Tag: balrampur chini

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Centre to Buy 1 Crore Shots of Zydus Cadila’s Covid-19 Vaccine – Top Indian Market News

Centre to buy 1 crore shots of Zydus Cadila’s Covid-19 vaccine

The Central government has placed a purchase order of 1 crore doses of Zydus Cadila’s three-dose Covid vaccine ZyCoV-D at Rs 265 per dose. The needle-free vaccine will cost Rs 93 per dose (excluding GST). The complete dose of the vaccine will cost Rs 1,128. ZyCoV-D was approved by India’s drug regulator in August 2021 for emergency use in adults and children aged 12 years and above.

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Britannia Industries Q2 Results: Net profit falls 23% YoY to Rs 384 crore

Britannia Industries Ltd reported a 23% YoY decline in consolidated net profit to Rs 384.22 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 5.5% YoY to Rs 3,607.4 crore during the same period. The FMCG company’s raw material cost stood at Rs 1,914.7 crore in Q2, an increase of 8% YoY. Britannia said it is witnessing unprecedented inflation in market prices of key ingredients such as palm oil, industrial fuel, and packaging material.

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JBM Auto secures order for 200 low-floor electric buses from Delhi govt

JBM Auto Limited has received an order for 200 electric buses from Delhi Transport Corporation (DTC). The order has been placed under the central government’s FAME II electric vehicle policy. The company will supply, operate and maintain 200 air-conditioned fully built low-floor electric buses of 12-meter length. Gurgaon-based JBM Auto is a leading manufacturer of key auto systems, electric vehicles, and buses.

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Sobha Q2 Results: Net profit jumps 198% YoY to Rs 48 crore

Sobha Ltd reported a 198% YoY jump in consolidated net profit to Rs 48.3 crore for the quarter ended September (Q2 FY22). Net profit jumped 347% compared to the previous quarter. Its total income rose 52% YoY to Rs 832.3 crore during the same period. The realty firm’s board has approved the issue of unlisted, secured, non-convertible debentures (NCDs) worth up to Rs 140 crore on a private placement basis.

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L&T’s construction arm secures orders worth up to Rs 2,500 crore

Larsen & Toubro’s (L&T) construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) from the metal industry and Defence Research & Development Organisation (DRDO). The order from DRDO consists of constructing a flight control system facility at Aeronautical Development Establishment, Bengaluru. L&T has also received an engineering, procurement, and construction (EPC) order for a 12 million ton per annum (MTPA) dry circuit system for a screening plant (SP-III) from NMDC Limited in Chhattisgarh.

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Shyam Metalics Q2 Results: Net profit jumps 159% YoY to Rs 414 crore

Shyam Metalics & Energy Ltd (SMEL) reported a 159.22% YoY jump in consolidated net profit to Rs 414.18 crore for the quarter ended September (Q2 FY22). Net profit fell 9% compared to the previous quarter. Its revenue from operations rose 87% YoY to Rs 2,494.34 crore during the same period. EBITDA stood at Rs 689 crore in Q2, an increase of 96% YoY. SMEL is a leading integrated metal producing company in India.

Exchanges to launch T+1 settlement cycle from Feb 25

The National Stock Exchange (NSE) and other Market Infrastructure Institutions (MIIs) are bracing to launch T+1 trading settlement cycle from February 25, 2022. All listed stocks across stock exchanges (BSE, NSE & MSEI) will be ranked in descending order based on daily market capitalization averaged for the month of October 2021.

Currently, if an investor buys or sells a stock on Monday, they receive the money or shares on Wednesday (T+2 working days). With T+1 settlement, the transfer will be completed on Tuesday itself. You can learn more about T+1 settlement cycle here.

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Balrampur Chini Mills Q2 Results: Net profit rises 6% YoY to Rs 83 crore

Balrampur Chini Mills Ltd reported a 6.1% YoY increase in consolidated net profit to Rs 83.1 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 1,213.8 crore during the same period. EBITDA stood at Rs 134.8 crore in Q2, an increase of 5.6% YoY.

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DCM Shriram to invest over Rs 350 crore on expansion of sugar business

DCM Shriram Ltd has announced an investment of over Rs 350 crore to expand the capacity of its sugar mills. The company approved three investment proposals for its sugar business to capitalise on the increase in sugarcane availability in its catchment area. These investments will help enhance production capacity for refined sugar production and build flexibility of feedstock for its distilleries.

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Paytm IPO subscribed 18% on first day of bidding

The Rs 18,300 crore initial public offering (IPO) of One97 Communications Ltd (Paytm) was subscribed 18% on the first day of bidding. The IPO has received bids for 88.23 lakh equity shares against the issue size of 4.83 crore shares. Retail investors have subscribed 78% against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2% and 6%, respectively, against their reserved portions. 

To learn more about the IPO, click here.

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MRF Reports 12-fold Jump in Net Profit in Q1 – Top Indian Market News

MRF Q1 Results: Net profit rises 12-fold YoY to Rs 166 crore

MRF Limited reported a 1,130% YoY jump in consolidated net profit to Rs 165.58 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 50.15% when compared to the previous quarter. Its revenue from operations rose 70% YoY to Rs 4,184 crore during the same period. EBITDA grew 49.2% YoY to Rs 2,460.7 crore in Q1. The tyre manufacturer’s total expenses increased by 63.5% YoY to Rs 4,054.24 crore during the April-June quarter of FY22.

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Amara Raja Batteries to acquire 11.36% stake in Log 9 for Rs 37 crore

Amara Raja Batteries Ltd (ARBL) will invest ~Rs 37 crore for acquiring an 11.36% stake in Log 9 Materials Scientific Pvt Ltd, a Bengaluru-based battery-tech and deep-tech startup. ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log 9’s battery and fuel cell technologies. The investment is part of ARBL’s ‘Energy & Mobility’ strategy, which focuses on entering into green technologies and solutions.

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AstraZeneca Pharma Q1 Results: Net profit falls 45% YoY to Rs 10.24 crore

AstraZeneca Pharma India Ltd reported a 45.62% YoY decline in net profit to Rs 10.24 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62.45% when compared to the previous quarter. Its revenue from operations fell 9.3% YoY to Rs 175.4 crore during the same period. The pharma company’s board has declared an interim dividend of Rs 2 per share.

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Govt looks to cut import duties on electric cars to as low as 40%: Report

According to a report from Reuters, India is considering slashing import duties on electric cars to as low as 40%. The government plans to cut the tax rate from 60% to 40% for electric cars under $40,000 (~Rs 29.69 lakh). For EVs valued at more than $40,000, the Centre is looking at cutting the rate from 100% to 60%. This comes days after Tesla Inc appealed for a cut in India’s import duties. The EV giant argued that lowering import duties on EVs to 40% would make them more affordable and boost sales. 

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Subex Q1 Results: Net profit falls 11% YoY to Rs 13.48 crore

Subex Ltd reported an 11.08% YoY decline in consolidated net profit to Rs 13.48 crore for the quarter ended June (Q1 FY22). Net profit has declined by 13.6% when compared to the previous quarter. Its total income fell 2.62%% YoY (or 10.8% QoQ) to Rs 87.31 crore during the same period. Subex is an enterprise software company that provides digital trust products to communication service providers.

Equity mutual fund inflows surge more than three-fold in July

Investment into equity mutual funds surged more than three-fold in July amidst optimism about the economy, as restrictions eased after the second wave of Covid-19. Net inflows into equity and equity-linked schemes jumped ~277% over the preceding month to Rs 22,583.5 crore in July 2021. This is the fifth-straight month of inflows into the category and is the highest since April 2018. The data was released by the Association of Mutual Funds in India (AMFI).

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Balrampur Chini Mills Q1: Net profit falls 44% YoY to Rs 77 crore

Balrampur Chini Mills Ltd reported a 44.7% YoY decline in consolidated net profit to Rs 77.92 crore for the quarter ended June (Q1 FY22). Net profit has declined by 67.34% when compared to the previous quarter. Its revenue from operations fell 20.2% YoY to Rs 1,140.44 crore during the same period. The company’s board has approved a proposal to buy back up to 52.5 lakh equity shares at a maximum price of Rs 410 per share. The Board of Directors has also approved a further expansion of ethanol production from 840-kilo litre per day (KLPD) to 1,050 KLPD.

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Shree Cements Q1 Results: Net profit rises 91% YoY to Rs 630 crore

Shree Cements Ltd reported a 91.11% YoY increase in consolidated net profit to Rs 629.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 21.1% when compared to the previous quarter. Its total income rose 44.5% YoY (but declined by 13.3% QoQ) to Rs 3,775.9 crore during the same period.

Clean Science and Tech Q1 Results: Net profit rises 30% YoY to Rs 54 crore

Clean Science and Technology Ltd reported a 30.3% YoY increase in consolidated net profit to Rs 54.6 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 29.62% YoY (or 9.2% QoQ) to Rs 146.4 crore during the same period. Clean Science and Tech is a specialty chemical manufacturer based in Pune, Maharashtra.

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CarTrade Tech IPO subscribed 41% on first day of bidding

The Rs 2,998.5 crore initial public offering (IPO) of CarTrade Tech was subscribed 41% on the first day of bidding. Retail investors have subscribed 0.8% against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 3% and 1%, respectively, against their reserved portions. To learn more about the IPO, click here.

Meanwhile, the Rs 5,000 crore initial public offering (IPO) of Nuvoco Vistas Corp was subscribed 16% on the first day of bidding. Retail investors have subscribed 31% against their reserved portion. Non Institutional investors (NIIs) have subscribed 1% against their reserved portion. 

Indian Hotels Q1 Results: Net loss at Rs 277 crore

The Indian Hotels Company Ltd (IHCL) reported a consolidated net loss of Rs 277 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 279.9 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 139% YoY to Rs 344.55 crore in Q1 FY22. IHCL is a hospitality company that manages a wide portfolio of hotels, resorts, spas, etc. It is a subsidiary of the Tata Group.

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ITC Reports 3% YoY Decline in Net Profit in Q4 – Top Indian Market News

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ITC Q4 Results: Net profit falls 3% YoY to Rs 3,755 crore

ITC Limited reported a 3% YoY decline in consolidated net profit to Rs 3,755 crore for the quarter ended March (Q4). Net profit has increased by 6.4% when compared to the previous quarter. The FMCG firm’s consolidated revenue from operations rose 22.6% YoY to Rs 15,404 crore during the same period. The revenue from its hotel business declined by 38% YoY to Rs 302 crore. ITC’s cigarette business reported an 11.5% YoY increase in revenue to Rs 6,508 crore in Q4. The company’s board has recommended a final dividend of Rs 5.75 per share.

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Manufacturing PMI drops to 10-month low in May

Factory activity in India fell to the lowest level in 10 months in May, as the surge in Covid-19 cases caused a severe impact on new orders and output. Overall manufacturing activity has slowed down, and job loss has accelerated. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 50.8 in May, compared with 55.5 in April. 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 companies post sharp fall in sales in May amid second wave

Automakers posted a sharp fall in sales in May 2021 due to the resurgence of the Covid-19 pandemic. India’s largest automaker Maruti Suzuki posted a 71% decline in total sales to 46,555 units in May, compared with 1.59 lakh units in April. Mahindra & Mahindra’s passenger vehicle (PV) sales in May fell 56% over the previous month. Tata Motors’ PV sales declined by 40% month-on-month (MoM) to 15,181 units during the same month. TVS Motor Company reported a 30.16% fall in total sales to 1.66 lakh units in May over the previous month.

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Salasar Techno Q4 Results: Net profit rises 163% YoY to Rs 9.85 crore

Salasar Techno Engineering reported a 163.36% YoY jump in consolidated net profit to Rs 9.85 crore for the quarter ended March (Q4). Its revenue from operations rose 94.73% YoY to Rs 211.50 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 33.61% YoY to Rs 28.89 crore. The company’s board has approved the proposal of issuing bonus shares in the ratio 1:1. Its board has also declared a final dividend of Re 1 per share.

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BSE signs MoU with ESC to encourage listing of startups

Bombay Stock Exchange (BSE) has signed a Memorandum of Understanding (MoU) with Electronics and Computer Software Export Promotion Council (ESC) to create awareness about the benefits of listing among small businesses and startups. ESC will utilise its pan India network of electronics and IT exporters and evaluate the small and medium enterprises (SMEs) and startups amongst these for listing on the BSE SME platform. ESC will also assist in sensitising its investor network for investing in SMEs listed on the BSE SME platform.

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Balrampur Chini Q4 Results: Net profit declines 2% YoY to Rs 235 crore

Balrampur Chini Mills Ltd reported a 2.46% YoY decline in consolidated net profit to Rs 235.5 crore for the quarter ended March (Q4). Its revenue from operations declined by 41.41% YoY to Rs 1,019.35 crore during the same period. The company’s revenue from sugar manufacturing fell 41.8% YoY to Rs 1,031.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit declined by 3% YoY to Rs 199.51 crore.

The Board of Directors of Balrampur Chini Mills has approved an investment of Rs 425 crore for establishing a new distillery facility with a capacity of 320 kilo-litres per day (KLPD). The unit is scheduled to commence operations from December 2022.

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Glenmark Pharma launches anti-epileptic drug in the US

Glenmark Pharmaceuticals Ltd announced the launch of anti-epileptic drug Rufinamide tablets in the US market. The newly launched drug is a therapeutic equivalent of Banzel tablets of Japan-based Eisai, Inc. The drug is used in combination with other medications to treat children with Lennox-Gastaut syndrome, a severe form of epilepsy that causes developmental problems. According to IQVIA data, Banzel tablets had achieved annual sales of approximately $285.3 million (~Rs 2,079 crore) for the 12 months ended April 2021.

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Radico Khaitan Q4 Results: Net profit rises 91% YoY to Rs 73.55 crore

Radico Khaitan Ltd reported a 91.3% YoY increase in consolidated net profit to Rs 73.55 crore for the quarter ended March (Q4). Its revenue from operations rose 18.7% YoY to Rs 694.73 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 18.9% YoY to Rs 270.56 crore. The company’s board has recommended a dividend of Rs 2.4 per share. Radico Khaitan is one of the leading manufacturers of Indian-Made Foreign Liquor (IMFL).

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SEBI bans 8 entities in Infosys insider trading case

Market regulator SEBI has banned eight entities, including two Infosys employees, from trading in the stock market due to violation of insider trading norms. An investigation conducted by SEBI revealed that two employees of Infosys were found to have used insider information to trade in the IT company’s stock last year. The value of illegal gains to the tune of Rs 3.06 crore has been impounded from Capital One Partners, Tesora Capital, and several individuals associated with both firms.

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Honeywell Automation Q4 Results: Net profit declines 6% YoY to Rs 104 crore

Honeywell Automation reported a 6.4% YoY decline in net profit to Rs 104.02 crore for the quarter ended March (Q4). Net profit has declined by 30.6% when compared to the previous quarter. Its revenue from operations fell 4.48% YoY to Rs 672.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.4% YoY to Rs 460.04 crore. The company’s board has declared a dividend of Rs 85 per share. Honeywell Automation is a leading provider of integrated automation and software solutions.

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Gujarat Gas Q4 Results: Net profit rises 40% YoY to Rs 350 crore

Gujarat Gas Ltd reported a 40.1% YoY increase in consolidated net profit to Rs 350.86 crore for the quarter ended March (Q4). Net profit has declined by 10.56% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY to Rs 3,489.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 6.5% YoY to Rs 1,277.72 crore. The company’s board has declared a dividend of Rs 2 per share.