Author: Ben Benny

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Ashok Leyland’s Net Profit Falls 17% YoY to Rs 751Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Ashok Leyland Q4 Results: Net profit falls 17% YoY to Rs 751 crore

Ashok Leyland reported a 17% YoY decline in net profit to Rs 751 crore for the quarter ended March (Q4 FY23). Its total operating revenue increased by 33% YoY to Rs 11,626 crore during the same quarter. EBITDA stood at Rs 1,276 crore, up 64% YoY. The company’s board has recommended a dividend of Rs 2.6 per equity share.

Read more here.

PVR Inox to invest Rs 700 crore to set up new screens, retrofit old ones

PVR Inox intends to invest Rs 700 crore in FY24 to add 175 new screens and upgrade existing ones. The expansion plan aims to counter losses at certain locations. According to the company, the cinema business is recovering, prompting the company’s aggressive expansion strategy. Currently, the company is making plans to expand to a number of Tier-2 and Tier-3 cities such as Rourkela, Bhubaneswar, etc.

Read more here.

Trent incorporates new JV company with MAS Fashion to manufacture intimate apparel in India

Trent Ltd has formed a 50:50 joint venture called Trent MAS Fashion Private Ltd. with MAS Amity Pte Ltd. The new entity will focus on designing, developing, and manufacturing intimate apparel and related products in India. The partnership aims to source and manufacture lingerie, activewear, and other products in the country.

Read more here.

Zurich DIFC deploys TCS solution for automating business process solutions

Tata Consultancy Services (TCS) will offer business process solutions to Zurich Insurance Company DIFC through its product TCS BaNCS. The aim is to automate processes, expedite claim settlement and accounting closure, and maintain data consistency. TCS BaNCS for Property and Casualty, a comprehensive insurance solution suite, will enable growth and transformation for Zurich DIFC.

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JSW Energy Q4 Results: Net profit falls 68% YoY to Rs 272 crore

JSW Energy reported a 68% YoY decline in consolidated net profit of Rs 272 crore for the quarter ended March (Q4 FY23). However, its consolidated operating revenue rose 9.38% YoY to Rs 2,670 crore during the same quarter. EBITDA stood at Rs 745 crore, down 34% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

Read more here.

Wipro expands Google Cloud tie-up to extend generative AI tools to clients

Wipro Ltd has partnered with Google Cloud to offer generative AI tools to its clients. It will integrate Google Cloud’s suite of AI tools with its own intellectual property and industry solutions. Additionally, Wipro plans to train 20,000 associates on Google Cloud’s generative AI technologies, enabling them to implement secure and scalable AI-led transformations for clients.

Read more here. 

Bajaj Electricals Q4 Results: Net profit jumps 32% YoY to Rs 52 crore

Bajaj Electricals reported a 32% YoY jump in net profit to Rs 52 crore in Q4 FY23. Its revenue increased 11% YoY to Rs 1,490 crore during the same quarter. EBITDA stood at Rs 86 crore, up by 36% YoY. The company’s board has recommended a final dividend of Rs 4 per equity share.

Read more here.

Paytm launches UPI SDK to enable customers to pay directly within the merchant app

Paytm has launched Paytm UPI SDK, enabling online merchants to accept UPI payments within their mobile apps. Customers can make direct payments from their bank accounts without leaving the merchant app, using their UPI PIN. The feature also allows customers to check balances, create VPA handles, and manage UPI accounts within the merchant app. This offering is part of Paytm’s UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank.

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Venus Remedies gets GMP certificate from Kenya for all Baddi facilities

Venus Remedies received a GMP certification from the Kenyan Health Ministry for its production facilities in Baddi. The certification expands the company’s market potential in Kenya, estimated at $780 million. It covers the manufacturing of antibiotics and oncology products in various forms. With this, the number of international GMP certifications for Venus Remedies has gone up to 25.

Read more here.

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BPCL’s Net Profit Jumps 168% YoY to Rs 6,870Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

BPCL Q4 Results: Net profit rises 168% YoY to Rs 6,870 crore

BPCL reported a 168% YoY increase in consolidated net profit to Rs 6,780 crore in Q4 FY23. Its operating revenue increased by 8% YoY to Rs 1.33 lakh crore during the same quarter. The company’s board has recommended a dividend of Rs 4 per equity share.

Read more here.

Aditya Birla Fashion Q4 Results: Net loss at Rs 187 crore

Aditya Birla Fashion & Retail (ABFRL) reported a consolidated net loss of Rs 187 crore for the quarter ended March (Q4 FY23). The company had posted a net profit of Rs 43.6 crore in the year-ago period. However, its operating revenue rose 26% YoY to Rs 2,880 crore during Q4 FY23. EBITDA stood at Rs 193 crore, down 48% YoY.

Read more here.

Domestic crude oil production falls by 4% in April

According to the Oil Ministry, domestic crude oil production fell 4% YoY in April. Natural gas output also declined by 3% YoY. India imported $1.4 billion worth of natural gas in April compared to $1.3 billion in the year-ago period. Crude oil imports dropped to $10.8 billion in April from $16.8 billion in April last year on lower volumes and prices.

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Indiabulls Housing Finance Q4 Results: Net profit falls 14% YoY to Rs 262.6 crore

Indiabulls Housing Finance Ltd reported a 14.4% YoY decline in net profit to Rs 262.6 crore in Q4 FY23. Its Net Interest Income for the quarter stood at Rs 733.6 crore, up 13.5% YoY. Its consolidated operating revenue fell 5.2% YoY to Rs 2,075 crore during the same quarter. The NBFC’s gross non-performing assets (GNPA) ratio stood at 3.71% and Net NPAs at 2.48%.

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Oil India, ONGC in talks for 50% stake in $3.4 bn Kenya oilfield

ONGC Videsh has partnered with Oil India Ltd (OIL) to potentially acquire a 50% stake in Tullow Oil Plc’s oilfield project in Kenya. The company has replaced Indian Oil Corp (IOC) as the partner. However, they now face competition from Chinese energy giant Sinopec, which entered the deal due to delays in finalizing the agreement on the Indian side. ONGC Videsh had originally intended to buy half of the stakes held by Tullow, Africa Oil Corp, and TotalEnergies SE in the Lokichar oilfield.

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HFCL receives purchase orders up to Rs 222 crore for supply of OFC

HFCL Ltd and its subsidiary HTL Ltd have secured a purchase order worth up to Rs 222 crore. The order includes the supply of optical fiber cables (OFC) and point-to-point unlicensed band radios (UBRs). The purchase orders are from Reliance Projects & Property Management Services Ltd for OFC supply worth Rs 179.24 crore, and from Reliance Jio Infocomm Limited for indigenous 700 MBPs and 1GBPS UBRs worth Rs 42.71 crore.

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Suzlon bags significant order from Serentica Renewables

Suzlon has received an order from Serentica Renewables for its 3 MW wind turbines. The order includes 68 wind turbine generators with Hybrid Lattice Tubular towers, each rated at 3 MW. The turbines will be installed for Serentica’s 204 MW wind power project in Koppal, Karnataka. The project is scheduled for commissioning in early 2024. 

Read more here.

TCS receives Rs 15,000 crore advance order from BSNL for 4G deployment

Tata Consultancy Services (TCS) has secured an advance purchase order (APO) worth over Rs 15,000 crore from BSNL for the deployment of a 4G network across India. The consortium led by TCS includes C-DoT and Tejas Networks. BSNL faced challenges in launching 4G services, including the cancellation of a previous tender in 2020.

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JSW Steel, JFE Steel signs pact to set up electrical steel manufacturing JV in India

JSW Steel has entered into a preliminary agreement with JFE Steel to form a 50:50 joint venture for setting up a cold rolled grain-oriented (CRGO) electrical steel manufacturing unit in India. The proposed facility in Vijayanagar, Karnataka, will have the capability to produce a complete range of CRGO products. JSW Steel stated that this venture will be the first in India to manufacture CRGO products through the entire chain of manufacturing processes.

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Som Distilleries signs pact with Carlsberg India

Som Distilleries has formed a strategic partnership with Carlsberg India for their plant in Odisha. The collaboration aims to utilize the combined strengths and resources of both companies to improve the manufacturing and distribution of premium beverages in the Odisha region. Carlsberg is a multinational brewer based in Denmark.

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BLS International secures visa outsourcing contract from Spanish govt for another term

BLS International Services Ltd has secured a contract for visa application outsourcing from the Spanish government for the second consecutive time. The contract, awarded by the Ministry of Foreign Affairs, European Union, and Cooperation (MAEUEC) of Spain, includes multiple regions worldwide. BLS will provide additional services such as SMS notifications, courier services, mobile biometrics, and premium lounge facilities as part of the agreement.

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L&T Construction’s business unit wins orders in Saudi Arabia, India

Larsen and Toubro (L&T) Ltd’s power transmission and distribution (PT&D) business has secured large EPC (engineering, procurement & construction) orders in India and overseas. The PT&D business has obtained two orders in Saudi Arabia to establish 380kV overhead power transmission lines connecting cities along the Red Sea coast. These projects involve the construction of 400 kilometers of transmission lines to meet the increasing demand in industrial and tourism hubs.

Read more here.

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Zomato’s Net Loss Narrows to Rs 188Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

Zomato Q4 Results: Net loss narrows to Rs 188 crore

Zomato reported a narrowed consolidated net loss of Rs 188 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 360 crore in the year-ago period. Its consolidated revenue rose 70% YoY to Rs 2,056 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The food delivery business reported a revenue of Rs 1,530 crore in Q4 FY23, compared with Rs 1,284 crore a year ago.

Read more here.

RBI to transfer Rs 87,416 crore as dividend to Centre for FY23

The Reserve Bank of India’s board has approved the transfer of Rs 87,416 crore as surplus to the Central government. In FY22, the RBI transferred Rs 30,307 crore to the government. Dividends from public sector enterprises and other investments have been estimated at Rs 43,000 crore for FY24.

In other news, RBI said it will withdraw Rs 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. 

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Infibeam looks to raise up to $50 million by listing UAE step-down arm

Infibeam Avenues plans to raise $25-50 million by listing its subsidiary Avenues World FZ LLC on NASDAQ Dubai and Dubai Financial Market. The fintech company acquired Vavian International Ltd. in 2018 and Avenues World FZ LLC operates as a subsidiary of Vavian. The listing may involve offering up to 25% of equity stake in Avenues World FZ LLC.

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JSW Steel Q4 Results: Net profit rises 13% YoY to Rs 3,664 crore

JSW Steel reported a 13% YoY increase in consolidated net profit to Rs 3,664 crore in Q4 FY23. Its operating revenue stood at Rs 46,962 crore in the quarter, compared to Rs 46,895 crore in Q4 FY22.  EBITDA stood at Rs 7,939 crore in the quarter. The company’s board has recommended a final dividend of Rs 3.4 per equity share.

Read more here.

Strides Pharma passes USFDA’s inspection of Puducherry plant

Strides Pharma announced that the US Food & Drug Administration (USFDA) inspection at its Puducherry plant was successful. The facility’s classification has been changed from Official Action Indicated (OAI) to Voluntary Action Indicated (VAI) by the USFDA. This reclassification enables the facility to receive approvals for its filed abbreviated new drug applications (ANDAs).

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Delhivery Q4 Results: Net loss widens to Rs 159 crore

Delhivery reported a widened net loss at Rs 159 crore for the quarter ended March (Q4 FY23). The company had reported a loss of Rs 120 crore in the year-ago period. Its operating revenue fell 10% YoY to Rs 1,860 crore in Q4. Adjusted EBITDA for the quarter turned positive to Rs 6 crore in Q4 FY23, compared to a loss of Rs 67 crore in Q3 FY23.

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Gail initiates legal proceedings against Gazprom for non-supply of LNG

Gail (India) Ltd has initiated legal proceedings against Gazprom for non-delivery of LNG. The company is seeking damages from Gazprom and has filed for arbitration in London. The central government had previously opposed pursuing arbitration or seeking damages, preferring a bilateral approach. The specific amount being sought by Gail has not been disclosed.

In other news, Gail plans to borrow up to Rs 7,000 crore in FY24 to fund its Rs 10,000 crore capital expenditure plan.

Read more here.

Power Grid Q4 Results: Net profit rises 4% YoY to Rs 4,320 crore

Power Grid Corporation of India reported a 4% YoY increase in consolidated net profit to Rs 4,320 crore in Q4 FY23. Its consolidated revenue increased by 15% YoY to Rs 12,264 crore during the same quarter. EBITDA stood at Rs 10,909.6 crore, up 16.8% YoY in Q4. The company’s board has recommended a final dividend of Rs 4.75 per equity share.

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NCLT dismisses IDBI Bank’s insolvency plea against Zee Entertainment

The National Company Law Tribunal (NCLT) dismissed IDBI Bank’s insolvency plea against Zee Entertainment Enterprises Ltd (ZEEL). IDBI Bank had filed the petition for defaulting on over Rs 149 crore. Zee Entertainment argued that the suspension period barred any insolvency petition, under Section 10A of the Insolvency & Bankruptcy Code, 2016.

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Siemens sells low voltage motors arm to Siemens AG for Rs 2,000 crore

Siemens has announced the sale and transfer of its low voltage motors and geared motors businesses to Siemens Large Drives India, effective from October 1, 2023. The deal is valued at Rs 2,200 crore. The company plans to distribute 100% of the sale proceeds as a special dividend after the transaction is completed.

Read more here.

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SBI’s Net Profit Jumps 83% YoY to Rs 16,695cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

SBI Q4 Results: Net profit rises 83% YoY to Rs 16,695 crore

State Bank of India (SBI) reported an 83% YoY increase in standalone net profit to Rs 16,695 crore for the quarter ended March (Q4 FY23). Net Interest Income (NII) stood at Rs 40,393 crore, up 29% YoY. The gross non-performing assets (NPA) ratio fell from 3.14% in Q4 FY22 to 2.78% in Q4 FY23. The bank’s board has declared a dividend of Rs 11.3 per equity share.

Read more here.

India’s coal production up 8.5% to 73 MT in April

According to the Ministry of Coal, India’s coal production increased by 8.5% to 73.14 million tonnes (MT) in April 2023, compared to 67.20 MT in April 2022. This accounted for 94.89% of the production target set for April 2023. Coal India and its subsidiaries contributed 57.57 MT to the overall production, marking a 7.67% growth from April 2022.

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ITC Q4 Results: Net profit rises 23% YoY to Rs 5,175 crore

ITC reported a 23% YoY increase in consolidated net profit to Rs 5,175 crore in Q4 FY23. Its operating revenue rose 7% YoY to Rs 19,058 crore during the same quarter. EBITDA stood at Rs 6,209 crore, up 18.9% YoY in Q4 FY23. The company’s board has recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share.

Read more here.

Zydus Lifesciences Q4 Results: Net profit falls 25% YoY to Rs 297 crore

Zydus Lifesciences reported a 25% YoY decline in consolidated net profit to Rs 296.6 crore in Q4 FY23. However, its consolidated total revenue rose 32% YoY to Rs 5,011 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The company’s board has recommended a final dividend of Rs 6 per equity share.

Read more here.

Vedanta to free up cash and raise funds as it nears $500 million bond maturity

According to a Bloomberg report, Vedanta Group seeks to raise funds and generate cash as its $500 million bond matures. The board of Vedanta Ltd. is considering a dividend payout, while the conglomerate is in talks with banks for a potential $500 million raise. Vedanta Resources Ltd. relies on funds from its subsidiaries to reduce debt after a failed zinc mining unit sale.

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Ramco Cements Q4 Results: Net profit rises 23% YoY to Rs 152 crore

Ramco Cements reported a 22.6% YoY increase in net profit to Rs 152 crore in Q4 FY23. Its revenue increased by 50.2% YoY to Rs 2,568 crore during the same quarter. EBITDA stood at Rs 412 crore, up 39.5% YoY in Q4. 

Read more here.

Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network

One97 Communications Ltd’s Paytm has collaborated with NPCI and SBI Card to launch the Paytm SBI Card on the RuPay network. Customers who join will receive privileges worth up to Rs 75,000, including a complimentary Paytm First Membership with OTT platform access and flight ticket discounts through the Paytm app. Cardholders also get other cashback offers on various transactions.

Read more here.

Godrej Agrovet and SBI launch finance offering for oil palm farmers

Godrej Agrovet’s Oil Palm Business has collaborated with SBI to launch a finance offering for oil palm farmers. The product aims to support farmers by providing loans for setting up micro-irrigation facilities, implementing fencing arrangements for protection against cattle grazing, and improving tube wells on their oil palm farms. This initiative aims to enhance Fresh Fruit Bunches (FFB) productivity, acting as a catalyst for oil palm growth.

Read more here.

GAIL shuts Ratnagiri LNG terminal till September, cuts imports

GAIL (India) Ltd has temporarily halted LNG imports at its Ratnagiri plant in Maharashtra since mid-May. The facility is shut down annually during the monsoon season due to operational challenges caused by rain and high tides. A breakwater is currently under construction and is expected to be completed next year, eliminating the need for seasonal shutdowns. GAIL’s last LNG cargo was received on May 11 at the Dabhol port.

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Oriana Power commissions 2.7 MW solar project at IOCL refinery in Haryana

Oriana Power has successfully commissioned a 2.7 MW solar project at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. The project was completed within a record time of three months and is specifically for Indian Synthetic Rubber Private Ltd (ISRPL), a joint venture between IOCL and Trimurti Holding Corporation. This marks the successful establishment of a single rooftop solar power plant at the IOCL refinery.

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Pfizer suspends sale of some popular products due to technical issues

Pfizer Ltd has halted the sale and use of its bacterial infection products in India due to technical issues at a contract manufacturing site. The company has requested a temporary suspension of Magzex, Zosyn, Magnamycin injections, and Magnex forte supplies. Stockists and distributors have been instructed to refrain from selling, distributing, or using the products until further notice from Pfizer.

Read more here.

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Devyani International’s Profit Falls 20% YoY to Rs 61cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Devyani International Q4 Results: Net profit falls 20% YoY to Rs 61 crore

Devyani International reported a 20% YoY decline in net profit to Rs 61 crore in Q4 FY23. Its revenue jumped 28% YoY to Rs 755 crore during the same quarter. EBITDA stood at Rs 155 crore, up 11% YoY in Q4FY23. Devyani International operates 543 KFC stores, 510 Pizza Hut stores, and 112 Costa Coffee stores across its portfolio

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L&T Construction wins orders in Mumbai and Bengaluru

Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000 crore to Rs 2,500 crore) for a residential project in Thane, Maharashtra, and a commercial project in Bengaluru. The Thane project involves constructing five residential towers. The Bengaluru project involves a contract to build 16 lakh square feet of commercial office space, which is to be completed in 18 months.

Read more here.

Jubilant Foodworks Q4 Results: Net profit falls 59% YoY to Rs 47.5 crore

Jubilant Foodworks reported a 59% YoY fall in standalone net profit to Rs 47.5 crore in Q4FY23. Its operating revenue jumped 8% YoY to Rs 1,252 crore during the same quarter. EBITDA stood at Rs 252 crore, down 13% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 1.2 per equity share.

Read more here.

BPCL to invest Rs 52,731 crore in expanding capacities

BPCL’s board has approved the ethylene cracker project at Bina Refinery, which includes the expansion of the refinery and downstream petrochemical plants. The project will require an estimated capital expenditure of nearly Rs 49,000 crore. This involves establishing an Ethylene Cracker Complex, expanding the refinery capacity from 7.8 million metric tonnes per annum (MMTPA) to 11 MMTPA, and developing associated facilities at Bina Refinery.

Read more here.

JK Tyre Q4 Results: Net profit jumps 171% YoY to Rs 108.4 crore

JK Tyre & Industries Ltd reported a 171% YoY increase in net profit to Rs 108.4 crore in Q4FY23. Its operating revenue jumped 9.7% YoY to Rs 3,632 crore during the same quarter. EBITDA stood at Rs 376 crore, up 65% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 2 per equity share.

Read more here.

Suzlon bags 99-MW wind energy project from Vibrant Energy

Suzlon has won a 99-MW wind energy project by Vibrant Energy. The project will feature 33 wind turbine generators from Suzlon’s new 3 MW series, utilizing Hybrid Lattice Tubular towers. The project is expected to be commissioned by FY25. The order value was not disclosed.

Read more here.

Jindal Stainless Q4 Results: Net Profit falls 13% YoY to Rs 765 crore

Jindal Stainless reported a 13% YoY fall in consolidated net profit to Rs 765.8 crore in Q4FY23. Its total revenue increased by 0.4% YoY to Rs 9,765 crore during the same quarter. EBITDA stood at Rs 1,144 crore, up 19% YoY in Q4FY23. The company’s board has declared a final dividend of Rs 1.5 per equity share.

Read more here.

Zydus Lifesciences gets final USFDA approval for hypotension injection

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to produce and market Ephedrine Sulfate Injection USP. The injection is utilized to treat hypotension during anesthesia. The drug will be manufactured at its facility in Jarod, near Vadodara. The annual sales of Ephedrine Sulfate Injection in the US amount to $52 million.

Read more here.

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Bharti Airtel’s Net Profit Rises 50% YoY to Rs 3,006Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Bharti Airtel Q4 Results: Net Profit rises 50% YoY to Rs 3,006 crore

Bharti Airtel reported a 50% YoY increase in consolidated net profit to Rs 3,006 crore for Q4 FY23. Its consolidated revenue jumped 14.3% YoY to Rs 36,009 crore during the same quarter. EBITDA stood at Rs 18,807 crore, up 18% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 4 per equity share.

Read more here.

BPCL board approves Rs 49,000 crore capex for ethylene cracker project at Bina refinery

Bharat Petroleum Corporation Ltd (BPCL) has received board approval for several projects. These include an ethylene cracker project at Bina Refinery, expansion of the refinery, and downstream petrochemical plants. Additionally, the company will set up two 50 MW wind power plants costing approximately Rs 978 crore for captive consumption, one at the Bina refinery and another at the Mumbai refinery.

Read more here.

SGX Nifty to be known as GIFT Nifty from July 3

According to a circular from Singapore Exchange, SGX Nifty will be known as GIFT Nifty from July 3, 2023. All SGX orders will be completely transferred to Gift City, NSE IFSC Exchange for matching and the facility would be the sole trading location for SGX Nifty derivatives as of July 3.

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Sona Comstar partners with UK’s Equipmake to make electric powertrains in India

Sona BLW Precision Forgings Ltd has signed an agreement with UK-based Equipmake to produce electric powertrains for cars, buses, and commercial vehicles in India and other markets. The licensing agreement allows Sona Comstar, a subsidiary of Sona BLW, to manufacture and sell EV powertrains, subsystems, and components based on Equipmake’s patented spoke motor and inverter technology.

Read more here.

Bank of Baroda Q4 Results: Net profit jumps 168% YoY to Rs 4,775 crore

Bank of Baroda reported a 168% YoY jump in standalone net profit to Rs 4,775 crore for Q4 FY23. Its Net Interest Income (NII) jumped 33.8% YoY to Rs 11,525 crore during the same quarter. Gross NPA and Net NPA stood at 3.79% and 0.89% respectively. The bank’s board has recommended a dividend of Rs 5.5 per equity share.

Read more here.

Eveready Industries cuts direct distributors to 1,000

Eveready Industries India Ltd has implemented a network revamp strategy to improve efficiency. The company’s direct distributors have been reduced from 5,000 to 1,000. The changes extend not only to the organization but also to the channel structures, focusing on a more streamlined and efficient distribution network.

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Bank of Baroda made a provision of Rs 500 crore against GoFirst exposure

Bank of Baroda has made a provisioning of Rs 500 crore against its exposure to financially troubled airline Go First, which has been granted bankruptcy protection preventing the repossession of its planes by lessors. The bankruptcy filing of Go First lists Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank among its financial creditors, with a total owed amount of Rs 6,521 crore.

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IOCL Q4 Results: Net profit jumps 52% YoY to Rs 10,841 crore

Indian Oil Corp Ltd reported a 52% YoY jump in consolidated net profit to Rs 10,841 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 2.3 Lakh crore during the quarter. The company’s board has recommended a final dividend of Rs 3 per equity share.

Read more here.

SPML Infra lenders start Rs 2,000-crore debt sale based on anchor bid from NARCL

Lenders led by the State Bank of India (SBI) have initiated the sale of SPML Infrastructure’s debt worth over Rs 2,000 crore based on an anchor bid by the government-backed National Asset Reconstruction Company Limited (NARCL). The debt offered for sale includes fund-based and non-fund-based loans, optionally convertible debentures, and carries a security value of Rs 1,203 crore. The six banks, including SBI, Canara Bank, ICICI Bank, PNB, BOB, and Union Bank of India, are collectively selling the debt.

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INOX Air Products investing Rs 1,300 cr to set up air separation units at Tata Steel’s Dhenkanal plant

INOX Air Products will invest Rs 1,300 crore to establish two air separation units (ASUs) with a daily capacity of 1,800 tonnes each at Tata Steel’s plant in Dhenkanal, Odisha. The ASUs will produce industrial gases such as oxygen, nitrogen, and argon, which are vital for the steel manufacturing process. The project is expected to be operational by March 2025, and the partnership agreement covers 20 years for the supply of gases.

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Chalet signs franchise agreement with IHCL for Delhi airport hotel

Chalet Hotels Ltd’s subsidiary Chalet Airport Hotel Private Limited has entered into a franchise agreement with Indian Hotels Company Limited (IHCL), backed by the Tata Group. The agreement is for a new luxury hotel at Terminal 3 of Indira Gandhi International Airport in New Delhi. The hotel will be under the Taj brand and will feature 400 rooms and dining and conferencing facilities.

Read more here.

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PVR Inox’s Net Loss at Rs 333 crore in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

PVR Inox Q4 Results: Net loss at Rs 333 crore

PVR Inox reported a net loss of Rs 333 crore for the quarter ended March 2023 (Q4 FY23), compared to a net profit of Rs 16.1 crore in Q4FY22. However, its operating revenue jumped 113% YoY to Rs 1,143 crore during the same quarter. EBITDA stood at Rs 285 crore in Q4FY23. This is the company’s first quarterly results after its merger with Inox.

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WPI inflation falls to -0.92% in April

Wholesale price-based inflation, WPI declined to -0.92% in April on an annual basis from 1.34 % in March. Primary articles inflation slowed to 1.60%, and fuel & power inflation reduced to 0.93 % in April. Inflation in manufactured products declined to -2.42 % in April from -0.77 % in March.

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Berger Paints Q4 Results: Net profit falls 16% YoY to Rs 186 crore

Berger Paints reported a 16% YoY fall in net profit to Rs 185.7 crore for the quarter ended Q4 FY23. Its revenue jumped 12% YoY to Rs 2,443.6 crore during the same quarter. EBITDA also rose 6% to Rs 368 crore during the quarter. The company’s board has recommended a dividend of Rs 3.2 per equity share.

Read more here.

SpiceJet subsidiary SpiceXpress to get USD 100 million from UK group

SpiceJet’s subsidiary, SpiceXpress and Logistics, will receive a $100 million investment from a UK-based group, SRAM & MRAM Group. This investment comes as SpiceJet faces financial difficulties and an insolvency plea from an aircraft lessor. The investment from SRAM & MRAM Group is part of a Memorandum of Understanding (MoU) following a debt restructuring agreement between SpiceJet and aircraft lessor Carlyle Aviation Partner, which acquired a stake in SpiceXpress at an expected future valuation of $1.5 billion.

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Hikal receives zero observations from USFDA for Gujarat unit

Hikal announced that its Panoli unit in Gujarat, India, received a favorable inspection outcome from the US Food &  Drug Administration (USFDA) with no observations. This marks the third successful inspection at the facility, enabling Hikal to manufacture advanced intermediates and key starting materials.

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Kalyan Jewellers Q4 Results: Net profit falls 1.6% YoY to Rs 71 crore

Kalyan Jewellers reported a 1.6% YoY decline in net profit to Rs 71 crore for Q4 FY23. However, its consolidated revenue rose 18.4% YoY to Rs 3,381 crore during the same quarter. EBITDA also rose 17.5% YoY to Rs 256.7 crore. The company’s board has recommended a final dividend of Rs 0.5 per equity share.

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UltraTech Cement commissions factory in Rajasthan capable of 0.8 MT annual output

UltraTech Cement has commissioned a 0.8 MTPA brownfield cement factory in Neem Ka Thana, Rajasthan, through its subsidiary UltraTech Nathdwara Cement. With this addition, their grey cement capacity in Rajasthan reaches 17.05 MTPA, and their total grey cement manufacturing capacity in India is now 129.95 MTPA.

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Vedanta appoints Sonal Shrivastava as CFO from June 1

Vedanta Ltd has announced the appointment of Sonal Shrivastava as its chief financial officer (CFO), effective from June 1. Shrivastava previously served as the CFO for Asia Pacific, Middle East, and Africa operations at the Holcim group. In her new role, she will lead Vedanta’s financial strategy, overseeing accounting, tax, treasury, investor relations, financial planning, analytics, and driving digitalization and profitability.

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NTPC to start feasibility study for 130-MW floating solar power plant in Tripura

NTPC Ltd is set to conduct a feasibility study for a 130-MW floating solar power plant on Dumbur Lake in Tripura’s Gomati district. The Tripura Renewable Energy Development Agency (TREDA) signed a Memorandum of Understanding (MoU) with NTPC to conduct the feasibility study. The study will assess the required waterbody area, identify transfer stations, and obtain forest clearance. The study is estimated to cost Rs 450 crore and is expected to be completed in a few months.

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ONGC arm raises $500m in foreign currency loan

ONGC’s overseas subsidiary ONGC Videsh has secured a $500 million foreign currency loan from a consortium of banks including DBS, Bank of Baroda, and State Bank of India. The syndicated loan has a tenure of five years, is denominated in dollars, and is supported by ONGC’s guarantee. The funds raised through the loan will be used to repay $500 million in bonds that recently matured.

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PSP Projects bags order worth over Rs 317 cr

PSP Projects has secured a contract worth Rs 317.13 crore from Gujarat’s Narmada, Water Resources, Water Supply, and Kalpsar Department. The project involves developing the Dharoi Dam region into a sustainable tourist and pilgrimage destination, including infrastructure, roads, and an adventure water sports arena. The company aims to complete the project within 18 months.

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Tata Motors’ Net Profit at Rs 5,408Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

Tata Motors Q4 Results: Net profit jumps to Rs 5,408 crore

Tata Motors Ltd reported a net profit of Rs 5,408 crore for the quarter ended March 2023 (Q4 FY23), compared to a loss of Rs 1,032 crore in Q4 FY22. Its consolidated revenue jumped 35% YoY to Rs 1,05,932 crore during the same quarter. Net profit also rose 83% compared to Q3 FY22. The company’s board has recommended a dividend of Rs 2 per equity share and Rs 2.1 per DVR share.

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India’s retail inflation falls to 4.7%

India’s retail inflation, measured by the consumer price index (CPI), fell to 4.70% in April, which is below the Reserve Bank of India’s upper limit of 6%. This was due to a decline in food prices. The country’s headline inflation has remained within the RBI’s target range for two consecutive months. The consumer food price index also declined from 4.79% in March to 3.84% in April.

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HDFC looks to sell Rs 2,000 crore stressed developer loans

HDFC is in negotiations with asset reconstruction companies to sell stressed loans worth around ₹2,000 crore to developers before its merger with HDFC Bank. These loans, held by 7-8 accounts, include advances to local owners of Radisson Blu properties. HDFC is currently in negotiations with consulting firm Alvarez & Marsal to actively seek potential buyers.

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Cipla Q4 Results: Net profit jumps 45% YoY to Rs 526 crore

Cipla reported a 45% YoY increase in consolidated net profit to Rs 526 crore for Q4 FY23. Its operating revenue rose 9% YoY to Rs 5,739 crore during the same quarter. EBITDA also rose 54% YoY to Rs 1,174 crore. The company’s board has recommended a final dividend of Rs 8.5 per equity share.

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Tata Power subsidiary TP Saurya to set up 200 Megawatt solar project in Rajasthan

TP Saurya Ltd. (TPSL) has signed a Power Purchase Agreement (PPA) with Tata Power Trading Company Ltd. (TPTCL) to set up a 200 MW solar power plant in Bikaner, Rajasthan. The solar plant is scheduled to be commissioned in March 202 and will supply 485 million units of energy annually, connected to the Central Transmission Utility Bus. The PPA will be valid for 25 years.

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Foreign exchange reserves jump by $7.2 bn to $595.98 billion

India’s foreign exchange reserves rose by $7.196 billion to $595.976 billion in the week ending May 5. The previous reporting week had seen a decline of $4.532 billion to $588.78 billion. Foreign currency assets increased by $6.536 billion to $526.021 billion, while gold reserves rose by $659 million to $46.315 billion.

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Vedanta Q4 Results: Net profit falls 68% YoY to Rs 1,881 crore

Vedanta reported a 68% YoY decline in net profit to Rs 1,881 crore for Q4 FY23. The company’s operating revenue fell 5.4% YoY to Rs 37,225 crore during the same quarter. However, EBITDA stood at Rs 9,362 crore, up 32% from Q3FY23. The company’s board has declared a dividend of Rs 33 per equity share.

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Tata Steel Mining signs pact to get LNG for Odisha plant from BPCL

Tata Steel Mining Ltd (TSML) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd (BPCL) to ensure a long-term supply of liquefied natural gas (LNG) for its ferroalloys plant in Jajpur, Odisha. Under the agreement, BPCL will supply the required amount of natural gas through its pipeline to the plant.

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Ambuja Cements places order for capacity expansion

Ambuja Cements plans to expand its clinker capacity by 8 million tonnes at its Bhatapara and Maratha units. The projects are expected to be completed in approx 24 months and will be funded through internal accruals. This expansion is part of Ambuja Cement’s strategy to double its production capacity over the next five years, aiming to increase it from the current capacity of 67.5 million tonnes per annum (MTPA).

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HAL Q4 Results: Net profit falls 9% YoY to Rs 2,831 crore

Hindustan Aeronautics Ltd (HAL) reported a 9% YoY fall in consolidated net profit to Rs 2,831 crore for Q4 FY23. Its operating revenue rose 8% YoY to Rs 12,494 crore during the same quarter. EBITDA stood at Rs 3,242 crore, up 29% YoY from Q4 FY22. The state-owned defence major’s expenses rose 9% YoY to Rs 10,360 crore.

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Automobile sales grow in double digits in April: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), 3,31,278 passenger vehicles were dispatched from factories to dealerships in April, up 12.9% from 293,303 units sold in April 2022. Sales of three-wheelers more than doubled to 42,885 units, while two-wheeler sales rose by 15.1% to 1,338,588 units in April.

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Torrent Power incorporates wholly-owned subsidiary TU14 to carry biz in power sector

Torrent Power has established a wholly-owned subsidiary called Torrent Urja 14 Pvt Ltd (TU14) to engage in various businesses related to power, including generation, transmission, distribution, and trading. However, it has not yet commenced its business operations. The authorized and paid-up share capital of TU14 is Rs 1 lakh, and Torrent Power holds 100% equity in the subsidiary.

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Industrial production growth declines to 1.1% in March

The Index of Industrial Production (IIP) in India grew by 1.1% in March. This is a slowdown from the 5.6% growth observed in February. For FY23, the IIP increased by 5.1%, a significant decline compared to the 11.4% growth in the previous year. In March 2023, the manufacturing sector’s output saw a modest growth of 0.5%, while mining output rose by 6.8%. However, power output declined by 1.6% in the same month.

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Dr Reddy’s Labs Profit Jumps 890% YoY to Rs 960Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Dr Reddy’s Labs Q4 Results: Net profit jumps 890% YoY to Rs 960 crore

Dr Reddy’s Labs reported an 890% YoY jump in consolidated net profit to Rs 960 crore for Q4 FY23. Its operating revenue rose 15.28% YoY to Rs 5,843 crore during the same quarter. EBITDA also rose 26% YoY to Rs 1,631 crore. The company’s board has recommended a final dividend of Rs 40 per equity share.

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SEBI grants final approval for proposed change in control of HDFC AMC

HDFC Bank has received final approval from the Securities and Exchange Board of India (SEBI) for the proposed change in control of HDFC Asset Management Company (AMC). This approval clears the path for the merger of HDFC into HDFC Bank, which is expected to be completed by the third quarter of the next fiscal year.

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Kolte Patil adds new residential projects in Pune worth Rs 1,300 cr

Kolte-Patil Developers has announced two residential projects in Pune with a combined revenue potential of Rs 1,300 crore. The projects span 1.9 million square feet, including a 5-acre land acquisition in Wagholi with a development potential of 7.5 lakh square feet (Rs 400 crore revenue) and a joint venture at NIBM Road with an 11.5 lakh square feet potential (Rs 900 crore revenue).

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L&T Q4 Results: Net profit jumps 10% YoY to Rs 3,987 crore

Larsen & Toubro reported a 10% YoY increase in consolidated net profit to Rs 3,987 crore for Q4 FY23. Its operating revenue rose 10.4% YoY to Rs 58,335 crore during the same quarter. EBITDA stood at Rs 6,833 crore, up 5% YoY. The company’s board has recommended a final dividend of Rs 24 per equity share.

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Godrej Consumer Q4 Results: Net profit rises 25% YoY to Rs 452 crore

Godrej Consumer Products Ltd reported a 25% YoY increase in net profit to Rs 452 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 3,200 crore during the quarter. EBITDA stood at Rs 641 crore, down 37% from Q4 FY22. During the quarter, the company’s India business revenue grew 11.5% YoY to Rs 1,823 crore.

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Pidilite Industries forays into the paint industry with Haisha

Pidilite Industries has introduced a range of decorative paints in certain regions, entering the competitive paint market. The paint brand has been named ‘Haisha’. The decision to enter the crowded market was driven by input from Pidilite’s dealers, as well as the company’s existing distribution advantage and familiarity with the category.

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ONGC to get dividends instead of oil from Russia’s Sakhalin-1 field

ONGC is no longer receiving its share of oil from Russia’s Sakhalin-1 field, but it will still receive dividends from the field. A new company formed by Russia now sells all the oil from Sakhalin-1, whereas ONGC used to sell its share independently. ONGC retains a 20% stake in the new operator and will receive dividends based on its ownership. The field is currently producing approximately 200,000 barrels per day.

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Sanofi’s board approves demerger of its consumer healthcare business

Sanofi India’s board has approved the demerger of its consumer healthcare business into a separate entity. The demerger is yet to receive approval from shareholders and regulators. After the demerger is completed, Sanofi will retain a 60.4% stake in both entities and SIL shareholders will receive 1:1 SCHIL equity shares of Rs 10 each for their existing shares.

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JSW Infrastructure files for IPO

JSW Infrastructure has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for an initial public offering (IPO). The company aims to raise Rs 2,800 crore from the IPO, which will be utilized for debt repayment and capacity expansion. JSW Infrastructure is India’s second-largest commercial port operator based on cargo handling capacity in Fiscal 2022.

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BASF Q4 Results: Net profit falls 45% to 82 crore

BASF has reported a 45% YoY fall in net profit to Rs 82.39 crore for Q4 FY23. Its operating revenue also fell 3.25% YoY to Rs 3,249 crore during the same quarter. EBITDA fell 48% YoY to Rs 91.5 crore in the quarter compared to Rs 175.8 crore in Q4FY22.

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Canara Bank to spin off its credit card vertical into a separate subsidiary

Canara Bank is set to spin off its credit card vertical into a separate subsidiary. It has also started preparing a roadmap for the listing of its life insurance and fund management businesses. The bank is taking steps to expand low-cost deposits, thus helping improve margins and profitability. At present, it has 6.5 lakh credit card customers with Rs 1,100 crore in outstanding portfolio.

Read more here.

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Apollo Tyres Net Profit Jumps 277% YoY to Rs 427Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Apollo Tyres Q4 Results: Net profit jumps 277% YoY to Rs 427 crore

Apollo Tyres reported a 277% YoY jump in consolidated net profit to Rs 427 crore for Q4 FY23. Its operating revenue rose 12% YoY to Rs 6,247 crore during the same quarter. The company’s board has recommended a final dividend of Rs 4 and a special dividend of Rs 0.5 per equity share on the occasion of the company’s  50th annual general meeting.

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Adani Ports to prepay $130 million debt

Adani Ports & Special Economic Zone (APSEZ) will prepay $130 million of debt to regain investor confidence. The company had floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four. APSEZ has received an aggregate principal amount of $412.7 million.

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Nazara Tech Q4 Results: Net profit rises 18% YoY to Rs 2.6 crore

Nazara Tech reported an 18% YoY rise in consolidated net profit to Rs 2.6 crore for Q4 FY23. Its operating revenue increased 65.2% YoY to Rs 289 crore during the quarter. The total expenses for the quarter rose to Rs 281 crore from Rs 174 crore a year ago. In FY23, gaming made for 37% of Nazara Tech’s total revenue, while 49% came from eSports, and the rest from AdTech.

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Dalmia Cement signs MoU to invest Rs 4,600 crore in Assam

Dalmia Cement Bharat has signed a Memorandum of Understanding (MoU) with the Assam government to invest about Rs 4,600 crore and create 2500 jobs in the state. The company aims to promote industrial activity and support the overall development of the region, with the government’s assistance. 

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India Bulls Real Estate merger with Nam Estates and Embassy One withheld by NCLT

The merger of Nam Estates Private Limited and Embassy One into India Bulls Real Estate has been withheld by the Chandigarh Bench of the National Company Law Tribunal (NCLT) despite already being sanctioned by the NCLT Bengaluru Bench. The Chandigarh Bench raised concerns based on objections cited by the Income Tax department to the merger.

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Raymond Q4 Results: Net profit falls 26% YoY to Rs 196.5 crore

Raymond Ltd reported a 26% YoY fall in consolidated net profit to Rs 196.5 crore for Q4 FY23. Its operating revenue rose 9.8% YoY to Rs 2,150 crore during the same quarter. The total income during the quarter was up 7.89% to Rs 2,192 crore. Total expenses of the company stood at Rs 1,939.27 crore, up 17.34% YoY.

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Venus Remedies gets marketing approval for cancer drugs in Philippines, Iraq

Venus Remedies has obtained marketing authorization for two additional cancer drugs, Bleomycin and Gemcitabine, from the Philippines and Iraq, respectively. Bleomycin is used to treat various types of cancer, while Gemcitabine is used to treat a type of lung cancer. The company has secured marketing approval for 37 products in the Philippines.

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Anupam Rasayan renews long-term contract worth Rs 436 crore

Anupam Rasayan India Ltd has renewed a long-term contract with a German multinational firm worth around Rs 436 crore for the supply of patented life science specialty chemicals exclusively for the next three years. The renewal is in accordance with the automatic clause agreed upon by the parties in the long-term agreement signed three years ago.

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Castrol Q4 Results: Net profit falls 11.3% YoY to Rs 202 crore

Castrol reported an 11.3% YoY decline in net profit to Rs 202.5 crore for Q4 FY23. Its operating revenue rose 4.7% YoY to Rs 1,293 crore during the quarter. EBITDA stood at Rs 295 crore, down 7% from Q4 FY22.  According to the company, the fall in profit is due to a rise in input costs.

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Kansai Nerolac declares 1:2 bonus issue

Kansai Nerolac Paints Ltd. announced a bonus share issue of 1:2. This means that two shares will be issued for every equity share held by eligible shareholders as of the record date. The record date has not yet been determined. The board of Kansai Nerolac also recommended a dividend of Rs 2.70 per share for the financial year 2023. 

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Three Adani firms lose endorsement of UN-backed climate group

Adani Green, Adani Transmission Ltd. and Adani Ports & Special Economic Zone Ltd. were removed from the list of “companies taking action” published by the Science Based Targets initiative (SBTi) in late April 2023. The UN-backed group helps companies establish concrete plans to reduce emissions consistent with the Paris Agreement’s target of limiting global warming. The SBTi found that the companies are not in conformity with the initiative’s standards and policy requirements.

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Coal India’s Profit Falls 18% YoY to Rs 5,528Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Coal India Q4 Results: Net profit falls 18% YoY to Rs 5,528 crore

Coal India reported an 18% YoY decline in net profit to Rs 5,528 crore for Q4 FY23. Its operating revenue rose 17% YoY to Rs 38,152 crore during the same quarter. EBITDA stood at Rs 6,898 crore in Q4 FY23, down 24% YoY. The company’s board has recommended a dividend of Rs 4 per equity share.

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ITC Hotels signs three more Storii properties

ITC Hotels has signed agreements for three new properties under its boutique Storii brand in Goa, Himachal Pradesh, and Uttar Pradesh. The Storii brand is becoming popular in the experiential segment, offering travellers unique local experiences. The Storii Moira Riviera in North Goa features Mediterranean-style architecture and 15 boutique rooms with plunge pools and spa facilities.

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Canara Bank Q4 Results: Net profit rises 90% YoY to Rs 3,175 crore

Canara Bank reported a 90% YoY increase in net profit to Rs 3,175 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 8,616 crore, up 23% YoY. Its Net non-performing assets (NNPA) ratio fell from 2.65% in Q4 FY22 to 1.73% in Q4 FY23. The bank’s board has recommended a dividend of Rs 12 per equity share.

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Happiest Minds Technologies Q4 Results: Net profit rises 11% YoY to Rs 58 crore

Happiest Minds Technologies reported an 11% YoY increase in consolidated net profit to Rs 58 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 378 crore during the quarter. EBITDA stood at Rs 101 crore, up 23% YoY from Q4FY22. The company’s board has recommended a dividend of Rs 3.4 per equity share.

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ITC launches first millet cookies as part of Sunfeast Farmlite

ITC Foods has launched its first millet cookies under the Sunfeast Farmlite brand as part of the ITC Mission Millet initiative, which aims to develop a “good-for-you” product portfolio, implement sustainable farming systems, and enhance consumer awareness of millets. The cookies come in two variants – Multi Millet & Choco-chip Multi Millet.

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UPL Q4 Results: Net profit falls 7% YoY to Rs 245 crore

UPL reported a 43% YoY fall in consolidated net profit to Rs 792 crore for Q4 FY23. However, its revenue increased 4% YoY to Rs 16,569 crore during the quarter. EBITDA stood at Rs 3,033 crore in Q4 FY23, down 16% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

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Aditya Birla Fashion to raise up to ₹800 crore for TCNS acquisition

Aditya Birla Fashion & Retail (ABFRL) plans to raise ₹700-800 crore in external debt to finance its acquisition of a 51% stake in TCNS Clothing. ABFRL will also fund the acquisition through internal accruals. The remaining stake in TCNS will be acquired from the founder promoters, and the public shareholders will receive 11 shares of ABFRL for every six shares held in TCNS. The two companies will be merged after the transaction.

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IOL Chemicals gets approval to export paracetamol in European market

IOL Chemicals and Pharmaceuticals has received certification from the European Directorate for the Quality of Medicines & HealthCare, allowing it to export paracetamol to Europe. The Punjab-based company is a manufacturer of Active Pharmaceutical Ingredients (APIs) and specialty chemicals and has a total capacity of 3,600 tonnes for producing paracetamol.

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Pennar Industries secures orders worth Rs 682 crore

Pennar Industries has received orders worth Rs 682 crore across various business verticals. The company won orders from leading players across industries such as Tata Steel, Ashok Leyland, Hindalco, Tata Power, and Kirloskar Toyota, among others. It is expected to execute the orders within the next two quarters.

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Indirect taxes department to soon adjudicate MRF, Bombay Dyeing, and Vedanta for evasion on imports

The Central Board of Indirect Taxes and Customs (CBIC) is reportedly planning to adjudicate show-cause notices issued to importers for Integrated GST (IGST) evasion. The affected importers include Bombay Dyeing, BALCO, Vedanta, JSW Steel, and MRF. In addition, the CBIC has ordered Directorate of Revenue Intelligence (DRI) field formations to begin adjudication in cases of misuse of pre-import and physical export conditions.

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India coal imports surge to 162 MT in FY23

India’s coal imports increased by 30% YoY to 162.46 million tonnes (MT) in the 2022-23 financial year. The import of coking coal rose 5.44% YoY to 54.46 MT in FY23. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel.

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Britannia’s Net Profit Rises 47% YoY to Rs 559Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

Britannia Q4 Results: Net profit jumps 47% YoY to Rs 559 crore

Britannia Industries reported a 47% YoY increase in consolidated net profit to Rs 559 crore for Q4 FY23. Its operating revenue rose 13% YoY to Rs 4,023 crore during the quarter. EBITDA stood at Rs 800 crore, up 45.7% YoY from Rs 550 crore in Q4FY22.

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India’s forex reserves rise by $4.53 billion to $588.78 billion

India’s foreign exchange reserves increased by $4.53 billion to $588.78 billion as of April 28, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets rose by $4.99 billion to $519.48 billion. However, the country’s gold reserves fell by $4.94 million to $45.65 billion.

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Federal Bank Q4 Results: Net profit jumps 67% YoY to Rs 903 crore

Federal Bank reported a 67% YoY jump in net profit to Rs 903 crore for Q4 FY23. Its consolidated total revenue rose 38.6% YoY to Rs 5,780 crore during the quarter. The bank’s Net Interest Income (NII) for the quarter stood at Rs 1,909 crore, up 25.2% YoY. The bank’s board has recommended a dividend of Rs 1 per equity share.

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Marico Q4 Results: Net profit jumps 19% YoY to Rs 305 crore

Marico reported a 19% YoY increase in consolidated net profit to Rs 305 crore for Q4 FY23. Its operating revenue increased 3.65% YoY to Rs 2,240 crore during the quarter. EBITDA stood at Rs 393 crore in Q4 FY23, up 14% YoY. However, its net profit fell by 8.41% compared to Q3FY23.

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Dr Reddy’s Labs launches Regadenoson injection in the US market

Dr. Reddy’s Laboratories has launched Regadenoson injection, a generic therapeutic equivalent of Lexiscan injection, in the US market. The injection is used in imaging heart muscle to check blood flow. However, the company has also received one observation from the US FDA after a routine GMP inspection at its API manufacturing facility in Bollaram, Hyderabad.

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ITC increases stake in Bengaluru-based Sproutlife Foods

ITC has increased its shareholding in Sproutlife Foods to 39.42% after acquiring 2,443 equity shares and 7,215 Compulsorily Convertible Preference shares. The transaction was worth Rs 175 crore. ITC had previously announced plans to acquire a 100% stake in Sproutlife in tranches over the next three to four years. Sproutlife is a Bengaluru-based start-up in the innovative food products sector.

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Lupin acquires entire stake in French pharma company Medisol

Lupin Ltd has acquired French pharmaceutical company Medisol for €18 million, subject to approval from the French Ministry of Economy and Finance. The acquisition will give Lupin access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics.

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Bharat Forge Q4 Results: Net profit falls 7% YoY to Rs 245 crore

Bharat Forge reported a 7% YoY fall in net profit to Rs 245 crore for Q4 FY23. Its operating revenue increased 19.3% YoY to Rs 1,997 crore from Rs 1,674 crore during the same period. EBITDA stood at Rs 488 crore in Q4 FY23, up 13.2% YoY. The company’s board has recommended a dividend of Rs 5.5 per equity share.

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MSCI assigns lower weight for the merged entity of HDFC Bank and HDFC 

MSCI will add HDFC Bank to the large-cap segment of its Global Standard Indices following its merger with HDFC. The move is expected to lead to no significant inflows, but there may be slight outflows of up to $200 million, according to Nuvama Alternative & Quantitative Research. As a result, MSCI will delete HDFC from its Global Standard Indexes at the end of the stock’s last trading day.

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Blue Star declares 1:1 bonus issue of shares 

Blue Star has announced a 1:1 bonus issue of shares. This means that every shareholder of the company will be given an additional share. The move is subject to approval by shareholders, with the record date to be decided by the Board following this. The bonus issue aims to increase retail participation in the stock and the equity base.

Read more here.