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Macrotech Developers to Launch 16 Projects Worth ₹10,300Cr – Top Indian Market Updates

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

Macrotech Developers to launch 16 projects worth ₹10,300 crore in H2 FY23

Realty firm Macrotech Developers Ltd (Lodha) plans to launch 16 new projects in the second half (H2) of FY23 with an estimated sales potential of ₹10,300 crore as it seeks to tap rising housing demand. These projects would be a mix of fully-owned and joint development with landowners. The company has delivered more than 89 million square feet of real estate and is developing around 100 million sq. ft. under its ongoing and planned portfolio.

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MRF Q2 Results: Net profit falls 32% YoY to ₹130 crore

MRF Ltd reported a 32% year-on-year (YoY) decline in consolidated net profit to ₹130 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18.7% YoY to ₹5,826 crore during the same period. The tyre manufacturer’s total expenses stood at ₹5,730 crore, up 21% YoY. MRF’s board has declared an interim dividend of ₹3 per share.

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Arvind Q2 Results: Net profit rises 79% YoY to ₹125 crore

Textile manufacturer Arvind Ltd reported a 79% YoY increase in consolidated net profit to ₹125.02 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 2.9% YoY to ₹2,169.81 crore during the same period. The company’s total expenses stood at ₹2,072.45 crore in Q2, up 3.5% YoY. Revenue from its textiles segment rose 1.8% YoY to ₹1,758.98 crore.

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Godrej Properties acquires 12-acre land parcel in Pune

Godrej Properties Ltd has acquired a 12-acre land parcel in the Mundhwa locality of Pune. The company is planning to develop a premium group housing project in this land parcel. The project will have a developable potential of around 2.2 million sq. ft. with an estimated revenue potential of around ₹2,000 crore based on the current business assumptions.

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Bajaj Electricals Q2 Results: Net profit flat at ₹62 crore

Bajaj Electricals Ltd reported a net profit of ₹62 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹62.55 crore in Q2 FY22. Its revenue from operations fell 6.41% YoY to ₹1,201.14 crore in Q2 FY23. The company’s revenue from the consumer products segment fell 2.45% YoY to ₹882.87 crore. Total expenses stood at ₹1,159.22 crore in Q2, down 6.81% YoY.

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Aurobindo Pharma units recall products in US market for manufacturing issues

Aurobindo Pharma Ltd’s units are recalling different products in the US market for manufacturing lapses. According to the latest Enforcement Report by the US Food & Drug Administration (USFDA), New Jersey-based Aurobindo Pharma USA, Inc. is recalling 9,504 bottles of Quinapril and Hydrochlorothiazide tablets. The tablets (used to treat high blood pressure) were manufactured in India.

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Bosch Q2 Results: Net profit flat at ₹372 crore

Bosch Limited reported a net profit of ₹372.4 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹372 crore in Q2 FY22. The auto component manufacturer’s revenue from operations rose 25.5% YoY to ₹3,662 crore in Q2 FY23. Total expenses stood at ₹3,324.2 crore, up 25.7% YoY.

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Two IPOs to hit the markets tomorrow

Five Star Business Finance Ltd’s IPO is set to open for subscription tomorrow. The company provides secured business loans to micro-entrepreneurs and self-employed individuals. The IPO only consists of an offer for sale (OFS) aggregating to ₹1,960 crore. The company has fixed ₹319-336 as the price band of the IPO.

Archean Chemical Industries Ltd is also launching its IPO tomorrow. The company is a leading speciality marine chemical manufacturer in India. The IPO consists of a fresh issue of equity shares aggregating to ₹805 crore and an OFS aggregating to ₹657.31 crore. The company has fixed ₹386-407 as the price band of the IPO.

Jubilant FoodWorks Q2 Results: Net profit rises 9.8% YoY to ₹131.5 crore

Jubilant FoodWorks Ltd reported a 9.8% YoY increase in consolidated net profit to ₹131.5 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16.6% YoY to ₹1,301.48 crore during the same period. Total expenses stood at ₹1,153.92 crore, up 19.76% YoY. The company opened 76 new Domino’s stores in Q2, taking the total number to 1,701.

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Godrej Consumer Q2 Results: Net profit falls 25% YoY to ₹359 crore

Godrej Consumer Products Ltd (GCPL) reported a 25% YoY decline in consolidated net profit to ₹358.86 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7% YoY to ₹3,364.45 crore during the same period. GCPL’s total expenses rose 14.41%Y YoY to ₹2,951.38 crore in Q2. Revenue from the Indian market stood at ₹1,985.03 crore, up 8% YoY.

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India’s Services PMI Falls into Contraction Territory in May – Top Indian Market News

India’s services PMI falls into contraction territory in May

India’s services sector activities slumped into contraction territory for the first time in eight months in May 2021. The deadlier second wave of the Covid-19 pandemic has led to muted domestic demand and a sharp decline in international orders. The IHS Markit India Services Purchasing Managers’ Index (PMI) fell to 46.4 in May, compared with 54 in April. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. The growth of new work intakes came to a halt in May, with companies posting the first decline in sales since September 2020. 

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Snowman Logistics partners with Dr Reddy’s for Sputnik-V vaccine in India

Snowman Logistics has entered into a strategic partnership with Dr Reddy’s Laboratories to provide end-to-end logistics solutions for the delivery of Sputnik-V Covid-19 vaccine across India. The company will manage the vaccine delivery through five of its high-capacity temperature-controlled warehouses in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru. It will offer storage, order processing, shipper packing, and secondary transportation from these locations.

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Arvind Fashions Q4 Results: Net loss at Rs 99 crore

Arvind Fashions Ltd reported a consolidated net loss of Rs 99.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 209.12 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 14% YoY to Rs 768.59 crore in Q4 FY21. The company’s board has approved a proposal to raise up to Rs 400 crore via the further issue of shares through a preferential issue and/or Qualified Institutional Placement (QIP).

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Lupin to enter digital healthcare space in India

Lupin Limited said it will enter the digital healthcare space in India, with a focus to provide a digital therapeutics platform for doctors and patients. The company recently incorporated a new entity, Lupin Digital Health Ltd, which will undertake this venture. Lupin is a multinational pharmaceutical company based in Mumbai. It manufactures and distributes a wide range of branded and generic formulations, biotechnology products, active pharmaceutical ingredients (APIs), etc. 

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Gujarat State Petronet Q4 Results: Net profit rises 9% YoY to Rs 417 crore

Gujarat State Petronet Ltd reported an 8.82% YoY increase in consolidated net profit to Rs 416.67 crore for the quarter ended March (Q4). Net profit has declined by 11.43% when compared to the previous quarter. Its revenue from operations rose 19.37% YoY to Rs 3,828.66 crore during the same period. Net profit for the entire financial year 2020-21 (FY21) declined 7.08% YoY to Rs 1,606.76 crore. The company’s board has recommended a dividend of Rs 2 per share.

Zydus Cadila gets tentative USFDA approval to market lung cancer treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Osimertinib tablets. The drug is used to treat lung cancer. It works by slowing or stopping the growth of cancer cells. The pharma company said the newly approved drug will be manufactured at its formulation manufacturing facility at SEZ, Ahmedabad. Zydus Cadila now has 318 approvals and has so far filed over 400 Abbreviated New Drug Applications (ANDAs) since the financial year 2003-04.

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Nilkamal Q4 Results: Net profit rises 20% YoY to Rs 38 crore

Nilkamal Limited reported a 19.84% YoY increase in consolidated net profit to Rs 38.06 crore for the quarter ended March (Q4). Net profit has declined by 29.9% when compared to the previous quarter. Its revenue from operations rose 21.10% YoY to Rs 679.92 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 20.52% YoY to Rs 112.93 crore. The company’s board has declared a final dividend of Rs 10 per share. 

Indian steel manufacturers hike rates by up to Rs 4,900 per tonne

Leading domestic steel manufacturers have hiked the prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively. After the price revision, a tonne of HRC will cost Rs 70,000-71,000, while CRC will cost Rs 83,000-84,000 per tonne. The rise in steel prices will impact the prices of vehicles, consumer goods, and the cost of construction. 

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Nucleus Software Q4 Results: Net profit declines 2.8% YoY to Rs 27 crore

Nucleus Software Exports Ltd reported a 2.81% YoY decline in consolidated net profit to Rs 27.35 crore for the quarter ended March (Q4). Net profit has increased by 10.19% when compared to the previous quarter. Its revenue from operations declined 10.16% YoY to Rs 124.18 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 32.54% YoY to Rs 117.95 crore. The board of Nucleus Software Exports has recommended a final dividend of Rs 6 per share. 

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IDBI Bank secures $239 million debt judgment in London High Court

IDBI Bank has secured a $239 million (~Rs 1,744 crore) judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group. In March 2013, the bank had provided loans totaling $148 million to two Singapore registered companies— Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd— for the construction of two jack-up drilling rigs. The borrowers failed to make scheduled repayments, and IDBI Bank had served a formal demand for repayment of the principal amount, interest, default interest, and fees in 2017.

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APL Apollo Tubes Q4 Results: Net profit rises 109% YoY to Rs 119 crore

APL Apollo Tubes Ltd reported a 109.82% jump in consolidated net profit to Rs 119.22 crore for the quarter ended March (Q4). Net profit has declined by 9.7% when compared to the previous quarter. Its total income rose 37% YoY to Rs 2,599.61 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 51.35% YoY to Rs 360.16 crore. APL Apollo is a leading manufacturer of welded steel tubes and pipes in India.

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CAIT Demands Ban on Amazon’s E-commerce Operations in India – Top Indian Market News

(FILES)This file photo taken on November 28, 2019, shows the Amazon logo at one of the company's centre in Bretigny-sur-Orge. - US logistics giant Amazon announced on April 27, 2020, that it was extending until May 5, 2020, the suspension of activity at its distribution centres in France, after a court decision requiring it to assess the risks associated with the COVID-19 outbreak, caused by the novel coronavirus. (Photo by Thomas SAMSON / AFP)

CAIT demands ban on Amazon’s e-commerce operations in India

The Confederation of All India Traders (CAIT) demanded that the government should impose a ban on Amazon’s e-commerce portal and its operations in India. The traders’ body has accused the US-based company of indulging in predatory pricing, deep discounting, and inventory control. CAIT has also urged the government to probe the business practices of Amazon and Flipkart.

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Ambuja Cements Q4 Results: Net profit rises 24% YoY to Rs 732 crore

Ambuja Cements Ltd reported a 24% YoY increase in consolidated net profit to Rs 732.24 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations grew 4.58% YoY to Rs 7,452.87 crore during the same period. The company witnessed significant growth in sales volumes under its Master Supply Agreement (MSA) with ACC Ltd.

The Board of Ambuja Cements has approved the renewal of the existing MSA with ACC Limited for a period of 3 years. 

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L&T Construction receives contract to build 2 units of Kudankulam plant

The construction arm of Larsen & Toubro (L&T) has secured a contract from Nuclear Power Corporation of India Ltd (NPCIL) for civil work at the main plant of Kudankulam Nuclear Power Plant’s units 5 and 6. The value of the contract is in the range of around Rs 1,000-2,500 crore. The scope of the order includes the construction of the reactor building, turbine building, and safety structures.

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India’s domestic air passenger traffic declines 40% YoY to 77.34 lakh in January

India’s domestic air passenger traffic declined 39.60% year-on-year (YoY) to 77.34 lakh in January 2021. IndiGo flew the most number of passengers at 42.03 lakh and obtained a market share of 54.30% of the total domestic traffic. This is followed by Vistara, which carried 9.92 lakh passengers, and secured a 12.8% market share. The air traffic data for January was released by the Directorate General of Civil Aviation (DGCA).

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GAIL share buyback offer to open on February 25

GAIL (India) Limited will open its share buyback offer on February 25 for 6.97 crore fully paid-up equity shares of the face value of Rs 10 each. This represents 1.55% of the total number of equity shares issued by the company. GAIL will buy back shares from all existing shareholders and beneficial owners as on the record date- January 28. The share buyback will close on March 10.

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Arvind Fashions to raise Rs 200 crore via rights issue

Arvind Fashions said its Committee of Directors has approved raising around Rs 200 crore through a rights issue. The company will issue 1.48 crore partly paid-up equity shares (of the face value of Rs 4 each) at an issue price of Rs 135 per share to all existing shareholders. The rights entitlement ratio is 3 rights equity shares for every 20 equity shares held in the company. 

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RBI approves Piramal’s resolution plan for DHFL

The Reserve Bank of India (RBI) has approved the resolution plan submitted by the Piramal Group to revive debt-ridden Dewan Housing Finance Ltd (DHFL). The Committee of Creditors (CoC) will now take the proposal to the National Company Law Tribunal (NCLT). On January 15, 2021, the creditors to DHFL gave more than 94% votes in favour of the resolution plan submitted by the Piramal Group.

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Dr Reddy’s launches Fluphenazine Hydrochloride tablets 

Dr Reddy’s Laboratories has launched Fluphenazine Hydrochloride tablets in the US market. The tablets are used for treating manifestations of psychotic disorders. The product is a therapeutic equivalent generic version of Prolixin tablets approved by the US Food and Drug Administration (USFDA). According to IQVIA Health data, the Prolixin brand had US sales of approximately $134 million (~Rs 9.72 crore) during the calendar year 2020.

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RailTel IPO subscribed 42 times on final day of bidding

The Rs 819-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 42.39 times on the final day of bidding. The issue received bids for 259.4 crore equity shares against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 16.79 times, while that of employees was subscribed 3.36 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 73.25 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 65.14 times.

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RPP Infra Projects JV secures order worth Rs 176 crore

RPP-SMC JV (a joint venture between RPP Infra Projects and SMC Infrastructures) has received a Letter of Acceptance (LoA) for a project worth Rs 176.58 crore. The scope of the project includes the strengthening and widening of Triuneveli-Sengottai-Kollam Road of SH-39.  

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Bharti Airtel adds 40 lakh subscribers in December; Vodafone Idea loses 57 lakh: TRAI

Bharti Airtel added more subscribers than market leader Reliance Jio for the fifth straight month in December. According to data collected by telecom regulator TRAI, Airtel gained 40.5 lakh subscribers, while Jio added 4.7 lakh subscribers in December 2020. Vodafone Idea lost nearly 57 lakh subscribers during the same month.

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