NIFTY started the day flat at 19,682. The index consolidated within a 60-point range throughout the day between 19,640 and 19,700. Nifty closed at 19,664, down by 9.85 points or 0.05%.
BANK NIFTY (BNF) started the day flat at 44,722 with a small gap-down of 43 points. The index consolidated in a 130-point range with a bearish bias— moving in a channel. BNF closed at 44,624, down by 141 points or 0.32%.
All indices except Nifty FMCG (+0.52%), Nifty Auto (+0.35%), Nifty Metal (+0.31%), and Nifty Realty (+0.31%) closed in the red. Nifty Media (-0.86%) fell the most.
Major Asian markets closed up to 1.4% in the red. European markets are currently trading in the red.
Today’s Moves
Eicher Motors (+2.61%) was NIFTY50’s top gainer. Brokerage firm Jefferies maintained its ‘Buy’ rating on the stock while raising its price target from ₹4,000 to ₹4,150.
Cochin Shipyard (+11.07%) surged on the back of strong volumes. Defence stocks Garden Reach Shipbuilders and MTAR Tech gained up to 14%.
As per a report from ICRA, private sector firms are likely to get defence contracts worth ₹60,000 crore in FY25.
Shares of Vodafone Idea (+6.98%) closed at a 20-month high. The company’s shares have been rising since it announced a 50% payment of its license fees and spectrum usage charge (SUC) dues for the March quarter.
Tech Mahindra (-1.3%) was NIFTY50’s top loser.
Indiabulls Real Estate (-3.46%) fell after Creditcorp Investment Advisors sold 30.95 lakh shares of the company in a bulk deal.
Markets Ahead
Markets continued to stay at lower levels, and no signs of strength were seen. Two consecutive Doji candles have been formed in the major indices. And depending on the highs and lows getting breached, we can expect the indices to move further in that direction.
Nifty: The current support to watch out for is near 19,630 levels. A breakdown from here could give us a target of 19,500. The important resistance is near the 19,700 levels, and a breakout from there may give us a target of 19,800 on the upside.
Bank Nifty: The immediate support to look out for is near 44,600. A breakdown from this level can give us a target of 44,300. On the other hand, a major resistance for BNF is near 44,800. A breakout from this round level can give us a target of 45,000 and 45,200
It was a relatively easy FIN NIFTY expiry for non-directional option sellers as the markets consolidated. However, option buyers might have had a bad day because of the quick moves in both directions.
The overall sentiment in the Indian markets remains weak as investors exercise caution in the wake of weak global cues and increased selling activity by FIIs.
How did FIN NIFTY expiry go? Let us know in the comments section!
Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!
NIFTY started the day at 19,598 with a small gap-down of 12 points. After an initial fall of 50 points to 19,550 levels, the index made a strong uptrend rally of nearly 200 points to 19,750 levels. Nifty closed at 19,727, up by 116 points or 0.59%.
BANK NIFTY (BNF) started the day flat at 44,418. The index moved up nearly 350 points till 44,700 zones, took rejection, and fell till the opening levels. But then, similar to Nifty, BNF also showed bullishness and rose to 44,900. BNF closed at 44,878, up by 469 points or 1.06%.
All indices except Nifty FMCG (-0.4%) and Nifty Pharma (-0.32%) closed flat-to-green. Nifty Realty (+1.48%) moved up the most.
Major Asian markets closed up to 1.3% in the red. European markets are currently trading mixed.
Today’s Moves
Coal India (+7.1%) was NIFTY50’s top gainer. The stock hit over a four-year high of ₹274.75.
Cochin Shipyard (+20%) hit a 52-week high of ₹1,146.15 on the back of a strong business outlook.
Other defence stocks like Mazagon Dock Shipbuilders (+9.5%) and Paras Defence (+4.08%) closed with strong gains today.
Tata Consumer (-2.3%) was NIFTY50’s top loser. Yesterday, the FMCG company denied reports that it was in talks to buy a stake in Indian snack food chain Haldiram’s.
GSFC (-7.3%) fell sharply today.
Brightcom Group (-5.04%) fell for the eleventh consecutive session. The stock has been in a free fall as the company battles an investigation regarding the impairment of assets worth ₹868 crore via its international subsidiaries.
Markets Ahead
We knew about the importance of 19,600 levels in Nifty and talked about how if this level was crossed, we could expect a turnaround in the markets. And we witnessed this in both Nifty and Bank Nifty today.
Now, we could consider buying during dips in Nifty. In Bank Nifty, focus on the 45,000 round level. If it holds, it’s important to watch for the resistance level to be crossed for confirmation in the banking index as well.
Nifty: The major resistance level has been broken and the index gave a breakout. Now, the important support for Nifty will be the 19,620-640 zone. A breakdown from there can give us targets of 19,560 and 19,500. The immediate resistance to watch out for will be 19,740. A breakout from this level will take the index to 19,780 and 19,840 levels.
Bank Nifty: Reversal levels and important round level resistance is at 45,000. If there’s a breakout from 45,000, we could consider a buy-on-dips strategy with a target of 45,120 and 45,370 levels. The immediate support level to watch out for is 44,550-600. A breakdown from there can give us targets of 44,200 and 44,000.
Thursdays are now dedicated to Nifty expiry. As a result, the open interest (OI) per strike has doubled. Today, there were an astonishing 10 lakh open contracts. This surge is because Bank Nifty traders have shifted their positions to Nifty after closing their positions in Bank Nifty expiry on Wednesday.
When a large number of contracts go into trouble, it can trigger a rapid short-covering rally. This is precisely what happened today. The low volatility (low Vix) market today created problems for non-directional option sellers as call premiums surged 10 to 20 times within a short period in the second half of the day. This forced all call sellers to book losses. On the other hand, it was a favourable day for directional traders who accurately predicted the upside and held their positions until the end.
How did expiry day trading go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.
Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!
NIFTY started the day at 19,450 with a small gap-down of 14 points. From opening itself, the index was under selling pressure, and it fell steadily to 19,320 levels— a fall of nearly 120 points. Then, it gave a small retracement and closed at 19,365, down by 99 points or 0.51%
BANK NIFTY (BNF) started the day at 43,897 with a gap-down of 49 points. While Nifty was weaker, Bank Nifty went sideways and moved between 43,750 and 44,050 levels. BNF closed at 43,891, down by 55 points or 0.13%.
All indices except Nifty PSU Bank (+1.4%) and Nifty Realty (+0.12%) closed in the red. Nifty FMCG (-0.89%) fell the most.
Major Asian markets closed mixed. European markets are currently trading flat-to-red.
Today’s Moves
Adani Ports (+4.32%) was NIFTY50’s top gainer on the back of strong volumes.
Apar Industries (+9.8%) surged after the company’s management gave a positive outlook on its business.
Cochin Shipyard (+9.4%) continued its strong rally after posting robust Q1 FY24 results. The stock has zoomed 40% in three trading sessions.
ITC (-2.05%) was NIFTY50’s top loser. The company’s board approved the demerger of its hotels business yesterday. Meanwhile, analysts said that the next-term outlook for ITC remained strong.
Heavyweight stock Reliance (-1.4%) also dragged down the markets.
IRFC (-7.02%) fell sharply after reports stated that the Indian government was planning to sell its stake in the company.
Markets Ahead
Both indices gave mixed signals today: Nifty was weak, while Bank Nifty was holding strong. If we look broadly, we can say that the indices are mostly consolidating within a range.
Nifty The index is stuck in a range between 19,300 and 19,500— and these levels could act as strong support and resistance levels, respectively. But the immediate resistance to watch out for is 19,420. If the support level is breached, Nifty can give us targets of 19,200 and 18,900 eventually. Meanwhile, the upside target of 19,630 can be attained if the market crosses 19,500.
Bank Nifty: The index is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides as long as it trades in this range. So wait for this range to be broken.
The day was fairly easy for both option buyers and sellers!
As per reports, there are two negative factors weighing on global stock markets now: (1) US Federal Reserve’s minutes indicate that one more rate hike may be needed in this rate-hiking cycle to curb inflation. (2) Chinese macro data indicate that the economy is slowing more-than-expected earlier, and this will impact global economic growth.
How was expiry trading? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.
Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!
NIFTY started the day at 19,369 with a gap-down of 65 points. The index started moving up after the initial red candles and tried to break the previous day’s high with the help of a 3 PM move. Even though there were no follow-up candles, the index closed in slight green. Nifty closed at 19,465, up by 30 points or 0.16%
BANK NIFTY (BNF) started the day at 43,726 with a gap-down of 364 points. The index struggled a lot to recover as it faced strong rejection from the 44k zone. BNF closed at 43,946, down by 144 points or 0.33%.
All other indices except Nifty Metal (-0.94%) closed in green. Nifty Media (+1.2%) and Nifty Realty (+1.1%) moved up the most.
Major Asian markets closed in the red. European markets are currently trading flat-to-red.
Today’s Moves
Apollo Hospitals (+2.51%) was NIFTY50’s top gainer. The pharma company’s MD gave forward-looking commentary on its business on Monday.
Cochin Shipyard (+17.4%) hit a new 52-week high of ₹822 after posting strong Q1 results.
JBM Auto (+10.13%) jumped after the Union Cabinet approved ‘PM-eBus Sewa’ for boosting city bus operations.
Tata Steel (-1.86%) was NIFTY50’s top loser.
Hindustan Copper (-6.23%) fell sharply after the company posted weak numbers for Q1 FY24.
Markets Ahead
Key indices replicate Monday’s movements! After the opening red candle, both Nifty and Bank Nifty started moving up, similar to Monday.
Try to draw a trendline connecting tomorrow’s first two swing low points, and if this trendline is broken, it might bring a proper movement (if the initial trend is to the upside). You can also use a 200 exponential moving average (EMA) in the 5 mins chart to get more clarity.
Major weakness is being built up as both Nifty and Bank Nifty create lower lows and lower highs for more than a week.
I will be watching Nifty’s 19,500 (resistance), 19,360, 330, 300 (immediate support) and 19,250 (major support) tomorrow.
In Bank Nifty, let’s mark 44,100,44,200 (resistances) and 44,600 and 44,540 as major levels for expiry day.
Inflation (CPI) numbers have been a supporting factor for the Indian market for many months. Now, recently released above-expected inflation numbers are bringing more weakness to our market
What levels are you watching out for expiry tomorrow? Let us know in the comments section of the marketfeed app.
Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!
The Indian defence and aerospace sector is about to undergo a transformation that would allow it to firmly establish a position among other global industries. Our government is now favouring domestic defence equipment development over imports. Indian companies have been encouraged and assisted in designing, developing, and producing a wide range of military systems and platforms. This is thanks to the policy framework that our government has put in place over the past ten years. In this article, we provide insight into the defence sector of India and the best defence stocks to watch out for.
An Overview of India’s Defence Sector
India is on its way to becoming self-sufficient in the large-scale production of military aircraft, vehicles, missile systems, arms and ammunition, etc.
The Defence Ministry’s budgetary allotment was increased by 13% to ₹5.94 lakh crore in Budget 2023–24. This shows a very large potential for growth in the defence sector.
Our government is all set to spend nearly ₹6 lakh crore on defence equipment in Financial Year 2024. And 99% of this equipment will be sourced from Indian industries. Much to the US and Russia’s dismay, India’s defence imports are shrinking due to the emergence of the Indian defence industry.
India is also close to procuring weapons for the Indian Armed Forces worth ₹70,500 crore ($8.7bn), which will all be Made in India. India’s defence imports declined by 11% between 2013-17 and 2018-22, and this decline was linked to a complex procurement process.
India bagged an export order worth $155 million for 155-mm artillery guns and another deal for supplying Teevra 40-mm guns to the Indonesian Navy. Armenia signed a $250 million contract for India’s Pinaka missiles.
The govt continues to promote joint ventures between Indian and international businesses to carry out co-development, share innovations, and manufacture goods for both domestic use and export.
India is very close to becoming a defence manufacturing hub as it supplies equipment and ammunition to the world.
Top Defence Stocks in India to Watch Out For:
Sl. No
Defence Companies
5-Year Stock Return
1
Hindustan Aeronautics Ltd.
385%
2
Bharat Electronics Ltd
270%
3
Bharat Dynamics Ltd
242%
4
Mazagon Dock Shipbuilders Ltd.
982%.
5.
Cochin Shipyard Ltd.
56%
(Returns as of July 20, 2023)
1. Hindustan Aeronautics Ltd.
Established in 1940, Hindustan Aeronautics Limited (HAL) is engaged in the design, development, manufacture, repair, and servicing of aircraft, helicopters, aero engines, and aerospace structures in India. It falls under the administrative control of the Ministry of Defence. HAL has designed and manufactured some of the most advanced Light Combat Aircraft (such as “Tejas”) and helicopters for the Indian Armed Forces. The company gets exclusive contracts from the space, defence, and civil industries around the world.
HAL has delivered good profit growth of 23.9% CAGR over the last 5 years and maintained a healthy dividend payout of 26.8%. This defence stock has given a healthy return of 385% in 5 years.
2. Bharat Electronics Ltd.
Bharat Electronics Ltd. (BEL) meets the specialised electronic equipment requirements of the Indian Armed Forces. The company designs, manufactures, supplies, and exports electronic equipment and systems for the defence and civilian markets. BEL’s defence products include communication systems, land-based radars, naval systems, electronic warfare systems, tank & armoured fighting vehicle electronic systems, and much more. The company has partnered with DRDO laboratories to design and produce customised defence systems.
BEL has been maintaining a healthy dividend payout of 40.5% The company is also nearly debt free. The stock has given a return of 270% in 5 years. However, it has seen a very slow growth in its sales, ranging only about 11% in the past five years.
The Defence Ministry has also inked two contracts worth over Rs 3,700 crore with the public sector undertaking (PSU) for radars and receivers that will enhance the operational capabilities of the Indian Air Force.
3. Bharat Dynamics Ltd.
Bharat Dynamics (BDL) is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipment. The company’s product portfolio includes surface-to-air missiles, anti-tank guided missiles, underwater weapons, launchers, countermeasures, and mechanised infantry weapons.
The business is expected to deliver a strong quarter and is almost debt-free. The corporation has continued to pay out a solid 41.7% in dividends. However, it has delivered a poor sales growth of -11.5% over the past five years and a low return on equity of 13.1% over the last 3 years. The stock return has been 242% over the past 5 years.
The state-owned aerospace and defence company said it entered into 10 deals with several foreign and Indian companies during Aero India, 2023.
4. Mazagon Dock Shipbuilders Ltd.
Mazagon Dock Shipbuilders Ltd is primarily engaged in building & repairing ships, submarines, and various types of vessels and related engineering products for various domestic and international clients. It began operations in 1934 as a private corporation and was taken over by the Indian government in 1960.
The company is expected to give a good quarter and has delivered good profit growth of 19.5% CAGR over the last 5 years. This defence stock has given a 5-year return of 982%. Shipbuilding accounted for around 89% of the company’s sales as of 2020, followed by the sale of base and depot supplies (8%) and ship maintenance (3%).
5. Cochin Shipyard Ltd.
Cochin Shipyard Ltd (CSL) manufactures and repairs boats for the Indian Navy, Coast Guard, and private entities. In 2013, this shipyard launched INS Vikrant, the nation’s first indigenous aircraft carrier.
The company has been maintaining a healthy dividend payout of 27.6%. It has delivered a poor sales growth of -0.21% over the past five years. CSL’s stock has gained 56% over the past 5 years.
CSL has signed a contract for building six Next Generation Missile Vessels (NGMV) for the Indian Navy for Rs 9,805 crore with the delivery of ships set to begin in 2027.
More Defence Stocks in India:
Other prominent defence stocks in India include:
Ashok Leyland – It is one of the top suppliers of trucks or armoured vehicles for the Indian army.
Larsen & Toubro – Over the years, L&T has designed, developed, and manufactured arms, military equipment, and even submarines.
Astra Microwave Products – The company supplies microwave-based high-value radio frequency super components.
Bharat Forge – As per reports, the company may start supplying artillery guns to the Indian army.
Apollo Microsystems – The company provides custom-built electronics and electro-mechanical solutions to the defence sector.
Reliance Naval & Engineering – The company has entered into a warship repair agreement with the Ministry of Defence.
In conclusion, the Indian defence sector offers potential investors a favourable environment. By examining the top defence stocks, we have explored companies with strong financial performance, market reputation, and growth potential. The sector is on the rise, fueled by more expenditure on defence and favourable government policies, and this presents appealing investment prospects. With careful consideration, investing in the best defence stocks in India can be a strategic move with significant potential for long-term gains.
Disclaimer: The defence stocks mentioned in the article are solely for educational purposes. Please do your own research before investing.
Here are some of the major updates that could move the markets tomorrow:
Reliance in talks for $2 billion loan to fuel expansion
According to a Bloomberg report, Reliance Industries Ltd is in discussions with lenders to secure a foreign-currency loan of up to $2 billion. The company plans to utilise India’s dedicated external commercial borrowing route to obtain the loan. The maturity period of the facility is expected to be between 3-5 years, with the funds intended for capital expenditure and refinancing an existing loan set to mature in September. Notable lenders involved in the talks include Bank of America Corp, Citigroup Inc, and Standard Chartered Plc.
India’s goods trade deficit hits a 5-month high in May
According to government data, India’s trade deficit for May FY23 narrowed to $10.35 billion, compared to $12.20 billion in the same period in FY22. The trade deficit declined 35.41% for April and May combined. However, the merchandise trade deficit widened to $22.1 billion in May from $15.2 billion in the previous month. This is primarily due to a surge in goods imports, which reached a five-month high.
Godrej Properties to buy land for a luxury residential project in Kolkata
Godrej Properties Ltd has acquired a 7.44-acre land parcel in the premium residential locality of New Alipore, Kolkata, from West Bengal Housing Infrastructure Development Corporation Ltd. The land has a developable potential of approximately 9.8 lakh square feet, with an estimated revenue potential of nearly Rs 1,200 crore. This marks Godrej Properties’ second luxury development in the city.
Cochin Shipyard wins Rs 580 crore order for cargo vessels
Cochin Shipyard’s subsidiary Udupi Cochin Shipyard Limited (UCSL) has secured an international order from Norway-based Wilson Shipowning AS. The order is for the design and construction of six new-generation diesel-electric 3800 DWT general cargo vessels. The contract includes an option for an additional eight vessels. Wilson Ship Management AS is one of the largest short-sea fleet operators in Europe, with a fleet of around 130 vessels.
Titagarh Wagons-BHEL consortium signs ₹24,000 crore contract with Indian railways
A consortium of Titagarh Rail Systems Ltd (TRSL) and Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹24,000 crore from Indian Railways to manufacture and supply 80 Vande Bharat sleeper trains. They are responsible for manufacturing fully assembled trains by 2029 and maintaining them for 35 years. The trains’ final assembly, testing, and commissioning will occur at the Indian Railway facilities in Chennai. Each train will consist of 16 coaches, accommodating over 880 passengers.
Dilip Buildcon has announced the completion of the Chandikhole-Bhadrak Section of National Highway 5 (NH5) in Odisha. The project involved the rehabilitation and upgrade of the highway to a six-lane highway. The subsidiary, DBL Chandikhole Bhadrak Highways Ltd, executed the Rs 1,522 crore project under the hybrid-annuity model as part of the National Highways Development Project Phase V.
TVS Motor Company sells 43.54% stake in Emerald Haven Realty
TVS Motor Company Ltd has announced the sale of its entire stake of 43.54% in Emerald Haven Realty Ltd. The company sold its holding of 11.12 crore equity shares on June 14, 2023.
In other news, the Indian Navy has partnered with TVS Motor Company for a motorcycle expedition in Ladakh as part of the ‘Azadi ka Amrit Mahotsav’ celebrations.
Jindal Stainless signs deal with Germany’s Dassault Systemes
Jindal Stainless Ltd (JSL) has entered into a partnership with Germany-based Dassault Systemes to enhance its production and operational functions at its Hisar and Jajpur units. The agreement aims to strengthen JSL’s production planning, scheduling, and execution processes by leveraging Dassault Systemes’ expertise. With the recent merger and capacity expansion, JSL seeks to seamlessly manage end-to-end production and operations between its facilities in Hisar, Haryana, and Jajpur, Odisha.
Ashok Leyland partners with Aidrivers for autonomous electric terminal trucks
Ashok Leyland has partnered with Aidrivers to manufacture autonomous electric terminal trucks. This collaboration aims to address the port industry’s requirements for net-zero emissions. By combining their expertise, both companies will work towards sustainable autonomous transportation in ports. The initial fleet of vehicles will be manufactured at Ashok Leyland’s facilities. The fleet is projected to be operational for terminal operations by early next year.
ONGC has partnered with Indian Oil Corporation (IOC) to explore opportunities in the petrochemicals sector. The Memorandum of Understanding (MoU) aims to investigate downstream prospects, including greenfield projects and acquisitions, in the petrochemical industry. ONGC already operates two downstream petrochemical plants through its subsidiaries.
Tata Steel, Germany’s SMS group to explore low carbon steel-making technology
Tata Steel has partnered with Germany’s SMS group to collaborate on the development of a low-carbon steelmaking process. Under a Memorandum of Understanding (MoU), the two companies will engage in technical discussions and take steps towards conducting a Joint Industrial Demonstration of the EASyMelt technology, created by SMS group. Tata Steel plans to demonstrate at its Jamshedpur plant’s E Blast Furnace, aiming to achieve a CO2 emission reduction of over 50% compared to the furnace’s current operation.
The Ministry of Coal has reported that the total coal stock has increased by 44% YoY to 110.58 million tonnes (MT) . This significant rise in coal stock demonstrates the commitment to ensuring an abundant supply of this essential fuel, which is crucial for electricity generation. The current stockpile at mines, thermal power plants, and in transit has substantially increased compared to the stock of 76.67 MT on the same day last year, emphasizing the improved availability of coal resources.
Here are some of the major updates that could move the markets tomorrow:
M&M buys out VC firm Omnivore’s stake to acquire agri-tech firm MITRA
Mahindra & Mahindra (M&M) has acquired agro-equipment maker MITRA Agro Equipments after buying out venture capital firm Omnivore’s stake in the company. The move comes in line with M&M’s strategy to grow its revenues from the farm machinery segment 10-fold within the next five years. M&M Farm Equipment Sector has signed definitive documents to raise its shareholding in MITRA Agro Equipment from 47.33% to 100%, making it a wholly-owned subsidiary of M&M.
SC declines to stay NCLAT order to hold second round of auction for Reliance Cap assets
The Supreme Court has declined to stay the National Company Law Appellate Tribunal’s (NCLAT) order to hold a second round of auction for Reliance Captial’s assets. A bench comprising Justices Sanjiv Khanna M.M. Sundresh declined to entertain Torrent Group’s contention seeking a stay on the NCLAT order and issued notice on its plea and fixed the matter for further hearing in August.
Smart prepaid meters to reduce power bills by up to 2.5%
Union Power Minister R K Singh has urged electricity consumers to use smart prepaid meters as the device helps users bring down power costs by up to 2%. Installation of smart prepaid meters reduces the operational and finance cost for electricity suppliers as consumers credit their accounts in advance.
JSPL gets approval to manufacture India’s first fire-resistant steel structures
Jindal Steel and Power Ltd (JSPL) will manufacture India’s first fire-resistant steel structures at its unit in Raigarh, Chhatisgarh. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and residential buildings. The grade is being imported at present.
India’s domestic air passenger traffic grew to 1.20 crore in Feb 2023: DGCA
India’s domestic air passenger traffic grew 56.82% year-on-year (YoY) to 1.20 crore in February as per the data released by the Directorate General of Civil Aviation (DGCA). All domestic carriers together had flown a total of 76.96 lakh passengers on local routes in February 2022. IndiGo led the rally by flying 67.42 lakh passengers during the previous month, securing 55.9 % of the total domestic passenger traffic in February 2023.
Sterling & Wilson Renewable Energy bags order worth Rs 2,100 crore from NTPC REL
Sterling & Wilson Renewable Energy Ltd (SWRE) has emerged as the successful bidder for the balance of system (BOS) package comprising 4 blocks of 300MW each in the proposed 1200 MW Solar PV Project of NTPC Renewable Energy Ltd at Khavda RE Power Park in Rann of Kutch, Gujarat. The aggregate capacity is 1500 MW (DC). The total bid value, including operation and maintenance (O&M) for three years, would be Rs 2,100 crore.
Godawari Power & Ispat approves Rs 250 crore share buyback via tender offer route
Godawari Power & Ispat has approved a buyback of equity shares worth Rs 250 crore at its board meeting held on Saturday. The company will buy back up to 50 lakh equity shares, which represents 3.66% of the total number of paid-up equity share capital of a face value of Rs 5 each. The buyback price has been set at Rs 500 per share, which is a 28.2% premium to Friday’s closing price. The buyback will be done through the tender offer route. The record date for the same has been set as March 31, 2023.
PSU banks’ gross NPA declines from 14.6% in Mar 2018 to 5.53% in Dec 2022
The gross non-performing assets (NPA) ratio of public sector undertaking (PSU) banks has declined from the peak of 14.6% in March 2018 to 5.53% in December 2022 following various reforms by the government. All PSU banks are in profit, with aggregate profit being Rs 66,543 crore in 2021-22. This has further increased to Rs 70,167 crore in the first nine months of the current financial year (FY24), according to the Minister of State for Finance Bhagwat K Karad.
Cochin Shipyard Ltd has received an international order of Rs 550 crore from Norway-based global logistics solution provider Samskip Group. The order is for the design and construction of two Zero Emission Feeder Container Vessels. The total project cost for the order is approximately Rs 550 crore and the first vessel is to be delivered in 28 months and the second within 34 months.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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).
Tata Motors gets NCLT approval to hive off PV business
Tata Motors Ltd has received approval from the National Company Law Tribunal (NCLT) Mumbai bench to hive off its passenger vehicles (PV) business unit into a separate entity. In March 2021, the shareholders of the company had voted and approved the transfer of the PV business to TML Business Analytics Services Ltd (TBASL) as a going concern on a slump sale basis. The automaker’s PV business unit has been valued at Rs 9,417 crore. TBASL will be later renamed Tata Motors Passenger Vehicles Ltd (TMPVL).
This move will unlock value for Tata Motors’ PV business unit, which has struggled in the recent past in the face of strong competition.
Cochin Shipyard’s subsidiary signs MoU with IWAI to set up ship repair facility at Guwahati
The Inland Waterways Authority of India (IWAI) and Hooghly Cochin Shipyard Ltd has signed a Memorandum of Understanding (MoU) for setting up the new ship repair facility at Pandu, Guwahati. The facility is expected to boost waterways connectivity and facilitate the movement of large cargo in the region. The slipway will be developed on a 3.67-acre land provided by the Government of Assam. The project is expected to be completed by August 2023 at an estimated cost of Rs 75 crore.
Phillips Carbon Black to raise Rs 500 crore via QIP
The Board of Directors of Phillips Carbon Black Ltd has approved a proposal to raise up to Rs 500 crore. The company aims to raise funds through the issue of securities via private placement, preferential issue, or public issue. Kolkata-based Carbon Black manufactures, sells, and exports carbon black (used to strengthen rubber in tires and as conductive agents) in India and internationally. It is part of the RP-Sanjiv Goenka Group.
Vakrangee partners with PNB for providing banking services
Vakrangee Ltd has entered into a partnership with Punjab National Bank (PNB) to provide business correspondent (BC) banking services at Nextgen Vakrangee Kendra outlets. BCs are entities engaged by a bank in India (commercial banks, Regional Rural Banks, and Local Area Banks) for providing banking services in under-banked geographical territories. The partnership will offer seamless digital and assisted banking services to remote parts of India. Currently, Vakrangee has more than 13,000 BC points and is the fourth largest ATM operator in rural India with more than 5,400+ ATMs.
Max Healthcare acquires rights to develop 500-bed hospital in South Delhi
Max Healthcare Institute Ltd (through its subsidiary Alps Hospital Ltd) has acquired exclusive rights to aid development and provide medical services to a proposed 500-bed hospital in South Delhi. The hospital will be built on a prime land parcel of 3.5 acres in Saket, Delhi. Alps Hospital Ltd has acquired a 100% stake in ET Planners Pvt Ltd (ETPPL) in an all-cash deal of Rs 60.11 crore. The first phase of the hospital is expected to be commissioned in 2024.
According to a report from the Times of India, three entities are in the race to secure the contract to build five units of the Indian Space Research Organisation (ISRO)’s Polar Satellite Launch Vehicle (PSLV). The three entities include a single firm and two consortiums. The two consortiums include one led by the Adani Group and another that comprises Larsen & Toubro (L&T). All three are said to have submitted their bids on July 30, 2021. Adani’s consortium includes Alpha Design, Bharat Electronics Ltd (BEL), and BEML. The consortium involving L&T includes aerospace major Hindustan Aeronautics Ltd (HAL).
Mahindra Defence Systems secures contract worth Rs 1,349.95 crore from Indian Navy
Mahindra Defence Systems Ltd (MDSL) has secured a contract from the Ministry of Defence for manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of the Indian Navy. MDSL will be supplying 14 IADS systems for the warships. IADS is designed to detect and protect warships from underwater threats. The contract is worth Rs 1,349.95 crore. MDSL is a wholly-owned subsidiary of Mahindra & Mahindra Ltd (M&M).
SEBI bans Kotak Mahindra AMC from launching new FMP schemes for 6 months
Market regulator SEBI has banned Kotak Mahindra Asset Management Company (AMC) from launching new Fixed Maturity Plan (FMP) schemes for the next six months. SEBI has also imposed a fine of Rs 50 lakh on the AMC. The action came against delay in payment of full proceeds to investors of six FMP schemes run by Kotak Mahindra AMC. [FMPs are debt-oriented mutual funds that have specific launch and maturity dates]
IDBI Bank Ltd’s board has approved a proposal to divest (or sell-off) its entire stake in Asset Reconstruction Company India Ltd (ARCIL). The bank currently holds 6.23 lakh fully paid-up equity shares constituting 19.18% of the total share capital of ARCIL. In June 2021, IDBI Bank had invited bids from entities for the takeover of its stake in the asset reconstruction company.
Burger King India in talks to acquire controlling stake in BK Indonesia
Burger King India has entered into discussions regarding the acquisition of a controlling stake in PT Sari Burger Indonesia (BK Indonesia). The company has entered into a non-binding understanding with F&B Asia Venture (Singapore) Pte Ltd. F&B Asia, through its wholly-owned subsidiary, currently holds an indirect equity interest of 65.79% in BK Indonesia. BK Indonesia manages and operates the Burger King brand in Indonesia.
SAIL Q4 Results: Net profit rises 31% YoY to Rs 3,470 crore
Steel Authority of India Ltd (SAIL) reported a 31% YoY increase in consolidated net profit to Rs 3,469.88 crore for the quarter ended March (Q4). Net profit has jumped 136.34% when compared to the previous quarter. Its total income rose 41.98% YoY to Rs 23,533.19 crore during the same period. The company’s total output rose 6% YoY to 4.56 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) increased by 95.6% YoY to Rs 4,148.13 crore. SAIL’s board has declared a final dividend of Rs 1.80 per share.
Industrial output falls to seven-month low in April
India’s industrial output fell to the lowest level in seven months in April due to the resurgence of Covid-19 cases. The Index of Industrial Production (IIP) fell 13% over the previous month to 126.6 in April 2021. The index for manufacturing output contracted by 12.6% over March to 125.1. The mining output index contracted 22.1% month-on-month (MoM) to 108 in April. The index for electricity generation stood at 174 in April, compared to 180 in March. The data was released by the Ministry of Statistics and Programme Implementation (MoSPI).
TCS extends 17-year partnership with Virgin Atlantic
Tata Consultancy Services (TCS) has extended a 17-year strategic partnership with UK-based Virgin Atlantic to help them embark on a new phase of recovery and growth. The IT major will take exclusive responsibility for the airlines’ end-to-end operational management and digital transformation. TCS will build innovative digital solutions with Cloud-First guiding principles to help Virgin Atlantic improve agility and performance in its purpose-led transformation.
DLF Limited reported a consolidated net profit of Rs 480.94 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,857.76 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income rose 1.75% to Rs 1,906.59 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 1,093.61 crore. This is compared to a net loss of Rs 583.19 crore in FY20. DLF has appointed two of its executives, Ashok Tyagi and Devinder Singh, as Chief Executive Officers (CEOs).
Ashoka Buildcon emerges lowest bidder for road project in Punjab
Ashoka Buildcon Ltd has been declared the lowest (L-1) bidder for a road project in Punjab by the National Highways Authority of India (NHAI). The project consists of six-laning of IT City Chowk to Kurali Chandigarh Road, the design length of which is 31.23 km, in Punjab. The quoted bid price for the project is Rs 726 crore. The road project comes under the Indian government’s Bharatmala Pariyojana— Package II.
Heranba Industries Q4 Results: Net profit rises 64.5% YoY to Rs 43 crore
Heranba Industries Ltd reported a 64.51% YoY increase in net profit to Rs 43.20 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 25.34% YoY to Rs 267.83 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 57.9% YoY to Rs 154.22 crore. The chemical manufacturing company’s board has recommended a final dividend of Rs 0.70 per share.
Ipca Laboratories acquires 13% stake in Trophic Wellness for Rs 21 crore
Ipca Laboratories Ltd has acquired an additional 13.09% stake in Trophic Wellness Pvt Ltd (TWPL) for a cash consideration of Rs 21.20 crore. The pharma company currently holds a 52.35% stake in TWPL. With this acquisition, Trophic Wellness has become a subsidiary of Ipca Laboratories. TWPL is a nutritional and wellness products company that offers a wide variety of dietary supplements of global standards.
Bharat Heavy Electricals Limited (BHEL) reported a consolidated net loss of Rs 1,034.82 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,532.67 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 40.23% YoY to Rs 7,245.16 crore in Q4 FY21. BHEL’s power vertical posted a 51% YoY growth in revenues to Rs 4,789 crore. Net loss for the financial year 2020-21 (FY21) stood at Rs 2,697.11 crore. This is compared to a net loss of Rs 1,466.01 crore in FY20.
Zee Entertainment to launch OTT platform ZEE5 in the US on June 22
Zee Entertainment Enterprises Ltd (ZEEL) will launch its video streaming service, ZEE5, in the United States on June 22. The over-the-top (OTT) platform is currently present in international territories such as the United Kingdom and the Middle East. The ZEE5 annual pack (priced at $84) will be available across devices at a limited launch offer price of $49.99. ZEE5 will provide 130,000 hours of content across 18 languages. You can learn more about ZEEL here.
Deccan Cements Q4 Results: Net profit at Rs 22.08 crore
Deccan Cements Ltd reported a net profit of Rs 22.08 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 2.96 crore in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations rose 72.83% YoY to Rs 213.83 crore in Q4 FY21. Net profit for the full financial year 2020-21 (FY21) jumped 103.27% YoY to Rs 115.13 crore. The cement company’s board has recommended a final dividend of Rs 5 per share.
Cochin Shipyard Q4 Results: Net profit rises 71% YoY to Rs 236 crore
Cochin Shipyard Ltd reported a 71.76% YoY increase in consolidated net profit to Rs 236.21 crore for the quarter ended March (Q4). Net profit has increased by 5.53% when compared to the previous quarter. Its total income rose 33.35% YoY (or 50.41% QoQ) to Rs 1,148.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 3.7% YoY to Rs 608.66 crore. Cochin Shipyard’s board has recommended a final dividend of Rs 2.50 per share.
Reliance to spin-off Oil-to-Chemicals segment with $25 billion loan
Reliance Industries Ltd (RIL) announced that it has initiated the process of carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL will retain 100% management control in the subsidiary. It has also extended an interest-bearing loan of $25 billion (~Rs 1.81 lakh crore) to the O2C business. RIL expects to receive necessary approvals for the reorganisation by the second quarter of FY 2021-22.
Cochin Shipyard secures Rs 10,000 crore order from Indian Navy
Cochin Shipyard Limited (CSL) has been declared as the lowest (L1) bidder by the Ministry of Defence for the construction of six next-generation missile vessels for the Indian Navy. The estimated value of the order is Rs 10,000 crore. The final announcement of the contract will be subject to the satisfactory completion of necessary formalities.
Amazon India partners with Mahindra Electric to deploy 10,000 EVs for delivery
Amazon India has partnered with Mahindra Electric to deploy 10,000 electric vehicles (EVs) in its local delivery fleet by 2025. Mahindra’s electric three-wheeler, Treo Zor, is already used by Amazon’s delivery service partners in seven cities, including New Delhi, Bengaluru, and Hyderabad. This is part of Amazon.com Inc’s commitment to having 100,000 EVs in its global delivery fleet by 2030.
Fire breaks out at UPL’s Jhagadia plant in Gujarat
UPL Limited announced that a serious fire broke out at its Jhagadia plant (in Gujarat) in the early hours of Tuesday morning. The company’s emergency team and the local fire brigade brought the massive fire under control. UPL confirmed that two people were killed and around 26 have been injured. It was reported that the fire may have been caused due to an electric short circuit.
Adani Enterprises forms joint venture with EdgeConneX to develop data centres in India
Adani Enterprises has formed a 50:50 joint venture with US-based data centre operator EdgeConneX to build data parks in India. AdaniConneX JV has started the development of hyperscale facilities in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. It will also develop scalable edge data centres across India.
Bharti Airtel partners with Qualcomm for 5G rollout in India
Bharti Airtel has partnered with US-based Qualcomm Technologies for accelerating 5G services in India. The telecom company will utilise Qualcomm 5G Radio Access Network (RAN) platforms to roll-out virtualised and Open RAN-based 5G networks. Recently, Airtel became India’s first telco to demonstrate 5G over a live commercial network in Hyderabad.
Bharat Forge receives order worth Rs 178 crore from Defence Ministry
Bharat Forge has received an order worth Rs 177.95 crore from the Ministry of Defence (MoD) for the supply of Kalyani M4 armoured vehicles to the Indian Army. As per reports, the contract from MoD entails the production of 200 Kalyani M4 vehicles under emergency procurement protocols. On Monday, Bharat Forge had signed an agreement with South Africa-based Paramount Group to manufacture Kalyani M4 vehicles in India.
Heranba Industries IPO subscribed 85% on first day of bidding
The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 85% on the first day of bidding. The issue received bids for 58.76 lakh equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 1.64 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 9%.
Zuari Agro Chemicals to sell Goa unit to Pradeep Phosphates for $280 million
Zuari Agro Chemical’s board has approved the sale of the company’s fertilizer plant in Goa and associated businesses to Pradeep Phosphates Ltd. The unit will be sold on a slump sale basis for an agreed enterprise value of $280 million (~Rs 2,030 crore). The business transfer agreement will be executed by the end of February 2021.
Gayatri Projects receives LoA for NHAI road project worth Rs 1,323 crore
Gayatri Projects Limited has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project worth Rs 1,323.5 crore. The order includes the development of six-lane access-controlled roads in the Uttar Pradesh portion of the Delhi-Saharanpur Highway. The project comes under the Economic Corridor in Phase-1 of the Bharatmala Pariyojana.
Sun Pharma to launch complete range of generic anti-epilepsy drug
Sun Pharmaceutical Industries said it plans to launch a complete range of anti-epilepsy drug- Brivaracetam in India. The drug is indicated for the treatment of partial-onset seizures in patients 16 years of age and older with epilepsy. Sun Pharma introduced Brevipil (Brivaracetam) tablet in the strengths of 25 mg/50 mg/75 mg/100 mg on Feb 21.
Finance Ministry unveils 12 new stimulus measures through Atmanirbhar Bharat 3.0
The Finance Ministry has announced a series of new measures to provide a further boost to India’s Covid-hit economy. The size of the stimulus package has been estimated at Rs 2.65 lakh crore. The Atmanirbhar Bharat 3.0 has focussed on sectors such as real estate and infrastructure. It has also introduced various steps to increase job opportunities in our country.
Cold storage chain ready for Covid-19 vaccine: Apollo Hospitals CEO
Suneeta Reddy, the CEO of Apollo Hospitals, has stated that the company is ready for the administration of the Covid-19 vaccine in India. She has said that Apollo has the necessary cold storage chain in place for the vaccine. They have also trained about 10,000 people to administer the vaccine.
Retail inflation rises 7.61% in October: Govt data
The growth rate of India’s retail inflation, which is measured by the Consumer Price Index (CPI), had increased to 7.61% in October. The CPI for September was reported at 7.27%. On a separate notice, it was stated that the Index of Industrial Production (IIP) had posted a growth of 0.2% YoY to 123.2 in September. The IIP measures India’s factory output. The two sets of data were released by the Ministry of Statistics & Programme Implementation.
Cochin Shipyard Q2 Results: Net Profit falls 48% YoY to Rs 107 crore
Cochin Shipyard Ltd. reported a 48% year-on-year (YoY) decline in net profit to Rs 107.16 crore, for the quarter ended September (Q2). The company’s revenue declined by 32.43% YoY to Rs 657.40 crore, during the same period. The shipbuilding company has stated that its main sales activities have not recovered to pre-Covid levels.
Eicher Motors Q2 Results: Net Profit declines 40% YoY to Rs 343 crore
Eicher Motors Ltd. reported a 40% YoY decline in consolidated net profit to Rs 343 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 2.65% YoY to Rs 2,143 crore, during the same period. Eicher Motors has stated that its sales of Royal Enfield motorcycles and commercial vehicles had fallen sharply, as compared to Q2 of the previous financial year.
Grasim sells fertilizer business to Indorama for Rs 2,649 crore
Grasim Industries has sold 100% stake in its fertilizer business- Indo Gulf Fertilizers (IGF), to Singapore-based Indorama Corporation Ltd. IGF is engaged in manufacturing and trading of urea and other agriculture inputs in India. The total value of the sale has been estimated at Rs 2,649 crore. The transaction is subject to necessary regulatory approvals.
Natco Pharma Q2 Results: Net Profit rises 73% YoY to Rs 204 crore
Natco Pharma Ltd. reported a 72.23% year-on-year (YoY) increase in consolidated net profit to Rs 203.9 crore, for the quarter ended September (Q2). The drug company’s consolidated revenue stood at Rs 827.9 crore, during the same period. The Board of Directors of Natco Pharma has approved an interim dividend of Rs 2 per share.
Advanced Enzymes Q2 Results: Net Profit rises 21% YoY to Rs 38 crore
Advanced Enzymes Technologies Ltd. reported a 21% YoY increase in net profit to Rs 38.56 crore, for the quarter ended September (Q2). The company’s revenue increased by 8.03% YoY to Rs 120.39 crore, during the same period. The research-driven company has stated that a majority of the revenue came from its healthcare segment. Its performance had not been adversely affected by the Covid-19 pandemic.
India imposes anti-dumping duty on clear float glass imports from Malaysia
India has imposed an anti-dumping duty on clear float glass from Malaysia for five years. The main aim of this duty is to protect the domestic industry from cheap imports. This was announced after a recommendation was made by the Directorate General of Trade Remedies (DGTR). Clear float glass is a material used in the automobile and refrigeration industries.
Jubilant Foodworks Q2 Results: Net Profit rises 4% YoY to Rs 76 crore
Jubilant Foodworks Ltd. reported a 3.82% YoY increase in consolidated net profit to Rs 75.77 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 18.20% YoY to Rs 816.32 crore, during the same period. The group had to close down 105 stores in Q2 FY21. Jubilant Foodworks is the master franchisee of Domino’s Pizza in India.
