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SpiceJet’s Net Profit Jumps 161% YoY in Q3 – Top Indian Market Updates

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

SpiceJet Q3 Results: Net profit jumps 161% YoY to ₹110 crore

SpiceJet Ltd reported a 161% YoY jump in consolidated net profit to ₹110 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2.4% YoY to ₹2,317 crore in Q3. The average domestic load factor stood at 91% in Q3, the highest among all airlines in India. 

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NSE subsidiary launches India’s first Municipal Bond Index

NSE Indices Ltd, a subsidiary of the National Stock Exchange (NSE) has launched the country’s first-ever municipal bond index. The index will track the performance of municipal bonds issued by Indian municipal corporations. At present, the index consists of 28 municipal bonds issued by 10 issuers. All of the present constituents have a credit rating in the AA category.

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PVR opens Lucknow’s biggest 11-screen Superplex

PVR has opened 11 screen multiplex at Lulu Mall in Lucknow, Uttar Pradesh. The 11-screen Superplex will strengthen the company’s foothold in Uttar Pradesh with 158 screens in 32 properties and consolidate the nearly-merged entity’s presence in North India with 438 screens in 100 properties. With this launch, PVR-Inox now operates the largest multiplex network with 1,653 screens at 355 properties in 113 cities.

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Vodafone Idea’s bank loans fall 43% in Q3

Vodafone Idea’s dues to banks and financial institutions fell almost 43% YoY to ₹13,190 crore for the quarter ended December 2022 (Q3 FY23). Its trade payables-reflecting arrears to vendors such as tower firm Indus Towers and network gear supplier Nokia rose around 5.3% in the same period to ₹14,728.6 crore. Vi is now prioritising only payments essential for the continuation of its operations.

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Reliance Retail opens first freestanding Gap store in Mumbai

Reliance Retail announced the opening of the first freestanding Gap store in Mumbai. A freestanding store is a store on the street and not in a mall or a shopping centre. Through its partnership with Gap, Reliance Retail said it would bring Gap’s shopping experience to customers across India through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

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ABB to invest ₹1,000 crore to expand manufacturing base in India

ABB India plans to expand the number of manufacturing facilities in India and will invest around Rs 1,000 crore over the next five years for the same. The company inaugurated its new factory in Nashik today, doubling its Gas Insulated Switchgear (GIS) production capacity. It will serve customers across various industries, including power distribution, smart cities, data centers, transport, etc.

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Relief for ZEEL as NCLAT stays insolvency proceedings

The National Company Law Appellate Tribunal (NCLAT) today stayed insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). On Wednesday, the National Company Law Tribunal (NCLT) admitted an insolvency plea against ZEEL by private sector lender IndusInd Bank. The matter pertains to a default of ₹83 crore by Siti Networks, a sister company owned by Essel Group (or Zee Group).

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Alkem Labs arm Enzene launches adalimumab biosimilar in India

Enzene Biosciences, a subsidiary of Alkem Laboratories, has begun commercial supplies of adalimumab biosimilar. The drug is used for treating autoimmune diseases like rheumatoid arthritis and ankylosis spondylitis. This is Enzene’s fourth biosimilar launch in the last eighteen months.

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RIL to Develop Multi-Modal Logistics Park in TN – Top Indian Market Updates

silver lake to invest in Reliance

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

Reliance to develop multi-modal logistics park in Tamil Nadu

Reliance Industries Ltd (RIL) has secured an order to develop India’s first multi-modal logistics park (MMLP) in Chennai from the Ministry of Road, Transport, and Highways. It is estimated to cater to 7.17 million metric tonnes (MMT) of cargo in a time horizon of 45 years. The park will be developed in three phases with an estimated developer investment of ₹783 crores.

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M&M Q2 Results: Net profit rises 44% YoY to ₹2,773 crore

Mahindra & Mahindra Ltd reported a 44% year-on-year (YoY) increase in consolidated net profit to ₹2,773 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 39% YoY to ₹29,870 crore during the same period. The auto major sold a total of 1,74,098 vehicles in the second quarter, up 75% YoY. Tractor sales rose 5% YoY to 92,590 units. 

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Hinduja brothers to end their long family dispute: Report

According to a Bloomberg report, Hinduja Group’s co-chairman Gopichand Hinduja, along with Prakash, Srichand, and Ashok (Hinduja family brothers) have called a truce and decided to end the family dispute. The conflict among the billionaire brothers was because of a pact signed by them in 2014 that said that ‘everything belongs to everyone and nothing belongs to anyone’. To learn more about the Hinduja Group, click here.

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Adani Power Q2 Results: Net profit at ₹696 crore

Adani Power Ltd reported a consolidated net profit of ₹695.53 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹230.6 crore in Q2 FY22. Its revenue from operations rose 36% YoY to ₹7,044 crore in Q2 FY23. EBITDA stood at ₹2,350 crore in Q2, up 51% YoY. The company has an installed thermal power capacity of 13,610 megawatts spread across seven power plants in India.

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Domestic airline industry could report ₹15,000-17,000 crore loss: ICRA

Credit rating agency ICRA reported that India’s domestic airline industry is expected to take a hit in FY23. It projects at least a ₹15,000-17,000 crore loss due to increased aviation fuel costs. Despite domestic passenger traffic increasing by 26% YoY to 114 lakh in October, the numbers are still low compared to the pre-pandemic era.

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HAL Q2 Results: Net profit rises 44% YoY to ₹1,221 crore

Hindustan Aeronautics Ltd (HAL) reported a 44.2% YoY increase in consolidated net profit to ₹1,221.22 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 7.3% YoY to ₹5,144.8 crore during the same period. Total expenses stood at ₹3,775.5 crore in Q2, down 17.1% YoY. HAL’s board declared an interim dividend of ₹10 per share.

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USFDA issues Form-483 with 3 observations to Alkem Lab’s St Louis plant

The US Food & Drug Administration (USFDA) has issued three observations to Alkem Laboratories Ltd’s St Louis-based manufacturing facility. The health regulator conducted a pre-approval inspection at the plant from October 31, 2022, to November 9, 2022. It has observed conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

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Hindalco Q2 Results: Net profit falls 35% YoY to ₹2,205 crore

Hindalco Industries Ltd reported a 35% YoY decline in consolidated net profit to ₹2,205 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18% YoY to ₹56,176 crore during the same period. Revenue from the upstream aluminium segment rose 11% YoY to ₹8,215 crore, while revenue from the copper business grew 1% YoY to ₹9,658 crore in Q2.

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LIC Q2 Results: Net profit jumps 11-fold to ₹15,952 crore

Life Insurance Corporation of India (LIC) reported an 11-fold YoY jump in net profit to ₹15,952 crore for the quarter ended Sept (Q2 FY23). Its net premium income rose 27% YoY to ₹1.32 lakh crore during the same period. The net income from investments grew 10% YoY to ₹84,104 crore in Q2. LIC’s gross non-performing assets (GNPA) ratio improved to 5.60% in Q2 from 5.84% in Q1.

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RBI Raises Repo Rate by 50 bps to 5.4% – Top Indian Market Updates

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

RBI raises repo rate by 50 bps to 5.4%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has raised the repo rate by 50 basis points to 5.4% to bring down inflation in the country. “The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth,” said RBI governor Shaktikanta Das. The RBI has retained its gross domestic product (GDP) forecast for FY23 at 7.2%.

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

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Titan Q1 Results: Net profit jumps 13x YoY to Rs 793 crore

Titan Company Ltd reported a 1200% YoY jump in net profit to Rs 793 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 175.8% YoY to Rs 8,961 crore during the same period. Its jewellery business posted an income of Rs 7,600 crore in Q1, up 208% YoY. Income from Titan’s watches & wearables segment grew 169% YoY to Rs 785 crore.

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Havells India launches innovative range of ‘Signia’ switches

Havells India Ltd unveiled its innovative range of ‘Crabtree Signia’ switches in Kochi. The range comprises of two categories: smart and luxury switches (Signia Smart and Signia Grande). They are equipped with high-end aesthetics and technology. It was designed in-house at Havells India’s research & development (R&D) center.

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M&M Q1 Results: Net profit at Rs 2,360.7 crore

Mahindra & Mahindra Ltd (M&M) reported a consolidated net profit of Rs 2,360.7 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 331.74 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 48.2% YoY to Rs 28,412.38 crore in Q1 FY23. M&M sold 1,49,803 vehicles during the quarter, registering a growth of 74% YoY. 

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HDFC raises $1.1 billion ‘social loan’ for financing affordable housing segment

Housing Development Finance Corp (HDFC) Ltd has raised $1.1 billion (~Rs 8,700 crore) from investors under the ‘Syndicated Social Loan Facility’ to cater to the affordable housing segment. The company has raised the amount via external commercial borrowings (ECBs). Proceeds from the social loan would go towards financing affordable housing loans across India.

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UCO Bank Q1 Results: Net profit rises 22% YoY to Rs 123.6 crore

UCO Bank reported a 22% YoY increase in net profit to Rs 123.61 crore from the quarter ended June (Q1 FY23). Its net interest income (NII) rose 12.96% YoY to Rs 1,649.54 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 7.42% in Q1 FY23, compared to 9.37% in Q1 FY22. Provisions fell 78% YoY to Rs 246.83 crore in Q1 FY23.

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Alkem Labs Q1 Results: Net profit falls 73% YoY to Rs 127 crore

Alkem Laboratories Ltd reported a 72.7% YoY decline in consolidated net profit to Rs 127.64 crore for the quarter ended June (Q1 FY23). Its revenue from operations fell 5.67% YoY to Rs 2,576.38 crore during the same period. International sales declined by 3.8% YoY to Rs 760.4 crore in Q1. EBITDA stood at Rs 203 crore, down 66% YoY.

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NTPC partners with Ohmium, Spirare Energy to generate green hydrogen

US-based Ohmium International, Inc., is partnering with Spirare Energy to generate green hydrogen at the NTPC Energy Technology Research Alliance (NETRA) campus. Spirare Energy will manage the engineering, procurement, and construction (EPC) of the project, while Ohmium will provide the hydrogen electrolyzers. NTPC, the largest power utility in India, set up NETRA in 2009.

In other news, NTPC has commissioned the full capacity of the 296 megawatts (MW) Fatehgarh solar power project in Rajasthan.

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Nykaa Q1 Results: Net profit rises 33% YoY to Rs 4.5 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 33.4% YoY rise in consolidated net profit to Rs 4.55 crore for the quarter ended June (Q1 FY23). However, net profit declined by 47.6% when compared to the previous quarter. Its revenue from operations rose 40.5% YoY to Rs 1,148.42 crore during the same period. Nykaa’s gross merchandise volume (GMV) stood at Rs 2,155.8 crore in Q1, up 47% YoY.

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SJVN secures 200 MW solar project worth Rs 1,200 crore in Maharashtra

SJVN Ltd has secured a 200 MW solar project in an e-reverse auction by Maharashtra State Electricity Distribution Company Ltd (MSEDCL). This ground-mounted solar project will be developed by SJVN anywhere in Maharashtra through an EPC contract. The tentative cost for the development of this project is Rs 1,200 crore.

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HDFC Bank to Acquire 4.99% Stake in HDFC ERGO – Top Indian Market News

HDFC Bank to acquire 4.99% stake in HDFC ERGO

HDFC Bank Ltd will acquire a 4.99% stake (or 3.56 crore shares) in HDFC ERGO General Insurance Co. from its parent company Housing Development Finance Corp. Ltd (HDFC). The Board of Directors of HDFC Limited has approved the sale of these shares at Rs 536 per share. The aggregate consideration for the sale is Rs 1,906.43 crore. The transaction is expected to be completed by September 30, 2021. HDFC ERGO is a general insurance joint venture (JV) between HDFC and Germany-based ERGO Group.

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NTPC Q4 Results: Net profit jumps 258% YoY to Rs 4,479 crore

NTPC Limited reported a 258% YoY jump in standalone net profit to Rs 4,479 crore for the quarter ended March (Q4). Its revenue from operations declined by 2.5% YoY to Rs 26,567 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 36% YoY to Rs 13,769 crore. The company’s board has declared a final dividend of Rs 3.15 per share. State-owned NTPC Ltd has been ranked 38th in the ‘Great Place to Work’ ranking in 2021. 

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Adani Power emerges as successful bidder for Essar Power’s 1,200 MW Mahan project

Adani Power has emerged as the successful bidder for Essar Power’s 1,200 megawatt (MW) thermal power project (Essar Power MP Ltd) in Mahan, Madhya Pradesh. The company’s bid for the project has been approved by a committee of creditors (CoC). Adani Power will now have to seek approval from the National Company Law Tribunal (NCLT) to acquire the project. Essar Power MP is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

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Vakrangee Q4 Results: Net profit declines 33% YoY to Rs 20.7 crore

Vakrangee Ltd reported a 33.28% YoY decline in consolidated net profit to Rs 20.79 crore for the quarter ended March (Q4). Net profit has increased by 23.82% when compared to the previous quarter. Its revenue from operations declined by 50.89% YoY to Rs 101.85 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.91 YoY to Rs 62.79 crore. Mumbai-based Vakrangee is a technology company that offers banking, e-governance, e-commerce, and logistics services.  

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Reliance Jio adds 79 lakh subscribers in March: TRAI

Telecom operator Reliance Jio’s total subscriber addition in March 2021 surpassed the combined net addition by its rivals Bharti Airtel and Vodafone Idea. According to data released by TRAI, Jio gained over 79 lakh subscribers in March. Bharti Airtel added 40.5 lakh subscribers, while Vodafone Idea (Vi) gained 10.8 lakh subscribers during March. In terms of total subscriber base, Reliance Jio topped the chart with 42.22 crore subscribers, followed by Airtel at 35.23 crore and Vi at 28.37 crore subscribers.  

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GMR Infra Q4 Results: Net loss at Rs 725 crore

GMR Infrastructure Ltd reported a net loss of Rs 725.47 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,127.16 crore in the corresponding quarter last year (Q4 FY20). Total revenue from operations declined by 16.12% YoY to Rs 1,633.76 crore in Q4 FY21. Net loss for the financial year 2020-21 (FY21) widened to Rs 3,427.75 crore, compared to a net loss of Rs 2,198.5 crore in FY20. GMR Infra is a global infrastructure conglomerate with interests in airports, energy, transportation, etc.

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Alkem Labs gets two observations from USFDA for manufacturing unit at St Louis

Alkem Laboratories Ltd said that the US Food & Drug Administration (USFDA) has issued a Form 483 with two observations after inspection of its St Louis-based manufacturing facility. An FDA Form 483 is issued to a firm if an investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and other related norms. Alkem Labs will submit a detailed response to the USFDA to close out all the observations associated with the inspection. 

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Birla Cable Q4 Results: Net profit at Rs 6.32 crore

Birla Cable Limited reported a 6,868% YoY jump in net profit to Rs 6.32 crore for the quarter ended March (Q4). Net profit has increased by 2,086% when compared to the previous quarter. Its total income rose 101.98% YoY (or 40.23% QoQ) to Rs 119.41 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased sharply by 711.8% YoY to Rs 8.20 crore. The company’s board has declared a final dividend of Re 1 per share. Madhya Pradesh-based Birla Cable is a leading manufacturer of fibre optic cables.

Travel tech services firm RateGain plans Rs 1,200 crore IPO: Report

According to a report from Mint, travel technology services provider RateGain Travel Technologies Pvt. Ltd is planning to launch an initial public offering (IPO). RateGain helps travel and hospitality firms in revenue management, e-distribution, and brand engagement. The company claims its services are used by more than 25 out of the top 30 online travel agencies, airlines, hotel chains, and tour operators in India. The report further states that RateGain may raise ~Rs 1,200 crore through the IPO, which will be a mix of primary and secondary share sale.

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Muthoot Capital Q4 Results: Net profit declines 35% YoY to Rs 9 crore

Muthoot Capital Services Limited reported a 34.89% YoY decline in net profit to Rs 9.05 crore for the quarter ended March (Q4). Net profit has declined by 34.09% when compared to the previous quarter. Its total income declined by 25.4% YoY (or 9.23% QoQ) to Rs 109.59 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 14.9% YoY to Rs 51.46 crore.

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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

Mazagon Dock Shipbuilders Ltd reported a 247% YoY jump in consolidated net profit to Rs 259.14 crore for the quarter ended March (Q4). Its revenue from operations rose 5.92% YoY to Rs 1,105.11 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 9.09% YoY to Rs 513.89 crore. The company’s board has recommended a final dividend of Rs 1.83 per share. Mazagon Dock Shipbuilders is engaged in the business of building and repairing ships, submarines, and vessels.

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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

Cera Sanitaryware reported a 22.91% YoY growth in consolidated net profit to Rs 45.76 crore for the quarter ended March (Q4). Net profit has increased by 52.94% when compared to the previous quarter. Its revenue from operations rose 47.2% YoY to Rs 438.42 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.02% YoY to Rs 100.77 crore. The company’s board has recommended a dividend of Rs 13 per share.

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HDFC to raise Rs 2,000 crore by issuing bonds

HDFC Limited aims to raise up to Rs 2,000 crore by issuing debt securities on a private placement basis. The secured, redeemable, non-convertible debentures for an issue size of Rs 2,000 crore will be open for bid on June 14 and closed on the same day. The bonds with 10 years of tenure will carry a coupon rate of 6.88% per annum. The proceeds from the issue will be utilised for financing or refinancing HDFC’s housing finance business requirements.

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Ion Exchange secures orders worth Rs 1,000 crore 

Ion Exchange (India) Ltd has received a Letter of Award (LoA) from State Water Supply and Sanitation Mission, Namami Gange and Rural Water Supply Department under Jal Jeevan Mission for two EPC projects. One of the projects consists of the survey, design, supply, construction, and commissioning of a water treatment plant. The second project includes operation and maintenance (O&M) services for 10 years for rural drinking water supply to 1,000 villages in two districts of Uttar Pradesh. The value of the two projects is approximately Rs 1,000 crore.

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

Alkem Laboratories Ltd has announced the launch of Perampil (Perampanel) tablets in the strengths 2mg, 4mg, and 6mg at affordable rates. Perampanel has been approved by the Drugs Controller General of India (DCGI). It is used as adjunctive therapy in the treatment of partial-onset seizures in patients with epilepsy, aged four years and older. The product reaffirms the pharma company’s commitment towards improving epilepsy care by bringing multiple treatment options of quality products to patients and healthcare professionals in India.

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

Century Plyboard (India) Limited reported a 134.14% YoY jump in consolidated net profit to Rs 86.63 crore for the quarter ended March (Q4). Net profit has increased by 31.56% when compared to the previous quarter. Its total income rose 42% YoY to Rs 755.22 crore during the same period. The company’s chairman stated that all segments had performed exceptionally well during Q4. Net profit for the financial year 2020-21 (FY21) increased by 27.15% YoY to Rs 191.46 crore.

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

Suven Pharmaceuticals Ltd (SPL), CSIR-Indian Institute of Chemical Technology (IICT)- Hyderabad, and CSIR-National Institute of Interdisciplinary Science & Technology- Thiruvananthapuram, have signed a Memorandum of Understanding (MoU) for the process technology transfer and manufacturing of anti-Covid drug Molnupiravir. The complete technology know-how will be transferred, and SPL will manufacture and launch the drug as an effective medication for Covid-19 infected patients. CSIR-IICT will also provide SPL with the process technology for manufacturing another anti-Covid drug— 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.

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Tata Power Solar Secures Contract from NHPC – Top Indian Market News

Tata Power Solar secures contract worth Rs 188 crore from NHPC

State-owned NHPC Ltd has awarded an EPC (engineering procurement, and construction) contract worth Rs 188.19 crore to Tata Power Solar Systems (TPSS) to set up a 40 megawatt (MW) solar power project at Ganjam, Odisha. The contract also includes work of associated 220 KV transmission lines for connectivity at 220 KV OPTCL Transmission System, and comprehensive operation & maintenance (O&M) for 10 years. The power generated from this project will be procured by Grid Corporation of Odisha (GRIDCO) for 25 years. TPSS is a wholly-owned subsidiary of Tata Power Ltd.

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Bajaj Electricals Q4 Results: Net profit at Rs 54 crore

Bajaj Electricals reported a consolidated net profit of Rs 54.26 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 81 lakh in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations declined 3.25% YoY to Rs 1,258.47 crore in Q4 FY21. Revenue from its consumer products segment grew 30.6% YoY to Rs 975 crore. Its EPC segment posted a 48.9% YoY decline in revenue to Rs 283 crore during the quarter.

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Finance Ministry planning stimulus package to support economic growth: Report

According to a report from BloombergQuint, India is preparing a stimulus package for sectors worst affected by the deadly second wave of the Covid-19 pandemic. The Finance Ministry is working on proposals to support the tourism, aviation, and hospitality industries, along with small and medium-sized companies. The report further states that discussions are at an early stage, and no timeline for an announcement has been decided.

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Emami Q4 Results: Net profit jumps over three-fold to Rs 88 crore

Emami Limited reported over three-fold (~275%) YoY jump in consolidated net profit to Rs 87.73 crore for the quarter ended March (Q4). Net profit has declined by 58% when compared to the previous quarter. The FMCG firm’s revenue from operations rose 37.2% YoY to Rs 730.76 crore during the same period. The company’s domestic business grew 44% YoY, while its international business grew 28% YoY in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 50% YoY to Rs 454.7 crore.

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LTI launches Operational Technology Transformation solution with ServiceNow

Larsen & Toubro Infotech (LTI) has launched ServiceNow-based Operational Technology (OT) Management solution for the manufacturing industry. The solution aims to address the latent demand of the industry to have digital workflows for OT Service Management. The solution leverages LTI’s tech and domain expertise and the digital workflow enabling capabilities of US-based software company ServiceNow.

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TVS Srichakra Q4 Results: Net profit rises 44% YoY to Rs 35 crore

TVS Srichakra Ltd reported a 44.75% YoY increase in consolidated net profit to Rs 35 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 39.52% YoY (or 5.11% QoQ) to Rs 601.99 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 10.23% YoY to Rs 73.92 crore. The tyre manufacturer’s board has declared a dividend of Rs 30 per share.

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Everest Organics launches Posaconazole API to treat Black Fungus

Everest Organics Ltd has announced the successful development of Posaconazole API (Active Pharmaceutical Ingredient), which is used for the treatment of Black Fungus. The pharma company is in the advanced stage of commercializing the drug. Posaconazole is a triazole antifungal agent indicated for treating mucormycosis (or Black Fungus) in post-Covid complications.

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Alkem Lab Q4 Results: Net profit rises 27% YoY to Rs 240 crore

Alkem Laboratories Ltd reported a 27.1% YoY increase in consolidated net profit to Rs 239.99 crore for the quarter ended March (Q4). Net profit has declined by ~46% when compared to the previous quarter. Its revenue from operations rose 7% YoY to Rs 2,192.2 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 40.6% YoY to Rs 1,585 crore. The pharma company’s board has declared a final dividend of Rs 5 per share. 

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HCL Tech to provide digital transformation services to McLaren Health Care

HCL Technologies Ltd has been selected by US-based McLaren Health Care to provide digital transformation and enable higher standards of service to members, providers, and employees. The IT company will deliver its services for all 15 McLaren system hospitals located in Michigan and Ohio. HCL’s services would include managing and transforming the digital infrastructure foundation and the core clinical and non-clinical applications using its DRYICE automation framework. 

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Newgen Software Q4 Results: Net profit rises 27% YoY to Rs 53 crore

Newgen Software Technologies reported a 27.15% YoY increase in consolidated net profit to Rs 52.73 crore for the quarter ended March (Q4). Net profit has risen by 49% when compared to the previous quarter. Its revenue from operations rose 4.79% YoY to Rs 199.98 crore during the same period. Subscription revenues grew 10.5% YoY to Rs 52.3 crore in Q4. The company’s board has recommended a final dividend of Rs 3.5 per share.

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Major fire breaks out at HPCL unit in Visakhapatnam

A major fire broke out at the Hindustan Petroleum Corporation Ltd (HPCL) plant in Visakhapatnam, Andhra Pradesh. The fire erupted in the crude distillation unit in the HPCL old terminal. “A fire incident occurred in one of the crude processing units of HPCL’s Visakh Refinery at 3 pm on 25th May 2021. Safety measures and firefighting was activated immediately. The fire has been extinguished. There is no casualty and no risk to public. Other Refinery operations are normal,” HPCL said in a tweet.

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CAMS Q4 Results: Net profit rises 40% YoY to Rs 60 crore

Computer Age Management Services (CAMS) reported a 39.62% YoY increase in consolidated net profit to Rs 60.12 crore for the quarter ended March (Q4). Net profit has increased by 6.5% when compared to the previous quarter. Its total income rose 14.3% YoY to Rs 203.93 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit rose 19.5% YoY to Rs 205.29 crore. The company’s board has declared a dividend of Rs 11.84 per share.

CAMS is a mutual fund transfer agency. It provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.

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Tata Power to Develop 60 MW Solar Project in Gujarat – Top Indian Market News

Tata Power receives order to develop 60 MW solar project in Gujarat

Tata Power Limited has secured an order to develop a 60 megawatt (MW) solar project for Gujarat Urja Vikas Nigam Ltd (GUVNL). The energy will be supplied to GUVNL under a power purchase agreement (PPA), which is valid for 25 years from the scheduled date of commercial operation. With this order, Tata Power’s renewable energy capacity will increase to 4,007 MW.

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L&T secures orders worth Rs 1,000-2,000 crore across various business segments

Larsen & Toubro (L&T) said its construction arm has secured significant orders (in the range of Rs 1,000-2,000 crore) across various business segments. Its heavy civil infrastructure business has secured an EPC order to construct a four-lane bridge across river Ganga on the newly declared NH-131B in Bihar. L&T Construction’s water & effluent treatment business has received a design, build, and operate order from the Municipal Corporation of Amritsar for setting up a bulk water supply system.

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Indiamart Intermesh to acquire 11% stake in Legistify Services

Indiamart Intermesh Ltd, through its wholly-owned subsidiary Tradezeal Online, will acquire an 11.01% stake in Legistify Services for Rs 1.30 crore. Legistify offers a SaaS (software as a service)-based ERP tool that allows enterprises to manage their legal workflows. Indiamart said this investment is in line with its long-term objective of offering various SaaS-based solutions for businesses.

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BHEL secures order worth Rs 400 crore from Indian Oil Corp

Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs 400 crore for setting up a sulphur recovery unit at Indian Oil Corporation’s (IOCL) Paradip Refinery in Odisha. With this order, BHEL has made its entry into the downstream oil & gas process package business. The company’s scope in the contract includes project management, residual process design, testing, construction, commissioning, and performance guarantee test run of the 525 TPD (tonnes per day) sulphur recovery unit.

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Dilip Buildcon wins order worth Rs 1,137 crore from NHAI

Dilip Buildcon Limited (DBL) has secured an order worth Rs 1,137 crore from the National Highways Authority of India (NHAI) for a road project in Karnataka. The project consists of four-laning the Sannur-Bikarnakatte section of NH-169 on Hybrid Annuity Mode (HAM). The completion period for the 45-km project is 24 months.

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TCS unveils new brand statement- ‘Building on Belief’

Tata Consultancy Services (TCS) has unveiled a new brand statement— ‘Building on Belief’, as it embarks on its next decade of transformation-led growth. It expresses the active and collaborative role that TCS plays in partnering customers over the long term, leveraging its contextual knowledge, investments in research and innovation, and technology expertise to help them grow and achieve their transformational goals. TCS will launch an integrated 360-degree campaign across media platforms to highlight the new brand statement.

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Alkem Labs to invest Rs 40 crore in ABCD Technologies

Alkem Laboratories said it has agreed to subscribe to a partnership interest in healthcare services firm ABCD Technologies LLP. The pharma company will invest Rs 40 crore in ABCD Tech. The objective of this acquisition is to digitise healthcare infrastructure in India towards facilitating better distribution practices. Last week, Sun Pharma, Lupin, Cadila Healthcare, and Torrent Pharma said they have subscribed to the partnership interest in the same firm.

SJVN to develop 70 MW grid-connected solar project in Gujarat

SJVN Limited has received a Letter of Award (LoA) from the Gujarat Urja Vikas Nigam Ltd (GUVNL) to develop a 70 MW grid-controlled solar power project in Gujarat. The company will supply electricity from this project to GUVNL at a rate of Rs 2.21 per kilowatt-hour for a period of 25 years. SJVN said this project will support in achieving its vision of increasing its electricity generation capacity to 5,000 MW by 2023.

Tamilnadu Petro to invest Rs 435 crore for capacity expansion

The Board of Directors of Tamilnadu Petroproducts has approved an investment of Rs 435 crore for capacity expansion and revamping its manufacturing plants. The capacity of its linear alkyl benzene (LAB) plant will be increased from 120 kilo-tonnes per annum (KTA) to 145 KTA at an estimated cost of Rs 240 crore. The company’s heavy chemicals division (HCD) plant will be modernised at an estimated cost of Rs 165 crore.

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RBL Bank partners with Tide to serve banking needs of Indian SMEs

RBL Bank said it will provide banking infrastructure to UK-based fintech Tide’s India platform, which is focused on the small & medium enterprises (SME) segment. SMEs will have an option to open current and savings accounts at RBL Bank through Tide’s business platform. The bank can also integrate its payment APIs to enable Tide users to make seamless transactions through the platform.

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Goldiam International receives export orders worth Rs 80 crore

Goldiam International Ltd said it has secured export orders from prominent international clients. It has won an order for manufacturing diamond-studded designed gold jewellery worth Rs 80 crore. The company will deliver the export orders within 3 months. Mumbai-based Goldiam International is a leading global exporter of luxurious diamond jewellery.

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RBI Keeps Policy Rates Unchanged; Projects GDP Growth at 10.5% in FY22 – Top Indian Market News

RBI keeps policy rates unchanged; projects GDP growth at 10.5% in FY 2021-22

The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to keep the repo rate unchanged at 4%. The reverse repo rate will remain unchanged at 3.35%. The MPC has projected gross domestic product (GDP) to grow at a rate of 10.5% for the financial year 2021-22. RBI Governor Shaktikanta Das said that outlook on India’s growth has improved significantly. He stated that the manufacturing, infrastructure, and services sectors are showing impressive growth.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

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M&M Q3 Results: Net profit rises 40% YoY to Rs 531 crore

Mahindra & Mahindra (including Mahindra Vehicle Manufacturers) reported a 40% YoY increase in net profit to Rs 530.9 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 14,056.5 crore during the same period. M&M’s total vehicle sales declined by 7% YoY to 1.55 lakh units. Tractor sales rose 20% YoY to 97,420 units.

The carmaker estimates it will incur a one-time loss of Rs 1,210.48 crore on its South Korean unit, Ssangyong Motor, which has filed for bankruptcy. M&M said it may not be able to complete the majority stake sale in Ssangyong by February 28 as planned earlier.

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HAL, Rolls-Royce expand partnership in India

Hindustan Aeronautics Ltd (HAL) and Rolls-Royce have agreed to expand their partnership in India for collaboration in two significant areas. This includes expanding the supply chain for both Civil and Defence Aerospace and establishing an authorized maintenance centre for Adour Mk871 engines to support Rolls-Royce’s global customers. Both companies will build on their partnership of over 60 years, wherein Rolls-Royce engines have been ‘Made in India’ and supported by HAL under license from Rolls-Royce.

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Punjab National Bank Q3 Results: Net profit at Rs 506 crore

Punjab National Bank (PNB) reported a net profit of Rs 506 crore for the quarter ended December (Q3). It had posted a net loss of Rs 492.28 crore in the corresponding quarter last year. The bank’s net interest income (NII) grew 90% YoY to Rs 8,313 crore in Q3 FY21. PNB’s gross non-performing assets (GNPAs) reduced to 12.99% in Q3, compared to 13.43% in Q2 FY21.

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Cadila Health Q3 Results: Net profit rises 41% YoY to Rs 527 crore

Cadila Healthcare Ltd reported a 41% YoY increase in consolidated net profit to Rs 527.2 crore for the quarter ended December (Q3). Its consolidated revenue rose 4.3% YoY to Rs 3,795.6 crore during the same period. The company’s business in India (including health formulations business and consumer wellness business) grew 20% YoY to Rs 1,643 crore in Q3. 

Cadila Healthcare has received approval to start Phase-III clinical trials of its Covid-19 vaccine ZyCoV-D in India. The vaccine will be tested across 60 locations in 30,000 healthy adult volunteers.

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Expenditure Finance Committee approves PLI proposal for LEDs, ACs

The Expenditure Finance Committee has approved the proposal of the Ministry of Commerce and Industry for providing incentives to ACs and LED lights under the production linked incentive (PLI) scheme. In November 2020, the Union Cabinet had approved Rs 6,238-crore outlay for these two sectors under the PLI scheme. This would help boost domestic manufacturing in the country.

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Sundaram Finance Q3 Results: Net profit rises 45% YoY to Rs 242 crore

Sundaram Finance Ltd reported a 45% YoY increase in net profit to Rs 242 crore for the quarter ended December (Q3). Its total income rose 7% YoY to Rs 1,045 crore during the same period. The company’s assets under management (AUM) stood at Rs 31,226 crore in Q3, compared to Rs 30,502 crore in the corresponding quarter last year (Q3 FY20).

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Alkem Lab Q3 Results: Net profit rises 18% YoY to Rs 450 crore

Alkem Laboratories reported an 18.06% YoY increase in consolidated net profit to Rs 450.96 crore for the quarter ended December (Q3). The pharma company’s revenue rose 6.24% YoY to Rs 2,318.05 crore during the same period. Alkem Lab’s board has declared an interim dividend of Rs 25 per share.  

Natco Pharma receives registration approval for Chlorantraniliprole

Natco Pharma Ltd has received registration approval from the Central Insecticide Board & Registration Committee for Chlorantraniliprole (CTPR). CTPR is an active ingredient used in pest management products. Natco would be the first indigenous manufacturer of this technical product. The company hopes to bring products based on CTPR shortly that would be affordable and accessible to farmers across India.

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Jubilant Life Q3 Results: Net profit rises 52% YoY to Rs 310 crore

Jubilant Life Sciences reported a 52.39% YoY increase in consolidated net profit to Rs 309.93 crore for the quarter ended December (Q3). Its revenue rose 16.63% YoY to Rs 1,743.63 crore during the same period. Jubilant Life Sciences is a pharmaceutical company based in Noida.