Tag: Bajaj Auto

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Bajaj Auto Posts 17% YoY Fall in Net Profit in Q3 – Top Indian Market News

Bajaj Auto Q3 Results: Net profit falls 17% YoY to Rs 1,430 crore

Bajaj Auto Ltd reported a 17% YoY decline in consolidated net profit to Rs 1,429.68 crore for the quarter ended December (Q3 FY22). Net profit fell 30% when compared to the previous quarter. Its revenue from operations rose 1% YoY (or 5% QoQ) to Rs 9,021.65 crore during the same period. EBITDA stood at Rs 1,154 crore, down 25% YoY. The automaker’s total volumes fell 10% YoY to 11.81 lakh units in Q3

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Axis Bank’s subsidiary sends legal notice to ZEEL; seeks Rs 146 crore in dues

Axis Finance Ltd (AFL), a subsidiary of Axis Bank, has sent a legal notice to Zee Entertainment Enterprises Ltd (ZEEL) and its promoters, seeking to recover over Rs 146 crore in dues before finalising the proposed merger of the company with Sony Pictures Network India (SPNI). ZEEL has denied all claims. It stated that neither the company nor its MD and CEO Punit Goenka are party to any of the loan documents. ZEEL has also pointed out that Goenka or the company did not provide any assurance to AFL for repayment.

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Lupin signs pact with Shenzhen Foncoo to sell products in China

Lupin Limited has signed a pact with Shenzhen Foncoo Pharmaceutical Co. to sell products in China. This is the company’s first partnership arrangement in China and reinforces the drug makers’ commitment to bringing high-quality generic and complex generic medicines to patients around the world. Lupin will continue to explore additional partnership opportunities in China to leverage its global portfolio including complex generics and specialty medicines

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Rallis India Q3 Results: Net profit falls 13% YoY to Rs 40 crore

Rallis India Ltd reported a 13.3% YoY decline in consolidated net profit to Rs 39.56 crore for the quarter ended December (Q3 FY22). Net profit fell 30% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 628.08 crore during the same period. The chemical manufacturer’s EBITDA rose 13% YoY to Rs 67 crore in Q3. 

Ashoka Buildcon secures project worth Rs 112 crore for construction of mall-cum multiplex

Ashoka Buildcon Ltd has received the Letter of Intent (LoI) for the construction of a mull-cum multiplex in Patna. The company was awarded the project at a cost of Rs 111.51 crore excluding GST. Nashik-based Ashoka Buildcon is an infrastructure development company. It is primarily engaged in the construction & maintenance of roads and supporting services 

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L&T Infotech Q3 Results: Net profit rises 43% YoY to Rs 151 crore

L&T Infotech Ltd reported an 18% YoY increase in consolidated net profit to Rs 612 crore for the quarter ended December (Q3 FY22). Net profit rose 11% when compared to the previous quarter. Its revenue from operations rose 31% YoY (or 9.2% QoQ) to Rs 4,137 crore during the same period. EBITDA grew 14% YoY to Rs 742 crore in Q3. In dollar terms, the company’s revenue stood at $553 million, registering a growth of 29% YoY and 8.7% QoQ.

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Mahindra partners with Hero Electric to manufacture electric two-wheelers

Mahindra Group has announced a strategic partnership with Hero Electric to cater to the growing demand for electric vehicles (EVs) in India. As part of the partnership, Mahindra Group will manufacture Hero Electric’s most popular electric bikes (Optima & NYX) at their Pitampur plant. With this collaboration, Hero Electric will be able to meet its demand of manufacturing over one million EVs per year.

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JSW Energy Q3 Results: Net profit jumps over two-fold to Rs 324 crore

JSW Energy Ltd reported an over two-fold YoY jump in consolidated net profit to Rs 324 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 18% YoY to Rs 1,893 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) was higher by 35% YoY at Rs 882 crore in Q3.

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HAL signs contract with Mauritius for export of Advanced Light Helicopter

Hindustan Aeronautics Ltd (HAL) has signed a contract with the Government of Mauritius (GoM) for the export of an Advanced Light Helicopter (ALH)-MkIII for the Mauritius Police Force. Mauritius already operates an ALH and Dornier Do-228 aircraft built by HAL. The ALH Mk III is a multi-role, multi-mission helicopter in the 5.5-tonne category. It is used extensively by the Indian armed forces.

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CEAT Q3 Results: Net loss at Rs 20 crore

CEAT Limited reported a consolidated net loss of Rs 20.01 crore for the quarter ended December (Q3 FY22). It had posted a net profit of Rs 132.14 crore in Q3 FY21 and Rs 41.98 crore in the previous quarter (Q2 FY22). Its revenue from operations rose 9% YoY to Rs 2,413 crore in Q3 FY22. The tyre manufacturer’s EBITDA fell 59% YoY to Rs 134 crore during the same period.

SEBI launches Saa₹thi mobile app for investor education

The Securities and Exchange Board of India (SEBI) has launched “Saa₹thi”– a mobile app on investor education. The new app aims to create awareness among investors about the basic concepts of the securities market. It will also explain about KYC process, trading & settlement, mutual funds (MF), recent market developments, investor grievances redressal mechanism, etc.

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UltraTech Cement Posts 8% YoY Rise in Net Profit in Q3 – Top Indian Market News

Ultratech

UltraTech Cement Q3 Results: Net profit rises 8% YoY to Rs 1,708 crore

UltraTech Cement Ltd reported a 7.8% YoY increase in consolidated net profit to Rs 1,708 crore for the quarter ended December (Q3 FY22). Net profit increased 31% when compared to the previous quarter. Its revenue from operations rose 5.89% YoY (or 8% QoQ) to Rs 12,985 crore during the same period. The company’s domestic cement sales volumes grew 13.2% YoY in Q3.

The cement manufacturer has approved a capital expenditure of Rs 965 crore for capacity expansion at Birla White from 6.5 lakh tonnes per annum (LTPA) to 12.53 LTPA.

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Tata Power Renewable Energy commissions 100 MW solar projects in Uttar Pradesh

Tata Power Renewable Energy Ltd (TPREL) has commissioned two solar power projects of 50 megawatts (MW) each in Uttar Pradesh. The plants are expected to generate more than 221.26 million units annually. A Power Purchase Agreement (PPA) was signed between TPREL and Uttar Pradesh Power Corporation Ltd (UPPCL) for these two projects. The plants at Prayagraj and Banda will reduce 1.77 lakh tonnes of carbon emission annually.

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L&T dispatches critical reactors to US for renewable diesel project ahead of schedule

Larsen & Toubro’s (L&T) heavy engineering arm has flagged off five critical renewable diesel reactors to Diamond Green Diesel (DGD) two weeks ahead of the contractual delivery date. DGD is North America’s largest renewable diesel producer. L&T is executing three such green diesel projects for US and European clients at its fully integrated, digitally-enabled heavy engineering complex located at Hazira, Gujarat.

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HFCL Q3 Results: Net profit falls 5% YoY to Rs 78 crore

HFCL Ltd reported a 5% YoY decline in consolidated net profit to Rs 81 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 5% YoY to Rs 1,215 crore during the same period. EBITDA stood at Rs 174 crore, up 4% YoY. The company has raised Rs 600 crore via a qualified institutional placement (QIP). The amount will be utilised to build network solution capabilities to tap the upcoming opportunities in the telecom and defence sectors.

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Tech Mahindra acquires European firm CTC for Rs 2,628 crore

Tech Mahindra has announced the acquisition of a 100% stake in Europe-based Com tec Co IT (CTC) for €310 million (~Rs 2,628 crore). The company is also investing €20 million for acquiring 25% ownership in two IT platforms (SWFT and Surance) of CTC. Tech Mahindra stated that the acquisitions will strengthen its digital engineering and insurance technology businesses.

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Ajmera Realty to invest Rs 900 crore to develop residential project in Mumbai

Ajmera Realty & Infra India Ltd has announced plans to invest Rs 900 crore to develop a residential project as part of its 100-acre master layout in Wadala, Mumbai. The financing of the project will be supported through a mix of internal accruals, a construction finance loan from HDFC, and sales advances. The project is estimated to drive a sales value of Rs 1,500 crore. It will comprise 540 residential apartments across two wings.

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Bajaj Auto to set up third EV plant in Aurangabad

Bajaj Auto Ltd will set up its third electric vehicle (EV) plant in Aurangabad, Maharashtra. The company had earlier announced the rollout of its new EV two-wheeler plant in Pune, where it will be spending Rs 300 crore to manufacture the new electric scooter Chetak. Reports indicate that the new facility in Aurangabad will manufacture a range of electric three-wheelers.

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Bhansali Engineering Q3 Results: Net profit falls 44% YoY to Rs 75 crore

Bhansali Engineering Polymers Ltd (BEPL) reported a 44.4% YoY decline in consolidated net profit to Rs 75.71 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 17% YoY to Rs 341.52 crore during the same period. Total expenses rose 7% YoY to Rs 246.34 crore in Q3. BEPL has declared an interim dividend of Rs 1 per share. 

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KEC International secures orders worth Rs 1,112 crore

KEC International Ltd has secured new orders worth Rs 1,112 crores across its various businesses. The company’s transmission & distribution (T&D) business secured orders for T&D projects in the Middle East and the Americas. Its civil business segment has received orders for infrastructure works in the water pipeline and urban infra segments in India. KEC International’s cable business has bagged orders from India and overseas.  

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Sonata Software Q3 Results: Net profit rises 81% YoY to Rs 97 crore

Sonata Software Ltd reported an 81.5% YoY increase in consolidated net profit to Rs 97.67 crore for the quarter ended December (Q3 FY22). Net profit rose 7% when compared to the previous quarter. Its revenue from operations rose 33% YoY (or 93% QoQ) to Rs 1,858.02 crore during the same period. EBITDA grew 29% YoY to Rs 146.9 crore in Q3. Sonata Software provides IT consulting, product engineering services, and application development solutions. 

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Angel One Q3 Results: Net profit jumps 125% YoY to Rs 164 crore

Angel One reported a 125% YoY jump in consolidated net profit to Rs 164 crore for the quarter ended December (Q3 FY22). Net profit rose 23% when compared to the previous quarter. Its revenue from operations rose 95% YoY (or 13% QoQ) to Rs 597 crore during the same period. EBITDA stood at Rs 234 crore in Q3, up 121% YoY. Angel One has declared an interim dividend of Rs 7 per share.

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Amara Raja Batteries to Invest in Europe-based InoBat Auto – Top Indian Market News

Amara Raja Batteries to invest in Europe-based InoBat Auto

Amara Raja Batteries Ltd (ARBL) plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for e-mobility. The initiative would entail a total investment of €10 million (~Rs 84.35 crore), which includes a subscription of 0.04% stake and convertible loan in InoBat Auto AS, Norway. The initial investment will give ARBL a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push.

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NTPC receives Rs 135 crore interim dividend from JV firm

NTPC Limited has received around Rs 135 crore as interim dividend from a joint venture company. The power giant said this is the second interim dividend paid by NTPC Tamil Nadu Energy Company Ltd (NTECL) in the current financial year (FY22). The total interim dividend NTECL paid to its promoters for FY22 is Rs 488 crore. NTECL is a 50:50 JV of NTPC and Tamil Nadu Generation & Distribution Corporation Ltd.

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Bajaj Auto to set up Rs 300 crore EV manufacturing facility in Pune

Bajaj Auto Ltd will set up an electric vehicle (EV) manufacturing facility at Akurdi in Pune with an investment of Rs 300 crore. The facility will have the capacity to produce 5 lakh EVs per annum and cater to both domestic and exports markets. The first vehicle from the new unit is expected to be rolled out by June 2022. It will employ around 800 personnel.

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Ola installs hypercharges at BPCL pumps

Ride-hailing firm Ola has begun rolling out hyperchargers at Bharat Petroleum Corporation Limited (BPCL) pumps and residential complexes across India. The hyperchargers will be made operational in 6-8 weeks. It will be free for use for all customers till the end of June 2022. The development comes days after Ola started rolling out its e-scooters S1 and S1 Pro.

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BASF India to divest its production site in Quincy, Florida to Clariant for $60 million

BASF India-led holding company, BASF SE-Germany, has reached an agreement to divest its manufacturing site in Quincy, Florida, for $60 million (~Rs 447 crore) to Clariant. The transaction is expected to close in 2022, subject to the approval of the relevant Competition Commission or Anti-trust Authorities. BASF will also enter into a long-term supply agreement for its attapulgite business with Clariant.

Govt begins inviting applications from investors under PLI scheme for speciality steel

The Ministry of Steel has started inviting applications from investors looking to invest under the production-linked incentive (PLI) scheme for speciality steel. March 29, 2022, has been fixed as the last date to submit the applications. On July 22, the Union Cabinet had approved a Rs 6,322 crore PLI scheme to boost the production of speciality steel in India. It will attract an additional investment of ~Rs 40,000 crore and generate fresh job opportunities for 5.25 lakh people.

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Specialty chemical company Aether Industries files for IPO

Speciality chemicals manufacturer Aether Industries Ltd has filed its draft red herring prospectus (DRHP) with markets regulator SEBI to raise Rs 1,000 crore through an initial public offering (IPO). The public issue consists of a fresh issue of shares aggregating to Rs 757 crore and an offer for sale of up to 27.51 lakh shares. Aether is one of the fastest-growing specialty chemical companies in India, growing at a CAGR of ~60% between FY18 and FY21.

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Apollo Hospitals signs pact with J&K Govt to set up multi-specialty hospital

Jammu and Kashmir administration has signed a Memorandum of Understanding (MoU) with Apollo Hospitals to set up a multi-specialty hospital in Jammu. Lt. Governor Manoj Sinha announced that more healthcare projects and MoUs are in the pipeline to ensure that the best healthcare is within the reach of every citizen of the Union Territory (UT). In the first phase, Apollo Hospitals will set up a 250-bed hospital in the region.

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REC’s arm hands over Kallam Transmission SPV to IndiGrid firm’s consortium

REC Power Development & Consultancy Ltd (RECPDCL) has handed over special purpose vehicle (SPV) Kallam Transmission Ltd to a consortium of infrastructure investment trust IndiGrid firms. The SPV has been set up for the construction of a transmission system for evacuating power from renewable energy projects in Osmanabad area in Maharashtra. RECPDCL is a wholly-owned subsidiary of REC Ltd.

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Maruti Suzuki’s Net Profit Falls 65% YoY in Q2 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q2 Results: Net profit falls 65% YoY to Rs 475 crore

Maruti Suzuki India reported a 65.35% YoY decline in net profit to Rs 475.3 crore for the quarter ended September (Q2 FY22). Net profit fell 7.8% compared to the previous quarter. The automaker’s net sales fell 9.09% YoY to Rs 19,297.8 crore during the same period. EBITDA stood at Rs 855 crore in Q2, down 56% YoY. Maruti Suzuki’s results were impacted by adverse commodity prices and lower sales volume due to global semiconductor shortages, leading to lower capacity utilization.

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Adani Ports Q2 Results: Net profit falls 31% YoY to Rs 951 crore

Adani Ports & Special Economic Zone (APSEZ) reported a 31.4% YoY decline in consolidated net profit to Rs 951.7 crore for the quarter ended September (Q2 FY22). Net profit fell 27% compared to the previous quarter. Its revenue from operations rose 21.7% YoY to Rs 3,532.4 crore during the same period. The company’s cargo volumes declined 9.7% QoQ to 68.3 million metric tonnes (MMT) in Q2.

In other news, APSEZ has abandoned plans to build a container terminal in Myanmar. The company is expected to fully exit the investment in the conflict-ridden south Asian nation between March and June 2022.

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IndusInd Bank Q2 Results: Net profit rises 73% YoY to Rs 1,147 crore

IndusInd Bank reported a 73% YoY increase in consolidated net profit to Rs 1,146.73 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 11.6% YoY to Rs 3,658 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.77% in Q2, compared to 2.88% in the previous quarter. Provisions fell 7.5% YoY to Rs 1703.36 crore in Q2.

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Dabur to enter diaper market, to take on P&G and Unicharm

Dabur India Ltd will enter the diapers segment in India as part of a strategy to expand its baby care portfolio that has products including shampoo, soaps, oil, and talc. The company will compete with Procter & Gamble (P&G) and Unicharm, which together control over 80% of the overall market. Dabur said its ‘Dabur Baby Super Pants’ with insta–absorb technology will help get 50% more absorption compared to other diapers. The product will be initially launched on Flipkart.

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Titan Q2 Results: Net profit jumps four-fold YoY to Rs 641 crore

Titan Company Ltd reported a 270% YoY jump in consolidated net profit to Rs 641 crore for the quarter ended September (Q2 FY22). Its net sales rose 75% YoY to Rs 7,243 crore during the same period. Titan’s jewellery division registered an income of Rs 6,106 crore, a growth of 77% YoY. The Watches and Wearables business recorded a 72% YoY growth in income to Rs 687 crore in Q2.

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Kotak Mahindra, Axis, and Indusind Bank submit bids to buy Citi’s consumer business in India: Report

According to a report from the Economic Times, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank have made binding offers to buy Citi’s consumer business in India, valued at ~$2 billion. The US-based bank under CEO Jane Fraser is looking to exit consumer banking in 13 countries, including India. Citi is expected to start bilateral negotiations and announce a formal winner in the next 1-2 months. None of the bidders have offered stocks and have submitted all-cash bids.

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L&T Q2 Results: Net profit falls 67% YoY to Rs 1,819 crore

Larsen & Toubro (L&T) Ltd reported a 67% YoY decline in consolidated net profit to Rs 1,819.45 crore for the quarter ended September (Q2 FY22). Net profit increased 54.9% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 18.5% QoQ) to Rs 34,773 crore during the same period. L&T secures orders worth Rs 42,140 crore in Q2, up 50% YoY. 

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Bajaj Auto Q2 Results: Net profit rises 12% YoY to Rs 1,275 crore

Bajaj Auto Ltd reported a 12% YoY increase in net profit to Rs 1,274.6 crore for the quarter ended September (Q2 FY22). Net profit increased 20.1% compared to the previous quarter. Its revenue from operations rose 22% YoY (or 19% QoQ) to Rs 8,762.2 crore during the same period. EBITDA stood at Rs 1,434 crore in Q2, a growth of 10% YoY.

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United Spirits Q2 Results: Net profit jumps two-fold YoY to Rs 286 crore

United Spirits reported over two-fold YoY jump in consolidated net profit to Rs 286.4 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 9.3% YoY to Rs 8,208.8 crore during the same period. Total expenses stood at Rs 7,822.9 crore in Q2, an increase of 6.52% YoY. United Spirits is an Indian alcoholic beverages company operated by UK-based Diageo.

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SBI Life Q2 Results: Net profit falls 18% YoY to Rs 247 crore

SBI Life Insurance Company reported a 17.71 YoY decline in net profit to Rs 246.62 crore for the quarter ended September (Q2 FY22). Net profit increased 11% compared to the previous quarter. Its net premium income (NPI) rose 12.45% YoY to Rs 14,660 crore crore during the same period. The company’s assets under management (AUM) rose 31% YoY to Rs 2,44,180 crore in Q2.

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Cabinet Approves Rs 6,322 crore PLI Scheme for Specialty Steel – Top Indian Market News

Cabinet approves Rs 6,322 crore PLI scheme for specialty steel

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for specialty steel. Incentives worth Rs 6,322 crore will be provided to eligible manufacturers over five years. The scheme is expected to bring in investments of approximately Rs 40,000 crore and capacity addition of 25 million tonnes (MT). It will cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, electrical steel, etc. The PLI scheme for the steel sector will enhance exports and minimize dependence on imports of high-end steel in India.

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Hindustan Unilever Q1 Results: Net profit rises 9.6% to Rs 2,061 crore

Hindustan Unilever Ltd (HUL) reported a 9.6% YoY jump in standalone net profit to Rs 2,061 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 13% YoY to Rs 11,915 crore during the same period. EBITDA grew 7.7% YoY to Rs 2,847 crore in Q1. HUL registered a 12% YoY rise in domestic consumer growth during the quarter. The company’s revenue growth in Q1 was mainly led by double-digit growth of its foods & refreshments and personal care segments.

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UltraTech Cement Q1 Results: Net profit jumps two-fold to Rs 1,703 crore

UltraTech Cement Ltd reported a 114.4% YoY jump in consolidated net profit to Rs 1,703 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4.09% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 11,829 crore during the same period. The company’s sales volume stood at 21.53 million metric tonnes (MMT), a growth of 47% YoY. 

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Adani Ports to raise $500 million through dollar bonds

Adani Ports & Special Economic Zone (APSEZ) aims to raise at least $500 million (~Rs 3,720 crore) on offshore debt through dollar bonds. The proceeds will be used to repay existing debt, meet capital expenditure requirements, and for general corporate purposes of the company’s subsidiaries in India and Sri Lanka. Axis Bank, Barclays, Bank of America, and Citi are advising the company on the fundraisal.

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Bajaj Auto Q1 Results: Net profit more than doubles to Rs 1,061 crore 

Bajaj Auto Ltd reported a 101.2% YoY jump in standalone net profit to Rs 1,061.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.3% when compared to the previous quarter. Its revenue from operations rose 139.88% YoY to Rs 7,386 crore during the same period. Bajaj Auto sold nearly 3.42 lakh units of motorcycles and commanded a market share of 19.7% in Q1. The company announced the formation of a wholly-owned subsidiary to venture into the electric mobility segment.

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Tata Power to transfer 100% stake held in Trust Energy Resources to Tata Power International

Tata Power Company Ltd has signed a share purchase agreement (SPA) with Tata Power International Pte. Ltd (TPIPL) for the sale of 100% equity shares held in Trust Energy Resources (TERPL) for $285.64 million (~Rs 2,125 crore). Both TPIPL and TERPL are wholly-owned subsidiaries of Tata Power. The transaction is likely to be completed in the next two to three weeks.

IEX Q1 Results: Net profit rises 49% YoY to Rs 62.8 crore

Indian Energy Exchange (IEX) reported a 49.23% YoY increase in consolidated net profit to Rs 62.81 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.1% when compared to the previous quarter. Its total income rose 26.86% YoY (or 2.5% QoQ) to Rs 102.87 crore during the same period. IEX’s board has declared a final dividend of Rs 1.5 per share for the financial year 2020-21 (FY21). You can learn more about IEX’s operations here.

TCS partners with Dutch Open Golf Tournament

Tata Consultancy Services (TCS) has announced a new partnership with the Dutch Open Golf Tournament, one of Europe’s most innovative and sustainable golf events. The IT company will leverage its expertise in digital technologies to help the Dutch Open enrich the participant and spectator experience. The Dutch Open 2021 will take place from September 16 to 19 at the Bernardus Golf court in Cromvoirt.

In other news, Kerala’s Industries Minister P. Rajeev confirmed that Kerala Industrial Infrastructure Development Corp (KINFRA) will sign a Memorandum of Understanding (MoU) with TCS for Rs 1,350 crore in two phases.

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IndiaMART InterMESH Q1 Results: Net profit rises 18% YoY to Rs 88 crore

IndiaMART InterMESH Ltd reported an 18.62% YoY increase in consolidated net profit to Rs 87.9 crore for the quarter ended June (Q1 FY22). Net profit increased by 57.81% when compared to the previous quarter. Its total income rose 12.9% YoY (or 11% QoQ) to Rs 211 crore during the same period. The e-commerce company’s board has announced a final dividend of Rs 15 per share for the financial year ended March 31, 2021 (FY21). 

Wipro partners with ServiceNow to offer FieldX for enhanced after-sales services

Wipro has launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution build on ServiceNow’s Now Platform. Manufacturing firms can use the solution to enhance their after-sales customer service operations and reduce costs. FieldX integrates the customer service and field-service management capabilities of the Now Platform with Wipro’s Internet of Things (IoT) and Augmented Reality (AR) platforms.

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CSB Bank Q1 Results: Net profit rises 14% YoY to Rs 61 crore

CSB Bank reported a 13.89% YoY increase in consolidated net profit to Rs 61 crore for the quarter ended June (Q1 FY22). Net profit has increased by 42.2% when compared to the previous quarter. Its total income rose 15% YoY to Rs 571.53 crore during the same period. Its gross non-performing assets (GNPA) ratio rose to 4.88% in Q1 FY22, compared to 3.51% in Q1 FY21.

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HUL Reports 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

Hindustan Unilever Q4 Results: Net profit rises 41% YoY to Rs 2,143 crore

Hindustan Unilever Ltd (HUL) reported a 41% year-on-year (YoY) increase in net profit to Rs 2,143 crore for the quarter ended March (Q4). Its revenue rose 35% YoY to Rs 11,947 crore during the same period. The FMCG firm saw strong demand for its food and refreshments portfolio (up 36% YoY) and recovery in categories such as fabric wash. HUL’s volume growth stood at 16% in Q4. The company’s board has proposed a final dividend of Rs 17 per share.

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Tata gets CCI approval to acquire 64.3% stake in BigBasket

The Competition Commission of India (CCI) has approved Tata Digital’s proposal of acquiring up to 64.3% stake in Supermarket Grocery Supplies Pvt Ltd (SGS), the business-to-business (B2B) arm of BigBasket. The transaction will include a mix of primary and secondary share purchases. Through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts, which operates BigBasket’s online retail business. This would give Tata control over both wholesale and retail business units. [Tata Digital is a wholly-owned subsidiary of Tata Sons]

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Bajaj Auto Q4 Results: Net profit rises 2% YoY to Rs 1,332 crore

Bajaj Auto Limited reported a 2% YoY increase in standalone net profit to Rs 1,332 crore for the quarter ended March (Q4). Its revenue rose 26% YoY to Rs 8,596 crore during the same period. The company’s total vehicle sales increased 18% YoY to 11.69 lakh units in Q4. Bajaj Auto’s overall share for motorcycles sold in domestic and international markets (amongst Indian manufacturers) stood at 27.6% in FY21. The auto major’s board has announced a final dividend of Rs 140 per share.

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Inox Leisure Q4 Results: Net loss at Rs 94 crore

Inox Leisure Limited reported a consolidated net loss of Rs 93.69 crore for the quarter ended March (Q4). The multiplex chain operator had posted a net loss of Rs 82.15 crore in the corresponding period last year (Q4 FY20). Revenue from operations declined 75.66% YoY to Rs 90.44 crore in Q4 FY21. The resurgence of Covid-19 cases has emerged as a major cause of concern for the company. Inox Leisure currently operates 648 screens across 153 multiplexes in 69 cities.

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IndiaMART Q4 Results: Net profit rises 26% YoY to Rs 55.7 crore

IndiaMART InterMESH Ltd reported a 26% YoY increase in consolidated net profit to Rs 55.7 crore for the quarter ended March (Q4). Its revenue rose 5.64% YoY to Rs 179.70 crore during the same period. The B2B firm’s consolidated net profit has increased by 89.82% YoY to Rs 279.80 crore for the financial year ended March 31, 2021 (FY21). The company’s board has proposed a final dividend of Rs 15 per share.

In other news, IndiaMART InterMESH (through its subsidiary Tradezeal Online) will acquire a 26% stake in Gurugram-based Shipway Technology for Rs 18.2 crore. The company will also acquire a 3.02% stake in Kolkata-based Truckhall for Rs 1.33 crore.

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Route Mobile to acquire AI firm Phonon Communications for Rs 29 crore

Route Mobile Limited has signed definitive agreements to acquire Artificial Intelligence (AI) platform provider Phonon Communications Pvt Ltd for Rs 29 crore. This acquisition will help Route Mobile to offer automation and contact center solutions at scale to enterprises globally. Phonon offers a complete suite of conversational AI-driven contact center solutions with integration on cloud platforms such as AWS, Azure, and Google Cloud.

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Laurus Labs Q4 Results: Net profit rises 170% YoY to Rs 297 crore

Laurus Labs Limited reported a 170% YoY jump in consolidated net profit to Rs 297 crore for the quarter ended March (Q4). Its revenue from operations rose 68% YoY to Rs 1,412 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 286% YoY to Rs 984 crore. Laurus Labs’ formulations and API businesses have delivered robust growth throughout the year. The pharma company’s board has announced an interim dividend of Rs 0.80 per share.

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Wipro partners with Citrix, Hewlett Packard to accelerate remote working solutions

Wipro Limited has strengthened its alliance with Citrix and Hewlett Packard Enterprise (HPE) to launch a robust solution that will accelerate remote working and bring modernisation into workspaces. The solution offers a seamless framework to enable a unified experience for enterprises. It will be delivered through a pay-per-use model that is subscription-based, agile, elastic, and offer a consistent cloud experience.

Read more here. 

Ambuja Cements Q1 Results: Net profit rises 66% YoY to Rs 665 crore

Ambuja Cements reported a 66.6% YoY increase in standalone net profit to Rs 665 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Net sales rose 30% YoY to Rs 3,579 crore during the same period. The cement maker’s sales volume grew 24.48% YoY to 7.17 million tonnes in Q1. To compensate for the impact of rising fuel and raw material costs, Ambuja Cements had launched operational efficiency programs, along with logistics efficiencies such as direct dispatches.

Read more here.

Exide Industries Q4 Results: Net profit rises 30% YoY to Rs 321 crore

Exide Industries Limited reported a 29.54% YoY increase in consolidated net profit to Rs 321.87 crore for the quarter ended March (Q4). Its revenue rose 31.32% YoY to Rs 4,562.86 crore during the same period. The company has posted strong growth in both automotive and industrial segments. For the financial year ended March 31, 2021 (FY21), the battery manufacturer’s net profit has increased by 4.27% YoY to Rs 809.90 crore.

Read more here.

Titan Q4 Results: Net profit rises 48% YoY to Rs 529 crore

Titan Company Ltd reported a 48% YoY increase in net profit to Rs 529 crore for the quarter ended March (Q4). Revenue from operations rose 61% YoY to Rs 4,429 crore during the same period. The jewellery segment posted a revenue of Rs 6,397 crores (excluding gold bullion sales), compared to Rs 3,754 crores in Q4 FY20. Its eyewear business registered an 18% YoY growth in revenues to Rs 127 crores. Titan’s board has announced a dividend of Rs 4 per share.

Read more here.

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Adani Enterprises Signs Coal Mining Agreement With MAHAGENCO – Top Indian Market News

Adani Enterprises signs coal mining agreement with MAHAGENCO

Adani Enterprises Ltd, along with its wholly-owned subsidiary Gare Palma II Collieries Pvt Ltd, has signed a pact with Maharashtra State Power Generation Co Ltd (MAHAGENCO) for the development and operation of Gare Palma Sector II coal mine for 34 years. The coal block was allotted for the development, operation, and captive consumption of coal to its end-use thermal power plants located at Koradi, Chandrapur 8-Parli. As per the approved mining plan, the peak rated capacity of the mine is 23.6 million tonnes per annum (MTPA).

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Reliance extends deadline to complete deal with Future Group

Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries, has extended the deadline for completion of its Rs 24,713 crore deal with Kishore Biyani’s Future Group by another six months (till Sept 30). The extension came in view of the ongoing legal battle between Future Group and e-commerce giant Amazon over the deal. On March 22, the Delhi High Court stayed an order restraining Future Retail from going ahead with the deal.

Read more here.

Indian exports jump 58% to hit an all-time high of $34 billion in March

India’s merchandise exports jumped by 58% year-on-year (YoY) to $34 billion in March 2021. This is the highest monthly value of shipments out of the country. It was lead by an increase in engineering, garments, iron ore, and pharma exports. Imports rose 43% YoY to $48 billion during the same period. The trade deficit widened to over $14 billion in March 2021.

Read more here.

Bajaj Auto reports 25.3% month-on-month increase in sales in March

Bajaj Auto Limited reported a 23.5% month-on-month (MoM) increase in wholesale dispatches of its motorcycles in March. The company sold 3.69 lakh units during the month, as compared to 1.98 lakh units in February. Overall commercial vehicle sales stood at 39,315 units in March 2021.

Read more here.

Britannia Industries declares interim dividend of Rs 62 

The Board of Directors of Britannia Industries Ltd has declared an interim dividend of Rs 62 per share for the financial year 2020-21. The record date for determining the eligibility of shareholders for payment of interim dividend has been fixed as April 10, 2021. The dividend will be paid on or before April 30, 2021.

Adani Road Transport receives two road projects from NHAI

Adani Road Transport Limited (ARTL) has secured a road project from the National Highways Authority of India (NHAI). The order consists of six-laning of the Panagarh-Palsit section of NH-19 in West Bengal on a Build, Operate, and Transfer (BOT) basis. ARTL is a wholly-owned subsidiary of Adani Enterprises Limited.

In other news, ARTL has received a road project worth Rs 1,170 crore from the NHAI. The order consists of six-laning of the Badakumari-Karki section of NH-130-CD in Odisha on a Hybrid Annuity Mode (HAM).

IndiGo launches door-to-door baggage transfer service in Delhi, Hyderabad

InterGlobe Aviation Ltd (IndiGo) announced the launch of a door-to-door baggage transfer service in Delhi and Hyderabad. With IndiGo’s new ‘6EBagport’, customer baggage gets effectively and securely picked and transported with tracking from the first destination to the last one. The airline said it will subsequently launch ‘6EBagport’, in partnership with CarterPorter, in Mumbai and Bengaluru.

Read more here.

ANG Lifesciences India acquires Mans Print & Publishers

ANG Lifesciences India Limited said it has acquired a printing and packaging firm, Mansa Print & Publishers Ltd (MPPL), as part of its strategic backward integration. MPPL had recently undergone the corporate insolvency resolution plan. It is engaged in the printing and packaging business, including the manufacturing of packaging products such as cartons, corrugated boxes, and aluminium foil.

Read more here.

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SC Rules in Favour of Tata Group, Sets Aside NCLAT Order – Top Indian Market News

Supreme Court upholds Tata Sons’ decision to sack Cyrus Mistry as chairman

The Supreme Court (SC) on Friday upheld the Tata Group’s decision to sack Cyrus Mistry as chairman of the group.  A three-judge bench of SC, led by CJI Justice S A Bobde, set aside the National Company Law Appellate Tribunal (NCLAT) order that had reinstated Mistry on Tata Sons’ board and had termed current Chairman N Chandrasekaran’s appointment as ”illegal”. The SC also refused to entertain Shapoorji Pallonji Group’s plea for fair compensation of their equity shares in Tata Sons. 

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JSW Steel pays Rs 19,350 to complete acquisition of Bhushan Power & Steel

JSW Steel, on Friday, paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd (BPSL) towards implementation of the resolution plan for acquiring the insolvent company. With this move, Sajjan Jindal-led JSW Steel has closed the acquisition of BPSL. This marks JSW Steel’s entry into mineral-rich eastern India, which has so far been dominated by Steel Authority of India Ltd (SAIL) and Tata Steel.

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Bajaj Auto, Pierer Mobility to strengthen e-mobility cooperation

Bajaj Auto Limited said it is strengthening its strategic cooperation with Pierer Mobility AG for developing electric products in the two-wheeler sector. Both companies have decided to jointly explore zero tailpipe emissions, low maintenance, and long-lasting benefits of light electric vehicles (EVs) in urban settings and dense metropolitan areas. The first of these electric two-wheelers are set to hit the market in 2022.

Read more here. 

Barbeque Nation IPO subscribed 5.98 times on final day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 5.98 times on the final day of bidding. The IPO has received bids for 2.99 crore equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 13.13 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 3.1 times and that of qualified institutional buyers (QIBs) 5.11 times.

Godrej Properties sells over 275 flats worth Rs 475 crore at housing project in Noida

Godrej Properties Ltd said it has sold around 275 residences worth Rs 475 crore within one day at the launch of its housing project, Godrej Woods, in Noida. Located in Sector 43, Godrej Woods offers homes set amidst a lush green development with over 600 trees. The realty firm claims to have added 17 projects across five cities in the National Capital Region (NCR). Out of this, six projects have already been delivered.

Read more here.

M&M board approves consolidation of Mahindra Electric Mobility

The Board of Directors of Mahindra & Mahindra Ltd has granted in-principle approval for the consolidation of Mahindra Electric Mobility Ltd (MEML) into the company. The consolidation will categorize electric vehicle (EV) operations into two focused verticals— Last-Mile Mobility and Electric Vehicle Tech Centre. M&M said simplifying the structure will drive improvements through innovation, execution excellence, efficiencies, and economies of scale.

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Tata Motors signs MoU with SBI for financing light commercial vehicles

Tata Motors has signed a three-year Memorandum of Understanding (MoU) with State Bank of India (SBI) to offer financial assistance for the purchase of the company’s range of small and light commercial vehicles. The collaboration with SBI will allow Tata Motors’ commercial vehicle (CV) customers to avail of loans in a hassle-free manner as well as access SBI’s unique technology-laden offerings.

Read more here.

Power Grid acquires Bikaner-II Bhiwadi Transco from PFC

Power Grid Corporation of India said it has acquired Bikaner-II Bhiwadi Transco Ltd (BBTL), from Power Finance Corporation (PFC). BBTL is the special purpose vehicle (SPV) to establish a transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan. The transmission company was acquired for an aggregate value of about Rs 20.50 crore, including 10,000 equity shares at Rs 10 per share, along with its assets and liabilities.

Read more here.

Confidence Petroleum signs agreement with GAIL Gas to set up CNG stations in Bengaluru

Confidence Petroleum India Ltd has signed an agreement with GAIL Gas for setting up 100 compressed natural gas (CNG) stations in Bengaluru. The CNG stations will be set up on a Build-Operate (BO) basis over the next three years. This will significantly improve the accessibility of CNG auto fuel for cars, autorickshaws, buses, and heavy vehicles of Bengaluru.

Read more here.

Prestige Estates acquires 50% stake in JV partnership with DB Realty

Prestige Estate Projects, through its subsidiary- Prestige Falcon Realty Ventures, has invested through capital account contribution in Turf Estate Joint Venture LLP as a new partner with an equal share of profit/losses with DB Realty. The joint venture (JV) firm aims to develop a 2.6 million sq. ft. commercial project in Worli, Mumbai. The project would consist of two office towers.

Read more here.

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Nitin Gadkari Announces Vehicle Scrappage Policy in Lok Sabha – Top Indian Market News

Nitin Gadkari announces vehicle scrappage policy in Lok Sabha 

Union Transport Minister Nitin Gadkari, on Thursday, announced the vehicle scrappage policy in the Lok Sabha. The policy will focus on removing vehicles older than 15-20 years from Indian roads. Owners of old vehicles will get strong incentives to scrap old and unfit vehicles. With this policy, raw materials like plastic, aluminium, steel, copper, would be recycled and will become a lesser cost component for the automotive industry. The minister said that states can make registration fees and road tax lower, which would encourage people to buy new vehicles. This ultimately leads to more sales for the automotive industry.

Read more here.

TGP Rise Fund to invest $200 million in Airtel Africa mobile money business

Bharti Airtel’s subsidiary, Airtel Africa, announced that investment firm TPG’s Rise Fund will invest $200 million (~Rs 1,452 crore) in the company’s mobile money business. The transaction values Airtel Africa’s mobile money business at $2.65 billion (~Rs 19,245 crore). Airtel Mobile Commerce (AMC) BV is currently the holding company for several of Airtel Africa’s mobile money operations. The Rise Fund will hold a minority stake in AMC BV upon completion of the transaction.

Read more here.

Adani Green raises $1.35 billion from 12 international banks

Adani Green Energy Ltd (AGEL) has raised $1.35 billion (~Rs 9,800 crore) debt through definitive agreements signed with a group of 12 international lenders. The funds will initially be used to finance the 1.69 gigawatt (GW) hybrid portfolio of solar and wind renewable projects to be set up in four special purpose vehicles (SPVs) in Rajasthan. This is part of AGEL’s vision of scaling up its renewable energy capacity to 25 GW by 2025.   

Read more here.

Welspun Corp secures orders worth Rs 777 crore in domestic, overseas markets

Welspun Corp Limited said it has received multiple orders worth Rs 777 crore from the overseas and domestic markets. This includes an order of approximately 50 kilometric tonnes (KMT) received from a large client in the Middle East. With these orders, the company’s order book stands at 686 KMT- valued at Rs 5,300 crore. Mumbai-based Welspun Corp is a leading manufacturer of large diameter pipes.

Read more here.

Dilip Buildcon receives financial closure for NHAI road project in Telangana

Dilip Buildcon announced that its wholly-owned subsidiary, Repallewada Highways, has received the financial closure letter from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning of NH-613 from Repallewada to Telangana on hybrid annuity mode (HAM). The project cost is Rs 1140.5 crore.

Bajaj Auto amends dividend distribution policy

Bajaj Auto Limited has amended its dividend distribution policy to reward shareholders and boost return ratios. The policy will consider the surplus the company has while calculating the dividend payout as a percentage of profits after tax (PAT). The dividend payout will be up to 90% if the surplus funds are over Rs 15,000 crore.

Read more here.

Varroc Engineering to produce EV chargers for Delta-Q Tech

Varroc Engineering Limited said it has entered into a contract manufacturing agreement with Canada-based Delta-Q Technologies Corp. The company will manufacture Delta-Q’s chargers in India to support the expansion of the electric two and three-wheeler market. Varroc Engineering is a leading automotive component manufacturer based in Aurangabad, Maharashtra.

Read more here.

Ministry of Corporate Affairs investigating irregularities in Edelweiss’ ARC arm: Report

As per reports from multiple sources, the Ministry of Corporate Affairs (MCA) has ordered an inspection of the books of Edelweiss Asset Reconstruction Company (EARC) after a whistleblower wrote to the Prime Minister’s Office and Reserve Bank of India alleging fraud at the firm. The whistleblower has alleged that Edelweiss Group, along with its partner Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), diverted at least Rs 1,800 crore from EARC. Edelweiss Financial Services Ltd said it has not received any intimation of any inspection being conducted by MCA.

Read more here.

Delhi HC restrains Future Retail-Reliance deal on Amazon’s plea

The Delhi High Court, on Thursday, restrained Future Retail from going ahead with the Rs 24,713-crore deal with Reliance Industries. The court has upheld the Emergency Arbitrator’s award that Amazon.com, Inc had won against Future Retail. A single-judge bench of Justice JR Midha held that the retail company has willfully violated Singapore International Arbitration Centre’s (SIAC) order. Future Group entities have been directed to pay a penalty of Rs 20 lakh.

Read more here.

IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 2.61 times on the final day of bidding. The portion reserved for retail investors was subscribed 2.82 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.91 and that of qualified institutional buyers (QIBs) 2.76 times.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 1.01 times on the second day of bidding. The portion reserved for retail investors was subscribed 2 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 20% and that of employees 17%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 10.55 times on the second day of bidding. The portion reserved for retail investors was subscribed 44.47 times and that of employees 5.33 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7.73 times and that of QIBs 72%. To know more about the IPO, click here.

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SEBI Slaps Rs 1 crore Fine On HDFC Bank – Top Indian Market News

SEBI imposes Rs 1 crore penalty on HDFC Bank in BRH Wealth Kreators case

SEBI imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by stockbroker BRH Wealth Kreators, in violation of the regulator’s interim directions. The bank has also been directed to transfer Rs 158.68 crore along with 7% interest per annum into an escrow account till the issue of settlement of clients’ securities is reconciled. [An escrow account is an account where funds are held in trust whilst two or more parties complete a transaction]. The fine shall be payable within a period of 45 days.

Read more here.

Bajaj Auto Q3 Results: Net profit rises 23% YoY to Rs 1,556 crore

Bajaj Auto Ltd reported a 23.4% YoY increase in net profit to Rs 1,556 crore for the quarter ended December (Q3). The two-wheeler company’s revenue rose 17% YoY to Rs 8,9098 crore during the same period. Sales volumes grew by 9% YoY, which was led by a 26% growth in motorcycle exports and an 8% increase in domestic volumes. Bajaj Auto’s overall share in the domestic motorcycle market was 18.6% in Q3 FY21, as compared to 17.5% in Q2 FY21.

Read more here.

Economic recovery in FY22 to be V (vaccine)-shaped: RBI

The Reserve Bank of India (RBI), in its ‘State of the Economy 2020’ report, has said the shape of India’s economic recovery in 2021-22 will be V-shaped — and the ‘V’ in it stands for “vaccine”. India has launched the biggest vaccination drive in the world, backed by the comparative advantage of having a strong vaccine manufacturing capacity. The report stated that the GDP is at a striking distance of attaining positive territory, and inflation is easing closer to the target.

Read more here.

Asian Paints Q3 Results: Net profit surges 62% YoY to Rs 1,265 crore

Asian Paints Ltd reported a 62% YoY increase in net profit to Rs 1,265.35 crore for the quarter ended December (Q3). Its revenue rose 25% YoY to Rs 6,788.47 crore during the same period. The company’s domestic decorative business delivered more than 30% volume growth, led by premium and luxury portfolios. Asian Paints’ profitability across businesses has been supported by a good sales mix and cost optimisation measures.

Read more here.

Jindal Steel & Power Q3 Results: Profit after tax at Rs 2,432 crore

Jindal Steel and Power Ltd reported a consolidated profit after tax (PAT) of Rs 2,432 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 257 crore in Q3 FY20. Its consolidated revenue increased by 40% YoY to Rs 10,534 crore in Q3 FY21. During the same period, JSPL standalone reported its highest-ever steel production volumes at 1.93 million tonnes (up 20% YoY) and sales of 1.87 million tonnes (up 12% YoY).

Read more here.

Indigo Paints IPO subscribed nearly 7 times on Day 2

The initial public offering (IPO) of Indigo Paints was subscribed nearly 7 times on the second day of the bidding process. The issue has received bids for 3.84 crore shares, which is 6.97 times the issue size of 55.18 lakh shares. The reserved portion for retail investors was subscribed 9.6 times, and that of employees 1.8 times. The portion set aside for qualified institutional buyers has been subscribed 3.8 times, and that of non-institutional investors 5.4 times.

Read more here.

Bandhan Bank Q3 Results: Net profit falls 14% YoY to Rs 632 crore

Bandhan Bank reported a 13.5% YoY decline in net profit to Rs 632.6 crore for the quarter ended December (Q3). The bank’s total income rose 38.3% YoY to Rs 2,625 crore during the same period. Net interest income (NII) grew by 34.5% YoY to Rs 2,071.7 crore in Q3. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors]. Provisions and contingencies increased by 262% YoY to Rs 1,068.73 crore. The bank’s operational performance in Q3 was backed by higher growth, lower costs of funds, and strong retail deposits.

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HDFC to sell 24.48% stake in Good Host for Rs 232.81 crore

HDFC Ltd has signed an agreement to sell its 24.48% stake in Good Host, a company engaged in the business of managing student housing facilities. The aggregate sale consideration for the sale of shares is Rs 232.81 crore. After the sale, Good Host will cease to be an associate of HDFC. [HDFC had acquired a 25.01% stake in Good Host in August 2018 for Rs 69.5 crore]

Read more here.

Fire breaks out at Serum Institute building in Pune; vaccine production not hit

A major fire broke out at the Pune-based Serum Institute of India (SII) on Thursday afternoon. The company is involved in producing Covid-19 vaccine Covishield – developed by Oxford University and AstraZeneca – which is being used for inoculation in the country’s mega vaccination drive. The mishap led to the death of five people, while the rescue team evacuated four. It took around three hours for firemen to bring the blaze under control. The fire is believed to have started because of an electrical fault. There would be no loss of Covishield production due to the fire, said SII CEO Adar Poonawalla.

Read more here.

Ashoka Buildcon secures 150 MW solar project worth Rs 502 crore

Ashoka Buildcon Ltd has received a Notification of Award (NoA) from NTPC Renewable Energy for a 150 MW solar photovoltaic (PV) plant in Rajasthan. The order includes the operation and maintenance of the solar PV plant for a period of 3 years from the date of successful trial run. The accepted bid value of the project is Rs 502.33 crore. 

Read more here.

Man Industries Q3 Results: Net profit rises 4.3% YoY to Rs 30 crore

Man Industries Ltd reported a 4.3% YoY increase in net profit to Rs 30.6 crore for the quarter ended December (Q3). Its revenue rose 4.1% YoY to Rs 554.5 crore during the same period. The company’s unexecuted order book at the end of the quarter stood at ~Rs 1,200 crore. Man Industries stated that opportunities in the oil and gas sector remain positive due to stabilizing oil demand and resumption of drilling activities globally.

JK Tyre Q3 Results: Net profit at Rs 230 crore

JK Tyre & Industries Ltd reported a multi-fold jump in consolidated net profit to Rs 230.46 crore. The company had posted a consolidated net profit of Rs 10.27 crore in the third quarter of FY20. Consolidated revenue from operations grew 21.7% YoY to Rs 2,769 crore in Q3 FY21. During the third quarter, all nine plants of the company in India operated at close to 96% capacity utilisation. JK Tyre’s strong performance in Q3 was largely driven by the increased demand for passenger, commercial vehicle, and farm tyres.

Read more here.

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India’s Manufacturing PMI Remains Stable in December – Top Indian Market News

India’s manufacturing PMI in expansionary zone for fifth straight month

Aided by improved domestic demand, business activity in India’s manufacturing sector continued to recover in December 2020. IHS Markit’s Manufacturing Purchasing Managers Index (PMI) rose from 56.3 in November to 56.4 in December. The loosening of Covid-19 restrictions, strengthening demand, and improved market conditions had led to an increase in factory orders during December. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

Read more here.

SII to sell first 100 million doses of Covid-19 vaccine at Rs 200 per dose

Serum Institute of India (SII), the manufacturer of the Covishield vaccine, has announced that it plans to charge a special price of Rs 200 per dose for the first 100 million shots that it supplies to the government. Adar Poonawalla (the CEO of SII), stated that his firm is making around 50-60 million doses a month of the AstraZeneca-Oxford vaccine, which is cheaper than the one developed by Pfizer-BioNTech. It is also easier to store and transport. He further said that SII plans to price the vaccine at Rs 1,000 per dose in the open market if the government allows it to do so.

Read more here.

No plans to enter contract farming, won’t purchase any agricultural land: Reliance Industries

Reliance Industries Limited (RIL) on Monday said it has no plans to enter contract or corporate farming and is committed to empowering farmers. RIL stated that it never bought agricultural land for corporate or contract farming and had no plans to do so either. RIL further said that its subsidiary, Reliance Retail, does not purchase food grains directly from farmers. 

Over the past few weeks, around 1,500 mobile towers and telecom gear owned by RIL’s Jio were vandalised in Punjab, allegedly by farmers. It was reported that farmers were angry over the company’s perceived role in framing three agricultural laws recently passed by Parliament. RIL also said it has filed a writ petition in the Punjab and Haryana High Court against vandalism of its communication towers.

Read more here.

Jindal Steel & Power posts record sales, production numbers in December

Jindal Steel and Power Ltd (JSPL) posted a record 30% YoY jump in its standalone production and 25% YoY growth in sales during December 2020. The company’s total production from its plants in India was at 7.27 lakh tonne (LT) in December, as compared to 5.59 LT during the same month in 2019. The firm’s standalone sales were at 7.11 LT during the same month, as against 5.67 LT in December 2019. JSPL said the company recorded its highest ever production and sales numbers in December 2020, as well as in the October-December period.

Read more here.

Income Tax Department raids 15 locations of Zee Entertainment

The Income Tax (I-T) Department has conducted a search and survey at 15 locations of Zee Entertainment Enterprises Ltd (ZEEL). The searches are based on alleged tax evasion data submitted by the Directorate General of GST Intelligence to the I-T department. A spokesperson for ZEEL stated that concerned officials of the company are providing all the required information and extending complete co-operation.

Read more here.

L&T Hydrocarbon Engineering secures order worth over Rs 7,000 crore from HPCL Rajasthan Refinery

L&T Hydrocarbon Engineering (LTHE) has bagged an order worth over Rs 7,000 crore from HPCL Rajasthan Refinery Ltd (HRRL). The engineering, procurement, construction, and commissioning (EPCC) contract is for setting up a Dual Feed Cracker Unit (DFCU) for the Rajasthan Refinery Project at Barmer, Rajasthan. HRRL is a joint venture between Hindustan Petroleum Corporation (HPCL) and the Government of Rajasthan. 

Read more here.

GMR Hyderabad, Dubai Airports launch global vaccine supply corridor

GMR Hyderabad International Airport Ltd and GMR Hyderabad Air Cargo have signed a Memorandum of Understanding (MoU) with Dubai Airports to build an exclusive vaccine air freight corridor product called HYDXB-VAXCOR (Hyderabad to Dubai Global Vaccine Corridor). They will prioritise the temperature-sensitive vaccine shipments moving between GMR Hyderabad and Dubai Airports for further connections to various continents for vaccine customers and logistics stakeholders. Hyderabad is the world’s emerging vaccine capital, with five major vaccine producers in the vicinity.

Read more here.

Bajaj Auto sales rise 11% in December at 3.72 lakh units

Bajaj Auto Ltd, on Monday, reported an 11% YoY increase in total sales at 3,72,532 units in December 2020. The company had sold a total of 3,36,055 units in December 2019. Total motorcycle sales were at 3.38 lakh units in December, as compared to 2.84 lakh units in December 2019. Exports jumped 27% to 2.32 lakh units, as compared to 1.82 lakh units in the same month a year ago.

Read more here.

Govt to divest 26% stake in BEML, invites bids till March 1

The Indian Government has invited preliminary bids for the strategic sale of a 26% stake, along with the transfer of management control, in BEML Limited. Bidders can submit their Expression of Interest (EoI) for buying the stake in BEML by March 1. SBI Capital Markets Limited has been appointed as the transaction adviser to advise and manage the strategic disinvestment process. BEML Ltd is engaged in the manufacturing and supply of equipment for mining, construction, defence, and rail projects. 

Read more here.

Marico reports double-digit volume growth in Q3 FY21

Marico Ltd on Monday said it has witnessed a faster than expected recovery in consumer sentiment in India, aided by the festival season and a declining Covid-19 graph. The FMCG major’s Indian business posted a double-digit volume growth, while revenue growth was at par with volume expansion. The company stated that it has witnessed strong performance across its portfolio, with general trade continuing to grow healthily.

Read more here.

Cochin Shipyard declares interim  dividend of Rs 9 per share

The Board of Directors of Cochin Shipyard Ltd has declared an interim dividend of Rs 9 per equity share of Rs 10 each, for the financial year 2020-21. The company has fixed January 14, 2021, as the record date for the interim dividend. The dividend will be payable to the eligible shareholders on or before February 2, 2021.

Read more here.

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All Industries in Delhi to Switch to PNG by Jan 31 – Top Indian Market News

Air Quality Commission directs switching over of all industries in Delhi to PNG

The Commission for Air Quality Management in NCR and Adjoining Areas has directed all industrial units in Delhi to switch over to piped natural gas (PNG) by January 31. The Commission has also directed the Delhi Pollution Control Committee (DPCC) to inspect and identify industries using polluting fuels and take stringent penal action against those found violating the directive. IGL and GAIL have been directed to complete the pipeline network, metering, and associated infrastructure by January 31.

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Govt invites bids for selling its stake in Shipping Corporation of India

The Indian government has initiated the sell-off plan for Shipping Corporation of India Ltd (SCI), by inviting expression of interest from potentially interested parties. The government proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The deadline for submitting initial bids is on February 13, 2021. 

Read more here.

Bajaj Auto to set up a Rs 650-crore unit in Maharashtra 

Bajaj Auto Ltd has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for Rs 650 crore, to set up a manufacturing unit in Chakan. The state government will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances, and fiscal incentives from the concerned departments. The facility will be utilised for manufacturing high-end KTM, Husqvarna, and Triumph motorcycles. Bajaj Auto stated that the new facility is expected to commence production in 2023.

Read more here.

Infosys partners with Daimler for IT infrastructure transformation

Infosys Ltd and German automotive major Daimler AG have entered a long-term strategic partnership for a technology-driven IT infrastructure transformation. With support from Infosys, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, data centers, and networks. The collaboration will also empower Infosys to strengthen its automotive expertise.

Read more here.

Dr. Reddy’s seeks approval from Canada for Favipiravir pills for Covid-19 treatment

Dr. Reddy’s Laboratories Ltd, Canada-based Appili Therapeutics, and Dubai-based Global Response Aid FZCO (GRA) on Tuesday said that Dr. Reddy’s Canada has filed an application on behalf of the consortium for Reeqonus (favipiravir) Tablets. The tablets are indicated for acute treatment of mild to moderate Covid-19 adult patients. The application has been filed under Health Canada’s “Interim Order Respecting the Importation, Sale, and Advertising of Drugs for Use in Relation to Covid-19”.

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Embassy REIT raises Rs 3,680 crore to fund acquisition of Embassy Tech Village

Embassy Office Parks REIT has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of Embassy TechVillage (ETV), an information technology park in Bengaluru, for $1.3 billion (~Rs 9,602 crore). The transaction is expected to close by the end of this month.

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Oil India signs MoU with Assam Hydrocarbon 

Oil India Ltd, on Tuesday, signed a Memorandum of Understanding (MoU) with Assam Hydrocarbon & Energy Company (AHECL) in Guwahati. The company stated that the MoU is aimed at establishing a joint institutional framework to facilitate bilateral cooperation in hydrocarbon exploration, development, and marketing of natural gas in Assam for mutual benefit.

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Jubilant Foodworks introduces India’s first plant-protein based pizza

Jubilant Foodworks Ltd announced that Domino’s Pizza has introduced India’s first plant-protein based product – ‘The Unthinkable Pizza’. The company stated that Domino’s latest offering is 100% vegetarian, and yet, has the sensory properties of chicken. The pizza would be available at all Domino’s restaurants across Delhi NCR, Mumbai, and Bangalore. Jubilant Foodworks is the master franchisee for Domino’s Pizza in India, Nepal, Sri Lanka, and Bangladesh.

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NMDC signs MoU with MECL for joint mineral exploration

NMDC Limited has signed an MoU with Mineral Exploration Corporation Limited (MECL) for joint exploration for iron ore, gold, coal, diamond, and other minerals in mutually agreed projects across various states. This will support the government’s ‘Atmanirbhar Bharat Abhiyan’ initiative and extend its commitment towards mineral security for the nation. NMDC Ltd is India’s largest iron ore producing ‘Navaratna’ company.

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Aster DM Healthcare to invest $100 million to set up hospital in Cayman Islands

Aster DM Healthcare said it will invest around $100 million (~Rs 738 crore) to set up a tertiary care hospital in the Cayman Islands, as part of its plans to set up a clinical excellence hub in the region. The company stated that it has signed an agreement with the Government of Cayman Islands to set up a clinical excellence hub to serve the Caribbean Region, North America, Canada, and South America. Aster will initially develop around 150-bed tertiary and quaternary care hospitals in these regions.

Promoters of Wendt India withdraws its proposed OFS

Carborundum Universal and Wendt GmBH, the promoters of Wendt India Ltd, has decided to withdraw the proposed offer for sale (OFS) of shares. In a BSE filing, the Murugappa Group company said that due to delay in transfer of the sale shares as required under the SEBI OFS circulars, it has decided to withdraw the OFS. On Monday (21 December 2020), both promoters had proposed to sell up to 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. 

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