Tag: bandhan bank

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Reliance Brands Buys Majority Rights of Superdry IP – Top Indian Market Updates

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

RIL, Superdry signs JV for IP in India, Bangladesh, and Sri Lanka

Reliance Brands Ltd’s (RBL) subsidiary, Reliance Brands Holding UK Ltd (RBUK), has signed a £40 million joint venture (JV) agreement with Superdry Plc. The JV is for the sale of Superdry’s intellectual property assets in India, Sri Lanka and Bangladesh. Reliance Brands (RBL) is a subsidiary of Reliance Retail Ventures Ltd (RRVL). RRVL and Superdry will each own 76% and 24% of the joint venture vehicle, respectively.

Read more here.

JSW Neo Energy signs ₹15,000Cr MoU with Uttarakhand govt

Uttarakhand Government has signed a Memorandum of Understanding (MoU) worth ₹15,000 crores with JSW Neo Energy Ltd (JSW NEL) at the roadshow of its Global Investor Summit. As per the MoU, two pumped storage of 1,500 megawatts (MW) will be developed in the state’s Almora district. JSW NEL is a subsidiary of JSW Energy Ltd.

Read more here.

L&T secures order from West Bengal Power Development Corp

Larsen & Toubro’s (L&T) power business arm secured an order (in the range of ₹1,000-2,500 crore) from West Bengal Power Development Corporation Ltd. The engineering, procurement and construction (EPC) order pertains to setting up wet Flue Gas Desulphurization (FGD) systems for its Thermal Power Plant at Sagardighi, West Bengal. 

Read more here.

Manufacturing operations disrupted at Alembic Pharma’s Sikkim plant

Manufacturing operations at Alembic Pharma’s Sikkim plant have been disrupted due to flash floods in the Teesta River. However, the company stated that no loss or harm was caused to any personnel and the assessment of loss will take a while. All assets of the company are adequately insured and necessary intimations have been given to insurance companies. 

Read more here.

Strides Pharma gets USFDA approval to market HIV drug

Strides Pharma’s Singaporean subsidiary, Strides Pharma Global, has received approval from the US Food & Drug Administration (USFDA) to market Efavirenz, Emtricitabine, Tenofovir Disproxil Fumurate (EET) tablets. The drug helps control HIV infection. The drug is a generic version of Gilead Sciences’ Atripla tablets. As per IQVIA data, the tablet has a market opportunity of $7.5 million in the US.

Read more here.

Hindustan Zinc to use LNG-fuelled trucks of GreenLine

Hindustan Zinc Ltd (HZL) will use Greenline’s liquefied natural gas (LNG)-powered trucks in its supply chain and transportation operations to cut its carbon footprint. HZL has set a target of becoming a net-zero carbon emitter by 2050. GreenLine (promoted by Essar Group) will invest ₹200 crore to deploy LNG-powered trucks for Hindustan Zinc’s road logistics.

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HCG acquires SRJ CBCC Cancer Hospital in Indore

HealthCare Global Enterprises Ltd (HCG) has acquired SRJ CBCC Cancer Hospital in Indore. This acquisition marks HCG’s entry into the key geography of Madhya Pradesh. HCG plans to further expand by adding 100 beds and state of art cancer diagnostic and treatment facility within an estimated operational timeline of 2 years. 

Read more here.

SBI launches Mobile Handheld Device to provide banking services

State Bank of India (SBI) launched a ‘Mobile Handheld Device’ to provide banking services to its financial-inclusive (FI) customers. The move is aimed at enhancing accessibility, convenience in availing banking services and empowering financial inclusion and extending essential banking services to the masses. The new device brings kiosk banking directly to customer’s doorstep.

Read more here.

Bandhan Bank’s advances grew 12.3% in Q2

Bandhan Bank’s advances grew 12.3% year-on-year (YoY) to ₹1.08 lakh crore, while its loan collection efficiency remained stable at 98% at the end of the September quarter (Q2 FY24). Total bulk deposits stood at ₹29,098 crore in Q2 FY24, compared to ₹25,705 crore a year back. The Kerala-based bank saw its deposit growth at 23% YoY to ₹2.33 lakh crore in Q2.

Read more here.

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JSW Energy’s Net Profit Falls 48% YoY to Rs 290Cr in Q1 – Top Indian Market Updates

JSW Energy Q1 Results: Net profit falls 48% YoY to Rs 290 crore

JSW Energy reported a 48% YoY fall in consolidated net profit to ₹290 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 3.3% YoY to ₹2,927.85 crore. EBITDA rose 18% YoY to ₹1,307 crore during Q1. The revenue dropped as incremental revenue from the recently acquired assets of Mytrah Energy and renewable energy capacity additions was offset by lower realization in thermal operations amid a decline in coal prices.

Read more here.

Bandhan Bank Q1 Results: Net profit falls 19% YoY to Rs 721 crore

Bandhan Bank reported a 19% YoY decline in net profit to ₹721 crore in Q1 FY24. The net interest income (NII) fell 0.91% YoY to ₹2,491 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 6.76% against 7.25% in Q4 FY23. However, Net NPA was up from 1.92% in Q1 FY23 to 2.18% in Q1 FY24.

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India’s exports decline by 22% in June amid global demand 

According to the Ministry of Commerce, India’s exports in June witnessed a significant decline of 22% to USD 32.97 billion. In June last year, India’s exports stood at USD 42.28 billion. This drop can be primarily attributed to a slowdown in demand in global markets. Imports in June also experienced a decline of 17.48%, amounting to USD 53.10 billion.

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Suzlon Energy bags new order for 100.8-MW wind power project from Everrenew Energy

Suzlon Energy Ltd received a new order for developing a 100.8-MW wind power project for Everrenew Energy Private Ltd. The company will install 48 wind turbine generators (WTGs) of its S120-2.1 MW platform with a hybrid lattice tubular tower. The company will install it at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy, Tamil Nadu. The project is expected to be commissioned in March 2024.

Read more here.

Nestle India to set up Rs 894-crore food processing unit in Odisha

Nestle India Ltd received in-principle approval from the Industrial Promotion & Investment Corporation of Odisha Ltd (IPICOL) to set up a food processing unit in Mundaamba of Khordha district, Odisha. The food processing unit will come up at an investment of about ₹894.10 crores. The project is subject to the fulfilment of customary conditions by the company.

Read more here.

SEBI’s new disclosure norms for listed cos to take effect from Saturday

Securities and Exchange Board of India (SEBI) has put in place a stricter timeline for the disclosure of material events or information by listed companies. The regulator has asked companies to disclose agreements entered into by shareholders, promoters, related parties, directors, key managerial personnel, and employees of the listed entity or of its subsidiary, which can impact the management and control of such firms to stock exchanges.

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USFDA completes inspection of Gland Pharma’s Hyderabad facility, issues Form-483 with one observation

Gland Pharma announced that the US Food and Drug Administration (USFDA) completed the inspection of its Dundigal facility in Hyderabad. The USFDA conducted a Good Manufacturing Practice (GMP) inspection at the Dundigal facility between July 3-14, 2023. Form 483 was issued along with one observation. The observations could be related to a pharma company’s facility, equipment, processes, products or employee practices.

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GMR Power wins smart meter project in Uttar Pradesh

GMR Power’s subsidiary, GMR Smart Electricity Distribution Pvt. Ltd (GSEDPL), received a Letter of Intent (LOI) from Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd. The company will implement smart metering projects in Varanasi, Azamgarh Zone, Prayagraj, Mirzapur Zone, and Dakshinanchal (Agra and Aligarh Zone) areas of Uttar Pradesh. GSEDPL will install, integrate and maintain 75.69 lakh smart meters in the given area. The project will be completed in 10 years.

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Granules India’s foreign subsidiary gets USFDA approval for pain relief drug

Granules India Ltd’s foreign arm has received approval from the USFDA for Acetaminophen and Ibuprofen tablets. These tablets are used for temporary relief of minor aches and pains due to headaches, toothache, backaches, menstrual cramps, muscular aches, and minor pain of arthritis. According to IRI multi-outlet market data, the bioequivalent drugs had combined sales of USD 70 million in the US for the most recent 12 months.

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June WPI inflation in the negative territory for the third-straight month

India’s wholesale inflation (based on WPI) declined to -4.12% in June from -3.48 in May. The Wholesale Price Index or WPI measures the change in prices of goods that wholesale businesses sell to and trade in bulk with other companies. The decline in the rate of inflation in June 2023 is primarily due to a fall in prices of mineral oils, food products, basic metals, crude petroleum and natural gas and textiles.

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Tata Steel offers Rs 83 lakh funding for R&D projects in low carbon segment

Tata Steel will fund research and development (R&D) projects in the low-carbon hydrogen segment under the partnership with British High Commission in India. As part of the ‘UK-India Hydrogen Partnership Sprint Series’, Tata Steel will grant 80,000 pounds (₹83 lakhs) funding for two innovative projects in the low-carbon hydrogen segment. The initiative is open to participants from India and the UK.

Read more here.

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Daily Market Feed Pre Market Report

Is it Time to Exhibit Strength? Pre Market Analysis

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

Stocks

Wipro reported a nearly 12% year-on-year (YoY) rise in consolidated net profit for the quarter ended June to Rs 2,870 crore. Consolidated revenue increased 6% to Rs 22,831 crore.

Shares of Bandhan Bank, JSW Energy and Just Dial will be in focus today as the companies will report their first quarter results.

Shares of Senco Gold will debut on the exchanges today after a strong response for its IPO.

What to Expect Today?

NIFTY opened with a gap-up at 19,469 and rallied heavily. The index formed a new All-time high and consolidated at the top. There was a huge fall in the second half and the index closed at 19,413, up by 29 points or 0.15%.

BANK NIFTY opened with a gap-up at 44,894 and moved higher. The index faced resistance near 45,100 and started falling slowly. 44,940 was broken and the fall intensified. BN closed at 44,665, up by 26 points or 0.06%.

IT closed 1.75% higher.

The US markets and the European markets closed higher.

The Asian markets are trading higher.

The U.S. Futures and European futures are trading lower.

GIFT NIFTY is trading flat at 19,555.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,360, 19,320, 19,265 and 19,200. We can expect resistances at 19,435, 19,500, 19,550 and 19,600.

BANK NIFTY has supports at 44,560, 44,440 and 44,280. Resistances are at 44,720, 44,950, 45,100 and 45,370.

NIFTY has the highest call OI build-up at 19,500. The highest put OI build-up is at 19,300. 

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.

Foreign Institutional Investors net-bought shares worth Rs 1,200 crores. Domestic Institutional Investors net-sold shares worth 2,200 crores.

INDIA VIX is at 10.9.

The story we discussed on the Stock Market Show played out yesterday. We were expecting the put OI to increase with a possible up-move and in case that happens, it would be the perfect recipe for a fall.

There were stiff resistances for Bank Nifty and those played their role. When long unwinding joined, there came the big fall.

Let us see if we get an up-move today because that is what we usually see after long unwinding. At the same time, we cannot expect a very big up-move, unlike it happens during short covering.

The global markets are supportive as of now. Looking at data and cues, there is no weakness. US PPI came out at its best in three years.

I will watch 19,360 on the downside in NIFTY. 19,500 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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GQG Partners, Others Invest Nearly $1 Billion in Adani Group – Top Indian Market Updates

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

GQG Partners, others invest nearly $1 billion in Adani Group stocks

US-based investment firm GQG Partners and other investors have bought close to $1 billion (₹8,200 crore) of additional stakes in Adani Group companies. GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (₹13,600 crore). The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (₹9,600 crore).

Read more here.

BPCL to raise Rs 18,000 crore via rights issue

The board of Bharat Petroleum Corporation Ltd (BPCL) has approved a proposal to raise up to Rs 18,000 crore through a rights issue. The company will raise the capital by issuing equity shares to eligible shareholders on a rights basis. The record date for the issue will be notified later. The capital infusion is for achieving energy transition, net zero, and energy security objectives.

Read more here.

BEML wins orders worth Rs 385 crore

BEML has secured an order from Bharat Dynamics and Bharat Electronics Ltd for the supply of High Mobility Vehicles (HMV). The total contract value is ₹385 crore. BEML manufactures a wide range of heavy earthmoving equipment, with 50% sales from the mining and construction industry, 23% revenues from vehicles supply for defence forces, and 27% sales contributed by the rail and metro segments.

Read more here.

Power Grid board approves 3 investment proposals worth Rs 389 crore

Power Grid Corporation of India Ltd’s (PGCIL) board has approved three investment proposals worth ₹389 crore. The first proposal is for a change in scope for the establishment of a dedicated telecom network for the National Transmission Asset Management Centre at a cost of ₹164.38 crore. The second proposal is for the western region expansion scheme at an estimated cost of ₹115.09 crore. The third is for the Information & Communications Technology augmentation at Navsari at an estimated cost of ₹109.47 crore.

Read more here.

Adani Power’s Jharkhand plant commences supply to Bangladesh

Adani Power has started exporting power to Bangladesh from its 1,600 megawatts (MW) plant in Godda, Jharkhand. The company’s subsidiary, Adani Power Jharkhand Ltd (APJL), has achieved the commercial operations date of its second unit of 2×800 MW Godda ultra-supercritical thermal power plant. It completed the reliability run test, including commercial operation tests of the second unit of Godda power plant, on June 25.

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HDFC, Tomorrow Capital makes strategic investment in Bonito Designs

Housing Development Finance Corporation (HDFC), Tomorrow Capital, and a few high-net-worth individuals (HNIs) have invested ₹40 crore in interior design firm Bonito Designs. Bonito Designs is backed by Lodha Ventures and has a valuation of ₹650 crore. This strategic alliance with HDFC is expected to help the company deepen its presence in Mumbai and Bengaluru.

Read more here.

Thermax plans entry into renewable power, electrolyser production

Thermax Ltd is planning to make a full-fledged entry into renewable power generation, electrolyzer manufacturing, and green hydrogen generation projects over the coming years. The move comes as the company seeks to meet the needs of customers transitioning to cleaner fuels. Thermax has set up open access-based renewable energy projects for commercial and industrial corporates in Gujarat, Tamil Nadu, and Maharashtra. It has around 250 MW of renewable projects at various stages of development.

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Reliance Jio acquires 30.4 lakh new subscribers in April

Reliance Jio continued its dominance over the Indian telecom space as it added 30.4 lakh subscribers in April 2023, as per data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel saw an addition of 76,328 users in April, compared with 10.4 lakh in March. Meanwhile, Vodafone Idea lost 29.9 lakh in April 2023, compared to 12.1 lakh in March.

Read more here.

Tata Sons challenge Rs 1,500cr tax claim on Docomo settlement

According to an ET report, Tata Sons has disputed a ₹1,500-crore ($183 million) tax demand on its $1.27-billion settlement in 2017 with NTT Docomo over a now-defunct telecom joint venture. The Directorate General of GST Intelligence (DGGI), which had raised the tax claim, has now moved the Bombay High Court seeking a three-month extension for the next hearing on a petition filed by Tata Sons challenging the tax demand.

Read more here.

Bandhan Bank triples number of branches to 1,500 in <8 years

Bandhan Bank has tripled the number of its branches in nearly eight years of operations, totalling 1,500 at present. The lender has a network of 6,000 banking outlets across the country. The Kolkata-based bank started operations with 501 branches on August 2015. Presently, it is spread across 34 states and UTs.

Read more here.

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L&T Secures Multiple Contracts Worth Rs 7,000Cr – Top Indian Market Updates

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

L&T secures multiple contracts worth over Rs 7,000 crore in Middle East

Larsen & Toubro (L&T) has secured multiple contracts worth more than Rs 7,000 crore in the Middle East region. The scope of work comprises engineering, procurement, construction and installation for various new offshore facilities and integration with the existing installation. L&T is engaged in EPC projects and hi-tech manufacturing and services. It operates in over 50 countries.

Read more here.

Bank of Maharashtra logs 30% loan growth

Bank of Maharashtra (BoM) posted a credit growth of 29.59% YoY to Rs 1.75 lakh crore for the March quarter (Q4 FY23). The outstanding credit was Rs 1.35 lakh crore at the end of March 31, 2022. The lender registered a 21.28% growth in total business to cross a milestone of Rs 4 lakh crore.

Read more here.

Coal India aims to supply 610 MT coal to power plants in FY24

Coal India Ltd (CIL) is aiming to supply 610 million tonnes of coal to power plants in the current financial year (FY24). The company supplied a record 586.6 million tonnes (MT) of dry fuel to coal-fired power plants in FY23. CIL said it is gearing itself to meet the rising demand on the back of adequate coal stocks at its pitheads and increased production in the first quarter of FY24.

Read more here.

India Grid commissions its first battery energy storage system in Maharashtra

India Grid Trust has commissioned its first battery energy storage system (BESS) project coupled with its solar panels at the Dhule substation in Maharashtra. The project will meet the substation’s auxiliary consumption requirement. IndiGrid is the first infrastructure investment trust (InvIT) in the Indian power sector.

Read more here.

Bandhan Bank’s total deposits rise 12.% in Q4 FY23

Bandhan Bank’s total deposits in the fourth quarter of FY23 stood at Rs 1,08,069 crore, registering a rise of 12.2% year-on-year (YoY). Loans and advances during the quarter stood at Rs 1,09,112 crore, reflecting a growth of 9.8% YoY. The Kolkata-based bank’s current account, savings account (CASA) in Q4 stood at Rs 42,471 crore, up 6% YoY.

Read more here.

Adani Ports cargo volumes jump 9.5% in March

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 32 million metric tonnes (MMT) of total cargo in March 2023, registering a growth of 9.5% YoY. With 339 million tonnes in FY23 (April 2022 to March 2023), APSEZ recorded its largest port cargo volumes ever. The overall container volumes handled by APSEZ in India rose 5% YoY to 6.6 million twenty-foot equivalent units (TEUs).

Read more here.

Consumer demand steady in Q4, expect double-digit volume growth: GCPL

Godrej Consumer Products Ltd (GCPL) said consumer demand remained “steady” through the March quarter (Q4) and the FMCG sector is expected to witness a gradual recovery in growth rates. The company expects to deliver double-digit volume and value growth. Overall, the growth was broad-based and led by double-digit volume and value growth in both Home Care and Personal Care.

Read more here.

Mahindra Lifespaces JV enters into lease pact with Mitsubishi Electric

Mahindra Lifespace Developers Ltd’s joint venture company Mahindra Industrial Park Chennai Ltd. has executed a lease agreement with Mitsubishi Electric India Ltd. for ~52 acres of land at its industrial cluster in Chennai – Origins by Mahindra. Mitsubishi Electric will set up a manufacturing plant in the area. 

Read more here.

RailTel bags orders worth Rs 115 crore from the Bihar govt and NIC

RailTel Corporation of India Ltd. has secured orders worth Rs 115 crore from the Government of Bihar and the National Informatics Centre (NIC). The company will implement and manage internet connectivity, Wi-Fi system, and smart classes in government engineering colleges and polytechnic institutes in Bihar. It will also install, test and commission 4 Mbps lease line connectivity for 19 sites for NIC.

Read more here.

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HAL Registers Rs 26,500 cr Revenue for FY23- Top Indian Market Updates

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

HAL registers Rs 26,500 crore revenue for FY23

Hindustan Aeronautics Ltd has registered its highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for FY2022-23, up 8% YoY. The order book of the Bengaluru-headquartered company stood at around Rs 82,000 crore at the end of March 2023. The cash flow of the company has improved substantially with payments of around Rs 25,000 crore received from various Defence customers.

Read more here.

Larsen & Toubro secures multiple EPC projects in domestic market

Larsen & Toubro’s power transmission & distribution (PT&D) business has secured multiple significant orders (in the range of ~Rs 1,000-1,500 crore) in the domestic market. The company will establish 765kV and 400kV gas-insulated substations to serve as pooling substations at the RE zone of Khavda Renewable Energy park in Gujarat’s Kutch region.

Read more here.

Sanofi looks to spin off its consumer business in India: Report

As per an Economic Times report, French drugmaker Sanofi has initiated a process to turn its consumer healthcare business in India into a listed entity through a demerger. The unit’s products include leading anti-allergy brands such as Allegra and Avil, pain management drug Combiflam, and Vitamin D brand Depura. The business posted revenue of Rs 1,000-1,250 crore in CY22.

Read more here.

Va Tech Vabag secures Rs 4,400 cr seawater desalination project in Tamil Nadu

Va Tech Wabag has secured a Rs 4,400 crore seawater reverse osmosis project in Tamil Nadu. After completion, it would be the largest sea-water desalination project in the South East Asia region. The project will enhance the water security for Chennai through a stable source of drinking water.

Read more here.

Bandhan Bank adds 50 new branches to its network

Bandhan Bank has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh. The private sector lender also plans to introduce new products and increase the width of services in the next financial year (FY24).

Read more here.

IDBI Bank gets NCLT approval to set off accumulated losses of Rs 45,396 crore

IDBI Bank has received approval from the National Company Law Tribunal (NCLT) to set off its accumulated losses worth Rs 45,396 crore by reducing its share capital. The bank plans to utilize the balance of Rs 50,719.75 crore in its Securities Premium account to offset the losses. The Central government and the Life Insurance Corporation of India are currently in the process of selling their stake in the bank.

Read more here.

Coal India exceeds annual output target of 700 mn tonnes for first time in 17 years

Coal India Ltd (CIL) has exceeded its annual production target of 700 million tonnes (MT) for the first time in 17 years. It produced an estimated 703.4 MT in the financial year ended March 2023 (FY23). This marks a 13% increase from the previous year and the highest annual production volume in the company’s history. CIL is targeting a production of 780 MT in the upcoming financial year (FY24) to meet the increasing demand from India’s power utilities.

Read more here.

ZEEL enters into a one-time settlement with Standard Chartered Bank for credit facility availed by Siti Networks

Zee Entertainment Enterprises Ltd (ZEEL) has reached a one-time settlement agreement with Standard Chartered Bank for a loan taken by Siti Networks, a subsidiary of the Essel Group. The bank had provided credit facilities to Siti Networks that were secured by a Debt Service Reserve Account (DSRA) support and undertaking from ZEEL. While the amount has not been disclosed, the settlement will resolve any outstanding issues related to the loan.

Read more here.

RVNL secures road project worth Rs 720.67 crore

Rail Vikas Nigam Limited (RVNL) has been declared the lowest bidder for a project worth Rs 720.67 crore by the National Highway Authority of India (NHAI). The project involves the construction of a 7.192-kilometre-long six-lane elevated Kona expressway in West Bengal. 

Meanwhile, RVNL’s joint venture with Metrowagonmash & Locomotive Electronic System has received an order from the Ministry of Railways for manufacturing Vande Bharat Trainsets. The contract involves the supply of 200 trainsets, with a cost per set of Rs 120 crore.

Read more here.

Reliance Jio, Bharti Airtel gain subscribers in Jan

Reliance Jio Infocomm and Bharti Airtel gained 16.5 lakh and 12.8 lakh mobile users, respectively, in January 2023. Jio and Bharti Airtel’s user bases jumped to 42.6 crore and 36.8 crore, respectively. Meanwhile, Vi lost nearly 13.6 lakh mobile users in January, further shrinking its user base to 23.9 crore. 

Read more here.

Tech Mahindra and YIT Corp Enters into Strategic Partnership

Tech Mahindra has entered into a strategic partnership with Finland-based YIT Corporation to drive its business transformation. As per the partnership, Tech Mahindra will provide a significant part of YIT’s IT services and consolidate the current services to one dedicated supplier. The IT company will also optimise YIT’s business processes through automated IT operations.

Read more here.

BEL secures export orders worth $52 million

Bharat Electronics Limited (BEL) has received export orders worth $52 million in March. This includes communication equipment, electronics assembly, micro modules and mechanical parts for various customers from France, Israel, and the US. Yesterday, the Ministry of Defence signed 10 contracts worth ₹5,498 crore with BEL for the three armed forces.

Read more here.

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Maruti Suzuki Posts 4-Fold Jump in Q2 Net Profit – Top Indian Market Updates

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

Maruti Suzuki Q2 Results: Net profit jumps 4-fold YoY to ₹2,062 crore

Maruti Suzuki India Ltd reported a 333.72% year-on-year (YoY) jump in consolidated net profit to ₹2,061.5 crore for the quarter ended Sept (Q2 FY23). Higher commodity prices and chip shortage concerns had impacted earnings in the year-ago period. Its revenue from operations rose 46% YoY to ₹29,930.8 crore during the same period. The company sold a total of 5,17,395 vehicles during Q2, the highest ever in any quarter.

Read more here.

Hero MotoCorp sees double-digit growth in retail sales in festive season

Hero MotoCorp Ltd has registered healthy double-digit growth in retail sales in the festive season. Retail sales increased 20% over the corresponding festive period of FY22. The company’s festival season retails were driven by the strong performance of its popular models, including the 100cc Splendor+, 125cc motorcycles Glamour & Super Splendor, and the XPulse range in the premium segment.

Read more here.

Tata Power Q2 Results: Net profit rises 85% YoY to ₹935 crore

Tata Power reported an 85% YoY increase in consolidated net profit to ₹935.18 crore for the quarter ended Sept (Q2 FY23). The company’s profit has increased for the 12th consecutive quarter. Its total income rose 39.2% YoY to ₹14,181.07 crore during the same period. EBITDA stood at ₹2,043 crore in Q2, up 18% YoY.

Read more here.

SpiceJet gets DGCA approval for wet leasing 5 planes: Report

As per an ET report, SpiceJet Ltd has received approval from the Directorate General of Civil Aviation (DGCA) for wet leasing five Boeing 737 Max planes for up to six months. The airline has already deployed two of the aircraft on different routes. The remaining three aircraft will be inducted into SpiceJet’s fleet in the coming weeks. Under a wet lease arrangement, planes are leased along with operating crew and engineers.

Read more here. 

Bandhan Bank Q2 Results: Net profit ₹209 crore

Bandhan Bank reported a net profit of ₹209 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹3,008.6 crore in Q2 FY22. Its net interest income (NII) grew 13.3% YoY to ₹2,193 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 7.19% in Q2 FY23, compared to 10.8% in Q2 FY22. The bank’s provisions fell 77.2% YoY to ₹1,279.7 crore in Q2 FY23.

Read more here.

Infibeam Avenues gets RBI in-principle approval for payment aggregator licence

Infibeam Avenues Ltd has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). This will enable the company to further expand its reach in multiple business segments for both online and offline digital transactions. Its flagship brand, CCAvenue, is well-placed to leverage its new role as a payment aggregator.

Read more here.

Dr. Reddy’s Labs Q2 Results: Net profit rises 12% YoY to ₹1,114 crore

Dr. Reddy’s Laboratories Ltd reported a 12% YoY increase in consolidated net profit to ₹1,114 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 9.4% YoY to ₹6,332 crore during the same period. EBITDA rose 40% YoY to ₹1,899 crore in Q2. The pharma company’s global generics sales increased 18% YoY to ₹5,595 crore.

Read more here.

India’s forex reserves fall to two-year low to $524.52 billion

India’s foreign exchange (forex) reserves fell to a two-year low for the week ended October 14. Forex reserves fell by ₹3.85 billion to ₹524.42 billion for the week ending Oct 21. The fall in forex reserves can be attributed to a fall in the Foreign Currency Assets (FCA), which is a key component of the overall reserves. The central bank continues to defend the rupee’s downslide while ignoring depleting forex reserves as a major concern.

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Vedanta Q2 Results: Net profit falls 53% YoY to ₹2,690 crore

Vedanta Ltd reported a 53% YoY decline in net profit to ₹2,690 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹36,237 crore during the same period. EBITDA stood at ₹8,038 crore in Q2, down 24.04% YoY. Vedanta’s board has approved the expansion of rolled product capacity at Balco (a subsidiary) from 50 kilotonnes per annum (KTPA) to 180 KTPA at a cost of ₹595 crore.

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SAIL inks pact with AAI for facilitating start of commercial flights from Rourkela

Steel Authority of India Ltd (SAIL) has entered into a pact with the Airport Authority of India (AAI) for facilitating the start of commercial flights from Rourkela, Odisha. The state-owned company has signed an operation and management contract with AAI through its unit Rourkela Steel Plant. AAI will manage the airport on behalf of SAIL’s Rourkela Steel Plant.

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Infosys Posts 11% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Infosys Q2 Results: Net profit rises 11% YoY to ₹6,021 crore

Infosys Ltd reported an 11% YoY increase in consolidated net profit to ₹6,021 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 23.4% YoY to ₹36,538 crore during the same period. Infosys secured contracts worth $2.7 billion in Q2, compared to $1.7 billion in Q1. The IT company’s board has declared an interim dividend of ₹16.5 per share.

The board has also approved the buyback of shares worth ₹9,300 crore at ₹1,850 per share.

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Future Enterprises defaults on ₹9.16 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs) totalling ₹9.16 crore. The due date for payment was October 11, 2022. The debentures are secured and have a coupon rate of 10.15% per annum. The total amount of securities issued was ₹180 crore and a default has occurred on this gross principal amount.

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Mindtree Q2 Results: Net profit rises 28% YoY to ₹509 crore

Mindtree Ltd reported a 27.5% YoY increase in consolidated net profit to ₹509 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 31.5% YoY to ₹3,400 crore during the same period. The IT company secured deals worth $518 million in Q2, up 44% YoY. The attrition rate was down from 24.5% in Q1 to 24.1% in Q2.

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Passenger vehicle wholesales rises 92% in Sept: SIAM

Passenger vehicle (PV) wholesales in India surged 92% YoY to 3,07,389 units in September 2022, as per data released by the Society of Indian Automobile Manufacturers (SIAM). The high demand can be linked to the festive season. Two-wheeler sales rose 13% YoY to 17,35,199 units in Sept. During the July-September period (Q2 FY23), PV sales increased by 38% YoY to 10,26,309 units.

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Coal India to set up 1,190 MW solar power plant in Rajasthan

Coal India Ltd (CIL) will set up a 1,190 megawatts (MW) solar power plant in the Bikaner district of Rajasthan. The company has signed a Memorandum of Understanding (MoU) with Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL) for the same. The solar plant will be set up in a 2,000 MW solar park developed by RVUNL in Poogal, Bikaner.

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Veranda Learning arm to acquire J K Shah Classes for ₹337.82 crore

Veranda Learning Solutions Ltd has signed a definitive agreement for the acquisition of equity shares of J K Shah Education Pvt Ltd through its wholly-owned subsidiary, Veranda XL Learning Solutions Pvt Ltd. In the first phase, Veranda will pay ₹337.82 crore to acquire a 76% stake in J K Shah Education. J K Shah Education is a pioneer in teaching chartered accountancy, company secretary, and cost accountant aspirants.

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Bandhan Bank to raise exposure of secured loans to 70% by 2025

Bandhan Bank will diversify its asset base by increasing exposure to secured loans to 70% by 2025. The bank will also diversify its geographical presence. MD & CEO of Bandhan Bank Chandra Sekhar Ghosh said the percentage of the bank’s secured loans at present is 39%. Nearly 10% of its exposure will be on retail channels, including automobiles, two-wheelers, gold, and personal loans.

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L&T’s heavy engineering arm bags ‘significant orders’ in Q2

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has secured significant contracts (in the range of ₹1,000-2,500 crore) across various business segments. The company secured a key order for the supply of reactors for renewable diesel production from a prestigious client in Singapore. It also received a repeat order for the supply of four identical coke drums for a refinery in Mexico.

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Adani Ports to develop Tajpur deep-sea port in West Bengal

Adani Ports and Special Economic Zone (APSEZ) has received a Letter of Award (LoA) from the Government of West Bengal for the development of a deep-sea port at Tajpur. This port would be developed on a build, finance, design, operation, and transfer basis. According to a statement from the state government, the port would entail an investment of ₹15,000 crore.

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RITES secures order worth ₹499 crore from Bangalore Metro Rail

RITES Ltd has secured a new business order worth ₹499.41 crore from Bangalore Metro Rail Corporation Ltd. The order is for the construction of a depot cum workshop at Challaghatta in the Reach-2 Extension of the Bengaluru Metro Rail Project Phase-2. RITES is engaged in design, engineering, consultancy, and project management for the transport infrastructure sector.

Read more here.

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RIL Reports 46% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

RIL Q1 Results: Net profit rises 46% YoY to Rs 17,955 crore

Reliance Industries Ltd (RIL) reported a 46.29% YoY increase in consolidated net profit to Rs 17,955 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 54.5% YoY to Rs 2,23,113 crore during the same period. RIL’s oil-to-chemical (O2C) business delivered its best-ever performance in Q1 despite the global challenges.

Reliance Jio Infocomm reported a 24% YoY (or 4% QoQ) increase in net profit to Rs 4,335 crore in Q1. The telecom giant’s revenue grew 21.6% YoY to Rs 21,873 crore. The growth in revenues was driven by an increase in average revenue per user (ARPU) and modest addition to its subscriber base.

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Rupee holding up well relative to advanced, emerging market peers: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the Indian economy is relatively better placed amidst the grim global scenario. He added that the Indian Rupee is holding up well relative to advanced and emerging market peers. “RBI has been supplying US Dollars to the market to ensure adequate supply of liquidity. Also, it is necessary to look at unhedged forex exposures factually, rather than being alarmed by it,” he said.

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UltraTech Cement Q1 Results: Net profit falls 7% YoY to Rs 1,584 crore

UltraTech Cement Ltd reported a 7.4% YoY (or 39.5% QoQ) decline in consolidated net profit to Rs 1,584 crore for the quarter ended June (Q1 FY23). The sharp rise in power and fuel costs had an adverse impact on the company’s profits. Its revenue from operations grew 28.2% YoY to Rs 15,163.98 crore during the same period. UltraTech Cement achieved capacity utilisation of 83% in Q1 FY23, compared to 73% in Q1 FY22.

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Domestic air traffic records 66% growth in January-June period: DGCA

The number of passengers carried by domestic airlines grew 66.73% YoY to 343.37 lakh in the January-July period. The passenger load factor (PLF) or occupancy rates for IndiGo was 78.6% and 84.1% for SpiceJet during this period. IndiGo had the largest market share in the April-June quarter (Q1 FY23) at 56.3%, followed by Go First at 10.4%, and SpiceJet at 9.7%. The data was released by the Directorate General of Civil Aviation.

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Bandhan Bank Q1 Results: Net profit jumps 137% YoY to Rs 887 crore

Bandhan Bank reported a 137% YoY jump in net profit to Rs 886.5 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 18.9% YoY to Rs 2,514.4 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 7.25% in Q1 FY23, compared to 8.18% in Q1 FY22. Total deposits increased by 20.3% YoY to Rs 77,336 crore.

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Tata Motors wins tender for 1,500 electric buses from DTC

Tata Motors Ltd has received an order of 1,500 electric buses from Delhi Transport Corporation (DTC) as part of a larger tender by Convergence Energy Services Ltd (CESL). The automaker will supply, operate and maintain these buses for 12 years. To date, Tata Motors has supplied over 650 electric buses across multiple cities in India.

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JSW Steel Q1 Results: Net profit falls 86% YoY to Rs 838 crore

JSW Steel Ltd reported an 85.8% YoY (or 75% QoQ) decline in consolidated net profit to Rs 838 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 32% YoY to Rs 38,086 crore during the same period. The rise in the cost of raw materials, power, fuel, and other expenses severely impacted the company’s margins. EBITDA stood at Rs 4,309 crore in Q1, down 58% YoY.

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Olectra Greentech to supply 300 electric buses worth Rs 500 crore to Telangana

Olectra Greentech Ltd has received an order for 300 electric buses from Telangana State Road Transport Corporation (TSRTC). The value of this order is approximately Rs 500 crore. These 12-metre, low-floor, non-AC buses have a seating capacity of 35 and wheelchair accessibility. The lithium-ion (Li-ion) battery installed in these buses enables them to travel nearly 200 kilometres on a single charge at 80%.

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Coforge Q1 Results: Net profit rises 21% YoY to Rs 150 crore

Coforge Ltd reported a 21.1% YoY increase in consolidated net profit to Rs 149.7 crore for the quarter ended June (Q1 FY23). Net profit declined by 27.9% when compared to the previous quarter. Its gross revenues grew 25.2% YoY (or 5% QoQ) to Rs 1,829.4 crore during the same period. The IT company secured orders worth $315 million (~Rs 2,514 crore) in Q1. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

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Hindustan Unilever to invest Rs 700 crore in Uttar Pradesh by 2025

Uttar Pradesh is set to see investments worth Rs 700 crore from Hindustan Unilever Ltd (HUL) by 2025, said the state’s Chief Minister Yogi Adityanath. The FMCG firm will create lakhs of direct and indirect employment opportunities in the region in the next three years. CEO Sanjiv Mehta and UP CM virtually unveiled HUL’s new spray-dried detergent factory and co-located distribution centre in Hamirpur district.

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SBI Posts 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 41% YoY to Rs 9,113 crore

State Bank of India (SBI) reported a 41.27% YoY increase in net profit to Rs 9,113.52 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 15.26% YoY to Rs 31,198 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 3.97% in Q4 FY22, compared to 4.5% in Q3 FY22. SBI’s board has declared a dividend of Rs 7.10 per share.

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Maruti Suzuki to invest Rs 11,000 crore in first phase at Sonipat

Maruti Suzuki India Ltd will invest Rs 11,000 crore to make the first phase of its new manufacturing facility at Sonipat (Haryana) operational. The facility could emerge as the largest production base for the company in India. The first plant will have a manufacturing capacity of 2.5 lakh vehicles per annum. It is expected to be commissioned within 2025.

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Tech Mahindra Q4 Results: Net profit rises 39% YoY to Rs 1,506 crore

Tech Mahindra Ltd reported a 39.2% YoY (or 10% QoQ) increase in consolidated net profit to Rs 1,506 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24.5% YoY (or 5.8% QoQ) to Rs 12,116 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. Tech Mahindra’s board has declared a final dividend of Rs 15 per share.

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Zydus Lifesciences launches drug for treating bad cholesterol

Zydus Lifesciences Ltd has launched its Bempedoic acid drug under the ‘Bemdac’ brand. The drug offers a new line of treatment for patients suffering from uncontrolled levels of bad cholesterol, despite lifestyle modifications. Low-density lipoprotein cholesterol (LDL-c) increases the chances of health problems such as heart attack or stroke.

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Eicher Motors Q4 Results: Net profit rises 16% YoY to Rs 610 crore

Eicher Motors Ltd reported a 15.96% YoY increase in consolidated net profit to Rs 610.14 crore for the quarter ended March (Q4 FY22). Net profit rose 34% when compared to the previous quarter. Its revenue from operations grew 8.6% YoY (or 11% QoQ) to Rs 3,193.32 crore during the same period. The automaker’s board has declared a dividend of Rs 21 per share.

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L&T secures order from Rajasthan govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Rajasthan government for executing a parallel carrier system to the Rajiv Gandhi Lined Canal. The project will serve the water demands of the districts of Jodhpur, Pali, and Barmer. It will also supply raw water to Delhi Mumbai Industrial Corridor and Rajasthan State Industrial Development Investment Corporation Ltd (RIICO).

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HAL Q4 Results: Net profit rises 91% YoY to Rs 3,105 crore

Hindustan Aeronautics Ltd (HAL) reported a 90.8% YoY increase in consolidated net profit to Rs 3,105.17 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 6.4% YoY to Rs 11,561.1 crore during the same period. EBITDA stood at Rs 2,499.7 crore in Q4, down 7.9% YoY. Total expenses rose 11.1% YoY to Rs 9,061.3 crore.

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Patel Engineering secures contract worth Rs 2,461 for Kwar HE Project

Patel Engineering Ltd has bagged a contract worth Rs 2,461 crore for constructing a diversion tunnel, concrete gravity dam, pressure shafts, underground powerhouse, and tailrace tunnel for the Kwar HE Project in Jammu & Kashmir. The project aims to harness the vast hydro potential of the Chenab river.

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Bandhan Bank Q4 Results: Net profit jumps 1,747% YoY to Rs 1,902.3 crore

Bandhan Bank reported a 1,747% YoY jump in net profit to Rs 1,902.3 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 44.6% YoY to Rs 2,539.8 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.46% in Q4 FY22, compared to 6.81% in Q4 FY21. Provisions stood at Rs 4.7 crore in Q4 FY22, down 99.7% YoY.

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Escorts Q4 Results: Net profit falls 28% YoY to Rs 190 crore

Escorts Limited reported a 28.42% YoY decline in consolidated net profit to Rs 189.98 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 15.7% YoY to Rs 1,878.51 crore during the same period. Tractor volumes fell 32.8% YoY to 21,985 units in Q4. Construction equipment sales stood at 1,286 units, down 19.8% YoY. The company’s board has declared a final dividend of Rs 7 per share.

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RIL Reports 42% YoY Rise in Net Profit in Q3 – Top Indian Market News

RIL Q3 Results: Net profit rises 42% YoY to Rs 18,549 crore

Reliance Industries Ltd (RIL) reported a 42% YoY increase in net profit to Rs 18,549 crore for the quarter ended December (Q3 FY22). Net profit rose 36% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 1,91,271 crore during the same period. RIL’s oil to chemical (O2C) business reported a revenue of Rs 1.31 lakh crore, up 57% YoY. Reliance Retail recorded consolidated gross revenue of Rs 57,714 crore for Q3, a growth of 52.5% YoY.

Reliance Jio’s net profit rose 10% YoY increase in net profit to Rs 3,615 crore in Q3 FY22. Its revenue from operations rose 4.6% YoY to Rs 19,347 crore.

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JSW Steel Q3 Results: Net profit rises 62% YoY to Rs 4,357 crore

JSW Steel Ltd reported a 62% YoY increase in consolidated net profit to Rs 4,357 crore for the quarter ended December (Q3 FY22). Net profit fell 39% when compared to the previous quarter. Its revenue from operations rose 74% YoY (or 17% QoQ) to Rs 38,071 crore during the same period. JSW Steel’s total sales volume stood at 3.91 million tonnes (MT) in Q3, down 1% YoY.

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Bandhan Bank Q3 Results: Net profit rises 36% YoY to Rs 859  crore

Bandhan Bank reported a 36% YoY increase in net profit to Rs 859 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 2.7% YoY (or 10% QoQ) to Rs 2,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 10.81% in Q3 FY22, compared to 1.1% in Q3 FY21. Provisions fell 25.2% YoY to Rs 805.71 crore in Q3 FY22.

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Gland Pharma Q3 Results: Net profit rises 34% YoY to Rs 273 crore crore

Gland Pharma Ltd reported a 33.77% YoY increase in consolidated net profit to Rs 273.03 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.7% YoY to Rs 1,063.33 crore during the same period. The pharma company’s EBITDA rose 32% YoY to Rs 394.6 crore in Q3. Revenue from its core markets (US, Europe, Canada, Australia) grew 10% YoY to Rs 665.2 crore.

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PTC India board to meet Jan 22 after allegations of irregularities in financial lending units

PTC India Ltd will hold its first board meeting on Saturday (Jan 22) following recent allegations of lapses in governance and operations at its financial lending units. PTC India Financial Services Ltd was accused of lapses in corporate governance by three independent directors who resigned on Thursday. PTI India’s chairman, Rajib Mishra, promised an investigation into the matter and has formed an internal committee that would submit a report in 30 days.

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Inox Leisure Q3 Results: Net loss at Rs 1.31 crore

Inox Leisure Ltd reported a net loss of Rs 1.31 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 102.5 crore in Q3 FY21 and a loss of Rs 87.66 crore in the previous quarter (Q2 FY22). Its revenue from operations jumped 1892.4% YoY to Rs 296.47 crore in Q3 FY22.

Nestle apologies for KitKat packs; says packs withdrawn last year

Nestle India has apologised for depicting images of Hindu Gods on some packs of its chocolate brand KitKat. The company stated that it withdrew the packs in mid-2021. Consumers across social media have accused the company of hurting religious sentiments by showing images of Hindu Gods on its chocolate brand wrappers.

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IDBI Bank Q3 Results: Net profit rises 53% YoY to Rs 578 crore

IDBI Bank reported a 53% YoY increase in net profit to Rs 578 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 31% YoY to Rs 2,383 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid on deposits]. The gross non-performing assets (GNPA) ratio stood at 20.56% in Q3 FY22, compared to 23.52% in Q3 FY21. Provisions fell 11% YoY to Rs 1,189 crore in Q3 FY22.

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Vodafone Idea Q3 Results: Net loss widens to Rs 7,231 crore

Vodafone Idea Ltd (Vi) reported a net loss of Rs 7,231 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 4,532 crore in Q3 FY21. Its revenue from operations fell 10.8% YoY to Rs 9,717 crore in Q3 FY22. Vi’s average revenue per user (ARPU) for the quarter stood at Rs 115, up 5.2% quarter-on-quarter (QoQ). The total gross debt of the company stood at Rs 1,98,980 crore as of December 31, 2021.

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

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

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

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India’s manufacturing PMI rises to 55.9 in October

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

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Auto sales data for October 2021: Highlights 

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

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

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

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

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

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

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TCS expands partnership with Malaysia-based Celcom for digital transformation

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

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

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

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RBI appoints Bandhan Bank as Agency Bank to conduct govt business

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

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

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

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

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

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Devyani International Q2 Results: Net profit at Rs 46 crore

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

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