Tag: bel

Categories
Daily Market Feed Post Market Analysis

BNF Indicates Consolidation This Week. PSU Banks Shine! – Post Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 20,155 with a gap-down of 36 points. After falling to 20,120 levels in the first candle, the index moved up gradually to 20,195 (the day’s high). Post 12 PM, it fell nearly 80 points (making lower lows) to hit 20,115. Nifty closed at 20,133, down by 59 points or 0.29%.

Nifty chart Sept 18 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 46,100 with a gap-down of 130 points. After trading in a 110-point range initially, the index broke out of the consolidation, and rose to 46,250 levels. Then, similar to Nifty, Bank Nifty fell sharply by 345 points over the remaining part of the day! BNF closed at 45,979, down by 251 points or 0.54%.

Bank Nifty chart Sept 18 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (+3.39%), Nifty Auto (+0.84%), and Nifty FMCG (+0.58%) closed in the red. Nifty Realty (-1.37%) fell the most.

Major Asian markets closed mixed. European markets are currently trading up to 1% in the red.

Today’s Moves

PowerGrid (+3.09%) was NIFTY50’s top gainer.

Indian Overseas Bank (IOB) hit a 20% upper circuit amid a strong rally in PSU bank stocks. UCO Bank (+15.1%) and Central Bank (+9.8%) also closed well in the green.

BEL (+3.1%) went up nearly 7% intraday after the company received multiple orders worth ₹3,000 crore on Friday.

Hindalco (-2.43%) was NIFTY50’s top loser amidst selling pressure in metal stocks.

Vodafone Idea (-6.8%) fell sharply after the telecom company denied reports that US-based Verizon, Amazon, and Starlink are in a race to acquire it.

J B Chemicals (-49.79%) shares have turned ex-split. The company had announced a stock split in the ratio 1:2.

Markets Ahead

Nifty and Bank Nifty have closed without major changes, and our market is witnessing small profit booking. In the upcoming days, we can expect decent selling after every intraday rise. To catch this move, you can use simple trendlines.

The major support to look out for in Nifty will be the 20,100-130 zone. However, Bank Nifty is struggling to trade above 46,000 as the region is close to its all-time high (ATH).

Bank Nifty may not show bullishness at least for this week. Here are the reasons: 

  • ICICI Bank is facing resistance near the ₹1,000 mark. If the stock breaks this level, it will be a strong double-bottom breakout and could be a big move after a small retracement.
  • HDFC Bank failed to break the resistance at ₹1,650. Will be watching how the stock behaves near the ₹1,620 support region.
  • Bank Nifty might trade in a 1000-points range of 45,480-46,330 for a few more days. Even an ATH breakout would be a trap, because Pivot levels are indicating a strong resistance near the 46,680 region.

Reliance is testing its major trendline support, but proper horizontal-level support is only available near ₹2,400.

The markets will remain closed tomorrow (Sept 19) on account of Ganesh Chaturthi.

How did FIN NIFTY expiry go? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Market News Top 10 News

Cabinet Clears Advent’s Acquisition of Suven Pharma – Top Indian Market Updates

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

Cabinet clears Advent’s acquisition of Suven Pharma

The Cabinet Committee on Economic Affairs has approved the foreign direct investment (FDI) proposal of up to ₹9,589 crore in Suven Pharmaceuticals Ltd by private equity firm Advent International through its Cyprus-based Berhyanda Ltd. In December 2022, Advent entered into a definitive agreement to acquire a 50.1% stake in Suven Pharma. It will also launch an open offer for an additional 26% of the pharma company.

Read more here.

NCLAT terminates insolvency proceedings against Coffee Day Global Ltd

The National Company Law Appellate Tribunal (NCLAT) has set aside an insolvency order against Coffee Day Global Ltd (CDGL). The move comes after CDGL settled with its financial creditor, IndusInd Bank. The Counsel representing the companies informed NCLAT’s Chennai bench about the settlement and sought permission to withdraw insolvency litigations. CDGL owns and operates the coffee chain Cafe Coffee Day. 

Read more here.

Adani Group to refinance debt taken for Ambuja Cements acquisition

Adani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd. This could be one of Asia’s largest syndicated loan deals of the year. Banks are likely to refinance a total of $3.5 billion. The group would repay at least $300 million on the original Ambuja facility.

Read more here.

Reliance Retail in talks with Gulf, Singapore funds on $1.5 bn injection

Reliance Retail is in talks with existing investors, including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia, for combined new investments of around $1.5 billion (~₹12,440 crore). The talks with investors are part of an internal target to raise $3.5 billion, which the company wants to close by the end of September.

Read more here.

JioCinema to stream India-Australia ODI series for free

Reliance’s JioCinema will livestream India’s 3-match ODI home series against Australia at no cost. This move marks the initiation of international series coverage in JioCinema’s rights cycle. The OTT platform will broadcast the matches in 11 different languages. It has enlisted cricketers Suresh Raina, Kedar Jadhav, Aakash Chopra, and others to form an expert panel.

Read more here.

DMRC, BEL to jointly develop indigenous train control system

Delhi Metro Rail Corporation (DMRC) and Bharat Electronics Ltd (BEL) have signed a Memorandum of Understanding (MoU) to develop an indigenous communication-based train control (i-CBTC) system. The team has commenced work at DMRC’s i-CBTC lab. It will soon develop and deploy a prototype i-CBTC product on a “designated test track” within the DMRC network. 

Read more here.

IndiGo to use tech to study fatigue among their pilots

Pilots of IndiGo Airlines will soon wear a wrist gadget and use a ground device to detect fatigue and check their alertness level before and after their flights. The airline will start this experiment in collaboration with French aerospace conglomerate Thales Group. This is to collect data and use it to make flight patterns and rosters that reduce the tiredness of their pilots.

Read more here.

Reliance Jio seeks DoT approval to widen E-band spectrum use

Reliance Jio has sought approval from the Department of Telecommunications (DoT) to widen the use of the E-band spectrum. Last year, DoT gave E-band spectrum to telecom companies administratively for backhaul use only to smoothen the 5G rollout. Jio now wants the DoT to send a fresh reference to the Telecom Regulatory Authority of India (TRAI), which underlines that the E-band spectrum can also be used for access services.

Read more here.

Bombay Dyeing to sell off 22-acre land for ₹5,200 crore

Bombay Dyeing and Manufacturing Company Ltd (BDMC) has approved the proposal to monetise a prime land parcel in Worli, Mumbai. BDMC’s board of directors gave the green light to a proposal that involves selling approx. 22 acres of land, along with the associated floor space index. Goisu Realty Private Ltd, a subsidiary of Sumitomo Realty & Development Company Ltd, will acquire this land.

Read more here.

KEC International secures order worth ₹1,145Cr in Saudi Arabia 

KEC International’s  Transmission & Distribution (T&D) business has secured an order worth ₹1,145 crore in the Kingdom of Saudi Arabia (KSA). The company will design, supply and install a 380 kV Overhead Transmission Line in KSA. With this order, the company’s year-to-date (YTD) order intake has surpassed ₹7,500 crores, registering a growth of 30% YoY.

Read more here.

SEBI finds significant red flags in transactions between ZEEL and Essel entities

The Securities and Exchange Board of India (SEBI) argued before the Securities Appellate Tribunal (SAT) that it sees significant red flags in the transactions between Zee Entertainment Enterprises Ltd (ZEEL) and Essel entities. According to SEBI counsel, the scheme was to circulate ZEEL’s own money back into the company through entities to pay back the debt of Essel entities. SEBI added that the transactions between ZEEL and Essel entities can’t be genuine or a coincidence.

Read more here.

Categories
Market News Top 10 News

FTSE to Replace HDFC with HDFC Bank Post Merger – Top Indian Market Updates

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

FTSE to replace HDFC with HDFC Bank post merger

According to a report by Nuvama Alternative & Quantitative Research, FTSE Global Equity indices is expected to replace HDFC Ltd with HDFC Bank. HDFC Ltd is part of the FTSE indices, while HDFC Bank is not a member. FTSE will continue with the current free float shares of HDFC Ltd in the indexes and rename the constituent with HDFC Bank’s name. This will result in no weight changes in the indexes. The move could lead to a potential inflow of around $1.3 billion.

Read more here.

RIL & BP commence production from third deepwater field in India’s KG D6 block

Reliance Industries Limited (RIL) and British Petroleum (BP Plc) have commenced gas and condensate production from the MJ field followed by testing and commissioning activities. RIL is the operator of the KG D6 block with a 66.67% participating interest, and BP holds a 33.33% participating interest. The start of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and Satellite Cluster in April 2021.

Read more here.

Bharat Electronics receives defence and non-defence orders worth Rs 2,191 crore

 Bharat Electronics Ltd (BEL) has received new defence and non-defence orders worth ₹2,191 crores. The orders are for the supply of Long Range Guidance Kit with Warhead, Airborne V/UHF Jammer, Battlefield Surveillance Radar (Short Range) Upgrade, Missile Guidance Radar & Control Centre, Upgraded Radio Relay (F) with Data Modem Encryption Unit Mk II, Identify Friend or Foe Mk XII A, Anti-Submarine Warfare Shallow Water Craft (ASW SWC) Sonar and Spares.

Read more here.

Jubilant Food pushes deadline to restructure overseas arms to June 2024

Jubilant FoodWorks Ltd is postponing the completion deadline to restructure overseas subsidiaries. The internal restructuring is now likely to be completed by June 2024. The date was set earlier for June 2023. The company stated in a regulatory filing that the move comes due to certain regulatory requirements.

Read more here.

India’s April-May fiscal deficit at Rs 2.1 lakh crore

According to the Controller General of Accounts (CGA), the Indian government’s fiscal deficit at the end of May stood at 11.8% of the full-year Budget Estimates (BE) for 2023-24. The net tax revenue was ₹2.78 lakh crore (~11.9% of the BE). Its total expenditure was ₹6.25 lakh crore, approximately 13.9% of the estimates presented in the Union Budget for the current fiscal.

Read more here.

Paytm partners with Shriram Finance to boost loan distribution business

Paytm’s parent company One 97 Communications Ltd has announced its partnership with the non-banking financial company (NBFC) Shriram Finance. Paytm will offer loan products of Shriram Finance on its platform to further expand its listings. The deal will combine Paytm’s large user base and digital loan distribution technology with Shriram Finance’s good geographical reach, deep risk understanding, and collections capabilities.

Read more here.

Kalpataru Projects International wins new orders worth Rs 1,008 in India, overseas market

Kalpataru Projects International Ltd. (KPIL) has secured new orders worth ₹1,008 crores. The company and its subsidiaries have received new contracts worth ₹635 crores in the transmission and distribution (T&D) business in its Indian and overseas markets. Additionally, the company has won orders worth ₹373 crores in civil works for its buildings business in India.

Read more here.

Shree Cement’s arm begins trial production at clinker grinding unit in West Bengal

Shree Cement’s subsidiary Shree Cement East Pvt Ltd has started trial production at its clinker grinding unit in West Bengal. The new unit has a capacity of 3 million tonnes per annum (MTPA). The company’s total cement capacity, including its subsidiary, has increased to 49.90 MTPA.

Read more here.

L&T Technology Services partners with Palo Alto Networks for 5G, OT security offerings

L&T Technology Services Ltd has partnered with cybersecurity firm Palo Alto Networks. The partnership aims to provide enterprises with security services and solutions in 5G and Operations Technology (OT) areas. LTTS mentioned that the collaboration offers scalable and real-time security measures for 5G networks. This provides the customers with enhanced visibility and control over their network slices, private networks, and multi-access edge computing.

Read more here.

ABB India awarded electrification and automation contract for ArcelorMittal Nippon Steel

ABB India has won the contract to provide electrification and automation systems for ArcelorMittal Nippon Steel India’s advanced steel cold rolling mill (CRM) in Hazira, Gujarat. The contract at the manufacturing plant comes through the project’s Original Equipment Manufacturer (OEM), John Cockerill India Limited (JCIL). The Joint Venture (JV) between the companies is setting up the new cold rolling mill as part of its downstream expansion plan.

Read more here.

India’s forex reserves fall $2.91 billion to $593.2 billion as of June 23

According to the Reserve Bank of India (RBI), India’s forex reserves fell $2.9 billion and stood at $593.2 billion as of June 23. India’s foreign currency assets declined by $2.21 billion to $525.4 billion. India’s gold reserves fell by $745 million, taking the overall levels to $44.3 billion. Meanwhile, SDRs were up by $85 million to $18.33 billion.

Read more here.

Categories
Market News Top 10 News

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.

Categories
Market News Top 10 News

ONGC Posts 30% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

ONGC

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

ONGC Q2 Results: Net profit falls 30% YoY to ₹12,826 crore

Oil & Natural Gas Corporation (ONGC) reported a 30% year-on-year (YoY) decline in net profit to ₹12,825.99 crore in Q2 FY23. Its revenue from operations rose 57.4% YoY to ₹38,321 crore during the same period. ONGC’s financial performance was severely impacted by the Central government’s new tax on windfall profits arising from a surge in international energy prices. The company’s board has declared an interim dividend of ₹6.75 per share.

Read more here.

RBL Bank boosts retail focus, from loans to deposits: CEO

RBL Bank is looking to ramp up its retail exposure to protect its books from being over-exposed to large corporates and to help bolster growth alongside its key businesses of credit cards and microfinance, said CEO R Subramaniakumar. To improve its focus on the retail and mid-sized corporate segments, the bank has introduced new loan products such as two- and four-wheeler loans, gold loans, and education loans.

Read more here.

Shriram Properties Q2 Results: Net profit at ₹19.6 crore

Shriram Properties Ltd reported a consolidated net profit of ₹19.59 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹23.27 crore in Q2 FY22. Its total income jumped 3-fold YoY to ₹275.83 crore in Q2 FY23. It has a strong development pipeline comprising 54 projects with an aggregate development potential of 54 million square feet as of Sept 30, 2022.

Read more here.

KFintech receives SEBI approval for ₹2,400 crore IPO

KFin Technologies has received approval from SEBI for an initial public offering (IPO) of up to Rs 2,400 crore. The IPO will entirely be an offer for sale (OFS) by its promoter General Atlantic Singapore Fund. KFintech is a leading technology-driven investment solutions provider for Indian mutual funds. As on December 31, 2021, it provided services to 25 out of 42 operational asset management companies (AMCs) in India.

Read more here.

CESC board approves raising ₹300 crore via NCDs

CESC Ltd’s board has approved a proposal to raise ₹300 crore through the issuance of non-convertible debentures (NCDs). The company will issue 3,000 secured, unlisted, redeemable, rated NCDs having a face value of Rs 10 lakh each. CESC is an RP-Sanjiv Goenka Group firm operating in the power sector. To learn more about the group, click here.

Read more here.

BEL, Yantra India to cooperate in ammunition hardware, military-grade components

Bharat Electronics Ltd (BEL) has signed a Memorandum of Understanding (MoU) with Yantra India Ltd (YIL) for cooperation in the areas of ammunition hardware and military-grade components to jointly address the requirements of Indian defence and export markets.

BEL has also signed a pact with Spacefaring Technologies for cooperation in technology development in the field of deployable space habitats and aerostats for defence applications.

Read more here.

India’s exports fell 17% to $29.78 billion in October

India’s exports declined sharply by 16.65% to $29.78 billion in October, mainly due to a global demand slowdown. Imports grew 6% to $56.69 billion due to an increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser, and machinery. The trade deficit (when the value of imports exceeds the value of exports) widened 50.25% YoY to $26.91 billion in Oct 2022.

Read more here.

Bank credit to grow 15% YoY in FY23, FY24 on corporate demand: CRISIL

Bank credit in India is likely to grow at 15% YoY in this financial year (FY23) and next (FY24) on the back of corporate demand recovery and the strong balance sheet of lenders, as per a report from CRISIL Ratings. The estimate factors in an estimated 7% increase in gross domestic product (GDP) in FY23 and a boost to credit growth from the government’s infrastructure push.

Read more here.

India to produce 50% energy from renewables by 2030: PM Modi

India is on track to achieve its target of generating 50% of its electricity from renewable sources by 2030, said Prime Minister Narendra Modi at the G20 summit in Indonesia. He added that India’s energy security is also important for global growth, as it is the world’s fastest-growing economy. He stressed the need for time-bound and affordable finance to be provided to developing nations.

Read more here.

Categories
Market News Top 10 News

Tata Chemicals Posts 3-fold Jump in Q2 Net Profit – Top Indian Market Updates

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

Tata Chemicals Q2 Results: Net profit jumps 3-fold YoY to ₹628 crore

Tata Chemicals Ltd reported a nearly three-fold year-on-year (YoY) jump in consolidated net profit to ₹628 crore for the quarter ended Sept (Q2 FY23). Its total income rose 39.62% YoY to ₹4,299 crore during the same period. Expenses stood at ₹3,623 crore in Q2, up 29.16% YoY.

Read more here.

India’s textiles sector eyeing $100-billion exports in 5-6 years: Piyush Goyal

India’s textiles sector aims to hit $100 billion in exports in 5-6 years, said Union minister Piyush Goyal. This would take the industry’s combined domestic and international economic value to $250 billion. Outbound shipments from India’s textiles segment stood at around $42 billion in 2021-22.

Read more here.

V-Guard Q2 Results: Net profit falls 26% YoY to ₹43.6 crore

V-Guard Industries Ltd reported a 26.5% YoY decline in consolidated net profit to ₹43.66 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 8.67% YoY to ₹986.14 crore during the same period. The company’s total expenses stood at ₹93,026 crore in Q2, up 12.51% YoY. V-Guard’s revenue from the electronics segment rose 8.7% YoY to ₹227.36 crore.

Read more here.

Alembic Pharma gets USFDA approval for Paclitaxel injection

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Paclitaxel injection. The drug is indicated as subsequent therapy for the treatment of advanced carcinoma (cancer) of the ovary. It is also used in the treatment of breast cancer. As per IQVIA data, Paclitaxel injection had an estimated market size of ~₹215 crore for the 12 months ended June 30, 2022.

Read more here.

Tamilnad Mercantile Bank Q2 Results: Net profit rises 37% YoY to ₹262 crore

Tamilnad Mercantile Bank reported a 37% YoY increase in net profit to ₹262 crore for the quarter ended Sept (Q2 FY23). Its total income grew 3.6% YoY to ₹1,141 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 1.7% in Q2 FY23, compared to 3.31% in Q2 FY22.

Read more here.

Kinetic Green partners with IndusInd Bank for financing scheme for EVs

Kinetic Green Energy & Power Solutions has partnered with IndusInd Bank to offer easy and affordable financing for customers for their range of electric two-wheelers at dealerships across India. Under the scheme, customers will get up to 100% loan to value (LTV) at lucrative interest rates for flexible tenures. The loan deal will enable financing options for both salaried and self-employed customers. 

Read more here.

IIFL Finance Q2 Results: Net profit rises 36% YoY to ₹397 crore

IIFL Finance reported a 36% YoY increase in consolidated net profit to ₹397 crore for the quarter ended Sept (Q2 FY23). Its total income rose 19.7% YoY to ₹2,051.44 crore during the same period. The company’s assets under management stood at ₹55,302 crore in Q2. The gross non-performing assets ratio (GNPA) improved to 2.4% in Q2 FY23, compared to 2.6% in Q1 FY23.

Read more here.

JSW Steel’s US unit raises $182 million debt to upgrade Texas plant

JSW Steel’s US unit has raised $182 million (~₹1,497 crore) in long-term debt from Italy’s Intesa Sanpaolo and Banco BPM to upgrade its plate mill in Baytown, Texas. Three Italian firms will supply about $100 million worth of equipment like cutting line, rolling mill, grinding machine, and water treatment system for upgrading the facility. Of the total financing, $70 million is covered under a guarantee provided by the Italian government to promote exports.

Read more here.

BEL Q2 Results: Net profit flat at ₹611 crore

Bharat Electronics Ltd (BEL) reported a net profit of ₹611 crore in Q1 FY23, compared to a profit of ₹612.6 crore in Q2 FY22. Its revenue from operations rose 7.6% YoY to ₹3,896.2 crore during the same period. Total expenses stood at ₹3,195.98 crore in Q2, up 10.26% YoY. As of Oct 1, 2022, BEL’s total order book stood at ₹52,795 crore.

Read more here.

IHCL installs 224 EV charging stations at 92 properties

Indian Hotels Company Ltd (IHCL) has installed over 224 electric vehicle (EV) charging stations at 92 of its properties across India in collaboration with Tata Power. These charging points are present across various Taj, SeleQtions, Vivanta, Ginger, and ama Stays & Trails properties.

Read more here.

Categories
Market News Top 10 News

IndusInd Bank’s Net Profit Rises 57% YoY in Q2 – Top Indian Market Updates

Indusind Bank

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

IndusInd Bank Q2 Results: Net profit rises 57% YoY to ₹1,805 crore

IndusInd Bank reported a 57.3% YoY increase in net profit to ₹1,805.2 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 18% YoY to ₹4,302 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 2.11% in Q2, compared to 2.35% in Q1. Provisions fell 33% YoY to ₹1,141 crore in Q2 FY23.

Read more here.

BEL signs MoU with Triton to manufacture hydrogen fuel cells

Bharat Electronics Ltd has signed a Memorandum of Understanding (MoU) with US-based Triton Electric Vehicle (TEV) to manufacture of hydrogen fuel cells. BEL will manufacture the cells using the technology transfer from TEV. This would also help to meet the requirements of the Indian market and mutually agreed-upon export markets.

Read more here.

Nestle India Q3 Results: Net profit rises 8% YoY to ₹668 crore

Nestle India Ltd reported an 8.3% YoY increase in net profit to ₹668.34 crore for the quarter ended Sept (Q3 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations rose 18.24% YoY to ₹4,591 crore during the same period. E-commerce contributed 7.2% to the quarterly sales. Nestle India’s board has declared an interim dividend of ₹120 per share.

Read more here.

Bharat Forge, General Atomics to develop Li-Ion battery system

Bharat Forge Ltd has signed an agreement with US-based technology major General Atomics to collaborate and develop a Lithium-Ion battery system for the Indian Navy. The two entities have also agreed to partner in the area of permanent magnet motors. The pact was signed on the sidelines of the DefExpo in Gandhinagar, Gujarat. 

Read more here.

UltraTech Cement Q2 Results: Net profit falls 42% YoY to ₹758 crore

UltraTech Cement reported a 42% YoY decline in consolidated net profit to ₹758.7 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 15.61% YoY to ₹13,892.69 crore during the same period. The cement manufacturer’s total expenses stood at ₹12,934.27 crore in Q2, up 26.68% YoY. Total sales volume rose 7% YoY to 23.10 million metric tonnes (MMT).

Read more here.

REC, PFC to provide ₹8,520 crore finance for 1,320 MW thermal power plant at Buxar

State-owned REC Ltd and Power Finance Corporation (PFC) have signed a pact to provide ₹8,520.92 crore to SJVN Thermal Pvt Ltd to set up a 1,320 megawatts (MW) thermal power plant at Buxar (UP). The total estimated project cost is ₹12,172.74 crore, with a debt requirement of ₹8,520.92 crore. REC and PFC will finance the total debt requirement.

Read more here.

INOX Leisure Q2 Results: Net loss at ₹40 crore

INOX Leisure Ltd reported a consolidated net loss of ₹40.37 crore for the quarter ended Sept (Q2 FY23). The multiplex operator posted a net loss of ₹87.66 crore in Q2 FY22. Its revenue from operations jumped 688% YoY to ₹374.12 crore in Q2 FY23. Total expenses stood at ₹434.24 crore in Q2, up 155% YoY. The company plans to add 11 properties and 47 screens in the current financial year (FY23).

Read more here.

Reliance Retail partners with 50+ traditional sweets makers

Reliance Retail Ventures Ltd has entered distribution partnerships with over 50 regional sweets makers across India to distribute, mass produce, modernise packaging, and develop traditional Indian sweets with extended shelf life. These packaged mithais will be placed at all Reliance grocery stores such as Smart Bazaar, Smart, and other grocery formats. It will also be available on Reliance Retail’s e-commerce platform JioMart.

Read more here.

Havells India Q2 Results: Net profit falls 38% YoY to ₹187 crore

Havells India reported a 38% YoY decline in net profit to ₹187 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14% YoY to ₹3,679 crore during the same period. The company’s revenue from its cable business rose 18.8% YoY to ₹1,359 crore in Q2. EBITDA stood at ₹286 crore, down 36% YoY

MakeMyTrip, Goibibo, OYO fined ₹392 crore by CCI for unfair business practices

The Competition Commission of India (CCI) had slapped penalties totaling ₹392 crore on online travel firms MakeMyTrip-Goibibo (MMT-Go) and hospitality services provider OYO for unfair business practices. It was alleged that MMT-Go imposed a price parity in their agreements with hotel partners.

Under such pacts, hotel partners are not allowed to sell their rooms on any other platform or on their own online portal at a price below the price at which it is being offered on the two entities’ platforms.

Read more here.

Categories
Market News Top 10 News

Manufacturing PMI at 56.2 in August – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in August

India’s manufacturing sector activity continued to grow at a robust pace in August, led by a pick-up in demand amid softening input cost inflation. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.2 in August, compared to 56.4 in July. Both output and new orders grew during the month.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

Read more here. 

Auto sales data for August 2022: Highlights  

Maruti Suzuki India posted a 26.4% year-on-year (YoY) increase in total sales to 1,65,173 units in August 2022. Sales of its compact vehicle segment rose 42% YoY to 93,719 units. Exports rose 4.2% YoY to 21,481 units.

Tata Motors Ltd registered a 41% YoY increase in total sales to 76,479 units in August. The automaker’s commercial vehicle sales rose 6% YoY to 31,492 units. Overall passenger vehicle sales rose 68% YoY to 47,166 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 29,852 units in August, an increase of 87% YoY. M&M’s commercial vehicle sales jumped 142% YoY to 21,492 units. 

Bajaj Auto posted an 8% YoY increase in total sales to 4,01,595 units. Meanwhile, TVS Motor Company’s total sales stood at 3,15,539 units in August, up 15% YoY.

Read more here.

GMDC to study economic viability of rare earth elements processing unit in Gujarat

Gujarat Mineral Development Corp. Ltd. (GMDC) said it would conduct a study to determine the economic viability of setting up a rare earth elements (REE) processing unit in Gujarat. REE is crucial for developing green energy technologies like permanent magnets for electric vehicles, wind turbines, and LEDs. The company also plans to carry out a pre-economic assessment for the deposit at Ambadongar (Gujarat) and test for REE oxide production.

Read more here.

CIL achieves 108% of its annual supply target to power sector during April-August

Coal India Ltd’s (CIL) supplies to the power sector rose to 243.3 million tonnes (MTs) in April-August against the annual action plan (AAP) target of 225.4 MTs. With improved coal supplies, coal stock at power plants rose to 30 MT in August. This is higher than 12.8 MTs of coal stocks at the end of August in FY22.

Read more here.

NDTV says stake sale to Adani needs approval from tax authorities

New Delhi Television Ltd (NDTV) said a major stake sale by its founders to the Adani Group would require clearance from India’s tax authorities. In 2017, the Income Tax Dept. provisionally barred NDTV’s founders, Prannoy and Radhika Roy, from selling a part of their stake as part of a reassessment of their taxes. Last week, the Adani Group unveiled plans to control a majority stake in the news network.

Read more here.

Lux Industries aims to double market share of its innerwear brand in India

Lux Industries Ltd is aiming to double the market share of its brand Lux Venus in the Indian innerwear segment. The company has repositioned Lux Venus and has rolled out a brand-new campaign, “Sabko Maangta Hai”, featuring actor Salman Khan. Currently, Lux Venus has a strong presence in the market due to its high brand recall and enjoys a market share of 15-16% in the men’s innerwear market. 

Read more here.

Zomato shares rise 8% on launching next-day intercity delivery service

Shares of Zomato Ltd were trading more than 8% higher today after the company launched ‘Intercity Legends’, its intercity delivery service for popular dishes. By leveraging Zomato’s vast network of restaurant partners and delivery partners and a deep understanding of food technology, dishes will be delivered from across India, the very next day of ordering. State-of-the-art mobile refrigeration technology preserves food without the need to freeze it or add any kind of preservatives.

Read more here.

HDFC Bank to open 207 branches in Maharashtra

HDFC Bank announced plans to open 207 branches and 80 smart banking lobbies in Maharashtra this financial year (FY23). Of these, 90 branches will be opened in metro and urban areas, while 117 branches will be in semi-urban and rural areas. As part of the expansion plan, the bank said it plans to hire over 3,000 employees across the state. 

Read more here.

BEL signs MoU with Smiths Detection to manufacture high-energy scanning systems in India

Bharat Electronics Ltd (BEL) has signed a Memorandum of Understanding (MoU) with Smiths Detection to offer advanced, high-energy scanning systems to the Indian market. UK-based Smiths Detection is a threat detection and security inspection technologies company. The MoU will leverage the high-end technological capabilities of both firms to meet India’s domestic security needs.

Read more here.

Categories
Market News Top 10 News

Divi’s Labs Reports 78% YoY Rise in Net Profit in Q4 – Top Indian Market News

Divi’s Labs Q4 Results: Net profit rises 78% YoY to Rs 895 crore

Divi’s Laboratories Ltd reported a 78.2% YoY increase in consolidated net profit to Rs 894.64 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.83% YoY to Rs 2,518.44 crore during the same period. EBITDA stood at Rs 1,104.4 crore in Q4, up 54% YoY. The pharma company’s board has declared a dividend of Rs 30 per share.

Read more here.

Tata Motors, Tata Power to install 7 MWp solar rooftop expansion project in Pune

Tata Power and Tata Motors will co-develop a 7 megawatt-power (MWp) solar rooftop project at the automaker’s passenger vehicle plant at Chikhali, Pune. The installation is expected to generate 23 million units (MUs) of electricity, mitigating 5.23 lakh tonnes of carbon dioxide. It is the third phase of a joint 17 MWp on-site solar project developed by the two companies.

Read more here.

Expectations of higher rates ‘a no brainer’: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank wants to raise interest rates in the next few meetings. The expectation of higher rates is a ‘no brainer.’ RBI will also release a new inflation forecast in its June meeting. It aims to bring down liquidity in a calibrated and phased manner.

Read more here.

GIC in talks to acquire a stake in ABFRL worth Rs 2,330 crore: Report

As per reports, Singapore’s sovereign wealth fund GIC is in talks to buy a stake in Aditya Birla Fashion & Retail (ABFRL) worth $300 million (~Rs 2,330 crore). ABFRL’s board will meet on May 24 to discuss the proposal. Funds raised will be used for scaling growth as the retail sector bounces back after the Covid-19 pandemic. ABFRL has been strengthening its fashion portfolio over the last two years by acquiring premium labels and needs funds to boost its digital platforms for direct-to-consumer sales.

Tata Steel, JSW Steel, others crash as Indian govt imposes 15% export duty on steel

The Nifty Metal index crashed 8% as Tata Steel, JSW Steel, NMDC, and SAIL hit fresh 52-week lows on Monday. The fall in steel stocks came after the government imposed an export duty of 15% on steel for the second time after 2008. To increase domestic availability, the duty on exports of iron ore was hiked up to 50% and a few steel intermediaries to 15%. 

Read more here.

HDFC Bank, Retailio to launch co-branded credit cards for chemists, pharmacies

HDFC Bank has partnered with RetailIo to launch a new range of co-branded credit cards targeted at chemists and pharmacies in the merchant segment. Retailio is India’s largest business-to-business (B2B) pharma marketplace. The collaboration is likely to cover over 1.4 lakh merchants in the first phase of its roll-out. It will also be available to over 1 lakh customers of Retailio from their existing merchant base and new customers.

Read more here.

BEL Q4 Results: Net profit falls 15.6% YoY to Rs 1,154 crore

Bharat Electronics Ltd (BEL) reported a 15.6% YoY decline in consolidated net profit to Rs 1,154.2 crore for the quarter ended March (Q4 FY22). Net profit rose 93.7% when compared to the previous quarter. Its revenue from operations fell 8% YoY to Rs 6,211 crore during the same period. EBITDA stood at Rs 1,449 crore in Q4, down 21% YoY. BEL’s board has approved a dividend of Rs 1.5 per share.

Marico acquires majority stake in True Elements

Marico Limited has acquired a 54% stake in HW Wellness Solutions through primary infusion and secondary buy-outs. HW Wellness Solutions owns the True Elements brand, which sells healthy breakfast items and snacks. The acquisition of the digital-first brand will help Marico to expand its total addressable market in the healthy foods segment.

Read more here.

Ramco Cements Q4 Results: Net profit falls 45% YoY to Rs 118 crore

The Ramco Cements Ltd reported a 45.2% YoY decline in consolidated net profit to Rs 118.27 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.94% YoY to Rs 1,722.68 crore during the same period. Total expenses rose 20.34% YoY to Rs 1,559.77 crore in Q4. The cement manufacturer’s board has declared a dividend of Rs 3 per share.

Read more here.

Zomato Q4 Results: Net loss widens to Rs 360 crore

Zomato Limited reported a consolidated net loss of Rs 359.7 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 134.2 crore in the corresponding quarter last year (Q4 FY21). Revenue from operations rose 75% YoY to Rs 1,211.8 crore in Q4 FY22. Zomato launched operations in 300+ new cities during the same period.

Read more here.

Categories
Market News Top 10 News

Tata Power Secures Solar Project Worth Rs 1,731 crore – Top Indian Market News

Tata Power secures solar project worth Rs 1,731 crore

Tata Power Solar Systems (TPSS) has secured an order worth Rs 1,731 crore to build a 300 megawatt (MW) solar project for NHPC Ltd. The project, which will be developed in Rajasthan, is expected to generate ~750 million units (MUs) annually. It will be completed within 18 months. Tata Power’s pending order book has now reached Rs 13,500 crore. Its total utility-scale solar project portfolio has touched 9.7-gigawatt power (GWp).

Read more here.

Ami Organics Q4 Results: Net profit rises 38% YoY to Rs 21 crore

Ami Organics Ltd reported a 38.18% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4 FY22). Net profit rose 9.3% when compared to the previous quarter. Its revenue from operations grew 54.54% YoY to Rs 143.54 crore during the same period. Ami Organics’ board has declared a final dividend of Rs 3 per share.

Read more here.

SJVN to develop 490 MW Arun-4 hydel power project in Nepal

SJVN Limited will develop a hydro power (Arun-4) worth Rs 4,900 crore in Nepal. The project will be established as a joint venture between SJVN and Nepal Electricity Authority (NEA). It will generate around 2,100 million units (MUs) of energy per annum. This will be the third mega project to be constructed by SJVN in Nepal. The company aims to have 5,000 MW projects in Nepal by 2030.

Read more here.

Bharat Forge Q4 Results: Net profit rises 9% YoY to Rs 232 crore

Bharat Forge Ltd reported a 9% YoY increase in consolidated net profit to Rs 231.86 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 71.5% YoY to Rs 3,573.09 crore during the same period. Total expenses stood at Rs 3,295.61 crore, up 79% YoY. The company’s board has declared a final dividend of Rs 5.5 per share.

Read more here.

BEL to manufacture battery packs for Triton electric trucks

The Pune unit of Bharat Electronics Ltd (BEL) will manufacture lithium-ion battery packs for the electric trucks of US-based Triton. Triton recently signed a pact with the Gujarat State Government for setting up an EV truck manufacturing hub, with a commitment to invest around Rs 10,800 crore over five years. BEL is among the five organisations that will invest in this EV manufacturing hub at Bhuj, Gujarat.

Read more here.

RateGain Travel Tech Q4 Results: Net profit at Rs 11.61 crore

RateGain Travel Technologies Ltd (RTTL) reported a consolidated net profit of Rs 11.61 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 5.83 crore in the corresponding quarter last year (Q4 FY21). Its total income rose 45.2% YoY to Rs 113.98 crore during the same period. RTTL is one of the largest Software-as-a-Service (SaaS) companies in India’s hospitality and travel industry.

Hero MotoCorp expects two-wheeler industry to see double-digit growth in FY23

Hero MotoCorp expects the two-wheeler industry to bounce back in the current financial year (FY23), with economic activity picking up and high grain prices augmenting rural incomes. With macroeconomic indicators looking positive, the company expects the industry to grow in double digits in FY23. Better finance options could also boost sales growth going ahead. Hero MotoCorp will unveil its first electric product on July 1, 2022.

Read more here.

Raymond Q4 Results: Net profit jumps 366% YoY to Rs 263 crore

Raymond Ltd reported a 366% YoY jump in consolidated net profit to Rs 263.31 crore for the quarter ended March (Q4 FY22). Net profit rose 162.57% when compared to the previous quarter. Its revenue from operations grew 43% YoY (or 7% QoQ) to Rs 1,958 crore during the same period. EBITDA stood at Rs 284 crore, up 84% YoY. Raymond’s board has declared a dividend of Rs 3 per share.

Adani Group to become India’s second-largest cement maker with Holcim deal

Adani Group has signed a binding agreement to acquire a controlling stake in Holcim AG’s cement businesses in India for $10.5 billion (~Rs 81,361 crore). The group will acquire Holcim’s 63.19% stake in Ambuja Cements Ltd and its subsidiary ACC Ltd. With this acquisition, Adani will become the second-largest cement manufacturer in India, with a capacity of 70 metric tonnes per annum.

Read more here.

Categories
Market News Top 10 News

Bajaj Finance Reports 80% YoY Rise in Q4 Net Profit – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q4 Results: Net profit rises 80% YoY to Rs 2,420 crore

Bajaj Finance Ltd reported an 80% YoY (or 14% QoQ) increase in net profit to Rs 2,419.5 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 30% YoY to Rs 6,068 crore during the same period. The company’s assets under management (AUM) increased by 29% YoY to Rs 1.97 lakh crore. Its deposit book grew 19% YoY to Rs 30,800 crore in Q4 FY22. Bajaj Finance has declared a dividend of Rs 20 per share.

Read more here.

RIL, Ta’ziz sign shareholder agreement for Ruwais chemicals project

Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC (Ta’ziz) have signed the formal shareholder agreement for the Ta’ziz EDC & PVC project. The joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC), and Polyvinyl Chloride (PVC) production facility, with a total investment of ~$2 billion. The project aims to strengthen domestic supply chains in the UAE.

Read more here.

L&T to partner with IIT Bombay for green hydrogen tech development

Larsen & Toubro (L&T) has partnered with the Indian Institute of Technology-Bombay to jointly pursue research and development work in the green hydrogen value chain. L&T’s engineering expertise, product scale-up, commercialization know-how, and IIT Bombay’s cutting-edge research in hydrogen technologies will help this partnership accomplish its goals. They aim to create scalable and cost-effective solutions in the green hydrogen space.

Read more here.

Sanofi India Q1 Results: Net profit rises 63% YoY to Rs 238 crore

Sanofi India Ltd reported a 63.4% YoY increase in net profit to Rs 238.4 crore for the quarter ended March (Q1 CY22). The pharma company follows the January-December financial year cycle. Its revenue from operations fell 2.5% YoY to Rs 707 crore during the same period. EBITDA stood at Rs 194.5 crore, up 2.7% YoY.

Read more here.

Amazon to continue arbitration against Future Group in Singapore: Report

According to an ET report, Amazon will go ahead with its arbitration proceedings against the Future Group in Singapore. It will raise the issue of the Indian group allegedly alienating its retail assets in favour of Reliance Industries (RIL). The Singapore International Arbitration Centre (SIAC) is likely to resume hearing the Amazon-Future Group dispute in the first or second week of May.

Read more here.

Adani Group in advanced talks to acquire Holcim business in India: Report

As per reports, the Adani Group is in advanced talks to buy Holcim’s cement business in India. The group could sign a deal to acquire a controlling stake in Ambuja Cements Ltd from Switzerland-based Holcim (the world’s largest cement maker). Currently, Holcim holds a 63.1% stake in Ambuja. 

Read more here.

Airtel Payments Bank partners with IndusInd Bank to offer FD facility to customers

Airtel Payments Bank has partnered with IndusInd Bank to offer fixed deposits for its customers. Users can open FDs starting from Rs 500 up to Rs 1.9 lakh in a few minutes through a digital process on the Airtel Thanks mobile app. Savings account customers will get a yearly interest rate of up to 6.5% and senior citizens will get an additional 0.5% on all FDs.

Read more here.

Atul Q4 Results: Net profit falls 22% YoY to Rs 136 crore

Atul Limited reported a 22.16% YoY decline in consolidated net profit to Rs 136.26 crore for the quarter ended March (Q4 FY22). Net profit fell 12.3% when compared to the previous quarter. The chemical manufacturer’s total income rose 22.75% YoY (or 0.6% QoQ) to Rs 1,392.64 crore during the same period. EBITDA stood at Rs 205.2 crore, down 19.35% YoY. Atul Ltd’s board has declared a dividend of Rs 25 per share.

HAL signs deal with BEL to make IRST system for Su-30 MKI jets

Hindustan Aeronautics Ltd (HAL) and Bharat Electronics Ltd (BEL) signed a contract for the co-development and production of the Long Range Dual Band Infra-Red Search and Track System (IRST) for Sukhoi Su-30 MKI jets. The proposed IRST system will be a high-end strategic technology product in the field of defence avionics. It will enhance the Indian Air Force’s air superiority. 

Read more here.

Tata Teleservices Q4 Results: Net loss at Rs 280 crore

Tata Teleservices (Maharashtra) Ltd reported a net loss of Rs 280.62 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 288.3 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue from operations rose 2.8% YoY to Rs 272.78 crore in Q4 FY22. Tata Teleservices is a broadband, telecommunications, and cloud service provider based in Mumbai. 

Read more here.

LIC IPO to open on May 4; price band set at Rs 902-949 per share

Life Insurance Corporation (LIC) has fixed a price band of Rs 902-949 per share for its Rs 21,000-crore initial public offering (IPO). There is a discount of Rs 60 for policyholders and a Rs 45 discount for employees. The IPO will open for anchor investors on May 2 and for other investors from May 4-9. The Indian government is looking to sell a 3.5% stake in the state-owned insurance company. 

Read more here.

Wipro to acquire 100% stake in Rizing for $540 million

Wipro Limited will acquire a 100% stake in US-based Rizing Intermediate Holdings for $540 million (~Rs 4,135 crore). The IT major aims to scale up its systems, applications & products (SAP) consulting capabilities through this acquisition. The transaction is expected to be completed before the quarter ending June 30 (Q1 FY23).

Read more here.

AU Small Finance Bank Q4 Results: Net profit jumps 105% YoY to Rs 346 crore

AU Small Finance Bank (SFB) reported a 105% YoY (or 16% QoQ) increase in net profit to Rs 346 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 43% YoY to Rs 937 crore during the same period. AU SFB’s board has declared a dividend of ₹1 per share. They have also recommended a bonus issue of one equity share for every one share held. 

Read more here.

Categories
Market News Top 10 News

Tata Group Takes Over Air India – Top Indian Market News

Tata Group takes over Air India after 69 years

The Tata Group has officially taken over Air India from the Indian government on Thursday. A consideration of Rs 2,700 crore has been received by the government as part of the divestment. “We are totally delighted to have Air India back at the Tata group,” said Tata Sons Chairman N Chandrasekaran. At present, Air India controls over 4,400 domestic and 1,800 international landing and parking slots at domestic airports.

Read more here.

Canara Bank Q3 Results: Net profit jumps 115% YoY to Rs 1,502 crore

Canara Bank reported a 115.8% YoY jump in net profit to Rs 1,502 crore for the quarter ended December (Q3 FY22). Net profit increased 12.6% when compared to the previous quarter. Its net interest income (NII) rose 14.11% YoY (or 10.7% QoQ) to Rs 6,946 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.8% in Q3 FY22, compared to 8.42% in Q2 FY22. The bank’s provisions fell 46.7% YoY to Rs 2,244 crore in Q3 FY22.

Read more here. 

BEL signs $73 million contract with US-based Hyperion Global

Bharat Electronics Ltd (BEL) has entered into a contract with Hyperion Global Group LLC to develop, manufacture, and supply Internet of Things (IoT) devices for the US market. BEL will manufacture and supply IoT devices worth $73 million to Hyperion during the first year of commencement of supply. The contract pairs Hyperion’s need to provide advanced connectivity solutions with BEL’s world-class engineering and manufacturing capabilities.

Read more here.

Route Mobile Q3 Results: Net profit rises 28% YoY to Rs 48 crore

Route Mobile Ltd reported a 28.3% YoY increase in consolidated net profit to Rs 48.27 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 44.2% YoY to Rs 567.49 crore during the same period. The company’s board has declared an interim dividend of Rs 3 per share.

Read more here.

LTI partners with IIT Madras for innovation in 5G space

Larsen & Toubro Infotech (LTI) has partnered with the Indian Institute of Technology (IIT) Madras for collaborative research in the field of 5G. The companies aim to innovate in the emerging 5G space, enable 5G frameworks validation, and test various use cases. LTI and IIT Madras will promote research towards the development of a low-cost, low-frequency 5G network setup for better connectivity in rural India.

Read more here.

PNB Q3 Results: Net profit jumps 123% YoY to Rs 1,126 crore

Punjab National Bank (PNB) reported a 123% YoY jump in net profit to Rs 1,126.78 crore for the quarter ended December (Q3 FY22). Net profit increased by 2% when compared to the previous quarter. Its net interest income (NII) fell 6.1% YoY to Rs 7,803.2 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 12.8% in Q3 FY22, compared to 13.6% in Q2 FY22.  

Read more here.

Future Enterprises to sell 25% stake in general insurance JV to partner Generali

Future Enterprises Ltd (FEL) will sell its 25% equity in Future Generali India Insurance Company Ltd (FGIICL) to its joint venture (JV) partner Generali Participations Netherlands NV. The transaction is for a cash consideration of Rs 1,252.96 crore. This move is part of Future Group’s asset monetisation plans to reduce debts. Generali has also acquired an option to buy out FEL’s remaining interest in FGIICL.

Read more here.

L&T partners with HydrogenPro for manufacturing hydrogen electrolysers in India

Larsen & Toubro Ltd has partnered with Norway-based HydrogenPro to access its electrolyser technology to enter the green hydrogen market. As part of the agreement, L&T and HydrogenPro will set up a joint venture company in India to manufacture gigawatt-scale alkaline water electrolysers. The planned joint venture is part of L&T’s strategy to expand its presence across the green energy value chain. 

Read more here.

Laurus Labs Q3 Results: Net profit falls 44% YoY to Rs 154 crore

Laurus Labs Ltd reported a 44% YoY decline in net profit to Rs 154 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 20% YoY to Rs 1,029 crore during the same period. EBITDA stood at Rs 290 crore in Q3, down 17% YoY. The pharma company’s Q3 results were impacted by lower sales of active pharmaceutical ingredients (APIs) and formulations due to stocking at channel partners.

Read more here.

M&M records 1 lakh bookings of XUV700, bills 14,000 units

Mahindra & Mahindra Ltd has clocked almost one lakh bookings of its latest sports utility vehicle XUV700 besides billing the first 14,000 units of the vehicle by January. In a statement, M&M said it is focusing on meeting its committed delivery timelines to customers despite dynamic supply chain issues.

In other news, Mahindra Electric Mobility has launched its new electric three-wheeler e-Alfa Cargo, priced at Rs 1.44 lakh. The launch marks the company’s entry into the rapidly growing e-cart segment.

Read more here.

Coforge Q3 Results: Net profit rises 51% YoY to Rs 183 crore

Coforge Ltd reported a 51% YoY increase in net profit to Rs 183.7 crore for the quarter ended December (Q3 FY22). Net profit increased by 34.4% when compared to the previous quarter. The IT company’s revenue from operations rose 39% YoY (or 5.7% QoQ) to Rs 1,658 crore during the same period. EBITDA stood at Rs 246.7 crore, up 14.8% QoQ. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.