century textiles Archives

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

Dabur Q2 Results: Net profit falls 2.8% YoY to ₹490 crore

Dabur Ltd reported a 2.85% year-on-year (YoY) decline in consolidated net profit to ₹490.86 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹2,986.49 crore during the same period. The company’s total expenses stood at ₹2,471.28 crore in Q2, up 8.94% YoY. Dabur India’s board has declared an interim dividend of ₹2.5 per share.

The FMCG major will acquire a 51% stake in Badshah Masala Pvt. Ltd for ₹587.52 crore. Badshah Masala manufactures, markets, and exports ground spices, blended spices, and seasonings.

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Hero MotoCorp partners with Terrafirma Motors to enter Philippines market

Hero MotoCorp announced plans to enter the Philippines, for which it has partnered with Terrafirma Motors Corp (TMC) for the assembly and distribution of its vehicles. TMC will set up an assembly facility of 29,000 sq. metres in its existing principal manufacturing facility in Laguna City. It will start operations in the second half of FY24.

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Gland Pharma Q2 Results: Net profit falls 20% YoY to ₹241 crore

Gland Pharma Ltd reported a 20.14% YoY decline in consolidated net profit to ₹241.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 3.33% YoY to ₹1,044.4 crore during the same period. The pharma company’s revenue from the Indian market fell 42% YoY to ₹72.6 crore in Q2.

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Ahluwalia Contracts secures orders worth ₹103 crores

Ahluwalia Contracts (India) Ltd has secured an order worth ₹60 for construction work of Amity Campus Hyderabad (Telangana) from Ritnand Salved Education Foundations. The company has secured another order worth ₹43 crore for the civil, structural, and external development work of a hospital from Muthoot Hospital Pvt. Ltd. The total order inflow during the current financial year (FY23) stands at ₹3,114.72 crore.

Century Textiles Q2 Results: Net profit rises 60% YoY to ₹70 crore

Century Textiles & Industries Ltd reported a 69.38% YoY increase in consolidated net profit to ₹69.97 crore for the quarter ended Sept (Q2 FY23). Its total income grew 20% YoY to ₹1,242.11 crore during the same period. Total expenses stood at ₹1,125.25 crore in Q2, up 15.75% YoY.

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Zydus Lifesciences gets USFDA approval to market generic Micafungin injection

Zydus Lifesciences has received final approval from the US Food & Drug Administration to market its generic Micafungin injection. The drug is also used to prevent fungal infections in patients who are having a stem cell transplant. It will be produced at the pharma company’s injectable manufacturing facility at Jarod, near Vadodara.

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Tata Power Solar Systems launches off-grid solar solutions in three states

Tata Power Solar Systems Ltd (TPSSL) announced the launch of cost-efficient solar off-grid solutions in West Bengal, Bihar, and Jharkhand. The off-grid solutions provide a combination of high-efficient solar modules, inverters, and batteries. They are engineered to provide an efficient integrated power system to consumers for their power backup requirements during grid supply shortages.

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Ramkrishna Forgings Q2 Results: Net profit rises 27% YoY to ₹64 crore

Ramkrishna Forgings Ltd reported a 27% YoY increase in net profit to ₹64 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31.7% YoY to ₹762.55 crore during the same period. Overall capacity utilization stood at 82.24% in Q2. The company will raise around ₹100 crore through the preferential issue of convertible warrants. The proceeds will be utilised to reduce debt.

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ZEEL, Sony agree to sell 3 Hindi channels to address anti-competition concerns

Zee Entertainment Enterprises Ltd (ZEEL) and Sony India have voluntarily agreed to sell three Hindi channels (Big Magic, Zee Action, and Zee Classic) to address possible anti-competition concerns arising out of their proposed merger. They submitted their merger proposal to the Competition Commission of India (CCI), which cleared the deal subject to certain modifications on Oct. 4. To learn more about the ZEEL-Sony merger, click here.

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SBI to provide $1 billion credit line to Sri Lanka

The Finance Ministry said the State Bank of India (SBI) will provide a $1 billion (~Rs 7,593 crore) credit facility to Sri Lanka for the procurement of food, medicines, and other essential items. Earlier, the Export-Import Bank of India extended a line of credit of $500 million for financing the purchase of petroleum products to Sri Lanka, which is facing a financial crisis.

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IndiGo CEO urges govt to bring ATF under GST amid massive price hikes

The price of aviation turbine fuel (ATF) has increased by 50% since January, and the situation has adversely impacted IndiGo. The airline’s CEO, Ronojoy Dutta, has urged the government to bring ATF under Goods & Service Tax (GST) and make flying affordable for consumers and viable for airlines. Following Russia’s invasion of Ukraine, oil prices have skyrocketed. It has surged ~35% in March alone.

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Happiest Minds Tech partners with OutSystems

Happiest Minds Technologies Ltd has announced a strategic partnership with OutSystems, a software firm in the low-code application development market. They plan to transform how enterprise software is delivered to customers. The partnership will add a low-code platform to Happiest Minds’ portfolio. It will enable companies to develop, deploy, and manage omnichannel enterprise applications that run in the cloud or hybrid environments.

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Adani Power completes acquisition of Essar’s 1,200 MW Mahan project

Adani Power has completed the acquisition of Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The cost of acquiring the project is ~Rs 4,250 crore, including the estimated cost of compliance with environmental and emission norms. Essar Power MP is currently undergoing insolvency resolution under the Insolvency and Bankruptcy Code (IBC).

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Bombay HC directs MBC to transfer Worli plot title to Century Textiles

The Bombay High Court has directed the Brihanmumbai Municipal Corporation (BMC) to transfer the title of a six-acre plot in Worli locality to Century Textiles & Industries within eight weeks. The textiles-to-realty company had approached BMC in March 2014, seeking to execute a formal deed of conveyance for the land as it houses a residential colony of its employees.

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Reliance, Ola Electric, others to get incentives under $2,4 billion battery scheme: Report

As per a Reuters report, Reliance Industries and Ola Electric have won bids to receive incentives under India’s $2.4 billion battery program. Last year, the government finalized a Production Linked Incentive (PLI) scheme to boost the local manufacturing of battery cells. India is looking to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonization goals.

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Maruti Suzuki initiates 7th round of MAIL initiative

Maruti Suzuki India Ltd (MSIL) has announced the seventh round of its ‘Mobility & Automobile Innovation Lab’ (MAIL) initiative. It has invited early-stage startups that offer solutions in the technology, mobility, and automobile space to apply for Cohort 7 of its (MAIL) program. The winning startups will get an opportunity to undertake a paid Proof-of-Concept (PoC) with MSIL.

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Groww in talks with Federal Bank for neo-banking vertical: Report

Investment platform Groww is reportedly working on its neo-banking plans to offer its customers the option of having a bank account. The company is in talks with Federal Bank to serve as its backbone. If the integration goes through, Groww will be Federal Bank’s third bet in the neo-banking space after Jupiter and Fi. The bank is widening its digital presence across India through these partnerships.

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HDFC Capital to acquire 7.2% stake in realty start-up Loyalie for Rs 1.1 crore

HDFC Capital Advisors Limited (HCAL) has entered into a share subscription agreement to acquire ~3.90 lakh equity shares of Loyalie IT-Solutions Pvt Ltd for Rs 1.1 crore. Post allotment, the deal will entitle HCAL to around 7.20% of the equity share capital of Loyalie. HCAL, a real estate private equity investment manager, is a 100% subsidiary of HDFC Ltd.

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Cochin Shipyard to build Beagle class dredger for DCI

The Dredging Corporation of India (DCI) signed a shipbuilding agreement with Cochin Shipyard Limited (CSL). As per the agreement, CSL will build the first-of-its-kind Beagle-12 trailing suction hopper dredger of 12,000 cubic-metre capacity for DCI. The dredger will be built as part of India’s ‘Atmanirbhar Bharat’ initiative.

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PVR opens 6-screen multiplex in Punjab

PVR Limited has opened a six-screen multiplex (PVR Friends Cinema) in Jalandhar, Punjab. The auditoriums are powered with 2K RGB+ laser projectors. With this launch, PVR now operates the largest multiplex network with 866 screens at 180 properties in 73 cities (India and Sri Lanka).

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