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Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

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

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

Read more here.

Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

Read more here.

RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

Read more here.

Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

Read more here.

L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

Read more here.

MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

Read more here.

Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

Read more here.

IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

Read more here.

Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

Read more here.

Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

Read more here.

MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

Read more here.

Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

Read more here.

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Adani Enterprises’ Net Profit Falls 51% YoY in Q2 – Top Indian Market Updates

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

Adani Enterprises Q2 Results: Net profit falls 51% YoY to ₹228 crore

Adani Enterprises Ltd reported a 51% YoY fall in consolidated net profit to ₹227.82 crore for the quarter ended September (Q2 FY24). Its revenue fell 41% YoY to ₹22,517 crore during the same period. EBITDA stood at ₹2,430 crore, up 30% YoY. The sharp fall in net profit was despite a 2-fold rise in the other income to ₹549 crore.

Read more here.

Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance

Kotak Mahindra Bank Ltd (KMBL) will sell a majority stake in its subsidiary, Kotak Mahindra General Insurance Company, to Zurich Insurance Company. Zurich Insurance will invest around ₹4,051 crore to obtain a 51% stake in Kotak General Insurance. The deal is likely to be completed by June 30, 2024. Zurich Insurance will buy an additional 19% stake within three years from its initial acquisition.

Read more here.

Tata Motors Q2 Results: Net profit at ₹3,764 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,764 crore for the quarter ended September (Q2 FY24). The automaker posted a net loss of ₹945 crore in the same quarter last year (Q2 FY23). Its consolidated revenue grew 32% YoY to ₹1.05 lakh crore in Q2 FY24. EBITDA stood at ₹21,214 crore, up 93% YoY.

Read more here.

Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

Minda Corporation Ltd signed an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The JV will offer a full system solution ranging from design and development to manufacture sunroofs for passenger vehicles. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030.

Read more here.

Adani Power Q2 Results: Net profit jumps 800% YoY to ₹6,594 crore

Adani Power Ltd reported an 800% YoY jump in net profit to ₹6,594 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹696 crore a year ago (Q2 FY23). Its revenue from operations increased 84% YoY to ₹12,991 crore in Q2 FY24. Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% in Q2 FY24, much higher than 39.2% last year.

Read more here.

Tata Motors partners with JLR to develop premium pure electric series Avinya

Tata Motors has partnered with Jaguar Land Rover (JLR) to develop its premium pure electric series Avinya. Tata Passenger Electric Mobility (TPEM) signed an agreement with JLR for licensing JLR’s platform for a royalty fee for developing Avinya series vehicles. The access to JLR’s EMA platform will help accelerate TPEM’s entry into the high-end EV segment while reducing development cycle time and costs.

Read more here.

Dabur Q2 Results: Net profit rises 5% YoY to ₹515 crore

Dabur Ltd reported a 5% YoY increase in net profit to ₹515 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 7% YoY to ₹3,204 crore during the same period. EBITDA stood at ₹777 crore, up 7% YoY. The company’s board declared a dividend of ₹2.75 per equity share.

Read more here.

Adani Green is in talks for $1.8 billion loan

Adani Green Energy Ltd is in talks with a group of foreign lenders to borrow as much as $1.8 billion. The loan proceeds will be used to build new capacity in solar and wind projects. The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc. The transaction hasn’t been finished yet, and the terms could still change.

Read more here.

Vodafone Idea gets ₹2,000 crore from HDFC Bank

HDFC Bank has extended a loan of ₹2,000 crore to Vodafone Idea (Vi) to assist the telco in addressing its pending license fees and fulfilling its 5G spectrum payment commitments. The loan has a tenure of two years. The funds were disbursed in mid-September, just before the deadlines for some of the company’s loan and statutory payment commitments.

Read more here.

Tata Motors to supply 200 electric buses in Srinagar, Jammu for 12 years

Tata Motors will supply and operate 200 electric buses in Srinagar and Jammu for 12 years for Jammu and Srinagar Smart City projects. The company has supplied the first batch of Ultra EV air-conditioned electric buses to Srinagar Smart City Ltd via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a group company. 

Read more here.

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Manufacturing PMI Slips to 55.5 in October – Top Indian Market Updates

market updates | marketfeed

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

Manufacturing PMI falls to 8-month low of 55.5 in October

India’s manufacturing activity slipped to the lowest level in eight months in October 2023. The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 55.5 in October, compared to 57.5 in September. There was a slower increase in total new orders, production, exports, buying levels and stocks of purchases last month. Hiring activity and business confidence slipped to a five-month low.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Sun Pharma Q2 Results: Net profit rises 5% YoY to ₹2,375.5 crore

Sun Pharmaceutical Industries Ltd reported a 5% year-on-year (YoY) increase in consolidated net profit to ₹2,375.5 crore for the quarter ended September (Q2 FY24).. Its revenue from operations rose 11% YoY to ₹12,192 during the same period. EBITDA stood at ₹3,179.3 crore in Q2, up 8% YoY. The pharma company posted an 11% YoY growth in India formulations sales to ₹3,842.5 crore.

Read more here.

Fino Payments Bank likely to apply for SFB license by year-end: MD

Fino Payments Bank is likely to apply for the small finance bank (SFB) license by the end of this year, managing director Rishi Gupta said. The bank has nearly ₹600 crore of net worth while the minimum capital requirement for small finance banks is pegged at ₹200 crore. Reserve Bank of India allows non-corporate payments banks to apply for a small finance bank license after completing five years of business.

Read more here.

JK Tyre Q2 Results: Net profit jumps 401% YoY to ₹248 crore

 JK Tyre and Industries Ltd reported a 401% YoY jump in net profit to ₹248.6 crore for the quarter ended September (Q2 FY24). Its revenue grew 4% YoY to ₹3,905 crore during the same period. EBITDA stood at ₹597 crore in Q2, up from ₹305 crore during the same period last year. The tyre maker also approved an investment of ₹1,025 crore for expanding its manufacturing capacity.

Read more here.

Q2 GDP number will surprise on the upside: RBI Governor

India’s growth momentum remains strong and the second-quarter gross domestic product (GDP) growth number is expected to surprise on the upside, said Reserve Bank of India Governor Shaktikanta Das. The GDP growth figure for the July-September quarter (Q2) will be released on November 30 by the National Statistical Office (NSO). GDP growth rose to a four-quarter high of 7.8% in April-June.

The RBI has projected GDP growth at 6.5% for FY24 and 6.5% for Q2.

Read more here.

Ambuja Cements Q2 Results: Net profit jumps 9-fold YoY to ₹792.96 crore

Ambuja Cements reported a nine-fold YoY jump in consolidated net profit to ₹792.96 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 4.1% YoY to ₹7,423.95 crore during the same period. EBITDA stood at ₹1,302 crore in Q2 FY24, compared to ₹975 crore in Q2 FY23. 

Read more here.

SpiceJet inducts five Boeing 737 aircraft

SpiceJet has inducted five leased Boeing 737s (including three 737 Max aircraft) into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services. SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations. Its fleet is a mix of aircraft, including Boeing 737 Max, Boeing 700 and Q400s.

Read more here.

Adani Wilmar Q2 Results: Net loss at ₹131 crore

Adani Wilmar reported a net loss of ₹131 crore for the quarter ended September 2023 (Q2 FY24). This included a one-time loss of ₹53.5 crore. The company had posted a net profit of ₹48.76 crore in Q2 FY23. Its revenue from operations fell 13% YoY to ₹12,267.15 crore in Q2 FY24. EBITDA stood at ₹144 crore, down 43% YoY. 

Read more here.

Tata Motors gets PLI certificate in 4-wheeled goods vehicle category

The Automotive Research Association of India (ARAI) awarded Tata Motors with India’s first auto Production-Linked Incentive (PLI) certificate in the N1 category, specifically on four-wheeled goods vehicles. The primary objective of the PLI scheme is to improve efforts in localising production and stimulate exports within the automotive industry.

Read more here.

Auto sales data for October 2022: Highlights  

Maruti Suzuki India posted a 19% year-on-year (YoY) increase in total sales to 1.99 lakh units in October 2022. Sales of its compact vehicle segment fell 3.4% YoY to 98,621 units. Exports rose 7.4% YoY to 21,951 units.

Tata Motors Ltd registered a 6% YoY increase in total sales to 80,825 units in October. The automaker’s commercial vehicle sales rose 4% YoY to 34,317 units. Overall passenger vehicle sales rose 7% YoY to 48,637 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 43,708 units in October, an increase of 35% YoY. M&M’s tractor sales fell 3% YoY to 50,460 units. 

Bajaj Auto posted a 19% YoY increase in total sales to 4.08 lakh units in October. Meanwhile, TVS Motor Company’s total sales stood at 3.44 lakh units in Oct, up 22% YoY.

Read more here.

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IOCL Posts Net Profit of Rs 12,967Cr in Q2 – Top Indian Market Updates

Indian Oil

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

IOCL Q2 Results: Net profit at ₹12,967 crore

Indian Oil Corporation Ltd (IOCL) reported a net profit of ₹12,967 crore for the quarter ended September (Q2 FY24). IOCL posted a net loss of ₹272 crore in the same quarter last year. Its revenue from operations fell 11% YoY to ₹2.02 lakh crore in Q2 FY24. EBITDA stood at ₹21,313 crore. The company’s board has declared a dividend of ₹5 per equity share.

Read more here.

India’s fiscal deficit for April-Sept at ₹7.02 lakh crore

According to Government data, India’s fiscal deficit for the first six months of this financial year (FY24) stood at ₹7.02 lakh crore, or 39.3% of annual estimates. It was ₹6.19 lakh crore during the corresponding period of last year (FY23). The fiscal deficit for April-September 2022 was 37.3% of the target for 2022-23.

A fiscal deficit is the difference between the government’s income and expenditure. It is an indication of the total borrowings needed by the Centre.

Read more here.

L&T Q2 Results: Net profit rises 45% YoY to ₹3,223 crore

Larsen & Toubro Ltd (L&T) reported a 45% YoY increase in net profit to ₹3,223 crore for the quarter ended September (Q2 FY24). Its consolidated revenue grew 19% YoY to ₹51,024 crore during the same period. EBITDA stood at ₹5,632 crore. Total expenses for the quarter rose marginally to ₹1,012 crore. The company received orders worth ₹89,153 crore at the group level during the quarter, up 72% YoY.

Read more here.

Zee, Sony merger energised as SAT lifts ban on Punit Goenka

The Securities Appellate Tribunal (SAT) overturned a regulatory ban on Punit Goenka that prevented him from holding a directorship or top managerial role in a listed entity. Punit Goenka is the managing director and chief executive of Zee Entertainment Enterprises Ltd (ZEEL). SAT’s ruling has potentially hastened ZEEL’s proposed merger with Culver Max Entertainment (Sony Pictures).

Read more here.

GAIL Q2 Results: Net profit rises 56% YoY to ₹2,404 crore

GAIL Ltd reported a 56% YoY increase in standalone net profit to ₹2,404.89 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 1.25% YoY to ₹31,822 crore during the same period. EBITDA stood at ₹3,492 crore, up 43.5% YoY. The company’s petrochemical segment reported a loss of ₹161 crore in the quarter, compared to a loss of ₹346 crore last year.

Read more here.

L&T wins ultra-mega contract in the Middle East

Larsen & Toubro Ltd (L&T) has secured the Letter of Intent (LoI) for an “ultra-mega” onshore project (worth more than ₹15,000 crores) from a prestigious client in the Middle East. The company also secured LoI for another “ultra-mega” project in the Middle East for a gas compression plant. L&T will engineer, procure and construct the gas processing plant consisting of inlet separation facilities, booster compression system and other works.

Read more here.

Tata Consumer Q2 Results: Net profit rises 3% YoY to ₹338 crore

Tata Consumer Products Ltd reported a 3% YoY increase in net profit to ₹338 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 11% YoY to ₹3,734 crore during the same period. Consolidated EBITDA stood at ₹569 crore, up 30% YoY. 

Read more here.

SBI Card, Reliance to launch lifestyle-focused credit card

SBI Card has partnered with Reliance Retail to launch the Reliance SBI Card credit card. Customers shopping at Reliance Retail’s fashion & lifestyle, grocery, consumer electronics, pharma, furniture, and jewellery stores will get rewards and benefits by using the Reliance SBI Card. The card is made out of recycled plastic and has been introduced on the RuPay platform.

Read more here.

Zydus Lifesciences acquires LiqMeds Group for ₹690 crore

Zydus Lifesciences has acquired UK-based LiqMeds Group, which specialises in oral liquid products, for GBP 68 million (₹690 crores) in an all-cash deal. The pharma company will pay an upfront consideration of GBP 68 million and yearly earn-outs until 2026 depending on the achievement of certain agreed milestones towards the acquisition of the LiqMeds Group of companies. The acquisition is expected to be completed within a period of 10 working days from the date of execution.

Read more here.

Adani Total Gas Q2 Results: Net profit rises 8% YoY to ₹173 crore

Adani Total Gas Ltd (ATGL) reported an 8% YoY rise in net profit of ₹173 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell 1% YoY to ₹1,179 crore during the same period. The share of profit from joint ventures reduced considerably to ₹5.7 crore in Q2, compared with ₹21 crore a year ago. 

Read more here.

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Adani Green Posts 149% YoY Jump in Net Profit in Q2 – Top Indian Market Updates

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

Adani Green Q2 Results: Net profit jumps 149% YoY to ₹372 crore

Adani Green Energy Ltd (AGEL) reported a 149% year-on-year (YoY) jump in net profit to ₹372 crore for the quarter ended September (Q2 FY24). AGEL’s consolidated net revenue rose 40% YoY to ₹2,220 crore during the same period. EBITDA stood at ₹1,699 crore, up 96.2% YoY.

Read more here.

Sun Pharma to market Zydus’ novel anti-CKD drug Desidustat

Sun Pharmaceutical Industries Ltd has entered into a licensing agreement with Zydus Lifesciences to co-market the latter’s drug Desidustat in India. The drug is used to treat anaemia associated with Chronic Kidney Disease (CKD). Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India. Sun Pharma will market the drug under the brand name RYTSTAT.

Read more here.

Marico Q2 Results: Net profit rises 17% YoY to ₹353 crore

Marico Ltd reported a 17% YoY increase in consolidated net profit to ₹353 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined marginally to ₹2,476 crore during the same period. EBITDA stood at ₹497 crore, up 14.7% YoY. The company’s board declared a dividend of ₹3 per equity share.

Read more here.

Tata Motors wins Singur plant arbitration

Tata Motors Ltd secured an arbitral award amounting to ₹765.78 crores and interest as compensation for their investment in the now-defunct Singur plant. The automaker won the arbitrations against the West Bengal Industrial Development Corporation Ltd (WBIDC), the nodal agency of the West Bengal government’s Industry, Commerce & Enterprises Department. The scrapped Singur plant was initially intended for the production of the Tata Nano. 

Read more here.

DLF Q2 Results: Net profit rises 31% YoY to ₹623 crore

DLF Ltd reported a 31% YoY increase in net profit to ₹623 crore for the quarter ended September (Q2 FY24). Its revenue from operations grew 4% YoY to ₹1,348 crore during the same period. EBITDA stood at ₹462 crore, up 6% YoY. Total expenses for the quarter rose marginally to ₹1,012 crore.

Read more here.

No payments pending for Russian oil imports: BPCL

According to Bharat Petroleum Corp’s (BPCL) head of finance, Ramakrishna Gupta, said the company has cleared all payments for Russian oil purchases. The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan. He also added that BPCL was processing Russian oil at the maximum “potential level” at its three plants, averaging about 30-40% of overall crude intake.

Read more here.

TVS Motor Q2 Results: Net profit rises 32% YoY to ₹537 crore

TVS Motor Company reported a 32% YoY increase in net profit to ₹536.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 13% YoY to ₹8,145 crore during the same period. EBITDA stood at ₹900 crore, up 22% YoY. The overall two-wheeler and three-wheeler sales (including exports) grew by 5% YoY to 10.74 lakh units in Q2.

Read more here.

DGGI probes GCPL’s acquisition of Raymond’s consumer goods business

The Directorate General of GST Intelligence (DGGI) is probing Godrej Consumer Products Ltd’s (GCPL)  acquisition of Raymond’s consumer goods business. GST authorities have asked Raymond Consumer Care Ltd (RCCL) to explain why GST should not be levied on the transaction amount. GCPL acquired the FMCG business, along with the Park Avenue, KS, KamaSutra and Premium trademarks, through a slump sale in April 2023 for ₹2,825 crore.

Read more here.

AU Small Finance Bank to acquire Fincare Small Finance Bank 

AU Small Finance Bank (SFB) is all set to acquire Fincare Small Finance Bank in an all-share deal and merge it with itself, subject to regulatory approvals. As per the agreement between the two, shareholders of Fincare SFB shall receive 579 equity shares of AU SFB for every 2,000 shares held. The merger would be effective from February 1, 2024.

Read more here.

Sri Lankan government renews Lanka IOC’s petroleum licence for 20 years

The Sri Lankan government has renewed the petroleum products licence granted to Lanka IOC for another 20 years. Lanka IOC is a subsidiary of Indian Oil Corporation Ltd (IOCL). The licence originally issued in 2003 was to expire in January 2024. The renewed license will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044.

Read more here.

Macrotech Developers to launch housing projects worth ₹12,000Cr by March

Macrotech Developers Ltd (Lodha) plans to launch housing projects worth ₹12,000 crore by March 2024 to tap strong consumer demand for quality homes from branded players. The company also said it would easily achieve the ₹14,500 crore sales booking target fixed for the current financial year as against ₹12,070 crore in the previous year. Lodha has already achieved sales bookings of ₹6,890 crore during the first six months of FY24.

Read more here.

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RIL Posts 30% YoY Rise in Net Profit to Rs 19,878 Cr in Q2- Top Indian Market Updates

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

Reliance Industries Q2 Results: Net profit rises 30% YoY to ₹19,878 crore

Reliance Industries Ltd (RIL) reported a 29.7% year-on-year (YoY) increase in net profit to ₹19,878 crore for the quarter ended September (Q2 FY24). RIL’s gross revenue rose 1.2% YoY to ₹255,996 crore during the same period. EBITDA stood at ₹44,867 crore, up 30.2% YoY.

Reliance Jio’s net profit rose 11.9% YoY to ₹5,058 crore, while revenue from operations grew 3% YoY to ₹24,750 crore in Q2.

Reliance Retail’s net profit rose 21% YoY to ₹2,790 crore in Q2. Its revenue from operations increased 19% YoY to ₹68,937 crore during the same period.

Read more here.

Mahindra Lifespace Developers records ₹455 crore pre-sales in Q2

Mahindra Lifespace Developers has recorded pre-sales of ₹455 crore for 0.68 million sq. ft. saleable area in residential business for the quarter ended September (Q2). The company’s collections in residential business during the quarter stood at ₹311 crore. The developer launched 0.47 mn sq. ft. of saleable area as part of its phase 3 at Tathawade in Pune.

Read more here.

Maruti Suzuki Q2 Results: Net profit rises 80% YoY to ₹3,716.5 crore

Maruti Suzuki reported an 80% YoY increase in net profit to ₹3,716.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 24% YoY to ₹35,535 crore during the same period. EBITDA stood at ₹4,784 crore, up 73% YoY. Sales volumes grew 6.7% YoY to 5.52 lakh units from 5.17 lakh units last year. This is the highest-ever volumes reported by the automaker during a quarter.

Read more here.

Cipla Q2 Results: Net profit rises 45% YoY to ₹1,131 crore

Cipla reported a 45.4% YoY increase in net profit to ₹1,131 crore for the quarter ended September (Q2 FY24). The pharma company posted a net profit of ₹789 crore in the same quarter a year ago. Its revenue from operations grew 14.6% YoY to ₹6,678 crore during the same period. EBITDA stood at ₹1,734 crore, up 33.1% YoY.

Read more here.

Oberoi Realty sells 31.67% stake in JV Sangam City Township

Oberoi Realty sold its entire 31.67% shareholding in a joint venture, Sangam City Township. The company has sold its stake comprising 9,500 equity shares in the joint entity to Balewadi Tech Park for ₹3.6 crore. The deal marks Oberoi Realty’s complete exit from the project and the joint venture entity. The JV is planning to develop a township project in Pune.

Read more here.

Dr Reddys Labs Q2 Results: Net profit rises 33% YoY to ₹1,480 crore

Dr Reddy’s Labs reported a 33% year-on-year (YoY) increase in net profit to ₹1,480 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 9% YoY to ₹6,880 crore during the same period. EBITDA stood at ₹2,181 crore, up 13% YoY. 

Read more here.

Tata Power arm to build 43.75 MW solar project for Mukand Ltd

Tata Power Renewable Energy Ltd (TPREL) signed an agreement for building a 43.75 MW captive solar project for Mukand Ltd in Jamkhed, Maharashtra. The project will generate 99.82 MUs (million units) annually and is expected to offset 54,687 tonnes of CO2 emissions per year. TPREL will construct, operate and maintain the captive solar power plant. The project is scheduled for commissioning by March 2024.

Read more here.

Adani Energy Solutions commissions Karur Transmission project

Adani Energy Solutions has successfully commissioned the Karur Transmission project with a transformation capacity of 1,000 MVA. The project includes the establishment of the 400/230 kV, 1000 MVA Karur Pooling Station and an associated transmission line spanning 8.51 circuit kilometers (CKM) in Tamil Nadu. This project will facilitate the evacuation of power from renewable sources in the Karur/Tiruppur Wind Energy Zone. 

Read more here.

HDFC bought office space from NBCC for ₹1,130 crore

HDFC bank has bought 284,567 sq. ft. of premium office space for ₹1,130 crore from NBCC (India) Ltd at South Delhi’s Nauroji Nagar. In total, NBCC has sold about 3.9 lakh sq. ft. for ₹1557.51 crore and will use it to fund the construction of seven colonies of Delhi. This is the highest sale realisation in a single auction since the launch of the World Trade Center (WTC) in New Delhi in 2017.

Read more here.

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Asian Paints Posts 53% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Asian Paints Q2 Results: Net profit rises 53% YoY to ₹1,232 crore

Asian Paints reported a 53.3% year-on-year (YoY) increase in net profit to ₹1,232 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue from operations rose just 0.2% YoY to ₹8,478.6 crore during the same period. EBITDA stood at ₹1,716.2 crore, up 39.8% YoY. The company’s board recommended a dividend of ₹5.15 per share.

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Infosys signs 5-year deal with EV firm smart Europe

Infosys Ltd has entered into a five-year collaboration with smart Europe GmbH to provide services related to sustainable electric mobility to its customers. The deal is to refine the company’s direct-to-customer (D2C) business model in the European market, along with providing enhanced customer experience, engagement and personalisation driven by data.

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Canara Bank Q2 Results: Net profit rises 43% YoY to ₹3,606 crore

Canara Bank reported a 43% YoY increase in net profit to ₹3,606 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 19.76% YoY to ₹8,903 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 6.37% in Q2 FY23 to 4.76% in Q2 FY24. 

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Adani Group seeks to raise $4 billion to fund green hydrogen plans

Adani Enterprises Ltd’s subsidiary, Adani New Industries Ltd, is seeking loans from both domestic and international banks to build plants that would produce low-cost green hydrogen. The company is currently in initial discussions with various lenders. This move comes as India aims to reduce its carbon footprint. Gautam Adani has previously stated that 75% of the group’s projected capital expenditure will be directed towards green businesses.

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ACC Q2 Results: Net profit at ₹387 crore

ACC Ltd reported a consolidated net profit of ₹387 crore for the quarter ended September (Q2 FY24). The cement company posted a net loss of ₹87.32 crore in the same quarter a year ago. Its revenue from operations fell 11.2% YoY to ₹4,434.73 crore during the same period. Sales volume (cement & clinker) rose 17.4% YoY to 8.1 million tonnes in Q2.

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ONGC hopes to recover over $500 million dividend as sanctions on Venezuela eased

Oil and Natural Gas Corp (ONGC) is hoping to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects as sanctions on the nation were eased. US sanctions had hit Venezuela’s finances and oil output, leading to the accumulation of dividends for foreign companies like ONGC. ONGC Videsh holds a 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, and 11% in the Carabobo area-1.

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Zen Tech secures ₹100 crore defence ministry order

Zen Technologies secured an order worth ₹100 crore from the Ministry of Defence for its advanced tank training system. The system has been designed, developed, and tested in-house. With this inaugural order for the force-on-force tank training simulators, the company expects strong demand for this product in both domestic and international markets going forward.

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Antony Waste’s subsidiary wins order worth ₹386 crore

Antony Waste Handling Cell Ltd’s subsidiary, AG Enviro Infra Projects Pvt Ltd, secured an order worth ₹386 crore from the Panvel Municipal Corporation in the Mumbai Metropolitan Region (MMR). The contract is for the door-to-door collection and transportation of municipal solid waste by the corporation. The five-year contract has the option of a two-year extension. 

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Kolte-Patil Developers approves issue of NCDs worth ₹113.65 crore

Kolte-Patil Developers Ltd will issue non-convertible debentures (NCDs) worth more than ₹113 crore on a private placement basis. The board approved the issuance of secured, rated, listed, redeemable NCDs with a face value of ₹100,000 each. The debentures will be issued on a private placement basis and will aggregate up to ₹113.65 crore.

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Zomato launches maternity insurance for women delivery partners

Zomato has introduced a  maternity insurance program for its female delivery partners. This insurance coverage caters to a range of pregnancy-related expenses, including childbirth and maternity complications. Operated in collaboration with ACKO, the maternity insurance program is available to female delivery partners who have completed 1,000 deliveries on the Zomato platform.

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PNB Q2 Results: Net profit jumps four-fold to ₹1,756.13 crore

Punjab National Bank (PNB) reported a 327% YoY jump in net profit to ₹1,756.13 crore for the quarter ended September 2023 (Q2 FY24). This is the highest profit recorded in the previous 14 quarters. The net interest income (NII) grew 20% YoY to ₹9,923 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 10.48% in Q2 FY23 to 6.96% in Q2 FY24. 

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Axis Bank Posts 10% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Axis Bank Q2 Results: Net profit rises 10% YoY to ₹5,863 crore

Axis Bank reported a 10% YoY increase in net profit to ₹5,863.56 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 18.8% YoY to ₹12,315 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 1.96% in Q2 FY23 to 1.73% in Q2 FY24. 

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IOCL starts producing ‘reference’ petrol, diesel

Indian Oil Corporation Ltd (IOCL) has begun producing specialised ‘reference’ petrol and diesel that are used for testing automobiles. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India.

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Tech Mahindra Q2 Results: Net profit falls 28% YoY to ₹505 crore

Tech Mahindra reported a 28.1% YoY decline in net profit to ₹505.3 crore for the quarter ended September (Q2 FY24). The IT company’s revenue fell 2.25% YoY to ₹12,863.9 crore during the same period. Earnings before interest & tax (EBIT) stood at ₹457.1 crore, down 48.7% YoY. Tech Mahindra’s board has declared a dividend of ₹12 per share.

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TVS Motor extends ties with ION Mobility

TVS Motor Company is extending its partnership with Singapore-based tech startup ION Mobility to enter Indonesia’s sports scooter segment. The entry will be through Project Dynamo, ION Mobility’s conceptual adaptation of TVS Motor’s premium flagship crossover electric two-wheeler TVS X.

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Network18 Q2 Results: Net loss at ₹61 crore

Network18 Media & Investments Ltd reported a net loss of ₹61 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹34.5 crore in Q2 FY23. Its revenue from operations rose 20.4% YoY to ₹1,865.5 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY. Total expenses were up 38.61% YoY to ₹2,206.77 crore.

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GMR Airports, affiliates to buy 11% extra stake in Hyderabad airport

GMR Airports Infrastructure Ltd and its affiliates will buy an additional 11% stake in GMR Hyderabad International Airport Ltd (GHIAL) from Malaysia Airports Holding Berhad’s unit. The deal is likely to be completed within 135 days from the date of execution of the agreement. GMR Airports currently holds a 63% stake in GHIAL. The acquisition will raise its stake to 74%.

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Vi Business launches IoT in collaboration with C-DOT

Vodafone Idea’s enterprise arm Vi Business has launched the Internet of Things (IoT) lab-as-a-service through the telco’s collaboration with the Centre for Development of Telematics (C-DOT). The Vi C-DOT IoT lab is equipped to test 175+ scenarios that include network & functional testing, field testing, application testing, and compatibility testing.

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Jubilant FoodWorks Q2 Results: Net profit falls 26% YoY to ₹97.2 crore

Jubilant FoodWorks reported a 26% YoY decline in net profit to ₹97.2 crore for the quarter ended September (Q2 FY24). The company’s revenue rose 5.2% YoY to ₹1,301.49 crore during the same period. This growth was driven by Domino’s delivery channel sales, which increased by 7.9%. Jubilant FoodWorks opened 60 new outlets across various brands in Q2.

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Hinduja Group eyes $35-40 billion valuation in BFSI business

Hinduja Group is betting big on the Banking, Financial Services, and Insurance (BFSI) sector, targeting to have a value creation of $35-40 billion in the next 5-7 years by adding more verticals to fill up the gaps. The group is also looking at the mobility and energy sectors as the growth driver for the next decade.

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Cabinet approves NPK fertiliser subsidy for 2023-24 rabi season

The Union Cabinet has approved a ₹22,303-crore subsidy for phosphatic and potassic (P&K) fertilisers and the nutrient-based subsidy (NBS) rates for nitrogen, phosphorus and potassium (NPK) fertilisers for the 2023-24 Rabi season amid falling international prices. The subsidy on P&K fertilizers will be based on approved rates to ensure adequate availability and affordable prices for farmers.

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Disney to Sign Multibillion-Dollar Deal With Reliance – Top Indian Market Updates

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

Disney to sign multibillion-dollar deal with Reliance Industries

Reliance Industries Ltd (RIL) is set to acquire Walt Disney Co’s (WDC) India operations in a cash and stock deal. WDC may sell a controlling stake in the Disney Star business, which it values at around $10 billion (~₹83.1 crore). RIL views the assets at between $7 billion to $ 8 billion. The acquisition could be announced as early as next month as some of Reliance’s media units merged into Disney Star.

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Torrent Pharma Q2 Results: Net profit rises 24% YoY to ₹386 crore

Torrent Pharma posted a 24% YoY increase in net profit to ₹386 crore for the quarter ended September (Q2 FY24); beating street estimates. The pharma company posted a net profit of ₹312 crore in Q2 last year. Its total revenue rose 16.1% YoY to ₹2,660 crore in Q2 FY24. EBITDA stood at ₹825 crore, up 36.2% YoY.

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Lupin gets USFDA nod to market generic antifungal tablets

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market its generic Fluconazole tablets. The drug is used to treat fungal infections. The product will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh. According to IQVIA MAT July 2023 data, the drug had an estimated annual sales of $43 million in the US.

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Mahindra Holidays Q2 Results: Net profit falls 48% YoY to ₹21 crore

Mahindra Holidays & Resorts India Ltd (MHRIL) reported a 48% YoY decline in net profit to ₹21 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹40.9 crore in the same period a year ago. Its total revenue rose 10% YoY to ₹655 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY.

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ONGC wins bid to acquire PTC’s wind power unit for ₹925 cr

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for ₹925 crore as part of its renewable energy portfolio expansion. ONGC already has 189 MW of renewable energy capacity and aims to reach 10 GW by 2030. The acquisition, which has a renewable energy portfolio of 288.8 MW, is subject to the approval of PTC’s shareholders.

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Consumer court asks ICICI Bank to pay ₹77,000 for denying reward points

ICICI Bank has been instructed by the District Consumer Disputes Grievance Redressal Commission to pay ₹77,000 to a man from Chennai. The payment is compensation for the denial of reward points by the bank. The bank will pay ₹41,691 in reward points and an additional ₹35,000 for the deficiency in service, compensation for mental agony, and mental agony. 

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Adani Power close to taking over Coastal Energen for ₹3,440 crore

Adani Power won a bid to take over bankrupt power company Coastal Energen for ₹3,440 crore. The interest in Coastal Energen (which is undergoing corporate insolvency) is mainly because it is among a few operational power plants for sale. Jindal Power, who also bid for the company, quit the auction.

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IPCA Labs’ Ratlam facility gets favourable FDA classification

The USFDA has classified IPCA Laboratories Ltd’s’ Ratlam facility as ‘Voluntary Action Indicated’ (VAI) in its Establishment Inspection Report (EIR). A VAI is generally issued when the response from a plant to certain observations appears satisfactory to the regulator. The facility manufactures Active Pharma Ingredients (APIs). VAI is the second-best classification that a plant can get from the USFDA.

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Aurobindo Pharma’s arm gets USFDA nod for testosterone cypionate injection

Aurobindo Pharma’s wholly-owned subsidiary, Eugia Pharma Specialties, has received the final approval from USFDA to manufacture and market the testosterone cypionate injection. This is bioequivalent and therapeutically equivalent to the reference listed drug, depo-testosterone injection. According to IQVIA data, the approved product has an estimated market size of $226.8 million for the 12 months ending August 2023.

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BSE revises F&O turnover charges from Nov 1

Bombay Stock Exchange (BSE) has revised transaction charges in the equity derivatives segment, with effect from November 1, 2023. According to a BSE notice, these changes will primarily be levied on S&P BSE Sensex Options, particularly the nearest or immediate expiry contracts. The new transaction fee structure is based on the incremental billable monthly turnover (premium value).

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Adani Ports incorporates new subsidiary

Adani Ports & Special Economic Zone Ltd (APSEZL) has incorporated a wholly-owned subsidiary company, “Udanvat Leasing IFSC Limited.” It is involved in the business of owning and leasing aircraft. The new company is situated in GIFT City, Gandhinagar, and is yet to commence operations.

Read more here.

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RBI Imposes Rs 2.5Cr Fine on L&T Finance – Top Indian Market Updates

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

RBI imposes ₹2.5 crore fine on L&T Finance

The Reserve Bank of India (RBI) has imposed a penalty of ₹2.5 crore on L&T Finance Ltd for non-compliance with certain norms concerning non-banking financial companies (NBFCs). The RBI reported that the NBFC did not disclose info about the gradation of risk and rationale for charging different interest rates to different categories of borrowers in its loan application forms.

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JSW Steel Q2 results: Net profit at ₹2,760 crore

JSW Steel Ltd posted a net profit of ₹2,760 crore for the quarter ended September (Q2 FY24); beating street estimates. The steel company posted a net loss of ₹848 crore in Q2 last year. Its consolidated revenue from operations rose 7% YoY to ₹44,584 crore in Q2 FY24. EBITDA stood at ₹7,886 crore, up 350.11% YoY.

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Adani Group refinances $3.5 billion debt taken for ACC-Ambuja buy

The Adani Group is to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement. At least 18 global banks have agreed to join the consortium led by Barclays, Deutsche Bank, and Standard Chartered. The Adani family will prepay around $300 million. This will also be the largest refinancing exercise across the Asia Pacific this financial year.

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Paytm Q2 Results: Net loss narrows to ₹290 crore

One97 Communications Ltd (Paytm) reported a net loss of ₹290 crore for the quarter ended September 2023 (Q2 FY24). Net loss stood at ₹357 crore in the same period a year ago. Its revenue from operations rose 32% YoY to ₹2,519 crore in Q2 FY24. EBITDA stood at ₹153 crore, up 82% YoY. 

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Godrej Properties’ subsidiary gets ₹260Cr GST demand order

Godrej Properties’ subsidiary, Godrej Landmark Redevelopers, received an order from tax authorities over an alleged non-payment of Goods & Services Tax (GST). The notice is concerning one of the projects developed by the company. The Additional Commissioner, CGST, Navi Mumbai, has issued the order with a GST demand of ₹129.39 crore along with interest and a penalty of ₹129.39 crore.

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Hindustan Zinc Q2 Results: Net profit falls 35% YoY to ₹1,729 crore

Hindustan Zinc Ltd reported a 35% YoY decline in consolidated net profit to ₹1,729 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 16% YoY to ₹6,619 crore during the same period. EBITDA stood at ₹3,139 crore, down 24% YoY.

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Titagarh Rail Systems secures ₹350Cr contract from Gujarat Metro

Titagarh Rail Systems Ltd (TRSL) secured a ₹350 crore contract from Gujarat Metro Rail Corporation (GMRC). TRSL will design and manufacture 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. The prototype has to be delivered within 70 weeks from the Letter of Acceptance (LOA) and delivery completion will be 94 weeks from the LOA. These metro cars will be manufactured at the company’s facility in Uttarpara, West Bengal.

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Kotak Bank gets RBI approval for acquisition of Sonata Finance

Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) for its ₹537 crore acquisition of microlender Sonata Finance. The approval is for acquiring 100% of the issued and paid-up capital in Sonata. RBI has allowed Kotak to make Sonata as its business correspondent subsidiary, and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank. 

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Samvardhana Motherson announces three acquisitions

Samvardhana Motherson International Ltd (SAMIL) has made three acquisitions valued at over ₹380 crore in the aerospace, health and medical sectors to strengthen its non-automotive businesses. The aerospace division of the company is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace original equipment manufacturers (OEMs).

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ONGC to acquire PTC India’s power generation subsidiary

PTC India’s board has approved a bid submitted by ONGC Ltd for the acquisition of a 100% stake in its wholly-owned subsidiary, PTC Energy Ltd (PEL), for ₹925 crore. PEL has a renewable energy portfolio of 288.8 MW, consisting of 50 MW wind power projects in Madhya Pradesh, 50 MW wind power projects in Karnataka and 188.8 MW wind power projects in Andhra Pradesh. PEL recorded revenue from operations of ₹296.77 crore during FY23.

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HUL Posts 3% Rise in Q2 Net Profit – Top Indian Market Updates

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

HUL Q2 results: Net profit rises to ₹2,717 crore

Hindustan Unilever Ltd (HUL) reported a 3.85% YoY rise in net profit to ₹2,717 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹2,616 crore in Q2 last year. Its revenue from operations rose 3.53% YoY to ₹15,027 crore during the same period. EBITDA stood at ₹3,694 crore, up 9% YoY. The company’s board also declared a dividend of ₹18 per equity share.

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NCLT approves Tata Steel Long Products’ amalgamation with Tata Steel

The National Company Law Tribunal (NCLT) approved the amalgamation of Tata Steel Long Products Ltd with Tata Steel Ltd. Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself. The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

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Jindal Stainless Q2 Results: Net profit rises 75% YoY to ₹609 crore

Jindal Stainless Ltd reported a 74.5% YoY rise in net profit to ₹609.4 crore for the quarter ended September 2023 (Q2 FY24). Its total revenue rose 13.6% YoY to ₹9,720.4 crore during the same period. EBITDA stood at ₹1,069 crore, up 54% YoY. The company’s board has declared a dividend of ₹1 per equity share, with October 28, 2023 as the record date.

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Dr Reddy’s Labs gets regulatory approval to study weight loss drug

Dr Reddy’s Laboratoris Ltd has received the Indian drug regulator’s approval to study the safety and efficacy of Semaglutide, a weight loss drug. The pharma company will conduct a bioequivalence study to establish the safety and efficacy of the drug on the Indian population. The company will launch the drug in a year if the bioequivalence studies meet expectations.

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PVR Inox Q2 Results: Net profit at ₹166 crore

PVR Inox reported a net profit of ₹166 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹71 crore in Q2 last year. Its revenue from operations rose 191% YoY to ₹2,000 crore during the same period. EBITDA stood at ₹706 crore, up 358% YoY. 

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USFDA conducts pre-approval inspection at Indoco Remedies’ Goa facility

Indoco Remedies Ltd’s solid oral formulation facility in Goa received four observations from the US Food & Drug Administration (USFDA) after a Pre-Approval Inspection (PAI). The inspection took place from October 12-18, 2023, and was focused on two drug product applications (ANDAs) submitted from this facility. The observations signify areas where the facility may need improvements to align with regulatory standards.

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UltraTech Cement Q2 Results: Profit rises 69% YoY to ₹1,281 crore

UltraTech Cement reported a 69% YoY rise in net profit to ₹1,281 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹756 crore in Q2 last year. Its revenue from operations rose 15% YoY to ₹16,012 crore during the same period. EBITDA stood at ₹2,718 crore, up 35% YoY. 

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KFin Tech partners with LIC Pension Fund for investment management solution 

KFin Technologies Ltd signed a high-value multi-year investment management solution (IMS) contract with LIC Pension Fund Ltd (LICPFL). The company will design, create and administer the investment management solution for enhanced customer service, security and compliance. The company has not disclosed the contract tenure and value.

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Dabur India’s US subsidiaries sued over alleged cancer causing product

Dabur India Ltd’s three US subsidiaries are being sued over an alleged cancer causing product. The cases are in the early stages of legal discovery and revolve around allegations that a hair-relaxer product contains chemicals that may pose risks of ovarian cancer, uterine cancer, and various other health issues. These cases have been filed in both federal and state courts in the US and Canada.

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Nestle India board approves stock split in 1:10 ratio

Nestle India’s board approved a 1:10 stock split for the first time in India. This means each share that an investor holds will be subdivided into 10 shares. The split will divide each fully paid-up equity share with a face value of ₹10 into 10 equity shares with a face value of ₹1. The record date for the split will be announced later.

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Granules India gets USFDA nod for heartburn treatment drug

Granules India has received approval from the US Food & Drug Administration (USFDA_ for Esomeprazole Magnesium capsules. The drug is used to treat heartburn and other symptoms associated with gastroesophageal reflux disease. According to the IQVIA data for 12 months ended July 2023, the drug had annual sales of nearly $168 million in the US market.

Read more here.

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Bajaj Finance’s Net Profit Rises 28% YoY in Q2 – Top Indian Market Updates

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

Bajaj Finance Q2 Results: Net profit rises 28% YoY to ₹3,551 crore

Bajaj Finance Ltd reported a 28% YoY increase in consolidated net profit to ₹3,551 crore for the quarter ended September (Q2 FY24). Total revenue from operations grew 34% YoY to ₹13,378.26 crore during the same period. Net Interest Income (NII) rose 26% YoY to ₹8,059 crore. The gross non-performing assets (NPAs or bad loans) rose from 2.46% in Q2 FY23 to 2.51% in Q2 FY24.

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L&T Tech Q2 Results: Net profit rises 5% YoY to ₹315 crore

Larsen & Toubro Tech reported a 5% YoY rise in net profit to ₹315 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹300 crore in Q2 last year. Its revenue from operations rose 5% YoY to ₹2,387 crore during the same period. The company’s board also declared a dividend of ₹17 per equity share. 

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Titan to raise ₹2,500 crore via NCDs

Titan Company Ltd’s board has approved the proposal to raise funds through multiple avenues, with a fundraising target of up to ₹2,500 crore. The proposal is to issue rated, listed, redeemable, and unsecured non-convertible debentures (NCDs) on a private placement basis. Additionally, the board has approved availing long-term unsecured loans of ₹1,000 crore.

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Dabur gets GST tax demand notice of ₹321 crore

Dabur India Ltd has received a notice to pay Goods and Services Tax (GST) of ₹321 crore along with interest and penalty. The company said that there will be no impact on the financial, operation or other activities of the company due to this intimation of tax being payable. 

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TRF signs pact to sell Sri Lankan subsidiary

TRF Ltd is planning to sell its Sri Lankan subsidiary, Dutch Lanka Trailer Manufacturers Ltd, to United Motors Lanka Plc at a valuation of ₹19 crore. TRF Singapore Pte Ltd and a wholly-owned subsidiary of TRF Ltd have signed a share purchase agreement to sell its entire stake in the Sri Lankan subsidiary. 

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Indian govt to divest up to 7% in HUDCO

The Department of Investment and Public Asset Management (DIPAM) announced that the Indian government will divest up to 7% equity in Housing and Urban Development Corporation Ltd (HUDCO) through an offer for sale (OFS). The offering includes a base size of 3.5% and an additional 3.5% greenshoe option, providing flexibility to meet investor demand.

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Ajmera Realty secures residential redevelopment project in Mumbai

Ajmera Realty secured the redevelopment project of a housing society in Versova, Mumbai. The project will primarily comprise 3 BHK residential apartments and is estimated to generate sales of around ₹360 crore. The emerging area, benefitting from redevelopment efforts and convenient metro access, is poised for substantial growth in both demand and property values.

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Bajaj Finance to acquire up to 26% stake in Pennant Technologies

Bajaj Finance Ltd has entered into a binding term sheet to acquire up to 26% stake in Pennant Technologies Pvt. Ltd. The consideration for this acquisition will be ₹267.5 crore and will be paid entirely in cash. Bajaj Finance will acquire 5,71,268 Compulsorily Convertible Preference Shares (CCPS) of the face value of ₹100 each and another 4,22,738 equity shares from promoters and existing shareholders of Pennant Technologies.

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IT Dept moves Bombay High Court against Mahindra & Mahindra

The Income Tax Department (IT) has filed an appeal before the Bombay High Court against an Income Tax Tribunal order that gave relief to Mahindra & Mahindra (M&M) in a ₹194.73 crore tax dispute. M&M received an intimation from the Principal Commissioner of Income Tax-2, informing of the appeal under the provisions of Section 260A of the Income Tax Act, 1961. The appeal is against reliefs provided on various disallowances and additions made by the IT Department.

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CCI approves IDFC’s merger plan with IDFC First Bank

The Competition Commission of India (CCI) has approved the merger plan of IDFC with IDFC First Bank. The merger plan is still subject to clearances from the Stock Exchanges, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), and National Company Law Tribunal (NCLT). The proposal also needs approval from shareholders and creditors.

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Maruti Suzuki to issue shares worth ₹12,800Cr to Suzuki

Maruti Suzuki has received board approval to acquire 100% equity capital of Suzuki Motor Gujarat (SMG) from parent company Suzuki Motor Corporation (SMC). The acquisition will be executed through a share purchase agreement, with Maruti Suzuki issuing shares to SMC as consideration. Suzuki Motor Gujarat will later become a wholly-owned subsidiary of Maruti Suzuki.

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Coal India, partners to invest ₹3,095 crore in fertiliser JV

According to a Reuters report, Coal India, GAIL, and Rashtriya Chemicals & Fertilizers (RCF) will invest ₹3,095 crore in their fertiliser joint venture in Odisha. GAIL and RCF will put in 17.3 billion rupees, while Coal India will invest 13.64 billion rupees in Talcher Fertilizers to maintain their current stakeholding. Each of the three firms holds a 31.85% stake in Talcher Fertilizers.

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