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Mid Session

HDFC Bank, Dr. Reddy's Labs, Wipro in spotlight
(08:26, 18 Jan 2021)

HDFC Bank reported 18.1% rise in net profit to Rs 8,758.29 crore on 4.1% increase in total income to Rs 37,522.92 crore in Q3 FY21 over Q3 FY20. Net interest income for the quarter ended 31 December 2020 grew by 15.1% to 16,317.6 crore from 14,172.9 crore for the quarter ended 31 December 2019, driven by advances growth of 15.6%, and a core net interest margin for the quarter of 4.2%.

HDFC Bank said that the impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist. While there has been a gradual pickup in economic activity since the easing of lockdown measures, the continued slowdown led to a decrease in loan originations, the sale of third-party products, the use of credit and debit cards by customers and the efficiency in collection efforts.

Dr. Reddy's Laboratories on Friday said that it received an approval from the Drugs Control General of India (DCGI) to conduct phase 3 clinical trial for the Sputnik V vaccine in India. The drug major said the phase 3 study of Sputnik V will be conducted on 1500 subjects as part of the randomized, doubleblind, parallel-group, placebo-controlled study in India.

Wipro on Friday announced that it has been chosen as a strategic technology services partner by Fiat Chrysler Automobiles (FCA) to establish its first Global Digital Hub in Hyderabad. As part of this engagement, Wipro said it will source and build a talent pool of more than 1000 skilled consultants and technologists for FCA ICT India who will help develop capabilities around futuristic technologies.

Apollo Pipes reported 145% jump in net profit to Rs 16.33 crore in Q3 FY21 as against Rs 6.66 crore in Q3 FY20. Revenue from operations during the quarter increased by 28% year-on-year (YoY) to Rs 128.1 crore.

Shares of BEML will be in focus. Union Defence Minister Rajnath Singh on Friday (15 January 2021) unveiled driverless metro car for Mumbai Metropolitan Region Development Authority (MMRDA) at a function held at BEML's Bangalore Complex. The driverless metro trains are being manufactured at BEML's Bangalore complex.

On a consolidated basis, Shoppers Stop reported net loss of Rs 25.11 crore in Q3 December 2020, higher than net loss of Rs 6.51 crore in Q3 December 2019. Net sales declined 29.7% to Rs 715.97 crore in Q3 December 2020 over Q3 December 2019.

JBM Auto said that the company has received orders for supply of 700 numbers of JBM 'CITYLIFE' fully air conditioned BS-VI CNG Low-Floor Buses from Delhi Transport Corporation (Government of NCT of Delhi).

Metropolis Healthcare announced that the board of directors has approved the acquisition of Dr. Ganesan's Hitech Diagnostic Centre Pvt. Ltd. (Hitech).

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