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Eyes on HDFC Bank – Pre Market Analysis

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

Stocks

Avenue Supermarts Ltd reported a mere 2% rise in net profit for the quarter ended June to Rs 695 crore, despite a double-digit growth in revenue.

Shares of HDFC Bank, LTIMindtree, and Tata Elxsi will be in focus today as the companies will announce their first quarter results.

Leading broker Angel One has been from onboarding new authorised persons (APs) for alleged failure to monitor the operations of its APs.

What to Expect Today?

NIFTY opened with a gap-up at 19,495 on Friday. There was weakness in the morning due to the long unwinding on Thursday. The market picked up and rallied, especially in the last hour. NF closed at 19,564, up by 151 points or 0.78%.

BANK NIFTY opened with a gap-up at 44,861. It was a down-trending day till 3 PM. There was a huge up-move at 3 PM and BN closed at 44,819, up by 154 points or 0.35%.

IT shot up by 4.5%.

The US markets and the European markets closed mixed with a negative bias.

The Asian markets are trading lower.

The U.S. Futures and European futures are trading lower.

GIFT NIFTY is trading at 19,633.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,500, 19,450 and 19,385. We can expect resistances at 19,600, 19,650 and 19,700.

BANK NIFTY has supports at 44,650, 44,500 and 44,440. Resistances are at 44,950, 45,100 and 45,370.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,500. 

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.

Foreign Institutional Investors net-bought shares worth Rs 2,600 crores. Domestic Institutional Investors net-sold shares worth 800 crores.

INDIA VIX is at 10.7.

We were expecting a tick mark-like price action as we discussed on Friday’s Pre Market Analysis. The reason is that there was long unwinding on Thursday. The market moved exactly like a tick mark but there was a huge up-move at 3 PM.

Bank Nifty saw immense short covering towards the end. Will there be a continuation to the up-move? 45,000 is going to be the testing zone.

India’s Wholesale Price Inflation came out at -4%, better than expected. As we discussed earlier, negative figures are fine for now.

We do not have major events this week from the global front. However, there are results coming out and more importantly, Reliance demerger.

HDFC Bank will announce their results today. Let us watch the stock closely. It is more important this time as the weightage has increased.

I will watch 19,385 on the downside in NIFTY. 19,600 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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Govt Plans to Auction 22 Mineral Blocks in Nov, Dec – Top Indian Market Updates

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

Government plans to auction 22 mineral blocks in next two months

The Central Government plans to auction 22 mineral blocks in Maharashtra, Uttar Pradesh, and Goa in November and December. The mines to be auctioned include six iron ore blocks, three blocks each of limestone and gold, two blocks of bauxite, and one block each of copper, phosphorite & glauconite. So far, more than 180 mineral blocks have been put on sale since the system of auctioning of mineral blocks began in 2015-16.

Read more here.

D-Mart’s revenue jumps 35% YoY to ₹10,385 crore in Q2

Avenue Supermarts Ltd (ASL) reported a 35.75% YoY increase in standalone revenue from operations to ₹10,384.66 crore during the quarter ended Sept (Q2 FY23). ​​ASL owns and operates D-Mart stores across India. It had a total of 302 stores at the end of Sept. Promoted by Radhakishan Damani and his family, DMart retails basic home and personal products across various states.

Read more here.

DLF sells 292 luxury homes in new project at Gurugram for over ₹1,800 crore

DLF Limited has sold all 292 luxury homes in Gurugram for over ₹1,800 crore within a few days of the launch of the project. This signals strong demand despite the rise in interest rates on home loans and property prices. On September 26, DLF launched its project called ‘The Grove’ located at DLF Phase-5 in Gurugram, Haryana.

Read more here.

HFCL to invest ₹450 crore to make telecom products

HFCL has committed to invest ₹450 crore in the design-linked incentive (DLI) scheme of the Department of Telecommunications (DoT) to manufacture telecom products such as routers, antennas, and 5G radio equipment. The company has migrated to the DLI scheme as it is designing and manufacturing the products locally. The investment will support various stages of development and deployment of a futuristic range of technology products and solutions.

Read more here.

RBI plans to extensively use AI, ML to improve regulatory supervision

The Reserve Bank of India (RBI) is planning to extensively use advanced analytics, artificial intelligence (AI), and machine learning (ML) to analyse its massive database and improve regulatory supervision of banks and NBFCs. The central bank has floated an expression of interest (EoI) for engaging consultants in the use of Advanced Analytics, AI, and ML for generating supervisory inputs.

Read more here.

OPEC+ agrees on deep cuts to oil production

OPEC+ agreed on its deepest cuts to oil production since 2020 (during the initial stages of the Covid-19 pandemic) at a meeting in Vienna today. It will cut its collective output limit by 2 million barrels a day. OPEC+ is curbing supply in an already tight market despite pressure from the United States and others to pump more. 

The cut could prompt a recovery in oil prices that have dropped from $120 to about $90  three months ago on fears of a global economic recession, rising U.S. interest rates, and a stronger dollar. To learn more about OPEC+, click here!

Read more here.

Tracxn Tech IPO priced at ₹75-80 per share

The ₹310-crore initial public offering (IPO) of Bengaluru-based Tracxn Technologies will open for subscription on October 10. The company has fixed the price band for the IPO at ₹75 to ₹80 per share. The issue will close on October 12. Tracxn Technologies provides market intelligence data for private companies. It operates a Software as a Service (SaaS)-based platform.

Read more here.

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DMart’s Net Profit Rises 24% YoY in Q3 – Top Indian Market News

Avenue Supermarts Q3 Results: Net profit rises 24% YoY to Rs 553 crore

Avenue Supermarts Ltd (DMart) reported a 23.71% YoY increase in consolidated net profit to Rs 553 crore for the quarter ended December (Q3 FY22). Net profit rose 32% compared to the previous quarter. Its revenue from operations rose 22.2% YoY (or 18% QoQ) to Rs 9,218 crore during the same period. The company added 17 stores in Q3 FY22, taking the tally to 263 stores.

Read more here.

Oberoi Realty’s sales bookings jump 2-fold to Rs 1,965 crore in Q3

Oberoi Realty Ltd reported an over two-fold jump in sales bookings to Rs 1,965 crore for the quarter ended December (Q3 FY22). The realty company sold 371 units in Q3, compared to 234 units in the corresponding quarter last year. During the first nine months of FY 2021-22, Oberoi Realty’s sales bookings more than doubled to Rs 2,964 crore.

Read more here.

Mahanagar Gas hikes CNG-PNG prices for second time in 3 weeks

Mahanagar Gas Ltd (MGL) has decided to hike prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Saturday midnight. The basic price of CNG has been increased by Rs 2.50 per kg and domestic PNG by Rs 1.50 per standard cubic meter (SCM) for the Mumbai Metropolitan Region (MMR).

Read more here.

Maruti Suzuki lines up its biggest annual product launch

Maruti Suzuki India Ltd (MSIL) has lined up more product launches in 2022 than it has done ever during a year in the past. The automaker plans to launch more than half a dozen products in 2022. Half of these products will be in the fast-growing SUV space, and the rest in its core area of small cars. In the first nine months of FY22, MSIL has produced 1.164 million vehicles, compared to 939,000 units in the same period last year. 

Read more here.

Equitas Holdings to divest its stake in subsidiary ETPL ahead of merger with Equitas SFB

Equitas Holdings Ltd will divest its entire stake in subsidiary Equitas Technologies Pvt Ltd (ETPL) as part of the requirement for the merger with Equitas Small Finance Bank (ESFB). As part of the Reserve Bank of India’s licensing conditions, the boards of Equitas Holdings and ESFB had in July 2021 approved the scheme of amalgamation between them. According to the scheme, all assets held by Equitas Holdings (including its investments in ETPL) have to be transferred to ESFB.

Read more here.

CSB Bank MD & CEO takes early retirement; lender to set up panel to find successor

C V R Rajendran, the Managing Director & Chief Executive Officer of CSB Bank, has decided to take early retirement on health grounds. He will continue as MD & CEO till March 2022. His current three-year term was supposed to end on December 8, 2022. The Board of Directors of CSB Bank has decided to constitute a search committee to identify and evaluate candidates, either internally or externally, for the position of MD & CEO.

Read more here.

Wonderla Holidays temporarily shuts Bangalore Park for two weekends

Wonderla Holidays Ltd has announced that the Bangalore park operations will be temporarily shut for the two weekends i.e., January 8 & 9 and 15 & 16. The move comes after the Government of Karnataka announced strict restrictions to contain the Covid-19 pandemic.

USFDA rejects Biocon, Vitaris’ application for Insulin Aspart

Biocon Biologics, a subsidiary of Biocon Ltd, said the US Food & Drug Administration (USFDA) has not approved an application for Insulin Aspart filed by its partner Viatris Inc. The USFDA has issued a complete response letter (CRL) for the biologics license application (BLA) for Insulin Aspart. Biocon Biologics said it will respond to the CRL to satisfy the FDA’s requests.

Read more here.

DLF launches luxury residential project in New Delhi

DLF Home Developers Ltd. (DHDL) and GIC, Singapore’s sovereign wealth fund, will develop over 900 luxury apartments at Delhi’s Moti Nagar. The revenue potential of the project is Rs 4,000 crore. DLF’s ONE Midtown luxury residential project will have luxury condominiums with two, three, and four-bedroom residences. DHDL is a wholly-owned subsidiary of DLF Ltd.

Read more here.

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Avenue Supermarts Reports 132% YoY Jump in Net Profit in Q1 – Top Indian Market News

Avenue Supermarts Q1 Results: Net profit jumps 132% YoY to Rs 115 crore

Avenue Supermarts Ltd reported a 132.3% YoY jump in net profit to Rs 115 crore for the quarter ended June (Q1 FY22). Its total revenues rose 31.3% YoY to Rs 5,032 crore during the same period. Net profit and revenues have declined by 73.5 and 31%, respectively, when compared to the previous quarter. The second wave of the Covid-19 pandemic has caused a devastating impact on its operations in Q1. The results are below street estimates. Avenue Supermarts owns and operates the chain of ‘D-Mart’ supermarkets across India.

Read more here.

Equitas SFB gets RBI approval to apply for scheme of amalgamation

Equitas Small Finance Bank (SFB) has received approval from the Reserve Bank of India (RBI) to apply for the scheme of amalgamation of Equitas Holdings Ltd (the promoter) with the bank. The approval of the application would result in the promoter’s exit from Equitas SFB. Following the approval, Equitas Holdings said they would be initiating steps to finalise the scheme of amalgamation, submit it to the boards of the company and Equitas SFB for approval.

Read more here.

Mahindra hikes prices of all cars by up to Rs 1 lakh

Mahindra & Mahindra Ltd (M&M) has announced a substantial hike in the prices of all the models in its lineup. The Mahindra Thar gets the highest revision, with some of its variants becoming expensive by approximately Rs 1 lakh. The price of XUV500 has gone up from Rs 2,912 to Rs 3,188, depending upon the variant. This is the third price hike that Mahindra has introduced this year. 

Read more here.

Mobikwik all set to file DRHP within a week: Report

According to a report from Bloomberg, Mobikwik is planning to raise $250-300 million (Rs 1,860-2,200 crore) through an initial public offering (IPO). The digital payments startup is set to file a Draft Red Herring Prospectus (DRHP) with market regulator SEBI within a week. Last month, the company closed a $20 million (~Rs 150 crore) funding round from Abu Dhabi Investment Authority (ADIA), valuing it at $700 million (~Rs 5,200 crore). 

Read more here.

TCS to hire 40,000 freshers in FY22

Tata Consultancy Services (TCS) has announced plans to hire more than 40,000 freshers from campuses across India in the current financial year (FY 2021-22). The IT company had hired 40,000 graduates from campuses last year. Currently, TCS has an employee base of more than 5 lakh. TCS reported a higher attrition rate of 8.6% in Q1 FY22, compared to 7.2% in Q4 FY21.

Read more here.

Unichem Labs receives tentative approval for Sitagliptin tablets

Unichem Laboratories Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Sitagliptin tablets. The drug is used to improve glycemic control in adults with Type-2 diabetes. Upon the receipt of final USFDA approval, the tablets will be manufactured at Unichem Lab’s plant in Goa.

Godrej Properties to invest over $1 billion in next couple of years: Chairman

Pirojsha Godrej, the Executive Chairman of Godrej Properties, said the company plans to invest more than $1 billion (~Rs 7,400 crore) over the next couple of years to develop new projects. This will be part of the real estate developer’s target to achieve higher growth. The chairman further said Godrej Properties was India’s largest developer in terms of value and volume of sales achieved in FY21. The company registered a 14% YoY growth in sales bookings to a record Rs 6,725 crore in FY21.

Read more here.

Vodafone Idea in talks with Apollo Global to raise up to $3 billion: Report

According to a report from ET, Vodafone Idea Ltd (Vi) has started talks with US private equity major Apollo Global Management to secure up to $3 billion (~Rs 22,400 crore) in funding over the next three months. The telecom company aims to use the funds to meet its upcoming debt payments and dues related to adjusted gross revenue (AGR) and spectrum allocation. The report further states that Apollo Global is drilling Vi on points of business valuation and the structure of funding.

Read more here.

India’s fuel demand rebounds in June as lockdowns ease

Overall fuel demand in India rebounded in June after falling drastically to a nine-month low in May. Fuel consumption rose 8% to 16.33 million tonnes (MT) in June over May 2021. Petrol sales stood at 2.4 MT in June, registering a 21% increase when compared to May. Meanwhile, the total sale of diesel rose 12% month-on-month (MoM) to 6.2 MT. The data was released by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas.

Read more here.

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Avenue Supermarts Reports 31% Rise in Revenue in Q1 – Top Indian Market News

Avenue Supermarts reports 31% YoY rise in revenue in Q1

Avenue Supermarts Ltd reported a 31.27% YoY increase in standalone revenue to Rs 5,031.75 crore for the quarter ended June 2021 (Q1 FY22). It had posted a revenue of Rs 3,833.23 crore in the corresponding quarter last year (Q1 FY21). The total number of stores at the end of June 30, 2021, stood at 238. Avenue Supermarts owns and operates the chain of ‘D-Mart’ supermarkets across India.

Read more here.

Zomato gets SEBI approval for Rs 8,250 crore IPO

Food delivery platform Zomato has received approval from the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth Rs 7,500 crore and an offer for sale (OFS) by Info Edge India Ltd worth Rs 750 crore. Zomato aims to use Rs 5,625 crore of the net proceeds of the IPO towards funding organic and inorganic growth initiatives. According to reports, the company plans to launch its IPO by mid-July.

Read more here.

Lumax Auto to set up joint venture with Alpine Co. for electric parts

Lumax Auto Technologies Ltd has signed a joint venture (JV) agreement with Japan-based Alpine Co. Ltd. The parties have agreed to establish a 50:50 joint venture in India to manufacture and sell electronic devices and components, as well as software related to the automotive industry. Lumax Auto Technologies is a leading manufacturer of shifters, telematics, antennas, two-wheeler chassis, seat structures, etc.

Read more here.

Tata Steel transfers stake in HSMS, TSAML to subsidiary companies

Tata Steel Ltd has announced the transferring of its 26% stake in Himalaya Steel Mill Services Pvt Ltd to Tata Steel Utilities and Infrastructure Services Ltd (TSUISL) for an undisclosed amount. The company has also transferred its 100% stake in Tata Steel & Advanced Materials Ltd (TSAML) to another subsidiary company— Tata Steel Downstream Products Ltd (TSDPL).

Read more here.

Gujarat Industries restores Unit-2 of Surat plant

Gujarat Industries Power Company Ltd (GIPCL) announced the restoration of Unit-2 (125 megawatts) of its Surat Lignite Power Plant (SLPP) situated at Surat, Gujarat. The company operates a 4×125 MW power plant at SLPP. GIPCL had declared forced shutdown at Unit-2 of SLPP from December 16, 2020, due to a major technical snag in economizer beams. The beams have been replaced, and maintenance works at the plant have been completed.

Read more here.

CSB Bank’s deposits grow 14%, advances up 24% in Q1

CSB Bank Ltd reported a 14.17% YoY increase in total deposits to Rs 18,652.80 crore for the quarter ended June 2021 (Q1 FY22). The current and savings account (CASA) deposits grew 7.95% YoY to Rs 6,171.71 crore in Q1. Gross advances rose 23.71% YoY to Rs 14,146 crore during the same period. CSB Bank’s advances against gold and gold jewellery rose 46.16% YoY to Rs 5,617.68 crore at the end of the April-June quarter.

Read more here.

Bharat Dynamics to set up test facility in Vishakhapatnam

Bharat Dynamics Ltd (BDL) will set up a first-of-its-kind environmental test facility (ETF) in Vishakhapatnam. Vice Admiral Biswajit Dasgupta, Chief of Staff, Eastern Naval Command, laid the foundation stone for establishing the ETF at the Vishakhapatnam unit of BDL. The ETF will consist of vibration testing, thermal chamber, and walking chamber for a whole torpedo (underwater missile).

Read more here.

HCL announces multi-year agreement with Fiskars Group

HCL Technologies has announced a multi-year agreement with Finland-based Fiskars Group. The IT company will accelerate Fiskars Group’s digital journey through applications and infrastructure modernisation. HCL Tech will standardise Fiskars’ IT and business processes, drive operating model transformation, and increase overall digital maturity. Fiskars Oyj Abp manufactures and markets consumer products across Europe, the Americas, and the Asia Pacific.

Read more here.

Bharat Biotech’s Covaxin 77.8% effective against symptomatic Covid-19

Bharat Biotech said the final efficacy analysis of Covaxin shows that it is 77.8% effective against symptomatic Covid-19. The vaccine offers 65.2% protection against the emerging Delta variant. Covaxin was also found to be 93.4% effective against severe cases of symptomatic Covid-19. The Phase-3 clinical trial was an event-driven analysis of 130 symptomatic Covid-19 cases (reported at least two weeks after the second dose) conducted at 25 sites across India. The data from the trials are yet to be peer-reviewed.

Read more here.

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Bandhan Bank Reports 80% YoY Fall in Net Profit in Q4 – Top Indian Market News

Bandhan Bank Q4 Results: Net profit declines 80% YoY to Rs 103 crore

Bandhan Bank reported an 80% YoY decline in net profit to Rs 103 crore for the quarter ended March (Q4). Net interest income (NII) rose 4.6% YoY to Rs 1,757 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell to 6.8%, compared with 7.1% in the previous quarter (Q3 FY21). The bank’s provisions increased sharply to Rs 1,594 crore in Q4 FY21, compared with Rs 827.36 crore in Q4 FY20. Bandhan Bank’s board has announced a dividend of Rs 1 per share.

Read more here.

Cadila Healthcare eyes approval for Covid-19 vaccine by June in India: Report

According to a report from Financial Express, Cadila Healthcare is all set to submit data related to its vaccine candidate ZyCov-D by the end of May. The pharma company is looking forward to receiving approval for its vaccine from India’s drug regulator in June. Cadila’s Managing Director Dr. Sharvil Patel said Phase-III clinical trials of ZyCov-D will be truly representative of its efficacy against many known variants of the virus. It is by far the largest trial being conducted in India, and the company has recruited more than 28,000 volunteers.

Read more here.

CSB Bank Q4 Results: Net profit at Rs 42.89 crore

CSB Bank reported a net profit of Rs 42.89 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 59.70 crore in the corresponding period last year (Q4 FY20). Net interest income (NII) rose 28% YoY to Rs 497 crore in Q4 FY21. The gross non-performing assets (NPAs) ratio stood at 2.68%, compared with 3.54% in Q4 FY20. Provisions for bad loans and contingencies declined to Rs 70.95 crore in Q4 FY21, compared with Rs 84.32 crore in the year-ago period. CSB Bank reported its highest-ever net profit of Rs 218.40 crore for the financial year ended March 31, 2021 (FY21).

CSB Bank said it will double down on branch expansion as it seeks to reduce dependence on its home state of Kerala. The lender will seek growth in newer markets, especially in retail banking.

Read more here.

Coal India fuel allocation through spot e-auction rises 43% in FY21

Coal India Ltd (CIL) allocated 42.51 million tonnes (MT) of coal in FY 2020-21 under the government’s spot e-auction scheme. This is a 42.5% increase as compared to the previous financial year. Fuel allocation by CIL under the scheme increased to 5.30 MT in March, compared with 2.53 MT in the corresponding month in FY20. State-owned CIL, which accounts for over 80% of domestic coal output, has set a target of 1 billion tonnes of production by 2023-24.

Read more here.

DCB Bank Q4 Results: Net profit rises 13% YoY to Rs 78 crore

DCB Bank reported a 13.3% YoY increase in net profit to Rs 77.91 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 19%. Total income fell 5.15% YoY to Rs 971.16 crore during the same period. The bank’s gross non-performing assets ratio (NPAs) increased to 4.09%, compared with 2.46% in the corresponding period last year (Q4 FY20).

Read more here.

Economic impact of second wave of Covid-19 to be muted: Finance Ministry

According to the Finance Ministry’s monthly economic report, the second Covid-19 wave in India poses a downside risk to economic activities in the first quarter of 2021-22. However, the economic impact is expected to be muted compared to the first wave. “Learning to ‘operate with Covid-19′, as borne by international experience, provides a silver lining of economic resilience amidst the second wave”, the report said.

Read more here.

Avenue Supermarts Q4 Results: Net profit rises 53% YoY to Rs 414 crore

Avenue Supermarts Ltd reported a 52.56% YoY increase in consolidated net profit to Rs 413.87 crore for the quarter ended March (Q4). Its revenue from operations rose 18.47% YoY to Rs 7,411.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit fell 15.5% YoY to Rs 1,099 crore. Avenue Supermarts opened 22 new stores last year. The company said that the second wave of Covid-19 infections has once again resulted in significant disruption to its business. Close to 80% of its stores have been impacted by Covid-related restrictions.

Read more here.

Reliance Power Q4 Results: Net profit at Rs 72.56 crore

Reliance Power reported a consolidated net profit of Rs 72.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 4,206.38 crore in the corresponding period last year (Q4 FY20). The company’s total income fell to Rs 1,691.19 crore in Q4 FY21, compared with Rs 1,902.03 crore in Q4 FY20. At the same time, total expenses including fuel and finance costs came down to Rs 1,648 crore from Rs 2,334 crore in Q4 FY20.

Read more here.

Vardhman Acrylics Q4 Results: Net profit rises 107% YoY to Rs 22.9 crore

Vardhman Acrylics Limited reported a 107.32% YoY increase in net profit to Rs 22.93 crore for the quarter ended March (Q4). On a quarterly basis, net profit rose 54.6%. Revenue from operations rose 18.3% YoY to Rs 108 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 7.24% YoY to Rs 42.92 crore. Vardhman Acrylics is a leading manufacturer of acrylic fibre and tow.

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India to Start Covid-19 Vaccination Drive from Jan 16 – Top Indian Market News

India to start Covid-19 vaccination drive from January 16

The Central Government announced that the nationwide Covid-19 vaccination drive will be launched on January 16. Priority will be given to nearly three crore healthcare and frontline workers. The decision was taken after Prime Minister Narendra Modi reviewed the status of India’s Covid-19 situation and vaccine preparedness. After healthcare and frontline workers, priority will be given to those above 50 years of age and the under-50 population groups with pre-existing health conditions. Around 30 crore people will be vaccinated in the first phase.

Read more here.

Avenue Supermarts Q3 Results: Net Profit rises 16% YoY to Rs 447 crore

Avenue Supermarts Ltd (DMart) reported a 16% year-on-year (YoY) increase in consolidated net profit to Rs 447 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 384.04 crore in the corresponding period of FY20. Revenue from operations rose 10.8% YoY to Rs 7,542 crore in Q3 FY21. The company stated that its overall sales and sales mix is trending closer to its usual times, except for specific customer consumption changes post Covid-19.

Read more here.

Reliance Infra completes sale of 74% stake in PKTCL to IndiGrid for Rs 900 crore

Reliance Infrastructure Ltd has completed the sale of its entire 74% equity stake in Parbati Koldam Transmission Company Ltd (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of Rs 900 crore. PKTCL was a joint venture (JV) between Anil Ambani-led Reliance Infra and Power Grid Corporation of India Ltd (PGCIL). The divestment is a part of Reliance Infrastructure’s plan to divest assets to reduce debt.

Read more here.

India’s fuel demand at 11-month high in December

India’s fuel demand rose for the fourth straight month in December, as the resumption of economic activity took consumption to an 11-month high. According to provisional data released by the Oil Ministry’s Petroleum Planning and Analysis Cell, the total demand for petroleum products in December 2020 stood at 18.59 million tonnes. India had consumed 17.86 million tonnes in November.

Read more here.

CBI books Coastal Projects Ltd in connection with Rs 4,736 crore bank fraud

The Central Bureau of Investigation (CBI) has filed a case against Hyderabad-based Coastal Projects Ltd for allegedly causing a loss of over Rs 4736 crores to a consortium of banks led by the State Bank of India. CBI conducted searches at the premises of Coastal Projects, its Chairman and Managing Director Sabbineni Surendra, and other directors. Several incriminating documents have been recovered as part of an ongoing probe, which also accuses many public servants. The loan account of the company was declared fraud in February 2020.

Read more here.

Shipping Corporation to partner with IWAI to commence coastal shipping service

Shipping Corporation of India (SCI) will collaborate with the Inland Waterways Authority of India (IWAI) to commence coastal shipping services. The service will be undertaken by its Kolkata-based wholly-owned subsidiary- Inland & Coastal Shipping. The proposed development assumes significance after another state-run entity, Container Corporation of India, had discontinued its coastal shipping operation.

Read more here.

Mamata Banerjee allows 100% occupancy in cinema halls in West Bengal

West Bengal Chief Minister Mamata Banerjee has allowed 100% occupancy in cinema halls in the state but asserted following precautionary measures in the view of Covid-19. The decision comes a few days after the single screen owners sent a letter to the chief minister. They cited lesser revenues since the reopening of cinema halls in October and no known instance of the spread of Covid-19 through theatres as the basis of their demand.

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RBI approves re-appointment of Vishakha Mulye as ICICI Bank Executive Director

The Reserve Bank of India (RBI) has approved the re-appointment of Vishakha Mulye as an Executive Director of ICICI Bank for a three-year period. The bank stated that the re-appointment is effective from January 19. ICICI Bank further stated that Shareholders at the Annual General Meeting on August 24, 2020, had already approved the re-appointment of Mr. Mulye for a period of five years effective from Jan 19, 2021. 

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Tech Mahindra’s market cap crosses Rs 1 lakh crore mark

Tech Mahindra Ltd’s market capitalisation went past the Rs 1 lakh crore mark, helped by a rally in its stock price on Friday. At the close of trade, the company’s market valuation was at Rs 1.02 lakh crore on the NSE. The IT company’s shares saw a rise of 5.35% to close at Rs 1,048 on the NSE on Friday. Tech Mahindra has become the fifth IT firm to enter the Rs 1 lakh crore market capitalisation club, after TCS, Infosys, HCL Technologies, and Wipro.

Read more here.