Indian stock exchanges are on an incline on Friday, with the BSE Sensex reaching a high of 50,979.89, following the opening bell. The benchmark index rose by 0.7 percent in trading on Friday. The Nifty 50 rose to 14,989 at 9.35 AM, with an increase of 0.5 percent in the trading session.
State Bank of India has recorded a decrease in its net profit in the quarter ended December 2020 to Rs 5,196 crore. The Indian bank, in the December quarter of the previous fiscal, had recorded a net profit at Rs 5,583 crore. The net profit declined by 7 percent.
India’s largest lender recorded a rise in its net interest income by 4 percent to Rs 28,820 crore. The bank has stated that the net profit was impacted due to a reduction in income and increase in provisions from the corporate banking operations.
The Indian biopharmaceutical company has inked an agreement with Clinton Health Access Initiative. The Clinton Health Access Initiative is a global health organization that works to reduce the impact of diseases in low-income countries.
Under the agreement, Biocon would be distributing lifesaving cancer biosimilars in more than 30 countries in Africa and Asia.
Hindustan Petroleum Corporation Limited recorded a rise in its net profit to Rs 2,355 crore in the quarter ended on December quarter. The net profit in the December quarter previous fiscal was recorded at Rs 747 crore.
The operational revenue for Hindustan Petroleum Corporation Limited declined to Rs 70,042.2 crore as compared to the previous fiscal, by 2 percent. The tax expenses for the public sector oil and gas company increased to Rs 756 crore in Q3 FY21.
Profit before tax for HPCL rose to Rs 3,158 crore in the quarter ended in December 2020. The profit before tax in the previous fiscal was recorded at Rs 1,151 crore.