News Today: State Bank of India: The country's largest lende | Start Learning

News Today:

State Bank of India: The country's largest lender reported a 41.28 per cent rise in standalone profit after tax at Rs 9,114 crore for the quarter ended March 2022, driven by healthy interest income and better asset quality. Its standalone profit after tax (PAT) stood at Rs 6,451 crore in the fourth quarter of the previous fiscal.

Tech Mahindra: The IT services major reported a 39 per cent jump in its consolidated net profit for March 2022 quarter at Rs 1,678.4 crore, and exuded confidence that the positive business momentum will continue in the current fiscal. On a standalone basis, the Mahindra group company reported a post-tax profit at Rs 1,505 crore in the quarter under review as against Rs 1,081 crore a year ago.

Eicher Motors: The two-wheeler auto major's consolidated net profit after tax increased by 16 per cent to Rs 610 crore for the fourth quarter ended March 31, 2022. The company had reported a net profit after tax of Rs 526 crore in the January-March quarter of the 2020-21 fiscal.

Maruti Suzuki India: The country's largest carmaker announced an investment of Rs 11,000 crore in the first phase of a new facility to be set up at Sonipat in Haryana. The company said it has completed the process of allotment of an 800-acre site at IMT Kharkhoda in Sonipat district with HSIIDC.

Bank of Baroda: The state-owned lender reported a standalone profit after tax of Rs 1,779 crore in the quarter ended March 2022, helped by higher interest income and fall in bad loans. The lender had a loss of Rs 1,047 crore in the year-ago period.

Pharma stocks: Homegrown drug majors Lupin, Glenmark and Dr Reddy's Laboratories are recalling different products in the US, the world's largest market for medicines, due to deviation from standard manufacturing norms.

Bandhan Bank: The private lender reported a doubling of net profit for the March quarter at Rs 1,902 crore on the back of a massive reduction in provisions for bad debts. The Kolkata-headquartered bank that started as a microfinancier closed FY22 with a profit of Rs 126 crore, down 94 per cent as against the previous fiscal.

Carborundum Universal: The abrasives and industrial ceramics maker reported a 7.60 per cent jump on its standalone net profit for the quarter ending March 31, 2022 at Rs 61.91 crore. The Murugappa Group company had registered standalone net profit at Rs 57.52 crore during the corresponding quarter in the previous year.

JK Paper: The paper firm reported a 25 per cent increase in consolidated net profit at Rs 170.17 crore for the fourth quarter ended March riding on higher sales volumes. The company had posted a consolidated net profit of Rs 136.07 crore in the corresponding period of previous fiscal.

Alkem Laboratories: The pharma player said on exchanges that the medicines and healthcare products regulatory agency (MHRA) has pointed out no critical or major observations at its Taloja Plant. The company said the MHRA has closed its inspection.

Avenue Supermarts: The owner and operator of retail chain D-Mart reported a 3.11 per cent increase in its consolidated net profit to Rs 426.75 crore for the fourth quarter ended March 2022. The company had posted a net profit of Rs 413.87 crore in the January-March quarter a year ago.


Shipping Corporation of India: The state run shipping firm reported a 77.42 per cent jump in its consolidated net profit to Rs 152.16 crore for the fourth quarter ended March 2022. The state-owned company had clocked a consolidated profit of Rs 85.76 crore in the same quarter of

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