Engineering and construction major Larsen & Toubro Ltd on Wednesday reported a 15.2% year-on-year rise in its net profit to ₹2,352 crore for the December quarter, as against ₹2,041 crore for the same period last year. Net profit rose due to large value order wins in power transmission, distribution and metallurgical and material handling business.
Infosys: The government on Wednesday said it was working with Infosys Ltd, the managed service providers for the goods and services tax (GST) regime, to improve the performance of GSTN filing portal on a permanent basis. The Centre said several technological measures are being worked out and will be in place by April 2020.
Axis Bank: The private lender reported a 4.5% year-on-year in its net profit to ₹1,680.9 crore for the December quarter. The profit, however, was lower than ₹2073.4 crore estimated by 22 analysts polled by Bloomberg. Asset quality improved, with gross non-performing asset ratio declining to 5% from 5.03% in the September quarter.
Sun Pharma: India’s largest drug maker recalled multiple batches of it anti-migraine drug sumatriptan succinate and testosterone cypionate for injection in the US, according to the US Food and Drug Administration. The recall of sumatriptan succinate started last month, while that of testosterone cypionate began last week.
Biocon: The pharmaceutical company will announce its earnings for the quarter ended December today. Separately, media and entertainment firm PVR Ltd and PNB Housing Finance Ltd will also report their financial results for the third quarter today.
Oil India: The state-owned company moved the Supreme Court seeking clarification on its earlier verdict, which mandates telecom and non-telecom companies to pay adjusted gross revenue (AGR) related dues to the government by 23 January. The department of telecommunications (DoT) sent a ₹48,000-crore demand notice to Oil India Ltd in dues, penalties and interest in the adjusted gross revenue case.
SAIL: The state-owned steelmaker on Wednesday launched a scheme to support the voluntary efforts of its own employees. The focus areas include education, health, women empowerment, nutrition for the girl child, etc. SAIL Employees Rendering Volunteerism & Initiatives for Community Engagement, or SERVICE, will contribute towards improving the triple bottom line (TBL) by contributing to social welfare.
Canara Bank: The public-sector lender will today announce its earnings for the three months ending December. Another state-owned lender Oriental Bank of Commerce will also release its third-quarter numbers.
Raymond: The company’s net profit during the third quarter jumped to ₹197 crore, as against ₹40 crore in the same period last financial year. Revenue also rose 12.5% to ₹1,885 crore from ₹1,675 crore in the corresponding quarter last year.
Tata Communications: The Tata group-owned company’s profit for the December quarter rose 8.6% to ₹58.5 crore. However, revenue of the company fell a marginal 1% to ₹4,229 during the reporting quarter.