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Bandhan Bank Reports 80% YoY Fall in Net Profit in Q4 – Top Indian Market News

Bandhan Bank Q4 Results: Net profit declines 80% YoY to Rs 103 crore

Bandhan Bank reported an 80% YoY decline in net profit to Rs 103 crore for the quarter ended March (Q4). Net interest income (NII) rose 4.6% YoY to Rs 1,757 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell to 6.8%, compared with 7.1% in the previous quarter (Q3 FY21). The bank’s provisions increased sharply to Rs 1,594 crore in Q4 FY21, compared with Rs 827.36 crore in Q4 FY20. Bandhan Bank’s board has announced a dividend of Rs 1 per share.

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Cadila Healthcare eyes approval for Covid-19 vaccine by June in India: Report

According to a report from Financial Express, Cadila Healthcare is all set to submit data related to its vaccine candidate ZyCov-D by the end of May. The pharma company is looking forward to receiving approval for its vaccine from India’s drug regulator in June. Cadila’s Managing Director Dr. Sharvil Patel said Phase-III clinical trials of ZyCov-D will be truly representative of its efficacy against many known variants of the virus. It is by far the largest trial being conducted in India, and the company has recruited more than 28,000 volunteers.

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CSB Bank Q4 Results: Net profit at Rs 42.89 crore

CSB Bank reported a net profit of Rs 42.89 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 59.70 crore in the corresponding period last year (Q4 FY20). Net interest income (NII) rose 28% YoY to Rs 497 crore in Q4 FY21. The gross non-performing assets (NPAs) ratio stood at 2.68%, compared with 3.54% in Q4 FY20. Provisions for bad loans and contingencies declined to Rs 70.95 crore in Q4 FY21, compared with Rs 84.32 crore in the year-ago period. CSB Bank reported its highest-ever net profit of Rs 218.40 crore for the financial year ended March 31, 2021 (FY21).

CSB Bank said it will double down on branch expansion as it seeks to reduce dependence on its home state of Kerala. The lender will seek growth in newer markets, especially in retail banking.

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Coal India fuel allocation through spot e-auction rises 43% in FY21

Coal India Ltd (CIL) allocated 42.51 million tonnes (MT) of coal in FY 2020-21 under the government’s spot e-auction scheme. This is a 42.5% increase as compared to the previous financial year. Fuel allocation by CIL under the scheme increased to 5.30 MT in March, compared with 2.53 MT in the corresponding month in FY20. State-owned CIL, which accounts for over 80% of domestic coal output, has set a target of 1 billion tonnes of production by 2023-24.

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DCB Bank Q4 Results: Net profit rises 13% YoY to Rs 78 crore

DCB Bank reported a 13.3% YoY increase in net profit to Rs 77.91 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 19%. Total income fell 5.15% YoY to Rs 971.16 crore during the same period. The bank’s gross non-performing assets ratio (NPAs) increased to 4.09%, compared with 2.46% in the corresponding period last year (Q4 FY20).

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Economic impact of second wave of Covid-19 to be muted: Finance Ministry

According to the Finance Ministry’s monthly economic report, the second Covid-19 wave in India poses a downside risk to economic activities in the first quarter of 2021-22. However, the economic impact is expected to be muted compared to the first wave. “Learning to ‘operate with Covid-19′, as borne by international experience, provides a silver lining of economic resilience amidst the second wave”, the report said.

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Avenue Supermarts Q4 Results: Net profit rises 53% YoY to Rs 414 crore

Avenue Supermarts Ltd reported a 52.56% YoY increase in consolidated net profit to Rs 413.87 crore for the quarter ended March (Q4). Its revenue from operations rose 18.47% YoY to Rs 7,411.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit fell 15.5% YoY to Rs 1,099 crore. Avenue Supermarts opened 22 new stores last year. The company said that the second wave of Covid-19 infections has once again resulted in significant disruption to its business. Close to 80% of its stores have been impacted by Covid-related restrictions.

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Reliance Power Q4 Results: Net profit at Rs 72.56 crore

Reliance Power reported a consolidated net profit of Rs 72.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 4,206.38 crore in the corresponding period last year (Q4 FY20). The company’s total income fell to Rs 1,691.19 crore in Q4 FY21, compared with Rs 1,902.03 crore in Q4 FY20. At the same time, total expenses including fuel and finance costs came down to Rs 1,648 crore from Rs 2,334 crore in Q4 FY20.

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Vardhman Acrylics Q4 Results: Net profit rises 107% YoY to Rs 22.9 crore

Vardhman Acrylics Limited reported a 107.32% YoY increase in net profit to Rs 22.93 crore for the quarter ended March (Q4). On a quarterly basis, net profit rose 54.6%. Revenue from operations rose 18.3% YoY to Rs 108 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 7.24% YoY to Rs 42.92 crore. Vardhman Acrylics is a leading manufacturer of acrylic fibre and tow.

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Nestle India Reports 15% YoY Rise in Net Profit in Q1 – Top Indian Market News

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Nestle India Q1 Results: Net profit rises 15% YoY to Rs 602 crore

Nestle India reported a 14.6% year-on-year (YoY) increase in net profit to Rs 602 crore for the quarter ended March (Q1). The company follows the January-December financial year cycle. Its revenue from operations rose 8.6% YoY to Rs 3,610.8 crore during the same period. Domestic sales rose 10.2% YoY and the e-commerce segment grew 66% YoY in Q1 CY21. Nestle India’s board has declared an interim dividend of Rs 25 per share.

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PM Modi rules out nationwide lockdown against Covid-19

In his address to the nation, Prime Minister Narendra Modi ruled out nationwide lockdown as a measure to curb the second wave of the Covid-19 pandemic. He has urged states to ensure that lockdowns are only chosen as the last resort. PM Modi said India’s citizens have fought against the pandemic with discipline and patience, and must continue to do so. The pharma sector has taken serious steps to increase the production of vaccines as well as medicines.

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India’s second Covid-19 wave may have deeper economic impact: Nomura

According to analysts at Nomura, stricter restrictions imposed by states to limit the spread of Covid-19 in India could deepen the economic impact of the second wave in the coming weeks. Nomura India Business Resumption Index (NIBRI) shows mobility is hit, while power demand and labour participation rate remain largely unaffected so far. NIBRI (which tracks ultra-high frequency data) fell to 83.8 as of April 18, as against 88.4 a week ago.

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Cadila Healthcare to double Covid-19 vaccine capacity  

Cadila Healthcare Limited said it expects to receive regulatory approval for its Covid-19 vaccine by June. The pharma company will potentially ramp up vaccine capacity to 24 crore annual doses as India tries to contain the world’s fastest-growing coronavirus outbreak. Cadila is expecting efficacy readings from its last stage of clinical trials in May. 

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Adani Enterprises incorporates wholly-owned subsidiary Mundra Petrochem

Adani Enterprises Limited has incorporated a wholly-owned subsidiary— Mundra Petrochem Ltd (MPL). MPL was established with the objective to set up various feedstock (coal, petcock, coke, oil, LPG, LNG, etc) based refinery, petrochemical, and chemical plants in a phased manner in India. The company will also undertake activities associated with land acquisition, design & engineering, power & infrastructure management, sale & marketing, and trading.

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Swaraj Engines Q4 Results: Net profit rises 105% YoY to Rs 32 crore

Swaraj Engines Limited reported a 105.56% YoY increase in net profit to Rs 32.56 crore for the quarter ended March (Q4). Its revenue from operations rose 74% YoY to Rs 304.91 crore during the same period. The company’s board has recommended a final dividend of Rs 50 per share and a special dividend of Rs 19 per share. Swaraj Engines is engaged in the manufacturing of engines for fitment into Swaraj tractors, which is manufactured by Mahindra & Mahindra (M&M) at its Swaraj Division.

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Ramco Systems offers its Global Payroll solution on Oracle Cloud Marketplace

Ramco Systems Limited has announced the availability of its Global Payroll solution on Oracle Cloud Marketplace, which is a centralised repository of enterprise applications offered by Oracle and Oracle partners. As a part of the collaboration, Ramco will integrate its payroll platform across 50+ countries with Oracle Fusion Cloud Human Capital Management (HCM), thereby enabling HR and payroll transformation for large enterprises.

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Easy Trip Planners announces interim dividend of Rs 2 per share

Easy Trip Planners Ltd has announced an interim dividend of Rs 2 per share for 100% of its equity shares. The company’s board has set the record date as April 28, 2021. The amount will be paid, dispatched on or before May 18, 2021. “The interim dividend marks a major milestone in the company’s commencement of its journey as a listed firm and we intend to keep the company strong and profitable,” said Nishant Pitti, CEO and Co-Founder of Easy Trip Planners.

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Central Bank of India to issue shares to the Govt at Rs 17.11 per share

The Board of Directors of Central Bank of India has approved the allotment of up to 280.53 crore equity shares (of the face value of Rs 10 each) at an issue price of Rs 17.11 per share to the Government of India on a preference basis. The total issue size aggregates to Rs 4,800 crore. The issue is subject to the approval of shareholders, the Reserve Bank of India (RBI), and other statutory authorities.

Saregama India signs long-term music deal with Sanjay Leela Bhansali

Saregama India Limited has come on board as the music label for three forthcoming projects of award-winning filmmaker Sanjay Leela Bhansali.  These projects will be the Alia Bhatt-starrer Gangubai Kathiawadi— the music rights of which has been acquired from Pen Studios, the next untitled Bhansali directorial, and his first non-film Hindi originals album that will have music composed by him. Kolkata-based Saregama India is the oldest music label in our country, owned by RP-Sanjiv Goenka Group.

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RBI Keeps Policy Rates Unchanged; Projects GDP Growth at 10.5% in FY22 – Top Indian Market News

RBI keeps policy rates unchanged; projects GDP growth at 10.5% in FY 2021-22

The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to keep the repo rate unchanged at 4%. The reverse repo rate will remain unchanged at 3.35%. The MPC has projected gross domestic product (GDP) to grow at a rate of 10.5% for the financial year 2021-22. RBI Governor Shaktikanta Das said that outlook on India’s growth has improved significantly. He stated that the manufacturing, infrastructure, and services sectors are showing impressive growth.

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

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M&M Q3 Results: Net profit rises 40% YoY to Rs 531 crore

Mahindra & Mahindra (including Mahindra Vehicle Manufacturers) reported a 40% YoY increase in net profit to Rs 530.9 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 14,056.5 crore during the same period. M&M’s total vehicle sales declined by 7% YoY to 1.55 lakh units. Tractor sales rose 20% YoY to 97,420 units.

The carmaker estimates it will incur a one-time loss of Rs 1,210.48 crore on its South Korean unit, Ssangyong Motor, which has filed for bankruptcy. M&M said it may not be able to complete the majority stake sale in Ssangyong by February 28 as planned earlier.

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HAL, Rolls-Royce expand partnership in India

Hindustan Aeronautics Ltd (HAL) and Rolls-Royce have agreed to expand their partnership in India for collaboration in two significant areas. This includes expanding the supply chain for both Civil and Defence Aerospace and establishing an authorized maintenance centre for Adour Mk871 engines to support Rolls-Royce’s global customers. Both companies will build on their partnership of over 60 years, wherein Rolls-Royce engines have been ‘Made in India’ and supported by HAL under license from Rolls-Royce.

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Punjab National Bank Q3 Results: Net profit at Rs 506 crore

Punjab National Bank (PNB) reported a net profit of Rs 506 crore for the quarter ended December (Q3). It had posted a net loss of Rs 492.28 crore in the corresponding quarter last year. The bank’s net interest income (NII) grew 90% YoY to Rs 8,313 crore in Q3 FY21. PNB’s gross non-performing assets (GNPAs) reduced to 12.99% in Q3, compared to 13.43% in Q2 FY21.

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Cadila Health Q3 Results: Net profit rises 41% YoY to Rs 527 crore

Cadila Healthcare Ltd reported a 41% YoY increase in consolidated net profit to Rs 527.2 crore for the quarter ended December (Q3). Its consolidated revenue rose 4.3% YoY to Rs 3,795.6 crore during the same period. The company’s business in India (including health formulations business and consumer wellness business) grew 20% YoY to Rs 1,643 crore in Q3. 

Cadila Healthcare has received approval to start Phase-III clinical trials of its Covid-19 vaccine ZyCoV-D in India. The vaccine will be tested across 60 locations in 30,000 healthy adult volunteers.

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Expenditure Finance Committee approves PLI proposal for LEDs, ACs

The Expenditure Finance Committee has approved the proposal of the Ministry of Commerce and Industry for providing incentives to ACs and LED lights under the production linked incentive (PLI) scheme. In November 2020, the Union Cabinet had approved Rs 6,238-crore outlay for these two sectors under the PLI scheme. This would help boost domestic manufacturing in the country.

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Sundaram Finance Q3 Results: Net profit rises 45% YoY to Rs 242 crore

Sundaram Finance Ltd reported a 45% YoY increase in net profit to Rs 242 crore for the quarter ended December (Q3). Its total income rose 7% YoY to Rs 1,045 crore during the same period. The company’s assets under management (AUM) stood at Rs 31,226 crore in Q3, compared to Rs 30,502 crore in the corresponding quarter last year (Q3 FY20).

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Alkem Lab Q3 Results: Net profit rises 18% YoY to Rs 450 crore

Alkem Laboratories reported an 18.06% YoY increase in consolidated net profit to Rs 450.96 crore for the quarter ended December (Q3). The pharma company’s revenue rose 6.24% YoY to Rs 2,318.05 crore during the same period. Alkem Lab’s board has declared an interim dividend of Rs 25 per share.  

Natco Pharma receives registration approval for Chlorantraniliprole

Natco Pharma Ltd has received registration approval from the Central Insecticide Board & Registration Committee for Chlorantraniliprole (CTPR). CTPR is an active ingredient used in pest management products. Natco would be the first indigenous manufacturer of this technical product. The company hopes to bring products based on CTPR shortly that would be affordable and accessible to farmers across India.

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Jubilant Life Q3 Results: Net profit rises 52% YoY to Rs 310 crore

Jubilant Life Sciences reported a 52.39% YoY increase in consolidated net profit to Rs 309.93 crore for the quarter ended December (Q3). Its revenue rose 16.63% YoY to Rs 1,743.63 crore during the same period. Jubilant Life Sciences is a pharmaceutical company based in Noida.

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Protesting Farmers Damage 1,400 Jio Towers in Punjab – Top Indian Market News

Protesting farmers damage more than 1,400 Jio towers in Punjab

Farmers and support groups protesting against the Government’s new farm laws have damaged around 1,450 mobile towers of Reliance Jio in Punjab. More than 176 signal transmitting sites were vandalised in 24 hours on Sunday alone. The mobile and internet services of the company have been disrupted in the state, causing inconvenience to the consumers. The attacks on Jio towers comes amid speculation that the new farm laws allegedly benefit Reliance Industries and Adani Group. Reliance had approached Punjab police regarding alleged vandalism of its towers. The executives of Reliance Jio are also set to meet Punjab state government officials to discuss the matter.

In other news, the Central Government has called a meeting with farmers on December 30 (Wednesday). The government stated that they are committed to finding a logical solution and ending the deadlock.

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Coal India plans 21 additional railway sidings

Coal India Ltd (CIL) announced that it is constructing 21 additional sidings at an estimated investment of Rs 3,370 crore across 4 of its subsidiaries. [A siding is a short railway track beside the main tracks, where engines and carriages are left when they are not being used]. CIL stated that it currently has around 152 rail sidings, and the tally would go up to 173 by 2024. These new projects will be commissioned by FY 2023-24.

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Tips Industries signs global licensing deal with Facebook

Tips Industries Ltd has announced a global deal with Facebook to license its music for videos and other social experiences across Facebook and Instagram. The users of both social media platforms will be able to add Tips’ music catalog to their posts and stories. The deal comes in the wake of Bollywood music labels (such as T-Series) sending copyright infringement notices to content sharing mobile applications such as Josh and Mitron for using its music without permission.

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Dixon Technologies’ subsidiary enters into agreement with Motorola for manufacturing smartphones

Dixon Technologies’ wholly-owned subsidiary, Padget Electronics, entered into an agreement with Motorola Mobility LLC for the manufacturing of smartphones. The products will be manufactured at Padget’s facility situated at Noida, Uttar Pradesh. Padget Electronics is among five domestic manufacturers who have been approved to receive benefits of the government’s production linked incentive (PLI) scheme for smartphones.

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Equitas SFB levies penalty on designated persons for violating insider trading norms

Equitas Small Finance Bank announced that its Vice President-Internal Audit, N Ganesan, violated the code of conduct for the prevention of insider trading by selling 1,000 shares during the window closure period. The bank also stated that its Deputy Vice President of Information Security, G Thanikachalam, violated the code of conduct for the prevention of insider trading by selling 1,181 shares during the window closure period. The small finance bank said that its disciplinary action committee had levied a penalty of 10% of the traded value on both parties.

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Adani Group’s container terminal subsidiary raises $300 million via dollar bonds

Adani International Container Terminal Pvt Ltd has raised $300 million (~Rs 2,207 crore) by issuing dollar bonds to international investors. The company’s 10-year bond was priced at par to yield 3%, which is also the lowest coupon achieved by any corporate Indian issuer in the last 5 years. The issue received interest from around 220 accounts and was oversubscribed almost 10 times.

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Cadila Health seeks approval to start Phase-3 clinical trials of ZyCoV-D

Cadila Healthcare Ltd announced that its plasmid DNA vaccine to prevent Covid-19, ZyCoV-D, was found to be safe and immunogenic in Phase 1 & 2 clinical trials. The reports of the clinical trials have been submitted to the Central Drugs Standard Control Organisation (CDSCO). The company is now planning to initiate Phase-3 clinical trials in around 30,000 volunteers upon receiving necessary approvals.

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Apax to buy software business of 3i Infotech for Rs 1,000 crore

Apax Partners is all set to acquire the software business of IT services company 3i Infotech Ltd for Rs 1,000 crore. The software business, which generates $60 million (~Rs 441 crore) in revenue, will be carved out of 3i Infotech through a business transfer agreement. The deal values the software arm higher than the current market capitalization of the entire company at Rs 908 crore.

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Biocon launches Tacrolimus capsules in the US

Biocon Ltd, on Monday, announced that it has launched Tacrolimus capsules in the US. Tacrolimus is an immunosuppressant used for the treatment of organ transplant patients. It reduces the body’s ability to reject a transplanted organ. The biopharmaceutical firm stated that the launch of Tacrolimus capsules is a part of its mission to make affordable healthcare more accessible. 

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NTPC declares Dulanga coal mine commercially operational

NTPC Limited announced that its Dulanga coal mine is commercially operational from October 1, 2020. The Central Government has allocated nine coal blocks– Pakri-Barwadih, Chatti-Bariatu & Chatti-Bariatu (South), Kerandari, Dulanga, Talaipalli, Banai, Bhalumuda, Mandakini-B, and Badam– directly to NTPC. The state-owned power giant is planning to produce about 103 million metric tonnes (MMT) of coal per annum from these mines when all the mines reach the peak-rated capacity.

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