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Gap-Up and Consolidation! What Next For Nifty? – Post-Market Analysis

NIFTY started the day at 19,241 with a gap-up of 108 points. For most part of the trading session, the index consolidated in a small range of 40 points between 19,270 and 19,230. Nifty closed at 19,230, up by 97 points or 0.51%.

Nifty chart November 3 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,318 with a big gap-up of 301 points. The index also consolidated in a 165-point range between 43,250 and 43,415 levels today. BNF closed at 43,318, up by 301 points or 0.7%.

Bank Nifty chart November 3 - post-market analysis | marketfeed

All indices closed in green. Nifty Realty (+2.54%) and Nifty Media (+1.38%) moved up the most.

Major Asian markets closed in green. European markets are currently trading flat-to-green.

Today’s Moves

Apollo Hospitals (+5.45%) was NIFTY50’s top gainer. The stock extended gains for the second day on the back of strong volumes.

Eicher Motors (+2.7%) moved up after the automaker reported a 3% year-on-year rise in sales for October. 

Shares of Adani Ports (+2.73%) rose after the company said it handled 37 million metric tonnes (MMT) of total cargo in October 2023, registering a growth of 48% YoY.

Bajaj Finserv (-2.5%) was NIFTY50’s top loser. Yesterday, Bajaj Finance issued warrants worth ₹1,190 crore to Bajaj Finserv.

Dr Reddy’s Labs (-1.4%) extended losses for the third day.  The fall comes after brokerages maintained a cautious stance on the stock despite the company’s financial recovery in Q2.

Markets Ahead

The major indices opened with a big gap and held their levels. This looks like a clear trap for option sellers from yesterday, as the markets have moved above Thursday’s selling zones. But there are still important resistances that have to be broken for the confirmation of a change in trend (or trend reversal).

Nifty:  The immediate support for the index is near 19,180 levels. A breakdown from there could make the index fall to 19,140 levels. Meanwhile, the immediate resistance is near 19,250. A breakout from there can give us targets of 19,350 on the upside, which is also the 50% Fibonacci retracement level.

Bank Nifty: The immediate support for BNF is near 43,230 levels, and the target to watch out for on the downside is 43,080 (gap-filling levels). On the other hand, the index could face a major resistance near 43,400 levels. A breakout from there might make the index hit 43,800 next.

On a weekly chart, both indices have made a Bullish Harami Pattern. If their respective highs are crossed, we can expect the coming week to be bullish.

Today, a rise in the Asian stock markets lifted market sentiments in India as well, thanks to lower US treasury yields and falling crude oil prices. However, there is still uncertainty due to rising prices, the war in West Asia, and how these factors might affect the global economy.

How did this week go? Are you in net profit or loss? Let us know in the comments section below!

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Bajaj Finance’s Net Profit Rises 28% YoY in Q2 – Top Indian Market Updates

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

Bajaj Finance Q2 Results: Net profit rises 28% YoY to ₹3,551 crore

Bajaj Finance Ltd reported a 28% YoY increase in consolidated net profit to ₹3,551 crore for the quarter ended September (Q2 FY24). Total revenue from operations grew 34% YoY to ₹13,378.26 crore during the same period. Net Interest Income (NII) rose 26% YoY to ₹8,059 crore. The gross non-performing assets (NPAs or bad loans) rose from 2.46% in Q2 FY23 to 2.51% in Q2 FY24.

Read more here.

L&T Tech Q2 Results: Net profit rises 5% YoY to ₹315 crore

Larsen & Toubro Tech reported a 5% YoY rise in net profit to ₹315 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹300 crore in Q2 last year. Its revenue from operations rose 5% YoY to ₹2,387 crore during the same period. The company’s board also declared a dividend of ₹17 per equity share. 

Read more here.

Titan to raise ₹2,500 crore via NCDs

Titan Company Ltd’s board has approved the proposal to raise funds through multiple avenues, with a fundraising target of up to ₹2,500 crore. The proposal is to issue rated, listed, redeemable, and unsecured non-convertible debentures (NCDs) on a private placement basis. Additionally, the board has approved availing long-term unsecured loans of ₹1,000 crore.

Read more here.

Dabur gets GST tax demand notice of ₹321 crore

Dabur India Ltd has received a notice to pay Goods and Services Tax (GST) of ₹321 crore along with interest and penalty. The company said that there will be no impact on the financial, operation or other activities of the company due to this intimation of tax being payable. 

Read more here.

TRF signs pact to sell Sri Lankan subsidiary

TRF Ltd is planning to sell its Sri Lankan subsidiary, Dutch Lanka Trailer Manufacturers Ltd, to United Motors Lanka Plc at a valuation of ₹19 crore. TRF Singapore Pte Ltd and a wholly-owned subsidiary of TRF Ltd have signed a share purchase agreement to sell its entire stake in the Sri Lankan subsidiary. 

Read more here.

Indian govt to divest up to 7% in HUDCO

The Department of Investment and Public Asset Management (DIPAM) announced that the Indian government will divest up to 7% equity in Housing and Urban Development Corporation Ltd (HUDCO) through an offer for sale (OFS). The offering includes a base size of 3.5% and an additional 3.5% greenshoe option, providing flexibility to meet investor demand.

Read more here.

Ajmera Realty secures residential redevelopment project in Mumbai

Ajmera Realty secured the redevelopment project of a housing society in Versova, Mumbai. The project will primarily comprise 3 BHK residential apartments and is estimated to generate sales of around ₹360 crore. The emerging area, benefitting from redevelopment efforts and convenient metro access, is poised for substantial growth in both demand and property values.

Read more here.

Bajaj Finance to acquire up to 26% stake in Pennant Technologies

Bajaj Finance Ltd has entered into a binding term sheet to acquire up to 26% stake in Pennant Technologies Pvt. Ltd. The consideration for this acquisition will be ₹267.5 crore and will be paid entirely in cash. Bajaj Finance will acquire 5,71,268 Compulsorily Convertible Preference Shares (CCPS) of the face value of ₹100 each and another 4,22,738 equity shares from promoters and existing shareholders of Pennant Technologies.

Read more here.

IT Dept moves Bombay High Court against Mahindra & Mahindra

The Income Tax Department (IT) has filed an appeal before the Bombay High Court against an Income Tax Tribunal order that gave relief to Mahindra & Mahindra (M&M) in a ₹194.73 crore tax dispute. M&M received an intimation from the Principal Commissioner of Income Tax-2, informing of the appeal under the provisions of Section 260A of the Income Tax Act, 1961. The appeal is against reliefs provided on various disallowances and additions made by the IT Department.

Read more here.

CCI approves IDFC’s merger plan with IDFC First Bank

The Competition Commission of India (CCI) has approved the merger plan of IDFC with IDFC First Bank. The merger plan is still subject to clearances from the Stock Exchanges, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), and National Company Law Tribunal (NCLT). The proposal also needs approval from shareholders and creditors.

Read more here.

Maruti Suzuki to issue shares worth ₹12,800Cr to Suzuki

Maruti Suzuki has received board approval to acquire 100% equity capital of Suzuki Motor Gujarat (SMG) from parent company Suzuki Motor Corporation (SMC). The acquisition will be executed through a share purchase agreement, with Maruti Suzuki issuing shares to SMC as consideration. Suzuki Motor Gujarat will later become a wholly-owned subsidiary of Maruti Suzuki.

Read more here.

Coal India, partners to invest ₹3,095 crore in fertiliser JV

According to a Reuters report, Coal India, GAIL, and Rashtriya Chemicals & Fertilizers (RCF) will invest ₹3,095 crore in their fertiliser joint venture in Odisha. GAIL and RCF will put in 17.3 billion rupees, while Coal India will invest 13.64 billion rupees in Talcher Fertilizers to maintain their current stakeholding. Each of the three firms holds a 31.85% stake in Talcher Fertilizers.

Read more here.

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Bajaj Finance to Raise Rs 10,000Cr Via QIP, Preferential Issue – Top Indian Market Updates

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

Bajaj Finance approves ₹10,000 crore fundraise via QIP, preferential issue

Bajaj Finance Ltd’s board has approved a fundraise of up to ₹8,800 crore via a Qualified Institutional Placement (QIP). It has also approved raising up to ₹1,200 crore through a preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of equity shares to Bajaj Finserv (its promoter company). Post conversion of the preferential warrants into equity, Bajaj FInserv’s share in Bajaj Finance will rise from 52.45% to 52.57%. 

Read more here.

Tata Motors to upskill 50% of employees with new-age auto tech

Tata Motors plans to equip over 50% of its overall workforce with new-age auto tech capabilities within five years. This is part of the automaker’s strategy to develop skilled and future-ready staff focused on electric vehicles (EVs) and other emerging technologies in the auto industry. The company has specially curated training modules to address the requisite developmental needs of shopfloor technicians and line engineers.

Read more here.

NHPC’s Teesta V plant shut after flash flood in Sikkim

NHPC Ltd shut down all units of its 510 megawatt (MW) Teesta V power plant after the flash flood in the Teesta River in Sikkim. A 500 MW project (Teesta VI) under construction has also been affected. Detailed assessment of losses and damages suffered will be carried out after the water level recedes, which may take 4-5 days.

Read more here.

TCS secures order from Georgia state government

The Georgia Department of Labor (GDOL) has selected Tata Consultancy Services (TCS) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process. TCS’ latest order win comes after the tech giant already secured multiple orders across sectors in September.

Read more here.

Manappuram Finance’s arm files ₹1,500 crore IPO papers with SEBI

Asirvad Micro Finance (AMF), a subsidiary of listed NBFC Manappuram Finance, filed a Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise ₹1,500 crore through an initial public offering (IPO). The public issue is purely a fresh issue of equity shares with no offer-for-sale (OFS) component. AMF has a presence across 22 states and 4 UTs through a network of 1,684 branches as of FY23.

Read more here.

Hindalco to sign pact with Odisha Mining Corporation for long-term supply of Bauxite ore

Hindalco Industries Ltd will enter into a pact with the Odisha Mining Corporation for long-term supply of Bauxite ore. The company plans to secure Bauxite ore for its proposed 2-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda, Rayagada district, in Odisha.

Read more here.

JLR retail sales rise 21% YoY in Q2

Jaguar Land Rover’s (JLR) retail sales rose 21% year-on-year (YoY) to 106,561 units for the quarter ended September (Q2 FY24). The company had posted retail sales of 88,121 units in Q2 FY23. JLR’s wholesale volumes stood at 96,817 units, up 29% YoY. Wholesale volumes for the first half of FY24 were 1.90 lakh, up 29% YoY. 

Read more here.

Future Consumer defaults on ₹370 crore payment

Future Consumer Ltd (FCL) has defaulted on the payment of ₹369.59 crore towards principal and interest on loans from banks, financial institutions and unlisted debt securities in the September quarter (Q2 FY24). The default amount for unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS) is ₹115.64 crore for Q2. FCL’s total liabilities stand at ₹468.12 crore, including short-term and long-term debts. 

Read more here.

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India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

Read more here.

Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

Read more here.

PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

Read more here.

India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

Read more here.

JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

Read more here.

Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

Read more here.

NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

Read more here.

Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

Read more here.

TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

Read more here.

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5th Bearish Weekly Closing in Nifty! – Post-Market Analysis

NIFTY started the day at 19,297 with a gap-down of 89 points (below the important support zone of 19,300). Throughout most of the day, the index consolidated in a 70-point range. But in the end, it gave a bearish closing— breaching the previous weekly low. Nifty closed at 19,265, down by 120 points or 0.62%.

Nifty chart August 25 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,276 with a gap-down of 220 points. The index initially gave a sharp fall to 44,000 levels, made a double bottom, and tried moving up. But the opening levels of 44,300 zone acted as resistance. BNF closed at 44,231, down by 264 points or 0.59%. 

Bank Nifty chart August 25 - post-market analysis | marketfeed

All indices closed in the red today. Nifty PSU Bank (-1.51%) and Nifty Realty (-1.31%) fell the most. 

Major Asian markets closed up to 2% in the red. European markets are currently trading in the green.

Today’s Moves

Bajaj Finserv (+2.4%) was NIFTY50’s top gainer. Nomura has double-upgraded the stock to ‘Buy’.

KFin Tech (+11.29%) surged on the back of strong volumes. Brokerage firm Jefferies has initiated coverage on the stock with a target price of ₹500.

Shares of Vodafone Idea (+9.4%) rallied amid reports that the struggling telecom operator has received term sheets from several potential investors. 

Dr Reddy’s Labs (-2.17%) was NIFTY50’s top loser.

Shoppers Stop (-12.7%) crashed after the company’s MD and CEO Venugopal Nair announced his resignation.

Markets Ahead

As discussed in the earlier post-market reports, the targets of 44,000 in Bank Nifty and 19,250 levels in Nifty are achieved, which gives us confirmation that indices have turned bearish.

Nifty has closed below a very important long-term support zone of 19,300. It has also breached the previous week’s low, where the index has taken support near 19,250 levels. And if Bank Nifty also joins the party, both indices may turn into near-term bearishness and continue to move further down.

Nifty: In the next trading session, bearishness can be confirmed if the index opens flat and crosses below today’s low of 19,230 levels. Look out for sell-on-rise opportunities! If there’s a huge gap down, the index can retrace and continue the fall again. If there’s a gap-up, Nifty can be choppy. So on the downside, the targets will be 19,000 and 18,900 levels. On the upside, the index has to give a closing above 19,300; so wait for confirmation.

Bank Nifty: The index took support from the round levels of 44,000. But the overall trend is bearish. So if the index falls below today’s low of 44,000 levels (after opening flat), the first target of 43,700 can be achieved. On the other hand, the index has to cross 44,350 levels for an up-move. 

But as the indices are bearish, if there’s a huge gap-up on gap-down after proper price action, look for sell-on-rise opportunities till 44,500 is crossed back again.

Global markets are awaiting comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium (7:30 PM IST) to understand the potential direction of US monetary policy.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Weak Weekly Closing for the Month – Post-Market Analysis

Post-Market Analysis for July 28, 2023:

NIFTY started the day flat at 19,659. Throughout the day, the index mostly consolidated with a negative bias. After moving down to the support level of 19,600, Nifty gave a small breakdown, went to the earlier swing of 19,560 levels, and reversed back to close at 19,646, down by 13 points or 0.07%.

Nifty chart post-market report - July 28

BANK NIFTY (BNF) started the day at 45,560 with a gap-down of 118 points. Similar to Nifty, Bank Nifty also mostly consolidated within a 250-point range between yesterday’s closing and 45,300 major support levels. BNF closed at 45,468, down by 211 points or 0.46%. 

Bank Nifty chart post-market report - July 18

Nifty Realty (+1.8%) and Nifty Media (+1.38%) closed well in green, while Nifty IT (-0.8%) fell the most. 

Major Asian markets closed mixed. Germany’s DAX and France’s CAC40 are currently trading in the red, while UK’s FTSE 100 is trading in the green.

Today’s Moves

NTPC (+3.9%) was NIFTY50’s top gainer. Yesterday, the company reported the declaration of the second unit of 660 MW capacity at Barh Super Thermal Power Station.

Intellect Design Arena (+19.7%) jumped after posting strong Q1 results.


Godfrey Phillips (+8.6%) continued its up-move after the company posted a 68.6% YoY risein consolidated net profit to ₹220.97 crore for Q1.

Bajaj Finserv (-1.8%) was NIFTY50’s top loser. The company’s net profit rose 48% YoY to ₹1,943 crore in Q1 FY24.

Supreme Industries (-7.8%) fell sharply after posting weak Q1 results. 

Markets Ahead

Markets took a pause after a huge fall yesterday (monthly expiry). Nifty has given a negative closing on a weekly time frame. This is the first negative closing for Nifty after a strong rally (from 18,900 to 19,990 levels).

Nifty: The major support zone in Nifty is clearly 19,600 levels, and the important resistance now will be 19,700. A breakdown from this support can give us a target of 19,560 and 19,520, while a breakout on the upside can give us a target of 19,750 and 19,820.

Bank Nifty: The next important support level for the index is 45,300, and major resistance would be 45,600. A breakout from 45,600 can give us a target of 46,200 and a breakdown can give us a target of 45,000 and 44,800 eventually.

In the next trading session, major bearishness could hit the markets if the market moves below today’s low and a trend reversal will also be confirmed.

US gross domestic product (GDP) expanded by 2.4% annually in the April-June quarter, surpassing the expected 1.8%. Despite robust economic data from the US, crude oil futures traded lower today morning. Look out for important economic data like India’s manufacturing & services PMI, auto sales data, and others next week!

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Adani Lenders Consider $750 Million Loan For Ambuja Cements – Top Indian Market Updates

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

Adani lenders consider up to $750 million loan for Ambuja debt

Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are in talks to lend between $600 million and $750 million collectively to Adani Group. The loan is part of discussions to refinance the debt taken to fund its purchase of Ambuja Cements Ltd. The loan would be syndicated. If executed, the loan of as much as $750 million would be part of that broader refinancing. The talks haven’t yet concluded, and the amounts could still change. 

Read more here.

Bajaj Finserv Q1 Results: Net profit rises 48% YoY to ₹1,943 crore

Bajaj Finserv reported a 48.4% YoY rise in consolidated net profit to ₹1,943 crore for the quarter ended June (Q1 FY24. The company’s net profit in the same quarter last year was ₹1,309 crore. Its operating revenue also rose 47% YoY to ₹23,280 crore during the same period. Its subsidiary, Bajaj Finance reported the highest-ever quarterly increase in its customer franchise of 3.84 million and the highest-ever new loans booked of 9.94 million in Q1FY24.

Read more here.

Sona BLW Precision Q1 Results: Net profit rises 47% to ₹112 crore

Sona BLW Precision reported a 47% YoY increase in consolidated net profit to ₹112 crores for the June quarter (Q1 FY24). Its revenue from operations rose 25.17% YoY to ₹731 crore during the same period. The company’s board approved an investment of ₹99.7 crores for capacity expansion of its Chennai plant from 4 lakh to 6 lakh electric vehicle traction motors. It also decided to add a new capacity of 5 lakh units of printed circuit board assembly by 2024-2025.

Read more here.

US FDA concerns in Lupin’s Goa, Pithampur facilities are now resolved

Drug Ltd has received correspondence from the US Food & Drug Administration (USFDA) that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the satisfactory evaluation of the corrective actions taken by Lupin. The actions were in response to the Warning Letter issued by the US FDA on November 6, 2017.

Read more here.

IEX Q1 Results: Net profit rises 10% YoY to ₹76 crore

Indian Energy Exchange Ltd (IEX) reported a 10% YoY increase in consolidated net profit to ₹10 crore for the June quarter (Q1 FY24). Its total income stood at ₹127 crore during the same period, up 12.3% YoY. EBITDA grew marginally to ₹82 crore in Q1FY24 from ₹81 crore in Q1FY23. Recently, IEX witnessed a steep fall in its share price that could be related to the Central Electricity Regulatory Commission’s plan to initiate market coupling.

Read more here.

Cipla promoters in talks to sell part stake to private equity firms

According to a CNBC TV18 report, Cipla’s promoters are in talks with private equity firms to sell a part of their total holding in the company. At present, The promoters own a 33.47% stake in the company. An investment bank has been hired to advise on the deal. Furthermore, Private Equity (PE) firms like Blackstone and Baring Asia are amongst others that are in talks to explore a deal. 

Read more here.

Bharat Forge receives approval to participate in potential defence programs in future

Bharat Forge Ltd has received approval to participate in potential defence programs in future. The license is granted by the Ministry of Home Affairs (MCA) under Arms Rules, 2016. The approval is for small arms and ammunition. Bharat Forge serves several sectors including Automotive, Railways, Aerospace, Marine, Oil & Gas, Power, Construction and Mining. It is among the largest forging companies globally.

Read more here.

L&T says it will pay back to shareholders if the cash surplus is much higher than requirement

Larsen & Toubro will return money to shareholders if the cash surplus is much higher than the company’s requirements. L&T’s CFO, R Shankar Raman’s declaration of the company’s willingness to return surplus cash to shareholders showcases Larsen & Toubro’s commitment to financial prudence and shareholder value. 

Read more here.

Kalpataru Projects International, subsidiaries bag orders worth ₹2,261 crore

Kalpataru Projects International and its subsidiaries have bagged orders worth ₹2,261 crore. These new contracts include orders in the T&D (transmission and distribution) business of ₹2,036 crore in overseas markets. Besides, it also got a cross-country oil & gas pipeline project in India of ₹225 crore. It is currently executing projects in over 30 countries and has a presence in 70 nations.

Read more here.

BPCL still in talks for Russian oil deal, discounts narrow

Bharat Petroleum Corp is still in talks with Russian oil major Rosneft to buy oil under a term deal. According to a Reuters report from last month, BPCL is in talks to buy up to 6 million metric tons of Russian oil under a term deal with Rosneft. Indian refiners have been snapping up discounted Russian oil since many other countries imposed sanctions on Moscow after it invaded Ukraine. The discounts make Russian oil cheaper than similar grades from the Middle East.

Read more here.

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India’s Manufacturing PMI Slows to 4-Month Low in Feb – Top Indian Market Updates

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

India’s manufacturing PMI slows to 4-month low in Feb

India’s manufacturing sector expanded at the slowest pace in four months in February. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in Feb, compared to 55.4 in Jan. New orders and output rose sharply last month, indicating strong domestic demand despite inflationary pressures. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross Goods and Service Tax (GST) revenue collection in February 2023 stood at Rs 1,49,577 crore, an increase of 12% on an annual basis. Of the total revenue collected, central GST is Rs 27,662 crore, state GST is Rs 34,915 crore, integrated GST is Rs 75,069 crore, while cess is Rs 11,931 crore.

Read more here.

Auto sales data for Feb 2023: Highlights  

Maruti Suzuki India posted a 5% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Feb 2023. Sales of its mini & compact vehicle segment rose 4.4% YoY to 1.01 lakh units. Exports fell 28.4% YoY to 17,207 units.

Tata Motors Ltd registered a 7% YoY increase in passenger vehicle sales to 43,140 units in Feb. The automaker’s commercial vehicle sales declined by 3% YoY to 36,565 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 30,538 units in Feb, an increase of 10% YoY. M&M’s tractor sales rose 26% YoY to 25,791 units. 

TVS Motor Company’s total sales stood at 2.76 lakh units in Feb, down 2% YoY. Meanwhile, Bajaj Auto’s sales fell 11% YoY to 2.8 lakh units.

Read more here.

Axis Bank completes acquisition of Citigroup’s India consumer business for Rs 11,603 crore

Axis Bank has completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns. The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, assets under management (AUMs), and liabilities as of Jan 31, 2023.

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PNB withdraws divestment process in Canara HSBC Life Insurance

Punjab National Bank (PNB) will discontinue the process of divestment in associate company Canara HSBC Life Insurance. The bank had acquired a stake in the life insurer post-amalgamation of the erstwhile Oriental Bank of Commerce (OBC). It will hold its stake in the life insurer as an investor, subject to regulatory approvals. 

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Alembic Pharma gets USFDA approval to market generic cancer drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Docetaxel Injection in multiple-dose vials. The drug is indicated for the treatment of breast cancer, non-small cell lung cancer, and castration-resistant prostate cancer. According to IQVIA data, Docetaxel injection has an estimated market size of USD 11 million in the US market. 

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Welspun Corp secures order for export of LSAW pipes and bends to Middle East

Welspun Corp Ltd (WCL) has secured an order for the export of LSAW pipes and bends to the Middle East. The contract is for approximately 83,000 MT bare pipes, with an option of coating exercisable by the project owner subsequently. The pipes supplied to the Middle East will be used for offshore production and transport of gas.

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PVR Inox to add 200 screens every year

Multiplex operator PVR is working on “getting economies of scale” after the merger of rival Inox Leisure and expects double-digit growth in its topline (revenue) in FY24, said managing director Ajay Bijli. The company is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs. PVR-Inox also plans to add 200 screens every year.

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Adani Group secures $3 billion credit from sovereign wealth fund: Report

According to a Reuters report, Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Sources said the credit line from the sovereign wealth fund could be increased to $5 billion, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo.

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Petrol, diesel sales up 12-13% in February

Domestic sales of petrol and diesel rose 12% YoY and 13% YoY, respectively, in February due to increased mobility of people and goods in an expanding economy. Jet fuel sales in Feb 2023 were 41% higher than in the same month last year but 10% lower than in 2020. Sales of liquefied petroleum gas (mainly used for cooking) increased by 2.4% YoY in Feb.

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Bajaj Finserv gets SEBI license to start mutual fund business

Bajaj Finserv has received a SEBI license to start a mutual fund business. The company has formed two wholly-owned subsidiaries — Bajaj Finserv Mutual Fund Trustee Ltd (BFMFTL) and Bajaj Finserv Asset Management Ltd (BFAML). Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products, including equity, debt, and hybrid funds to investors.

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Bajaj Finserv’s Net Profit Rises 42% YoY in Q3 – Top Indian Market Updates

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

Bajaj Finserv Q3 Results: Net profit rises 42% YoY to ₹1,782 crore

Bajaj Finserv reported a 42% YoY increase in consolidated net profit to ₹1,782 crore for the quarter ended December (Q3 FY23). Its total income rose 23% YoY to ₹17,620 crore during the same period. Among its subsidiaries, Bajaj Finance recorded the highest ever quarterly consolidated quarterly profit of ₹2,973 crore in Q3. Meanwhile, Bajaj Allianz General Insurance Company (BAGIC) saw its profit fall 9% YoY to ₹278 crore.

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Sun Pharma acquires three brands to strengthen its anti-inflammatory portfolio

Sun Pharmaceutical Industries Ltd has acquired three brands— Disperzyme, Disperzyme -CD, and Phlogam— from Mumbai-based Aksigen Hospital Care. The acquisition of these brands will strengthen Sun Pharma’s anti-inflammatory drug portfolio. The three brands are approved by the Drugs Controller General of India (DCGI). Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company.  

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Tech Mahindra Q3 Results: Net profit falls 5% YoY to ₹1,296 crore

Tech Mahindra Ltd reported a 5% YoY decline in consolidated net profit to ₹1,296.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹13,734.6 crore during the same period. EBITDA stood at ₹2,144 crore in Q3, down 4.1% YoY. Net new deal wins for the quarter was $795 million, higher than $716 million a quarter ago and $704 million a year ago.

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Adani Group fails to answer 62 of our 88 questions: Hindenburg Research

After Adani Group denied all claims over the weekend, Hindenburg Research said the group had failed to specifically answer 62 out of the 88 questions that the firm had posed to the group. The research firm also claims that its report highlights numerous irregularities and connections between suspected offshore stock parking entities and Adani Promoters and raised key questions about whether promoter holdings were fully disclosed.

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Laurus Labs Q3 Results: Net profit rises 32% YoY to ₹203 crore

Laurus Labs reported a 32% YoY increase in net profit to ₹203 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 50.16% YoY to ₹1,544.82 crore during the same period. Total expenses rose 52.7% YoY to ₹1,268.4 crore in Q3. EBITDA stood at ₹404 crore in Q3, up 39% YoY. 

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ITC inaugurates ₹450 crore food manufacturing, logistics facility in Telangana

Telangana Minister for IT and Industries K T Rama Rao inaugurated FMCG major ITC Ltd’s state-of-the-art Integrated Food Manufacturing and Logistics Facility at Medak. Spread over nearly 59 acres of land, the food processing facility with a built-up area of 6.5 lakh sq. ft. entails an initial investment outlay of ₹450 crore. ITC said the new unit will create large-scale livelihoods across sustainable agri-value chains.

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PNB Q3 Results: Net profit falls 44% YoY to ₹628 crore

Punjab National Bank (PNB) reported a 44% YoY decline in net profit to ₹628.88 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 17.6% YoY to ₹9,179.4 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 12.88% in Q3 FY22 to 9.80% in Q3 FY23. Provisions increased 40% YoY to ₹4,713 crore in Q3 FY23.

[NII is the difference between the interest income a bank receives from lending activities and the interest it pays depositors.]

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GAIL Q3 Results: Net profit falls 93% YoY to ₹246 crore

GAIL (India) Ltd reported a 93% YoY decline in net profit to ₹246 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 37% YoY to ₹35,380 crore during the same period. The company recorded a natural gas marketing loss of ₹86.02 crore, compared to a profit of ₹1,750 crore a year ago.

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Adani Enterprises will postpone expansion plan if the FPO fails: CFO

Adani Enterprises Ltd will postpone its growth and expansion program for the next 6-9 months if its ₹20,000-crore follow-on public offer (FPO) does not go through, said Adani group Chief Financial Officer Jugeshinder Singh. In a fresh response to the questions raised by Hindenburg Research, Adani Group said the research firm is an ‘unethical’ short seller and it published the report to manipulate and depress the stock price and create a false market.

In other news, Abu Dhabi-based International Holding Company PJSC has subscribed to Adani Enterprises’ FPO by investing ~$400 million.

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L&T Q3 Results: Net profit rises 24% YoY to ₹2,553 crore

Larsen & Toubro Ltd reported a 24% YoY increase in consolidated net profit to ₹2,553 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 17% YoY to ₹46,390 crore during the same period. The company received orders worth ₹60,710 crore at the group level during Q3. The infrastructure projects segment secured order inflows of ₹32,530 crore, recording a growth of 28% YoY.

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Reliance Industries Posts Q2 Results – Top Indian Market Updates

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

RIL Q2 Results: Net profit flat at ₹13,656 crore

Reliance Industries Ltd (RIL) reported a 0.17% YoY (or 24% QoQ) decline in consolidated net profit to ₹13,656 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 33.7% YoY to ₹2.32 lakh crore during the same period. RIL’s revenues from the oil-to-chemicals (O2C) business increased by 33% to ₹1.41 lakh crore.

Reliance Jio’s net profit increased by 28% YoY to ₹4,518 crore in Q2. The telecom major’s revenue from operations rose 20% YoY to ₹22,521 crore.

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CIL starts 17 more first-mile connectivity projects worth Rs 11,000 crore

State-owned Coal India Ltd (CIL) has started 17 more first-mile connectivity projects worth ₹11,000 crore under the third phase. First-mile connectivity (FMC) refers to the transportation of coal from pitheads to dispatch points. CIL is preparing a rollout plan to float tenders for the latest projects by FY25, and the projects would be commissioned by FY27.

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JSW Steel Q2 Results: Net loss at ₹915 crore

JSW Steel Ltd reported a consolidated net loss of ₹915 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹7,179 crore in Q2 FY22. Its revenue from operations rose 29% YoY to ₹41,778 crore in Q2 FY23. Total expenses stood at ₹43,354 crore in Q2, up 29% YoY. The company’s consolidated crude steel output fell 3% QoQ to 5.68 million tonnes (MT).

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IEX trade volume falls 11% to 23.1 billion units in Q2

The total trade volume of the Indian Energy Exchange (IEX) fell over 11% to 23.1 billion units (BU) in the July-September quarter (Q2). The volume comprised 19.7 BU in the conventional power market, 1.5 BU in the green market segment, and 1.9 BU in the Renewable Energy Certificates (REC) market. The average Day Ahead Market prices increased to ₹5.40 per unit during Q2 FY23, compared to ₹4.14 in Q2 FY22.

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Bajaj Finserv Q2 Results: Net profit rises 39% YoY to ₹1,557 crore

Bajaj Finserv Ltd reported a 39% YoY increase in consolidated net profit to ₹1,557 crore for the quarter ended Sept (Q2 FY23). Its total income grew 16% YoY to ₹20,803 crore during the same period. Total expenses rose 8.7% YoY to ₹16,545.23 crore. Its subsidiary, Bajaj Finance, recorded its highest-ever quarterly consolidated profit of ₹2,781 crore in Q2, up 88% YoY.

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Ramkrishna Forgings secures export order worth ₹121.5 crore

Ramkrishna Forgings Ltd received a long-term supply contract worth ₹121.5 crore for two electric vehicle components from a Swedish original equipment manufacturer (OEM). This is the company’s third order in nearly two months. Last week, it received an order worth ₹131.50 crore from a Tier-1 axle maker for a component used in North American heavy commercial vehicles (HCVs).

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IDBI Bank Q2 Results: Net profit rises 46% YoY to ₹828 crore

IDBI Bank reported a 46% YoY increase in net profit to ₹828.09 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 48% YoY to ₹2,738 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 16.51% in Q2, compared to 19.9% in Q1. The bank’s provisions rose 77% YoY to ₹1,380 crore in Q2 FY23.

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HAL concludes contract with Indian Air Force for indigenous trainer aircraft

The Indian Air Force and Hindustan Aeronautics Ltd (HAL) concluded a contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore. The aircraft has state-of-the-art contemporary systems and has been designed with pilot-friendly features. Prime Minister Narendra Modi unveiled HAL’s HTT-40 at the 12th DefExpo organised in Gujarat.

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HUL Q2 Results: Net profit rises 20% YoY to ₹2,616 crore

Hindustan Unilever Ltd (HUL) reported a 19.6% YoY (or 14% QoQ) increase in net profit to ₹2,616 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16% YoY to ₹14,751 crore during the same period. EBITDA stood at ₹3,479 crore, up 8% YoY. HUL’s board has declared an interim dividend of ₹17 per share.

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UPL restructures business into four units

Fertiliser manufacturer UPL Ltd. will restructure its major businesses into four separate units to simplify the group structure. The company will transfer its crop protection business on a slump-sale basis to UPL Sustainable Agri Solutions. The global crop protection platform (excluding India) will be housed under UPL Ltd., Cayman. The seed business will be transferred to a new company named Advanta Enterprises Ltd. 

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Ambuja Cements Q2 Results: Net profit falls 94% YoY to ₹51 crore

Ambuja Cements Ltd reported a 94.24% YoY decline in consolidated net profit to ₹51.3 crore in Q2, mainly due to rising fuel prices and related inflationary impact. Its revenue from operations rose 7.46% YoY to ₹7,143.17 crore during the same period. Total expenses stood at ₹7,179.9 crore in Q2, up 29.5% YoY.

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Retail Inflation Rises to 7% in August – Top Indian Market Updates

inflation - top market updates - marketfeed
Food and Price Inflation Rises After Monetary Value Growth Ideas Financial problems and forecasting market crashes crisis risk. The young man pushed the shopping cart along the rising arrow chart.

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

CPI inflation rises to 7% in August

India’s retail inflation, measured by the Consumer Price Index (CPI), jumped to 7% in August 2022, compared to 6.71% in July. Headline inflation remains above the Reserve Bank of India’s upper target for the eighth month. Inflation in food and beverages stood at 7.6% against 6.69% in July. Fuel and light inflation was at 10.8% in August, compared to 11.76% in July.

The Index of Industrial Production (IIP), which measures total factory output, saw a growth of 2.4% YoY to 134.6 in July. 

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JSW Steel posts 22% rise in production in August

JSW Steel Ltd reported a 22% YoY increase in crude steel production in August 2022 to 16.76 lakh tonnes. The private steel company had produced 13.77 lakh tonnes in August 2021. Long product volume grew by 25% YoY to 3.75 lakh tonnes. The average capacity utilisation was lower at 87.4% due to a shortage of iron ore in the Karnataka and Odisha regions.

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India plans $2.5 billion aid to oil firms hit by soaring costs: Report

As per a report by Economic Times, the Indian govt. plans to pay nearly $2.5 billion (~₹19,855 crore) to state-run fuel retailers (IOCL, HPCL, BPCL) to partly compensate them for losses and keep a check on cooking gas prices. State oil companies must buy crude at international prices and sell locally in a price-sensitive market. These firms have also been holding down gasoline and diesel pump prices since early April to curb accelerating inflation.

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Bharti Airtel’s arm Nxtra to deploy fuel-cell clean energy tech at data centre

Nxtra Data Ltd, a subsidiary of Bharti Airtel Ltd, has partnered with Bloom Energy to deploy low-environmental impact fuel cell installation at its data centre in Karnataka. It will help reduce carbon emissions through a cleaner, hydrogen-ready fuel supply. Nxtra by Airtel has a network of data centers in India with 12 large and 120 edge data centers across the country. It will invest over ₹5000 crore over the next four years to expand its capacity by 3X to over 400 MW.

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ITC to launch over 20 properties in two years

ITC Ltd is exploring options and discussing alternate structures for the demerger plan of its hotel business, said Anil Chadha, Divisional Chief Executive at ITC Hotels. The company plans to launch more than 20 hotels in the next two years. It is also evaluating its overseas expansion and considering the Middle East market. The group currently has around 115 properties with over 11,000 keys across brands in India. 

Happiest Minds Tech announces expansion of Noida campus

Happiest Minds Technologies Ltd announced the expansion of its Noida facility (Smiles 5) to increase its delivery capacity and leverage the area’s diverse high-technology talent pool. With the additional facility, the IT company will have a capacity of 450 in the NCR region. This launch follows the announcement of Happiest Minds’ acquisition of a 1,600-seater property in Bengaluru in July 2022 and expansion in newer locations like Bhubaneswar.

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TCS wins cloud transformation deal from Penumbra

Tata Consultancy Services (TCS) has secured a deal from US-based healthcare company Penumbra to transform its core processes. TCS has completed the first phase of this cloud transformation process across order management, finance and procurement functions. The IT major has integrated internal and external data sources to enable real-time insights for decision-making and self-service.

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Zydus gets final USFDA approval to market Cariprazine Capsules

Zydus Pharmaceuticals (USA) Inc., a subsidiary of Zydus Lifesciences Ltd, has received final approval from the US Food & Drug Administration (USFDA) to market Cariprazine Capsules. The drug is an atypical antipsychotic indicated for the treatment of schizophrenia and acute treatment of manic or mixed episodes related to bipolar disorder. The pharma company will manufacture the product at its facility at the Special Economic Zone (SEZ), Ahmedabad.

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Bajaj Finserv to trade ex-bonus and ex-split on Tuesday

The shares of Bajaj Finserv Ltd will trade ex-bonus and ex-split on Tuesday. The company announced bonus share issuance in the ratio of 1:1. It also declared the sub-division of its shares from the face value of ₹5 to the new face value of ₹1. These announcements helped the stock rally up to 11% in a month and cross the ₹17,000 mark.

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Bajaj Finserv Posts 57% YoY to Rs 1,309 crore in Q1 – Top Indian Market Updates

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

Bajaj Finserv Q1 Results: Net profit rises 57% YoY to Rs 1,309 crore

Bajaj Finserv Ltd reported a 57% YoY increase in consolidated net profit to Rs 1,309 crore for the quarter ended June (Q1 FY23). Its total income grew 14% YoY to Rs 15,888 crore during the same period. The company’s board has approved the sub-division of shares in the ratio of 1:5 (each share having a face value of Rs 5 will be split into five shares of Re 1 each). It has also announced the issuance of bonus shares with a face value of Re 1 each for every fully paid-up share of Re 1.

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Vodafone Idea conducts 5G trial at MG Road Namma Metro Station in Bengaluru

Vodafone Idea (Vi) demonstrated 5G download speed of 1.2 gigabits per second (Gbps) during a trial at MG Road Metro Station in Bengaluru. The trial involved checking 5G coverage at road level, platforms, and tracks on both sides. The learnings from this project will be used for 5G deployment in other metro rail networks across India.

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Dr. Reddy’s Labs Q1 Results: Net profit jumps 108% YoY to Rs 1,187 crore

Dr. Reddy’s Laboratories reported a 108% YoY jump in consolidated net profit to Rs 1,187.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 6% YoY to Rs 5,215.4 crore during the same period. EBITDA stood at Rs 1,778 crore in Q1, up 74.5% YoY. The Pharmaceutical Services and Active Ingredient (PSAI) segment posted a 6% YoY decline in revenue to Rs 710 crore.

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Tata Motors partners with Axis Bank for EV financing

Tata Motors has partnered with Axis Bank to offer an exclusive electric vehicle (EV) dealer financing solution to its authorised passenger EV dealers. Dealers can obtain inventory financing over and above their Internal Combustion Engines (ICE) finance limit with pricing linked to Repo Linked Lending Rate (RLLR). The repayment tenure for this program will range from 60 to 75 days.

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Jubilant FoodWorks Q1 Results: Net profit rises 63% YoY to Rs 113 crore

Jubilant FoodWorks reported a 63% YoY increase in consolidated net profit to Rs 112.58 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 40.5% YoY to Rs 1,255.09 crore during the same period. Total expenses stood at Rs 1,104.94 crore in Q1, up 35.65% YoY. The company opened 58 new restaurants for Domino’s Pizza, adding 12 cities to its network.

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Exide Industries’ arm to set up Li-ion battery cell manufacturing facility in Bengaluru

Exide Energy Solutions Ltd (a subsidiary of Exide Industries) has announced plans to set up a lithium-ion battery cell manufacturing facility in Bengaluru. The company has executed the lease-cum-sale agreement with Karnataka Industrial Areas Development Board (KIADB) for procuring land parcels in Bengaluru. The area will be used to set up a Li-ion battery cell manufacturing facility for the electric mobility and stationary application businesses in India.

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Nestle India Q2 Results: Net profit falls 4% YoY to Rs 515 crore 

Nestle India reported a 4.31% YoY increase in net profit to Rs 515.34 crore for the quarter ended June (Q2 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations grew 15.68% YoY to Rs 4,055.94 crore during the same period. Its board has approved the acquisition of the pet food business from Purina Petcare India Private Limited for Rs 123.5 crore.

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Adani Capital planning IPO in 2024 at $2-bn valuation

Adani Capital, a non-bank lender backed by Gautam Adani, is planning to raise at least Rs 1,500 crore ($188 million) in an initial public offering that could take place as early as 2024. The IPO will offer about a 10% stake in the company and target a valuation of around $2 billion. Adani Capital aims to capture more of the market for loans from Rs 30,000 to Rs 3 lakh using technology.

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TVS Motors Q1 Results: Net profit at Rs 305.37 crore

TVS Motor Company Ltd reported a consolidated net profit of Rs 305.37 crore for the quarter ended March (Q1 FY23). It had posted a net loss of Rs 10.55 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 56% YoY to Rs 7,315.7 crore in Q1 FY23. The company’s total sales rose 37.8% YoY to 9.07 lakh units during the same period. 

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