Tag: Bank of India

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Adani Enterprises Files Papers for Rs 20,000Cr FPO – Top Indian Market Updates

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

Adani Enterprises files papers for ₹20,000 crore FPO

Adani Enterprises Ltd (AEL) has filed an offer letter with stock exchanges for a proposed ₹20,000 crore follow-on public offer (FPO). The company is examining the possibility of launching the FPO in the last week of January. The FPO could result in AEL’s total promoter stake falling by 3.5%. The promoters hold 72.63% of AEL, while the remaining 27.37% is with public shareholders.

In other news, AEL signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland and Canada-based Ballard Power.

Read more here.

India Pesticides expects revenue of ₹100 crore from new herbicide product

India Pesticides expects to earn revenue of ₹100 crore from the launch of its new Herbicide Technical product. The herbicide is used to control grass and broad-leaved weeds in the pre-or early post-emergence stages. It is primarily used in maize, soybeans, tomatoes, potatoes, sunflowers, wheat, and rice. The product will be manufactured at the company’s Sandila facility in Uttar Pradesh and will be exclusive to export markets.

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Reliance Jio launches True 5G in 16 more cities

Reliance Jio has expanded its 5G services to 16 more cities, taking its total coverage to 134 cities. It is now available in Kakinada, Kurnool (Andhra Pradesh), Silchar (Assam), Davanagere, Shivamogga, Bidar, Hospet, Gadag-Betageri (Karnataka), Malappuram, Palakkad, Kottayam, Kannur (Kerala), Tiruppur (Tamil Nadu), Nizamabad, Khammam (Telangana), and Bareilly (Uttar Pradesh). Jio users in these cities can upgrade to 5G through the Jio Welcome Offer and access data speeds of 1 Gbps+.

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Bank of India Q3 Results: Net profit rises 12% YoY to ₹1,151 crore

Bank of India reported a 12% year-on-year (YoY) increase in net profit to ₹1,151 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 64% YoY to ₹5,596 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 10.43% in Q3 FY22 to 7.66% in Q3 FY23. 

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Phoenix Mills subsidiary completes acquisition of Janus Logistics for ₹26 crore

Phoenix Logistics & Industrial Parks Pvt Ltd (PLIPPL) has completed the acquisition of a 100% equity stake in Janus Logistics and Industrial Parks Pvt. Ltd. for a total cash consideration of ₹26.03 crore. PLIPPL is a wholly-owned subsidiary of realty developer Phoenix Mills. Janus operates in the logistics and warehousing business. It owns a 33-acre land parcel in the Faridabad and Sohna districts of Haryana.

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Mastek Q3 Results: Net profit falls 20% YoY to ₹67 crore

Mastek Ltd reported a 19.6% YoY increase in consolidated net profit to ₹67.1 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.3% YoY to ₹658.7 crore during the same period. EBITDA stood at ₹113.7 crore in Q3, down 2.2% YoY. Mastek’s board has approved an interim dividend of ₹7 per share.

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Angel One Q3 Results: Net profit rises 38% YoY to ₹228 crore

Angel One reported a 38.6% YoY increase in consolidated net profit to ₹227.98 crore for the quarter ended December (Q3 FY23). The brokerage company’s revenue from operations rose 25.5% YoY to ₹759.66 crore during the same period. Its client base grew 60.7% to 1.25 crore in Q3. Angel One’s board has approved an interim dividend of ₹9.6 per share.

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Innova Captab, Blue Jet Healthcare gets SEBI approval to float IPO

The Securities & Exchange Board of India (SEBI) has given approval to pharma companies Innova Captab Ltd and Blue Jet Healthcare to raise funds through an Initial Public Offering (IPO). Innova Captab has proposed fresh issuance of equity shares worth ₹400 crore and an offer for sale (OFS) of 96 lakh shares through its IPO. The IPO of Blue Jet Healthcare is completely an OFS of up to 2.16 crore equity shares.

Read more here.

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Godrej Properties Posts 167% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

godrej properties

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

Godrej Properties Q1 Results: Net profit jumps 167% YoY to Rs 46 crore

Godrej Properties Ltd reported a 167.5% YoY jump in consolidated net profit to Rs 45.55 crore for the quarter ended June (Q1 FY23). Its total income rose 62.8% YoY to Rs 426.4 crore during the same period. The real estate firm’s total sales bookings jumped five-fold to Rs 2,520 crore in Q1. The company said it is on track to meet its objective of achieving a total booking value of Rs 10,000 crore for FY23.

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LTI expands partnership with Microsoft

Larsen & Toubro Infotech Ltd (LTI) plans to train more than 12,000 employees on various Microsoft technologies by 2024. The company also announced the expansion of its collaboration with Microsoft to focus on developing high-value cloud solutions for enterprises. As part of this multi-year partnership, LTI has launched a dedicated Microsoft business unit that develops and offers end-to-end digital transformation solutions.

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Adani Green Energy Q1 Results: Net profit falls 2% YoY to Rs 214 crore

Adani Green Energy Ltd (AGEL) reported a 2% YoY decline in consolidated net profit to Rs 214 crore for the quarter ended June (Q1 FY23). Net profit increased by 77% when compared to the previous quarter. Its revenue from operations rose 67% YoY (or 12% QoQ) to Rs 1,635 crore during the same period. EBITDA stood at Rs 1,052 crore, up 46% YoY.

CCI approves RIL arm’s acquisition of 50.1% stake in Sanmina-SCI India

The Competition Commission of India (CCI) has granted approval for Reliance Strategic Business Ventures Ltd’s (RSBVL) acquisition of a 50.1% stake in Sanmina-SCI India (SCIPL).  US-based Sanmina Corporation and RSBVL have signed an agreement to create a joint venture (JV) that will establish a world-class electronic manufacturing hub in India. RSBVL is set to invest Rs 1,670 crore in the JV and hold the majority stake. The new JV will serve both domestic and export markets.

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Ajmera Realty acquires land parcel in Mumbai for Rs 42.5 crore

Ajmera Realty & Infra India Ltd’s subsidiary has acquired 1,721 square metres of land in Mumbai for Rs 42.5 crore to develop a housing project. The subsidiary, Shree Yogi Realcon Pvt Ltd, bought the property from Tata Communications Ltd. The company aims to develop around 100 residential units in this project. It is estimated to generate a sales value of ~Rs 250 crore over the next three years.

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Bank of India Q1 Results: Net profit falls 22% YoY to Rs 561 crore

Bank of India reported a 22% YoY decline in net profit to Rs 561 crore for the quarter ended June (Q1 FY23). Its total income fell 4.4% YoY to Rs 11,124.36 crore during the same period. Operating expenses stood at Rs 3,041 crore in Q1, up 12% YoY. The gross non-performing assets (GNPA) ratio improved to 9.3% in Q1 FY23, compared to 13.51% in Q1 FY22.

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SpiceJet clears all dues with Airports Authority of India

SpiceJet Ltd has entered into a full and final settlement with the Airports Authority of India (AAI) and cleared all outstanding principal dues of the airport operator. The airline will no longer remain on “cash and carry” at AAI-run airports across India and revert to an advance payment mechanism for daily flight operations. According to SpiceJet’s spokesperson, the company’s ability to clear the pending dues reflects its improved cash flow in recent times.

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Data Patterns Q1 Results: Net profit rises 38% YoY to Rs 14.26 crore

Data Patterns (India) Ltd reported a 38.4% YoY increase in net profit to Rs 14.26 crore for the quarter ended June (Q1 FY23). Net profit declined by 77% when compared to the previous quarter. Its revenue from operations rose 84% YoY to Rs 68.38 crore during the same period. The company’s order book currently stands at Rs 663.55 crore. Data Patterns is a leading solution provider for the defence and aerospace electronics industries.

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CCI approves divestment of IDFC AMC

The Competition Commission of India (CCI) has approved the divestment of IDFC Asset Management Company (IDFC AMC). In April 2022, a consortium of Bandhan Bank’s parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital, and Singapore’s sovereign fund GIC announced the acquisition of IDFC AMC for Rs 4,500 crore. Established in 2000, IDFC AMC manages over Rs 1,15,000 crore of Asset Under Management (AUM) as of March 31, 2022.

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Tata Power partners with JLL to provide green energy solutions for realty sector

Tata Power has signed a Memorandum of Understanding (MoU) with JLL India to promote green energy solutions in the real estate space. Both entities will jointly evaluate opportunities across JLL India’s clients’ portfolios to extend Tata Power’s green energy solutions. Tata Power will also work with JLL India to support the transition of their existing offices into green energy power hubs.

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Veranda Learning Acquires TIME for Rs 287 crore – Top Indian Market News

Veranda Learning acquires TIME for Rs 287 crore

Veranda Learning Solutions Ltd has signed an agreement to acquire T.I.M.E. (Advanced Education Activities Pvt Ltd) for Rs 287 crore. The acquisition includes the business of Spoken English Training under the VETA brand and pre-school operations under the T.I.M.E. Kids brand. This move will help Veranda foray into the MBA, NEET & JEE preparation and pre-school segment.

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Tata Motors to deploy 5,000 XPRES T Electric Sedans with Lithium Urban Tech

Tata Motors has partnered with Lithium Urban Technologies to deploy 5,000 XPRES T electric sedans across India for employee transportation. The automaker will commence deliveries in phases and will complete the deployment by next year. In July 2021, Tata Motors launched the “XPRES” brand exclusively for fleet customers. XPRES-T EV is the first vehicle under this brand. 

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RIL to auction 12 mmscmd gas from MJ Field

Reliance Industries Ltd (RIL) will call bids for 12 million metric standard cubic metres per day (mmscmd) of gas from its MJ Field in the eastern offshore Krishna Godavari D6 block. The MJ Field is the third and last set of discoveries that RIL is developing in the KG-D6 block. RIL owns a 66.67% stake in the block, while its partner BP holds 33.33%.

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Future Group to focus on saving, rebuilding Future Lifestyle & Future Supply Chain: Report

Future Group will reportedly focus on saving and rebuilding Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer, and Future Enterprises. The move comes after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors. Future Group’s flagship firm, Future Retail Ltd, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). FRL has nearly Rs 18,000 crore in debt.

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Shilpa Medicare arm gets NOC to conduct clinical trials for its Biosimilar Aflibercept

Shilpa Biologicals Pvt Ltd (SBPL) has received a No-Objection Certificate (NOC) from RCGM, Dept of Biotechnology, to approach the Drugs Controller General of India (DCGI) to conduct clinical studies for its Biosimilar Aflibercept. The biosimilar is used to treat wet macular degeneration and metastatic colorectal cancer. Shilpa Medicare aims to ensure global accessibility of the product via differentiated pricing and formulations/delivery mechanisms.

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Eveready Industries Q4 Results: Net loss at Rs 38.4 crore

Eveready Industries India Ltd (EIIL) reported a net loss of Rs 38.41 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 442.5 crore in Q4 FY21 and a loss of Rs 23.71 crore in Q3 FY22. Its revenue from operations fell 12% YoY (or 26% QoQ) to Rs 241 crore in Q4 FY22. EIIL is one of India’s leading battery, lighting, flashlights, and appliance solutions companies.

Bank of India to raise up to Rs 2,500 crore via share sale

Bank of India has announced plans to raise up to Rs 2,500 crore by issuing fresh equity shares in the form of a qualified institutional placement (QIP) or preferential issue. The lender aims to bring down the total promoter holding to equal to or below 75% to comply with minimum shareholding norms. Currently, the Indian government holds an 81.41% stake in the bank.

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GMDC Q4 Results: Net profit at Rs 177 crore

Gujarat Mineral Development Corporation (GMDC) reported a net profit of Rs 176.99 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 184.63 crore in Q4 FY21. Its consolidated income rose 80.3% YoY to Rs 1,096.97 crore in Q4 FY22. GMDC’s board has declared a dividend of Rs 4.30 per share. 

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Maharashtra Scooters Q4 Results: Net profit falls 44% YoY to Rs 1.57 crore

Mahindra Scooters Ltd reported a 44.13% YoY decline in net profit to Rs 1.57 crore for the quarter ended March (Q4 FY22). Net profit fell 52.4% when compared to the previous quarter. Its revenue from operations fell 21.85% YoY to Rs 5.83 crore during the same period. The company’s board has declared a dividend of Rs 80 per share.

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Mindtree partners with Sapiens to drive digital transformation for insurers

Mindtree Ltd has partnered with Sapiens International Corporation to help insurance companies drive digital transformation. The partnership will focus on North America and subsequently grow into Europe and Asia. Sapiens’ industry-leading, cloud-native suite of banking & insurance applications and Mindtree’s deep domain knowledge and expansive delivery capabilities will enable insurance companies to increase scale and improve customer satisfaction.

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Tatva Chintan Q4 Results: Net profit falls 17% YoY to Rs 17.5 crore

Tatva Chintan Pharma Chem Ltd reported a 17% YoY decline in consolidated net profit to Rs 17.5 crore for the quarter ended March (Q4 FY22). Net profit fell 23% when compared to the previous quarter. Its revenue from operations fell 9.3% YoY (or 6% QoQ) to Rs 98.5 crore during the same period. EBITDA stood at Rs 22.31 crore, down 17.55% YoY. The chemical company’s board has declared a final dividend of Rs 2 per share.

Century Textiles Q4 Results: Net profit at Rs 84 crore

Century Textiles & Industries Ltd reported a consolidated net profit of Rs 84.43 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 4.89 crore in Q4 FY21. Its revenue from operations rose 44.6% YoY to Rs 1,186.22 crore in Q4 FY22. EBITDA grew 66.25% YoY to Rs 133 crore during the same period.

Read more here.

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India’s GDP Grows 20.1% in Q1 – Top Indian Market News

India records GDP growth at 20.1% in Q1

India’s gross domestic product (GDP) for the April-June quarter (Q1 FY22) grew 20.1% as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). The sharp rise in Q1 GDP data can be mainly attributed to a low base last year. The economy had contracted by a record (-)24.4% in the corresponding quarter last year (Q1 FY21) due to the impact of the nationwide lockdown that was imposed to curb the spread of the Covid-19 pandemic. The manufacturing sector grew 49.6% YoY, while the construction sector grew at 68.3% YoY in Q1 FY22. 

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Maruti Suzuki cuts Sept production by 60% due to semiconductor shortage

Maruti Suzuki India Ltd expects production at its plants in Haryana and Gujarat to be impacted next month due to a shortage of semiconductors. As per estimates, the total production volume across both states could be around 40% of the normal output. This is the second consecutive monthly production cut seen by the automaker due to the global chip shortage.

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Subex extends partnership with Robi to drive 5G

Subex Ltd has extended its partnership with telecom operator Robi to upgrade its existing integrated revenue assurance and fraud management (iRAFM) system. With this upgrade, Robi will leverage the artificial intelligence and machine learning (AI/ML) capabilities of Subex’s revenue assurance and fraud management solutions to tackle new-age telecom threats in Bangladesh. It will also help Robi deliver a superior customer experience as it looks to provide services built on 5G.

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Exide Industries looks to set up Tesla-style gigafactory

Exide Industries Ltd is looking to set up a Tesla-style gigafactory using the production-linked incentive (PLI) scheme, as it ramps up focus on lithium-ion batteries. The company will finalise details of its advanced chemistry cell battery-making facility once the PLI scheme related to the segment is announced. In May 2021, the Union Cabinet had approved a PLI scheme with an outlay of Rs 18,000 crore to promote the manufacturing, export, and storage of lithium-ion cells essential for developing electric vehicles.

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SRF’s board approves 4:1 bonus issue

The Board of Directors of SRF Limited has approved a bonus issue in the ratio 4:1. The company will issue four bonus shares (of the face value of Rs 10 each) for each equity share held as on the record date. Gurugram-based SRF Limited is a multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates.  

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Ola likely to launch IPO in early 2022

Ride-hailing aggregator Ola is exploring a public offer early next year and is aiming to raise $1 billion (~Rs 7,290 crore). According to reports, investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup, and JP Morgan are working with the company to file preliminary documents for the IPO with market regulator SEBI by October. Ola would be joining a strong pipeline of Indian startups that are ready to tap the IPO market in the coming months.

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Dr Reddy’s launches generic stomach ulcer drug in the US

Dr Reddy’s Laboratories has launched Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules in the US market. It is a therapeutic equivalent generic version of Librax. The drug is indicated to control emotional and somatic factors in gastrointestinal disorders. It is also used as adjunctive therapy in the treatment of peptic ulcers and irritable bowel syndrome. According to IQVIA data, the generic version of the drug had sales of $105.9 million (~Rs 770 crore) in the US for the 12 months ended July 2021.

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No comment on media speculation: Bharti Airtel on report of Google investment

Bharti Airtel said it “receives interests from high-quality investors” for its various businesses and evaluates them. However, it declined to comment on a media report that US software giant Google is likely to make a substantial investment in the company. A recent Times of India (ToI) report had stated that Google is on its way to make investments worth thousands of crores in Bharti Airtel. The telecom operator termed the Google news report as “speculation”. 

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Bank of India raises Rs 2,550 crore via QIP

Bank of India has raised Rs 2,550 crore through a Qualified Institutional Placement (QIP). The lender’s capital issuing committee has approved the issue and allotment of 40.54 crore equity shares to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 62.89 per share. The QIP opened on August 25 and closed on August 30. The bank had targeted to raise up to Rs 3,000 crore through this issue. 

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Mastek partners with fulfillmenttools to deliver Omnichannel Fulfillment Solutions

Mastek Ltd has partnered with Germany-based fulfillmenttools to enable Direct to Stakeholder (D2X) transformation for their joint clients. This partnership will enable their clients to deliver a robust customer experience through a unified D2X process integrating commerce with fulfillment. fulfillmenttools offers an integrated end-to-end platform solution for efficient omnichannel fulfillment. Mumbai-based Mastek is a multinational technology company that offers enterprise-level digital transformation services and software.

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India’s Power Demand Hits All-Time High of 197.06 GW – Top Indian Market News

Electricity Pylons at sunset on background

India’s power demand hits all-time high of 197.06 GW

The total power demand in India touched an all-time high of 197.06 gigawatts (GW) on Tuesday (July 6). Many states are witnessing high temperatures due to delayed monsoon. The easing of Covid-related restrictions has also led to a surge in power demand. Last month, the highest supply of power on a single day stood at 191.51 GW (recorded on June 30).

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Isgec Heavy Engineering JV secures order for renewable energy project in the US

Isgec Hitachi Zosen, a joint venture (JV) between Isgec Heavy Engineering and Japan-based Hitachi Zosen Corporation, has secured an order for the supply of reactors for a renewable energy project in the United States. The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment. This is Isgec Hitachi Zosen’s first order for supplying such reactors to the US.

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Tata Motors’ JLR sees hit to FY22 guidance if chip supply issues continue

Jaguar Land Rover (JLR), a subsidiary of Tata Motors Ltd, stated that the global shortage in chip supply may threaten its revenue, margin, and free cash flow guidance for the current financial year (FY22). The automaker had targeted production of up to 235,000 units in April-September, but may only manage 150,000 units as a result of the chip shortage. Due to the substantial drop in wholesale volumes during the first and second quarters, JLR may face cash outflows of £2 billion (~Rs 20,605 crore) in the first half of FY22.

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IndusInd Bank partners with TP Central Odisha Distribution

IndusInd Bank has partnered with TP Central Odisha Distribution Ltd (TPCODL) to introduce a fully digital network for facilitating electricity bill payments across 300 semi-urban and rural regions in the state. TPCODL is a joint venture (JV) between Tata Power and the Government of Odisha. Through ‘Bharat Money Stores’, IndusInd Bank will enable nearly 30 lakh customers of TPCODL to easily pay their electricity bills at their nearest Kirana stores.

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Jindal Steel reports 20% YoY growth in production in Q1

Jindal Steel & Power Ltd (JSPL) registered a 20% year-on-year (YoY) growth in steel production to 2.01 million tonnes (MT) for the quarter ended June (Q1 FY22). This marks a record first quarter (Q1) production and second-highest quarterly production ever. JSPL said the performance in Q1 FY22 gives the company confidence in achieving a production target of 8-8.5 MT in the current financial year (FY22).

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Reliance Infra gets shareholders approval to raise up to Rs 551 crore via preferential allotment

Reliance Infrastructure Ltd’s shareholders have approved a proposal to raise up to Rs 550.56 crore through the issuance of shares on a preferential basis. The funds will be utilised for long-term resources, for general corporate purposes, and to fund future growth. The company will allot 8.88 crore equity shares and/or warrants convertible into an equivalent number of equity shares to promoters and VFSI Holdings Pte Ltd.

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Dixon Technologies partners with Bharti Enterprises to make telecom gear

Dixon Technologies Ltd and Bharti Enterprises have joined hands to invest Rs 200-250 crore to start telecom equipment manufacturing. A subsidiary of Dixon Tech will form a joint venture (JV) with Bharti Enterprises to commence production of customer-provided equipment (CPE) through their manufacturing unit in Punjab. Dixon Technologies has applied for the government’s production linked incentive (PLI) scheme for telecom and network equipment manufacturing. HFCL, Tejas Networks, VVDN, and Coral Telecom are some of the other companies that have applied for the scheme.

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Bajaj Healthcare gets DRDO license to manufacture Covid-19 drug 2-DG

Bajaj Healthcare Ltd has received approval from the Defence Research and Development Organisation (DRDO) to manufacture and market 2-Deoxy-D-Glucose (2-DG). The drug is used for the treatment of Covid-19 patients. It helps in the faster recovery of hospitalised patients and reduces the dependence on supplemental oxygen. 2-DG can be administered only upon prescription and under the supervision of a qualified physician.

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Bank of India partners with Bajaj Allianz General Insurance

Bank of India and Bajaj Allianz General Insurance (BAGI) have entered into a corporate agency agreement. The lender will distribute BAGI’s insurance products through its vast network of 5,084 branches, 80 retail business centres, and 60 small & medium enterprises (SME) centres across India. Bajaj Allianz will offer motor insurance, travel insurance, health insurance, and home insurance to Bank of India’s customers.

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Mahindra Group restructures farm equipment business in Turkey

Mahindra and Mahindra (M&M) Ltd has reshuffled its business in Turkey by acquiring the entire agricultural machinery business of its subsidiary— Hisarlar. Erkunt Traktor Sanayi A.S, a subsidiary of M&M, will acquire the complete agriculture machinery business from Hisarlar, including select assets, intellectual property (IP), and brand use rights. Meanwhile, Erkunt and another Mauritius-based subsidiary of M&M has sold their aggregate stake of 94.3% in Hisarlar for 6.6 million Turkish Lira (~Rs 5.7 crore). With this transaction, the Mahindra Group will exit Hiarlar’s metal fabrication business.

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Ujjivan SFB reports 24% YoY rise in deposits in Q1

Ujjivan Small Finance Bank (SFB) reported a 24% YoY increase in total deposits to Rs 13,673 crore for the quarter ended June 30 (Q1 FY22). Deposits have increased by 4% when compared to the previous quarter. The current and savings account (CASA) deposits grew 77% YoY to Rs 2,773 crore during the same period. Ujjivan SFB’s loan book declined by 2% YoY to Rs 14,120 crore in Q1.

Read more here.

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RBI Keeps Policy Rates Unchanged; Cuts FY22 GDP Forecast to 9.5% – Top Indian Market News

RBI keeps policy rates unchanged, cuts FY22 GDP growth to 9.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance as long as necessary to support growth and keep inflation within the target. RBI has projected real GDP growth of 9.5% for the current financial year (FY22), which is lower than its earlier estimate of 10.5%. The central bank will create a special liquidity window of Rs 15,000 crore to support the hotel, tourism, and aviation sectors.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

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Bharat Forge Q4 Results: Net profit at Rs 212 crore

Bharat Forge Limited reported a consolidated net profit of Rs 212.12 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 68.59 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 16.36% YoY to Rs 2,082.85 crore in Q4 FY21. Bharat Forge reported a net loss of Rs 126.97 crore for the financial year 2020-21 (FY21). This is compared to a net profit of Rs 349.25 crore in FY20. The company’s board has recommended a final dividend of Rs 2 per share.

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Tata Consumer enters premium coffee market; launches ‘Sonnets by Tata Coffee’

Tata Consumer Products Ltd (TCPL) has entered the premium roast and ground coffee segment with the launch of ‘Sonnets by Tata Coffee’. Through this brand, TCPL is targeting customers who seek a special coffee experience. They will provide microlot coffees that are limited edition offerings and are processed distinctively on the estates. Sonnets is sourced from Tata Coffee’s plantations in South India. TCPL is also entering the direct-to-consumer space in the coffee segment as it would be sold online only.

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Jubilant Pharmova Q4 Results: Net profit declines 17% YoY to Rs 214 crore

Jubilant Pharmova Ltd reported a 17.89% YoY decline in consolidated net profit to Rs 213.90 crore for the quarter ended March (Q4). Net profit has declined by 30.98% when compared to the previous quarter. Its revenue from operations rose 3.63% YoY to Rs 1,551.69 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.94% YoY to Rs 835.87 crore. The pharma company’s board has recommended a dividend of Rs 5 per share. 

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Glenmark Pharma gets USFDA approval for Theophylline tablets

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Theophylline extended-release (ER) tablets. The drug is used to prevent and treat wheezing, shortness of breath, and chest tightness caused by asthma, chronic bronchitis, and other lung diseases. According to IQVIA data, Theophylline ER tablets had achieved annual sales of ~$47.8 million (~Rs 348.5 crore) for the 12 months ended April 2021.

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RailTel Corp secures order worth Rs 120 crore from Bharat Coking Coal

RailTel Corporation of India has secured an order worth Rs 119.72 crore from Bharat Coking Coal Ltd (BCCL). The work order is for the implementation of MPLS-VPN services along with miscellaneous services at 340 locations of BCCL for a period of five years. RailTel is a Mini Ratna PSU and a leading neutral telecom infrastructure provider. It has a pan-India optic fibre network on exclusive right of way along railway lines.

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Bank of India Q4 Results: Net profit at Rs 250 crore

Bank of India reported a standalone net profit of Rs 250.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 3,571.41 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) declined by 29% YoY to Rs 2,936 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 13.77%, compared with 14.78% in the year-ago period. The bank’s net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 2,160.3 crore, compared to a net loss of Rs 2956.89 crore in FY20.

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Tesla to start testing Model 3 in India from July-August

According to a report from CNBC-TV 18, Tesla is looking to bring Model 3 to India for testing by July or August. Tesla’s Model 3 is its most affordable and largest selling product in the world. The report further states that backend work to get the product ready for sale before the end of the year is currently underway. The cars will be brought in for testing, Automotive Research of India (ARAI) approvals, and for other regulatory compliances. Tesla will come up with company-owned showrooms in Mumbai, Bangalore, and Delhi, while it may explore a franchise-based model for its workshops in the country.

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MOIL Q4 Results: Net profit rises 125% QoQ to Rs 116 crore

MOIL Limited reported a 125.83% quarter-on-quarter (QoQ) increase in net profit to Rs 116.03 crore for the quarter ended March (Q4). Net profit has jumped 761% when compared to the corresponding quarter last year. The mining company’s total income rose 67.7% QoQ (or 70.19% YoY) to Rs 481.56 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 28.84% YoY to Rs 176.63 crore. MOIL’s board has recommended a final dividend of Rs 4.9 per share. 

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Jai Corp Q4 Results: Net profit jumps 415% YoY to Rs 14 crore 

Jai Corp Limited reported a 415% YoY jump in consolidated net profit to Rs 14.08 crore for the quarter ended March 2021 (Q4). Net profit has declined by 80.48% when compared to the previous quarter. Its revenue from operations rose 17.55% YoY to Rs 137.74 crore in Q4 FY21. The company’s board has proposed a dividend of Rs 0.50 per share. Jai Corp is primarily engaged in the plastic processing business in India. It also produces, processes, and trades in steel products.

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NIIT Q4 Results: Net profit at Rs 46.5 crore

NIIT Limited reported a net profit of Rs 46.5 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 0.6 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 30% YoY to Rs 275.5 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 89% YoY to Rs 143.66 crore. NIIT’s board has recommended a dividend of Rs 2.5 per share.

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RIL Reports 108% YoY Jump in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit at Rs 13,227 crore

Reliance Industries Limited (RIL) reported a 108% YoY increase in consolidated net profit at Rs 13,227 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown 1%. The consolidated revenue from operations rose 11% YoY to Rs 1,54,896 crore during the same period. RIL’s board has announced a final dividend of Rs 7 per share.

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IndusInd Bank Q4 Results: Net profit jumps three-fold to Rs 876 crore

IndusInd Bank Limited reported a three-fold (~190%) year-on-year (YoY) increase in net profit to Rs 876 crore for the quarter ended March (Q4). Net interest income (NII) rose 9.4% YoY to Rs 3,535 crore during the same period. [NII is the difference between the income interest a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 2.67% in Q4, compared with 2.93% in Q3 FY21. Total provisions declined 23.5% YoY to Rs 1,866 crore during the quarter. IndusInd Bank’s board has announced a dividend of Rs 5 per share.

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Marico Q4 Results: Net profit rises 14% YoY to Rs 227 crore

Marico Limited reported a 14.07% YoY increase in consolidated net profit to Rs 227 crore for the quarter ended March (Q4). Its revenue from operations rose 34.49% YoY to Rs 2,012 crore during the same period. This was driven by strong volume growth of 25% YoY in the domestic business. The FMCG firm’s operating margin was lower at 17.6% in Q4 due to high input costs. For the financial year ended March 31, 2021 (FY21), Marico’s net profit has increased by 14.96% YoY to Rs 1,199 crore. 

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Atul Q4 Results: Net profit rises 24% YoY to Rs 141 crore

Atul Limited reported a 23.9% YoY increase in consolidated net profit to Rs 175.05 crore for the quarter ended March (Q4). Revenue from operations rose 15.6% YoY to Rs 1,115.93 crore during the same period. Its Life Science Chemicals segment posted a 22.6% YoY rise in revenues at Rs 311.89 crore. The company’s board has approved a dividend of Rs 20 per share. Atul Ltd is an integrated chemical company headquartered in Valsad, Gujarat.

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Nestle buys vitamin brands from KKR for $5.75 billion

Nestle SA has agreed to buy vitamin maker Bountiful Co. for $5.75 billion (~Rs 42,580 crore) from private equity firms KKR & Co. and Carlyle. Through this acquisition, Nestle aims to become a world leader in the field of minerals and supplements. The Covid-19 pandemic has boosted demand for such pills from health-conscious consumers. This acquisition would double Nestle’s e-commerce revenue from supplements to about $1 billion this year.

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Dalmia Bharat Q4 Results: Net profit at Rs 640 crore

Dalmia Bharat Limited reported a sharp rise in consolidated net profit (~2,310% YoY) to Rs 640 crore for the quarter ended March (Q4). It had posted a net profit of Rs 24 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose 32.13% YoY to Rs 3,281 crore in Q4 FY21. The company’s board has recommended a dividend of Rs 1.33 per share.

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Escorts to temporarily shut down manufacturing operations amid Covid-19 surge

Amidst the surge in Covid-19 cases in India, Escorts Limited has decided to temporarily shut down its manufacturing operations on a selective basis between May 1 and May 3. The farm equipment manufacturer said that the safety and health of its employees and the wellness of its business ecosystem are of utmost importance. Escorts ensured that there will be no impact on fulfilling customer demand, as it has sufficient inventory in hand.

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Vodafone Idea’s GIGAnet 4G delivers highest network speed in Q4: Ookla

According to speed testing firm Ookla, Vodafone Idea’s (Vi) 4G network GIGAnet has delivered the fastest download and upload speeds across India for the third consecutive quarter in Q4 (January-March 2021). Additionally, Vi has the fastest average 4G download speeds in 135 Indian cities, including Mumbai, Delhi NCR, and Kolkata. This comes at a time when data usage has surged exponentially as more people are staying home due to a fresh wave of Covid-19 cases in India.

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Yes Bank Q4 Results: Net loss at Rs 3,788 crore

Yes Bank reported a net loss of Rs 3,787.75 crore for the quarter ended March (Q4). The bank had posted a net loss of Rs 3,668 crore in the corresponding period last year (Q4 FY20).  Net interest income (NII) declined 23% YoY to Rs 1,274 crore in Q4 FY21. The gross non-performing assets (NPA) ratio stood at 15.41%, compared to 15.36% in the previous quarter. Yes Bank’s deposits grew 11% quarter-on-quarter (QoQ) and 55% YoY to Rs 1,62,947 crore in Q4 FY21.

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Ajanta Pharma Q4 Results: Net profit rises 23% YoY to Rs 159 crore

Ajanta Pharma reported a 23% YoY increase in consolidated net profit to Rs 159 crore for the quarter ended March (Q4). Its revenue from operations 11% YoY to Rs 757 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased to Rs 654 crore, compared with Rs 468 crore in the previous financial year (FY20).

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Bank of India’s board approves raising capital up to Rs 4,800 crore

The Board of Directors of Bank of India (BOI) has approved raising capital aggregating to Rs 4,800 crore through the issuance of shares or bonds. The lender will issue equity shares in the form of Follow-on Public Offer (FPO)/Qualified Institutional Placement (QIP) or issue Basel III compliant Tier-1 bonds worth up to Rs 3,000 crore. BOI will further issue Basel III compliant Tier-2 bonds worth up to Rs 1,800 crore. The fundraising proposal is subject to shareholders’ approval.

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Eicher Motors’ Q3 Profit Rises by 7% YoY to Rs 533 crore – Top Indian Market News

Eicher Motors Q3 Results: Net profit rises 7% YoY to Rs 533 crore

Eicher Motors Ltd reported a 7% YoY increase in net profit to Rs 533 crore for the quarter ended December (Q3 FY21). Its revenue jumped 19% YoY to Rs 2,828 crore during the same period. Sales for Royal Enfield increased by 5% to nearly 2 lakh units in this quarter. Even though both revenue and profits have increased, their operating margin has witnessed a marginal decline from 25% to 24%.

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Price Bands in Airfares to be discontinued in the airline industry

Union Aviation Minister, Hardeep Singh Puri, stated today that the price bands will be removed once the flight services reach pre-Covid-19 levels. Due to the pandemic and limited seats, the government placed floor and ceiling prices on airfares. It was done so that the airlines cannot charge hefty amounts from the customers due to restrictions on operating capacity. In May, when flights started to operate, there were only 30,000 passengers. The latest figure of Monday shows about 2,87,000 passengers.

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Hindalco Q3 Results: Net profit rises 76% YoY to Rs 340 crore

Aditya Birla group company Hindalco declared a 76% YoY rise in net profit to Rs 340 crore for the quarter ended December (Q3). Its revenue increased by 11% YoY to Rs 11,351 crore from Rs 10,230 crore. The company’s Aluminium division saw its operating income grow by 26%. Another good news for the company came as their margin increased from 12.6% to 15.8%

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SpiceJet Q3 Results: Net Loss of Rs 67 crore reported

Low-cost airline, SpiceJet, declared a standalone net loss of Rs 66.77 crore for Q3 FY21. In the same quarter last year, SpiceJet announced a net profit of Rs 78.16 crore. On a positive side, their net loss has decreased on a quarterly basis. In the second quarter, they reported a net loss of Rs 108.53 crore. This recovery can be attributed to the increase in demand in the passenger business. 

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Titan Q3 Results: Net profit falls by 11% to Rs 419 crore

Titan reported an increase of 17.4% in revenue to Rs 7,287 crore for the quarter ended December (Q3). Even after improved revenues, their net profits fell by 10.9% to Rs 419 crore. In the same quarter last year, their net profits recorded were Rs 470 crore. Their operating margin remained flat at 11.8%. Sales in the jewellery segment accounted for almost 90% of the total revenue. 

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IRB Infra to raise Rs 2,220 crore via NCDs

IRB Infrastructure Developers has entered into a definitive agreement with India Toll Roads. In this agreement, they will be raising Rs 2,220 crore by issuing non-convertible debentures (NCDs). The fund accumulated will be used to repay existing loans of up to Rs 1,600 crore. The rest of the amount will be utilized to meet capex requirements and general corporate purposes. 

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GAIL Q3 Results: Net profit rises 18.9% YoY to Rs 1,487.3 crore

GAIL India reported a 18.9% YoY increase in standalone net profit to Rs 1,487.3 crore for the quarter ended December (Q3). Its revenue fell by 13% YoY to Rs 15,454 crore during the same period. Even after a fall in top line, their profit numbers increased due to lower tax cost and margin expansion. Taxes paid in Q3FY21 fell to Rs 380.4 crore from Rs 621 crore in the corresponding period.

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Polyplex Q3 Results: Net profit increased by 81%, a dividend of Rs 100 per share announced

Polyplex Corporation declared a special dividend of Rs 100 per share after strong performance in the third quarter of FY21. Its consolidated net profit jumped by 81% (YoY) to Rs 224.73 crore in the December quarter. Revenue from operations also rose by 13.3% (YoY) to Rs 1,237 crore. The shares of the company skyrocketed by 17% to Rs 880 in intra-day trade. The record date of this dividend is 19th February, 2021.

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Bank of India Q3 Results: Net profit rises five times to Rs 541 crore

Bank of India declared a net profit of Rs 541 crore for the quarter ended December (Q3). Net interest income fell by 9.2% (YoY) to Rs 3,740 crore. Net interest Margin (NIM) stood at 2.81% as on 31st December 2020. It was 3.45% during the same period last year. The bank’s deposits increased by 18.24% (YoY) to Rs 5,36,171 crore. Gross NPAs fell to Rs 54,997 crore as compared to Rs 61,731 crore in the same quarter previous year.

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ABB India Q4 Results: Net profit falls by 4% to Rs 62 crore

ABB India declared a net profit of Rs 62 crore which is 4% lower than what is reported in the same quarter last year. The company follows January to December financial year. The total revenue also declined to Rs 1,701 crore from Rs 1,953 crore on a year-on-year basis. The Board of Directors of the company have recommended a dividend of Rs 5 per share.

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India’s Services PMI Expands for Second Month in a Row – Top Indian Market News

India’s services PMI expands for second month in a row

The services activity in India expanded for the second consecutive month in November, with a further improvement in new work supporting business activity growth. The country’s employment rate has also shown its first rise in 9 months. The IHS Markit Purchasing Managers’ Index (PMI) for services stood at 53.7 in November, as compared to 54.1 in October. PMI is a month-on-month calculation and a value of more than 50 represents an expansion when compared to the previous month.

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RBI bars HDFC Bank from digital launches, issuing new credit cards

The Reserve Bank of India (RBI) has asked HDFC Bank Ltd to put a temporary halt to all digital banking launches and issuance of credit cards to customers. This move comes after the bank faced a series of technical glitches over the last two years. The RBI has also asked HDFC’s board to examine the lapses and fix accountability. The lender ensured that these supervisory measures will not impact existing card customers and digital banking channels.

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Vodafone Idea lost 46 lakh subscribers in September: TRAI data

Vodafone Idea (Vi) lost 46.5 lakh subscribers in September 2020, according to the latest data released by the Telecom Regulatory Authority of India (TRAI). In the same month, Bharti Airtel added 37.8 lakh subscribers and Reliance Jio added 14.6 lakh subscribers. This would be the second straight month when Airtel’s user base grew faster than that of Jio. 

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Govt allows domestic carriers to operate at 80% of pre-Covid capacity

The cap on the number of domestic flights that Indian airlines are permitted to operate has been increased from 70% to 80% of their pre-Covid levels. The Aviation Ministry had allowed airlines to operate at 70% capacity on November 11. This will be the fifth time that the government has allowed airlines to expand capacity, since flight services were restarted in May 2020.

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Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services

Bank of India Ltd (BOI) announced that it will acquire a 49% stake each in BOI AXA Investment Managers Pvt Ltd and BOI AXA Trustee Services Pvt Ltd. After the acquisition, both entities will become Bank of India’s fully owned subsidiaries. The lender has stated that the transactions are subject to various regulatory approvals. It is proposed to be completed by the end of December 2020.

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IGX gets approval from PNGRB to operate Gas Exchange for 25 years

The Indian Gas Exchange (IGX) has secured authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB) to operate as a Gas Exchange for 25 years. IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX). It is the first automated delivery-based gas trading platform. The Gas Exchange will play an important role in the transparent discovery of gas prices and aid in the capacity utilisation of pipelines. 

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Max Estates leases 62,000 sq ft office space to Yes Bank

Max Estates Ltd has leased out 62,500 sq ft office space at Max Towers in Noida to Yes Bank Ltd. The bank is planning to relocate its offices from the Central Business District to the new location to rationalize cost. Max Estates is a subsidiary of Max Ventures & Industries Ltd (MaxVIL).

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UltraTech Cement announces Rs 5,477 crore investment to expand capacity

UltraTech Cement Ltd announced that it will invest Rs 5,477 crore towards expanding its capacity by 12.8 million tonnes per annum (mtpa). Upon completion of the latest round of expansion, the company’s capacity will grow to 136.25 mtpa. The Aditya Birla Group’s cement flagship company has stated that they will be well-positioned to support the rising demand for cement in India. 

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SBI’s YONO app faces technical glitches

The State Bank of India informed its customers that YONO, its mobile banking application, was facing technical glitches due to a system outage. Several customers complained that they were unable to conduct transactions through various online platforms. The bank said that it was working towards restoring its app and UPI servers.

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Tata Power’s Mundra unit fully repays bank loans worth Rs 4,150 crore

Tata Power Ltd said that its Mundra subsidiary, Coastal Gujarat Power Ltd (CGPL), has repaid its second tranche of bank loans worth Rs 1,550 crore. Thus, the unit has fully repaid its bank loans worth Rs 4,150 crore. CGPL houses Tata Power’s Mundra Ultra-Mega Power Project (UMPP), based in Gujarat.

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Tata Consumer’s Net Profit Rises 31% YoY – Top Indian Market News

Tata Consumer Q2 Results: Net Profit rises 31% YoY to Rs 273 crore

Tata Consumer Products Ltd reported a 31.4% year-on-year (YoY) increase in net profit to Rs 273.18 crore, for the quarter ended September (Q2). The company’s revenue increased by 18.5% YoY to Rs 2,781.34 crore, during the same period. The FMCG firm has stated that its sales have rebounded to pre-Covid levels.

Voltas Q2 Results: Net Profit falls 26% YoY to Rs 80 crore

Voltas Limited reported a 25.75% year-on-year (YoY) decline in consolidated net profit to Rs 79.66 crore, for the quarter ended September (Q2). The total income of the company increased by 10.45% YoY to Rs 1,650.80 crore, during the same period. Voltas has stated that it has continued to be the market leader in the room air conditioner space, with a market share of 26.8%.

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Supreme Court orders Airtel, Vodafone to provide details of special offers to TRAI

The Supreme Court has backed the Telecom Regulatory Authority of India’s (TRAI) request to seek details from Bharti Airtel Ltd and Vodafone Idea Ltd. The telecom companies will have to disclose all details regarding their segmented tariff or special offers for certain customers. As per the ruling, the disclosed information has to be kept confidential by TRAI.

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Bank of India Q2 Results: Net Profit up by 98% YoY to Rs 526 crore

Bank of India Ltd reported a 98% year-on-year (YoY) increase in standalone net profit at Rs 526 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 6.55% YoY to Rs 4,113 crore, during the same period. The share price of the bank saw a rise of 2.89%, and closed at Rs 41 on the NSE today.

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APL Apollo Tubes signs pact with Zamil Steel Buildings India

APL Apollo Tubes Ltd. has signed a pact with Zamil Steel Buildings India to develop a market for pre-engineered steel buildings made from structural steel tubes. Zamil Steel India is a subsidiary of Saudi Arabia-based Zamil Industrial Investment Company. Apollo Tubes has stated that this agreement is in line with its broader strategy to create demand for structural steel tubes in India.

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Manappuram Finance Q2 Results: Net Profit declines 6.4% YoY to Rs 405 crore

Manappuram Finance Ltd. reported a 6.4% year-on-year (YoY) decline in net profit to Rs 405.44 crore, for the quarter ended September (Q2). The total income of the company increased to Rs 1,577.91 crore, during the same period. The company has also declared an interim dividend of 60 paise per share of the face value of Rs 2.

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Coal India to consider interim dividend on November 11

Coal India Limited (CIL) has stated that it will conduct a board meeting on 11th November to consider quarterly earnings, and also consider payment of interim dividend. The company has fixed 20th November as the record date for the purpose of payment of dividend, if it is declared. Earlier, the company had also announced that its e-auction sales had nearly tripled in October to 16.8 million tonnes.

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Cipla Q2 Results: Net Profit jumps 41% YoY to Rs 665 crore

Cipla Limited reported a 41.8% year-on-year (YoY) increase in consolidated net profit to Rs 665.43 crore, for the quarter ended September (Q2). The drug maker’s total revenue from operations increased by 14.62% YoY to Rs 5,038.29 crore, during the same period. The Mumbai-based company has stated that its business in India grew by 17% YoY in Q2.

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Vedanta Q2 Results: Net Profit falls 62% YoY to Rs 824 crore

Vedanta Limited reported a 61.8% year-on-year (YoY) decline in consolidated net profit at Rs 824 crore, for the quarter ended September (Q2). The revenue of the company declined by 4% YoY to Rs 20,804 crore, during the same period. Last month, Vedanta had failed to delist its shares from the stock markets.

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MRF Q2 Results: Net Profit jumps 79% YoY to Rs 411 crore

MRF Limited reported a 79% year-on-year (YoY) increase in consolidated profit to Rs 410.92 crore, for the quarter ended September (Q2). The consolidated revenue from operations stood at Rs 4,244.43 crore, during the same period. The tyre major has stated that its top-line sales have grown above pre-Covid levels.

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Dr. Lal PathLabs Q2 Results: Net Profit rises 7.5% YoY to Rs 87 crore

Dr. Lal PathLabs Limited reported a 7.5% year-on-year (YoY) increase in net profit to Rs 87.1 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 18% YoY to Rs 431.9 crore, during the same period. The diagnostic services provider has announced an interim dividend of Rs 6 per share.

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IOL Chemicals Q2 Results: Net Profit rises 45% YoY to Rs 126 crore

IOL Chemicals & Pharmaceuticals Ltd reported a 45% year-on-year (YoY) increase in standalone net profit to Rs 126.96 crore, for the quarter ended September (Q2). The company’s sales increased by 18.83% YoY to Rs 533.48 crore, during the same period. IOL Chemicals has announced an interim dividend of Rs 4 per share. 

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