Tag: apollo hospitals

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Govt Receives Rs 3,636Cr Dividend from IOCL – Top Indian Market Updates

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

Centre receives ₹3,636Cr dividend from IOCL

According to the secretary of the Department of Investment and Public Asset Management (DIPAM), the Central Government has received ₹3,636 crore from Indian Oil Corporation of India Ltd as a dividend tranche. Additionally, it received received about ₹23 crore from RailTel Corporation of India Ltd. 

Read more here.

IOC corners more than a third of D6 gas in latest Reliance auction

Indian Oil Corporation (IOC) has cornered more than a third of the natural gas that Reliance Industries Ltd and its partner BP offered in the latest auction of the KG-D6 gas. IOC got 1.45 million standard cubic meters per day out of the 4 mmscmd of gas auctioned last week. Reliance and BP last week auctioned 4 mmscmd of gas from the Krishna Godavari basin block starting December 1, 2023.

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Jubilant Foodworks to acquire majority stake in DP Eurasia

Jubilant Foodworks Ltd announced plans to acquire an additional 51.1% stake in DP Eurasia NV.  DP Eurasia NV is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia. The acquisition will be carried out through a subsidiary, with a proposed consideration of up to EUR 73.36 million (approximately ₹670 crore).

Read more here.

Tata Motors launches registered vehicle scrapping facility in Punjab

Tata Motors has launched a registered vehicle scrapping facility (RVSF) in Punjab, which will be the company’s fourth such unit. The facility, developed by Tata Motors’ partner Dada Trading Company, can safely disassemble 12,000 end-of-life vehicles annually. The facility, which operates both passenger and commercial vehicles, is part of the company’s commitment to eco-friendly initiatives.

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Tata Power Renewable Energy secures 200 MW FDRE project

Tata Power Renewable Energy Ltd (TPREL) secured a 200 MW firm and dispatchable renewable energy (FDRE) project from SJVN Ltd. The project, providing round-the-clock power, aligns with power distribution company’s renewable purchase obligation and energy storage obligation. The financial details of the order haven’t been disclosed yet.

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Apollo launches India’s first pediatric health assessment on chronic, lifestyle diseases in children

Apollo Hospitals has launched an industry-first pediatric ProHealth Programme to combat the increasing trend of non-communicable diseases (NCDs) among children and adolescents. The Pediatric ProHealth Programme curates tests to assess the child based on his or her family history and age group and also conducts routine tests. 

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PCBL to acquire Aquapharm Chemicals for ₹3,800 crore

Philips Carbon Black (PCBL) approved the acquisition of Aquapharm Chemicals Private Limited for an aggregate of ₹3,800 crore. The proposed transaction shall be financed through a mix of internal accruals and external funds raised by the company and/or its affiliates/associates. The acquisition of ACPL marks the company’s foray into global speciality segments of water treatment chemicals and oil & gas chemicals.

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China’s Alipay to sell its 3.4% stake in Zomato for nearly $400 million

According to Reuters, Alipay plans to sell its 3.4% stake in food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. Bank of America and Morgan Stanley are advisers on the deal.

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Sale of Aster DM’s GCC business likely to be announced soon

Aster DM Healthcare is on the verge of announcing the sale of its Gulf Cooperation Council (GCC) region business. Fajr Capital, in collaboration with key promoters, is expected to acquire the business in a landmark deal expected to be valued at $1 billion. Aster DM Healthcare has entrusted the task of overseeing the sale of its GCC business to independent directors. This decision is aimed at avoiding any potential conflicts of interest during the sale process.

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Amazon signs partnerships with HDFC Securities, TCS and Tech Mahindra 

Amazon Web Services (AWS) has partnered with HDFC Securities, Tata Consultancy Services (TCS) and Tech Mahindra during its annual tech conference, Re: Invent. HDFC Securities Ltd has built its latest trading app, HDFC Sky, on the AWS cloud platform. The TCS partnership includes a generative AI practice with AWS that it hopes will aid businesses in making good on opportunities. Tech Mahindra has partnered with AWS to build a sports cloud platform.

Read more here.

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Adani Ports Posts 4% YoY Rise in Q2 Profit – Top Indian Market Updates

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

Adani Ports Q2 Results: Net profit rises 4% YoY to ₹1,748 crore

Adani Ports Ltd reported a 4% YoY rise in consolidated net profit to ₹1,748 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 28% YoY to ₹6,646 crore during the same period. EBITDA stood at ₹3,880 crore, up 19% YoY in Q2. The domestic cargo volumes of the company jumped 13% YoY to 98.12 million metric tonnes (MMT), while the total cargo volumes rose 17% YoY to 101.22 MMT.

Read more here.

Vedanta working with JPMorgan to advise on business overhaul

Vedanta Group is reportedly collaborating with JPMorgan Chase & Co. to assist with a restructuring plan unveiled in September. The move indicates progress in the conglomerate’s efforts to simplify its financial structure. Vedanta is also in discussions to secure a $1.25 billion private loan to address its refinancing requirements.

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ZEEL Q2 Results: Net profit rises 9% YoY to ₹123 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a 9% YoY rise in consolidated net profit to ₹123 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 20% YoY to ₹2,437 crore during the same period. Consolidated EBITDA stood at ₹333 crore, up 6% YoY.

Read more here.

Apollo Hospitals to invest ₹3,435 crore on capacity expansion

Apollo Hospitals will invest ₹3,435 crore in expanding its bed capacity. The private healthcare provider will be adding 2,300 beds across 8 locations to its network over the next three financial years. The capacity expansion will be met through internal accruals and debt financing.

Read more here.

Ashok Leyland Q2 Results: Net profit jumps 220% YoY to ₹526 crore

Ashok Leyland Ltd reported a 220.7% YoY rise in net profit to ₹526 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 19% YoY to ₹11,429 crore during the same period. EBITDA stood at ₹1,871 crore, up 83% YoY. The company’s overall sales rose 10% YoY to 49,846 units.

Read more here.

ICICI Bank receives RBI nod to make ICICI Securities a wholly owned subsidiary

ICICI Bank received approval from the Reserve Bank of India (RBI) for making ICICI Securities a wholly-owned subsidiary. The bank on June 26 had said that it would consider a proposal for delisting of its institutional and retail broking arm ICICI Securities. The delisting proposal was approved by the board. The acquisition is likely to be completed in the next 12-15 months after various regulatory approvals.

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Tata Electronics acquires 100% stake in Wistron India

The Tata Group has signed a binding share purchase agreement with SMS InfoComm (Singapore) and Wistron Hong Kong Limited to acquire a 100% equity stake in Wistron Infocomm Manufacturing (India). The acquisition will enable Tata Group to officially join the Apple supply chain as an iPhone assembler. 

Read more here.

Pidilite to enter lending business

Pidilite Industries is planning to enter the lending business, providing small-value retail loans. To facilitate this, the company will acquire an existing NBFC, Pargro Investments, from its promoter group. Over the next two years, the company expects to invest up to ₹100 crore in multiple rounds in the new business, through a mix of equity and debt.

Read more here.

Piramal Pharma clears USFDA inspection for US unit

Piramal Pharma announced that it has received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA) for one of its manufacturing units located in Pennsylvania. The health regulator, while issuing Form 483, made two observations related to system improvement only. None of the observations were related to data integrity.

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Ashok Leyland to invest ₹1,200 crore in Switch Mobility

Ashok Leyland Ltd’s board has approved an investment of ₹1,200 crore in its electric vehicle (EV) arm Switch Mobility for capital expenditure, research & development (R&D), and meeting operational requirements in the UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more rounds.

Read more here.

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Gap-Up and Consolidation! What Next For Nifty? – Post-Market Analysis

NIFTY started the day at 19,241 with a gap-up of 108 points. For most part of the trading session, the index consolidated in a small range of 40 points between 19,270 and 19,230. Nifty closed at 19,230, up by 97 points or 0.51%.

Nifty chart November 3 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,318 with a big gap-up of 301 points. The index also consolidated in a 165-point range between 43,250 and 43,415 levels today. BNF closed at 43,318, up by 301 points or 0.7%.

Bank Nifty chart November 3 - post-market analysis | marketfeed

All indices closed in green. Nifty Realty (+2.54%) and Nifty Media (+1.38%) moved up the most.

Major Asian markets closed in green. European markets are currently trading flat-to-green.

Today’s Moves

Apollo Hospitals (+5.45%) was NIFTY50’s top gainer. The stock extended gains for the second day on the back of strong volumes.

Eicher Motors (+2.7%) moved up after the automaker reported a 3% year-on-year rise in sales for October. 

Shares of Adani Ports (+2.73%) rose after the company said it handled 37 million metric tonnes (MMT) of total cargo in October 2023, registering a growth of 48% YoY.

Bajaj Finserv (-2.5%) was NIFTY50’s top loser. Yesterday, Bajaj Finance issued warrants worth ₹1,190 crore to Bajaj Finserv.

Dr Reddy’s Labs (-1.4%) extended losses for the third day.  The fall comes after brokerages maintained a cautious stance on the stock despite the company’s financial recovery in Q2.

Markets Ahead

The major indices opened with a big gap and held their levels. This looks like a clear trap for option sellers from yesterday, as the markets have moved above Thursday’s selling zones. But there are still important resistances that have to be broken for the confirmation of a change in trend (or trend reversal).

Nifty:  The immediate support for the index is near 19,180 levels. A breakdown from there could make the index fall to 19,140 levels. Meanwhile, the immediate resistance is near 19,250. A breakout from there can give us targets of 19,350 on the upside, which is also the 50% Fibonacci retracement level.

Bank Nifty: The immediate support for BNF is near 43,230 levels, and the target to watch out for on the downside is 43,080 (gap-filling levels). On the other hand, the index could face a major resistance near 43,400 levels. A breakout from there might make the index hit 43,800 next.

On a weekly chart, both indices have made a Bullish Harami Pattern. If their respective highs are crossed, we can expect the coming week to be bullish.

Today, a rise in the Asian stock markets lifted market sentiments in India as well, thanks to lower US treasury yields and falling crude oil prices. However, there is still uncertainty due to rising prices, the war in West Asia, and how these factors might affect the global economy.

How did this week go? Are you in net profit or loss? Let us know in the comments section below!

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Consolidation at the Top! Breakout or Breakdown? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,564 with a gap-up of 36 points. Throughout the day, the index consolidated within just a 55-point range between 19,530 and 19,580 levels. Nifty closed at 19,574, up by 46 points or 0.24%.

Nifty chart September 5 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,625 with a small gap-up of 47 points. Unlike Nifty, Bank Nifty showed weakness today. After making a double top near 44,700 levels, the index fell more than 250 points to 44,400 levels. BNF closed at 44,532, down by 46 points or 0.1%.

Bank Nifty chart September 5 - post-market analysis | marketfeed

All other indices except Nifty Finserv (-0.17%) closed flat-to-green. Nifty Media (+3.19%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-red.

Today’s Moves

Apollo Hospital (+3.31%) was NIFTY50’s top gainer. The company launched an ‘enhanced connected care’ program to improve its patient monitoring system. 

MMTC (+20%) hit 20% upper circuit on the back of strong volumes. The stock has rallied 50% in 3 trading sessions.

Raymond (+9.85%) hit a 52-week high of 2,240 today after brokerage firms Jefferies and Motilal Oswal initiated coverage on the stock with a ‘Buy’ rating.

UltraTech Cement (-1.49%) was NIFTY50’s top loser. 

Angel One (-3.75%) fell sharply. The company’s gross client acquisitions rose 64.9% YoY and 19% over last month to 7.3 lakh.

Markets Ahead

Markets are near resistance zones and holding major levels. A breakout on the upside can take the markets further up. And if rejection is taken, the indices can continue the down move with strength.

Nifty: The major resistance level for the index is at 19,600, which is also the Fibonacci rejection level of 50% drawn from the all-time high (ATH) of 19,990 levels. A breakout from 19,600 can confirm the trend reversal, and markets can turn bullish. We could plan to buy on dips, but if Nifty breaks the current support zones of 19,520, the index can again fall to 19,460 and 19,360 levels.

Bank Nifty: The important 50% fib rejection is near 45,000 round levels. But the immediate resistance level to watch out for is 44,800. The immediate support is near 44,400 levels, and a breakdown from there can take the index down to 44,000.

Fin Nifty: Being FINNIFTY expiry today, India Vix was at all-time lows below 11 and option premiums were very low. This created some confusion for option sellers. The index was bearish throughout the day— moving down gradually. As the fall was not quick, the implied volatility (IV) and premiums didn’t spike much, which could have created some trouble for option buyers. But it was a relatively easy expiry for option sellers.

The G20 Summit will kick off on Sept 8 in New Delhi. Leaders representing the world’s 20 major economies will address and seek resolutions for concerns like digital transformation, climate financing, Sustainable Development Goals (SDGs), food security, and other pressing issues.

How did Fin Nifty expiry go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on marketfeed’s YouTube channel!

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Key Indices Mimic Previous Movements Ahead of Expiry Day! – Post-Market Analysis

NIFTY started the day at 19,369 with a gap-down of 65 points. The index started moving up after the initial red candles and tried to break the previous day’s high with the help of a 3 PM move. Even though there were no follow-up candles, the index closed in slight green. Nifty closed at 19,465, up by 30 points or 0.16% 

Nifty chart - Aug 16 - post-market analysis

BANK NIFTY (BNF) started the day at 43,726 with a gap-down of 364 points. The index struggled a lot to recover as it faced strong rejection from the 44k zone. BNF closed at 43,946, down by 144 points or 0.33%. 

Bank Nifty chart - Aug 16 - post-market analysis

All other indices except Nifty Metal (-0.94%) closed in green. Nifty Media (+1.2%) and Nifty Realty (+1.1%) moved up the most. 

Major Asian markets closed in the red. European markets are currently trading flat-to-red.

Today’s Moves

Apollo Hospitals (+2.51%) was NIFTY50’s top gainer. The pharma company’s MD gave forward-looking commentary on its business on Monday.

Cochin Shipyard (+17.4%) hit a new 52-week high of ₹822 after posting strong Q1 results.

JBM Auto (+10.13%) jumped after the Union Cabinet approved ‘PM-eBus Sewa’ for boosting city bus operations.

Tata Steel (-1.86%) was NIFTY50’s top loser.

Hindustan Copper (-6.23%) fell sharply after the company posted weak numbers for Q1 FY24.

Markets Ahead

Key indices replicate Monday’s movements! After the opening red candle, both Nifty and Bank Nifty started moving up, similar to Monday.

Try to draw a trendline connecting tomorrow’s first two swing low points, and if this trendline is broken, it might bring a proper movement (if the initial trend is to the upside). You can also use a 200 exponential moving average (EMA) in the 5 mins chart to get more clarity.

Major weakness is being built up as both Nifty and Bank Nifty create lower lows and lower highs for more than a week.

I will be watching Nifty’s 19,500 (resistance), 19,360, 330, 300 (immediate support) and 19,250 (major support) tomorrow.

In Bank Nifty, let’s mark 44,100,44,200 (resistances) and 44,600 and 44,540 as major levels for expiry day.

Inflation (CPI) numbers have been a supporting factor for the Indian market for many months. Now, recently released above-expected inflation numbers are bringing more weakness to our market

What levels are you watching out for expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Deloitte to Resign as Adani Ports’ Auditor – Top Indian Market Updates

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

Adani Ports auditor Deloitte to resign

Deloitte Haskins & Sells LLP will resign as the auditor for Adani Ports & SEZ in the next few days. The move comes after a mere year since their reappointment amid differences with the company management over the auditor’s position on certain transactions. The auditor is likely to resign and a formal announcement is expected within the next 3-4 days. The audit firm was reappointed as the statutory auditor just last year for five years, according to the company’s annual report of FY22.

Read more here.

HAL Q1 Results: Net profit rises 31% YoY to ₹814 crore

Hindustan Aeronautics Ltd (HAL) reported a 31% YoY rise in consolidated net profit to ₹814 crores for the quarter ended June (Q1 FY24). On a sequential basis, the net profit fell 71% from ₹2,831 crore in the March quarter. Its revenue from operations for the quarter stood at ₹3,915 crore, up 8% YoY. EBITDA also rose 6% YoY to ₹880 crore in Q1.

Read more here.

India’s industrial output rises 3.7% in June

India’s industrial production dipped to 3.7% in June, down from 5.3% in May 2023. Factory output measured in terms of the Index of Industrial Production (IIP) had risen to 12.6% in June 2022. The mining sector output saw a growth of 7.6% in June this year, down from 7.8% seen a year ago. The manufacturing sector output grew by 3.1% in June this year after growing 12.9% in the same month a year ago.

Read more here.

Nykaa Q1 Results: Net profit rises 8% YoY to ₹5.4 crore

Nykaa reported an 8% YoY rise in consolidated net profit to ₹5.4 crore for the quarter ended June (Q1 FY24). Its revenue from operations for the quarter stood at ₹1,422 crore, up 24% YoY. EBITDA rose 60% YoY to ₹73.5 crore in Q1. Physical retail space increased 43% YoY with 152 stores at the end of the June quarter. The company’s owned brands’ gross merchandise value (GMV) grew close to 40% YoY.

Read more here.

CCI clears Kotak-Biocon Biologics deal

The Competition Commission of India (CCI) has cleared Kotak Special Situations Fund’s (KSSF) proposed investment in Biocon Biologics Ltd under the green channel route. In February, KSSF (an arm of Kotak Mahindra Bank) announced a ₹1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition. The investment will help Biocon Biologics’ acquisition of the biosimilars business of its partner Viatris. KSSF is a SEBI-registered alternative investment fund (AIF).

Read more here.

Apollo Hospitals Q1 Results: Net profit falls 47% YoY to ₹173 crore

Apollo Hospitals reported a 47% YoY rise in net profit to ₹173 crore for the June quarter (Q1 FY24). However, its revenue from operations rose 16% YoY to ₹4,418 crore during the same period. Consolidated EBITDA stood at ₹509, up 4% YoY. Revenue from existing hospitals grew 10%, while that from the new hospitals rose 23% during the reporting period.

Read more here.

India’s forex reserves fall $2.41 billion to $601.5 billion as on Aug 4

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves fell by $2.41 billion to $601.453 billion for the week ending August 4. Foreign currency assets (FCAs) dropped by $1.94 billion to $533.4 billion. Gold reserves also dipped by $224 million to $44.7 billion, while SDRs dropped by $171 million to $18.27 billion. The reserve position in the IMF decreased by $86 million to $5.1 billion.

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Godrej Industries Q1 Results: Net profit falls 13% YoY to ₹178 crore

Godrej Industries reported a 13% YoY fall in consolidated net profit to ₹178 crore for Q1 FY24. Its total revenue rose 15% YoY to ₹4,893 crore during the same period. EBITDA rose 28% YoY. The sales growth came on the back of 10% YoY volume growth in constant currency. Its real estate business in Q1 FY24 witnessed a total booking value of ₹2,254 crore with 2.25 million square feet of area sold during the quarter.

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NCLAT stays admission of Coffee Day Enterprises for insolvency

The National Company Law Appellate Tribunal (NCLAT) of the bankruptcy court stayed the admission of Coffee Day Enterprises Ltd (CDEL). The stay was after it was challenged by the promoter, Malavika Hedge. She claimed that the default occurred during the “calm period” amid the global pandemic in March 2020 when lenders were barred from approaching the National Company Law Tribunal (NCLT) for default on loans. On July 20, 2023, the Bangalore NCLT admitted CDEL for corporate insolvency on a petition filed by IndusInd Bank.

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Info Edge Q1 Results: Net profit rises 35% YOY to ₹200 crore

Info Edge reported a 35% YoY increase in net profit to ₹200 crore for Q1 FY24. Its revenue from operations rose 15% YoY to ₹584 crore during the same period. Sequentially, the net profit rose nearly 12%, and the revenue increased by 4%. Tax outgo for the quarter was higher at ₹67 crore, compared to ₹46 crore a year ago.

Read more here.

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Technicals Indicate Market-Wide Consolidation. SBI to Breakout This Week? – Post-Market Analysis

Post-Market Analysis for July 31, 2023:

NIFTY started the day at 19,666 with a small gap-up of 20 points. The index formed a 75-point red candle at opening (5-min time frame) and took support at 19,597 levels. From there, Nifty gradually moved up to 19,700 zone, consolidated for over 3 ½ hours, and made a sharp up-move at 3 PM to 19,770 levels. Nifty closed at 19,753, up by 107 points or 0.55%.

Nifty chart - July 31, 2023

BANK NIFTY (BNF) started the day at 45,546 with a gap-up of 78 points. The index formed a 190-point red candle at opening and took support at 45,360. Then, it slowly moved up, consolidated between 45,450 and 45,580 levels for nearly 3 ½ hours, and broke out of the consolidation to hit the day’s high at 45,695. BNF closed at 45,651, up by 183 points or 0.4%. 

Bank Nifty chart - July 31, 2023

All indices except Nifty FMCG (-0.6%) closed in the green. Nifty Metal (+1.7%) moved up the most. 

Major Asian markets closed up to 1.3% in the green. European markets are currently trading flat-to-green.

Today’s Moves

NTPC (+3.9%) was NIFTY50’s top gainer. The company’s net profit fell 6% YoY to ₹4,871 crore in Q1 FY24, with revenue up 19%. 

BLS International (+14.2%) surged on the back of strong volumes.

Natural gas distributor GAIL (+1.36%) rose to a near five-year high after UBS double-upgraded the stock.

Maruti Suzuki (+1.56%) posted its Q1 results after market hours today. Net profit jumped 2.5x YoY to ₹2,485 crore; revenue rises 22%.

Apollo Hospital (-3.2%) was NIFTY50’s top loser.

Piramal Enterprises (-5.7%) fell sharply after posting poor financial performance in Q1 FY24. The company has also announced a ₹1,750 crore stock buyback.

Markets Ahead

A smart ending to the month, which indicates stability in the upcoming days. Let’s dive into technical analysis this week.

Nifty will continue its strength till it falls below the 19,560-600 zone, in which Friday’s day low lies. There is a high chance of consolidation this week in the 19,560-860 region.

I will be watching only three levels in Bank Nifty tomorrow, 45,200 (support), 45,750 and 45,920 (resistance). It has been in a stellar rally recently— 13% in 5 months!

Keep an eye on SBI’s ₹620 level as technicals indicate a super breakout.

I will be watching 20,200 as an expiry day support in FIN NIFTY for tomorrow.

Look out for important economic data like India’s manufacturing & services PMI, auto sales data, and others this week!

What levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Adani Ports’ Net Profit Rises 5% YoY to Rs 1,159Cr in Q4 – Top Indian Market Updates

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

Adani Ports Q4 Results: Net profit rises 5% YoY to Rs 1,159 crore

Adani Ports reported a 5% YoY increase in consolidated net profit to Rs 1,159 crore for the quarter ended March (Q4 FY23). Its consolidated revenue rose 40% YoY to Rs 5,797 crore during Q4 FY23. EBITDA stood at Rs 3,270.7 crore, up 59% YoY. The company’s board has recommended a dividend of Rs 5 per equity share.

Read more here.

Inox Wind receives 150 MW order from NTPC Renewable Energy

Inox Wind secures a 150 MW wind power project order from NTPC Renewable Energy. The project will be located in Gujarat and Inox Wind will supply and install Wind Turbine Generators, as well as handle operation and maintenance services. This brings Inox Wind’s total orders from NTPC to 550 MW. The addition will expand Inox Wind’s O&M fleet and contribute to overall profitability.

Read more here.

India’s growth momentum likely to be sustained in FY24: RBI

India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, the Reserve Bank of India (RBI) said in its Annual Report 2022-23. The central bank added that the economy will be supported by sound macroeconomic policies, softer commodity prices, a robust financial sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains.

Read more here.

Jubilant Pharmova’s Canada unit gets OAI status

Jubilant Pharmova’s Canadian unit gets Official Action Indicated (OAI) status from the US Food & Drug Administration (USFDA). The USFDA might not approve applications or supplements for Jubilant Pharmova’s Montreal facility. The regulator inspected the facility in February 2023 and found objectionable conditions. Jubilant HollisterStier, a subsidiary of Jubilant Pharmova, is working with the USFDA to address the observations within the given timeframe.

Read more here.

Mankind Pharma Q4 Results: Net profit jumps 50% YoY to Rs 285 crore

Mankind Pharma reported a 50% YoY increase in consolidated net profit to Rs 285 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 19% YoY to Rs 2,053 crore during Q4 FY23. For FY23, the company reported an 11% fall in consolidated net profit to Rs 1,282 crore, despite a 12.4% growth in revenue to Rs 8,749 crore.

Read more here.

Triveni to expand capacity of its existing plants

Triveni Engineering & Industries will invest Rs 85 crore in expanding its sugar business. The company plans to increase the capacity of its sugar unit in Uttar Pradesh by 2,000 tonnes of cane per day, raising it from 7,000 Tonnes of Cane per Day (TCD) to 9,000 TCD. This expansion will bring the company’s total crushing capacity to 63,000 TCD according to the company.

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Sun Pharma signs pact with Philogen to commercialise skin cancer drug

Sun Pharma has partnered with Philogen SpA to commercialize an under-development skin cancer drug called Nidlegy in Europe, Australia, and New Zealand. Nidlegy, currently in Phase III clinical trials, is being developed by Philogen for the treatment of melanoma and non-melanoma skin cancers. Sun Pharma will hold exclusive rights to commercialize the product and will share post-commercialization economics with Philogen in a 50:50 ratio.

Read more here.

Apollo Hospitals Q4 Results: Net profit jumps 50% YoY to Rs 146 crore

Apollo Hospitals reported a 50% YoY increase in net profit to Rs 146 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 21% YoY to Rs 4,303 crore during Q4 FY23. EBITDA stood at Rs 488 crore, up 5% YoY. The company’s board has recommended a dividend of Rs 9 per equity share.

Read more here.

Prestige Estates acquires DB Group’s balance stake in 2 Mumbai projects for Rs 1,176 crore

Prestige Estates Projects has acquired the remaining stake in two projects located in Mumbai’s Bandra-Kurla Complex (BKC) and Mahalaxmi locality from DB Group. The total cost of the acquisitions amounts to over Rs 1,176 crore. The projects are expected to be completed within the next 3-4 years. These strategic acquisitions will allow Prestige Estates Projects to strengthen its ownership in these prime assets and significantly enhance the value of its annuity rental portfolio.

Read more here.

V-Guard Q4 Results: Net profit falls 41% YoY to Rs 53 crore

V-Guard Industries reported a 41% YoY fall in consolidated net profit to Rs 52.73 crore in Q4 FY23. However, its operating revenue rose 7% YoY to Rs 1,140 crore during Q4 FY23. EBITDA stood at Rs 99 crore, down 12% YoY. The company’s board has announced a dividend of Rs 1.3 per equity share.

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Shriram Properties reports highest-ever sales volumes of in FY23

Shriram Properties Ltd (SPL) has reported the highest-ever sales volumes of 4.02 million sq. ft (msf) in FY23 with sales value reaching a new high of Rs 1,846 crore, up 25% YoY, supported by higher volumes, better realisation, change in product mix and the impact of seven launches. Gross collections stood firm at Rs 1,200 crore. SPL completed seven projects with an aggregate development area of 3.8 msf during the year.

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Patanjali Foods Q4 Results: Net profit rises 13% YoY to Rs 264 crore

Patanjali Foods Ltd reported a 13% YoY rise in standalone net profit to Rs 264 crore in Q4 FY23. The profit stood at Rs 234 crore in the same period last year. Its operating revenue also rose 18% YoY to Rs 7,873 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 6 per equity share.

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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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LTTS Posts 22% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

LTTS Q2 Results: Net profit rises 22% YoY to ₹282 crore

L&T Technology Services (LTTS) reported a 22.7% YoY increase in consolidated net profit to ₹282.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 24% YoY to ₹1,995 crore during the same period. LTTS secured a ₹60 million-plus deal in the second quarter. The IT company’s board has declared an interim dividend of ₹15 per share.

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Jio adds 32.8 lakh subscribers in August, Vi lost 19.6 lakh

Reliance Jio added 32.8 lakh wireless subscribers in August 2022, taking its user base to 41.92 crore. Bharti Airtel gained 3.26 lakh subscribers, while Vodafone Idea (Vi) lost 19.6 lakh subscribers in August. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Bharti Airtel’s wireless customer base stood at 36.38 crore in August and Vi’s user base fell to 25.31 crore.

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Polycab Q2 Results: Net profit rises 37% YoY to ₹270 crore

Polycab Ltd reported a 37% YoY increase in consolidated net profit to ₹268 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 10.8% YoY to ₹3,332.3 crore during the same period. EBITDA stood at ₹426.8 crore in Q2, up 45.81% YoY. Revenue from the company’s wires and cables business grew 13% YoY to ₹2,925.9 crore.

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Apollo Hospitals partners with Bombay Hospital to boost liver transplants in Mumbai

Apollo Hospitals Enterprises Ltd entered into a Memorandum of Understanding with Bombay Hospital to boost liver transplants in Mumbai and Western India. The collaboration with Bombay Hospital will increase access to Apollo’s advanced liver transplant program for patients across the Mumbai Metropolitan Region.

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Tata Communications Q2 Results: Net profit rises 25% YoY to ₹532 crore

Tata Communications Ltd reported a 25.13% YoY increase in consolidated net profit to ₹532.29 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6.15% YoY (or 2.8% QoQ) to ₹4,430.74 crore during the same period. EBITDA stood at ₹1,130 crore in Q2, up 1.5% YoY (or 5% QoQ). The company’s data business revenues grew 11.2% YoY to ₹3,493 crore.

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Suzlon secures order to supply wind turbines to Adani Green Energy

Suzlon Energy Ltd has secured an order to supply 23 wind turbines totalling 48.3 megawatts (MW) from Adani Green Energy Ltd. The company will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Gujarat, and is expected to be commissioned in 2023.

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GAIL wins bid for debt-laden JBF Petrochemicals

GAIL (India) Ltd emerged as the successful bidder to acquire debt-laden JBF Petrochemicals. The state-owned company’s resolution plan received a 100% vote from the committee of creditors of JBF. GAIL was among a host of major companies like ONGC, Reliance Industries, Indian Oil, and others that showed interest in JBF Petrochemicals, which has defaulted against a bank loan of nearly ₹5,000 crore. 

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TV18 Broadcast Q2 Results: Net profit falls 95% YoY to ₹10.28 crore

TV18 Broadcast Ltd reported a 95.55% YoY decline in consolidated net profit to ₹10.28 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 12.65% YoY to ₹1,473.43 crore during the same period. The media company’s total expenses stood at ₹1,485.95 crore, up 34.59% YoY.

Its parent company, Network18 Media & Investments Ltd, reported a consolidated net loss of ₹28.84 crore in Q2 FY23. It had posted a net profit of ₹199.27 crore in the corresponding quarter last year (Q2 FY22). Revenue from operations rose 11.65% YoY to ₹1,548.89 crore in Q2 FY23.

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USFDA issues four observations to Alembic Pharma’s Panelav plant

Alembic Pharmaceuticals has received a Form 483 with four procedural observations for an inspection conducted by the US Food & Drug Administration (USFDA) at its Panelav formulation facility. USFDA inspected the company’s oncology injectable formulation facility at Panelav from October 4-14. None of the observations are related to data integrity, and the pharma company’s management believes that they are addressable. 

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

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

DoT extends telecom PLI scheme by one year

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

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Apollo Hospitals to manage tertiary hospital in Bangladesh

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

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Bajaj Finance partners with Worldline India for POS payments

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

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

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

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Birlasoft partners with Google Cloud to help enterprises accelerate digital transformation 

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

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Hinduja Global Solutions to launch a new delivery centre in Mysuru

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

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

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

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

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

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KEC International secures new orders worth Rs 1,092 crore

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

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Nestle India’s Net Profit Falls 20% YoY in Q4 – Top Indian Market News

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Nestle India Q4 Results: Net profit falls 20% YoY to Rs 387 crore

Nestle India Ltd reported a 19.9% YoY decline in net profit to Rs 386.66 crore for the quarter ended December (Q4 CY21). The company follows the January-Dec financial year cycle. Its revenue rose 9% YoY to Rs 3,739.32 crore during the same period. EBITDA stood at Rs 865.6 crore, up 11% YoY. The FMCG firm reported a one-time loss of Rs 236 crore due to past service costs. Nestle India’s board has declared a final dividend of Rs 65 per share.

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Purvankara to invest Rs 1,550 crore in Kochi realty project

Puravankara Ltd will invest over Rs 1,550 crore to construct a 3 million mixed-use project at Kochi, Kerala. It is part of the realty firm’s plan to expand business amid the rise in demand for apartments post the second wave of the Covid-19 pandemic. The company is expecting a sales realisation of ~Rs 3,000 crore from this project over the next 6-7 years.

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Jio loses 1.29 crore subscribers, Airtel adds 4.75 lakh in December: TRAI

Reliance Jio lost 1.29 crore wireless subscribers, and its total subscriber base fell to 41.57 crore in December 2021. Bharti Airtel gained 4.75 lakh subscribers, and its overall mobile user base stood at 35.57 crore during the same month. Meanwhile, Vodafone Idea (Vi) lost 16.14 lakh subscribers in Dec, and its user base shrunk to 26.55 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Apollo Hospitals to operate, manage tertiary care hospital in Uzbekistan

Apollo Hospitals has entered into a partnership with Marafon Group to operate and manage (O&M) an upcoming tertiary care hospital in Uzbekistan. The O&M agreement is for 10 years, which can be extended automatically for a period of 10 years thereafter. Apollo will provide clinical, technical, and feasibility support, along with helping Marafon in setting up diagnostics and pharmacy.

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Maruti Suzuki partners with Quicklyz for vehicle subscription program

Maruti Suzuki India Ltd (MSIL) has partnered with Quiklyz by Mahindra Finance for its vehicle subscription program, Subscribe. Quiklyz will offer a white plate subscription, wherein the vehicle is registered under the user’s name and hypothecated to the subscription partner for a range of MSIL vehicles. MSIL’s Subscribe service is currently available in 20 cities across India.

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Ashok Leyland expects turnaround in CV biz; targets 30% market share in FY23

Ashok Leyland Ltd is eyeing a strong comeback in the commercial vehicle (CV) segment this year. The company is looking to consolidate its position in the intermediate commercial vehicle (ICV) segment. It is also betting on the overall improvement in economic conditions and gradual easing of supply chain issues to cross 30% of the overall market share in the CV segment in FY 2022-23.

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Vedanta signs pact with TERI to accelerate ESG goals

Vedanta Ltd has signed a pact with The Energy and Resources Institute (TERI) to accelerate its environmental, social, and governance (ESG) goals. The company plans to invest ~Rs 200 crore over the next 5-10 years in research & development (R&D) and various initiatives to promote and build a sustainable ecosystem.

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RITES, IIT-Madras signs MoU for marine infra works

RITES has signed a Memorandum of understanding (MoU) with the Indian Institute of Technology, Madras (IIT-M), to cooperate and explore marine infrastructure works. The two entities will collaborate for providing engineering consultancy services and enhancing knowledge sharing for the development of marine infrastructure.

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Punjab & Sind Bank’s gets board approval to raise Rs 4,600 crore by issuing shares to govt

The board of Punjab & Sind Bank (PSB) has given the approval to raise equity capital worth Rs 4,600 crore by issuing preference shares to the government. The Delhi-headquartered bank had posted a record net profit of Rs 301 crore in the quarter ended December 2021. It had posted a net loss of Rs 2,376 crore in the same quarter a year ago.

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BSE EBIX partners with LIC to distribute insurance products

BSE Ebix Insurance Broking Pvt Ltd has signed an Insurance Broker Agreement for the distribution of Life Insurance Corporation (LIC) products on its platform. Under this agreement, BSE EBIX will offer its clients insurance products offered by LIC using its omnichannel digital presence. BSE Ebix is a joint venture of BSE Limited and Ebix Fincorp Exchange Pte Ltd.

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