Companies

A file photo of Kumar Mangalam Birla (Photo: Aniruddha Chowdhury/Mint)
A file photo of Kumar Mangalam Birla (Photo: Aniruddha Chowdhury/Mint)

Grasim Industries Q2 net profit at 1,473 crore

  • Grasim Industries had reported a net loss of 1,319.79 crore in the September quarter a year ago
  • Shares of Grasim Industries settled at 734.30 apiece on the BSE, down 0.64% from the previous close

On Thursday, shares of the Union Bank of India lost 0.76% to close at Rs52.30 apiece. (Mint)
On Thursday, shares of the Union Bank of India lost 0.76% to close at Rs52.30 apiece. (Mint)

Union Bank of India posts Q2 net loss at Rs1,194 crore

  • Provisions during the September quarter doubled to Rs3,434 crore as against Rs1,693 crore in the year-ago quarter
  • Net interest income for Jul-Sep quarter increased 16.5% to Rs2,906 crore from Rs2,494 crore in the corresponding period last year

Mumbai: Actress Alia Bhatt at 10th Vogue Beauty Awards in Mumbai. (Photo: IANS) (IANS)
Photo: Mint
Anindya Dutta (L) and Sandeep Dalmia, MD and co-founders, Stanza Living.
Anindya Dutta (L) and Sandeep Dalmia, MD and co-founders, Stanza Living.

Stanza Living to scale up to 45,000 beds by month-end

  • The Delhi-based startup launched operations in July 2017 with 100 beds in Delhi University’s North campus area
  • The company recently raised an undisclosed Series C round led by Falcon Edge Capital that has brought the total capital investment close to $70 million

Photo: Reuters
Last month, the DGCA directed both IndiGo and GoAir to stop flying Airbus A320neo planes powered by P&W 1100 series engines.
Last month, the DGCA directed both IndiGo and GoAir to stop flying Airbus A320neo planes powered by P&W 1100 series engines.

DGCA suspends GoAir pilots for drifting from runway

  • DGCA also orders an inquiry into the incident involving the Airbus A320 aircraft operated by GoAir
  • The aircraft has been grounded for detailed investigation at Hyderabad

A file photo of Malvinder Singh, ex-Fortis Healthcare promoter (Mint)
A file photo of Malvinder Singh, ex-Fortis Healthcare promoter (Mint)

Malvinder Singh, former Fortis Healthcare promoter, arrested

  • Malvinder Singh and Godhwani are accused of laundering money, punishable under sections 3 and 4 of the Prevention of Money Laundering Act
  • Both Singh, Godhwani will be produced before a metropolitan magistrate in the prison, when the ED is likely to seek their custodial interrogation

JPPL was incorporated in 2012 as a wholly-owned unit of Jet Airways but was hived off as an independent entity in 2014 after Etihad took a majority stake for $150 million
JPPL was incorporated in 2012 as a wholly-owned unit of Jet Airways but was hived off as an independent entity in 2014 after Etihad took a majority stake for $150 million

Seven month after Jet's grounding, JetPrivilege renamed InterMiles

  • Abu Dhabi-based Etihad Airways PJSC owns 50.1% stake in JPPL, while the grounded Jet Airways holds the remaining
  • Jet Airways was grounded in April due to an acute cash crunch

In January, Sachin Bansal invested  ₹650 crore in homegrown ride-hailing unicorn Ola. (Mint )
In January, Sachin Bansal invested 650 crore in homegrown ride-hailing unicorn Ola. (Mint )

Sachin Bansal infuses Rs890 crore into Navi Technologies

  • In January, Sachin Bansal invested 650 crore in homegrown ride-hailing unicorn Ola
  • Sachin Bansal has purchased 68.35 million shares at 130 a piece in Navi Technologies for a total consideration of around 888.50 crore

Bharti Airtel Q2 earnings: Consolidated total revenues at  ₹21,131 crore, up 4.9% Y-o-Y (Photo: Pradeep Gaur/Mint)
Bharti Airtel Q2 earnings: Consolidated total revenues at 21,131 crore, up 4.9% Y-o-Y (Photo: Pradeep Gaur/Mint)

Bharti Airtel Q2 net loss balloons to 23,045 crore

  • Airtel swung to a 23,045 crore loss in the quarter ended 30 Sept from a net profit of 118 crore in the year earlier, due to provisions made for an unfavourable court verdict
  • Airtel’s revenue from mobile services in India was 10,811 crore in the 3 months ended 30 Sept, up from 10,724 crore in the June quarter

Photo: Reuters
Photo: Reuters

Vedanta net profit rises 44% on tax writeback

  • Revenues in the second quarter of the fiscal slipped 3% to 21,739 crore primarily due to lower international prices of zinc and aluminium
  • Operating profit (earnings before interest, tax, depreciation and amortization or EBITDA) for Q2 FY20 was at 4,497 crore

Photo: Mint
India directly holds 51.5% in Indian Oil, and another 25.9% through state-run Life Insurance Corp. of India, and explorers Oil & Natural Gas Corp. and Oil India Ltd (Photo: Priyanka Parashar/Mint)
India directly holds 51.5% in Indian Oil, and another 25.9% through state-run Life Insurance Corp. of India, and explorers Oil & Natural Gas Corp. and Oil India Ltd (Photo: Priyanka Parashar/Mint)

Govt considers cutting stake in Indian Oil to below 51%

  • Government can sell as much as 26.4% its holding in Indian Oil — valued at about 33,000 crore — and still retain indirect control
  • Shares of Indian Oil have dropped 3.8% this year. The broader benchmark S&P BSE Sensex has risen 11.4% in the period

A sign for Moody’s rating agency is displayed at the company headquarters in New York.
A sign for Moody’s rating agency is displayed at the company headquarters in New York.

Moody's affirms RIL's Baa2 ratings with a stable outlook

  • Moody's added that the affirmation also incorporates its expectation that RIL's credit metrics will remain appropriate for its Baa2 ratings over the next 12-18 months
  • Moody's also affirmed the Baa2 backed domestic currency senior unsecured debt ratings on the dollar-denominated bonds issued by Reliance Holding USA

The company saw a tax gain of  ₹1,610 crore compared with an expense of  ₹718 crore during the same period a year earlier. (Photo: Reuters)
The company saw a tax gain of 1,610 crore compared with an expense of 718 crore during the same period a year earlier. (Photo: Reuters)

Vedanta reports 61% jump in quarterly profit as tax gain foils price fall

  • Vedanta's net income advanced to 2,158 crore ($300 million) in the three months to September from 1,343 crore a year earlier
  • Net debt reduced by 8320 crore during the second quarter and stood at 2,008 crore as of Sept. 30

Jet Privilege Pvt Ltd was set up to manage and further develop JPMiles, a loyalty and rewards programme. (Mint)
Jet Privilege Pvt Ltd was set up to manage and further develop JPMiles, a loyalty and rewards programme. (Mint)

Jet Privilege goes for brand revamp; to be known as 'InterMiles'

  • Carved out as a separate entity from Jet Airways, Jet Privilege has close to 10 million members
  • Even as Jet Airways faced turbulence before being forced to ground operations, JPPL has been a profitable venture

Photo: PTI
Photo: Mint
Photo: Mint

KPMG, NIIT launch finance academy

  • The academy proposes to offer programs in finance to fresh graduates and experienced finance professionals
  • The finance sector will also need digital finance experts and data scientists to analyse internal and external data to provide critical insights to the business

Petronas' vice-president of downstream marketing business and chairman of Petronas Lubricants International Syed Zainal Abidin Syed Mohamed Tahir
Petronas' vice-president of downstream marketing business and chairman of Petronas Lubricants International Syed Zainal Abidin Syed Mohamed Tahir

‘India, China will push Petronas Lubricants into the top-five league’

Petronas Lubricants International (PLI), the global lubricants manufacturing and marketing arm of Malaysia's national oil and gas major Petroliam Nasional Bhd, aims to be among the top five producers of lubricants globally