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

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

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

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

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Adani Ports to prepay $130 million debt

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

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

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

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

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

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

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

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

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

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

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

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Anupam Rasayan renews long-term contract worth Rs 436 crore

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

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

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

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Kansai Nerolac declares 1:2 bonus issue

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

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Three Adani firms lose endorsement of UN-backed climate group

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

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Maruti Suzuki’s Net Profit Jumps 43% YoY to Rs 2,624cr – Top Indian Market Updates

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

Maruti Suzuki Q4 Results: Net profit jumps 43% YoY to Rs 2,624 crore

Maruti Suzuki reported a 43% YoY increase in net profit to Rs 2,624 crore and an operating revenue of Rs 32,048 crore, up 20% YoY, for Q4 FY23. The company sold a total of 514,927 vehicles in Q4 and sales in the domestic market stood at 4,50,208 units, up 7.1% over Q4FY22. The company’s board has approved a dividend of Rs 90 per share.

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Patel Engineering JV bags irrigation projects worth Rs 841 crores

Patel Engineering Joint Venture (JV) has secured irrigation projects worth Rs 841 crore in Maharashtra. The JV received a Letter of Award (LoA) for the Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 01 and 02 from the Water Resources Department. The EPC contracts are valued at Rs 841 crore and are to be executed within 36 months. Patel Engineering’s share in the projects is Rs 451.28 crore.

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Bajaj Finance Q4 Results: PAT jumps 30% YoY to Rs 3,158 

Bajaj Finance reported a 30% YoY increase in consolidated net profit to Rs 3,158 crore for Q4 FY23. The company’s net interest income (NII) rose 28% YoY to Rs 7,771 crore. New loans grew by 20% to 7.56 million and assets under management rose 29% to Rs 2.47 lakh crore. The gross non-performing assets (NPAs) and net NPAs declined during the quarter at 0.94% and 0.34%, respectively. The board has recommended a dividend of Rs 30 per share.

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KPI Green commissions 26.1-MW wind-solar hybrid power project in Gujarat

KPI Green Energy has commissioned a 26.1 MW wind-solar hybrid power project in Bhavnagar, Gujarat. The project comprises 16.1 MW wind and 10 MW solar capacity. It was established under the Gujarat Wind-Solar Hybrid Power Policy 2018, and power purchase agreements have been made with commercial and industrial clients.

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KEC International bags orders worth  ₹ 1,017 crore

KEC International won new orders worth Rs 1,017 crore in various segments. The transmission and distribution (T&D) business secured an order for a 765 kV transmission line from a private developer in India, while the civil business received orders for industrial and residential projects. The company’s cable business secured orders for the supply of various types of cables in India and overseas.

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ONGC plans to invest Rs 1 lakh crore by 2030 to boost petchem capacity

Oil & Natural Gas Corp (ONGC) plans to invest Rs 1 lakh crore by 2030 to double the combined petrochemicals capacity of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and joint venture ONGC Petro additions Ltd (OPaL) to 8 million metric tonnes per annum. The plan will involve the construction of two mega projects on the east and west coast that will either directly use crude to produce chemicals or take other feedstocks.

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Dalmia Bharat executes definitive agreements with JAL to acquire cement assets

Dalmia Bharat has executed definitive agreements with Jaiprakash Associates Ltd (JAL) to acquire JAL’s cement assets for an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore. The acquisition will be subject to various clearances and approvals related to JP Super plant and mines. Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, will acquire JP Super Cement Plant in Uttar Pradesh.

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HDFC Life Q4 Results: Profit growth flat at Rs 359 crore

HDFC Life Insurance reported a net profit of Rs 359 crore for Q4 FY23, which is flat compared with the same period last year. However, net profit for the quarter rose 14% from Q3 FY23. The net premium income stood at Rs 19,426 crore, up 36% YoY. The first-year premium income for the quarter rose 73% to Rs 4,467 crore. The company’s board has recommended a final dividend of Rs 1.90 per equity share.

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Union Bank to raise funds up to Rs 10,100 crore via QIPs and Bonds

Union Bank of India is planning to raise up to Rs 10,100 crore in capital via public issue, Basel III compliant Additional Tier 1 (AT1) bonds, and Tier 2 bonds. The capital will be raised in tranches of up to Rs 8,000 crore through public issue, rights issue, and private placements, including Qualified Institutions Placements (QIPs). The remaining Rs 2,100 crore will be raised through Basel III compliant AT1 and/or Tier 2 bonds, including foreign currency-denominated bonds.

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Retail Inflation Eases to 5.88% in Nov – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation eases to an 11-month low of 5.88% in Nov

India’s retail inflation (based on the Consumer Price Index or CPI) eased to an 11-month low of 5.88% in November on an annual basis. The figure came within the Reserve Bank of India’s (RBI) tolerance band for inflation of 2-6% for the first time this year. CPI stood at 6.77% in October. The decline can be attributed to a fall in food prices, which account for almost 40% of India’s CPI basket. Food inflation for November came in at 4.67%, compared to 7.01% in Oct. 

Meanwhile, India’s factory output (measured by the Index of Industrial Production or IIP) witnessed a (-)4% contraction in October 2022.

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OnePlus partners with Reliance Jio for 5G

Reliance Jio has partnered with global technology brand OnePlus to bring in the evolutionary standalone (SA) 5G technology ecosystem in India. As a part of the collaboration, all the OnePlus 5G devices will be powered by Jio ‘True 5G’ technology. Currently, Reliance Jio is rolling out 5G SA in Delhi-NCR, Mumbai, Kolkata, Varanasi, Chennai, Bengaluru, Hyderabad, and Pune. 

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India’s steel output grows 5% to 10.34 MT in Nov: SteelMint

According to SteelMint India, India’s crude steel output rose by about 5% YoY to 10.34 million tonnes (MT) in November 2022. SAIL, Tata Steel, JSW Steel, JSPL, AMNS India, and RINL produced 6.28 MT of steel, and the remaining 4.06 MT came from the secondary sector. The consumption of the alloy surged 13.42% to 9.66 MT in November, compared to 8.52 MT a year ago.

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ONGC to invest ₹2,150 crores on drilling 53 exploratory wells in Andhra Pradesh

Oil & Natural Gas Corporation (ONGC) will invest ₹2,150 crores to drill 53 exploratory wells in Andhra Pradesh. It will carry out the exploration of 50 wells in the Krishna Godavari (KG) basin in East and West Godavari districts. Meanwhile, three drillings will be carried out in the Cuddapah basin in Kurnool, Anantapur, and YSR districts.

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TCS faces lawsuit in the US for alleged discriminatory hiring practices

Tata Consultancy Services (TCS) is facing a class action civil rights lawsuit from a former employee in the US for discriminatory hiring practices. Shawn Katz has filed a lawsuit against TCS seeking relief for alleged discrimination based on race and national origin at the US District Court for the District of New Jersey. He alleged that the IT firm discriminates against non-South Asian and non-Indian applicants and employees.

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Dalmia Bharat to acquire Jaypee Cement for ₹5,666 crore

Dalmia Bharat Ltd’s cement subsidiary will acquire the cement and power plants of Jaiprakash Associates Ltd for ₹5,666 crores. The assets include a cement manufacturing capacity of 9.4 million tonnes (MT), a clinker capacity of 6.7 MT, and thermal power plants of 280 megawatts (MW). The new plants will take Dalmia Cement’s cement manufacturing capacity from 35.9 million tonnes per annum (MTPA) at present to 46.3 MTPA.

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All-India electricity demand may grow 7% to 1,480 BU in FY23: Icra

Electricity demand in India is expected to grow 7% year-on-year (YoY) to 1,480 billion units (BU) in the current financial year (FY23), according to rating agency Icra. In the previous financial year (FY22), the all-India power demand was at 1,380 BU. The estimates are based on the fact that all-India electricity demand increased 10.6% YoY in the first eight months of FY23 amidst a severe heat wave in the north and central India.

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Glenmark Pharma gets warning letter from USFDA for lapses at Goa plant

Glenmark Pharmaceuticals Ltd has received a warning letter from the US Food & Drug Administration (USFDA) for manufacturing lapses (including failure to establish required laboratory control mechanisms) at its Goa-based manufacturing plant. The warning letter summarises significant violations of Current Good Manufacturing Practice (CGMP) regulations for finished pharmaceuticals. USFDA inspected the manufacturing facility from May 12, 2022, to May 20, 2022.

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Macrotech Developers raises ₹3,547 crores via QIP

Macrotech Developers (Lodha) has raised around ₹3,547 crores from foreign and domestic institutional investors through a Qualified Institutional Placement (QIP). This was the largest QIP by any Indian corporate this year. Capital Group, UBS, Abu Dhabi Investment Authority, and Nomura have picked up over 7.2% stake in the real estate company.

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Tata Group plans to open 100 small exclusive Apple stores: Report

According to an Economic Times report, the Tata Group aims to open small exclusive Apple stores across India. Apple is reportedly partnering with Tata-owned Infiniti Retail, which runs the Croma store chain, for the venture. Infiniti Retail will become an Apple franchisee partner. It intends to open 100 such outlets of 500-600 sq. ft. each at malls and high-street locations.

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Retail Inflation Spikes to 7.79% in April – Top Indian Market News

Retail inflation spikes to 7.79% in April

India’s retail inflation, measured by the Consumer Price Index (CPI), surged to an eight-year high of 7.79% in April. Retail inflation stood at 6.95% in March. This is the fourth consecutive month that CPI data has breached the Reserve Bank of India’s (RBI) upper margin of 6%. Inflation in the food basket spiked in April to 8.38%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1.9% in March. IIP had surged 24.2% in March 2021 (due to a low base).

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Tata Motors Q4 Results: Net loss at Rs 1,033 crore

Tata Motors Ltd reported a consolidated net loss of Rs 1,032.84 crore for the quarter ended March (Q4 FY22). The automaker has posted a net loss of Rs 1,516.14 crore in Q3 FY22 and a loss of Rs 7,605.4 crore in Q4 FY21. Its revenue from operations fell 11.5% YoY to Rs 78,439 crore in Q4 FY22. Jaguar Land Rover (JLR) posted revenue of £4.8 billion in the March quarter, up 1% QoQ.

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IndiGo, Air France-KLM implement codeshare agreement

Air France-KLM and IndiGo have implemented a codeshare agreement, allowing each airline to sell seats on other’s flights. Under this pact, Air France and KLM will offer their passengers access to 30 new Indian cities. IndiGo will be able to sell seats on the European airline group’s flights on more than 300 routes. From their hubs in Paris and Amsterdam, Air France-KLM will operate flights to Delhi, Mumbai, Chennai, and Bengaluru.

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L&T Q4 Results: Net profit rises 10% YoY to Rs 3,620 crore

Larsen & Toubro Ltd reported a 10% YoY increase in net profit to Rs 3,621 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 10% YoY to Rs 52,851 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. L&T’s board has declared a final dividend of Rs 1.75 per share.

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BIAL partners with Kotak Mahindra Bank, Phi Commerce to facilitate one-stop payment solution

Bangalore International Airport Ltd (BIAL) has partnered with Kotak Mahindra Bank and Phi Commerce to facilitate a one-stop omnichannel payment solution at Kempegowda International Airport. The solution will enable a secure, scalable, and unified payment experience. It will power business-to-business (B2B) and business-to-consumer (B2C) payments across online and offline channels.

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RBL Q4 Results: Net profit jumps 162% YoY to Rs 197 crore

RBL Bank Ltd reported a 162.7% YoY jump in net profit to Rs 197.83 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 24.9% YoY to Rs 1,131.4 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 4.4% in Q4 FY22, compared to 4.84% in Q3 FY22. Provisions fell 36% YoY to Rs 400.67 crore in Q4 FY22.

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Dalmia Cement to invest Rs 2,600 crore in Tamil Nadu

Dalmia Cement (Bharat) Ltd has drawn up a Rs 2,600-crore investment plan spread over the next four years to take up expansion of its existing facilities and also set up new manufacturing units in Tamil Nadu. The company will set up two greenfield grinding units with a capacity of producing two million tonnes per annum each.

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Ujjivan SFB Q4 Results: Net profit falls 7% YoY to Rs 126.5 crore

Ujjivan Small Finance Bank reported a 7% YoY decline in net profit to Rs 126.5 crore for the quarter ended March (Q4 FY22). Its total income rose 25% YoY to Rs 920 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.34% in Q4 FY22, compared to 7.1% in Q4 FY21.

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Reliance Jio adds 12.6 lakh subscribers in March; Bharti Airtel adds 22.5 lakh: TRAI

Reliance Jio added 12.6 lakh subscribers in March 2022. Bharti Airtel gained 22.5 lakh subscribers in March, while Vodafone Idea (Vi) lost 28.1 lakh subscribers. Jio continued to have the largest market share at 35.37%. Bharti Airtel and Vodafone Idea’s market shares stood at 31.55% and 22.83%, respectively, in March. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Apollo Tyres Q4 Results: Net profit falls 61% YoY to Rs 113 crore

Apollo Tyres Ltd reported a 61% YoY decline in consolidated net profit to Rs 113 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 5,578 crore during the same period. EBITDA stood at Rs 626 crore in Q4, down 23% YoY. The tyre manufacturer’s board has declared a dividend of Rs 3.25 per share.

Kalpataru Power Transmission, subsidiaries secure orders worth Rs 4,474 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have bagged new orders worth Rs 4,474 crore. KPTL received orders from India and international markets in the power transmission business of Rs 1,957 crore. The company secured oil and gas pipeline projects in India and the Middle East worth Rs 169 crore. Its subsidiary, JMC Projects (India) Ltd, bagged water supply projects of Rs 2,193 crore in India.

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UPL Approves Rs 1,100 crore Share Buyback Plan – Top Indian Market News

UPL approves Rs 1,100 crore share buyback plan

The Board of Directors of UPL Limited has approved a proposal to buy back equity shares worth Rs 1,100 crore. The company will buy back 1.26 crore equity shares (or 1.65% of the total paid-up capital) at Rs 875 per share through the open market. The maximum buyback price represents a 26.85% premium to Wednesday’s closing price.

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India’s manufacturing PMI rises to 54.9 in February

India’s manufacturing activity recovered in February after decelerating to a four-month low in January. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.9 in Feb 2022, compared to 54 in January. Output levels and new orders expanded at a stronger pace last month. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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Dalmia Bharat consolidates its India refractory businesses under single entity

Dalmia-OCL, the refractory business of the Dalmia Bharat Group, announced the merger of all its domestic businesses into a single consolidated entity— Dalmia Bharat Refractories Ltd (DBRL). Dalmia Refractories Ltd, Dalmia Cement Bharat Ltd – Refractory Unit, and GSB India will transition into DBRL. The consolidation is aimed at strengthening DBRL’s financial standing, increasing its investment capabilities, and expanding its talent base.

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TCS secures deal from CEMEX for digital transformation project

Mexico-based CEMEX has selected Tata Consultancy Services (TCS) to accelerate its digital transformation and improve employee experience for more than 40,000 people worldwide. TCS will help drive CEMEX’s global ‘Working Smarter’ initiative that aims to adapt to evolving market needs and improve business agility. The IT firm will work closely with CEMEX over the next seven years to achieve its vision with a digitally-enabled smart workplace.

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Infosys onboards 12 lakh people for its digital learning initiative

IT services firm Infosys Ltd has onboarded 12 lakh people for Infosys Springboard, its flagship digital reskilling program. Infosys Springboard has partnered with over 700 educational institutions and departments of the State Governments of Karnataka, Maharashtra, and Uttar Pradesh to realise this vision. This move will help Infosys make sustained progress on its commitment to digitally reskill more than 1 crore people by 2025.

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Tata Consumer Products looks to ramp up workforce by 8-10%

Tata Consumer Products Lyd is looking to ramp up its workforce by 8-10% this year. The FMCG company currently has around 3,300 employees on its rolls. It will be ramping up talent across functions, including marketing, digital and technology, sourcing, and commercial areas of business.

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HCL Tech opens Center of Excellence with IBM

HCL Technologies Ltd has opened a Center of Excellence (CoE) with US-based multinational technology corporation IBM. The CoE will help communication service providers modernize their network infrastructure and simplify operations. The center is a virtual hub to develop offerings designed to help clients in the telecom industry to transform their network.

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Religare Enterprises to create war chest for new business ventures

Religare Enterprises Ltd (REL) is setting up a war chest (or a reserve of funds) for venturing into new businesses. The financial services provider has announced plans to enter new strategic sectors, including asset reconstruction, alternate investment funds, and insurance broking. REL also said it has become debt-free by repaying Rs 185.5 crore that it owed to its subsidiary Religare Finvest Ltd.

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Maruti Suzuki records marginal rise in production in Feb

Maruti Suzuki India Ltd reported a marginal increase in production in February 2022. The automaker reported total production of 1,69,692 units in February, compared to 1,68,180 units in the same month last year. Its passenger vehicle production stood at Rs 1,65,672 units, compared to 1,65,783 units in February last year. The shortage of electric components has a minor impact on production.

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Petrol, diesel price hikes likely to restart from next week

Petrol and diesel price hikes are likely to resume after state elections get over next week. Fuel rates could see a hike of up to Rs 9 per litre to bridge the gap created by international crude oil prices surging past $100 a barrel. Global crude oil prices shot above $110 per barrel for the first time since mid-2014. This is due to fears that oil and gas supplies from Russia could be disrupted due to its ongoing conflict with Ukraine and retaliatory sanctions.

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RIL Reports 108% YoY Jump in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit at Rs 13,227 crore

Reliance Industries Limited (RIL) reported a 108% YoY increase in consolidated net profit at Rs 13,227 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown 1%. The consolidated revenue from operations rose 11% YoY to Rs 1,54,896 crore during the same period. RIL’s board has announced a final dividend of Rs 7 per share.

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IndusInd Bank Q4 Results: Net profit jumps three-fold to Rs 876 crore

IndusInd Bank Limited reported a three-fold (~190%) year-on-year (YoY) increase in net profit to Rs 876 crore for the quarter ended March (Q4). Net interest income (NII) rose 9.4% YoY to Rs 3,535 crore during the same period. [NII is the difference between the income interest a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 2.67% in Q4, compared with 2.93% in Q3 FY21. Total provisions declined 23.5% YoY to Rs 1,866 crore during the quarter. IndusInd Bank’s board has announced a dividend of Rs 5 per share.

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Marico Q4 Results: Net profit rises 14% YoY to Rs 227 crore

Marico Limited reported a 14.07% YoY increase in consolidated net profit to Rs 227 crore for the quarter ended March (Q4). Its revenue from operations rose 34.49% YoY to Rs 2,012 crore during the same period. This was driven by strong volume growth of 25% YoY in the domestic business. The FMCG firm’s operating margin was lower at 17.6% in Q4 due to high input costs. For the financial year ended March 31, 2021 (FY21), Marico’s net profit has increased by 14.96% YoY to Rs 1,199 crore. 

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Atul Q4 Results: Net profit rises 24% YoY to Rs 141 crore

Atul Limited reported a 23.9% YoY increase in consolidated net profit to Rs 175.05 crore for the quarter ended March (Q4). Revenue from operations rose 15.6% YoY to Rs 1,115.93 crore during the same period. Its Life Science Chemicals segment posted a 22.6% YoY rise in revenues at Rs 311.89 crore. The company’s board has approved a dividend of Rs 20 per share. Atul Ltd is an integrated chemical company headquartered in Valsad, Gujarat.

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Nestle buys vitamin brands from KKR for $5.75 billion

Nestle SA has agreed to buy vitamin maker Bountiful Co. for $5.75 billion (~Rs 42,580 crore) from private equity firms KKR & Co. and Carlyle. Through this acquisition, Nestle aims to become a world leader in the field of minerals and supplements. The Covid-19 pandemic has boosted demand for such pills from health-conscious consumers. This acquisition would double Nestle’s e-commerce revenue from supplements to about $1 billion this year.

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Dalmia Bharat Q4 Results: Net profit at Rs 640 crore

Dalmia Bharat Limited reported a sharp rise in consolidated net profit (~2,310% YoY) to Rs 640 crore for the quarter ended March (Q4). It had posted a net profit of Rs 24 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose 32.13% YoY to Rs 3,281 crore in Q4 FY21. The company’s board has recommended a dividend of Rs 1.33 per share.

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Escorts to temporarily shut down manufacturing operations amid Covid-19 surge

Amidst the surge in Covid-19 cases in India, Escorts Limited has decided to temporarily shut down its manufacturing operations on a selective basis between May 1 and May 3. The farm equipment manufacturer said that the safety and health of its employees and the wellness of its business ecosystem are of utmost importance. Escorts ensured that there will be no impact on fulfilling customer demand, as it has sufficient inventory in hand.

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Vodafone Idea’s GIGAnet 4G delivers highest network speed in Q4: Ookla

According to speed testing firm Ookla, Vodafone Idea’s (Vi) 4G network GIGAnet has delivered the fastest download and upload speeds across India for the third consecutive quarter in Q4 (January-March 2021). Additionally, Vi has the fastest average 4G download speeds in 135 Indian cities, including Mumbai, Delhi NCR, and Kolkata. This comes at a time when data usage has surged exponentially as more people are staying home due to a fresh wave of Covid-19 cases in India.

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Yes Bank Q4 Results: Net loss at Rs 3,788 crore

Yes Bank reported a net loss of Rs 3,787.75 crore for the quarter ended March (Q4). The bank had posted a net loss of Rs 3,668 crore in the corresponding period last year (Q4 FY20).  Net interest income (NII) declined 23% YoY to Rs 1,274 crore in Q4 FY21. The gross non-performing assets (NPA) ratio stood at 15.41%, compared to 15.36% in the previous quarter. Yes Bank’s deposits grew 11% quarter-on-quarter (QoQ) and 55% YoY to Rs 1,62,947 crore in Q4 FY21.

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Ajanta Pharma Q4 Results: Net profit rises 23% YoY to Rs 159 crore

Ajanta Pharma reported a 23% YoY increase in consolidated net profit to Rs 159 crore for the quarter ended March (Q4). Its revenue from operations 11% YoY to Rs 757 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased to Rs 654 crore, compared with Rs 468 crore in the previous financial year (FY20).

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Bank of India’s board approves raising capital up to Rs 4,800 crore

The Board of Directors of Bank of India (BOI) has approved raising capital aggregating to Rs 4,800 crore through the issuance of shares or bonds. The lender will issue equity shares in the form of Follow-on Public Offer (FPO)/Qualified Institutional Placement (QIP) or issue Basel III compliant Tier-1 bonds worth up to Rs 3,000 crore. BOI will further issue Basel III compliant Tier-2 bonds worth up to Rs 1,800 crore. The fundraising proposal is subject to shareholders’ approval.

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Bharti Airtel Adds 58.9 Lakh Subscribers in January – Top Indian Market News

Bharti Airtel adds 58.9 lakh subscribers in January, Vi adds 17.1 lakh subscribers: TRAI

Bharti Airtel added more wireless subscribers than market leader Reliance Jio for the sixth straight month in January. According to data released by telecom regulator TRAI, Bharti Airtel added 58.92 lakh subscribers, while Jio added 19.56 lakh subscribers in January 2021. Vodafone Idea (Vi) gained 17.1 lakh subscribers during the same month. This is the first time in 15 months that Vi is adding subscribers.

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BHEL emerges lowest bidder for NPCIL’s Rs 10,800-crore tender

Bharat Heavy Electricals Ltd (BHEL) has emerged as the lowest (L1) bidder for the supply of equipment for the 6×700 megawatt (MW) nuclear power projects of Nuclear Power Corporation of India (NPCIL). The lowest bid price offered by BHEL was Rs 10,800 crore. With this tender, BHEL has retained its market leadership position of being the sole Indian supplier of nuclear steam tubes. 

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Domestic air traffic declines 36% YoY in February: DGCA

A total of 78.27 lakh domestic passengers travelled by air in February 2021, which is 36% lower than the corresponding period in 2019. IndiGo carried 42.38 lakh passengers in February, thus securing a 54.2% share of the total domestic market. SpiceJet flew 9.62 lakh passengers, which is a 12.3% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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L&T Technology Services partners with Aspen Tech to deliver engineering solutions

L&T Technology Services Ltd (LTTS) has partnered with Aspen Technolgy, Inc. to offer a complete suite of digital engineering solutions across global enterprises. This will empower customers to optimize the performance of their assets and achieve operational excellence through cloud hosting and virtualisation. LTTS’ cloud engineering services will provide design, delivery, and support for computing, storage, and virtual network infrastructure. 

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ABB Power secures order worth Rs 124 crore from BALCO

Hitachi ABB Power Grids in India has received an order from Bharat Aluminium Company (BALCO) to strengthen power infrastructure at its Korba plant in Chattisgarh. The estimated value of the order is Rs 124 crore. The equipment required for this project will be manufactured domestically in line with the government’s Make-in-India initiative. 

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DLF to raise up to Rs 500 crore via NCD issue

DLF Limited has announced plans to raise up to Rs 500 crore through the issuance of secured, rated, redeemable non-convertible debentures (NCDs). The NCDs will be issued at a coupon rate of 8.25% on a private placement basis in one or more tranches to eligible investors. The realty firm had earlier announced plans of restructuring existing loans with a target of saving Rs 300 crore annually.

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SC orders restoration of MF units back to Dalmia Bharat Group

The Supreme Court of India (SC) has ordered IL&FS Security Services Ltd (ISSL) to release mutual fund units worth Rs 344 crore back to the Dalmia Bharat Group. In August 2019, the SC had passed an interim order that Dalmia Cement, which is a subsidiary of Dalmia Bharat, may encash the securities and an amount of Rs 344 crore shall lie in fixed deposit with ISSL. The mutual fund units of two subsidiaries of Dalmia Cements were fraudulently and illegally transferred by Allied Financial Services Pvt Ltd in collusion with ISSL.

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Shakti Pumps secures export orders worth $35 million from Uganda Government

Shakti Pumps (India) Ltd has secured a contract from the Ministry of Water and Environment, Government of Uganda, for supplying solar-powered water pumping systems. The total contract value is $35.30 million (~Rs 256.23 crore). Shakti Pumps is a manufacturer and exporter of stainless-steel water pumps, motors, and solar pumps.

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Subex partners with SkyLab to offer cybersecurity solutions for shipping industry

Subex Limited has entered into a partnership with SkyLab to offer Internet of Things (IoT) and Operational Technology (OT) cybersecurity solutions and services to the maritime sector. The companies will jointly offer Security Operations Center services and threat risk management support to improve the overall cybersecurity structure of the shipping industry. Subex is a leading enterprise software company based in Bangalore.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 1.21 times on the second day of bidding. The portion reserved for retail investors was subscribed 1.90 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 89% and that of qualified institutional buyers (QIBs) 24%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 106.77 times on the final day of bidding. The portion reserved for retail investors was subscribed 19.97 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 217.62 times and that of qualified institutional buyers (QIBs) 175.43 times. You can learn more about the IPO here.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 42% on the first day of bidding. The portion reserved for retail investors was subscribed 84%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of employees 6%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 4.01 times on the first day of bidding. The portion reserved for retail investors was subscribed 16.75 times and that of employees 2.28 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.85 times and that of QIBs 36%. To know more about the IPO, click here.