Tag: Federal Bank

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SBI to Provide $1B Credit Line to Sri Lanka – Top Indian Market News

SBI to provide $1 billion credit line to Sri Lanka

The Finance Ministry said the State Bank of India (SBI) will provide a $1 billion (~Rs 7,593 crore) credit facility to Sri Lanka for the procurement of food, medicines, and other essential items. Earlier, the Export-Import Bank of India extended a line of credit of $500 million for financing the purchase of petroleum products to Sri Lanka, which is facing a financial crisis.

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IndiGo CEO urges govt to bring ATF under GST amid massive price hikes

The price of aviation turbine fuel (ATF) has increased by 50% since January, and the situation has adversely impacted IndiGo. The airline’s CEO, Ronojoy Dutta, has urged the government to bring ATF under Goods & Service Tax (GST) and make flying affordable for consumers and viable for airlines. Following Russia’s invasion of Ukraine, oil prices have skyrocketed. It has surged ~35% in March alone.

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Happiest Minds Tech partners with OutSystems

Happiest Minds Technologies Ltd has announced a strategic partnership with OutSystems, a software firm in the low-code application development market. They plan to transform how enterprise software is delivered to customers. The partnership will add a low-code platform to Happiest Minds’ portfolio. It will enable companies to develop, deploy, and manage omnichannel enterprise applications that run in the cloud or hybrid environments. 

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Adani Power completes acquisition of Essar’s 1,200 MW Mahan project 

Adani Power has completed the acquisition of Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The cost of acquiring the project is ~Rs 4,250 crore, including the estimated cost of compliance with environmental and emission norms. Essar Power MP is currently undergoing insolvency resolution under the Insolvency and Bankruptcy Code (IBC).

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Bombay HC directs MBC to transfer Worli plot title to Century Textiles

The Bombay High Court has directed the Brihanmumbai Municipal Corporation (BMC) to transfer the title of a six-acre plot in Worli locality to Century Textiles & Industries within eight weeks. The textiles-to-realty company had approached BMC in March 2014, seeking to execute a formal deed of conveyance for the land as it houses a residential colony of its employees.

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Reliance, Ola Electric, others to get incentives under $2,4 billion battery scheme: Report

As per a Reuters report, Reliance Industries and Ola Electric have won bids to receive incentives under India’s $2.4 billion battery program. Last year, the government finalized a Production Linked Incentive (PLI) scheme to boost the local manufacturing of battery cells. India is looking to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonization goals.

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Maruti Suzuki initiates 7th round of MAIL initiative

Maruti Suzuki India Ltd (MSIL) has announced the seventh round of its ‘Mobility & Automobile Innovation Lab’ (MAIL) initiative. It has invited early-stage startups that offer solutions in the technology, mobility, and automobile space to apply for Cohort 7 of its (MAIL) program. The winning startups will get an opportunity to undertake a paid Proof-of-Concept (PoC) with MSIL.

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Groww in talks with Federal Bank for neo-banking vertical: Report

Investment platform Groww is reportedly working on its neo-banking plans to offer its customers the option of having a bank account. The company is in talks with Federal Bank to serve as its backbone. If the integration goes through, Groww will be Federal Bank’s third bet in the neo-banking space after Jupiter and Fi. The bank is widening its digital presence across India through these partnerships. 

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HDFC Capital to acquire 7.2% stake in realty start-up Loyalie for Rs 1.1 crore

HDFC Capital Advisors Limited (HCAL) has entered into a share subscription agreement to acquire ~3.90 lakh equity shares of Loyalie IT-Solutions Pvt Ltd for Rs 1.1 crore. Post allotment, the deal will entitle HCAL to around 7.20% of the equity share capital of Loyalie. HCAL, a real estate private equity investment manager, is a 100% subsidiary of HDFC Ltd.

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Cochin Shipyard to build Beagle class dredger for DCI

The Dredging Corporation of India (DCI) signed a shipbuilding agreement with Cochin Shipyard Limited (CSL). As per the agreement, CSL will build the first-of-its-kind Beagle-12 trailing suction hopper dredger of 12,000 cubic-metre capacity for DCI. The dredger will be built as part of India’s ‘Atmanirbhar Bharat’ initiative.

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PVR opens 6-screen multiplex in Punjab

PVR Limited has opened a six-screen multiplex (PVR Friends Cinema) in Jalandhar, Punjab. The auditoriums are powered with 2K RGB+ laser projectors. With this launch, PVR now operates the largest multiplex network with 866 screens at 180 properties in 73 cities (India and Sri Lanka).

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Maruti Suzuki Reports 48% YoY Fall in Net Profit in Q3 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q3 Results: Net profit falls 48% YoY to Rs 1,011 crore

Maruti Suzuki India Ltd (MSIL) reported a 47.9% YoY decline in net profit to Rs 1,011 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 1% YoY to Rs 23,246 crore during the same period. The global chip shortage and high commodity costs continued to affect the automaker’s sales. EBITDA stood at Rs 1,559 crore, down 30% YoY. MSIL’s total sales fell 13% YoY to 4.3 lakh units in Q3.

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BPCL to invest Rs 10,000 crore in six new city gas licenses

Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 10,000 crore over the next five years to set up city gas distribution networks in cities for which it secured licenses in the latest bidding round of the Petroleum and Natural Gas Regulatory Board (PNGRB). The company won licenses to retail CNG to automobiles and piped natural gas (PNG) for cooking purposes in the bid-out of six geographical areas.

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Cipla Q3 Results: Net profit falls 2.6% YoY to Rs 729 crore

Cipla Limited reported a 2.61% YoY decline in consolidated net profit to Rs 728.6 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 5,478.86 crore during the same period. The pharma company’s EBITDA stood at Rs 1,231 crore, up 5.7% YoY. Its India business registered a 13% YoY growth in sales to Rs 2,518 crore in Q3.

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TCS selected as launch partner for Microsoft Cloud for Retail

Tata Consultancy Services (TCS) announced that it is now a partner for the newly-launched Microsoft Cloud for Retail. TCS will help retail clients leverage Microsoft Cloud for Retail to accelerate their growth and transformation journeys. Microsoft Cloud for Retail is an industry-specific cloud that brings together various Microsoft technologies. It connects experiences across the end-to-end shopper journey with integrated and intelligent capabilities.

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Pidilite Industries Q3 Results: Net profit falls 20% YoY to Rs 359 crore

Pidilite Industries Ltd reported a 19.5% YoY decline in consolidated net profit to Rs 359.24 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 24% YoY to Rs 2,850.72 crore during the same period. The company’s total expenses stood at Rs 2,372.9 crore in Q3, up 37.98% YoY. Gross margins were affected due to high input costs. Pidilite Industries is a leading manufacturer of adhesives & sealants, construction chemicals, and craftsmen products.

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Sterlite Tech secures Rs 170 crore deal from Power Grid

Sterlite Technologies Ltd (STL) has secured a deal worth ~Rs 170 crore for building a unified network management system (UNMS) for Power Grid Corporation of India Ltd (PGCIL). STL will fulfill PGCIL’s requirement for high-performance and integrated network management systems across their regional communications networks. PGCIL owns and operates 90% of India’s interstate and inter-regional electric power transmission network.

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United Spirits Q3 Results: Net profit rises 27% YoY to Rs 291 crore

United Spirits Ltd reported a 26.6% YoY increase in consolidated net profit to Rs 291.1 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 7.6% YoY to Rs 8,854.5 crore during the same period. The company’s total expenses stood at Rs 8,463.8 crore in Q3, up 6.5% YoY. A healthy operating cash flow has enabled the liquor maker to achieve a debt-free status as of December 31, 2021.

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Torrent Pharma Q3 Results: Net profit falls 16% YoY to Rs 249 crore

Torrent Pharmaceuticals Ltd reported a 16% YoY decline in consolidated net profit to Rs 249 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 5.7% YoY to Rs 2,108 crore during the same period. The pharma company’s EBITDA stood at Rs 538 crore, up 11.4% YoY. Its US segment revenues fell 20% YoY to Rs 235 crore in Q3, while its India segment revenues rose 15% YoY to Rs 1,072 crore. 

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SRF Q3 Results: Net profit rises 56% YoY to Rs 506 crore

SRF Limited reported a 56% YoY increase in consolidated net profit to Rs 506 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 56% YoY to Rs 3,346 crore during the same period. Revenue from its chemical business grew 58% YoY to Rs 1,428 crore in Q3. The operating profit of the chemical business stood at Rs 419 crore, up 121% YoY. SRF’s board has approved an interim dividend of Rs 4.75 per share.

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Federal Bank Q3 Results: Net profit rises 29% YoY to Rs 522 crore

Federal Bank reported a 29% YoY increase in net profit to Rs 521.7 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 7.1% YoY to Rs 1,538.9 crore during the same period. [NII is the difference between the interest earned on loans and the interest paid on deposits.] The gross non-performing assets (GNPA) ratio stood at 3.06% in Q3 FY22, compared to 3.24 crore in Q2 FY22. Provisions fell 48.3% YoY to Rs 213.98 crore in Q3 FY22.

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Akasa Air plans to commence domestic operations by late May

Rakesh Jhunjhunwala-backed airline Akasa Air is aiming to start flights in late May or early June after getting its first Boeing 737 MAX aircraft in April. The low-cost airline is looking to own and operate 18 planes in its fleet by the end of March 2023. Akasa Air will initially have services from metros to Tier II and III cities.

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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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Editorial

Federal Bank’s Stellar Q2 Performance: Analysis

Federal Bank declared its financial results for the July-September quarter (Q2 FY22) on October 22. There was high demand for the stock in Dalal Street on the same day and surged ~8%. During the same period, ace investor Rakesh Jhunjhunwala added 2 crore shares of Federal Bank (~1% of the total equity share capital) to his portfolio. Currently, his holding value in the bank is ~Rs 750 crore.

In this article, let us analyse the recent financial performance of the bank and compare it with that of its peers.

Federal Bank’s Q2 Results

The bank’s Net Interest Income (NII) increased 7% year-on-year (YoY) and 4% quarter-on-quarter (QoQ) to Rs 1,479 crore in Q2. NII is the difference between the interest income received on loans and the interest paid to depositors. Meanwhile, Net Interest Margin (NIM) improved to 3.2%. For every Rs 100 issued as a loan, the lender can generate Rs 3.2 as an income after paying interest on deposits.

The net profit of the bank increased 49% YoY and 25% QoQ to Rs 460 crore. The increase in profits can be attributed to increasing NII and a decrease in the provisions made for bad loans.

Net Non-Performing Assets (NNPAs) are the loans given out by the lender that fails to generate interest. Thus, if the bank does not manage the NPA wisely, it can eat up the profits of the bank.

Here, we can see the trend of Net NPA. Even though the current position is greater than that of the previous year, its decline across the previous quarters is a good sign. Federal Bank has an NNPA of 1.12%, meaning that for every Rs 100 given out as a loan, Rs 1.12 turns as NPA.

Comparison with Peers

For any sector, analysing a company along with its peers gives us a clear picture. Let us compare and analyse Federal Bank with the top-performing banks in India.

Net Interest Margin

Net Interest Margin (NIM) is a measure of a bank’s net interest income (NII) to its assets. A higher NIM is always appreciable. 

Although Federal Bank has a lower NIM, the metric increasing over the quarters is a good sign.

Non Performing Assets 

A loan becomes a Non-Performing Asset (NPA) when it fails to generate income for the bank. Net NPA shows the percentage of money given out as a loan that cannot be retrieved by a bank. Thus, a very low NPA is preferable for a bank.

Federal Bank has higher NPAs than its peers. Fortunately, the decline of bad loans across the years is a good sign. Even though the other banks have reported higher NPAs over the previous quarters, Federal Bank was able to reduce the same. 

CASA Ratio

Current Account – Saving Account (CASA) are deposits that provide relatively low interest. If a bank has a high CASA Ratio, it means that the bank’s expenses are low. If a bank has a lower CASA ratio, expenses will be high and it will affect Net Interest Margin (NIM).

Federal Bank has a CASA Ratio of 36%. It means that for every Rs 100 deposited in an account, only Rs 36 belongs to CASA. Here, the CASA of Federal Bank is relatively lower compared to other banks. Therefore, picking up CASA is essential for the lender to gain a better income.

Valuation

For investors, it is always a key strategy to buy a stock when it is cheaply available. Let us look at one of the valuation ratios— the price to Earnings (PE) ratio.

As we can see, Federal Bank has a very low PE ratio compared to industry leaders. A PE ratio of 11 says that investors are ready to pay Rs 11 for every Rs 1 generated as profit by the company. PE stands at above 20 for every other bank, which makes Federal Bank cheaply available.

Conclusion

Federal Bank is a midcap stock with a market capitalization of Rs ~22,000 crore. We have compared the lender with the top-performing large-cap banks for our analysis. Hence, we can state that the bank has a long way to go in certain metrics. 

In the past year, the stock has outperformed the BANKNIFTY index by ~34%. The recent quarter results have beaten all street estimates and various brokerage houses have given a major upside for the stock.

Looking at the financial performance, a decreasing NPA and an increasing CASA will unlock better profitability for the bank.

Federal Bank is a professionally run company with no promoters. The 3-year extension of Mr. Shyam Srinivasan as MD & CEO of the bank by the Reserve Bank of India (RBI) will ensure that current operations and future projects will be given more focus and importance.

Have you added Federal Bank to your portfolio? Let us know in the comment section of the marketfeed mobile app.

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RIL Reports 43% YoY Rise in Net Profit in Q2 – Top Indian Market News

Reliance Industries Q2 Results: Net profit rises 43% YoY to Rs 13,680 crore

Reliance Industries Ltd (RIL) reported a 43% YoY increase in net profit to Rs 13,680 crore for the quarter ended September (Q2 FY22). Net profit increased by 11% compared to the previous quarter. Its revenue from operations rose 49% YoY (or 21% QoQ) to Rs 1.74 lakh crore during the same period. The company posted a record quarterly consolidated operating profit of Rs 30,283 crore, an growth of 30% YoY.

 Jio Platforms reported a net profit of Rs 3,728 crore in Q2, up 23% YoY. Its revenue from operations rose ~7% YoY (or 4.4% QoQ) to Rs 19,777 crore.

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Tata Consumer Q2 Results: Net profit rises 4% YoY to Rs 268 crore

Tata Consumer Products Ltd (TCPL) reported a 4.2% YoY increase in consolidated net profit to Rs 268.04 crore for the quarter ended September (Q2 FY22). Net profit increased by 44.77% compared to the previous quarter. Its revenue from operations rose 9.1% YoY to Rs 3,033.1 crore during the same period. TCPL’s revenue growth in Q2 was aided by a 14% YoY rise in the India beverages segment and a 23% YoY rise in the India foods business.

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Adani Green’s subsidiary secures 450 MW wind energy project

Adani Renewable Energy Holding Fifteen Ltd (AREHFL) has received a Letter of Award (LOA) for setting up a 450 megawatt (MW) wind energy project. AREHFL is a subsidiary of Adani Green Energy Ltd (AGEL). The fixed tariff for this project capacity is Rs 2.70 per kilowatt-hour (kWh) for 25 years. With this, AGEL has a total renewable energy project portfolio of 20,284 MWac capacity

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HDFC Life Q2 Results: Net profit falls 16% YoY to Rs 276 crore

HDFC Life Insurance reported a 16% YoY decline in consolidated net profit to Rs 275.91 crore for the quarter ended September (Q2 FY22). Its total income rose 24.6% YoY to Rs 20,478.46 crore during the same period. HDFC Life’s net premium income (NPI) stood at Rs 11,445.33 crore in Q2 FY22, compared to Rs 10,056.71 crore in Q1 FY21.

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RBI announces scale-based regulatory framework for NBFCs

The Reserve Bank of India (RBI) has introduced a revised scale-based regulatory framework for non-banking financial companies (NBFCs). The framework encompasses different aspects of regulation of NBFCs, including capital requirements, governance standards, and prudential regulation. There will also be a ceiling of Rs 1 crore per borrower for financing subscription to an Initial Public Offer (IPO). It will be effective from October 1, 2022.

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PVR Q2 Results: Net loss at Rs 153 crore

PVR Limited reported a consolidated net loss of Rs 153.13 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 184.06 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 120.32 crore in Q2 FY22. PVR’s total expenses rose 18.31% YoY to Rs 460.68 crore during the same period.

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Hindustan Zinc Q2 Results: Net profit rises 4% YoY to Rs 2,017 crore

Hindustan Zinc Ltd (HZL) reported a 3.9% YoY increase in net profit to Rs 2,017 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 7.6% YoY to Rs 5,958 crore during the same period. The company’s total expenses increased by 4.2% YoY to Rs 3,571 crore in Q2. HZL said it is progressing well on its Environmental, Social, and Governance (ESG) journey and has committed to Net Zero emissions by 2050.  

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Federal Bank Q2 Results: Net profit rises nearly 50% YoY to Rs 460 crore

Federal Bank reported a nearly 50% YoY increase in net profit to Rs 460.26 crore for the quarter ended September (Q2 FY22). Net profit rose ~25% compared to the previous quarter. Its net interest income (NII) rose 7% YoY to Rs 1,479.4 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.24% in Q2, compared to 3.50% in the previous quarter. Provisions declined by 53.9% YoY (or 54.8% QoQ) to Rs 245 crore in the July-Sept quarter of FY22. 

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Paytm gets SEBI approval for Rs 16,600 crore IPO

One97 Communications, the parent company of fintech platform Paytm, has received approval from market regulator SEBI to launch its Rs 16,600 initial public offering (IPO). The IPO comprises a fresh issue of shares of up to Rs 8,300 crore and an offer for sale (OFS) of up to Rs 8,300 crore. The proceeds from the IPO will be used to strengthen Paytm’s payment ecosystem and for new business initiatives and acquisitions.

In other news, FSN E-Commerce Ventures will open its IPO on October 28 (next Thursday). The company runs Nykaa, an online marketplace for beauty and wellness products. The price band of the IPO is fixed at Rs 1,085-1,125 per share. 

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Tata Elxsi Q2 Results: Net profit rises 59% YoY to Rs 125 crore

Tata Elxsi Ltd reported a 58.9% YoY increase in net profit to Rs 125.33 crore for the quarter ended September (Q2 FY22). Net profit increased 10.55% compared to the previous quarter. The IT company’s revenue from operations rose 38.4% YoY (or 6.6% QoQ) to Rs 595.3 crore during the same period. 

Yes Bank Q2 Results: Net profit rises 74% YoY to Rs 225 crore

Yes Bank reported a 74.3% YoY increase in net profit to Rs 225 crore for the quarter ended September (Q2 FY22). Net profit increased ~9% compared to the previous quarter. Its net interest income (NII) fell 23.4% YoY to Rs 1,512 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 15% in Q2, compared to 15.6% in the previous quarter. Provisions declined by 65% YoY to Rs 377 crore in the July-Sept quarter of FY22. 

Read more here. 

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Tech Mahindra Reports 39% YoY Rise in Net Profit in Q1 – Top Indian Market News

Tech Mahindra Q1 Results: Net profit rises 39% YoY to Rs 1,353 crore

Tech Mahindra Ltd reported a 39.17% YoY increase in net profit to Rs 1,353.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 25.13% when compared to the previous quarter. Its revenue from operations rose 11.98% YoY to Rs 10,197.6 crore during the same period. In dollar terms, revenue grew 14.6% YoY (or 3.9% QoQ) to $1,384 million. Tech Mahindra secured deals worth $815 million (~Rs 6050 crore) during the April-June quarter.

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PVR Q1 Results: Net loss at Rs 220 crore

PVR Limited reported a consolidated net loss of Rs 219.4 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 225.7 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 367% YoY to Rs 59.4 crore in Q1 FY22. The Covid-19 pandemic continues to adversely impact the company’s operations and financial performance. During the current financial year, PVR had availed additional borrowing of Rs 200 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 scheme of the Indian government.

JSW Energy signs agreement with Australian firm to produce green hydrogen

JSW Energy Ltd has entered into a framework agreement with Australia-based Fortescue Future Industries (FFI) for potential projects related to the production of green hydrogen. The companies will assess the potential of green hydrogen for green steel manufacturing, hydrogen mobility, green ammonia, and other industrial applications in India. FFI is the renewable energy and industry company of Fortescue Metals Group.

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Colgate-Palmolive Q1 Results: Net profit rises 18% YoY to Rs 233 crore

Colgate-Palmolive Ltd reported an 18% YoY increase in net profit to Rs 233.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 1,157.8 crore during the same period. The company’s expenses on advertising and promotional activities grew 40.6% YoY (or 7.6% QoQ) in Q1. EBITDA increased by 15% YoY to Rs 350 crore.

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IFC acquires 5% stake in Federal Bank for Rs 916 crore

IFC and two investment funds managed by IFC Asset Management Company (AMC) have acquired a 4.99% stake in Federal Bank for Rs 916 crore. The investment will support Federal Bank’s commitment to environmental, social, and governance (ESG) standards. It will also strengthen the lender’s Tier-1 capital adequacy ratio (CAR) and expand its micro, small, & medium enterprises (MSME) and climate finance portfolios. International Finance Corporation (IFC) is an arm of the World Bank Group.

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TVS Motor Q1 Results: Net loss at Rs 15 crore

TVS Motor Company Ltd reported a consolidated net loss of Rs 15 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 183 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 310 crore in Q4 FY21. Total income jumped 141% YoY to Rs 4,692 crore in Q1 FY22. TVS Motor Company’s total two-wheeler and three-wheeler sales (including exports) increased by ~146% YoY to 6.58 lakh units during the same period.

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Tata Teleservices partners with Zoom to offer communications solutions to enterprises

Tata Teleservices Ltd has partnered with Zoom Video Communications Inc. to offer scalable and secure video communications solutions to enterprises. The company will provide Zoom’s platform services such as Zoom Meetings and Zoom Webinars primarily to small and medium enterprises (SMEs). The partnership will benefit industry segments such as Banking, Financial Services, and Insurance (BFSI), IT-enabled businesses, and education with unified communications solutions backed by Tata Teleservices’ support.

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Jyothy Labs Q1 Results: Net profit falls 20% YoY to Rs 40 crore

Jyothy Labs Ltd reported a 20% YoY decline in consolidated net profit to Rs 40 crore for the quarter ended June (Q1 FY22). Net profit has increased by 48% when compared to the previous quarter. The FMCG company’s revenue from operations rose 21% YoY (or 6% QoQ) to Rs 525 crore during the same period. Jyothy Labs’ fabric care segment posted a sales growth of 27.5% YoY, while its dishwashing segment grew 22% YoY in Q1.

Bharti Airtel loses 46.1 lakh subscribers in May; Jio adds 35.5 lakh subscribers.

Bharti Airtel lost a staggering 46.13 lakh wireless subscribers in May 2021, while Reliance Jio added 35.54 lakh subscribers. Meanwhile, Vodafone Idea’s subscriber base declined by 42.8 lakh users during the same month. Jio, Bharti Airtel, and Vodafone Idea had a subscriber base of 43.12 crore, 34.9 crore, and 27.7 crore, respectively, at the end of May. India’s overall mobile subscriber figure fell by 62.7 lakh to 117.6 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Laurus Labs Q1 Results: Net profit rises 40% YoY to Rs 241 crore

Laurus Labs Limited reported a 40% YoY increase in consolidated net profit to Rs 241 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 31.3% YoY to Rs 1,279 crore during the same period. The company’s synthesis business registered a strong growth of 95% YoY, with ongoing commercial supplies for four products. Hyderabad-based Laurus Labs is a leading research and development (R&D) driven fully integrated pharmaceutical and biotech company.

Glenmark Life Sciences IPO subscribed 44 times on final day of bidding 

The Rs 1,513.6 crore IPO of Glenmark Life Sciences was subscribed 44.17 times on the final day of bidding. Retail investors have subscribed 14.63 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 122.54 times and 36.97 times, respectively, against their reserved portions. 

Meanwhile, the Rs 731 crore IPO of Rolex Rings Ltd was subscribed 9.26 times on the second day of bidding. Retail investors have subscribed 15.89 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 5.85 times and 23%, respectively, against their reserved portions. You can learn more about the IPO here. 

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RIL Reports 7% Fall in Net Profit in Q1 – Top Indian Market News

Reliance Industries Q1 Results: Net profit falls 7% YoY to Rs 12,273 crore

Reliance Industries Ltd (RIL) reported a 7.3% YoY decline in consolidated net profit to Rs 12,273 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 7% when compared to the previous quarter. Its revenue from operations rose 58.2% YoY to Rs 1.44 lakh crore during the same period. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 27.6% YoY to Rs 27,55 crore in Q1. The profit figure has beaten street/analysts’ estimates.

Reliance Jio posted a 45% YoY (or 4% QoQ) increase in net profit to Rs 3,651 crore during the April-June quarter of FY22.

Read more here.

JSW Steel Q1 Results: Net profit at Rs 5,904 crore

JSW Steel Ltd reported a consolidated net profit of Rs 5,904 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 561 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 145% YoY (or 7.3% QoQ) to Rs 28,902 crore in Q1 FY22. This is JSW Steel’s highest-ever quarterly net profit and revenue. The company spent Rs 2,688 crore on capital expenditure (capex), which was nearly 15% of its planned capex for the current financial year (FY22).

The company has announced plans to invest Rs 750 crore in JSW Paints over the next three years.

Read more here.

Britannia Industries to invest Rs 94 crore for expansion of its Odisha unit

Britannia Industries Ltd will invest Rs 94 crore for the expansion of its manufacturing plant in Khurda, Odisha, to cater to the growing demand for its products across multiple categories. The company aims to increase the manufacturing capacity of the plant by 85% to 65,000 metric tonnes per annum (MTPA). The new capacities will be operational by October 2022 and will enable Britannia to increase the production of its core band, including Marie Gold, Vita Marie Gold, etc.

Read more here.

Ambuja Cements Q2 Results: Net profit rises 91% YoY to Rs 876 crore

Ambuja Cements Ltd reported a 91.78% YoY increase in consolidated net profit to Rs 876.71 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Net profit has declined by 7.4% when compared to the previous quarter. Its total income rose 48.4% YoY to Rs 7.055.76 crore during the same period. The company’s cement volumes grew from 4.19 million tonnes (MT) in Q1 CY21 to 6.33 MT in Q2 CY21.

Atul Q1 Results: Net profit rises 40.8% YoY to Rs 166 crore

Atul Limited reported a 40.89% YoY increase in consolidated net profit to Rs 165.94 crore for the quarter ended June (Q1 FY22). Net profit has declined by 5.2% when compared to the previous quarter. Its total income rose 58.27% YoY to Rs 1,109.82 crore during the same period. Atul Ltd is an integrated chemical company based in Valsad, Gujarat.

Federal Bank Q1 Results: Net profit declines 8% YoY to Rs 367 crore

Federal Bank Ltd reported an 8.3% YoY decline in standalone net profit to Rs 367.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 9.4% YoY to Rs 1,418 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.5% in Q1 FY22, compared to 3.4% in the previous quarter (Q4 FY21). The bank’s provisions increased by 62.6% YoY to Rs 641.83 crore during the April-June quarter of FY22.

Read more here.

United Spirits Q1 Results: Net profit at Rs 69.1 crore

United Spirits Ltd reported a standalone net profit of Rs 69.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 251 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 59% YoY to Rs 3,829 crore in Q1 FY22. United Spirits’ EBITDA jumped 316% YoY to Rs 168 crore. United Spirits is an alcoholic beverages company based in Bengaluru. It is a subsidiary of UK-based Diageo plc. 

Read more here.

Yes Bank Q1 Results: Net profit jumps 355% YoY to Rs 207 crore

Yes Bank reported a 355.2% YoY jump in standalone net profit to Rs 207 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 26.5% YoY to Rs 1,402 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 15.6% in Q1 FY22, compared to 15.41% in the previous quarter (Q4 FY21). However, the bank’s operating profit declined by 20% YoY to Rs 920 crore in Q1 FY22.

Read more here.

SBI Cards Q1 Results: Net profit falls 22% YoY to Rs 305 crore

SBI Cards and Payment Services reported a 22% YoY decline in net profit to Rs 305 crore for the quarter ended June (Q1 FY22). Net profit has increased by 73.65% when compared to the previous quarter. Its total income rose 11.63% YoY to Rs 2,450.94 crore during the same period. The company’s gross non-performing assets (bad loans) more than doubled to 3.91% in Q1 FY22, compared to 1.35% in Q1 FY21.

Read more here.

India’s oil production declines in June; gas output rises

India’s total crude oil production declined by 1.79% to 2,481.66 thousand metric tonnes (TMT) in June 2021, compared to the corresponding month last year. The fall in production comes at a time when domestic petrol and diesel prices are at all-time highs. Meanwhile, there was a 19.52% YoY increase in gas production in June. Natural gas production during June 2021 was 2,777.43 million metric standard cubic metres (MMSCM).

Read more here.

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Power Grid Reports 6% YoY Rise in Net Profit in Q4 – Top Indian Market News

Power Grid Corp Q4 Results: Net profit rises 6% YoY to Rs 3,526 crore

Power Grid Corporation of India reported a 6.42% YoY (or 4.7 QoQ) increase in consolidated net profit to Rs 3,526.23 crore for the quarter ended March (Q4). Its revenue from operations rose 3.5% YoY to Rs 10,510.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 8.83% YoY to Rs 12,036.46 crore. The company’s board has recommended a final dividend of Rs 3 per share. Its board has also declared a bonus issue in the ratio 1:3. [Eligible shareholders will receive one extra share for every three shares held in the company]

Federal Bank to raise Rs 916 crore from IFC, associate entities

Federal Bank will raise nearly Rs 916 crore by issuing shares to International Finance Corporation (IFC) and its affiliates. The private lender’s board has approved the issuance of up to 10.5 crore equity shares (of the face value of Rs 2 each) to IFC, IFC Financial Institutions Growth Fund (FIG), and IFC Emerging Asia Fund (EAF) at Rs 87.39 per share. Federal Bank is also seeking shareholders’ approval to raise Rs 4,000 crore through a rights issue or Follow on Public Offer (FPO).

Read more here.

Natco Pharma Q4 Results: Net profit declines 43% YoY to Rs 53 crore

Natco Pharma Ltd reported a 43.68% YoY decline in consolidated net profit to Rs 53 crore for the quarter ended March (Q4). Net profit has declined by 15.57% when compared to the previous quarter. Its total income declined by 24.62% YoY (or 6.81% QoQ) to Rs 359.7 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 4.32% YoY to Rs 440.9 crore. The company expects strong growth during the current financial year due to multiple high-value product launches in the US and a rebound in its India business.

Read more here. 

Lupin receives USFDA approval for Sevelamer Hydrochloride tablets 

Lupin Limited has received approval from the US Food & Drug Administration (USFDA) to market Sevelamer Hydrochloride tablets. The drug is used to control serum phosphorus in patients with chronic kidney disease on dialysis. According to IQVIA data, the tablets had estimated annual sales of $80 million (~Rs 592 crore) in the US for the 12 months ended March 2021. The product will be manufactured at Lupin’s facility in Nagpur.

Read more here.

IndusInd Bank launches digital lending platform ‘IndusEasyCredit’

IndusInd Bank announced the launch of ‘IndusEasyCredit’, a digital lending platform that enables customers to meet their financial requirements from the comfort of their homes. Both existing customers and non-IndusInd Bank customers can instantly avail of personal loans or credit cards on a single platform in a completely paperless and digital manner. Currently, customers can only apply for the ‘IndusEasyCredit’ facility through the bank’s website.

Read more here.

DB Corp Q4 Results: Net profit jumps 157% YoY to Rs 61.9 crore

DB Corp Limited reported a 157.42% YoY jump in consolidated net profit to Rs 61.91 crore for the quarter ended March (Q4). Net profit has declined by 37.48% when compared to the previous quarter. Its revenue from operations declined by 6.17% YoY to Rs 456.60 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 48.57% YoY to Rs 141.42 crore. The company’s board has recommended a final dividend of Rs 3 per share. DB Corp is a print media and publishing company based in Madhya Pradesh. 

Read more here.

Nazara Technologies to acquire 69.82% stake in gaming firm Publishme

Nazara Technologies Ltd has signed a binding term sheet to acquire a 69.92% stake in Publishme, a mobile game publishing agency based in the Middle East and Turkey. The company will invest nearly Rs 20 crore for acquiring the majority stake in Publishme. With this acquisition, Nazara Tech will expand its international footprint in the freemium segment. It aims to build local execution capabilities by cutting across key growth segments— freemium, gamified learning, and esports.

Read more here.

Adani Enterprises to invest Rs 1,000 crore in cement business: Report

According to a report from BusinessLine, the Adani Group is setting up a 5 metric tonne per annum (MTPA) cement plant in Maharashtra with an initial investment of Rs 1,000 crore. Adani Enterprises Limited (AEL) had recently announced the incorporation of a new wholly-owned subsidiary, Adani Cement Industries Ltd, to carry out the business as manufacturers and processors of all types of cement. The company has identified a 100-acre land in the Raigad district of Maharashtra to set up the cement plant. 

Read more here.

Novartis India Q4 Results: Net profit rises 43% YoY to Rs 9.7 crore

Novartis India Ltd reported a 43.07% YoY increase in net profit to Rs 9.7 crore for the quarter ended March (Q4). Its revenue from operations rose 6%YoY to Rs 99.29 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 107.34% YoY to Rs 20.9 crore. The pharma company’s board has recommended a final dividend of Rs 10 per share. 

Read more here.

Domestic air passengers in May 63% lower than April: DGCA

The total number of domestic passengers that travelled by air declined by 63% to 21.15 lakh in May 2021, compared to 57.25 lakh passengers in April. The second wave of the Covid-19 pandemic has severely hit the aviation sector. IndiGo carried 11.69 lakh passengers in May and secured 55.3% of the domestic market share. SpiceJet flew 1.99 lakh passengers during the same month, accounting for a 9.4% market share. Go First (previously known as GoAir) carried 1.38 lakh passengers in May. The data was released by the Directorate General of Civil Aviation (DGCA).

Read more here.

Tube Investments Q4 Results: Net profit jumps 141% YoY to Rs 143 crore

Tube Investments of India reported a 141.91% YoY jump in consolidated net profit to Rs 143.84 crore for the quarter ended March (Q4). Net profit has increased by 34% when compared to the previous quarter. Its revenue from operations jumped 165.3% YoY to Rs 2,624.72 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 6.54% YoY to Rs 286.32 crore. The company’s board has recommended a final dividend of Rs 1.5 per share. Its board has also approved the fundraising of up to Rs 200 crore via debt securities. 

Read more here.

Infosys Finacle launches digital banking SaaS offering for urban co-op banks

Infosys Finacle has launched a digital banking software-as-a-service (SaaS) platform to help Indian urban cooperative banks (UCBs) modernize their business and operations. The company is a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys Ltd. The platform has already been adopted by three leading UCBs in India— Vidya Sahakari Bank, Urban Co-operative Bank, Bareilly, and Zoroastrian Cooperative Bank

Read more here.

IPO Updates: 

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 3.3 times on the second day of bidding. The portion reserved for retail investors was subscribed 6.18 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 6% and that of qualified institutional buyers (QIBs) 28%. You can learn more about the IPO here.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 56% on the second day of bidding. The portion reserved for retail investors was subscribed 1.95 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9% and that of qualified institutional buyers (QIBs) 32%. You can learn more about the IPO here.

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WPI Inflation Jumps to 11-Year High of 10.49% in April – Top Indian Market News

WPI inflation jumps to 11-year high of 10.49% in April

India’s wholesale inflation, as measured by the Wholesale Price Index (WPI), rose to an 11-year high of 10.49% in April 2021. WPI stood at 7.39% in March and 4.83% in February. The annual rate of inflation is high primarily due to the rise in prices of crude petroleum, mineral oils, and manufactured products as compared to April 2020. The prices of food articles rose 3.84%, while prices of manufactured products rose 1.65% over March 2021. The fuel and power index rose 20.94% compared to April 2020, but contracted by 1% over March 2021.

Read more here.

Bharti Airtel Q4 Results: Net profit falls 11% QoQ to Rs 759 crore

Bharti Airtel reported an 11% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 759.2 crore for the quarter ended March (Q4). The telecom company’s revenue fell 2.9% QoQ (up 17% YoY) to Rs 25,747 crore during the same period. The average revenue per user (ARPU) fell to Rs 145 from Rs 166 in the October-December quarter (Q3). Airtel Africa posted a 32.8% QoQ rise in net profit to $154 million in Q4. Bharti Airtel’s global customer base stood at ~47 crore at the end of the financial year 2020-21. 

Read more here.

Shilpa Medicare partners with Dr Reddy’s for production of Sputnik V vaccine

Shilpa Biologicals Pvt Ltd (SBPL), a wholly-owned subsidiary of Shilpa Medicare, has entered into a three-year definitive agreement with Dr Reddy’s Laboratories for the production of Sputnik V Covid-19 vaccine. SBPPL will produce and supply the vaccine from its integrated biologics research & development (R&D) and manufacturing centre at Dharwad, Karnataka. The company aims to produce up to 50 million doses of Sputnik V within the first 12 months.

Read more here.

Federal Bank Q4 Results: Net profit rises 58% YoY to Rs 478 crore

Federal Bank reported a 58.6% YoY increase in net profit to Rs 477.8 crore for the quarter ended March (Q4). Its net interest income (NII) rose 16.8% YoY to Rs 1,420.4 crore during the same period. [NII is the difference between the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 3.41% in Q4, compared with 2.71% in Q3 FY21. Federal Bank’s board has recommended a final dividend of Rs 0.70 per share. 

Read more here.

Panacea Biotec files suit against Sanofi for patent infringement

Panacea Biotec has filed a suit before the Delhi High Court seeking to refrain Sanofi Healthcare India from marketing a fully liquid hexavalent vaccine. The pharma company said a case has been filed in order to stop the infringement of its patent for fully liquid Whole Cell Pertussis-based fully liquid Hexavalent vaccine— EasySix. Both firms have been contesting this particular patent before the Indian Patent Office since 2017. 

Read more here.

Gland Pharma Q4 Results: Net profit rises 34% YoY to Rs 260 crore

Gland Pharma Ltd reported a 34% YoY increase in net profit to Rs 260.4 crore for the quarter ended March (Q4). Net profit has grown by 27% when compared to the previous quarter. Its revenue from operations rose 40% YoY to Rs 887.7 crore during the same period. The drugmaker’s revenue from its core markets of the US, Europe, Canada, and Australia rose 29% YoY to Rs 619.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 29% YoY to Rs 996.96 crore.

Read more here.

Bharat Forge to acquire 49% stake in Kalyani Strategic Systems

Bharat Forge Ltd announced that it will acquire the remaining 49% stake in its subsidiary, Kalyani Strategic Systems Ltd (KSSL). The company currently holds 51% stake in KSSL. The acquisition of shares in KSSL is subject to the prior approval of the Ministry of Home Affairs or the Department for Promotion of Industry and Internal Trade.

Colgate-Palmolive Q4 Results: Net profit rises 54% YoY to Rs 314 crore

Colgate-Palmolive India reported a 54.1% YoY increase in net profit o Rs 314.6 crore for the quarter ended March (Q4). Net profit has risen by 26.7% when compared to the previous quarter. The FMCG company’s revenue from operations rose 20.2% YoY to Rs 1,275 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 26.8% YoY to Rs 1,035.39 crore.

Read more here. 

Rane Brake Q4 Results: Net profit rises 53% YoY to Rs 14.27 crore

Rane Brake Linings reported a 53.11% YoY increase in net profit to Rs 14.27 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 25.2% YoY to Rs 148.4 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 7.4% YoY to Rs 31.8 crore. The company’s board has recommended a final dividend of Rs 25 per share.

TVS NTORQ crosses 1 lakh sales mark in international markets

TVS Motor Company said its scooter brand NTORQ 125 has crossed the one lakh sales milestone in international markets. The company sells the scooter in 19 countries across South Asia, Latin America, the Middle East, and the Association of Southeast Asian Nations (ASEAN). “This achievement is a reinforcement of our commitment to grow the TVS NTORQ brand by setting benchmarks in innovation and creating aspiration for customers,” said TVS Motor Company Director and CEO K N Radhakrishnan in a statement.

Read more here.

Shakti Pumps Q4 Results: Net profit at Rs 30.5 crore

Shakti Pumps (India) Ltd reported a consoldiated net profit of Rs 30.5 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 6.15 crore in the corresponding period last year (Q4 FY20). Its revenue from operations jumped 245% YoY to Rs 319.71 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 75.59 crore. It had posted a net loss of Rs Rs 14.08 crore in FY20. The company’s board has recommended a dividend of Rs 8 per share.

Read more here.

Subex Q4 Results: Net profit declines 51% YoY to Rs 15.6 crore

Subex Limited reported a 51.23% YoY decline in consolidated net profit to Rs 15.6 crore for the quarter ended March (Q4). Net profit has increased by 79% when compared to the previous quarter. Its revenue from operations declined by 7.78% YoY to Rs 96.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.25 per share. Subex is an enterprise software company based in Bangalore. It provides digital trust products to communication service providers.

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Zydus Wellness Reports 92% YoY Jump in Net Profit in Q4 – Top Indian Market News

Zydus Wellness Q4 Results: Net profit rises 92% YoY to Rs 133 crore

Zydus Wellness reported a 92.66% YoY increase in consolidated net profit to Rs 133.13 crore for the quarter ended March (Q4). Its revenue from operations rose 24% YoY to Rs 600.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 16.22% YoY to Rs 118.73 crore. Its e-commerce business grew by ~250% in FY21, which accounted for nearly 3.6% of its overall domestic revenue. The company’s board has recommended a final dividend of Rs 5 per share.

Read more here.

SBI Cards raises Rs 455 crore via issue of bonds

SBI Cards and Payment Services said it has raised Rs 455 crore by issuing bonds. The Stakeholders’ Relationship Committee of the company has approved the allotment of 4,550 fixed-rate, unsecured, rated, taxable, redeemable, non-convertible debentures (NCDs). Under this, SBI Cards will issue NCDs of the face value of Rs 10 lakh each, aggregating to Rs 455 crore, on a private placement basis. The bonds will offer a coupon rate of 5.70% per annum. It will be listed on the wholesale debt market segment of the BSE.

Read more here.

Cipla, Lupin, Sun Pharma to manufacture and sell low-cost versions of Eli Lilly’s Covid-19 drug

US pharmaceutical firm Eli Lilly has issued royalty-free, non-exclusive voluntary licenses to Cipla, Lupin, and Sun Pharmaceutical Industries to manufacture and sell low-cost versions of its Covid-19 drug Baricitinib in India. This will enable the Indian pharma companies to leverage their distribution footprints and make the essential drug accessible across the country. On May 3, India’s drug regulator DCGI had given approval for the restricted emergency use of Baricitinib for treating Covid-19 infections. 

Read more here.

Reliance, affiliates buy more than three-fourths of KG-D6 gas volumes: Report

According to a report from Economic Times, Reliance Industries Ltd (RIL) and its affiliates have picked up more than three-fourths of the new gas volumes from the firm’s eastern offshore KG-D6 block. Last week, RIL and its UK-based partner BP Plc auctioned 5.5 million standard cubic meters per day (mmscmd) of incremental gas from the newer discoveries in the KG-D6 block. India Gas Solutions (IGS), a gas sourcing and marketing joint venture of RIL and BP, picked up another 1 mmscmd. The report further states that the remaining volumes were picked up by Adani Gas, IRM Energy, GAIL, and Torrent Gas. 

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Venky’s Q4 Results: Net profit at Rs 77.90 crore

Venky’s (India) reported a standalone net profit of Rs 77.90 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 96.73 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit fell 26.85% in Q4 FY21. The company’s revenue rose 42.44% YoY to Rs 941.35 crore during the same period. Its oilseeds vertical grew 52% YoY to Rs 515.63 crore, while the poultry products vertical grew by 32% YoY to Rs 391 crore. The board of Venky’s (India) has approved a dividend of Rs 17 per share.

Read more here.

Vehicle registrations in India declined 30% in FY21: FADA

According to a report from the Federation of Automobile Dealers Association (FADA), total vehicle registrations in India declined by 29.85% YoY to 1.52 crore units in the financial year 2020-21. Two-wheeler and three-wheeler segments fell 31.51% and 64.12%, respectively, in FY21. Registrations in the commercial vehicles and passenger vehicles segment declined by 49% and 13.96%, respectively (compared with FY20). Total vehicle registrations in April 2021 were down 28.15% at 11.85 units, compared to March.

Read more here.

Federal Bank partners with UAE-based Mashreq Bank to facilitate instant money transfer

Federal Bank has entered into a partnership with Mashreq Bank to facilitate instant money transfers from the UAE to India. This partnership will support Mashreq’s faster payment product— QuickRemit, which was launched in 2017. Mashreq Bank is one of the oldest banks in the UAE and has a presence in twelve countries across Europe, the US, Asia, and Africa.

Read more here.

Vinyl Chemicals Q4 Results: Net profit declines 19% QoQ to Rs 3.87 crore

Vinyl Chemicals India Ltd reported a 19.88% quarter-on-quarter (QoQ) decline in net profit to Rs 3.87 crore for the quarter ended March (Q4). Its revenue rose 31.29% QoQ to Rs 166.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 52.14% YoY to Rs 11.35 crore. The company’s board has recommended a final dividend of Rs 3.75 per share.

Vivimed Labs receives DGHS approval to make Favipiravir

Vivimed Labs Limited has received approval from the Directorate General of Health Services (DGHS), Govt of India, to manufacture and market Favipiravir tablets in the Indian market. The pharma company will be marketing the oral anti-viral drug under the brand ‘Favulos’. Favipiravir has been approved for treating patients with mild-to-moderate Covid-19 infections in several countries.

Read more here.

TelOne Zimbabwe selects Tejas Networks’ DWDM solution for network capacity expansion

Tejas Networks Ltd announced that Zimbabwe-based TelOne has deployed its 100G/100G+ coherent DWDM solution for its network expansion. [Dense Wavelength Division Multiplexing or DWDM is a technology used to increase bandwidth over existing fiber networks]. The company’s state-of-the-art solution was selected by TelOne after a competitive bidding process and a successful field trial. Tejas Networks was able to successfully demonstrate the high-speed transmission of multiple 100G lambdas while meeting the stringent performance and reliability requirements in a cost-effective manner.

Dabur India enters pain relief spray category

Dabur India has announced the launch of a pain relief spray under the existing ‘Dabur Rheumatil’ pain-relieving brand, which is used for joint aches. The product has already been launched across e-commerce platforms and through regular retail channels. The Dabur Rheumatil Spray is priced at Rs 130 for a 40g/ 57 ml pack. In this category, Dabur will be competing against Reckitt and Sun Pharma that sell popular pain relief sprays and ointments such as Moov and Volini, respectively.

Read more here.

HFCL Q4 Results: Net profit at Rs 84.6 crore

HFCL Limited reported a net profit of Rs 84.67 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 5.78 in the corresponding period last year (FY20). On a quarterly basis, net profit has increased by 2.95% in Q4 FY21. The company’s revenue from operations rose 109% YoY (or 8% QoQ) to Rs 1,391 crore during the same period. HFCL’s board has recommended a final dividend of Rs 0.15 per share.

IndiGo’s board approves raising up to Rs 3,000 crore via QIP

The Board of Directors of InterGlobe Aviation Ltd (IndiGo) has approved fundraising of up to Rs 3,000 crore through a qualified institutional placement (QIP). The proposal is subject to shareholder and other regulatory approvals. In January 2021, IndiGo had shelved plans to raise funds up to Rs 4,000 crore through a QIP. Instead, the airline opted to raise money through sale and leaseback (SLB) transactions and other alternative options.

Read more here.

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CCI Approves Flipkart-Aditya Birla Fashion Deal – Top Indian Market News

Flipkart-Aditya Birla Fashion deal gets approval from CCI

The Competition Commission of India (CCI) has approved the Rs 1,500 crore deal between Flipkart and Aditya Birla Fashion. Flipkart Investments Private Ltd will acquire a 7.8% minority stake in Aditya Birla Fashion and Retail Ltd (ABFRL). ABFRL plans to use the funds to strengthen its balance sheet and scale up its existing business. The company will also focus on increasing its presence in the emerging high-growth categories such as innerwear, athleisure, casual wear, and ethnic wear. 

Read more here.

Federal Bank Q3 Results: Net profit falls 8% YoY to Rs 404 crore

Federal Bank reported an 8.2% YoY decline in net profit to Rs 404.10 crore for the quarter ended December (Q3). The bank’s total income improved to Rs 3,941.36 crore in Q3 FY21, as compared to Rs 3,738.22 crore in Q3 FY20. Operationally, the bank saw strong growth in Q3, with net interest income (NII) seeing a 24% YoY growth to Rs 1,437 crore. Provisions for bad loans and other contingencies were increased by 161% YoY to Rs 421 crore in Q3.

Read more here.

Adani Green Energy commissions 150 MW solar plant in Kutch

Adani Solar Energy Kutchh One, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 150 MW solar plant in Kutch, Gujarat. This plant has a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) at Rs 2.67/kWh for a period of 25 years. With the commissioning of this plant, AGEL’s total operational renewable capacity grows to 3,125 MW. 

Read more here.

Hindustan Zinc Q3 Results: Net profit rises 36%YoY to Rs 2,200 crore

Hindustan Zinc Ltd (HZL) reported a 36% YoY increase in net profit to Rs 2,200 crore for the quarter ended December (Q3). Its revenue from operations rose 28% YoY to Rs 5,915 crore during the same period. The company reported its highest-ever ore production in the October-December quarter. HZL’s total mined metal production was up 4% YoY to 2.44 lakh tonnes. Integrated zinc production was up 2% YoY to 1.82 lakh tonnes.

Read more here.

Havells Q3 Results: Net profit rises 74% YoY to Rs 350 crore

Havells India Ltd reported a 74.52% YoY increase in consolidated net profit to Rs 350.14 crore for the quarter ended December (Q3). Its revenue from operations rose 39.67% to Rs 3,175.20 crore during the same period. The company saw increased demand in Q3 due to a pick-up in the overall construction and infrastructure activity. The Board of Directors of Havells India has declared an interim dividend of Rs 3 per share.

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L&T construction arm secures order worth up to Rs 5,000 crore in Bangladesh

The power transmission and distribution business of Larsen & Toubro (L&T) has won a set of transmission line orders in Bangladesh. The orders are valued in the range of Rs 2,500-Rs 5,000 crore. The scope of these packages involves the design, supply, installation, testing, and commissioning of extra high voltage transmission lines on a turnkey basis.

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Indigo Paints IPO subscribed 1.89 times on first day of bidding

The initial public offering (IPO) of Indigo Paints was subscribed 1.89 times on the first day of bidding. The public issue has received bids for 1.04 crore equity shares, against an offer size of 55.18 lakh shares. The portion reserved for retail investors was subscribed 3.3 times and that of non-institutional investors 1.09 times. The employee portion received 72% subscription and that of qualified institutional buyers (QIBs) 10%. 

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To know more about the Indigo Paints IPO, click here.

Ramco Systems partners with HERE Technologies

Ramco Systems Ltd has partnered with HERE Technologies, a global leader in mapping and location platform services, to embed location intelligence in their Logistics ERP platform. The Ramco Logistics Software is an integrated and smart platform engineered to provide an end-to-end comprehensive business solution for third-party logistics, e-commerce logistics, etc. By embedding the geo-visualization layer provided by HERE, Ramco’s clients will benefit from the real-time view of their logistics operations using HERE Maps.

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LT Foods acquires 30% stake in Netherlands-based Leev  

LT Foods Limited has acquired a 30% stake in Leev.nu, a Netherlands-based packaged foods company, through its subsidiary Nature Bio Foods BV (NBF BV). The transaction allows NBF BV an option to acquire a further 21% stake in Leev.nu at the end of five years. Leev.nu will start sourcing organic produce from NBF for its packed snacking brands. This acquisition gives Nature Bio Foods a direct reach to European consumers- through the mainstream distribution strength of Leev. 

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Newgen Software Q3 Results: Net profit rises 48% YoY to Rs 35 crore

Newgen Software Technologies Ltd reported a 47.83% YoY increase in consolidated net profit to Rs 35.42 crore for the quarter ended December (Q3). Its revenue rose 0.3% YoY to Rs 185.51 crore during the same period. The company’s subscription-based revenues witnessed strong growth in Q3. Newgen Software is a Delhi-based business process management company.

Ola partners with Siemens to build EV manufacturing hub in Tamil Nadu

Ola has partnered with Siemens Ltd to build India’s most advanced electric vehicle (EV) manufacturing facility in Tamil Nadu. The popular ride-hailing platform had signed a Rs 2,400 crore deal with the Tamil Nadu government to set up its first factory in the state. Ola stated that the upcoming manufacturing hub will be the world’s largest scooter manufacturing facility. Ola will have access to Siemens’ integrated Digital Twin design and manufacturing solutions to digitalise and validate product and production ahead of actual operations.

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HCL Tech reports 18.5% YoY increase in net profit- Top Indian Market News

HCL Tech reports 18.5% year-on-year increase in net profit

IT firm HCL Technologies reported an increase in net profit by 18.5% year-on-year (YoY) to Rs 3,142 crore, for the quarter ended September (Q2). The company’s revenue grew 6.1% YoY to Rs 18,594 crore. HCL Tech has also announced an interim dividend of Rs 4 per share. 

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RBI to conduct first Open Market Operation in State Bonds

The RBI on Friday announced that it will conduct the first-ever purchase auction of state development loans (SDLs) under Open Market Operations, for an aggregate amount of Rs 10,000 crore. This is to ensure that state governments are not burdened with higher costs for borrowings. The purchase auction will be conducted on October 22nd.

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Federal Bank Q2 results: Net Profit falls 26% year-on-year

Federal Bank on Friday reported a 26.2% year-on-year (YoY) decline in net profit at Rs 307.62 crore, for the quarter ended September (Q2). The bank had increased its provisions by 50% in order to deal with the impact caused by the Covid-19 pandemic. Provisions are amounts set aside from profits to cover any unexpected events

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India bans import of ACs with refrigerants

The Indian Government has banned the import of air conditioners with refrigerants, in order to provide a boost to domestic production. In a notification issued by the Directorate General of Foreign Trade, the import of split ACs and any other ACs with refrigerants have been placed into the “prohibited’ category. The share price of Voltas jumped 4.25% to Rs 701, and that of Blue Star saw a rise of 4.3% to Rs 639, after the announcement was made.

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Passenger vehicle sales in India rise 26% in September

Passenger vehicle wholesales in India increased by 26.45% to 2.72 lakh units in September, as compared to 2.15 lakh units in the same month last year. The data was reported by the Society of Indian Automobile Manufacturers (SIAM). The manufacturers are anticipating an increase in demand during the festive season in India.

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Sambandh Finserve faces allegations of fraud

Allegations of fraud have emerged at Odisha-based microfinance lender Sambandh Finserve Private Ltd., as the company has defaulted in its payment to lenders. Reports have stated that false accounts were used to divert funds for money laundering. The company with a debt of Rs 433 crore is undergoing an internal investigation.

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Indiabulls Housing Finance sells additional stake in OakNorth Holdings for Rs 220 crore

Indiabulls Housing Finance Limited on Friday said that it has further sold a portion of its stake in OakNorth Holdings for Rs 220 crore. The company has raised a total of Rs 2,493 crore as fresh equity in September and October, out of which Rs 1,810 crore was through the sale of stake in OakNorth Holdings Ltd. On October 14th, the company had also redeemed (bought back) secured, redeemable, non-convertible debentures of face value Rs 10 lakh each, that it had issued. 

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IDBI Bank to seek in-principle Cabinet approval on stake sale

The Indian Government is planning to lower its 47.11% stake in IDBI bank. The inter-ministerial feedback has been received for IDBI Bank divestment, and will be up for an in-principle approval from the Cabinet Committee on Economic Affairs soon. The share price of IDBI Bank saw an increase of 18% to Rs 39.65 in the intra-day trade on Friday.

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ArcelorMittal-Nippon JV launches brands in HR steel 

AM/NS, a joint venture between ArcelorMittal and Nippon Steel, has launched two new brands named Stallion and Maximus to produce hot-rolled (HR) steel. The product will be available through the joint venture’s Hypermart distribution network. AM/NS India has also planned to expand its Hypermart retail network to 50 outlets over the next year.

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Cut-off time for equity Mutual Funds to be restored to 3 PM

The Securities and Exchange Board of India (SEBI) will restore the cut-off timing for buying and selling of equity mutual fund units to 3 pm from 19th October, according to the Association of Mutual Funds in India (AMFI). Earlier in April, SEBI had reduced the cut-off time for subscription and redemption of mutual funds due to the Covid-19 pandemic.

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