RIL, ONGC, HUL, Vedanta in spotlight

Reliance Industries (RIL), ONGC: India cut a windfall tax on oil producers and refiners and exempted petrol from an export levy as international rates decline, less than a month after it imposed the two charges. The Centre reduced the windfall tax on diesel and aviation fuel shipments by Rs 2 per litre and scrapped completely a Rs 6 per litre levy on gasoline exports. It also cut the tax on domestically produced crude by about 27% to Rs 17,000 a tonne.

Hindustan Unilever (HUL): Hindustan Unilever reported 11% rise in standalone net profit to Rs 2,289 crore on a 19% increase in revenue from sale of products to Rs 14,016 crore in Q1 FY23 over Q1 FY22. The company recorded an underlying volume growth of 6%.

Grasim Industries: The board of directors of the company considered and approved the plan to undertake trading and marketing of all types of building materials primarily through a B2B e-commerce platform.

Vedanta: Vedanta on Tuesday (19 July 2022) announced that its board has approved a second interim dividend of Rs 19.50 per share. The record date for the purpose of payment of dividend is Wednesday, 27 July 2022.

Ambuja Cements: The cement major's consolidated net profit slipped 14.2% to Rs 752 crore on 15.1% increase in net sales to Rs 7,943 crore in Q2 CY22 over Q2 CY21. EBITDA fell 39% to Rs 1,115 crore during the quarter. EBITDA margin stood at 14% in Q2 CY22 as against 26.5% in Q2 CY21.

Canara Bank: The state owned lender said it has raised Rs 2,000 crore by issuing Basel III compliant additional tier I bonds. The bank came out with the issuance of Rs 2,000 crore of additional tier-I bonds on 15 July 2022. The bank said it received total bid amount of Rs 5719 crore, out of which full issuance of Rs 2000 crore was accepted at 8.24%.

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