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Bajaj Auto Q3 profit falls 22 per cent to Rs 1,214 crore

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Bajaj Auto Q3 profit falls 22 per cent to Rs 1,214 crore

Bajaj Auto on Wednesday announced a net profit of Rs 1,214 crore for the third quarter of the current financial year, which is 22 per cent less than Rs 1,556 crore profit recorded during the corresponding quarter of last fiscal.

The company’s revenue from operations rose marginally. It rose to Rs 9,022 crore for the quarter ended December 31, 2021, which is 1.25 per cent higher when compared with Rs 8,910 crore revenue recorded during the corresponding quarter of 2020-21. As on December 31, 2021, surplus cash and cash equivalents of the company stood at Rs 17,883 crore against Rs 17,526 crore as on September 30, 2021.

Also Read: Nestle India net profit dips 20 per cent to Rs 387 crore in Oct-Dec 2021 quarter

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The company’s total sales during the October-December 2021 quarter stood at 1.18 million units.

In the domestic motorcycle market, the industry recorded a decline of 23 per cent over Q3 FY21.

In contrast, Bajaj Auto fared marginally better recording sales of over 469,000 units, a decline of 20 per cent.

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Bajaj Auto’s market share improved to 19.2 per cent in the third quarter of 2021-22 as against 18.6 per cent in the third quarter of 2020-21, the company said in its unaudited financial results, which was approved by the company’s Board on Wednesday.

(The above story is a direct embed from ANI Feed, Our Writers didn’t change anything in this)

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NIFTY scales new heights, expect Sensex to follow this time around

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NIFTY scales new heights, expect Sensex to follow this time around

Last week, the markets remained volatile but continued their upward trend, with NIFTY hitting a new high each trading session. BSESENSEX is close to surpassing its previous high, while NIFTY is expected to set a new high on Monday or Tuesday.

BSESENSEX closed the week gaining 716.16 points, and NIFTY gained 172 points. The broader markets also saw gains across different indices. While markets saw gains on three sessions, they faced losses on two days. The Indian Rupee also saw a slight gain against the US Dollar.

Vibhor Steel Tubes Limited had a remarkable debut on the bourses, listing at a gain of 178.80 percent and closing at a gain of 192.71 percent. Juniper Hotels Limited’s IPO received a lukewarm response despite being subscribed 2.07 times overall. Exicom Tele-Systems Limited is set to launch its IPO, offering power management solutions and EV chargers.

Bharat Highways Invit is set to launch an issue for fixed income investors, with units to be issued in a band of Rs 98-100. The INVIT will have initial assets from G.R. Infraprojects Limited’s HAM model, offering an attractive income yield. February futures are set to expire on February 29 amid a bullish market trend.

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TN CM lays foundation stone for VinFast's Rs 4,000-cr EV factory

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TN CM lays foundation stone for VinFast's Rs 4,000-cr EV factory

Tamil Nadu Chief Minister M.K. Stalin laid the foundation stone for VinFast group’s EV plant in Tuticorin. VinFast Auto India Ltd will invest Rs 4,000 crore in the first phase out of the planned Rs 16,000 crore investment, making Tamil Nadu the country’s EV Capital.

The plant, spread across 380 acres, will have a capacity to roll out 1,50,000 vehicles per annum. Industries Minister T.R.B. Rajaa mentioned that Tamil Nadu is already a hub for electric vehicle production in India.

Stalin distributed compensation for flood victims and criticized the central government for not providing support. Despite roadblocks, the state government has been successful in achieving its objectives and attracting investments for the state.

Since taking office in 2021, Stalin has prioritized garnering investments for Tamil Nadu. The DMK-led government’s focus on the welfare of the people has been evident in its policies and programs.

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Aadhaar, Jan Dhan giving big push to digital India ecosystem: Instamojo's CEO

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Aadhaar, Jan Dhan giving big push to digital India ecosystem:
Instamojo's CEO

New Delhi, Feb 25 (IANS) As the government accelerates its digital journey, Instamojo’s CEO Sampad Swain highlighted the impact of Aadhaar and Jan Dhan Yojana on India’s digital ecosystem. Swain emphasized on the opportunities created in the last few years, including the JAM Trinity, availability of credit, and the role of social media for small business owners.

Instamojo, a D2C tech company, provides online stores and payment solutions for e-commerce brands and startups. Despite facing a setback last year when RBI returned their license application, Swain remains optimistic and stated that they are preparing to reapply by September, with a focus on data security and compliance with regulations.

In FY2023, Instamojo reported significant profits and steady growth in its customer base, currently serving over 3 million small business owners on its platform. Swain expressed confidence in the company’s continued success, projecting a profitable year in 2024.

The CEO highlighted the importance of adapting to regulatory requirements and maintaining a strong customer base in the competitive digital market. Instamojo’s focus on empowering small businesses with online tools and payment solutions has contributed to its growth and success in the evolving digital landscape.

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