Here are some of the major updates that could move the markets tomorrow:
ITC board gives in-principle approval for demerger of hotels business
The board of FMCG major ITC has given in-principle approval for the demerger of its hotel business. Under the new scheme, ITC would hold around 40% stake and the balance will be held by the company’s shareholders (proportionate to their shareholding). ITC currently has over 120 hotels and 11,600 keys across over 70 locations.
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Tata Steel Q1 Results: Net profit falls 92% YoY to ₹634 crore
Tata Steel reported a 92% YoY decline in consolidated net profit to ₹634 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 6% YoY to ₹59,490 crore during the same period. The company said its profitability was affected by non-cash deferred tax charges on account of buy-in transactions at British steel pension scheme.
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TVS Motor Q1 Results: Net profit rises 46% YoY to Rs 468 crore
TVS Motor Company Ltd reported a 46% YoY increase in net profit to ₹468 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 20% YoY to ₹7,218 crore during the same period. The company posted its highest-ever operating EBITDA at ₹764 crore, with a growth of 27% YoY. Total expenses Q1 stood at ₹6,665 crore, up 19% YoY.
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JLR India reports best-ever Q1 sales
JLR India reported its best-ever Q1 sales performance with a growth of 102% in Q1 FY24. The automaker sold 1,048 units in the first quarter of FY24. JLR attributed this growth to a rise of about 209% in Range Rover, Range Rover Sport and Defender sales. The three models contribute to 78% of the current order book.
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Samvardhana Motherson to acquire assets, shares of Dr Schneider Group entities
Samvardhana Motherson International Ltd will acquire assets and shares of Germany-based Dr Schneider Group entities at an overall enterprise value of about 118.3 million euros (over ₹1,070 crore). Dr Schneider Group is a manufacturer of high-end, innovative, and integrated electronic interior polymer components and systems such as smart surfaces and lighting modules.
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Canara Bank Q1 Results: Net profit rises 75% YoY to ₹3,535 crore
Canara Bank reported a 75% YoY increase in net profit to ₹3,535 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 28% YoY to ₹8,666 crore in Q1. Provisions for the first quarter fell sharply by 26% to ₹2,719 crore. The gross non-performing assets (NPAs) ratio improved to 5.15% in Q1 FY24, compared to 5.35% in Q4 FY23 and 6.98% in Q4 FY23.
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Mahindra Group to help US companies set up manufacturing base in India
Mahindra & Mahindra said it will help American companies enhance their international footprint and expand by leveraging the advantages of India as a manufacturing hub. The assistance includes an integrated approach to manufacturing, plug-and-play offerings, regulatory guidance, and a focus on environmental, social, and governance (ESG) principles.
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IDBI Bank Q1 results: Net profit rises 62% to ₹1,244 crore
IDBI Bank reported a 62% YoY rise in net profit to ₹1,244 crore for the quarter ended June (Q1 FY24). The net interest income (NII) grew 61% YoY to ₹3,998 crore during the same period. The gross non-performing assets (NPAs) ratio improved to 0.44% in Q1 FY24, compared to 1.26% in Q1 FY23.
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Hikal ordered to cease operations at Bharuch plant
Hikal Ltd. received an order from the Gujarat Pollution Control Board to cease operations of its plant in the Bharuch district. The order was issued in light of an alleged violation reported to have occurred in 2021. It is related to alleged violations of certain provisions of the Environment (Protection) Act of 1986.
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Maruti Suzuki recalls 87,599 units of S-Presso and Eeco
Maruti Suzuki has recalled 87,599 vehicles of its S-Presso and Eeco models to replace defective steering tie rods. Affected vehicle owners will receive communication from Maruti Suzuki authorised dealer workshops for inspection and replacement of the faulty part, free of charge. The recall is effective today, i.e. 24th July, 2023.
Read more here.
