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Zomato’s Net Loss Narrows to ₹251Cr in Q2 – Top Indian Market Updates

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

Zomato Q2 Results: Net loss narrows to ₹251 crore

Zomato Ltd reported a consolidated net loss of ₹251 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹430 crore in Q2 FY22. Its revenue from operations rose 62.2% YoY to ₹1,661 crore during the same period. The gross order value for the food delivery business grew 23% YoY to ₹5,407 crore in Q2. Zomato acquired instant delivery platform Blinkit during the quarter.

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JSW Steel expects exports to hit over 5-year low

JSW Steel Ltd expects its exports to fall to a more than five-year low at 10% of overall sales in the current financial year (FY23) due to reduced global demand and high export tax. Finished steel exports from the steel producer fell more than 50% during the first seven months of FY23, partly because of a 15% export tax on steel intermediates that the Central government levied in May.

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Apollo Hospitals Q2 Results: Net profit falls 18% YoY to ₹204 crore

Apollo Hospitals Enterprise Ltd reported an 18% year-on-year (YoY) decline in consolidated net profit to ₹204 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14.4% YoY to ₹4,251 crore during the same period. The company’s healthcare services segment posted revenue of ₹2,277 crore in Q2, up 5% YoY. Revenue from the digital health and pharmacy segment stood at ₹1,668 crore, up 43% YoY.

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Saudi Arabia’s SALIC acquires 9.2% stake in LT Foods

Saudi Agricultural and Livestock Investment Company (SALIC) has acquired a 9.22% stake in packaged foods and staples company LT Foods. SALIC is a wholly-owned subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia. This transaction will accelerate the organic/inorganic expansion of LT Foods in the Middle East and Saudi Arabia region.

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Deepak Fertilisers Q2 Results: Net profit jumps 3-fold YoY to ₹276 crore

Deepak Fertilisers & Petrochemicals Ltd reported a 196% YoY jump in consolidated net profit to ₹276 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 51.7% YoY to ₹2,719 crore during the same period. Total expenses stood at ₹2,324.37 crore in Q2, up 39.3% YoY. Revenue from the chemicals segment rose 52% YoY to ₹1,532.87 crore.

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Adani Power to sell entire stake in subsidiary to AdaniConnex

Adani Power Ltd. will sell its entire stake in its wholly-owned subsidiary Support Properties Pvt. to AdaniConnex Pvt. Ltd. (ACX) for ₹1,556 crore. The transaction will be completed by January 2023. ACX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX formed in February 2021.

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Kalyan Jewellers Q2 Results: Net profit rises 54% YoY to ₹106 crore

Kalyan Jewellers Ltd reported a 54% YoY increase in consolidated net profit to ₹106 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20% YoY to ₹3,473 crore during the same period. EBITDA stood at ₹266 crore in Q2, up 17% YoY. The company launched five new showrooms in the non-South markets in Q2.

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Equity mutual fund inflows fall in October

According to data from the Association of Mutual Funds in India (AMFI), equity mutual funds inflows fell from ₹14,099.73 crore in Sept to ₹9,390.35 crore in October. Debt funds saw a cumulative outflow of Rs 2,817.79 crore in October. Index fund net flows were ₹5,075 crore and other exchange-traded funds (ETFs) recorded ₹4,845 crore of net flows. Total Systematic Investment Plan (SIP) contribution in October stood at Rs 13,041 crore, up 0.5%.

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Eicher Motors Q2 Results: Net profit rises 76% YoY to ₹657 crore

Eicher Motors Ltd reported a 76% YoY increase in consolidated net profit to ₹657 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 56.5% YoY to ₹3,519.4 crore during the same period. EBITDA stood at ₹821 crore in Q2, up 75% YoY. Input costs rose 45% YoY to ₹2,001.4 crore.

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SJVN secures 83 MW floating solar project in MP

SJVN Ltd has received a contract to establish an 83 megawatts (MW) floating solar project worth ₹585 crore in Madhya Pradesh. The project has been secured at a tariff of ₹3.70 per unit on a build, own, and operate basis in an e-reverse auction organised by REWA Ultra Mega Solar Ltd. (RUMSL). After commissioning, the project will generate 187 million units (MUs) in the first year and 4,410 MUs over 25 years.

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JSPL Q2 Results: Net profit falls 91% YoY to ₹219 crore

Jindal Steel & Power Ltd (JSPL) reported a 91.5% YoY decline in consolidated net profit to ₹219.27 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations remained flat at ₹13,611.71 crore during the same period. The company faced an exceptional loss of ₹898.49 crore in Q2. JSPL’s steel production fell 5.6% YoY to 1.82 million tonnes (MT).

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TCS Posts 8% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

TCS Q2 Results: Net profit rises 8% YoY to ₹10,431 crore

Tata Consultancy Services (TCS) reported an 8.4% YoY increase in consolidated net profit to ₹10,431 crore for the quarter ended September (Q2 FY23). The IT company’s revenue from operations rose 18% YoY to ₹55,309 crore during the same period. Its order book stood at $8.1 billion in Q2. TCS’s board has approved a dividend of ₹8 per share. 

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JSW Steel’s combined production grows 12% to 5.68 MT in July-Sept

JSW Steel Ltd reported a 12% year-on-year (YoY) growth in its combined steel production at 5.68 million tonnes (MT) during the quarter ended September (Q2 FY23). Production was down 3% compared to 5.88 MT in the April-June period (Q1). The fall in production can be attributed to extended maintenance shutdowns, subdued market conditions in the US, and lower capacity utilisation in various units in India. 

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Adani Group in talks for Jaiprakash’s cement unit for $606 million: Report

According to an ET Now report, Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd. to acquire its cement unit. The group could pay about ₹5,000 crore (~$606 million) for a cement grinding unit and other smaller assets. The deal will help consolidate the Adani Group’s dominance in the cement sector, which started after it recently bought Ambuja Cements Ltd. and ACC Ltd. from Switzerland’s Holcim Ltd.

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India’s fuel demand slips to 10-month low in September

India’s monthly fuel demand in September was at its lowest since November 2021. Total monthly fuel demand in September fell 3.6% from August, although it was up 8.1% when compared with September 2021. Consumption of fuel totaled 17.18 million tonnes (MT) in September, up from 15.89 MT a year earlier. Sales of diesel grew 13.4% YoY to 6.26 MT in Sept but dropped 1.4% month-on-month.

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EaseMyTrip’s board approves bonus shares and stock split

The Board of Directors of Easy Trip Planners Ltd has approved a bonus issue. It will issue three bonus shares for every one share held in the company. Easy Trip Planners will need free reserves of ₹130.4 crore (created out of the company’s profits in FY22) for implementing the bonus issue. The board also cleared a proposal to split its stock in the ratio of 1:2 (each equity share with a face value of ₹2 will be split into two equity shares with a face value of ₹1). 

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India Cements divests entire stake in Springway Mining to JSW Cement for ₹477 crore

India Cements Ltd has signed a pact with JSW Cement to divest its entire stake in Springway Mining Pvt Ltd (SMPL) for ₹477 crore. SMPL owns limestone-bearing land in Madhya Pradesh’s Panna district. It is also setting up a cement plant in Damoh district. JSW Cement has paid ₹373.87 crore towards part of the deal amount. The rest has to be paid on or before December 31, 2022. 

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Gravita starts commercial production at aluminium recycling plant in Senegal

Gravita India Ltd’s step-down subsidiary in Senegal (West Africa) has commenced commercial production of aluminium from a new recycling plant. The plant has an annual capacity of around 4,000 metric tonnes per annum (MTPA). The company is expecting an additional revenue of approx. ₹60 crore per annum with gross margins of nearly 20% from the new capacity.

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Equity inflows surge in September despite volatility: AMFI

Data released by the Association of Mutual Funds in India (AMFI) showed that equity mutual funds witnessed a net inflow of ₹14,077 crore in September 2022, compared to a net inflow of ₹5,942.2 crore in August. Total assets under management for the mutual fund industry stood at ₹38.42 lakh crore as of September 30, compared to ₹39.33 lakh crore as of August 31. Contribution through SIP went up to ₹12,976 crore in September when compared to ₹12,693 crore in August. 

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Nykaa Fashion partners with Revolve to offer new range of global fashion labels

E-commerce platform Nykaa’s fashion arm, Nykaa Fashion, announced a partnership with California-based Revolve to offer access to a range of global fashion labels. With this collaboration, Nykaa Fashion will offer consumers curations spanning over 26,000 options and over 400 brands across apparel, footwear, and accessories, including REVOLVE and its own online platform.

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Tata Motors’ global sales up 33% in Q2

Tata Motors reported a 33% YoY increase in global sales (including that of Jaguar Land Rover) to 3,35,976 units during the quarter ended September (Q2 FY23). Global wholesale units of all Tata Motors’ commercial vehicles and Tata Daewoo range in the quarter stood at 1,03,226 units, up 16% YoY. Sales of JLR stood at 89,899 units in Q2 FY23, compared to 78.251 units in Q2 FY22.

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Equity Mutual Fund Inflows Hit 10-Month Low in August – Top Indian Market Updates

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

Equity mutual fund inflows hit 10-month low in August

Data released by the Association of Mutual Funds in India (AMFI) showed that Inflows into equity mutual funds fell 31% YoY to ₹6,119.58 crore in August. Investors continued to withdraw money amidst rising interest rates and high inflation. The monthly Systematic Investment Plan (SIP) contribution stood at ₹12,693.45 crore in August, an all-time high. 

The mutual fund industry’s net assets under management (AUM) hit an all-time high of ₹39.33 lakh crore in August, increasing 7% YoY.

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Govt clears PLI incentive of ₹53 crore for Dixon Tech

Dixon Technologies Ltd has become the first producer of mobile phones to get approval for the disbursement of incentives under the government’s Production-Linked Incentive (PLI) scheme. The company will be eligible to receive ~₹53 crore for the first quarter of operation between October to December 2021 as an incentive on incremental sales. The incentive amount will be disbursed in the next few days.

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India considers new coal imports as energy supply concern grows

Energy officials in India are considering whether further coal imports may be needed to avoid any power supply crunch. Stockpiles of coal at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days’ supply. This is well below the required levels of more than three weeks. Coal helps produce about 70% of India’s electricity.

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PVR to seek approval from shareholders, creditors on Oct 11 for merger with INOX

PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for its merger with INOX Leisure. The two entities announced the merger plan in March 2022, and the merged company will be called PVR Inox. However, the branding of existing screens will continue as PVR and INOX. The boards of both companies decided that the shareholders of INOX Leisure would receive 3 stocks of PVR for every 10 stocks of Inox they hold.

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Zydus Lifesciences secures rights to market MonoFerric injection in India, Nepal

Zydus Lifesciences Ltd has secured rights to market MonoFerric injection in India and Nepal from Denmark-based Pharmacosmos A/S. The drug is used to treat iron deficiency in adult patients when oral iron preparations are ineffective. MonoFerric is available in over 30 countries (including the US and Europe), and over 28 million doses have been administered since launch.

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Tata Group in talks to join an elite club of iPhone makers

Tata Group is in talks with Wistron Corp, a Taiwanese supplier to Apple Inc., to establish an electronics manufacturing joint venture as they seek to assemble iPhones in India. As per reports, Tata Group wants to tap Wistron Corp’s expertise in product development, supply chain, and assembly. If successful, the pact could make Tata the first Indian company to build iPhones.

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Lupin gets USFDA approval for generic used to cleanse colon

Lupin Ltd has launched the generic version of Suprep Bowel Prep Kit Oral Solution in the US after getting approval from the US Food & Drug Administration (USFDA). The drug is used for cleansing the colon as a preparation for colonoscopy. As per IQVIA MAT data, RLD Suprep Bowel Prep Kit had estimated sales of $202 million in the U.S during the 12 months ended July 2022. 

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Ashok Leyland signs pact with UK-based Libertine for powertrain technology

Ashok Leyland Ltd has signed an agreement with UK-based Libertine Holdings to evaluate the use of Libertine’s technology platform for its commercial vehicle (CV) powertrains. Libertine is a developer of clean and fuel-flexible linear generator technology (LGT). Under the terms of the agreement, Ashok Leyland will explore the scope for LGT product development and demonstration within its CV portfolio.

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PI Industries looks to buy promoter stake in Granules India: Report

As per a report by ET NOW, PI Industries is looking to acquire a promoter stake in Granules India. “Initial discussions between the two companies have already taken place,” the report said. The promoters of Granules India have a 42% stake in the pharma company valued at ₹3,200 crore.

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Bharti Airtel Posts 466% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

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

Bharti Airtel Q1 Results: Net profit jumps 466% to Rs 1,606 crore

Bharti Airtel Ltd reported a 465.81% YoY jump in consolidated net profit to Rs 1,606.9 crore for the quarter ended June (Q1 FY23). However, net profit fell 20% when compared to the previous quarter. Its revenue from operations rose 22% YoY (or 4% QoQ) to Rs 32,805 crore during the same period. The average revenue per user (ARPU) improved to Rs 183 in Q1 FY23, compared to Rs 146 in Q1 FY22. 

The telecom major procured 19,867.8 megahertz (MHz) spectrum for Rs 43,040 crore in the recently concluded 5G spectrum.

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Godrej Properties aims to add new projects worth Rs 15,000 crore in FY23

Godrej Properties Ltd (GPL) is looking to add new housing projects worth Rs 15,000 crore in the current financial year (FY23) by purchasing land outright and forming joint ventures with land owners. GPL has laid out Rs 10,000 crore as its goal for booking values in FY23. The company’s sales bookings jumped five-fold to Rs 2,520 crore during the April-June period (Q1 FY23). 

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Adani Ports Q1 Results: Net profit falls 16% YoY to Rs 1,072 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 16% YoY decline in consolidated net profit to Rs 1,072.38 crore for the quarter ended June (Q1 FY23). Net profit rose 4.72% when compared to the previous quarter. Its revenue from operations fell 0.71% YoY (up 20.6% QoQ) to Rs 4,637.95 crore during the same period. APSEZ handled 90.89 million metric tonnes (MMT) of cargo in Q1, up 8% YoY.

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Lok Sabha passes bill to promote non-fossil fuels

The Lok Sabha has passed a bill seeking to mandate the use of non-fossil energy sources such as biomass, ethanol, and green hydrogen. The Energy Conservation (Amendment) Bill, 2022, provides for penalties for violations by industrial units or vessels and on manufacturers if a vehicle fails to comply with fuel consumption norms. The bill also seeks to promote renewable energy and the development of a domestic carbon market to battle climate change.

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Tata Motors to acquire Ford’s Gujarat plant for Rs 725 crore

Tata Passenger Electric Mobility Ltd (TPEML) and Ford India Pvt Ltd (FIPL) have signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL’s manufacturing plant at Sanand, Gujarat. The total consideration to be paid for the acquisition is Rs 725.7 crore. TPEML will make the necessary investments to reconfigure the plant to adapt to Tata Motors’ existing and future vehicle platforms. 

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Suven Pharma Q1 Results: Net profit rises 17% YoY to Rs 107 crore

Suven Pharmaceuticals Ltd reported a 17.3% YoY (or 2.3% QoQ) increase in consolidated net profit to Rs 107.54 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 28.4% YoY to Rs 339 crore during the same period. EBITDA stood at Rs 151 crore in Q1, up 31.6% YoY.

Blue Star forays into water projects biz

Blue Star Ltd’s recently formed water projects business has secured orders totaling Rs 375 crore. It has received three rural water supply orders from the Department of Rural Water Supply and Sanitation (RWSS), Government of Odisha. The scope of all the orders comprises field investigation & total station survey, hydraulic & structural design, and construction of electro-mechanical equipment.

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HFCL partners with Qualcomm to strengthen its 5G portfolio

HFCL has partnered with Qualcomm Technologies, Inc. for the design and development of 5G millimeter wave (mmWave) Fixed Wireless Access (FWA) Customer Premise Equipment (CPE) products. FWA helps operators with a cost-effective way to deliver fiber-like internet speeds wirelessly over 5G networks. HFCL’s 5G mmWave FWA product portfolio aims to enable telcos to deliver broadband internet services in rural, suburban, and dense urban areas.

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Equity mutual fund inflows record 42% decline in July: AMFI data

Net inflows in equity mutual funds fell 42.6% month-on-month (MoM) to Rs 8,898.25 crore in July 2022, as per data released by the Association of Mutual Funds in India (AMFI). The number of mutual fund folios rose 29% YoY and 1% MoM to an all-time high at 13.55 crore. The net assets under management (AUM) for the Indian mutual fund industry stood at Rs 37.74 lakh crore in Q1, up 7% YoY.

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Power Grid Q1 Results: Net profit falls 36% YoY to Rs 3,801 crore

Power Grid Corporation of India reported a 36.6% YoY (or 8.5% QoQ) decline in consolidated net profit to Rs 3,801.19 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 6.7% YoY to Rs 10,905.21 crore during the same period. The company’s transmission business posted a revenue of Rs 235.39 crore in Q1, up 5.9% YoY. Revenue from its telecom business grew 60.18% YoY to Rs 190.32 crore.

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TCS Reports 5.2% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

TCS Q1 Results: Net profit rises 5.21% YoY to Rs 9,478 crore

Tata Consultancy Services (TCS) reported a 5.21% YoY increase in consolidated net profit to Rs 9,478 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 16.2% YoY to Rs 52,758 crore during the same period. The last twelve months IT services attrition rate stood high at 19.7%. The IT firm’s board has declared an interim dividend of Rs 8 per share.

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M&M plans to sell 2 lakh electric vehicles by FY27

Mahindra & Mahindra Ltd (M&M) hopes to sell two lakh electric vehicles (EVs) by FY27. It has begun a new path to grab a share of the shift towards electrification. The automaker plans to invest over $1 billion in the EV business and develop a portfolio of five EVs in the next five years. M&M recently raised ~Rs 1,980 crore from British International Investment (BII) for its new wholly-owned EV company.

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Tata Motors’ global wholesales up 48% YoY to 3.16 lakh units in Q1

Tata Motors Ltd’s global wholesales (including JLR) increased by 48% YoY to 3,16,443 units in the April-June quarter (Q1 FY23). Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q1 stood at 1,03,529 units, up 97.3% YoY. The company’s global sales of all passenger vehicles rose 31% YoY to 2,12,914 units.

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City Union Bank partners with Shriram General to distribute insurance products

City Union Bank has partnered with Shriram General Insurance to distribute insurance products across the bank’s 727 branches in India. The deal gives space for Shriram General to offer personal lines of insurance products such as motor, personal accident, home, and travel. The agreement allows City Union Bank to provide non-life insurance products to its customers.

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Mahindra Holidays plans to add 1,000 rooms in next 2-3 years

Mahindra Holidays & Resorts India Ltd (MHRIL) plans to add ~1,000 rooms in the next 2-3 years, said chairman Arun Nanda. The company is looking at greenfield projects, expansion of existing facilities, acquisitions, and lease opportunities to drive significant growth in room inventory in the next few years. MHRIL added 385 rooms during the financial year 2021-22 (FY22). The total room inventory now stands at 4,568 units across 84 resorts.

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Kotak Mahindra Bank bags DLL India’s agri & healthcare equipment financing portfolio

Kotak Mahindra Bank has acquired the agriculture and healthcare equipment financing portfolio of asset finance company DLL India. DLL India is a subsidiary of Netherland-based De Lage Landen International B.V., owned by Rabobank. With this acquisition, the bank will gain access to over 25,000 customers with a total standard loan outstanding of ~Rs 582 crore. Kotak Mahindra Bank has also acquired the non-performing assets (NPA) portfolio of DLL India with a total loan outstanding of ~Rs 69 crore.

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Happiest Minds partners with CloudFabrix’s RDAF

Happiest Minds Technologies Ltd has entered into a strategic partnership with US-based CloudFabrix’s Robotic Data Automation Fabric (RDAF) to unify data observability, artificial intelligence for IT operations (AIOps), and automation. RDAF consolidates diverse data sources, converges on the root cause by applying AI/ML pipelines, and concludes by remediating with intelligent automation.

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Investor flow to equity mutual fund schemes fall 16% in June: AMFI

Net investments into equity and equity-linked schemes fell 16.3% over the previous month to Rs 15,497.7 crore in June. The number of systematic investment plan (SIP) accounts stood at an all-time high at 5.54 crore and monthly SIP contribution at Rs 12,276 crore in June. The net assets under management  (AUM) for the Indian mutual fund industry stood at Rs 35.64 lakh crore in June, registering a 6% YoY growth. The data was released by the Association of Mutual Funds in India (AMFI).

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HAL, Safran to develop new helicopter engines

Hindustan Aeronautics Ltd (HAL) has signed an agreement with France-based Safran Helicopter Engines to create a new joint venture (JV) to develop helicopter engines. The JV will meet the requirements of HAL and the Ministry of Defence’s future helicopters, including the 13-tonne Indian Multi-Role Helicopter (IMRH). This partnership will involve and utilise the Indian defence manufacturing ecosystem within India.

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ONGC, OIL, GAIL emerge winners of OALP-VII bidding round

Oil & Natural Gas Corp (ONGC), Oil India Ltd. (OIL), and Gas Authority of India Ltd. (GAIL) have walked away with most of the eight blocks offered for exploration and production of oil and gas in the Open Acreage Licensing Policy (OALP) 7th bidding round. ONGC won three blocks in this round, while OIL won two. GAIL won one block in Rajasthan. The government has now launched the OALP Bid Round-VIII for 10 blocks.

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India’s Coal Output Rises 29% in April – Top Indian Market News

India’s coal output rises 29% in April

India’s coal output rose 29% YoY to 66.58 million tonnes (MT) in April. Dispatch of coal to power utilities grew 18.15% YoY to 61.81 MT last month. The Ministry of Coal has been observing a decline in the prices of imported coal since the end of October 2021. India is witnessing a power crisis as coal reserves in several states are running out amid high electricity demand. 

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Asian Paints Q4 Results: Net profit at Rs 850 crore

Asian Paints Ltd reported a consolidated net profit of Rs 850.42 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 852.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 20.6% YoY to Rs 7,889.94 crore in Q4 FY22. Asian Paints faced an exceptional loss of Rs 115.70 crore towards its Sri Lanka business and expected delay in receivable subsidy from the govt. The paint manufacturer’s board has declared a dividend of Rs 15.5 per share.

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Polycab India Q4 Results: Net profit rises 14% YoY to Rs 322 crore

Polycab India Ltd reported a 14.47% YoY increase in consolidated net profit to Rs 322.15 crore for the quarter ended March (Q4 FY22). Net profit rose 2.4% when compared to the previous quarter. Its revenue from operations rose 35% YoY to Rs 3,979 crore during the same period. Polycab India’s board has declared a dividend of Rs 14 per share.

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ICICI Bank partners with Santander for India-UK business ease

ICICI Bank has announced a strategic partnership with Santander UK to facilitate the banking requirements of corporates operating across India and the UK. The private sector bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions, and retail banking to the UK corporates operating in India. Santander UK will support Indian corporates and new-age businesses with their banking requirements in the UK.

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Ajanta Pharma Q4 Results: Net profit falls 5% YoY to Rs 151 crore

Ajanta Pharma Ltd reported a 5% YoY decline in consolidated net profit to Rs 151 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 870 crore during the same period. The pharma company’s board has approved the issue of bonus shares in the ratio 1:2. [One equity share (of the face value of Rs 2) will be issued for every 2 shares (of Rs 2 each) held in the firm.]

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Cipla signs pact with Genes2Me to launch Covid-19 RT-PCR test kit

Cipla Ltd has launched a Covid-19 RT-PCR testing kit in partnership with diagnostics firm Genes2Me. The pharma company will be responsible for the distribution of ‘RT Direct’ kits in India and has commenced supply of the same. The test protocol does not require any RNA extraction process and delivers results in just 45 minutes. 

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MRF Q4 Results: Net profit falls 50% YoY to Rs 165 crore

MRF Limited reported a 50.26% YoY increase in consolidated net profit to Rs 165.21 crore for the quarter ended March (Q4 FY22). Net profit rose 10.6% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 5,304.82 crore during the same period. The tyre manufacturer’s board has declared a final dividend of Rs 144 per share.

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Wipro renews IT transformation deal with Crédit Agricole

Wipro Ltd has extended its strategic agreement with Crédit Agricole CIB to fuel the next stage of growth. The IT major will help Crédit Agricole CIB to adopt cloud technologies and agile practices to achieve faster speed-to-market on new products and services. Crédit Agricole CIB is the corporate and investment banking arm of France-based Crédit Agricole Group.

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Vodafone Idea Q4 Results: Net loss at Rs 6,563 crore

Vodafone Idea reported a net loss of Rs 6,563.1 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 7,022.8 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 6.46% YoY to Rs 10,271.8 crore in Q4 FY22. The average revenue per user (ARPU) stood at Rs 124 in Q4 FY22, compared to Rs 115 in the previous quarter (Q3 FY22). Vi’s average daily revenue growth stood at 7.7% QoQ.

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Mutual Funds see Rs 72,847 crore net inflows in April: AMFI

The Indian mutual fund industry witnessed net inflows of Rs 72,847 crore in April 2022, compared to a net withdrawal of Rs 69,883 crore in March. Equity mutual funds attracted net inflows of Rs 15,890 crore in April, compared to Rs 28,463 crore in March. The monthly Systematic Investment Plan (SIP) contribution dropped to Rs 11,863 crore in April compared to Rs 12,328 crore in March. The data was released by the Association of Mutual Funds in India (AMFI).

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RBI Cuts FY23 GDP Forecast to 7.2% – Top Indian Market News

RBI keeps policy rates unchanged; cuts FY23 GDP forecast to 7.2%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance to support growth and keep inflation within the target of 2-6%. RBI has projected real GDP growth of 7.2% for the current financial year (FY23), which is lower than its earlier estimate of 7.8%. 

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RBI imposes penalties on Axis Bank, IDBI Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs 93 lakh on Axis Bank. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines, and “levy of penal charges for non-maintenance of minimum balances in savings bank accounts”. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank for similar violations.

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JSW Steel’s combined crude steel output grows 37% YoY in Q4

JSW Steel Ltd reported a 37% YoY increase in combined crude steel production at 5.98 million tonnes (MT) for the quarter ended March (Q4 FY22). The capacity utilisation of existing operations at the standalone level improved from 94% in Q3 to 98% in Q4. During the entire FY 2021-22, JSW Steel posted a 38% YoY growth in combined steel production to 21.47 MT.

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Tax collections soar to a record Rs 27.07 lakh crore in FY22

India’s tax collections soared to a record high of Rs 27.07 lakh crore in FY22 as mop-up from income and other direct taxes as well as indirect taxes jumped. Gross tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 compares with the Budget estimate of Rs 22.17 lakh crore. While direct taxes showed a 49% growth, indirect tax collections were up 30% in FY22.

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Abu Dhabi’s IHC to invest $2 billion in 3 Adani Group firms

Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion (~Rs 15,180 crore) as primary capital in three Adani portfolio companies– Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL). IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL, and Rs 7,700 crore in AEL. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening the balance sheet, and for general corporate purposes.

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Sterling and Wilson RE’s loss narrows in Q4

Sterling and Wilson Renewable Energy Ltd (SWREL) posted a loss of Rs 126.61 crore for the quarter ended March 2022 (Q4 FY22). It had reported a loss of Rs 344.80 crore in the corresponding period last year. The company’s revenue fell by 21.5% YoY to Rs 1,071 crore during the same quarter. SWREL reported a net loss of Rs 909.46 crore in FY22, compared to a loss of Rs 285.38 crore in FY21.

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Indoco Remedies gets USFDA approval for Lacosamide injection

Indoco Remedies Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lacosamide Injection. The drug is used for the prevention and control of seizures. It is an anti-epileptic drug. According to IQVIA data, the generic version of the drug had annual sales of $43.8 million, growing at 25%.

V-Guard Industries bets on consumer durables, expansion outside south India

V-Guard Industries is betting big on its consumer durables and kitchen appliances division as well as increasing its operations outside south India. The company will open four new factories over the next 12 months– two in Hyderabad and one each in Vapi and Uttarakhand. This will help increase the share of in-house manufacturing in its product portfolio. V-Guard has invested about Rs 200 crore in its manufacturing & distribution expansion and will be investing Rs 180-200 crore more.

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Govt returns bank guarantees worth Rs 15,000 crore to Vodafone Idea

The Department of Telecommunication (DoT) has returned bank guarantees worth Rs 15,000 crore to Vodafone Idea (Vi). It is in line with last year’s telecom reforms package, which reduced bank guarantee requirements for licence fees and spectrum dues. The Rs 15,000 crore bank guarantee pertains to spectrum auctions between 2012-’16. The DoT has also released bank guarantees worth Rs 7,000 crore to Bharti Airtel.

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Equity mutual fund inflows rise 44% in March: AMFI

Net inflows into equity and equity-linked schemes increased 44% over the previous month to Rs 28,463.5 crore in March. Multi-cap funds witnessed the highest investments among all categories, while small caps saw the least. Monthly contributions into systematic investment plans (SIPs) recovered to hit an all-time high of Rs 12,327.9 crore in March. That data was released by the Association of Mutual Funds in India (AMFI).

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Market News Top 10 News

Tata Wins Bid to Buy Air India For Rs 18,000 crore – Top Indian Market News

Tata wins bid to buy Air India for Rs 18,000 crore

The Centre has declared Tata Group as the winning bidder for debt-laden national carrier Air India. Tata will pay Rs 18,000 crore to acquire Air India from the government, of which 15% would go to the Centre and the rest will go towards clearing debt. The transaction is expected to close by the end of December 2021. The group will also retain all Air India employees for one year and offer voluntary retirement scheme (VRS) in the second year.

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TCS Q2 Results: Net profit rises 29% YoY to Rs 9,624 crore

Tata Consultancy Services (TCS) reported a 29% YoY increase in consolidated net profit to Rs 9,624 crore for the quarter ended September (Q2 FY22). Net profit rose 6.84% when compared to the previous quarter. The IT company’s revenue from operations increased by 16.8% YoY to Rs 46,867 crore during the same period. TCS’ board has approved an interim dividend of Rs 7 per share. 

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RBI keeps repo rate unchanged at 4%

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. It is the eighth time in a row that the policy rates have been kept on hold. RBI’s projection for real GDP growth is retained at 9.5% for the current financial year (FY22). The central bank has proposed to increase the per transaction limit of Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh.

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Motherson Sumi’s board approves acquisition of 55% stake in CIM Tools

The Board of Directors of Motherson Sumi Systems Ltd (MSSL) has approved the acquisition of a 55% stake in CIM Tools Pvt Ltd. This acquisition marks MSSL’s entry into the aerospace industry. It aligns with the company’s growth strategy to venture into the non-automotive sectors as outlined in its five-year plan, Vision 2025. CIM is engaged in machining and sub-assembly of components for the aerospace industry. 

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Power Ministry’s new framework to lower electricity rates

The Ministry of Power released a framework for the implementation of market-based economic despatch (MBED) to enhance competition in the power sector and lower the cost of electricity in India. With this move, state power distribution companies (DISCOMs) will be able to plan power purchases from the day-ahead market at the power exchange (IEX). DISCOMs will also be able to meet their electricity demand from the cheapest generating sources in India. With the implementation of MBED, the ministry expects a ~5% reduction in the cost of power to consumers.

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Zydus Cadila gets tentative approval to market generic acne drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market generic Adapalene and Benzoyl Peroxide gel in the American market. The drug is used for the treatment of acne. It works by killing the bacteria that cause acne and by keeping the skin pores clean. The product will be manufactured at Zydus Cadila’s topical plant in Ahmedabad.

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Trident launches e-commerce portal “myTrident.com”

Trident Limited has launched its direct-to-consumer website, myTrident.com. The website features products from the house of Trident Group ranging from towels, bedsheets, paper, notebooks, bathrobes, rugs, cushions, and more. Customers can avail of up to 55% discount on myTrident.com. The company further plans to announce more exciting discount offers during Diwali.

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Equity mutual funds see inflows for seventh month in a row: AMFI

Inflows into equity mutual funds stabilised in September and were almost similar to August figures. Investors poured in a net Rs 8,677.41 crore into equity mutual fund schemes, compared to Rs 8,666.68 crore in August. Multi-cap funds saw the biggest inflow of Rs 3,569.45 crore, while sectoral and flexi-cap funds saw net inflows of Rs 2,000 crore each. The data was released by the Association of Mutual Funds in India (AMFI). 

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Maharashtra Seamless secures Rs 237 crore order from ONGC

Maharashtra Seamless Ltd (MSL) has secured an order worth Rs 237 crore from Oil and Natural Gas Corporation Ltd (ONGC) for the supply of seamless casings pipes. The product is widely used in high-pressure applications, including refineries, hydraulic cylinders, and oil and gas infrastructure. New Delhi-based MSL is the flagship company of the well-diversified DP Jindal Group. 

Mobikwik gets SEBI approval for Rs 1,900 crore IPO

Digital payments platform Mobikwik has received approval from the Securities and Exchange Board of India (SEBI) for its Rs 1,900 crore initial public offering (IPO). The company is expected to launch its IPO before Diwali (November 4) and is likely to fetch a valuation of $1 billion. The Gurugram-based company is among a growing list of consumer internet firms, including Paytm, Nykaa, and PolicyBazaar, that are eyeing stock market debuts this year.

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Reliance to bring 7-Eleven stores to India

Reliance Retail Ventures Limited (RRVL) has entered into a master franchise agreement with 7-Eleven Inc for the launch of 7-Eleven convenience stores in India. The first 7-Eleven store is set to open on Saturday (October 9) in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with.

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Yes Bank and 4 more stocks to be converted from Mid Cap to Large Cap

Market Capitalization

By 5th Jan 2021, AMFI (Association of Mutual Funds in India) is expected to release a fresh list for categorization of stocks into large caps, midcaps, and small caps. Large-cap refers to a company with a market capitalization of more than Rs 20,000 crores. Mid-cap is denoted to companies with a market capitalization between Rs 5,000 crores and Rs 20,000 crores. Small-cap is a term used to classify companies with a market capitalization of less than Rs 5,000 crores. 

Here is the list of stocks according to ICICI Securities that have the potential to switch from mid-cap to large-cap:

  1. Yes Bank (NSE: YESBANK, Mkt Cap: Rs 38,459 crore)
  2. Adani Enterprises (NSE: ADANIENT, Mkt Cap: Rs 49,046 crore)
  3. PI Industries (NSE: PIIND, Mkt Cap: Rs 35,923 crore)
  4. Hindustan Aeronautics Ltd (NSE: HAL, Mkt Cap: Rs 28,177 crore)
  5. Jubilant Food (NSE: JUBLFOOD, Mkt Cap: Rs 33,747 crore)

Here is the list of stocks according to ICICI Securities which are to be moved from large-cap to mid-cap:

  1. MRF (NSE: MRF, Mkt Cap: Rs 33,377 crore)
  2. NMDC (NSE: NMDC, Mkt Cap: Rs 32,715 crore)
  3. United Breweries (NSE: UBL, Mkt Cap: Rs 32,715 crore)
  4. Container Corporation of India (NSE: CONCOR, Mkt Cap: Rs 25,142 crore)
  5. General Insurance Corporation of India (NSE: GICRE, Mkt Cap: Rs 24,465 crore)
  6. Bank of Baroda (NSE: BANKBARODA, Mkt Cap: Rs 27,284 crore)

This change in classifaction may result in funds flowing in and out of the stocks, as mutual funds re-arrange their portfolios. Do keep watch of it.