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Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

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

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

Read more here.

Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

Read more here.

RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

Read more here.

Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

Read more here.

L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

Read more here.

MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

Read more here.

Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

Read more here.

IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

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Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

Read more here.

Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

Read more here.

MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

Read more here.

Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

Read more here.

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HDFC Bank Posts 50% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

HDFC Bank Q2 Results: Net profit rises 50% to ₹15,976 crore

HDFC Bank reported a 50% YoY rise in net profit to ₹15,976 crore for the quarter ended September 2023 (Q2 FY24). Net interest income (NII) rose 30.2% YoY to ₹27,385 crore during the same period. However, the bank’s gross non-performing assets (NPA) rose 17 basis points to 1.34% in Q2. Provisions for the quarter fell 10.3% YoY to ₹2,903 crore. This is HDFC Bank’s first quarterly result post-merger.

Read more here.

Wholesale inflation hits 6-month high in Sept

According to data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI)-based inflation reached a six-month high of -0.26% in September. This marks WPI’s sixth consecutive month in negative territory. The persistent deflation in factory gate prices is attributed to a high base effect and significant deceleration in food prices. Food inflation fell significantly from 10.6% in August to 3.35% in September.

Read more here.

Jio Financial Q2 Results: Net profit doubles QoQ to ₹668 crore

Jio Financial Services (JFS) posted a 101.3% quarter-on-quarter (QoQ) increase in consolidated net profit to ₹668.18 crore in Q2 FY24. The company’s total income rose 47% QoQ to ₹608 crore during the same period. Share of profit of joint venture and associates rose above 3.25 times over the previous quarter to ₹217.82 crore.

Read more here.

Grasim to raise up to ₹4,000 crore via rights issue

Grasim Industries Ltd’s board has approved raising up to ₹4,000 crore through a rights issue. The company will issue equity shares with a face value of ₹2 each through rights issue for an amount not exceeding ₹4,000 crore to eligible shareholders as on the record date. The record will be announced later. The board or a constituted committee of the board will decide all other terms and conditions of the rights issue.

Read more here.

Federal Bank Q2 Results: Net profit rises 36% YoY to ₹954 crore

Federal Bank reported a 35.54% YoY increase in standalone net profit to ₹953.82 crore in Q2 FY24. Net Interest Income (NII) grew 17% YoY to ₹2,056.42 crore during the same period. The gross non-performing assets (NPAs or bad loans) fell from 2.46% in Q2 FY23 to 2.26% in Q2 FY24.

Read more here.

Domestic PV sales up 2% at 3.61 lakh in September: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle (PV) sales increased by 1.87% YoY to 3.61 lakh units in September, compared to 3.55 lakh units in September FY22. Domestic two-wheeler sales rose to 17.5 lakh units in September FY23, compared to 17.4 lakh units last year.

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ICICI Securities Q2 Results: Net profit rises 41% YoY to ₹424 crore

ICICI Securities reported a 41% YoY rise in net profit to ₹424 crore in Q2 FY24. The company had posted a net profit of ₹300.4 crore in the year-ago period. Total income rose 44% YoY to ₹1,249 crore in Q2, led by growth in broking income. During the quarter, ICICI Securities added 2.24 lakh clients, expanding its customer base to 95 lakh.

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KPIL secures ₹2,217 crore new orders in India, abroad

Kalpataru Projects International Ltd (KPIL) has secured new orders worth ₹2,217 crore in the domestic and international markets. The company’s Transmission and Distribution (T&D) business secured contracts worth ₹1,993 crore in India and overseas markets. Furthermore, its building and factories (B&F) segment has received ₹224 crore new orders in the domestic market. 

Read more here.

Venus Remedies receives marketing approval for chemo drugs from Philippines

Venus Remedies has received marketing approval from the Philippines for six key chemotherapy drugs. The approved drugs are crucial for cancer treatment and include bortezomib, cisplatin, doxorubicin, docetaxel, fluorouracil, and paclitaxel. With this, Venus Remedies has secured 525 marketing approvals for its oncology products across 76 countries. 

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KEC International bags orders worth ₹1,315 crore

KEC International Ltd has secured new orders amounting to ₹1,315 crore across its diverse business verticals. Its transmission and distribution (T&D) sector received a series of notable projects spanning India, the Middle East, Australia, and the Americas. These projects include the installation of a 765 kV Transmission line and a 765 kV AIS Substation in India. The company’s cables business also secured orders for the supply of various types of cables, both within India and overseas.

Read more here.

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Market News Top 10 News

Vedanta to Split Into Six Listed Companies – Top Indian Market Updates

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

Vedanta to split into six listed companies 

Vedanta Ltd will spin off and list six of its businesses as it seeks to fuel their growth. The demerger plan is aimed at driving better valuations as its parent company struggles to raise funds due to rating downgrades and concerns over meeting its debt obligations. The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd. 

Read more here.

India’s core sector growth rises to 12.1% in August

According to Government data, India’s output of eight infrastructure sectors rose to 12.1% in August 2023 against 4.2% last year. The core sector output is at a 14-month high. The production of refinery products, steel, cement, and electricity also grew in August. Core sector growth in July was 8.4%. Cement production rose by 18.9% while coal production recorded a substantial increase of 17.9%.

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Uno Minda to enhance stake in JV firm to 76%

Uno Minda’s board has approved enhancing its stake in a joint venture (JV) firm to 76%. The company will increase its stake in Minda Westport Technologies Ltd (MWTL) from 50% to 76% by acquiring an additional 26% stake from its JV partner Westport Fuel Systems Italia. The purchase consideration for the 26% stake is around ₹15 crore.

Read more here.

Ashok Leyland secures order for 1,282 buses from GSRTC

Ashok Leyland has secured an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC). The company will deliver 55-seater fully assembled BS VI diesel buses in a “phased manner”. Gujarat State Road Transport Corporation (GSRTC) has had a long association with Ashok Leyland with more than 2600 buses of the company being operated by GSRTC.

Read more here.

Hindustan Zinc plans to spin off businesses 

Hindustan Zinc’s board has authorised a committee of directors to evaluate the appropriate corporate restructuring exercise to unlock shareholder value. The company is looking to assess distinct investment profiles to attract deeper and broader investor bases. The company is valued at ₹1.2 lakh crore ($14.45 billion) and wants to broaden its investor bases and sharpen its focus on its core businesses.

Read more here.

Godrej Properties acquires 109 acres in Nagpur

Godrej Properties has acquired nearly 109 acres of land parcel in Nagpur. The company plans to develop primarily plotted residential units on this land parcel and estimates a saleable area of 2.2 million sq ft. The land parcel is located near the recently operationalised Samruddhi Mahamarg, the expressway connecting the cities of Mumbai and Nagpur and MIHAN Special Economic Zone (SEZ).

Read more here.

IFC gets RBI’s nod for acquiring 9.7% stake in Federal Bank

The Reserve Bank of India (RBI) has approved the International Finance Corporation (IFC) to acquire a 9.7% stake in Federal Bank. The central bank’s approval comes in response to IFC’s application and is contingent on compliance with several regulatory provisions. 

Read more here.

Sterling and Wilson secures order worth ₹1,535 crore from NTPC Renewable Energy

Sterling and Wilson Renewable Energy has secured a project worth ₹1,535 crore from NTPC Renewable Energy in Khavda, Gujarat. The engineering, procurement and construction (EPC) project of 300 megawatts of alternating current (MWac) of NTPC REL is located at the Khavda renewable energy plant at the Rann of Kutch in Gujarat. This is the company’s third NTPC REL order in over a year. 

Read more here.

L&T bags order worth over ₹7,000Cr from MMRDA

Larsen & Toubro has won an order worth over ₹7,000 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The project is to design an underground road tunnel project between Orange Gate, and Eastern Freeway to Marine Drive Coastal Road in Mumbai. The company plans to complete the project within 54 months.

Read more here.

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Crazy OI in Nifty! Short Covering Loading? Pre Market Analysis

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

Stocks

Tata Communications reported a 30% fall in net profit at Rs 382 crore for the first quarter ended June. Revenue from operations, however, jumped 11% to Rs 4,771 crore.

Shares of  HUL, Infosys, Havells, and United Spirits will be in focus today as the companies will announce their first quarter results today.

Federal Bank has launched a QIP (qualified institutional placement) issue and fixed Rs 132.59 as the floor price.

What to Expect Today?

NIFTY opened with a gap-up at 19,810 and moved up. The index saw a down-move and there was a recovery in the second half leading to a volatile day. NF closed at 19,833, up by 84 points or 0.42%. 

BANK NIFTY opened with a gap-up at 45,650 and traded in a range of 200 points. There was an up-move at 3 PM and the index closed at 45,670, up by 258 points or 0.57%.

IT moved up by 1.06%. 

The US markets closed in the green. The European markets closed mixed with DAX closing flat and FTSE rallying.

The Asian markets are trading mixed.

The U.S. Futures and European futures are trading mixed.

GIFT NIFTY is trading at 19,835.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,820, 19,765, 19,740 and 19,725. We can expect resistances at 19,850, 19,900 and 19,950.

BANK NIFTY has supports at 45,485, 45,430 and 45,280. Resistances are at 45,715, 45,750, 45,800 and 46,000.

NIFTY has the highest call OI build-up at 20,000. The highest put OI build-up is at 19,800. 

BANK NIFTY has the highest call OI build-up at 46,000. The highest put OI build-up is at 45,500.

Foreign Institutional Investors net-bought shares worth Rs 1,200 crores. Domestic Institutional Investors also net-bought shares worth 2,100 crores.

INDIA VIX is at 11.6.

Though Bank Nifty was range bounded and did not see a strong 3 PM rally, unlike Nifty, the index outperformed Nifty. Reliance saw a big move before the demerger.

There will be a special session to decide the post-merger price of Reliance. Reliance will start trading only after 10 AM. We can expect Jio Financial Services to be listed in the market in four months.

Watch 1674 and 1688 in HDFC Bank. The IT giants consolidated after a fall in the morning. 

Look at the call OI build-up at 19,850 CE in Nifty. It is so huge despite being a strike just 17 points away from the spot. Imagine the magnitude of short covering that could happen if that level is broken.

In case that happens, see where BN can rally to. The index has been suppressed by the option sellers leading to a range-bound day. A move out of the zone could be a big one.

No major data are coming out this week. Let us focus on the Reliance demerger. UK CPI came out slightly better than the estimates.

I will watch 19,765 on the downside in NIFTY. 19,850 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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Market News Top 10 News

Wipro’s Net Profit Rises 12% YoY to Rs 2,870Cr in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: PAT rises 12% YoY to Rs 2,870 crore

Wipro reported a 12% YoY rise in consolidated net profit to ₹2,870 crore for the quarter ended June (Q1 FY24). The company’s operating revenue stood at ₹22,831 crore, up 6% YoY. Wipro’s IT services operating margin for the quarter was at 16%, up 1.12% YoY. However, revenue in constant currency (CC) terms declined nearly 3% sequentially in the quarter.

Read more here.

Granules India’s Gagillapur facility gets clearance certificate from the USFDA

Granules India Ltd has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). The company’s Gagillapur facility in Hyderabad received the EIR. Granules uses this facility to manufacture finished dosages and Pharmaceutical Formulation Intermediates (PFIs). In January, USFDA inspected the Gagillapur facility of Granules India as part of a pre-approval inspection (PAI) and issued three observations. It responded to the USFDA’s observations within the stipulated period.

Read more here.

Samvardhana Motherson completes acquisition of 51% in Saddles Intl

Samvardhana Motherson International Ltd has completed the acquisition of a 51% stake in Saddles International Automotive & Aviation Interiors Private Ltd (SIAAIPL). SIAAIPL is engaged in the manufacturing of premium upholstery for passenger vehicles. In January this year, Samvardhana Motherson International announced that it was acquiring a majority stake in SIAAIPL for ₹207 crore.

Read more here.

Federal Bank Q1 results: Net profit rises 42% to Rs 854 crore

Federal Bank reported a 42% YoY rise in net profit to ₹854 crore in Q1 FY24. The bank had reported a net profit of ₹600.7 crore in Q1 last financial year. The net interest income (NII) for the quarter rose 20% YoY to ₹1,919 crore from ₹1,605 crore in Q1 FY23. The bank’s gross non-performing asset (NPA) stood at ₹4,434.8 crore as against ₹4,183.8 crore in Q4 FY23, up 2.38%. Net NPA was also up 0.69% to ₹1,274.6 crore in Q1.

Read more here.

Ramco Cements to sell entire stake in Lynk Logistics to Swiggy’s parent

Ramco Cements’ board has approved the sale of its entire equity stake in Lynk Logistics to Bundl Technologies Pvt. Ltd. Lynk Logistics operates the food delivery platform Swiggy. Ramco Cements will sell 49.95 crore shares in Lynk Logistics to Bundl, as approved in its board meeting. In exchange, Ramco will subscribe to 24.18 lakh Compulsory Convertible Preference Shares (CCPS) of Swiggy’s parent company. 

Read more here.

HDFC Bank onboards 1 lakh customers, 1.7 lakh merchants on CBDC platform

HDFC Bank has onboarded over 1 lakh customers and 1.7 lakh merchants under the Central Bank digital currency (CBDC) pilot programme. The bank also announced the launch of a UPI QR code interoperable with India’s sovereign digital currency. With this, HDFC Bank has become one of the first banks in the country to complete the integration process. The interoperable UPI QR code allows HDFC Bank’s onboarded merchants to accept customer payments in Digital Rupee currency.

Read more here.

L&T supplies various components for Chandrayaan-3

Larsen & Toubro (L&T) has supplied various components for India’s moon mission Chandrayaan-3. Parts like “middle segment and nozzle bucket flange” were manufactured at its facility in Powai. Components like ground and flight umbilical plates were from the company’s aerospace manufacturing facility at Coimbatore. L&T delivered all these subsystems ahead of schedule. Additionally, L&T is involved in the production of a range of hardware for Chandrayaan-1 and 2, Gaganyaan and Mangalyaan missions of ISRO.

Read more here.

USFDA issues Form-483 with two observations for Lupin’s Nagpur plant

Lupin’s Nagpur oral solid dosage facility has received Form 483 with two observations from the US FDA. Form 483 is issued to a firm’s management if there are violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. The FDA Form 483 notifies the company’s management of objectionable conditions. The US FDA inspected the facility from July 3 To July 11, 2023.

Read more here.

Godrej Properties emerged as the highest bidder for two land parcels in Gurgaon

Godrej Properties has emerged as the highest bidder for two luxury group housing plots in Golf Course Road micro-market, Gurugram. The two prime projects spread over 2.76 acres and 5.15 acres will have a combined estimated revenue potential of approximately ₹3,100 crore. The average rate for plots in this market is around ₹100 crore per acre. Golf Course Road is an established micro-market renowned for its upscale residential and commercial developments.

Read more here.

PVR cuts prices on food & beverage

PVR Inox has introduced two new offers on snacks and drinks, claiming it is an “unbeatable price”. The announcement comes after a journalist highlighted the bill of an average-sized popcorn and Pepsi at a PVR cinema hall. The company has introduced the new offers in response to the widespread criticism regarding the exorbitant prices of snacks at its multiplexes.

Read more here.

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Torrent Power’s Net Profit at Rs 484Cr in Q4 – Top Indian Market Updates

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

Torrent Power Q4 Results: Net profit at Rs 484 crore

Torrent Power reported a consolidated net profit of Rs 483.93 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 487 crore last year. However, its total revenue rose 60% YoY to Rs 6,133 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 4 per equity share.

The board also approved a proposal to issue non-convertible debentures worth up to Rs 3,000 crore in one or more tranches by way of private placement.

Read more here.

Baring EQT set to buy HDFC’s education loan unit for up to $1.5 billion

Baring Private Equity Asia EQT plans to purchase HDFC’s education loan unit, Credila Financial Services, for approximately $1.3-1.5 billion. ChrysCapital and Baring have formed a consortium for the transaction. HDFC will retain a 10% stake in the company and may sell it within the next two years. An official announcement is expected by the end of June before HDFC and HDFC Bank’s merger.

Read more here.

ICICI Bank to raise stake in ICICI Lombard

ICICI Bank has decided to raise its stake in ICICI Lombard, the general insurance joint venture with Lombard. With this transaction, its ownership will increase beyond 50%, officially making ICICI Lombard a subsidiary. The Board of Directors approved the increase, with ICICI Bank purchasing 2.5% of the shares. As of March 2023, ICICI Bank’s stake in ICICI Lombard was 48.02%.

Read more here.

RVNL Q4 Results: Net profit falls 5% YoY to Rs 359 crore

Rail Vikas Nigam Ltd (RVNL) reported a 5% YoY fall in consolidated net profit to Rs 359.3 crore in Q4 FY23. Its operating revenue fell 11% YoY to Rs 5,719 crore during Q4 FY23. EBITDA stood at Rs 374.4 crore, down 8.3% YoY. The company’s board has announced a dividend of Rs 0.36 per equity share.

Read more here.

Viacom18 signs multi-year content deal with NBC Universal

Reliance’s Viacom18 has entered into a multi-year content agreement with NBCUniversal (NBCU) to enhance its premium content library. Through this partnership, JioCinema will gain access to a vast collection of NBCU films and TV series for distribution in India. The content offering includes titles from various entities under NBCU, such as Universal Television, UCP, Universal International Studios, DreamWorks Animation, Universal Pictures, and more.

Read more here.

Federal Bank picks investment banks for Rs 4,000 crore fundraising

Federal Bank has chosen Kotak Mahindra Capital, Axis Capital, BofA Securities, and JP Morgan as advisors for its plan to raise up to Rs 4,000 crore. The capital raise aims to support retail growth and inorganic activities and may be executed through debt, equity, or a combination of both.

Read more here.

Adani Transmission & Adani Total Gas to be removed from MSCI Global Standard Index

Adani Transmission and Adani Total Gas will be removed from the MSCI Global Standard Index. This is due to changes in MSCI’s index calculation regarding free float market cap. The removal is anticipated to trigger outflows of $189 million for Adani Transmission and $167 million for Adani Total Gas. MSCI’s rejig is expected to see the inclusion of stocks like Max Healthcare Institute, Hindustan Aeronautics (HAL) and Sona BLW Precision Forgings.

In other news, the Adani Group unveiled a new multimedia advertising campaign highlighting the conglomerate’s emphasis on infrastructure development.

Read more here.

ONGC to invest Rs 1 lakh cr in energy transition, targets net-zero by 2038

ONGC has announced plans to invest Rs 1 lakh crore by 2030 on energy transition projects. The company aims to achieve net zero carbon emissions by 2038. It also plans to increase its electricity generation from renewable sources from 189 MW to 1 GW by 2030. ONGC is also exploring opportunities in offshore wind farms and the establishment of a 1 million tonne per annum green ammonia plant in Mangalore.

Read more here.

BPCL partners with BARC to scale up alkaline electrolyzer tech for green hydrogen production

Bharat Petroleum Corporation Ltd (BPCL) is collaborating with the Bhabha Atomic Research Centre (BARC) to develop a 1 MW electrolyzer manufacturing capacity in India by 2025. The research and development division of BPCL is focusing on scaling up alkaline electrolyzer technology for green hydrogen production. The company intends to involve a third party in establishing the electrolyzer manufacturing facility, and the resulting alkaline electrolyzers are expected to be 20-30% cheaper than the current market rate of approx. $800 per kW.

Read more here.

Maruti Suzuki expects production loss in Q1

Maruti Suzuki India expects continuing production loss in the first quarter due to the shortage of electronic components, with relief anticipated in July-September. The company has been facing a shortage of chips for a while, which has impacted its supplies to cater to the market demand. In FY23, the automaker lost 1.7 lakh units due to chip shortage. It has an order backlog of over 4 lakh units, with Ertiga leading the pack with close to 1 lakh bookings.

Read more here.

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Britannia’s Net Profit Rises 47% YoY to Rs 559Cr in Q4 – Top Indian Market Updates

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

Britannia Q4 Results: Net profit jumps 47% YoY to Rs 559 crore

Britannia Industries reported a 47% YoY increase in consolidated net profit to Rs 559 crore for Q4 FY23. Its operating revenue rose 13% YoY to Rs 4,023 crore during the quarter. EBITDA stood at Rs 800 crore, up 45.7% YoY from Rs 550 crore in Q4FY22.

Read more here.

India’s forex reserves rise by $4.53 billion to $588.78 billion

India’s foreign exchange reserves increased by $4.53 billion to $588.78 billion as of April 28, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets rose by $4.99 billion to $519.48 billion. However, the country’s gold reserves fell by $4.94 million to $45.65 billion.

Read more here.

Federal Bank Q4 Results: Net profit jumps 67% YoY to Rs 903 crore

Federal Bank reported a 67% YoY jump in net profit to Rs 903 crore for Q4 FY23. Its consolidated total revenue rose 38.6% YoY to Rs 5,780 crore during the quarter. The bank’s Net Interest Income (NII) for the quarter stood at Rs 1,909 crore, up 25.2% YoY. The bank’s board has recommended a dividend of Rs 1 per equity share.

Read more here.

Marico Q4 Results: Net profit jumps 19% YoY to Rs 305 crore

Marico reported a 19% YoY increase in consolidated net profit to Rs 305 crore for Q4 FY23. Its operating revenue increased 3.65% YoY to Rs 2,240 crore during the quarter. EBITDA stood at Rs 393 crore in Q4 FY23, up 14% YoY. However, its net profit fell by 8.41% compared to Q3FY23.

Read more here.

Dr Reddy’s Labs launches Regadenoson injection in the US market

Dr. Reddy’s Laboratories has launched Regadenoson injection, a generic therapeutic equivalent of Lexiscan injection, in the US market. The injection is used in imaging heart muscle to check blood flow. However, the company has also received one observation from the US FDA after a routine GMP inspection at its API manufacturing facility in Bollaram, Hyderabad.

Read more here.

ITC increases stake in Bengaluru-based Sproutlife Foods

ITC has increased its shareholding in Sproutlife Foods to 39.42% after acquiring 2,443 equity shares and 7,215 Compulsorily Convertible Preference shares. The transaction was worth Rs 175 crore. ITC had previously announced plans to acquire a 100% stake in Sproutlife in tranches over the next three to four years. Sproutlife is a Bengaluru-based start-up in the innovative food products sector.

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Lupin acquires entire stake in French pharma company Medisol

Lupin Ltd has acquired French pharmaceutical company Medisol for €18 million, subject to approval from the French Ministry of Economy and Finance. The acquisition will give Lupin access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics.

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Bharat Forge Q4 Results: Net profit falls 7% YoY to Rs 245 crore

Bharat Forge reported a 7% YoY fall in net profit to Rs 245 crore for Q4 FY23. Its operating revenue increased 19.3% YoY to Rs 1,997 crore from Rs 1,674 crore during the same period. EBITDA stood at Rs 488 crore in Q4 FY23, up 13.2% YoY. The company’s board has recommended a dividend of Rs 5.5 per equity share.

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MSCI assigns lower weight for the merged entity of HDFC Bank and HDFC 

MSCI will add HDFC Bank to the large-cap segment of its Global Standard Indices following its merger with HDFC. The move is expected to lead to no significant inflows, but there may be slight outflows of up to $200 million, according to Nuvama Alternative & Quantitative Research. As a result, MSCI will delete HDFC from its Global Standard Indexes at the end of the stock’s last trading day.

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Blue Star declares 1:1 bonus issue of shares 

Blue Star has announced a 1:1 bonus issue of shares. This means that every shareholder of the company will be given an additional share. The move is subject to approval by shareholders, with the record date to be decided by the Board following this. The bonus issue aims to increase retail participation in the stock and the equity base.

Read more here.

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India’s GDP Growth Slows to 4.4% in Q3 – Top Indian Market Updates

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

India’s GDP growth slows to 4.4% in Q3

India’s gross domestic product (GDP) for the October-December quarter (Q3 FY23) slowed down to 4.4%. The GDP had moderated to 6.3% in Q2 from 13.5% in Q1. GDP at Constant (2011-12) prices in Q3 2022-23 is estimated at ₹40.19 lakh crore in Q3, as against ₹38.51 lakh crore in Q3 2021-22. The Indian economy is expected to grow at 7% in FY23.

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Geological Survey of India finds Gold Deposits in Odisha

Surveys from the Geological Survey of India (GSI) have found gold deposits in three districts of Odisha. State Steel and Mines Minister Prafulla Mallik said that the gold reserves were found in Deogarh, Keonjhar and Mayurbhanj.

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SBI enters social loan market

State Bank of India has concluded a landmark $1 billion (~₹8,200 crore) syndicated social loan, making it the largest Environmental, Social, and Governance (ESG) loan raised by a commercial bank in the Asia Pacific market. The loan is of $500 million of the primary issue and an equal amount in greenshoe (or overallotment) option. It is also the first issue of such kind from the bank. 

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IDFC, Federal Bank partner with Sa-Dhan on UPI123PAY

IDFC First and Federal Bank will partner with association of microfinance institutions Sa-Dhan and Delhi-based fintech solutions provider NextGen to promote digital payments by feature phone users. The banks will help in developing a new payment and collection system by using feature phones with the technological intervention being provided by them.

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India approves $3.9 billion hydropower project near China border

India has approved its largest-ever hydropower project in the mountainous northeastern region bordering China as it seeks to build renewable generation to meet rising power demand. The govt approved the estimated investment of $3.9 billion for the 2,880-megawatt Dibang project in Arunachal Pradesh. The project is estimated to take nine years to build.

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India’s passenger vehicle sales to grow 9-10% in 2024: CRISIL

Rating agency CRISIL has forecast that India’s passenger vehicle sales are expected to grow about 9-10% in the next financial year (FY24), which is 20% more than the pre-pandemic levels. The forecast is owed to strong demand and easing chip shortages. India is currently the world’s fourth-largest car market.

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Zydus Lifesciences receives USFDA approval to market generic drug

Zydus Lifesciences has received approval from the US Food & Drug Administration (USFDA) to market Apixaban tablets. The drug blocks the activity of certain clotting substances in the blood. It is used to lower the risk of stroke or a blood clot in people with a heart rhythm disorder called atrial fibrillation.

Read more here.

Indian Bank ties up with Toyota Kirloskar Motor to offer vehicle financing

Indian Bank has signed a pact with automaker Toyota Kirloskar Motor to offer vehicle financing options to its customers. The tie-up would offer various initiatives including 90% on-road funding with no processing fee, foreclosure, and party payment charges to prospective customers.

Read more here.

Bharti Airtel outpaces Jio in revenue market share growth in Q3

For the second time in a row, Bharti Airtel has grabbed more revenue market share (RMS) than Reliance Jio Infocomm in the third quarter of FY23. This is mainly due to the sharp hike in base prepaid rates Airtel took last November in Odisha and Haryana along with share gains in rural markets. Loss-making Vodafone Idea (Vi) continued to lose RMS share in Q3.

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PNC Infratech bags ₹771 crore railway project in Haryana

PNC Infratech has secured a ₹771.46 crore railway project from the Haryana Orbital Rail Corporation Ltd. The scope of work includes construction design and construction of civil works at Sultanpur station in connection with the laying of a new double railway line. The construction is to be completed in 30 months.

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MRF raises ₹150 crore through NCDs via private placement

MRF Ltd has raised ₹150 crore via non-convertible debentures (NCDs) on a private placement basis. The NCDs have been listed on the debt segment of the National Stock Exchange of India with effect from February 2023. The date of maturity of these debentures is February 24, 2026.

Read more here.

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Reliance Jio’s ‘True 5G’ Goes Live in Delhi-NCR – Top Indian Market Updates

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

Reliance Jio’s ‘True 5G’ goes live in Delhi-NCR

Reliance Jio has become the only operator to provide True-5G services across the entire Delhi-NCR region. The network will be present across all important localities and areas, including residential areas, hospitals, schools, colleges, tech parks, and government buildings. Jio users in Delhi-NCR can opt for the Jio Welcome Offer, which offers unlimited data at up to 1 Gbps+ speeds.

Read more here.

Jet Airways to cut employees’ salaries by up to 50%,

The Jalan-Kalrock Consortium (JKC), the owners of Jet Airways, has temporarily reduced the salaries of some employees by up to 50%. They have also placed some employees on leave without pay effective Dec 1. This is part of a host of measures to conserve the airline’s cash, even as the clash between employees and owners continues over unpaid dues.

Read more here.

Sun Pharma gets USFDA approval for drug to treat neonatal seizures

Sun Pharmaceutical Industries Ltd has received approval from the US Food & Drug Administration (USFDA) for SEZABY, a formulation used for the treatment of neonatal seizures. The drug is expected to be available in the US in the fourth quarter of FY23. Sun Pharma Advanced Research Company (SPARC) recently licensed SEZABY to Sun Pharma, under which SPARC is eligible to receive a milestone payment.

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Welspun Corp to acquire 70% debt of Sintex BAPL: Report

Welspun Corp Ltd (WCL) is set to acquire over 70% of the debts of KKR-backed Sintex BAPL. WCL seeks to take control of the plastic products maker, which is currently undergoing insolvency proceedings. Avenue Capital-backed Asset Reconstruction Company of India and Welspun Corp have been acquiring Sintex BAPL’s loans from lenders since the beginning of FY23.

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Federal Bank partners with JCB India to finance heavy equipment buyers

Federal Bank has partnered with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio. Under the arrangement, Federal Bank will be the preferred finance partner of the construction equipment manufacturer. JCB India’s customers can avail loans from the lender at competitive interest rates.

Read more here.

USFDA completes inspection of Bajaj Healthcare’s API facility

The USFDA has completed the pre-approval inspection of Bajaj Healthcare Ltd’s Vadodara-based Active Pharmaceutical Ingredients (API) facility with zero observations. This was the first-ever pre-approved inspection of the said API facility. The US drug regulator inspected the facility from November 14-17. Established in 1993, Bajaj Healthcare is a leading manufacturer of APIs, intermediates, and formulations.

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Bharat Electronics signs licensing agreement with DRDO

Bharat Electronics Ltd (BEL) has signed a licensing agreement with the Combat Aircraft Systems Development & Integration Centre (CASDIC), DRDO, for the transfer of technology of Digital Radar Warning Receiver. The state-of-the-art airborne Electronic Warfare system provides versatile situational awareness to a fighter platform in a dense signal scenario.

In other news, BEL has signed a Joint Development Agreement (JDA) with the Indian Institute of Technology Madras (IITM) for cooperation in the field of Quantum Science and Technology.

Read more here.

Blackstone files DRHP for Nexus Select Trust retail REIT IPO

Global asset manager Blackstone filed a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) of Nexus Select Trust (NST). NST is India’s first retail real estate investment trust or REIT. Blackstone is the sole sponsor of the REIT. It intends to raise at least $500 million through the public issue next year. To learn more about REITs, click here.

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Kolte-Patil Developers, 2 other settle case with SEBI

Kolte-Patil Developers Ltd (KPDL) and two others have settled a case pertaining to the alleged violations of listing and disclosure rules with markets regulator SEBI. They have paid over ₹63 lakh towards the settlement amount. KPDL made wrong disclosures of Related Party Transactions on three occasions in two half-yearly disclosures of FY19 and FY20.

Read more here.

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WPI Eases to 10.7% in Sept – Top Indian Market Updates

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

WPI eases to 10.7% in September

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), eased to 10.70% in September. WPI had spiked to 12.41% in August, while the revised WPI for July stood at 14.07%. The food articles segment eased to 11.03% in September, compared to 12.37% in August. The fuel and power segment marginally fell from 33.67% in August to 32.61% last month. 

Read more here.

Federal Bank Q2 Results: Net profit rises 53% YoY to ₹704 crore

Federal Bank posted its highest-ever quarterly profit of ₹704 crore for the quarter ended September (Q2 FY23), up 53% YoY or 17% QoQ. The net interest income (NII) grew 19% YoY to ₹1,762 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.46% in Q2, compared to 2.69% in Q1. Provisions fell 9% YoY to ₹268 crore in Q2 FY23.

Read more here.

PSP Projects emerges lowest bidder for project in Gujarat

PSP Projects Ltd has emerged as the lowest (L1) bidder for a government project for developing a world-class sustainable tourist/pilgrimage destination in Gujarat. The bid value for the project is worth ₹345.30 crore. PSP Projects is one of India’s fastest-growing construction companies based in Ahmedabad, Gujarat. It provides construction services for industrial, institutional, residential, and commercial projects in India. 

Bajaj Auto Q2 Results: Net profit rises 20% YoY to ₹1,530 crore

Bajaj Auto Ltd reported a 20% YoY increase in net profit to ₹1,530 crore for the quarter ended September (Q2 FY23). Its revenue from operations rose 16.4% YoY to ₹10,202.8 crore during the same period. EBITDA rose 25.5% YoY to ₹1,759 crore. The company sold 11,51,012 units in Q2, up 0.57% YoY. Bajaj Auto saw domestic volumes nearly double from Q1 across both two-wheeler and three-wheeler segments.

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EaseMyTrip launches SIP scheme for travel plans

Online travel platform EaseMyTrip has announced the launch of a new product line— Save Now Buy Later (SNBL). It is an investment scheme that allows customers to start a Systematic Investment Plan (SIP) for their travel plans. Customers can invest an amount as low as ₹100 on a recurring basis. Investments will get a return of up to 20% on the total invested amount exclusively from the company.

Read more here.

Unichem Labs gets USFDA approval for Phenytoin Sodium capsules

Unichem Laboratories Ltd has received abbreviated new drug application (ANDA) approval for its Extended Phenytoin Sodium Capsules USP- 100gms from the US Food & Drug Administration (USFDA). The capsules are indicated for the treatment of tonic-clonic and psychomotor seizures. It prevents seizures during or after neurosurgery. The product will be commercialised from Unichem Lab’s plant in Ghaziabad, Uttar Pradesh.

Read more here.

Shree Cement Q2 Results: Net profit falls 67% YoY to ₹183 crore

Shree Cement Ltd reported a 67.5% YoY decline in consolidated net profit to ₹183.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19.7% YoY to ₹4,038.03 crore during the same period. Total expenses increased by 41.4% YoY to ₹3956.90 crore in Q2. The company’s board has accepted the resignation of its long-serving Chairman Benu Gopal Bangur.

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

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) under its water & effluent treatment business. It has received repeat orders from the Govt. of Gujarat to execute pumping system and pipeline works from Tappar Dam to Nirona Dam. The project aims to strengthen water resources in the Kutch district of Gujarat by filling existing reservoirs that will irrigate 36,392 hectares of land.

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Bharti Airtel launches ‘Always On’ IoT connectivity solution

Bharti Airtel launched the ‘Always On’ Internet of Things (IoT) connectivity solution in the domestic market. The solution contains dual profile M2M (machine to machine) eSim, which allows an IoT device to stay connected to a mobile network from different Mobile Network Operators in the eSIM. It is best suited for vehicle tracking providers, auto manufacturers, and any use cases where equipment works in remote locations requiring universal connectivity.

Read more here.

Tata Elxsi Q2 Results: Net profit rises 39% YoY to ₹174 crore

Tata Elxsi Ltd reported a 39.1% YoY increase in net profit to ₹174.3 crore for the quarter ended Sept (Q2 FY23). Net profit declined by 5.5% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY (or 5.1% QoQ) to ₹763.2 crore during the same period. The company crossed the 11,000-employee mark with 1,532 net additions in Q2.

Read more here.

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Federal Bank Posts 64% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Federal Bank Q1 Results: Net profit rises 64% YoY to Rs 601 crore

Federal Bank reported a 63.5% YoY increase in net profit to Rs 600.66 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 13% YoY to Rs 1,604.5 crore during the same period. [NII is the difference between the interest income a bank earns from loans and the interest it pays depositors.] The bank’s gross non-performing assets (GNPA) ratio stood at 2.69% in Q1 FY23, compared to 2.8% in Q4 FY22. Provisions fell 74% YoY to Rs 166.68 crore.

Read more here.

Bharti Airtel declares successful trial of 5G captive network at Bosch facility

Bharti Airtel Ltd announced the successful trial of India’s first 5G private network at the Bosch Automotive Electronics India (RBAI) facility in Bengaluru. The telecom major’s on-premise 5G Captive Private Network was built over the trial 5G spectrum allocated by the Department of Telecommunications (DoT). Airtel has implemented two industrial-grade use cases for quality improvement and operational efficiency at Bosch’s manufacturing facility

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Yes Bank selects JC Flowers ARC to offload bad loans worth Rs 48,000 crore

Yes Bank has signed a term sheet with JC Flowers Asset Reconstruction (ARC) for the sale of identified stressed loans of the bank worth up to Rs 48,000 crore. The bank proposes to run a transparent bidding process for the sale of its bad loan portfolio, with JC Flowers ARC’s bid as the base bid. JC Flowers has likely valued Yes Bank’s bad loan book of Rs 48,000 crore at Rs 12,107 crore, which will get transferred to the ARC.

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Kesoram Industries Q1 Results: Net loss at Rs 61 crore

Kesoram Industries Ltd reported a consolidated net loss of Rs 61.25 crore for the quarter ended June (Q1 FY23). It had posted a net profit of Rs 12.77 crore in the corresponding quarter last year (Q1 FY22). Revenue from operations grew 4.18% YoY to Rs 891.23 crore in Q1 FY23. The company’s total expenses stood at Rs 998.54 crore in Q1, up 19.5% YoY. Kesoram Industries manufactures cement, tyres, tubes, rayon, paper, and heavy chemicals.

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Adani Group plans to create aero cities alongside its airports: Report

As per a report by Economic Times, Adani Group has plans to develop real estate projects alongside its airports in India in addition to its aeronautical and non-aeronautical (terminal) operations. Adani Airports will develop nearly 70 million sq. ft. on over 500 acres of land across all airports under its city-side developments portfolio. These “aero cities’” will be a mix of hotels, convention centres, retail, entertainment, logistics, and other allied real estate segments.

Read more here.

Kotak Mahindra Bank completes its integration for direct tax payments

Kotak Mahindra Bank has become one of the first private banks to integrate with the new e-filing portal of the Income Tax Department. The bank’s customers can now pay their direct taxes through the e-pay tax tab on the portal using Kotak Net Banking or by visiting a branch. In October 2021, Kotak Mahindra Bank became the first Scheduled Private Sector Bank to receive approval as a collections partner for taxes.

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JK Tyre strengthens retail presence with 70th outlet

JK Tyre & Industries Ltd has set up a new truck wheel centre in Tamil Nadu, in line with its strategy to strengthen its presence in India. The new outlet is the company’s 15th outlet in Tamil Nadu and 70th in the country. Spread across 4,000 sq. ft., the facility provides end-to-end solutions for truck and bus tyres. It is equipped with trained technical advisors, wheel servicing equipment, and a wide range of truck tyres.

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NHPC signs pacts to develop green hydrogen tech in Leh, Kargil

NHPC Limited has signed two agreements to develop green hydrogen technologies in Leh and Kargil. The company will consider the development of a Pilot Green Hydrogen fuel cell-based Microgrid (including hydrogen production) to meet the power requirements of NHPC’s guest house at Nimmo Bazgo Power Station in Leh. NHPC will also produce green hydrogen fuel to run two buses for up to 8 hours in Kargil.

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LTTS Q1 Results: Net profit rises 27% YoY to Rs 274 crore

L&T Technology Services (LTTS) reported a 27% YoY increase in consolidated net profit to Rs 274.2 crore for the quarter ended June (Q1 FY23). Revenue from operations grew 23.4% YoY to Rs 1,873.7 crore during the same period. The company secured a $50 million plus deal, four $15 million deals, and two $10 million deals in Q1.

Read more here.

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RIL Posts 22% YoY Rise in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit rises 22% YoY to Rs 16,203 crore

Reliance Industries Ltd (RIL) reported a 22.4% YoY increase in consolidated net profit to Rs 16,203 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 37% YoY to Rs 2,11,887 crore during the same period. The results are below Street estimates. Reliance Jio reported a 24.2% YoY increase in net profit to Rs 4,173 crore. The telecom major’s revenue grew 20.4% YoY to Rs 20,901 crore in Q4. RIL’s board has declared a dividend of Rs 8 per share.

Read more here.

ONGC wins 18 out of 21 oil, gas blocks in OALP-VI bid round

Oil and Natural Gas Corporation (ONGC) has won 18 out of the 21 areas offered for finding and producing oil and gas in the sixth bid round under Open Acreage Licensing Policy (OALP). Oil India Ltd (OIL) has won rights for two blocks. Opening up more areas for exploration will help boost India’s oil and gas production and bring down high oil import bills.

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Tata Power Q4 Results: Net profit rises 31% YoY to Rs 632 crore

Tata Power Company Ltd reported a 31% YoY increase in consolidated net profit to Rs 632 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 12,085 crore during the same period. EBITDA stood at Rs 2,253 crore in Q4, up 35% YoY. Tata Power’s board has declared a dividend of Rs 1.75 per share.

Read more here.

Federal Bank Q4 Results: Net profit rises 13% YoY to Rs 541 crore

Federal Bank reported a 13% YoY increase in net profit to Rs 540.54 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 7.38% YoY to Rs 1,525.21 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.8% in Q4 FY22, compared to 3.06% in Q3 FY22. The bank’s provisions declined by 70.4% YoY to Rs 75.24 crore in Q4 FY22.

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L&T Infotech announces merger with Mindtree

The Board of Directors of L&T Infotech Ltd (LTI) and Mindtree Ltd approved the merger of both the independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see LTI and Mindtree join to create a scaled-up IT services provider with a valuation of $3.5 billion. All shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree.

Read more here.

Bajaj Consumer Q4 Results: Net profit falls 34% YoY to Rs 36 crore

Bajaj Consumer Care Ltd reported a 34.5% YoY (or 6.7% QoQ) decline in consolidated net profit to Rs 35.82 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 12.2% YoY to Rs 214.95 crore during the same period. The FMCG company’s expenses stood at Rs 184.98 crore in Q4, down 2.21% YoY. Its board has declared a final dividend of Rs 4 per share.

SJVN secures contract for 30 MW wind-solar hybrid project worth Rs 195 crore

SJVN Limited secured a contract worth Rs 195 crore from the Solar Energy Corporation of India (SECI) for setting up a wind-solar hybrid project with 30 megawatts (MW) generation capacity. The state-owned company bagged the project through a tariff-based competitive bidding process for providing electricity at the rate of Rs 2.54 per unit on a build, own, and operate basis. The project is likely to generate ~1,860 million units (MUs) over 25 years.

Read more here.

Canara Bank Q4 Results: Net profit rises 65% YoY to Rs 1,666 crore

Canara Bank reported a 65% YoY increase in net profit to Rs 1,666.22 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 24.84% YoY to Rs 7,005 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 7.51% in Q4 FY22, compared to 8.93% in Q4 FY21. The bank’s provisions rose 1.54% YoY to Rs 3,708.68 crore in Q4 FY22. The bank’s board has recommended a dividend of Rs 6.5 per share.

Read more here.

Lupin gets USFDA approval for Pregabalin capsules

Lupin Ltd has received approval from the US Food & Drug Administration to market Pregabalin capsules. The drug is used to treat pain caused by nerve damage due to diabetes or shingles infection. The product will be manufactured at Lupin’s facility in Aurangabad, Maharashtra. According to IQVIA data, Pregabalin capsules had estimated annual sales of $263 million (~Rs 2,024 crore) in the US during the 12 months ended March 2022.

Read more here.

LIC IPO subscribed 1.38 times on third day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 1.38 times on the third day of bidding. Retail investors have subscribed 1.23 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 76% and 56%, respectively, against their reserved portions. LIC policyholders have subscribed 4.01 times the portion reserved for them. 

To learn more about the IPO, click here.

RBI approves merger between Equitas Holding and Equitas SFB

The Reserve Bank of India (RBI) has cleared the merger between Equitas Holdings and Equitas Small Finance Bank (SFB). The merger is being effected to comply with the RBI norms on small finance banks, mandating the promoter to reduce the stake in the subsidiary to 40% within five years of commencement of operations by the SFB.

Read more here.