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Jio Forms JV for Offering Satellite-Based Broadband – Top Indian Market News

A shopkeeper displays JIO simcards at a mobile phone store in Mumbai on July 19, 2017. Indian oil-to-telecom conglomerate Reliance Industries's first-quarter consolidated profit jumped 28 percent July 20, pumped up by higher margins from its core oil refining business it said, beating analyst estimates. / AFP PHOTO / INDRANIL MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP via Getty Images)

Jio forms JV for offering satellite-based broadband

Jio Platforms Ltd (JPL) and Luxembourg-based SES have formed a joint venture (JV) for satellite-based broadband services. JPL will own 51% and SES 49% in the JV firm, Jio Space Technology Limited. The JV will use multi-orbit space networks that are a combination of geostationary (GEO) and medium earth orbit (MEO) satellite constellations capable of delivering multi-gigabit links and capacity to enterprises.

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Coal India Q3 Results: Net profit rises 48% YoY to Rs 4,558 crore

Coal India Ltd (CIL) reported a 47.7% YoY (or 55% QoQ) increase in consolidated net profit to Rs 4,558.4 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 20% YoY to Rs 28,433.5 crore during the same period. EBITDA stood at Rs 6,852 crore in Q3, up 32% YoY. The production of raw coal increased from 156.78 million tonnes (MT) in Q3 FY21 to 163.82 MT in Q3 FY22. CIL’s board has declared a dividend of Rs 5 per share.

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BHEL secures order to supply compact heat exchanger sets for Tejas aircraft

Bharat Heavy Electricals Ltd (BHEL) has secured an order from Hindustan Aeronautics Ltd to supply compact heat exchangers (CHEs) sets for Tejas aircraft. The order includes manufacturing, assembly, testing, and supply of CHEs to be fitted in the light combat aircraft Tejas, which is being manufactured by HAL. 

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WPI inflation eases to 12.96% in January

India’s wholesale price inflation (WPI) fell marginally to a four-month low of 12.96% in January. WPI stood at 13.56% in December. The decline was driven largely by a drop in manufactured products’ inflation below the 10% mark for the first time since last April. Inflation in manufactured products fell from 10.96% in December to 9.42% in January.

On the other hand, the Consumer Price Index (CPI) rose to a seven-month high of 6.01% in January.

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Eicher Motors Q3 Results: Net profit falls 14% YoY to Rs 456 crore

Eicher Motors Ltd reported a 14.35% YoY decline in consolidated net profit to Rs 456.13 crore for the quarter ended December (Q3 FY22). Net profit increased by 22% when compared to the previous quarter. Its revenue from operations rose 1.85% YoY to Rs 2,880.65 crore during the same period. The automaker’s EBITDA stood at Rs 582 crore in Q3, down 13.4% YoY. Royal Enfield’s total sales fell 15.6% YoY to 1,98,557 units.

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Vedanta, Foxconn form JV to manufacture semiconductors in India

Vedanta Ltd has partnered with electronics manufacturing services giant Foxconn to form a joint venture (JV) for manufacturing semiconductors in India. As per the Memorandum of Understanding (MoU) signed between the two companies, Vedanta will hold the majority stake in the JV while Foxconn will have a minority stake. This will be the first JV in the electronics manufacturing space after the government announced a Rs 76,000-crore program to boost the electronic chip and display ecosystem in India.

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Adani Enterprises Q3 Results: Net loss at Rs 12 crore 

Adani Enterprises Ltd reported a consolidated net loss of Rs 11.63 crore for the quarter ended December (Q3 FY22). It had posted a net profit of Rs 296.81 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 61% YoY to Rs 18,757.87 crore in Q3 FY22. The group incorporated Adani New Industries Ltd in Q3 for the generation of green hydrogen, manufacturing of wind turbines, batteries, etc.

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Axis Bank set to buy Citigroup’s $2.5 billion India retail unit: Report

According to a report from ET, Axis Bank Ltd is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion (~Rs 18.9 lakh crore). An agreement for the consumer unit may be announced as soon as the next few weeks and is subject to approval from the Reserve Bank of India. The deal would include a cash component of less than $2 billion, accounting for the consumer business’s liabilities.

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Natco Pharma Q3 Results: Net profit rises 28% YoY to Rs 80 crore

Natco Pharma Ltd reported a 28% YoY increase in consolidated net profit to Rs 80.4 crore for the quarter ended December (Q3 FY22). Net profit rose by 24% when compared to the previous quarter. Its revenue from operations rose 58% YoY to Rs 560.5 crore during the same period. The pharma company’s EBITDA stood at Rs 101.8 crore in Q3, up 23% YoY. Natco Pharma’s board has declared an interim dividend of Rs 2 per share.

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Zydus Pharma Inc gets USFDA approval to market Roflumilast tablets

Zydus Pharmaceuticals (USA) Inc, a subsidiary of Cadila Healthcare Ltd, has received final approval from the US Food & Drug Administration (USFDA) to market Roflumilast tablets. The drug is indicated to reduce the risk of chronic obstructive pulmonary disease (COPD) exacerbations. It will be manufactured at the group’s formulation plant at the Special Economic Zone (SEZ) in Ahmedabad.

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Grasim Q3 Results: Net profit rises 45% YoY to Rs 522 crore

Grasim Industries Ltd reported a 45.% YoY increase in net profit to Rs 522 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 56% YoY to Rs 5,784.74 crore during the same period. The company’s EBITDA rose 43% YoY to Rs 922 crore. Grasim stated that its net debt stands at zero with the completion of disinvestment of its fertilizer business on Jan 1, 2022.

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