The government on Wednesday scrapped a rule that mandated a company to commit at least Rs 2,000 crore investment in the petroleum sector. With this, newer players like Total, Adani, and Saudi Aramco — and even super markets
— can open outlets for selling automobile fuel. READ MORE
Bharti Airtel, Vodafone Idea:
The Supreme Court is scheduled to pronounce its judgment in the contentious issue of the definition of Adjusted Gross Revenue (AGR) on Thursday. The fourteen year old case has the mobile operators locked in a legal battle with the government over the definition of AGR. READ MORE
DHFL: A forensic audit conducted by KPMG on Dewan Housing Finance (DHFL) has confirmed siphoning of funds from the beleaguered non-banking financial company (NBFC) to a host of promoter-led entities.
Earnings today: A total of 87 companies, including Maruti Suzuki India, IndiGo, ITC, and PNB Housing Finance, are scheduled to announce their September quarter results.
HCL Technologies, the country’s third-largest information technology services firm, reported a 4.4 per cent annual rise in net income in the September-ended quarter (Q2) at Rs 2,651 crore. It raised its full year revenue forecast to a growth of 15-17 per cent in constant currency, from a 14-16 per cent range earlier, because of its strong deal pipeline. The earnings before interest and tax (EBIT) rose 17.9 per cent to Rs 3,497 crore during the quarter. READ MORE
Engineering behemoth Larsen & Toubro posted a 6.83 per cent year-on-year rise in net profit at Rs 2,770.43 crore for the quarter ended September 2019, from Rs 2,593.41 crore in the same quarter of 2018. The firm's consolidated revenues were up 15.16 per cent to Rs 35,328.45 crore. READ MORE
Hero Moto Corp's profit in September quarter slipped 10 per cent to Rs 874.80 as revenue from operations declined 16.72 per cent YoY to Rs 7,570.70 crore in Q2FY20.
JSW Steel: Noting the weak demand scenario in the domestic market, Sajjan Jindal-led JSW Steel on Wednesday slashed its capex as well as production and sales guidance for FY20. For the quarter ended September, JSW Steel reported a consolidated net profit of Rs 2,536 crore, up 21.51 percent from same period last year as the company wrote-back Rs 1,976 crore deferred tax.
Biocon: Biotechnology major Biocon on Wednesday reported a net profit of Rs 215.7 crore for the quarter ended September 30, 2019. The company had posted a net profit of Rs 354.7 crore for the corresponding period of the previous fiscal, including a one-time gain of Rs 171 crore as company fair valued its investment in US-based Equillium, Biocon said in a BSE filing.