HDFC Life Insurance Company reported 1.88% rise in net profit to Rs 250.24 crore on 25.21% rise in total income to Rs 11,761.74 crore in Q3 December 2019 over Q3 December 2018. Total number of lives insured grew by 29% to 4.5 crore during nine months. The company maintained its leadership position within the group segment, growing 25%, resulting in a private market share of 28.6%.
Biocon reported 6.63% fall in consolidated net profit to Rs 202.80 crore on 12.57% rise in total income to Rs 1,783.90 crore in Q3 December 2019 over Q3 December 2018. Sales growth was led by Biologics, Small Molecules and Research Services businesses. Biocon initiated value unlocking of biosimilars business with the dilution of a minority stake to True North. The company plans to raise further capital at an opportune time in the near future.
Cement major, UltraTech Cement, will announce quarterly results today, 24 January 2020.
Coffee Day Enterprises informed that the company entered into the Definitive Agreement to sell Way2Wealth Securities including its certain subsidiaries to Shriram Ownership Trust. Shriram Ownership Trust is the Promoter of Shriram Capital which is the holding company for their large NBFC and Insurance Businesses.
Info Edge (India) informed that the company has set up an alternative investment fund named Info Edge Venture Fund (IEVF), to invest in tech and tech-enabled entities that provide technology to create, market and distribute innovative products and services that benefit consumers at large. Further, the company has entered into a contribution agreement to invest about Rs l00 crore in IE Venture Fund I, a scheme of aforesaid IEVF.
Muthoot Finance said meeting of board of directors will be held on 14 February, 2020 to consider and approve fund raising by way of public issue of redeemable non convertible debentures (NCD).
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Indian Oil Corporation said the company has entered into an MoU with National Petroleum Authority (NPA), Ghana. The objective of the MoU is to understand their current LPG Value Chain, as well as the new LPG distribution model and discuss areas of technical support to Ghana for smooth implementation of the new Distribution Model.
KEI Industries informed that the Fund Raising Committee has passed resolutions in connection with raising of funds by way of issue of equity shares, through a QIP. The committee approved the floor price for the QIP at Rs 518.14 per equity share
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