Tag: DLF

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Govt Plans to Auction 22 Mineral Blocks in Nov, Dec – Top Indian Market Updates

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

Government plans to auction 22 mineral blocks in next two months

The Central Government plans to auction 22 mineral blocks in Maharashtra, Uttar Pradesh, and Goa in November and December. The mines to be auctioned include six iron ore blocks, three blocks each of limestone and gold, two blocks of bauxite, and one block each of copper, phosphorite & glauconite. So far, more than 180 mineral blocks have been put on sale since the system of auctioning of mineral blocks began in 2015-16.

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D-Mart’s revenue jumps 35% YoY to ₹10,385 crore in Q2

Avenue Supermarts Ltd (ASL) reported a 35.75% YoY increase in standalone revenue from operations to ₹10,384.66 crore during the quarter ended Sept (Q2 FY23). ​​ASL owns and operates D-Mart stores across India. It had a total of 302 stores at the end of Sept. Promoted by Radhakishan Damani and his family, DMart retails basic home and personal products across various states.

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DLF sells 292 luxury homes in new project at Gurugram for over ₹1,800 crore

DLF Limited has sold all 292 luxury homes in Gurugram for over ₹1,800 crore within a few days of the launch of the project. This signals strong demand despite the rise in interest rates on home loans and property prices. On September 26, DLF launched its project called ‘The Grove’ located at DLF Phase-5 in Gurugram, Haryana.

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HFCL to invest ₹450 crore to make telecom products

HFCL has committed to invest ₹450 crore in the design-linked incentive (DLI) scheme of the Department of Telecommunications (DoT) to manufacture telecom products such as routers, antennas, and 5G radio equipment. The company has migrated to the DLI scheme as it is designing and manufacturing the products locally. The investment will support various stages of development and deployment of a futuristic range of technology products and solutions.

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RBI plans to extensively use AI, ML to improve regulatory supervision

The Reserve Bank of India (RBI) is planning to extensively use advanced analytics, artificial intelligence (AI), and machine learning (ML) to analyse its massive database and improve regulatory supervision of banks and NBFCs. The central bank has floated an expression of interest (EoI) for engaging consultants in the use of Advanced Analytics, AI, and ML for generating supervisory inputs.

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OPEC+ agrees on deep cuts to oil production

OPEC+ agreed on its deepest cuts to oil production since 2020 (during the initial stages of the Covid-19 pandemic) at a meeting in Vienna today. It will cut its collective output limit by 2 million barrels a day. OPEC+ is curbing supply in an already tight market despite pressure from the United States and others to pump more. 

The cut could prompt a recovery in oil prices that have dropped from $120 to about $90  three months ago on fears of a global economic recession, rising U.S. interest rates, and a stronger dollar. To learn more about OPEC+, click here!

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Tracxn Tech IPO priced at ₹75-80 per share

The ₹310-crore initial public offering (IPO) of Bengaluru-based Tracxn Technologies will open for subscription on October 10. The company has fixed the price band for the IPO at ₹75 to ₹80 per share. The issue will close on October 12. Tracxn Technologies provides market intelligence data for private companies. It operates a Software as a Service (SaaS)-based platform.

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PVR to Invest ₹350cr for 100 New Screens in FY23 – Top Indian Market Updates

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

PVR to invest ₹350 crore for 100 new screens in FY23

PVR Limited will invest up to ₹350 crore to open 100 new screens in the current financial year (FY23). The investments will be funded by cash balances from internal accruals and also by some debt. The company expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business. 

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DLF to develop luxury project in Gurgaon; targets ₹1800 crore sale

DLF Limited will develop a new luxury housing project in DLF5, Gurugram, with an estimated sales realisation of ₹1,700-1,800 crore. It will comprise 292 residences in a total developable area of 8.5 lakh square feet. The company has focused on many low-rise luxury developments and has sold floors worth ₹3,000 crore in 20 months.

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Mahindra Lifespace eyes society redevelopment projects in Mumbai

Mahindra Lifespace Developers Ltd (MLDL) expects to secure two society redevelopment projects in Mumbai in FY23. The company is also looking to develop data centres as part of its expansion plans. MLDL aims to develop build-to-suit industrial and warehousing space in its existing large integrated industrial parks and may also look at housing for senior citizens.

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Tata Group to halve number of listed companies to boost competitive strength

The Tata Group has commenced plans to halve the number of listed companies in the conglomerate from 29 to ~15 in the coming months to focus on investing in fewer but bigger entities that can compete well in the marketplace. They are speeding up its simplification and synergising strategy to better focus on growth & scale and improve cashflows in the larger companies. Last week, the group initiated the process of consolidating its steel business by merging seven subsidiaries into Tata Steel.

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Tata Motors to invest ₹2,000 crore per annum on CV business

Tata Motors Ltd plans to continue investing up to ₹2,000 crore per annum in its commercial vehicle (CV) business to launch new models. The company is also looking to transition to cleaner mobility through vehicles powered by CNG and other alternative fuel options. It expects CNG models to account for nearly 40% in intermediate & light commercial vehicles and 20% in small CVs going ahead.

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HAL sets up ₹208 crore rocket engine manufacturing facility

Hindustan Aeronautics Ltd (HAL) has set up a ₹208 crore Integrated Cryogenic Engine Manufacturing Facility (ICMF) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (ISRO). Set up over an area of 4,500 square metres, the facility will house over 70 hi-tech equipment and testing facilities for manufacturing cryogenic and semi-cryogenic engines of Indian rockets.

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Samsung, Axis Bank launch co-branded card

Samsung and Axis Bank have launched a new co-branded credit card in India. The credit card will be powered by Visa and comes with a host of benefits such as cashback and reward points. It offers 10% cashback across all Samsung products (smartphones, tablets, TVs, ACs) and services around the year. The two entities have also partnered with key partner merchants such as BigBasket, Myntra, Tata 1mg, and Zomato.

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Mahindra Logistics to acquire Rivigo’s B2B express business

Mahindra Logistics Ltd (MLL) has reached an agreement to acquire Rivigo Services Pvt. Ltd’s (RSPL) business-to-business (B2B) express business. MLL will take over the customers, team, assets, and technology platform of the B2B express business. RSPL will continue to own its truck fleet and the rights to the full truckload (FTL) operations.

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BSE gets final SEBI approval to launch electronic gold receipts

BSE Ltd has received final approval from the Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform. The exchange conducted several mock trading in the test environment for its members to facilitate trading in EGRs. EGRs will go a long way in building a transparent channel for gold trade on a national institutionalised platform.

To learn more about EGRs, click here.

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

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

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

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

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

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

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Ashok Leyland Q1 Results: Net profit at Rs 96 crore

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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WPI Inflation Surges to Record-High of 15.08% in April – Top Indian Market News

WPI inflation spikes to record-high of 15.08% in April

India’s inflation based on the Wholesale Price Index (WPI) surged to a record high of 15.08% in April 2022. WPI inflation stood at 14.55% in March and 10.74% in April 2021. The heatwave across India led to a spike in the prices of perishables such as fruits, vegetables, and milk. Fuel inflation rose to 38.66% in April, while inflation for manufactured products rose to 10.85%.

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Bharti Airtel Q4 Results: Net profit jumps 164% YoY to Rs 2,008 crore

Bharti Airtel Ltd reported a 164.46% YoY (or 142% QoQ) jump in consolidated net profit to Rs 2,007.8 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.3% YoY (or 5.5% QoQ) to Rs 31,500 crore during the same period. The average revenue per user (ARPU) stood at Rs 178 in Q4 FY22, compared to Rs 162 in Q3 FY22 and Rs 145 in Q4 FY21. The telecom company’s board has declared a final dividend of Rs 3 per share.

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Abu Dhabi’s IHC invests Rs 15,400 crore in Adani Group firms

Abu Dhabi-based International Holding Company PJSC (IHC) has completed a $2 billion (~Rs 15,400 crore) investment in three Adani Group companies— Adani Green Energy Ltd, Adani Transmission Ltd, and Adani Enterprises Ltd. The investment will support and accelerate the group’s growth plan to supply India with 45 gigawatts (~9% of the country’s non-fossil energy) by 2030.

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IOCL Q4 Results: Net profit falls 31% YoY to Rs 6,022 crore

Indian Oil Corporation Ltd (IOCL) reported a 31% YoY decline in net profit to Rs 6,022 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 25.6% YoY to Rs 2.06 lakh crore during the same period. The average gross refining margin stood at $11.25 per barrel (bbl) in Q4 FY22, compared to $5.64 per bbl in Q4 FY21. IOCL’s board has declared a final dividend of Rs 3.6 per share.

The board has also approved the issue of bonus shares in the ratio 1:2 (one bonus share for every two shares held in the firm).

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PM Modi inaugurates India’s first 5G testbed

Prime Minister Narendra Modi inaugurated India’s first 5G testbed to enable startups and industry players to test and validate their products locally. It will also help reduce dependence on foreign facilities. Companies are gearing up to launch 5G networks over the next few months. PM Modi said the next-gen mobile broadband technology (5G) will boost India’s economy by $450 billion in 15 years. He also stated that India is targeting the rollout of 6G telecom network by the end of the decade.

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Abbott India Q4 Results: Net profit rises 39% YoY to Rs 211 crore

Abbott India Ltd reported a 38.6% YoY increase in net profit to Rs 211.41 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 14.5% YoY to Rs 1,255.02 crore during the same period. The drug maker’s board has declared a final dividend of Rs 145 per share and a special dividend of Rs 130 per share.

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LTI to launch dedicated Google Cloud Business Unit

Larsen & Toubro Infotech (LTI) is expanding its global partnership with Google Cloud. The company is setting up a dedicated Business Unit for Google Cloud’s six key solution pillars: Application Modernization, Data Management, Infrastructure Modernization, Smart Analytics, Artificial Intelligence, and Security. LTI’s unit will develop state-of-the-art IP, industry-specific solutions, and accelerators. 

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DLF Q4 Results: Net profit falls 16% YoY to Rs 405.33 crore

DLF Limited reported a 16% YoY decline in consolidated net profit to Rs 405.33 crore for the quarter ended March (Q4 FY22). Total income fell 13.34% YoY to Rs 1,652.13 crore during the same period. The realty company’s net profit for the financial year 2021-22 stood at Rs 1,500.86 crore, registering a growth of 37.2% YoY.

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Tata Power partners with Hyundai Motor to build EV charging infra

Tata Power Company Ltd has partnered with Hyundai Motor India Ltd (HMIL) to build an electric vehicle (EV) charging network. The company will install Tata Power EZ Charge fast chargers (DC 60 kW) at HMIL’s existing EV dealer locations across 29 cities. It will also supply, install, and commission home chargers for HMIL’s EV customers. 

Tata Power is India’s leading provider of EV charging solutions, with over 1,500 public and semi-public EV chargers installed.

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Jubilant Ingrevia Q4 Results: Net profit rises 26% YoY to Rs 68 crore

Jubilant Ingrevia Ltd reported a 26.18% YoY increase in consolidated net profit to Rs 68.59 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 87.91% YoY to Rs 1,275.87 crore during the same period. The specialty chemical manufacturer’s board has declared a final dividend of Rs 2.5 per share.

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WPI Inflation Rises to 13.11% in Feb – Top Indian Market News

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WPI inflation rises to 13.11% in February 

India’s wholesale price-based inflation accelerated to 13.11% year-on-year (YoY) in February, compared to 12.96% in January. Fuel and power inflation stood at 31.5% YoY in Feb, compared to 32.27% in Jan. Inflation in manufactured products rose 9.84% in Feb, as against 9.42% in the previous month. This signals that producers have begun passing part of their rising input costs to end-users. The food index moderated from a 24-month high of 9.55% in Jan to 8.47% in February.

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HAL signs pact with SASMOS to work together in aerospace domain

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with SASMOS to work together on advanced electronics, electrical, and fibre optic interconnections in the aerospace domain. The MoU is intended to explore business cooperation, especially in north India. Naini Aerospace Ltd (NAeL), a subsidiary of HAL, was also a signatory to the MoU.

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DLF to invest Rs 550 crore to construct office building for StanChart GBS in Chennai

DLF Limited has announced an investment of Rs 550 crore to construct a one-million sq. ft. office building for Standard Chartered Global Business Services’ campus in Chennai. In October 2020, DLF had pre-leased 7.7 lakh square feet of office space to StanChart GBS. The campus will be completed by mid-2024. The 2.3 million sq. ft. currently under construction would be completed by the first quarter of 2023 (H1 FY23). 

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Hero Electric partners with L&T Finance for retail financing solutions

Hero Electric has partnered with L&T Finance to offer customers easy financing solutions for its entire product portfolio across its 750-plus dealership network. Customers can avail hassle-free quick loan approvals in under 3 minutes at attractive interest rates, ranging from 7.99% onwards. Hero Electric is expanding personalized funding options and facilitating easy purchase decisions.

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Kotak Mahindra Bank hit by highest number of bank frauds in Apr-Dec FY22

Kotak Mahindra Bank has been hit by the highest number of frauds at 642, involving Rs 1 lakh and above, in the April-December period of 2021-22. It was followed by ICICI Bank and IndusInd Bank at 518 and 377 bank frauds, respectively. In the case of State Bank of India (SBI), the number of frauds declined over the last three years. There were as many as 923 incidents in FY18, 931 in FY19, 673 in FY20, and 283 in FY21.

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Alembic Pharma gets USFDA approval for Macitentan tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Macitentan tablets. The drug is used to treat pulmonary arterial hypertension to delay disease progression. As per IQVIA December 2021 data, Macitentan tablets had an estimated market size of $797 million.

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L&T Construction secures contracts under its water and effluent treatment business

Larsen & Toubro Construction has received significant contracts (in the range of ~Rs 1,000-2,500 crore) under its water and effluent treatment business. The Gujarat Water Infrastructure (GWIL) has placed an order for the design and construction of the Dhanki-Navda Bulk Pipeline project. The business has also been awarded a project from a prestigious client for the supply, installation, testing, and commissioning of water distribution networks and large meter connections in Dubai. 

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Power Mech Projects secures order worth Rs 2,120 crore

Power Mech Projects Ltd has secured orders worth Rs 2,120 crore under the Indian government’s Jal Jeevan Mission (JJM) program. The company has won the orders under Phase-III projects in 2120 villages of Pratapgarh, Fatehpur, and Meerut districts in Uttar Pradesh. The Rs 3.6 lakh crore Jal Jeevan Mission aims to ensure tap water supply to all rural households by 2024.

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BHEL dispatches 42nd nuclear steam generator to NPCIL

Bharat Heavy Electricals Ltd (BHEL) has dispatched its 42nd nuclear steam generator to Nuclear Power Corporation of India Ltd (NPCIL). The steam generator is to be installed at a 700 MWe unit at NPCIL’s Rajasthan Atomic Power Project. BHEL has been catering to India’s nuclear program since 1976. It has designed, manufactured, and supplied critical nuclear components like reactor headers and steam turbine generators.

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Vodafone Idea partners with Nazara Technologies to launch Vi Games

Vodafone Idea (Vi), in partnership with Nazara Technologies Ltd, has launched Vi Games on the Vi App. The telecom operator’s customers will get access to a wide range of gaming content on Vi Games, including popular game titles from various franchises in India. It will offer over 1,400 gaming titles across 10 popular genres. Vi Games will be available in three categories on the Vi App— Free Games, Gold Games, and Platinum Games. 

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RIL subsidiary to acquire assets of Lithium Werks for $61 million

Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire the assets of Lithium Werks BV for a total transaction value of $61 million (~Rs 466.5 crore). The assets include the entire patent portfolio of Lithium Werks, a manufacturing facility in China, and key business contracts. Lithium Werks is a leading provider of cobalt-free and high-performance Lithium Iron Phosphate (LFP) batteries. 

Read more here.

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India’s GDP Grows 5.4% in Q3 – Top Indian Market News

India’s GDP grows 5.4% in Q3

India’s gross domestic product (GDP) grew by 5.4% in the December quarter (Q3 FY22), lower than 8.4% growth in the previous quarter (Q2 FY22). The agricultural sector grew at 2.6% in Q3 FY22, compared to 3.7% in Q2. The mining sector grew 8.8% in the October-December quarter of FY22, compared to 14.2% growth in the last quarter. India’s construction sector witnessed a -2.8% growth in Q3, compared to 8.2% in Q2. 

According to the latest estimates from the Ministry of Statistics and Programme Implementation, the economy is likely to grow at 8.9% in FY 2021-22. There are rising risks from higher prices of crude oil and commodities after Russia’s invasion of Ukraine.

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Biocon Biologics acquires Viatris’ biosimilar business for $3.34 billion 

Biocon Biologics Ltd (BBL) has entered into a definitive agreement with its partner Viatris Inc to acquire its biosimilar business for $3.34 billion. The deal will enable BBL to secure a robust commercial engine in the developed markets of the US and Europe. Viatris would receive cash of $2 billion upon closing the deal and up to $335 million as additional payments in 2024. BBL will also issue Compulsorily Convertible Preference Shares (CCPS) worth $1 billion to Viatris. BBL is a subsidiary of Biocon Ltd.

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Mahindra Logistics acquires Hyderabad-based Whizzard

Mahindra Logistics Ltd (MLL) has acquired a majority stake in Hyderabad-based last-mile delivery services provider Whizzard. This acquisition will complement MLL’s existing last-mile delivery business and its electric vehicle (EV)-based delivery services. Whizzard offers seamless handling of 60-million packages per year across diverse segments.

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Zen Technologies secures export order worth Rs 13.5 crore

Zen Technologies Ltd has secured an export contract worth Rs 13.50 crores for the supply of training equipment. The company’s total order book currently stands at Rs 428.56 crore. Hyderabad-based Zen Tech designs, develops, and manufactures state-of-the-art training simulators. It also offers drones and anti-drone solutions.

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Piramal Enterprises to raise up to Rs 500 crore via NCDs

The Administrative Committee of Piramal Enterprises Ltd’s board has approved a proposal to raise up to Rs 500 crore by issuing non-convertible debentures (NCDs) on a private placement basis. It has approved the issue of NCDs of up to Rs 100 crore, along with an option to retain an oversubscription of up to Rs 400 crore (greenshoe option). The NCDs will have a tenure of 30 months with a coupon rate of 8% per annum.

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IndiGo, SpiceJet to operates special flights to evacuate Indians stranded in Ukraine

SpiceJet Ltd and IndiGo will operate special flights from Budapest (Hungary) and Bucharest (Romania) on Monday and Tuesday to evacuate Indians stranded in Ukraine due to Russia’s military offensive. Around 14,000 Indians, mainly college students, are currently stranded in Ukraine. Tata Group-owned Air India has evacuated a total of 1,156 Indian nationals in five evacuation flights till now.

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HPCL, SECI to work together in electric mobility, alternative fuels

Hindustan Petroleum Corp Ltd (HPCL) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) for collaboration in the field of renewable energy, electric mobility, and alternative fuels. The two entities will also develop environmental, social, and governance (ESG) projects. The partnership is in line with the Indian government’s vision of a carbon-neutral economy by 2070.

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DLF expects Rs 700 crore sales revenue from housing project in Chennai

DLF Limited has launched a new housing project in Chennai and expects a sales revenue of Rs 700 crore over the next 18 months. The realty company will invest ~Rs 100 crore to develop infrastructure at the 85-acre housing project (termed ‘Parc Estate’). DLF will develop 1,500 plots, having a 2.15 million sq. ft. area. It will sell 750 plots in the first phase in a price bracket of Rs 20 lakh to Rs 1.25 crore.

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Sterlite Tech partners with Analog Devices to develop O-RAN 5G radio units

Sterlite Technologies Ltd (STL) has partnered with US-based Analog Devices, Inc. to develop 5G Open RAN radio units (O-RU). The two firms will build 5G-ready solutions to expand the diversity of commercially available O-RUs. STL and Analog Devices will work closely with other ecosystem providers, including leading power amplifier (PA) vendors.

Read more here.

IndiaMART acquires stake in Realbooks

IndiaMART InterMESH Ltd has announced an investment of ~Rs 13.75 crore in Adansa Solutions Private Ltd. As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases. Its final shareholding in Adansa will stand at 26.01%. Adansa Solutions, under the brand name Realbooks, offers a cloud-based accounting software product for businesses.

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Tanla Platforms partners with Truecaller

Tanla Platforms Ltd has entered into an exclusive partnership with Truecaller, a global platform that verifies contacts and blocks unwanted communication. Under the partnership, Truecaller Business Messaging will be exclusively powered by Tanla’s Wisely CPaaS platform. Wisely is one of the world’s largest blockchain-enabled communications platform as a service (CPaaS) platforms. The collaboration aims to help businesses reach out to more than 300 million active users of Truecaller with relevant messages.

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Centre to Become Largest Shareholder in Vi – Top Indian Market News

Govt to become largest shareholder in Vodafone Idea

Vodafone Idea’s (Vi) board has informed the Department of Telecommunications (DoT) that it will opt for converting the interest on spectrum and adjusted gross revenue (AGR) dues into government equity. The Indian govt will hold 35.8% and become the single largest shareholder in Vi. The cash-strapped telecom company had past AGR dues worth Rs 58,254 crore, of which it has paid Rs 7,854 crore.

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JSW Steel combined output grows 28% in Q3

JSW Steel Ltd reported a 28% YoY growth in combined steel production to 5.35 million tonnes (MT) for the quarter ended December (Q3 FY22). The company’s standalone output rose 8% YoY to 4.41 MT during the same period. JSW Steel’s capacity utilisation at the standalone level stood at 94% in Q3. 

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DLF sells properties worth Rs 1,500 crore in new luxury housing project in Delhi

DLF Limited has sold properties worth Rs 1,500 crore in its newly launched housing project at Moti Nagar in Delhi. On Friday, the realty major launched its luxury housing project ‘ONE Midtown’ comprising 913 units at Shivaji Marg in Moti Nagar, with a starting price of Rs 3 crore. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC.

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L&T’s heavy engineering arm dispatches mega tubular reactors to petrochemical complex overseas

Larsen & Toubro (L&T) Ltd’s heavy engineering arm has dispatched two large ethylene oxide reactors weighing 1,200 tonnes each from Hazira (Gujarat) to a large petrochemical complex overseas. This was a repeat order after four identical reactors were supplied by L&T to the same client in 2020. These highly complex reactors are crucial equipment for the production of mono ethylene glycol in the petrochemical complex.

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Tata Teleservices opts for conversion of interest to equity; Centre to hold 9.5%

Tata Teleservices has opted for converting the interest from adjusted gross revenue (AGR) dues amounting to Rs 850 crore to equity. The government will hold 9.5% in the company. Tata Teleservices has AGR dues of Rs 16,798 crore, of which it has paid Rs 4,197 crore and had opted for the 4-year AGR and spectrum payment moratorium.

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Marksans Pharma gets USFDA approval for Cetrizine Hydrochloride tablets

Marksans Pharma Ltd has received final approval from US Food & Drugs Administration (USFDA) for over-the-counter Cetirizine Hydrochloride tablets. The drug is indicated for the treatment of perennial allergic rhinitis, including sneezing, postnasal discharge, watery eyes, and running nose. The product will be marketed under store brand labels and is comparable to the brand Zyrtec.

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Aurobindo Pharma in talks with PEs for stake sale in injectable business: Report

As per a report from the Economic Times, Aurobindo Pharma Ltd has initiated talks with private equity (PE) funds to sell a stake of around 30-35% in its injectable business for Rs 4,500-5,250 crore. With this move, the drugmaker plans to unlock value in its core businesses. TPG Capital Management, Advent International, Bain Capital, and Blackstone have been contacted for a potential transaction, valuing the business at Rs 15,000 crore.

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Delta Corp Q3 Results: Net profit at Rs 70 crore

Delta Corp Ltd reported a consolidated net profit of Rs 70.38 crore for the quarter ended December (Q3 FY22). It had reported a net profit of Rs 1.28 crore in the corresponding quarter last year (Q3 FY21). The company’s revenue jumped 104% YoY to Rs 247 crore in Q3 FY22. EBITDA stood at Rs 106.9 crore during the same period, an increase of 813% YoY.

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Future Group seeks SC’s permission to proceed with sale of assets to Reliance Retail

Future Group has sought permission from the Supreme Court (SC) to proceed with the deal to sell its retail assets to Reliance Retail. The court was hearing a combination of several cases filed by Amazon and Future Group in a dispute arising out of the e-commerce giant’s objection to the Indian company’s Rs 25,000 crore deal with Reliance. “We should be allowed to secure shareholder approval, seek nod from CCI, NCLT,” said senior advocate Harish Salve, representing Future Retail.

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Federal Bank’s subsidiary FedFina to initiate IPO process

The Board of Directors of Federal Bank has approved the process of an initial public offering (IPO) of its subsidiary Fedbank Financial Services Ltd (FedFina). FedFina is the retail-focused non-banking finance company set up by the Kerala-based bank. The IPO is subject to approvals from the Securities and Exchange Board of India (SEBI).

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Adani Green posts 84% YoY growth in total operational capacity in Q3

Adani Green Energy’s total operational capacity increased by 84% year-on-year (YoY) to 5,410 megawatts (MW) for the quarter ended December. The company’s sale of energy increased by 97% YoY at 2,504 million units during the same period.

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RBI Retains Growth Forecast for FY22 at 9.5% – Top Indian Market News

RBI retains GDP growth target at 9.5% in FY22

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. The RBI’s projection of real Gross Domestic Product (GDP) growth for FY22 has been retained at 9.5%. The GDP growth forecast stands at 6.6% for Q3 and 6% for Q4. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 5.1% in Q3 and 5.7% in Q4.

RBI’s overarching policy focus and priority will be on supporting growth amidst the threat of a third wave of Covid-19.

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Jio-BP signs agreement with M&M to develop EV charging solutions

Jio-BP has signed an agreement with Mahindra & Mahindra (M&M) Ltd to develop electric vehicle (EV) related products and services, including EV charging solutions. The non-binding pact also includes identifying common interests in low-carbon and regular fuels. Jio-BP’s existing stations will be used for charging M&M’s electric three-wheelers, cars, quadricycles, and small commercial vehicles. Fuel and mobility player Jio-BP is a joint venture of Reliance Industries Ltd and UK-based BP plc.

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Bharti Airtel partners with Juniper Networks to expand network coverage

Bharti Airtel Ltd has selected Juniper Networks to deliver network upgrades for the expansion of its nationwide broadband coverage. The telecom company has expanded its Fibre-to-the-Home broadband coverage to over 430 towns. It further plans to cover 3 crore households in over 2,000 cities over the next three years. Juniper Networks will supply, install and provide support for upgrades to the MX Series routers and line cards as part of its broadband network gateway to manage Bharti Airtel’s subscribers and services.

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Alembic Pharma gets USFDA approval for hypertension drug

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Selexipag tablets. The drug is indicated for the treatment of pulmonary arterial hypertension (PAH) to delay disease progression and reduce the risk of hospitalization. As per IQVIA data, Selexipag tablets had an estimated market size of $461 million (~Rs 61.1 lakh) for twelve months ended September 2021. 

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L&T Infotech launches data monetising tool

Larsen & Toubro Infotech (LTI) has launched its data-to-decisions product suite ‘Fosfor’ for businesses seeking to monetise data. The Fosfor suite of products has go-to-market and technology partnerships with leading cloud companies. It is uniquely positioned in the market for artificial intelligence (AI) driven products.

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ABB India to deploy next-gen digital tech for power supply in Indore

ABB India Ltd has partnered with Indore Smart City Development Ltd (ISCDL) to deploy next-generation digital technology that enables a continuous supply of electricity to homes and businesses. In the first phase, this technology enabled more than 2,300 connections to achieve a 24/7 electricity supply with an efficient automatic response system (ARS) in case of power outages or disruption. ABB India and ISCDL plan to replicate the same model in other areas of the city and position Indore as a model for smart city projects across India.

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DLF to launch 7.7 million sq. ft. of real estate projects in second half of FY22

DLF Ltd plans to launch 7.7 million sq. ft. of real estate projects in the second half of 2021-22. This includes value homes, premium housing, and commercial properties. The company is also expected to announce the launch of the first phase of Midtown West, a premium residential complex on Shivaji Marg, Delhi. The project, with a revenue potential of Rs 12,000-15,000 crore, will have 3-4 BHK apartments.

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HCL Tech partners with apoBank to acquire German IT consulting firm

HCL Technologies Ltd has partnered with Deutsche Apotheker- und Ärztebank eG (apoBank) to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs).  HCL Tech will hold a 51% stake, while apoBank will own a 49% stake of gbs. This strategic acquisition will add an edge to HCL’s existing capabilities to accelerate digital transformation and further enhance its scale in Germany. The transaction is expected to close in January 2022.

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OIL Reports 111% YoY Jump in Net Profit in Q2 – Top Indian Market News

crude oil prices

Oil India Q2 Results: Net profit jumps 111% YoY to Rs 504.46 crore

Oil India Limited (OIL) reported a 111% YoY jump in net profit to Rs 504.46 crore for the quarter ended September (Q2 FY22). Its turnover rose 52.8% YoY to Rs 3,311.18 crore during the same period. EBITDA stood at Rs 1,290.99 crore in Q2, an increase of 50.9% YoY. Crude oil price realisation for Q2 FY22 rose to $71.35 per barrel, compared to $42.74 per barrel in the corresponding period last year. OIL’s board has recommended an interim dividend of Rs 3.5 per share.

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Bank of Baroda Q2 Results: Net profit rises 24% YoY to Rs 2,088 crore

Bank of Baroda reported a 24.4% YoY increase in net profit to Rs 2,087.9 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 2.11% YoY to Rs 7,566 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 8.11% in Q2, compared to 8.9% in the previous quarter. The bank’s provisions fell 2% YoY to Rs 2,754 crore.

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LTTS partners with Microsoft to offer industrial Io-based smart solutions

L&T Technology Services Ltd (LTTS) has partnered with Microsoft Corp. to offer its Energy & Sustainability Manager (ESM) solution on Microsoft Azure to digitally transform and create sustainable factories of the future. LTTS’ ESM is a comprehensive compliance and standard-driven solution that tracks energy losses across plants. It helps to reduce wastage sustainably throughout a business and provides visibility into utilities and plant equipment.

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Berger Paints Q2 Results: Net profit falls 1% YoY to Rs 219 crore

Berger Paints Ltd reported a 1% YoY decline in consolidated net profit to Rs 219.21 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 27.68% YoY to Rs 2,225.01 crore during the same period. The paint manufacturer’s total expenses stood at Rs 1,939.59 crore in Q2, an increase of 31.7% YoY.

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DLF to add 2.3 million sq. ft. in retail portfolio

DLF Limited will add 2.3 million square feet to its existing 4.2 million sq. ft. of retail portfolio with six new properties as part of its expansion plans. The realty company is introducing a new line of growth with the introduction of premium neighborhood plazas in Gurugram, Chennai, and Delhi. In addition to this, DLF Retail will be entering the Goa market with Patto Plaza, a 0.3 million sq. ft. premium offering at one of the most prime localities in the city. 

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Alembic Pharma Q2 Results: Net profit falls 50% YoY to Rs 169 crore

Alembic Pharmaceuticals Ltd reported a 50% YoY decline in net profit to Rs 169.29 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 11% YoY to Rs 1,292.32 crore during the same period. The US generics business posted a 40% YoY fall in sales to Rs 348 crore in Q2. Revenue from its domestic formulations business stood at Rs 509 crore, registering a growth of 23% YoY. 

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UCO Bank enters co-lending agreement with Aadhar Housing Finance

UCO Bank has entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates. The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society. The co-lending framework of the Reserve Bank of India (RBI) provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

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Cadila Healthcare gets USFDA approval for pre-surgery injection

Cadila Healthcare has received final approval from the US Food & Drug Administration (USFDA) for Glycopyrrolate injection. The drug is used before surgery to decrease the volume of secretions from the mouth, lungs, and stomach. It will be manufactured at the group’s injectables manufacturing facility at CHL-Jarod, near Vadodara in Gujarat.

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Cabinet approves ethanol price hike by up to Rs 1.4 per litre for blending in petrol

The Union Cabinet has hiked the price of ethanol extracted from sugarcane for blending in petrol by up to Rs 1.47 per litre for the 2021-22 marketing year, starting December. It is part of the government’s target to achieve 20% doping by 2025. Higher mixing of ethanol in petrol will help India cut its oil import bill and also benefit sugar cane farmers and sugar mills.

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Bharti Airtel, Oracle enter into a data centre and cloud deal in India

Bharti Airtel and Oracle have extended their partnership to support the growth of India’s digital economy by bringing a range of industry-leading cloud solutions to more than 10 lakh enterprise customers. Oracle will expand its India West (Mumbai) region capacity with Nxtra by Airtel to support the increasing demand for cloud services in India. Nxtra by Airtel operates India’s largest data centre network of 10 hyper data centres and 120 edge data centres.

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Tata Power Reports 51% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tata Power Q2 Results: Net profit rises 51% YoY to Rs 421 crore

Tata Power reported a 51% YoY increase in consolidated net profit to Rs 421.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 8% compared to the previous quarter. Its revenue from operations rose 18% YoY to Rs 9,810.2 crore during the same period. Revenue from its transmission & distribution segment grew 48% YoY to Rs 6,787.4 crore. However, the revenue from its power generation segment fell 36% YoY to Rs 2,216.9 crore in Q2.

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L&T’s construction arm secures large order from CPWD

The construction arm of Larsen and Toubro (L&T) has secured a large order (in the range of Rs 2,500-5,000 crore) for its buildings and factories business from the Central Public Works Department (CPWD). The order includes the construction of Common Central Secretariat Integrated Buildings 1, 2, and 3 in Plot 137 in New Delhi, with a built-up area of approximately 48.11 lakh sq. ft. The project is scheduled to be completed in two years.

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Bajaj Finserv Q2 Results: Net profit rises 14% YoY to Rs 1,122 crore

Bajaj Finserv Ltd reported a 13.7% YoY increase in consolidated net profit to Rs 1,122.1 crore for the quarter ended September (Q2 FY22). Net profit increased by 34.75% compared to the previous quarter. Its revenue from operations rose 19.7% YoY to Rs 18,008.2 crore during the same period. Recovery gathered momentum in Q2 on the back of reopening of the economy in most states, rapid vaccinations, and continued policy support. Bajaj Finserv is the holding company for the various financial services businesses of the Bajaj Group.

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Marico Q2 Results: Net profit rises 17% YoY to Rs 309 crore

Marico Limited reported a 17.05% YoY increase in consolidated net profit to Rs 309 crore for the quarter ended September (Q2 FY22). Net profit fell 13.2% compared to the previous quarter. Its revenue from operations rose 21.6% YoY to Rs 2,419 crore during the same period. The FMCG company’s EBITDA stood at Rs 423 crore in Q2, a growth of 34.4% YoY. 

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SC bars Bharti Airtel from seeking Rs 923 crore GST refund

The Supreme Court (SC) has disallowed Bharti Airtel from seeking a Goods and Services Tax (GST) refund of Rs 923 crore. The apex court upheld the Centre’s appeal and dismissed a Delhi High Court order that allowed Bharti Airtel to claim Rs 923 crore as refund of excess GST returns filed in July-September 2017. 

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IndiGo Q2 Results: Net loss at Rs 1,435 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,435.7 crore for the quarter ended September (Q2 FY22). The airline had posted a net loss of Rs 3,179 crore in the previous quarter and a net loss of Rs 1,194.8 crore in Q2 FY21. Its revenue from operations rose 104.6% YoY (or 87% QoQ) to Rs 5,608.5 crore during the same period. Earnings before interest, tax, depreciation, amortisation, and rent (EBITDAR) stood at Rs 340.8 crore in Q2, down 16.6% YoY. 

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DLF Q2 Results: Net profit rises 66% YoY to Rs 378 crore

DLF Limited reported a 66% YoY increase in consolidated net profit to Rs 378.12 crore for the quarter ended September (Q2 FY22). Net profit increased 12% compared to the previous quarter. Its revenue from operations fell 9.6% YoY to Rs 1,557 crore during the same period. The realty firm’s sales booking grew 77% YoY to Rs 1,512 crore in Q2.

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Adani Green Energy Q2 Results: Net profit jumps six-fold YoY to Rs 100 crore

Adani Green Energy Ltd (AGEL) reported a nearly six-fold YoY jump in consolidated net profit to Rs 100 crore for the quarter ended September (Q2 FY22). Its total income rose 96.5% YoY to Rs 1,411 crore during the same period. AGEL’s sale of energy grew 61% YoY to 1,901 million units (MU) in Q2. The company’s solar sales grew 41% YoY to 1,430 MU in the July-September quarter of FY22.

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Tata Motors unveils 21 commercial vehicles for cargo, passenger verticals

Tata Motors has unveiled 21 new commercial vehicles to cater to evolving needs of cargo and people transport across segments. The company has launched seven products in the medium and heavy commercial vehicles (M&HCV) segment and five products in the intermediate and light commercial segment with CNG powertrains. Moreover, the automaker has unveiled four new LCVs (Light Commercial Vehicles) to improve last-mile delivery efficiency and reduce operational costs.

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SBI Cards Q2 Results: Net profit rises 67% YoY to Rs 345 crore

SBI Cards and Payment Services reported a 67% YoY increase in consolidated net profit to Rs 345 crore for the quarter ended September (Q2 FY22). Its total income rose 7% YoY to Rs 2,695 crore during the same period. The company’s total operating cost stood at Rs 1,383 in Q2, an increase of 25% YoY. The increase in operating costs is due to higher business volumes.

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NTPC Q2 Results: Net profit falls 8% YoY to Rs 3,212 crore

State-owned NTPC Ltd reported an 8.4% YoY decline in net profit to Rs 3,211 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 14.7% YoY to Rs 28,329 crore during the same period. The surge in revenues was aided by a rise in demand for power due to the rapid reopening of the economy post the second wave and higher vaccination rates. NTPC’s tax expenses grew 89% YoY to Rs 960.5 crore in Q2.

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Govt asks IRCTC to share 50% of revenue from convenience fee

The Ministry of Railways has asked the Indian Railways Catering and Transportation Corporation (IRCTC) to share 50% of the revenue from the convenience fee with it. So far, IRCTC kept 100% of the convenience fee it charged customers for providing various services with itself. Analysts believe that this move could spark a near 50% cut in the earnings of IRCTC since the majority of its revenues come from internet ticketing services.

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Tata Motors Reports Net Loss of Rs 4,451 crore in Q1 – Top Indian Market News

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

Tata Motors Q1 Results: Net loss at Rs 4,451 crore

Tata Motors Ltd reported a consolidated net loss of Rs 4,450.92 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 8,437.99 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 107.6% YoY to Rs 66,406 crore in Q1 FY22. Tata Motors’ electric vehicle (EV) business delivered 5x revenue growth and the highest ever quarterly sales at 1,715 units. Jaguar Land Rover (JLR) retail sales rose 68.1% YoY to 1.24 lakh units during the same period.

Tata Motors said the global chip shortages, uncertainty due to the spread of coronavirus variants, and commodity inflation would continue to impact business in the short term.

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Kotak Mahindra Bank Q1 Results: Net profit rises 32% YoY to Rs 1,642 crore

Kotak Mahindra Bank reported a 32% YoY increase in net profit to Rs 1,641.9 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 6% YoY to Rs 3,942 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.56% in Q1 FY22, compared to 3.25% in Q4 FY21. The bank’s operating profit rose 19% YoY to Rs 3,121 crore in Q1 FY22. Provisions and contingencies declined by 2.8% YoY to Rs 935 crore during the April-June quarter of FY22.

[NII is the difference between the interest income a bank receives on assets such as loans and interest paid to depositors]

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Hitachi ABB Power Grids commissions Raigarh-Pugalur UHVDC link

Hitachi ABB Power Grids in India has commissioned a 1,800 km long 6 gigawatts (GW) ultra-high voltage direct current (UHVDC) transmission link from Raigarh to Pagulur. The 800 kilovolts (kV) transmission link has the capacity to meet the electricity demand of more than 8 crore people. The link strengthens grid resilience and stabilizes the power infrastructure by combining traditional and renewable power generation. It stretches from Raigarh in Chattisgarh to Pugalur in Tamil Nadu.

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Axis Bank Q1 Results: Net profit rises 94% YoY to Rs 2,160 crore

Axis Bank reported a 94% YoY increase in net profit to Rs 2,160 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 11% YoY to Rs 7,760 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.85% in Q1 FY22, compared to 3.7% in Q4 FY21. The bank’s operating profit grew 10% YoY to Rs 6,416 crore in Q1 FY22. Axis Bank posted a 12% YoY increase in loan advances to Rs 6.14 lakh crore.

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Sun Pharma gets exclusive right to market Cassiopea’s acne drug in the US, Canada

Sun Pharmaceutical Industries has signed an exclusive licensing agreement with Italy-based Cassiopea SpA to sell Winlevi (clascoterone cream 1%) in the United States and Canada. Winlevi is a novel drug with a unique mechanism of action for the topical treatment of acne in patients 12 years and older. Cassiopea will receive an upfront payment of $45 million, potential commercial milestones totaling up to $190 million, and customary double-digit royalties. 

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L&T Q1 Results: Net profit jumps 287% YoY to Rs 1,174 crore

Larsen & Toubro (L&T) reported a 287% YoY jump in consolidated net profit to Rs 1,174 crore. Its revenue from operations rose 38% YoY to Rs 29,335 crore during the same period. EBITDA increased by 95.8% YoY to Rs 3,171.5 crore in Q1. The company secured orders worth Rs 26,557 crore at the group level in Q1, registering a growth of 13% YoY. You can learn more about L&T here.

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HCL Tech selected as a strategic launch partner for Microsoft Cloud for Financial Services

HCL Technologies has been selected as a launch partner for Microsoft’s recently announced industry cloud– Microsoft Cloud for Financial Services. It brings together capabilities with multi-layered security and comprehensive compliance coverage to deliver differentiated customer experiences. HCL Tech’s PowerBanking product is built to leverage all available capabilities of the Microsoft Cloud for Financial Services.

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SBI Life Q1 Results: Net profit falls 43% YoY to Rs 223 crore

SBI Life Insurance Company reported a 43% YoY decline in net profit to Rs 223.16 crore for the quarter ended June (Q1 FY22). There was a 1.28 times increase in the number of claims reported from the end of the previous financial year (FY21) to the end of the June quarter. The company posted a 9% YoY growth in new business premium to Rs 3,350 crore in Q1. SBI Life’s assets under management (AUM) rose 32% YoY to Rs 1.75 lakh crore during the same period.

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DLF Q1 Results: Net profit at Rs 337.17 crore

DLF Limited reported a consolidated net profit of Rs 337.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 71.52 crore in the corresponding quarter last year (Q1 FY21). The real estate developer’s total income rose 92% YoY to Rs 1,242.27 crore in Q1 FY22. DLF’s board has announced a dividend of Rs 2 per share for the previous financial year (FY21).

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Alembic Pharma Q1 Results: Net profit falls 45% YoY to Rs 165 crore

Alembic Pharmaceuticals Ltd reported a 45.42% YoY decline in consolidated net profit to Rs 164.52 crore for the quarter ended June (Q1 FY22). Its revenue from operations fell 1.13% YoY to Rs 1,326.03 crore during the same period. Revenue from its Active Pharmaceutical Ingredients (API) business rose 6% YoY to Rs 279 crore in Q1. The India branded business grew 57% YoY to Rs 481 crore during the April-June quarter.

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NTPC REL secures 325 MW solar projects at Shajapur Solar Park in Madhya Pradesh

NTPC Renewable Energy Ltd (NTPC REL) has secured 325 megawatts (MW) solar projects to be set up at Shajapur Solar Park in Madhya Pradesh. The company won a capacity of 105 MW and 220 MW by quoting the lowest tariff rate of Rs 2.35 per kilowatt-hour (kWh) and Rs 2.33 per kWh, respectively. NTPC REL is a wholly-owned subsidiary of NTPC Limited.

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SAIL Reports 31% YoY Rise in Net Profit in Q4 – Top Indian Market News

SAIL Q4 Results: Net profit rises 31% YoY to Rs 3,470 crore

Steel Authority of India Ltd (SAIL) reported a 31% YoY increase in consolidated net profit to Rs 3,469.88 crore for the quarter ended March (Q4). Net profit has jumped 136.34% when compared to the previous quarter. Its total income rose 41.98% YoY to Rs 23,533.19 crore during the same period. The company’s total output rose 6% YoY to 4.56 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) increased by 95.6% YoY to Rs 4,148.13 crore. SAIL’s board has declared a final dividend of Rs 1.80 per share. 

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Industrial output falls to seven-month low in April

India’s industrial output fell to the lowest level in seven months in April due to the resurgence of Covid-19 cases. The Index of Industrial Production (IIP) fell 13% over the previous month to 126.6 in April 2021. The index for manufacturing output contracted by 12.6% over March to 125.1. The mining output index contracted 22.1% month-on-month (MoM) to 108 in April. The index for electricity generation stood at 174 in April, compared to 180 in March. The data was released by the Ministry of Statistics and Programme Implementation (MoSPI).

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TCS extends 17-year partnership with Virgin Atlantic

Tata Consultancy Services (TCS) has extended a 17-year strategic partnership with UK-based Virgin Atlantic to help them embark on a new phase of recovery and growth. The IT major will take exclusive responsibility for the airlines’ end-to-end operational management and digital transformation. TCS will build innovative digital solutions with Cloud-First guiding principles to help Virgin Atlantic improve agility and performance in its purpose-led transformation.

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DLF Q4 Results: Net profit at Rs 481 crore

DLF Limited reported a consolidated net profit of Rs 480.94 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,857.76 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income rose 1.75% to Rs 1,906.59 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 1,093.61 crore. This is compared to a net loss of Rs 583.19 crore in FY20. DLF has appointed two of its executives, Ashok Tyagi and Devinder Singh, as Chief Executive Officers (CEOs).

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Ashoka Buildcon emerges lowest bidder for road project in Punjab

Ashoka Buildcon Ltd has been declared the lowest (L-1) bidder for a road project in Punjab by the National Highways Authority of India (NHAI). The project consists of six-laning of IT City Chowk to Kurali Chandigarh Road, the design length of which is 31.23 km, in Punjab. The quoted bid price for the project is Rs 726 crore. The road project comes under the Indian government’s Bharatmala Pariyojana— Package II.

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Heranba Industries Q4 Results: Net profit rises 64.5% YoY to Rs 43 crore

Heranba Industries Ltd reported a 64.51% YoY increase in net profit to Rs 43.20 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 25.34% YoY to Rs 267.83 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 57.9% YoY to Rs 154.22 crore. The chemical manufacturing company’s board has recommended a final dividend of Rs 0.70 per share.

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Ipca Laboratories acquires 13% stake in Trophic Wellness for Rs 21 crore

Ipca Laboratories Ltd has acquired an additional 13.09% stake in Trophic Wellness Pvt Ltd (TWPL) for a cash consideration of Rs 21.20 crore. The pharma company currently holds a 52.35% stake in TWPL. With this acquisition, Trophic Wellness has become a subsidiary of Ipca Laboratories. TWPL is a nutritional and wellness products company that offers a wide variety of dietary supplements of global standards. 

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BHEL Q4 Results: Net loss at Rs 1,035 crore

Bharat Heavy Electricals Limited (BHEL) reported a consolidated net loss of Rs 1,034.82 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,532.67 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 40.23% YoY to Rs 7,245.16 crore in Q4 FY21. BHEL’s power vertical posted a 51% YoY growth in revenues to Rs 4,789 crore. Net loss for the financial year 2020-21 (FY21) stood at Rs 2,697.11 crore. This is compared to a net loss of Rs 1,466.01 crore in FY20.

Zee Entertainment to launch OTT platform ZEE5 in the US on June 22

Zee Entertainment Enterprises Ltd (ZEEL) will launch its video streaming service, ZEE5, in the United States on June 22. The over-the-top (OTT) platform is currently present in international territories such as the United Kingdom and the Middle East. The ZEE5 annual pack (priced at $84) will be available across devices at a limited launch offer price of $49.99. ZEE5 will provide 130,000 hours of content across 18 languages. You can learn more about ZEEL here.

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Deccan Cements Q4 Results: Net profit at Rs 22.08 crore

Deccan Cements Ltd reported a net profit of Rs 22.08 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 2.96 crore in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations rose 72.83% YoY to Rs 213.83 crore in Q4 FY21. Net profit for the full financial year 2020-21 (FY21) jumped 103.27% YoY to Rs 115.13 crore. The cement company’s board has recommended a final dividend of Rs 5 per share.

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Cochin Shipyard Q4 Results: Net profit rises 71% YoY to Rs 236 crore

Cochin Shipyard Ltd reported a 71.76% YoY increase in consolidated net profit to Rs 236.21 crore for the quarter ended March (Q4). Net profit has increased by 5.53% when compared to the previous quarter. Its total income rose 33.35% YoY (or 50.41% QoQ) to Rs 1,148.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 3.7% YoY to Rs 608.66 crore. Cochin Shipyard’s board has recommended a final dividend of Rs 2.50 per share.