TCS reported a 13.8% decline in June quarter consolidated net profit at ₹7,008 crore due to covid impact
UK’s BP Plc and RIL have announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited
Here’s a list of stocks that may be in news on Friday:
TCS: The country's largest software services firm TCS reported a 13.8% decline in June quarter consolidated net profit at ₹7,008 crore on revenues being impacted by the coronavirus crisis. It expects revenues to touch pre-covid-19 levels only by the January-March quarter of this fiscal. TCS had posted a consolidated net profit of ₹8,131 crore in the year-ago period.
RIL: UK’s BP Plc and Reliance Industries Ltd (RIL) have announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). Following initial agreements in 2019, BP and RIL teams have worked over the past few months to complete the transaction. BP has paid RIL $1 billion for a 49% stake in the joint venture, with RIL holding 51%.
PNB, DHFL: India’s second-largest public sector lender Punjab National Bank (PNB) on Thursday declared its ₹3,688.58 crore exposure to mortgage financier Dewan Housing Finance Ltd as fraud.
PNB Housing Finance: PNB Housing Finance on Thursday said it is actively looking to further sell its corporate assets to streamline balance sheet and has reworked its business plan for the current fiscal as the coronavirus pandemic has changed the dynamics. PNB Housing had sold corporate finance portfolio worth ₹2,307 crore during FY20 which helped in improving its CRAR (capital to risk weighted assets ratio) by end of March 2020.
Tata Motors: Jaguar Land Rover, a wholly owned subsidiary of Tata Motors, sold 74,067 units in the April-June quarter, down 42.4% y-o-y. The retail sales in the month of June, at 35,334 units, accounted for nearly half of its sales in Q1FY21. Strict lockdowns due to covid-19 had resulted in temporary shutdowns of most retailers and the company’s manufacturing plants in April and much of May.
Tata Power, Adani: The Gujarat government has decided to reverse its 2018 decision to amend the power purchase agreements (PPAs) it signed with three producers - Tata Power, Adani Power and Essar Power - to raise the tariffs in order to offset the rising cost of imported coal.
JSW Steel: Moody's Investors Service has confirmed JSW Steel Limited's rating at Ba2 with outlook revised to negative. "The rating confirmation recognizes that while JSW's credit profile will deteriorate reflecting the challenges brought by the pandemic, we believe that the company's financial metrics will likely recover to levels commensurate with the current ratings by the fiscal year ending March 2023 (fiscal 2023)," the ratings agency said.
Muthoot Capital Services: The company has completed a securitization transaction of ₹ 100.89 crores on 6 July 2020, it said in a regulatory filing.
CG Power and Industrial Solutions: The Metropolitan Court in Budapest, Hungary has declared CG Electric Systems Hungary Zrt, a subsidiary of CG Power and Industrial Solutions, insolvent and appointed a liquidator to commence liquidation proceedings.
VIP Industries: The board of directors of the company approved the issue of principal protected, secured, rated, listed, redeemable, non-convertible, market-linked debentures (NCD's) on private placement basis in one or more tranches aggregating up to ₹100 crores.
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