LIC, Adani Group, Zomato, Adani Power, HPCL, IRCTC, Aurobindo Pharma, Varun Beverages, M&M, Shriram Pistons & Rings Report Financial Results

Life Insurance Corporation of India (LIC) released its financial results for the December quarter (Q3FY23) on Thursday, with its consolidated net profit rising sharply to ₹8,334 crore. Meanwhile, index provider MSCI has cut the free-float designations of four securities of India’s Adani group, a move which analysts have warned could impact their index weightings. Zomato Ltd reported a quarterly loss of ₹346.6 crore for the same period, while Adani Power saw the merger of six wholly-owned subsidiary companies sanctioned by NCLT. HPCL reported a consolidated net profit of ₹444 crore for the December quarter, down 67.2% year-on-year, while IRCTC reported a net profit of ₹256 crore, up 22.8% from the last year period. Aurobindo Pharma’s consolidated net profit declined by 19% to ₹491 crore for the same period, while Varun Beverages’ promoters are expected to sell shares worth ₹850 crore through a block deal. Mahindra & Mahindra Ltd signed an MoU with the Telangana government for establishing a manufacturing facility, while Shriram Pistons & Rings’ subsidiary will acquire a 75% stake in Takahata Precision India Pvt Ltd.