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Adani Energy’s Net Profit Rises 34% YoY in Q2 – Top Indian Market Updates

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

Adani Energy Q2 Results: Net profit rises 34% YoY to ₹276 crore

Adani Energy Solutions Ltd reported a 34% YoY rise in net profit to ₹276 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13% YoY to ₹3,674 crore during the same period. EBITDA stood at ₹1,368 crore, up 10% YoY. Other income for the quarter stood at ₹93 crore, compared to ₹125 crore a year ago.

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Reliance Jio introduces new onboard diagnostics device

Reliance Jio has introduced a new onboard diagnostics (OBD) device called JioMotive that can transform any car into a smart vehicle. The pocket-size device is easy to install and simply needs to be plugged into the car’s OBD port, commonly found under the dashboard. By using an e-SIM, the device connects to the Jio network, eliminating the need for a separate SIM card or data plan.

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Nykaa Q2 Results: Net profit rises 50% YoY to ₹7.8 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 50% YoY increase in net profit to ₹7.8 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations increased 22% YoY to ₹1,231 crore during the same period. EBITDA stood at ₹80.6 crore, up 32% YoY. The gross merchandise value (GMV) rose 25% YoY to ₹2,943 crore in Q2.

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Reliance Retail ramps up Smart Bazaar stores in small towns

Reliance Retail Ventures Ltd (RRVL) is opening more Smart Bazaar stores in towns with a population of up to 50,000 to meet growing demand. RRVL is the retail unit of Reliance Industries. It is the largest grocery retailer in the country that operates stores in multiple formats – Smart Superstore, Smart Point, Smart Bazaar, Fresh Signature, Freshpik and 7-Eleven.

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Adani Group in talks to exit JV with Wilmar

Adani Group is in talks with multiple multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar Ltd. The conglomerate is expecting $2.5-3 billion for the stake in the joint venture with Wilmar International, which also owns 43.97% of the company. Adani Wilmar owns the Fortune brand of edible oils and packaged groceries.

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Divi’s Labs Q2 Results: Net profit falls 29% YoY to ₹348 crore

Divi’s Labs Ltd reported a 29% YoY fall in net profit to ₹348 crore for the quarter ended September 2023 (Q2 FY24); missing street estimates. The pharma company’s revenue rose 3% YoY to ₹1,909 crore during the same period. Consolidated EBITDA stood at ₹479 crore in Q2.

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L&T arm secures airport project in Andhra Pradesh

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured an order to construct the greenfield Bhogapuram International Airport project in Andhra Pradesh. The contract is worth approximately ₹2,500-5,000 crore. The project will initially be developed to handle 6 million passengers per annum (MPA), and the capacity will be further enhanced to 12 MPA.

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Varun Beverages Q3 Results: Net profit rises 32% YoY to ₹501 crore

Varun Beverages Ltd (VBL) reported a 32% YoY rise in consolidated net profit of ₹501 crore for the quarter ended September (Q3 CY23). The company follows the January-December financial year cycle. Its revenue from operations grew 22% YoY to ₹3,871 crore during the same period. EBITDA stood at ₹882 crore, up 26% YoY. VBL is PepsiCo’s second-largest franchisee outside the US.

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Bata to retail Nine West shoes, accessories in India

Bata India will sell shoes and accessories of US-based lifestyle brand Nine West through its retail stores. The company’s board has approved a licensing and manufacturing deal with Authentic Brands Group for their world-renowned lifestyle brand, Nine West. Bata India will have rights to manufacture, market and distribute Nine West shoes and accessories, across India through its stores.

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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.

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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.

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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.

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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.

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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.

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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. 

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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.

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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. 

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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.

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IHC to Dispose Investment in AGEL, Adani Energy – Top Indian Market Updates

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

Abu Dhabi’s IHC to dispose investment in Adani Green Energy and Adani Transmission

According to a Reuters report, Abu Dhabi’s International Holding Company (IHC) will dispose of its investment in Adani Green Energy and Adani Energy Solutions. A definitive agreement has been reached with the buyer to dispose of its FDI investment in Adani Green Energy and Adani Transmission. The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.

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Sundaram Home Finance plans to raise ₹2,500-3000Cr

Sundaram Home Finance plans to raise ₹2,500-3,000 crore to fund its entry into the affordable housing loan segment. The company plans the fundraising in the second half of the current financial year. The mortgage lender is targeting 20-25% business expansion in FY24. Its current assets under management (AUM) stand at around ₹11,000 crore.

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Emami acquires 26% stake in Axiom Ayurveda

Emami Ltd has acquired a 26% stake in Axiom Ayurveda in an all-cash deal for an undisclosed amount. Axiom sells beverages under the brand AloFrut.This investment is in line with Emami’s strategy to invest in the health and wellness segment. It will also help the company enter into the juice segment. The acquisition is on a fully diluted basis through primary infusion and secondary buyouts. The company expects the acquisition to be completed within one month.

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ICICI Lombard faces ₹1,728.9 crore tax demand

ICICI Lombard has received a show cause and demand notice from a central law enforcement agency tasked with preventing the leakage of Goods and Services Tax (GST) revenue. The notice is for allegedly not paying ₹1,728.9 crore worth of tax for five years from July 2017 to March 2022. The notice was served on September 27.

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SAIL sources 6 lakh tonne coking coal from Russia in 8 shipments

Steel Authority of India Ltd (SAIL) sourced around 8 coking coal shipments of 75,000 tonnes each from Russia during the April-September period of FY24. Furthermore, International Coal Ventures Pvt Ltd (ICVL) is looking to double its production capacity to 4 million tonnes per annum (MTPA). ICVL is a special purpose vehicle (SPV) of SAIL, RINL, NMDC, CIL and NTPC for acquiring coal mines and assets overseas.

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Oberoi Realty signs pact to redevelop land parcel in South Mumbai

Oberoi Realty has entered into an agreement to redevelop a land parcel spread over 3.3 acres in the Tardeo locality of South Mumbai. The company expects to generate a free sale component of around 2.5 lakh sq. ft. of carpet area from the development and redevelopment of this land parcel. The plot is adjoining a property already being redeveloped by the company in a joint venture. 

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Saregama India to acquire 6.61 lakh shares of Pocket Aces Pictures

Saregama India Ltd will acquire 6.61 lakh shares of Pocket Aces Pictures Pvt Ltd at a value of ₹174 crores through secondary acquisition. The acquisition will result in Saregama India holding nearly 51.82% stake in Pocket Aces. The music label’s next acquisition will be the primary subscription of 25,974 shares of Pocket Aces worth ₹15 crores. The acquisition will increase its stake in Pocket Aces Pictures to 92.61%.

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India’s external debt at $629.1 billion at June-end

According to RBI data, India’s external debt rose marginally to $629.1 billion in June 2023, although the debt-GDP ratio declined. The debt rose by about $4.7 billion from $624.3 billion in March. The external debt to GDP ratio declined to 18.6% in June 2023 from 18.8% in March 2023. 

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Bharti Enterprises backs Eutelsat-OneWeb merger

Eutelsat Communications SA announced the completion of its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite communications network. OneWeb is backed by Bharti Enterprises. The merged company is set to become the world’s first integrated GEO-LEO satellite space connectivity provider, revolutionising the field of space communications.

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Promoters of Adani Power increased their stake in September

The promoters of Adani Power Ltd increased their stake in the company in September. The company’s promoters increased their stake to 69.1% from 66.9% earlier between September 5 and September 25. Fortitude Trade and Investment Ltd acquired 6.58 crore shares (1.71% stake), while Emerging Market Investment DMCC acquired another 1.92 crore shares (0.5% stake). 

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Tata Chem’s Net Profit Falls 12% YoY to Rs 523Cr in Q1 – Top Indian Market Updates

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

Tata Chemicals Q1 Results: Net profit falls 12% YoY to ₹523 crore

Tata Chemicals Ltd reported an 11.8% YoY decline in net profit to ₹523 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹593 crore in Q1 last year. Its consolidated revenue from operations stood at ₹4,218 crore, up 5.6% YoY. EBITDA increased 2.8% YoY to ₹1,043 crore in Q1. As on 30 June 2023, consolidated gross debt dropped to ₹5,873 crore, as compared to ₹6,296 crore as of March 31, 2023.

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Adani Energy Solutions gets financial closure for $1B project

Adani Energy Solutions Ltd (AESL) announced financial closure for its $1 -billion green high voltage direct current (HVDC) link project. It will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city while supporting its rising electricity demand. The 80 km multi-faceted project’s construction work for this link will begin in October this year. The credit facility is part of the $700 million revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio.

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Reliance plans crude unit maintenance at Jamnagar complex

Reliance Industries Ltd plans to shut down a crude unit and some secondary units for maintenance in September-October. The crude units at its 704,000 barrels per day (bpd) export-focused plant will be shut down for 3-4 weeks. Reliance is the operator of the world’s biggest refining complex which houses two plants with a combined capacity of about 1.4 million barrels per day. The shutdown of units would curtail Reliance’s crude imports and may push up gasoline margins.

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USFDA issues Form-483 with zero observations for Solara Active’s Cuddalore facility

The US Food & Drug Administration (USFDA) has issued Form-483 with zero observations for Solara Active’s Cuddalore facility in Tamil Nadu. The US FDA inspected the facility between July 31 and August 4, 2023. The inspection established that the facility is in an “Acceptable State of Compliance” with Zero Form 483 inspectional observations from the Agency. With this successful inspection outcome, the current inspection classification of the Cuddalore site shall be reinstated to NAI (No Action Indicated).

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GCPL Q1 Results: Net profit falls 8% YoY to ₹319 crore

Godrej Consumer Products (GCPL) reported a 7.6% YoY fall in net profit to ₹318.8 crore for Q1 FY24. Its revenue from operations rose 10.4% YoY to ₹3,448.9 crore during the same period. EBITDA stood at ₹642.8 crore, up 23.4% YoY. The company’s India business sales grew by 9% YoY led by volume growth of 12%. 

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Star Health and Allied Insurance enters into tie-up with Standard Chartered Bank

Star Health and Allied Insurance announced its collaboration with Standard Chartered Bank to enhance its distribution network. After this collaboration, Star Health will make its health insurance products readily accessible to customers via Standard Chartered Bank’s extensive distribution network. The insurance company hopes that with 100 branches spread across 42 cities, the bank will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.

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Gland Pharma Q1 Results: Net profit falls to ₹194 crore

Gland Pharma reported a 15.3% YoY fall in net profit to ₹194.1 crore for the June quarter (Q1 FY24). Net profit stood at ₹229.1 crore in Q1 FY23. However, total revenue rose 41.1% YoY to ₹1,208.7 crore during the same period. EBITDA stood at ₹294 crore, up 8.9% YoY. EBITDA margin stood at 24.3% in the reporting quarter as compared to 31.5% in the corresponding period in the previous fiscal. 

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EaseMyTrip board approves raising ₹149 cr on a preferential basis

EaseMyTrip’s board has approved raising up to ₹149 crore through a preferential issue of equity shares. The company’s board has also approved the issuance of 3.37 crore preferential shares at ₹44.32 per share. This is at a discount of 9.5% to today’s closing price of ₹40.10. Recently, Easy Trip Planners Ltd had announced plans to acquire a 51% stake in Guideline Travels Holidays India Private Ltd, Dook Travels Private Ltd, and Tripshope Travel Technologies Private Ltd.

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Apraava Energy inks pacts with REC, PFC to get Rs 9,120 cr finance for its projects

Apraava Energy has inked initial pacts with REC Ltd and Power Finance Corporation (PFC) to get finance of ₹9,120 crore. The funding is for wind, transmission, and advanced metering projects in the country. The signing of MoUs took place as part of the Green Finance Summit organised by REC. The summit was on the sidelines of the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023, in Goa.

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