Manufacturing PMI rises to 54.7 in April
India’s manufacturing activity picked up marginally in April after decelerating to a six-month low in March. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.7 in April 2022, compared to 54 in March. Input costs rose to their fastest pace since November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.
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Adani Wilmar Q4 Results: Net profit falls 26% YoY to Rs 234.3 crore
Adani Wilmar Ltd reported a 25.6% YoY decline in consolidated net profit to Rs 234.3 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.2% YoY to Rs 14,960.4 crore during the same period. The company’s total expenses increased by 40% YoY to Rs 14,726.7 crore in Q4.
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Power Grid to acquire IL&FS Energy Development Company’s stake in CPTCL
Power Grid Corporation India Ltd (PGCIL) will purchase IL&FS Energy Development Company Ltd’s (IEDCL) equity shareholding in Cross Border Power Transmission Company Ltd (CPTCL). PGCIL’s board has cleared the proposal for the purchase of 77,30,225 equity shares of IEDCL in CPTCL. Currently, Power Grid owns a 26% stake in CPTCL, while IEDCL holds a 38% stake.
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HDFC Q4 Results: Net profit rises 16% YoY to Rs 3,700 crore
HDFC Limited reported a 16.4% YoY increase in net profit to Rs 3,700 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 14% YoY to Rs 4,601 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] Its loan book grew 14% YoY to Rs 5.55 lakh crore, driven by lending to affordable housing and high-end properties. HDFC’s board has declared a dividend of Rs 30 per share for FY22.
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Vodafone Idea partners with ICRIER to set up telecom centre of excellence
Vodafone Idea Ltd has partnered with Indian Council for Research on International Economic Relations (ICRIER) to set up a telecom Centre of Excellence. The centre has been named InViCT (ICRIER & Vodafone Idea Centre for Telecom). It will provide a common platform to facilitate the development of a coordinated policy response to emerging technology and business trends for India’s telecom sector.
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Britannia Industries Q4 Results: Net profit rises 5% YoY to Rs 378 crore
Britannia Industries Ltd reported a 4.96% YoY increase in consolidated net profit to Rs 377.95 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.4% YoY to Rs 3,550.45 crore during the same period. The FMCG major’s operating profit stood at Rs 549.68, up 9% YoY. Its board has declared a dividend of Rs 56.5 per share.
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Mahindra Holidays Q4 Results: Net profit at Rs 16.25 crore
Mahindra Holidays & Resorts India Ltd reported a consolidated net profit of Rs 16.25 crore for the quarter ended March (Q4 FY22). It had posted a loss of Rs 10.17 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 16.58% YoY to Rs 542.58 crore in Q4 FY22. Its resort occupancies stood at 77% in Q4.
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Route Mobile to acquire Teledgers’ blockchain, DLT platform for Rs 130 crore
Route Mobile Ltd (RML) will acquire the artificial intelligence-based blockchain and distributed ledger technology (DLT) platform of Teledgers Technology for ~Rs 130 crore. The acquisition will enable Route Ledger (a subsidiary of RML) to offer DLT and encrypted messaging solutions to mobile network operators. Route Mobile intends to enable telecom operators & enterprises with DLT Platform across Latin America, the Middle East, Africa, and Asia-Pacific.
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LIC IPO’s Rs 5,630 crore anchor book oversubscribed: Report
According to a CNBC-TV18 report, LIC IPO’s Rs 5,630 crore anchor book saw an overwhelming response and was oversubscribed. Earlier reports stated that Goldman Sachs, Morgan Stanley, Nomura, Singapore’s GIC Pte, Norway’s sovereign wealth fund, and SBI Mutual Fund would be among those who may bid for the LIC’s anchor book.
Auto sales data for April 2022: Highlights
Maruti Suzuki India posted a 5.6% year-on-year (YoY) decline in total sales to 1,50,661 units in April 2022. Sales of its compact vehicle segment fell 21.6% YoY to 76,321 units. Exports rose 6.8% to 18,413 units.
Tata Motors Ltd registered a 73% YoY increase in total domestic sales to 72,468 units in April. The automaker’s commercial vehicle sales rose 87% YoY to 30,838 units. Overall passenger vehicle wholesales rose 66% YoY to 41,587 units.
Mahindra & Mahindra’s auto segment posted total sales of 54,640 units in April, an increase of 25% YoY. M&M’s farm equipment segment posted a 49% YoY fall in sales to 40,939 units.
Hero Motocorp posted a 12.45% YoY increase in total sales to 4,18,622 units in April.
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