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Tata Power Posts 7% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Tata Power Q2 Results: Net profit rises 7% YoY to ₹876 crore

Tata Power Ltd reported a 7% YoY rise in consolidated net profit to ₹876 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 12% YoY to ₹15,738 crore during the same period; largely driven by higher revenue from core businesses of generation, transmission and distribution. EBITDA stood at ₹3,090 crore, up 76% YoY in Q2.

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Lupin launches anesthesia injection in US

Lupin Ltd launched Rocuronium Bromide injection, an anaesthesia medicine, in the United States. The launch came after Lupin’s alliance partner Caplin Steriles received approval from the US Food & Drug Administration (USFDA). According to the IQVIA MAT August 2023 data, the injection had estimated annual sales of $54 million in the US.

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CAMS Q2 Results: Net profit rises 17% YoY to ₹84.5 crore

Computer Age Management Services Ltd (CAMS) reported a 17.1% YoY rise in net profit to ₹84.51 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13.5% YoY to ₹275.08 crore during the same period. The company’s board recommended a dividend of ₹10 per equity share. CAMS acts as a registrar and transfer agent for mutual funds. 

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Voltas to take ₹500 crore term loan for new plants

Voltas Ltd will take up to ₹500 crore in term loans to finance the manufacturing of new plants in Chennai and Waghodia (Gujarat). The board approved the proposal to take an unsecured rupee term loan of up to ₹500 crore from a bank. The board also approved dropping the proposed non-convertible debentures issue through private placement for raising to ₹500 crore.

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Bata India Q2 Results: Net profit falls 38% YoY to ₹34 crore

Bata India reported a 38% YoY fall in net profit to ₹34 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 1.3% YoY to ₹819.1 crore during the same period. EBITDA stood at ₹181.6 crore, up 12.9% YoY. Bata India has opened 30 new stores in nearly 25 cities.

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Pidilite Industries Q2 Results: Net profit rises 36% YoY to ₹458 crore

Pidilite Industries Ltd reported a 35.7% YoY rise in net profit to ₹458.5 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 2.2% YoY to ₹3,076 crore during the same period. EBITDA stood at ₹679.6 crore, up 35.9% YoY. The company intends to set up a lending business by acquiring Pargro Investments Pvt. for ₹10 crore.

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US’ DFC to invest $553 million in Adani Group’s Sri Lanka port

US International Development Finance Corporation (IDFC) will fund a project partly owned by the Adani Ports & Special Economic Zone Ltd (APSEZ). US IDFC will invest $553 million in the Colombo port terminal project, a consortium of APSEZ, John Keells Holdings (JKH) and the Sri Lanka Ports Authority. 

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Gland Pharma gets EIR from USFDA for Visakhapatnam facility

Gland Pharma has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA. The health regulator inspected the company’s Vizag unit from July 20 to July 28.

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DLF to buy residual stakes in entities owning 63 acres of land in Gurugram for ₹40 crore

DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around ₹40 crore. The real estate company acquired development rights for these land parcels in 2009-10. DLF’s board approved the acquisition of around 5.22% stake in Invecon Pvt Ltd and 4.48% and 3.24% stake in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

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Eris Lifesciences acquires Biocon Biologic’s Nerphro, derma units

Biocon Biologics Ltd has signed a definitive agreement with Eris Lifesciences to divest its Dermatology and Nephrology branded formulations business units in India. The total transaction value of the divestment is ₹366 crore. The divestiture is expected to close by the end of November 2023, subject to customary closing conditions.

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Infosys partners with AWS to accelerate cloud transformation of financial institutions

Infosys has entered into a three-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate financial cloud transformation in financial institutions. Their customers will receive AWS’ transformative cloud services, Infosys’ domain knowledge & delivery and the expertise of Infosys Capital Markets will transform their business models and modernise their applications. 

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Hero MotoCorp to enter Europe market with EV range next year

Hero MotoCorp has announced its entry into the European market with an electric scooter range next year. The company will introduce the VIDA V1 electric scooter in Spain, France, and the UK by mid-2024. On Tuesday, Hero MotoCorp unveiled three production-ready vehicles and three concept vehicles at EICMA 2023, an auto industry event taking place in Milan, Italy.

Read more here.

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Adani Power’s Net Profit Jumps Multifold to Rs 4,645 crore in Q4 – Top Indian Market News

Adani Power Q4 Results: Net profit jumps multifold to Rs 4,645 crore

Adani Power Ltd reported a multifold jump in net profit to Rs 4,645.47 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 13.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 93% YoY to Rs 13,308 crore during the same period. EBITDA stood at Rs 7,942 crore in Q4, up 271% YoY. 

In Q4, Adani Power Rajasthan received nearly Rs 3,000-4,000 crore towards domestic coal shortfall claims, along with carrying cost and late payment surcharge from Rajasthan DISCOMs under a Supreme Court order.

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M&M partners with J&K Bank to offer tractor, farm equipment loans

Mahindra & Mahindra (M&M) Ltd has partnered with Jammu & Kashmir Bank to offer loans for tractors and farm machinery. J&K Bank will provide financing to prospective customers of M&M branded tractors and farm machinery via its branches. They also aim to offer improved access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest farm equipment to boost their yields

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Welspun Corp secures order worth Rs 706 crore from IOCL

Welspun Corp Ltd (WCL) has received an order worth Rs 706 crore from Indian Oil Corporation Ltd (IOCL) of approximately 48,000 million tonnes (MT). The order includes setting up a crude oil pipeline system with a capacity of 17.5 million tonnes per annum (MTPA) from Mundra in Gujarat to Panipat Refinery in Haryana. WCL is one of the largest welded line people manufacturers in India.

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Marico Q4 Results: Net profit rises 13% YoY to Rs 257 crore

Marico Limited reported a 13.21% YoY increase in consolidated net profit to Rs 257 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 7.4% YoY to Rs 2,161 crore during the same period. Total expenses grew 7.13% YoY to Rs 1,863 crore in Q4. Revenue from the domestic market stood at Rs 1,654 crore, up 5.08% YoY. 

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Sona Comstar partners with C-Motive Tech to develop electrostatic drive motors

Sona Comstar has partnered with US-based startup C-Motive Technologies to develop electrostatic drive motors for electric vehicle (EV) applications. The startup uses electrostatic forces to build motors through a series of multiplicative gains in mechanical, electrical, and electrochemical innovations. Sona Comstar will also participate in C-Motive’s latest financing round.

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CAMS Q4 Results: Net profit rises 23% YoY to Rs 74 crore

Computer Age Management Services (CAMS) Ltd reported a 23% YoY increase in net profit to Rs 73.84 crore for the quarter ended March (Q4 FY22). Net profit fell 4.5% when compared to the previous quarter. Its revenue rose 22% YoY to Rs 243.18 crore during the same period. CAMS acts as a registrar and transfer agent to mutual funds.

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L&T secures contract for bullet train project

Larsen & Toubro (L&T) Ltd’s construction arm has secured a large contract (in the range of Rs 2,500-5,000 crore) from the National High-Speed Rail Corporation Ltd (NHSRCL). The order involves the construction of 116 route km of the high-speed ballastless track works for Mumbai-Ahmedabad High-Speed Rail (MAHSR) project. Upon completion, this slab track system will enable trains to travel at a speed of 320 kilometers per hour.

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Firstsource Solutions Q4 Results: Net profit jumps 183% YoY to Rs 132.4 crore

Firstsource Solutions Ltd (FSL) reported a 183% YoY jump in consolidated net profit to Rs 132.39 crore for the quarter ended March (Q4 FY22). Net profit fell 2.26% when compared to the previous quarter. Its total income rose 5.6% YoY (or 5.43% QoQ) to Rs 1,543.54 crore during the same period. FSL is a business process management company headquartered in Mumbai.

Dabur Q4 Results: Net profit falls 22% YoY to Rs 294 crore

Dabur India Ltd reported a 22% YoY decline in consolidated net profit to Rs 294.34 crore for the quarter ended March (Q4 FY22). The FMCG major’s revenue from operations rose 7.7% YoY to Rs 2,517.81 crore during the same period. EBITDA stood at Rs 453.6 crore in Q4, up 2.5% YoY. Dabur India’s board has declared a final dividend of Rs 2.7 crore.

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Tata Power Solar bags Rs 5,500 cr order from SJVN

Tata Power Solar has secured India’s largest solar engineering procurement and construction (EPC) order for a 1 gigawatt (GW) project worth Rs 5,500 crore from state-owned SJVN Ltd. Covering 5,000 acres of land in Rajasthan, this project aims at reducing around 22,87,128 kg of carbon emission. It is expected to generate ~2,500 million units (MU) annually.

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IT Dept Raids Hero MotoCorp Premises – Top Indian Market News

IT Dept raids Hero MotoCorp premises

The Income Tax Department has conducted raids at multiple premises of Hero Motorcorp Ltd as part of a tax evasion investigation against the company. Offices and residential premises of the promoters (including chairman & CEO of the group Pawan Munjal) in Gurugram, Haryana, Delhi, and other locations were covered under the raid. Hero Motocorp said the visit by the IT department was part of a “routine inquiry”. The company also said it was cooperating with the tax authorities.

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Adani Power partners with IHI, Kowa to study ammonia co-firing for power generation

Adani Power Ltd (APL) has partnered with IHI Corporation and Kowa Company to study ammonia co-firing for environmentally sustainable power generation. APL aims to lead India’s initiatives in achieving the targets of greenhouse gas reduction. They will evaluate the possibility and potential of ammonia as a fuel in thermal power generation. It will utilize green hydrogen-derived ammonia in APL’s thermal power plant.

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HDFC sanctions over Rs 2 lakh crore retail home loans in FY22

HDFC Ltd has approved retail home loans worth more than Rs 2 lakh crore between April 1, 2021, and March 21, 2022, the highest ever in a financial year. The thrust on digital initiatives and inherent demand for housing loans helped HDFC get back to normalcy faster than expected. HDFC has over 2.7 lakhs home loan customers who have availed benefits under the Credit Linked Subsidy Scheme (CLSS), the highest in the industry. 

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MTAR Tech secures order worth Rs 135 crore in civil nuclear power sector

MTAR Technologies Ltd was declared the lowest (L-1) bidder for tenders floated by the Nuclear Power Corporation of India Ltd (NPCIL). The order includes a fuel transfer system for GHAVP Nuclear Power Station-1 & 2 reactors. It also consists of establishing a fuel machine bridge and carriage assemblies for GHAVP-3 & 4 nuclear reactors. The total value of the order is ~Rs 135 crore.

CAMS unveils policyholder traceability solution

CAMSRep, a wholly-owned subsidiary of Computer Age Management Solutions Ltd, has unveiled a policyholder traceability solution for the insurance market. It assists insurance companies in addressing their unclaimed amounts. CAMSRep’s PolicyGenie Deep Contact Tracing is a cost-effective solution that leverages emerging digital technologies to track untraceable policyholders and update their contact information.

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Kotak Mahindra Bank, Axis Bank acquire nearly 8% stake each in ONDC

Kotak Mahindra Bank and Axis Bank have each acquired a 7.84% stake in Open Network Digital Commerce (ONDC) for Rs 10 crore. ONDC was incorporated on December 30, 2021. It is engaged in the creation of an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

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ICICI Bank partners with Chennai Super Kings for co-branded credit card

ICICI Bank has launched a co-branded credit card in partnership with Chennai Super Kings (CSK). The ‘CSK ICICI Bank Credit Card’ has been designed with a range of privileges, including a joining and renewal gift of 2,000 reward points. The points can be redeemed against CSK merchandise. It also offers complimentary tickets to CSK matches during the upcoming IPL season. Credit card users will also get an opportunity to attend a practice session.

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Adani Wilmar plans acquisition of brands, processing units in mass rice segment

Adani Wilmar Ltd is scouting for the acquisition of regional rice brands and processing units in several states of India. The company will launch branded daily-use rice under the ‘Fortune’ brand beginning with West Bengal from early April. Staple accounts for 11% of Adani Wilmar’s revenues. AWL had recently allocated Rs 450-500 crore for acquisitions.

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TCS ready to roll out 5G network anyday: Report

Officials of Tata Consultancy Services (TCS) said the company is ready to put in place a 5G network for any telecom operator across the globe on any given day. The IT major is working on country-specific gear for the network in India. TCS is a system integrator, and it builds networks of telecom operators based on their requirements. The Indian government is planning to conduct 5G auctions before June so that 5G networks can be launched by August 15.

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Bajaj Electricals extends licence pact with Morphy Richards by 15 years

Bajaj Electricals Ltd (BEL) has extended its trademark agreement with UK-based Morphy Richards for using the ‘Morphy Richards’ trademark for an additional 15 years, with effect from July 1, 2022. The extension of the exclusive license will enable BEL to continue using the trademark for producing, marketing, and selling home appliances in India and neighboring nations.

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Cabinet Approves Scheme For Setting Up 7 Mega Textile Parks – Top Indian Market News

Cabinet approves scheme for setting up 7 mega textile parks

The Union Cabinet has approved the setting up of seven textile parks under the Prime Minister Mega Integrated Textile Region and Apparel (PM-MITRA) scheme with a total outlay of Rs 4,445 crore over five years. The scheme will help in setting up world-class industrial infrastructure that will attract cutting-edge technology and boost foreign direct investment (FDI) in the textile sector. PM-MITRA will offer an opportunity to create an integrated textile value chain right from spinning, weaving, dyeing, and printing to garment manufacturing at one location.

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SBI extends contract with TCS for 5 years

Tata Consultancy Services (TCS) has extended its partnership with State Bank of India (SBI) for another five years to drive innovation and tech solutions. As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate across core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. The IT firm will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.

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SAIL’s Rourkela Steel Plant registers best-ever H1 production in key areas

Rourkela Steel Plant has registered its “best-ever” production performance for the April-September period (H1 FY22) in three key segments: hot metal, crude steel, and saleable steel. The plant produced 21.01 lakh tonnes of hot metal, 19.53 lakh tonnes of crude steel, and 17.72 lakh tonnes of saleable steel during H1. The figures are a significant improvement of 42.9%, 38%, and 37.8%, respectively, over H1 of the previous financial year. Rourkela Steel Plant is a unit of Steel Authority of India Ltd (SAIL).

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Equitas Small Finance Bank launches ASBA facility

Equitas Small Finance Bank has announced the launch of the ASBA facility on its Internet Banking, Mobile Banking, and UPI interface for its customers. Applications Supported by Blocked Amount (ASBA) is a process developed by market regulator SEBI for applying to IPOs and Follow on Public Offers (FPOs). With the ASBA facility, customers can avail the benefit of high savings account interest until the date of allotment of shares. 

Tata Power partners with renewable energy AI firm BluWave-ai

Tata Power has signed a three-year commercial agreement with BluWave-ai to operationalise artificial intelligence (AI) in day-to-day power distribution in Mumbai. Canada-based BluWave-ai is the world’s first renewable energy AI company. The agreement was signed after a successful trial project, in which Tata Power evaluated the performance of BluWave-ai’s cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations.

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Tata Steel reports 3% YoY growth in crude steel production

Tata Steel India crude steel production grew 2% quarter-on-quarter (QoQ) and 3% year-on-year (YoY) to 4.73 million tonnes (MT) in Q2 FY22. The company’s Europe devision recorded a 4% QoQ decline in steel production to 2.56 MT in Q2. Despite seasonal weakness, overall delivery volumes grew 12% QoQ on the back of economic recovery after the second wave of the Covid-19 pandemic.

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ZEEL moves NCLAT against NCLT order on Invesco’s plea for EGM

Zee Entertainment Enterprises Ltd (ZEEL) has approached National Company Law Appellate Tribunal (NCLAT) against National Company Law Tribunal’s (NCLT) order that asked it to file a reply to a petition filed by Invesco and OFI Global China by Thursday. On Tuesday, NCLT asked ZEEL to file a response by October 7 in a case filed by its major shareholders, who want the company to call an Extraordinary General Meeting (EGM). To learn more about the boardroom battle at ZEEL, click here.

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Dept of Revenue selects CAMS as Central Record Keeping Agency for NPS

The Department of Revenue has selected Computer Age Management Solutions (CAMS) as a Central Record Keeping Agency (CRA) for the National Pension Scheme (NPS). The company has received permission to use Aadhaar-based eKYC services as Authentication User Agency (AUA). CAMS is a mutual fund transfer agency, which provides services for investors, distributors, asset management companies, and demat account holders in India.

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Govt notifies 100% FDI in telecom under automatic route

The Centre has notified its decision to permit 100% foreign direct investment (FDI) under automatic route in the telecom services sector. Any non-resident entity can invest in India, subject to the FDI Policy (except in those sectors or activities which are prohibited). Only 49% FDI was allowed through the automatic route till now, and anything beyond that needed to be through the government route. 

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Nazara Technologies raises Rs 315 crore from marquee investors

Nazara Technologies’ board has approved a preferential allotment of fresh equity to raise Rs 315.3 crores from marquee institutional investors. The company will issue 14.29 lakh equity shares of the face value of Rs 4 each at Rs 2,206 per equity share. The marquee investors include Gamnat Pte Ltd and Ahmedabad-based Plutus Wealth Management.

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Jio Adds 65 lakh Subscribers, Vi Loses 14 lakh in July – Top Indian Market News

Reliance Jio adds 65 lakh subscribers in July, Vodafone Idea loses 14 lakh

Reliance Jio Infocomm added 65.1 lakh wireless subscribers in July 2021, taking its gross user base to 44.32 crore. Bharti Airtel gained 19.4 lakh subscribers, while Vodafone Idea (Vi) lost 14.3 lakh subscribers in July. Jio consolidated its leadership in rural India by adding 34.8 lakh subscribers in rural markets. Vodafone Idea and Bharti Airtel lost 9.9 lakh and 4.1 lakh subscribers, respectively, in rural markets. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Jio and Airtel have widened customer market shares to 37.34% and 29.83%, respectively, in July. 

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Tejas Networks secures optical network expansion deal from Bharti Airtel

Bharti Airtel has selected Tejas Networks to enhance its optical network capacity in key metropolitan markets. The telecom gear maker will supply, install, and support its optical transmission products for extending Bharti Airtel’s optical networks towards the edge, supporting 5G backhaul, business-to-business (B2B) services, and broadband applications. The order given to Tejas Networks will enable Bharti Airtel to deliver a world-class experience to its customers.

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BPCL, SBI Card launch co-branded RuPay contactless credit card

Bharat Petroleum Corp Ltd (BPCL) and SBI Cards and Payment Services have launched a co-branded RuPay contactless credit card. The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps. It will also offer a 1% fuel surcharge waiver on every transaction up to Rs 4,000, translating to a 4.25% value back. Cardholders will also get accelerated savings on other categories of spends, including groceries, departmental stores, dining, and movies.

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JBM Auto gets orders for 500 CNG, electric buses from various states

JBM Auto Ltd has secured orders for supplying 500 compressed natural gas (CNG) and electric buses from various state governments. The company has received orders for BS-VI CNG buses from Delhi Integrated Multi-Modal Transit System Ltd. It will also supply electric buses to Bengaluru Metropolitan Transport Corp (BMTC). These orders will be executed in the current financial year (FY22).  

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CAMS, KFin Tech launches new platform for mutual fund transactions

Computer Age Management Services (CAMS) and KFin Technologies have launched MFCentral, a one-stop platform for all mutual fund investors. The platform minimises the need to visit the websites of multiple mutual fund houses to access your portfolio, statements, service requests, and investments. MFCentral will offer digital access to investor lifecycle engagement with the entire mutual fund industry under one roof. 

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Adani Airports signs pact with Flamingo, Mumbai Travel Retail to operate duty-free outlets in airports and seaports

Adani Airport Holdings Ltd (AAHL) has entered into a strategic partnership with Flemingo Travel Retail Pvt Ltd. and Mumbai Travel Retail Pvt Ltd (MTRPL) to operate duty-free outlets in airports and seaports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. Under this partnership, AAHL will subscribe to 28.49 lakh equity shares (of the face value of Rs 10 each), constituting 74% of the total share capital of MTRPL, for an aggregate investment of Rs 2.85 crore.

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G R Infra secures road project worth Rs 927 crore in Punjab

G R Infraprojects Ltd has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Punjab. The order consists of the development of the six-lane Amritsar-Bathinda Greenfield section of NH-7S4A as part of the Amritsar-Jamnagar Economic Corridor in Punjab. The bid project cost is Rs 927 crore, while the first-year operation and maintenance cost is Rs 3.87 crore.

RIL denies reports of JBF Industries acquisition

Reliance Industries Ltd (RIL) has denied reports of a takeover of stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC). RIL clarified that no negotiations are taking place for the takeover of JBF Industries and its assets. A news site had reported earlier that RIL is likely to acquire JBF and that bankers had sought takeover bids in July. The report further stated that CFM ARC is believed to have put in a Rs 825 crore bid for the company that owes Rs 2,116 crore to its lenders.

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Ahluwalia Contracts secures order worth Rs 58.8 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of Infosys Regional Office Building for Software Development Block (SDB) at Kolkata. The order is worth Rs 58.8 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,198.66 crore.

HCL Tech selects RISE with SAP to modernise digital estate

HCL Technologies Ltd has selected RISE with SAP offering to further modernise its enterprise digital landscape. As an SAP strategic partner, HCL will help its clients by leveraging their combined experience in the industry cloud transformation space. Germany-based SAP and HCL will deploy the full stack framework for RISE with SAP along with HCLCloudSmart suite of industry cloud solutions to drive cost-effective modernization of business processes for enterprises worldwide. 

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Coal India Reports 52% YoY Rise in Net Profit in Q1 – Top Indian Market News

Coal India Q1 Results: Net profit rises 52% YoY to Rs 3,169 crore

Coal India Ltd reported a 52.53% YoY increase in consolidated net profit to Rs 3,169.95 crore for the quarter ended June (Q1 FY22). Net profit declined by 30.89% when compared to the previous quarter. Its revenue from operations rose 36.76% YoY to Rs 25,282.15 crore during the same period. Total coal production increased by 2.43% YoY to Rs 123.98 million tonnes (MT) in Q1. Coal India’s total expenses jumped 31.3% YoY to Rs 21,626.5 crore during the April-June quarter of FY22.

Read more here. 

Reliance Industries, Bill Gates to invest in battery storage company

Reliance Industries Ltd (RIL), along with strategic investors Paulson & Co. Inc and Bill Gates, has announced an investment of $144 million (~Rs 1,070 crore) in Ambri Inc, an energy storage company based in Massachusetts, US. RIL’s subsidiary, Reliance New Energy Solar Ltd (RNESL), will invest $50 million to acquire 43.2 million shares of preferred stock in Ambri. The transaction is in line with RIL’s strategic plan to invest Rs 75,000 crore over the next 3 years to build a new clean energy business to fuel its commitment to be net carbon neutral by 2035.

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Jindal Steel & Power Q1 Results: Net profit jumps 10-fold to Rs 2,516 crore

Jindal Steel & Power Ltd reported a 967% YoY jump in consolidated net profit to Rs 2,515.71 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 63% YoY to Rs 10,609.5 crore during the same period. EBITDA grew 151% YoY to Rs 4,539 crore in Q1. Jindal Steel & Power produced 2.01 million tonnes (MT) of steel in Q1 FY22, compared to 1.65 MT in Q1 FY21. 

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CAMS Q1 Results: Net profit rises 58% YoY to Rs 63.24 crore

Computer Age Management Systems (CAMS) reported a 58.9% YoY increase in consolidated net profit to Rs 3,169.95 crore for the quarter ended June (Q1 FY22). Net profit increased by 5.19% when compared to the previous quarter. Its revenue from operations rose 35.36% YoY to Rs 201.18 crore during the same period. CAMS is a mutual fund transfer agency that provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.

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Dixon Tech to form JV with Japan’s Rexxam for PCB manufacturing

Dixon Technologies has entered into an agreement with Japan-based Rexxam Co. to form a joint venture (JV) to manufacture Printed Circuit Boards (PCBs) for air conditioners for domestic and international markets. Rexxam will hold a 60% stake in the JV, while Dixon Tech will own 40%. Meanwhile, Dixon has also proposed to file the necessary applications with the Department for Promotion of Industry & Internal Trade (DPIIT) to avail benefits under the government’s PLI scheme.

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Manappuram Finance Q1 Results: Net profit rises 18% YoY to Rs 436 crore

Manappuram Finance Ltd reported an 18.59% YoY increase in consolidated net profit to Rs 436.53 crore for the quarter ended June (Q1 FY22). Net profit has declined by 6.8% when compared to the previous quarter. Its revenue from operations rose 3.36% YoY to Rs 1,563.3 crore during the same period. Manappuram Finance is a leading non-banking financial company (NBFC) based in Kerala.

M&M to recall nearly 30,000 pickup trucks to replace faulty fluid pipe

Mahindra & Mahindra (M&M) announced that it was inspecting and replacing fluid pipes in some of its pickup trucks made between January 2020 and February 2021 for suspicion of improper assembly. The recall is limited to a batch of 29,878 vehicles and will be kept in line with M&M’s customer-centric approach. The issue will be rectified free of cost for customers, who will be individually contacted by the automaker.

Read more here. 

Motherson Sumi Systems Q1 Results: Net profit at Rs 290 crore

Motherson Sumi Systems Ltd reported a consolidated net profit of Rs 289.63 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 810.45 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 713.62 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 98% YoY to Rs 16,712 crore in Q1 FY22. The company’s net debt has declined by 32% YoY to Rs 6,158 crore during the same period.

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Kalyan Jewellers Q1 Results: Net loss at Rs 51 crore

Kalyan Jewellers reported a consolidated net loss of Rs 51.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 85.87 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 109.19% YoY to Rs 1,636.77 crore in Q1 FY22. The company’s India revenue grew 94% YoY, while revenue from the Middle East jumped 183% YoY during the April-June quarter of FY22.

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Max Financial Q1 Results: Net profit falls 80% YoY to Rs 36 crore

Max Financial Services Ltd (MFSL) reported an 80% YoY decline in consolidated net profit to Rs 36 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 27% YoY to Rs 3,420 crore during the same period. MFSL’s new business premium grew 32% YoY to Rs 875 crore in Q1. The company’s sole operating subsidiary, Max Life, posted a 28% YoY increase in total revenues to Rs 4,626 crore in Q1. Max Life’s assets under management (AUM) grew 28% YoY to Rs 93,697 crore in the April-June quarter of FY22.

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Powergrid Q1 Results: Net profit jumps nearly three-fold to Rs 5,998.28 crore

Power Grid Corporation of India Ltd (PGCIL) reported a 193% YoY jump in consolidated net profit to Rs 5,998.28 crore for the quarter ended June (Q1 FY22). Net profit has increased by ~70% when compared to the previous quarter. Its revenue from operations rose 8% YoY to Rs 10,216 crore during the same period. EBITDA has increased by 8% YoY to Rs 8,997 crore in Q1.

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Zomato Q1 Results: Net loss at Rs 356 crore

Zomato Ltd reported a consolidated net loss of Rs 356.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 99.8 crore in the corresponding quarter last year (Q1 FY21) and a net loss of Rs 153 crore in Q4 FY21. Its adjusted sales growth grew 26% YoY to Rs 1,160 crore in Q1 FY22. [Adjusted sales is the sum of revenue from operations and customer delivery charges]. The gross order value (GOV) jumped four-fold YoY (or 37% QoQ) to Rs 4,540 crore in Q1. Total expenses jumped more than three times over the previous year to Rs 1,260 crore.

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