ONGC: The government has once again revised the newly-introduced windfall tax levied on crude, diesel, and jet fuel (ATF), according to a government notification issued on Tuesday. The tax on domestically produced crude oil has been raised to ₹17,750 ($226.14) per tonne from ₹17,000 per tonne, while export taxes on jet fuel have been cut to zero from ₹4 per litre.
Adani Green Energy: Adani Green Energy Limited (AGEL) on Tuesday posted a fall of over 2% in consolidated net profit at ₹214 crore in the April-June quarter of FY23, due to higher expenses. The consolidated net profit of the company in the year-ago period was ₹219 crore. The company's total income rose to ₹1,701 crore in the first quarter of the current fiscal. It was at ₹1,079 crore in the same period last year.
Reliance: The government has raised the windfall tax on domestically produced crude oil to ₹17,750 per tonne and export taxes on jet fuel will be zero from ₹4 per ltre. This is the second rAccording to a regulatory filing, the ion on the newly-introduced windfall tax which is levied on crude, diesel and jet fuel since its introduction.
Bank of India: Bank of India on Tuesday reported a 22% decline in standalone profit after tax to ₹561 crore in the April-June quarter on higher provisioning for bad loans. The lender had reported a profit after tax of ₹720 crore in the same quarter of the previous fiscal. Total income during April-June 2022-23 fell to ₹11,124.36 crore from ₹11,641.37 crore in the year-ago period as income from other sources was down.
Shriram Transport Finance: Non-Banking Finance Company (NBFC) Shriram Transport Finance (STFC) on Tuesday said it has received approval from the Competition Commission of India (CCI) for its merger with Shriram City Union Finance Company. The Chennai-based diversified financial services company Shriram Group, in December last year, announced the merger of Shriram Capital Ltd (SCL) and Shriram City Union Finance Ltd (SCUF) with Shriram Transport Finance Ltd.
ITC: FMCG major, ITC has exited its lifestyle retailing business. The decision was made after a strategic review of its business portfolio. In June this year, ITC's chairman hinted at key changes in the lifestyle retailing business. In the company's annual report, Sanjiv Puri had said that ITC has restructured the business during the year.
Brigade Enterprises: Realty firm Brigade Enterprises Ltd on Tuesday reported a consolidated net profit of ₹87.68 crore for the quarter ended June on better sales. It posted a net loss of ₹40.09 crore in the year-ago period. Total income jumped more than two-fold to ₹920.28 crore in the first quarter of this fiscal from ₹391.52 crore in the corresponding period of the previous year.
Kotak Mahindra Bank: A Kotak Mahindra Bank arm is targeting to raise up to ₹1,500 crore to invest in private equity and venture capital funds. Kotak Investment Advisors (KIAL) said it is launching the Kotak India Alternate Allocation Fund (KIAAF), a 'fund of funds', which is targeting to raise ₹750 crore with a greenshoe option of another ₹750 crore.
Dangee Dums: Gujarat-based leading Cake and Ice-Cream brand has approved a bonus issue at its board meeting held today on 2 August 2022. The board has also approved the proposal to split the company's shares and increase the authorised share capital of the company. The company has fixed September 7 as the record date for the purpose of bonus issue and share split.
STL Technologies: STL launched a comprehensive suite of optical connectivity solutions to empower India's 5G readiness. With recently held spectrum auctions, India is expected to have 200mn 5G subscribers by 2025. The industry requires state-of-the-art optical products that can make 5G deployment quick, easy and cost-effective.