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Adani Ports’ Net Profit Jumps 285% YoY in Q4 – Top Indian Market News

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Adani Ports Q4 Results: Net profit jumps 285% YoY to Rs 1,288 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 285% year-on-year (YoY) jump in net profit to Rs 1,288 crore for the quarter ended March (Q4). Its revenue rose 24% YoY to Rs 3,608 crore during the same period. Total cargo volumes handled by the company rose 27% YoY to 73 million metric tonnes (MMT) in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 32.7% YoY to Rs 4,994 crore. APSEZ’s board has recommended a dividend of Rs 5 per share.

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IPL 2021 suspended after multiple cases of Covid-19 reported in bio-bubbles

The Indian Premier League (IPL) 2021 has been postponed indefinitely after multiple positive cases of Covid-19 were reported within its bio-bubbles. A total of 29 out of the scheduled 56 league games were played this season. As per reports, the BCCI stands to lose over Rs 2,000 crore of the broadcast and sponsorship money earmarked for this year’s IPL.

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HAL signs MoU with Rolls-Royce for MT30 marine engine installation in India

Hindustan Aeronautics Ltd (HAL) and UK-based Rolls-Royce have signed a Memorandum of Understanding (MoU) to establish packaging, installation, marketing, and services support for Rolls-Royce MT30 marine engines in India. The MT30 is the world’s most power-dense, best-in-class naval gas turbine. It has the potential to provide next-generation capabilities to the Indian Navy’s future fleet. This partnership will leverage the rich experience of HAL’s Industrial and Marine Gas Turbine (IMGT) Division that works on marine gas turbines with Indian shipyards.

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RBL Bank Q4 Results: Net profit falls 34% YoY to Rs 75 crore 

RBL Bank reported a 34% YoY decline in net profit to Rs 75 crore for the quarter ended March (Q4). Net interest income (NII) has declined by 11% YoY to Rs 906 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (GNPAs) ratio stood at 4.37%, compared with 4.57% in the preceding quarter (Q3 FY21). RBL Bank’s deposits increased by 26% YoY to Rs 73,121 crore in Q4 FY21.

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Wipro to set up Innovation Centre in London; to invest £16 million

Wipro Limited has announced the setting up of an Innovation Centre in Holborn, London. The IT services company will invest £16 million (~Rs 164 crore) over the next four years in the 20,000 sq ft. centre. The Innovation Centre will serve as Wipro’s flagship centre in the United Kingdom and offer digital, cybersecurity, and cloud expertise to enterprises around the globe. 

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Alembic Pharma Q4 Results: Net profit rises 12% YoY to Rs 251 crore

Alembic Pharmaceuticals Ltd reported a 12% YoY increase in consolidated net profit to Rs 251 crore for the quarter ended March (Q4). Its revenue from operations rose 6% YoY to Rs 1,280 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 42% YoY to Rs 1,178 crore. Its Indian branded formulations business grew 5% YoY to Rs 1,497 crore in FY21. The pharma company’s board has recommended a dividend of Rs 14 per share.

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HCL Tech engages in multi-year contract with Hitachi ABB Power Grids

HCL Technologies Ltd has entered into a multi-year contract with Hitachi ABB Power Grids to build a new greenfield digital foundation as part of a global transformation program. HCL Tech will help Hitachi ABB Power Grids to establish a new, efficient, and independent IT organisation. By leveraging HCL’s Cloud Smart offerings, Hitachi ABB Power Grids will benefit from an adaptive portfolio with innovative cloud services driven by intelligent automation and a powerful partner ecosystem.

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Bajaj Healthcare launches Favipiravir tablets to treat mild-to-moderate Covid-19 cases

Bajaj Healthcare Limited (BHL) has announced the launch of antiviral drug Favipiravir, used for treating mild to moderate Covid-19 infections in India. The tablets will be sold under the ‘Favijaj’ brand. The pharma company has successfully developed the Active Pharmaceutical Ingredient (API) and the formulation for Favipiravir through its own in-house research and development (R&D) team. The drug will be available as a prescription-based medication.

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Anupam Rasayan to invest Rs 43 crore to set up a 12.5 MW solar power plant

Anupam Rasayan India Ltd said it will invest Rs 43 crore to set up a 12.5 megawatt (MW) solar power plant. The company will utilise the proceeds from its IPO to fund this project. The proposed solar power plant will cater to the energy requirements of Anupam Rasayan’s major manufacturing units. The specialty chemicals company currently operates six manufacturing facilities in Gujarat.

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Suven Life Sciences Q4 Results: Net loss at Rs 21.6 crore

Suven Life Sciences Ltd reported a consolidated net loss of Rs 21.6 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 25.74 crore in the corresponding period last year (Q4 FY20). Total income declined by 75.3% YoY to Rs 2.88 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), consolidated net loss stands at Rs 72.45 crore.

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Adani Total Gas Q4 Results: Net profit rises 18% YoY to Rs 143 crore

Adani Total Gas Limited (ATGL) reported an 18.38% YoY increase in net profit to Rs 143.73 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 584.48 crore during the same period. The number of ATGL’s standalone CNG stations increased to 217 in Q4, with 102 stations being added in FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 6% YoY to Rs 462 crore.

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L&T Infotech Q4 Results: Net profit rises 27% YoY to Rs 545 crore

L&T Infotech Limited reported a 27% YoY increase in consolidated net profit to Rs 545 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 5%. Its revenue from operations rose 9.42% YoY to Rs 3,372.4 crore during the same period. The company’s board has declared a final dividend of Rs 25 per share.

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Reliance Industries’ Net Profit Rises 12% YoY to Rs 13,101 crore – Top Indian Market News

Reliance Industries Q3 Results: Net profit rises 12% YoY to Rs 13,101 crore

Reliance Industries Ltd (RIL) reported a 12.5% YoY increase in consolidated net profit to Rs 13,101 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 11,640 crore during the corresponding period in FY20. RIL’s consolidated revenue declined 21% YoY to Rs 1.23 lakh crore in Q3 FY21. The weak topline performance of the company was attributed to the continued struggles of the refining business. The revenues of the refining and petrochemical business, which contribute nearly two-thirds to RIL’s topline revenues, fell to Rs 83,838 crore in Q3.

Reliance Jio Infocomm Ltd reported a 15.5% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 3,489 crore for the quarter ended December (Q3). Revenue from operations increased 5.3% QoQ to Rs 19,475 crore. The telecom company witnessed a net addition of 52 lakh customers during the same period. The average revenue per user (ARPU) came at Rs 151 per subscriber per month.

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Grasim to enter paints business with Rs 5,000 crore investment

Aditya Birla Group’s flagship company, Grasim Industries Ltd, announced its plans to enter the paints business with an initial investment of Rs 5,000 crore over the next 3 years. Kumar Mangalam Birla, Chairman of Aditya Birla Group, stated that Grasim’s entry into the paints segment will add size, scale, and diversity to its existing portfolio of established standalone businesses. Grasim will offer a wide choice to Indian consumers, as it plans to introduce the latest range of paint products in line with global mega-trends.

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Yes Bank Q3 Results: Net profit rises to Rs 151 crore

Yes Bank Ltd reported a net profit of Rs 150.7 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 18,560 crore in the corresponding period in FY20. Net interest income (NII) jumped more than two-fold YoY to Rs 2,560.4 crore. The bank’s gross non-performing asset (NPA) ratio stood at 15.36% compared with 16.9% in the July-September quarter (Q2 FY21). 

Yes Bank’s board has voted in favour of raising funds worth Rs 10,000 crore via qualified institutional placement (QIP), non-convertible debentures (NCDs), etc.

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Adani Total Gas, Torrent Gas acquires 5% stake each in Indian Gas Exchange

Adani Total Gas and Torrent Gas have acquired a 5% stake each in the Indian Gas Exchange (IGX). Both companies have spent Rs 3.69 crore each for acquiring the stake.  IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX) and is the first authorised gas exchange in the country. It has 16 members and more than 500 registered clients, along with 3 physical hubs across Gujarat and Andhra Pradesh.

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JSW Steel Q3 Results: Net profit jumps 13-fold to Rs 2,681 crore

JSW Steel Ltd reported a 12.70 times (or 1,170%) YoY jump in consolidated net profit to Rs 2,681 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 211 crore in the corresponding period in FY20. Revenue from operations rose 21.1% YoY to Rs 21,859 crore in Q3 FY21. Its average capacity utilisation improved to 91%, compared to 86% in the September quarter (Q2 FY21). JSW Steel’s performance in Q3 was driven by robust operating income amid a strong demand environment.

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NTPC declares 150 MW unit of Kameng Hydro-Electric Project commercially operational

NTPC Limited announced that the 150 megawatt (MW) unit of Kameng Hydro-Electric Project of its subsidiary, North Eastern Electric Power Corporation, is commercially operational. With this, the commissioned and commercial capacity of the NTPC group has become 63,785 MW and 63,125 MW, respectively. [NTPC Ltd is a state-owned power generation company]

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Indian Bank Q3 Results: Profit rises 108% YoY to Rs 514 crore

Indian Bank Ltd reported a 108% YoY increase in profit to Rs 514.28 crore for the quarter ended December (Q3). The bank’s net interest income (NII) jumped 120% YoY to Rs 4,313.3 crore during the same period. Gross non-performing assets (NPAs) as a percentage of assets rose to 9.04% in Q3. Indian Bank’s board has approved a proposal to raise Rs 4,000 crore through qualified institutional placements (QIP), follow-on public offer (FPO), or rights issue.

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Om Metals Infra receives LoA for Shahpurkandi power house project

Om Metals Infraprojects Ltd has received a letter of award (LoA) from the Water Resources Department, Govt. of Punjab, for project works of Shahpurkandi power-house project. The estimated value of the contract is Rs 621 crore. The company will construct two power houses as part of the Hydel Channel of Shahpurkandi Dam Project via an engineering, procurement, and construction (EPC) mode. 

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SBI Life Q3 Results: Profit falls 40% YoY to Rs 232 crore

SBI Life Insurance Ltd reported a 40.2% YoY decline in profit to Rs 232.85 crore for the quarter ended December (Q3). Net premium income rose to Rs 13,766.49 crore in Q3 FY21, as compared to Rs 11,694.51 crore in Q3 FY20. The company has kept an additional reserve of Rs 70.38 crore for Covid-19 pandemic-related liabilities.

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Alembic Pharma gets USFDA approval for orthostatic hypotension tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)- Midodrine Hydrochloride Tablets USP. The tablets are indicated for the treatment of symptomatic orthostatic hypotension (OH). OH refers to a sudden drop in blood pressure when you stand from a seated or prone (lying down) position. According to IQVIA data, the tablets had an estimated market size of $60 million (~Rs 437 crore) for the twelve months ended September 2020.

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Indigo Paints IPO subscribed over 117 times on final day

The initial public offering (IPO) of Indigo Paints was subscribed 117.02 times on the final day of the bidding process. The issue received bids for 64.57 crore shares against the issue size of 55.18 lakh shares. The reserved portion for retail investors witnessed a subscription of 15.93 times, and that of employees 2.49 times. The portion set aside for qualified institutional buyers was subscribed 189.6 times, and that of non-institutional investors 263 times.

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Editorial

Government’s Boost for Natural Gas in India

India is currently the third-largest energy consumer in the world. Our country is highly dependent on oil and natural gas for its further development and growth. Around 58% of the total energy consumed in India comes from coal, while petroleum and other liquids make up 26% of the energy basket. Unfortunately, the share of natural gas is just 6%, while that of renewables is less than 2%. To ensure sustainable growth, it is high time that our country shifts its focus to greener energy sources. 

Recently, PM Modi announced huge plans to boost the supply of natural gas in India. Over the next decade, we would be able to witness significant changes in our consumption of this clean fossil fuel. Let us understand how the government proposes to achieve its targets. Let us also take a look at a few listed firms that could benefit from these expansion plans.

PM Modi’s Announcement

On January 5, 2021, Prime Minister Narendra Modi announced that the share of natural gas in India’s energy basket will be more than doubled. He stated that energy sources will be diversified, and the nation will be connected with one major gas pipeline grid. Work is in progress to set up 16,000 kilometres of a new gas pipeline, which will be completed over the next 5-6 years. This would help in providing affordable fuel to millions of people, as well as vital industries. The new line would provide the foundation for 700 compressed natural gas (CNG) stations. 

PM Modi stated that the share of natural gas is targeted to be raised to 15% by 2030. The government plans to spend around $60 billion (~Rs 4.4 lakh crore) to create and improve gas infrastructure throughout India. This includes new pipeline projects, liquefied natural gas (LNG) terminals, and city gas distribution (CGD) networks.

On the date of the announcement, the Prime Minister was inaugurating the 450-km long natural gas pipeline between Kochi and Mangaluru. This new line will help take the fuel to industries such as petrochemical plants and fertiliser units. It will also provide fuel for city gas projects for supply of CNG to automobiles and piped cooking gas to households in cities along the route. The pipeline has a design capacity of 12 million standard cubic meters per day. The cost of this project was around Rs 3,000 crore.

Listed Companies in Focus

As mentioned above, the demand for natural gas in India will get a major boost from the government’s plan to establish a large pipeline network. The sale of piped natural gas (PNG) for cooking and compressed natural gas (CNG) for fueling vehicles will grow rapidly in the years to come. India has prominent listed companies that distribute natural gas to end-consumers. Let us take a look at a few of these: 

GAIL (India) Ltd

GAIL (India) Limited is the largest state-owned natural gas processing and distribution company in India. The public sector undertaking (PSU) comes under the administrative control of the Ministry of Petroleum and Natural Gas. The company was incorporated in 1984 and was initially known as the Gas Authority of India Limited. Over the years, they have strategically expanded and diversified into various allied activities. 

Currently, the main business segments of GAIL include natural gas, liquefied petroleum gas (LPG) transmission, petrochemical city gas distribution, exploration & production, and electricity production. The company has constructed some of the largest natural gas pipeline projects and has also developed city gas distribution networks throughout India. It has an existing gas pipeline network of over 12,500 km, which has a capacity of 204 Million Metric Standard Cubic Meter Per Day (MMSCMD). GAIL’s existing natural gas pipeline network covers 18 States.

Indraprastha Gas

Incorporated in 1998, Indraprastha Gas Ltd (IGL) took over Delhi City Gas Distribution Project from GAIL in 1999. The company has established a strong distribution network of natural gas in the National Capital Region (NCR) of Delhi. It distributes the essential clean fossil fuel to consumers in the domestic, transport, and commercial sectors. IGL gave out a record 2.72 lakh new connections for piped cooking gas (PNG) to household kitchens during the financial year 2019-20. It supplies PNG to nearly 14 lakh households. The company also has a network of 557 CNG stations. It sells CNG to over 11.5 lakh vehicles in NCR through this network.

Adani Total Gas

Adani Total Gas Ltd develops city gas distribution (CGD) networks to supply PNG to the industrial, commercial, domestic (residential) sectors. It also distributes CNG to the transport sector. The company has strategically set up CGD networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana, and Khurja in Uttar Pradesh. In November 2020, the company signed a definitive agreement for the acquisition of the business undertaking of city gas distribution and retail sale of CNG in the areas of Jalandhar, Ludhiana, and Kutch (East). 

Adani Gas supplies PNG to approximately 4.4 lakh customers through a connected pipeline network of approximately 7,600 km. The company also has over 115 CNG filling stations. 

Gujarat Gas

Gujarat Gas Ltd also engages in the distribution of city natural gas in India. The company operates a network of approximately 24,400 kilometers of gas pipeline and 403 CNG stations. It supplies natural gas to approximately 14.4 lakh residential consumers and 12,600 commercial customers. It operates in 21 districts of Gujarat, 7 districts of Punjab, and 5 districts of Madhya Pradesh. Gujarat Gas also has a significant presence in Rajasthan, Maharashtra, and Haryana.

Conclusion

Historically, we have seen that these companies often receive contracts from the Centre and state governments to develop natural gas distribution networks. With the announcement of such a large initiative, we could see these companies reporting a higher increase in their revenue growth. The households and industries that are located within the vicinity of the proposed natural gas pipeline projects would be able to obtain the required fuel at cheap rates. Also, we may see the use of natural gas benefiting to reduce pollution levels in the country. Compared to renewable energy sources like solar and wind, natural gas is much cheaper, which may benefit a country like India.

Within 2030, petrol will be doped with as much as 20% of ethanol extracted from sugarcane and other agro products. [Companies such as EID Parry, Uttam Sugar Mills, and Balrampur Chini Mills could benefit from this]. On the other hand, the construction of the world’s biggest hybrid renewable plant (that combines wind and solar power) has started in Gujarat. The manufacturing of biofuels and electric mobility will also be given greater importance. All these projects would help our country to become self-sufficient in meeting energy needs. India will also be able to significantly cut down its carbon emissions. Let us look forward to seeing how India implements this huge task.