State Bank of India: Public sector lender State Bank of India (SBI) in its Executive Committee of the Central Board on Tuesday approved to examine the status and decide on long-term fund-raising in single or multiple trenches up to US $2 Billion. SBI said that the fundraising of up to $2 billion would be done in single or multiple trenches through a public offer or private placement of senior unsecured notes in US dollars or any other convertible currency during FY 2023-24.
ICICI Lombard: ICICI Bank-backed general insurance arm, ICICI Lombard on Tuesday beats estimates in terms of profitability for the fourth quarter of FY23. The company posted a net profit of ₹436.96 crore in Q4FY23, rising by 39.82% compared to a profit of ₹312.51 crore in the same quarter a year ago. However, the company’s net premium earned in Q4FY23 witnessed a mixed performance with an upside of over 12% YoY but down by 1.7% sequentially. The general insurer has also declared a dividend. In December 2022 quarter, the company posted a PAT of ₹352.53 crore.
NTPC: India’s largest power generator NTPC Ltd hopes to commission 3.5 GW of capacity by 2030 from its two nuclear plants under construction, a company executive said. The state-run company is also working with the Bhabha Atomic Research Centre (BARC) and the Department of Atomic Energy (DAE) to develop smaller reactors which can be set up quickly. NTPC is developing the two nuclear plants—at Mahi Banswara in Rajasthan and Chutka in Madhya Pradesh—in a joint venture with Nuclear Power Corp. of India Ltd (NPCIL).
Bank of India: The board of state-owned Bank of India (BoI) on Tuesday approved plans to raise ₹6,500 crore from various means, including share sales, to fund business growth in 2023-24. The proposal in this regard was cleared by the board in a meeting held on Tuesday, BoI said in a regulatory filing. The board considered and approved the proposal of raising capital for the FY 2023-24, aggregating up to ₹6,500 crore, it said.
Tata Steel/Hindalco/Jindal Steel and Power: Global steel demand will rebound this year by 2.3%, mainly due to a recovery in manufacturing activity, the World Steel Association (WSA) said on Tuesday, upgrading its forecast. The industry group revised its October forecast, which estimated steel consumption would rise by 1% in 2023, a statement said. Despite the upgrade, economic conditions will hamper growth in steel consumption this year, which is due to reach 1.822 billion tonnes after declining by 3.2% in 2022, the group added.
Tata Coffee: Tata Coffee, a small-cap company, closed today with a market capitalization of ₹3,882.96. One of the largest integrated coffee production and processing companies in the world, the company recorded a net income of ₹736.06 Cr during the quarter ended March 2023 compared to the net income of ₹663.36 Cr reported during the year-ago quarter, representing a rise of 10.95%. Whereas the total income for the financial year ended March 31, 2023, was ₹2879.56 Cr as against ₹2389.23 Cr reported during the previous year.