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Apollo Tyres Net Profit Jumps 277% YoY to Rs 427Cr in Q4 – Top Indian Market Updates

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

Apollo Tyres Q4 Results: Net profit jumps 277% YoY to Rs 427 crore

Apollo Tyres reported a 277% YoY jump in consolidated net profit to Rs 427 crore for Q4 FY23. Its operating revenue rose 12% YoY to Rs 6,247 crore during the same quarter. The company’s board has recommended a final dividend of Rs 4 and a special dividend of Rs 0.5 per equity share on the occasion of the company’s  50th annual general meeting.

Read more here.

Adani Ports to prepay $130 million debt

Adani Ports & Special Economic Zone (APSEZ) will prepay $130 million of debt to regain investor confidence. The company had floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four. APSEZ has received an aggregate principal amount of $412.7 million.

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Nazara Tech Q4 Results: Net profit rises 18% YoY to Rs 2.6 crore

Nazara Tech reported an 18% YoY rise in consolidated net profit to Rs 2.6 crore for Q4 FY23. Its operating revenue increased 65.2% YoY to Rs 289 crore during the quarter. The total expenses for the quarter rose to Rs 281 crore from Rs 174 crore a year ago. In FY23, gaming made for 37% of Nazara Tech’s total revenue, while 49% came from eSports, and the rest from AdTech.

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Dalmia Cement signs MoU to invest Rs 4,600 crore in Assam

Dalmia Cement Bharat has signed a Memorandum of Understanding (MoU) with the Assam government to invest about Rs 4,600 crore and create 2500 jobs in the state. The company aims to promote industrial activity and support the overall development of the region, with the government’s assistance. 

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India Bulls Real Estate merger with Nam Estates and Embassy One withheld by NCLT

The merger of Nam Estates Private Limited and Embassy One into India Bulls Real Estate has been withheld by the Chandigarh Bench of the National Company Law Tribunal (NCLT) despite already being sanctioned by the NCLT Bengaluru Bench. The Chandigarh Bench raised concerns based on objections cited by the Income Tax department to the merger.

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Raymond Q4 Results: Net profit falls 26% YoY to Rs 196.5 crore

Raymond Ltd reported a 26% YoY fall in consolidated net profit to Rs 196.5 crore for Q4 FY23. Its operating revenue rose 9.8% YoY to Rs 2,150 crore during the same quarter. The total income during the quarter was up 7.89% to Rs 2,192 crore. Total expenses of the company stood at Rs 1,939.27 crore, up 17.34% YoY.

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Venus Remedies gets marketing approval for cancer drugs in Philippines, Iraq

Venus Remedies has obtained marketing authorization for two additional cancer drugs, Bleomycin and Gemcitabine, from the Philippines and Iraq, respectively. Bleomycin is used to treat various types of cancer, while Gemcitabine is used to treat a type of lung cancer. The company has secured marketing approval for 37 products in the Philippines.

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Anupam Rasayan renews long-term contract worth Rs 436 crore

Anupam Rasayan India Ltd has renewed a long-term contract with a German multinational firm worth around Rs 436 crore for the supply of patented life science specialty chemicals exclusively for the next three years. The renewal is in accordance with the automatic clause agreed upon by the parties in the long-term agreement signed three years ago.

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Castrol Q4 Results: Net profit falls 11.3% YoY to Rs 202 crore

Castrol reported an 11.3% YoY decline in net profit to Rs 202.5 crore for Q4 FY23. Its operating revenue rose 4.7% YoY to Rs 1,293 crore during the quarter. EBITDA stood at Rs 295 crore, down 7% from Q4 FY22.  According to the company, the fall in profit is due to a rise in input costs.

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Kansai Nerolac declares 1:2 bonus issue

Kansai Nerolac Paints Ltd. announced a bonus share issue of 1:2. This means that two shares will be issued for every equity share held by eligible shareholders as of the record date. The record date has not yet been determined. The board of Kansai Nerolac also recommended a dividend of Rs 2.70 per share for the financial year 2023. 

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Three Adani firms lose endorsement of UN-backed climate group

Adani Green, Adani Transmission Ltd. and Adani Ports & Special Economic Zone Ltd. were removed from the list of “companies taking action” published by the Science Based Targets initiative (SBTi) in late April 2023. The UN-backed group helps companies establish concrete plans to reduce emissions consistent with the Paris Agreement’s target of limiting global warming. The SBTi found that the companies are not in conformity with the initiative’s standards and policy requirements.

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Adani Enterprises to Raise ₹20,000Cr Via FPO – Top Indian Market Updates

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

Adani Enterprises to raise up to ₹20,000 crore via FPO

Adani Enterprises Ltd’s board has approved a proposal to raise up to ₹20,000 crore through a follow-on public offer (FPO). The capital raise will boost the Adani Group’s aggressive growth across business verticals, both organically and via acquisitions.

As per a Financial Times report, Adani Group is planning to invest more than $4 billion in a petrochemical complex in Gujarat. Gautam Adani also plans to launch a “super app” in the next 3-6 months to connect Adani airport passengers with other Adani Group services.

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JLR to cut production at UK factories till spring: Report

According to a Guardian report, Tata Motors-owned Jaguar Land Rover has decided to cut production at factories in Solihull & Halewood (UK) between January & March. The global auto industry has suffered from semiconductor shortages and supply issues since the Covid-19 pandemic broke out in early 2020. Semiconductor shortages have left JLR customers waiting more than a year for their vehicles, with sales suspended for some variants.

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Castrol India to acquire 7.09% stake in TVS Automobile Solutions’ digital arm

Castrol India Ltd (CIL) will acquire a 7.09% stake in TVS Automobile Solutions’ digital subsidiary Ki Mobility Solutions (KMS) with an investment of ₹487.5 crore in an all-cash deal. With this strategic investment, CIL aims to expand its presence in service & maintenance for both internal combustion engine (ICE) and electric vehicles (EV). It will also leverage myTVS’ digital and operational capabilities.

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Krsnaa Diagnostics plans 600 testing centres by end of FY24

Krsnaa Diagnostics plans to enter the retail segment of diagnostic services by setting up 600 collection centres under franchisee model by end of FY24. The company will open collection centres across Maharashtra, Himachal Pradesh, Punjab, West Bengal, and Rajasthan. Krsnaa will leverage its network of labs that are operational under public-private partnership (PPP) mode for its business-to-consumer (B2C) expansion.

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Reliance Jio rolls out True-5G in Gujarat

Reliance Jio has started rolling out its True-5G services in Gujarat. The state has become the first in the country to get Jio True-5G connection across all 33 district headquarters. Jio will launch a series of True 5G-powered initiatives across the education, healthcare, agriculture, and industry 4.0 sectors in Gujarat and then extend it across the country. Jio users in Gujarat will have access to 1 Gbps+ speed at no additional cost.

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Shriram Properties acquires Suvilas Realities

Shriram Properties Ltd (Ltd) has completed the acquisition of Suvilas Realities Pvt. Ltd. through its wholly-owned subsidiary, Shriprop Builders Pvt Ltd. Suvilas Realities is currently developing a 0.65 million square feet residential project at Jalahalli, Bengaluru, under the brand name “Shriram Suvilas Palms”. The project has a revenue potential of over ₹400 crore.

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IEX’s board approves buyback of shares at ₹200 per share

Indian Energy Exchange’s (IEX) board has approved a share buyback of up to Rs 98 crore at ₹200 per share through the open market route. The maximum buyback price of ₹200 per share represents a 36.01% premium to Thursday’s closing price of ₹147.05 on the BSE. The maximum number of equity shares to be bought back under the buyback would be 49 lakh.

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Nykaa records 12x jump in revenue on first day of Pink Friday Sale

Nykaa recorded a 75% year-on-year (YoY) growth in gross merchandise value (GMV) and a 12-fold jump in revenue on Day 1 of its Pink Friday sale. The company recorded over 400 orders per minute on Nov 21. The number of visitors on Day 1 of the sale grew 37% YoY to 1 crore. The sale will be live until November 28 on its website, app, and Nykaa stores. Purchases of make-up, skincare, and haircare jumped 14x, 12x, and 9x, respectively.

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VA Tech Wabag to raise ₹200 crore via NCDs

VA Tech Wabag Ltd’s board has approved a proposal to raise ₹200 crore through non-convertible debentures (NCDs) in one or more rounds to Asian Development Bank (ADB). The NCD proposal will further help the company to optimise debt. The tenure of the debt instrument would be 5 years and three months. VA Tech Wabag offers turnkey solutions for water & wastewater treatment to municipal and industrial segments in India and abroad. 

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UltraTech Cement to Invest Rs 12,886 crore for Capacity Expansion – Top Indian Market Updates

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

UltraTech Cement to invest Rs 12,886 crore towards capacity expansion

UltraTech Cement Ltd’s board has approved a proposal to invest Rs 12,886 crore to add 22.6 million tonnes per annum (MTPA) capacity to its total production. The company aims to set up integrated and grinding units and bulk terminals. These new capacities are expected to commence commercial production in a staggered way across India by the end of FY25. 

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Abdul Latif Jameel to invest Rs 150 million in Greaves Cotton’s EV arm

Saudi Arabia-based Abdul Latif Jameel International (ALJI) will invest $150 million (~Rs 1,160 crore) for a 35.8% stake in Greaves Electric Mobility (GEM). This values the electric vehicle (EV) arm at Rs 3,298 crore. ALJI has an option to invest another $70 million in the next twelve months. GEM has a strong presence in both electric 2-wheelers and electric 3-wheelers segments.

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La Opala RG commences production at Uttarakhand unit

La Opala RG announced the commencement of commercial production at its green field plant at Sitarganj, Uttarakhand. The unit has a production capacity of 11,000 metric tons per annum. It is the second plant of the company in the state. La Opala RG is a pure-play tableware company. Its brands include La Opala, Diva, and Solitare.

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BLS International signs pact with Royal Thai Consulate General

The Royal Thai Consulate-General, Mumbai, has authorised BLS International Ltd to accept and process visa applications. The company will provide Thai visa application services and value-added services like form filling assistance, SMS tracking, primetime submission, travel insurance, etc.  BLS International is a trusted global tech-enabled services partner for governments and citizens.

Ashok Leyland unveils eight-wheel truck AVTR 2620

Ashok Leyland Ltd has unveiled its first eight-wheel truck (AVTR 2620), making the company the only player to have a full range of trucks based on lift axle technology. The new product can be operated as a 25.5 tonne truck with lift axle down and an 18.5 tonne truck with lift axle up, offering lower fuel and operating costs during light load.

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Fire breaks out at Deepak Nitrite GIDC plant

Deepak Nitrite Ltd’s GIDC plant at Nandesari, Vadodra, witnessed five major chemical blasts today. Smoke was visible from a long distance, and 7-8 fire-fighters reached the spot to put out the fire. Deepak Nitrite manufactures and sells basic chemicals, fine & speciality chemicals, and performance products in India.

Jio-bp to partner with MG Motor, Castrol to boost EV adoption in India

MG Motor India and Castrol India Ltd will partner with Jio-bp to explore mobility solutions for electric cars. The three entities will explore setting up a four-wheeler EV charging infrastructure and expand Castrol’s existing auto service network to cater to EV customers. This partnership is in line with Jio-bp and MG Motor’s commitment to providing vast and reliable charging infra to electric car customers and accelerating EV adoption in India.

[Jio-bp is a joint venture between Reliance Industries Ltd (RIL) and British oil and gas major bp].

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GR Infra’s arm signs pact with NHAI for road project in Andhra Pradesh

GR Madanapalli Pileru Highway Pvt Ltd (GRMPHPL) has signed an agreement with the National Highways Authority of India (NHAI) for a road project worth Rs 1,577 crore. The project consists of four-laning of NH-71 from Madanapalli to Pileru in Andhra Pradesh. The length of the road is 55.9 km. GRMPHPL is a wholly-owned subsidiary of GR Infraprojects Ltd.

SEBI penalises Eicher Motors for flouting rules

Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 10 lakh for failing to follow rules in the duplicate share certificates case. The company has to pay the fine within 45 days. The order comes after the SEBI received a complaint from Adesh Kaur against the automaker. It mentioned that 903 shares of the company were fraudulently transferred to an account of an impersonator who managed to forge her signature and change her address.

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Tech Mahindra’s Net Profit Declines 17.4% QoQ in Q4 – Top Indian Market News

Tech Mahindra Q4 Results: Net profit declines 17.4% QoQ to 1,081 crore

Tech Mahindra reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 1,081 crore for the quarter ended March (Q4). Net profit is up 34.6% on a year-on-year (YoY) basis. The IT firm’s revenue rose 0.9% QoQ to Rs 9,730 crore during the same period. Its total contract value (TCV) during the quarter more than doubled to $1 billion (~Rs 7,480 crore), compared with $455 million in Q3 FY21. Tech Mahindra has also announced the acquisition of US-based Eventus Solutions Group for $44 million. The company’s board has approved a final dividend of Rs 30 per share.

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Reliance, BP start production from second deepwater gas field in KG-D6 block

Reliance Industries Ltd (RIL) and UK-based BP Plc have started production from their second new deepwater gas field in the KG-D6 block on the east coast of India. The Satellite Cluster field will produce gas from four reservoirs utilising a total of five wells. It is expected to reach gas production of up to 6 million standard cubic meters per day. RIL is the operator of the KG-D6 block with a 66.67% participating interest, while BP holds 33.33%.

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HDFC Life Q4 Results: Net profit rises 2% YoY to Rs 317 crore

HDFC Life Insurance Company Ltd reported a 2% YoY increase in standalone net profit to Rs 317.94 crore for the quarter ended March (Q4). Its net premium income (NPI) rose 23% YoY to Rs 12,868 crore during the same period. HDFC Life sold around 9.8 lakh new individual policies during the quarter, registering a growth of 10% YoY. The company’s board has recommended a final dividend of Rs 2.02 per share.

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Mindtree partners with US-based Duck Creek Technologies

Mindtree Limited has partnered with US-based Duck Creek Technologies to improve customer experience for UPC Insurance customers through the implementation of Software-as-a-Service (SaaS)-based core systems. The services include policy, billing, claims, data insights, and insurance technology solutions. Multiple applications will be consolidated on a single integrated platform using OnDemand— DuckCreek’s solution for the property and casualty (P&C) insurance industry.

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SBI Cards Q4 Results: Net profit jumps 110% YoY to Rs 175 crore

SBI Cards and Payment Services Ltd reported a 110% YoY increase in net profit to Rs 175 crore for the quarter ended March (Q4). Total income fell to Rs 2,468 crore during the same period, compared with Rs 2,510 crore in Q4 FY20. Interest income stood at Rs 1,072 crore, and income from fees and services increased 16% YoY to Rs 1,114 crore in Q4 FY21. Gross non-performing assets (NPAs) stood at 4.99% of gross advances, compared to 2.01% in Q4 FY20. 

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Natco seeks emergency approval to launch Covid-19 drug Molnupiravir in India

Natco Pharma Limited has applied to the Central Drugs Standard Control Organisation (CDSCO) for approval of Phase-III clinical trial of Molnupiravir Capsules, used for the treatment of Covid-19 patients. The capsule was developed by American pharma major Merck, along with Ridgeback Biotherapeutics. According to pre-clinical data, patients treated with Molnupiravir achieved response within 5 days of therapy— indicating that the duration of treatment with the capsule is short.

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Castrol India Q1 Results: Net profit rises 95% YoY to Rs 243 crore

Castrol India Limited reported a 94.5% YoY increase in net profit to Rs 243.60 crore for the quarter ended March (Q4). Total sales rose 65.5% YoY to Rs 1,138.70 crore during the same period. The company reported healthy cash from operations at Rs 269 crore in Q4 FY21, which is equivalent to 1.1 times of profit after tax. Castrol India manufactures and markets automotive and industrial lubricants, as well as specialty products.

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Power Mech Projects secures contract worth Rs 343 crore

Power Mech Projects Limited has received a Letter of Intent from the Singareni Collieries Company for a contract worth Rs 343.44 crore. The project consists of the operation and maintenance of the 2×660 megawatt (MW) Singareni Thermal Power Plant in Pegadapalli, Telangana. Power Mech Tech operates as an engineering and construction company, which provides erection, testing, and commissioning (ETC) services for power projects.

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Tata Motors expects temporary hit on demand; to calibrate supplies

Tata Motors Limited has adopted a ‘business agility plan’ through which it aims to calibrate and match supplies with retail demand. The automaker will ensure that optimal levels of inventory are maintained with dealers to meet customer demands. It will also be prepared for a rebound in demand once the situation returns to normalcy. Like most other auto companies, Tata Motors is also expecting a temporary disruption in vehicle demand and supply of parts amidst lockdowns imposed due to a surge in Covid-19 cases.

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Biocon Biologics, Viatris receive approval for cancer drug

Biocon Biologics (a subsidiary of Biocon Ltd) has received marketing authorisation approval from the European Commission for Abevmy 100 & 400 mg. The approved drug is a biosimilar of Bevacizumab and was co-developed with Viatris Inc. Abevmy is indicated for the treatment of metastatic colorectal carcinoma, metastatic breast cancer, ovarian, cervical, and renal cancer as part of a specific regimen. 

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DGCA extends fare capping on domestic flights till May 31

The Directorate General of Civil Aviation (DGCA) has decided to extend fare capping on domestic flights till May 31. The aviation authority has also limited flight capacity of domestic flights at 80% of pre-Covid levels. This new move has been done in view of the prevailing Covid-19 situation in the country. Last month, the DGCA had announced that the suspension of international flights has been extended till April 30. However, international scheduled flights may be allowed on selected routes by the concerned authority on a case-to-case basis.

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