Trending Stocks: Adani, IndusInd Bank, L&T and others in news today
- Coal India Limited has canceled its maiden tender for short-term import of coal
- IndusInd bank board has approved the raising of funds up to Rs 20,000 crore
- Bank of Maharashtra's net profit surged 117.24% YoY to Rs 451.9 crore
State-owned Coal India Limited has canceled its maiden tender for short-term import of coal in which Adani Enterprises has emerged as the lowest bidder, reported PTI. Adani Enterprises has quoted around Rs 17,000-plus per tonne for importing 2.416 MT of coal. Earlier, it was selected for the short-term shipment. CIL in its board meeting held on July 8, decided to cancel the short-term tender of 2.416 million tonnes.
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The board of directors of the private sector lender has approved the raising of funds up to Rs 20,000 crore through debt securities on a private placement basis. The fundraising is subject to the approval of the members of the bank.
Bank of Maharashtra
The Pune-based public sector lender’s net profit surged 117.24% year-on-year to Rs 451.9 crore in the quarter ended June on the back of improvement in its net interest margins (NIMs). It had reported a net profit of Rs 208.01 crore during the year-ago period. Its net interest income (NII) grew 19.9% in the reported quarter to Rs 1,685.7 crore from Rs 1,405.9 crore in June 2021 quarter.
Larsen and Toubro
L&T Realty said it has signed agreements to jointly develop projects worth Rs 8,000 crore in the Mumbai region as part of its expansion plan. "The company has entered into a binding agreement to jointly develop projects in South Mumbai, Western Suburbs, and Thane worth Rs 8,000 crore, with a development potential of 4.4 million square feet," the company said in a statement. It did not disclose the name of companies with whom it has signed agreements.
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The textile company reported a consolidated loss of Rs 141.58 crore for the quarter ended June 2022, which increased from a loss of Rs 97.65 crore in the year-ago period. The company cited higher raw material costs, and power and fuel costs. Revenue grew significantly by 56% year on year to Rs 1,971.52 crore in the April-June quarter of fiscal 2023.
Tube Investments of India
The company through its subsidiary TI Clean Mobility (TICMPL) bought a 65.2% stake in IPLTech Electric (IPLT), through a combination of purchase of equity shares from the founders and other existing shareholders of IPLT. The cost of acquisition is around Rs 246 crore. IPLT is a startup engaged in the manufacturing and sale of electric heavy commercial vehicles. Additionally, the company decided to further invest around Rs 150 crore in subsidiary TICMPL and provision of inter-corporate deposit of an amount of up to Rs 100 crore to TICMPL.
The company posted a 7.8% year-on-year growth in consolidated profit at Rs 4.72 crore for the April-June quarter of fiscal 2023, on the back of a strong topline. Revenue surged by 48% to Rs 81.68 crore during the reported quarter year-on-year.
Excel Realty N Infra
The company board will hold a meeting on August 4 to consider the sub-division of the face value of Equity shares, and the issue of bonus shares.
The company secured orders worth Rs 91.27 crore for API-5L grade 3LPE coated pipes from Bharat Gas Resources. The contract will be executed within 12 months.