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Axis Bank Posts 40% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 40% YoY to ₹5,797 crore

Axis Bank reported a 40% year-on-year (YoY) increase in consolidated net profit of ₹5,797 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 27% YoY to ₹11,959 crore during the same period. The bank’s operating profit grew 50% YoY to ₹8,814 crore. The gross non-performing assets (GNPA) ratio declined by 80 basis points to 1.96% in Q1 FY24.

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M&M acquires 3.53% stake in RBL Bank for ₹417 crore

Mahindra & Mahindra has acquired a 3.53% stake in RBL Bank Ltd for ₹417 crore. The automaker said it will consider further investment subject to regulatory approval and required procedures, but won’t acquire more than a 9.9% stake. While the exact date of the transaction remains unclear, RBL Bank had not mentioned M&M in its June shareholding data.

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Tech Mahindra Q1 Results: Net profit falls 39% YoY to ₹693 crore

Tech Mahindra reported a 39% YoY decline in consolidated net profit to ₹693 crore for the quarter ended June (Q1 FY24); missing street estimates. Its consolidated revenue rose 4% YoY to ₹13,159 crore during the same period. EBITDA fell 29% YoY to ₹1,338 crore in Q1. The new deal wins in the June quarter more than halved to $359 million.

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Embassy Office Parks REIT expects to lease 6 million sq ft of office space in FY24

Embassy Office Parks REIT expects to lease 6 million sq. ft. of office space in FY24, despite global financial turmoil and corporates reassessing their real estate portfolio. The company leased 1.1 million sq. ft. across 22 deals, encompassing 4 lakh sq. ft. of new leases and pre-leasing of 4.48 lakh sq. ft., at premium rates to market rents. In Q1 FY24, Embassy REIT achieved a net operating income (NOI) of ₹738 crores, marking a 9% YoY growth.

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Cipla Q1 Results: Net profit rises 45% YoY to ₹996 crore

Cipla Ltd reported a 45% YoY increase in consolidated net profit to ₹996 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations stood at ₹6,329 crore during the same period, up 18% YoY. EBITDA grew 31% YoY to ₹1,494.02 crore in Q1. The 12% growth in its Indian business was led by growth across branded prescription, trade generics, and consumer health.

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BHEL synchronises 660 MW Unit-2 of Maitree thermal power project

Bharat Heavy Electricals Ltd has synchronised 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh. Synchronisation of a thermal power plant means the beginning of electricity supply through the main grid at prescribed parameters. Maitree STPP is being set up by BHEL for the Bangladesh-India Friendship Power Company (BIFPCL).

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Dr Reddy’s Labs Q1 Results: Net profit rises 18% to ₹1,405 crore

Dr Reddy’s Labs reported an 18.2% YoY increase in consolidated net profit to ₹1,405 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations rose 29% YoY to ₹6,758 crore during the same period. The growth in the consolidated revenue of Dr Reddy’s was primarily on account of new product launches, continued momentum in existing products, and favourable forex rates movement.

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Shree Cement to invest ₹7,000 crore on capacity expansion

Shree Cement said it will invest ₹7,000 crore for capacity expansion in the next phase of capacity augmentation. The company will invest in setting up a clinker capacity of 3.65 million tonnes in Pali, Rajasthan. It will also invest in a cement capacity of 6 million tonnes at Pali, Rajasthan and Etah, Uttar Pradesh.

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Tata Consumer Q1 Results: Net profit rises 30% YoY to ₹359 crore

Tata Consumer Products Ltd reported a 30% YoY increase in consolidated net profit to ₹359  crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 12% YoY to ₹3,741 crore during the same period.  The revenue growth is mainly driven by a strong 16% uptick in India Business, 3% in international business, and 5% in non-branded business. EBITDA stood at ₹547 crore in Q1, up 19% YoY.

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Tata Motors to convert DVR shares to ordinary shares

The board of Tata Motors approved the cancellation of its entire DVR or ‘A’ ordinary shares. Holders of the DVR will get seven ordinary shares for every 10 DVRs held. This marks a premium of 23% over the previous day’s close of the DVR shares and a 30% discount to Tata Motors’ ordinary shares. The proposed scheme to cancel DVR shares will lead to a reduction in Tata Motor’s outstanding equity shares by 4.2%.

To learn more about DVR shares, click here.

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Bajaj Finance Q1 Results: Net profit rises 32% YoY to ₹3,437 crore

Bajaj Finance reported a 32.4% YoY increase in consolidated net profit to ₹3,437 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 35% YoY to ₹12,498 crore during the same period. Net interest income (NII) for the quarter increased by 26% YoY to ₹8,398 crore. The company’s assets under management (AUM) as of June 30 stood at ₹2.70 lakh crore, up 32% from the year-ago period.

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Indian Oil Corp to Consider Fundraising via Rights Issue – Top Indian Market Updates

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

Indian Oil board to consider fundraising via rights issue

Indian Oil Corporation Ltd’s (IOCL) board of directors will consider fundraising plans through a rights issue of equity shares.  The proposed rights issue is seen as strengthening its capex spending and the credibility of its emission-reduction plans. IOC’s rights issue, if considered, will be subject to various statutory approvals as may be required.

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Olectra Greentech receives electric bus order worth Rs 10,000 crore

A consortium of Olectra Greentech and Evey Trans Private Ltd secured a Letter of Intent for supplying electric buses from Maharashtra State Road Transport Corporation (MSRTC). The order involves the supply, operation and maintenance of 5,150 electric buses. The value of the supply is approximately ₹10,000 crore for Olectra, and the nature of the contract is a ‘Gross Cost Contract’ basis. The contract period is 12 years.

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Samvardhana Motherson to acquire 100% stake in Rollon Hydraulics for Rs 103 crore

Samvardhana Motherson International Ltd (SAMIL) will acquire a 100% stake in Rollon Hydraulics Private Ltd for ₹103 crore. Rollon is engaged in manufacturing, assembly, and supply of high precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off-highway segment from its two facilities based out of Bengaluru. The target business will be housed under SAMIL’s precision metals and modules division.

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TVS Motor launches modern-retro motorcycle TVS RONIN in Indonesia

TVS Motor Company Ltd has entered into the premium lifestyle segment with the launch of TVS RONIN for its customers in Indonesia. TVS RONIN is the first ‘modern-retro’ motorcycle from TVS Motor Company. It will be available in Indonesia in two variants — TVS RONIN SS (single tone single channel ABS), and TVS RONIN TD (Triple tone dual channel ABS). It will be available in select TVS Motor outlets across the country starting July 2023.

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Cipla’s US subsidiary recalls some of its inhalers due to container defect

Cipla’s subsidiary Cipla USA has made a voluntary nationwide recall of six batches of its inhaler Albuterol Sulfated. The company recalled it due to a container defect by Cipla USA. The recalled batches were manufactured in November 2021 with an expiry date of November 2023. Cipla made the recall after a market complaint on one of the inhalers, where leakage was observed through the inhaler valve.

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RIL, Adani Total Gas planning plants for compressed biogas

Reliance Industries (RIL) and Adani Total Gas (ATGL) are planning to set up 10 compressed biogas (CBG) plants each, across the country. These plants will be of up to 30 million tonnes per annum capacity. Five plants will be set in the next five years. The rest would come up later. The companies would invest up to ₹2500 crore each in setting up these plants.

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Intellect Design Arena loses contract with government e-marketplace

Intellect Design Arena’s contract with the Government e-Marketplace (GeM) got terminated due to lower prices quoted by competitors. Since 2017, Intellect Design Arena has been helping the government develop the GeM platform, which is critical for all public procurements of goods and services by the Central government departments and ministries. The competitor quoted nearly 48% lower than the indicative pricing by the Government.

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Defence Ministry to procure 2 upgraded Dornier aircraft from HAL for Rs 459 crore

The Ministry of Defence (MoD) and Hindustan Aeronautics Ltd (HAL) have signed a contract for the procurement of two Dornier aircraft for the Indian Coast Guard (ICG) for ₹458.87 crore. The contract includes an associated engineering support package and the aircraft will be procured under the Buy Indian Category. The aircraft will be fitted with several advanced equipment, namely a glass cockpit, maritime patrol radar, electro-optic infra-red device, and mission management system, among others.

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Jaiprakash Associates defaults on Rs 4,044 crore loans

Jaiprakash Associates has defaulted on loans worth ₹4,044 crore, including principal and interest. The company on June 30th defaulted on repayments of a principal amount of ₹1,660 crore and interest of ₹2,384 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).

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Viacom18 acquires media rights of USA’s Major League Cricket tournament

Reliance’s Viacom18’s sports network and Major League Cricket (MLC) have inked a media rights agreement that would see the tournament’s debut edition airing exclusively on the company’s Sports18 channel and the JioCinema app in India. The event will start on July 13, when the Texas Super Kings play the Los Angeles Knight Riders at Grand Prairie Stadium outside of Dallas, Texas.

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Reliance Retail board approves equity capital reduction plan

RlL’s subsidiary Reliance Retail Ltd’s board of directors has approved a proposal to reduce the equity share capital. Also, the company will pay ₹1,362 per share, determined based on the valuation obtained from two reputed independent registered valuers, which will be paid towards the capital reduction. Upon reduction, Reliance Retail shares held by such shareholders will stand cancelled and extinguished.

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Tata Motors’ Net Profit at Rs 5,408Cr in Q4 – Top Indian Market Updates

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

Tata Motors Q4 Results: Net profit jumps to Rs 5,408 crore

Tata Motors Ltd reported a net profit of Rs 5,408 crore for the quarter ended March 2023 (Q4 FY23), compared to a loss of Rs 1,032 crore in Q4 FY22. Its consolidated revenue jumped 35% YoY to Rs 1,05,932 crore during the same quarter. Net profit also rose 83% compared to Q3 FY22. The company’s board has recommended a dividend of Rs 2 per equity share and Rs 2.1 per DVR share.

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India’s retail inflation falls to 4.7%

India’s retail inflation, measured by the consumer price index (CPI), fell to 4.70% in April, which is below the Reserve Bank of India’s upper limit of 6%. This was due to a decline in food prices. The country’s headline inflation has remained within the RBI’s target range for two consecutive months. The consumer food price index also declined from 4.79% in March to 3.84% in April.

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HDFC looks to sell Rs 2,000 crore stressed developer loans

HDFC is in negotiations with asset reconstruction companies to sell stressed loans worth around ₹2,000 crore to developers before its merger with HDFC Bank. These loans, held by 7-8 accounts, include advances to local owners of Radisson Blu properties. HDFC is currently in negotiations with consulting firm Alvarez & Marsal to actively seek potential buyers.

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Cipla Q4 Results: Net profit jumps 45% YoY to Rs 526 crore

Cipla reported a 45% YoY increase in consolidated net profit to Rs 526 crore for Q4 FY23. Its operating revenue rose 9% YoY to Rs 5,739 crore during the same quarter. EBITDA also rose 54% YoY to Rs 1,174 crore. The company’s board has recommended a final dividend of Rs 8.5 per equity share.

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Tata Power subsidiary TP Saurya to set up 200 Megawatt solar project in Rajasthan

TP Saurya Ltd. (TPSL) has signed a Power Purchase Agreement (PPA) with Tata Power Trading Company Ltd. (TPTCL) to set up a 200 MW solar power plant in Bikaner, Rajasthan. The solar plant is scheduled to be commissioned in March 202 and will supply 485 million units of energy annually, connected to the Central Transmission Utility Bus. The PPA will be valid for 25 years.

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Foreign exchange reserves jump by $7.2 bn to $595.98 billion

India’s foreign exchange reserves rose by $7.196 billion to $595.976 billion in the week ending May 5. The previous reporting week had seen a decline of $4.532 billion to $588.78 billion. Foreign currency assets increased by $6.536 billion to $526.021 billion, while gold reserves rose by $659 million to $46.315 billion.

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Vedanta Q4 Results: Net profit falls 68% YoY to Rs 1,881 crore

Vedanta reported a 68% YoY decline in net profit to Rs 1,881 crore for Q4 FY23. The company’s operating revenue fell 5.4% YoY to Rs 37,225 crore during the same quarter. However, EBITDA stood at Rs 9,362 crore, up 32% from Q3FY23. The company’s board has declared a dividend of Rs 33 per equity share.

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Tata Steel Mining signs pact to get LNG for Odisha plant from BPCL

Tata Steel Mining Ltd (TSML) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd (BPCL) to ensure a long-term supply of liquefied natural gas (LNG) for its ferroalloys plant in Jajpur, Odisha. Under the agreement, BPCL will supply the required amount of natural gas through its pipeline to the plant.

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Ambuja Cements places order for capacity expansion

Ambuja Cements plans to expand its clinker capacity by 8 million tonnes at its Bhatapara and Maratha units. The projects are expected to be completed in approx 24 months and will be funded through internal accruals. This expansion is part of Ambuja Cement’s strategy to double its production capacity over the next five years, aiming to increase it from the current capacity of 67.5 million tonnes per annum (MTPA).

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HAL Q4 Results: Net profit falls 9% YoY to Rs 2,831 crore

Hindustan Aeronautics Ltd (HAL) reported a 9% YoY fall in consolidated net profit to Rs 2,831 crore for Q4 FY23. Its operating revenue rose 8% YoY to Rs 12,494 crore during the same quarter. EBITDA stood at Rs 3,242 crore, up 29% YoY from Q4 FY22. The state-owned defence major’s expenses rose 9% YoY to Rs 10,360 crore.

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Automobile sales grow in double digits in April: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), 3,31,278 passenger vehicles were dispatched from factories to dealerships in April, up 12.9% from 293,303 units sold in April 2022. Sales of three-wheelers more than doubled to 42,885 units, while two-wheeler sales rose by 15.1% to 1,338,588 units in April.

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Torrent Power incorporates wholly-owned subsidiary TU14 to carry biz in power sector

Torrent Power has established a wholly-owned subsidiary called Torrent Urja 14 Pvt Ltd (TU14) to engage in various businesses related to power, including generation, transmission, distribution, and trading. However, it has not yet commenced its business operations. The authorized and paid-up share capital of TU14 is Rs 1 lakh, and Torrent Power holds 100% equity in the subsidiary.

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Industrial production growth declines to 1.1% in March

The Index of Industrial Production (IIP) in India grew by 1.1% in March. This is a slowdown from the 5.6% growth observed in February. For FY23, the IIP increased by 5.1%, a significant decline compared to the 11.4% growth in the previous year. In March 2023, the manufacturing sector’s output saw a modest growth of 0.5%, while mining output rose by 6.8%. However, power output declined by 1.6% in the same month.

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Adani Enterprises FPO Fully Subscribed on Final Day – Top Indian Market Updates

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

Adani Enterprises FPO fully subscribed on final day

The follow-on public offering (FPO) of Adani Enterprises Ltd secured bids for 50.85 million shares against an offer size of 45.5 million shares (representing a 1.12 times subscription) on the final day of bidding. Non-institutional investors (NIIs) put in bids for over three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. The FPO received a muted response from retail investors.

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India’s GDP growth to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government, India’s economic growth is forecast to be 6.5% in FY24, compared to 7% in the current financial year (FY23). The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, IMF, and RBI. Meanwhile, the govt has achieved 48% of its disinvestment target of ₹65,000 crore for FY23 as of Jan 18.

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IOCL Q3 Results: Net profit falls 92% YoY to ₹442 crore

Indian Oil Corporation Ltd (IOCL) reported a 92% YoY decline in net profit to ₹442 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 22.7% YoY to ₹2.04 lakh crore during the same period. Total expenses increased 20.18% YoY to ₹2.29 lakh crore in Q3. Domestic sales volume rose by 10.22% YoY to 23.17 million metric tonnes (MMT), while export sales fell 27.71% YoY to 1.135 MMT.

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Lupin gets tentative USFDA approval for DETAF tablets

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its new drug application Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets. DETAF is used to manage HIV infections and will be available for supplies to low and middle-income countries. The product will be manufactured at Lupin’s facility in Nagpur. 

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UPL Q3 Results: Net profit rises 16% YoY to ₹1,087 crore

UPL Limited reported a 16% YoY decline in consolidated net profit to ₹1,087 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 21% YoY to ₹13,679 crore during the same period. EBITDA stood at ₹3,305 crore in Q3, up 14% YoY. In India, UPL saw healthy growth driven by strong traction in its seeds business, while the crop protection business saw flat growth.

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Godrej Properties buys 89-acre land parcel in Khalapur

Godrej Properties Ltd has entered into an agreement for the outright purchase of an 89-acre land parcel in the Khalapur locality of Maharashtra’s Raigad district. The plot is estimated to have a development potential of around 1.9 million sq ft of saleable area consisting primarily of residential plotted development. It is in proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune.

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Sun Pharma Q3 Results: Net profit rises 5% YoY to ₹2,166 crore

Sun Pharmaceutical Industries Ltd reported a 5% YoY increase in consolidated net profit to ₹2,166 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 14% YoY to ₹11,241 crore during the same period. Sun Pharma’s board has also declared an interim dividend of ₹7.50 per share. 

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Hindustan Zinc to invest $1 billion to replace diesel-run mining vehicles with EVs

Hindustan Zinc Ltd (HZL) will invest $1 billion to convert around 900 diesel-run mining vehicles into battery-operated ones over the next five years. The company is steadily switching to electric vehicles for its underground mine operations. With the help of Finnish technology company Normet Group Oy, HZL has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry.

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Godrej Consumer Q3 Results: Net profit rises 3.5% YoY to ₹546 crore

Godrej Consumer Products Ltd reported a 3.5% YoY increase in consolidated net profit to ₹546.34 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 9% YoY to ₹3,598.92 crore during the same period. Its India business sales grew by 11% YoY to ₹1,975 crore and volumes rose 3% YoY. 

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Income Tax Department conducts survey action against Cipla: Report

As per a CNBC-TV18 report, the Income Tax Department has carried out a survey action against drug major Cipla Ltd. The department is conducting the surprise action to check the balance sheets and other business documents of the pharma company as part of an alleged tax evasion investigation. 

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India’s core sector growth at 3-month high of 7.4% in Dec

Production of eight infrastructure sectors rose at a three-month high of 7.4% in December 2022, compared to 4.1% in Dec 2021. The production of coal rose by 11.5%, fertiliser by 7.3%, steel by 9.2%, and electricity by 10% in Dec 2022 compared to a year ago. Crude oil production declined by 1.2% YoY in December 2022.

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IndusInd Bank’s Profit Rises 58% YoY in Q3 – Top Indian Market Updates

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

IndusInd Bank Q3 Results: Net profit rises 58% YoY to ₹1,963 crore

IndusInd Bank reported a 58% year-on-year (YoY) increase in net profit to ₹1,963.64 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 18% YoY to ₹4,495 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.48% in Q3 FY22 to 2.06% in Q3 FY23. The bank’s provisions declined 36% YoY to ₹1,065 crore in Q3 FY23.

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AGEL subsidiary to acquire 50% stake in Essel Saurya Urja Company of Rajasthan

Adani Renewable Energy Holding Two Ltd will acquire a 50% equity stake in Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL) from Essel Infraprojects for ₹15 crore. The Government of Rajasthan will continue to hold the remaining 50% stake in ESUCRL. ESUCRL owns and operates a solar park with 750 megawatts (MW) capacity in Rajasthan.

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Persistent Systems Q3 Results: Net profit rises 35% YoY to ₹238 crore

Persistent Systems Ltd reported a 35% YoY increase in net profit to ₹237.9 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 45.4% YoY to ₹2,169.3 crore during the same period. Total expenses stood at ₹1,849.6 crore in Q3, up 43.83% YoY. The IT firm’s board has approved an interim dividend of ₹28 per share.

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Hindalco Industries looking to raise ₹700 crore via NCDs

Hindalco Industries Ltd announced the public issue of non-convertible debentures (NCDs) worth ₹700 crore. The company will allot 70,000 rated, listed, unsecured, redeemable, NCDs of ₹1 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Rallis India Q3 Results: Net profit falls 43% YoY to ₹22.6 crore

Rallis India reported a 43% YoY decline in net profit to ₹22.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 0.4% YoY to ₹630.9 crore during the same period. EBITDA fell nearly 21% YoY to ₹53.3 crore in Q3. Tata Group-owned Rallis India is a chemical manufacturing company. 

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Cipla launches testing device for non-communicable and infectious diseases

Cipla Ltd announced the launch of Cippoint, a point-of-care testing device that offers a wide range of testing parameters such as diabetes, thyroid function, cardiac markers, and other health conditions. The device will allow healthcare professionals to get test results in 3-15 minutes. With the launch, the pharma company looks to bridge the current gap in the diagnostic ecosystem in India by providing reliable and accurate tests at affordable prices. 

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RVNL emerges as lowest bidder for 2 projects

The consortium of Rail Vikas Nigam Ltd (RVNL) and Siemens India has emerged as the lowest bidders for two projects. RVNL will supply, test, and commission the power supply receiving & distribution system for Surat Metro Rail Project Phase-I. The consortium also emerged as the lowest bidder for similar work for Ahmedabad Metro Rail Project Phase-II. The cost of the first project would be ₹673.80 crore, and the second project ₹384.30 crore.

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Jubilant FoodWorks brings US chicken brand Popeyes to Chennai

Jubilant FoodWorks Ltd has opened its first restaurant of the American fried chicken brand Popeyes in Chennai. The company inaugurated its first restaurant in Bengaluru, which was followed by rapid expansion to 12 restaurants across the city in less than a year. In Chennai, Popeyes would welcome guests at its first restaurant from January 20 onwards at the Phoenix Marketcity Mall. 

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India’s coal production target at more than 1 billion tonnes for FY24: Govt

The Central government has set a coal production target of more than one billion tonnes (BT) for the next financial year (FY24). State-owned Coal India Ltd (CIL) has been given the task to produce 780 million tonnes (MT) of coal, followed by 75 MT for Singareni Collieries Company Ltd (SCCL) and 162 MT for captive and commercial mines. A total of 290 mines are operational in CIL, out of which 97 mines produce more than 1 MT per year.

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EID Parry commissions 120 KLPD distillery at Andhra Pradesh unit

EID Parry (India) Ltd has commenced commercial operations at the new 120-kilo litre per day (KLPD) distillery at its sugar unit in Sankili, Andhra Pradesh. The company’s Sankili sugar unit has the flexibility to operate with multiple feedstocks— molasses, cane juice, and syrup/grain based. The Indian Government has announced an Ethanol Blending Program of 20% by 2025, and EID Parry intends to avail this opportunity by increasing its entry into Ethanol production.

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Banks Face a Highly Uncertain Outlook, Says RBI – Top Indian Market Updates

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

Banks face a highly uncertain outlook: RBI report

Indian banks may have weathered the pandemic with high capital buffers and improved asset quality, but going forward, they face a highly uncertain outlook, said the Reserve Bank of India in a report. The caution is on account of continuing geopolitical tensions, tighter monetary & liquidity conditions, and potential adverse spillover effects on profitability and asset quality, the report said.

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Maruti Suzuki gears up for record SUV production in FY24

Maruti Suzuki is aiming for record production for the next financial year (FY24) as it seeks to retail four SUV models, which would help the automaker gain back its market share further in the fastest-growing segment of the passenger car market. The company has asked its vendors to prepare to produce 2.5 million units of cars in FY24. The production target is likely to translate into a volume growth of more than 25%.

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Deepak Fertilisers’ revamp to help compartmentalise segments: MD Shailesh Mehta

Deepak Fertilisers & Petrochemicals expects its planned business restructuring to help compartmentalise its various segments like fertilisers, industrial chemicals, and mining services into separate entities. This move allows investors to track individual businesses easily and paves the way for raising funds and partnerships. The restructuring will also allow for dedicated management teams for all the businesses, said Managing Director Shailesh Mehta.

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Cipla’s higher automation spending to continue for 3 more years: CTO

Cipla Ltd expects elevated capital expenditure (capex) on automation to continue for three more years, said Chief Technological Officer Geena Malhotra. The company started its investment journey on the automation front two years ago and has already been recognised for its work by multiple bodies, she added. Cipla’s work on the automation side has helped the company save power, be more sustainable, and reduce greenhouse gas emissions.

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India plans $2 billion incentive for green hydrogen industry: Report

According to a Reuters report, India is planning a $2 billion incentive program for the green hydrogen industry to cut emissions and become a major export player in the field. The $2.2 billion incentive aims to reduce the production cost of green hydrogen by a fifth over the next five years. Indian companies such as Reliance Industries, Indian Oil Corp, NTPC, Adani Enterprises, and JSW Energy have big plans for green hydrogen. To learn more about green hydrogen in India, click here.

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Indowind Energy to allot 3.58 crore shares worth ₹43 crore under rights issue

Indowind Energy’s board has approved a rights issue of 3.58 crore equity shares for ₹43.07 crore. The right issue will open on January 27, 2023, and close on February 10, 2023. The record date for the issue will be January 13, 2023, to determine the names of the equity shareholders who would be eligible to receive the rights entitlement in the issue. Two equity shares will be allotted for every five shares held by the eligible equity shareholders.

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Reliance Jio launches 5G in Andhra Pradesh with ₹6,500 crore investment

Reliance Jio has launched its 5G services in Andhra Pradesh, starting with the cities of Tirumala, Visakhapatnam, Vijayawada & Guntur. Jio users in these cities will be invited to the Jio Welcome Offer from December 26 onwards. Apart from their existing investment of ₹26,000 crore, Jio has invested over ₹6,500 crore additionally for deploying its 5G network in the state.

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LIC Housing Finance hikes lending rate by 0.35%

Mortgage lender LIC Housing Finance Ltd. has hiked its lending rate by 0.35%. The minimum rate of interest will now get revised to 8.65% for the best-rated borrower. “The increase in rates is in tune with the market conditions,” said the company’s managing director and chief executive Y Viswanatha Gowd. He added that there is good sustenance in the home-buying activity in the real estate sector at present.

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Frauds fall nearly 50% at banks: RBI data

Instances of financial fraud are falling in the banking system as institutions have become more aware of the cyber threats, said an RBI report. According to data shared by the central bank, the quantum of frauds fell 46% YoY to ₹19,485 crore between April to September 2022. The number of fraud cases reported by private sector banks outnumbered those by public sector banks for the second consecutive year in FY22.

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Tata Group, SIA to Merge Air India With Vistara by 2024 – Top Indian Market Updates

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

Tata Group, SIA to merge Air India with Vistara by 2024

Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara. SIA will secure a 25.1% stake in the merged entity at an investment of ₹2,058.5 crore. This 25.1% stake will be in an enlarged Air India Group, which will have Air India, Vistara, AirAsia India, and Air India Express. The merger of all airlines is estimated to be completed by March 2024.

Read more here.

Britannia Industries to form JV with Bel SA

Britannia Industries Ltd has signed a joint venture (JV) agreement with France-based Bel SA and Britannia Dairy Pvt Ltd (BDPL) to develop, manufacture, and sell cheese products in India and other markets. As a part of the JV, Britannia Industries will sell a 49% stake in BDPL to Bel SA for ₹262 crore. It will then infuse an additional ₹215 crore in the joint venture.

Read more here.

Tata Motors partners with IndusInd Bank to boost EV adoption

Tata Motors has partnered with IndusInd Bank to offer exclusive electric vehicle (EV) financing to the automaker’s dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This move is part of Tata Motors’ mission to increase EV adoption in India. 

Read more here.

Cipla launches injection for prostate cancer in the US

Cipla Ltd announced the launch of Leuprolide Acetate Injection Depot in the US market. The drug is used to treat advanced prostate cancer. It is also indicated for endometriosis and is used with other medication to treat anemia caused by uterine fibroids. According to IQVIA data, LUPRON DEPOT had sales of approximately $197 million in the US for the 12 months ended September 2022.

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Gland Pharma acquires French CDMO Cenexi for €120 million

Gland Pharma’s Singapore subsidiary, Gland Pharma International PTE, will acquire France-based contract development & manufacturing organisation (CDMO) Cenexi Group for €120 million (~₹1,012 crore). The acquisition will give Gland Pharma a foothold in the European CDMO market. Cenexi has a presence across four manufacturing sites in Europe, which include three sites in France and one site in Belgium.

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ICICI Bank launches digital lending solution iLens

ICICI Bank announced the launch of a digital lending solution called ‘iLens’. It allows customers to secure housing loans digitally with hassle-free onboarding via paperless login, uploading documents, instant sanctions, and disbursement of loans. ICICI Bank Lending Solutions (iLens) is powered by the TCS Lending Platform. The bank also plans to offer personal loans, auto loans, and credit cards through this platform.

Read more here.

Lupin launches generic version of COPD treatment drug

Lupin Ltd announced the launch of a generic version of Formoterol Fumarate Inhalation Solution in the US market. The drug is used to treat chronic obstructive pulmonary disease (COPD). According to IQVIA MAT data, the product had estimated annual sales of $268 million for the 12 months ended Sept 2022.

Read more here.

Tech Mahindra signs pact with Axiata Group to develop 5G enterprise solutions

Tech Mahindra has signed a Memorandum of Understanding (MoU) with Axiata Group Berhad to co-develop and market 5G enterprise solutions across Malaysia, Sri Lanka, Bangladesh, Nepal, and Cambodia. The two entities aim to develop new-age and cost-effective 5G solutions across the manufacturing, oil & gas, and smart cities & services industries.

Read more here.

Biocon completes acquisition of Viatris’s biosimilar business

Biocon Biologics has completed the acquisition of the $3.34 billion Viatris’ global biosimilars business. The company has issued Compulsorily Convertible Preference Shares (CCPS) in the company valued at $1 billion (equivalent to an equity stake of ~12.9%) and made an upfront cash payment of $2 billion to Viatris. Biocon Biologics is a subsidiary of Biocon Ltd.

Read more here.

ONGC gas price to be capped at $6.5 for five years

A government-appointed gas price review panel has recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. Oil & Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum price of $4 per million British thermal units (Btu) and a ceiling price of $6.5 per million Btu, compared to the current rate of $8.57.

Read more here.

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ICICI Bank, Axis Bank to Acquire Stake in IOCL’s JV – Top Indian Market Updates

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

ICICI Bank, Axis Bank to acquire stake in IOCL’s JV

ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.

Read more here.

Tata Consumer to buy Bisleri International for ₹7,000Cr: Report

According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.

Read more here.

Canara Bank launches Electronic Bank Guarantee with NeSL

Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.

Read more here.

Bajaj Electricals partners with Cultinno to kick off innovation challenge

Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation

Read more here.

USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant

The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.

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Coal stock at thermal power plants may reach 45 MT by March-end

The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.

Read more here.

Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’

Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest. 

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Sonata Software secures multi-year deal from Global Cloud Xchange

Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.

Read more here.

L&T Construction secures order from Greenko Group

Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).

Read more here.

Laurus Labs to acquire 26% stake in Ethan Energy

Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.

FDI equity inflows fall 24% YoY in Q2: DPIIT

Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT). 

Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.

Read more here.

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IndiGo’s Net Loss Widens to ₹1,583Cr in Q2 – Top Indian Market Updates

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

IndiGo Q2 Results: Net loss widens to ₹1,583 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of ₹1,583 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,435.6 crore in Q2 FY22. The company’s revenue from operations rose 122.8% YoY to ₹12,496.6 crore in Q2 FY23. The number of passengers increased by 75.9% YoY to 1.97 crore. IndiGo’s passenger ticket revenues stood at ₹11,110.4 crore, an increase of 135.6%.

Read more here.

Maruti Suzuki lines up over ₹7,000 crore capex for current fiscal: CFO

Maruti Suzuki India Ltd plans to invest over ₹7,000 crore this year (FY23) on various initiatives, including the construction work of its new plant in Haryana and new model launches, said Chief Financial Officer (CFO) Ajay Seth. The new plant is expected to be operational by 2025, with an installed production capacity of 2.5 lakh units in the first phase. MSIL will also invest in other areas like research & development, regular maintenance, etc.

Read more here.

TVS Motor Company Q2 Results: Net profit rises 47% YoY to ₹407 crore

TVS Motor Company Ltd reported a 46.8% year-on-year (YoY) increase in net profit to ₹407.47 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28.4% YoY to ₹7,219.18 crore during the same period. The company posted total sales of 10.27 lakh units in Q2, up 12% YoY. Operating EBITDA grew 31% YoY to ₹737 crore in Q2.

Read more here.

Kalpataru Power secures orders worth ₹1,290 crore

Kalpataru Power Transmission Ltd (KPTL) has secured orders worth ₹1,290 crore across various business verticals. The transmission and distribution (T&D) orders will help the company consolidate its presence in key T&D markets like the Middle East and Latin America. KPTL’s total order intake year till date in FY23 is around ₹6,890 crore,

Read more here.

GAIL Q2 Results: Net profit falls 46% YoY to ₹1,537 crore

GAIL (India) Ltd reported a 46% YoY decline in net profit to ₹1,573.07 crore in Q2 FY23. The company had to slash petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies. Its revenue from operations rose 79% YoY to ₹38,390.89 crore during the same period. Profits from the gas transmission business also fell 32% YoY to ₹709.59 crore.

Read more here.

Lupin gets USFDA approval for generic oral contraceptive pill

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market Drospirenone tablets in the US market. The drug is used in birth control pills to prevent pregnancy and in menopausal hormone therapy. As per IQVIA MAT data, Drospirenone tablets had estimated annual sales of $141 million in the US market during the 12 months ended Sept 2022.

Read more here.

Titan Q2 Results: Net profit rises 34% YoY to ₹857 crore

Titan Company Ltd reported a 34% YoY increase in net profit to ₹857 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY to ₹8,730 crore during the same period. The jewellery business posted an 18% YoY growth in revenue to ₹7,2013 crore in Q2. Revenue from its watches & wearables segment stood at ₹829 crore, up 21% YoY.

Read more here.

India’s forex reserves record biggest weekly gains in more than a year

India’s foreign exchange (forex) reserves jumped to $531.081 billion in the week ending October 28, 2022, making it the biggest weekly gain in more than a year. All indicators in reserves witnessed an upside in the latest week with foreign currency assets outperforming. The forex reserves had fallen to their lowest level since July 2020 to $524.52 billion for the week ending Oct 21.

Read more here.

Cipla Q2 Results: Net profit rises 11% YoY to ₹789 crore

Cipla Ltd reported an 11% YoY increase in consolidated net profit to ₹788.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 5.57% YoY to ₹5,828.54 crore during the same period. Revenue from Cipla’s pharma segment stood at ₹5,690.68 crore in Q2, up 5.11% YoY.

Read more here.

Marico Q2 Results: Net profit falls 3% YoY to ₹301

Marico Ltd reported a 3% YoY decline in net profit to ₹301 crore in Q2 FY23. The FMCG company’s revenue from operations rose 3% YoY to ₹2,496 crore during the same period. EBITDA stood at ₹433 crore in Q2, up 2.4% YoY. Domestic revenues rose 1% YoY to ₹1,896 crore. Price hikes in hair oils and premium personal care portfolios were more than offset by price cuts in Parachute coconut oil and Saffola oils.

Read more here.

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Adani Group to Build 3 Giga Factories as Part of Green Energy Push – Top Indian Market Updates

adani

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

Adani Group to build 3 giant factories as part of green energy push

Adani Group will build three giant factories in India leading to the world’s most integrated green energy value chains, said Chairman Gautam Adani. The giga factories will manufacture polysilicon for solar modules, wind turbines, and hydrogen electrolysers. In July, the group announced plans to invest $70 billion in green energy transition and infrastructure projects to become a net exporter of clean energy.

Read more here.

NCLT allows to convene shareholders’ meeting to seek approval of ZEEL-Sony merger

The National Company Law Tribunal (NCLT) has allowed Zee Entertainment Enterprises Ltd. (ZEEL) to convene a meeting of its shareholders to seek the approval of its proposed merger with Culver Max Entertainment Pvt. Ltd. (formerly known as Sony Pictures Networks India Pvt Ltd). ZEEL and Sony Pictures Network India signed a definitive agreement to merge the two companies on December 22, 2021.

The broadcasters are yet to receive formal approval from the Competition Commission of India (CCI).

Read more here.

Coal India’s production up by 44.6 MTs in 5 months

Coal India Ltd’s production in the ongoing financial year (FY23) increased by 44.6 million tonnes (MTs) in five months and four days, beating the previous best of 44.5 MTs registered in FY16 (full year). The company is hopeful of reaching close to the apportioned target of 306 MTs in the April-September period (H1) of FY23.

Read more here.

Lupin, DKSH to market Alvotech biosimilars in Philippines

Lupin Ltd has signed an exclusive license and supply agreement with Swiss healthcare distributor DKSH to commercialize five of Alvotech’s proposed biosimilars in the Philippines. Multicare Pharmaceuticals, Lupin’s subsidiary in the Philippines, will file for marketing approval and be responsible for the distribution of the biosimilars once approved. This agreement enhances Multicare’s oncology, rheumatology, gastroenterology, and ophthalmology portfolio.

Read more here.

Bank of Maharashtra raises ₹710 crore via bonds

Bank of Maharashtra has raised ₹710 crore from bonds to fund business growth. The fund was raised via Basel-III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including a green shoe option of ₹610 crore) at a coupon rate of 8.74%. The capital raised through the AT1 bonds will support the bank’s business growth.

Read more here.

Cipla gets USFDA approval for Lenalidomide Capsule

Cipla Ltd has received final approval for its Abbreviated New Drug Application (ANDA) for Lenalidomide Capsule from the US Food & Drug Administration (USFDA). Lenalidomide is an immunomodulatory prescription drug indicated for several hematological malignancies (cancers that begin in blood-forming tissue) in adults. The drug had sales of ~$2.58 billion during the 12 months ended June 2022 in the US.

Read more here.

Max Ventures to acquire Acreage Builders for ₹292 crore

Max Ventures and Industries Ltd (MaxVIL) announced the acquisition of Acreage Builders for ₹291.5 crore. The company executed the share purchase agreement on September 6 for the acquisition of a 100% stake in the realty firm. This acquisition marks MaxVIL’s entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi-NCR and pan-India.

Read more here.

Axis Bank partners with Paynearby; aims to grow loan book organically

Axis Bank has announced plans to grow its Priority Sector Lending (PSL) book organically and make it a profitable business. The bank has partnered with Paynearby, a distribution as a service (DAAS) company. As part of the partnership, Axis Bank will get access to more than 50 lakh micro-retailers and aims to source better lending opportunities on a range of products. 

Read more here.

Maruti Suzuki to enter mid-SUV segment to lift market share to 50%

Maruti Suzuki India Ltd (MSIL) is all set to consider the sports utility vehicle (SUV) segment as the key area to lift its overall market share in India to 50%. The automaker’s overall market share is currently under 45%. It does not have a car in the mid-SUV segment, whose total domestic market size stands at 5.5 lakh. MSIL will launch a model under the mid-SUV segment in the last week of September 2022. 

Read more here.

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Zomato Discontinues Pro, Pro Plus Programs – Top Indian Market Updates

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

Zomato discontinues Pro, Pro Plus programs

Food delivery platform Zomato has stopped onboarding new members and merchant partners to ‘Pro’ and ‘Pro Plus’ programs. These are members-only programs that assured food delivery on priority and exclusive discounts. After membership terms expire, active members won’t be able to extend or renew their subscriptions. The company said it will come up with a new program as a replacement for the discontinued schemes.

Read more here.

L&T secures large contract from Indian Oil Corporation

The hydrocarbon-onshore division of Larsen & Toubro’s energy business has secured a large contract (in the range of Rs 2,500-5,000 crore) from Indian Oil Corporation Ltd (IOCL). The contract is for setting up a Residue Hydrocracker Unit (RHCU) for IOCL’s P-25 Project. IOCL is implementing the Panipat refinery expansion (P-25) project to enhance capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA.

Read more here.

Hatsun Agro approves plan to raise Rs 700 crore

Hatsun Agro Products Ltd’s (HAPL) board has approved a proposal to raise Rs 700 crore through private placement of shares via a Qualified Institutional Placement (QIP). The board also gave its approval to acquire paid-up share capital (not exceeding 20%) of Huoban Energy 4 Pvt. Ltd. The investment is done for consuming solar energy captively for HAPL’s plant in Maharashtra.

Read more here.

RIL files contempt petition against SEBI before Supreme Court

Reliance Industries Ltd (RIL) has filed a contempt plea against the Securities & Exchange Board of India (SEBI) before the Supreme Court (SC), alleging ‘wilful disobedience’ about an order of the apex court that had directed the market regulator to give RIL access to certain documents in a 20-year-old stock allotment case. The move comes when SEBI plans to file a review petition in SC against the August 5 order that had ruled in favour of RIL on accessing the relevant documents.

Read more here.

Aurionpro secures order from one of the largest public sector banks in India

Aurionpro Solutions Ltd (ASL) has secured an order from one of the largest public sector banks in India. The order is for providing 24×7 support monitoring services for the Murex Treasury Platform at the bank. “The recent upgradation of our partnership with Murex and this new win has strengthened our position in the market, and we are looking forward to further deepening our engagement with the bank,” said ASL in a statement.

Creditors to Future Retail place claims worth Rs 21,000 crore

Future Retail Ltd. has received claims of Rs 21,057 crore from 33 financial creditors, as per data released by the company that is under the corporate insolvency resolution process. Of the total claims received, Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have not yet been verified. State Bank of India, Punjab National Bank, and other state-owned lenders have claimed over Rs 12,755 crore.

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Bank of Baroda plans to raise Rs 2,500 crore via AT1 bonds

Bank of Baroda has announced plans to raise debt capital of Rs 2,500 crore through Additional Tier-1 (AT1) bonds in single or multiple rounds. AT1 bonds are a type of perpetual (no maturity date) debt instrument that banks use to augment their core equity base. They offer higher returns to investors but carry higher risk as well. 

Read more here.

Subex to deploy its fraud management solution for Ethio Telecom

Ethio Telecom has selected Subex Ltd to deploy its fraud management solution. The solution will replace Ethio’s existing legacy fraud management system, enabling them to move from a traditional rules-based approach to an AI-first approach. They will be able to bring in enhanced accuracy, coverage, and time-to-detect. Ethio Telecom is Ethiopia’s leading integrated telecom solutions provider with over 50 million subscribers.

Read more here.

Cipla aims to double India business in 5 years, looks at innovation in US: CEO

Cipla Ltd hopes to transform itself into a global healthcare organisation, with a sharp focus on strengthening its presence in the US market and doubling its Indian business, said CEO Umang Vohra. He said Cipla has the potential to double US business on the back of new launches in the next five years. The pharma major is also looking at China, Brazil, South Africa, and Australia as key markets, with Australia likely to be a $100-million market shortly.

Read more here.

Sobha settles nearly Rs 2.93 crore with SEBI in trade case

Real estate developer Sobha Ltd has settled Rs 2.925 crore with market regulator SEBI. Following this, the adjudication proceedings initiated against Sobha and its three Executive Directors have been disposed of. The settlement order has been passed on Monday and came into force with immediate effect.

During FY17-19, SEBI investigated certain transactions carried by Sobha with D.K. Shivakumar (DKS) and his family members/associates, which was allegedly against the interest of the minority shareholders of Sobha.

Read more here.

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HDFC Posts 22% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

hdfc

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

HDFC Q1 Results: Net profit rises 22% YoY to Rs 3,669 crore

Housing Development Finance Corporation (HDFC) reported a 22% YoY increase in net profit to Rs 3,669 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) rose 7.8% YoY to Rs 4,447 crore during the same period. HDFC’s assets under management (AUM) stood at Rs 6,71,364 crore in Q1, up 17% YoY. Individual loan disbursements also jumped 66% YoY.

Read more here.

Reliance, Ola, and Rajesh Exports sign agreement under PLI scheme for battery manufacturing

Reliance New Energy Ltd, Ola Electric Mobility, and Rajesh Exports have signed the Program Agreement under Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell Battery Storage. These companies will receive incentives under the government’s Rs 18,100 crore program. The PLI scheme has been customised to favour companies interested in electric mobility and renewable energy.

Read more here.

Ashok Leyland Q1 Results: Net profit at Rs 96 crore

Ashok Leyland Ltd reported a consolidated net profit of Rs 96 crore for the quarter ended June (Q1 FY23). The commercial vehicle maker had posted a net loss of Rs 324 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 107% YoY to Rs 8,470 crore in Q1 FY23. Its domestic light commercial vehicle (LCV) volumes stood at 14,384 units, up 66% YoY.

Read more here.

Alembic Pharma’s arm gets USFDA approval to market skin treatment drug

Alembic Pharmaceuticals Ltd’s subsidiary, Aleor Dermaceuticals, has received approval from the US Food & Drug Administration (USFDA) to market Diclofenac Sodium topical gel. The product is indicated for the topical treatment of actinic keratoses (scaly spots or patches on the top layer of skin). As per IQVIA data, the topical gel had an estimated market size of $10 million (~Rs 79.4 crore) for the 12 months ended March 2022.

Read more here.

Cipla Q1 Results: Net profit falls 4% YoY to Rs 686 crore

Cipla Limited reported a 3.96% YoY decline in consolidated net profit to Rs 686.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations fell 2% YoY to Rs 5,375 crore during the same period. The pharma company’s India revenue (trade generics, prescription business, and consumer health segments) fell 8.4% YoY to Rs 2,483 crore. 

Read more here.

Yes Bank to raise Rs 8,898 crore from Carlyle, Advent

Yes Bank’s board has approved a proposal to sell 10% of its stake to global private equity investors Carlyle Group and Advent International for Rs 8,898 crore. The lender will issue up to 369 crore equity shares to both investors at Rs 13.78 per share. It will also issue 256 crore share warrants at Rs 14.82 per warrant to funds affiliated with Carlyle and Advent. The fundraise will further boost Yes Bank’s capital adequacy and aid its medium to long-term sustainable growth objectives

Read more here.

IOCL Q1 Results: Net loss at Rs 1,992 crore

Indian Oil Corporation Ltd reported a net loss of Rs 1,992.53 crore for the quarter ended March (Q1 FY23). It had posted a net profit of Rs 6,021.88 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 62.47% YoY to Rs 2,51,933 crore in Q1 FY23. The average gross refining margin (GRM) stood at $31.81 per barrel in Q1 FY23, compared to $6.58 per barrel in Q1 FY22.

Read more here.

DLF Q1 Results: Net profit rises 39% YoY to Rs 470 crore

DLF Limited reported a 39% YoY increase in consolidated net profit to Rs 469.56 crore for the quarter ended June (Q1 FY23). Its total income rose 22% YoY to Rs 1,516.28 crore during the same period. The realty major’s sales bookings jumped two-fold to Rs 2,040 crore in Q1. DLF has so far developed more than 153 real estate projects comprising over 330 million square feet of area.

Read more here.

Delhi govt plans 1,000 new charging points, 100 battery swapping stations

The Delhi government announced plans to ramp up infrastructure to support more electric vehicles (EV) in the capital. As part of the plan, about 1,000 new charging points for EVs and 103 battery swapping stations will be set up by Delhi Transco Ltd (DTL) in the next few weeks. The first set of charging stations are expected to be inaugurated next month.

Read more here.

NTPC Q1 Results: Net profit rises 15% YoY to Rs 3,978 crore

NTPC Limited reported a 15.5% YoY increase in consolidated net profit to Rs 3,977.7 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 44.46% YoY to Rs 43,177.14 crore during the same period. NTPC’s board has approved the issuance of debentures up to Rs 12,000 crore through private placement in the domestic market.

Read more here.