NIFTY started the day at 19,120 with a gap-up of 130 points. The index continued the up move to 19,175 levels, took resistance there, gave a sharp fall of more than 110 points to 19,065 levels, and moved back up. Niftyclosed at 19,133, up by 144 points or 0.76%.
BANK NIFTY (BNF) started the day at 43,018 with a big gap-up of 317 points. The index moved up with a lot of strength till the resistance zone of 43,300 levels. Then, it gave a sharp fall of more than 475 points to 43,250 levels, took support, and moved up slowly. BNF closed at 43,017, up by 316 points or 0.74%.
All indicesclosed in green. Nifty PSU Bank (+1.5%) and Nifty Metal (+1.4%) moved up the most.
Major Asian markets closed mixed (Japan’s Nikkei rose 1.1%). European markets are currently trading up to 2.5% in the green.
Today’s Moves
Britannia Industries (+2.96%) was NIFTY50’s top gainer. The company’s Q2 results beat street estimates.
Triveni Turbine (+9.15%) surged after the company reported its highest-ever revenue and EBITDA in Q2 FY24.
Vodafone Idea (+7.42%) moved up after HDFC Bank extended a loan of ₹2,000 crore to help the telco address its pending license fees and fulfil 5G spectrum payment commitments.
Hero MotoCorp (-1.3%) was NIFTY50’s top loser. Profit booking kicked in after the two-wheeler manufacturer reported strong sales data and Q2 numbers.
Shares of Syrma SGS (-12.24%) fell sharply after the company reported weak July-September quarter (Q2) results.
Markets Ahead
When markets opened with a big gap today, it trapped all options sellers from yesterday. When such gaps are formed, and sellers are trapped, we ideally see a short covering rally on the upside. But after a small up-move, the major indices took resistance, gave a sharp fall, and consolidated. So, there is indecision in the markets, which we can also understand from today’s closing candle.
Nifty: The immediate support for the index is near the 19,100 level. If Nifty breaches that level, it could fall and test 19,050 and 19,000 eventually. Meanwhile, the major resistance to watch out for is 19,175 levels (today’s high). If that is taken out, we can expect targets of 19,200 and 19,250.
Bank Nifty: The immediate support to watch out for is near 42,800 levels. A breakdown from there can give us targets of 42,400 and 42,200. On the other hand, the immediate resistance is near 43,100 levels. A breakout from there might give us targets of 43,300 and 43,500.
Yesterday, the US Federal Open Market Committee (FOMC) held interest rates steady at a 22-year high of 5.25-5.50% for the second time in a row. The US economy remains resilient despite high interest rates, while inflation still remains above the US Federal Reserve’s 2% target level. Meanwhile, the Bank of England holds rates at 5.25% and rules out quick rate cuts to help its economy.
It was a confusing and volatile expiry for Nifty! We hope you managed your positions well! Let us know how the weekly expiry went in the comments below!
Please join The Stock Market Show at 7 PM on our YouTube channel.
NIFTY started the day at 19,576 with a gap-up of 59 points (above the important resistance level of 19,500). The index initially fell and took support at 19,524 levels. Then, it made a 60-point up-move, fell back to the 19,530 zone, consolidated for a bit, and made a sharp move till 19,620 (the day’s high). Nifty closed at 19,597, up by 80 points or 0.41%.
BANK NIFTY (BNF) started the day at 44,993 with a gap-up of 114 points (above the resistance level of 44,750). The index fell to 44,770 levels, consolidated with a positive bias, and gradually hit the strong resistance zone at 45,000. From there, it fell sharply by nearly 215 points. BNF closed at 44,837, down by 42 points or 0.09%.
All indices except Nifty PSU Bank (-0.6%) closed flat-to-green. Nifty Pharma (+1.56%) and Nifty IT (+1.13%) moved up the most.
Major Asian markets closed mixed. European markets are currently trading in the red.
Today’s Moves
Divi’s Lab (+4.41%) was NIFTY50’s top gainer.
M&M (+4.25%) moved up after the company’s Q1 results beat analysts’ estimates. Most brokerage firms have reiterated their bullish view on the stock.’
Polymed (+14.47%) rallied on the back of strong volumes.
Britannia (-2.89%) was NIFTY50’s top loser. The company reported Q1 FY24 earnings below street estimates, partly due to higher expenses.
Aditya Birla Fashion (-4.9%) fell nearly 7% after the apparel company’s margins fell 640 basis points year-on-year to 11% in Q1.
Markets Ahead
Bank Nifty is forming a perfect consolidation! After the bounce back from 44,275 support, the index is currently facing huge resistance from 45k. BNF is not showing any upside strength, but there are chances for the index to make a visit to 44,600.
HDFC Bank (1648) and ICICI Bank (974) don’t look strong, and they are near their immediate support levels.
IT and Pharma stocks are helping Nifty to stay above 19,400! Keep an eye on the 19,560-570 zone for intraday trades.
FIIs net sold for ₹1,892.77 crore in the Indian markets today, while DIIs net bought for ₹1,080.8 crore.
It’s an action-packed week as the US will report its inflation numbers. Moreover, the Reserve Bank of India will announce its monetary policy decision.
Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!
Products that are sold quickly and at relatively low cost are known as fast-moving consumer goods (FMCG). Another name for such products is consumer packaged goods. FMCGs have a limited shelf life due to high consumer demand (such as for soft drinks and confections) or perishability (such as for meat, dairy products, and baked goods). The top three sectors of this business are Food & Beverages (19%), Healthcare (31%), and Household & Personal Care (50%), respectively. In this article, explore the top FMCG stocks in India!
An Overview of the FMCG Industry
India’s FMCG industry is the biggest in the world. It is estimated that the FMCG sector accounts for around 15% of India’s gross domestic product (GDP) and employs more than 1 crore people. Consumer electronics, food, personal care products, home goods, over-the-counter medications, and other items are all included in this industry. The FMCG industry is optimistic about at least 20% growth in 2023 after ‘exponential growth’ in 2022:
Favourable government policies, a growing rural market and young population, and the expansion of e-commerce platforms are some of the sector’s main development factors.
India has a middle-class population that is greater than the population of the USA, making it a country that no FMCG company can afford to ignore. The FMCG market keeps expanding as more and more people begin to climb the economic ladder and the general public obtains access to the benefits of economic progress.
More importantly, India’s population is getting more consumerist with growing disposable income. Government efforts to broaden financial inclusion and provide social safety nets have further contributed to this.
The FMCG market in India is expected to increase at a CAGR of 14.9% to reach $220 billion by 2025, from $110 billion in 2020.
Top FMCG Stocks in India:
S. No.
Stocks
5-Year Returns
1
Hindustan Unilever Ltd.
62%
2
ITC Ltd.
72%
3.
Nestle India Ltd.
123%
4
Britannia Industries Ltd.
61%
5
Varun Beverages Ltd.
696%
(Figures are as of July 17, 2023. Past performance is no guarantee of future results)
1. Hindustan Unilever Ltd (HUL)
Home care, beauty & personal care, and foods & refreshment are Hindustan Unilever Ltd’s three main FMCG business sectors. The company sells its products largely in India and has manufacturing plants all across the nation. With over 40 brands available across 12 distinct categories, including personal care, fabric care, skincare, hair care, oral care, deodorants, cosmetics goods, beverages, ice cream, frozen desserts, and water filters, HUL is an important part of millions of Indians’ lives. Dove, Lifebuoy, Knorr, and Pears Soap are a few of their brands. Home care brings in 34% of the company’s income, followed by beauty and personal care (44%) and food & drink (19%). HUL has also forayed into the health and wellbeing segment through two strategic investments.
Over the last 5 years, the company’s revenue has grown at a CAGR of 9.35%, while profits have a CAGR of 14.6%. The company is nearly debt free and has a healthy dividend payout ratio of 99.9%. The stock has moved up 62% over the past five years.
2. ITC Ltd
Established in 1910, ITC is the biggest cigarette producer and retailer in the nation. The five business divisions that ITC now works in are FMCG Cigarettes, FMCG Others, Hotels, Paperboards, Paper and Packaging, and Agri-Business. Aashirvaad, Sunfeast, Yippee!, Bingo!, B Natural, ITC Master Chef, Fabelle, Sunbean, and Fiama are among ITC’s top FMCG brands. Additionally, it has added frozen food items, ghee, dairy products, and premium chocolates to its collection of branded packaged meals. ITC is known for assuring precise production and packaging quality. They have a wide variety of distribution outlets in India and have gained access to the remotest of locations through a variety of stores. It is anticipated that ITC will increase its involvement in the eastern market for spices due to its most recent acquisition of Sunrise Foods Pvt Ltd.
The company is nearly debt free and has been maintaining a debt payout of 92%. Over the past five years, the revenue had a CAGR of 7% and net income has had a CAGR of 8%. The company has delivered a poor sales growth of 10% over the past five years. ITC stock has given a decent return of 72% over the past 5 years.
3. Nestle India Ltd.
Nestle India Ltd. is a dominant company in the Indian FMCG market with a strong market presence in the majority of its product categories. The business, which sells various goods under the Maggi brand is a trendsetter in the food service industry. In terms of dairy and nourishment products (96% in infant cereals), drinks (Nescafe 51%), processed foods (Instant Pasta Maggi -69%), kitchen aids (Nestle everyday 44%), and confectionery (63%). The company markets its products under the EVERYDAY, NESCAFE, NESTEA, Maggi, KitKat, Munch, Nestle, POLO, Bar-One, Milkmaid, Milkybar, Alpino, and Eclairs brands, among others.
Nestle India’s revenue has given a CAGR of 11.5% over the past 5 years while the net income has grown at a CAGR of 14%. The company has maintained a healthy dividend payout of about 91%. However, it has delivered poor sales growth of 11.0% over the past five years. The company’s stock has jumped 123% over the past five years.
4. Britannia Industries Ltd.
Britannia Industries has a rich 100-year history. It is one of the major leaders in the Indian biscuit industry with a market share of more than one-third in terms of value. The company’s portfolio has a good proportion of each of the seven varieties of biscuits it produces, including glucose, Marie, cookies, crackers, cream, milk, and health. Additionally, the company’s whole product line includes recognisable trademarks including Milk Bikis, Tiger, Marie, and Good Day.
Over the past five years, revenue and net income have seen a decent CAGR of 9.3% and 11.5%, respectively. Despite maintaining a high dividend distribution of 123%, the company’s growth in sales over the previous five years was just 10.5%. Britannia’s shares have risen 61% in 5 years.
5. Varun Beverages Ltd.
Varun Beverages Ltd (VBL) is engaged in the manufacturing, sales, and distribution of PepsiCo’s beverages in pre-defined territories in India. The company is PepsiCo India’s second-largest international franchisee (after the United States) for carbonated soft drinks and non-carbonated beverages. VBL is a part of the RJ Corp group, a commercial conglomerate with holdings in quick-service restaurants, dairy products, and healthcare. Some of the key brands sold under VBL include Pepsi, Mirinda, Mountain Dew, Seven-Up, etc. In addition, the company offers its products in Nepal, Sri Lanka, Morocco, Zimbabwe, Zambia, and Mozambique.
The company has reported an impressive revenue CAGR of 27% and a net income CAGR of 48% over the past 5 years. It has delivered good profit growth of 49.2% CAGR over the last 5 years. It has been maintaining a healthy dividend payout of 17.5%. However, promoter holding has decreased by about 4% over the last 3 years. The stock has given a spectacular return of 696% in the past 5 years.
Other Top FMCG Stocks in India:
Marico
Dabur India
Godrej Consumer Products
Colgate Palmolive
Tata Consumer Products
Jyothy Labs
In conclusion, India’s FMCG market is expanding quickly. Consumers are increasingly choosy and willing to pay more money for high-quality goods than low-quality ones. The FMCG market has expanded as a result of the rising demand for branded goods. It has grown faster in rural India than in urban India as a result of the expanding number of FMCG startups. The semi-urban and rural sectors are also experiencing rapid growth for these publicly listed FMCG firms in India. This makes FMCG one of the strongest sectors with very high potential. And now you know which are the top FMCG stocks in India you could invest in!
Disclaimer: The stocks mentioned in the article are solely for educational purposes. Please do your own research before investing.
Here are some of the major updates that could move the markets on Monday:
Britannia Q4 Results: Net profit jumps 47% YoY to Rs 559 crore
Britannia Industries reported a 47% YoY increase in consolidated net profit to Rs 559 crore for Q4 FY23. Its operating revenue rose 13% YoY to Rs 4,023 crore during the quarter. EBITDA stood at Rs 800 crore, up 45.7% YoY from Rs 550 crore in Q4FY22.
India’s forex reserves rise by $4.53 billion to $588.78 billion
India’s foreign exchange reserves increased by $4.53 billion to $588.78 billion as of April 28, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets rose by $4.99 billion to $519.48 billion. However, the country’s gold reserves fell by $4.94 million to $45.65 billion.
Federal Bank Q4 Results: Net profit jumps 67% YoY to Rs 903 crore
Federal Bank reported a 67% YoY jump in net profit to Rs 903 crore for Q4 FY23. Its consolidated total revenue rose 38.6% YoY to Rs 5,780 crore during the quarter. The bank’s Net Interest Income (NII) for the quarter stood at Rs 1,909 crore, up 25.2% YoY. The bank’s board has recommended a dividend of Rs 1 per equity share.
Marico Q4 Results: Net profit jumps 19% YoY to Rs 305 crore
Marico reported a 19% YoY increase in consolidated net profit to Rs 305 crore for Q4 FY23. Its operating revenue increased 3.65% YoY to Rs 2,240 crore during the quarter. EBITDA stood at Rs 393 crore in Q4 FY23, up 14% YoY. However, its net profit fell by 8.41% compared to Q3FY23.
Dr Reddy’s Labs launches Regadenoson injection in the US market
Dr. Reddy’s Laboratories has launched Regadenoson injection, a generic therapeutic equivalent of Lexiscan injection, in the US market. The injection is used in imaging heart muscle to check blood flow. However, the company has also received one observation from the US FDA after a routine GMP inspection at its API manufacturing facility in Bollaram, Hyderabad.
ITC increases stake in Bengaluru-based Sproutlife Foods
ITC has increased its shareholding in Sproutlife Foods to 39.42% after acquiring 2,443 equity shares and 7,215 Compulsorily Convertible Preference shares. The transaction was worth Rs 175 crore. ITC had previously announced plans to acquire a 100% stake in Sproutlife in tranches over the next three to four years. Sproutlife is a Bengaluru-based start-up in the innovative food products sector.
Lupin acquires entire stake in French pharma company Medisol
Lupin Ltd has acquired French pharmaceutical company Medisol for €18 million, subject to approval from the French Ministry of Economy and Finance. The acquisition will give Lupin access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics.
Bharat Forge Q4 Results: Net profit falls 7% YoY to Rs 245 crore
Bharat Forge reported a 7% YoY fall in net profit to Rs 245 crore for Q4 FY23. Its operating revenue increased 19.3% YoY to Rs 1,997 crore from Rs 1,674 crore during the same period. EBITDA stood at Rs 488 crore in Q4 FY23, up 13.2% YoY. The company’s board has recommended a dividend of Rs 5.5 per equity share.
MSCI assigns lower weight for the merged entity of HDFC Bank and HDFC
MSCI will add HDFC Bank to the large-cap segment of its Global Standard Indices following its merger with HDFC. The move is expected to lead to no significant inflows, but there may be slight outflows of up to $200 million, according to Nuvama Alternative & Quantitative Research. As a result, MSCI will delete HDFC from its Global Standard Indexes at the end of the stock’s last trading day.
Blue Star has announced a 1:1 bonus issue of shares. This means that every shareholder of the company will be given an additional share. The move is subject to approval by shareholders, with the record date to be decided by the Board following this. The bonus issue aims to increase retail participation in the stock and the equity base.
Here are some of the major updates that could move the markets tomorrow:
Union Budget 2023-24 presented in Parliament
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament today. She announced that there will be no tax on income of up to ₹7 lakh a year (up from ₹5 lakh earlier). The Central government will spend ₹10 lakh crore on long-term capital expenditure (capex) in FY2023-24 to enhance growth potential & job creation and boost private investments. The Finance Ministry allocated ₹2.40 lakh crore to Indian Railways, the largest capital outlay for railways to date.
India’s manufacturing PMI rises to 3-month low in Jan
India’s manufacturing sector fell to a three-month low in January 2023 as production slowed and total output fell. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.4 in Jan, compared to 57.8 in December. The domestic market was the main source of new business growth as international sales rose only slightly in January.
PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.
Total investment by power PSUs to rise nearly 15% to ₹60,805 crore in FY24
The Indian government has proposed to increase total investment by its eight state-owned power companies by about 15%, taking the total investment to ₹60,805 crore for FY24. NHPC witnessed the highest increase in investment to ₹10,857 crore in 2023-24, from a revised estimate of ₹7,128 crore for FY23. Investment by SJVN has been hiked to ₹10,000 crore for FY24, from the revised budget estimates of ₹8,000 crore in FY23.
Powergrid Q3 Results: Net profit rises 10% YoY to ₹3,702 crore
Power Grid Corporation of India reported a 10.5% YoY increase in net profit to ₹3,701.72 crore for the quarter ended December (Q3 FY23). The power company’s revenue from operations grew 7.4% YoY to ₹10,746.4 crore during the same period. EBITDA stood at ₹9,380 crores in Q3, up 9% YoY. The company’s board has declared an interim dividend of ₹5 per share for the current financial year (FY23).
Govt receives bids for 32 mines in 6th round of commercial coal auction
The government has received bids for 32 mines in the technical round of the sixth round of commercial coal auction that had offered 133 coal and lignite mines. A total of 86 bids were received against the 32 coal mines. NTPC Ltd, Jindal Power Ltd, Jindal Steel & Power Ltd, Vedanta Ltd, JSW Steel Ltd, NLC India Ltd, Dalmia Cement, Shree Cement, Ultratech Cement, and Ambuja Cement were among the 56 companies that submitted the bids.
Jubilant FoodWorks Q3 Results: Net profit falls 36% YoY to ₹88 crore
Jubilant FoodWorks reported a 36% YoY decline in net profit to ₹88 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 10% YoY to ₹1,316 crore during the same period. The company opened 64 new stores in Q3, resulting in a network of 1,814 stores across all brands (Dominos India, Dunkin Donuts). The performance decline was mainly due to high inflation.
Britannia Q3 Results: Net profit jumps 151% YoY to ₹932 crore
Britannia Ltd reported a 151% YoY jump in consolidated net profit to ₹932 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 16% YoY to ₹4,101 crore during the same period. The net profit included an exceptional gain of ₹359 crore due to a joint venture with Bel SA and the consequent sale of a 49% equity stake in its subsidiary (Britannia Dairy).
Maruti Suzuki India posted a 12% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Jan 2023. Sales of its mini and compact vehicle segment rose 10.2% YoY to 99,286 units. Exports fell 3% YoY to 17,393 units.
Tata Motors Ltd registered an 18% YoY increase in passenger vehicle sales to 48,289 units in Jan. The automaker’s commercial vehicle sales fell 7% YoY to 32,780 units.
Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 33,040 units in Jan, an increase of 65% YoY. M&M’s tractor sales rose 28% YoY to 28,926 units.
TVS Motor Company’s total sales stood at 2.75 lakh units in Jan, up 3% YoY. Meanwhile, Bajaj Auto’s sales fell 21% YoY to 2.85 lakh units.
Here are some of the major updates that could move the markets tomorrow:
Tata Group, SIA to merge Air India with Vistara by 2024
Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara. SIA will secure a 25.1% stake in the merged entity at an investment of ₹2,058.5 crore. This 25.1% stake will be in an enlarged Air India Group, which will have Air India, Vistara, AirAsia India, and Air India Express. The merger of all airlines is estimated to be completed by March 2024.
Britannia Industries Ltd has signed a joint venture (JV) agreement with France-based Bel SA and Britannia Dairy Pvt Ltd (BDPL) to develop, manufacture, and sell cheese products in India and other markets. As a part of the JV, Britannia Industries will sell a 49% stake in BDPL to Bel SA for ₹262 crore. It will then infuse an additional ₹215 crore in the joint venture.
Tata Motors partners with IndusInd Bank to boost EV adoption
Tata Motors has partnered with IndusInd Bank to offer exclusive electric vehicle (EV) financing to the automaker’s dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This move is part of Tata Motors’ mission to increase EV adoption in India.
Cipla launches injection for prostate cancer in the US
Cipla Ltd announced the launch of Leuprolide Acetate Injection Depot in the US market. The drug is used to treat advanced prostate cancer. It is also indicated for endometriosis and is used with other medication to treat anemia caused by uterine fibroids. According to IQVIA data, LUPRON DEPOT had sales of approximately $197 million in the US for the 12 months ended September 2022.
Gland Pharma acquires French CDMO Cenexi for €120 million
Gland Pharma’s Singapore subsidiary, Gland Pharma International PTE, will acquire France-based contract development & manufacturing organisation (CDMO) Cenexi Group for €120 million (~₹1,012 crore). The acquisition will give Gland Pharma a foothold in the European CDMO market. Cenexi has a presence across four manufacturing sites in Europe, which include three sites in France and one site in Belgium.
ICICI Bank launches digital lending solution iLens
ICICI Bank announced the launch of a digital lending solution called ‘iLens’. It allows customers to secure housing loans digitally with hassle-free onboarding via paperless login, uploading documents, instant sanctions, and disbursement of loans. ICICI Bank Lending Solutions (iLens) is powered by the TCS Lending Platform. The bank also plans to offer personal loans, auto loans, and credit cards through this platform.
Lupin launches generic version of COPD treatment drug
Lupin Ltd announced the launch of a generic version of Formoterol Fumarate Inhalation Solution in the US market. The drug is used to treat chronic obstructive pulmonary disease (COPD). According to IQVIA MAT data, the product had estimated annual sales of $268 million for the 12 months ended Sept 2022.
Tech Mahindra signs pact with Axiata Group to develop 5G enterprise solutions
Tech Mahindra has signed a Memorandum of Understanding (MoU) with Axiata Group Berhad to co-develop and market 5G enterprise solutions across Malaysia, Sri Lanka, Bangladesh, Nepal, and Cambodia. The two entities aim to develop new-age and cost-effective 5G solutions across the manufacturing, oil & gas, and smart cities & services industries.
Biocon completes acquisition of Viatris’s biosimilar business
Biocon Biologics has completed the acquisition of the $3.34 billion Viatris’ global biosimilars business. The company has issued Compulsorily Convertible Preference Shares (CCPS) in the company valued at $1 billion (equivalent to an equity stake of ~12.9%) and made an upfront cash payment of $2 billion to Viatris. Biocon Biologics is a subsidiary of Biocon Ltd.
ONGC gas price to be capped at $6.5 for five years
A government-appointed gas price review panel has recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. Oil & Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum price of $4 per million British thermal units (Btu) and a ceiling price of $6.5 per million Btu, compared to the current rate of $8.57.
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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
India’s manufacturing activity picked up marginally in April after decelerating to a six-month low in March. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.7 in April 2022, compared to 54 in March. Input costs rose to their fastest pace since November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.
Adani Wilmar Q4 Results: Net profit falls 26% YoY to Rs 234.3 crore
Adani Wilmar Ltd reported a 25.6% YoY decline in consolidated net profit to Rs 234.3 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.2% YoY to Rs 14,960.4 crore during the same period. The company’s total expenses increased by 40% YoY to Rs 14,726.7 crore in Q4.
Power Grid to acquire IL&FS Energy Development Company’s stake in CPTCL
Power Grid Corporation India Ltd (PGCIL) will purchase IL&FS Energy Development Company Ltd’s (IEDCL) equity shareholding in Cross Border Power Transmission Company Ltd (CPTCL). PGCIL’s board has cleared the proposal for the purchase of 77,30,225 equity shares of IEDCL in CPTCL. Currently, Power Grid owns a 26% stake in CPTCL, while IEDCL holds a 38% stake.
HDFC Q4 Results: Net profit rises 16% YoY to Rs 3,700 crore
HDFC Limited reported a 16.4% YoY increase in net profit to Rs 3,700 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 14% YoY to Rs 4,601 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] Its loan book grew 14% YoY to Rs 5.55 lakh crore, driven by lending to affordable housing and high-end properties. HDFC’s board has declared a dividend of Rs 30 per share for FY22.
Vodafone Idea partners with ICRIER to set up telecom centre of excellence
Vodafone Idea Ltd has partnered with Indian Council for Research on International Economic Relations (ICRIER) to set up a telecom Centre of Excellence. The centre has been named InViCT (ICRIER & Vodafone Idea Centre for Telecom). It will provide a common platform to facilitate the development of a coordinated policy response to emerging technology and business trends for India’s telecom sector.
Britannia Industries Q4 Results: Net profit rises 5% YoY to Rs 378 crore
Britannia Industries Ltd reported a 4.96% YoY increase in consolidated net profit to Rs 377.95 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.4% YoY to Rs 3,550.45 crore during the same period. The FMCG major’s operating profit stood at Rs 549.68, up 9% YoY. Its board has declared a dividend of Rs 56.5 per share.
Mahindra Holidays Q4 Results: Net profit at Rs 16.25 crore
Mahindra Holidays & Resorts India Ltd reported a consolidated net profit of Rs 16.25 crore for the quarter ended March (Q4 FY22). It had posted a loss of Rs 10.17 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 16.58% YoY to Rs 542.58 crore in Q4 FY22. Its resort occupancies stood at 77% in Q4.
Route Mobile to acquire Teledgers’ blockchain, DLT platform for Rs 130 crore
Route Mobile Ltd (RML) will acquire the artificial intelligence-based blockchain and distributed ledger technology (DLT) platform of Teledgers Technology for ~Rs 130 crore. The acquisition will enable Route Ledger (a subsidiary of RML) to offer DLT and encrypted messaging solutions to mobile network operators. Route Mobile intends to enable telecom operators & enterprises with DLT Platform across Latin America, the Middle East, Africa, and Asia-Pacific.
LIC IPO’s Rs 5,630 crore anchor book oversubscribed: Report
According to a CNBC-TV18 report, LIC IPO’s Rs 5,630 crore anchor book saw an overwhelming response and was oversubscribed. Earlier reports stated that Goldman Sachs, Morgan Stanley, Nomura, Singapore’s GIC Pte, Norway’s sovereign wealth fund, and SBI Mutual Fund would be among those who may bid for the LIC’s anchor book.
Auto sales data for April 2022: Highlights
Maruti Suzuki India posted a 5.6% year-on-year (YoY) decline in total sales to 1,50,661 units in April 2022. Sales of its compact vehicle segment fell 21.6% YoY to 76,321 units. Exports rose 6.8% to 18,413 units.
Tata Motors Ltd registered a 73% YoY increase in total domestic sales to 72,468 units in April. The automaker’s commercial vehicle sales rose 87% YoY to 30,838 units. Overall passenger vehicle wholesales rose 66% YoY to 41,587 units.
Mahindra & Mahindra’s auto segment posted total sales of 54,640 units in April, an increase of 25% YoY. M&M’s farm equipment segment posted a 49% YoY fall in sales to 40,939 units.
Hero Motocorp posted a 12.45% YoY increase in total sales to 4,18,622 units in April.
SpiceJet settles $24 million financial dispute with Credit Suisse
SpiceJet Ltd has reached an in-principle commercial settlement with Credit Suisse AG over pending dues of $24 million. The Swiss firm had moved the Madras High Court against SpiceJet after the airline availed the services of SR Technics, Switzerland, for maintenance, repair, and overhauling of aircraft engines and components. SpiceJet had failed to make the required payments for the services.
Exide Industries to invest Rs 6,000 crore in lithium-ion cell unit in Bengaluru
Exide Industries Ltd will invest around Rs 6,000 crore in a state-of-the-art lithium-ion cell manufacturing unit in Karnataka. The battery maker has proposed one of India’s largest giga factories for advanced cell chemistry technology. It has sought 80 acres of land in Haraluru industrial area near the Bengaluru International Airport.
Prices of EVs to be equal of petrol cars in 2 years: Nitin Gadkari
Prices of electric vehicles (EVs) will be equal to the cost of petrol vehicles in India within two years, said Road Transport and Highways Minister Nitin Gadkari in Lok Sabha. MPs can buy electric vehicles once a charging station is installed on Parliament premises. The minister said the government’s policy is import substitute, cost-effectiveness, pollution-free and indigenous production.
Adani Road Transport receives LoA for NHAI road project in Maharashtra
Adani Road Transport (ARTL) has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The order consists of six-laning the Kagal-Satara section of NH-48. The estimated cost of the project is Rs 2,008.47 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd.
Bharat Dynamics, UAE firm signs MoU to explore new business opportunities
Bharat Dynamics Ltd (BDL) has signed a Memorandum of Understanding with UAE’s Tawazun Economic Council (TEC) for exploring new business opportunities in the field of defence. The two entities will explore the possibility of exporting products to cater to global demand. Tawazun is the defense and security acquisition authority for the UAE armed force.
Britannia is planning to hike the prices of its biscuits and cookies by 7% this year. Managing Director Varun Berry said the last two years have been pretty bad for the business. The latest blow delivered by the Russia-Ukraine war has affected the food supply chain. The company had initially assumed a 3% inflation this year. However, inflation is now seen at 8-9%.
GAIL (India) Ltd has announced a share buyback plan worth Rs 1,084.72 crore. The state-run company will buy back nearly 5.69 crore fully paid-up equity shares (of the face value of Rs 10 each) at Rs 190 per share. The buyback price is at a 24% premium over Wednesday’s closing price of Rs 153.40. GAIL has fixed April 22 as the record date for ascertaining the eligibility of shareholders for buyback of shares.
Bharti Airtel partners with Tech Mahindra to co-develop 5G use cases
Bharti Airtel Ltd has entered into a strategic partnership with Tech Mahindra to co-develop and market 5G use cases in India. They will jointly set up a 5G innovation lab for developing ‘Make in India’ use cases for the Indian and global markets. Airtel has been spearheading 5G demos and testing in the country, while Tech Mahindra has developed world-class 5G applications and platforms.
IOCL to release 6,000 MT diesel to ease power crisis in Sri Lanka
Indian Oil Corporation Ltd (IOCL) will release 6,000 metric tonnes of diesel to Sri Lanka as it pitches in to mitigate the spike in power cuts in the island nation. Sri Lanka is facing an unprecedented economic and energy crisis caused due to shortage of foreign exchange. India recently announced to extend a $1 billion line of credit to Sri Lanka as part of its financial assistance to the country.
The government more than doubled the domestic price of natural gas, increasing it for the second time in a row amid rising global prices. Gas under the administrative price mechanism will cost 110.3% more at $6.1 a million metric British thermal units for the first half of FY23. As per reports, such a hike may benefit Oil & Natural Gas Corp., Oil India Ltd, and Reliance Industries Ltd.
Google to invest up to $1 billion in Bharti Airtel
US internet giant Google has announced an investment of up to $1 billion (~Rs 7,497 crore) in partnership with Bharti Airtel. It includes a $700 million equity investment in Bharti Airtel for a 1.28% stake and up to $300 million towards potential multi-year commercial agreements. Bharti Airtel and Google will work together to build on the telecom company’s extensive offerings that cover a range of Android-enabled devices to consumers via innovative affordability programs.
L&T Q3 Results: Net profit falls 17% YoY to Rs 2,055 crore
Larsen & Toubro (L&T) Ltd reported a 16.7% YoY decline in consolidated net profit to Rs 2,054.74 crore for the quarter ended December (Q3 FY22). Net profit increased by 13% when compared to the previous quarter. Its revenue from operations rose 11.14% YoY (or 14% QoQ) to Rs 39,562.92 crore during the same period. The company secured orders worth Rs 50,359 crore in Q3, a decline of 31% YoY.
Chambal Fertilisers Q3 Results: Net profit falls 8% YoY to Rs 435 crore
Chambal Fertilizers & Chemicals Ltd reported a 7.56% YoY decline in consolidated net profit to Rs 435.17 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 22.4% YoY to Rs 4,743.3 crore during the same period. EBITDA stood at Rs 582.7 crore in Q3, down 25.8% YoY. The company’s board has approved a proposal to set up an Ammonium Nitrate plant at Kota (Rajasthan) for an investment of Rs 1,170 crore.
Britannia Q3 Results: Net profit falls 19% YoY to Rs 371 crore
Britannia Industries Ltd reported a 19% YoY decline in consolidated net profit to Rs 371 crore for the quarter ended December (Q3 FY22). Net profit fell 3% when compared to the previous quarter. Its revenue from operations rose 13% YoY to Rs 3,575 crore during the same period. EBITDA stood at Rs 539 crore in Q3, down 12% YoY. Higher input costs affected the FMCG company’s margins.
Kotak Mahindra Bank Q3 Results: Net profit rises 15% YoY to Rs 2,131 crore
Kotak Mahindra Bank reported a 15% YoY increase in net profit to Rs 2,131.4 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 8.2% YoY to Rs 4,334 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.71% in Q3 FY22, compared to 3.19% in Q2 FY22. The bank’s expenses stood at Rs 5,559 crore in Q3 FY22, up 10% YoY.
Glenmark Pharma gets USFDA approval for Metronidazole gel
Glenmark Pharmaceuticals Ltd’s unit has received final approval from the US Food & Drug Administration (USFDA) to market Metronidazole Vaginal gel in the US. As per IQVIA data, the generic version of the product had achieved annual sales of ~$60.4 million during the twelve months ended November 2021.
Marico Q3 Results: Net profit rises 1.6% YoY to Rs 317 crore
Marico Limited reported a 1.6% YoY increase in consolidated net profit to Rs 317 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 13.4% YoY to Rs 2,407 crore during the same period. Revenue from its domestic market stood at Rs 1,817 crore, up 11.6% YoY. The FMCG firm’s total expenses were up 15.4% YoY to Rs 2,022 crore.
Hindustan Petroleum Corporation Ltd (HPCL) has announced plans to set up a chain of multi-channel retail stores at its petrol pumps. The company plans to give a push to non-fuel retailing. As part of this, HPCL has opened two more retail stores under the brand name ‘HaPpyShop’. The product range in each store has been planned to suit the tastes and preferences of the local neighbourhoods.
Vedanta Q3 Results: Net profit rises 26% YoY to Rs 4,164 crore
Vedanta Ltd reported a 26.2% YoY increase in consolidated net profit to Rs 4,164 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 46.7% YoY to Rs 34,674 crore during the same period. Vedanta’s board has declared an interim dividend of Rs 13.5 per share.
TVS Motor Company Ltd has acquired a 75% stake in Switzerland’s largest e-bike player Swiss E-Mobility Group (SEMG). The consideration paid for the acquisition is $100 million (~Rs 750 crore). The move is in line with TVS Motor’s strategy to expand in Europe through a portfolio of premium and technology-leading brands. The two-wheeler company plans to buy the remaining 25% stake by next year.
Dixon Tech Q3 Results: Net profit falls 25% YoY to Rs 46 crore
Dixon Technologies Ltd reported a 25% YoY decline in net profit to Rs 46.38 crore in Q3 FY22. Its revenue from operations rose 41% YoY to Rs 3,073.25 crore during the same period. EBITDA stood at Rs 103.67 crore, up 3% YoY. Revenue from its consumer electronics segment grew 3.3% YoY to Rs 1,410.39 crore in Q3. Dixon Tech’s home appliance segment revenue fell 20% YoY to Rs 180.12 crore.
WPI inflation hits five-month high of 12.54% in October
India’s wholesale inflation accelerated to a five-month high at 12.54% in October 2021. The wholesale price index (WPI) grew 10.66% in September and 1.31% in October 2020. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, food products, crude petroleum & natural gas. Food inflation contracted 1.69% in October, compared to a 4.69% contraction seen in September. The inflation in manufactured products stood at 12.04% in October from 11.41% a month ago.
HCC-KEC JV wins Rs 1,309 crore Chennai Metro order
Hindustan Construction Company (HCC), in consortium with KEC International Ltd, has secured a Rs 1,309 crore order as a part of the second phase of Chennai Metro Rail. The order entails the construction of an 11.61 km elevated viaduct section and 11 elevated stations on corridor-5 of the second phase of Chennai Metro. The order is scheduled to be completed in 36 months.
Vodafone Idea clarifies on reports of getting SBI loan after govt’s relief measures
Debt-ridden Vodafone Idea Ltd issued a clarification on a Bloomberg report that suggested that the company may get fresh loans from State Bank of India (SBI) after the government’s relief measures. “The company keeps discussing with various banks its funding and other requirements in the ordinary course of its business, including with SBI who is one of our main bankers. As of now, there is no development, which would require disclosure under the SEBI Listing Regulations,” Vodafone Idea informed in an exchange filing.
Power Mech Projects secures orders worth Rs 725.17 crore
Power Mech Projects Ltd (PMPL) has secured two orders worth Rs 725.17 crore. The company has bagged an order worth Rs 645 crore from the National Highways Authority of India (NHAI). The order is for four-laning of NH-365A from Kodad to Khammam in Telangana under the Centre’s Bharatmala Pariyojana project. PMPL has received another order worth Rs 80.17 crore from Howe India to design and build a coal handling plant in Odisha.
Ashok Leyland in talks with investors to raise funds for EV arm
Ashok Leyland Ltd is in talks with strategic and financial investors to raise funds for Switch Mobility, its newly formed electric vehicle (EV) subsidiary. The trucks and bus manufacturer has hived off its EV division to better tap growth opportunities through the onboarding of partners. The company also plans to roll out CNG-fitted commercial vehicles during the later part of this financial year.
Dixon Tech partners with BSH for manufacturing of fully automatic washing machine
Dixon Technologies (India) Ltd has commenced production of fully automatic washing machines for BSH Household Appliances Manufacturing Pvt Ltd. The product will be manufactured at Dixon’s state-of-the-art manufacturing facility at Tirupati. Germany-based BSH is the largest manufacturer of home appliances in Europe.
Bharti Airtel forms ESG Committee to strengthen its focus on sustainable business
Bharti Airtel has formed a Committee of Board of Directors, called the ESG Committee, to sharpen the company’s focus towards its Environmental, Sustainability, and Governance (ESG) agenda. The committee will provide strategic guidance and oversight to the company’s progress on ESG targets, initiatives, and best practices. The telecom operator has named Manish Kejriwal, Lead Independent Director on the Board, as the Chairman of the ESG Committee.
Delhi HC rules in favour of Britannia over Good Day brand
The Delhi High Court has ruled in favour of Britannia Industries after it had challenged oral care maker Good Day over its brand name, which is identical to one of Britannia’s mainstay biscuit brands Good Day. The court has directed the oral care maker to stop manufacturing, selling, and advertising Good Day toothpaste. ‘Good Day’ is a known trademark of Britannia and protected across all product categories.
Parliamentary panel stresses on cryptocurrency regulation in meeting: Report
A Parliamentary Standing Committee on Finance, led by former union minister Jayant Sinha, held a meeting today with industry associations and experts on cryptocurrency. During the meeting, there was a consensus that crypto can’t be stopped, but must be regulated, news agency ANI reported. The meeting saw the participation of representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), among others.
Tata Steel revives plans to sell its Thailand business
Tata Steel Ltd (TSL) has revived plans to sell its Thailand business. The company looks to exit less profitable overseas units in the ongoing supercycle. The proposed sale, coming on the heels of TSL’s move to offload its Singapore business NatSteel Holdings, will aid the company cut its debt further. Bangkok-listed Tata Steel Thailand has a market value of over $410 million (~Rs 3,049 crore).
Centre to buy 1 crore shots of Zydus Cadila’s Covid-19 vaccine
The Central government has placed a purchase order of 1 crore doses of Zydus Cadila’s three-dose Covid vaccine ZyCoV-D at Rs 265 per dose. The needle-free vaccine will cost Rs 93 per dose (excluding GST). The complete dose of the vaccine will cost Rs 1,128. ZyCoV-D was approved by India’s drug regulator in August 2021 for emergency use in adults and children aged 12 years and above.
Britannia Industries Q2 Results: Net profit falls 23% YoY to Rs 384 crore
Britannia Industries Ltd reported a 23% YoY decline in consolidated net profit to Rs 384.22 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 5.5% YoY to Rs 3,607.4 crore during the same period. The FMCG company’s raw material cost stood at Rs 1,914.7 crore in Q2, an increase of 8% YoY. Britannia said it is witnessing unprecedented inflation in market prices of key ingredients such as palm oil, industrial fuel, and packaging material.
JBM Auto secures order for 200 low-floor electric buses from Delhi govt
JBM Auto Limited has received an order for 200 electric buses from Delhi Transport Corporation (DTC). The order has been placed under the central government’s FAME II electric vehicle policy. The company will supply, operate and maintain 200 air-conditioned fully built low-floor electric buses of 12-meter length. Gurgaon-based JBM Auto is a leading manufacturer of key auto systems, electric vehicles, and buses.
Sobha Q2 Results: Net profit jumps 198% YoY to Rs 48 crore
Sobha Ltd reported a 198% YoY jump in consolidated net profit to Rs 48.3 crore for the quarter ended September (Q2 FY22). Net profit jumped 347% compared to the previous quarter. Its total income rose 52% YoY to Rs 832.3 crore during the same period. The realty firm’s board has approved the issue of unlisted, secured, non-convertible debentures (NCDs) worth up to Rs 140 crore on a private placement basis.
L&T’s construction arm secures orders worth up to Rs 2,500 crore
Larsen & Toubro’s (L&T) construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) from the metal industry and Defence Research & Development Organisation (DRDO). The order from DRDO consists of constructing a flight control system facility at Aeronautical Development Establishment, Bengaluru. L&T has also received an engineering, procurement, and construction (EPC) order for a 12 million ton per annum (MTPA) dry circuit system for a screening plant (SP-III) from NMDC Limited in Chhattisgarh.
Shyam Metalics Q2 Results: Net profit jumps 159% YoY to Rs 414 crore
Shyam Metalics & Energy Ltd (SMEL) reported a 159.22% YoY jump in consolidated net profit to Rs 414.18 crore for the quarter ended September (Q2 FY22). Net profit fell 9% compared to the previous quarter. Its revenue from operations rose 87% YoY to Rs 2,494.34 crore during the same period. EBITDA stood at Rs 689 crore in Q2, an increase of 96% YoY. SMEL is a leading integrated metal producing company in India.
Exchanges to launch T+1 settlement cycle from Feb 25
The National Stock Exchange (NSE) and other Market Infrastructure Institutions (MIIs) are bracing to launch T+1 trading settlement cycle from February 25, 2022. All listed stocks across stock exchanges (BSE, NSE & MSEI) will be ranked in descending order based on daily market capitalization averaged for the month of October 2021.
Currently, if an investor buys or sells a stock on Monday, they receive the money or shares on Wednesday (T+2 working days). With T+1 settlement, the transfer will be completed on Tuesday itself. You can learn more about T+1 settlement cycle here.
Balrampur Chini Mills Q2 Results: Net profit rises 6% YoY to Rs 83 crore
Balrampur Chini Mills Ltd reported a 6.1% YoY increase in consolidated net profit to Rs 83.1 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 1,213.8 crore during the same period. EBITDA stood at Rs 134.8 crore in Q2, an increase of 5.6% YoY.
DCM Shriram to invest over Rs 350 crore on expansion of sugar business
DCM Shriram Ltd has announced an investment of over Rs 350 crore to expand the capacity of its sugar mills. The company approved three investment proposals for its sugar business to capitalise on the increase in sugarcane availability in its catchment area. These investments will help enhance production capacity for refined sugar production and build flexibility of feedstock for its distilleries.
The Rs 18,300 crore initial public offering (IPO) of One97 Communications Ltd (Paytm) was subscribed 18% on the first day of bidding. The IPO has received bids for 88.23 lakh equity shares against the issue size of 4.83 crore shares. Retail investors have subscribed 78% against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2% and 6%, respectively, against their reserved portions.
