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States Suffer Power Outages as Coal Stocks Shrink – Top Indian Market News

Indian states suffer power cuts and outages as coal stocks shrink

North Indian states have suffered electricity cuts and face further outages due to a lack of coal. The shortages in India follow widespread outages in neighboring China, which has shut factories and schools to manage the crisis. Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days. These plants supply around 70% of India’s electricity. A blackout warning has been declared in Delhi as there is a severe shortage of coal stock in the thermal power station from where the city gets electricity.

On Friday, the Ministry of Power issued guidelines for operationalising optimum utilisation of generating stations as per the requirement in the electricity grid. 

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Route Mobile to acquire Latin American firm Masiv for $47.5 million

Route Mobile Ltd has acquired Latin American firm Masivian S.A.S (Masiv) for $47.5 million (~Rs 356.8 crore). Masiv is a cloud communication platform service provider that primarily caters to enterprises in Columbia and Peru. It offers multichannel notification services through SMS, OTT business messaging, email, and voice. The acquisition is expected to be completed within the next 60 days.

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Vakrangee Q2 Results: Net profit jumps 101% YoY to Rs 26.7 crore

Vakrangee Ltd reported a 101% year-on-year (YoY) jump in consolidated net profit to Rs 26.74 crore for the quarter ended September (Q2 FY22). Net profit has increased by 33.6% when compared to the previous quarter. Its revenue from operations rose 195% YoY (or 34% QoQ) to Rs 207.19 crore during the same period. Vakrangee provides banking, ATM, insurance, financial services, e-governance, e-commerce, and logistics services in India. 

Inox Leisure opens four-screen multiplex in Guwahati

Multiplex operator Inox Leisure Ltd has launched a four-screen multiplex at Guwahati. The all-new Inox Insignia will offer an ultra-premium multiplex experience with four exclusive auditoriums and a total of 183 recliner seats. With this launch, Inox is now present in 70 cities with 156 multiplexes, 658 screens, and a total seating capacity of 1.48 lakh across India.

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Solar Industries India secures order worth Rs 1,471 crore from Coal India

Solar Industries India Ltd (SIIL) has received an order from Coal India Ltd for the supply of bulk explosives over a period of two years. The total order value is Rs 1,471 crore. SIIL manufactures and supplies industrial explosives and explosive initiating devices in India and internationally. The company also provides defense products, including military explosives, bombs, and warheads. 

IRB Sindhudurg Airport starts commercial operations

IRB Sindhudurg Airport Pvt. Ltd (IRB-SAPL) has started commercial operations of the Greenfield Airport Project at Chipi, Maharashtra. IRB-SAPL is a special purpose vehicle (SPV) of IRB Infrastructure Developers Ltd that was entrusted to develop and operate the airport project. IRB Infrastructure, through the SPV, developed the project at an estimated capital outlay of Rs 800 crore.

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Bandhan Bank’s collection efficiency improves to 90% in Q2

Bandhan Bank’s collection efficiency rate improved to 90% for the quarter ended September (Q2 FY22), compared to 80% efficiency in Q1. The bank’s loans & advances rose 7% YoY to Rs 81,668 crore in the July-Sept quarter. Its total deposits rose 24% YoY to Rs 81,898 crore during the same period. Retail deposits rose 35% YoY to Rs 68,787 crore as of September 30, 2021. 

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Gland Pharma gets tentative approval for Sugammadex injection

Gland Pharma has received tentative approval from the US Food & Drug Administration (USFDA) for generic Sugammadex injection. The drug is used for reversing the effects of the muscle relaxants rocuronium bromide and vecuronium bromide given to patients during surgery. According to IQVIA data, Sugammadex injection had US sales of ~$615 million (~Rs 4,620 crore) for 12 months ended April 2021.

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Mukesh Ambani joins Bezos, Musk in world’s exclusive $100 billion club

Mukesh Ambani has joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion. The chairman of Reliance Industries Ltd (RIL) entered the elite group of 11 men as his company’s stock surged to a record high on Friday. According to the Bloomberg Billionaires Index, Mukesh Ambani is now worth $100.6 billion. His wealth has increased by $23.8 billion this year.

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Sun Pharma Reports 62% QoQ Rise in Net Profit in Q1 – Top Indian Market News

Sun Pharma Q1 Results: Net profit rises 62% QoQ to Rs 1,444 crore

Sun Pharmaceutical Industries reported a 62% quarter-on-quarter (QoQ) increase in net profit to Rs 1,444.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,655.6 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 28% YoY to Rs 9,719 crore in Q1 FY22. Revenue from its India formulations business increased by 39% YoY (or 24% QoQ) to Rs 3,308.4 crore during the same period. Sun Pharma launched 13 new products in the Indian market in Q1.

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UPL Q1 Results: Net profit rises 23% YoY to Rs 678 crore

UPL Limited reported a 23% YoY increase in consolidated net profit to Rs 678 crore for the quarter ended June (Q1 FY22). Net profit has increased by 36% when compared to the previous quarter. Its revenue from operations rose 9% YoY to Rs 8,515 crore during the same period. The agrochemical manufacturer posted a 6% YoY growth in total sales volumes, aided by double-digit growth in the Latin American and Indian markets. 

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Lupin acquires Australia-based Southern Cross Pharma 

Lupin Limited has acquired Australia-based Southern Cross Pharma Pty Ltd (SCP), a generic drug manufacturer. As part of the transaction, Lupin’s Australia subsidiary will gain access to over 60 registered products having sales of over $22 million (~Rs 163 crore). Established in 2000, Southern Cross Pharma is engaged in the development, registration, and distribution of generic pharmaceutical products. This acquisition will increase Lupin’s value proposition and market share in the Australian market.

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Indian Oil Corp Q1 Results: Net profit jumps three-fold to Rs 5,941 crore

Indian Oil Corporation (IOC) reported a 211% YoY jump in standalone net profit to Rs 5,941.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.3% when compared to the previous quarter. Its revenue from operations rose 74% YoY to Rs 1.55 lakh crore during the same period. IOC’s gross refining margin (GRM) stood at $6.58 per barrel in Q1 FY22, compared to $1.98 per barrel in Q1 FY21. 

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Dana invests $18 million in Ashok Leyland’s e-bus arm

Dana Inc. has acquired a 1% stake in UK-based Switch Mobility for $18 million (~Rs 13 crore). Switch Mobility is Ashok Leyland Ltd’s electric commercial vehicle subsidiary. US-based Dana will be the preferred supplier of electric drivetrain components for Switch Mobility’s e-bus and EV commercial vehicle offerings. This includes e-axles, gearboxes, motors, software & controls, and electronics cooling systems. Switch Mobility will launch its first electric light commercial vehicle (e-LCV) in India by the end of December 2021.

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Bandhan Bank Q1 Results: Net profit falls 32% YoY to Rs 373 crore

Bandhan Bank reported a 32% YoY decline in net profit to Rs 373.10 crore for the quarter ended June (Q1 FY22). Its total income rose 20.4% YoY to Rs 2,647.5 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 8.2% in Q1 FY22, compared to 6.8% in Q4 FY21. Provisions for bad loans and contingencies rose 62% YoY to Rs 1,374.87 crore in Q1 FY22.

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Marico Q1 Results: Net profit falls 6% YoY to Rs 365 crore

Marico Limited reported a 5.9% YoY decline in consolidated net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has increased by 60.79% when compared to the previous quarter. Its revenue from operations rose 31% YoY to Rs 2,525 crore during the same period. EBITDA increased by 3% YoY to Rs 481 crore in Q1. The FMCG company posted volume growth of 21% YoY. The Saffola franchise (comprising of edible oils and food) delivered 24% YoY volume growth in Q1.

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Ashoka Buildcon secures order worth Rs 600 crore

Ashoka Buildcon Ltd has secured a contract for the development of Grand Port Hospital in Mumbai to a 600-bed super specialty hospital. The company will also construct a medical college with residential quarters of Zodiac Healotronics. The accepted EPC contract value of the project is Rs 600 crore.

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JSW Energy Q1 Results: Net profit declines 6% YoY to Rs 201 crore

JSW Energy Ltd reported a 5.6% YoY decline in consolidated net profit to Rs 201 crore for the quarter ended June (Q1 FY22). Net profit has increased by 88.65% when compared to the previous quarter. Its total income declined by 1.44% YoY to Rs 1,859.53 crore during the same period. JSW Energy’s power generation stood at 5,141 million units in Q1 FY22, compared to 4,930 million units in Q1 FY21.

KEC International secures new orders worth Rs 1,503 crore

KEC International Ltd has received new orders worth Rs 1,503 crore across various businesses. Its transmission and distribution (T&D) business has secured orders of Rs 866 crore for T&D projects in India, SAARC, Africa, and the Americas. The company’s railways business has won an order worth Rs 321 crore for overhead electrification and associated works. Its civil business has secured orders of Rs 176 crore for infrastructure works in the Metals & Mining, Data Centre, and FMCG segments in India.

Exide Industries Q1 Results: Net profit at Rs 32 crore

Exide Industries Ltd reported a consolidated net profit of Rs 32.88 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 10.68 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 89.7% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 40.2% YoY to Rs 3,543 crore in Q1 FY22.

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Rolex Rings IPO subscribed 130 times on final day of bidding 

The Rs 731 crore IPO of Rolex Rings Ltd was subscribed 130.44 times on the final day of bidding. Retail investors have subscribed 24.49 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 360.11 times and 143.58 times, respectively, against their reserved portions. 

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Bandhan Bank Reports 80% YoY Fall in Net Profit in Q4 – Top Indian Market News

Bandhan Bank Q4 Results: Net profit declines 80% YoY to Rs 103 crore

Bandhan Bank reported an 80% YoY decline in net profit to Rs 103 crore for the quarter ended March (Q4). Net interest income (NII) rose 4.6% YoY to Rs 1,757 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell to 6.8%, compared with 7.1% in the previous quarter (Q3 FY21). The bank’s provisions increased sharply to Rs 1,594 crore in Q4 FY21, compared with Rs 827.36 crore in Q4 FY20. Bandhan Bank’s board has announced a dividend of Rs 1 per share.

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Cadila Healthcare eyes approval for Covid-19 vaccine by June in India: Report

According to a report from Financial Express, Cadila Healthcare is all set to submit data related to its vaccine candidate ZyCov-D by the end of May. The pharma company is looking forward to receiving approval for its vaccine from India’s drug regulator in June. Cadila’s Managing Director Dr. Sharvil Patel said Phase-III clinical trials of ZyCov-D will be truly representative of its efficacy against many known variants of the virus. It is by far the largest trial being conducted in India, and the company has recruited more than 28,000 volunteers.

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CSB Bank Q4 Results: Net profit at Rs 42.89 crore

CSB Bank reported a net profit of Rs 42.89 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 59.70 crore in the corresponding period last year (Q4 FY20). Net interest income (NII) rose 28% YoY to Rs 497 crore in Q4 FY21. The gross non-performing assets (NPAs) ratio stood at 2.68%, compared with 3.54% in Q4 FY20. Provisions for bad loans and contingencies declined to Rs 70.95 crore in Q4 FY21, compared with Rs 84.32 crore in the year-ago period. CSB Bank reported its highest-ever net profit of Rs 218.40 crore for the financial year ended March 31, 2021 (FY21).

CSB Bank said it will double down on branch expansion as it seeks to reduce dependence on its home state of Kerala. The lender will seek growth in newer markets, especially in retail banking.

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Coal India fuel allocation through spot e-auction rises 43% in FY21

Coal India Ltd (CIL) allocated 42.51 million tonnes (MT) of coal in FY 2020-21 under the government’s spot e-auction scheme. This is a 42.5% increase as compared to the previous financial year. Fuel allocation by CIL under the scheme increased to 5.30 MT in March, compared with 2.53 MT in the corresponding month in FY20. State-owned CIL, which accounts for over 80% of domestic coal output, has set a target of 1 billion tonnes of production by 2023-24.

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DCB Bank Q4 Results: Net profit rises 13% YoY to Rs 78 crore

DCB Bank reported a 13.3% YoY increase in net profit to Rs 77.91 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 19%. Total income fell 5.15% YoY to Rs 971.16 crore during the same period. The bank’s gross non-performing assets ratio (NPAs) increased to 4.09%, compared with 2.46% in the corresponding period last year (Q4 FY20).

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Economic impact of second wave of Covid-19 to be muted: Finance Ministry

According to the Finance Ministry’s monthly economic report, the second Covid-19 wave in India poses a downside risk to economic activities in the first quarter of 2021-22. However, the economic impact is expected to be muted compared to the first wave. “Learning to ‘operate with Covid-19′, as borne by international experience, provides a silver lining of economic resilience amidst the second wave”, the report said.

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Avenue Supermarts Q4 Results: Net profit rises 53% YoY to Rs 414 crore

Avenue Supermarts Ltd reported a 52.56% YoY increase in consolidated net profit to Rs 413.87 crore for the quarter ended March (Q4). Its revenue from operations rose 18.47% YoY to Rs 7,411.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit fell 15.5% YoY to Rs 1,099 crore. Avenue Supermarts opened 22 new stores last year. The company said that the second wave of Covid-19 infections has once again resulted in significant disruption to its business. Close to 80% of its stores have been impacted by Covid-related restrictions.

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Reliance Power Q4 Results: Net profit at Rs 72.56 crore

Reliance Power reported a consolidated net profit of Rs 72.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 4,206.38 crore in the corresponding period last year (Q4 FY20). The company’s total income fell to Rs 1,691.19 crore in Q4 FY21, compared with Rs 1,902.03 crore in Q4 FY20. At the same time, total expenses including fuel and finance costs came down to Rs 1,648 crore from Rs 2,334 crore in Q4 FY20.

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Vardhman Acrylics Q4 Results: Net profit rises 107% YoY to Rs 22.9 crore

Vardhman Acrylics Limited reported a 107.32% YoY increase in net profit to Rs 22.93 crore for the quarter ended March (Q4). On a quarterly basis, net profit rose 54.6%. Revenue from operations rose 18.3% YoY to Rs 108 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 7.24% YoY to Rs 42.92 crore. Vardhman Acrylics is a leading manufacturer of acrylic fibre and tow.

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SEBI Slaps Rs 1 crore Fine On HDFC Bank – Top Indian Market News

SEBI imposes Rs 1 crore penalty on HDFC Bank in BRH Wealth Kreators case

SEBI imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by stockbroker BRH Wealth Kreators, in violation of the regulator’s interim directions. The bank has also been directed to transfer Rs 158.68 crore along with 7% interest per annum into an escrow account till the issue of settlement of clients’ securities is reconciled. [An escrow account is an account where funds are held in trust whilst two or more parties complete a transaction]. The fine shall be payable within a period of 45 days.

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Bajaj Auto Q3 Results: Net profit rises 23% YoY to Rs 1,556 crore

Bajaj Auto Ltd reported a 23.4% YoY increase in net profit to Rs 1,556 crore for the quarter ended December (Q3). The two-wheeler company’s revenue rose 17% YoY to Rs 8,9098 crore during the same period. Sales volumes grew by 9% YoY, which was led by a 26% growth in motorcycle exports and an 8% increase in domestic volumes. Bajaj Auto’s overall share in the domestic motorcycle market was 18.6% in Q3 FY21, as compared to 17.5% in Q2 FY21.

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Economic recovery in FY22 to be V (vaccine)-shaped: RBI

The Reserve Bank of India (RBI), in its ‘State of the Economy 2020’ report, has said the shape of India’s economic recovery in 2021-22 will be V-shaped — and the ‘V’ in it stands for “vaccine”. India has launched the biggest vaccination drive in the world, backed by the comparative advantage of having a strong vaccine manufacturing capacity. The report stated that the GDP is at a striking distance of attaining positive territory, and inflation is easing closer to the target.

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Asian Paints Q3 Results: Net profit surges 62% YoY to Rs 1,265 crore

Asian Paints Ltd reported a 62% YoY increase in net profit to Rs 1,265.35 crore for the quarter ended December (Q3). Its revenue rose 25% YoY to Rs 6,788.47 crore during the same period. The company’s domestic decorative business delivered more than 30% volume growth, led by premium and luxury portfolios. Asian Paints’ profitability across businesses has been supported by a good sales mix and cost optimisation measures.

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Jindal Steel & Power Q3 Results: Profit after tax at Rs 2,432 crore

Jindal Steel and Power Ltd reported a consolidated profit after tax (PAT) of Rs 2,432 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 257 crore in Q3 FY20. Its consolidated revenue increased by 40% YoY to Rs 10,534 crore in Q3 FY21. During the same period, JSPL standalone reported its highest-ever steel production volumes at 1.93 million tonnes (up 20% YoY) and sales of 1.87 million tonnes (up 12% YoY).

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Indigo Paints IPO subscribed nearly 7 times on Day 2

The initial public offering (IPO) of Indigo Paints was subscribed nearly 7 times on the second day of the bidding process. The issue has received bids for 3.84 crore shares, which is 6.97 times the issue size of 55.18 lakh shares. The reserved portion for retail investors was subscribed 9.6 times, and that of employees 1.8 times. The portion set aside for qualified institutional buyers has been subscribed 3.8 times, and that of non-institutional investors 5.4 times.

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Bandhan Bank Q3 Results: Net profit falls 14% YoY to Rs 632 crore

Bandhan Bank reported a 13.5% YoY decline in net profit to Rs 632.6 crore for the quarter ended December (Q3). The bank’s total income rose 38.3% YoY to Rs 2,625 crore during the same period. Net interest income (NII) grew by 34.5% YoY to Rs 2,071.7 crore in Q3. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors]. Provisions and contingencies increased by 262% YoY to Rs 1,068.73 crore. The bank’s operational performance in Q3 was backed by higher growth, lower costs of funds, and strong retail deposits.

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HDFC to sell 24.48% stake in Good Host for Rs 232.81 crore

HDFC Ltd has signed an agreement to sell its 24.48% stake in Good Host, a company engaged in the business of managing student housing facilities. The aggregate sale consideration for the sale of shares is Rs 232.81 crore. After the sale, Good Host will cease to be an associate of HDFC. [HDFC had acquired a 25.01% stake in Good Host in August 2018 for Rs 69.5 crore]

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Fire breaks out at Serum Institute building in Pune; vaccine production not hit

A major fire broke out at the Pune-based Serum Institute of India (SII) on Thursday afternoon. The company is involved in producing Covid-19 vaccine Covishield – developed by Oxford University and AstraZeneca – which is being used for inoculation in the country’s mega vaccination drive. The mishap led to the death of five people, while the rescue team evacuated four. It took around three hours for firemen to bring the blaze under control. The fire is believed to have started because of an electrical fault. There would be no loss of Covishield production due to the fire, said SII CEO Adar Poonawalla.

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Ashoka Buildcon secures 150 MW solar project worth Rs 502 crore

Ashoka Buildcon Ltd has received a Notification of Award (NoA) from NTPC Renewable Energy for a 150 MW solar photovoltaic (PV) plant in Rajasthan. The order includes the operation and maintenance of the solar PV plant for a period of 3 years from the date of successful trial run. The accepted bid value of the project is Rs 502.33 crore. 

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Man Industries Q3 Results: Net profit rises 4.3% YoY to Rs 30 crore

Man Industries Ltd reported a 4.3% YoY increase in net profit to Rs 30.6 crore for the quarter ended December (Q3). Its revenue rose 4.1% YoY to Rs 554.5 crore during the same period. The company’s unexecuted order book at the end of the quarter stood at ~Rs 1,200 crore. Man Industries stated that opportunities in the oil and gas sector remain positive due to stabilizing oil demand and resumption of drilling activities globally.

JK Tyre Q3 Results: Net profit at Rs 230 crore

JK Tyre & Industries Ltd reported a multi-fold jump in consolidated net profit to Rs 230.46 crore. The company had posted a consolidated net profit of Rs 10.27 crore in the third quarter of FY20. Consolidated revenue from operations grew 21.7% YoY to Rs 2,769 crore in Q3 FY21. During the third quarter, all nine plants of the company in India operated at close to 96% capacity utilisation. JK Tyre’s strong performance in Q3 was largely driven by the increased demand for passenger, commercial vehicle, and farm tyres.

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