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HUL’s Net Profit Rises 17% YoY in Q3 – Top Indian Market News

HUL Q3 Results: Net profit rises 17% YoY to Rs 2,243 crore

Hindustan Unilever Ltd reported a 16.76% YoY increase in net profit to Rs 2,243 crore for the quarter ended December (Q3 FY22). Net profit rose 5% when compared to the previous quarter. Its revenue from operations rose 10.23% YoY to Rs 13,183 crore during the same period. EBITDA stood at Rs 3,279 crore, up 15% YoY. HUL’s home care segment grew 23% YoY, while its beauty & personal care segment grew 7% YoY in Q3. 

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Asian Paints Q3 Results: Net profit falls 18% YoY to Rs 1,016  crore

Asian Paints Ltd reported an 18% YoY decline in consolidated net profit to Rs 1,015.69 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 25.6% YoY to Rs 8,527.24 crore during the same period. The rise in raw input costs offset the benefits of price hikes. The company’s paint business grew 25.4% YoY to Rs 8,319.4 crore. Its domestic decorative business registered an 18% volume growth in Q3.

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Delhi HC restrains HFCL for manufacturing multitube cable as STL claims patent

The Delhi High Court has restrained Himachal Futuristic Communications Ltd (HFCL) and its subsidiaries for allegedly manufacturing and selling optic fibre cable based on Sterlite Technologies Ltd’s (STL) multitube technology in a patent infringement case. HFCL has initiated required legal actions to get the restrain order vacated and also for the cancellation of the subject patent.

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Cyient Q3 Results: Net profit rises 38% YoY to Rs 132 crore

Cyient Ltd reported a 38% YoY increase in net profit to Rs 131.8 crore for the quarter ended December (Q3 FY22). Net profit rose 13.84% when compared to the previous quarter. Its revenue from operations rose 13.3% YoY (or 6.5% QoQ) to Rs 1,183.4 crore during the same period. The digital solutions company registered a 5% QoQ increase in EBITDA to Rs 163.2 crore in Q3.

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Natco Pharma signs pact with MPP to sell Molnupiravir capsules

Natco Pharma Ltd has signed a non-exclusive license agreement with the Medicines Patent Pool (MPP), Switzerland, to manufacture and sell Molnupiravir capsules. The capsules will be sold under the brand name MOLNUNAT for treatment of Covid-19 infection in patients who have a high risk of progression of the disease, including hospitalisation or death. 

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Havells Q3 Results: Net profit falls 12% YoY to Rs 305 crore

Havells India Ltd reported a 12.6% YoY decline in consolidated net profit to Rs 305.82 crore for the quarter ended December (Q3 FY22). Net profit rose 1.13% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,664.2 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 13.4% YoY at Rs 440 crore.

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Vedanta to create $10 billion fund to bid for BPCL stake, other assets

Vedanta Resources Ltd plans to create a $10 billion (~Rs 74,395 crore) fund to bid for assets, including the Indian government’s stake in Bharat Petroleum Corp Ltd (BPCL). The government is seeking to privatise state-run BPCL by selling its ~53% stake in the firm (worth over $6 billion). The fund will be made up of its own resources and outside investment. Vedanta may also finance the BPCL acquisition through debt.

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Bajaj Finserv Q3 Results: Net profit falls 3% YoY to Rs 1,256 crore

Bajaj Finserv Ltd reported a 2.63% YoY decline in consolidated net profit to Rs 1,256 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 10.21% YoY to Rs 17,589 crore during the same period. The company’s expenses increased by 29% YoY to Rs 899 crore in Q3. Bajaj Finserv’s assets under management (AUM) grew 26% YoY to Rs 1,81,250 crore.

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Larsen &Toubro dispatches coke drums to Mexico

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has dispatched six of the world’s largest coke drums, weighing 658 tonnes, each to Mexico. The drums were manufactured at L&T’s state-of-the-art Heavy Engineering Complex located at Hazira near Surat. It will be used for a refinery project by PTI Infraestructura de Desarrollo, a subsidiary of the Mexico’s state-owned oil company PEMEX (Petróleos Mexicanos).

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Independent directors of PTC Financial Services resign citing governance issues

All three independent directors of PTC Financial Services Ltd resigned on Wednesday, citing corporate governance lapses. They have flagged serious concerns on the conduct of the management of PFS India Ltd (the parent company), led by managing director and CEO Pawan Singh. They also referred to the issues regarding a Rs 125 crore-bridge loan given to NSL Nagapatnam Power and Infratech Pvt Ltd, besides alleging that no action has been taken on certain corporate governance issues.

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PNB Housing Q3 Results: Net profit falls 19% YoY to Rs 188 crore

PNB Housing Finance Ltd reported a 19% YoY decline in net profit to Rs 188 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) fell 26% YoY to Rs 439 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.64% in Q3 FY22, compared to 5.94% in Q2 FY22.

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Tata Power Reports 51% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tata Power Q2 Results: Net profit rises 51% YoY to Rs 421 crore

Tata Power reported a 51% YoY increase in consolidated net profit to Rs 421.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 8% compared to the previous quarter. Its revenue from operations rose 18% YoY to Rs 9,810.2 crore during the same period. Revenue from its transmission & distribution segment grew 48% YoY to Rs 6,787.4 crore. However, the revenue from its power generation segment fell 36% YoY to Rs 2,216.9 crore in Q2.

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L&T’s construction arm secures large order from CPWD

The construction arm of Larsen and Toubro (L&T) has secured a large order (in the range of Rs 2,500-5,000 crore) for its buildings and factories business from the Central Public Works Department (CPWD). The order includes the construction of Common Central Secretariat Integrated Buildings 1, 2, and 3 in Plot 137 in New Delhi, with a built-up area of approximately 48.11 lakh sq. ft. The project is scheduled to be completed in two years.

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Bajaj Finserv Q2 Results: Net profit rises 14% YoY to Rs 1,122 crore

Bajaj Finserv Ltd reported a 13.7% YoY increase in consolidated net profit to Rs 1,122.1 crore for the quarter ended September (Q2 FY22). Net profit increased by 34.75% compared to the previous quarter. Its revenue from operations rose 19.7% YoY to Rs 18,008.2 crore during the same period. Recovery gathered momentum in Q2 on the back of reopening of the economy in most states, rapid vaccinations, and continued policy support. Bajaj Finserv is the holding company for the various financial services businesses of the Bajaj Group.

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Marico Q2 Results: Net profit rises 17% YoY to Rs 309 crore

Marico Limited reported a 17.05% YoY increase in consolidated net profit to Rs 309 crore for the quarter ended September (Q2 FY22). Net profit fell 13.2% compared to the previous quarter. Its revenue from operations rose 21.6% YoY to Rs 2,419 crore during the same period. The FMCG company’s EBITDA stood at Rs 423 crore in Q2, a growth of 34.4% YoY. 

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SC bars Bharti Airtel from seeking Rs 923 crore GST refund

The Supreme Court (SC) has disallowed Bharti Airtel from seeking a Goods and Services Tax (GST) refund of Rs 923 crore. The apex court upheld the Centre’s appeal and dismissed a Delhi High Court order that allowed Bharti Airtel to claim Rs 923 crore as refund of excess GST returns filed in July-September 2017. 

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IndiGo Q2 Results: Net loss at Rs 1,435 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,435.7 crore for the quarter ended September (Q2 FY22). The airline had posted a net loss of Rs 3,179 crore in the previous quarter and a net loss of Rs 1,194.8 crore in Q2 FY21. Its revenue from operations rose 104.6% YoY (or 87% QoQ) to Rs 5,608.5 crore during the same period. Earnings before interest, tax, depreciation, amortisation, and rent (EBITDAR) stood at Rs 340.8 crore in Q2, down 16.6% YoY. 

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DLF Q2 Results: Net profit rises 66% YoY to Rs 378 crore

DLF Limited reported a 66% YoY increase in consolidated net profit to Rs 378.12 crore for the quarter ended September (Q2 FY22). Net profit increased 12% compared to the previous quarter. Its revenue from operations fell 9.6% YoY to Rs 1,557 crore during the same period. The realty firm’s sales booking grew 77% YoY to Rs 1,512 crore in Q2.

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Adani Green Energy Q2 Results: Net profit jumps six-fold YoY to Rs 100 crore

Adani Green Energy Ltd (AGEL) reported a nearly six-fold YoY jump in consolidated net profit to Rs 100 crore for the quarter ended September (Q2 FY22). Its total income rose 96.5% YoY to Rs 1,411 crore during the same period. AGEL’s sale of energy grew 61% YoY to 1,901 million units (MU) in Q2. The company’s solar sales grew 41% YoY to 1,430 MU in the July-September quarter of FY22.

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Tata Motors unveils 21 commercial vehicles for cargo, passenger verticals

Tata Motors has unveiled 21 new commercial vehicles to cater to evolving needs of cargo and people transport across segments. The company has launched seven products in the medium and heavy commercial vehicles (M&HCV) segment and five products in the intermediate and light commercial segment with CNG powertrains. Moreover, the automaker has unveiled four new LCVs (Light Commercial Vehicles) to improve last-mile delivery efficiency and reduce operational costs.

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SBI Cards Q2 Results: Net profit rises 67% YoY to Rs 345 crore

SBI Cards and Payment Services reported a 67% YoY increase in consolidated net profit to Rs 345 crore for the quarter ended September (Q2 FY22). Its total income rose 7% YoY to Rs 2,695 crore during the same period. The company’s total operating cost stood at Rs 1,383 in Q2, an increase of 25% YoY. The increase in operating costs is due to higher business volumes.

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NTPC Q2 Results: Net profit falls 8% YoY to Rs 3,212 crore

State-owned NTPC Ltd reported an 8.4% YoY decline in net profit to Rs 3,211 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 14.7% YoY to Rs 28,329 crore during the same period. The surge in revenues was aided by a rise in demand for power due to the rapid reopening of the economy post the second wave and higher vaccination rates. NTPC’s tax expenses grew 89% YoY to Rs 960.5 crore in Q2.

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Govt asks IRCTC to share 50% of revenue from convenience fee

The Ministry of Railways has asked the Indian Railways Catering and Transportation Corporation (IRCTC) to share 50% of the revenue from the convenience fee with it. So far, IRCTC kept 100% of the convenience fee it charged customers for providing various services with itself. Analysts believe that this move could spark a near 50% cut in the earnings of IRCTC since the majority of its revenues come from internet ticketing services.

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India’s GDP Likely to Grow at 18.5% in Q1, says SBI Report – Top Indian Market News

India’s GDP likely to grow at 18.5% in April-June quarter: SBI Report

India’s gross domestic product (GDP) is expected to grow at 18.5% in the April-June quarter (Q1 FY22) due to a low base effect, said SBI in its Ecowrap research report. However, this projection is lower than the 21.4% growth projected by the Reserve Bank of India (RBI). The report further states that corporate results announced so far indicate that there is a substantial recovery in corporate gross value added (GVA) EBIDTA in Q1 FY22.

State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.

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SC grants relief to Bharti Airtel in Videocon AGR dues case

The Supreme Court has granted relief to Bharti Airtel by restraining the Department of Telecommunications (DoT) from encashing the telecom company’s bank guarantees worth Rs 1,376 crores for 3 weeks for non-payment of Adjusted Gross Revenue (AGR) dues owed by bankrupt Videocon. Further, Bharti Airtel was allowed to move the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to seek protection from payment of Videocon AGR dues.

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Wipro to hire 400 people for new delivery centre in Arkansas

Wipro Ltd announced that it will open a new delivery centre in Sherwood, Arkansas (US). The IT major expects to hire up to 400 employees for the centre in the next two years. The company will invest approximately $3 million (~Rs 22.2 crore) to transform a 70,000 square-foot facility at Landers Road into a customer service centre. The delivery centre will provide operational services to Wipro’s clients across industry verticals.    

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Power Finance Corp signs MoU with NHPC to lend funds for development of hydro projects

Power Finance Corporation Ltd (PFC) has signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects. The signing of the MoU will further boost the long-standing association between the two companies and facilitate knowledge and technology transfer. The partnership will also work towards contributing to India’s sustainable development initiatives. 

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Bajaj Finserv gets SEBI approval for mutual fund business

The Securities and Exchange Board of India (SEBI) has given its in-principal approval to Bajaj Finserv Ltd for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC). According to reports, Bajaj Finserv plans to offer all financial services and deliver seamlessly through an app-based platform. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

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Tata Steel signs MoU with Mitsui OSK Lines to develop eco-friendly shipping line

Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL) to develop and deploy environment-friendly shipping solutions. Japan-based Mitsui OSK Lines is a global marine transport group. The objective of the agreement is to reduce greenhouse gas emissions in the ocean transportation of raw materials for the production of steel. This move is in line with Tata Steel’s larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain.

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Tata Power’s arm commissions 150 MW solar project in Rajasthan

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 150 megawatt (MW) solar power project in Loharki, Rajasthan. The project is expected to generate more than 350 million units (MUs) of power annually and is spread across 756 acres of land. TPREL is a wholly-owned subsidiary of Tata Power. With the commissioning of this project, the total renewables installed capacity of Tata Power will be 2,947 MW.

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Infosys signs three-year contract with UCAS

Infosys Ltd has signed a new minimum three-year contract with UCAS, the admissions service for UK higher education. As part of the new agreement, Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organizations. UCAS and Infosys have been engaged in a technology partnership since 2015.

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ABB India expands capacity for LV motors in Faridabad plant

ABB India has expanded manufacturing capacity for Low Voltage (LV) motors at its Faridabad facility in Haryana, powered by renewable energy. The expansion will increase the company’s plant capacity by more than 20% and will further strengthen its presence in the region and global markets. The new line will develop energy-efficient motors up to 55 kilowatts (kW) for customers operating in different industrial segments such as water & wastewater, cement, metals and mining, etc. 

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Reliance plans to unveil super app adding Just Dial offerings: Report

According to a report from ET, Reliance Industries Ltd (RIL) is planning to create a super app by integrating the offerings of local search engine Just Dial, as it aims to become the number one player in the e-commerce space. The one-stop super app is likely to be a marketplace of services and offerings, delivered via in-house technology and through third-party integrations. Last month, Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in JustDial for Rs 3,497 crore. You can read more about it here.

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Bajaj Finserv Reports 31% YoY Fall in Net Profit in Q1 – Top Indian Market News

Bajaj Finserv Q1 Results: Net profit falls 31% YoY to Rs 833 crore

Bajaj Finserv Ltd reported a 31.5% YoY decline in consolidated net profit to Rs 832.7 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 14.9% when compared to the previous quarter. Its revenue from operations fell 1.7% YoY (or 9.34% QoQ) to Rs 13,949.5 crore during the same period. Under its life insurance business, new business premiums grew 75% YoY to Rs 1,296 crore in Q1. However, the net profit of the life insurance business declined by 35% YoY to Rs 84 crore due to a surge in claims related to Covid-19 deaths. 

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Bharti Airtel partners with Intel to accelerate 5G rollout in India

Bharti Airtel has announced a collaboration with Intel to develop 5G network by leveraging virtualized radio access network (vRAN) and open radio access network (O-RAN) technologies. The telecom operator will deploy Intel’s 3rd-generation Xeon Scalable processors and other specialised telecom equipment across its network to build a foundation for rolling out wide-scale 5G and mobile edge computing (MEC). The partnership is part of Airtel’s 5G roadmap for India, as it transforms its networks to allow customers to reap full possibilities of the hyperconnected world.

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Glenmark Life Sciences IPO to open on July 27; price band set at Rs 695-720 per share

The initial public offering (IPO) of Glenmark Life Sciences will open on July 27 and close on July 29. The price band of the IPO is fixed at Rs 695-720 per share. It consists of a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale (OFS) of up to 63 lakh shares by Glenmark Pharma Ltd (the promoter). At the higher end of the price band, the company is expected to raise Rs 1,513.6 crore. Glenmark Life Sciences is a leading manufacturer of Active Pharmaceutical Ingredients (APIs).

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Wipro announces strategic partnership with Celonis

Wipro Limited has entered into a strategic partnership with Celonis, a global leader in execution management. The IT company will launch the Global Celonis Center to drive operations transformation for clients. The partnership will leverage the Celonis Execution Management System and Wipro’s expertise to streamline operations for clients across several areas, including finance, human resources, and supply chain management. 

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Havells India Q1 Results: Net profit jumps nearly four-fold to Rs 236 crore

Havells India Limited reported a 268.5% YoY jump in consolidated net profit to Rs 235.78 crore for the quarter ended June (Q1 FY22). Net profit declined by 22.4% when compared to the previous quarter. Its total revenue from operations rose 75.95% YoY to Rs 2,609.97 crore during the same period. The revenue from its cables segment grew 75% YoY to Rs 807.17 crore. The electrical consumer durables business posted a revenue of Rs 576.33 crore in Q1, an increase of 91% YoY.

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Gland Pharma Q1 Results: Net profit rises 12% YoY to Rs 350 crore

Gland Pharma Limited reported an 11.82% YoY increase in consolidated net profit to Rs 350.7 crore for the quarter ended June (Q1 FY22). Net profit increased by 34.66% when compared to the previous quarter. Its revenue from operations rose 30.5% YoY to Rs 1,153.9 crore during the same period. The company’s key markets of Canada, Europe, the US, and Australia registered a growth of 16% YoY and accounted for 61% of the total revenue in Q1.

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Firstsource Solutions partners with Upfront Healthcare

Firstsource Solutions Ltd has partnered with US-based Upfront Healthcare to provide personalised navigation for each patient. The companies will offer data-backed personalisation and health communications to engage patients before and after care— ultimately transforming the care experience and reducing friction. They will focus on improving medication & visit adherence and reducing patient communication fatigue.

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Syngene Q1 Results: Net profit rises 33% You to Rs 77 crore

Syngene International reported a 33.27% YoY increase in consolidated net profit to Rs 77.3 crore for the quarter ended June (Q1 FY22). Net profit declined by 51.8% when compared to the previous quarter. Its revenue from operations rose 41% YoY to Rs 594.5 crore during the same period. EBITDA grew 27% YoY to Rs 177.30 crore in Q1. Syngene International is a contract research and manufacturing company. It provides drug discovery and development services in India and the US.

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Jubilant Foodworks Q1 Results: Net profit at Rs 69 crore

Jubilant Foodworks Ltd reported a consolidated net profit of Rs 69.51 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.89 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 129.95% YoY to Rs 893.18 crore in Q1 FY22. The company opened 29 new stores in Q1, including 20 new Domino’s stores and three stores each for Hong’s Kitchen, Ekdum!, and Dunkin Donuts.

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Tejas Networks Q1 Results: Net profit at Rs 7.55 crore

Tejas Networks Ltd reported a consolidated net profit of Rs 7.55 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 9.76 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 80.73% YoY to Rs 152.63 crore during the April-June quarter of FY22. Tejas Networks is a global optical, broadband, and data networking products company.

CEAT Q1 Results: Net profit at Rs 23.98 crore

CEAT Limited reported a consolidated net profit of Rs 23.98 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 34.76 crore in the corresponding quarter last year (Q1 FY21). However, net profit has declined by 84.31% when compared to the previous quarter (Q4 FY21). The tyre manufacturer’s total income rose 70.11% YoY to Rs 1,910.28 crore during the April-June quarter of FY22. 

Sterling Gtake secures order worth Rs 60 crore for high-speed electric 2W application

Sterling Gtake E-mobility Ltd (SGEM) has secured an order worth Rs 60 crore for motor control units (MCUs) from a leading electric two-wheeler manufacturer. SGEM is a subsidiary of Sterling Tools Limited. The company expects electric vehicle (EV) components to contribute more than 10% of its revenues by the end of the current financial year (FY22). SGEM has been focusing on identifying partners and driving technology transfer to provide customers with application support and technology adapted to Indian requirements.

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Editorial

Can The Digital Wallet market help Bajaj Finance Expand?

Bajaj Finance has become a household name through its various offerings in the finance sector. The Non-Banking Financial Company(NBFC) has now made a major breakthrough as they have received a green light from the RBI to venture into another domain. Let’s see what it is and how strong beneficial it can be for Bajaj Finance. But before that, it is important to know what PPIs are.

What are PPIs?

PPI stands for Prepaid Payment Instruments. PPIs can be used to facilitate buying goods and services against the value stored on the instrument. For example, you can say that PayTM’s wallet is a PPI. PPIs can be of various types: Mobile Wallets, vouchers, magnetic chips, payment wallets and others. Semi-closed PPIs are those instruments that can only be issued by banking institutions or non-banking institutions approved by the RBI.

The Story

Last week Bajaj Finance got the nod from the Reserve Bank of India to launch its digital wallet. The authorisation was granted for the operation of a semi-closed Prepaid Payment Instrument with perpetual validity. Here perpetual validity means that Bajaj Finance does not have to seek a new authorization every year from the respective authorities. This is an important criterion because seeking approval every year raises doubts in the mind of the users of the wallet.

With this, they will compete against the likes of Paytm and Amazon in the prepaid payment business. Bajaj Finance is a well-known name in consumer NBFC. Taking a robust step with a digital wallet demonstrates that the company is planning to widen their services. 

They have already launched the Bharat Bill Pay system on Bajaj Pay in January. The UPI payment system will go live this month alongside the digital wallet. Thus, customers will be able to use UPI, PPI, EMI cards, and credit cards as part of Bajaj Pay’s integrated payment solution.

UPI taking over Digital Wallet?

Digital wallets used to be a big thing earlier but slowly it is losing ground against UPI (Unified Payments Interface). It was not only UPI that impeded Digital Wallet’s growth trajectory but it was also the arrival of KYC and other norms which made the process of storing money in digital wallets more troublesome. From October 2017 to March 2018, the market share of e-wallets in India is said to have decreased by 40%-50%.

You would be wondering what is the difference between a UPI and a Digital Wallet? So, UPI involves direct bank to bank transfers. On the other hand, a digital wallet is more like an intermediary (middlemen) between the two bank accounts involved. The major issue between the two is the transaction limit placed by the RBI. With UPI, the transaction limit is Rs 1 lakh per transaction while the wallet transaction is limited to Rs 10,000 per month for non-KYC customers. This forced many users towards UPI, thus, decreasing the popularity of Digital Wallets.

However, things have started to change lately. On 9th April 2021, RBI brought alterations to help these Prepaid Payment Instruments. Soon, the storage limit on these wallets will be increased up to Rs 2 lakhs. Earlier this limit was half of it, that is, Rs 1 Lakh. Another benefit was for the non-bank wallets as they were allowed to do real-time gross settlement and the National Electronic Fund Transfer. This will help those users who don’t want to use their primary bank account online or store their bank account details with any third-party provider. 

Conclusion

Bajaj Finance will be hoping that their new initiative will help them to increase their customers’ reach. They already have a substantial client base and this new wallet will attract their loyal customers. The new rules pertaining to PPIs will benefit them but are they enough to help them to fight against UPIs popularity? We are not sure. You still have to undergo the KYC process whereas UPI is completely hassle-free in this regard. 

The e-wallets need to provide incentives to their customers to hinder the UPI boom we are experiencing currently. If they can give interest to the customers on the basis of the money stored in the account, people might get more interested but this is a service which is provided by banks. The NBFC still has a long way to go with this digital wallet but this move should be taken positively for their long-term future.

What are your opinions on Bajaj Finance operating with PPIs? Do let us know in the comments section of the Marketfeed app.

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Zomato to Raise Rs 8,250 crore via IPO – Top Indian Market News

Zomato to raise Rs 8,250 crore via IPO

Foodtech platform Zomato has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI, proposing an initial public offering (IPO) of Rs 8,250 crore. The IPO will consist of a fresh issue of equity shares worth Rs 7,500 crore and an offer for sale (OFS) of Rs 750 crore by promoter Info Edge. Zomato plans to use the proceed from the IPO towards funding growth initiatives and for general corporate purposes.

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SBI board approves raising $2 billion through bonds

The Board of Directors of State Bank of India (SBI) has approved raising up to $2 billion (~Rs 14,895 crore) through bonds. The funds are to be raised through a public offer and/or private placement of senior unsecured notes in US Dollars or any other convertible currency during FY 2021-22. In January, SBI had concluded the raising of $600 (~Rs 4,500 crore) from bonds to fund the expansion of its overseas business.

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Bajaj Finserv Q4 Results: Net profit jumps five-fold to Rs 979 crore

Bajaj Finserv Limited reported a five-fold YoY jump in net profit to Rs 979 crore for the quarter ended March (Q4). Revenue from operations rose 16% YoY to Rs 15,387 crore during the same period. Its life insurance business registered a 515.8% YoY growth in profit to Rs 234 crore, and Bajaj Finance Ltd’s net profit increased by 42% YoY to Rs 1,347 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has grown by 32.7% YoY to Rs 4,470.46 crore. The company’s board has declared a final dividend of Rs 3 per share.

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LT Foods partners with Humankind Group to develop commercial-scale biomass plants

LT Foods Limited has entered into a partnership with US-based Humankind Group (HKG) to explore an opportunity to develop commercial-scale biomass plants. The plants would help recycle rice paddy straw into green energy and bio-fertilizer in India under its Environment Sustainability Program. LT Foods and HKG plan to advance the partnership and facilitate the local ownership of the first commercial-scale biomass facility. 

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Hathway Cable Q4 Results: Net profit rises 47% YoY to Rs 72 crore

Hathway Cable & Datacom Ltd reported a 47.68% YoY increase in consolidated net profit to Rs 72.04 crore for the quarter ended March (Q4). Its revenue from operations declined 3.72% YoY to Rs 438.71 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 143.64% YoY to Rs 252.73 crore. 

On April 27, the sovereign wealth fund of the Government of Singapore bought 1.6 crore shares of Hathway Cable & Datacom for Rs 22.22 per share through a bulk deal on the NSE.

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Morepen Labs’ board approves $100 million investment by Corinth Group

The Board of Directors of Morepen Laboratories Ltd has approved an investment of $32.50 million from Switzerland-based Corinth Group, as part of the private investment firm’s proposed $100 million (~Rs 745 crore) investment in the Morepen Group. The balance $67.50 million will be invested in promoter group companies. Corinth would be allotted 5.85 crore new equity shares on a preferential basis. The investment is subject to the approval of shareholders and other regulatory bodies.

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Anupam Rasayan secures order worth Rs 1,100 crore for supply of specialty chemicals

Anupam Rasayan India Ltd has received a Letter of Intent from one of the top 10 multinational life sciences companies for supplying specialty chemicals. The total value of the order is Rs 1,100 crore. The company will provide multiple products from the ‘life sciences related specialty chemicals’ category to the multinational firm for the next five years.

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KPIT Technologies Q4 Results: Net profit rises 23% YoY to Rs 47 crore

KPIT Technologies Ltd reported a 23.6% YoY increase in net profit to Rs 47 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 9.3%. Revenue from operations declined 3.8% YoY to Rs 546.6 crore during the same period. For the financial year ended March 31, 2021, net profit has declined 4.20% YoY to Rs 140.43 crore. The company said that revenue growth momentum will continue in the current financial year (FY22). KPIT Technologies is an IT services company based in Pune.

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PowerGrid InvIT IPO to open for subscription tomorrow

The Rs 7,735 crore initial public offering (IPO) of PowerGrid Infrastructure Investment Trust (InvIT) will open for subscription tomorrow (April 29). The price band of the IPO has been fixed at Rs 99-100 per unit. The offer comprises a fresh issue of Rs 4,993.48 crore and an offer for sale (OFS) of Rs 2,741.51 crore. This will be the first InvIT IPO to be launched by a state-owned company.

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Sundaram Clayton Q4 Results: Net profit declines 17% QoQ to Rs 167 crore

Sundaram Clayton Ltd reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 167.16 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 18-fold (or 1,714%). Revenue from operations rose 0.85% QoQ to Rs 6,451.09 crore during the same period. The company posted sharp growth across its auto components, auto vehicles & parts, and financial services segments. 

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Tata Communications Q4 Results: Net profit at Rs 299 crore

Tata Communications Ltd reported a net profit of Rs 299.2 crore for the quarter ended March (Q4). It had posted a net loss of Rs 275 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations declined 7.38% YoY to Rs 4,073.25 crore in Q4 FY21. Tata Communications’ payment solutions vertical declined 40% YoY, while the voice solutions vertical posted a 30% fall in revenues.