Tag: bajaj consumer

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Vehicle Registrations Jump 25.7% in Nov – Top Indian Market Updates

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

Vehicle registrations grow in strong double-digits in November

Vehicle registrations grew in strong double-digits in November, even after the close of the festive season. Consumers bought vehicles betting on improvement in the general economic situation, employment, and household income. Overall registrations rose 25.71% year-on-year (YoY) to 23,80,465 units. Sales were marginally higher by 1.52% compared to the pre-covid month of Oct 2019.

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Marico to acquire Vietnam-based Beauty X Corporation for ₹172 crore

Marico Ltd has entered into a definitive agreement to acquire Vietnam-based personal care firm Beauty X Corporation for ₹172 crore. Beauty X owns female personal care brands Purité de Prôvence and Ôliv, which offer a range of products such as shower gels, shampoos, conditioners, face wash, and lotions. The transaction is expected to be completed by March 31, 2023.

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V-Guard Industries to acquire Sunflame Enterprises for ₹660 crore

V-Guard Industries Ltd will acquire a 100% stake in kitchen appliance company Sunflame Enterprises for ₹660 crore. The deal will be funded through a mix of internal accruals and debt. The acquisition is in line with V-Guard’s strategy to become a significant player in the domestic kitchen appliances segment. The deal will be closed by mid-January 2023.

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Lupin launches generic joint pain drug in US market

Lupin Ltd has launched a generic version of Pennsaid, used to treat pain in the knees caused by osteoarthritis, in the US market. The product (Diclofenac Sodium Topical Solution 2%) is the generic version of Horizon Pharma Therapeutics’ Pennsaid. As per IQVIA MAT October 2022 data, Diclofenac Sodium Topical Solution had estimated annual sales of $509 million in the US.

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TVS Motor subsidiary to acquire EV-related assets in Germany

TVS Motor Company’s Singapore-based subsidiary has signed an agreement to acquire electric vehicle (EV)-related technology and assets in Germany. The assets will help strengthen TVS Motor’s expansion in the EV two-wheeler market globally. TVS Singapore will acquire the assets through its subsidiary BBT Vermogensverwaltungs GmbH (or Celerity Motor GmbH).

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Greenko Group emerges lowest bidder for NTPC’s 300 MWh energy storage tender

Greenko Group has emerged as the lowest bidder in the world’s first and largest technology-based 3,000-megawatt hours (MWh) storage tender from NTPC Renewable Energy Ltd (NTPC REL). Hyderabad-based Greenko is backed by GIC Holdings Pte Ltd, Abu Dhabi Investment Authority, and Japan’s ORIX Corp. The company also partnered with state-run ONGC to develop green ammonia production and storage facilities for export purposes.

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Equity mutual fund inflows fall 76% to lowest in 21 months in November: AMFI

Inflows into equity mutual funds fell to the lowest level in 21 months in November 2022. Net investment into equity and equity-linked schemes declined nearly 76% over the previous month to ₹2,258.35 crore. The number of Systematic Investment Plan (SIP) accounts reached 6.04 crore in Nov, compared to 5.93 crore in October. The mutual fund industry (across debt and equity) recorded a total net inflow of ₹13,263.6 crore in November, compared to an inflow of ₹14,047 crore in October.

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Ethos enters into exclusive retail partnership with German-brand Tutima

Luxury watch retailer Ethos Ltd has signed an exclusive retail partnership with Tutima to introduce the Germany-based brand in India. Through this partnership, Ethos will exclusively retail its sporty and performance-driven timepieces across India. Tutima is known among collectors and enthusiasts as pilot’s watches, which they first started making in the 1980s. 

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Bajaj Consumer Care announces buyback at ₹240 per share

Bajaj Consumer Care Ltd announced an ₹80.89 crore share buyback at ₹240 per share through the open market route.  The maximum number of equity shares proposed to be bought back at the maximum buyback size and price would be 33.7 lakh equity shares. The FMCG company will utilize at least 50% of the maximum buyback size (₹40.44 crore) and purchase a minimum of 16.85 shares.

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RIL Posts 22% YoY Rise in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit rises 22% YoY to Rs 16,203 crore

Reliance Industries Ltd (RIL) reported a 22.4% YoY increase in consolidated net profit to Rs 16,203 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 37% YoY to Rs 2,11,887 crore during the same period. The results are below Street estimates. Reliance Jio reported a 24.2% YoY increase in net profit to Rs 4,173 crore. The telecom major’s revenue grew 20.4% YoY to Rs 20,901 crore in Q4. RIL’s board has declared a dividend of Rs 8 per share.

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ONGC wins 18 out of 21 oil, gas blocks in OALP-VI bid round

Oil and Natural Gas Corporation (ONGC) has won 18 out of the 21 areas offered for finding and producing oil and gas in the sixth bid round under Open Acreage Licensing Policy (OALP). Oil India Ltd (OIL) has won rights for two blocks. Opening up more areas for exploration will help boost India’s oil and gas production and bring down high oil import bills.

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Tata Power Q4 Results: Net profit rises 31% YoY to Rs 632 crore

Tata Power Company Ltd reported a 31% YoY increase in consolidated net profit to Rs 632 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 12,085 crore during the same period. EBITDA stood at Rs 2,253 crore in Q4, up 35% YoY. Tata Power’s board has declared a dividend of Rs 1.75 per share.

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Federal Bank Q4 Results: Net profit rises 13% YoY to Rs 541 crore

Federal Bank reported a 13% YoY increase in net profit to Rs 540.54 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 7.38% YoY to Rs 1,525.21 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.8% in Q4 FY22, compared to 3.06% in Q3 FY22. The bank’s provisions declined by 70.4% YoY to Rs 75.24 crore in Q4 FY22.

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L&T Infotech announces merger with Mindtree

The Board of Directors of L&T Infotech Ltd (LTI) and Mindtree Ltd approved the merger of both the independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see LTI and Mindtree join to create a scaled-up IT services provider with a valuation of $3.5 billion. All shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree.

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Bajaj Consumer Q4 Results: Net profit falls 34% YoY to Rs 36 crore

Bajaj Consumer Care Ltd reported a 34.5% YoY (or 6.7% QoQ) decline in consolidated net profit to Rs 35.82 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 12.2% YoY to Rs 214.95 crore during the same period. The FMCG company’s expenses stood at Rs 184.98 crore in Q4, down 2.21% YoY. Its board has declared a final dividend of Rs 4 per share.

SJVN secures contract for 30 MW wind-solar hybrid project worth Rs 195 crore

SJVN Limited secured a contract worth Rs 195 crore from the Solar Energy Corporation of India (SECI) for setting up a wind-solar hybrid project with 30 megawatts (MW) generation capacity. The state-owned company bagged the project through a tariff-based competitive bidding process for providing electricity at the rate of Rs 2.54 per unit on a build, own, and operate basis. The project is likely to generate ~1,860 million units (MUs) over 25 years.

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Canara Bank Q4 Results: Net profit rises 65% YoY to Rs 1,666 crore

Canara Bank reported a 65% YoY increase in net profit to Rs 1,666.22 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 24.84% YoY to Rs 7,005 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 7.51% in Q4 FY22, compared to 8.93% in Q4 FY21. The bank’s provisions rose 1.54% YoY to Rs 3,708.68 crore in Q4 FY22. The bank’s board has recommended a dividend of Rs 6.5 per share.

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Lupin gets USFDA approval for Pregabalin capsules

Lupin Ltd has received approval from the US Food & Drug Administration to market Pregabalin capsules. The drug is used to treat pain caused by nerve damage due to diabetes or shingles infection. The product will be manufactured at Lupin’s facility in Aurangabad, Maharashtra. According to IQVIA data, Pregabalin capsules had estimated annual sales of $263 million (~Rs 2,024 crore) in the US during the 12 months ended March 2022.

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LIC IPO subscribed 1.38 times on third day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 1.38 times on the third day of bidding. Retail investors have subscribed 1.23 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 76% and 56%, respectively, against their reserved portions. LIC policyholders have subscribed 4.01 times the portion reserved for them. 

To learn more about the IPO, click here.

RBI approves merger between Equitas Holding and Equitas SFB

The Reserve Bank of India (RBI) has cleared the merger between Equitas Holdings and Equitas Small Finance Bank (SFB). The merger is being effected to comply with the RBI norms on small finance banks, mandating the promoter to reduce the stake in the subsidiary to 40% within five years of commencement of operations by the SFB.

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Tata Motor’s Net Loss Widens to Rs 4,441 crore in Q2 – Top Indian Market News

Tata Motors Q2 Results: Net loss widens to Rs 4,441 crore

Tata Motors Ltd reported a consolidated net loss of Rs 4,441.6 crore for the quarter ended September (Q2 FY22). The automaker had reported a net loss of Rs 314.5 crore in the corresponding quarter last year and a net loss of Rs 4,451 crore in Q1 FY22. Its revenue from operations rose 14.7% YoY to Rs 61,378.8 crore in Q2 FY22. Its India business reported a 91% YoY rise in revenues, while Jaguar Land Rover (JLR) posted an 11.1% YoY fall in net sales.

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India’s manufacturing PMI rises to 55.9 in October

India’s manufacturing activity expanded for the fourth straight month in October. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.9 in October, compared with 53.7 in September. New orders continued to expand in October as a result of improved market conditions, rising requirements among clients, and successful marketing. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

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Auto sales data for October 2021: Highlights 

Maruti Suzuki India posted a 60% month-on-month (MoM) increase in total sales to 1,38,335 units in September 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment and exports rose 46% and 21.3%, respectively.   

Tata Motors Ltd registered a 32% MoM decline in passenger vehicle sales to 25,730 units in October. The automaker’s commercial vehicle sales increased 1.2% MoM to 33,674 units. Overall domestic sales rose 16.3% MoM to 65,151 units.  

Mahindra & Mahindra’s auto segment posted total sales of 41,908 units in October, a growth of 49% over Sept. M&M’s farm equipment segment posted a 16% rise in sales to 47,017 units.

Bajaj Auto Ltd posted a 9.35% MoM increase in total sales to 4,39,615 units. Meanwhile, Escorts posted a 53.28% MoM rise in tractor sales to 13,514 units in October. 

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IRCTC Q2 Results: Net profit jumps 386% YoY to Rs 158 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 386% YoY jump in net profit to Rs 158.5 crore for the quarter ended September (Q2 FY22). Net profit increased 92% compared to the previous quarter. Its revenue from operations jumped 357% YoY to Rs 405 crore during the same period. IRCTC’s internet ticketing segment posted a 355.32% YoY increase in revenue to Rs 265.3 crore in Q2.

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TCS expands partnership with Malaysia-based Celcom for digital transformation

Tata Consultancy Services (TCS) is expanding its partnership with Celcom Axiata Berhad to transform its core business support systems (BSS) using TCS HOBS and TCS TwinX hosted on Microsoft Azure. Celcom is a leading telecommunications provider in Malaysia. TCS will enable Celcom to further enhance its digital and platform positioning through advanced digital capabilities like artificial intelligence (AI)-driven business simulations.

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HDFC Q2 Results: Net profit rises 32% YoY to Rs 3,780 crore

Housing Development Finance Corp (HDFC) reported a 32% YoY increase in net profit to Rs 3,780.5 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 4.1% YoY to Rs 12,215.95 crore during the same period. HDFC’s assets under management stood at Rs 5.97 lakh crore in Q2 FY22, compared to Rs 5.40 lakh crore in Q2 FY21.

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RBI appoints Bandhan Bank as Agency Bank to conduct govt business

The Reserve Bank of India (RBI) has appointed Bandhan Bank as an Agency Bank to conduct government business. The bank will now be authorised to handle transactions related to Goods & Services Tax (GST), Value Added Tax (VAT), and the collection of state taxes. Bandhan Bank can also look after the collection of stamp duty and pension payments on behalf of central and state governments. 

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Bajaj Consumer Q2 Results: Net profit falls 18% YoY to Rs 46 crore

Bajaj Consumer Care Ltd reported an 18.3% YoY decline in consolidated net profit to Rs 46.5 crore for the quarter ended September (Q2 FY22). Net profit fell 4.89% compared to the previous quarter. Its revenue from operations fell 4.7% YoY to Rs 216.18 crore during the same period. EBITDA stood at Rs 48.7 crore in Q2, a decline of 21% YoY (or 7% QoQ).

GST collection surges to Rs 1.3 lakh crore in October, second-highest ever

The Central government collected Rs 1,30,127 crore from Goods and Services Tax (GST) during October 2021, the second-highest since the implementation of the tax in 2017. It indicates a strong trend of the ongoing economic recovery in the second half of the financial year. The GST revenues for October are 24% higher than the revenues collected in the same month last year.

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Devyani International Q2 Results: Net profit at Rs 46 crore

Devyani International Ltd reported a consolidated net profit of Rs 46.6 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 65.5 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations jumped 124% YoY to Rs 516.1 crore in Q2 FY22. KFC revenues surged 141% YoY and Pizza Hut revenues were up 111% YoY during the quarter.

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ACC Reports 74% YoY Rise in Net Profit in Q1 – Top Indian Market News

ACC Q1 Results: Net profit rises 74% YoY to Rs 563 crore

ACC Limited reported a 74.17% year-on-year (YoY) increase in consolidated net profit to Rs 562.69 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its total revenue rose 22.7% YoY to Rs 4,291.97 crore during the same period. Cement sales volumes increased by 21.5% YoY to 7.97 million tonnes in Q1. ACC has commissioned a new grinding unit at Sindri Industrial Township at Dhanbad district in Jharkhand with a capacity of 1.4 million tonnes per annum (MTPA).

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IEX launches cross-border electricity trade on power trading platform

Indian Energy Exchange (IEX) has launched Cross Border Electricity Trade (CBET) on its power trading platform. This will help IEX expand its power markets beyond India to the South Asian region. The government-designated nodal agency for CBET is NTPC Vidyut Vyapar Nigam Ltd (NVVN), a wholly-owned subsidiary of NTPC Limited. Currently, the CBET with neighboring countries for India stands at about 18 billion units (BUs), conducted through medium and long-term bilateral contracts.

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Bajaj Consumer Q4 Results: Net profit jumps two-fold to Rs 55 crore

Bajaj Consumer Care Limited reported over a two-fold YoY increase in consolidated net profit to Rs 54.67 crore for the quarter ended March (Q4). Its revenue from the sale of goods stood at Rs 244.86 crore in Q4, compared to Rs 172 crore in the corresponding period last year. Bajaj Consumer’s net profit for FY 2020-21 rose 20.76% YoY to Rs 223.13 crore. The FMCG firm’s Board of Directors has recommended a final dividend of Rs 4 per share.

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SC stays all further proceedings in Amazon-Future Retail case

The Supreme Court (SC), on Monday, stayed all further proceedings in the Amazon-Future-Reliance case before Single Judge and Division Bench of the Delhi High Court. A bench headed by Justice Rohinton F Nariman said the matter will be finally decided by the SC. The matter will be heard on May 4, 2021. The apex court was hearing an appeal of Amazon.com, Inc. challenging Delhi High Court’s decision to stay an order upholding an emergency arbitrator award restraining Future Retail Limited (FRL) from going ahead with its Rs 24,731 crore assets sale deal with Reliance Retail.

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Infosys partners with Copenhagen Fintech to establish ‘innovation bridge’ between India and the Nordics

Infosys Limited has announced a collaboration with Copenhagen Fintech to strengthen connections across the innovation ecosystem and support the development of new and compelling fintech solutions for the global financial services industry. Both companies will establish a ‘fintech innovation bridge’ between the Nordic countries (Denmark, Sweden, Finland, Norway) and India. This partnership will involve joint participation in events to facilitate the mutual sharing of deep industry expertise with Copenhagen Fintech’s corporate partners.

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Jubilant Pharma develops oral formultion of remdesivir

Jubilant Pharma has developed a novel oral formulation of Remdesivir, an anti-viral drug used to treat patients infected by Covid-19. The company said the oral formulation is likely to ease the capacity constraint that injectable formulations face. It will also ensure wider and timely availability of the drug to Covid-19 patients. Jubilant Pharma has sought authorisation for additional studies of the oral formulation from the Drugs Controller General of India (DCGI).

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Borosil Renewables’ board approves expansion plan with an outlay of Rs 1,000 crore

The Board of Directors of Borosil Renewables Limited has approved an expansion plan to raise its production capacity of solar glass by an additional 1,000 tonnes per day (TPD). The company’s processing capabilities will also be enhanced in one or two phases. The estimated outlay for this expansion plan is Rs 1,000 crore. Mumbai-based Borosil Renewables is the sole manufacturer of solar glass panels in India.

Heranba Industries gets GPCB approval to manufacture products at Saykha

Heranba Industries Ltd has received the ‘Consent to Establish’ (CTE) from the Gujarat Pollution Control Board (GPCB) to manufacture pesticides, fungicides, insecticides, and other products at its plot in Saykha Industrial Estate in Bharuch, Gujarat. The company has a land parcel measuring around 34,600 square metres at Saykha. It plans to set up a manufacturing unit with a capacity of 10,680 tonnes per annum at this plot. Heranba Industries expects to commence commercial production at this unit by September 2022.

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Trident opens six new showrooms across India

Trident Limited has opened six new exclusive showrooms across India for its bed and bath linen collections under Trident Home Decor Design. The newly opened showrooms are located in Kolkata, Jaipur, Chandigarh, Mohali, and Karnal. The total count of its exclusive showrooms has now increased to 18.

Caplin Steriles receives USFDA approval for Milrinone Lactate injection

Caplin Steriles has received final approval from the US Food and Drug Administration (USFDA) for generic Milrinone Lactate injection, used for short-term treatment of patients with acute decompensated heart failure. According to IQVIA data, Milrinone Lactate injection had US sales of around $24 million (~Rs 179 crore) for the 12 months ended December 2020. Caplin Steriles is a subsidiary of Caplin Point Laboratories Limited.

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Indian Oil Corp to supply oxygen to hospitals in Delhi, Haryana, Punjab

Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Limited (BPCL) have begun diverting oxygen produced at their refineries to meet the rising requirements of medical oxygen in states worst-hit by Covid-19. IOCL has begun the supply of 150 tonnes of oxygen at zero cost to various hospitals in Delhi, Haryana, and Punjab. BPCL will supply 100 tonnes of medical oxygen per month at no cost.

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