Tag: bhel

Categories
Market News Top 10 News

SBI’s Digital Rupee Now Linked to UPI – Top Indian Market Updates

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

SBI’s digital rupee now linked to UPI

State Bank of India (SBI) has made the NPCI’s UPI system interoperable with its digital rupee (e₹) as part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) programme. The SBI digital rupee will now be accessible through the ‘eRupee by SBI’ application. Users can scan any merchant UPI QR code for swift and secure transactions. SBI was among the first few banks to participate in the RBI’s retail digital e-rupee project in December 2022.

Read more here.

Vi clears 10% statutory dues for Q1

According to a Times of India (TOI) report, Vodafone Idea (Vi) cleared nearly 10% of the statutory dues needed to pay to the Department of Telecom (DoT) for the April-June quarter. The company has also assured DoT to pay the remaining amount by the end of September. Vi had to pay a license fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

Read more here.

Oil India board okays Rs 1,738-crore equity investment in NEGDL

Oil India Ltd (OIL) has received board approval for its equity investment in its joint venture (JV) company, the North East Gas Distribution Company Ltd (NEGDCL). The JV is in partnership with Assam Gas Company Ltd (AGCL). OIL’s board approved an investment of up to ₹1,738 crore. This strategic investment aligns with Oil India’s 49% shareholding in NEGDCL, as it takes a substantial step forward in the execution of city gas distribution (CGD) projects.

Read more here.

BHEL bags order for India’s largest multipurpose hydropower project

Bharat Heavy Electricals Ltd (BHEL) has secured an order for electro-mechanical works for the 2,880-MW Dibang multipurpose project in Arunachal Pradesh. This is India’s largest-capacity hydropower project. The order was received from the National Hydroelectric Power Corporation (NHPC). This order involves a 12×240 MW hydropower project situated in Roing, in the Lower Dibang Valley district of Arunachal Pradesh.

Read more here.

Indian Bank partners with IBM to deploy compute infrastructure

Indian Bank has partnered with IBM to deploy new front-end banking applications and provide the bank with safe computing infrastructure. With this partnership, Indian Bank wants to consolidate its Front Branch Servers for better manageability and availability at both Data Centres (DC) and Disaster Recovery (DR) centres in Mumbai and Chennai.

Read more here.

Sundaram Home Finance plans to enter affordable home loan segment

Sundaram Home Finance (SHF) is planning to enter the affordable home loan segment, which is growing fast in sync with the government’s “housing for all” goal. The company will focus on Tier-2 and Tier 3 towns for its diversification into the affordable housing segment. Sundaram Home Finance had ₹11,200 crore of assets under management at the end of March 2023. SHF is a wholly-owned subsidiary of Sundaram Finance.

Read more here.

EFC India starts 65,000 sq ft co-working centre in Noida

EFC (I) Ltd has entered into the Delhi-NCR market with the start of a new centre in Noida comprising 65,000 square feet of area. The new centre will house brands, including Tata Capital and Virtuous Transactional Analyst, among others. EFC will itself occupy 25,000 square feet of office space. Delhi NCR has been among the top three national markets in office leasing.

Read more here.

IndiGo, Air India to set up leasing units at GIFT City

IndiGo and Air India will set up leasing arms at GIFT City, Gujarat. The government’s plan of projecting India as a hub of aircraft leasing will get a big boost with this move. IndiGo has around 1,000 aircraft in its order book. It will set up a leasing unit for financing its aircraft by investing ₹30 crore. The airline will also issue a corporate guarantee of up to $996 million for payment obligation of the company.

Read more here.

Muthoot FinCorp launches Rs 400 crore in NCDs in bid for capital growth

Muthoot FinCorp Ltd has unveiled its 16th series of secured, redeemable, non-convertible debentures (NCDs). The issue aims to raise a corpus of ₹400 crore. This offering falls within the company’s shelf limit of ₹1,100 crore, signaling its intent to tap into the investment market effectively. The inaugural tranche of ₹100 crore, which includes a green shoe option of ₹300 crore, forms the “Tranche I Issue.” This offering opened to the public on Sept 1, 2023, and will remain accessible until Sept 14, 2023.

Read more here.

India seeks asset valuer for strategic divestment of IDBI Bank

The Indian government has initiated the process of appointing an asset valuer for the strategic divestment of IDBI Bank. The move is part of its ongoing efforts to optimise its stake in the financial institution. The selected asset valuer will play a crucial role in determining the fair value of IDBI Bank’s assets and liabilities.

Read more here.

Categories
Daily Market Feed Post Market Analysis

V-Shaped Recovery From Lows! Retracement or Trend Reversal Next? – Post-Market Analysis

NIFTY started the day flat at 19,258. Right from the first 5 min candle, the index moved up with strength, making higher lows, and moving up over 200 points to 19,460 levels. Nifty closed at 19,435, up by 181 points or 0.94%.

Nifty chart September 1 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,996. The index initially fell to 43,830 levels. But similar to Nifty, Bank Nifty also gave a strong upward rally of more than 700 points from the intraday low to resistance levels of 44,500 levels. BNF closed at 44,436, up by 446 points or 1.02%.

Bank Nifty chart September 1 - post-market analysis | marketfeed

All indices except Nifty Pharma (-0.56%) closed in green. Nifty Metal (+2.8%) moved up the most.

Major Asian markets closed in the green. European markets are currently trading flat-to-green.

Today’s Moves

NTPC (+4.7%) was NIFTY50’s top gainer. The company said it will partner with Oil India to explore collaborations in the renewable energy, hydrogen space.

BHEL (+12.29%) surged after the company received an order worth ₹15,530 crore from state-run NTPC.

Stocks in the railway sector: RailTel (+15.5%), IRFC (+11.06%), RVNL (5.5%), and IRCTC (+2.43%) moved up with strength today.

Cipla (-0.9%) was NIFTY50’s top loser. 

Brightcom Group (-5%) hit lower circuit for the 8th straight session since SEBI’s interim order.

Markets Ahead

Both indices witnessed strong buying at crucial support levels— covering the fall from the previous two sessions. This could just be a retracement of the fall from highs. So it’s essential to see if the markets break major resistance levels for a confirmed reversal.

Nifty: On a 2-hour time frame, the index is moving in a range between 19,240 and 19,460 levels— giving moves on both sides. The index has to cross the 19,600 zone for a trend reversal (which also represents the 50% Fibonacci levels). Till then, the immediate resistance will be 19,460 levels. If that’s breached, 19,520 and 19,600 levels could be the targets. The important support to watch out for is the 19,390-400 levels. And if that’s broken, the index can fall to 19,360 and 19,300 levels again.

Nifty 2hr chart | marketfeed

Bank Nifty: The index is also moving in a very wide range between 43,800 and 44,800 levels, giving volatile moves. This up-move can still be a retracement as the 50% Fib level in BNF at 45,000 has to be crossed for trend reversal. Until then, the index will still be under a bearish trend. Now, the important resistance is 44,500— and a breakout from there can give us targets of 44,800 and 45,000. The immediate support level to look out for is 44,200. A breakdown from that level can give us targets of 44,000 and 43,800.

Today’s market up-move can be attributed to positive global signals, a domestic manufacturing PMI that exceeded expectations, and encouraging GDP growth data.  India’s S&P Global Purchasing Managers’ Index (PMI) surged to 58.6 in August from July’s 57.7— reaching its highest point since May.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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

Categories
Daily Market Feed Post Market Analysis

No Strength in the Market! – Post-Market Analysis

NIFTY started the day at 19,417 with a small gap-up of 23 points. Throughout the day, the index consolidated within just a 60-point range! Nifty closed at 19,396, up by 2.85 points or 0.01% 

Nifty chart August 22 - post-market analysis

BANK NIFTY (BNF) started the day at 44,125 with a gap-up of 123 points. Similar to Nifty, Bank Nifty also consolidated within a 150+ point range throughout the day with negative bias. BNF closed at 43,993, down by 8.75 points or 0.02%. 

Bank Nifty chart August 22 - post-market analysis

All indices except Nifty PSU Bank (-0.49%), Nifty Pharma (-0.2%), Nifty IT (-0.11%), and Nifty Finserv (-0.1%) closed flat-to-green. Nifty Metal (+0.85%) moved up the most.

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

Today’s Moves

Adani Ent (+2.21%) was NIFTY50’s top gainer. ​​Kempas Trade & Investment (a promoter group company) acquired 2.53 crore shares of Adani Enterprises between August 7-18, raising its overall stake in the company to 69.87%.

BHEL (+10%) hit a six-year high of ₹112.85. The company secured an order worth ₹4,000 crore from a wholly-owned subsidiary of Adani Power yesterday.

Linde India (+9.86%) hit a 52-week high of ₹5,900 after the company said it expects healthy growth from the healthcare sector and expansion in the steel sector.

BPCL (-1.46%) was NIFTY50’s top loser. 

Tamilnad Mercantile Bank (-5.2%) fell after its massive 19% rally yesterday. The company has partnered with fintech platform provider Jocata to offer digital lending products to customers.

Markets Ahead

Both indices tried moving up, but there wasn’t enough strength in the market. Nifty and Bank Nifty have been mostly consolidating over the past few trading sessions, and this indicates that there could be a directional breakout or breakdown in the coming days.

Nifty: The immediate support zone for Nifty is 19,380 and 19,350 levels. The immediate resistance is 19,420— and a breakout from this level can give us targets of 19,490, 19,500 and eventually 19,600. On the downside, we can expect a target of 19,300 (a very strong support).

Bank Nifty:  The index has been in a very tight consolidation within a range between 44,100 and 43,700. Let’s wait for a breakout or breakdown from these levels with a re-test for further confirmation of the direction.

Fin Nifty: The index had a bearish day as it fell 130 points from the day’s high. But as the fall was slow and gradual, it never gave trouble for non-directional option sellers. 19,650 remains strong as a resistance level, and 19,500 can act as an immediate support zone.

As per reports, the strong US economy is supporting global growth and global equity markets. However, the sharp spike in US bond yields (the 10-year yield at 4.34% is the highest since 2007) is negatively affecting the flow of capital to emerging markets like India. If bond yields go down and inflation softens, things might improve.

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

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

Categories
Market News Top 10 News

Bata in Partnership Talks With Adidas For Indian Market – Top Indian Market Updates

bata

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

Bata in partnership talks with Adidas for Indian market

According to a CNBC-TV18 report, Bata India is in talks with Adidas for a strategic partnership for the Indian market. This anticipated partnership is focused specifically on the Indian market. The primary objective of this strategic collaboration is to leverage Bata’s extensive and impressive retail network across India. With around 2,100 stores spread across 700 cities throughout the country, Bata India’s retail reach has captured the attention of Adidas India.

Read more here.

SJVN signs two agreements to supply 1,200 MW solar power to Punjab

Satluj Jal Vidyut Nigam (SJVN) Ltd has signed two pacts with Punjab State Power Corporation Ltd (PSPCL) to supply 1,200 MW of solar power from its projects. SJVN signed two power purchase agreements (PPAs) for 1,200 MW of solar power recently. SJVN Green Energy Limited (SGEL), SJVN’s arm, proposed the rate of ₹2.53 per unit for the supply of 1,000 MW and ₹2.75 per unit for another 200 MW.

Read more here.

SBI offers relief to loan borrowers in Manipur

The State Bank of India (SBI) has offered to extend relief on loans to its customers in Manipur, who have been affected by the ongoing unrest in the state. The relief package includes a moratorium of up to 12 months on equated monthly instalments (EMIs), interest payments, and other instalments. It will be available to borrowers whose accounts had not turned into non-performing assets (NPAs) as on May 3, 2023.

Read more here.

NCLT allows GE Power to withdraw insolvency petition as BHEL offers settlement

The National Company Law Tribunal (NCLT) allowed GE Power to withdraw its insolvency petition against Bharat Heavy Electricals Ltd with the liberty to revive if the operational debt is not settled. Counsels for GE Power Akshay Sapre, along with Abhijit Swarup and Aneesha Rastogi from The Guild, a law firm, informed the tribunal that BHEL had sent a letter to GE Power to settle ₹25 crore of debt amount owed to GE Power.

Read more here.

JSW Steel may pick majority stake in Teck Coal unit

JSW Steel Ltd is looking to form a consortium to bid for a majority stake in Teck Resources Ltd.’s steelmaking coal business. The company’s offer potentially rivals an $8 billion offer from commodities giant Glencore Plc. JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd. That’s a marked shift in approach from July when Bloomberg News reported JSW was interested in up to 20% of Teck’s coal business.

Read more here.

ChrysCapital still in race to buy controlling stake in Glenmark Life Sciences

Private equity (PE) firm ChrysCapital remains firmly in the race to acquire Glenmark Pharma’s stake in Glenmark Life Sciences (GLS), with reports about Nirma closing on the deal doing the rounds. Glenmark Pharma’s stake sale is a procedural requirement as per the listing guidelines. Glenmark Pharma’s shareholding in GLS, which is 83% currently, needs to come down to 75% no later than August 2024.

Read more here.

USFDA’s concerns in Lupin’s Goa, Pithampur units are resolved

Lupin Ltd has received correspondence from the US Food & Drug Administration (USFDA) that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the satisfactory evaluation of the corrective actions taken by the company in response to the warning letter that was issued on November 6, 2017. On July 12, the USFDA inspected its Nagpur oral solid dosage facility from July 3-11. The inspection closed with the issuance of Form 483, with two observations.

Read more here.

Inox Wind’s promoters infuse Rs 500 cr for debt repayment

Inox Wind’s promoter and promoter group entities have infused ₹500 crore in the company for debt repayment. The funds were raised by way of equity share sale of Inox Wind through block deals on the stock exchanges. The company will utilise the funds for the repayment of IWL’s existing debt. The company’s strategic move marks a significant milestone in Inox Wind’s journey towards financial sustainability.

Read more here.

Ramkrishna Forgings secures Rs 145 cr order from European OEM

Ramkrishna Forgings Ltd secured ₹145 crore worth of orders in the European Original Equipment Manufacturer (OEM) sector. The business contract valued at 16 million euros under a long-term agreement will span four years. The new business marks a key achievement for the company as it leverages its proven track record and expertise to venture into a new realm of automotive components.

Read more here.

Categories
Daily Market Feed Pre Market Report

Can Markets Break the Volatile Consolidation? – Pre-Market Analysis Report

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

Stocks

Britannia reported a consolidated profit of Rs 455.45 crore for the quarter, growing 35.65% YoY with an increase in revenue and margins.

Bank of Baroda reported an 87.7% YoY growth in profit at Rs 4,070.1 crore, even with higher provisions for bad loans. Deposits and loans saw high growth.

ICICI Bank has received approval from RBI to increase shareholding in ICICI Lombard Insurance up to an additional 4%.

Delhivery’s net loss fell to Rs 89.5 crore for the quarter, compared to a loss of Rs 399.3 crore last year.

BHEL has reported a higher net loss of Rs 343.9 crore for Q1, compared to a loss of Rs 188 crore in the same period last year. Revenue grew 7%.

Balkrishna Industries, the tyre maker, has reported a consolidated profit of Rs 331.9 crore, up 8% YoY. Margins increased even as revenue fell.

Major results today: PB Fintech, Barbeque-Nation Hospitality, Sun Pharma Advanced Research (SPARC), Tata Chem, Torrent Pharma, Ramco Cements and Olectra.

What Happened on Friday?

NIFTY started the week at 19,666, ready for a bounce back. But Tuesday, Wednesday and Thursday were good red candles. Support was taken around 19,300 on Thursday, and NIFTY closed the week at 19,517, down by 149 points or 0.75%. 

BANK NIFTY started the week at 45,546 and followed a similar pattern to NIFTY. There was a move of 1,500 points from the week’s high to the low, as the index took support at 44,280. BANK NIFTY closed the week at 44,879, down by 667 points or 1.46%. 

What to Expect Today?

On Friday, the US markets closed in the red. The European markets however closed in the green.

The Asian markets are trading flat to green.

The U.S. Futures are trading in the green.

GIFT NIFTY is trading slightly in the green at 19,620.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 19,438, 19,400 and 19,300. We can expect resistances at 19,566, 19,617, and 19,658.

BANK NIFTY has supports at 44,600, 44,277 and 44,000. Resistances are at 45,229, 45,472, and 45,635.

NIFTY has the highest call OI build-up at 19,600 The highest put OI build-up is at 19,400 and.

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

Last week, Foreign Institutional Investors net-sold shares worth Rs -566 crores. Domestic Institutional Investors net-bough worth Rs 366 crores.

INDIA VIX is back to 10.56 levels.

U.S. jobs data on Friday did not cause any major surprises for the market.

However, Asian markets are trading cautiously ahead of China’s trade balance for Tuesday and inflation data on Wednesday.

International crude oil prices have increased 20% in the last 2 months and might cause troubles in the Indian markets if it moves higher.

NIFTY is now trading inside the consolidation zone of early July. The technicals and options data indicate that an upward rally might be limited for the week.

Bank NIFTY has reached back to early June consolidation levels.

A close below 19,330 levels will indicate bearishness for NIFTY, but looks like the market will hold up above that easily.

Breaking 19,650 levels will indicate strength in the market.

Friday’s craziness with Bank Nifty might be seen throughout the week. Look out for movements in IndusInd Bank and ICICI Bank.

Follow along with Smart Money(NIFTY) and Piggy Bank(BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Market News Top 10 News

SBI’s Net Profit Rises 178% YoY to Rs 16,884Cr in Q1 – Top Indian Market Updates

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

SBI Q1 Results: Net profit jumps 178% YoY to ₹16,884 crore

State Bank of India (SBI) reported a 178.24% YoY jump in net profit to ₹16,884 crore for the quarter ended June (Q1 FY24), beating street estimates. Its Net Interest Income (NII) increased 24.7% YoY to ₹38,905 crore during the same period. The bank’s Gross Non-Performing Assets (NPA) reduced to 2.76% compared to 2.78% in Q1 FY23. On the balance sheet side, credit growth was recorded at 13.9% YoY with domestic advances growing at 15.08% YoY.

Read more here.

MCA examines SEBI’s allegations against Zee Ent

According to an ET Now report, the Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the market regulator SEBI. However, the company said it is not aware of any MCA probe and has not received any such notification from the ministry, news agency Reuters said citing a source. The MCA has taken cognizance of SEBI’s interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues.

Read more here.

M&M Q1 Results: Net profit rises 98% YoY to ₹2,774 crore

Mahindra & Mahindra (M&M) reported a 98% YoY increase in standalone net profit to ₹2,774 crore for Q1 FY24. Its revenue from operations rose 22% YoY to ₹24,056 crore during the same period. EBITDA stood at ₹3,547 crore, up 46% YoY. In the automotive segment, the company recorded the highest-ever first-quarter volumes at 186,000, up 21% over the previous year’s quarter.

Read more here.

India’s forex reserves fall $3.2 billion to $603.87 billion as on July 28

As per RBI data, India’s foreign exchange reserves dipped $3.2 billion to $603.87 billion for the week ending July 28. Foreign exchange reserves stood at $607.03 billion for the week ended on July 21. Foreign currency assets (FCAs) dropped by $2.4 billion to $535.33 billion. In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Read more here.

BHEL Q1 Results: Net loss at ₹343 crore

Bharat Heavy Electronics Ltd (BHEL) reported a consolidated net loss of ₹343 crore in Q1 FY24. The company reported a consolidated net loss of ₹187.99 crore in Q1 FY23. The total income of the company rose to ₹5,117.20 crore in the quarter from ₹4,742.28 crore in the same period a year, up 7.9% YoY. However, the company’s total expenses rose to ₹5,595.47 crore in the quarter from ₹5,006.50 crore in the June quarter last year. 

Read more here.

IT dept conducts searches across several premises of Kalpataru group

The Income Tax (I-T) department searched the real estate development company Kalpataru Group’s premises in Rajasthan and Mumbai on Friday. According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of “hundreds of crores” have been uncovered.

Read more here.

Delhivery Q1 Results: Net loss narrows to ₹89.5 crore

Delhivery reported a consolidated net loss of ₹89.5 crore for the June quarter (Q1 FY24). Net loss stood at ₹399 crore in Q1 FY23. Consolidated revenue from operations rose 10.5% YoY to ₹1,929 crore during the same period. Express parcel shipment volumes grew 19% YoY to 182 million in the quarter. Truckload and supply chain services businesses saw robust sequential revenue growth of 20% and 10%, respectively.

Read more here.

Blackstone sets its sights on buying out Hamieds from Cipla

Blackstone is set to submit a non-binding bid as early as next week to acquire the entire 33.47% promoter stake in Cipla. Cipla is India’s third-largest generics company by revenue. This will formally start a process that could see the eventual exit of the Hamied family from the company they created in 1935. The move by Blackstone, if it comes about, will also trigger an open offer for an additional 26% of the company. 

Read more here.

Devyani International Q1 Results: Net profit falls 84% YoY to ₹12 crore

Devyani International reported a 84% YoY fall in net profit to ₹11.75 crore for Q1 FY24. Net profit stood at ₹73.84 crore in Q1 FY23. However, its revenue from operations rose 20% YoY to ₹846.63 crore during the same period. The decline in net profit was due to a 24% jump in its total expenses which stood at ₹793.16 crore in Q1FY24. The company’s sales were up 12% quarter-on-quarter (QoQ).

Read more here.

IndiGo reaches milestone of 1,900 flights per day

IndiGo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry.

Read more here.

USFDA clears Granules India’s foreign arm with zero observation

The United States Food and Drug Administration (USFDA) has completed a ‘post-marketing adverse experience inspection’ for Granules India’s foreign arm with zero observations. The inspection was conducted at Granules India’s wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc., located in Virginia, United States, from July 31 to August 3. The inspection was closed with zero observations. 

Read more here.

Categories
Market News Top 10 News

Axis Bank Posts 40% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 40% YoY to ₹5,797 crore

Axis Bank reported a 40% year-on-year (YoY) increase in consolidated net profit of ₹5,797 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 27% YoY to ₹11,959 crore during the same period. The bank’s operating profit grew 50% YoY to ₹8,814 crore. The gross non-performing assets (GNPA) ratio declined by 80 basis points to 1.96% in Q1 FY24.

Read more here.

M&M acquires 3.53% stake in RBL Bank for ₹417 crore

Mahindra & Mahindra has acquired a 3.53% stake in RBL Bank Ltd for ₹417 crore. The automaker said it will consider further investment subject to regulatory approval and required procedures, but won’t acquire more than a 9.9% stake. While the exact date of the transaction remains unclear, RBL Bank had not mentioned M&M in its June shareholding data.

Read more here.

Tech Mahindra Q1 Results: Net profit falls 39% YoY to ₹693 crore

Tech Mahindra reported a 39% YoY decline in consolidated net profit to ₹693 crore for the quarter ended June (Q1 FY24); missing street estimates. Its consolidated revenue rose 4% YoY to ₹13,159 crore during the same period. EBITDA fell 29% YoY to ₹1,338 crore in Q1. The new deal wins in the June quarter more than halved to $359 million.

Read more here.

Embassy Office Parks REIT expects to lease 6 million sq ft of office space in FY24

Embassy Office Parks REIT expects to lease 6 million sq. ft. of office space in FY24, despite global financial turmoil and corporates reassessing their real estate portfolio. The company leased 1.1 million sq. ft. across 22 deals, encompassing 4 lakh sq. ft. of new leases and pre-leasing of 4.48 lakh sq. ft., at premium rates to market rents. In Q1 FY24, Embassy REIT achieved a net operating income (NOI) of ₹738 crores, marking a 9% YoY growth.

Read more here.

Cipla Q1 Results: Net profit rises 45% YoY to ₹996 crore

Cipla Ltd reported a 45% YoY increase in consolidated net profit to ₹996 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations stood at ₹6,329 crore during the same period, up 18% YoY. EBITDA grew 31% YoY to ₹1,494.02 crore in Q1. The 12% growth in its Indian business was led by growth across branded prescription, trade generics, and consumer health.

Read more here.

BHEL synchronises 660 MW Unit-2 of Maitree thermal power project

Bharat Heavy Electricals Ltd has synchronised 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh. Synchronisation of a thermal power plant means the beginning of electricity supply through the main grid at prescribed parameters. Maitree STPP is being set up by BHEL for the Bangladesh-India Friendship Power Company (BIFPCL).

Read more here.

Dr Reddy’s Labs Q1 Results: Net profit rises 18% to ₹1,405 crore

Dr Reddy’s Labs reported an 18.2% YoY increase in consolidated net profit to ₹1,405 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations rose 29% YoY to ₹6,758 crore during the same period. The growth in the consolidated revenue of Dr Reddy’s was primarily on account of new product launches, continued momentum in existing products, and favourable forex rates movement.

Read more here.

Shree Cement to invest ₹7,000 crore on capacity expansion

Shree Cement said it will invest ₹7,000 crore for capacity expansion in the next phase of capacity augmentation. The company will invest in setting up a clinker capacity of 3.65 million tonnes in Pali, Rajasthan. It will also invest in a cement capacity of 6 million tonnes at Pali, Rajasthan and Etah, Uttar Pradesh.

Read more here.

Tata Consumer Q1 Results: Net profit rises 30% YoY to ₹359 crore

Tata Consumer Products Ltd reported a 30% YoY increase in consolidated net profit to ₹359  crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 12% YoY to ₹3,741 crore during the same period.  The revenue growth is mainly driven by a strong 16% uptick in India Business, 3% in international business, and 5% in non-branded business. EBITDA stood at ₹547 crore in Q1, up 19% YoY.

Read more here.

Tata Motors to convert DVR shares to ordinary shares

The board of Tata Motors approved the cancellation of its entire DVR or ‘A’ ordinary shares. Holders of the DVR will get seven ordinary shares for every 10 DVRs held. This marks a premium of 23% over the previous day’s close of the DVR shares and a 30% discount to Tata Motors’ ordinary shares. The proposed scheme to cancel DVR shares will lead to a reduction in Tata Motor’s outstanding equity shares by 4.2%.

To learn more about DVR shares, click here.

Read more here.

Bajaj Finance Q1 Results: Net profit rises 32% YoY to ₹3,437 crore

Bajaj Finance reported a 32.4% YoY increase in consolidated net profit to ₹3,437 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 35% YoY to ₹12,498 crore during the same period. Net interest income (NII) for the quarter increased by 26% YoY to ₹8,398 crore. The company’s assets under management (AUM) as of June 30 stood at ₹2.70 lakh crore, up 32% from the year-ago period.

Read more here.

Categories
Market News Top 10 News

India’s Retail Inflation Eases to 5.66% – Top Indian Market Updates

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

Retail inflation eases to 5.66% in March

Retail inflation in India eased to a 16-month low of 5.66% in March 2023 from 6.75% in March 2022 as food inflation moderated on account of falling vegetable prices. The consumer food price index (CFPI) eased to 4.79%, down from 5.95% in February 2023 and 7.68% in March 2022. Rural inflation stood at 5.51%, while urban inflation stood at 5.89%. Retail inflation in India fell marginally but remained above RBI’s 6% upper tolerance band for the second straight month in February 2023.

Read more here.

IIP data: India’s industrial output rises 5.6% in February

India’s industrial output, as measured by the Index of Industrial Production (IIP) rose 5.6% year-on-year (YoY) in Feb 2023. For the 11-month period from April 2022 to February 2023, industrial output registered a growth of 5.5%. The January IIP growth was revised to 5.2%. 

Read more here.

TCS Q4 Results: Net profit rises 15% YoY to Rs 11,392 crore 

Tata Consultancy Services (TCS) reported a 16.9% YoY increase in revenue at Rs 59,162 crore while profit rose 14.76% YoY to Rs 11,392 crore in Q4 FY22. Both revenue and profit figures were below Street estimates. The order book for the quarter stood at $10 billion. The IT company’s board has announced a final dividend of Rs 24 per share.

Read more here.

HDFC Bank signs agreement with Export-Import Bank of Korea for $300M credit line

HDFC Bank has signed a “Master Inter Bank Credit Agreement” with the Export-Import Bank of Korea for a $300 million line of credit. The pact was signed by the two entities at GIFT City in Gujarat. This agreement will help HDFC Bank raise foreign currency funds that it would extend to Korea-related businesses.

Read more here.

Karnataka Bank authorised to collect direct, indirect taxes

Karnataka Bank has been authorised to collect direct and indirect taxes on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). This authorisation is provided by the Reserve Bank of India. The RBI gave this authorisation on the recommendation from the Controller General of Accounts (CGA).

Read more here.

Canara Bank, Bharat BillPay partner for cross-border bill payments

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) have announced the launch of cross-border inward bill payment services for Indians based in Oman. NRIs can now leverage the robust platform offered by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through the Musandam Exchange. Canara Bank has become the first Indian public sector bank to offer inbound cross-border bill payments through BBPS.

Read more here.

Puravankara achieves highest-ever annual and quarterly sales

Puravankara has achieved the highest-ever annual and quarterly sales of any financial year since its inception. The firm has clocked Rs 1,007 crore in sale value in Q4 and a total of Rs 3,107 crore for FY23. The company also recorded a 57% jump in customer collections from the real estate business to Rs 2,258 crore.

Read more here.

RIL readies $2.4-3 billion InvIT for retail warehousing assets: Report

According to an ET report, Reliance Industries Ltd (RIL) has initiated a process that could see the group unlock value in the backend warehousing and related logistics assets of its retail business through an infrastructure investment trust (InvIT). Reliance Retail Ltd has already started laying the groundwork for the proposed InvIT of its warehousing assets. It registered a trust and Intelligent Supply Chain Infrastructure Trust with the Securities and Exchange Board of India (SEBI) at the end of February.

Read more here.

BHEL signs MoU with NPCIL for nuclear power plants business

Nuclear Power Corporation of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) entered into a Memorandum of Understanding (MoU) for collaboration for Pressurised Heavy Water Reactor (PHWR) technology-based Nuclear Power Plants. A pressurized heavy-water reactor (PHWR) is a nuclear reactor that uses heavy water (deuterium oxide D2O) as its coolant and neutron moderator.

Read more here.

Sula Vineyards’ own brand sales volumes cross 1 million cases mark in FY23

Sula Vineyards Ltd said sales volume from its own brands crossed 1 million cases in FY23. Sales volumes in elite & premium wines went past the 5 lakh cases mark for the first time. On a provisional basis, Sula Vineyards said its net revenue for Q4 stood at Rs 104.3 crore from its own brands. For the financial year 2022-23 (FY23), net revenue from own brands stood at Rs 482.5 crore and Rs 45 crore from wine tourism. 

Read more here.

Categories
Market News Top 10 News

M&M’s Net Profit Rises 34% in Q3 – Top Indian Market Updates

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

M&M Q3 Results: Net profit rises 34% YoY to ₹2,676 crore

Mahindra & Mahindra Ltd reported a 34.6% YoY increase in consolidated net profit to ₹2,676.56 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29.7% YoY to ₹30,620 crore during the same period. EBITDA stood at ₹2,814 crore in Q3, up 41% YoY. The company sold 1.76 lakh vehicles in the December quarter, up 45% YoY.

Read more here.

GAIL signs advance pricing agreement with CBDT

GAIL (India) Ltd has signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The gas utility firm has contracts with US suppliers to buy 5.8 million tonnes per annum of liquefied natural gas (LNG). GAIL is the first public sector undertaking (PSU) in the oil & gas sector in India to sign the APA.

Read more here.

Lupin Q3 Results: Net profit falls 72% YoY to ₹153 crore

Lupin reported a 72% YoY decline in net profit to ₹153 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 3.8% YoY to ₹4,322 crore during the same period. Sales in the US have improved on the back of new product launches and a brand acquisition made in Q3.

Read more here.

Sun Pharma gets USFDA nod to market generic medication

Sun Pharmaceutical Industries Ltd’s subsidiary has received final approval from the US Food & Drug Administration (USFDA) for the generic Lenalidomide capsules in multiple strengths. In 2021, US-based Celgene Corporation granted Sun Pharma a license to manufacture and sell an unlimited quantity of generic lenalidomide capsules in the US beginning January 31, 2026.

Read more here.

BHEL Q3 Results: Net profit jumps 55% YoY to ₹42 crore

Bharat Heavy Electricals Ltd (BHEL) reported a 55% YoY increase in net profit to ₹42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹5,263 crore during the same period. Revenue from the power segment came in at ₹3,992 crore, 7% higher. Total expenses were almost flat at ₹5,320 crore in Q3.

Read more here.

Hindalco leases 50,000 sq. ft. office space in Blackstone’s Mumbai tower

Hindalco Industries Ltd has picked up an entire floor spread over 50,000 sq. ft. office space in Blackstone Group entity Nucleus Office Parks’ commercial complex One International Center in Mumbai’s business district Lower Parel on a long-term lease of five years. The company is looking to consolidate its various offices and also expand the capacity in the new office ensuring ease of connectivity for their employees.

Read more here.

Assam govt signs Petroleum Exploration Licenses deeds for 2 OALP blocks with Oil India

The Assam government has signed Petroleum Exploration Licenses deeds for two Open Acreage Licensing Program (OALP) blocks with Oil India Ltd (OIL). OIL will invest around ₹12 crore in these projects and will start seismic surveys from February 2023. This is the first time in oil history to start exploration for Crude oil and Natural Gas in the northern bank of Brahmaputra in lower Assam.

Read more here.

India’s first hydrogen combustion engine tech for heavy-duty trucks unveiled by RIL

Reliance Industries Ltd (RIL) unveiled India’s first Hydrogen Internal Combustion Engine technology solution for heavy-duty trucks. RIL and its vehicle partner Ashok Leyland developed the technology under its Net carbon Zero vision. The first engines run with this tech were tested in early 2022. RIL is also planning to create an end-to-end Hydrogen ecosystem for mobility

Read more here.

Info Edge Q3 Results: Net loss at ₹116 crore

Info Edge (India) Ltd reported a net loss of ₹116 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹4,601 crore in Q3 FY22. Its revenue from operations rose 40% YoY to ₹589 crore in Q3 FY23. Standalone EBITDA stood at ₹217 crore, up 79% YoY.

Read more here.

Categories
Market News Top 10 News

HUL’s Profit Rises 12% YoY in Q3 – Top Indian Market Updates

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

HUL Q3 Results: Net profit rises 12% YoY to ₹2,505 crore

Hindustan Unilever Ltd (HUL) reported an 11.6% year-on-year (YoY) increase in net profit to ₹2,505 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 16% YoY to ₹14,986 crore during the same period. This revenue growth was largely driven by Beauty & Personal Care (up 10%) and Home Care segments (up 32%). HUL said its royalty and central services fees to Unilever Plc will increase from 2.65% to 3.45% over three years.

Read more here.

BHEL secures ₹300 crore order to modernise 2 units at Ukai plant

Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹300 crore to renovate and modernise (R&M) steam turbines at Ukai thermal power station in Gujarat. BHEL is also the Original Equipment Manufacturer (OEM) of these turbine sets, which have been successfully operating for nearly 40 years. BHEL will not only extend the life and reliability of the two units at the plant but will also improve the efficiency levels of the turbines.

Read more here.

AU Small Finance Bank Q3 Results: Net profit rises 30% YoY to ₹392 crore

AU Small Finance Bank (SFB) reported a 30% YoY increase in net profit to ₹392.82 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 41% YoY to ₹1,153 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.6% in Q3 FY22 to 1.81% in Q3 FY23. The bank’s operating profit stood at ₹555 crore in Q3 FY23, up 21.17% YoY.

Read more here.

Maharashtra govt. approves M&M’s proposal to set up ₹10,000Cr EV plant in Pune

The Maharashtra govt. has approved Mahindra & Mahindra’s proposal to set up a ₹10,000-crore electric vehicle (EV) plant in Pune under the state’s industrial promotion scheme for EVs. The automaker will make this investment over 7-8 years for setting up the manufacturing facility, development, and production of its upcoming Born Electric Vehicles (BEVs). These models will include the e-SUVs under M&M’s iconic brand XUV.

Read more here.

Havells India Q3 Results: Net profit falls 7% YoY to ₹283 crore

Havells India Ltd reported a 7.2% YoY decline in net profit to ₹283.54 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 12.8% YoY to ₹4,119.71 crore during the same period. Revenue from the cable business stood at ₹1,412 crore in Q3, up 17% YoY. The company’s board has declared an interim dividend of ₹3 per share.

Read more here.

Alembic Pharma gets tentative USFDA approval for blood cancer treatment drug 

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Acalabrutinib Capsules. The capsule is used to treat mantle cell lymphoma (MCL) in adults who have received at least one previous treatment for their cancer. MCL is a type of blood cancer that affects white blood cells. As per IQVIA data, Acalabrutinib Capsules had an estimated market size of $1.5 billion in the US for the 12 months ended Sept 2022.

Read more here.

L&T Tech Services Q3 Results: Net profit rises 22% YoY to ₹303 crore

L&T Technology Services Ltd reported a 22% YoY increase in net profit to ₹303.6 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 21.4% YoY to ₹2,048.6 crore during the same period. LTTS had 5 deal wins above $10M in total contract value (TCV). Airbus named the company as a strategic partner during the quarter.

Read more here.

PVR Q3 Results: Net profit at ₹16 crore

Multiplex operator PVR Limited reported a net profit of ₹16.15 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹10.18 crore in the corresponding quarter last year (Q3 FY22). PVR’s revenue from operations rose 53.17% YoY to ₹940.69 crore in Q3 FY23. The company witnessed a sharp bounce back in profits on the back of strong content performance (high-grossing movies).

Read more here.

Bombardier selects TCS as strategic partner for faster digital transformation

Canadian aerospace manufacturer Bombardier has selected Tata Consultancy Services (TCS) as a strategic partner to accelerate its digital transformation and drive innovation. TCS will help Bombardier drive its organisation-wide IT and digital transformation that aims to enhance agility. It will modernise the aviation leader’s legacy systems that support its engineering, manufacturing, aftermarket services, and defence activities.

Read more here.

Asian Paints Q3 Results: Net profit rises 6% YoY to ₹1,073 crore

Asian Paints reported a 6% YoY increase in consolidated net profit to ₹1,073 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 1.3% YoY to ₹8,636.74 crore during the same period. The extended monsoon in October affected retail sales during the peak festival season, but demand picked up in November and December. International sales increased 2.1% YoY to ₹778.82 crore in Q3.

Read more here.

Sun Pharma to acquire US-based Concert for $576 million

Sun Pharmaceutical Industries Ltd will acquire U.S.-based Concert Pharmaceuticals for $576 million to gain access to an experimental drug for treating patchy baldness. Concert’s lead candidate, deuruxolitinib, is being evaluated as a treatment for the autoimmune condition alopecia areata, which results in patchy hair loss.

Read more here.

Categories
Market News Top 10 News

Adani Group to Invest Over $100 billion in Next Decade – Top Indian Market Updates

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

Adani Group to invest over $100 billion in next decade

The Adani Group will invest more than $100 billion in the next decade, said Chairman Gautam Adani at the Forbes Global CEO Conference in Singapore. Nearly 70% of this investment will be in the energy transition space. The group will add 45 gigawatts of hybrid renewable power generation capacity and build 3 giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.

Read more here.

Torrent Pharma to acquire Curatio Health for $245 million

Torrent Pharmaceuticals Ltd will acquire skincare major Curatio Health Care (I) for ₹2,000 crores. Following the Curatio deal, Torrent Pharma will be among the top 10 companies in the dermatology segment in India. Sequoia Capital-backed Curatio has a portfolio of over 50 brands that are marketed in India.

Read more here.

Reliance Retail launches first outlet of ‘Reliance Centro’

Reliance Retail Ventures Ltd announced the launch of its fashion & lifestyle departmental store “Reliance Centro” in Vasant Kunj, Delhi. Centro’s core offerings are curated to make it a one-stop fashion destination for mid-premium segment customers. The store offers categories including apparel, footwear, cosmetics, lingerie, sportswear, and accessories with over 300 Indian and international brands.

Read more here.

Axis Bank eyes general insurance space: MD

Axis Bank MD & CEO Amitabh Chaudhry indicated that the lender may be interested in investing in a general insurance company if a good opportunity comes up. Under Chaudhry’s leadership, Axis Bank has been expanding its footprint in the financial sector space as it aims to challenge bigger rivals like SBI, HDFC Bank, and ICICI Bank to become a one-stop service provider.

Read more here.

BHEL secures order for 2×660 MW Talcher Thermal Power Project Stage-III

Bharat Heavy Electricals Ltd (BHEL) has received a prestigious order for setting up the 2×660 megawatts (MW) Talcher Thermal Power Project Stage-III from NTPC Ltd. State-owned NTPC is investing ₹11,843.75 crore for this project. BHEL is an Indian government-owned engineering and manufacturing enterprise based in New Delhi, India. 

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid Corporation of India Ltd’s (PGCIL) board has approved an investment of ₹327.71 crore for the transmission project line in Gujarat. PGCIL will link its pooling station with Reliance Industries Ltd’s Jamnagar oil refinery in Gujarat. The scheduled commissioning date is September 2023.

Read more here.

Muthoot Finance signs MoU with Lulu International Exchange for ease of money transfer

Muthoot Finance has signed a Memorandum of Understanding (MoU) with UAE-based Lulu International Exchange to work as its collection partner. Through this partnership, Muthoot Fiance aims to drive convenience and ease of money transfer for over four lakh NRIs in the UAE region whose relatives have availed gold loans back home. NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE. 

Read more here.

HFCL secures orders worth ₹202 crore

HFCL Ltd has secured orders worth ₹202.6 crore from three customers. The company has received a purchase order of ₹167.60 crore from Reliance Retail and Reliance Projects & Property Management Services for the supply of optical fibre cables (OFC). It has also bagged an order of ₹35 crore from one of its overseas customers for the supply of OFCs and related accessories. 

Read more here.

India’s inclusion into key government bond index pushed back to next year: Report

As per a Reuters report, Indian government bonds will likely only be included in the JPMorgan emerging market global index early next year as the govt. still needs to address various operational issues. Investors had expected a decision on this could come this month when operators meet to review the composition of the index and after Russia’s exit earlier this year. The rupee turned lower and bond yields rose after news of the delay in inclusion. 

Read more here.

Categories
Market News Top 10 News

Yes Bank Plans Growth Roadmap After $1B Capital Raising – Top Indian Market Updates

yes bank

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

Yes Bank plans growth roadmap after $1 billion capital raising

Yes Bank is aiming to expand its loan book by 15% in FY23 and acquire smaller rivals to revive its business, said CEO Prashant Kumar. The bank’s expansion plan comes after it raised $1.1 billion (~Rs 8,725 crore) last week by selling up to a 10% stake to Carlyle Group and Advent International. The capital raised will improve the bank’s common equity Tier-1 capital ratio (a key indicator of financial strength) from 11.9% to 15.7%.

Read more here.

Britannia Industries Q1 Results: Net profit falls 13% YoY to Rs 337 crore

Britannia Industries Ltd reported a 13.37% YoY decline in consolidated net profit to Rs 337.44 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8.74% YoY to Rs 3,700.96 crore during the same period. The company’s total expenses stood at Rs 3,293.15 crore in Q1, up 12.28% YoY. 

Read more here.

Adani Enterprises arm to acquire toll roads in Guj, Andhra from Macquarie Asia Infra Fund

Adani Road Transport Ltd (ARTL) will acquire a 100% stake in Swarna Tollway Pvt. Ltd (STPL) and a 56.8% stake in Gujarat Road and Infrastructure Company Ltd. (GRICL) from Macquarie Asia Infrastructure Fund. STPL & GRICL have two stretches of toll roads each in Andhra Pradesh and Gujarat. The acquisition is at an enterprise value of Rs 3,110 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd.

Read more here.

Dabur Q1 Results: Net profit rises 0.6% YoY to Rs 441 crore

Dabur India Ltd reported a 0.6% YoY (or 50% QoQ) increase in consolidated net profit to Rs 441.06 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8% YoY to Rs 2,822.43 crore during the same period. The company’s domestic FMCG business posted a 5% volume growth.

Read more here.

LTI partners with Saviynt to deliver intelligent identity solutions

Larsen & Toubro Infotech (LTI) has partnered with US-based Saviynt to provide organisations with improved identity management and security threat protection during digital transformation. The partnership combines Saviynt’s Enterprise Identity Cloud with LTI’s Active XDR (Extended Detection & Response) capabilities. The two entities will deliver integrated solutions seamlessly across cloud and hybrid environments.

Read more here.

BHEL Q1 Results: Net loss at Rs 188 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 187.99 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 447.48 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 63.35% YoY to Rs 4,449.5 crore in Q1 FY23. Sate-run BHEL’s power business sales stood at Rs 3,526.2 crore, up 66.57% YoY. Total expenditure increased by 40.15% YoY to Rs 5,006.5 crore in Q1. 

Read more here.

Zydus Lifesciences gets USFDA approval for anti-inflammatory skin cream

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Ivermectin cream. The cream is used to treat inflammatory lesions of rosacea, a common skin condition that causes redness of the skin. As per IQVIA data, Ivermectin cream total had sales of $176 million (~Rs 1,396 crore) in the US during the twelve months ended June 2022.

Read more here.

Berger Paints Q1 Results: Net profit rises 80% YoY to Rs 254 crore

Berger Paints India Ltd posted an 80.6% YoY increase in consolidated net profit to Rs 253.71 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53.44% YoY to Rs 2,759.7 crore during the same period. The paint manufacturer’s total expenses stood at Rs 2,433.92 crore in Q1, up 49.8% YoY.

Read more here.

IndusInd Bank partners with M2P Fintech to expand its digital suite of products

IndusInd Bank has partnered with M2P Fintech to roll out path-breaking customer value propositions across payments and lending solutions. The bank will leverage M2P’s cutting-edge technology backed by analytics to deliver hyper-personalised offerings. M2P’s fully equipped API infrastructure allows IndusInd Bank to develop innovative products or experiences on top of its core banking system.

Read more here.

Adani Enterprises Q1 Results: Ney profit rises 73% YoY to Rs 469 crore

Adani Enterprises Ltd (AEL) reported a 73% YoY (or 54% QoQ) increase in consolidated net profit to Rs 469 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 225% YoY (or 64% QoQ) to Rs 40,844 crore during the same period. EBITDA stood at Rs 1,742 crore in Q1, up 119% YoY. 

In other news, AEL has signed a pact with Israel Innovation Authority (IIA) to access tech solutions provided by Israeli start-ups. The collaboration will span across climate change, cyber, AI, 5G, and agriculture – all of which are core businesses for the Adani Group.

Read more here.

Adani Ports signs MoU with AD Ports Group for infrastructure investments in Tanzania

Adani Ports & SEZ Ltd has signed a Memorandum of Understanding (MoU) with UAE-based AD Ports Group to jointly develop port, rail, and maritime services and an industrial zone in Tanzania. AD Ports Group’s strategic investment in infrastructure and solutions in Tanzania will allow international companies to enter African markets.

Read more here.