Here is a collection of the most important stories this evening:
Exclusive | Videocon loan case: Dhoot co-founded NuPower at own office address, documents show
NuPower Renewables, the firm at the centre of the alleged Rs 3,250 crore loan scam involving ICICI Bank and Videocon, was set up and started functioning at the same office address as Supreme Energy, a company owned by Venugopal Dhoot, suggesting that he was associated with the Kochhars back in 2008.
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Adani Group responds to Hindenburg report, calls it 'malicious'
Adani Group's Chief Financial Officer, Jugeshinder Singh, said in a statement that the company was shocked by the Hindenburg report, calling it a "malicious combination of selective misinformation and stale, baseless and discredited allegations."
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Taking Stock | Market falls 1%, Nifty below 17,900; Sensex tumbles 773 points
The Indian benchmark indices lost more than 1 percent on January 25 with the Nifty finishing below 17,900 amid selling seen across the sectors, especially in power, oil and gas and financials. After a negative start, the market extended the selling as the day progressed, with indices hitting a one-week low and the Nifty breaching 17,900 intraday, but saw some recovery from the day’s low.
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Tata Motors back in black with Q3 net profit at Rs 2,958 crore; beats estimates
Tata Motors on January 25 reported a consolidated net profit of Rs 2,957.71 crore for the quarter ended December 2022, against a loss of Rs 1,516.14 crore in the same quarter last year. Revenue from operations came in at Rs 88,488.59 crore, up 22.51 percent from Rs 72,229.29 crore in the same quarter last year, Tata Motors said in an exchange filing.
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Bajaj Auto Q3 net profit zooms 23% to Rs 1,491 crore, beats estimates
Two-wheeler major Bajaj Auto on January 25 reported a standalone net profit of Rs 1,491 crore for the quarter ended December 2022, clocking a 23 percent rise over Rs 1,214 crore a year ago. Revenue from operations came in at Rs 9,315 crore, increasing 3 percent from Rs 9,022 crore in the corresponding quarter last year, the company said in an exchange filing.
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Dr Reddy’s reports 77% growth in Q3 consolidated profit
Pharma major Dr Reddy's Laboratories on January 25 reported a 77 percent growth in consolidated net profit at Rs 1,247 crore for the quarter ended December 31, 2022 as against Rs 707 crore a year ago. On a sequential basis it grew 12 percent.
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Google and Twitter-backed Sharechat sees shake-up as two founders step down
Google and Twitter-backed ShareChat’s co-founders Farid Ahsan and Bhanu Pratap Singh have stepped down from executive roles at the company, a week after firing close to 600 employees, the company’s chief executive officer Ankush Sachdeva said in an internal note on January 25.
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PhonePe's investors coughed up Rs 8,000 crore in taxes to shift domicile from Singapore to India: CEO Sameer Nigam
PhonePe’s investors had to cough up almost Rs 8,000 crore in taxes as the firm decided to domicile in India, said PhonePe’s cofounder and chief executive officer Sameer Nigam. At least 20 existing unicorns want to come back to India and domicile here if regulations get much easier, said Nigam on Youtube Live on January 25.
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