Tag: Ambuja Cement

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

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

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

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

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

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

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

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

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

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

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

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Q2 GDP number will surprise on the upside: RBI Governor

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

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

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

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

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SpiceJet inducts five Boeing 737 aircraft

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

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Adani Wilmar Q2 Results: Net loss at ₹131 crore

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

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

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

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Auto sales data for October 2022: Highlights  

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

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

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

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

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JPMorgan to Add India to Emerging-Markets Bond Index – Top Indian Market Updates

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

JPMorgan to add India to its emerging-markets bond index in June 2024

According to a Bloomberg report, JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index. This event could drive $25-30 billion of foreign inflows to the nation’s debt market. The decision is the latest sign of India’s growing appeal to international investors as the country’s economic growth outpaces peers, its geopolitical influence grows, and companies (including Apple Inc.) look for alternatives to China. 

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Sterlite Power acquires Beawar Transmission

Sterlite Power has acquired Beawar Transmission Ltd for developing an electricity transmission project in Rajasthan. Beawar Transmission is a Special Purpose Vehicle (SPV) of REC Power Development & Consultancy Ltd. The firm was awarded to Sterlite Power through tariff-based competitive bidding in August. The company did not share the financial details of the acquisition.

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Lupin to acquire 5 drug brands from Menarini

Lupin Ltd has signed an agreement to acquire five drug brands from Italian firm Menarini for ₹101 crore. The company will acquire five legacy brands catering to gastroenterology, urology and anti-infective segments. The brands are Piclin (Picosulphate Sodium), Menoctyl (Otilonium Bromide), Sucramal O (Sucralfate + Oxetacaine), Pyridium (Phenazopyridine) and Distaclor (Cefaclor).

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Sunteck Realty, IFC to develop affordable housing projects

Sunteck Realty and IFC have set up a joint platform to invest up to ₹750 crore to develop 4-6 affordable housing projects in the Mumbai Metropolitan Region (MMR). IFC is a member of the World Bank and the largest global development institution focused on the private sector in emerging markets. The investment will be towards the development of nearly 12,000 housing units across 4-6 green housing projects within the MMR.

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SpiceJet to pay $1M every month for next 6 months to Credit Suisse

Supreme Court has ordered SpiceJet’s Chairman Ajay Singh to pay $1 million every month for the next six months to Credit Suisse. The monthly payment includes $500,000 towards arrears of $3 million and regular instalments. The order is in line with SpiceJet’s payment proposal. After six months of payments, Spicejet has to pay regular instalments of $5,00,000 to Credit Suisse.

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Suzlon Group secures 29.4 MW wind capacity order from BrightNight

Suzlon Group has secured a new order to install 29.4 MW wind capacity from BrightNight in Maharashtra. The capacity is a part of BrightNight’s 100 MW wind-solar hybrid project in Osmanabad in Maharashtra. Suzlon will install 14 units of S120 -140m wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each. The project is expected to be commissioned in phases, beginning April 2024.

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Lemon Tree Hotels expands presence in Himachal Pradesh

Lemon Tree Hotels Ltd unveiled its latest property, Lemon Tree Hotel, Mcleodganj. This marks the group’s third foray in the state of Himachal Pradesh. The Himachal property is the 95th Lemon Tree hotel, with the brand having a presence not just in India but across the world. With this, the company is steadily approaching the century mark.

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IT Dept conducts searches at premises of Lux Industries

The Income Tax Department has initiated a series of raids on Lux Industries following allegations of tax evasion exceeding ₹200 crore. These raids are currently underway across various cities, with a primary focus on locations associated with Lux Industries in Kolkata. High-ranking officials’ residences and offices are also covered in the operations.

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Ambuja Cement incorporates new subsidiaries

Ambuja Cements has incorporated three new wholly-owned subsidiaries. Two of the newly incorporated subsidiaries are in the cement business, and the other is for owning and leasing aircraft. LOTIS IFSC Pvt. Ltd will be involved in owning and leasing aircraft. The subsidiary has been incorporated with an authorised capital of ₹1.7 crore in GIFT City, Gandhinagar. The other two subsidiaries incorporated are named Ambuja Concrete North Pvt. Ltd. and Ambuja Concrete West Pvt. Ltd.

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Adani Enterprises’ Net Profit Rises 44% YoY to Rs 674Cr in Q1- Top Indian Market Updates

adani

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

Adani Ent Q1 Results: Net profit rises 44% YoY to ₹674 crore

Adani Enterprises reported a 44% YoY rise in consolidated net profit to ₹674 crore for the quarter ended June (Q1 FY24). However, its revenue from operations fell 38% YoY to ₹25,438 crore during the same period. The company’s EBITDA stood at ₹2,896 crore in Q1, up 47% YoY. The revenue fall is attributed to the correction in coal prices.

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Zydus Lifesciences gets USFDA nod for generic arthritis treatment drug

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) for its generic Indomethacin suppositories. The approved drug is indicated for moderate to severe rheumatoid arthritis. According to IQVIA MAT April 2023 data, generic versions of the drug had annual sales of approximately USD 95 million in the US.

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Zomato Q1 Results: Net profit at ₹2 crore

Zomato reported a consolidated net profit of ₹2 crore for Q1 FY24. The company posted a net loss of ₹186 crore in Q1 last year. Its revenue from operations rose 71% YoY to ₹2,416 crore during the same period. The consolidated adjusted EBITDA stood at ₹12 crore, versus a loss of ₹152 crore in Q1FY23.

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Ambuja-ACC reaches agreement to buy Sanghi Cements

Adani Group’s Ambuja-ACC has reached an agreement to acquire Sanghi Cements after deal negotiations moved forward over the course of the past week and the Adani group companies proposed better acquisition terms and speedy deal closure. Ambuja Cements will acquire 56.74% shares of Sanghi Industries Limited at an enterprise value of ₹5000 crore.

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Sun Pharma Q1 Results: Net profit falls 2% YoY to ₹2,023 crore

Sun Pharma reported a 2% YoY fall in consolidated net profit to ₹2,023 crore in Q1 FY24, missing estimates. However, its operating revenue increased 11% YoY to ₹11,941 crore. EBITDA stood at ₹3,332 crore, up 15.5% YoY. The fall in the net profit was partly due to certain one-time charges totalling ₹323 crore. The company also incurred a one-time transitional cost of ₹51 crore on the relocation of Alchemee operations from California to New York.

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Oil India is now Maharatna, OVL is Navratna

The central government has upgraded the petroleum sector central public sector enterprise (CPSE) Oil India Ltd (OIL) to Maharatna, taking the number of Maharatnas to 13. OIL has an annual turnover of ₹41,039 crore and a net profit of ₹9,854 crore. The government has also upgraded ONGC Videsh Ltd (OVL) as Navratra, taking the number of Navratnas to 14.

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Bharti Airtel Q1 Results: Net profit at ₹216 crore

Bharti Airtel reported a net profit of ₹1,612.5 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹1,607 crore in Q1 FY23. Total revenue rose 14.1% YoY to ₹37,440 crore during the same period. EBITDA rose 18.9% YoY to ₹19,746 crore in Q1. Average Revenue Per User (ARPU) for the quarter stood at ₹200, compared to ₹183 in Q1 of FY23.

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Eicher Motors Q1 Results: Net profit jumps 50% YoY to ₹918 crore

Eicher Motors reported a 50.38% YoY increase in net profit to ₹918 crore for Q1 FY24; beating street estimates. Its revenue from operations rose 17.33% YoY to ₹3,986.37 crore during the same period. EBITDA stood at ₹1,021 crore, up 22.8% YoY. Earlier, the company had reported a 32% YoY rise in its monthly sales in July at 55,555 units of motorcycles. The international business recorded a de-growth of 22%.

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LT Foods’ organic business arm starts new facility in Uganda

LT Foods’ subsidiary Nature Bio Foods has started a new facility in Uganda, Africa. The new facility will procure and process soyabean meals and help in the expansion of the product portfolio, including chia seeds, sesame seeds and sorghum. The plant will have a production capacity of 10,000 tonnes in the first year and aims to scale it up to 18,000 tonnes by 2024.

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Dabur Q1 Results: Net profit rises 5% YoY to ₹464 crore

Dabur India reported a 5% YoY increase in net profit to ₹464 crore for the quarter ended June. Its revenue from operations rose 11% YoY to ₹3,130 crore during the same period. Consolidated EBITDA stood at ₹600 crore with margins at 19.3%. Dabur’s international business reported 20.6% growth in constant currency terms.

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Kalyan Jewellers to open 11 new stores in August

Kalyan Jewellers will launch 11 new stores across the country in August. This will expand its footprint across destinations while India is seeing an increased shift towards the organised jewellery market. With this expansion, the company will surpass 200 stores globally. The upcoming showrooms will be launched in Patna, Nawada, Sitamarhi, and Arrah in Bihar, Faridabad and Panipat in Haryana, Anand in Gujarat, Dehradun in Uttarakhand, Jabalpur in Madhya Pradesh, and Chembur in Mumbai.

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IndiGo Posts Rs 3,091Cr Profit in Q1 – Top Indian Market Updates

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

IndiGo Q1 Results: Net profit at ₹3,091 crore

InterGlobe Aviation (IndiGo) reported a consolidated net profit of ₹3,091 crore for the quarter ended June (Q1 FY24); beating street estimates. This is the highest-ever quarterly net profit reported by the budget carrier. The airline posted a loss of ₹1,064 crore in Q1 FY23. Its revenue from operations rose 30% YoY to ₹16,683 crore during the same period. IndiGo’s passenger ticket revenues were at Rs 14,996 crore, up 31% YoY.

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Carlyle to acquire 5.91% stake in SpiceJet at Rs 48 per share

SpiceJet Ltd has sought shareholder approval to issue a 5.91% stake in the low-cost airline to Carlyle Aviation Partners (CAP). CAP is the aircraft financing unit of global private equity giant Carlyle Group. The company will also issue equity shares of 20% to promoter Ajay Singh (the airline’s CEO) at ₹10 per share.

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Titan Q1 Results: Net profit falls 2% YoY to ₹777 crore

Titan reported a 2% YoY decline in net profit of ₹777 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 19% YoY to ₹10,306 crore during the same period. The company’s jewellery segment posted revenue of ₹9,070 corre in Q1, up 19% YoY. Titan’s watches and wearables business recorded a total income of ₹890 crore, up 13% YoY.

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Tata Power RE signs PPAs with MSEDCL for solar projects

Tata Power Renewable Energy Limited (TPREL) has signed two power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for commissioning two solar power projects. Located in Maharashtra, these projects of 200 MW and 150 MW will play a crucial role in fulfilling the state’s renewable energy target.

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Gujarat Gas Q1 Results: Net profit falls 43% YoY to ₹216 crore

Gujarat Gas reported a 43% YoY fall in consolidated net profit to ₹216 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 26% YoY to ₹3,923.7 crore during the same period. EBITDA fell 36% YoY to ₹388 crore in Q1. Its total gas sales volume for the quarter stood at 9.22 million metric standard cubic meters per day (mmscmd), compared to 8.86 mmscmd in Q1 FY23.

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Ambuja-ACC is frontrunner to acquire Sanghi Cements

Adani Group’s Ambuja-ACC has emerged as the frontrunner to acquire Sanghi Cements after deal negotiations moved forward over the past week. The group has come close to the expected enterprise value of ₹6000 crore that Sanghi Cement’s promoters have demanded as consideration for the sale of the company.

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Sula Vineyards receives excise duty notice of ₹116 crore from Maharashtra govt

Sula Vineyards Ltd (SVL) has received an excise duty notice of ₹116 crore from the Maharashtra excise department. This comes after the minister (State Excise Revenue) vacated the interim stay granted on the demand notice issued by the Nashik collector for recovery of excise duty from SVL. Sula Vineyards has been recognised as the market leader across wine variants, including red, white, and sparkling wines.

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Ambuja Cements Q1 Results: Net profit rises 31% YoY to ₹1,135 crore

Ambuja Cements reported a 31% YoY rise in consolidated net profit to ₹1,135 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 9% YoY to ₹8,713 crore during the same period. The company’s EBITDA stood at ₹948.8 crore in Q1, up 38% YoY. Its total sales volume rose 23% YoY to ₹9.1 million tonnes (MT).

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Brookfield India REIT raises ₹2,305 crore via sale of units

Brookfield India Real Estate Trust has raised ₹2,305 crore by selling units to institutional investors on a private placement basis. The firm will mainly use this fund for the acquisition of two assets in Gurugram and Mumbai. The company has approved the allotment of 9.13 crore units to 64 successful eligible institutional investors at the issue price of ₹252.50 per unit.

To learn more about REITs, click here.

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Tata Motors’ Net Profit at Rs 5,408Cr in Q4 – Top Indian Market Updates

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

Tata Motors Q4 Results: Net profit jumps to Rs 5,408 crore

Tata Motors Ltd reported a net profit of Rs 5,408 crore for the quarter ended March 2023 (Q4 FY23), compared to a loss of Rs 1,032 crore in Q4 FY22. Its consolidated revenue jumped 35% YoY to Rs 1,05,932 crore during the same quarter. Net profit also rose 83% compared to Q3 FY22. The company’s board has recommended a dividend of Rs 2 per equity share and Rs 2.1 per DVR share.

Read more here.

India’s retail inflation falls to 4.7%

India’s retail inflation, measured by the consumer price index (CPI), fell to 4.70% in April, which is below the Reserve Bank of India’s upper limit of 6%. This was due to a decline in food prices. The country’s headline inflation has remained within the RBI’s target range for two consecutive months. The consumer food price index also declined from 4.79% in March to 3.84% in April.

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HDFC looks to sell Rs 2,000 crore stressed developer loans

HDFC is in negotiations with asset reconstruction companies to sell stressed loans worth around ₹2,000 crore to developers before its merger with HDFC Bank. These loans, held by 7-8 accounts, include advances to local owners of Radisson Blu properties. HDFC is currently in negotiations with consulting firm Alvarez & Marsal to actively seek potential buyers.

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Cipla Q4 Results: Net profit jumps 45% YoY to Rs 526 crore

Cipla reported a 45% YoY increase in consolidated net profit to Rs 526 crore for Q4 FY23. Its operating revenue rose 9% YoY to Rs 5,739 crore during the same quarter. EBITDA also rose 54% YoY to Rs 1,174 crore. The company’s board has recommended a final dividend of Rs 8.5 per equity share.

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Tata Power subsidiary TP Saurya to set up 200 Megawatt solar project in Rajasthan

TP Saurya Ltd. (TPSL) has signed a Power Purchase Agreement (PPA) with Tata Power Trading Company Ltd. (TPTCL) to set up a 200 MW solar power plant in Bikaner, Rajasthan. The solar plant is scheduled to be commissioned in March 202 and will supply 485 million units of energy annually, connected to the Central Transmission Utility Bus. The PPA will be valid for 25 years.

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Foreign exchange reserves jump by $7.2 bn to $595.98 billion

India’s foreign exchange reserves rose by $7.196 billion to $595.976 billion in the week ending May 5. The previous reporting week had seen a decline of $4.532 billion to $588.78 billion. Foreign currency assets increased by $6.536 billion to $526.021 billion, while gold reserves rose by $659 million to $46.315 billion.

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Vedanta Q4 Results: Net profit falls 68% YoY to Rs 1,881 crore

Vedanta reported a 68% YoY decline in net profit to Rs 1,881 crore for Q4 FY23. The company’s operating revenue fell 5.4% YoY to Rs 37,225 crore during the same quarter. However, EBITDA stood at Rs 9,362 crore, up 32% from Q3FY23. The company’s board has declared a dividend of Rs 33 per equity share.

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Tata Steel Mining signs pact to get LNG for Odisha plant from BPCL

Tata Steel Mining Ltd (TSML) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd (BPCL) to ensure a long-term supply of liquefied natural gas (LNG) for its ferroalloys plant in Jajpur, Odisha. Under the agreement, BPCL will supply the required amount of natural gas through its pipeline to the plant.

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Ambuja Cements places order for capacity expansion

Ambuja Cements plans to expand its clinker capacity by 8 million tonnes at its Bhatapara and Maratha units. The projects are expected to be completed in approx 24 months and will be funded through internal accruals. This expansion is part of Ambuja Cement’s strategy to double its production capacity over the next five years, aiming to increase it from the current capacity of 67.5 million tonnes per annum (MTPA).

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HAL Q4 Results: Net profit falls 9% YoY to Rs 2,831 crore

Hindustan Aeronautics Ltd (HAL) reported a 9% YoY fall in consolidated net profit to Rs 2,831 crore for Q4 FY23. Its operating revenue rose 8% YoY to Rs 12,494 crore during the same quarter. EBITDA stood at Rs 3,242 crore, up 29% YoY from Q4 FY22. The state-owned defence major’s expenses rose 9% YoY to Rs 10,360 crore.

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Automobile sales grow in double digits in April: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), 3,31,278 passenger vehicles were dispatched from factories to dealerships in April, up 12.9% from 293,303 units sold in April 2022. Sales of three-wheelers more than doubled to 42,885 units, while two-wheeler sales rose by 15.1% to 1,338,588 units in April.

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Torrent Power incorporates wholly-owned subsidiary TU14 to carry biz in power sector

Torrent Power has established a wholly-owned subsidiary called Torrent Urja 14 Pvt Ltd (TU14) to engage in various businesses related to power, including generation, transmission, distribution, and trading. However, it has not yet commenced its business operations. The authorized and paid-up share capital of TU14 is Rs 1 lakh, and Torrent Power holds 100% equity in the subsidiary.

Read more here.

Industrial production growth declines to 1.1% in March

The Index of Industrial Production (IIP) in India grew by 1.1% in March. This is a slowdown from the 5.6% growth observed in February. For FY23, the IIP increased by 5.1%, a significant decline compared to the 11.4% growth in the previous year. In March 2023, the manufacturing sector’s output saw a modest growth of 0.5%, while mining output rose by 6.8%. However, power output declined by 1.6% in the same month.

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Tata Steel’s Profit Falls 82% YoY to Rs 1,705Cr in Q4 – Top Indian Market Updates

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

Tata Steel Q4 Results: Profit falls 82% YoY to Rs 1,705 crore

Tata Steel reported an 82% YoY fall in consolidated net profit to Rs 1,705 crore for Q4 FY23. Its revenue from operations also fell 9% YoY to Rs 62,961 crore during the same period. EBITDA stood at Rs 7,225 crore in Q4 FY23, compared to Rs 5,174 crore in Q4 FY22. The company’s board has recommended a dividend of Rs 3.6 per equity share.

Read more here.

Auto sales data for April 2023: Highlights  

Maruti Suzuki India posted a 6.5% year-on-year (YoY) increase in wholesale sales to 1.61 lakh units in April 2023. Sales of its mini & compact vehicle segment rose 16.7% YoY to 89,045. Exports fell 7.8% YoY to 16,941 units.

Tata Motors Ltd registered a 13% YoY increase in passenger vehicle sales to 47,107 units in April. The automaker’s commercial vehicle sales declined by 6% YoY to 6,984 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 34,698 units in April, an increase of 54% YoY. M&M’s tractor sales fell 11% YoY to 36,405 units. 

TVS Motor Company’s total sales stood at 3.06 lakh units in April, up 4% YoY. Meanwhile, Bajaj Auto’s sales rose 11% YoY to 2.8 lakh units.

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NMDC iron ore output rises 11.42% to 3.51 MT in April

NMDC Ltd reported an 11.42% rise in its iron ore production of 3.51 million tonnes (MT) in April 2023. It produced 3.15 MT of iron ore in the same month last year. The state-owned company is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

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Adani Total Gas Q4 Results: Profit rises 21% YoY to Rs 98 crore

Adani Total Gas reported a 21% YoY increase in consolidated net profit at Rs 98 crore for Q4 FY23. Operating revenue stood at Rs 1,197 crore, a 12% increase from Q4 FY22. ATGL’s operating profit rose 45% to Rs 205 crore. The company’s board approved a dividend of Rs 0.25 per equity share.

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Suzlon secures 69.3 MW wind energy project from Juniper Green Energy

Suzlon has secured an order from Juniper Green Energy to develop a 69.3 megawatts (MW) wind power project. The project is located in Surendra Nagar district in Gujarat and is expected to be commissioned in 2024. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning.

Read more here.

USFDA halts Sun Pharma’s trials on dermatological drug

The US Food & Drug Administration (FDA) has asked Sun Pharmaceutical Industries Ltd to halt tests on one dose of an experimental dermatological drug due to the potential of blood clots. The FDA has also said that patients with alopecia areata (an autoimmune condition that results in patchy hair loss) on the 12 mg dose of deuruxolitinib should discontinue its use.

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Ambuja Cements Q4 Results: Net profit rose 2% YoY to Rs 502 crore

Ambuja Cements reported a 1.6% YoY rise in standalone net profit to Rs 502 crore for Q4 FY23. Operating revenue stood at Rs 4,256 crore, an 8% increase from Q4 FY22. EBITDA for the quarter stood at Rs 788 crore, compared to Rs 793 crore in Q4 FY22. The company’s board approved a dividend of Rs 2.5 per equity share.

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Varun Beverages Q4 Results: Net Profit rises 69% YoY to Rs 429 crore

Varun Beverages reported a 69% YoY increase in consolidated net profit to Rs 429 crore for Q4 FY23. Its operating revenue for the quarter increased 37.8% YoY to Rs 3,952 crore. EBITDA rose 50.3% YoY to Rs 798 crore. The company’s board also announced a 1:2 stock split subject to the approval of shareholders.

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Minda Corp to acquire additional 8.8% stake in Pricol

Minda Corporation has filed an application with the Competition Commission of India (CCI) to increase its stake in Pricol Ltd. to 24.5%. It had acquired 15.7% of Pricol’s equity earlier this year, but stated that it was only a financial investment with no special rights. As of December last year, Pricol was a debt-free company and even had free cash flow worth Rs 112.2 crore as of financial year 2022.

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India’s unemployment rate surges to 4-month high in April

India’s unemployment rate rose to 8.11% in April from 7.8% in March, the highest since December. Urban unemployment increased from 8.51% to 9.81% in the same period, while in rural areas, it fell marginally from 7.47% a month ago to 7.34% in April. India’s labour force increased by 25.5 million people to 467.6 million in April, possibly due to an “increase in optimism about finding employment.”

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Vi Lost 25 Lakh Subscribers in Dec – Top Indian Market Updates

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

Vodafone Idea loses nearly 25 lakh subscribers in Dec: TRAI

Vodafone Idea (Vi) lost nearly 24.7 lakh subscribers in December 2022, as per the latest official data released by the Telecom Regulatory Authority of India (TRAI). Reliance Jio gained 17.08 lakh subscribers in the same period, while Bharti Airtel gained 15.26 lakh subscribers. 

Meanwhile, Vi reported a net loss of ₹7,990 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹7,595.5 crore in Q2.

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Nestle India Q4 Results: Net profit rises 66% YoY to ₹628 crore

Nestle India reported a 66% YoY increase in net profit to ₹628 crore for the quarter ended December (Q4 CY22). The company follows the Jan-Dec financial year cycle. Its revenue from operations rose 14% YoY to ₹4,257 crore during the same period. EBITDA stood at ₹973 crore in Q4, up 14% YoY. The FMCG major’s board has declared an interim dividend of ₹75 per share. 

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Ambuja Cements declared as preferred bidder for Uskalvagu limestone block

Ambuja Cements Ltd has been declared as the ‘preferred bidder’ for the Uskalvagu limestone block in Odisha. An e-auction was conducted by the Odisha government for the block. It is spread over an area of 547 hectares with an estimated limestone resource of about 141 million tonnes.

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Tata Steel signs MoU with CBRI for sustainable mining solutions

Tata Steel and Central Building Research Institute (CBRI) signed a Memorandum of Understanding (MoU) to collaborate on research, academic growth, and sustainable solutions in mining. CBRI will provide scientific inputs to Tata Steel on slope stability analysis & control measures in mining areas and sustainable green housing technologies for the rehabilitation and resettlement of families in mining areas.

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Adani Group denies reports of hiring Grant Thornton for audits

Adani Enterprises issued a clarification on reports of appointing Grant Thornton for audits after the Hindenburg crisis. The flagship company of Adani Group termed it as a market rumour. Media reports suggested that the group had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies to come clean after the allegations brought out by the US short-seller Hindenburg Research and to assure investors and regulators.

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Adani Power’s ₹7,000 crore deal to buy DB Power assets fails

Adani Power’s initial pact to acquire the thermal power assets of DB Power has expired, causing the ₹7,017-crore deal to fall through. In August 2022, the Adani group company informed the stock exchanges that it had agreed to buy the assets of DB Power Ltd. DB Power owns and runs a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh.

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HAL gets approval from DGCA for indigenously developed black boxes

Hindustan Aeronautics Ltd (HAL) has received the Indian Technical Standard Order (ITSO) authorisation from the Directorate General of Civil Aviation (DGCA) for its indigenously developed Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR). CVR and FDR are popularly known as ‘black boxes’. They are used to record critical flight parameters and audio environments in a crash-proof memory.

In other news, HAL has sealed a contract with the Argentinian Air Force for the supply of helicopter spares and engine repair services.

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Siemens unveils first industry-ready 5G routers in India

Siemens Ltd announced the launch of its private industrial 5G router, a critical component for the manufacturing industry in its digital transformation journey. If there is no available 5G network, the device switches automatically to 4G or 3G networks. The applications on private industrial 5G offer long-term benefits to the intra-logistics, autonomous machines, remote diagnostics, augmented reality, and mobile equipment segments.

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Paytm completes ₹850 crore share buyback within 3 months of launch

One97 Communications (Paytm) has completed the buyback of shares via the open market within three months of announcing it. The stock price remained well below the buyback price announced by the company, which allowed for a smooth purchase of the shares through the open market. On December 13, Paytm’s parent announced that it would buy back shares worth ₹850 crore at ₹810 per share through the open market.

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Akme Fintrade files IPO papers with SEBI

Non-banking financial company (NBFC) Akme Fintrade (India) Ltd has filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The IPO includes the fresh issuance of 1.1 crore equity shares. Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat.

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

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

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

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

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Adani Group planning independent review

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

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

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

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Jio launches 5G services in 10 more cities

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

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

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

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Dhampur Sugar completes expansion of distillery capacity at Uttar Pradesh unit

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

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

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

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Blue Star detects cyber attack at certain locations

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

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

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

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Reliance Industries Posts Q2 Results – Top Indian Market Updates

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

RIL Q2 Results: Net profit flat at ₹13,656 crore

Reliance Industries Ltd (RIL) reported a 0.17% YoY (or 24% QoQ) decline in consolidated net profit to ₹13,656 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 33.7% YoY to ₹2.32 lakh crore during the same period. RIL’s revenues from the oil-to-chemicals (O2C) business increased by 33% to ₹1.41 lakh crore.

Reliance Jio’s net profit increased by 28% YoY to ₹4,518 crore in Q2. The telecom major’s revenue from operations rose 20% YoY to ₹22,521 crore.

Read more here.

CIL starts 17 more first-mile connectivity projects worth Rs 11,000 crore

State-owned Coal India Ltd (CIL) has started 17 more first-mile connectivity projects worth ₹11,000 crore under the third phase. First-mile connectivity (FMC) refers to the transportation of coal from pitheads to dispatch points. CIL is preparing a rollout plan to float tenders for the latest projects by FY25, and the projects would be commissioned by FY27.

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JSW Steel Q2 Results: Net loss at ₹915 crore

JSW Steel Ltd reported a consolidated net loss of ₹915 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹7,179 crore in Q2 FY22. Its revenue from operations rose 29% YoY to ₹41,778 crore in Q2 FY23. Total expenses stood at ₹43,354 crore in Q2, up 29% YoY. The company’s consolidated crude steel output fell 3% QoQ to 5.68 million tonnes (MT).

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IEX trade volume falls 11% to 23.1 billion units in Q2

The total trade volume of the Indian Energy Exchange (IEX) fell over 11% to 23.1 billion units (BU) in the July-September quarter (Q2). The volume comprised 19.7 BU in the conventional power market, 1.5 BU in the green market segment, and 1.9 BU in the Renewable Energy Certificates (REC) market. The average Day Ahead Market prices increased to ₹5.40 per unit during Q2 FY23, compared to ₹4.14 in Q2 FY22.

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Bajaj Finserv Q2 Results: Net profit rises 39% YoY to ₹1,557 crore

Bajaj Finserv Ltd reported a 39% YoY increase in consolidated net profit to ₹1,557 crore for the quarter ended Sept (Q2 FY23). Its total income grew 16% YoY to ₹20,803 crore during the same period. Total expenses rose 8.7% YoY to ₹16,545.23 crore. Its subsidiary, Bajaj Finance, recorded its highest-ever quarterly consolidated profit of ₹2,781 crore in Q2, up 88% YoY.

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Ramkrishna Forgings secures export order worth ₹121.5 crore

Ramkrishna Forgings Ltd received a long-term supply contract worth ₹121.5 crore for two electric vehicle components from a Swedish original equipment manufacturer (OEM). This is the company’s third order in nearly two months. Last week, it received an order worth ₹131.50 crore from a Tier-1 axle maker for a component used in North American heavy commercial vehicles (HCVs).

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IDBI Bank Q2 Results: Net profit rises 46% YoY to ₹828 crore

IDBI Bank reported a 46% YoY increase in net profit to ₹828.09 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 48% YoY to ₹2,738 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 16.51% in Q2, compared to 19.9% in Q1. The bank’s provisions rose 77% YoY to ₹1,380 crore in Q2 FY23.

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HAL concludes contract with Indian Air Force for indigenous trainer aircraft

The Indian Air Force and Hindustan Aeronautics Ltd (HAL) concluded a contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore. The aircraft has state-of-the-art contemporary systems and has been designed with pilot-friendly features. Prime Minister Narendra Modi unveiled HAL’s HTT-40 at the 12th DefExpo organised in Gujarat.

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HUL Q2 Results: Net profit rises 20% YoY to ₹2,616 crore

Hindustan Unilever Ltd (HUL) reported a 19.6% YoY (or 14% QoQ) increase in net profit to ₹2,616 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16% YoY to ₹14,751 crore during the same period. EBITDA stood at ₹3,479 crore, up 8% YoY. HUL’s board has declared an interim dividend of ₹17 per share.

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UPL restructures business into four units

Fertiliser manufacturer UPL Ltd. will restructure its major businesses into four separate units to simplify the group structure. The company will transfer its crop protection business on a slump-sale basis to UPL Sustainable Agri Solutions. The global crop protection platform (excluding India) will be housed under UPL Ltd., Cayman. The seed business will be transferred to a new company named Advanta Enterprises Ltd. 

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Ambuja Cements Q2 Results: Net profit falls 94% YoY to ₹51 crore

Ambuja Cements Ltd reported a 94.24% YoY decline in consolidated net profit to ₹51.3 crore in Q2, mainly due to rising fuel prices and related inflationary impact. Its revenue from operations rose 7.46% YoY to ₹7,143.17 crore during the same period. Total expenses stood at ₹7,179.9 crore in Q2, up 29.5% YoY.

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Adani Acquires Holcim’s Stake in Ambuja Cement, ACC – Top Indian Market Updates

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

Adani completes acquisition of Holcim’s stake in Ambuja Cement, ACC

The Adani Group has completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland-based Holcim Group for $6.4 billion (~₹51,030 crore). This transaction comprises Holcim’s entire 63.11% stake in Ambuja Cement and a 4.48% direct stake in ACC. Ambuja holds a 50.05% interest in ACC Ltd. The two cement makers together make Adani the second largest cement player in India after Aditya Birla Group’s UltraTech Cement. 

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Govt clears 23 strategic projects under National Technical Textiles Mission

The Central Govt. has cleared 23 strategic research projects of ~Rs 60 crore in the areas of specialty fibres, sustainable textiles, geotextiles, and sports textiles under the National Technical Textiles Mission. Textiles Minister Piyush Goyal emphasised the importance of contributions of technology & segment experts, scientists, and academicians to the future growth of technical textiles in India.

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Domestic air passenger traffic rises 3% in August: DGCA

Domestic air traffic grew marginally by 3% in August 2022 to 1 crore passengers, compared to 97 lakh domestic passengers in July. IndiGo flew the most number of passengers, with a market share of 58%. Tata Group airlines (Air India, Vistara, and AirAsia India) had a 24% market share as of August. Data released by the Directorate General of Civil Aviation (DGCA) showed that airlines flew with an average seat occupancy of 75% last month.

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Godrej Properties clocks ₹1,210 crore sale bookings in two new projects

Godrej Properties Ltd has achieved sales bookings worth ₹1,210 crore in its two new housing projects in Mumbai. The realty company launched two projects— Godrej Ascend at Thane and Godrej Horizon at Wadala— during Q1 FY23. It has cumulatively sold more than 700 homes accounting for an area of ~8.08 lakh square feet for both projects.

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Hero MotoCorp to launch EV model next month

Hero MotoCorp plans to enter the electric segment next month with the launch of its first model in the domestic market. The company confirmed in a quarterly report that “a new era in mobility is about to begin,” referring to an event in Jaipur under its “Vida” brand on October 7. The two-wheeler manufacturer has sent invitations for the event to its dealers, investors, and global distributors.

Read more here.

UPL partners with Cleanmax to build hybrid power project in Gujarat

UPL Ltd will partner with Mumbai-based CleanMax Enviro Energy Solutions to set up a hybrid energy power plant in Gujarat. The companies will operate a hybrid captive power plant with a capacity of 28.05 MW of solar power and 33 MW of wind power. The project will allow UPL to increase its renewable energy usage to 30% of its total global power consumption (from 8% currently).

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Zydus Lifesciences gets tentative USFDA approval for Sugammadex injection

Zydus Lifesciences Ltd’s US-based subsidiary has received tentative approval from the US Food & Drug Administration (USFDA) to market Sugammadex injection. The drug is indicated for the reversal of neuro-muscular blockade induced by rocuronium bromide and vecuronium bromide (used in modern anesthesia) in adults undergoing surgery. The injection will be manufactured at the pharma company’s facility at Jarod, Gujarat.

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ED freezes ₹46.66 crore held in merchant accounts of Paytm, Razorpay

The Enforcement Directorate (ED) has frozen ₹46.67 crore held in merchant accounts maintained by Paytm, Razorpay, Cashfree, and Easebuzz in the instant Chinese loan app case. As per ED’s investigation, Lillion Technocab and Shigoo Technology Pvt. Ltd. used to route their money via HPZ token to the merchant accounts of these digital payment firms.

Read more here.

Zomato’s Blinkit starts home delivery of iPhone 14

Zomato-owned quick-commerce platform Blinkit has partnered with Unicorn Info solutions to deliver iPhones 14 and other Apple products to doorsteps. The service is currently available in Delhi, Gurugram, and Mumbai. Customers in India can get the iPhone 14 for ₹79,900 and the 6.7-inch iPhone 14 Plus for ₹89,900 (available from Oct 7).

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Harsha Engineers IPO subscribed 74.7 times on final day

Harsha Engineers’ IPO was subscribed 74.7 times on the final day of bidding. The portion reserved for retail investors was subscribed 17.63 times. Non-institutional investors (NIIs) have subscribed 71.32 times against their reserved portion. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 178.26 times.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company had fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

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Kotak Mahindra Bank’s Net Profit Falls 7% YoY in Q2 – Top Indian Market News

Kotak Mahindra Bank Q2 Results: Net profit falls 7% YoY to Rs 2,032 crore

Kotak Mahindra Bank reported a 7% YoY decline in net profit to Rs 2,032 crore for the quarter ended September (Q2 FY22). Net profit rose 24% compared to the previous quarter. Its net interest income (NII) rose 3% YoY to Rs 4,021 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 3.19% in Q2, compared to 3.56% in the previous quarter. The figures have beaten street estimates.  

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Reliance BP Mobility launches first mobility station in Navi Mumbai

Reliance BP Mobility Ltd (RBML) launched its first Jio-bp branded mobility station at Navde in Navi Mumbai. RBML is the fuel and mobility joint venture (JV) between Reliance Industries Ltd (RIL) and UK-based energy company bp. The JV operates fuel retail stations and is in the process of rebranding around 1,400 fuel pumps. Jio-bp Mobility Stations will offer additivised fuel, which forms a protective layer on critical engine parts to keep the engines clean.

Read more here.

Bajaj Finance Q2 Result: Net profit rises 53% YoY to Rs 1,481 crore

Bajaj Finance reported a 53.5% YoY increase in consolidated net profit to Rs 1,481 crore for the quarter ended September (Q2 FY22). Net profit rose 48% compared to the previous quarter. Its net interest income (NII) rose 28% YoY to Rs 5,335 crore during the same period. The company’s gross non-performing assets (GNPA) ratio stood at 2.45% in Q2, compared to 2.96% in the previous quarter. Bajaj Finance’s assets under management (AUM) stood at Rs 1,66,937 crore in Q2, an growth of 22% YoY.

Read more here.

HG Infra secures order worth Rs 2,297 crore from NHAI

HG Infra Engineering has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for projects worth Rs 2,297 crore. The first project is for the development of six lanes in the Kaliagura-Baunsaguar section of NH-130-CD road under the Raipur- Visakhapatnam Economics Corridor.  The second project is for the development of six lanes in the Baunsaguar-Baraja section of NH-130-CD road.

Read more here. 

Axis Bank Q2 Results: Net profit rises 86% YoY to Rs 3,133 crore

Axis Bank reported an 86% YoY increase in net profit to Rs 3,133 crore for the quarter ended September (Q2 FY22). Net profit rose 45% compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 7,901 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.53% in Q2, compared to 3.85% in the previous quarter. Provisions fell sharply by 60% YoY (or 47.5% QoQ) to Rs 1,735.09 crore. The figures are slightly above street estimates.

Read more here. 

Motherson Sumi and Marelli extend cooperation in India

Motherson Sumi Systems Ltd (MSSL) has announced the extension of its cooperation with Germany-based Marelli Automotive Lighting for a new tool room in India. This will be the first-of-its-kind tool room dedicated to specific lighting applications. The toolroom will be an extension of the existing joint venture (JV) company— Marelli Motherson Automotive Lighting India Pvt Ltd. The 50:50 JV was established in 2008 to address the Indian exterior lighting market.

Read more here.

Ambuja Cement Q3 Results: Net profit at Rs 441 crore

Ambuja Cements’ net profit remained flat at Rs 441 crore for the quarter ended September (Q3 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,193 crore during the same period. EBITDA stood at Rs 703 crore, up 3.2% YoY. Total operating costs rose 16.7% YoY to Rs 2,534 crore in Q2.

Read more here.

Bombay HC bars Invesco from calling EGM

The Bombay High Court has granted an interim injunction against Invesco, the largest shareholder of Zee Entertainment Enterprise Ltd (ZEEL). The court has restrained Invesco from going ahead with the demand of an Extraordinary General Meeting (EGM) to remove ZEEL MD and CEO Punit Goenka. The high court reserved its order on the issue last week after ZEEL informed the court that it did not want to hold an EGM of shareholders as requested by Invesco.

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Cipla Q2 Results: Net profit rises 8% You to Rs 712 crore

Cipla Ltd reported a 7.58% YoY increase in consolidated net profit to Rs 712 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 10.3% YoY to Rs 5,485.84 crore during the same period. EBITDA stood at Rs 1,226 crore, an increase of 4% YoY. The pharma company’s North America revenues grew 2% YoY to $142 million (~Rs 1,065 crore) in Q2.

Read more here.

IRB Infra Q2 Results: Net profit at Rs 42 crore

IRB Infrastructure Developers reported a consolidated net profit of Rs 42.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 19.6 crore in the corresponding quarter last year (Q2 FY21). Net profit fell 41% compared to the previous quarter. Its total income rose 28.7% YoY to Rs 1,504.44 crore in Q2 FY22. EBITDA stood at Rs 718 crore, up 29% YoY or 3% QoQ.

The company has announced plans to raise ~Rs 5,347 crore via a preferential allotment of equity shares to Spain-based infrastructure group Ferrovial S.A. and Singapore state investor GIC.

Torrent Pharma Q2 Results: Net profit rises 2% YoY to Rs 316 crore

Torrent Pharmaceuticals reported a 1.98% YoY increase in consolidated net profit to Rs 316 crore for the quarter ended September (Q2 FY22). Net profit declined by 4% compared to the previous quarter. The pharma company’s net sales rose 6% YoY to Rs 2,103 crore during the same period. Its domestic revenues stood at Rs 1,087 crore in Q2, an increase of 13% YoY.

Read more here.

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Manufacturing PMI Recovers to 3-Month High – Top Indian Market News

Manufacturing PMI recovers to 3-Month high in July

Manufacturing activity in India expanded after a month in July as local lockdowns imposed to curb the second wave of the Covid-19 pandemic eased. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in July, compared with 48.1 in June. This is the fastest pace of growth in three months. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. 

Meanwhile, India’s unemployment rate fell to 6.95% in July, compared to 9.17% in the previous month.  

Read more here.

HDFC Q1 Results: Net profit falls 1.7% YoY to Rs 3,001 crore

Housing Development Finance Corp (HDFC) reported a 1.69% YoY decline in standalone net profit to Rs 3,001 crore for the quarter ended June (Q1 FY22). Net profit has declined by 5.6% when compared to the previous quarter. Its net interest income (NII) grew 22.2% YoY (or 2% QoQ) to Rs 4,147 crore during the same period. HDFC’s assets under management (AUM) rose 8% YoY to Rs 5.74 lakh crore in Q1.

Read more here.

Auto sales data for July 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 10.2% month-on-month (MoM) increase in total sales to 1.62 lakh units in July 2021. Sales from its utility vehicle segment and exports grew 26.6% and 24%, respectively.

Tata Motors Ltd registered a 25% MoM increase in passenger vehicle sales to 30,185 units in July. The automaker’s commercial vehicle sales increased 8% MoM to 23,848 units. Overall domestic sales rose 19% MoM to 51,981 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 21,046 units in July, an increase of 24.43% over June. M&M’s farm equipment segment posted a 43.53% decline in sales to 27,229 units. 

Two and three-wheeler manufacturer TVS Motor Company posted a 10.7% MoM increase in total sales to 2.78 lakh units. Meanwhile, Hero MotoCorp posted a 3% MoM decline in total sales to 4,54 lakh units in July.

Read more here.

Emami Q1 Results: Net profit rises 96% YoY to Rs 77.79 crore 

Emami Ltd reported a 96.4% YoY increase in consolidated net profit to Rs 77.79 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 37.3% YoY to Rs 660.95 crore during the same period. Net profit and revenues have declined by 11.3% and 9.6%, respectively, when compared to the previous quarter. The FMCG company’s EBITDA grew 38% YoY to Rs 170 crore in Q1.

Read more here.

Ambuja Cements to invest Rs 310 crore to expand Ropar unit in Punjab

Ambuja Cements Ltd will invest Rs 310 crore to expand the production capacity of its plant at Ropar, Punjab. This investment is part of the company’s aim to have a total cement capacity of 50 million tonnes per annum (MTPA) in the mid-term. The expansion of the Ropar plant is expected to be completed by June 2023. The total capacity of the cement grinding unit will increase from 3 MTPA to 4.5 MTPA.

Read more here.

Punjab National Bank Q1 Results: Net profit jumps 232% YoY to Rs 1,023 crore

Punjab National Bank (PNB) reported a 232% YoY jump in standalone net profit to Rs 1,023 crore for the quarter ended June (Q1 FY22). Net profit has increased by 75% when compared to the previous quarter. Its net interest income (NII) rose 6.5 % YoY to Rs 7,226 crore during the same period. The gross non-performing assets ratio (GNPA) increased to 14.33% in Q1 FY22, compared to 14.12% in Q4 FY21.

Read more here.

ABB India partners with Audi to provide charging solutions

ABB India Limited has announced a partnership with Audi India to provide charging solutions for the automaker’s fully electric ‘e-tron’ range. The newly launched Audi e-tron and Audi e-tron Sportback will be offered with ABB India’s Terra AC wall-box charger for smart charging at home. The Terra AC wall-box charger is capable of delivering 11 kilowatts (kW) power to the Audi e-tron and companies with all safety standards and necessary certifications.

Read more here.

Varun Beverages Q2 Results: Net profit jumps two-fold to Rs 319 crore

Varun Beverages Ltd (VBL) reported a 123% YoY jump in consolidated net profit to Rs 318.8 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 49.4% YoY to Rs 2,449.85 crore during the same period. The total sales volume increased by 45.4% YoY to 152.3 million cases in Q2 CY21. VBL’s board has recommended an interim dividend of Rs 2.5 per share.

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Policybazaar files DRHP to raise Rs 6,017 crore via IPO

PB Fintech has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 6,017 crore via an initial public offering (IPO). It is the parent company of Policybazaar and Paisabazaar. The IPO will consist of a fresh issue of shares aggregating to Rs 3,750 crore and an offer for sale (OFS) by existing promoters, aggregating to Rs 2,267 crore. Policybazaar is one of India’s largest online insurance marketplaces.

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RBL Bank Q1 Results: Net loss at Rs 459 crore

RBL Bank reported a net loss of Rs 459 crore for the quarter ended June (Q1 FY22). The private sector lender had posted a net profit of Rs 141 crore in Q1 FY21. Its net interest income fell 7% YoY to Rs 1,041 crore in Q1 FY22. [NII is the difference between the interest income a bank receives on loans and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio increased to 4.99% in Q1 FY22, compared to 4.34% in Q4 FY21 (previous quarter). 

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