TCS reported a 13% decline in consolidated net profit to Rs 7049 crore on a 4% fall in revenue to Rs 38,322 crore in Q1 June 2020 (Q1FY21) over Q4 March 2020 (Q4FY20). Consolidated profit before tax stood at Rs 9504 crore in Q1FY21, declining nearly 10% from Rs 10,512 crore in Q4FY20. Total tax expense rose 1.5% to Rs 2455 crore in Q1FY21 over Q4FY20.
Tata Motors said that its subsidiary Jaguar Land Rover retail sales for the three-month period to 30 June 2020 were significantly impacted by Covid-19 in line with the unprecedented market conditions, but improved month-on-month through the quarter. June retail sales were 35,334 vehicles, down 24.9% year-on-year, but representing an improving monthly trend within the overall quarter, with total sales of 74,067 which was down 42.4% year-on-year. Strict lockdowns and social distancing measures for Covid-19 resulted in temporary shutdowns of most retailers and the company's manufacturing plants in April and much of May.
Reliance Industries (RIL) and BP announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). Following initial agreements in 2019, BP and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned. BP has paid RIL $1 billion for a 49% stake in the joint venture, with RIL holding 51%.
Punjab National Bank said that a fraud of Rs 3688.58 crore is being reported by bank to RBI in the accounts of Dewan Housing Finance. The bank has already made provisions amounting to Rs 1246.58 crore, as per prescribed prudential norms. The bank's board approved raising of capital through issue of equity shares and Basel III Compliant Tier 2 Bonds by way of Private Placement, Qualified Institutions Placement (QIP), Further Public Offer (FPO), Rights Issue or any other mode or through a combination thereof up to an amount of Rs 10000 crore.
Gujarat Ambuja Exports said that the board of directors of the company will meet on 25th July 2020 to consider proposal for sub-division of equity share of the company of face value of Rs 2 each into two equity shares of Re 1 each.
V.I.P. Industries said that a meeting of the board of directors has approved the issue of principal protected, secured, rated, listed, redeemable, non-convertible, market-linked debentures (NCDs) on private placement basis in one or more tranches/ series/ types aggregating upto Rs. 100 crore.
Muthoot Capital Services said it has completed a securitization transaction of Rs 100.89 crore on July 06, 2020. This was the first securitization / direct assignment transaction carried out by the Company during the FY 2020- 2021.
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