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The quarterly profit was on account of a rise in recovery of loans, which helped total income to grow, and a sharp fall in expenditure. Total income rose to ₹795 crore from ₹595 crore, while expenses fell to ₹482 crore from ₹3,986 crore.

The government expected the companies to transfer some of their pipelines to separate infrastructure investment trusts (InvITs) and sell minority stakes in those to raise ₹17,000 crore.

Sula has been backed by various private equity funds and institutional investors, including Verlinvest, Everstone Capital, Visvires, Saama Capital, and DSG Consumer Partners.Belgium-based Verlinvest, which has been an investor in Sula since 2010, has put over $70 million into the company in multiple fundraising rounds.

Cafe Coffee Day (CCD) average sale per day were up 11.58% to ₹17,140 during the quarter as against ₹15,361 in January-March last fiscal year.

The gains translate to a 17% rise over the fiscal ended March 2021 just below the 19% year on year growth recorded by the Nifty50 index during the period. Managing director Raj Kumar said that the government controlled life insurer will match the profitability of its private sector counterparts in the next five years.

Jagdishan said the banking regulator had asked it to keep the structure of the merged entity simple, with HDFC Bank being the holding company.

Its revenue from operation rose 28.07 per cent to Rs 352.33 crore against Rs 275.10 crore in the year-ago period.

The estimated numbers have come down from the official second advance estimate of 8.9% released on February 28, owing to third-wave of Covid-19 and surging global prices.

This has converted the level of 16,700 into an immediate resistance point for the index. For any sustainable extension of the up move to happen, moving past 16,700 will be crucial and moving past this level comprehensively will open up some more upside for the markets.

The rupee depreciated 12 paise to close at 77.66 (provisional) against the US dollar on Tuesday, tracking a negative trend in domestic equities and surging crude oil prices