5paisa capital Archives

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

RBI raises repo rate by 35 bps to 6.25%

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) increased the repo rate from 5.9% to 6.25% (up 35 basis points). With this hike, the RBI has broken the 50-basis-point-hike trend it opted for in each of the last three policy meetings. The RBI also cut India’s GDP growth projection for FY23 from 7% to 6.8%. The central bank retained the FY23 inflation projection at 6.7%.

[The repo rate is the key rate at which the RBI lends short-term funds to commercial banks. 100 bps = 1%]

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Indus Towers to raise up to ₹1,500 crores via NCDs

Indus Towers Ltd’s board has approved raising up to ₹1,500 crores through the issuance of non-convertible debentures (NCDs) in three rounds on a private placement basis. The company will allot 15,000 rated, listed, unsecured, redeemable NCDs of the face value of ₹10 lakh each. The funds will be utilized for the company’s growth and capital expenditure (capex) needs.

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India’s April-November finished steel exports fall 55% YoY

India’s finished steel exports fell 55% year-on-year (YoY) to 4.3 million tonnes (MT) from April to November 2022 due to a slowdown in global demand and the decision by India to impose an export tax on some steel products. The country’s finished steel output rose 6.4% YoY to 77.7 MT during the same period, while consumption went up by 12% to 75.3 million tonnes.

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5G services expanded to 50 towns since October 1: Ashwini Vaishnaw

Telecom operators have expanded 5G services to 50 towns across India since the launch on October 1, said Communications Minister Ashwini Vaishnaw. “No feedback/complaints have been received by telecom service providers (TSPs) for any difficulties faced by 5G users wherever the 5G network is available,” he added. TSPs (Reliance Jio, Bharti Airtel) are presently providing 5G services to their subscribers with 5G-enabled devices at no extra cost.

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GMR Airports, NIIF announce partnership to invest in three airports

GMR Airports Ltd (a subsidiary of GMR Airports Infrastructure Ltd) and the National Investment & Infrastructure Fund (NIIF) announced a financial partnership for NIIF to invest in the equity capital of three airport projects. This includes the greenfield international airports at Mopa (Goa) and Bhogapuram (Andhra Pradesh). It will be NIIF’s first investment in an airport asset in the country and its first direct investment in Goa.

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IIFL Securities’ online retail trading business to merge with 5paisa Capital

Discount broking firm 5paisa Capital Ltd (an IIFL Group firm) has decided to merge IIFL Securities’ online retail broking business with itself. The reorganization between the two IIFL Group entities aims to consolidate the online retail trading businesses under one single entity. After the transaction, IIFL Securities will focus on wealth management and advisory. The merger will increase 5paisa.com’s customer base by 40% to 4.7 million.

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Dabur plans to enter the feminine care market

Consumer goods firm Dabur Ltd plans to enter India’s feminine care market. In the ₹5,400-crore sanitary napkin segment, Dabur’s new product under the “Fem” brand will compete with P&G’s Whisper and Johnson & Johnson’s Stayfree. The product will be exclusively launched on Flipkart.

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ICICI Securities Q4 Results: Net profit jumps two-fold to Rs 329 crore

ICICI Securities Limited reported over a two-fold year-on-year (YoY) increase in net profit to Rs 329 crore for the quarter ended March (Q4). Its revenue jumped 53% YoY to Rs 739 crore during the same period. The revenue growth was supported by a strong performance of equities and allied operations. The company’s private wealth management and investment banking businesses also showed significant growth. ICICI Securities has declared a final dividend of Rs 13.5 per share.

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Hero MotoCorp partners with Gogoro with focus on electric mobility

Hero MotoCorp Limited has announced a strategic partnership with Taiwan-based Gogoro Inc. to accelerate the shift to electric mobility in India. The companies will establish a battery swapping joint venture (JV) to bring Gogoro’s industry-leading battery swapping platform to India. The partnership will also focus on electric vehicle (EV) development to launch Hero-branded, powered by Gogoro network vehicles to the market.

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KEC International secures orders worth Rs 1,245 crore

KEC International Limited has secured new orders worth Rs 1,245 crore across various business segments. Its transmission & distribution business has secured orders worth Rs 629 crore in India, Middle East, Africa, and the Americas. The company’s railways business has secured orders worth Rs 446 crore, and civil business has won orders of Rs 107 crore for infrastructure works in the defence and industrial segments in India. With these orders, the total order inflow for FY 2020-21 stands at Rs 11,876 crore.

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Phillips Carbon Black Q4 Results: Net profit rises 75% YoY to Rs 128 crore

Phillips Carbon Black Limited reported a 75.55% YoY increase in consolidated net profit to Rs 127.73 crore for the quarter ended March (Q4). Its revenue rose 23.75% YoY to Rs 866.73 crore during the same period. The company’s carbon black segment posted a 24.77% YoY increase in revenue to Rs 848.28 crore. Kolkata-based Phillips Carbon Black is the largest carbon black manufacturer in India. [Carbon black is used as a reinforcing agent in tires. It is also used for printing and as a coating for electric wires]

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Merger of TV18 Broadcast, Hathway Cable, Den Networks with Network18 Media cancelled

Den Networks Limited said it has decided not to proceed with the composite scheme of arrangement in which TV18 Broadcast, Hathway Cable & Datacom, and Den Networks were to merge into Network18 Media & Investments. The company said the shareholders are aware that the scheme was filed with both NSE and BSE for their no-objection letter. On February 17, 2020, Reliance Industries Ltd (RIL) had announced the consolidation of its all media and distribution businesses under one umbrella brand ‘Network18’.

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Tejas Networks Q4 Results: Net profit at Rs 33 crore

Tejas Networks Limited reported a net profit of Rs 33.55 crore for the quarter ended March (Q4). It had posted a net loss of Rs 126.53 crore in the corresponding period last year. Revenue from operations rose over 269% YoY to Rs 201.55 crore in Q4 FY21. The company posted a 35% YoY increase in total revenue to Rs 526.60 crore and a net profit of Rs 37.54 (against a net loss of Rs 237.12 crore) for the financial year ended March 31, 2021.

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Indiabulls Housing Finance enters into co-lending partnership with HDFC

Indiabulls Housing Finance Limited (IHFL) has entered into a strategic co-lending partnership with HDFC Limited to offer housing loans to homebuyers at competitive rates. IHFL will originate retail home loans as per jointly drawn-up credit policy and retain 20% of the loan in its books, and 80% will be on HDFC’s books. IHFL will service the loan account throughout the life cycle of the loan. Technology-led co-lending will help IHFL to offer a convenient and seamless experience to its customers. It will also help the company to expand its presence in Tier-3 and Tier-4 cities in India.

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5Paisa Capital Q4 Results: Net profit at Rs 6.21 crore

5Paisa Capital Limited reported a consolidated net profit of Rs 6.21 crore for the quarter ended March (Q4). The company had posted a net loss of Rs 1.76 crore in the corresponding period last year. Total revenue from operations rose 41% year-on-year (YoY) to Rs 49.9 crore in Q4 FY21. 5 onboarded more than 2 lakh new clients during the quarter, taking the total number of registered clients to 13.5 lakh.

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Tata Steel, HSBC execute a blockchain-enabled paperless trade transaction

Tata Steel Limited and HSBC (an investment banking company) have executed a blockchain-enabled, paperless trade transaction of export of steel by Tata Steel (India) to UAE-based Universal Tube & Plastic Industries. The end-to-end paperless trade transaction was done through a collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

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Vaccine updates: States to get Covishield vaccine at Rs 400; Covaxin shows 78% efficacy in Phase-3 interim analysis

The Serum Institute of India (SII) announced that state governments will get the Covishield vaccine at Rs 400 a dose and private hospitals at Rs 600. The price for the central government stays at Rs 150 per dose. SII will address the limited capacity of scaling up vaccine production within the next two months. According to a PTI report, Covishield comprises more than 90% of the 12.76 crore Covid-19 vaccines administered in India so far.

Bharat Biotech said its Covid-19 vaccine, Covaxin, demonstrated overall interim clinical efficacy of 78% in Phase-3 trials. The efficacy against severe Covid-19 disease was 100%. The Hyderabad-based biotechnology company has announced plans to produce up to 3 crore vaccines next month.

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