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Axis Bank, PNB, MOIL in focus
07-Jun-21   08:25 Hrs IST

With reference to the news item dated 4th June 2021 captioned 'Axis Bank to buy Spandana Sphoorty,' Axis Bank clarified that the said news item is speculative and the bank does not comment on market speculation. The bank has not taken any such decision in this regard.

PNB reported a net profit of Rs 586.33 crore in Q4 FY21 as against a net loss of Rs 697.20 crore in Q4 FY20. The bank's total income increased by 37.5% to Rs 22,531.73 crore in Q4 FY21 over Q4 FY20. The bank's operating profit (before provisions & contingencies) surged 43.3% to Rs 5,634.31 crore in Q4 FY21 over Q4 FY20.

MOIL reported net profit of Rs 116 crore in Q4 FY21, steeply higher compared with 13.47 crore in Q4 FY20. Net sales grew 81% to Rs 450.14 crore in Q4 FY21 as against Rs 248.66 crore in Q4 FY20. Profit before tax stood at Rs 159.37 crore in Q4 FY21, steeply higher than Rs 21.62 crore in Q4 FY20.

Credit ratings agency India Ratings and Research (Ind-Ra) assigned Jubilant Ingrevia (JVL) a long-term issuer rating of 'IND AA' with a stable outlook. The ratings agency assigned a credit rating of 'IND AA/Stable/IND A1+' on the company's fund-based limits of Rs 475 crore. It has assigned 'IND A1+' rating on the non-fund-based limits of the company worth Rs 772.5 crore.

On a consolidated basis, Jubilant Pharmova's net profit (from continuing operations) dropped 18.64% to Rs 172.68 crore on 0.71% rise in total revenue from operations to Rs 1,579.78 crore in Q4 March 2021 over Q4 March 2020.

Force Motors announced that its total production stood at 1,306 units in May 2021, steeply higher than 26 units in May 2020. Total domestic sales surged 410.15% to 1,306 units in May 2021 as against 256 units in May 2020. Total exports were at 154 units in May 2021. There were no exports during the same period last year due to Covid-19 pandemic.

RBL Bank said that the Reserve Bank of India (RBI) has approved the re-appointment of Vishwavir Ahuja as the Managing Director & CEO of the bank, for further period of one year, with effect from June 30, 2021.

On a consolidated basis, Varroc Engineering reported net loss of Rs 144.32 crore in Q4 FY21, higher than net loss of Rs 137.10 crore in Q4 FY20. Net sales jumped 31.9% to Rs 3,619.26 crore in Q4 FY21 from Rs 2,744.75 crore in Q4 FY20. Pre-tax loss stood at Rs 117.76 crore in Q4 FY21 as against a pre-tax loss of Rs 136.72 crore in Q4 FY20.

Mishra Dhatu Nigam (MIDHANI) on Friday announced that it has raised Rs 50 crore by allotting commercial papers to Union Bank on private placement basis.

Welspun Corp said that American Petroleum Institute, USA has granted license to the company, to manufacture SAWH pipes as per API Specification 5L & to apply API monogram on the pipes from company's Madhya Pradesh facility with effect from 26 May 2021.

IOL Chemicals & Pharmaceuticals reported 17% drop in net profit to Rs 75 crore on 4% rise in total revenue from operations to Rs 467 crore in Q4 FY21 over Q4 FY20.

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