Tag: dixon technologies

Categories
Market News Top 10 News

India’s GDP Grows 6.1% in Q4 – Top Indian Market Updates

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

India’s GDP grows 6.1% in Q4

India’s gross domestic product (GDP) grew at 6.1% in the last quarter of the previous financial year (Q4 FY23)— beating street estimates. In FY23, the economy grew at 13.1%, 6.2% and 4.5% in Q1, Q2 and Q3, respectively, on an annual basis. However, economists warned that the global slowdown and volatility in financial markets pose a risk to exports and the growth outlook in coming quarters.

Read more here.

Civil aviation ministry comes out with draft aircraft bill

The Ministry of Civil Aviation has come out with a draft bill for putting in place a simplified approach to regulations pertaining to the aviation sector. The Draft Aircraft Bill, 2023, has been prepared after reviewing the existing Aircraft Act of 1934. It aims for better provisions for regulation and control of the design, manufacture, possession, use, operation, sale, import and export of aircraft.

Read more here.

Vedanta Resources pays $400 million debt

Vedanta Resources Ltd (Vedanta), the parent company of Vedanta Ltd, has repaid loans worth $400 million, cutting gross debt to $6.4 billion. The company is targeting further debt reduction during the balance of FY24 and ultimately intends to lower gross debt towards zero.

Read more here.

Manappuram Finance launches digital money lending app

Manappuram Finance Ltd has launched Ma-Money, a new digital lending platform. The objective of introducing the app is to provide customers with all the financial products offered by the company under one umbrella. The app is primarily targeted at customers in tier 2 and tier 3 cities

Read more here.

PTC India signs two long-term agreements for 215 MW power purchase

PTC India has signed two agreements for the purchase of 215 megawatts (MW) of electricity on a long-term basis. While an agreement has been signed with Brookfield Renewables for purchase of 100 MW solar power, another pact is with V S Lignite for purchase of 115 MW thermal power. PTC India will market the power to various utilities and industrial consumers.

Read more here.

Centre to offload stake in Coal India via OFS on June 1: Report

According to a CNBC-TV18 report, the Central Government will sell a stake in Coal India Ltd (CIL) through an offer for sale (OFS) on the BSE and NSE on Thursday (June 1). The size of OFS is likely to be around Rs 4,000 crore. The floor price has been fixed at Rs 225 a share, at a discount of nearly 7% as compared to Wednesday’s closing price of Rs 241.2.

Read more here.

Dixon Tech to partner with Xiaomi India for manufacturing phones

Dixon Tech has partnered with Xiaomi India for manufacturing and exporting mobile phones from India. The company is also looking to enhance the component ecosystem in India through its wholly-owned subsidiaries. Earlier, Chinese electronics giant Xiaomi had partnered with homegrown Dixon Tech to locally manufacture Mi LED TVs.

Read more here.

IPL final watched by 12 crore viewers on JioCinema: Viacom18

Reliance’s Viacom18 said the Indian Premier League (IPL) 2023 became the most-watched digital event globally as 12 crore unique viewers tuned in to watch the final match between Chennai Super Kings (CSK) and Gujarat Titans on JioCinema. JioCinema set a new world record as the final match had a peak concurrency of 3.21 crore viewers. Moreover, it registered over 1700 crore video views through the 16th edition of IPL.

Read more here.

Prestige Estates expects 25% pre-sales growth in FY24

Prestige Estates recorded a 19% year-on-year (YoY) increase in total sales to Rs 3,888 crore in Q4, while collections rose 12% to Rs 2,763 crore. The company delivered 1.3 million sq. ft. of projects during the quarter. The real estate firm has exceeded its target of Rs 12,000 crore in pre-sales in FY23 and is expecting 20 to 25% growth in pre-sales in FY24.

Read more here.

Categories
Market News Top 10 News

Vedanta Repays $100M to Standard Chartered Bank – Top Indian Market Updates

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

Vedanta repays $100 million to Standard Chartered Bank

Vedanta Ltd said it has repaid $100 million (~Rs 828 crore) to Standard Chartered Bank via release of encumbrance on March 10, 2023. Earlier, Vedanta Resources said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to ease investor concerns surrounding its financial position. The company has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by $2 billion in the past 11 months.

Read more here.

Reliance Jio launches 5G services in 34 cities

Reliance Jio Infocomm has added 34 more cities to its True 5G network, taking the total number of the service offering to 365. Ambur, Chidambaram, Namakkal, Pudukottai, Ramanathapuram, Sivakasi, Tiruchengode and Villupuram in Tamil Nadu and Puducherry were covered in the latest round. In Jan, the company said that it has invested ₹40,446 crore in Tamil Nadu.

Read more here.

Mindpsace REIT raises ₹550 crore through green bonds to refinance loans

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured non-convertible debentures of Rs 1 lakh each by way of the private placement. The proceeds will be used towards refinancing loans availed by one of the asset special purpose vehicles (SPVs) to fund eligible green projects.

Read more here.

IOC floats new unit for clean energy business

Indian Oil Corporation Ltd (IOCL) has floated a new subsidiary under low-carbon, clean and green energy business as the company pivots a transition plan to achieve net zero emissions from its operations by 2046. IOCL also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.

Read more here.

Engineers India looks at new sectors, overseas for new phase of growth

Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth. In recent times, EIL has also added biofuels and green hydrogen to the list of industries where it provides consultancy right from design and feasibility studies to engineering, procurement, construction and maintenance.

Read more here.

Ramakrishna Forgings secures order to supply 80,000 wheels to Indian Railways

Ramakrishna Forgings has emerged as the lowest bidder in the tender for manufacturing and supplying up to 80,000 wheels annually to the Indian Railways. This will help in import substitution and the establishment of greenfield wheel manufacturing facilities in India. At Rs 1.88 lakh per tonne, Ramakrishna Forgings’ bid was significantly lower than the Rs 2.75 lakh per tonne bid by Bharat Forge.

Read more here.

Future Retail executive chairman Kishore Biyani withdraws resignation letter

Debt-ridden Future Retail Ltd said Kishore Biyani has withdrawn his resignation as the executive chairman and director of the company. Future Retail is currently under insolvency proceedings. Biyani had tendered his resignation on Jan. 23.

Read more here.

KEC International bags orders worth Rs 1,028 crore

KEC International Ltd secured multiple new orders worth Rs 1,028 crore across its various businesses. The company has secured new orders in the transmission and distribution project segment in East Asia Pacific, the Middle East, and the Americas. The new orders include a 500/230 kV GIS substation order in Thailand, a 110 kV transmission line order in Saudi Arabia, and a supply of towers in the Middle East.

Read more here.

Dixon Tech to receive ₹150 crore under PLI Scheme

The Central government has cleared another tranche of the PLI scheme worth Rs 765 crore. Out of this, Dixon Technologies Ltd. will be receiving nearly Rs 150 crore. The amount received by Dixon will be for its subsidiary Padget Electronic. A large portion of the total amount released on the PLI scheme will go to Wistron, Apple’s contract manufacturer in India.

Read more here.

Categories
Market News Top 10 News

Bajaj Finance Posts 40% YoY Rise in Q3 Net Profit – Top Indian Market Updates

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

Bajaj Finance Q3 Results: Net profit rises 40% YoY to ₹2,973 crore

Bajaj Finance Ltd reported a 40% YoY increase in consolidated net profit to ₹2,973 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 26.3% YoY to ₹10,784.3 crore during the same period. The asset under management (AUM) of the company was up 27% YoY to Rs 2.30 lakh crore in Q3. Net interest income (NII) for the quarter rose 24% YoY to ₹7,435 crore.

Read more here.

Reliance Jio, Bharti Airtel gained subscribers in Nov 2022

Reliance Jio gained 14.2 lakh wireless subscribers in November 2022, while Bharti Airtel added 10.5 lakh subscribers. Vi lost nearly 18.2 lakh mobile users in Nov, further shrinking its user base to 24.37 crore. Jio and Bharti Airtel’s user bases expanded to 42.28 crore and 36.6 crore, respectively. TRAI data showed Jio and Airtel have widened their customer market shares to 36.99% and 32.03% (31.92%), respectively, while Vi’s has narrowed further to 21.33%.

Read more here.

Vedanta Q3 Results: Net profit falls 42% YoY to ₹3,092 crore

Vedanta Ltd reported a 42% YoY decline in net profit to ₹3,092 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 7% YoY to ₹33,691 crore during the same period. EBITDA stood at ₹7,100 crore in Q3, down 35% YoY. The company declared a dividend of ₹12.5 per share. 

Read more here.

DLF plans to launch ₹7,500 crore premium housing project in Gurugram

DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around ₹7,500 crore as it seeks to tap strong demand for high-end apartments. The company will develop about 1,100 apartments in this residential project. DLF has launched residential projects in Delhi, Gurugram, Panchkula (Haryana), and Chennai this fiscal.

Read more here.

Dixon Tech Q3 Results: Net profit rises 12% YoY to ₹52 crore

Dixon Technologies (India) Ltd reported a 12% YoY increase in consolidated net profit to ₹52 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 22% YoY to ₹2,405 crore during the same period. Expenses declined by 23% YoY to ₹2,294 crore in Q3. EBITDA stood at ₹114 crore in Q3, up 10% YoY. 

Read more here.

Tata Motors hikes prices of passenger vehicles

Tata Motors Ltd will hike the prices of its passenger vehicles by 1.2% on a weighted average basis from February 1 due to the rise in overall input costs. The vehicle maker said it has been “absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike.” 

Read more here.

Tata Elxsi Q3 Results: Net profit rises 29% YoY to ₹195 crore

Tata Elxsi reported a 29% YoY increase in net profit to ₹194.68 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 28.7% YoY to ₹817.74  crore during the same period. EBITDA stood at ₹246.9 crore in Q3, up 17.1% YoY. The company’s media & communications segment grew 14.7% YoY in a challenging quarter for the industry, aided by new wins in Android TV and ad tech.

Read more here.

Dr. Reddy’s Lbas launches generic version of Durezol eye drops in US

Dr. Reddy’s Laboratories Ltd. has launched the generic version of Durezol eye drops in the United States following approval by the US Food and Drug Administration (USFDA). The product is used to treat eye swelling and pain after eye surgery. According to IQVIA data, the Durezol brand and its generic version had total sales of approximately $40 million in the US market for the 12 months ended November 2022.

Read more here.

Samvardhana Motherson to acquire 51% stake in Saddles International Automotive for ₹207 crore

Samvardhana Motherson International Ltd will acquire a majority stake (51%) in Saddles International Automotive and Aviation Interiors Pvt. Ltd. (SIAAIPL) for ₹207 crore. SIAAIPL manufactures premium upholstery for applications, including seat covers for passenger vehicles, wrapping of door panels, and gear knob covers. The deal will allow Samvardhana Motherson to enter the upholstery space.

Read more here.

Categories
Market News Top 10 News

Asian Paints Posts 31% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Asian Paints Q2 Results: Net profit rises 31% YoY to ₹783 crore

Asian Paints Ltd reported a 31.3% YoY increase in consolidated net profit to ₹782.71 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19% YoY to ₹8,457.6 crore during the same period. EBITDA stood at ₹1,227.7 crore in Q2, up 36% YoY. The company’s board has approved an interim dividend of ₹4.4 per share.

Asian Paints will invest ₹2,100 crore to set up a facility to manufacture Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM). VAE is a key constituent to manufacturing environmentally friendly paints, and VAM is a key input to making VAE.

Read more here.

Coal import to be stopped by 2024: Pralhad Joshi

Union Coal Minister Pralhad Joshi said the import of coal, which has declined considerably, will be stopped by 2024. The minister said commercial coal mine auction, which was institutionalised by the present government, has made the auctioning process totally transparent. According to Joshi, coal production in the current financial year (FY23) is expected to touch 900 million tonnes.

Read more here.

Axis Bank Q2 Results: Net profit rises 70% YoY to ₹5,330 crore

Axis Bank reported a 70% YoY (or 29% QoQ) increase in net profit to ₹5,330 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 31% YoY to ₹10,360 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 2.5% in Q2, compared to 2.76% in Q1. Provisions fell 68% YoY to ₹549.78 crore in Q2 FY23.

Read more here.

Bajaj Finance Q2 Results: Net profit rises 88% YoY to ₹2,781 crore

Bajaj Finance reported an 88% YoY increase in net profit to ₹2,781 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 31% YoY to ₹7,001 crore during the same period. The assets under management (AUM) stood at ₹2,18,366 crore in Q2, up 31% YoY. The gross non-performing assets ratio (GNPA) improved to 1.17% in Q2, compared to 2.45% in Q1. 

Read more here.

SEBI clears govt proposal to turn Vodafone Idea dues into equity: Report

As per a Reuters report, the Securities & Exchange Board of India (SEBI) has approved the government’s proposal to convert Vodafone Idea’s dues of over $1.92 billion to equity. Last year, the central government approved a rescue package for debt-strapped telecom companies that allowed them to convert interest on deferred adjusted gross revenues (AGRs) owed to the government into equity. 

Vi’s board is scheduled to meet on October 21 to consider the issuance of debentures convertible into equity shares on a preferential basis to a vendor.

Read more here.

Tata Consumer Q2 Results: Net profit rises 22% YoY to ₹328 crore

Tata Consumer Products Ltd reported a 22% YoY increase in net profit to ₹327.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 11% YoY to ₹3,363.1 crore during the same period. The FMCG company’s expenses stood at ₹3,021.9 crore in Q2, up12% YoY. Revenue from its India business grew 9.2% YoY to ₹2,159.9 crore.

Read more here.

Adani Transmissions secures ₹1,300 crore deal from Mumbai’s BEST

Adani Transmission Ltd has secured a deal worth ₹1,300 crore to install and maintain 10.80 lakh smart meters for BEST Undertaking. The Brihanmumbai Electric Supply and Transport (BEST) Undertaking is a state-run utility that serves consumers in the island city exclusively. The current contract involves installing the smart meters over 30 months and maintaining them for the following 90 months.

Read more here.

Dixon Tech Q2 Results: Net profit rises 23% YoY to ₹77 crore

Dixon Technologies Ltd reported a 23.11% YoY increase in consolidated net profit to ₹77.12 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 37.91% YoY to ₹3,866.77 crore during the same period. Total expenses stood at ₹3,766.54 crore in Q2, up 38.24% YoY. Revenue from its consumer electronics business stood at ₹1,500.7 crore, while revenue from lighting products stood at ₹290.4 crore.

Read more here.

Glenmark Pharma launches drug for diabetic patients with comorbidities

Glenmark Pharmaceuticals Ltd has launched a fixed-dose combination for the treatment of diabetes for patients with comorbidities (more than one disease or medical condition). The Mumbai-based drug maker has become the first company to launch Teneligliptin (20mg) + Dapagliflozin (5mg/10mg) fixed-dose combination to treat Type-2 diabetes in adult patients. The new drug is marketed under the Zita D brand.

Read more here.

IEX Q2 Results: Net profit falls 7% YoY to ₹71 crore

Indian Energy Exchange (IEX) reported a 7% YoY decline in consolidated net profit to ₹71 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 13% YoY to ₹95 crore during the same period. EBITDA stood at ₹78.9 crore in Q2, down 17% YoY.

Categories
Market News Top 10 News

Jet Airways Relaunch Faces Delays – Top Indian Market Updates

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

Jet Airways facing more delays: CEO Sanjiv Kapoor

Jet Airways Ltd’s potential new owners, the Jalan-Kalrock consortium, have been trying to relaunch operations this month. However, the airline faces more delays due to unresolved negotiations between the management and engine makers on more favourable terms in its proposed leasing contracts. 

“We will start operations in a planned and phased manner and share details of our fleet, customer value proposition, and business model when we open for sale,” said CEO Sanjiv Kapoor.

Read more here.

AGEL commissions 325 MW wind power project in Madhya Pradesh

Adani Green Energy Ltd (AGEL) has commissioned a 325 megawatts (MW) wind energy plant in Dhar, Madhya Pradesh. The plant has two 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) at a tariff of Rs 2.83 per kilowatt hour (kwh). The Adani Group will manage the newly commissioned plant via its ‘Energy Network Operation Centre’ platform.

Read more here.

NARCL to buy 18 distressed accounts totalling ₹39,921 crore by Oct 1: Report

As per an ET Now report, the National Asset Reconstruction Company of India Ltd (NARCL) is preparing to acquire 18 distressed accounts worth ₹39,921 crore by October 31. The bad bank informed lenders that it has created two lists– Phase 1 comprised eight accounts with a debt of ₹16,744 crore. Phase 2 has 10 accounts with a debt of ₹18,177 crore.

Read more here.

Welspun Corp secures order for pipeline project in the US

Welspun Corp has secured a significant order for a carbon capture pipeline project in the United States. The company will supply 785 miles (1,256 km) or 100,000 MT of high-frequency induction welding pipes. The pipes for the order will be produced at the company’s manufacturing plant in Little Rock, Arkansas, and executed in FY23-24.

Read more here.

Delhi HC allows Natco Pharma to launch Chlorantraniliprole

The Delhi High Court has allowed Natco Pharma to launch Chlorantraniliprole (CTPR) and its formulations through its non-infringing process. CTPR technical is formulated into broad-spectrum insecticides for pest management on a wide range of crops. Natco Pharma estimates the current market size of products containing CTPR in India to be over ₹2,000 crore.

Read more here.

Hatsun Agro Products’ board approves rights issue of ₹400 crore

The Board of Directors of Hatsun Agro Products Ltd has approved the proposal for a rights issue aggregating to ₹400 crore. The issue will be available for all existing shareholders. The eligible shareholders will be determined on the record date, which the company will announce in due course. 

Read more here.

Olectra secures order to supply 123 e-buses to Thane Municipal Transport Undertaking

A consortium formed by Olectra Greentech and EVEY Trans has secured an order for 123 electric buses from the Thane Municipal Transport Undertaking. EVEY Trans will procure these e-buses from Olectra Genentech and deliver them in nine months. Meanwhile, Olectra will maintain the buses during the contract period of 15 years. The total value of the order is ₹185 crore.

Read more here.

Dixon Tech signs deal with Ibahn for advanced lighting technology

Dixon Technologies (India) Ltd has entered into a binding term sheet with Delhi-based Ibahn Illumination, whereby Ibahn has agreed to transfer its cutting-edge technologies of smart lighting solutions. Ibahn’s BLE Mesh Smart Lighting (app, firmware, hardware, and cloud-hosted database) provides consumers with Wi-Fi-based technology solutions for its lighting products.

Read more here.

PSP Projects secures work orders worth ₹167 crore

PSP Projects Ltd has secured orders worth ₹167.35 crore in the industrial, precast and residential segments. This includes a major order to construct Phase 2 of a Noodle Factory from a repeat client. With receipt of the above orders, the total order inflow for FY2022-23 till date amounts to ₹1,511.58 crore.

Read more here.

SEBI introduces framework to prevent misuse of clients’ securities by brokers

The Securities & Exchange Board of India (SEBI) has introduced a new framework that will prevent the misuse of clients’ securities and funds by their stock brokers. Under the framework, depositories need to validate the transfer instruction for pay-in of securities from client Demat accounts to trading member pool accounts against obligations received from the clearing corporations.

In other news, SEBI is looking to boost surveillance of social media and other platforms through a web intelligence tool. Using data analytics, the tool will help to investigate violations of various securities laws by individuals, groups, and other entities.

Read more here.

Categories
Market News Top 10 News

Equity Mutual Fund Inflows Hit 10-Month Low in August – Top Indian Market Updates

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

Equity mutual fund inflows hit 10-month low in August

Data released by the Association of Mutual Funds in India (AMFI) showed that Inflows into equity mutual funds fell 31% YoY to ₹6,119.58 crore in August. Investors continued to withdraw money amidst rising interest rates and high inflation. The monthly Systematic Investment Plan (SIP) contribution stood at ₹12,693.45 crore in August, an all-time high. 

The mutual fund industry’s net assets under management (AUM) hit an all-time high of ₹39.33 lakh crore in August, increasing 7% YoY.

Read more here.

Govt clears PLI incentive of ₹53 crore for Dixon Tech

Dixon Technologies Ltd has become the first producer of mobile phones to get approval for the disbursement of incentives under the government’s Production-Linked Incentive (PLI) scheme. The company will be eligible to receive ~₹53 crore for the first quarter of operation between October to December 2021 as an incentive on incremental sales. The incentive amount will be disbursed in the next few days.

Read more here.

India considers new coal imports as energy supply concern grows

Energy officials in India are considering whether further coal imports may be needed to avoid any power supply crunch. Stockpiles of coal at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days’ supply. This is well below the required levels of more than three weeks. Coal helps produce about 70% of India’s electricity.

Read more here.

PVR to seek approval from shareholders, creditors on Oct 11 for merger with INOX

PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for its merger with INOX Leisure. The two entities announced the merger plan in March 2022, and the merged company will be called PVR Inox. However, the branding of existing screens will continue as PVR and INOX. The boards of both companies decided that the shareholders of INOX Leisure would receive 3 stocks of PVR for every 10 stocks of Inox they hold.

Read more here.

Zydus Lifesciences secures rights to market MonoFerric injection in India, Nepal

Zydus Lifesciences Ltd has secured rights to market MonoFerric injection in India and Nepal from Denmark-based Pharmacosmos A/S. The drug is used to treat iron deficiency in adult patients when oral iron preparations are ineffective. MonoFerric is available in over 30 countries (including the US and Europe), and over 28 million doses have been administered since launch.

Read more here.

Tata Group in talks to join an elite club of iPhone makers

Tata Group is in talks with Wistron Corp, a Taiwanese supplier to Apple Inc., to establish an electronics manufacturing joint venture as they seek to assemble iPhones in India. As per reports, Tata Group wants to tap Wistron Corp’s expertise in product development, supply chain, and assembly. If successful, the pact could make Tata the first Indian company to build iPhones.

Read more here.

Lupin gets USFDA approval for generic used to cleanse colon

Lupin Ltd has launched the generic version of Suprep Bowel Prep Kit Oral Solution in the US after getting approval from the US Food & Drug Administration (USFDA). The drug is used for cleansing the colon as a preparation for colonoscopy. As per IQVIA MAT data, RLD Suprep Bowel Prep Kit had estimated sales of $202 million in the U.S during the 12 months ended July 2022. 

Read more here.

Ashok Leyland signs pact with UK-based Libertine for powertrain technology

Ashok Leyland Ltd has signed an agreement with UK-based Libertine Holdings to evaluate the use of Libertine’s technology platform for its commercial vehicle (CV) powertrains. Libertine is a developer of clean and fuel-flexible linear generator technology (LGT). Under the terms of the agreement, Ashok Leyland will explore the scope for LGT product development and demonstration within its CV portfolio.

Read more here.

PI Industries looks to buy promoter stake in Granules India: Report

As per a report by ET NOW, PI Industries is looking to acquire a promoter stake in Granules India. “Initial discussions between the two companies have already taken place,” the report said. The promoters of Granules India have a 42% stake in the pharma company valued at ₹3,200 crore.

Read more here.

Categories
Market News Top 10 News

Services PMI Rises to 57.2 in August – Top Indian Market Updates

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

Services PMI accelerates to 57.2 in August 

India’s services sector saw gains in new business, ongoing improvements in demand conditions, and job creation during August. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 57.2 in August, compared to 55.5 in July. The rate of job creation last month was the strongest in more than 14 years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month. 

Read more here. 

IEX’s total trade volume falls 18% in August

Indian Energy Exchange (IEX) registered an 18% YoY decline in total trade volume to 7,805 million units (MU) in August 2022. This includes 6,517 MU in the conventional power market, 437 MU in the Green Power market, and 851 MU in the Renewable Energy Certificate (REC) market. The average clearing price in the Day-Ahead market rose 2% YoY to Rs 5.17 per unit last month. 

Read more here. 

Paytm denies link with Chinese loan merchants under ED scanner

Payment platform Paytm has denied any links with the merchants that are currently under Enforcement Directorate’s (ED) scanner in the Chinese loan app case. On Friday, ED carried out search operations at six premises in Bengaluru concerning an investigation of the case. The premises of Razorpay, Cashfree Payments, Paytm Payment Services, and other entities “controlled” by Chinese persons were covered in the operation. The raids were conducted under provisions of the Prevention of Money Laundering Act (PMLA), 2002. 

Read more here.

Dixon Tech signs pact with Google to sub-license rights relating to Android

Dixon Technologies Ltd has signed an agreement with Google to sub-license rights relating to Android and Google TV. This partnership will enable the company to offer a cost-effective and high-quality experience to its existing customers and potential new brands. It will further strengthen Dixon Tech’s market leadership in the LED TV category.

Read more here.

Bank of Maharashtra organises loan outreach program; sanctions more than ₹1,000 crore

Bank of Maharashtra has organised a credit outreach program under which it has sanctioned loans worth nearly ₹1,000 crore. Loan sanction letters were distributed to the beneficiaries by Financial Services Secretary Sanjay Malhotra in Pune. He also visited self-help group stalls at the event and interacted with members. The secretary also visited self-help group stalls at the event and interacted with the members.

Read more here.

Mahindra Lifespace expects over 2.5-fold rise in bookings soon

Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to ₹2,500 crore in the next three years on better housing demand. The company registered ₹600 crore of residential sales during the April-June quarter (Q1) of FY2022-23, compared to ₹1,028 crore in the full previous year. It expects very strong continued growth in Q2 and the rest of the year.

Read more here.

Would surpass ₹21,000-crore revenue target by 2026: ABFRL chairman

Aditya Birla Fashion and Retail Ltd (ABFRL) is confident of fortifying its market position further and surpassing the projected revenue of ₹21,000 crore by 2026, said chairman Kumar Mangalam Birla. The company is leveraging technology and its execution excellence to build a strong, profitable, and future-ready brand portfolio. ABRFRL is also working on strategic alliances and is building a comprehensive set of iconic brands.

Read more here.

Aurionpro Solutions acquires US-based startup Hello Patients Solutions Inc.

Aurionpro Fintech Inc., a US-based subsidiary of Aurionpro Solutions Ltd, announced the acquisition of Hello Patients Solutions Inc, a startup registered in Delaware, USA. Hello Patients provides a healthcare billing and patients’ management solution that leverages Aurionpro’s technology for payments processing. Aurionpro will acquire the entire stake in Hello Patients in an all-cash transaction of $250,000 (~₹1.99 crore).

Read more here.

OPEC to cut oil output for first time in a year

For the first time in a year, OPEC+ agreed to make a token oil supply cut for October. The organisation aims to stabilise international markets after a faltering economic backdrop triggered the longest price decline in two years. At a meeting held today, OPEC decided to reduce production by 100,000 barrels a day in October, taking supplies back to August levels.

Read more here.

HAL-L&T consortium secures ₹860-crore contract to build five PSLVs

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro has won an ₹860 crore deal from NewSpace India Limited (NSIL) to build five Polar Satellite Launch Vehicle (PSLV) rockets over four years. The contract was exchanged today between HAL and NSIL during the inaugural session of the 7th Bengaluru Space Expo 2022.

Categories
Market News Top 10 News

Tata Motors’ Net Loss Widens in Q1 – Top Indian Market Updates

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

Tata Motors Q1 Results: Net loss widens to Rs 4,951 crore

Tata Motors reported a consolidated net loss of Rs 4,950.97 crore for the quarter ended June (Q1 FY23). The automaker had posted a net loss of Rs 4,450.12 crore in Q1 FY22 and a loss of Rs 992.05 crore in Q4 FY22. Its revenue from operations fell 8.3% YoY to Rs 71,934 crore in Q1 FY23. The sharp increase in losses is primarily due to inflation, lockdowns in China, chip supply issues, and volatile commodity prices. 

Sales of passenger vehicles surged 101.7% YoY to 1,30,351 units in Q1 FY23, while commercial vehicle sales jumped 104.1% YoY to 95,900 units.

Read more here.

Govt received bids worth Rs1.49 lakh crore in spectrum sale

The Indian Government has raised Rs 1,49,454 crore from the auction of 5G spectrum at the end of day two, said telecom minister Ashwini Vaishnav. The sale will most likely end on Thursday. On day one, the govt received around Rs 1.45 lakh crore, driven by the 700 MHz band, which saw bidding for the first time. Reliance Jio, Bharti Airtel, and Vodafone Idea have bid for mid and high-end airways to launch 5G services.

Read more here.

Bajaj Finance Q1 Results: Net profit jumps 159% YoY to Rs 2,596 crore

Bajaj Finance Ltd reported a 159% YoY jump in consolidated net profit to Rs 2,596 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 48% YoY to Rs 6,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.25% in Q1 FY23, compared to 2.96% in Q1 FY22. The company’s total assets under management stood at Rs 2,04,018 crore in Q1 FY23, up 28% YoY.

Read more here.

DGCA orders SpiceJet to cut flights by half for safety

The Directorate General of Civil Aviation (DGCA) has ordered SpiceJet Ltd to operate only 50% of its flights for eight weeks after an unusually high number of safety incidents involving the airline. SpiceJet said this order would not have any impact on its flights in the lean travel season and flights won’t be cancelled. During these eight weeks, the airline would be subjected to DGCA’s “enhanced surveillance”.

Read more here.

Maruti Suzuki Q1 Results: Net profit jumps 118% YoY to Rs 1,036 crore 

Maruti Suzuki India Ltd (MSIL) reported a 118% YoY jump in consolidated net profit to Rs 1,036 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 49% YoY to Rs 26,499.8 crore during the same period. The automaker sold 4,67,931 units in Q1, up 32.3% YoY. MSIL also reported its highest ever exports at 69,437 units. A shortage of electronic components in Q1 resulted in the non-production of nearly 51,000 vehicles.

Read more here.

Dr. Reddy’s Labs launches cancer treatment injection Bortezomib in the US

Dr. Reddy’s Laboratories Ltd has announced the launch of Bortezomib for Injection (3.5 mg per 10 ml single-dose vial) in the U.S. market. The injection is indicated for the treatment of adult patients with multiple myeloma and mantle cell lymphoma (cancer). As per IQVIA data, the generic version of the drug had sales of approx. $1.2 billion in the U.S market during the 12 months ended May 2022.

Read more here.

Dixon Tech Q1 Results: Net profit jumps 152% YoY to Rs 45 crore

Dixon Technologies Ltd reported a 152% YoY jump in consolidated net profit to Rs 45.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 52.89% YoY to Rs 2,855.07 crore during the same period. Total expenses stood at Rs 2,793.44 crore in Q1, up 51.52% YoY.

Read more here.

Tech Mahindra, Genesys to license imagery data for Google Street View in India

Google has announced a partnership with Tech Mahindra Ltd and mapping firm Genesys International to launch the Street View product of Google Maps in India. The US-based tech major will license imagery data for Street View from Tech Mahindra and Genesys and won’t own the data itself. The product will be available in Bengaluru, Chennai, Delhi, Mumbai, and six other cities from today.

Read more here.

Bharat Forge’s arm partners with Talgo for manufacturing high-speed trains

BF Infrastructure (a subsidiary of Bharat Forge Ltd) has partnered with Talgo India to set up a joint venture (JV) that will engage in the manufacturing of high-speed passenger trains. The JV is expected to address future large business opportunities in the Indian Railways sector. It will also tap the upcoming domestic requirements in the field. Talgo is a wholly owned subsidiary of Spain-based high-speed passenger train manufacturer Patentes Talgo.

Read more here.

Laurus Labs Q1 Results: Net profit rises 4% YoY to Rs 251 crore

Laurus Labs reported a 4% YoY (or 9% QoQ) increase in net profit to Rs 251 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 20% YoY to Rs 1,539 crore during the same period. The pharma company’s operating profit was up 15% YoY to Rs 454 crore in Q1. The active pharmaceutical ingredients (API) business reported a revenue of Rs 583 crore, up 6% YoY.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Hits Five-Month High of 12.54% in October – Top Indian Market News

inflation - market updates | marketfeed

WPI inflation hits five-month high of 12.54% in October

India’s wholesale inflation accelerated to a five-month high at 12.54% in October 2021. The wholesale price index (WPI) grew 10.66% in September and 1.31% in October 2020. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, food products, crude petroleum & natural gas. Food inflation contracted 1.69% in October, compared to a 4.69% contraction seen in September. The inflation in manufactured products stood at 12.04% in October from 11.41% a month ago.

Read more here.

HCC-KEC JV wins Rs 1,309 crore Chennai Metro order

Hindustan Construction Company (HCC), in consortium with KEC International Ltd, has secured a Rs 1,309 crore order as a part of the second phase of Chennai Metro Rail. The order entails the construction of an 11.61 km elevated viaduct section and 11 elevated stations on corridor-5 of the second phase of Chennai Metro. The order is scheduled to be completed in 36 months.

Read more here.

Vodafone Idea clarifies on reports of getting SBI loan after govt’s relief measures

Debt-ridden Vodafone Idea Ltd issued a clarification on a Bloomberg report that suggested that the company may get fresh loans from State Bank of India (SBI) after the government’s relief measures. “The company keeps discussing with various banks its funding and other requirements in the ordinary course of its business, including with SBI who is one of our main bankers. As of now, there is no development, which would require disclosure under the SEBI Listing Regulations,” Vodafone Idea informed in an exchange filing. 

Read more here.

Power Mech Projects secures orders worth Rs 725.17 crore

Power Mech Projects Ltd (PMPL) has secured two orders worth Rs 725.17 crore. The company has bagged an order worth Rs 645 crore from the National Highways Authority of India (NHAI). The order is for four-laning of NH-365A from Kodad to Khammam in Telangana under the Centre’s Bharatmala Pariyojana project. PMPL has received another order worth Rs 80.17 crore from Howe India to design and build a coal handling plant in Odisha.

Read more here.

Ashok Leyland in talks with investors to raise funds for EV arm

Ashok Leyland Ltd is in talks with strategic and financial investors to raise funds for Switch Mobility, its newly formed electric vehicle (EV) subsidiary. The trucks and bus manufacturer has hived off its EV division to better tap growth opportunities through the onboarding of partners.  The company also plans to roll out CNG-fitted commercial vehicles during the later part of this financial year.

Read more here.

Dixon Tech partners with BSH for manufacturing of fully automatic washing machine

Dixon Technologies (India) Ltd has commenced production of fully automatic washing machines for BSH Household Appliances Manufacturing Pvt Ltd. The product will be manufactured at Dixon’s state-of-the-art manufacturing facility at Tirupati. Germany-based BSH is the largest manufacturer of home appliances in Europe.

Bharti Airtel forms ESG Committee to strengthen its focus on sustainable business

Bharti Airtel has formed a Committee of Board of Directors, called the ESG Committee, to sharpen the company’s focus towards its Environmental, Sustainability, and Governance (ESG) agenda. The committee will provide strategic guidance and oversight to the company’s progress on ESG targets, initiatives, and best practices. The telecom operator has named Manish Kejriwal, Lead Independent Director on the Board, as the Chairman of the ESG Committee.

Read more here.

Delhi HC rules in favour of Britannia over Good Day brand

The Delhi High Court has ruled in favour of Britannia Industries after it had challenged oral care maker Good Day over its brand name, which is identical to one of Britannia’s mainstay biscuit brands Good Day. The court has directed the oral care maker to stop manufacturing, selling, and advertising Good Day toothpaste. ‘Good Day’ is a known trademark of Britannia and protected across all product categories.

Read more here.

Parliamentary panel stresses on cryptocurrency regulation in meeting: Report

A Parliamentary Standing Committee on Finance, led by former union minister Jayant Sinha, held a meeting today with industry associations and experts on cryptocurrency. During the meeting, there was a consensus that crypto can’t be stopped, but must be regulated, news agency ANI reported. The meeting saw the participation of representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), among others.

Read more here.

Tata Steel revives plans to sell its Thailand business

Tata Steel Ltd (TSL) has revived plans to sell its Thailand business. The company looks to exit less profitable overseas units in the ongoing supercycle. The proposed sale, coming on the heels of TSL’s move to offload its Singapore business NatSteel Holdings, will aid the company cut its debt further. Bangkok-listed Tata Steel Thailand has a market value of over $410 million (~Rs 3,049 crore).

Read more here.

Categories
Market News Top 10 News

SpiceJet to Transfer Cargo Business to SpiceXpress – Top Indian Market News

SpiceJet seeks shareholders’ approval to hive off cargo, logistics business

SpiceJet Ltd has sought permission from its shareholders to transfer its cargo and logistics business to its subsidiary, SpiceXpress. All related assets and liabilities, including trademark, licenses, franchises, customer contracts, and distribution network will be transferred on a slump sale basis to SpiceXpress. The airline has also sought shareholders’ approval to raise up to Rs 2,500 crore through the issuance of shares via a Qualified Institutional Placement (QIP).

Read more here.

RBI partially lifts technology-ban on HDFC Bank: Report

According to a report from CNBC-TV18, the Reserve Bank of India (RBI) has partially lifted the technology ban on HDFC Bank with effect from August 17. The central bank has allowed HDFC Bank to source new credit cards. However, the ban on digital launches will continue for the time being. In December 2020, the RBI had banned India’s largest private-sector lender from selling new credit cards and also launching new digital services due to a series of network outages.

Read more here.

RBI introduces Financial Inclusion Index

The Reserve Bank of India (RBI) has introduced the Financial Inclusion (FI) index to capture the extent of financial inclusion in the country. The FI-Index has been conceptualised as a comprehensive index, incorporating details of the banking, investments, insurance, postal, and pension sectors in consultation with the government and respective sectoral regulators. This was part of the announcements made in RBI’s first bi-monthly monetary policy in April 2021.

Read more here.

Dixon Tech to manufacture smartphones for Orbic in India

US-based smartphone maker Orbic has partnered with Dixon Technologies to manufacture its smartphones in India. The new Orbic Myra 5G UW will be the first 5G millimeter-wave (mmWave) product to be produced in India for export to the US. The smartphones will be manufactured at Dixon Tech’s facility in Noida. Dixon is one of the 14 local and global companies that has received approval from the Ministry of Electronics and IT under the Production Linked Incentive (PLI) scheme for IT hardware manufacturing.

Read more here.

Sterlite Power Transmission files DRHP for Rs 1,250 crore IPO

Sterlite Power Transmission Ltd (SPTL) has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise ~Rs 1,250 crore via an IPO. SPTL is promoted by mining magnate Anil Agarwal and Twin Star Overseas. The company manufactures power products and is in the business of power transmission. The proceeds from the IPO will be used to repay or prepay certain borrowings availed by the company and Khargone Transmission Ltd (KTL).

Read more here.

Dilip Buildcon gets financial closure of NHAI road project in Gujarat

Dhrol Bhadra Highways, a subsidiary of Dilip Buildcon Ltd, has received a financial closure letter from the National Highways Authority of India (NHAI) for a road project in Gujarat. The project consists of four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya section of NH-151A on a design, build, operate, and transfer (DBOT) basis. The bid project cost is Rs 882 crore.

Read more here.

Caplin Point’s subsidiary gets approval from Brazil’s ANVISA

Caplin Steriles has received approval from Brazil’s National Health Surveillance Agency ANVISA for its sterile injectable manufacturing site near Chennai, Tamil Nadu. The approval grants the company access to register and market its products in Brazil, the largest pharmaceutical market in Latin America. Caplin Steriles is a subsidiary of Caplin Point Laboratories Ltd.

Read more here.

Canara Bank opens Rs 2,500 crore QIP; floor price set at Rs 155.58 per share

Canara Bank has launched a Qualified Institutional Placement (QIP) of equity shares to raise ~Rs 2,500 crore. The lender’s Board of Directors has approved a floor price of Rs 155.58 per equity share for the QIP. The Capital Planning Process Committee of Canara Bank’s board will meet on August 23, 2021, to consider the issue price for the equity shares and the number of shares to be allotted to Qualified Institutional Buyers (QIBs).

Read more here.

Zydus Cadila gets USFDA approval for cancer drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers. It works by slowing or stopping the growth of cancer cells. The drug will be manufactured at the pharma company’s formulation manufacturing facility at the SEZ, Ahmedabad.

Read more here.

SBI Cards raises Rs 500 crore by issuing bonds

SBI Cards and Payment Services Ltd has raised Rs 500 crore by issuing bonds on a private placement basis. The company’s Stakeholders’ Relationship & Customer Experience Committee has approved the allotment of 5,000 fixed-rate, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, aggregating to Rs 500 crore. SBI Cards will offer a coupon rate of 5.7% per annum on the bonds.

Read more here.

RailTel Corp secures two orders worth Rs 39 crore

RailTel Corporation of India Ltd has received two works of tunnel communication of Central Railway from Indian Railways. The total anticipated project cost of the work is Rs 38.83 crore. The order has to be completed within 12 months. RailTel is an Information and Communications Technology (ICT) company. It is a wholly-owned subsidiary of the Government of India and is run by the Ministry of Railways.

Read more here.

Categories
Market News Top 10 News

Coal India Reports 52% YoY Rise in Net Profit in Q1 – Top Indian Market News

Coal India Q1 Results: Net profit rises 52% YoY to Rs 3,169 crore

Coal India Ltd reported a 52.53% YoY increase in consolidated net profit to Rs 3,169.95 crore for the quarter ended June (Q1 FY22). Net profit declined by 30.89% when compared to the previous quarter. Its revenue from operations rose 36.76% YoY to Rs 25,282.15 crore during the same period. Total coal production increased by 2.43% YoY to Rs 123.98 million tonnes (MT) in Q1. Coal India’s total expenses jumped 31.3% YoY to Rs 21,626.5 crore during the April-June quarter of FY22.

Read more here. 

Reliance Industries, Bill Gates to invest in battery storage company

Reliance Industries Ltd (RIL), along with strategic investors Paulson & Co. Inc and Bill Gates, has announced an investment of $144 million (~Rs 1,070 crore) in Ambri Inc, an energy storage company based in Massachusetts, US. RIL’s subsidiary, Reliance New Energy Solar Ltd (RNESL), will invest $50 million to acquire 43.2 million shares of preferred stock in Ambri. The transaction is in line with RIL’s strategic plan to invest Rs 75,000 crore over the next 3 years to build a new clean energy business to fuel its commitment to be net carbon neutral by 2035.

Read more here.

Jindal Steel & Power Q1 Results: Net profit jumps 10-fold to Rs 2,516 crore

Jindal Steel & Power Ltd reported a 967% YoY jump in consolidated net profit to Rs 2,515.71 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 63% YoY to Rs 10,609.5 crore during the same period. EBITDA grew 151% YoY to Rs 4,539 crore in Q1. Jindal Steel & Power produced 2.01 million tonnes (MT) of steel in Q1 FY22, compared to 1.65 MT in Q1 FY21. 

Read more here.

CAMS Q1 Results: Net profit rises 58% YoY to Rs 63.24 crore

Computer Age Management Systems (CAMS) reported a 58.9% YoY increase in consolidated net profit to Rs 3,169.95 crore for the quarter ended June (Q1 FY22). Net profit increased by 5.19% when compared to the previous quarter. Its revenue from operations rose 35.36% YoY to Rs 201.18 crore during the same period. CAMS is a mutual fund transfer agency that provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.

Read more here.

Dixon Tech to form JV with Japan’s Rexxam for PCB manufacturing

Dixon Technologies has entered into an agreement with Japan-based Rexxam Co. to form a joint venture (JV) to manufacture Printed Circuit Boards (PCBs) for air conditioners for domestic and international markets. Rexxam will hold a 60% stake in the JV, while Dixon Tech will own 40%. Meanwhile, Dixon has also proposed to file the necessary applications with the Department for Promotion of Industry & Internal Trade (DPIIT) to avail benefits under the government’s PLI scheme.

Read more here.

Manappuram Finance Q1 Results: Net profit rises 18% YoY to Rs 436 crore

Manappuram Finance Ltd reported an 18.59% YoY increase in consolidated net profit to Rs 436.53 crore for the quarter ended June (Q1 FY22). Net profit has declined by 6.8% when compared to the previous quarter. Its revenue from operations rose 3.36% YoY to Rs 1,563.3 crore during the same period. Manappuram Finance is a leading non-banking financial company (NBFC) based in Kerala.

M&M to recall nearly 30,000 pickup trucks to replace faulty fluid pipe

Mahindra & Mahindra (M&M) announced that it was inspecting and replacing fluid pipes in some of its pickup trucks made between January 2020 and February 2021 for suspicion of improper assembly. The recall is limited to a batch of 29,878 vehicles and will be kept in line with M&M’s customer-centric approach. The issue will be rectified free of cost for customers, who will be individually contacted by the automaker.

Read more here. 

Motherson Sumi Systems Q1 Results: Net profit at Rs 290 crore

Motherson Sumi Systems Ltd reported a consolidated net profit of Rs 289.63 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 810.45 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 713.62 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 98% YoY to Rs 16,712 crore in Q1 FY22. The company’s net debt has declined by 32% YoY to Rs 6,158 crore during the same period.

Read more here.

Kalyan Jewellers Q1 Results: Net loss at Rs 51 crore

Kalyan Jewellers reported a consolidated net loss of Rs 51.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 85.87 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 109.19% YoY to Rs 1,636.77 crore in Q1 FY22. The company’s India revenue grew 94% YoY, while revenue from the Middle East jumped 183% YoY during the April-June quarter of FY22.

Read more here.

Max Financial Q1 Results: Net profit falls 80% YoY to Rs 36 crore

Max Financial Services Ltd (MFSL) reported an 80% YoY decline in consolidated net profit to Rs 36 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 27% YoY to Rs 3,420 crore during the same period. MFSL’s new business premium grew 32% YoY to Rs 875 crore in Q1. The company’s sole operating subsidiary, Max Life, posted a 28% YoY increase in total revenues to Rs 4,626 crore in Q1. Max Life’s assets under management (AUM) grew 28% YoY to Rs 93,697 crore in the April-June quarter of FY22.

Read more here. 

Powergrid Q1 Results: Net profit jumps nearly three-fold to Rs 5,998.28 crore

Power Grid Corporation of India Ltd (PGCIL) reported a 193% YoY jump in consolidated net profit to Rs 5,998.28 crore for the quarter ended June (Q1 FY22). Net profit has increased by ~70% when compared to the previous quarter. Its revenue from operations rose 8% YoY to Rs 10,216 crore during the same period. EBITDA has increased by 8% YoY to Rs 8,997 crore in Q1.

Read more here.

Zomato Q1 Results: Net loss at Rs 356 crore

Zomato Ltd reported a consolidated net loss of Rs 356.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 99.8 crore in the corresponding quarter last year (Q1 FY21) and a net loss of Rs 153 crore in Q4 FY21. Its adjusted sales growth grew 26% YoY to Rs 1,160 crore in Q1 FY22. [Adjusted sales is the sum of revenue from operations and customer delivery charges]. The gross order value (GOV) jumped four-fold YoY (or 37% QoQ) to Rs 4,540 crore in Q1. Total expenses jumped more than three times over the previous year to Rs 1,260 crore.

Read more here.

Categories
Market News Top 10 News

Dr Reddy’s Reports 1% YoY Fall in Net Profit in Q1 – Top Indian Market News

Dr Reddy’s Labs Q1 Results: Net profit declines 1% YoY to Rs 571 crore

Dr Reddy’s Laboratories Ltd reported a 1% year-on-year (YoY) decline in consolidated net profit to Rs 571 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 11% YoY to Rs 4,919 crore during the same period. The figures are below the street/analysts’ estimates. The sales revenue from its India operations rose 69% YoY to Rs 1,060 crore in Q1.

In a statement, the pharma company said it has commenced investigation on an anonymous complaint that healthcare professionals in Ukraine and few other markets were provided with improper payments (bribes) on behalf of the company. Dr Reddy’s Labs has also been subpoenaed by the US Securities Exchange Commission to hand over certain documents. If found guilty, the company could face civil or criminal action under US anti-corruption laws.

Read more here. 

Adani Ports raises $750 million via long-term bonds

Adani Ports and Special Economic Zone Ltd (APSEZ) has raised $750 million (~Rs 5,590 crore) from overseas investors through the issuance of bonds. The coupon rates for the 10.5-year and 20-year dual-tranche bonds were fixed at 3.8% and 5%, respectively. APSEZ will use the net proceeds to repay existing debt, meet capital expenditure requirements, and for general corporate purposes.

Read more here.

IndusInd Bank Q1 Results: Net profit doubles to Rs 1,016 crore

IndusInd Bank reported a 99% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.7% when compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 3,563.7 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 2.88% in Q1 FY22, compared to 2.67% in the previous quarter (Q4 FY21).

Read more here.

Tata Communications launches IZO™ Financial Cloud platform in India

Tata Communications has announced the launch of ‘IZO™ Financial Cloud’, a purpose-built community cloud platform. It enables next-gen digital transformation for the Banking, Financial Services, and Insurance (BFSI) sector. The platform is customised to meet the stringent data privacy, protection compliance, and security guidelines defined by India’s regulators. 

Read more here.

Dixon Tech Q1 Results: Net profit jumps 1,035% YoY to Rs 18 crore

Dixon Technologies reported a 1,035% YoY jump in consolidated net profit to Rs 18.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 59% when compared to the previous quarter. Its revenue from operations rose 261% YoY to Rs 1,867 crore during the same period. The company’s operating profit jumped 182% YoY to Rs 48.3 crore in Q1. The strong performance in the April-June quarter was aided by an extremely weak base in the year-ago period Q1 FY21 (due to Covid-induced lockdowns). You can learn more about Dixon Tech here.

Read more here.

IndiGo Q1 Results: Net loss at Rs 3,174 crore

InterGlobe Aviation (IndiGo) reported a net loss of Rs 3,174.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 2,844.3 crore in the corresponding quarter last year (Q1 FY21). The airlines’ revenue from operations jumped 292% YoY to Rs 3,006.9 crore in Q1 FY22. Its total expenses rose 59% YoY to Rs 6,344 crore during the same period. 

Read more here.

Glenmark Life Sciences IPO subscribed 2.78 times on first day of bidding

The Rs 1,514.6 crore initial public offering (IPO) of Glenmark Life Sciences Ltd was subscribed 2.78 times on the first day of bidding. Retail investors have subscribed 5.17 times against their reserved portion. The portion reserved for Non Institutional investors (NIIs) was subscribed 86%. To learn more about the IPO, click here.

UCO Bank Q1 Results: Net profit jumps over 4-fold to Rs 102 crore

UCO Bank reported a 374.5% YoY jump in consolidated net profit to Rs 101.8 crore for the quarter ended June (Q1 FY22). Net profit has increased by 27% when compared to the previous quarter. Its net interest income (NII) fell 2.5% YoY to Rs 3,569.57 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 9.37% in Q1 FY22, compared to 14.38% in Q1 FY21.

Read more here.

IRB Infra completes Rs 381.63 crore fundraise in IRB InvIT

IRB Infrastructure Developers Ltd has completed total fundraising of Rs 381.63 crore, along with an investment of Rs 194.63 crore, in IRB Infrastructure Investment Trust. The InvIT is jointly owned by IRB Infra and Singapore-based GIC Affiliates with 51% and 49% shareholding, respectively. The funds raised will be utilised towards the capital requirements for under-construction projects.

Read more here.

Ramco Cements Q1 Results: Net profit rises 46% YoY to Rs 171 crore 

The Ramco Cements Ltd reported a 46.32% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.6% when compared to the previous quarter. Its revenue from operations rose 17.75% YoY to Rs 1,205.08 crore during the same period. Chennai-based Ramco Cements is a leading manufacturer of cement, mix concrete and dry mortar products.

Torrent Pharma Q1 Results: Net profit rises 3% YoY to Rs 330 crore

Torrent Pharmaceuticals Ltd reported a 2.8% YoY increase in consolidated net profit to Rs 330 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.85% when compared to the previous quarter. Its total income rose 5.53% YoY (or 10.02% QoQ) to Rs 2,174 crore during the same period. The revenue from its India operations grew 18% YoY to Rs 1,093 crore in Q1.

Read more here.