INVC NEWS
Mumbai : IT company Infosys’ consolidated net profit rose 11 per cent to Rs 5,945 crore in the first quarter of the current financial year. 5,362 crore in the same period a year ago. The company’s income during this period increased by 10 percent to Rs 37,933 crore. Infosys, however, cut its growth forecast for 2023-24 from one to 3.5 per cent. The company’s American Depository Receipts (ADRs) declined 11 per cent in market opening hours after further downgrading estimates on the financial results.
On the other hand, Hindustan Unilever Ltd. (HUL)’s consolidated net profit after tax rose 6.9 per cent to Rs 2,556 crore in the first quarter. At the same time, the total income increased from Rs 14,757 crore to Rs 15,679 crore. Havells’ consolidated net profit increased by 18 percent to Rs 287 crore in the first quarter. During this period the total income increased from Rs 4,292 crore to Rs 4,899 crore. Union Bank’s net profit more than doubled to Rs 3,236 crore in the first quarter. Gross NPA of the bank reduced from 10.2% to 7.34%.
Adani Group has said that there is no plan to merge its cement business. He will sell cement in the market only under the brands ACC and Ambuja. Last year, the group was the second largest cement business in the country, CEO Ajay Kapoor said. Jio Financial Services Ltd, which was spun out of Reliance Industries, is valued at $20 billion. It has become a company with higher valuation than Coal India and Indian Oil. The share price was pegged at Rs 261.85.
