Adani Group to invest in green energy

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Adani Group to invest in green energy

Adani Group is planning to invest $70 billion in green energy and infrastructure projects. The company is one of the world's largest producers of solar power and aims to make green hydrogen the fuel of the future. 

⭐ L&T posts huge profit

Infras major L&T posted a 45% year-on-year (YoY) jump in consolidated net profit to ₹1,702 crore in Q1. The rise in profit is due to strong growth in the infrastructure segment. Meanwhile, consolidated revenue from operations jumped by 22% YoY to ₹35,853 crore. It bagged orders worth ₹41,805 crore at the group level, a jump of 57% YoY.

⭐ Union Bank eyeing big recoveries 

Public sector lender Union Bank of India is eyeing recoveries worth ₹15,000 crore in FY23, the management said. The bank reported a 32% YoY jump in its net profit to ₹1,558 crore. The rise was due to lower provisions and stable asset growth. Meanwhile, net interest income grew 8% YoY to ₹7,582 crore. The bank is also aiming at lowering its gross bad-loan ratio to below 9% by the end of this fiscal from 10.22% as of 30 June.

Global markets (at 7:30 AM today)

Fact of the day

India is the second-largest mobile phone maker in the world, with phones worth ₹5,277 crore manufactured in FY22. 

Source: Moneycontrol.com