Finance's consolidated net profit rose 3.2% to Rs 281.69 crore on a 9.4% decline in net sales to Rs 2,325.75 crore in Q1 FY22 over Q1 FY21.

Shares of Indiabulls Housing Finance shed 1.76% to Rs 225.70 on Friday. Indiabulls Housing Finance provides home loans and loans to small business owners.

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25-Sep-2021 (12:39) Ramco Industries resumes operations at Winterpet facility from Sept. 23

On Friday, 17 September 2021, an accident had occurred in the factory of Ramco Industries, situated at Winterpet, Arakkonam in Tamil Nadu. In the accident, four workmen were injured and were admitted to the hospital. Two workmen had since passed away on the 21st and 22nd September 2021 respectively, while the other two workmen were recovering.

The production in factory had been temporary disrupted following the incident. Ramco Industries had further clarified that the company had adequate insurance coverage and had intimated the insurance company regarding the same.

Ramco Industries' consolidated net profit jumped 21% to Rs 42.25 crore on a 37.6% surge in net sales to Rs 418.13 crore in Q1 FY22 over Q1 FY21.

Shares of Ramco Industries declined 2.86% to end at Rs 295.75 on Friday. Ramco Industries is one of the leading building materials manufacturers in South Asia.

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25-Sep-2021 (11:38) CRISIL reaffirms its rating on debt instruments of Central Bank of India

CRISIL said that the ratings continue to reflect expected strong support from the majority owner, government of India (GoI), and adequate resource profile of the bank.

Capitalisation has improved with timely capital infusion by GoI. In fiscal 2021, GoI had infused Rs 4,800 crore (Rs 3,353 crore in fiscal 2020, Rs 6.592 crore in fiscal 2019, and Rs 5,158 crore in fiscal 2018).

Consequently, the tier-1 and overall capital adequacy ratios (CAR) improved to 12.82% and 14.81%, respectively, as on 31 March 2021, from 9.33% and 11.72%, respectively, as on 31 March 2020.

These strengths are partially offset by weak asset quality and its impact on profitability, it added.

In line with the measures of Reserve Bank of India (RBI) for the COVID-19 pandemic, the bank had given moratorium to its borrowers. While collection efficiency declined during the initial months of the moratorium, it gradually improved.

However, the second wave of the pandemic resulted in intermittent lockdowns and localised restrictions, which led to delay in collections and impacted the cash flows of borrowers.

Also, under RBI's resolution frameworks 1.0 and 2.0 for COVID-19-related stress, the bank had implemented restructuring on 2.7% of gross advances as on 30 June 2021, over and above around 1% of advances restructured under the micro, small, and medium enterprise (MSME) scheme.

Thus, the ability of the bank to manage collections and asset quality will be a key monitorable, the credit ratings agency said.

Nationalised in 1969, Central Bank was wholly owned by GoI until July 2007. After an initial public offering, GoI's stake declined to 93.08% as on 30 June 2021. Total advances and deposits were Rs 175,229 crore and Rs 331,483 crore, respectively, as on 30 June 2021. The bank has a network of 4,594 branches.

For the quarter ended 30 June 2021, profit after tax was Rs 206 crore on total income (net of interest expense) of Rs 2,902 crore, against Rs 135 crore and Rs 2,855 crore, respectively, for the corresponding period of the previous fiscal.

Shares of the public sector bank lost 0.47% to end at Rs 21 on the BSE on Friday.

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25-Sep-2021 (11:07) US stocks end mixed on Friday after volatile trading

The Dow Jones Industrial Average rose 33.18 points, or 0.1%, to 34,798. The S&P 500 edged up 6.5 points, or almost 0.2%, to 4,455.48. The Nasdaq Composite Index slipped 4.54 points, or less than 0.1%, to 15,047.70.

A move by China to ban cryptocurrencies weighed on the technology sector and Nike shares fell as supply chain issues stemming from the pandemic hit the sneaker giant.

On the data front, U.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday.

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