Tag: britannia industries

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Piramal Group Completes Acquisition of DHFL – Top Indian Market News

Piramal Group completes acquisition of DHFL for Rs 34,250 crore

Piramal Enterprises Ltd (PEL) has completed the acquisition of Dewan Housing Finance Corp Ltd. (DHFL) for a total consideration of Rs 34,250 crore. This includes an upfront cash payment of Rs 14,700 crore and issuance of debt instruments worth Rs 19,550 crore (10-year NCDs at 6.75% per annum on a half-yearly basis). As a part of the process, Piramal Capital and Housing Finance Ltd (PCHFL) will merge with DHFL. The creditors of DHFL would recover an aggregate amount of ~Rs 38,000 crore from the resolution process. 

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Blue Star to invest Rs 550 crore on new manufacturing unit in Andhra Pradesh

Blue Star Limited will invest Rs 550 crore over the next few years for setting up a greenfield manufacturing unit at Sri City, Andhra Pradesh. The AC and commercial refrigeration major’s newly formed subsidiary, Blue Star Climatech, has commenced construction of the new plant. The unit will be highly automated, and the company will ensure that products manufactured are globally competitive. The first phase of construction will be completed by July 2022.

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BLS International secures contract for Italian visa processing services in Russia

BLS International Services has secured a contract from the Embassy of Italy in Russia for visa processing for a period of five years. The company is expected to process approximately 1.4 lakh applications every year at 20 centres across Russia. BLS will be providing Italian visas, along with value-added services such as mobile biometric, translation, premium lounge, prime time submission, courier, and SMS alerts for the convenience of applicants.

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HCL Tech signs multi-year contract with Belgium-based Proximus

HCL Technologies Ltd has signed a multi-year strategic partnership with Proximus Group to transform its data centre business and create a resilient digital foundation. Proximus is one of Belgium’s leading digital services and communications solutions providers. HCL Tech will invest in a dedicated innovation lab, providing Proximus exclusive access to its intellectual property, product, and partner ecosystem. The partnership will allow Proximus to use HCL’s telecom and technology domain expertise to develop innovative 5G and Internet of Things (IoT) solutions.

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SpiceJet partners with EaseMyTrip for holiday bookings

SpiceJet Limited has partnered with EaseMyTrip to strengthen offerings ahead of the festive season. The travel platform will develop a holiday booking platform for SpiceJet, which will allow the airline’s customers to book holiday packages. The partnership is aimed at expanding EaseMyTrip’s scope across the rapidly growing holiday segment. Under the collaboration, SpiceJet will offer exclusive benefits such as priority services (check-in, boarding) and complimentary meals.

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HDFC Bank issues 4 lakh credit cards after lifting of embargo 

HDFC Bank has issued 4 lakh credit cards since the Reserve Bank of India (RBI) lifted the embargo (an official ban) imposed on the company. In December 2020, the RBI placed restrictions on the private sector lender on sourcing of new credit cards. The RBI eased the restrictions on August 17, 2021. HDFC Bank has also announced the relaunch of three cards— HDFC Bank’s Millennia, MoneyBack+, and Freedom. The new card variants will be available to customers in October 2021.

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Britannia partners with Accenture to accelerate its digital transformation

Britannia Industries has partnered with Accenture for digital acceleration of its operations and reduction of IT operational costs. The project will help streamline Britannia’s procurement and supply chain management, expedite digital onboarding, contract management, and procurement processes. The partnership with Accenture will work towards digitising more than 80 manufacturing units and 50 warehouses and help unlock capital for innovation and growth initiatives.

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ABB India technology to lower production costs for Tata Steel plant

ABB India Limited will provide electromagnetic brake systems (EMBR) for two compact strip production (CSP) casters for Tata Steel’s flagship plant in Jamshedpur. The company will work under contract from SMS Group, an engineering and construction firm. ABB India’s scope of supply also includes dry-type transformers, water cooling systems, and commissioning services. ABB’s EMBR technology will allow Tata Steel to improve product quality and lower production costs.

RBI removes Indian Overseas Bank out of PCA framework

The Reserve Bank of India has removed Indian Overseas Bank from the Prompt Corrective Action (PCA) framework, subject to certain conditions and continuous monitoring. The performance of the bank was reviewed by RBI’s Board for Financial Supervision. It was noted that IOB is not in breach of the PCA parameters as per the results published for the year ended March 31, 2021. PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.  

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Invesco moves NCLT against ZEEL for failing to announce EGM date

Invesco Developing Markets Fund has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) for failing to announce a date for the extraordinary general meeting (EGM). The US-based fund house had called for an EGM to remove ZEEL’s CEO and MD Punit Goenka. The majority shareholders also aim to reconstitute the company’s board. As per the rules, ZEEL has up till October 2 to call for an EGM.

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SBI Reports 55% YoY Rise in Net Profit in Q1 – Top Indian Market News

State Bank of India Q1 Results: Net profit rises 55% YoY to Rs 6,504 crore

State Bank of India (SBI) reported a 55.2% YoY increase in net profit to Rs 6,504 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 3.7% YoY to Rs 27,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 5.32% in Q1, compared to 4.98% in the previous quarter. Domestic retail loans rose 16.5% YoY to Rs 8.72 lakh crore. SBI’s total provisions fell 19.6% YoY to Rs 10,051.96 crore in the April-June quarter of FY22.

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India’s services PMI contracts for third consecutive month

India’s services sector remained in the contraction territory for the third straight month in July. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 45.4 in July, compared to 41.2 in June. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. Business activity, new orders, and employment declined further due to local restrictions amidst the Covid-19 pandemic.

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Titan Q1 Results: Net profit at Rs 61 crore

Titan Company Ltd reported a standalone net profit of Rs 61 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 270 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 74.5% YoY to Rs 3,249 crore during the same period. Titan’s jewellery segment posted a 108% YoY increase in total sales to Rs 2,467 crore in Q1.

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Britannia invests Rs 130 crore in capacity building; to hike prices

Britannia Industries Ltd announced that it has invested Rs 130 crore for capacity building in the current financial year (FY22). The FMCG company is also eyeing a greater revenue share from its e-commerce segment, which currently contributes ~2%. Britannia will gradually undertake a price hike of its products to offset the sharp rise in input costs amidst uncertainty arising out of the Covid-19 pandemic.

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Adani Green Energy Q1 Results: Net profit jumps nearly 10-fold to Rs 219 crore

Adani Green Energy Ltd (AGEL) reported an 895.45% YoY jump in consolidated net profit to Rs 219 crore for the quarter ended June (Q1 FY22). Net profit has jumped 110.5% when compared to the previous quarter. Its total income rose 22.8% YoY to Rs 1,079 crore during the same period. Total sale of electricity grew 48% YoY to Rs 2,054 million units in Q1.

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CCI approves Carlyle’s proposed Rs 4,000 crore investment in PNB Housing Finance

The Competition Commission of India (CCI) has approved the Carlyle Group-led Rs 4,000 crore equity investment transaction in PNB Housing Finance Ltd. However, the Securities and Appellate Tribunal (SAT) is yet to pronounce its verdict on the valuation controversy that the deal ran into recently. In May 2021, Carlyle Group and other investors had announced plans to infuse Rs 4,000 crore into PNB Housing through preferential allotment of equity shares and warrants. Market regulator SEBI had intervened and asked PNB Housing Finance not to go ahead with the deal until it undertakes valuation of its shares by an independent agency.

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Godrej Consumer Products Q1 Results: Net profit rises 5% YoY to Rs 413 crore

Godrej Consumer Products Ltd (GCPL) reported a 4.75% YoY increase in consolidated net profit to Rs 413.66 crore for the quarter ended June (Q1 FY22). Net profit has increased by 13.07% when compared to the previous quarter. Its revenue from operations rose 23.87% YoY to Rs 2,862.83 crore during the same period. GCPL’s expenses grew 21.53% YoY to S 2,372.65 crore in Q1. 

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Kumar Mangalam Birla steps down as Non-Executive Chairman of Vodafone Idea

Vodafone Idea (Vi) has informed that Kumar Mangalam Birla will step down as Non-Executive Director and Non-Executive Chairman of the board with effect from close of business hours on August 4, 2021. The company’s board has elected telecom veteran Himanshu Kapania as a Non-Executive Chairman. Last month, Birla had written a letter to the Indian Government in which he offered to hand over his stake in Vi to any public sector entity, considering the “looming crisis” that the telecom operator is going through. Shares of Vi fell over 16% today.

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Bosch Q1 Results: Net profit at Rs 260 crore

Bosch Limited reported a consolidated net profit of Rs 260.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 121.5 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 483 crore in the previous quarter (Q4 FY21). The automotive component manufacturer’s total revenue jumped 146.4% YoY to Rs 2,443 crore in Q1 FY22. EBITDA stood at Rs 306.6 crore in Q1, compared to an operating loss of Rs 102.5 crore in the year-ago period.

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HPCL Q1 Results: Net profit falls 11% YoY to Rs 2,004 crore

Hindustan Petroleum Corp Ltd (HPCL) reported an 11.04% YoY decline in consolidated net profit to Rs 2,003.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 34.5% when compared to the previous quarter. Its total income rose 66.9% YoY to Rs 77,980.15 crore during the same period.

Apollo Tyres Q1 Results: Net profit at Rs 128 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 127.78 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 134.58 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 55.5% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 59% YoY to Rs 4,584 crore in Q1 FY21.

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RIL Reports 7% Fall in Net Profit in Q1 – Top Indian Market News

Reliance Industries Q1 Results: Net profit falls 7% YoY to Rs 12,273 crore

Reliance Industries Ltd (RIL) reported a 7.3% YoY decline in consolidated net profit to Rs 12,273 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 7% when compared to the previous quarter. Its revenue from operations rose 58.2% YoY to Rs 1.44 lakh crore during the same period. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 27.6% YoY to Rs 27,55 crore in Q1. The profit figure has beaten street/analysts’ estimates.

Reliance Jio posted a 45% YoY (or 4% QoQ) increase in net profit to Rs 3,651 crore during the April-June quarter of FY22.

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JSW Steel Q1 Results: Net profit at Rs 5,904 crore

JSW Steel Ltd reported a consolidated net profit of Rs 5,904 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 561 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 145% YoY (or 7.3% QoQ) to Rs 28,902 crore in Q1 FY22. This is JSW Steel’s highest-ever quarterly net profit and revenue. The company spent Rs 2,688 crore on capital expenditure (capex), which was nearly 15% of its planned capex for the current financial year (FY22).

The company has announced plans to invest Rs 750 crore in JSW Paints over the next three years.

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Britannia Industries to invest Rs 94 crore for expansion of its Odisha unit

Britannia Industries Ltd will invest Rs 94 crore for the expansion of its manufacturing plant in Khurda, Odisha, to cater to the growing demand for its products across multiple categories. The company aims to increase the manufacturing capacity of the plant by 85% to 65,000 metric tonnes per annum (MTPA). The new capacities will be operational by October 2022 and will enable Britannia to increase the production of its core band, including Marie Gold, Vita Marie Gold, etc.

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Ambuja Cements Q2 Results: Net profit rises 91% YoY to Rs 876 crore

Ambuja Cements Ltd reported a 91.78% YoY increase in consolidated net profit to Rs 876.71 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Net profit has declined by 7.4% when compared to the previous quarter. Its total income rose 48.4% YoY to Rs 7.055.76 crore during the same period. The company’s cement volumes grew from 4.19 million tonnes (MT) in Q1 CY21 to 6.33 MT in Q2 CY21.

Atul Q1 Results: Net profit rises 40.8% YoY to Rs 166 crore

Atul Limited reported a 40.89% YoY increase in consolidated net profit to Rs 165.94 crore for the quarter ended June (Q1 FY22). Net profit has declined by 5.2% when compared to the previous quarter. Its total income rose 58.27% YoY to Rs 1,109.82 crore during the same period. Atul Ltd is an integrated chemical company based in Valsad, Gujarat.

Federal Bank Q1 Results: Net profit declines 8% YoY to Rs 367 crore

Federal Bank Ltd reported an 8.3% YoY decline in standalone net profit to Rs 367.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 9.4% YoY to Rs 1,418 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.5% in Q1 FY22, compared to 3.4% in the previous quarter (Q4 FY21). The bank’s provisions increased by 62.6% YoY to Rs 641.83 crore during the April-June quarter of FY22.

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United Spirits Q1 Results: Net profit at Rs 69.1 crore

United Spirits Ltd reported a standalone net profit of Rs 69.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 251 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 59% YoY to Rs 3,829 crore in Q1 FY22. United Spirits’ EBITDA jumped 316% YoY to Rs 168 crore. United Spirits is an alcoholic beverages company based in Bengaluru. It is a subsidiary of UK-based Diageo plc. 

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Yes Bank Q1 Results: Net profit jumps 355% YoY to Rs 207 crore

Yes Bank reported a 355.2% YoY jump in standalone net profit to Rs 207 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 26.5% YoY to Rs 1,402 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 15.6% in Q1 FY22, compared to 15.41% in the previous quarter (Q4 FY21). However, the bank’s operating profit declined by 20% YoY to Rs 920 crore in Q1 FY22.

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SBI Cards Q1 Results: Net profit falls 22% YoY to Rs 305 crore

SBI Cards and Payment Services reported a 22% YoY decline in net profit to Rs 305 crore for the quarter ended June (Q1 FY22). Net profit has increased by 73.65% when compared to the previous quarter. Its total income rose 11.63% YoY to Rs 2,450.94 crore during the same period. The company’s gross non-performing assets (bad loans) more than doubled to 3.91% in Q1 FY22, compared to 1.35% in Q1 FY21.

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India’s oil production declines in June; gas output rises

India’s total crude oil production declined by 1.79% to 2,481.66 thousand metric tonnes (TMT) in June 2021, compared to the corresponding month last year. The fall in production comes at a time when domestic petrol and diesel prices are at all-time highs. Meanwhile, there was a 19.52% YoY increase in gas production in June. Natural gas production during June 2021 was 2,777.43 million metric standard cubic metres (MMSCM).

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Maruti Suzuki Reports 10% YoY Decline in Net Profit in Q4 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q4 Results: Net profit falls 10% YoY to Rs 1,166 crore

Maruti Suzuki India Limited reported a 9.7% year-on-year (YoY) decline in net profit to Rs 1,166 crore for the quarter ended March (Q4). Revenue from operations rose 32% YoY to Rs 24,023 crore during the same period. The automaker sold a total of 4.92 lakh units in Q4 FY21, registering a growth of 27.8% YoY. Its sales for the financial year ended March 31, 2021, fell 6.7% YoY to 14.57 lakh units. Maruti Suzuki’s board has declared a final dividend of Rs 45 per share.

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JSPL to divest entire stake in Jindal Power to Worldone for Rs 3,015 crore

The Board of Directors of Jindal Steel and Power Ltd (JSPL) has approved the divestment of its entire equity stake in Jindal Power Limited (JPL) by selling its shares to Worldone Pvt Ltd. The equity value is an all-cash offer of Rs 3,015 crore for 96.42% stake in JPL, including 3,400 MW coal-fired power plants in Chhattisgarh. The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India steel business, and significantly reduce its carbon footprint by almost half.

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Axis Bank Q4 Results: Net profit at Rs 2,677 crore

Axis Bank reported a standalone net profit of Rs 2,677 crore for the quarter ended March (Q4). The lender had posted a net loss of Rs 1,388 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 11% YoY to Rs 7,555 crore in Q4 FY21. [NII is the difference between interest income received from assets such as loans, and the interest it pays to depositors] Provisions during the quarter fell 58% YoY to Rs 3,295 crore. The gross non-performing assets (NPAs) ratio stood at 3.7% in Q4, compared to 4.55% in Q3.

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Bajaj Finance Q4 Results: Net profit rises 42% YoY to Rs 1,347 crore

Bajaj Finance reported a 42% YoY increase in net profit to Rs 1,347 crore for the quarter ended March (Q4). Net interest income (NII) declined 0.5% YoY to Rs 4,659 crore during the same period. The gross non-performing assets (NPAs) ratio stood at 1.79% in Q4 FY21, compared to 2.84% in Q3 FY21. Consolidated assets under management (AUM) increased by 3.9% YoY to Rs 1.52 crore. The company’s board has recommended a dividend of Rs 10 per share.

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Dr Reddy’s expects first lot of Covid-19 vaccine Sputnik V by May end

Dr Reddy’s Laboratories said it expects to receive the first lot of Covid-19 vaccine Sputnik V from the Russian Direct Investment Fund (RDIF) by May end. The pharma company had earlier received approval from the Drugs Controller General of India (DCGI) for the restricted emergency use of the vaccine. In September 2020, Dr Reddys and RDIF entered into a partnership to conduct clinical trials of Sputnik V in India. Both companies have also obtained the rights for distribution of the first 125 million doses in the country.

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Britannia Industries Q4 Results: Net profit declines 3% YoY to Rs 360 crore

Britannia Industries Limited reported a 3% YoY decline in consolidated net profit to Rs 360.1 crore for the quarter ended March (Q4). Revenue from operations rose 8% YoY to Rs 3,038 crore during the same period. The company’s consolidated operating margin stood at 14.9% in Q4. Britannia Industries’ net income was affected by a sharp rise in tax expenses at Rs 132.6 crore.

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Hindustan Zinc Q4 Results: Net profit rises 85% YoY to Rs 2,481 crore

Hindustan Zinc Limited (HZL) reported an 85% YoY increase in net profit to Rs 2,481 crore for the quarter ended March (Q4). Its total revenue rose 56% YoY to Rs 6,725 crore during the same period. HZL saw strong volume and price traction across key verticals such as zinc, silver, and lead. Zinc volumes were up 15% YoY, while lead volumes increased by 29% YoY in Q4. HZL said both mined and finished metal production in the current financial year (FY22) will be higher than last year and is expected to reach 1,025-1,50 kilotonne each.

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ABB India Q1 Results: Net profit more than doubles to Rs 151 crore

ABB India Limited reported a 118.64% YoY increase in consolidated net profit to Rs 151 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its consolidated revenue rose 7.02% YoY to Rs 1,629.15 crore during the same period. The company received total orders worth Rs 1,825 crore in Q1, registering a growth of 24% over the previous quarter. ABB India posted sharp growth in the motion products, robotics, and process automation segments during the quarter.

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4G subscriber base to rise to 820 million in FY22: CRISIL

According to a report by rating agency CRISIL, 4G mobile data subscribers are set to rise to 820 million by the end of March 2022 (FY22)— higher than in the last financial year due to higher competitive intensity. The report states that the pace of addition in subscriber count would pick up gradually over the remainder of the current financial year (FY22), as competitive intensity in the wireless-telecom market increases despite the second wave of Covid-19 pandemic. There has been a significant capacity addition after the spectrum auctions and removal of inter-operator charge (IUC) charges.

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Hatsun Agro Products Q4 Results: Net profit jumps to Rs 57.13 crore 

Hatsun Agro Products Limited reported a multi-fold increase in net profit to Rs 57.13 crore for the quarter ended March (Q4). It had posted a net profit of Rs 7.95 crore in the corresponding period last year. The company’s sales rose 23.89% YoY to Rs 1,568.87 crore during the same period. Hatsun Agro’s net profit for the financial year ended March 31, 2021, rose 119% YoY to Rs 246.35 crore. Hatsun Agro Products is a leading dairy company based in Chennai.

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TVS Motors Q4 Results: Net profit jumps four-fold to Rs 319 crore

TVS Motor Company reported a four-fold increase in consolidated net profit to Rs 319 crore for the quarter ended March (Q4). Revenue from operations rose to Rs 6,131.90 crore in Q4, compared to Rs 4,104.71 crore in the corresponding period last year (Q4 FY20). The company’s two-wheeler sales across domestic and international markets rose 47% YoY to 9.28 lakh units in Q4.

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IMF Raises India’s Growth Projection to 12.5% in FY22 – Top Indian Market News

IMF raises India’s growth projection to 12.5% in FY22

The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5% for FY 2021-22 from 11.5% estimated in January. As per IMF’s report, India is the only country expected to register double-digit growth in the current financial year. The GDP growth for FY23 is estimated at 6.9%. However, the surge in Covid-19 cases poses a severe downside risk to the growth outlook for the economy. The IMF’s World Economic Outlook now sees world growth of 6% this year, after the contraction of 3.3% in 2020 amidst the Covid-19 pandemic.

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Cargo volume handled by Adani Ports rises 41% YoY in March

Adani Ports & Special Economic Zone Ltd (APSEZ) said it had handled cargo volume of 26 million metric tonnes (MMT) in March, an increase of 41% over the corresponding period last year. The overall cargo volumes handled by APSEZ rose 27% year-on-year (YoY) to 73 MMT for the quarter ended March (Q4). In the container segment, APSEZ handled cargo volumes of 247 MMT, an increase of 11% YoY.

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Bharti Airtel to transfer 800MHz spectrum in 3 circles to Jio

Reliance Jio Infocomm has signed a definitive agreement with Bharti Airtel for acquiring the ‘Right to Use’ spectrum in the 800MHz band in Andhra Pradesh, Delhi, and Mumbai circles. Through this agreement, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer. With this trading of the right to use spectrum, Jio will have 2x15MHz of spectrum in the 800MHz band in Mumbai circle and 2x10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles.

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Flipkart partners with Mahindra Logistics to accelerate deployment of EVs

E-commerce giant Flipkart has announced its partnership with Mahindra Logistics Ltd (MLL) to help accelerate the deployment of electric vehicles (EVs) across its logistics fleet in India. Flipkart has committed to 100% electric mobility of its logistics fleet and will deploy more than 25,000 EVs by 2030. Through its EDEL brand, MLL will play a significant role in working with various original equipment manufacturers (OEMs) to help Flipkart’s sustainable transition to EVs. 

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Sobha posts record sales bookings in FY21

Sobha Limited reported a total sales volume of 13.37 lakh square feet of super built-up area worth Rs 1,072 crore for the quarter ended March (Q4). The real estate developer’s sales volumes achieved in Bengaluru, Gurugram, Pune, and Kochi were the highest ever in its history. Sales volume and total sales value were up 48% YoY and 54% YoY, respectively, in Q4 FY21. Sobha launched new residential projects of 2.77 million square feet of super built-up area and 0.27 million square feet of commercial space.

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Power market traded highest ever monthly volume of 8,249 MU in March: IEX

Indian Energy Exchange (IEX) said its power market traded the highest ever monthly volume of 8,249 million units (MU) in March 2021, posting a growth of 92% YoY. This has been due to the increase in demand and consumption of electricity across the country. The electricity market achieved an all-time high volume of 73,941 million units in FY21. This a growth of 37.2% as compared to the previous financial year.

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Delhi HC rejects Britannia’s plea of trademark infringement against ITC’s Sufeast Digestive Biscuits

A single-judge bench of the Delhi High Court dismissed a petition of Britannia Industries against ITC Limited for alleged trademark infringement by ITC’s Sunfeast Farmlite Digestive biscuits. Britannia had claimed that the labelling and packaging of ITC’s digestive biscuits were deceptively similar to that of its NutriChoice Digestive biscuits. The court ruled that it “cannot readily presume the digestive biscuit consumer, even if of average intelligence and imperfect recollection, to be unaware of the difference between these categories of digestive biscuits”.

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G M Breweries Q4 Results: Net profit rises 155% YoY to Rs 45 crore

G M Breweries Limited reported a 155.29% YoY increase in net profit to Rs 45.34 crore for the quarter ended March (Q4). Its revenue from operations rose 17.18% YoY to Rs 127.70 crore during the same period. G M Breweries’ net profit has increased by 18.02% YoY to Rs 80.09 crore for the financial year ended March 2021. The company’s board has proposed a dividend of Rs 4 per share.

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JSPL reports highest ever production, sales in FY21

Jindal Steel & Power Ltd (JSPL) reported a 61% year-on-year (YoY) increase in sales to a record high of 7.86 lakh tonnes in FY 2020-21. This can be attributed to robust domestic demand, attractive export markets, and a wide range of product offerings. The steelmaker said its production has crossed the 20 lakh tonne mark for the first time.

In other news, JSPL has announced plans to sell its entire stake in its wholly-owned subsidiary, Jindal Power Ltd, to bring down its overall debt to Rs 28,000 crore and reduce carbon emissions within the group.

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Axis Bank becomes co-promoter of Max Life Insurance

Axis Bank, along with its subsidiaries— Axis Capital and Axis Securities, has become the co-promoter of Max Life Insurance Company after completing the acquisition of a 12.99% stake in the firm. The Axis entities have a right to acquire an additional stake of up to 7% in Max Life in one or more tranches (rounds). “With the conclusion of this transaction, Max Life’s Board will be strengthened further, with co-option of three nominee directors of Axis entities on its Board,” said Axis Bank in a statement.

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Saregama signs licensing deal with short video app Triller

Saregama India Limited has signed a global licensing deal with short format video platform Triller. As part of the deal, Saregama will license its entire catalog to Triller, which will allow users to create innovative content using the robust music library of over 1.30 lakh songs in diverse Indian languages. Saregama is India’s oldest music label owned by RP-Sanjiv Goenka group of companies. 

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Adani Enterprises Signs Coal Mining Agreement With MAHAGENCO – Top Indian Market News

Adani Enterprises signs coal mining agreement with MAHAGENCO

Adani Enterprises Ltd, along with its wholly-owned subsidiary Gare Palma II Collieries Pvt Ltd, has signed a pact with Maharashtra State Power Generation Co Ltd (MAHAGENCO) for the development and operation of Gare Palma Sector II coal mine for 34 years. The coal block was allotted for the development, operation, and captive consumption of coal to its end-use thermal power plants located at Koradi, Chandrapur 8-Parli. As per the approved mining plan, the peak rated capacity of the mine is 23.6 million tonnes per annum (MTPA).

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Reliance extends deadline to complete deal with Future Group

Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries, has extended the deadline for completion of its Rs 24,713 crore deal with Kishore Biyani’s Future Group by another six months (till Sept 30). The extension came in view of the ongoing legal battle between Future Group and e-commerce giant Amazon over the deal. On March 22, the Delhi High Court stayed an order restraining Future Retail from going ahead with the deal.

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Indian exports jump 58% to hit an all-time high of $34 billion in March

India’s merchandise exports jumped by 58% year-on-year (YoY) to $34 billion in March 2021. This is the highest monthly value of shipments out of the country. It was lead by an increase in engineering, garments, iron ore, and pharma exports. Imports rose 43% YoY to $48 billion during the same period. The trade deficit widened to over $14 billion in March 2021.

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Bajaj Auto reports 25.3% month-on-month increase in sales in March

Bajaj Auto Limited reported a 23.5% month-on-month (MoM) increase in wholesale dispatches of its motorcycles in March. The company sold 3.69 lakh units during the month, as compared to 1.98 lakh units in February. Overall commercial vehicle sales stood at 39,315 units in March 2021.

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Britannia Industries declares interim dividend of Rs 62 

The Board of Directors of Britannia Industries Ltd has declared an interim dividend of Rs 62 per share for the financial year 2020-21. The record date for determining the eligibility of shareholders for payment of interim dividend has been fixed as April 10, 2021. The dividend will be paid on or before April 30, 2021.

Adani Road Transport receives two road projects from NHAI

Adani Road Transport Limited (ARTL) has secured a road project from the National Highways Authority of India (NHAI). The order consists of six-laning of the Panagarh-Palsit section of NH-19 in West Bengal on a Build, Operate, and Transfer (BOT) basis. ARTL is a wholly-owned subsidiary of Adani Enterprises Limited.

In other news, ARTL has received a road project worth Rs 1,170 crore from the NHAI. The order consists of six-laning of the Badakumari-Karki section of NH-130-CD in Odisha on a Hybrid Annuity Mode (HAM).

IndiGo launches door-to-door baggage transfer service in Delhi, Hyderabad

InterGlobe Aviation Ltd (IndiGo) announced the launch of a door-to-door baggage transfer service in Delhi and Hyderabad. With IndiGo’s new ‘6EBagport’, customer baggage gets effectively and securely picked and transported with tracking from the first destination to the last one. The airline said it will subsequently launch ‘6EBagport’, in partnership with CarterPorter, in Mumbai and Bengaluru.

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ANG Lifesciences India acquires Mans Print & Publishers

ANG Lifesciences India Limited said it has acquired a printing and packaging firm, Mansa Print & Publishers Ltd (MPPL), as part of its strategic backward integration. MPPL had recently undergone the corporate insolvency resolution plan. It is engaged in the printing and packaging business, including the manufacturing of packaging products such as cartons, corrugated boxes, and aluminium foil.

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