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Manufacturing PMI Slips to 55.5 in October – Top Indian Market Updates

market updates | marketfeed

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

Manufacturing PMI falls to 8-month low of 55.5 in October

India’s manufacturing activity slipped to the lowest level in eight months in October 2023. The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 55.5 in October, compared to 57.5 in September. There was a slower increase in total new orders, production, exports, buying levels and stocks of purchases last month. Hiring activity and business confidence slipped to a five-month low.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Sun Pharma Q2 Results: Net profit rises 5% YoY to ₹2,375.5 crore

Sun Pharmaceutical Industries Ltd reported a 5% year-on-year (YoY) increase in consolidated net profit to ₹2,375.5 crore for the quarter ended September (Q2 FY24).. Its revenue from operations rose 11% YoY to ₹12,192 during the same period. EBITDA stood at ₹3,179.3 crore in Q2, up 8% YoY. The pharma company posted an 11% YoY growth in India formulations sales to ₹3,842.5 crore.

Read more here.

Fino Payments Bank likely to apply for SFB license by year-end: MD

Fino Payments Bank is likely to apply for the small finance bank (SFB) license by the end of this year, managing director Rishi Gupta said. The bank has nearly ₹600 crore of net worth while the minimum capital requirement for small finance banks is pegged at ₹200 crore. Reserve Bank of India allows non-corporate payments banks to apply for a small finance bank license after completing five years of business.

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JK Tyre Q2 Results: Net profit jumps 401% YoY to ₹248 crore

 JK Tyre and Industries Ltd reported a 401% YoY jump in net profit to ₹248.6 crore for the quarter ended September (Q2 FY24). Its revenue grew 4% YoY to ₹3,905 crore during the same period. EBITDA stood at ₹597 crore in Q2, up from ₹305 crore during the same period last year. The tyre maker also approved an investment of ₹1,025 crore for expanding its manufacturing capacity.

Read more here.

Q2 GDP number will surprise on the upside: RBI Governor

India’s growth momentum remains strong and the second-quarter gross domestic product (GDP) growth number is expected to surprise on the upside, said Reserve Bank of India Governor Shaktikanta Das. The GDP growth figure for the July-September quarter (Q2) will be released on November 30 by the National Statistical Office (NSO). GDP growth rose to a four-quarter high of 7.8% in April-June.

The RBI has projected GDP growth at 6.5% for FY24 and 6.5% for Q2.

Read more here.

Ambuja Cements Q2 Results: Net profit jumps 9-fold YoY to ₹792.96 crore

Ambuja Cements reported a nine-fold YoY jump in consolidated net profit to ₹792.96 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 4.1% YoY to ₹7,423.95 crore during the same period. EBITDA stood at ₹1,302 crore in Q2 FY24, compared to ₹975 crore in Q2 FY23. 

Read more here.

SpiceJet inducts five Boeing 737 aircraft

SpiceJet has inducted five leased Boeing 737s (including three 737 Max aircraft) into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services. SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations. Its fleet is a mix of aircraft, including Boeing 737 Max, Boeing 700 and Q400s.

Read more here.

Adani Wilmar Q2 Results: Net loss at ₹131 crore

Adani Wilmar reported a net loss of ₹131 crore for the quarter ended September 2023 (Q2 FY24). This included a one-time loss of ₹53.5 crore. The company had posted a net profit of ₹48.76 crore in Q2 FY23. Its revenue from operations fell 13% YoY to ₹12,267.15 crore in Q2 FY24. EBITDA stood at ₹144 crore, down 43% YoY. 

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Tata Motors gets PLI certificate in 4-wheeled goods vehicle category

The Automotive Research Association of India (ARAI) awarded Tata Motors with India’s first auto Production-Linked Incentive (PLI) certificate in the N1 category, specifically on four-wheeled goods vehicles. The primary objective of the PLI scheme is to improve efforts in localising production and stimulate exports within the automotive industry.

Read more here.

Auto sales data for October 2022: Highlights  

Maruti Suzuki India posted a 19% year-on-year (YoY) increase in total sales to 1.99 lakh units in October 2022. Sales of its compact vehicle segment fell 3.4% YoY to 98,621 units. Exports rose 7.4% YoY to 21,951 units.

Tata Motors Ltd registered a 6% YoY increase in total sales to 80,825 units in October. The automaker’s commercial vehicle sales rose 4% YoY to 34,317 units. Overall passenger vehicle sales rose 7% YoY to 48,637 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 43,708 units in October, an increase of 35% YoY. M&M’s tractor sales fell 3% YoY to 50,460 units. 

Bajaj Auto posted a 19% YoY increase in total sales to 4.08 lakh units in October. Meanwhile, TVS Motor Company’s total sales stood at 3.44 lakh units in Oct, up 22% YoY.

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Recovery From Lows? Bullish Expiry for Nifty? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,446 with a gap-down of 82 points. The index continued the fall till 19,375, gave a small retracement, and fell further to 19,330 levels. It then gave a strong rebound of nearly 115 points— reaching the day’s high of 19,460 levels. Nifty closed at 19,436, down by 92 points or 0.47%.

Nifty chart October 4 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,108 with a gap-down of 290 points. After opening, the index fell to 43,900 levels— breaching the important round level support of 44,000. Then, BNF tried moving up, but the round levels acted as resistance and pushed the index down to 43,850 levels. Post 12 PM, the index mostly consolidated. BNF closed at 43,964, down by 435 points or 0.98%.

Bank Nifty chart October 4 - post-market analysis | marketfeed

All indices except Nifty IT (+0.3%) and Nifty FMCG (+0.22%) closed in the red. Nifty PSU Bank (-2.83%) fell the most.

Major Asian markets closed flat-to-red (Japan’s Nikkei fell 2.28%). European markets are currently trading mixed.

Today’s Moves

Adani Enterprises (+3.2%) was NIFTY50’s top gainer. Abu Dhabi-based IHC has increased its stake in the company to over 5%.

Shares of Tata Investment Corp (+6.3%) are up 40% so far for the year, which is its best annual performance since 2009.

Adani Wilmar (+5.8%) snapped its 4-day fall. The shares jumped up to 9% today on the back of strong volumes.

Axis Bank (-4.3%) was NIFTY50’s top loser. A report suggested that the bank is likely to raise up to ₹10,000 crore through a QIP in the coming weeks. Axis Bank called the report speculative and incorrect. 

Indiabulls Housing (-7.1%) fell sharply. The stock came under NSE’s F&O ban for October 4. In other news, the company will be renamed Samman Capital soon.

Maruti Suzuki (-2.1%) moved down after the automaker received a draft assessment notice for unpaid dues worth ₹2,160 crore from the Income Tax department for FY2019-20.

Markets Ahead

Markets are looking weak. It gave a decent fall without much retracement. Now, the markets are holding major long-term support zones. Nifty made a hammer candlestick in the daily time frame, whereas Bank Nifty looks bearish. So if the indices breach the important levels discussed below, they may turn into a bearish trend for the rest of the quarter.

Nifty: The immediate resistance for the index is near 19,480-500 levels. The important support level is near today’s low of 19,300 levels. Looking at the reversal from the bottom, the index could move a little higher tomorrow. If 19,500 is crossed, Nifty may be choppy and volatile till 19,560 levels are crossed. After that, 19,640 and 19,700 could be targets on the upside. A breakdown of 19,400 may give us targets of 19,340 and 19,280 eventually.

Bank Nifty: The immediate resistance to watch out for is near 44,000, and the next resistance is at 44,200 levels. A breakout from these levels could give us targets of 44,370 and 44,500 eventually. A breakdown from today’s low may give us targets of 43,720 and 43,630. 

The 3-day meeting of the RBI’s Monetary Policy Committee (MPC) to deliberate on interest rates started today. Its outcome is due on October 6 (Friday).

How did BNF expiry go? Let us know in the comments below!

Do tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

M&M’s Net Profit Rises 22% YoY to Rs 1,549Cr in Q4 – Top Indian Market Updates

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

M&M Q4 Results: Net profit jumps 22% YoY to Rs 1,549 crore

Mahindra & Mahindra Ltd reported a 22% YoY rise in standalone net profit to Rs 1,549 crore for the quarter ended March (Q4 FY23). Its revenue also rose 31% YoY to Rs 22,571 crore during Q4 FY23. EBITDA stood at Rs 2,797 crore, up 12.4% YoY. The company’s board has announced a dividend of Rs 16.25 per equity share.

Read more here.

Adani Wilmar enters whole wheat market in India

Adani Wilmar has entered the whole wheat market with its Fortune brand, offering a range of wheat varieties. The company aims to cater to selective households that prefer specific wheat varieties, ensuring superior quality and variety assurance. Adani Wilmar intends to expand its presence in high-value metro markets like New Delhi, Mumbai, Pune, Surat, and Ahmedabad, aiming to increase its market share.

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Forex reserves fall $6.1 billion to $593.48 billion

According to the Reserve Bank India (RBI), India’s foreign exchange reserves fell  $6.052 billion to $593.477 billion as on May 19, 2023. Gold reserves fell by $1.227 billion to $45.127 billion while Special Drawing Rights (SDRs) fell by $137 million to $18.276 billion. The country’s total Foreign Currency Assets (FCA) also fell by $4.654 billion to $524.945 billion.

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Reliance enters into partnership with General Mills for western snacks

Reliance Retail’s FMCG subsidiary Reliance Consumer Products Ltd (RCPL) has entered into a partnership with General Mills to enter the western snacks category. As part of the agreement, Reliance will introduce the global corn chips brand Alan’s Bugles in India, owned by General Mills. This move will position Reliance Consumer as a competitor to brands like Lays, Bingo, Balaji Wafers, and other players in the western snacks market.

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Sun Pharma Q4 Results: Net profit at Rs 1,984 crore

Sun Pharma reported a consolidated net profit of Rs 1,984.5 crore in Q4 FY23. The company reported a net loss of Rs 2,277 crore in the same period last year. Its revenue rose 12% YoY to Rs 10,726 crore during the same quarter. EBITDA stood at Rs 2,802 crore, up 19.7% YoY. The company’s board has approved a dividend of Rs 4 per equity share.

Read more here.

Adani Green commissions 130 MW wind power plant in Kutchh

Adani Green’s subsidiary Adani Wind Energy Kutchh Five Ltd has commissioned a 130 MW wind power plant at Kutchh in Gujarat. The plant has a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at a rate of Rs. 2.83 per kWh. The plant will be managed by Adani Green Energy Ltd’s (AGEL) Energy Network Operation Centre (ENOC) platform.

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Grasim Q4 Results: Net profit falls 89% YoY to Rs 94 crore

Grasim reported an 89% YoY fall in standalone net profit to Rs 93.5 crore in Q4 FY23. However, its operating revenue rose 4.2% YoY to Rs 6,645.8 crore during the same quarter. EBITDA stood at Rs 426 crore, down 43.4% YoY. The company’s board has announced a dividend of Rs 10 per equity share.

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NCLAT sets aside NCLT order on Zee-Sony merger

In a relief to Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribuna (NCLT) order, which directed NSE and BSE to reconsider their approval for the ZEEL-Sony merger. A two-member NCLAT bench observed that the order passed by the Mumbai bench of NCLT was against the “principle of natural justice” as it did not grant any opportunity to ZEEL to respond over the issue of Shirpur Gold Refinery, an Essel Group firm.

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SAIL Q4 Results: Net profit falls 50% YoY to Rs 1,160 crore

Steel Authority of India Ltd (SAIL) reported a 50% YoY decline in consolidated net profit to Rs 1,159.2 crore for the quarter ended March (Q4 FY23). Its revenue also fell 5.6% YoY to Rs 29,416.39 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 0.50 per equity share.

Read more here.

Mphasis to partner with Kore.ai

Mphasis has announced a strategic partnership with Kore.ai. The collaboration aims to enhance customer experience management and employee engagement for enterprise clients. Through the use of virtual assistants and intelligent virtual assistants (IVA), businesses in various sectors such as retail, banking, travel, insurance, and healthcare can interact more efficiently with customers. Kore.ai’s platform offers a wide range of services in multiple languages and deployment options for different enterprise businesses.

Read more here.

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Titan’s Net Profit Rises 50% YoY to Rs 734Cr in Q4 – Top Indian Market Updates

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

Titan Q4 Results: Net profit rises 50% YoY to Rs 734 crore

Titan reported a 50% YoY increase in net profit to Rs 734 crore for Q4 FY23. Its total revenue rose 33% YoY to Rs 9,704 crore during the quarter. EBITDA stood at Rs 1,044 crore in Q4 FY23, up 33% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

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ED searches premises linked to Manappuram Finance

The Enforcement Directorate (ED) is carrying out searches at multiple locations on premises linked to Manappuram Finance Ltd in Thrissur, Kerala. Searches are also carried out at the headquarters and residence of promoter VP Nandakumar on allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of the Reserve Bank of India (RBI). They are also suspected of doing large-scale cash transactions without following KYC norms. 


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JSW Steel USA Ohio to invest USD 145 mn to upgrade operations

JSW Steel’s US subsidiary, JSW Steel USA Ohio Inc., plans to invest $145 million to enhance its manufacturing operations in Mingo Junction, Ohio. The move aims to meet the demand for high-quality steel products melted and manufactured in the US. These new projects are expected to be completed & commissioned in FY26.

Read more here.

Adani Wilmar Q4 Results: Net profit falls 60% YoY to Rs 94 crore

Adani Wilmar reported a 60% YoY fall in consolidated net profit to Rs 94 crore for Q4 FY23. Operating revenue stood at Rs 13,872 crore, down 7% YoY. EBITDA fell 30% YoY to Rs 2,407 crore from Rs 3,425 crore in Q4FY22. Meanwhile, the company crossed 5 million metric tonnes of sales during FY23.

Read more here.

Tata Chem Q4 Results: Profit rises 62% YoY to Rs 709 crore

Tata Chemicals reported a 62% YoY increase in net profit at Rs 709 crore for Q4 FY23. Total revenue stood at Rs 4,407 crore, a 26.6% increase from Q4 FY22. EBITDA rose 47% YoY to Rs 965 crore in Q4FY22. The company’s board approved a dividend of Rs 17.5 per equity share.

Read more here.

Godrej Consumer to consider raising Rs 5,000 crore via NCDs

Godrej Consumer is planning to raise up to Rs 5,000 crore through non-convertible debentures (NCDs), with the proposal set to be considered by its board next week. The board will also approve the company’s audited financial results for the quarter and financial year ending March 31, 2023, on May 10.

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MRF Q4 Results: Net profit jumps 161% YoY to Rs 410 crore

MRF reported a 161% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue for the quarter increased 10.1% YoY to Rs 5,725 crore. EBITDA rose 60% YoY to Rs 843 crore. The company’s board announced a dividend of Rs 169 per share.

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NTPC Group’s total installed capacity touches 72,304 MW

NTPC Ltd has achieved an installed capacity of 72,304 MW after the addition of unit 1 of the Maitree Super Thermal Power Plant (MSTPP) in Bangladesh. This marks the first overseas capacity addition for NTPC, which executed the project in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd (BIFPCL), a foreign joint venture company.

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Gravita India’s subsidiary secures long-term loan of 34 million euros

Gravita India’s step-down subsidiary Gravita Netherlands BV has secured a long-term loan of 34 million euros from two European developmental financial institutions in the form of an ESG (environmental, social and governance) loan. The loan is guaranteed by parent company Gravita India and enables the subsidiary’s offshore businesses to gain financial independence for their capex and working capital requirements.

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Strides Pharma partners with Orbicular to develop nasal sprays

Strides Pharma Science Ltd. has formed a partnership with Orbicular Pharmaceutical Technologies to jointly develop four nasal sprays for global markets with a combined market size of over $400 million. The products will be manufactured at Strides Pharma’s facility in Chestnut Ridge, New York, which has comprehensive capabilities for nasal spray manufacturing, including for controlled substances.

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India’s coal production rises 22.6% in 5 years to 893.08 MT in FY23

India’s coal production has registered a growth of about 23% in the last five years to 893.08 million tonnes (MT) in FY23. In the last five years, the production of Coal India Limited (CIL) has increased from 606.89 MT in FY19 to 703.21 MT, registering a growth of 15.9%. Contribution from captive and other mines to the total coal output also increased to 122.72 MT in FY23, up 113.7%.

Read more here.

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Zomato’s Net Loss Widens in Q3 – Top Indian Market Updates

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

Zomato Q3 Results: Net loss widens to ₹347 crore

Zomato Ltd reported a consolidated net loss of ₹347 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹63 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 75% YoY to ₹1,948 crore in Q3 FY23. The gross order value (GOV) grew 22% year-on-year (YoY), driven by growth in both order volumes and average order value.

Read more here.

IRCTC Q3 Results: Net profit rises 22% YoY to ₹256 crore

Indian Railways Catering & Tourism Corporation (IRCTC) reported a 22% YoY increase in net profit to ₹256 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 70% YoY to ₹918 crore during the same period. IRCTC’s total expenses jumped 121% YoY to ₹607 crore in Q3. The company’s board has declared an interim dividend of ₹3.5 per share.

Read more here.

India’s finished steel exports fall 52% during April-January

India’s finished steel exports fell 52.2% YoY to 5.33 million tonnes (MT) between April 2022 and January 2023 due to sluggish global demand. The removal of an export tax in November failed to revive exports. Between April and January, India’s finished steel output increased by 5.2% YoY to 98.3 MT, and consumption went up by 10.8% to 96.4 MT.

Read more here.

Devyani International Q3 Results: Net profit rises 8% YoY to ₹71 crore

Devyani International Ltd (DIL) reported an 8% YoY increase in net profit to ₹71 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 27% YoY to ₹790 crore during the same period. EBITDA stood at ₹173.9 crore in Q3, up 18% YoY. DIL opened 81 net new stores in Q3, taking the total operational stores to 1,177 as of December 31, 2022.

Read more here.

Adani Wilmar’s Himachal warehouse raided by the State Excise & Taxation Dept

Officials of the Himachal Pradesh State Excise Department inspected the carrying and forward (C&F) unit of Adani Wilmar. The inspection was carried out after the company failed to deposit goods & service tax (GST) collection for multiple years. The officials went through the unit’s documents and other goods in the facility. They will prepare a report following which the next course of action will be decided.

Read more here.

Hindalco Q3 Results: Net profit falls 65% YoY to ₹1,362 crore

Hindalco Industries Ltd reported a 65% YoY decline in consolidated net profit to ₹1,362 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 6% YoY to ₹53,151 crore during the same period. The copper business reported a 40% YoY growth in quarterly operating profit at ₹546 crore.

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NCLT approves merger of six wholly-owned subsidiaries with Adani Power

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the amalgamation scheme for the merger of Adani Power’s six wholly-owned subsidiaries with itself. The subsidiaries are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.

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Voltas Q3 Results: Net loss at ₹110 crore

Voltas Ltd reported a consolidated net loss of ₹110.49 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹96.56 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 11.8% YoY to ₹2,005.61 crore in Q3 FY23. The company’s expenses on exceptional items stood at ₹137.39 crore. Its total expenses stood at ₹1,946.72 crore in Q3, up 17.89% YoY.

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Antony Waste Handling Cell receives order worth ₹1,024 crore from BMC

Antony Waste Handling Cell Ltd (AWHCL) has received an order worth ₹1,024 crore from Brihanmumbai Municipal Corporation for the disposal of construction and demolition waste in Mumbai. The total contract period is for 21 years, including the mobilization period of 12 months. The contract would involve the collection and processing of around 600 tonnes per day of debris waste. 

Read more here.

MRF Q3 Results: Net profit rises 17% YoY to ₹174 crore

MRF Limited reported a 17% YoY increase in consolidated net profit to ₹174.83 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14% YoY to ₹5,644.55 crore during the same period. Total expenses stood at ₹5,484.72 in Q3, up 14.5% YoY. The tyre manufacturer’s board has declared an interim dividend of ₹3 per share.

Read more here.

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RBI Hikes Repo Rate by 25 bps to 6.5% – Top Indian Market Updates

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

RBI hikes repo rate by 25 bps to 6.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) increased the repo rate by 25 basis points (bps) to 6.5%. The MPC has raised the key rate by 250 bps since May 2022. The real GDP growth for 2023-24 is projected at 6.4%. The RBI has hinted at more interest rate hikes to curb rising inflation. 

Read more here.

Shree Cement Q3 Results: Net profit falls 44% YoY to ₹277 crore

Shree Cement reported a 44% YoY decline in net profit to ₹277 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 15% YoY to ₹4,069 crore during the same period. EBITDA stood at ₹869 crore in Q3, down 7% YoY. Its total volume rose 23% YoY to 8.03 million tonnes. The cement manufacturer’s board has declared an interim dividend of ₹45 per share.

Read more here.

Bharti Airtel partners with Vultr to offer cloud solutions for enterprise clients

Bharti Airtel has announced a strategic partnership with Vultr to offer cloud solutions to enterprise customers. The partnership will open up a suite of solutions including cloud computing and infrastructure services to India’s digital ecosystem. Vultr will help the telco’s enterprise customers to gain global reach and cost-performance advantage to build, test and run demanding cloud workloads.

Read more here.

Adani Power Q3 Results: Net profit falls 96% YoY to ₹9 crore

Adani Power Ltd reported a 96% YoY decline in consolidated net profit to ₹8.7 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 44.8% YoY to ₹7,764.4 crore during the same period. EBITDA stood at ₹1,469.7 crore in Q3, down 17% YoY.

Read more here.

UK govt offers counter-package to Tata Steel for Port Talbot plant

The UK government has offered a counter-package to Tata Steel Ltd against its proposal seeking a financial package to execute its decarbonisation plans for its plant in Port Talbot. Tata Steel owns the UK’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans.

Read more here.

Adani Wilmar Q3 Results: Net profit rises 16% YoY to ₹246 crore

Adani Wilmar reported a 16% YoY increase in net profit to ₹246.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 7.4% YoY to ₹15,438 crore during the same period. EBITDA rose 20.2% YoY to ₹605.3 crore in Q3. The standalone volume grew by 17% YoY to 1.41 million MT.

Read more here.

Ujjivan Small Finance Bank launches app to ease banking access for ‘digitally challenged’

Ujjivan Small Finance Bank launched ‘Hello Ujjivan’, a mobile banking application with voice, visual, and vernacular-enabled features to provide banking access to individuals who have limited reading and writing skills. Customers can speak to the app in their native language to perform banking transactions and access services such as paying loan EMIs, opening FD and RD accounts, transferring funds, checking account balances, and updating passbooks.

Read more here.

Jio-bp rolls out E20 blended petrol

Fuels and mobility entity Jio-bp announced the roll-out of E20 blended petrol (20% ethanol and 80% of fossil-based fuel). Customers with E20 petrol-compatible vehicles will be able to opt for this fuel at select Jio-bp outlets, and the offering will soon be expanded across the network. Operating under ‘Jio-bp’, Reliance BP Mobility Ltd (RBML) is an Indian fuels & mobility joint venture between Reliance Industries and UK-based bp.

Read more here.

TCS secures $700-million deal from UK insurance services provider

Tata Consultancy Services (TCS) has announced an expansion of its long-standing partnership with Phoenix Group (the UK’s largest long-term savings and retirement provider) through a contract valued at over £600 million (~₹6,000 crore).  TCS will digitally transform Phoenix’s ReAssure business, including its administration services. This will be one of the largest deals for the IT company in the coming quarter.

Read more here.

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Bharti Airtel Signs 5G Network Deals with Nokia, Samsung – Top Indian Market Updates

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

Bharti Airtel signs 5G network deals with Ericsson, Nokia, Samsung

Bharti Airtel Ltd has signed 5G network agreements with Swedish equipment maker Ericsson, Nokia, and Samsung to commence deployment of 5G networks from August. Ericsson will provide 5G connectivity in 12 circles for Bharti Airtel. The multi-year deal with Nokia will provide equipment from its AirScale portfolio and solutions for network management, deployment, planning, and optimisation services. Samsung will act as Airtel’s network partner to deploy 5G services.

Read more here.

Adani Power Q1 Results: Net profit jumps 16x YoY to Rs 4,780 crore

Adani Power Ltd reported a 16-fold YoY jump in consolidated net profit to Rs 4,780 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 115% YoY to Rs 15,509 crore during the same period. The company’s performance in Q1 was aided by a surge in power purchase agreement (PPA) tariffs due to higher import coal prices and greater alternate coal usage. EBITDA stood at Rs 7,506 crore, up 227% YoY.

Read more here.

Tata Power Green commissions 225 MW hybrid power project in Rajasthan

Tata Power Green Energy Ltd (TPGEL) has commissioned a 225 megawatts (MW) hybrid power project in Rajasthan. The power generated from the project will be supplied to Tata Power-Mumbai Distribution under a Power Purchase Agreement (PPA) for 25 years. The plant will annually offset approximately 700 million kilograms of carbon dioxide.

Read more here.

Adani Wilmar Q1 Results: Net profit rises 10% YoY to Rs 194 crore

Adani Wilmar Ltd reported a 10.2% YoY increase in consolidated net profit to Rs 193.59 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 30.2% YoY to Rs 14,731.62 crore during the same period. EBITDA stood at Rs 496 crore, up 14% YoY. Overall volumes grew 15% YoY to 1.19 million metric tonnes (MMT). The company’s edible oil business posted a 6% YoY growth in volumes, while its food & FMCG segment grew 53% YoY.

Read more here.

Inox Wind secures order for 200 MW wind power project from NTPC

Inox Wind has secured an order to establish a 200 MW wind power project from NTPC Renewable Energy Ltd. The project will be executed in Kutch District, Gujarat, and is scheduled to be commissioned by January 2024. As part of the order, Inox Wind will supply and install Wind Turbine Generators with 113 meters rotor diameter and 92 meters hub height. The company will also provide comprehensive operation and maintenance (O&M) for the project.

Read more here.

Vodafone Idea Q1 Results: Net loss at Rs 7,297 crore

Vodafone Idea Ltd (Vi) reported a consolidated net loss of Rs 7,296.7 crore for the quarter ended June (Q1 FY23). The telecom major had posted a net loss of Rs 7,319 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 13.7% YoY to Rs 10,410 crore in Q1 FY23. The average revenue per user (ARPU) stood at Rs 128 in Q1 FY23, compared to Rs 104 in Q1 FY22.

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SpiceJet in talks with investors for stake sale: Report

As per a report from ET NOW, a Middle Eastern airline has expressed interest to pick up a 24% stake and a board seat in SpiceJet Ltd. Sources added that a big Indian business conglomerate has also approached promoter Ajay Singh to acquire a stake in the budget carrier. Ajay Singh holds around a 60% stake in SpiceJet. The cash-strapped airline urgently requires capital to keep flying.

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IndiGo Q1 Results: Net loss narrows to Rs 1,064 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,064.3 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 1,681.80 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 327.5% YoY to Rs 12,855.3 crore in Q1 FY23. IndiGo’s passenger ticket revenues stood at Rs 11,466.9 crore, up 399% YoY.

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Uber sells 7.8% stake in Zomato for Rs 3,100 crore

Uber Technologies sold its entire 7.78% stake in Zomato Ltd in a bulk deal on the BSE today. The US-based company sold 61.22 crore shares of Zomato, which it had earned by selling Uber Eats in an all-stock deal in 2020, at Rs 50.44 per share. Meanwhile, Fidelity’s Emerging Market Fund bought 5.44 crore shares of Zomato in the bulk deal at an average price of Rs 50.26. ICICI Prudential Life Insurance bought 4.5 crore shares at Rs 50.25 per share.

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Inox Leisure Q1 Results: Net profit at Rs 57 crore

Inox Leisure Ltd reported a consolidated net profit of Rs 57.09 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 122.28 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations stood at Rs 582.26 crore in Q1 FY23, compared to Rs 22.31 crore in Q1 FY22 (when cine exhibition was impacted due to the second wave of the Covid-19 pandemic). The company added three new properties with 17 screens in Q1 FY23.

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India’s services PMI falls to 4-month low in July

India’s services sector lost momentum in July as demand was curtailed by competitive pressures, high inflation and unfavourable weather. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 55.5 in July, compared to 59.2 in June. Both output and sales increased at the weakest rates for four months.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

Read more here.

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Market News Top 10 News

Adani Wilmar Slashes Edible Oil Prices – Top Indian Market Updates

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

Adani Wilmar cuts edible oil prices by Rs 30 per litre

Adani Wilmar Ltd has announced a reduction in cooking oil prices by up to Rs 30 per litre amidst a fall in global prices. The price of Adani Wilmar’s Fortune soyabean oil has been revised from Rs 195 per litre to Rs 165 per litre. The sunflower oil rate has been reduced from Rs 210 per litre to Rs 199 per litre. The move comes after the Indian government had slashed import duties by 5.5% and asked manufacturers to pass it on to consumers.

Read more here.

JSW Steel collaborates with BCG to work on decarbonisation goals

JSW Steel Ltd has partnered with US-based Boston Consulting Group (BCG) to meet its decarbonisation goals. The steelmaker has an ambitious target of reducing its carbon emission by 42% YoY by 2029-30 (compared to the base year 2005). This collaboration will focus on applying digital and analytics to track, measure, and enhance JSW Steel’s environmental performance.

Read more here.

Bank of Maharashtra Q1 Results: Net profit doubles to Rs 452 crore

Bank of Maharashtra reported a 117% YoY jump in net profit to Rs 451.9 crore for the quarter ended June (Q1 FY23). Total income fell 0.5% YoY to Rs 3,774.32 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.74% in Q1 FY23, compared to 6.35% in Q1 FY22. Provisions fell 27% YoY to Rs 548.41 crore.

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Jio puts in highest EMD at Rs 14,000 crore for 5G spectrum sale

Reliance Jio Infocomm, Bharti Airtel, Adani Data Networks, and Vodafone Idea (Vi) have put in earnest money deposits (EMDs) of Rs 14,000 crore, Rs 5,500 crore, Rs 100 crore, and Rs 2,200 crore, respectively. The EMDs are part of applications that the applicants filed to the Department of Telecommunications (DoT) to participate in the upcoming 5G spectrum sale, starting July 26.

Read more here.

Hindalco partners with Israel’s Phinergy to develop aluminium-air batteries for EVs in India

Hindalco Ltd has signed a Memorandum of Understanding (MoU) with Israel-based metal-air battery technology pioneer Phinergy to develop and pilot the production of aluminium (Al) plates for aluminium-air batteries in India. In an aluminium-air battery, energy is released when Al reacts with oxygen in ambient air to produce aluminium hydroxide. Due to its lightweight and high energy density, such a battery becomes ideal for electric vehicles (EVs).

Read more here.

Cyient partners with Honeywell to make cloud-connected cockpit system

Cyient Ltd has partnered with Honeywell to manufacture the aviation industry’s first cloud-connected cockpit system— The Honeywell Anthem. It will be driven by a versatile software platform that can be modified for every type of aircraft, including passenger & cargo planes, business jets, and helicopters. The proposed flight deck will have an intuitive interface modeled after smart devices, powered by good connectivity.

Read more here.

Jindal Stainless to supply 3,500 tonnes stainless steel for railway link tunnel project

Jindal Stainless Ltd will supply 3,500 tonnes stainless steel for the Indian Railway’s Udhampur-Srinagar-Baramulla Railway Link (USBRL) tunnel project. This will be the first-ever application of stainless steel cable trays in an Indian railway project. The USBRL tunnel project is a 272 km-long railway link between Jammu and Kashmir. It will provide an all-weather and reliable connectivity between the two cities.

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Zydus Lifesciences gets USFDA approval to market generic antifungal medication

Zydus Lifesciences Ltd’s subsidiary has received approval from the US Food & Drug Administration (USFDA) to market antifungal Efinaconazole Topical solution. The pharma group will produce the drug at its topical manufacturing facility in Ahmedabad. As per IQVIA MAT May 2022 data, the generic version of the drug had annual sales of $292 million in the US.

Read more here.

HCL Technologies wins multi-year deal from DSM

HCL Technologies Ltd has signed a multi-year deal to drive the modernization of the core IT business systems of Dutch health and nutrition multinational DSM. The company will implement IT service delivery solutions for approximately 18,000 end users across 200 sites in more than 50 countries. HCL’s Fenix 2.0 digital execution framework will drive transformation at scale across DSM’s business units and product lines.

Read more here.

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Market News Top 10 News

DoT Extends Telecom PLI Scheme by One Year – Top Indian Market Updates

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

DoT extends telecom PLI scheme by one year

The Department of Telecommunications (DoT) has extended the production-linked incentive (PLI) scheme for telecom networking products by one year. It has raised the incentive rate by an additional 1%. The DoT has also amended the existing PLI scheme to include design-led manufacturing based on the proposal in the Union Budget 2022.

Read more here.

Apollo Hospitals to manage tertiary hospital in Bangladesh

Apollo Hospitals has entered into a partnership with Imperial Hospital Ltd (IHL) to operate and manage a 375-bed multi-specialty tertiary care hospital in Chittagong, Bangladesh. The state-of-the-art facility in Chittagong was built with support from the World Bank. It will be rebranded as Apollo Imperial Hospital.

Read more here.

Bajaj Finance partners with Worldline India for POS payments

Bajaj Finance Ltd (BFL) has partnered with France-based Worldline to develop point-of-sales (POS) payment solutions for its merchant network. BFL aims to enhance its relationship with both existing and new networks of merchant partners by providing POS terminals. The partnership will provide services like billing integrations, EMI offerings, data analytics, and fraud management services.

Read more here.

Adani Wilmar slashes edible oil prices by Rs 10 to pass on the benefit to its consumers

Adani Wilmar Ltd has cut edible oil prices by Rs 10 to pass on the benefit to its consumers. The maximum retail price (MRP) of Fortune refined sunflower oil’s 1-litre pack was reduced from Rs 220 to Rs 210. The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) oil 1-litre pack has been slashed from Rs 205 to Rs 195. The steep decline in oil prices comes after the central government reduced the import duties on edible oils, making them cheaper.

Read more here.

Birlasoft partners with Google Cloud to help enterprises accelerate digital transformation 

Birlasoft Ltd has entered into a global partnership with Google Cloud to help enterprises accelerate their digital transformation journey. The two entities will fast-track cloud-enabled digital transformation strategy for Bestseller India, a part of Denmark-based fashion company BESTSELLER. Birlasoft will bring end-to-end cloud adoption capabilities, which will be complemented by Google Cloud’s engineering capabilities and domain expertise. 

Read more here.

Hinduja Global Solutions to launch a new delivery centre in Mysuru

Hinduja Global Solutions Ltd (HGS) has announced plans to open a new delivery centre in Mysuru, Karnataka. The company plans to hire up to 400 people in the area by October 2022 to scale up its operations at the new facility. In the initial stage, the Mysuru centre will provide international non-voice operations and back-office services to a US client. HGS is a business process management (BPM) firm based in Bengaluru.

Read more here.

India faces slow growth, but low risk of stagflation: Finance Ministry

In its monthly economic report, the Finance Ministry said the Indian economy faces a low risk of stagflation than other nations due to cautious stabilisation policies. [Stagflation is a period of low growth and high inflation.] However, there is an upside risk to the gross budget deficit due to recent cuts in excise duties and spending on welfare subsidies. The report further states that the monetary policy of the Reserve Bank of India (RBI) is fully dedicated to taming inflationary pressures in the economy. 

Read more here.

Vedanta puts on sale its Sterlite copper smelting plant in Tamil Nadu

Vedanta Ltd has placed its Sterlite copper smelting plant at Thoothukudi, Tamil Nadu, on sale after facing a lot of hurdles in reopening the unit. The plant was forced to close in 2018 following a Tamil Nadu Pollution Control Board’s order over environmental concerns. The Tuticorin plant has been catering to 40% of the national demand for copper and has played an integral role in India’s self-sufficiency in copper.

Read more here.

KEC International secures new orders worth Rs 1,092 crore

KEC International Ltd has received new orders worth Rs 1,092 crore across its various businesses. Its transmission and distribution (T&D) business has bagged orders for projects in India, the Middle East and the Americas. The civil business has also secured an order for residential, industrial, and defence segments in India.

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Editorial

How Patanjali Bought Ruchi Soya For Free

Ruchi Soya Industries is a company that was technically valued at zero for a while but was soon valued at thousands of crores. The company faced extreme financial doldrums and was dragged to insolvency court by its creditors. Two companies placed bids to buy Ruchi Soya— Patanjali and Adani Wilmar. Patanjali won the bid and virtually bought the company for free. After the turbulent takeover, the company’s share price soared at unimaginable rates, filling the pockets of all investors. It is pretty rare to see such a comeback in the Indian business world. The story of the takeover is controversial and is a test case for SEBI. 

In this article, we discuss the story behind Ruchi Soya and why it has been in the news lately. 

Ruchi Soya and its Controversial Takeover By Patanjali

Ruchi Soya Industries manufactures oils, vanaspati, bakery fats, and soya. The company’s oil business faced problems because of cheaper imports from foreign countries and competition from other local players. There are dozens of reasons as to why Ruchi Soya faced a financial crunch. 

Moving on, Ruchi Soya’s lenders (the banks) dragged Ruchi Soya to bankruptcy court and was taken off the stock exchanges. The banks were unsure if Ruchi Soya would be able to pay back its dues. Therefore, they wanted to liquidate the company to clear the pending dues. Two companies were frontrunners in the bidding process— Adani Wilmar and Baba Ramdev’s Patanjali. Patanjali won the bid, acquiring Ruchi Soya for ~Rs 4,350 crore. 

Here’s the twist: out of the ~Rs 4,350 crore, around Rs 3,200 crore were lent to Patanjali by the very same banks that lent money to Ruchi Soya initially. Around Rs 1,200 crore from SBI, Rs 700 crore from Punjab National Bank, Rs 600 crore from Union Bank of India, Rs 400 crore from Syndicate Bank, and Rs 300 crore from Allahabad Bank.

Shares Rally 8,000%!

After Patanjali’s takeover, the company relisted on the exchanges and its shares rallied by nearly ~8,000%! One of the reasons for such strong inflation in price is because only ~1% of the total shareholding is public, the rest being with Patanjali and other promoters. A small group of traders could have pumped the price of Ruchi Soya. Many investors questioned the sudden rally and accused Patanjali of foul play and manipulation. They demanded a SEBI probe. 

Now, Patanjali has a debt that it has to repay for having borrowed money to acquire Ruchi Soya. Ruchi Soya’s business continues as usual, but the company’s valuation has skyrocketed. This is when Patanjali decides to dilute its shareholding through a follow-on public offer (FPO) at a discount of around 30%. Patanjali decided to reduce its shareholding to around ~80% through the FPO, offloading around 18-19% stake for Rs 4,300 crore. This is practically the same amount it bought Ruchi Soya for. 

Crackdown by SEBI

Around the time of the FPO, suspicious emails and texts started circulating, nudging Patanjali consumers to invest in the FPO. In one of his speeches, Baba Ramdev stated that the secret to being a ‘crorepati’ was to invest in Ruchi Soya’s FPO. This didn’t go down well with SEBI. The market regulator stalled the FPO, allowing investors a window of three days to withdraw their bids from the FPO. They also asked Patanjali to put out advertisements in national newspapers, discrediting the SMS and e-mails. Nearly 97 lakh bids were withdrawn from the FPO in the meantime. 

In the end, Ruchi Soya managed to go debt-free and profitable from a once bankrupt company. Retail investors, who might have lost hope during the insolvency proceedings, earned humongous returns from the share. Patanjali managed to buy Ruchi Soya at virtually little to no cost, and creditors went back home with their respective money. Seemed like all in a day’s work!

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Market News Top 10 News

Titan’s Net Profit Falls 7% in Q4 – Top Indian Market News

Titan Q4 Results: Net profit falls 7% YoY to Rs 491 crore 

Titan Company Ltd reported a 7.2% YoY decline in net profit to Rs 491 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 3.46% YoY to Rs 6,749 crore during the same period. Titan’s jewellery business posted a 4% YoY decline in revenue to Rs 6,132 crore in Q4. Revenue from its watches & wearables segment stood at Rs 622 crore, up 12% YoY. The eyecare business registered a 6% YoY growth in revenue to Rs 134 crore. Titan’s board has declared a dividend of Rs 7.5 per share.

Read more here.

L&T Finance explores exiting realty projects lending business

L&T Finance Ltd is exploring inorganic structures to exit the real estate projects lending business. It may also consider reducing its exposure in the segment by partnering with other financiers. The company is also looking to partner with dedicated funds to create a platform that will commit funds to infrastructure projects. This move will help L&T Finance eventually bring down its loan book in the segment.

Read more here.

Godrej Properties Q4 Results: Net profit at Rs 260 crore

Godrej Properties Ltd (GPL) reported a consolidated net profit of Rs 260.47 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 191.57 crore in the corresponding quarter last year (Q4 FY21). Its total income jumped 164.3% YoY to Rs 1,522.57 crore in Q4 FY22. GPL is likely to add at least ten new residential projects across India to its existing development portfolio in FY23. 

Read more here.

Adani Wilmar acquires Kohinoor rice

Adani Wilmar Ltd (AWL) has strengthened its presence in the food segment with the acquisition of Kohinoor rice. AWL will get exclusive rights over the brand ‘Kohinoor’ basmati rice along with ‘Ready to Cook’, ‘Ready to Eat’ curries, and meals portfolio under the Kohinoor brand umbrella in India. The company is looking to cement its presence in the staples segment, which contributes ~11% to its overall revenue.

Read more here.

Adani Green gets shareholders’ nod for Rs 3,850 crore investment by Green Energy Investment Holding RSC

Adani Green Energy Ltd (AGEL) has received shareholders’ approval for the issuance of over two crore shares worth ~Rs 3,850 crore on a preferential basis to Green Energy Investment Holding RSC Ltd (GEIH RSC). IHC Capital Holding LLC is the current principal shareholder of GEIH RSC. The deal is a part of UAE-based International Holding Company’s (IHC) $2 billion investment in three Adani Group companies.

Read more here.

Zydus Lifesciences gets USFDA approval for generic version of Bortezomib

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) to market its generic version of Bortezomib injection. The drug is used to treat certain types of cancers like multiple myeloma and mantle cell lymphoma. As per IQVIA data, the injection had a market size of $1.172 billion in the US during the twelve months ended March 2022.

Read more here.

Newgen Software Q4 Results: Net profit rises 9% YoY to Rs 57 crore

Newgen Software Ltd reported an 8.8% YoY (or 20% QoQ) increase in consolidated net profit to Rs 57.4 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 15.7% YoY to Rs 231.42 crore during the same period. The company’s board has approved the merger of Gurugram-based Number Theory Software Pvt. Ltd with itself.

Read more here.

RailTel Corp secures order worth Rs 97.6 crore

RailTel Corporation of India Ltd has secured a work order worth Rs 97.64 crore from Madhya Pradesh State Electronics Development Corporation Ltd. The company will act as a System Integrator for the expansion of a data centre and the establishment of a Disaster Recovery Cente. RailTel provides broadband, telecom, and multimedia networks & services in India and internationally.

Read more here.

Ramkrishna Forgings Q4 Results: Net profit jumps 147% YoY to Rs 83.93 crore

Ramkrishna Forgings Ltd reported a 147.6% YoY (or 85% QoQ) jump in consolidated net profit to Rs 83.93 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 718.72 crore during the same period. The company’s board has declared a final dividend of Rs 0.2 per share.

Tata Steel Q4 Results: Net profit rises 46% YoY to Rs 9,756 crore

Tata Steel Ltd reported a 46.83% YoY (or 2% QoQ) increase in net profit to Rs 9,756.2 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.6% YoY to Rs 69,323.5 crore during the same period. EBITDA stood at Rs 15,029 crore in Q4, up 6% YoY. The company’s board has announced a stock split in the ratio 10:1. [One equity share of the company having a face value of Rs 10 each will be split into 10 equity shares of the face value of Rs 1 each.]

Read more here.

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Market News Top 10 News

Manufacturing PMI Rises to 54.7 in April – Top Indian Market News

Manufacturing PMI rises to 54.7 in April

India’s manufacturing activity picked up marginally in April after decelerating to a six-month low in March. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.7 in April 2022, compared to 54 in March. Input costs rose to their fastest pace since November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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Adani Wilmar Q4 Results: Net profit falls 26% YoY to Rs 234.3 crore 

Adani Wilmar Ltd reported a 25.6% YoY decline in consolidated net profit to Rs 234.3 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.2% YoY to Rs 14,960.4 crore during the same period. The company’s total expenses increased by 40% YoY to Rs 14,726.7 crore in Q4.

Read more here.

Power Grid to acquire IL&FS Energy Development Company’s stake in CPTCL

Power Grid Corporation India Ltd (PGCIL) will purchase IL&FS Energy Development Company Ltd’s (IEDCL) equity shareholding in Cross Border Power Transmission Company Ltd (CPTCL). PGCIL’s board has cleared the proposal for the purchase of 77,30,225 equity shares of IEDCL in CPTCL. Currently, Power Grid owns a 26% stake in CPTCL, while IEDCL holds a 38% stake.

Read more here.

HDFC Q4 Results: Net profit rises 16% YoY to Rs 3,700  crore

HDFC Limited reported a 16.4% YoY increase in net profit to Rs 3,700 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 14% YoY to Rs 4,601 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] Its loan book grew 14% YoY to Rs 5.55 lakh crore, driven by lending to affordable housing and high-end properties. HDFC’s board has declared a dividend of Rs 30 per share for FY22.

Read more here.

Vodafone Idea partners with ICRIER to set up telecom centre of excellence

Vodafone Idea Ltd has partnered with Indian Council for Research on International Economic Relations (ICRIER) to set up a telecom Centre of Excellence. The centre has been named InViCT (ICRIER & Vodafone Idea Centre for Telecom). It will provide a common platform to facilitate the development of a coordinated policy response to emerging technology and business trends for India’s telecom sector.

Read more here.

Britannia Industries Q4 Results: Net profit rises 5% YoY to Rs 378 crore

Britannia Industries Ltd reported a 4.96% YoY increase in consolidated net profit to Rs 377.95 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.4% YoY to Rs 3,550.45 crore during the same period. The FMCG major’s operating profit stood at Rs 549.68, up 9% YoY. Its board has declared a dividend of Rs 56.5 per share.

Read more here.

Mahindra Holidays Q4 Results: Net profit at Rs 16.25 crore

Mahindra Holidays & Resorts India Ltd reported a consolidated net profit of Rs 16.25 crore for the quarter ended March (Q4 FY22). It had posted a loss of Rs 10.17 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 16.58% YoY to Rs 542.58 crore in Q4 FY22. Its resort occupancies stood at 77% in Q4.

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Route Mobile to acquire Teledgers’ blockchain, DLT platform for Rs 130 crore

Route Mobile Ltd (RML) will acquire the artificial intelligence-based blockchain and distributed ledger technology (DLT) platform of Teledgers Technology for ~Rs 130 crore. The acquisition will enable Route Ledger (a subsidiary of RML) to offer DLT and encrypted messaging solutions to mobile network operators. Route Mobile intends to enable telecom operators & enterprises with DLT Platform across Latin America, the Middle East, Africa, and Asia-Pacific.

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LIC IPO’s Rs 5,630 crore anchor book oversubscribed: Report

According to a CNBC-TV18 report, LIC IPO’s Rs 5,630 crore anchor book saw an overwhelming response and was oversubscribed. Earlier reports stated that Goldman Sachs, Morgan Stanley, Nomura, Singapore’s GIC Pte, Norway’s sovereign wealth fund, and SBI Mutual Fund would be among those who may bid for the LIC’s anchor book.

Auto sales data for April 2022: Highlights  

Maruti Suzuki India posted a 5.6% year-on-year (YoY) decline in total sales to 1,50,661 units in April 2022. Sales of its compact vehicle segment fell 21.6% YoY to 76,321 units. Exports rose 6.8% to 18,413 units.

Tata Motors Ltd registered a 73% YoY increase in total domestic sales to 72,468 units in April. The automaker’s commercial vehicle sales rose 87% YoY to 30,838 units. Overall passenger vehicle wholesales rose 66% YoY to 41,587 units.

Mahindra & Mahindra’s auto segment posted total sales of 54,640 units in April, an increase of 25% YoY. M&M’s farm equipment segment posted a 49% YoY fall in sales to 40,939 units. 

Hero Motocorp posted a 12.45% YoY increase in total sales to 4,18,622 units in April.  

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