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Coal India’s Net Profit Jumps 106% YoY to ₹6,044Cr in Q2 – Top Indian Market Updates

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

Coal India Q2 Results: Net profit jumps 106% YoY to ₹6,044 crore

Coal India Ltd (CIL) reported a 106% year-on-year (YoY) jump in consolidated net profit to ₹6,043.55 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28% YoY to ₹29,838 crore during the same period. CIL’s total expenses stood at ₹23,770 crore in Q2, up 16.3% YoY. The company’s board has declared an interim dividend of ₹15 per share.

Read more here.

Vehicle sales rises over 47% in October: FADA

A report by the Federation of Automobile Dealers’ Association (FADA) revealed that retail sales of vehicles in India rose 47.62% YoY to 20.94 lakh units in October 2022. Sales were higher by 8.32% compared to the pre-covid month of October 2019. Retail sales of two-wheelers rose 51% YoY to 15.71 lakh units, while that of commercial vehicles rose 25.4% to 74,443 units last month.

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Divi’s Labs Q2 Results: Net profit falls 19% YoY to ₹494 crore

Divi’s Laboratories Ltd reported an 18.6% YoY decline in consolidated net profit to ₹493.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 6.7% YoY to ₹1,854.54 crore during the same period. The pharma company’s EBITDA stood at ₹621 crore in Q2, down 24% YoY. Total expenses rose 5.81% YoY to ₹1,319.4 crore.

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Voltas to invest ₹1,000 crore for capacity expansion

Voltas will invest over ₹1,000 crore to expand its manufacturing capacity and establish a new plant near Chennai, said MD Pradeep Bakshi. Meanwhile, the proposed ₹500-crore compressor plant in partnership with China’s Highly International is yet to receive government clearance. The investments will help Voltas ensure its leadership status in ACs and commercial refrigeration.

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Ujjivan SFB Q2 Results: Net profit at ₹294 crore

Ujjivan Small Finance Bank (SFB) reported a net profit of ₹294 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹274 crore in Q2 FY22. The company’s total income rose 63% YoY to ₹1,139.83 crore in Q2 FY23. The bank registered strong disbursements at ₹4,866 crore in Q2, up 56% YoY.

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Brookfield India REIT leases over 3.06 lakh sq ft office space in Q2

Brookfield India Real Estate Trust has leased over 3.06 lakh sq. ft. office space in the second quarter, taking its total leasing to over 6 lakh sq. ft. in the first half of FY23 as the demand for office spaces continues to rise. It has also signed an expansion option of 16,000 sq. ft. in its property Candor Tech Space N1. The REIT has increased its adjusted net operating income by 48% YoY ₹241.3 crore in Q2.

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CEAT Q2 Results: Net profit falls 81% YoY to ₹7.8 crore

Ceat Ltd reported an 81% YoY decline in net profit to ₹7.83 crore in Q2 FY23, mainly due to higher input costs. Its revenue from operations rose 18% YoY to ₹2,894 crore during the same period. The tyre manufacturer’s total expenses stood at ₹2,864 crore in Q2, up 19.3% YoY. EBITDA fell 7.8% YoY to ₹202 crore.

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30 IndiGo aircraft grounded due to supply chain disruptions

Nearly 30 IndiGo aircraft have been grounded due to supply chain disruptions. The airline is evaluating wet leasing of planes and other options to boost operations. The company said it is actively engaged with various partners to work on mitigation measures that would ensure the continuity of its network and operations. At the end of September, the IndiGo had 279 aircraft in its fleet.

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Jio and Airtel add 3,500 5G sites per week in ramp up

Reliance Jio and Bharti Airtel are adding around 3,500 sites per week cumulatively, as they ramp up their 5G network rollout. Both telcos are set to further scale up site additions to 9,000-10,000 per week combined in the coming 3-4 months as equipment becomes easily available with more domestic production of radios. While Reliance Jio plans to cover the entire country with 5G by December 2023, Bharti Airtel aims to do so by March 2024.

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PB Fintech Q2 Results: Net loss narrows to ₹187 crore

PB Fintech Ltd (Policybazaar) reported a net loss of ₹197 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹204.4 crore in Q2 FY22. The company’s revenue from operation jumped 105% YoY to ₹573.47 crore in Q2 FY23. Insurance premiums stood at ₹2,545 crore in Q2, up 79% YoY. The company delivered 34% growth in health insurance premiums and 29% in life insurance new business premiums.

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Axis Bank Acquires Citi India’s Retail Assets for $1.6B – Top Indian Market News

Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of the consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management, and consumer loans. It also includes the sale of the consumer business of Citi’s non-banking financial company (NBFC), Citicorp Finance (India) Ltd.

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Reliance Jio lost 93 lakh subscribers in Jan 2022; Airtel gains 7.14 lakh subscribers

As per the latest subscriber data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio lost 93.32 lakh subscribers in January 2022. Vodafone Idea lost 3.7 lakh subscribers during the same month. Meanwhile, Bharti Airtel gained 7.14 lakh subscribers in Jan. Reliance Jio held the largest market share at 35.49%, followed by Bharti Airtel (31.13%) and Vodafone Idea (23.15%).

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Sundaram Fasteners wins incentive approval under PLI scheme

Sundaram Fasteners Ltd (SFL) has qualified for incentives from the Ministry of Heavy Industries for its proposed investments in making powertrain sub-assemblies for electric vehicles (EVs) and internal combustion engine (ICE) vehicles. Companies selected for incentives under this scheme will get 8-11% of the determined sales value. SFL will set aside Rs 350 crore to make advanced automotive tech components for EVs and ICE vehicles.

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Sun Pharma signs licensing pact with Lundbeck to launch anti-depressant pill

Sun Pharmaceutical Industries Ltd has entered into an exclusive patent licensing agreement with Danish drugmaker Lundbeck to market and distribute its version of antidepressant medication Vortioxetine in India. The drug will be marketed under the brand name Vortidiftm. The product is approved in over 80 countries, including the US, EU, Canada, and Australia.

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CCI raids offices of CEAT, Apollo Tyres: Report

As per a Reuters report, the Competition Commission of India (CCI) raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres and CEAT, in a case of suspected competition law violations. The report said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

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BHEL secures order for compressor package from Iraq

Bharat Heavy Electricals Ltd (BHEL) has won an order for a compressor package from Iraq. The order was placed by Northern Refineries Company (NRC), a company owned by the Ministry of Oil, Iraq. It includes the design, engineering, manufacturing, and supply of an electric motor-driven recycle gas centrifugal compressor.

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Godrej Properties to develop a 9-acre project in Pune

Godrej Properties Ltd (GPL) has acquired a 9-acre land parcel in the residential micro-market of Pimpri-​Chinchwad in Pune. The development will primarily be for a group housing project. The project will have a developable potential of around 1.7 million sq. ft. of saleable area. Based on current business assumptions, it has an estimated revenue potential of ~Rs 1,400 crore.

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Tata Consumer Products to merge Tata Coffee business with itself

Tata Consumer Products Ltd (TCPL) has announced the merger of all businesses of Tata Coffee Ltd (TCL) with itself. This is part of a reorganization plan in line with TCPL’s strategic priority of unlocking synergies and efficiencies. Initially, the plantation business of TCL will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL). Then, the remaining business of TCL (extraction and branded coffee business) will be merged with TCPL.

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Dilip Buildcon emerges lowest bidder for road project worth Rs 1,589 crore

The National Highways Authority of India (NHAI) has declared Dilip Buildcon Ltd as the lowest (L-1) bidder for a road project in Karnataka. The scope of the project includes the development of a six-lane access controlled greenfield highway from Maradgi S Andola to Baswantpur section of NH-150C. The bid project cost for the 65.50 km long project is Rs 1,589 crore. 

In other news, G R Infroprojects Ltd has received a Letter of Award (LoA) from NHAI for five new road projects worth ~Rs 5770 crore.

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HDFC Bank, Shoppers Stop launch co-branded credit cards

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 80 lakh ‘First Citizen’ customers of Shoppers Stop along with HDFC Bank customers. HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next 2-3 years. 

Read more here.

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Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

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Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

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Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

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JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

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SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

Read more here. 

TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

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CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

Read more here. 

Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

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CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

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Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

Read more here.

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Adani Ports Cargo Volumes Rise 24% in Sept – Top Indian Market News

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Adani Ports cargo volumes rise 24% in September

Adani Ports & Special Economic Zone Ltd (APSEZ) handled total cargo volumes of 23.08 million metric tonnes (MMT) in September 2021, registering a growth of 24% year-on-year (YoY). The company’s container segment grew 18%, other bulk cargo by 22%, coal by 16%, and crude by 9% during the same month. During the first half of the financial year 2021-22, APSEZ handled an overall cargo volume of 160 MMT, which is a growth of 64% YoY.

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CEAT acquires 26% stake in Cleanwin Energy

CEAT Ltd has signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin Energy Five LLP. Cleanwin owns, operates, and maintains a captive wind power generating plant in Maharashtra. The renewable energy unit will supply 5 megawatts (MW) of electricity on a captive basis to CEAT plants in Bhandup and Nashik. The tyre manufacturer will hold a 26% stake in Cleanwin Energy Five.

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Tata Communications, Cisco expand global strategic partnership

Tata Communications has extended its longstanding global strategic partnership with Cisco. The new agreement will empower enterprises with simple and easy to deploy, manage, and analyze IT infrastructure for delivering anywhere, anytime access. Cisco’s Meraki solution will enable Tata Communications to offer cloud-managed Wi-Fi services based on Wi-Fi 6 and Software-Defined Wide Area Network (SD-WAN) services across various industries.

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Man Infra’s board approves issue of bonus shares

The Board of Directors of Man Infraconstruction Ltd has approved the issue of bonus shares in the ratio 1:2. One equity share of the face value of Rs 2 each will be issued for every two equity shares of Rs 2 each held by shareholders of the company. The board has also declared an interim dividend of Rs 1.26 per share for the financial year 2021-22. Man Infra’s board has fixed October 14 as the record date for the interim dividend.

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KPIT Tech to boost investments in software-defined vehicle solutions

KPIT Technologies Ltd will make significant investments in middleware technologies and infrastructure to accelerate clients’ transformation to software-defined vehicles across both passenger and commercial vehicle segments. The company intends to develop and enhance technologies and infrastructure to help original equipment manufacturers (OEMs). It aims to address the emerging challenges through solutions in software integration and architecture consulting to help OEMs accelerate the stitching of diverse components together.

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UPL threatened with criminal probe after South African pollution

According to a report from South Africa’s environment department, UPL Limited illegally stored hazardous chemicals that were released into a residential area and a river system after its warehouse in Durban was looted and set ablaze in July 2021. The report further states that UPL did not have any appropriate permits. A criminal investigation is likely to be initiated on the company and the owners of the land where the warehouse is situated. UPL has denied any wrongdoing and said it was “disappointed” by the release of the report.

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Max Healthcare plans Rs 1,600 crore investment to add 1,000 beds in Gurugram

Max Healthcare Institute Ltd (MHIL) plans to invest ~Rs 1,600 crore to expand its capacity in the National Capital Region (NCR) by adding 1,000 beds over the next 4-6 years in Gurugram. The expansion plan is proposed to be funded by internal accruals, borrowings, and other modes. Two land parcels have been allotted to MHIL by Haryana Shahri Vikas Pradhikaran (HSPV) to set up two hospitals in Gurugram.

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Welspun India partners with Dupont Biomaterials to launch home textile range

Welspun India, in collaboration with DuPont Biomaterials, has launched a new home textile collection. It includes bath towels and bed sheets made with bio-based materials to meet the growing demand for sustainable home textile products. The collaboration brings together cotton and DuPont Sorona fibres to create home textile fabrics. The fabrics used in the new range provide comfort and moisture management.

Read more here.

JK Lakshmi Cement halts production at Chhattisgarh plant due to strike

JK Lakshmi Cement has suspended production at its plant in Durg, Chhattisgarh, due to a strike called by Chhattisgarh Cement Transport Association. Dispatches from the Durg cement plant have completely stopped. Industry-wide negotiations are being held with the state government, and the company is hopeful of an amicable solution soon. The Durg plant has a production capacity of nearly 2.7 million tonnes per annum (MTPA).

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Divi’s Labs hits record high on Merck’s positive data for Covid-19 drug 

Shares of pharma company Divi’s Laboratories surged 10% today. The stock is in focus as the company is MSD’s authorised manufacturer for Molnupiravir API. As per a planned interim analysis of data from Phase-3 clinical trials by Germany-based Merck, Molnupiravir drug is found to reduce the risk of hospitalisation or death by approximately 50% of those most at risk of contracting Covid-19. The drug also demonstrated consistent efficacy across SARS CoV2 variants Gamma, Delta, and Mu.

Read more here.

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HDFC Bank Partners With NSIC to Offer Credit Support to MSMEs – Top Indian Market News

HDFC Bank partners with NSIC to offer credit support to MSMEs

HDFC Bank has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to offer credit support to micro, small, and medium enterprises (MSMEs) across India. The private sector lender will provide MSMEs with schemes to enhance their competitiveness. HDFC Bank will accept loan applications forwarded by NSIC and consider sanctioning loans on a merit basis, as per the lending norms laid down by the bank. The bank’s branches will also extend support to MSMEs in the areas they operate.

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L&T Construction secures order for water effluent treatment business

The construction arm of Larsen & Toubro has secured a significant order (in the range of Rs 1,000-2,500 crore) for its water and effluent treatment business in India. The order is from a state-utility organisation to implement rural water supply projects, providing functional house tap connection under the Jal Jeevan Mission. The scope of the order comprises tube wells, pump houses cum chlorination rooms, overhead tanks, treatment systems, solar plants, rising main and distribution pipeline network, and staff quarters.

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Tata Communications partners with Telekom Malaysia to offer high-speed connectivity in ASEAN

Tata Communications Ltd has partnered with Telekom Malaysia Berhad (TM) to offer stable, high-speed, and reliable connectivity in the Association of Southeast Asian Nations (ASEAN) region. The collaboration will enable service providers, mobile network operators, and internet service providers in the region to address their customers’ growing data connectivity needs by providing access to a global Tier-1 Internet Protocol (IP) network. Sectors such as e-commerce, online entertainment, retail, online banking, and delivery services will get a further boost. 

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ABB commissions drives at Bharat Biotech’s facility for safe manufacturing of Covaxin

ABB India has commissioned its ACS560 drives at Bharat Biotech’s Covaxin manufacturing facility in Hyderabad. The drives will enhance the safety and energy efficiency of the facility. The manufacturing of vaccines is a complex process and needs a clean room environment to deliver the desired output. ABB’s systems control the temperature, humidity, air pressure, and ventilation within a clean room. 

Read more here.

Birlasoft announces  global, strategic partnership with Freshworks Inc

Birlasoft Ltd has announced a global, strategic partnership with US-based Freshworks Inc. to help enterprises provide enhanced customer experience management solutions. The partnership will focus on developing capabilities and innovative, niche-industry solutions to help enterprises address their transformation challenges and drive value at scale. Birlasoft will expand business capabilities and improve the end-user experience by integrating solutions from partners like Freshworks. 

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Dr Reddy’s launches Minoxidil for treatment of female pattern hair loss

Dr Reddy’s Laboratories Ltd has announced the launch of Minoxidil for the treatment of female pattern hair loss (FPHL). The pharma company will sell the product under the brand name Mintop. The launch follows the first-ever approval of the additional indication by the Central Drugs Standard Control Organization (CDSCO) in India for the use of Minoxidil topical solution USP 2% and 5% for the treatment of FPHL.

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Shoppers Stop partners with Accenture to accelerate digital commerce transformation

Shoppers Stop Ltd has partnered with Accenture to accelerate its digital commerce transformation across multiple retail channels. The retailer of fashion and beauty brands aims to improve profitability and shift more sales to digital channels. Through its partnership with Accenture, Shoppers Stop plans to strengthen its digital platform backed by real-time data and analytics across the value chain— from customer experience and supply chain operations to sales and last-mile delivery.

Read more here.

CEAT to revamp sales network across India

Tyre manufacturer CEAT has initiated an exercise to revamp its retail sales network to enhance customer experience. The company will refurbish Ceat Shoppes nationwide, which will start with 10 new design stores in metro cities and key markets in the coming months. It also plans to launch an additional 50 stores in the current financial year (FY22). It is targeting 500 exclusive stores by 2023.

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Panacea Biotech supplies second component of Sputnik V in India

Panacea Biotec Ltd has supplied the first shipment of the second component (human adenovirus serotype 5) of the Sputnik V Covid-19 vaccine. The batch will be distributed across India through Dr. Reddy’s Laboratories, a partner of the Russian Direct Investment Fund (RDIF) and Panacea Biotec. Doses of the second component were manufactured at Panacea Biotec’s facility in Himachal Pradesh.

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India must accept cryptos as an asset: Former RBI Deputy Governor

Former RBI Deputy Governor R Gandhi said cryptocurrencies should be treated as an asset or commodity in India and governed by existing laws for exchanges. “Once cryptos are accepted, rules governing commodity exchanges could apply, and the coins could be used to pay for goods and services. Then automatically people can start buying, selling and holding”, he said. The former RBI official was addressing an event organized by the Internet and Mobile Association of India today.

The Narendra Modi government, which had initially proposed a ban on crypto trades, is finalizing regulations for cryptocurrencies. 

Read more here.

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Infosys Reports 23% YoY Rise in Net Profit in Q1 – Top Indian Market News

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Infosys Q1 Results: Net profit rises 23% YoY to Rs 5,195 crore

Infosys Limited reported a 22.7% year-on-year (YoY) increase in consolidated net profit to Rs 5,195 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.3% when compared to the previous quarter. Its revenue from operations rose 17.87% YoY (or 6% QoQ) to Rs 23,665 crore during the same period. The IT company signed large deals worth $2.6 billion (~Rs 19,300 crore) in Q1. Infosys has announced plans to hire 35,000 college graduates globally in the current financial year (FY22).

Read more here.

India’s WPI inflation eases to 12.07% in June

The inflation based on the Wholesale Price Index (WPI) eased to 12.07% in June 2021, compared with 12.94% in May. There was a decline in the prices of crude oil, power, and food items last month. Inflation in manufactured products stood at 10.88% in June, compared with 10.83% in May. The inflation in food articles stood at 3.09% YoY in June, compared to 4.31% in May. The fuel and power index rose 32.83% annually in June, against an increase of 37.61% in May. The data was released by the Ministry of Commerce and Industry.

Read more here.

Zomato IPO subscribed 1.05 times on first day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 1.05 times on the first day of bidding. The IPO has received bids for 75.60 crore equity shares, compared to the issue size of 71.92 crore shares. Retail investors have subscribed 2.7 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have put in bids for 13% and 98%, respectively, against their reserved portions. The IPO closes on July 16 (Friday).

To learn more about the IPO, click here.

ITC to enter boutique lifestyle hotel segment with ‘Storii’

ITC Limited will venture into the boutique lifestyle hotel segment with a new brand— Storii. The launch is part of the company’s strategy to focus more on managing properties rather than owning them. With Storii, ITC aims to offer curated travel experiences to new-age travellers. The company revealed that its new hotel signings and openings took a hit in 2020-21 due to the Covid-19 pandemic. However, it has assured of bouncing back again as the state of affairs normalises.

Read more here.

L&T Tech Q1 Results: Net profit rises 84% YoY to Rs 216 crore

L&T Technology Services (LTTS) reported an 84% YoY increase in net profit to Rs 216.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations rose 17% YoY to Rs 1,518 crore during the same period. The company secured six deals with a total contract value (TCV) of more than $10 million (~Rs 74.5 crore) in Q1. LTTS is the engineering services arm of Larsen & Toubro.

Read more here.

CEAT to supply tyres for M&M’s new seven-seater Bolero Neo

CEAT Limited will supply its range of high-performance CZAR HP tyres for Mahindra & Mahindra’s (M&M) new seven-seater Bolero Neo SUV. The seven-seater SUV is built on third-generation chassis, shared with Scorpio and Thar. CEAT’s tyres are designed to provide better steering control and higher fuel efficiency. The company said the tyres have been optimised to perfectly complement the exceptional performance of Bolero Neo.

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Quess Corp counters IT department, denies concealing income of Rs 880 crore

Quess Corp has denied allegations of concealing income after the Income Tax (IT) Department claimed that it had revealed undisclosed income of ~Rs 880 crore during raids of the company’s two premises in Bengaluru. “We extended full cooperation to the Department, including providing complete information in a timely manner, and have not received any claims to date,” said Quess Corp in a statement. Quess Corp said the IT Dept had conducted surveys at its registered offices during July 8-10.

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IndiGrid acquires 100 MW solar assets from FRV for Rs 660 crore

India Grid Trust (IndiGrid) has acquired the entire stake in two solar energy assets from Fotowatio Renewable Ventures (FRV) for Rs 660 crore. The cumulative capacity of the solar assets is 100 megawatts (MW). IndiGrid has become the first infrastructure investment trust (InvIT) to acquire renewable energy assets in India. With this acquisition, IndiGrid’s asset portfolio will consist of 14 diversified projects— 40 transmission lines, 11 substations, and 100 MW solar power plants across 18 states and one Union Territory.

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Mahanagar Gas hikes prices of CNG, domestic PNG

Mahanagar Gas Limited (MGL) has announced a hike in prices of Compressed Natural Gas (CNG) and Domestic Piped Natural Gas (PNG) for Mumbai and surrounding areas. The rate of CNG has been hiked by Rs 2.58 per kilogram, taking it up to Rs 51.98 per kg. Domestic PNG rates have been hiked by Rs 0.55 per standard cubic meter (SCM). MGL has increased prices to offset operational costs and high gas pipeline transportation costs.

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Marico to acquire 60% stake in Apcos Naturals

Marico Limited will acquire a 60% stake in Apcos Naturals Pvt Ltd over the next two years through primary infusion and secondary buyouts. Apcos owns Just Herbs, a range of ayurvedic and organic skin and hair care products. The brand had posted sales of Rs 17.5 crore during the financial year 2020-21 (FY21). Marico will acquire a 52.4% stake in Apcos by the end of July, while the balance 7.6% stake will be bought by March 2023.

Read more here.

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Mindtree Reports 61% YoY Rise in Net Profit in Q1 – Top Indian Market News

Mindtree Q1 Results: Net profit rises 61% YoY to Rs 343 crore

Mindtree Limited reported a 61% YoY increase in net profit to Rs 343.3 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.2% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 8.6% QoQ) to Rs 2,291.7 crore during the same period. The IT company recorded its highest-ever order book of $504 million (~Rs 3,760 crore) in Q1, a growth of 34% QoQ. However, the attrition rate jumped from 12.1% in Q4 FY21 to 13.7% in Q1 FY22.

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NTPC REL to build India’s first green Hydrogen Mobility project in Ladakh

NTPC Renewable Energy Ltd (NTPC REL), a subsidiary of NTPC Ltd, has signed a pact with the Union Territory of Ladakh to set up India’s first green Hydrogen Mobility project in the region. The company also inaugurated the first solar installations in Leh, in the form of solar trees and a solar carport. NTPC plans to launch five hydrogen buses in the region and set up a solar plant and green hydrogen generations unit in Leh.

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Maharashtra govt unveils EV policy, sets a target of 25% electrification of public transport by 2025

To further promote the cause and mass adoption of electric vehicles in the state, the Maharashtra government has unveiled a revised electric vehicle (EV) policy. The govt has set an objective to accelerate the adoption of battery-powered EVs in such a manner that it contributes to 10% of new vehicle registration by 2025. The policy also proposes to achieve 25% electrification of public transport and last-mile delivery vehicles by 2025.

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Ramkrishna Forgings secures multi-year order from European OEM

Ramkrishna Forgings Ltd has received a multi-year order from a European original equipment manufacturer (OEM) worth Rs 132 crore. The order is to be implemented for three years, distributed equally. The company’s MD said this order improves revenue visibility and profitability over the next three years. Ramkrishna Forgings is a leading manufacturer and supplier of open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel. 

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NMDC’s board approves demerger of steel business

The Board of Directors of National Mineral Development Corporation (NMDC) has approved the Scheme of Arrangement for Demerger between NMDC Ltd and NMDC Steel Limited. The scheme is subject to statutory and regulatory approvals from SEBI, the Ministry of Corporate Affairs, etc. NMDC Steel carries out the business of manufacturing and import/export of various categories of steel and iron ore.

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Lupin launches generic antifungal drug in the US market

Lupin Limited has announced the launch of Tavaborole topical solution in the US. The drug is a generic equivalent of kerydin topical solution of US-based Anacor Pharmaceuticals. It is indicated for the treatment of onychomycosis (fungal infection) of the toenails. According to IQVIA data, Tavaborole topical solution had estimated annual sales of $53 million (~Rs 394 crore) in the US for the 12 months ended May 2021. The product will be manufactured at Lupin’s facility in Pithampur, Madhya Pradesh.

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Ceat partners with Tata Power to set up captive solar power plant

Ceat Limited has entered into a partnership with Tata Power to establish a 10 megawatt (MW) captive solar power plant at its tyre manufacturing facility in Bhandup, Mumbai. TP Akkalkot Renewable Ltd, a special purpose vehicle (SPV) created by Tata Power, will be responsible for undertaking the construction, operation, and maintenance of the solar plant. Ceat will hold a 26% stake in the SPV, while Tata Power will own 74%. 

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Tata Metaliks Q1 Results: Net profit at Rs 94.72 crore

Tata Metaliks Limited reported a net profit of Rs 94.72 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 12.36 crore in the corresponding quarter last year (Q1 FY21). Total income jumped 187.43% YoY to Rs 606.45 crore in Q1 FY22. Tata Metaliks is a leading manufacturer of pig iron and ductile iron pipes in India.

ITC to double presence of its e-store to 14 cities

ITC Limited has announced plans to double the geographical presence of its e-stores to 14 cities in India. The company had launched its e-store (itcstore.in) service across seven cities with more than 700 products. It currently sells products across 46 categories through the e-store. This includes organic and multi-grain atta, ghee, frozen snacks, luxury chocolates, etc. To drive traffic, ITC also runs surprise offers at Re 1 for new products that are launched in the e-store.

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Steel Strips Wheels secures order worth Rs 113 crore from Western Hemisphere

Steel Strips Wheels Ltd (SSWL) has received export orders worth Rs 113 crore from Western Hemisphere. SSWL will complete the execution of the orders by August 21, 2021, from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.

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RBI Governor Announces Measures to Battle Second Wave Impact – Top Indian Market News

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RBI Governor announces relief measures to battle second wave impact

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a set of relief measures to help stakeholders battle the impact of the second wave of Covid-19 infections in the country. The RBI has opened an on-tap liquidity window of Rs 50,000 crore to ramp up Covid-19 related healthcare infrastructure and services. Under the scheme, banks can provide fresh lending support to vaccine manufacturers, suppliers of vaccines and priority medical devices, hospitals, logistics firms, etc. The Governor has also announced loan restructuring facilities for individuals, small businesses, and micro, small & medium enterprises (MSMEs) who have been adversely affected by the pandemic.

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Adani Enterprises Q4 Results: Net profit jumps 282% YoY to Rs 234 crore

Adani Enterprises Ltd (AEL) reported a 282.2% year-on-year (YoY) jump in consolidated net profit to Rs 233.95 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 21%. Profit for the quarter was impacted by a one-time exceptional loss of Rs 179 crore. Its total revenue stood at Rs 13,688.95 crore during the same period, compared with Rs 13,698 crore in Q4 FY20. The company’s board has recommended a final dividend of Re 1 per share.

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Cabinet approves strategic divestment of IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment, along with the transfer of management control in IDBI Bank. The extent of respective shareholding to be divested by the Government of India (GoI) and Life Insurance Corporation (LIC) will be decided at the time of structuring of the transaction, in consultation with the RBI. Currently, GoI owns 45.48% equity in IDBI Bank, while LIC holds 49.24%.

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Tata Steel Q4 Results: Net profit at Rs 6,644 crore

Tata Steel Limited reported a 79.7% quarter-on-quarter (QoQ) increase in net profit to Rs 6,644 crore for the quarter ended March (Q4). Revenue rose 19% QoQ to Rs 49,977 crore during the same period. Hot-rolled coil prices rose 16.7% during the quarter to Rs 54,856 per tonne. Tata Steel’s consolidated sales volumes rose 0.43% QoQ to 4.67 million tonnes. The company’s board has approved a dividend of Rs 25 per share.

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SRF Q4 Results: Net profit rises 96% YoY to Rs 381 crore

SRF Limited reported a 96% YoY increase in consolidated net profit to Rs 381 crore for the quarter ended March (Q4). Its revenue from operations rose 40% YoY to Rs 2,608 crore during the same period. SRF’s chemical segment posted a 31% YoY increase in revenue to Rs 1,153 crore. Its packaging films segment reported a 63% YoY increase in revenue to Rs 980 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 31% YoY to Rs 1,198 crore. 

SRF’s board has approved the setting up of a multi-purpose plant at Dahej (Gujarat) at an approximate cost of Rs 375 crore.

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Alembic Pharma gets USFDA approval for ophthalmic solution

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic solution. The drug is indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension who are insufficiently responsive to beta-blockers. According to IQVIA data, the product had sales of approximately $80 million (~Rs 590 crore) for the 12 months ended December 2020.

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CEAT Q4 Results: Net profit jumps three-fold to Rs 153 crore

CEAT Limited reported a three-fold (195%) YoY increase in net profit to Rs 153 crore for the quarter ended March (Q4). The tyre company’s revenue rose 45% YoY to Rs 2,290 crore during the same period. CEAT introduced better inventory efficiency measures to compensate for the rise in raw material costs. The company’s board has approved an investment of Rs 1,205 crore to expand capabilities in the truck and bus radial (TBR) segment. CEAT has also announced a final dividend of Rs 18 per share.

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Wipro partners with Transcell Oncologics to transform vaccine safety assessment strategies

Wipro Limited has partnered with Hyderabad-based Transcell Oncologics to transform vaccine safety assessment strategies using artificial intelligence (AI). The partnership combines Transcell’s innovative stem cell technology with the advanced AI capabilities of Wipro HOLMES. This will enable customers to improve the safety of global vaccine immunization programs.

Kirloskar Ferrous Q4 Results: Net profit jumps 135% YoY to Rs 135 crore

Kirloskar Ferrous Industries reported a 135.4% YoY jump in net profit to Rs 135.33 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 27%. Its revenue from operations rose 67% YoY to Rs 748.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 168% YoY to Rs 302.11 crore. The company’s board has declared a final dividend of Rs 3 per share.

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Hikal signs multi-year agreement with a global pharma company

Hikal Limited has signed a multi-year contract with a leading global pharmaceutical company. The contract includes the development and supply of a portfolio of niche Active Pharmaceutical Ingredients (APIs) over a period of 10 years. Hikal and its customer will jointly invest in its plant in Panoli (Gujarat) to set up a multipurpose manufacturing asset to produce the APIs. Commercial supplies will commence after the successful development and plant commercialisation, which is estimated to be from FY 2023-24 onwards.

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Craftsman Automation Q4 Results: Net profit rises 8.7% QoQ to Rs 47.28 crore

Craftsman Automation Ltd reported an 8.74% quarter-on-quarter (QoQ) increase in net profit to Rs 47.28 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 1,064.5%. Its revenue from operations rose 9.47% QoQ to Rs 540.12 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 143% YoY to Rs 97.36 crore.

Adani Green Energy Q4 Results: Net profit rises 8.25% YoY to Rs 105 crore

Adani Green Energy Limited (AGEL) reported an 8.25% YoY increase in consolidated net profit to Rs 105 crore for the quarter ended March (Q4). On a quarterly basis, net profit has jumped 138.6%. Its total revenue from operations rose 50.5% YoY to Rs 1,082 crore during the same period. AGEL’s revenue from power supply rose 15% YoY to Rs 690 crore. The company added 925 megawatt (MW) of operational capacity in FY21.

Read more here.

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Editorial

Why are Tyre Stocks Rallying?

Over the past few days, we have been witnessing a significant rally in the shares of major tyre companies in India. The share price of JK Tyre & Industries rose more than 23% in a week, while that of MRF touched an all-time high of Rs 96,400! CEAT shares jumped to the highest level in more than two years to Rs 1,535. Let us take a closer look at certain factors that have led to a surge in these stocks.

Anticipation of Robust Q3 Results

With the removal of Covid-19 related lockdowns in our country, the demand for automobiles increased rapidly. People preferred to own a two-wheeler or car for commuting, rather than using public transport. Automobile manufacturers started ramping up production during the festive season as well. There had been an impressive rise in the number of vehicle bookings during the October-December period. Thus, major tyre manufacturers started to receive an influx of orders from these automakers. 

It has been reported that tyres required for two-wheelers and farming equipment saw a strong demand recovery in Q3. Major players in this segment had increased their manufacturing capacity to meet the growing demand. These companies had also expanded their distribution networks across the country. The replacement and after-market segments showed a positive revival and growth. With these factors in mind, it was estimated that tyre manufacturers would post a healthy increase in their profits and revenues in Q3. 

Financial Performance in Q3

CEAT Ltd reported a 150% (year-on-year) YoY increase in consolidated net profit to Rs 132 crore for the quarter ended December (Q3). The tyre manufacturer’s revenue surged 26% YoY to Rs 2,221 crore during the same period. The company’s strong performance in Q3 was backed by an increase in overall vehicle production. Sales in the after-market segment had also made a strong comeback.

JK Tyre & Industries Ltd reported a multi-fold jump in consolidated net profit to Rs 230.46 crore. The company had posted a consolidated net profit of Rs 10.27 crore in the third quarter of FY20. Consolidated revenue from operations grew 21.7% YoY to Rs 2,769 crore in Q3 FY21. All nine plants of the company in India operated at close to 96% capacity utilisation. JK Tyre’s strong performance in Q3 was primarily driven by the increased demand for passenger, commercial vehicle, and farm tyres. 

The Q3 results of Apollo Tyres, MRF, and Balkrishna Industries are yet to be released. It has been reported that these particular companies are very likely to show impressive sales growth as well.

Government’s Ban on Import of Tyres

One of the major hurdles of the Indian tyre industry was the indiscriminate imports of tyres. China accounted for over 40% of Truck and Bus Radial (TBR) tyres and Passenger Car Radial (PCR) tyres shipments to India from overseas. In case of tractor tyres, Chinese import was three-fourths of the total imports.

In June 2020, the Indian Government imposed curbs on imports of new pneumatic tyres used in motor cars, busses, lorries, and motorcycles. These types of tyres were placed under the ‘restricted category’, which meant that an importer would now require a licence or permission from the Directorate General of Foreign Trade (DGFT) for imports. It has prevented countries such as China from dumping their excess output in our market. 

“The move has come as a sentiment booster for the industry that has been bearing the brunt of the slowdown in the auto sector and disruption caused by Covid-19 pandemic. Emboldened by the development, the tyre industry in India is looking at better than expected domestic production and increased exports from the country,” – K.M. Mammen, Chairman of the Automotive Tyre Manufacturers Association (ATMA).

These restrictions have proven to work in favour of domestic tyre manufacturers. Over the past few months, companies such as CEAT, MRF, and Apollo Tyres are receiving more orders from Indian automakers. For example, Royal Enfield has switched Italy-based Pirelli tyres with CEAT tyres for their Interceptor 650 range. Recently, French tyre major Michelin issued a circular to its Indian dealer partners confirming that it will not import and distribute passenger vehicle tyres in India. These international tyre companies are waiting for a further update on the import restrictions from the Indian Government.

The Way Ahead

Thus, the positive sentiments surrounding the tyre industry in India has led to a surge in stock prices of companies such as CEAT, Goodyear India, and MRF. Interestingly, Sachin Bansal (co-founder and former CEO of Flipkart) bought a 1.34% stake in JK Tyre, which reportedly led to a further rally in its stock over and above.

We could see a further uptrend in these shares, as certain tyre manufacturers are yet to report their Q3 results and because these stocks have broken multiyear highs just like what we saw with Tata Motors. In the coming weeks, let us look forward to seeing positive results from these companies.

The government supposedly brought in these restrictions to benefit domestic tyre manufacturers as they will get increased sales. But what did we see? As imported tyres started vanishing from the market, the domestic players immediately went out and increased their prices. So right now they are benefitting from increased margins (even though prices of rubber has gone up), along with the increasing sales from less competition. So in the long run who loses? Us, the customers. This is why restrictive trade policies never benefit consumers. At least stock market participants can make a bit of that money back.

Let us know in the comments down below if you were able to jump in on the rally!

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Adani Group, AAI Sign Concession Agreement for 3 Airports – Top Indian Market News

Adani Group signs concession agreement with AAI for Jaipur, Guwahati, TVM airports

Adani Group has signed a concession agreement with the Airports Authority of India (AAI) for operating and maintaining Jaipur, Guwahati, and Thiruvananthapuram airports. The concession period is 50 years from the commercial operation date. The group will now get six months to take over the three airports. Adani Group had emerged as the highest bidder for six AAI airports, namely, Lucknow, Mangalore, Ahmedabad, Jaipur, Guwahati, and Thiruvananthapuram in February 2019.

Read more here. 

Alembic Pharma Q3 Results: Net profit rises 25% YoY to Rs 292 crore

Alembic Pharmaceuticals Ltd reported a 24.92% YoY increase in consolidated net profit to Rs 292.57 crore for the quarter ended December (Q3). The drug firm’s consolidated revenue rose 9% YoY to Rs 1314 crore during the same period. The company’s performance in Q3 was led by strong growth in its India formulation business, which grew 14% YoY to Rs 418 crore. 

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Petrol price touches record high of Rs 85 in Delhi; diesel crosses Rs 75 mark

The price of petrol in Delhi rose by 25 paise on Tuesday, reaching an all-time high of Rs 85.20 per litre. The diesel price has jumped to Rs 75.38 per litre in the national capital. The rates have been hiked for the second consecutive day after remaining unchanged for three days. State-owned fuel retailers– Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)– resumed daily price revision on January 6 after nearly a month-long hiatus. Since then, fuel rates have gone up by Rs 1.49 a litre on petrol and Rs 1.51 in the case of diesel.

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CSB Bank Q3 Results: Net profit rises 88% YoY to Rs 53 crore

Kerala-based CSB Bank reported an 88% YoY increase in net profit to Rs 53 crore for the quarter ended December (Q3). The bank’s net interest income (NII) grew by 61.8% YoY during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] CSB Bank’s overall provisions stood at Rs 111 crore in Q3. The bank has also announced a voluntary retirement scheme (VRS) for its select employees.

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Bank of Maharashtra Q3 Results: Net profit rises 14% YoY to Rs 154 crore

Bank of Maharashtra reported a 14% YoY increase in net profit to Rs 154 crore for the quarter ended December (Q3). The Pune-based lender’s total income rose 3.42% YoY to Rs 3,577 crore. On the asset quality front, the bank recorded improvement with gross non-performing assets (NPAs) falling from 16.77% in Q3 of the previous financial year to 7.69% in Q3 FY21. The bank’s provisions fell by more than 80% YoY to Rs 498 crore in Q3.

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IRFC IPO gets fully subscribed on Day 2

The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC) was fully subscribed on the second day of bidding. The IPO has received bids for 152.6 crore equity shares, against an offer size of over 124.75 crore equity shares. The portion set aside for retail investors witnessed a subscription of 2.33 times and that of employees 27.40 times. The reserved portion of non-institutional investors was subscribed 24.3% and that of qualified institutional buyers 0.16%.

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CEAT Q3 Results: Net profit rises 150% YoY to Rs 132 crore

Ceat Ltd reported a 150% YoY increase in consolidated net profit to Rs 132 crore for the quarter ended December (Q3). The tyre manufacturer’s revenue surged 26% YoY to Rs 2,221 crore during the same period. The company’s strong performance in Q3 was backed by an increase in overall vehicle production. Sales in the after-market segment had also made a strong comeback.

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Tata Communications Q3 Results: Net profit jumps 5-fold to Rs 309 crore

Tata Communications’s net profit jumped 5 times (or 425%) YoY to Rs 309.41 crore for the quarter ended December (Q3). The company’s revenue stood at Rs 4,222.83 crore during the same period. The growth in profits at an operational level was largely due to a fall in network and transmission costs. The firm had also introduced cost-cutting measures in the current financial year. 

Hatsun Agro Q3 Results: Net profit rises 141% YoY to Rs 67 crore

Hatsun Agro Products Ltd reported a 141.2% YoY increase in net profit to Rs 67.3 crore for the quarter ended December (Q3). It had posted a net profit of Rs 28 crore in the corresponding period in FY20. The company’s revenue rose 4.1% YoY to Rs 1,394.6 crore in Q3 FY21. Chennai-based Hatsun Agro is a leading private sector dairy company.

Brigade Group launches 11-acre residential project at Hyderabad

Brigade Group announced the expansion of its footprint in Hyderabad by launching a residential project named ‘Brigade Citadel’. The 11-acre residential project is situated in Hyderabad’s Moti Nagar area. Brigade Citadel comprises of over 1,300 luxurious two and three-bedroom homes which are competitively priced, starting at Rs 75 lakh and Rs 99 lakh, respectively. 

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Man Industries secures order worth Rs 250 crore

Pipe manufacturer Man Industries (India) Ltd announced that it has secured orders worth Rs 250 crore. The orders will be executed over the next 5 months. Man Industries is the flagship company of Man Group and is one of the largest players in longitudinal submerged arc welding (LSAW) pipes, spirally welded pipes, and coating systems.

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HCL Tech’s Q3 Net Profit Rises 31% YoY – Top Indian Market News

HCL Tech Q3 Results: Net profit rises 31% YoY to Rs 3,982 crore

HCL Technologies Ltd reported a 31.1% year-on-year (YoY) increase in net profit to Rs 3,982 crore for the quarter ended December (Q3). The IT firm had posted a net profit of Rs 3,037 crore in the same quarter in FY20. Its revenue rose 6.4% YoY to Rs 19,302 crore in Q3 FY21. HCL Tech’s solid performance during Q3 was driven by success in strategic investments and improved demand for its digital and cloud platforms. The company has declared an interim dividend of Rs 4 per share.

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GAIL announces Rs 1,046 crore share buyback

The Board of Directors of GAIL (India) Ltd has approved a Rs 1,046.35 crore share buyback programme. The state-owned gas distributor will buy back 6.97 crore shares, representing 2.5% of the total paid-up equity share capital. The buyback price has been fixed at Rs 150 per share, a 4.1% premium to Thursday’s closing price. GAIL has also declared an interim dividend of Rs 2.5 per share. The board has fixed January 28 as the record date for buyback and dividend.

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PVR reports Q3 net loss of Rs 49 crore

PVR Limited reported a consolidated net loss of Rs 49.21 crore for the quarter ended December (Q3). It had posted a net profit of Rs 36.26 crore in the corresponding period a year ago. The company’s revenue from operations declined by 95% YoY to Rs 45.4 crore in Q3 FY21. PVR stated that it has taken significant steps to mitigate the adverse impact of Covid-19 on business. The company has reached settlements with landlords for 88% of cinemas for a complete or partial waiver for the lockdown period. They also introduced temporary salary cuts and reduced overhead costs.

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Fiat Chrysler partners with Wipro to set up its first global digital hub in India

Wipro Limited has been chosen as a strategic technology services partner by Fiat Chrysler Automobiles (FCA) to establish its first global digital hub in Hyderabad. This digital hub, called FCA ICT India, will support FCA’s Information and Communication Technology operations to focus on delivering premium mobility services. Wipro will source and build a talent pool of more than 1,000 skilled consultants and technologists for FCA ICT India.

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Indian exports rise marginally to $27.15 billion in December

According to latest government data, India’s exports rose marginally to $27.15 billion (~Rs 1.98 lakh crore) in December 2020. Imports have surged 7.56% YoY to $42.59 billion (~Rs 3.13 lakh crore). The trade deficit for December increased by 23.66% YoY to $15.44 billion (~Rs 1.12 lakh crore). Prahalathan Iyer, Chief General Manager of India EXIM (Export-Import) Bank, stated that the trade data for December gives positive hopes with both exports and imports showing growth. Notably, the export growth of non-petroleum and non-jewellery was positive at 5.5%, indicating pick up in manufacturing activity in the country.

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CEAT to supply tyres to Royal Enfield for its 650cc Interceptor range

CEAT Limited announced that it will supply its Zoom Cruz tyres to bike maker Royal Enfield for its 650cc Interceptor range. With Zoom Cruz tyres, CEAT marks its entry in the 650cc segment for the two-wheeler and twin-engine cylindrical motorcycles segment. CEAT has associated with Royal Enfield in the past by supplying tyres for Royal Enfield Bullet, Classic, and Himalayan. The company is the first Indian manufacturer to supply tyres as original fitment for the Interceptor 650cc range.

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Maruti Suzuki launches online finance platform in Arena dealerships across 30 cities

Maruti Suzuki India Ltd has announced the launch of their online financing platform, Smart Finance, for Maruti Suzuki ARENA customers. Smart Finance offers customers a one-stop solution for all vehicle finance needs. The services include the option to choose among a wide range of finance products based on customer needs, selecting the best-suited loan product, and completion of all finance-related formalities. The platform will be available in over 30 cities in India.

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Hathway Cable Q3 Results: Net profit declines 6.96% YoY to Rs 62 crore

Hathway Cables & Datacom Ltd reported a 6.96% YoY decline in consolidated net profit to Rs 62.56 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 67.24 crore in the corresponding period in FY20. Its revenue declined by 1.9% YoY to Rs 442.25 crore in Q3 FY21. 

ABB India partners with Surat Municipal Corporation for optimizing water system

ABB India Ltd has partnered with the Surat Municipal Corporation (SMC) to roll out next-generation technology for delivering continuous water supply across the city. The new infrastructure will enable over 10 lakh residents to access a safe and reliable water supply in line with the government’s Smart Cities Mission. ABB said that the latest investments follow the success of Phase-1 digitalisation upgrade of the city’s water system, which took place in 2018.

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NTPC completes trial run of Unit-2 of 660 MW Meja Thermal Power Project

NTPC Limited announced that Unit-2 of 660 megawatt (MW) capacity of Meja Thermal Power Project of Meja Urja Nigam Pvt Ltd (MUNPL) has successfully completed trial operation. The total installed capacity of MUNPL and NTPC has become 1,320 MW and 63,635 MW, respectively. MUNPL is a joint venture between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam, an electricity generation company under the UP Govt.

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Trident receives European patent for ‘Fabric & Method of Manufacturing Fabric’

Trident Limited has been granted a patent for “Fabric and Method of Manufacturing Fabric” by the European Patent office. The present invention comprises a method of producing fabric by subjecting it to a special treatment, thereby obtaining increased air space. This will help the company to deliver its special soft towels in the European market, without using chemical-based fibres.

Read more here.

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Hero MotoCorp to Sell Harley-Davidson Motorcycles in India – Top Indian Market News

Hero MotoCorp to sell and service Harley-Davidson motorcycles in India

Hero MotoCorp Ltd. has signed an agreement with Harley-Davidson Inc. to develop and sell premium motorcycles in India, under the Harley brand name. According to the distribution agreement, Hero will also sell the accessories, parts, and merchandise of the US-based motorcycle maker. This would allow Harley Davidson to retain its operations in India.

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Tata Motors Q2 Results: Net Loss increases to Rs 307 crore

Tata Motors Ltd. reported a consolidated net loss of Rs 307.3 crore, for the quarter ended September (Q2). The company’s total revenue from operations declined by 18.19% to Rs 53,530 crore, during the same period. The company has now reported a net loss for three quarters in a row. The share price of Tata Motors saw a rise of 2.21%, and closed at Rs 136.65 on the NSE today.

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TCS partners with Equinor for digital transformation

Tata Consultancy Services (TCS) has been selected as a strategic partner by Equinor, a Norway-based global energy company. The partnership will help to accelerate Equinor’s vision of becoming a digital energy company. TCS will use its expertise and technology framework to help Equinor achieve its growth and transformation objectives.

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Bharti Airtel reports net loss of Rs 763 crore in Q2

Bharti Airtel Limited has reported a consolidated net loss of Rs 763 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 22% year-on-year (YoY) to Rs 25,785 crore, during the same period. The share price of Bharti Airtel fell by 0.17%, and closed at Rs 433.30 on the NSE today.

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HCL Tech completes acquisition of Cisco’s SON platform

HCL Technologies Limited has completed the acquisition of Cisco’s Self Optimization Network (SON) technology. The cost of the acquisition has been estimated at $49 million (~Rs 361 crores). The Cisco SON platform will help HCL to meet the needs of its customers in the telecommunications industry.

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Angel Broking reports Profit after Tax at Rs 74.6 crore in Q2

Angel Broking has reported its highest-ever quarterly profit after tax (PAT) at Rs 74.6 crore, for the quarter ended September (Q2). The total income has increased by 29% quarter-on-quarter (QoQ) to Rs 317.9 crore. The Board of Directors of Angel Broking has approved an interim dividend of Rs 4.15 per share.

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Tech Mahindra acquires Momenton and Tenzing to boost financial services business

IT major Tech Mahindra, on Tuesday, said it has acquired Australian-based Mementon, a digital enterprise technology firm, for Rs 75 crore. The IT company has also acquired New Zealand-based Tenzing Ltd., which is a technology consulting company, for Rs 217.3 crore. The two companies will help Tech Mahindra to further strengthen its financial services position in the Australia-New Zealand (ANZ) market.

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Amara Raja Batteries Q2 Results: Net Profit falls 8% YoY to Rs 201 crore

Amara Raja Batteries Limited has reported an 8% year-on-year (YoY) decline in net profit to Rs 201 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 14% to Rs 1,936 crore, during the same period. The share price of Amara Raja Batteries saw a rise of 3.38%, and closed at Rs 786 on the NSE today.

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Ceat Limited Q2 Results: Net Profit jumps four-fold to Rs 182 crore

Ceat Limited, on Tuesday, reported a four-fold increase in net profit to Rs 182.18 crore, for the quarter ended September (Q2). The tire manufacturing company’s revenue from operations increased by 16.96% to Rs 1,978.47 crore, during the same period. The share price of Ceat Ltd. saw a rise of 1.19%, and closed at Rs 1,142 on the NSE today.

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Patel Engineering gets Rs 1,564 crore order to build hydro project in Arunachal Pradesh

Patel Engineering Limited has received an order worth Rs 1,564.42 crore to build the 2,000 MW (megawatt) Subansiri Lower Hydro Electric Project in Arunachal Pradesh. The company has stated that this would be the largest hydro power generation project in India. The project is located at Kolaptukar village, in Kamle district of Arunachal Pradesh.

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