Tag: Adani Group

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GAIL Looks to Buy 26% Stake in US LNG Export Plant – Top Indian Market Updates

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

GAIL looks to buy 26% stake in a US LNG export plant

State-owned GAIL (India) Ltd has released an Expression of Interest (EoI) to acquire up to 26% in a US-based LNG plant or a proposed facility that will be commissioned by 2027 amid a rising fuel demand. The company is also focused on sourcing 1 million tonnes of LNG a year from the same facility for 15 years starting 2026. GAIL already has two long-term contracts for supply from LNG export plants.

Read more here.

IndiGo looking to start flights to many international destinations: CEO

IndiGo is looking to start flights to Nairobi, Jakarta, and some central Asian destinations as the carrier focuses on internationalisation, said Chief Executive Officer (CEO) Pieter Elbers. He asserted that there is a lot of growth ahead in the Indian market that “justifies multiple airlines”. IndiGo, which has more than 300 planes in its fleet, currently operates to 76 domestic and 26 international destinations.

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Glenmark Pharma receives 2nd tentative approval from USFDA for generic diabetes tablets

Glenmark Pharmaceuticals Ltd’s US subsidiary has received the second tentative approval from the US Food & Drug Administration (USFDA) for Saxagliptin tablets. The drug is used to control blood sugar levels and treat type 2 diabetes mellitus. The USFDA issues a tentative approval letter to an applicant before the final approval of the generic drug product until all patent or exclusivity issues are resolved.

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Lupin receives USFDA’s establishment inspection report for its Nagpur facility

Pharmaceuticals firm Lupin Ltd has received the establishment inspection report from the US Food & Drug Administration (USFDA) for its new injectable facility located in Nagpur. The establishment inspection report (EIR) was issued after the last inspection of the facility conducted from October 17-29, 2022. 

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Coromandel International develops nanotechnology-based fertilizer

Agriculture solutions provider Coromandel International Ltd has developed a nanotechnology-based fertilizer (Nano DAP) from its research & development centre at the Indian Institute of Technology, Bombay. The company has been conducting extensive field studies on product efficacy, biosafety, and toxicity for the launch of Nano DAP in different agro-climatic zones with various agricultural universities.

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BEML signs multiple MoUs during Aero India 2023

BEML has signed a Memorandum of Understanding (MoU) with Bharat Electronics Ltd for joint development and production of missile modules, airframes, and other mechanical systems for some upcoming missile programs. The company has also entered into an MoU with the Indian Navy for the development of customised storage and handling system for various types of ammunition.

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SC refuses to accept Centre’s suggestion in sealed cover in Adani-Hindenburg issue

The Supreme Court said it will not accept the sealed-cover suggestion by the Centre to form an expert committee to examine the report by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. A bench headed by Chief Justice of India D Y Chandrachud said, “we will select the experts and maintain full transparency”.

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PVR opens 8-screen multiplex in Indore

PVR announced the opening of an eight-screen multiplex at Phoenix Citadel Mall in Indore, Madhya Pradesh. The company now operates 299 screens in 70 properties across 25 cities in central India. Meanwhile, today (Feb 17) is the record date in the merger process whereby the shareholders of Inox Leisure will receive three shares of PVR for every ten shares of Inox Leisure.

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Max Estates to develop 2.4 million square feet of residential space in Gurugram

Max Ventures & Industries Ltd’s (MaxVIL) real-estate arm has entered the residential real estate market in Gurugram through a joint development agreement. The plot has a development potential of 2.4 million square feet and a gross development value of over ₹3,200 crore. The land parcel measures 11.8 acres and is located in Sector 36A, Gurugram.

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Govt May Delist MTNL to Merge With BSNL – Top Indian Market Updates

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

Government may delist MTNL to merge with BSNL

The Central government is looking into the process of delisting state-run telecom carrier Mahanagar Telephone Nigam Ltd (MTNL) ahead of the merger with another state telecom firm Bharat Sanchar Nigam Ltd (BSNL). The merger for both ailing telecom units has been delayed for more than a decade now with the department exploring synergies between the two entities.

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Maruti Suzuki partners with SMAS Auto to enhance its vehicles subscription program

Maruti Suzuki India Ltd has partnered with SMAS Auto Leasing India Pvt Ltd to enhance its vehicle subscription program. SMAS is the fifth partner to offer a range of the company’s vehicles on white plate subscription, wherein the vehicle is registered under the user’s name and pledged to the subscription partner. Maruti Suzuki Subscribe with SMAS is now available across Delhi, Gurugram, Noida, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai.

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Vedanta cuts debt by $2 billion in FY23

Vedanta Ltd has reduced net debt by $2 billion (~₹15,500 crore) in the current financial year as it seeks to soothe investor concern over its liquidity and ability to repay upcoming obligations. Meanwhile, Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year. It will continue to deleverage from net debt of $7.7 billion in the next two financial years.

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Aditya Birla Group in talks with global banks for Vi equity infusion: Report

According to an Economic Times report, Aditya Birla Group has initiated an exercise to raise funds at the promoter level for an equity infusion into Vodafone Idea (Vi) Ltd. They are also in discussions with global banks for raising term debt to subscribe to a preferential allotment of shares. These funds will be used to part-finance the planned ₹5,000-crore equity infusion by the promoters into Vi, following the Indian government’s decision to convert dues worth ₹16,133 crore into equity.

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HAL signs pact with RPM for cooperation in helicopter emergency medical services

Hindustan Aeronautics Ltd (HAL) and Response Plus Holding PJSC (RPM) will explore new opportunities for cooperation in the areas of emergency medical services, medical evacuation, helicopter emergency medical services (HEMS), and other mutually-beneficial fields in India, the Gulf, and the MENA (Middle East & North Africa) regions. RPM is a leading healthcare provider of emergency medical services & remote healthcare services.

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CAMSPay receives RBI authorisation to operate as payment aggregator

Computer Age Management Services Ltd’s (CAMS) payment platform, CAMSPay, has received in-principal authorisation from the Reserve Bank of India to operate as a payment aggregator. CAMSPAy has been supporting mutual fund investors, insurance policyholders, and loan borrowers for over a decade in enabling them to move from a paper-based mandate process to offering digital payment solutions.

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Vedanta declared preferred bidder for bauxite block in Odisha

Vedanta Ltd has been declared as preferred bidder for a bauxite block in Odisha. Sijimali bauxite block is located in the Rayagada and Kalahandi districts of Odisha. The mine is a strategic fit for Vedanta, given its size, location, and bauxite quality. The block has an estimated reserves of 311 million tonnes of bauxite.

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Adani Group’s debt servicing ratio at comfortable level

According to a credit note released by Adani Enterprises, the group’s total debt is expected to remain stable at ₹2.3 lakh crore for FY23 compared with that in the 12 months to September 2022. This reflects the reduced focus on debt-funded capital expenditure (capex) amid efforts to improve the group’s debt profile. The group’s debt was ₹1.9 lakh crore in FY22.

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CPI Inflation Spikes to 6.52% in Jan – Top Indian Market Updates

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

CPI inflation spikes to three-month high of 6.52% in Jan

India’s Consumer Price Index (CPI) or retail inflation rose to a three-month high at 6.52% in January 2023. The retail inflation rate had eased down to 5.72% in December. Food inflation surged from 4.19% in Dec to 5.94% in Jan. The inflation rate for fuel & light declined marginally from 10.97% to 10.84% in Jan.

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Nykaa Q3 Results: Net profit falls 68% YoY to ₹9 crore

FSN E-Commerce Ventures (Nykaa) reported a 68% YoY decline in consolidated net profit to ₹9 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 33% YoY to ₹1,462 crore during the same period. The company’s expenses stood at ₹1,455 crore in Q3, up 36% YoY. The gross merchandise value (GMV) grew 37% YoY to ₹2,796 crore.

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Natco Pharma submits application with USFDA for generic cancer drug

Natco Pharma has submitted a new application with the US Food & Drug Administration (USFDA) for marketing authorisation of the generic version of Olaparib tablets. The drug is used to treat certain forms of ovarian, breast, pancreatic, and prostate cancers. Olaparib tablets are marketed in the US by AstraZeneca under the Lynparza brand.

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Godrej Industries Q3 Results: Net profit jumps 117% YoY to ₹314 crore

Godrej Industries Ltd reported a 117% YoY jump in consolidated net profit to ₹314.58 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 9.3% YoY to ₹3,514.61 crore during the same period. Total expenses grew 8.12% YoY to ₹3,795.10 crore in Q3. EBITDA rose 53.9% YoY to ₹373.2 crore.

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Vodafone Idea in talks to refinance ₹3,000-4,000 crore of loans

According to an Economic Times report, Vodafone Idea (Vi) has started fresh talks with key lenders, including State Bank of India, Punjab National Bank, and HDFC Bank, to refinance loans worth ₹3,000-4,000 crore. Refinancing some debt will help free up cash for Vi. The telco urgently needs to pay substantial vendor dues to tower companies like Indus Towers and network equipment makers such as Ericsson and Nokia.

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Gujarat Gas Q3 Results: Net profit jumps 204% YoY to ₹371 crore

Gujarat Gas Ltd reported a 204% YoY jump in net profit to ₹371.26 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 27% YoY to ₹121.93 crore during the same period. Total expenses stood at ₹3,355.87 in Q3, down 34.4% YoY. The company added close to 48,600 new domestic customers and 228 commercial customers in Q3.

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Adani Group cuts revenue growth target, capex

The Adani Group has halved its revenue growth target and aims to scale down fresh capital expenditure. This move comes days after US-based short seller Hindenburg Research published a negative report on the conglomerate. The group will now aim for revenue growth of 15% to 20% for at least the next financial year (FY24), down from the 40% growth originally targeted.

In other news, Adani Group has pledged additional shares in favour of SBICAP Trustee (a subsidiary of SBI) as the group companies are required to maintain 140% collateral security coverage as per one of the conditions relating to an existing loan. 

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Balkrishna Industries Q3 Results: Net profit falls 68% YoY to ₹108 crore

Balkrishna Industries Ltd reported a 68% YoY decline in consolidated net profit to ₹108.38 crore for the quarter ended December (Q3 FY23). The tyre manufacturer’s revenue from operations rose 6% YoY to ₹2,165.57 crore during the same period. EBITDA stood at ₹314.26 crore in Q3, down 44% YoY. The company’s shares fell 11% today.

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Bharti Airtel’s Net Profit Rises 91% YoY in Q3 – Top Indian Market Updates

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

Bharti Airtel Q3 Results: Net profit rises 91% YoY to ₹1,588 crore

Bharti Airtel Ltd reported a 91% YoY increase in consolidated net profit to ₹1,588.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹35,804 crore during the same period. The telecom major’s average revenue per user (ARPU) increased from ₹163 in Q3 FY22 to ₹193 in Q3 FY23.

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Adani Group planning independent review

Adani Group is considering an independent evaluation of issues relating to legal compliance, related party transactions, and internal controls following a U.S. short-seller’s critical report on its businesses. On Jan 24, Hindenburg Research alleged that the group had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt. On Monday, Adani Group said it would pre-pay $1.11 billion of loans on shares.

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Adani Green Energy Q3 Results: Net profit jumps 110% YoY to ₹103 crore

Adani Green Energy Ltd (AGEL) reported a 110% YoY jump in consolidated net profit to ₹103 crore for the quarter ended December (Q3 FY23). The total income grew 53% YoY to ₹2,258 crore during the same period. Revenue from power supply increased 29% YoY to ₹1,260 crore in Q3.

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Jio launches 5G services in 10 more cities

Reliance Jio launched its True 5G services across 10 cities across eight states— Andhra Pradesh, Chhattisgarh, Odisha, Punjab, Rajasthan, Telangana, Uttar Pradesh, and Uttarakhand, with the total count of cities rising to 236. Jio users in these cities will be invited to the Jio Welcome Offer to experience unlimited data at up to 1 Gbps speeds at no additional cost.

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Hero MotoCorp Q3 Results: Net profit rises 4% YoY to ₹711 crore

Hero MotoCorp Ltd reported a 4% YoY increase in net profit to ₹711.06 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹8,031 crore during the same period. The two-wheeler maker sold 12.40 lakh units in Q3, down 4% YoY. The company’s board has approved an interim dividend of ₹65 per share.

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Dhampur Sugar completes expansion of distillery capacity at Uttar Pradesh unit

Dhampur Sugar Mills Ltd has completed the expansion work at its Dhampur unit in the Bijnor district of Uttar Pradesh. The sugar producer has completed the expansion of distillery capacity by 130 kilo-litres per day (KLPD) on “C” heavy molasses. With the setting up of a new distillery unit, the distillery capacity will go up to 350 KLPD. The new capacity was commissioned on February 5.

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Ambuja Cement Q3 Results: Net profit rises 46% YoY to ₹369 crore

Ambuja Cement Ltd reported a 46% YoY increase in net profit to ₹368.99 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 10% YoY to ₹4,128.52 crore during the same period. EBITDA grew 9.8% YoY to ₹626 crore in Q3. The company’s sales volume grew from 7.2 million tonnes per annum (MTPA) in Q3 FY22 to 7.7 MTPA in Q3 FY23.

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Blue Star detects cyber attack at certain locations

Air conditioning and commercial refrigeration firm Blue Star Ltd had detected a cyber-attack at certain locations. However, it has not found any material impact on the operations of the company due to this incident. Blue Star said all critical operational systems are functioning. But as a precautionary measure, restricted access and preventive checks have been put in place for employee and customer-facing portals & touchpoints.

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Ramco Cements Q3 Results: Net profit falls 32% YoY to ₹51 crore

Ramco Cements Ltd reported a 31.9% YoY decline in consolidated net profit to ₹51.21 crore for the quarter ended December (Q3 FY23). Its total income rose 29.6% YoY to ₹2,020.37 crore during the same period. The company’s cement sales volume grew 19% YoY to 3.57 million tonnes (MT) in Q3. Total expenses in the quarter stood at ₹1,925.61 crore, up 32.94% YoY. 

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Adani Promoters Prepay Loans Worth ₹8,000Cr – Top Indian Market Updates

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

Adani promoters prepay to ₹8,000Cr loans to release pledged shares

Promoters of Adani Group will pre-pay loans worth $1,114 million for the release of pledged shares ahead of maturity in September 2024. The promoter’s early payment will help release 168.27 million shares of Adani Ports, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green Energy. This move is an attempt to clear up investor worries about the Adani Group’s balance sheet and its capacity to make debt payments.

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Tata Steel Q3 Results: Net loss at ₹2,224 crore

Tata Steel Ltd reported a consolidated net loss of ₹2,224 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹9,572 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations fell 6% YoY to ₹57,084 crore in Q3 FY23. For the India business, the company has reported a profit of ₹1,918 crore with a revenue of ₹32,325 crore.

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Vodafone Idea partners with Motorola to drive 5G connectivity across 5G smartphone portfolio

Vodafone Idea has partnered with Motorola to ensure seamless 5G connectivity across its fifth-generation smartphone portfolio. Motorola has successfully tested its latest and most popular smartphone models on 3350 to 3400 MHz spectrum bands on Vi 5G network in New Delhi. On Friday, the Central govt approved the conversion of the troubled telco’s accumulated interest dues worth ₹16,000 crore into equity.

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Adani Transmission Q3 Results: Net profit rises 73% YoY to ₹478 crore

Adani Transmission reported a 73% YoY increase in consolidated net profit to ₹478 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 15.8% YoY to ₹3,037 crore during the same period. EBITDA stood at 1,708 crore in Q3, up 28.9% YoY. Adani Transmission is the transmission and distribution business arm of the Adani Group.

Read more here.

Indian Oil to sign MoU with LanzaJet for sustainable aviation fuel

Indian Oil Corp will sign a Memorandum of Understanding (MoU) with sustainable fuel tech provider LanzaJet to produce sustainable aviation fuel at its Panipat refinery in northern India. The company has a tie-up with LanzaTech for converting waste gas to ethanol, and U.S.-based LanzaJet will be helping in upgrading ethanol to jet fuel. 

Read more here.

Easy Trip Planners Q3 Results: Net profit rises 4% YoY to ₹42 crore

Easy Trip Planners Ltd reported a 4% YoY increase in consolidated net profit to ₹41.7 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 58% YoY to ₹136 crore during the same period. The company reported the highest-ever gross booking revenue (GBR) of ₹2,267 crore in Q3, driven by strong volume growth in the flight and hotels segment.

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Snowman Logistics takes 50,000 sq. ft warehousing space at Hosur industrial park

Snowman Logistics Ltd (SLL) has taken a 50,000 sq. ft warehousing space at Horizon Industrial Park, Hosur, Bengaluru. This will be SLL’s first dry warehouse and its largest with 5,500 pallet positions. Horizon Industrial Parks is a logistics platform in India, owned and managed by Blackstone Real Estate funds.

Read more here.

Auto retail sales rise 14% in January: FADA

According to the Federation of Automobile Dealers Association (FADA), automobile retail sales in India rose 14% year-on-year (YoY) to 18.27 lakh units in January. Passenger vehicle registrations rose by 22% YoY to 3.40 lakh units, while two-wheeler retails rose 10% YoY to 12.65 lakh units in Jan. Commercial vehicle registrations stood at 82,428 units last month, up 16% YoY.

Read more here.

Blue Star invests ₹350 crore in new plant

Blue Star Ltd has opened a new plant in Sri City, Andhra Pradesh. The factory’s first phase has a capacity of 3 lakh room AC units, with the potential to scale up to 1.2 million units by the financial year 2027 (FY27). The company has invested ₹350 crore in the present phase of the plant, with provision for an additional investment outlay of ₹200 crore by the time Phase-3 is launched in FY27.

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Titan’s Net Profit Falls 4% in Q3 – Top Indian Market Updates

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

Titan Q3 Results: Net profit falls 4% YoY to ₹951 crore

Titan Ltd reported a 4% YoY decline in net profit to ₹951 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 11% YoY to ₹10,444 crore during the same period. ​​The company’s jewellery business registered a total income of ₹9,518 crore in Q3, up 11% YoY. Titan’s eye care segment registered a 12% YoY growth in total income to ₹174 crore in Q3.

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Mahindra Electric Mobility merges with parent Mahindra & Mahindra

Mahindra Electric Mobility Ltd (MEML) has officially merged into the parent company, Mahindra and Mahindra Ltd (M&M). The merger received final approval from the National Company Law Tribunal (NCLT) on January 13. With this merger, M&M aims to synergise electric vehicle (EV) development, manufacturing, and sales operations.

Read more here.

HDFC Q3 Results: Net profit rises 13% YoY to ₹3,691 crore

HDFC Ltd reported a 13% YoY increase in net profit to ₹3,691 crore for the quarter ended December (Q3 FY23). The mortgage lender’s revenue from operations grew 29% YoY to ₹15,230 crore during the same period. Income from interest stood at ₹14,457 crore in Q3, up 30% YoY. Dividend income more than doubled to ₹482 crore in Q3.

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Reliance Retail begins accepting govt’s digital rupee for sales

Reliance Retail has started accepting retail payments via the Indian government’s Digital Rupee across its stores in the country. The company launched the first in-store acceptance of the RBI-created and blockchain-based Central Bank Digital Currency (CBDC) at its gourmet food store Freshpik. The CBDC is the digital version of fiat money that will co-exist will hard cash.

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Dabur India Q3 Results: Net profit falls 5% YoY to ₹476 crore

Dabur India Ltd reported a 5.4% YoY decline in consolidated net profit to ₹476 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.4% YoY to ₹3,043.2 crore during the same period. Dabur’s homecare business registered a strong 18% YoY growth in Q3. The company said it is facing many adverse conditions in the rural markets due to inflationary pressures.   

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Bharti Airtel completes merger of Nettle Infrastructure, Telesonic Networks

Bharti Airtel Ltd has completed the merger of its wholly-owned subsidiaries Nettle Infrastructure Investments Ltd and Telesonic Networks Ltd. Around 30,000 non-convertible debentures (NCDs) of the face value of ₹10,00,000 each (aggregating to ₹3,000 crore) and 17,500 listed commercial papers of 5,00,000 each (aggregating to ₹875 crore) issued by Telesonic will also be transferred to Bharti Airtel.

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SBI gave loans worth ₹21,000 crore to Adani Group firms: Report

According to a Bloomberg report, India’s largest public lender State Bank of India (SBI_ has given loans of as much as ₹21,000 crore to Adani Group firms. SBI’s exposure includes $200 million from Adani’s overseas units. Reuters reported that the Reserve Bank of India had asked public sector banks for details of their exposure to the Adani Group of companies. Adani Group firms’ stocks lost a combined market capitalisation of over ₹8.2 lakh crore in the past week due to a scathing report by US-based short seller firm Hindenburg Research. 

Read more here.

Apollo Tyres Q3 Results: Net profit rises 30% YoY to ₹292 crore

Apollo Tyres Ltd reported a 30% YoY increase in consolidated net profit to ₹292 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 13% YoY to ₹6,423 crore during the same period. Input costs eased to some extent in the past quarter, which helped the tyre manufacturer improve margins.

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Tata Consumer Q3 Results: Net profit rises 26% YoY to ₹364 crore

Tata Consumer Products reported a 26% YoY increase in consolidated net profit to ₹364.43 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 8.3% YoY to ₹3,474.5 crore during the same period. The FMCG company’s EBITDA stood at ₹458 crore, down 2% YoY. The coffee business recorded revenue growth of 34% YoY, while its India foods business registered a 29% revenue growth in Q3.

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Bajaj Finserv’s Net Profit Rises 42% YoY in Q3 – Top Indian Market Updates

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

Bajaj Finserv Q3 Results: Net profit rises 42% YoY to ₹1,782 crore

Bajaj Finserv reported a 42% YoY increase in consolidated net profit to ₹1,782 crore for the quarter ended December (Q3 FY23). Its total income rose 23% YoY to ₹17,620 crore during the same period. Among its subsidiaries, Bajaj Finance recorded the highest ever quarterly consolidated quarterly profit of ₹2,973 crore in Q3. Meanwhile, Bajaj Allianz General Insurance Company (BAGIC) saw its profit fall 9% YoY to ₹278 crore.

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Sun Pharma acquires three brands to strengthen its anti-inflammatory portfolio

Sun Pharmaceutical Industries Ltd has acquired three brands— Disperzyme, Disperzyme -CD, and Phlogam— from Mumbai-based Aksigen Hospital Care. The acquisition of these brands will strengthen Sun Pharma’s anti-inflammatory drug portfolio. The three brands are approved by the Drugs Controller General of India (DCGI). Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company.  

Read more here.

Tech Mahindra Q3 Results: Net profit falls 5% YoY to ₹1,296 crore

Tech Mahindra Ltd reported a 5% YoY decline in consolidated net profit to ₹1,296.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹13,734.6 crore during the same period. EBITDA stood at ₹2,144 crore in Q3, down 4.1% YoY. Net new deal wins for the quarter was $795 million, higher than $716 million a quarter ago and $704 million a year ago.

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Adani Group fails to answer 62 of our 88 questions: Hindenburg Research

After Adani Group denied all claims over the weekend, Hindenburg Research said the group had failed to specifically answer 62 out of the 88 questions that the firm had posed to the group. The research firm also claims that its report highlights numerous irregularities and connections between suspected offshore stock parking entities and Adani Promoters and raised key questions about whether promoter holdings were fully disclosed.

Read more here.

Laurus Labs Q3 Results: Net profit rises 32% YoY to ₹203 crore

Laurus Labs reported a 32% YoY increase in net profit to ₹203 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 50.16% YoY to ₹1,544.82 crore during the same period. Total expenses rose 52.7% YoY to ₹1,268.4 crore in Q3. EBITDA stood at ₹404 crore in Q3, up 39% YoY. 

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ITC inaugurates ₹450 crore food manufacturing, logistics facility in Telangana

Telangana Minister for IT and Industries K T Rama Rao inaugurated FMCG major ITC Ltd’s state-of-the-art Integrated Food Manufacturing and Logistics Facility at Medak. Spread over nearly 59 acres of land, the food processing facility with a built-up area of 6.5 lakh sq. ft. entails an initial investment outlay of ₹450 crore. ITC said the new unit will create large-scale livelihoods across sustainable agri-value chains.

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PNB Q3 Results: Net profit falls 44% YoY to ₹628 crore

Punjab National Bank (PNB) reported a 44% YoY decline in net profit to ₹628.88 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 17.6% YoY to ₹9,179.4 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 12.88% in Q3 FY22 to 9.80% in Q3 FY23. Provisions increased 40% YoY to ₹4,713 crore in Q3 FY23.

[NII is the difference between the interest income a bank receives from lending activities and the interest it pays depositors.]

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GAIL Q3 Results: Net profit falls 93% YoY to ₹246 crore

GAIL (India) Ltd reported a 93% YoY decline in net profit to ₹246 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 37% YoY to ₹35,380 crore during the same period. The company recorded a natural gas marketing loss of ₹86.02 crore, compared to a profit of ₹1,750 crore a year ago.

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Adani Enterprises will postpone expansion plan if the FPO fails: CFO

Adani Enterprises Ltd will postpone its growth and expansion program for the next 6-9 months if its ₹20,000-crore follow-on public offer (FPO) does not go through, said Adani group Chief Financial Officer Jugeshinder Singh. In a fresh response to the questions raised by Hindenburg Research, Adani Group said the research firm is an ‘unethical’ short seller and it published the report to manipulate and depress the stock price and create a false market.

In other news, Abu Dhabi-based International Holding Company PJSC has subscribed to Adani Enterprises’ FPO by investing ~$400 million.

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L&T Q3 Results: Net profit rises 24% YoY to ₹2,553 crore

Larsen & Toubro Ltd reported a 24% YoY increase in consolidated net profit to ₹2,553 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 17% YoY to ₹46,390 crore during the same period. The company received orders worth ₹60,710 crore at the group level during Q3. The infrastructure projects segment secured order inflows of ₹32,530 crore, recording a growth of 28% YoY.

Read more here.

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Tata Motors Posts First Quarterly Profit in 2 Years – Top Indian Market Updates

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

Tata Motors Q3 Results: Net profit at ₹2,957 crore

Tata Motors Ltd reported a consolidated net profit of ₹2,957.71 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹1,516 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 22.5% YoY to ₹88,488.59 in Q3 FY23. The automaker’s EBITDA stood at ₹9,900 crore, up 11% YoY. Jaguar Land Rover’s revenue rose 28% YoY to £6 billion (~₹60,250 crore) in Q3.

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Adani Group stocks lose up to 10% after Hindenburg reveals short positions

Investment research firm Hindenburg Research published a report stating that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. Hindenburg said key listed companies in the group had substantial debt, which has put the entire group on an uncertain financial footing. The firm holds short positions in companies owned by billionaire Gautam Adani. Shares of Adani Group stocks fell up to 10% today after the news broke out.

Adani Group’s Chief Financial Officer, Jugeshinder Singh, said in a statement that the company was shocked by the report, calling it a “malicious combination of selective misinformation and stale, baseless and discredited allegations.”

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Hero MotoCorp commences deliveries of electric scooter VIDA in Delhi

Hero MotoCorp has commenced deliveries of its electric scooter VIDA V1 in Delhi after having started the process in Bengaluru and Jaipur. The company is planning a rapid expansion of its sales and charging network across multiple cities coinciding with the start of the sales process. Hero MotoCorp launched VIDA V1 in October last year in two variants— Pro and Plus.

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Sun Pharma launches phenobarbital sodium injection in US

Sun Pharmaceutical Industries Ltd launched its phenobarbital sodium injection, SEZABY, in the US. SEZABY is the first and only product approved by the US Food & Drug Administration (USFDA) for the treatment of neonatal seizures in term and preterm infants. Neonatal seizures are bursts of electrical activity in a newborn’s brain that can be a sign of brain conditions or injuries.  

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Bajaj Auto Q3 Results: Net profit rises 23% YoY to ₹1,491 crore

Bajaj Auto Ltd reported a 23% YoY increase in net profit to 1,491.42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.3% YoY to ₹9,315.14 crore during the same period. EBITDA rose by a sharp 29.4% YoY to Rs 1,777 crore in Q3. The revenue growth was moderate due to a sharp fall in exports, which offset the double-digit growth in domestic business.

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Vi launches rural retail touchpoints

Vodafone Idea (Vi) has launched nearly 1,100 new format physical touchpoints under the name “Vi Shops” across Tier 3 markets in 18 Indian states. The telecom operator aims to protect its rural consumer base, which is increasingly emerging as a significant target of rivals Reliance Jio and Bharti Airtel. The new retail touchpoints will deliver a uniform experience to Vi’s local customers and enable quick support.

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Dr. Reddy’s Labs Q3 Results: Net profit rises 77% YoY to ₹1,247 crore

Dr. Reddy’s Laboratories Ltd reported a 77% YoY increase in net profit to ₹1,247 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 27% YoY to ₹6,770 crore during the same period. EBITDA grew 14.3% YoY to ₹1,407.56 crore in Q3. Revenues in the global generics segment stood at ₹5,924.1 crore, up 33% YoY.

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Happiest Minds acquires Madurai-based IT services firm SMI for ₹111 crore

Happiest Minds Technologies Ltd has acquired a 100% stake in Madurai-based Sri Mookambika Infosolutions (SMI) for ₹111 crore. With 400-plus offshore-based employees, SMI has an annual run rate in revenues of $9 million. SMI provides product engineering services to its US customers around enterprise applications & integrations, digital data platform services, and mobility services.

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DLF Q3 Results: Net profit rises 36% YoY to ₹519 crore

DLF Limited reported a 36% YoY increase in consolidated net profit to ₹519.21 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.5% YoY to ₹1,494.8  crore during the same period. EBITDA was down 8.5% YoY to ₹477.2 crore in Q3. The realty company’s expenses in the quarter fell almost 5% YoY to ₹1,151.62 crore.

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Steel Prices Rise to 3-Month High in Jan – Top Indian Market Updates

steel

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

Steel prices rise to 3-month high of ₹56,900 per tonne in Jan: SteelMint

According to a SteelMint report, steel prices increased by 5% to hit a three-month high of ₹56,900 per tonne in January. Prices of coking coal have risen in January to $310 per tonne from $279 a tonne in December 2022. India remains dependent on imports to meet over 85% of its coking coal requirements.

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Axis Bank enters into revised pact to acquire additional 7% stake in Max Life

Axis Bank has entered into a revised agreement with Max Financial Services to acquire an additional 7% stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in the agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October 2022. Discounted cash flow refers to the estimated value of an investment based on future cash flows.

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Coal India subsidiary NCL to start M-Sand production

Northern Coalfields Ltd (NCL), a subsidiary of Coal India Ltd, will soon start production of M-Sand, a material used for construction works. NCL will start production of M-Sand or Manufactured Sand for its Amlohri project in Madhya Pradesh.

In other news, CIL has issued Letters of Acceptance for nine coal mining projects to be operationalised through the engagement of mine developers and operators. These 9 projects have a production capacity of around 127 million tonnes (MT).

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NTPC produces 14.55 MT coal from captive mines in April-December

State-owned NTPC’s coal production increased 51% year-on-year (YoY) from its captive mines to 14.55 million tonnes (MT) in April-December 2022. Its four operational coal mines have contributed to accomplishing the highest-ever monthly coal production of 22.83 lakh tonnes in December 2022. In the third quarter (Q3 FY23), NTPC produced 5.79 MT of coal and dispatched 5.42 MT to its power plants.

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Glenmark Pharma launches generic version of diuretic Bumetanide injection

Glenmark Pharmaceuticals Ltd’s US arm has launched its generic version of diuretic Bumetanide injection. Bumetanide is used to reduce extra fluid in the body (edema) caused by conditions like congestive heart failure, liver disease, and kidney disease. According to IQVIA sales data, the generic version of this injection achieved annual sales of approx. $16.5 million for the 12 months ended November 2022.

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Non-promoter shareholders allowed to sell stake via OFS: Sebi

The Securities and Exchange Board of India (SEBI) has modified the existing framework for conducting an offer for sale (OFS) of securities by companies by allowing non-promoter stakeholders to opt for the same. Until now, only promoter and promoter group entities were allowed to sell stakes through an OFS on the stock exchanges. The OFS mechanism will now be available to companies with a market capitalisation of ₹1,000 crore and above.

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PSP Projects wins ₹1,344 crore order from Surat Municipal Corporation

PSP Projects Ltd. has secured a government project worth Rs 1,344.01 crore from the Surat Municipal Corporation (SMC). The company will construct a state-of-the-art high-rise office building for SMC in Surat, Gujarat. With this latest order, the total order inflow of PSP Projects has increased to ₹3,292.59 crore in the current financial year (FY23). 

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​​Indian Overseas Bank revises interest rates up to 45 basis points

Indian Overseas Bank (IOB) has revised interest rates on rupee retail term deposits up to 45 basis points (bps) with immediate effect. Depositors of the domestic, non-resident ordinary (NRO), and non-resident external (NRE) would receive interest rates up to 7.75% by opening term deposits for 444 days. The interest rate on foreign currency deposits has also increased by up to 100 bps.

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Zydus Lifesciences gets final USFDA approval for Febuxostat tablet

Zydus Lifesciences has received final approval from the United States Food & Drug Administration (USFDA) to market Febuxostat tablets. The tablets are prescribed for lowering or controlling high uric acid levels in patients suffering from gout (or severe arthritis). It will be produced at the pharma company’s formulation manufacturing facility at Moraiya, near Ahmedabad.

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Adani-led group completes purchase of Israel’s Haifa Port

A consortium led by India’s Adani Group has completed the purchase of Haifa Port in northern Israel for 4 billion shekels ($1.15 billion). Israel has been selling its state-owned ports and building new private docks to bring down costs and cut above-average waiting times for vessels to unload. The entry of the Shanghai International Port Group (SIPG) and the Adani-led group will likely boost Israel’s standing as a regional trade hub.

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Cabinet Approves Rs 19,744Cr for National Green Hydrogen Mission – Top Indian Market Updates

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

Cabinet approves ₹19,744 crore for National Green Hydrogen Mission

The Union Cabinet has approved provisions of the National Green Hydrogen Mission. It has sanctioned ₹19,744 crore for implementation of the project. The mission aims to provide direct incentives for manufacturing green hydrogen and generating hydrogen from green power sources. Incentives will also be given for manufacturing electrolysers in India for five years.

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Adani plans to focus on digital expansion in 2023: Report

According to a Times of India report, Adani Group’s chairman Gautam Adani has been planning to roll out enterprise 5G services and consumer apps this year. He will be focusing on building AI-ML (artificial intelligence & machine learning) & industrial cloud capabilities and expanding data centres. Rolling out its 5G services and business-to-consumer (B2C) apps to digitally onboard millions of customers will be the company’s priority in 2023.

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Switch Mobility, JBM Auto, PMI Electro Mobility win e-bus contracts from Centre

Ashok Leyland’s Switch Mobility, JBM Auto, and PMI Electro Mobility have emerged as the lowest bidders for a $362.24 million (~₹3,000 crore) tender floated by state-run Convergence Energy Services Ltd (CESL). Switch Mobility will supply 2,600 electric buses in three states, JBM Auto 1,781 e-buses in three states, and PMI Electro quoted the lowest for the supply of 2,080 electric buses in two states.

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Housing demand across India rises 19% in Q3

The Magicbricks’ PropIndex report for the quarter ended Dec (Q3 FY22) said the aggregate residential demand (indicated by searches) increased 19% YoY led by major cities such as Mumbai with a 52.1% rise, Noida 35.8%, Gurgaon 34.5%, Delhi 14.8% and Bengaluru with 33% growth. The average property rates increased 13.9% YoY, and the cumulative supply (indicated by listings) grew 2.7% YoY.

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Vedanta’s aluminium production falls 2% in Q3

Vedanta Ltd’s total aluminum production declined by 2% YoY to 5.66 lakh tonne in the three months ended December 2022. Alumina production at Lanjigarh refinery in Odisha FELL 6% YoY and 2% from the previous quarter to 4.43 lakh tonne due to maintenance activities in calciners. Total production of finished steel was at 3.06 lakh tonne in Q3, down by 13% YoY.

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RailTel to monetise Wi-Fi footfalls in rail stations, eyes ₹250 crore revenue in 5 years

RailTel Corporation of India Ltd has initiated a Wi-Fi monetisation project covering more than 6,100 railway stations across India where a public Wi-Fi network has already been made available by the company. The company has signed a five-year agreement with three partners— 3i Infotech Ltd, Forensics Intelligence Surveillance & Security Technologies Private Ltd, and Yellow Inc for the project. 

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RBI lifts restrictions imposed on Mahindra Finance

Reserve Bank of India has lifted restrictions on Mahindra & Mahindra Financial Services Limited on loan recovery via third-party services. On September 22, 2022, RBI directed the company to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. The company was allowed to carry out recovery or repossession activities through its own employees.

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NTPC’s power generation jumps 11% to 254 BU in April-December 2022

NTPC Ltd has reported an 11.6% year-on-year (YoY) growth in power generation during the April-December period in FY23. The state-owned company generated 295.4 billion (BU) of power during the period. The coal-based thermal power plants of the company utilised 73.7 percent of their capacity, a jump from 68.5 percent utilisation in the year-ago period. NTPC also commissioned India’s first green hydrogen blending project on Tuesday.

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Adani to Pay Extra ₹26Cr to NDTV Open Offer Sellers – Top Indian Market Updates

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

Adani Group to pay additional ₹48.65 per share to NDTV open offer sellers 

Adani Enterprises Ltd will pay an additional ₹48.56 per share for the NDTV shares it bought under its open offer. This is to match the price that was paid to NDTV founder-promoters (Prannoy Roy and Radhika Roy) who sold most of their stake to the Adani Group last week. With the additional payment in place, NDTV investors who sold their shares in the open offer will receive ₹342.65 per share. Earlier, the offer price offered by Adani was ₹294 per share.  

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RIL, Adani Group, NTPC among 7 bidders for SKS Power

SKS Power Generation’s lenders have received seven bids to take over the distressed power producer. Reliance Industries, the Adani Group, NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management have submitted final bids to take over the distressed company. SKS Power owes ₹1,890 crore to Bank of Baroda and State Bank of India. 

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EV industry seeks extension of subsidies under FAME-II in Budget

The Society of Manufacturers of Electric Vehicles (SMEV) has sought an extension of subsidies for EVs under the FAME-II scheme. The industry has also sought the inclusion of light to heavy commercial vehicles in it to promote electric mobility. In its pre-Budget recommendations, the industry body also called for a uniform 5% Goods & Services Tax (GST) on spare parts for electric vehicles.

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HDFC Bank partners with Microsoft for digital transformation journey

HDFC Bank is partnering with Microsoft in the next phase of its digital transformation. The private sector lender is developing in-house Internet Protocols (IPs) and collaborating with several fintech companies to co-create technology IPs. HDFC Bank will leverage Microsoft Azure to modernise its enterprise data landscape and scale its information management capabilities across enterprise reporting and advanced analytics using artificial intelligence.

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India’s coal production rises 16% to 608 MT in April-Dec: Govt

India’s coal output rose by 16.39% year-on-year (YoY) to 607.97 million tonnes (MT) during the April-December period of the current financial year (FY23). Coal production by Coal India Ltd (which accounts for over 80% of the domestic output of coal) rose 15.82% YoY to 479.05 MT during the same period.

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L&T Construction wins orders from Madhya Pradesh

Larsen and Toubro Ltd’s water and effluent treatment business has secured repeat orders from the Government of Madhya Pradesh to execute two lift irrigation projects. The project will irrigate 2.05 lakh hectares of land that covers over 500 villages in the Dewas and Dhar districts in Madhya Pradesh. It will lift 60 cubic metre per second of water from the Narmada River to irrigate farmlands, benefitting 3,00,000 farmers in the process

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Granules to use Greenko’s clean energy for proposed ₹2,000 crore plant in Kakinada

Granules India has entered into a strategic partnership with Greenko Group to develop Integrated Green Pharmaceutical Zones (GPZ), starting with Kakinada, Andhra Pradesh. The company will use carbon-free energy and green hydrogen derivatives supplied by Greenko ZeroC, beginning with its proposed ₹2,000 crore greenfield plant in Kakinada spread across 100 acres. The investment will be spread across 5 years. 

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ONGC’s ‘Sagar Samrat’ starts oil, gas output in Arabian Sea

ONGC’s vintage offshore drilling rig ‘Sagar Samrat’ has been commissioned as a Mobile Offshore Production Unit (MOPU) in the Arabian Sea. It will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic metres per day. The MOPU is expected to add 6,000 barrels per day of oil to ONGC’s production in the coming days.

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NTPC starts India’s first green hydrogen blending operation in PNG network

NTPC Ltd has started India’s first green hydrogen blending operation in the piped natural gas (PNG) network of its township in Kawas, Surat. The project is a joint effort of NTPC and Gujarat Gas Ltd (GGL). This set-up is geared up to supply H2-NG (natural gas) to households of Kawas township. 

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Adani Group to Get Control of NDTV – Top Indian Market Updates

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

Adani Group to get NDTV control as promoters decide to sell bulk of their stake

New Delhi Television Ltd’s (NDTV) founders Prannoy Roy and his wife Radhika Roy have decided to transfer most of their shares in the company to the Adani Group. This will give Gautam Adani’s conglomerate control of about 65% of the news broadcaster. The founders will sell a 27.26% stake of their remaining 32.26% shareholding in NDTV to an entity owned by Adani.

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Puravankara, Purva Real Estate Fund acquires 100 acres of land in Chennai

Puravankara Ltd and Purva Real Estate Fund have acquired more than 100 acres of land for plotted development in a deal valued around ₹200 crore in Chennai. The proposed project at Guduvanchery is expected to have a total revenue potential of over ₹900 crore. Guduvanchery is an upcoming real-estate hub for Chennai. Puravankara plans to launch three more plotted development projects by March 2023.

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Tata Power secures ₹450 crore sustainable trade finance from Japan’s MUFG

Japan’s MUFG Bank has executed a ₹450 crore sustainable trade finance facility for Tata Power. This credit facility was extended for solar projects under TP Kirnali Limited (TPKL). TPKL is a wholly-owned subsidiary of Tata Power Renewable Energy Ltd (TPREL), a clean energy platform.

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Godrej Properties to develop residential project on 14.27 acres in Gurugram

Godrej Properties Ltd (GPL) has entered into an agreement to develop 14.27 acres of land in Gurugram, Haryana, with an estimated revenue potential of ₹3,000 crore. The development will comprise predominantly premium residential apartments. This will be one of GPL’s largest residential developments in Gurugram and significantly strengthen its presence in the city.

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Vedanta declared as preferred bidder for Bicholim mineral

Vedanta Ltd has been declared as the preferred bidder for the Bicholim mineral block in Goa. The iron ore mines had resources of 84.92 million tonnes. Goa government has earlier invited tenders to participate in the electronic auction for granting mining leases in respect of iron ore mines in the state. 

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NCLT approves merger of Jindal Stainless and Jindal Stainless (Hisar)

Jindal Stainless has received regulatory approval for its merger with Jindal Stainless (Hisar) from the National Company Law Tribunal (NCLT). The two companies had been demerged in 2015 as part of a financial and operational restructuring exercise to bring down the cost of borrowing. Jindal Stainless had a debt of over ₹8,500 crore, which prompted the restructuring.

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Bharat Highways InvIT files draft papers with SEBI for IPO

Bharat Highways InvIT has filed a draft prospectus with the capital markets regulator SEBI to raise ₹2,000 crore through an initial public offering. Proceeds of the issue will be used to repay certain loans obtained by the project special purpose vehicles (SPV) and for general corporate purposes. As per the draft papers, Bharat Highways InvIT would issue units aggregating up to ₹2,000 crore.

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2,613 air incidents reported in India during five years; IndiGo tops the list: Govt

The Ministry of Civil Aviation (MoCA) said there has been a long list of air incidents reported in the last five years involving domestic airlines and added that 12 of these airline companies are presently operating in India. There were a total of 2,613 air incidents reported due to technical snags in the five years in which IndiGo airlines topped the list. IndiGo reported 215 incidents so far in 2022 and 885 incidents over five years.

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