Tag: Ashok Leyland

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India Achieves 166GW of Renewable Energy Capacity Till Oct – Top Indian Market Updates

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

India achieves 166GW of renewable energy capacity till October

India has achieved 165.94 gigawatts (GW) of renewable energy capacity till October, compared to the target of 175GW by the end of 2022. A capacity of 76.13 GW (of renewables) is under various stages of implementation. A 36.44 GW capacity is under various stages of bidding. The Ministry of New & Renewable Energy is working towards achieving 500 GW of installed electricity capacity from non-fossil sources by 2030.

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USFDA lists Sun Pharma’s Halol unit under ‘import alert’

The US Food & Drug Administration (USFDA) has placed Sun Pharmaceuticals Ltd’s Halol unit under ‘import alert’. All future shipments of products manufactured at this facility are subject to refusal of admission to the US market until it becomes compliant with Current Good Manufacturing Practice (CGMP) standards. The USFDA has excluded 14 products from this import alert subject to certain conditions.

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JSPL acquires debt-ridden Monnet Power for ₹410 crore

Jindal Steel & Power Ltd (JSPL) has acquired debt-ridden Monnet Power for ₹410 crore through the insolvency route. The transaction for the Odisha-based 1,050-megawatt power asset was completed on Wednesday. The new asset will provide power to JSP’s steel plant in Angul (Odisha).

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HUL to acquire stake in Oziva and Wellbeing Nutrition

Hindustan Unilever Ltd (HUL) will invest in Zywie Ventures and Nutritionalab to enter the ₹30,000 crore health & wellness market. Zywie Ventures sells plant-based supplements under the Oziva brand, while Nutritionalab sells nutritional products under “Wellbeing Nutrition”. HUL will acquire a 51% equity stake in Oziva for ₹264 crore in the first round. The company will also buy a 19.8% equity stake in Wellbeing Nutrition for about ₹70 crore.

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IndusInd Bank signs co-lending pact with SV Credit Line

IndusInd Bank has partnered with SV Credit Line for a co-lending agreement for a ₹500 crore loan exclusively to women borrowers. The agreement will help rural women access affordable loans that can be used for a wide range of economic activities like agriculture, animal husbandry, trading, and local manufacturing. SV Credit Line lends only to women customers. It has a customer base of 3.5 lakh across 10 states and 130 districts.

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Power deficit declines from 2% in April to 0.1% in October

The power deficit (or the gap between electricity required and supplied) has fallen from 2% in April to 0.1% in October 2022. The data showed that the deficit was 2,752 million units (units) in April this year, which came down to 124 MU in October. The Compound Annual Growth Rate (CAGR) for electrical energy requirements from 2021-22 to 2026-27 is 6.67% and for peak electricity demand is 6.42%.

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Reliance, Ashok Leyland in talks for engines running on hydrogen

According to an Economic Times (ET) report, Reliance Industries Ltd (RIL) is in advanced talks with Hinduja Group’s Ashok Leyland Ltd (ALL) for the development and supply chain of hydrogen-powered engines. ALL will retrofit an existing fleet of 45,000 trucks with fuel-cell engines so that these vehicles can use green hydrogen instead of diesel. RIL has contracted these trucks to ferry refined products and other marketing goods.

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Protests against Adani port called off, construction resumes at Vizhinjam

Protesters have called off a 130-day-long agitation against the Vizhjinjam seaport for now. The Adani Group resumed construction of the seaport on Thursday, with trucks full of material rolling into the project site. APSEZ will prioritize completing the construction of the 2,960-meter-long breakwater, of which around 1,400 metres have already been completed.

Several fishermen have demanded an end to the construction work and have asked authorities to conduct a coastal impact study in connection with the multi-crore project.

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TCS partners with Barclays to help specially-abled children

Tata Consultancy Services (TCS) and Barclays in India have expanded their partnership to help children with neuro-muscular disabilities become self-reliant. TCS will bring its Virtual Habilitation (VHAB) solution to Bal Kalyan Sanstha in Pune. VHAB is a digital assistive solution that improves the physiotherapy regimen for children with locomotor disabilities due to cerebral palsy or autism. Barclays will provide hardware and equipment support for the project.

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Kalyan Jewellers plans to add 52 showrooms in 2023

Kalyan Jewellers plans to expand its retail footprint by over 30% in the next calendar year by adding 52 showrooms. The expansion will mainly focus on the non-South region, which currently contributes 35% to its Indian business. This project will be fuelled by franchisees. The company operates on Franchise Owned Company Operated (FOCO) model.

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Adani Group’s ₹493Cr Open Offer for NDTV to Start Tomorrow – Top Indian Market Updates

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

Adani Group’s ₹493 crore open offer for NDTV to start tomorrow

Adani Group’s open offer to acquire an additional 26% shareholding in the media company New Delhi Television (NDTV) from the market will start tomorrow. The offer will close on December 5. If fully subscribed, the open offer will amount to ₹492.81 crore at ₹294 per share. To learn more about Adani’s takeover of NDTV, click here.

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RBI allows HDFC Bank, Canara Bank to open Vostro account for INR trade with Russia

The Reserve Bank of India (RBI) has allowed HDFC Bank and Canara Bank to open a special “vostro account” for trade in Indian Rupees with Russia. Vostro accounts are accounts held by a bank on behalf of another (often a foreign bank), and this forms a key part of correspondent banking. Payments can be settled in Rupee for India-Russia trade, enabling cross-border transactions in the Indian currency.

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Jindal Steel wins bid to build 300 MW coal power plant in Botswana

Botswana has selected Jindal Steel & Power Ltd (JSPL) to build a coal-fired power plant. The contract is for the design, construction, operation, and maintenance of a 300 megawatts  (MW) net greenfield coal-fired power plant. JSPL will finance the construction of the plant and recoup its investments from selling electricity to the Botswana Power Corporation (BPC) under terms to be negotiated between the two parties.

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Aurobindo Pharma aims to complete ₹2,000 crore plant in AP by March 2024

Aurobindo Pharma Ltd aims to complete its ₹2,000 crore Penicillin G (Pen G) plant in Andhra Pradesh by March 2024, even as the trial of the initial batches will take place starting October 2023 onwards. The production capacity of the plant will be around 15,000 tonnes annually. The plant has been approved under the government’s PLI scheme for Key Starting Materials/Drug Intermediates and Active Pharmaceutical Ingredients (APIs).

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NCLT clears Jio’s acquisition of Reliance Infratel

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Reliance Property & Projects Management Services Ltd’s (RPPMSL) acquisition of Reliance Infratel Ltd (RITL). RPPMSL is a subsidiary of Reliance Jio that looks into the telco’s tower business. Jio has to deposit ₹3,500 crore in an SBI escrow account to complete the acquisition of RITL.

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Lighthouse India to sell Nykaa shares worth ₹335 crore

Investment firm Lighthouse India will sell shares worth ₹335 crore of Nykaa via a block deal tomorrow at a price band of ₹180-183.50 per share. After the lock-in period expired earlier this month, several pre-IPO investors have been liquidating shares held by them. Last week, investor Mala Gopal Gaonkar sold 5.75 crore shares of Nykaa at an average price of ₹175.48 in a deal worth ₹1,009 crore.

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Arvind forms joint venture with PurFi Global to reduce textile waste

Textiles manufacturer Arvind Ltd and US-based PurFi Global LLC will set up a joint venture (JV) to reduce the amount of textile waste going to landfills. The JV plans to set up its first fibre rejuvenation facility near one of Arvind’s manufacturing facilities in India. PurFi’s technology creates a solution that transforms textile waste into virgin-quality fibres.

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Ashok Leyland eyeing to launch Dost in Middle East, African markets

Ashok Leyland Ltd is testing its highly popular light commercial vehicle (LCV) ‘Dost’ with left-hand drive (LHD) option as it plans to serve the Middle East and African markets. The company currently sells a range of LCVs under the ‘Dost’ brand with right-hand drive option both in domestic and overseas. In October 2022, sales from the LCVs business grew by 18% YoY to 5,671 units.

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Tata Motors to Supply 1,000 Buses to Haryana Govt – Top Indian Market Updates

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

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

Tata Motors to supply 1,000 buses to Haryana govt

Tata Motors Ltd has secured an order for 1,000 buses from Haryana Roadways. The company will supply 52-seater fully-built diesel buses in a phased manner. The buses offer superior passenger comfort, high fuel efficiency, reliability, and low total cost of ownership. The bidding process was carried out through the state government’s e-tender process.

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Ashok Leyland delivers 150 vehicles to Tanzania Police Force

Ashok Leyland Ltd has delivered 150 trucks and buses to the Tanzania Police Force. The supplies are part of a contract signed between Ashok Leyland and the Ministry of Home Affairs, Tanzania. It is financed through a long-term soft loan extended by the Export-Import (EXIM) Bank of India. Currently, the Tanzania Police Force has a fleet of 625 Ashok Leyland vehicles.

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Kolte Patil Developers raise ₹206Cr from Marubeni Corporation for new residential project

Kolte Patil Developers Ltd has raised ₹206 crore from Japan-based Marubeni Corporation for its upcoming residential project located in Pimple Nilakh micro market, Pune. Based on the agreement, Marubeni Corporation will be entitled to 2.85 lakh sq. ft. of saleable area. The Pimple-Nilakh residential project has a total development potential of nearly 8 lakh sq. ft.

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Maruti Suzuki partners with IIT Bombay to drive innovation programs for startups

Maruti Suzuki India Ltd (MSIL) has partnered with the Indian Institute of Technology, Bombay to drive innovation programs for startups. MSIL and the Society for Innovation & Entrepreneurship (SNIE) at IIT Bombay will jointly shortlist startups for some of the complex business problems identified by the automaker. SNIE will also support outreach and incubation of potential startups who can be part of MSIL’s innovation programs.

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Govt hikes windfall tax on domestically produced crude

The Indian government has raised the windfall tax on domestically produced crude oil from ₹9,500 per tonne to ₹10,200 per tonne. [A windfall tax is a higher tax rate levied by governments against certain industries when economic conditions allow those industries to experience above-average profits.] The Centre has also reduced the special additional excise duty on the export of diesel from ₹13.00 per litre to ₹10.50 per litre. The duty on aviation turbine fuel exports remains unchanged at ₹5 a litre.

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Jewellery industry estimated to register 60% growth in Q2 FY 2023: ICRA

According to rating agency ICRA, the domestic jewellery industry is estimated to have registered a healthy growth of 60% in Q2 FY23 compared to pre-Covid levels (Q2 FY20). On a year-on-year basis, the demand recorded a contraction of 2% in Q2 due to a high base. The industry grew 70% YoY in Q2 FY22 due to pent-up demand after easing of Covid-19-related restrictions.

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Blackstone acquires majority stake in R Systems for ₹2,904 crore

Global investment fund Blackstone has acquired a majority stake in R Systems International Ltd for $359 million (~Rs 2,904 crore). R Systems is a leading provider of IT services, specializing in digital product engineering. It serves over 250 customers in the technology, media, telecom, and financial services sectors globally. Blackstone acquired the stake from founder Satinder Singh Rekhi and other current promoters.

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RateGain partners with Booking.com for AI-powered solutions

RateGain Travel Technologies Ltd’s Content AI platform has established a new and improved integration with online travel agency Booking.com. The integration will help in seamless content distribution and easier property management. The Content AI platform will save customers’ time and allow travellers to see up-to-date content and images from the accommodation on Booking.com.

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TCS expands deal with HR services company Randstad

Tata Consultancy Services (TCS) has expanded an existing deal from Dutch multinational human resource consulting firm Randstad. The IT company will modernize Randstad’s application estate on the cloud, strengthen the security posture, and accelerate its transformation journey. Randstad selected TCS as a strategic transformation partner in 2016 to digitise its sourcing solutions.

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Bharti Airtel launches 5G services at Pune airport

Bharti Airtel has deployed its Airtel 5G Plus service at Pune Lohegaon Airport, making it the first airport in Maharashtra to enjoy ultrafast 5G services. Airtel customers with 5G smartphones will enjoy high-speed 5G service on their existing data plans. With this launch, Airtel has deployed its 5G network in 11 cities. 

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ABFRL to bring French Galeries Lafayette stores to Delhi, Mumbai

Aditya Birla Fashion & Retail Ltd (ABFRL) and Galeries Lafayette have entered into a partnership to open stores of the French luxury retailer in India in the next 2-3 years. They will also open a dedicated e-commerce platform. Galeries Lafayette is known for its luxury store at Boulevard Haussmann in Paris. The flagship stores in India will bring more than 200 luxury and designer brands under one roof.

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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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India’s GDP Grows at 13.5% in Q1 – Top Indian Market Updates

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

India’s GDP grows at 13.5% in Q1

India’s gross domestic product (GDP) grew by 13.5% during the April-June quarter (Q1 FY23), compared to a 4.1% growth in Q4 FY22. The economy grew at the fastest pace in a year as a favourable base effect and improved activities after the relaxation of Covid-19 restrictions outweighed the effects of geopolitical and global concerns. 

India’s manufacturing sector grew 4.8% in Q1, while the agriculture sector posted a 4.5% growth. The construction segment grew by 16.8% during the first quarter of FY23. The mining & quarrying sector witnessed a growth of 6.5% in Q1.

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Inox Leisure to add 834 screens after FY23

Multiplex operator Inox Leisure Ltd has announced an expansion strategy to add 834 screens after FY23. It currently operates 692 screens in 73 cities across India as of June 30, 2022 (Q1 FY23). The company estimates the total screen count to go up to 752 by the end of the ongoing financial year. Inox Leisure has partnered with ICC to screen live matches at selected INOX cinemas. They have also started selling official merchandise of various Disney/Marvel superheroes and sportspersons as an alternate revenue source.

Read more here.

Reliance Industries acquires soft drink brand Campa: Report

As per an Economic Times report, Reliance Industries Ltd (RIL) has acquired homegrown soft drink brand Campa from New Delhi-based Pure Drinks Group for ₹22 crore. Campa will be re-launched nationally by Diwali in three flavours, including its iconic Campa Cola version, lemon, and orange variants. The move comes as Reliance Retail announced plans to roll out its fast-moving consumer goods (FMCG) business.

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Ashok Leyland secures mega order for 1,400 school buses in UAE

Ashok Leyland Ltd has secured orders for 1,400 school buses in the United Arab Emirates (UAE). The total fleet deal for the GCC-made buses has been bagged by Ashok Leyland’s UAE distribution partners— Swaidan Trading-Al Naboodah Group. The company will supply the 55-seater Falcon buses and 32-seater Oyster buses from its state-of-the-art manufacturing facility in Ras Al Khaimah, UAE.

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Havells to invest ₹130 crore at Rajasthan unit to expand production capacity

Havells India Ltd is planning to invest ₹130 crore to expand washing machine production capacity at its Ghiloth plant in Rajasthan. This expansion would be financed through internal accruals. The plant has the capacity to roll out 3 lakh units per annum currently. Havells plans to add an additional capacity of 3.8 lakh units per annum. 

The company is also setting up a cable manufacturing unit at Tumakuru, Karnataka, for a proposed annual capacity of 3,48,000 kilometers with an investment of ₹300 crore.

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IndiGo announces codeshare agreement with Virgin Atlantic

InterGloble Aviation Ltd (IndiGo) has announced a codeshare agreement with British carrier Virgin Atlantic. The agreement will help both airlines to expand their access to customers flying to destinations that are serviced by either of them. Customers booking a Virgin Atlantic ticket will be able to fly on the airline’s London Heathrow to Delhi/Mumbai flights and connect to and from 7 additional cities in India.

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Significant reduction in debt burden to ₹1,810 crore till March 31: Coffee Day Enterprises

In its latest annual report, Coffee Day Enterprises Ltd (CDEL) said its debt level has been reduced significantly to ₹1,810 crore as of March 31, 2022 (FY22). CDEL’s debt levels stood at ₹7,214 crore in FY19 and ₹1,898 crore in FY21. However, there have been certain defaults in repayments of principal and interest on loans. Certain lenders have also exercised their rights to recall loans.

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SpiceJet delays salaries for a 2nd consecutive month

Employees at SpiceJet Ltd claimed that their salaries had been delayed for the second consecutive month despite the airline’s claim that payments were being made in a “graded format.” “The salaries being disbursed to captains and first officers are not even 50% of what they used to be before the Covid-19 outbreak in March 2020,” an employee told PTI.

The SpiceJet Human Resources team blamed superlative fuel price hikes and a historically lean period of July-Sept for the delays in salary payments.

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Adani Group to launch open offer for NDTV on Oct 17

Adani Group will launch its open offer on October 17 to acquire an additional 26% stake in media firm NDTV. The open offer for acquiring 1.67 crore equity shares at ₹294 per share will tentatively close on November 1. If fully subscribed at a price of ₹294 per share, the open offer will amount to ₹492.81 crore.

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Govt aims to increase coal production to 1.23 billion tonnes by FY25

The Ministry of Coal is accelerating the process to enhance coal production with a target of reaching 1.23 billion tonnes of fuel production by FY25. At this level of production, it is expected that fuel imports may not be required. Also, domestic production would be sufficient to meet the total energy demand. 

Meanwhile, Coal India Ltd (CIL) has adopted an integrated planning approach by strengthening evacuation infrastructure for 1 billion tonnes of production and seamless transportation of coal to the end users. 

Read more here.

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Bharti Airtel Pays Rs 8,312 crore for 5G Spectrum – Top Indian Market Updates

airtel

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

Bharti Airtel pays Rs 8,312.4 crore to DoT for 5G spectrum

Bharati Airtel Ltd has paid Rs 8,312.4 crore to the Department of Telecommunications (DoT) towards dues for spectrum acquired in the recently concluded 5G auctions. With this payment, the telco has paid four years of 2022 spectrum dues upfront. 

The upfront payment, the moratorium on spectrum dues, and AGR-related payments for four years will free up future cash flows and allow Bharti Airtel to dedicate resources to concentrate on the 5G rollout.

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India’s oil demand to rise 7.7% in 2023: OPEC

As per an OPEC report, India’s demand for petroleum products like petrol and diesel will grow by 7.73% in 2023, the fastest pace in the world. The country’s demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023. India is the world’s third largest oil importing and consuming nation behind the United States and China.

Read more here.

Sona Comstar partners with Israeli startup Drive to develop new tech in smart mobility

Sona Blw Precision Forgings Ltd (Sona Comstar) has partnered with Israel-based startup Drive to develop and commercialise new technologies in the smart mobility space. The partnership will give Sona Comstar access to Drive’s new testing, evaluation, and development centre. As an innovation-hub partner, the company can participate in Drive’s startup commercialisation program FastLane.

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Kalpataru Power moves court in Paris to enforce Rwanda Energy arbitration award

Kalpataru Power Transmission Ltd (KPTL) has approached the Judicial Court of Paris to seek enforcement of an arbitration award of over $32 million (~Rs 240 crore) against Rwanda Energy Group (REG). KPTL had entered into a contract with REG in November 2013 to install and commission a 220 kilovolt (KV) power transmission network connecting the Democratic Republic of Congo and Rwanda. A dispute arose when REG refused to pay KPTL for price adjustment.

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UPL signs pact with Oro Agri for co-distribution of ‘Orange Oil’

UPL Ltd has partnered with US-based Oro Agri for the co-distribution and development of Orange Oil, a bio-solution effective against a variety of pests and illnesses. The company will co-distribute the bio-protection formulation starting in 2023. While UPL will leverage its global distribution network to explore new markets and expand its client base, Oro Agri will continue to supply current customers directly.

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Ashok Leyland announces merger of Hinduja Leyland Finance with NXTDIGITAL

Ashok Leyland Ltd has announced the merger of non-banking financial company (NBFC) Hinduja Leyland Finance (HLF) with NXT DIGITAL. The move will help integrate business operations, ensure efficiency in cash management, and formulate integrated operational and marketing strategies. The share exchange ratio for the merger will entail 23 shares of NXTDIGITAL to be allocated for every 10 shares of Leyland Finance held. 

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India’s 10-year bond yield drops 10 basis points

Indian government bond yields declined on Wednesday, with the benchmark 10-year yield crashing 10 basis points (bps), following a sharp fall in global oil prices that could further lower the inflation trajectory. The benchmark 10-year govt bond yield was at 7.1966% as of 10:25 AM today. It had fallen to 7.1947% earlier in the day, after closing at 7.2894% on Friday. Global oil prices dropped, with the benchmark Brent crude contract declining to its lowest level in six months on Tuesday.

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Jio adds 42.2 lakh subscribers in June; Bharti Airtel gains 7.9 lakh users 

Reliance Jio Infocomm gained 42.23 lakh mobile subscribers in June 2022, taking its total user base to 41.3 crore. Bharti Airtel added 7.93 lakh users, and its total mobile subscriber count rose to 36.29 crore. Vodafone Idea lost nearly 18.01 lakh mobile subscribers during June. India’s total wireless subscribers count increased marginally to 114.73 crore at the end of June 2022. 

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M&M in talks with different states to set up EV production site

Mahindra & Mahindra has initiated talks with various state governments in India to set up manufacturing infrastructure for its upcoming range of electric sports utility vehicles (SUVs). It will evaluate incentives offered by different state governments before finalising a strategy for the production of these EVs. The automaker has lined up five new electric SUVs. The first four are expected to hit the roads between December 2024 and 2026.

Read more here.

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Bharti Airtel Launches Wynk Studio – Top Indian Market Updates

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

Bharti Airtel launches Wynk Studio to support independent artists

Bharti Airtel Ltd has launched Wynk Studio, a music distribution ecosystem for independent artists. The studio enables artists to launch and monetise their music. The company has earmarked Rs 100 crore to promote local talent and launch 5,000 independent artists. At present, Wynk Studio has onboarded 130 artists from India, Singapore, and the United States.

Read more here.

Aurobindo Pharma Q1 Results: Net profit falls 32% YoY to Rs 521 crore

Aurobindo Pharma Ltd reported a 32% YoY decline in consolidated net profit to Rs 521 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 9% YoY to Rs 6,236 crore during the same period. EBITDA stood at Rs 935 crore in Q1, down 22% YoY. The company’s Active Pharmaceutical Ingredients (API) business grew 12% YoY to Rs 907 crore. 

Read more here.

Ashok Leyland’s EV arm partners with Chalo to deploy 5,000 EV buses

Ashok Leyland’s EV subsidiary, Switch Mobility, has partnered with Chalo (an app-based public transport operator) to supply over 5,000 electric buses over three years. Switch Mobility will manufacture the buses, while its sister company OHM Mobility will operate them in partnership with Chalo. The electric buses will be deployed across metros and major cities.

Read more here.

Jet Airways Q1 Results: Net loss at Rs 390 crore

Jet Airways reported a net loss of Rs 390.1 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 129 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations fell 83% YoY to Rs 12.53 crore in Q1 FY23. It has started the process of hiring pilots for Airbus’ A320 aircraft and Boeing’s 737NG and 737Max planes. They intend to recommence commercial operations in the current quarter (Q2 FY23).

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NMDC hikes lump ore rate to Rs 4,100 per tonne; fines at Rs 2,910

NMDC Ltd has hiked prices of lump ore by Rs 200 per tonne and fines by Rs 100 per tonne with immediate effect. It fixed the prices of lump ore at Rs 4,100 per tonne and fines at Rs 2,910 per tonne. NMDC is India’s largest producer and seller of iron ore. It contributes around 17% to the country’s annual iron ore output.

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Bata India Q1 Results: Net profit rises 72% YoY to Rs 119 crore

Bata India Ltd reported a 71.82% YoY increase in consolidated net profit to Rs 119.37 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 253% YoY to Rs 943 crore during the same period. Footfalls across retail outlets and sales through digital channels saw significant growth. Bata India opened more than 20 new franchise stores in Q1, taking the total number to over 320.

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Go Fashion plans to open 120-130 stores every year

Go Fashion (India) Ltd is pushing ahead with its plan to strengthen its footprint across geographies by adding about 120-130 stores every year. The company saw a five-fold YoY jump in total revenue to Rs 165.2 crore for the quarter ended June (Q1 FY23). It posted a net profit of Rs 24.4 crore in Q1 FY23, compared to a loss of Rs 19 crore in Q1 FY22. Go Fashion has been continually adding new products across all its bottom-wear categories.

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Wonderla Holidays Q1 Results: Net profit at Rs 64 crore

Wonderla Holidays reported a net profit of Rs 64.38 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 13.25 crore in Q1 FY22 and a net profit of Rs 8.51 crore in the previous quarter (Q4 FY22). Its revenue from operations surged to Rs 149.42 crore in Q1 FY23, compared to a revenue of Rs 4.35 crore in Q1 FY22 and Rs 57.69 crore in Q4 FY22. 

The company aims to focus on leveraging digital marketing, scaling content, consistent park activities, and innovative rides in the coming years.

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Syrma SGS Technology’s IPO to open tomorrow

Chennai-based engineering and design company Syrma SGS Technology will launch its Rs 840 crore initial public offering (IPO) on Friday. The issue will be sold in the price band of Rs 209-220 and would be a mix of fresh issue (Rs 766 crore) and an offer for sale (Rs 74 crore). The IPO will conclude on August 18.

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Trent Q1 Results: Net profit at Rs 115 crore

Trent Limited reported a consolidated net profit of Rs 114.93 crore for the quarter ended June (Q1 FY23). The retail firm had posted a net loss of Rs 138.29 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped over three-fold YoY to Rs 1,803.15 crore in Q1 FY23. Total expenses stood at Rs 1,734.28 crore, up 157% YoY.

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TCS secures order from Five Star Bank

Tata Consultancy Services (TCS) has partnered with Five Star Bank (a subsidiary of US-based Financial Institutions, Inc.) to offer its Customer Intelligence & Insights (CI&I) analytics platform. TCS will leverage the AI-powered CI&I platform’s real-time contextual engagement capabilities to help the bank gain insights to avoid attrition blind spots and drive omnichannel customer personalisation.

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Oil India Q1 Results: Net profit jumps 3x to Rs 1,555 crore

Oil India Ltd (OIL) reported a 3x jump in net profit to Rs 1,555.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 98% YoY to Rs 5,967.55 crore during the same period. OIL realised an average crude price of $112.73 per barrel in Q1 FY23, compared to $67.15 per barrel in Q1 FY22. 

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HDFC Posts 22% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

HDFC Q1 Results: Net profit rises 22% YoY to Rs 3,669 crore

Housing Development Finance Corporation (HDFC) reported a 22% YoY increase in net profit to Rs 3,669 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) rose 7.8% YoY to Rs 4,447 crore during the same period. HDFC’s assets under management (AUM) stood at Rs 6,71,364 crore in Q1, up 17% YoY. Individual loan disbursements also jumped 66% YoY.

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Reliance, Ola, and Rajesh Exports sign agreement under PLI scheme for battery manufacturing

Reliance New Energy Ltd, Ola Electric Mobility, and Rajesh Exports have signed the Program Agreement under Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell Battery Storage. These companies will receive incentives under the government’s Rs 18,100 crore program. The PLI scheme has been customised to favour companies interested in electric mobility and renewable energy.

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Ashok Leyland Q1 Results: Net profit at Rs 96 crore

Ashok Leyland Ltd reported a consolidated net profit of Rs 96 crore for the quarter ended June (Q1 FY23). The commercial vehicle maker had posted a net loss of Rs 324 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 107% YoY to Rs 8,470 crore in Q1 FY23. Its domestic light commercial vehicle (LCV) volumes stood at 14,384 units, up 66% YoY.

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Alembic Pharma’s arm gets USFDA approval to market skin treatment drug

Alembic Pharmaceuticals Ltd’s subsidiary, Aleor Dermaceuticals, has received approval from the US Food & Drug Administration (USFDA) to market Diclofenac Sodium topical gel. The product is indicated for the topical treatment of actinic keratoses (scaly spots or patches on the top layer of skin). As per IQVIA data, the topical gel had an estimated market size of $10 million (~Rs 79.4 crore) for the 12 months ended March 2022.

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Cipla Q1 Results: Net profit falls 4% YoY to Rs 686 crore

Cipla Limited reported a 3.96% YoY decline in consolidated net profit to Rs 686.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations fell 2% YoY to Rs 5,375 crore during the same period. The pharma company’s India revenue (trade generics, prescription business, and consumer health segments) fell 8.4% YoY to Rs 2,483 crore. 

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Yes Bank to raise Rs 8,898 crore from Carlyle, Advent

Yes Bank’s board has approved a proposal to sell 10% of its stake to global private equity investors Carlyle Group and Advent International for Rs 8,898 crore. The lender will issue up to 369 crore equity shares to both investors at Rs 13.78 per share. It will also issue 256 crore share warrants at Rs 14.82 per warrant to funds affiliated with Carlyle and Advent. The fundraise will further boost Yes Bank’s capital adequacy and aid its medium to long-term sustainable growth objectives

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IOCL Q1 Results: Net loss at Rs 1,992 crore

Indian Oil Corporation Ltd reported a net loss of Rs 1,992.53 crore for the quarter ended March (Q1 FY23). It had posted a net profit of Rs 6,021.88 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 62.47% YoY to Rs 2,51,933 crore in Q1 FY23. The average gross refining margin (GRM) stood at $31.81 per barrel in Q1 FY23, compared to $6.58 per barrel in Q1 FY22.

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DLF Q1 Results: Net profit rises 39% YoY to Rs 470 crore

DLF Limited reported a 39% YoY increase in consolidated net profit to Rs 469.56 crore for the quarter ended June (Q1 FY23). Its total income rose 22% YoY to Rs 1,516.28 crore during the same period. The realty major’s sales bookings jumped two-fold to Rs 2,040 crore in Q1. DLF has so far developed more than 153 real estate projects comprising over 330 million square feet of area.

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Delhi govt plans 1,000 new charging points, 100 battery swapping stations

The Delhi government announced plans to ramp up infrastructure to support more electric vehicles (EV) in the capital. As part of the plan, about 1,000 new charging points for EVs and 103 battery swapping stations will be set up by Delhi Transco Ltd (DTL) in the next few weeks. The first set of charging stations are expected to be inaugurated next month.

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NTPC Q1 Results: Net profit rises 15% YoY to Rs 3,978 crore

NTPC Limited reported a 15.5% YoY increase in consolidated net profit to Rs 3,977.7 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 44.46% YoY to Rs 43,177.14 crore during the same period. NTPC’s board has approved the issuance of debentures up to Rs 12,000 crore through private placement in the domestic market.

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PVR Reports First Profit After Two Years – Top Indian Market Updates

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

PVR Q1 Results: Net profit at Rs 68 crore

PVR Limited reported its first net profit after two Covid-hit years at Rs 68.3 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 142 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. PVR has revived its capital expenditure plans and is on track to open a total of 125 new screens during FY23.

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Ashok Leyland signs pact with Adani Capital

Ashok Leyland Ltd has entered into a strategic partnership with Adani Capital to offer customised financial solutions for its customers in the small & light commercial vehicle (LCV) segments. Adani Capital will cater to the customers’ needs through commercial vehicle loans with easy monthly repayment plans. The automaker’s LCV range comes with advanced and innovative technology that offers best-in-class mileage, comfort, and load carrying ability.

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IDBI Bank Q1 Results: Net profit rises 25% YoY to Rs 756 crore

IDBI Bank reported a 25% YoY increase in net profit to Rs 756 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) declined by 1% YoY to Rs 2,488 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 19.9% in Q1 FY23, compared to 20.16% in the previous quarter (Q4 FY22). Provisions fell 48% YoY to Rs 956 crore in Q1.

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Zydus gets USFDA approval to market Norepinephrine Bitartrate Injection

Zydus Lifesciences Ltd has received approval from the US Food & Drug Administration (USFDA) to market Norepinephrine Bitartrate Injection in the American market. The drug is used to restore blood pressure in adult patients with acute hypotensive state. It will be produced at the pharma group’s topical injectable manufacturing facility at Jarod, Gujarat.

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IndusInd Bank partners with EazyDiner to launch co-branded credit card

IndusInd Bank has partnered with EazyDiner (a restaurant discovery & reservation platform) to launch a co-branded credit card. The collaboration aims to enhance the customer dining experience. Benefits include a complimentary EazyDiner Prime membership and an additional 25% discount up to Rs 1,000 every time a customer pays on the EazyDiner app. 

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Hindustan Zinc Q1 Results: Net profit rises 56% YoY to Rs 3,092 crore

Hindustan Zinc Ltd (HZL) reported a 55.9% YoY (or 5.6% QoQ) increase in consolidated net profit to Rs 3,092 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 43.7% YoY to Rs 9,387 crore during the same period. EBITDA stood at Rs 5,278 crore in Q1, up 48.3% YoY. Zinc LME prices and zinc metal sales increased 34.2% YoY and 10.2% YoY, respectively. 

HZL’s board has approved a proposal to form a wholly-owned subsidiary to set up a fertiliser plant with a capacity of five lakh tonnes per annum.

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PNC Infratech signs concession agreements for two projects worth Rs 1,623 crore

PNC Infratech Ltd has signed concession agreements with the National Highways Authority of India (NHAI) for two road projects for a total cost of Rs 1,623 crore. The first project consists of four-laning the NH-530B from Mathura Bypass to Gaju Village in Uttar Pradesh. The second project pertains to four laning of NH 530B from Gaju Village to Devinagar Bypass in UP.

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RBL Bank Q1 Results: Net profit at Rs 201 crore

RBL Bank reported a net profit of Rs 201.2 crore for the quarter ended June (Q1 FY23). The lender had posted a net loss of Rs 459 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. The gross non-performing assets (GNPA) ratio stood at 4.08% in Q1 FY23, compared to 4.4% in the previous quarter (Q4 FY22). Provisions fell sharply by 81% YoY to Rs 253 crore in Q1.

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Emami acquires 30% stake in pet-care startup Cannis Lupus Services

Emami Limited has acquired a 30% stake in pet-care startup Cannis Lupus Services India in an all-cash deal. The FMCG firm will roll out a range of natural, ayurvedic, and chemical-free products for pets and scale up the business with Cannis Lupus’ expertise. Under the brand ‘Fur Ball Story’, Cannis Lupus will focus on an ayurvedic range of solutions for common and recurrent ailments in pets, especially dogs.

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Tube Investments secures majority stake in Moshine Electronics

Tube Investments of India (TII) is diversifying into the electronics and components segment by acquiring a 76% equity stake in Moshine Electronics Pvt Ltd. Moonshine primarily manufactures camera modules for mobile phones. The acquisition will be through the secondary purchase of shares for a total consideration of ~Rs 8.64 crore.

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WPI Inflation Rises to Record-High of 15.88% in May – Top Indian Market Updates

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

WPI inflation rises to record-high of 15.88% in May

Inflation based on the Wholesale Price Index (WPI) hit a record high of 15.88% in May 2022, compared to 15.08% in April. The surge is mainly driven by inflation in vegetable prices, which grew from 23.24% in April to 56.36% in May. Inflation in the fuel and power segment jumped to 40.62% in May from 38.66% in April. Food inflation rose to 10.89% in May, compared to 8.88% in April.

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Adani Group, TotalEnergies to invest $50 billion in green hydrogen

French energy major TotalEnergies will invest at ~$12.5 billion for a 25% stake in Adani Group’s new clean energy services company, Adani New Industries Ltd (ANIL). ANIL will be created by Adani Enterprises Ltd, in partnership with TotalEnergies. The new venture aims to invest over $50 billion over the next 10 years in green hydrogen and associated ecosystems. It will develop a green hydrogen production capacity of 1 million tonnes per annum before 2030.

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LIC increases stake in Capri Global to over 7% with Rs 221 crore investment

Life Insurance Corporation of India (LIC) has increased its stake in Capri Global Capital from 5.043% to 7.059% during the Feb-June period with an investment of ~Rs 221 crore. Capri Global is a non-banking finance company (NBFC) with a presence in the construction finance, affordable housing, and indirect retail lending segments.

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Dr. Reddy’s Labs launches Sorafenib tablets in the US

Dr. Reddy’s Laboratories Ltd has launched Sorafenib tablets in the US market after getting approval from the US Food & Drug Administration (USFDA). The drug is used in the treatment of liver, kidney, and thyroid cancer. The product is a therapeutic generic equivalent of Bayer HeathCare Pharma’s Nexavar tablets.

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Infosys partners with Harvard Business Publishing to offer digital courses

Infosys Ltd has partnered with Harvard Business Publishing to empower India’s next generation with essential digital and life skills. This initiative will be brought forward via Infosys Springboard, a platform that provides critical digital and life skills. Students and young professionals can now access select Harvard Business Review articles, videos, and podcasts. 

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Ashok Leyland’s arm Switch Mobility to raise $300 million; unveils e-bus platform

Ashok Leyland Ltd’s electric vehicle arm, Switch Mobility, is in talks with investors to raise about $300 million (~Rs 2,340 crore). Around $200 million will be utilised for capital expenditure requirements, and $100 million will go towards its subsidiary, Ohm Global Mobility. Switch Mobility has also launched its next-gen electric bus platform ‘Switch EiV 12’ for the Indian market.

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Shriram City to raise up to Rs 300 crore by issuing bonds

Shriram City Union Finance Ltd (SCUFL) will raise up to Rs 300 crore by issuing debt securities on a private placement basis. The Banking & Securities Management Committee of SCUFL has approved the issuance of principal-protected market-linked non-convertible debentures (PP-MLD) for Rs 50 crore with a green shoe option up to Rs 250 crore. 

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SBI hikes deposit, lending rates

State Bank of India (SBI) has raised its deposit and lending rates following the Reserve Bank of India’s repo rate hike last week. The lender’s interest rates have been raised by 0.20% on domestic term deposits of below Rs 2 crore for select tenors. SBI will offer an interest rate of 4.60% for deposits of 211 days to less than one year, compared to 4.40% earlier.

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NTPC to begin commercial operations of 15 MW solar capacity at Kawas Solar Project

NTPC Ltd will commence commercial operations of its 15 megawatts (MW) solar capacity at Kawas Solar Project in Gujarat on Wednesday. With this, the standalone installed and commercial capacity of NTPC will rise to 54,666.68 MW. Meanwhile, its group installed and commercial capacity will become 69,031.68 MW.

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UltraTech Cement to Invest Rs 12,886 crore for Capacity Expansion – Top Indian Market Updates

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

UltraTech Cement to invest Rs 12,886 crore towards capacity expansion

UltraTech Cement Ltd’s board has approved a proposal to invest Rs 12,886 crore to add 22.6 million tonnes per annum (MTPA) capacity to its total production. The company aims to set up integrated and grinding units and bulk terminals. These new capacities are expected to commence commercial production in a staggered way across India by the end of FY25. 

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Abdul Latif Jameel to invest Rs 150 million in Greaves Cotton’s EV arm

Saudi Arabia-based Abdul Latif Jameel International (ALJI) will invest $150 million (~Rs 1,160 crore) for a 35.8% stake in Greaves Electric Mobility (GEM). This values the electric vehicle (EV) arm at Rs 3,298 crore. ALJI has an option to invest another $70 million in the next twelve months. GEM has a strong presence in both electric 2-wheelers and electric 3-wheelers segments.

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La Opala RG commences production at Uttarakhand unit

La Opala RG announced the commencement of commercial production at its green field plant at Sitarganj, Uttarakhand. The unit has a production capacity of 11,000 metric tons per annum. It is the second plant of the company in the state. La Opala RG is a pure-play tableware company. Its brands include La Opala, Diva, and Solitare.

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BLS International signs pact with Royal Thai Consulate General

The Royal Thai Consulate-General, Mumbai, has authorised BLS International Ltd to accept and process visa applications. The company will provide Thai visa application services and value-added services like form filling assistance, SMS tracking, primetime submission, travel insurance, etc.  BLS International is a trusted global tech-enabled services partner for governments and citizens.

Ashok Leyland unveils eight-wheel truck AVTR 2620

Ashok Leyland Ltd has unveiled its first eight-wheel truck (AVTR 2620), making the company the only player to have a full range of trucks based on lift axle technology. The new product can be operated as a 25.5 tonne truck with lift axle down and an 18.5 tonne truck with lift axle up, offering lower fuel and operating costs during light load.

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Fire breaks out at Deepak Nitrite GIDC plant

Deepak Nitrite Ltd’s GIDC plant at Nandesari, Vadodra, witnessed five major chemical blasts today. Smoke was visible from a long distance, and 7-8 fire-fighters reached the spot to put out the fire. Deepak Nitrite manufactures and sells basic chemicals, fine & speciality chemicals, and performance products in India.

Jio-bp to partner with MG Motor, Castrol to boost EV adoption in India

MG Motor India and Castrol India Ltd will partner with Jio-bp to explore mobility solutions for electric cars. The three entities will explore setting up a four-wheeler EV charging infrastructure and expand Castrol’s existing auto service network to cater to EV customers. This partnership is in line with Jio-bp and MG Motor’s commitment to providing vast and reliable charging infra to electric car customers and accelerating EV adoption in India.

[Jio-bp is a joint venture between Reliance Industries Ltd (RIL) and British oil and gas major bp].

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GR Infra’s arm signs pact with NHAI for road project in Andhra Pradesh

GR Madanapalli Pileru Highway Pvt Ltd (GRMPHPL) has signed an agreement with the National Highways Authority of India (NHAI) for a road project worth Rs 1,577 crore. The project consists of four-laning of NH-71 from Madanapalli to Pileru in Andhra Pradesh. The length of the road is 55.9 km. GRMPHPL is a wholly-owned subsidiary of GR Infraprojects Ltd.

SEBI penalises Eicher Motors for flouting rules

Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 10 lakh for failing to follow rules in the duplicate share certificates case. The company has to pay the fine within 45 days. The order comes after the SEBI received a complaint from Adesh Kaur against the automaker. It mentioned that 903 shares of the company were fraudulently transferred to an account of an impersonator who managed to forge her signature and change her address.

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Indonesia To Lift Palm Oil Export Ban – Top Indian Market News

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Indonesia to lift palm oil exports ban from May 23

Following improvements in the local cooking oil supply situation, Indonesia will relax its prohibition on palm oil exports from May 23, said President Joko Widodo. The restriction on palm oil exports was implemented three weeks ago in an effort to boost domestic cooking oil supplies. The ban had a negative impact on several importing countries, causing an increase in cooking oil prices as well as supply globally.

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Dr. Reddy’s Labs Q4 Results: Net profit falls 76% YoY to Rs 88 crore

Dr. Reddy’s Laboratories Ltd reported a 75.85% YoY decline in consolidated net profit to Rs 87.5 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 14.98% YoY to Rs 5,436.8 crore during the same period. The decline in net profit was largely driven by an impairment of non-current assets worth Rs 751.5 crore. The pharma company’s domestic business posted a 15% YoY growth in revenue to Rs 968.9 crore.

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HPCL Q4 results: Net profit at Rs 1,795 crore

In Q4 FY22, Hindustan Petroleum Corporation Ltd (HPCL) declared a net profit of Rs 1,795 crore as against Rs 3,017.96 crore in the same quarter last fiscal (Q4 FY21) and Rs 868.86 crore in the previous quarter of this fiscal (Q3 FY22). HPCL’s total income climbed to Rs 1,06,886.35 crore in Q4 FY21 from Rs 85,748.12 crore the previous quarter.

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Bosch Q4 Results: Net profit slips 27% to Rs 350.5 crore

Bosch Ltd reported a 27.28% drop in overall net profit in the fourth quarter ended March 2022 to Rs 350.5 crore. The company reported a consolidated net profit of Rs 482 crore during the same time last year. Total expenses in the fourth quarter stood at Rs 2,972.2 crore, up from Rs 2,693 crore a year ago. In FY22, the company’s consolidated income from operations was Rs 11,781.6 crore, up from Rs 9,716.2 crore in FY21.


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Ashok Leyland Q4 Results: Net Profit Up 273% YoY to Rs 901 crore

Ashok Leyland Ltd’s net profit increased by 273.8% YoY to Rs 901 crore in the quarter ended March 31, 2022. In the same quarter of FY21, it made a net profit of Rs 241 crore. The company’s revenue was up by 25% YoY to Rs 8,744 crore, up from Rs 7,000 crore the previous year. Total Revenue for the full year FY22 stood at Rs 21,688 crore as against Rs 15,301 in FY21. In Q4 FY22, Ashok Leyland’s truck market share increased to 30.6%, up from 28.9% in Q4 FY21.

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Edtech firm Vedantu lays off 400+ employees

Edtech startup Vedandu has decided to layoff 424 employees from the company, confirmed CEO- Founder Vamsi Krishna in a blog post. “Today I am writing about one of the toughest decisions we had to take in the past many years. It is days like these that are heartbreaking and I hope to never see them again.  There is no easy way to say this – out of 5900 Vedans, 424 of our fellow teammates i.e ~7% of our company, will be parting with us.” said Vamsi in a blog post. 

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Paradeep Phosphates IPO: Issue subscribed 1.75 times

The Rs 1,501 crore Pradeep Phosphates initial public offering (IPO) was oversubscribed 1.75 times on the closing day, with investors bidding for 47.02 crore shares out of a total of 26.86 crore units. Retail portion was subscribed 1.37 times while non-institutional investors’ (NII) portion was subscribed 82%. Qualified institutional buyers have subscribed 3.01 times. India’s second largest manufacturer of non-urea fertilisers and di-ammonium phosphates (DAP) in the private sector.

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Dhanlaxmi Bank net profit jumps 4x to Rs 23 crore

Dhanlaxmi Bank’s net profit jumped fourfold to Rs 23.42 crore in the quarter ending March 2022. In the previous financial year, the bank had a net profit of Rs 5.28 crore. Total income increased to Rs 302.58 crore in the fourth quarter FY22, up from Rs 233.43 crore in the same quarter last year. The Bank’s interest income increased by 10.4% to Rs 234.91 crore in the fourth quarter of FY22, up from Rs 212.77 crore the previous quarter. Gross NPA and Net NPA declined by 2.91% and 1.91%. Gross NPA stood at 6.32% and Net NPA at 2.85%.

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