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An Analysis of Affle (India) Limited

When you use any form of online media platform, you are bound to receive customised advertisements. Have you ever wondered about the companies that work behind the scenes to send you such ads? Affle (India) is one such listed firm that runs ad campaigns for some of the largest e-commerce platforms in our country. In this article, learn more about Affle (India) and its recent performance.

Affle (India) Ltd – Company Profile

Affle (India) Limited is a global technology company with a consumer intelligence platform that delivers user engagement and transactions through relevant mobile advertising. In simple terms, the company improves returns on marketing investment of businesses through mobile ads and by reducing digital fraud. Its consumer platform is used by online and offline companies to attract new customers via mobile advertising. Meanwhile, Affle’s enterprise platform helps offline firms to go online through platform-based app development and online-to-offline (O2O) commerce.

The company commenced its operations in 2006. Affle launched SMS2.0 in 2007, which redefined mobile media by blending browser-type functionalities over short message service (SMS). In the subsequent years, the company launched SMS Live, a search & social network discovery platform over SMS, and Pinch, a cross-platform messaging app. They hold numerous patents for mobile messaging, search, and ad-fraud detection.

Affle Holdings is the Singapore-based promoter of Affle India. The company’s investors include prominent entities such as Microsoft, D2C Inc. (a subsidiary of Japan-based mobile phone operator NTT DoCoMo), and Bennett Coleman & Company Ltd (Times Group). 

Affle’s Business Model

Affle (India) uses user-intent indicators based on transactional data, marketing attribution, and behavioral signals. The company predicts the interests of users based on the information it collects. It keeps updating the system based on data to improve consumer engagement. For example, Affle targets select users to complete transactions for e-commerce companies through relevant mobile ads. They also run marketing campaigns on a data intelligence basis to drive high volumes at an efficient price.

The company obtains revenue on a cost per converted user (CPCU) basis. The conversion is based on the transaction (purchase of a product or service) and consumer acquisition model. Moreover, the firm receives revenue through engagement and awareness-type advertising.

Affle primarily caters to the telecom and internet service providers (ISP), healthcare, retail, and e-commerce sectors. It also offers services to the enterprise resource planning (ERP) and workplace, real estate, travel, and transportation industries. Several government agencies also use their platforms to spread awareness. Interestingly, Affle (India) has run successful ad campaigns for companies such as Amazon, Flipkart, Goibibo, BookMyShow, ALTBalaji, and many more.

Affle India’s Platforms

  • Mobile Audience as a Service (MAAS) platform – an end-to-end mobile advertising platform 
  • RevX –  a self-serve programmatic platform
  • Appnext – an app discovery and recommendation platform
  • Jampp – a leading programmatic app marketing platform
  • Vizury Engage360 – an omnichannel marketing platform 
  • Mediasmart – a programmatic and proximity marketing platform
  • mFaaS – an ad fraud detection platform
  • Shoffr – an online to offline marketing platform
  • mKr8 – an ad authoring platform
  • mDMP – a data management platform 
  • mCDP – a customer data platform for audience intelligence and engagement 
  • Affle reusable components for application development. 

Financial Performance

Affle (India) has posted consistent growth in revenues and profits over the past few years. The overall negative impact triggered by the Covid-19 pandemic has not caused any serious damage to the company’s financial growth. This could mainly be due to increased demand for the services they offer.

Values in Rs crore
  • The company posted a 105.77% year-on-year (YoY) jump in consolidated net profit to Rs 134.90 crore for the financial year 2020-21 (FY21). Its total income increased by 64.27% YoY to Rs 558.31 crore during the same period. 
  • Over the past five years, Affle’s revenue has grown at a staggering CAGR of 50.34%, whereas the industry average stood at just 8.08%. The Return on Equity (ROE) stands at 42.4%, which is considered outstanding. [RoE signifies how well the company uses shareholders’ capital to generate profits.]
  • The company has been able to secure a market share of 15.65% in the Indian advertising industry.
  • Affle reported a 90.3% YoY increase in consolidated net profit to Rs 35.72 crore for the quarter ended June 2021 (Q1 FY22). Total income rose 79.07% YoY to Rs 165.16 crore during the first quarter. However, net profit and total income had declined by 38.94% and 6.99%, respectively, compared to the previous quarter.

Do keep a close watch on their upcoming Q2 results and major announcements!

Conclusion

As a result of its vital offerings and strong financial performance, Affle India’s shares have surged ~115% in just one year. The company was in the news lately due to its stock split (or sub-division of equity shares). Affle’s shares have been split in the ratio 1:5 to facilitate a larger shareholding base and improve liquidity. That is, one equity share of the face value of Rs 10 each has split into five equity shares of the face value of Rs 2 each. 

Source: TradingView

Affle (India) “targets” the present tech-savvy generation that prefers mobile or social media marketing. It has developed a technology that is almost fool-proof from any malware or spam. However, many consider targeted ads as a serious invasion of privacy.

The company is currently working towards Affle 2.0 Strategy. Their primary focus is on enabling hyper-personalized consumer recommendations. On the other hand, they also aim to provide deeper insights (analytics) across consumer segments, leading to a greater return of investment (ROI) impact for clients. The surge in smartphone penetration and the number of online shoppers are likely to boost Affle’s revenue growth. Let us look forward to seeing how the company executes its strategic plans.

What are your views on Affle India? Let us know in the comments section of the marketfeed app.

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India Lifts Ban on Boeing 737 MAX – Top Indian Market News

India lifts ban on Boeing 737 MAX aircraft

The Directorate General of Civil Aviation (DGCA) has allowed Boeing 737 MAX aircraft to fly in Indian airspace again— after carrying out necessary safety modifications. The air safety regulator had banned Boeing 737 MAX operations in India in March 2019 after two fatal accidents. Meanwhile, SpiceJet expects B757 MAX jets in its fleet to return to service at the end of September 2021, following a settlement with aircraft leasing company Avolon.

Nearly 175 countries have allowed the B737 MAX to return to service following a safety ban, with 30 airlines already restarting their MAX aircraft services.

Read more here. 

Reliance Life Sciences seeks approval for Phase-I trial of its Covid-19 vaccine: Report

According to a report from ET, Reliance Life Sciences has applied for regulatory approval to begin early-stage human trials of its Covid-19 vaccine candidate. The Subject Expert Committee (SEC) of India’s drug regulator will review the application at a meeting on Thursday. The aim of Phase I clinical trials is to obtain reliable information on the safety, tolerability, and mechanism of action of drugs to determine the maximum tolerated dose (MTD). Reliance Life Sciences is a subsidiary of Reliance Industries Ltd.

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Standard Bank selects TCS BaNCS Cloud for digital claims transformation

Tata Consultancy Services (TCS) announced that Standard Bank’s short-term insurance business in South Africa has selected the TCS BaNCS Cloud for Insurance platform to power its digital claims transformation. TCS BaNCS Cloud for Insurance will be offered on a Software-as-a-Service (SaaS) model on AWS Cloud. It will help the insurer coordinate more than 60 products spread across four claims administration platforms, enabling faster and accurate claims processing.

Affle India board stock split in 1:5 ratio

The Board of Directors of Affle India Ltd has approved a stock split (sub-division of equity shares) in the ratio of 1:5. One equity share of the face value of Rs 10 each will be split into 5 equity shares of the face value of Rs 2 each. Affle India has fixed October 8, 2021, as the record date for the stock split. The stock split is subject to the approval of shareholders. A stock split helps boost the stock’s liquidity, particularly among retail investors.

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Wockhardt partners with Jemincare for novel respiratory antibiotic Nafithromycin

Wockhardt Bio AG has partnered with China-based Jiangxi Jemincare Group Co. for the development and commercialisation of its novel respiratory antibiotic Nafithromycin in China, Hong Kong, Macau, and Taiwan. The drug is used for the treatment of community-acquired bacterial pneumonia and other respiratory tract infections. Under the terms of the agreement, Jemincare will be responsible for the exclusive development and commercialisation of Nafithromycin in the select markets.

Read more here.

RailTel launches AI-based attendance for 48,000 government schools in Assam

RailTel Corporation of India Ltd has deployed an Artificial Intelligence (AI)-based attendance system for 48,000 government schools across Assam. The state-owned company has configured and customised the system for capturing attendance across the elementary, secondary, and higher secondary schools across all 33 districts of Assam. The total project value for RailTel is Rs 19.20 crore, out of which Rs 12 crore is a one-time cost being released post completion of the project.

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Carborundum Universal to acquire 67.94% stake in PLUSS

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Thermax secures boiler package order worth Rs 293 crore

Thermax Babcock & Wilcox Energy Solutions (TBWES) has secured a Rs 293 crore boiler package contract from a refinery and petrochemical complex in western India. TBWES is a wholly-owned subsidiary of Thermax Ltd. The scope of the order includes design, manufacturing, installation, erection, commissioning, and testing of 3x oil and gas-fired boilers. Pune-based Thermax is a leading energy and environment solutions provider. 

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Wipro partners with DataRobot to deliver Scalable Enterprise AI solutions

Wipro Ltd has announced a global strategic partnership with US-based DataRobot, Inc., a leader in Augmented Intelligence. The partnership will deliver Augmented Intelligence (AI) at scale to help customers become AI-driven enterprises and accelerate their business impact. DataRobot’s Augmented Intelligence platform complements Wipro’s expertise in enterprise AI. The collaboration will help accelerate the execution of AI strategy and ensure quicker ‘data to value’ for businesses. 

Marksans Pharma gets USFDA approval for pain killer drug

Marksans Pharma Ltd has received approval from the US Food & Drug Administration (USFDA) for Acetaminophen Extended-Release Tablets USP, 650 mg. The drug is used as a pain reliever and fever reducer. Marksans will manufacture the products at its USFDA approved solid oral dosage facility located in Goa.

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Divi’s Labs Reports 13% YoY Rise in Net Profit in Q1 – Top Indian Market News

Divi’s Labs Q1 Results: Net profit rises 13% YoY to Rs 557 crore

Divi’s Laboratories Ltd reported a 13.2% YoY increase in consolidated net profit to Rs 557.11 crore for the quarter ended June (Q1 FY22). Net profit has increased by 10.9% when compared to the previous quarter. Its total income rose 14.2% YoY (or 10.2% QoQ) to Rs 1,997 crore during the same period. The pharma company’s foreign exchange (forex) gain stood at Rs 20 crore in Q1, compared to Rs 5 crore in the corresponding quarter last year.

Read more here.

PM Modi pushes for higher exports in post-pandemic world

Prime Minister Narendra Modi has asked industry representatives in India to look at ways to increase exports. This move could help boost employment in our economy, which is still recovering from a Covid-19-induced slowdown. The Central government has set a target of $400 billion worth of merchandise exports in the current financial year (FY22). India has met nearly a third of its annual target in the first four months of FY22.

“At present, our exports are about 20% of GDP. Considering the size of our economy, our potential, the base of our manufacturing and service industry, it has the potential to grow a lot,” said PM Modi.

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Bank of Baroda Q1 Results: Net profit at Rs 1,208 crore

Bank of Baroda reported a standalone net profit of Rs 1,208 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 864 crore in the corresponding quarter last year (Q1 FY21). Net interest income (NII) increased by 15.7% YoY to Rs 7,892 crore in Q1 FY22. The gross non-performing assets (GNPA) ratio stayed flat at Rs 8.86% compared to the previous quarter. Bank of Baroda’s provisions fell 23% YoY to Rs 5,349 crore in the April-June quarter of FY22.

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Johnson & Johnson’s Covid-19 vaccine gets approval for emergency use in India

Global healthcare major Johnson & Johnson (J&J) has received Emergency Use Authorisation (EUA) for its single-dose Covid-19 vaccine in India. The vaccine will be brought to our country through a supply agreement with homegrown vaccine marker Biological E Limited. Studies have shown that J&J’s vaccine is 66% effective in preventing cases of moderate-to-severe illness and 85% effective against severe cases of Covid-19.

Read more here.

Affle India Q1 Results: Net profit rises 90% YoY to Rs 35 crore

Affle (India) Ltd reported a 90.3% YoY increase in consolidated net profit to Rs 35.72 crore for the quarter ended June (Q1 FY22). Net profit has declined by 38.9% when compared to the previous quarter. Its revenue from operations rose 69.85% YoY to Rs 152.47 crore during the same period. Affle (India) is a leading provider of mobile advertising services through information technology and software development services.

Power Mech Projects: Net profit declined by 12% QoQ to Rs 31 crore

Power Mech Projects Ltd reported an 11.86% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 31.43 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 32.6 crore in the corresponding quarter last year (Q1 FY21). Its total income fell 17.35% QoQ (but increased by 126.8% YoY) to Rs 628.05 crore during the same period. 

Amber Enterprises Q1 Results: Net profit falls 83% QoQ to Rs 12 crore

Amber Enterprises India Ltd reported an 83.5% QoQ decline in consolidated net profit to Rs 12.42 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 22.4 crore in the corresponding quarter last year (Q1 FY21). Its total income fell 55.5% QoQ (but increased by 172.4% YoY) to Rs 715.02 crore during the same period. Amber Enterprises provides solutions to air conditioner original equipment manufacturers (OEMs) and original design manufacturers (ODMs) in India.

Quick Heal Technologies Q1 Results: Net profit falls 75% YoY to Rs 6.18 crore

Quick Heal Technologies Ltd reported a 75.23% YoY decline in consolidated net profit to Rs 6.18 crore for the quarter ended June (Q1 FY22). Net profit has declined by 84.44% when compared to the previous quarter. Its total income fell 23.5% YoY (or 45% QoQ) to Rs 61.03 crore during the same period. Pune-based Quick Heal Tech is a leading IT security solutions company.

DCB Bank Q1 Results: Net profit falls 57% YoY to Rs 33 crore

DCB Bank reported a 57.4% YoY decline in consolidated net profit to Rs 33.76 crore for the quarter ended June (Q1 FY22). Net profit has declined by 56.7% when compared to the previous quarter. Its total income rose 1.5% YoY to Rs 965.67 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 4.87% in Q1 FY22, compared to 2.44% in Q1 FY21 and 4.09% in Q4 FY21. Provisions for bad loans stood at Rs 155.54 crore in the April-June quarter of FY22, up 85% YoY.

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Dodla Dairy Q1 Results: Net profit rises 12% YoY to Rs 36 crore

Dodla Dairy Ltd reported an 11.9% YoY increase in consolidated net profit to Rs 36.07 crore for the quarter ended June (Q1 FY22). Net profit has jumped 276.5% when compared to the previous quarter. Its total income rose 12.8% YoY to Rs 514.65 crore during the same period. Dodla Dairy is an integrated dairy company based in South India. It produces and sells milk, ghee, flavoured milk, curd, etc.

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Manufacturing PMI Contracts for First Time in 11 Months – Top Indian Market News

Manufacturing PMI contracts for the first time in 11 months in June

Manufacturing activity in India contracted for the first time since July 2020 amidst disruptions caused due to the second wave of the Covid-19 pandemic. A decline in orders, business closures, and the Covid-19 crisis triggered a sharp fall in output among Indian manufacturers in June 2021. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 48.1 in June, compared with 50.8 in May. PMI is a month-on-month calculation, and a value of below 50 represents a contraction when compared to the previous month.

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Dr Reddy’s denied approval for Phase 3 trial of Sputnik Light in India

The Subject Expert Committee (SEC) of the Central Drugs Standard Control Organisation (CDSCO) has denied permission to Dr Reddy’s Laboratories to conduct the Phase-3 trials for the Sputnik Light Covid-19 vaccine in India. Reports suggest that the immunogenicity data related to Sputnik Light were not so great, and the SEC did not find any scientific rationale for conducting further trials. Sputnik Light was developed by the Russian Ministry of Health and Gamaleya Research Institute. The vaccine is yet to be approved in India.

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Auto sales data for June 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India Ltd, posted a 217% month-on-month (MoM) jump in total sales to 1.47 lakh units in June. It had sold only 46,555 units in May. The company’s mini & compact vehicles segment and utility vehicle segment registered a strong rebound in sales growth.

Tata Motors Ltd registered a 78% MoM increase in domestic sales to 43,704 units in June 2021. The automaker’s passenger vehicle division posted a 59% MoM rise in sales to 24,110 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,964 units in June, an increase of 89% over May. M&M’s farm equipment segment posted a two-fold jump in sales to 48,222 units.

Two-wheeler manufacturer Bajaj Auto posted a 27.3% MoM increase in total sales to 3.46 lakh units. However, the company’s two-wheeler exports declined by 14% MoM to 1.54 lakh units.

Read more here.

TCS expands partnership with Royal London to transform pensions platform

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Read more here. 

SEBI bars Biocon official from securities market for 3 months in insider trading case

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L&T Construction secures ‘significant’ orders for various businesses

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Alembic Pharma gets USFDA approval for generic Nitrofurantoin capsules

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Read more here.

Route Mobile signs pact with Sarv Web to acquire email communications platform 

Route Mobile Ltd has signed definitive agreements to acquire an artificial intelligence (AI) driven email communication platform, Sendclean, from Jaipur-based Sarv Web Private Ltd. The company has acquired the core intellectual property (IP) for Sarv’s business email technology platform, the team of professionals that built the platform, and customer contracts. This acquisition will help Route Mobile deliver unified and unparalleled cloud-based digital communication solutions to global enterprise clients.

IPO-bound Zomato seeks CCI approval to acquire 9.3% stake in Grofers

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Read more here.

Affle (India) completes acquisition of Jampp

Affle (India) Ltd has completed the acquisition of Jampp, a global programmatic mobile marketing company. This acquisition will strengthen Affle’s Cost Per Converted User (CPCU) business model and enable it to expand into fast-growing markets such as the United States and Latin America. The total cost of the acquisition was $41.3 million (~Rs 307 crore). Affle (India) provides mobile advertising services through information technology and software development services.

Read more here.

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JSW Steel Output Rises 10% to 13.67 LT in May – Top Indian Market News

JSW Steel output rises 10% to 13.67 LT in May

JSW Steel Ltd reported a 10% YoY growth in crude steel production to 13.67 lakh tonne (LT) in May 2021. The company had produced 12.48 LT steel during the same month last year. Its output of flat-rolled products increased by 10% YoY to 9.99 LT in May. The production of long-rolled products stood at 3.09 LT, up 55% YoY. Total capacity utilisation stood at 91% in May.

According to a Bloomberg report, JSW Steel is suing three of the largest American steel-makers for ‘conspiracy to cause direct harm’. These firms have refused to sell raw metal to the company’s US pipe and plate-making operations. JSW Steel has filed a lawsuit against US Steel Corp., Nucor Corp, and Cleveland-Cliffs Inc. in the US District Court, Southern District of Texas (Houston).

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Vehicle registrations fall 55% to 5.35 lakh units in May: FADA

Automobile registrations across all categories saw a sharp decline in May, as retail vehicle sales came to a halt due to lockdowns imposed by various states. According to data released by the Federation of Automobile Dealers Association (FADA), total vehicle registrations in May 2021 fell 54.79% month-on-month (MoM) to 5.35 lakh units. Two-wheeler sales declined by 53%, while sales of three-wheelers fell 76% when compared to April 2021. Overall passenger vehicle and commercial vehicle registrations declined by 59% MoM and 66% MoM, respectively, in May.

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Mazagon Dock Shipbuilders Q4 Results: Net profit jumps 247% YoY to Rs 259 crore

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Read more here.

Affle India to acquire mobile marketing firm Jampp

Affle (India) Limited has announced plans to acquire Latin America-based mobile marketing firm Jampp. The company did not disclose the financial details of the transaction. Jampp is a leading programmatic mobile marketing company that was established in 2013. Its advertising platform is used by leading app marketers to acquire new users and also to drive repeat usage and transactions with existing users. Meanwhile, Affle also stated that it will increase its stake in social keyboard provider Bobble AI from 8% to 17.72%.

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Cera Sanitaryware Q4 Results: Net profit rises 23% YoY to Rs 45.7 crore

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Read more here.

HDFC to raise Rs 2,000 crore by issuing bonds

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Ion Exchange secures orders worth Rs 1,000 crore 

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Read more here.

Alkem Labs launches Perampil tablets, an affordable anti-epileptic drug

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Century Ply Q4 Results: Net profit jumps 134% to Rs 86 crore

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Suven Pharma signs MoU with CSIR-IICT for Covid-19 drugs Molnupiravir, 2-DG

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NHPC Q4 Results: Net profit rises 80% YoY to Rs 464 crore

NHPC Limited reported an 80% YoY increase in consolidated net profit to Rs 464.60 crore for the quarter ended March (Q4). Its total income declined by 12% YoY to Rs 2,094.30 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 7.1% YoY to Rs 3,582.13. The company’s board has recommended a final dividend of Rs 0.35 per share. NHPC’s board has also approved a proposal to raise up to Rs 4,300 crore by issuing debt instruments in the current financial year (FY22).

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Yes Bank board approves plan to raise Rs 10,000 crore via debt securities

The Board of Directors of Yes Bank has approved the proposal to raise Rs 10,000 crore through the issue of debt securities. The types of debt securities to be issued include non-convertible debentures (NCDs), bonds, and medium-term note (MTN). The private lender also received board approval to shift its registered office to Yes Bank House in Santacruz, Mumbai from Yes Bank Tower in Elphinstone.

Read more here.

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Bank of Baroda Reports Net Loss of Rs 1,046 crore in Q4 – Top Indian Market News

Bank of Baroda Q4 Results: Net loss at Rs 1,046 crore

Bank of Baroda reported a standalone net loss of Rs 1,046.5 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 506 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 4.5% YoY to Rs 7,107 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio stood at 8.87% during the quarter, compared with 8.48% in Q3 FY21. The bank’s provisions for bad loans rose 44% YoY to Rs 4,593 crore during the quarter under review.

The state-owned lender has announced plans to raise Rs 5,000 crore through the issuance of equity shares and bonds.

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M&M to invest Rs 12,000 crore to revamp vehicles, regain market share

Mahindra and Mahindra (M&M) Ltd plans to spend around Rs 12,000 crore over the next three years towards launching and upgrading its range of passenger vehicles (PV) and commercial vehicles (CV). The funds will be utilized for launching 23 new products across its PV and CV segments in the next five years. M&M will invest Rs 3,000 crore towards its farm equipment segment and launch 14 news products across last-mile mobility and new pick-up ranges. Through these investments, the automaker seeks to regain lost market share. 

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Divi’s Laboratories Q4 Results: Net profit rises 29% YoY to Rs 502 crore

Divi’s Laboratories Ltd reported a 29.31% YoY (or 7% QoQ) increase in consolidated net profit to Rs 502.02 crore for the quarter ended March (Q4). Its revenue from operations rose 28.7% YoY to Rs 1,788.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 44.15% YoY to Rs 1,984.29 crore. The board of Divi’s Labs has declared a final dividend of Rs 20 per share.

The pharma company said it has taken up another capital expenditure (capex) program with an estimated investment of ~Rs 400 crore for fast-tracking a customs synthesis project.

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HDFC Bank, SBI Cards warn customers of restrictions if they deal in cryptocurrencies: Report

According to a report from BloombergQuint, HDFC Bank has begun cautioning its customers officially against dealing in virtual currencies (or cryptocurrencies). These emails inquire about the customers’ virtual currency transactions and advise against such transactions citing a 2018 circular from the Reserve Bank of India (RBI), which was later struck down by the Supreme Court. Other companies such as SBI Cards & Payment Services have also sent out mailers stating that services may be curtailed if customers use their cards to deal in cryptocurrencies.

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Glenmark Pharma Q4 Results: Net profit rises 6% YoY to Rs 234 crore

Glenmark Pharmaceuticals Ltd reported a 6.15% YoY increase in consolidated net profit to Rs 233.87 crore for the quarter ended March (Q4). Net profit has declined by 5.76% when compared to the previous quarter. Its revenue from operations rose 3% YoY to Rs 2,859.9 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit increased by 25% YoY to Rs 970 crore. The pharma company’s board has declared a dividend of Rs 2.5 per share.

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Zydus Cadila gets USFDA approval to market Fluphenazine Hydrochloride tablets 

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Fluphenazine Hydrochloride tablets. The drug is used to treat symptoms of a certain type of mental condition/disorder called schizophrenia. The pharma company will manufacture the drug at its formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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Advanced Enzyme Tech Q4 Results: Net profit rises 1.12% YoY to Rs 31 crore

Advanced Enzyme Technologies reported a 1.12% YoY increase in consolidated net profit to Rs 31.68 crore for the quarter ended March (Q4). Net profit has declined by 26.5% when compared to the previous quarter. Its revenue from operations rose 20.82% YoY to Rs 133.22 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 13% YoY to Rs 146.20 crore. The company’s board has recommended a dividend of Rs 0.9 per share.  

The Board of Directors of Advanced Enzyme Technologies has also approved the acquisition of an additional 15% stake in JC Biotech. The company will purchase 31.06 lakh shares of JC Biotech for a consideration of Rs 21.12 crore.

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Fuel prices touch record highs; petrol cross Rs 100 per litre in Mumbai

Petrol and diesel prices were hiked across India for the 15th time this month on Saturday (May 29). In New Delhi, petrol prices were raised by 26 paise to 93.94 per litre, while diesel prices were increased by 28 paise to Rs 84.89 per litre. The price of petrol has crossed the Rs 100 per litre mark in Mumbai. This is the 15th increase in fuel prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states such as West Bengal and Kerala.

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Affle India Q4 Results: Net profit jumps 282% YoY to Rs 58.5 crore

Affle India reported a 282% YoY jump in consolidated net profit to Rs 58.5 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its revenue from operations rose 76.9% YoY to Rs 141.57 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 105% YoY to Rs 134.80 crore. Affle India is a global technology company that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising.

Nazara Technologies Q4 Results: Net profit at Rs 3.15 crore

Nazara Technologies reported a consolidated net profit of Rs 3.15 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3.30 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 41.69% YoY to Rs 123.38 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), the net profit stood at Rs 9.24 crore. This is compared to a net loss of Rs 24.65 crore in FY20. Recently-listed Nazara Technologies is a diversified gaming and sports media company. 

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Fuel Rates Hiked by 15-24 paise After 3-Day Break – Top Indian Market News

Fuel rates hiked by 15-24 paise after 3-day break; Petrol price in Delhi at Rs 91.17

After remaining unchanged for 3 consecutive days, fuel prices in India were hiked by 15-24 paise on Saturday. Petrol price in Delhi has surged to Rs 91.17 per litre and in Mumbai to Rs 97.57 per litre. Diesel rates in Delhi rose to Rs 81.47 per litre, while it stood at Rs 88.60 per litre in Mumbai. Petrol and diesel prices have been rising continuously since February 9. So far, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in the national capital.

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Reliance partners with Google, Facebook for seeking NUE license from RBI: Report 

As per a report from Economic Times, Reliance Industries has partnered with Google and Facebook Inc. to set up a New Umbrella Entity (NUE). The NUE will allow them to create a payments network similar to the Unified Payments Interface (UPI) to gain a share of India’s fast-growing digital payments market. The report states that the companies are in advanced stages of submitting their proposal to the Reserve Bank of India (RBI).

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JLR to write off £1.5 billion in Q4 as part of its restructuring plan

Jaguar Land Rover (JLR) will take a one-time write-off of £1.5 billion (~Rs 15,372 crore) in the January-March quarter (Q4) as part of a restructuring exercising under its ‘Reimagine’ strategy. This will be the second biggest write-off by the UK subsidiary of Tata Motors. Under the Reimagine strategy, JLR plans to develop a more focused product portfolio and cut annual spending to about £2.5 billion (~Rs 25,620 crore).

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To know more about JLR’s Reimagine strategy, click here.

Around 11 lakh people will lose jobs if Future Retail-Reliance deal falls through: FMCG distributors, traders

Around 11 lakh people will lose their jobs if the Future Retail-Reliance deal falls through, said FMCG distributors, Traders Association Delhi, and a Delhi-based NGO in a joint statement. They said that Future Group and Reliance had ensured that all businesses, including Big Bazaar, EasyDay, Nilgiris, Central, and Brand Factory would continue to function so that employees and suppliers do not lose their livelihood. They stated that the frequent litigations and roadblocks by Amazon are putting this arrangement into a crisis. 

Board of Affle (India) approves raising upto Rs 1,080 crore

Affle (India) Limited said its Board of Directors has approved raising upto Rs 1,080 crore through the issue of securities, including warrants and bonds. The fundraising is subject to the approval of shareholders. Affle (India) is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagements, acquisitions, and transactions through relevant mobile advertising.

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Vedanta Resources raises $1.2 billion ahead of open offer for Indian listed unit

Vedanta Resources said it has successfully raised $1.2 billion (~Rs 8,831 crore) through bonds sold to international investors. The bonds were priced at 8.95% with a four-year maturity. The proceeds of the bonds will be used for acquiring 33.17 crore equity shares (or 10%) of its India unit, at Rs 160 per share. The total consideration of the deal would be about Rs 5,948 crore. 

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HKG Limited’s board approves rights issue of upto Rs 45 crore

The Board of Directors of HKG Limited has approved the offer and issuance of fully paid-up equity shares of the company for an amount not exceeding Rs 45 crore by way of a rights issue to eligible equity shareholders. The record date for the same will be determined and notified in due course. Mumbai-based HKG Limited empowers small businesses through the use of its web interfaces and services.

At 3 pm, squaring off was the right decision: Zerodha CEO on NSE trading halt

Addressing Wednesday’s trading halt at the National Stock Exchange (NSE) via Twitter, Zerodha CEO Nithin Kamath said, “At 3 pm, not knowing if market timings would be extended, squaring off was the right decision”. Several investors had criticised Zerodha for their losses after their trades were squared off by the broker. Kamath further said, “As brokers, our business isn’t to predict the direction of the market”.

Indigo to operate select domestic flights from T1 in Mumbai

InterGlobe Aviation Ltd (IndiGo) said that all its domestic flights having subset series 6E 5500 – 6E 5900 will be operated from Terminal-1 of the Mumbai airport, starting March 10. All other flights, including the 5000 series, will continue to operate from Terminal 2. IndiGo, in a release, said that it has taken measures to ensure that passengers are informed of this change at every stage of their journey with the airline.

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Stovec Industries Q4 Results: Net profit declines 17% YoY to Rs 4.64 crore

Stovec Industries Ltd reported a 16.99% YoY decline in standalone net profit to Rs 4.64 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations declined 1.23% YoY to Rs 49.69 crore during the same period. The company’s board has declared an interim dividend of Rs 22 per share.

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JK Cement Posts 74% YoY Jump in Profits to Rs 217 crore – Top Indian Market News

JK Cement Q3 Results: Net profit rises 74% YoY to Rs 217 crore

JK Cement Ltd reported a 74.82% YoY increase in consolidated net profit to Rs 217.28 crore for the quarter ended December (Q3). Its revenue from operations rose 24.52% YoY to Rs 1,832.71 crore during the same period. JK Cement’s board has approved the setting up of an integrated greenfield grey cement plant of 4 million tonnes per annum by its wholly-owned subsidiary Jaykaycem (Central) Ltd at Panna, Madhya Pradesh.

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Delhi Govt floats tender to set up 500 EV charging points at 100 locations

Delhi Power Minister Satyender Jain announced that the state government has floated a tender to set up 500 electric vehicle (EV) charging points at 100 locations. The estimated timeline to complete the project is one year. Earlier this week, Delhi Chief Minister Arvind Kejriwal launched ‘Switch Delhi’, an awareness campaign that aims to sensitize citizens about the benefits of switching to EVs. The Delhi government plans to ensure that 25% of new vehicles will be electric by 2024.

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BHEL Q3 Results: Net loss at Rs 217 crore 

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 217 crore for the quarter ended December (Q3). It had posted a net profit of Rs 161.81 crore in the corresponding quarter last year. The state-run company’s revenue declined 21.6% YoY to Rs 4,451.4 crore in Q3 FY21. BHEL said its operations had recovered as compared to the previous quarter (Q2), but pre-Covid levels are yet to be achieved.

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Punjab & Sind Bank Q3 Results: Net loss at Rs 2,375 crore

Punjab & Sind Bank reported a net loss of Rs 2,375.53 crore for the quarter ended December (Q3). It had posted a net loss of Rs 255.49 crore in the corresponding quarter last year. Net income fell 9.1% YoY to Rs 1,763.10 crore during the October-December period (Q3 FY21). The bank’s gross non-performing assets (NPAs) remained high at 13.14%, compared to 13.58% in Q3 FY20. Provisions for bad loans and contingencies increased to Rs 2,924.69 crore, compared with Rs 494.30 crore in Q3 FY20.

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VRL Logistics Q3 Results: Net profit rises 54% YoY to Rs 40 crore

VRL Logistics Ltd reported a 54% YoY increase in net profit to Rs 39.74 crore for the quarter ended December (Q3). Its revenue rose 1.11% YoY to Rs 563.42 crore during the same period. The company’s board has approved a proposal to buyback shares (of the face value of Rs 10 each) at Rs 300 per share. The maximum buyback size will be Rs 60 crore.

Affle India Q3 Results: Net profit roses 43% YoY to Rs 30 crore

Affle India Ltd reported a 43.08% YoY increase in net profit to Rs 30.69 crore for the quarter ended December (Q3). Its revenue rose 59.32% YoY to Rs 150.49 crore during the same period. Affle India is a global technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising. 

Divi’s Labs Q3 Results: Net profit rises 31% YoY to Rs 471 crore

Divi’s Laboratories reported a 31.05% YoY increase in net profit to Rs 470.62 crore for the quarter ended December (Q3). The drug firm’s revenue rose 22% YoY to Rs 1,720.76 crore during the same period. In December 2020, Divi’s Labs became the second listed pharma company in India after Sun Pharma to cross the Rs 1 lakh crore market capitalisation mark.

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AstraZeneca gets DCGI approval for Dapagliflozin tablets

AstraZeneca Pharma India said it has received approval from the Drugs Controller General of India (DCGI) for Dapafliflozin tablets 10mg. The tablets are used for the treatment of patients with chronic kidney disease.

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Tanla Platforms Q3 Results: Net profit jumps multi-fold to Rs 93 crore

Tanla Platforms Ltd reported a multi-fold increase in net profit to Rs 93.52 crore for the quarter ended December (Q3). It had posted a net profit of Rs 68 lakh during the corresponding quarter last year. The company’s revenue rose 21.35% YoY to Rs 654.11 crore in Q3 FY21. Tanla Platforms is a cloud communications provider based in Hyderabad.

CARE Ratings Q3 Results: Net profit rises 7% YoY to Rs 18 crore

CARE Ratings Ltd reported a 6.95% YoY increase in consolidated net profit to Rs 18.63 crore for the quarter ended December (Q3). Its revenue declined by 0.91% YoY to Rs 55.60 crore during the same period. The company’s core ratings and review business has fallen on a year-on-year basis. The Board of Directors of the credit rating agency has declared an interim dividend of Rs 3 per share.

Birlasoft Q3 Results: Net profit rises 33% YoY to Rs 96 crore

Birlasoft Ltd reported a 32.6% YoY increase in consolidated net profit to Rs 96.3 crore for the quarter ended December (Q3). Its revenue from operations grew 5.7% YoY to Rs 72.6 crore during the same period. The IT services company signed deals worth $109 million (~Rs 793 crore) in total contract value (TCV) during the quarter. Its active client count was at 295.

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IMF Projects 11.5% Growth Rate for India in 2021 – Top Indian Market News

IMF projects 11.5% growth rate for India in 2021

According to the World Economic Outlook Update by the International Monetary Fund (IMF), the Indian economy is likely to recover at a faster pace in 2021. The IMF has projected an 11.5% growth rate for India in 2021, which makes the country the only major economy in the world to register double-digit growth this year. China is next with 8.1% growth in 2021, followed by Spain (5.9%) and France (5.5%). IMF’s latest growth projection is in line with the Indian government’s assessment of a strong revival in the coming months, especially after the recent vaccine approvals. 

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Farmers clash with police at Red Fort; one dead as tractor overturns

Thousands of farmers entered New Delhi and reached Red Fort and ITO from Singhu and Ghazipur borders as part of their tractor rally on Tuesday. The farmers deviated from the pre-approved route and clashed with the Delhi Police, vandalised buses, and breached barricades. The police, in turn, resorted to lathi-charge and also lobbed tear gas shells. A farmer in his 30s, who was on one of the tractors, was allegedly hit by a tear gas shell on his head. He started bleeding profusely, his tractor overturned, and was claimed to have died on the spot. 

Reliance Jio, Bharti Airtel, and Vodafone Idea suspended their internet services in parts of the National Capital Region (NCR) following a Home Ministry directive on Tuesday, in the wake of farmers’ violent protests.

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Inox Leisure commences operations at new multiplex in Thane

Inox Leisure Ltd has commenced commercial operations at a new multiplex at Thane, Maharashtra. The company is now present in 69 cities with 151 multiplexes, 641 screens. It has a total seating capacity of 1.46 lakh seats across India. According to Unlock 5 guidelines issued by the government, multiplexes and cinema halls are now operating under half of their sitting capacity.

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Hero MotoCorp may launch electric car as part of new future-forward lineup: Report

According to a report from the Times of India, Hero MotoCorp may launch an electric car as part of its efforts to fuel the next leap in mobility. The company has already prototyped a high-utility, modular electric three-wheeler (Quark 1), which can be converted into a two-wheeler based on the requirements of the user. “Similar innovations and solutions— beyond its traditional two-wheeler business— will form the new line-up that the company is working on as part of a vision of the future of mobility,” said Pawan Munjal, chairman of Hero MotoCorp.

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Adani Ports to raise $500 million via dollar bonds to refinance overseas debt

Adani Ports & Special Economic Zone Ltd (APSEZ) on Tuesday said it will raise $500 million (~Rs 3,645 crore) through dollar bonds. The proposed bonds will have a 10-year maturity. The funds will be used for early redemption of dollar bonds of the company which matures in 2022. Investment banks Barclays, Bank of America, and Citibank have been selected as advisors for the proposed bond issuance.

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Petrol crosses Rs 86 mark in Delhi, diesel above Rs 76

The price of petrol touched a record high of Rs 86.05 per litre in Delhi, while diesel price rose to Rs 76.23 per litre. Petrol and diesel cost Rs 92.62 and Rs 83.03 per litre, respectively, in Mumbai. In the last 10 weeks, state oil companies have raised prices of petrol by Rs 5 per litre and that of diesel by nearly Rs 6 per litre. Taxes, which the government raised steeply last year, comprise about 60% of the fuels’ retail prices.

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Affle India’s subsidiary to acquire business assets of Discover Tech

Affle MEA FZ-LLC (AMEA), a wholly-owned subsidiary of Affle (India) Limited, has entered into a definitive Business Transfer Agreement to acquire the business assets of Israel-based Discover Tech Limited. As part of the deal, the technology platform, brand name, intellectual property rights, and business relationships of Discover Tech will be acquired by AMEA. The cost of the acquisition is estimated at $1.15 million (~Rs 8.38 crore).

Jubilant Foodworks completes acquisition of 10.76% stake in Barbeque Nation

Jubilant Foodworks Ltd has completed the acquisition of a 10.76% stake in Barbeque Nation Hospitality Limited (BNHL). On December 31, the company said it would invest Rs 92 crore into BNHL. BNHL owns and operates 138 Barbeque Nation restaurants across 73 cities in India.