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Let’s begin. India’s state-run electricity giant NTPC Ltd. plans to expand its coal-fired power fleet with a first new project in six years, a policy shift that reflects alarm over the nation’s worsening power crisis, reported Bloomberg. New Delhi-based NTPC will this month award a contract to construct a 1,320-megawatt plant in Odisha, according to a company official with knowledge of the plans. The company will also consider awarding contracts for two previously stalled expansion projects at its Lara and Singrauli sites in central India, the official said, requesting anonymity as the plans are still private. NTPC previously slowed plans to advance the Lara and Singrauli projects as electricity demand faltered during the pandemic. The producer has also been focusing on proposals to increase renewable energy capacity, rather than coal.
Mahagram, a fintech company, has launched citizen service delivery portal GramSevak.com to provide doorstep financial services to the masses. Citizens in rural and urban areas can use the platform to access e-governance, banking, and insurance services with the support of their local Gram Sevak representatives. The company said it expects to enroll nearly 10 lakh unemployed youth under the GramSevak project, which will provide them with a regular source of income. Mahagram has launched the portal to provide basic doorstep banking and e-governance services to the citizens residing in rural and urban parts of India, the company said in a release on Tuesday. These services are provided through digitally-enabled feet-on-street representatives, ‘Mahagram Sevaks’.
Meanwhile, Godrej Properties on Tuesday reported a consolidated net profit of Rs 260.47 crore for the quarter ended March 2022 on higher income. The company had posted a net loss of Rs 191.57 crore in the year-ago period. Total income increased to Rs 1,522.57 crore during January-March quarter of the last fiscal year from Rs 576.08 crore in the year-ago period, according to a regulatory filing. Mumbai-based Godrej Properties posted a net profit of Rs 352.37 crore during 2021-22 fiscal year as against a net loss of Rs 189.30 crore in the previous year. Total income increased to Rs 2,585.69 crore in the last fiscal year from Rs 1,333.09 crore in 2020-21.
“Moving on. Diversified entity ITC Ltd on Tuesday said it has entered into a partnership with IIT Delhi to support research in identified science, technology, engineering and mathematics areas. A memorandum of understanding has been signed to this effect with the institute with an aim to accelerate India’s journey towards achieving its sustainable development goals. Currently, the areas identified for research are energy storage, low carbon cold transportation, and plastic biodegradation to name a few and will further pave the way for more research in the areas of mutual interest.
In the industry sector, Eris Lifesciences Ltd on Tuesday reported a 17 per cent increase in consolidated net profit at Rs 79.97 crore for the fourth quarter ended March 2022. The company had posted a consolidated net profit of Rs 68.24 crore in the same quarter a year ago, Eris Lifesciences said in a regulatory filing. Consolidated revenue from operations stood at Rs 305.95 crore during the period under review, as compared to Rs 278.2 crore in the corresponding period of the previous fiscal. The fourth quarter has been very significant in terms of strategic new product launches, including Drolute, Xsulin and Linares as well as the launch of a dedicated insulin division with a field-force of 200 personnel, the company said in an investor presentation. In the fiscal ended March 31, 2022, consolidated net profit was at Rs 405.8 crore as against Rs 355.14 crore in the previous fiscal.
Let’s move on to news related to the Indian economy. Exports rose by 24.22 per cent to USD 38.19 billion in April on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, the commerce ministry said on Tuesday. Imports during the month under review grew 26.55 per cent to USD 58.26 billion. The trade deficit in April 2022 widened to USD 20.07 billion as against USD 15.29 billion in the year-ago period.
“And lastly, the automobile sector. Hyundai Motor India on Tuesday said it has launched a new variant of its popular SUV Creta priced between Rs 13.51-18.18 lakh (ex-showroom). With the launch of the new Creta Knight Edition, the automaker is once again offering customers an exciting choice of SUV that matches their aspirations with bold and sporty design enhancements. The petrol trims, paired with both six-speed manual and automatic transmissions, are priced at Rs 13.51 lakh and Rs 17.22 lakh, respectively. The diesel variants, with manual and automatic transmissions, are tagged at Rs 14.47 lakh and Rs 18.18 lakh (all prices ex-showroom).
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