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IOCL Posts Net Profit of Rs 12,967Cr in Q2 – Top Indian Market Updates

Indian Oil

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

IOCL Q2 Results: Net profit at ₹12,967 crore

Indian Oil Corporation Ltd (IOCL) reported a net profit of ₹12,967 crore for the quarter ended September (Q2 FY24). IOCL posted a net loss of ₹272 crore in the same quarter last year. Its revenue from operations fell 11% YoY to ₹2.02 lakh crore in Q2 FY24. EBITDA stood at ₹21,313 crore. The company’s board has declared a dividend of ₹5 per equity share.

Read more here.

India’s fiscal deficit for April-Sept at ₹7.02 lakh crore

According to Government data, India’s fiscal deficit for the first six months of this financial year (FY24) stood at ₹7.02 lakh crore, or 39.3% of annual estimates. It was ₹6.19 lakh crore during the corresponding period of last year (FY23). The fiscal deficit for April-September 2022 was 37.3% of the target for 2022-23.

A fiscal deficit is the difference between the government’s income and expenditure. It is an indication of the total borrowings needed by the Centre.

Read more here.

L&T Q2 Results: Net profit rises 45% YoY to ₹3,223 crore

Larsen & Toubro Ltd (L&T) reported a 45% YoY increase in net profit to ₹3,223 crore for the quarter ended September (Q2 FY24). Its consolidated revenue grew 19% YoY to ₹51,024 crore during the same period. EBITDA stood at ₹5,632 crore. Total expenses for the quarter rose marginally to ₹1,012 crore. The company received orders worth ₹89,153 crore at the group level during the quarter, up 72% YoY.

Read more here.

Zee, Sony merger energised as SAT lifts ban on Punit Goenka

The Securities Appellate Tribunal (SAT) overturned a regulatory ban on Punit Goenka that prevented him from holding a directorship or top managerial role in a listed entity. Punit Goenka is the managing director and chief executive of Zee Entertainment Enterprises Ltd (ZEEL). SAT’s ruling has potentially hastened ZEEL’s proposed merger with Culver Max Entertainment (Sony Pictures).

Read more here.

GAIL Q2 Results: Net profit rises 56% YoY to ₹2,404 crore

GAIL Ltd reported a 56% YoY increase in standalone net profit to ₹2,404.89 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 1.25% YoY to ₹31,822 crore during the same period. EBITDA stood at ₹3,492 crore, up 43.5% YoY. The company’s petrochemical segment reported a loss of ₹161 crore in the quarter, compared to a loss of ₹346 crore last year.

Read more here.

L&T wins ultra-mega contract in the Middle East

Larsen & Toubro Ltd (L&T) has secured the Letter of Intent (LoI) for an “ultra-mega” onshore project (worth more than ₹15,000 crores) from a prestigious client in the Middle East. The company also secured LoI for another “ultra-mega” project in the Middle East for a gas compression plant. L&T will engineer, procure and construct the gas processing plant consisting of inlet separation facilities, booster compression system and other works.

Read more here.

Tata Consumer Q2 Results: Net profit rises 3% YoY to ₹338 crore

Tata Consumer Products Ltd reported a 3% YoY increase in net profit to ₹338 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 11% YoY to ₹3,734 crore during the same period. Consolidated EBITDA stood at ₹569 crore, up 30% YoY. 

Read more here.

SBI Card, Reliance to launch lifestyle-focused credit card

SBI Card has partnered with Reliance Retail to launch the Reliance SBI Card credit card. Customers shopping at Reliance Retail’s fashion & lifestyle, grocery, consumer electronics, pharma, furniture, and jewellery stores will get rewards and benefits by using the Reliance SBI Card. The card is made out of recycled plastic and has been introduced on the RuPay platform.

Read more here.

Zydus Lifesciences acquires LiqMeds Group for ₹690 crore

Zydus Lifesciences has acquired UK-based LiqMeds Group, which specialises in oral liquid products, for GBP 68 million (₹690 crores) in an all-cash deal. The pharma company will pay an upfront consideration of GBP 68 million and yearly earn-outs until 2026 depending on the achievement of certain agreed milestones towards the acquisition of the LiqMeds Group of companies. The acquisition is expected to be completed within a period of 10 working days from the date of execution.

Read more here.

Adani Total Gas Q2 Results: Net profit rises 8% YoY to ₹173 crore

Adani Total Gas Ltd (ATGL) reported an 8% YoY rise in net profit of ₹173 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell 1% YoY to ₹1,179 crore during the same period. The share of profit from joint ventures reduced considerably to ₹5.7 crore in Q2, compared with ₹21 crore a year ago. 

Read more here.

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Maruti Suzuki Posts 2.5x Jump in Net Profit in Q1 – Top Indian Market Updates

"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."

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

Maruti Suzuki Q1 Results: Net profit jumps 2.5x to ₹2,485 crore

Maruti Suzuki India reported a 2.5x YoY jump in consolidated net profit to ₹2,485 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 22% YoY to ₹32,327 crore during the same period. The automaker sold 498,030 units during the quarter, registering a growth of 6.4% YoY.

Read more here.

SAIL awards ₹30,483 crore mine development project to Power Mech

Power Mech Projects has secured a mine development and operation (MDO) project of ₹30,438 crore by state-owned steel maker SAIL. The duration of the contract is 28 years, which includes two years of development period. The contract will primarily comprise mine infrastructure development, removal of overburden and extraction of coking coal, crushing, transportation, and setting up of coal washery of 3.5 MTPA capacity.

Read more here.

UPL Q1 Results: Net profit falls 81% to ₹166 crore

UPL Limited reported an 81% YoY decline in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 17% YoY to ₹8,963 crore during the same period. UPL has significantly cut its earnings guidance for FY24. The company now sees revenue growing 1-5% in FY24, compared to 6-10% earlier.

Read more here.

Nirma closes in on Glenmark’s API subsidiary

The Nirma Group is the frontrunner to acquire Glenmark Life Sciences (GLS), an 82.84% subsidiary of Glenmark Pharmaceuticals. The conglomerate emerged as the sole bidder late last week. Nirma is using healthcare subsidiary Aculife Healthcare as the likely vehicle for the acquisition. GLS is a leading active pharmaceutical ingredient (API) platform.

Read more here.

Adani Green Q1 Results: Net profit rises 51% YoY to ₹323 crore

Adani Green Energy Ltd reported a 51% YoY increase in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations rose 33% YoY to ₹2,176 crore during the same period. Revenue from power supply was up 55% YoY to ₹2,059 crore in Q1. The sale of energy has increased by 70% YoY to 6,023 million units.

Read more here.

DGCA renews Jet Airways flying permit

The Directorate General of Civil Aviation (DGCA) has renewed Jet Airways’ flying permit till September as the fate of the airline still remains uncertain. The company’s air operator’s certificate (AOC) lapsed after it shut operations in April 2019. The airline has been undergoing insolvency proceedings in India’s bankruptcy court (NCLT).

Read more here.

GAIL Q1 Results: Net profit falls 51% YoY to ₹1,412 crore

GAIL (India) Ltd reported a 51.5% YoY decline in net profit to ₹1,412 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 14% YoY to ₹32,227.47 crore during the same period. The company’s board has approved a proposal to increase the cost of its new petrochemical plant in the Raigad district of Maharashtra from ₹7,823 crore to ₹11,256 crore.

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Laxmi Organic board approves ₹710 crore capex to set up manufacturing site

Laxmi Organic Industries Ltd’s board has approved a capital expenditure of ₹710 crore for setting up a manufacturing site in Dahej, Gujarat. The proposed capacity addition of the site in Dahej will be more than 1 lakh tonnes every year. The first phase of the product portfolio at this new site will include speciality items like Diketene and Ketene derivatives.

Read more here.

Vi partners with TSSC to launch IoT Centre of Excellence

Vodafone Idea Foundation has partnered with the Telecom Sector Skill Council (TSSC) to launch the IoT Centre of Excellence at Indira Gandhi Delhi Technical University for Women (IGDTUW) in Delhi. The centre will provide hands-on training in new age and emerging technologies such as 5G, artificial intelligence/machine learning (AI/ML), IoT (internet of things), security, and surveillance to build a skilled workforce for the future.

Read more here.

India’s core sector growth output at 5-month high of 8.2% in June

Growth of eight key infrastructure sectors slowed down to 8.2% YoY in June 2023 due to a decline in the production of crude oil, natural gas, and electricity, as against 5% in May. The coal sector saw a growth of 9.8% YoY in June after growing 32.1% in the same month a year ago. Natural gas grew 3.6% YoY, while crude oil saw a dip of 0.6% YoY.

Read more here.

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Technicals Indicate Market-Wide Consolidation. SBI to Breakout This Week? – Post-Market Analysis

Post-Market Analysis for July 31, 2023:

NIFTY started the day at 19,666 with a small gap-up of 20 points. The index formed a 75-point red candle at opening (5-min time frame) and took support at 19,597 levels. From there, Nifty gradually moved up to 19,700 zone, consolidated for over 3 ½ hours, and made a sharp up-move at 3 PM to 19,770 levels. Nifty closed at 19,753, up by 107 points or 0.55%.

Nifty chart - July 31, 2023

BANK NIFTY (BNF) started the day at 45,546 with a gap-up of 78 points. The index formed a 190-point red candle at opening and took support at 45,360. Then, it slowly moved up, consolidated between 45,450 and 45,580 levels for nearly 3 ½ hours, and broke out of the consolidation to hit the day’s high at 45,695. BNF closed at 45,651, up by 183 points or 0.4%. 

Bank Nifty chart - July 31, 2023

All indices except Nifty FMCG (-0.6%) closed in the green. Nifty Metal (+1.7%) moved up the most. 

Major Asian markets closed up to 1.3% in the green. European markets are currently trading flat-to-green.

Today’s Moves

NTPC (+3.9%) was NIFTY50’s top gainer. The company’s net profit fell 6% YoY to ₹4,871 crore in Q1 FY24, with revenue up 19%. 

BLS International (+14.2%) surged on the back of strong volumes.

Natural gas distributor GAIL (+1.36%) rose to a near five-year high after UBS double-upgraded the stock.

Maruti Suzuki (+1.56%) posted its Q1 results after market hours today. Net profit jumped 2.5x YoY to ₹2,485 crore; revenue rises 22%.

Apollo Hospital (-3.2%) was NIFTY50’s top loser.

Piramal Enterprises (-5.7%) fell sharply after posting poor financial performance in Q1 FY24. The company has also announced a ₹1,750 crore stock buyback.

Markets Ahead

A smart ending to the month, which indicates stability in the upcoming days. Let’s dive into technical analysis this week.

Nifty will continue its strength till it falls below the 19,560-600 zone, in which Friday’s day low lies. There is a high chance of consolidation this week in the 19,560-860 region.

I will be watching only three levels in Bank Nifty tomorrow, 45,200 (support), 45,750 and 45,920 (resistance). It has been in a stellar rally recently— 13% in 5 months!

Keep an eye on SBI’s ₹620 level as technicals indicate a super breakout.

I will be watching 20,200 as an expiry day support in FIN NIFTY for tomorrow.

Look out for important economic data like India’s manufacturing & services PMI, auto sales data, and others this week!

What levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

rbi

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.50%. The decision was made by RBI’s Monetary Policy Committee (MPC) unanimously, with a majority vote on withdrawing accommodation to tackle inflation and prioritise growth. The RBI has maintained India’s GDP growth estimate for the financial year 2023-24 at 6.5%.

Read more here.

Mahindra forays into dual-fuel small commercial vehicle segment with Supro CNG Duo

Mahindra & Mahindra has ventured into the dual-fuel segment for small commercial vehicles by introducing the Supro CNG Duo, priced at Rs 6.32 lakh. This model can operate on both CNG and petrol, providing flexibility. With a payload capacity of 750 kg and a CNG tank capacity of 75 litres, it offers a range of 325 km. Additionally, it includes a five-litre petrol tank to address concerns about range anxiety.

Read more here.

SpiceJet partners with FTAI Aviation to restore fleet

SpiceJet announced a lease agreement with FTAI Aviation to obtain up to 20 engines. The company plans to reactivate some of its grounded aircraft within 2-3 months. This partnership aims to reduce maintenance costs, minimize aircraft downtime, and improve the airline’s overall performance. SpiceJet had previously initiated the revival of 25 grounded planes using its own funds and a $50 million credit line from an Indian government scheme.

Read more here.

Dilip Buildcon secures order worth Rs 780 crore from NHAI in Andhra Pradesh

Dilip Buildcon Ltd has announced that its subsidiary has signed a concession agreement with the NHAI for a Rs 780.12 crore road project. The project involves constructing a six-lane access-controlled greenfield highway in Andhra Pradesh as part of the Bharatmala Pariyojana Phase-I. It will be completed within 24 months from the appointed date and have a 15-year operation period from the commercial operation date (COD).

Read more here.

L&T Finance Holdings recommends final dividend of Rs 2 per share for FY23

L&T Finance Holdings Ltd announced that its board of directors has proposed a final dividend of Rs 2 per equity share for the fiscal year 2022-23. If approved at the Annual General Meeting, the dividend will be disbursed within 30 days from the AGM. The company’s consolidated net income for the March 2023 quarter increased by 46% YoY to Rs 501 crore.

Read more here.

Titagarh Rail’s board to consider raising funds

Titagarh Rail (previously Titagarh Wagons) has announced that it will convene a board meeting on June 10 to discuss raising funds. The company is considering various options, such as issuing equity shares, securities, or a combination of methods, including preferential issue, Qualified Institutional Placement (QIP), and rights issue. The purpose of the meeting is to deliberate and decide on the best approach for raising the necessary capital.

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Zydus receives final approval from USFDA for esomeprazole magnesium

Zydus Lifesciences Ltd has obtained final approval from the US Food & Drug Administration (USFDA) for esomeprazole magnesium. It is an oral suspension used to treat stomach and oesophagus issues. The medication aids in healing acid damage, prevents ulcers, and may reduce the risk of esophageal cancer. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad.

Read more here.

Tanla Platforms to acquire ValueFirst for Rs 346 crore from Twilio

Tanla Platforms has announced its acquisition of ValueFirst from Twilio in a Rs 346 crore ($42 million) all-cash deal. The company has signed a definitive share purchase agreement, with the acquisition set to close in July 2023. Additionally, Tanla has signed a binding term sheet to acquire ValueFirst Middle East FZC for Rs 20 crore, aiming to enhance its global presence. This acquisition is projected to be completed by September 2023, pending closing conditions. 

Read more here.

Aether Industries signs LoI with US-based global oilfield services company

Aether Industries has signed a Letter of Intent (LoI) with a US-based global oilfield services company, establishing them as a strategic supplier and contract manufacturing partner. The LoI sets the stage for the execution of a Strategic Supply Agreement (SSA) within three months, as stated in Aether Industries’ regulatory filing. Under this agreement, Aether will be responsible for manufacturing four specific products for the new customer, with a combined monthly volume of 1,325 metric tons.

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GAIL completes insolvency resolution process of JBF Petrochemicals in 15 months

GAIL (India) Ltd has completed the corporate insolvency resolution process (CIRP) for JBF Petrochemicals Ltd (JBFPL) within a remarkable 15 months. The payment has been released to all stakeholders of JBFPL, marking one of the fastest transaction closures in the post-COVID period for the National Company Law Tribunal (NCLT). GAIL has already invested Rs 2,101 crore in the resolution plan and now holds a 100% stake in JBFPL.

Read more here.

Tata Power Renewable Energy arm bags contract to set up 966 MW renewable project for Tata Steel

Tata Power Renewable Energy, via its subsidiary TP Vardhaman Surya Ltd, has secured a contract to establish a 966 MW round-the-clock hybrid renewable power project for Tata Steel. The project consists of a combination of 379 MW solar and 587 MW wind power capacities. Tata Steel aims to meet a significant portion of its green energy requirements through this project. This leads to a reduction of 23.9 lakh tonnes of CO2 emissions annually.

Read more here.

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India’s Coal Production Grows 7.10% in May – Top Indian Market Updates

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

India’s coal production grows 7.10% to 76.26 MT in May

Domestic coal production in India grew 7.10% YoY in May, reaching 76.26 million tonnes (MT). The Ministry of Coal achieved this milestone, surpassing the previous year’s production. In April-May FY23, cumulative coal production increased to 149.41 MT from 138.41 MT in the corresponding period last year. Coal India Ltd contributed significantly to the overall production, producing 59.94 MT of coal, marking a growth of 9.54% YoY.

Read more here.

India’s forex reserves fall to $589 billion 

According to the Reserve Bank of India (RBI), India’s foreign exchange (forex) reserves declined to $589.14 billion, reaching a one-month low as of May 26. This marks the second consecutive week of falling reserves, with a decrease of $4.34 billion compared to the previous week. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Read more here.

Bank of Baroda board approves raising additional capital worth Rs 5,000 crore

Bank of Baroda’s board has approved raising additional capital through debt. The bank aims to raise funds up to Rs 5,000 crore through Tier I or Tier II debt capital instruments. The bank also has the option to interchange these instruments within India or outside the country, by the end of the current financial year or at a later date if deemed suitable. Bank of Baroda stated that the capital will be raised when market conditions are favourable.

Read more here.

Info Edge orders forensic audit of 4B Networks after Rs 280 crore loan impairment

Info Edge Ltd has announced that its subsidiary, Allcheckdeals India Private Ltd (AIPL), has fully impaired its loan of Rs 280 crore to 4B Networks. AIPL is initiating a forensic audit, led by Deloitte Touche Tohmatsu India LLP, to investigate the matter. 4B Networks operates platforms for real estate developers and brokers to communicate and facilitate loan origination.

Read more here.

GAIL infuses Rs 2,100 crore in JBF Petrochemicals

GAIL (India) Ltd has invested Rs 2,100 crore in JBF Petrochemicals Ltd. The company acquired JBF Petro through bankruptcy proceedings in March 2022. This investment includes Rs 625 crore of equity and Rs 1,476 crore of debt. With this investment, JBF has now become a wholly-owned subsidiary of GAIL, effective from June 1, 2023.

Read more here.

Grasim starts beta testing its painting service sparkle

Grasim Industries Ltd is beta-testing its painting service ‘Sparkle’ in Mumbai, Pune, and Bengaluru. Initially, it will be available exclusively to Aditya Birla Group staff and their friends and family. The service currently uses paint products from authorized dealers. Any product complaints will be directed to the respective paint companies for warranty claims. 

Read more here. 

Government advances strategic sale of BEML

The Central Government is preparing to proceed with the financial bids for the strategic sale of defence PSU BEML after receiving the necessary clearances from state governments. DIPAM Secretary Tuhin Kanta Pandey confirmed that land clearances have been obtained, with the Karnataka and Kerala governments addressing issues related to land and registration. In January 2021, the government invited bids for selling a 26% stake in BEML.

Read more here.

Minda Corp board approves Rs 600 crore fundraise

Minda Corporation Ltd’s board has approved a fundraise of up to Rs 600 crore by issuing securities. The company plans to raise funds through various offerings, including preferential issues, qualified institutions placement, and further public offers (FPO). The decision comes as part of Minda Corporation’s efforts to secure additional capital for its operations.

Read more here.

M&M to strengthen Swaraj brand with multiple tractor launches

Mahindra & Mahindra (M&M) plans to launch multiple tractor models under the Swaraj brand over the next few quarters as the market leader seeks to fill the white spaces in the agriculture and horticulture segment. The company announced its entry into the lightweight compact tractor segment by launching the Swaraj Target. M&M aims to corner a 27-30% share in the 50,000-per-annum lightweight tractor market.

Read more here.

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Zomato’s Net Loss Narrows to Rs 188Cr in Q4 – Top Indian Market Updates

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

Zomato Q4 Results: Net loss narrows to Rs 188 crore

Zomato reported a narrowed consolidated net loss of Rs 188 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 360 crore in the year-ago period. Its consolidated revenue rose 70% YoY to Rs 2,056 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The food delivery business reported a revenue of Rs 1,530 crore in Q4 FY23, compared with Rs 1,284 crore a year ago.

Read more here.

RBI to transfer Rs 87,416 crore as dividend to Centre for FY23

The Reserve Bank of India’s board has approved the transfer of Rs 87,416 crore as surplus to the Central government. In FY22, the RBI transferred Rs 30,307 crore to the government. Dividends from public sector enterprises and other investments have been estimated at Rs 43,000 crore for FY24.

In other news, RBI said it will withdraw Rs 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. 

Read more here.

Infibeam looks to raise up to $50 million by listing UAE step-down arm

Infibeam Avenues plans to raise $25-50 million by listing its subsidiary Avenues World FZ LLC on NASDAQ Dubai and Dubai Financial Market. The fintech company acquired Vavian International Ltd. in 2018 and Avenues World FZ LLC operates as a subsidiary of Vavian. The listing may involve offering up to 25% of equity stake in Avenues World FZ LLC.

Read more here.

JSW Steel Q4 Results: Net profit rises 13% YoY to Rs 3,664 crore

JSW Steel reported a 13% YoY increase in consolidated net profit to Rs 3,664 crore in Q4 FY23. Its operating revenue stood at Rs 46,962 crore in the quarter, compared to Rs 46,895 crore in Q4 FY22.  EBITDA stood at Rs 7,939 crore in the quarter. The company’s board has recommended a final dividend of Rs 3.4 per equity share.

Read more here.

Strides Pharma passes USFDA’s inspection of Puducherry plant

Strides Pharma announced that the US Food & Drug Administration (USFDA) inspection at its Puducherry plant was successful. The facility’s classification has been changed from Official Action Indicated (OAI) to Voluntary Action Indicated (VAI) by the USFDA. This reclassification enables the facility to receive approvals for its filed abbreviated new drug applications (ANDAs).

Read more here.

Delhivery Q4 Results: Net loss widens to Rs 159 crore

Delhivery reported a widened net loss at Rs 159 crore for the quarter ended March (Q4 FY23). The company had reported a loss of Rs 120 crore in the year-ago period. Its operating revenue fell 10% YoY to Rs 1,860 crore in Q4. Adjusted EBITDA for the quarter turned positive to Rs 6 crore in Q4 FY23, compared to a loss of Rs 67 crore in Q3 FY23.

Read more here.

Gail initiates legal proceedings against Gazprom for non-supply of LNG

Gail (India) Ltd has initiated legal proceedings against Gazprom for non-delivery of LNG. The company is seeking damages from Gazprom and has filed for arbitration in London. The central government had previously opposed pursuing arbitration or seeking damages, preferring a bilateral approach. The specific amount being sought by Gail has not been disclosed.

In other news, Gail plans to borrow up to Rs 7,000 crore in FY24 to fund its Rs 10,000 crore capital expenditure plan.

Read more here.

Power Grid Q4 Results: Net profit rises 4% YoY to Rs 4,320 crore

Power Grid Corporation of India reported a 4% YoY increase in consolidated net profit to Rs 4,320 crore in Q4 FY23. Its consolidated revenue increased by 15% YoY to Rs 12,264 crore during the same quarter. EBITDA stood at Rs 10,909.6 crore, up 16.8% YoY in Q4. The company’s board has recommended a final dividend of Rs 4.75 per equity share.

Read more here.

NCLT dismisses IDBI Bank’s insolvency plea against Zee Entertainment

The National Company Law Tribunal (NCLT) dismissed IDBI Bank’s insolvency plea against Zee Entertainment Enterprises Ltd (ZEEL). IDBI Bank had filed the petition for defaulting on over Rs 149 crore. Zee Entertainment argued that the suspension period barred any insolvency petition, under Section 10A of the Insolvency & Bankruptcy Code, 2016.

Read more here.

Siemens sells low voltage motors arm to Siemens AG for Rs 2,000 crore

Siemens has announced the sale and transfer of its low voltage motors and geared motors businesses to Siemens Large Drives India, effective from October 1, 2023. The deal is valued at Rs 2,200 crore. The company plans to distribute 100% of the sale proceeds as a special dividend after the transaction is completed.

Read more here.

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SBI’s Net Profit Jumps 83% YoY to Rs 16,695cr in Q4 – Top Indian Market Updates

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

SBI Q4 Results: Net profit rises 83% YoY to Rs 16,695 crore

State Bank of India (SBI) reported an 83% YoY increase in standalone net profit to Rs 16,695 crore for the quarter ended March (Q4 FY23). Net Interest Income (NII) stood at Rs 40,393 crore, up 29% YoY. The gross non-performing assets (NPA) ratio fell from 3.14% in Q4 FY22 to 2.78% in Q4 FY23. The bank’s board has declared a dividend of Rs 11.3 per equity share.

Read more here.

India’s coal production up 8.5% to 73 MT in April

According to the Ministry of Coal, India’s coal production increased by 8.5% to 73.14 million tonnes (MT) in April 2023, compared to 67.20 MT in April 2022. This accounted for 94.89% of the production target set for April 2023. Coal India and its subsidiaries contributed 57.57 MT to the overall production, marking a 7.67% growth from April 2022.

Read more here.

ITC Q4 Results: Net profit rises 23% YoY to Rs 5,175 crore

ITC reported a 23% YoY increase in consolidated net profit to Rs 5,175 crore in Q4 FY23. Its operating revenue rose 7% YoY to Rs 19,058 crore during the same quarter. EBITDA stood at Rs 6,209 crore, up 18.9% YoY in Q4 FY23. The company’s board has recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share.

Read more here.

Zydus Lifesciences Q4 Results: Net profit falls 25% YoY to Rs 297 crore

Zydus Lifesciences reported a 25% YoY decline in consolidated net profit to Rs 296.6 crore in Q4 FY23. However, its consolidated total revenue rose 32% YoY to Rs 5,011 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The company’s board has recommended a final dividend of Rs 6 per equity share.

Read more here.

Vedanta to free up cash and raise funds as it nears $500 million bond maturity

According to a Bloomberg report, Vedanta Group seeks to raise funds and generate cash as its $500 million bond matures. The board of Vedanta Ltd. is considering a dividend payout, while the conglomerate is in talks with banks for a potential $500 million raise. Vedanta Resources Ltd. relies on funds from its subsidiaries to reduce debt after a failed zinc mining unit sale.

Read more here.

Ramco Cements Q4 Results: Net profit rises 23% YoY to Rs 152 crore

Ramco Cements reported a 22.6% YoY increase in net profit to Rs 152 crore in Q4 FY23. Its revenue increased by 50.2% YoY to Rs 2,568 crore during the same quarter. EBITDA stood at Rs 412 crore, up 39.5% YoY in Q4. 

Read more here.

Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network

One97 Communications Ltd’s Paytm has collaborated with NPCI and SBI Card to launch the Paytm SBI Card on the RuPay network. Customers who join will receive privileges worth up to Rs 75,000, including a complimentary Paytm First Membership with OTT platform access and flight ticket discounts through the Paytm app. Cardholders also get other cashback offers on various transactions.

Read more here.

Godrej Agrovet and SBI launch finance offering for oil palm farmers

Godrej Agrovet’s Oil Palm Business has collaborated with SBI to launch a finance offering for oil palm farmers. The product aims to support farmers by providing loans for setting up micro-irrigation facilities, implementing fencing arrangements for protection against cattle grazing, and improving tube wells on their oil palm farms. This initiative aims to enhance Fresh Fruit Bunches (FFB) productivity, acting as a catalyst for oil palm growth.

Read more here.

GAIL shuts Ratnagiri LNG terminal till September, cuts imports

GAIL (India) Ltd has temporarily halted LNG imports at its Ratnagiri plant in Maharashtra since mid-May. The facility is shut down annually during the monsoon season due to operational challenges caused by rain and high tides. A breakwater is currently under construction and is expected to be completed next year, eliminating the need for seasonal shutdowns. GAIL’s last LNG cargo was received on May 11 at the Dabhol port.

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Oriana Power commissions 2.7 MW solar project at IOCL refinery in Haryana

Oriana Power has successfully commissioned a 2.7 MW solar project at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. The project was completed within a record time of three months and is specifically for Indian Synthetic Rubber Private Ltd (ISRPL), a joint venture between IOCL and Trimurti Holding Corporation. This marks the successful establishment of a single rooftop solar power plant at the IOCL refinery.

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Pfizer suspends sale of some popular products due to technical issues

Pfizer Ltd has halted the sale and use of its bacterial infection products in India due to technical issues at a contract manufacturing site. The company has requested a temporary suspension of Magzex, Zosyn, Magnamycin injections, and Magnex forte supplies. Stockists and distributors have been instructed to refrain from selling, distributing, or using the products until further notice from Pfizer.

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NCLT Approves HDFC-HDFC Bank Merger – Top Indian Market Updates

hdfc

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

HDFC-HDFC Bank merger gets NCLT approval

The National Company Law Tribunal (NCLT) has given its approval to the HDFC-HDFC Bank merger. In April 2022, HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24.

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Tata ceases discussions with Bisleri to acquire the packaged water giant

Tata Consumer Products has ended discussions with Bisleri for the potential acquisition of the packaged water giant. In November 2022, owners of Bisleri International said they will divest the company to the Indian conglomerate for an estimated ₹6,000-7,000 crore. Bisleri’s owners were reportedly looking to raise about $1 billion from a deal.

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Bharti Airtel launches unlimited 5G data offer

Bharti Airtel has launched an unlimited 5G data offer to hold on to its higher-paying postpaid users and also push its 4G users to upgrade to its next-gen wireless broadband service. This move comes after Reliance Jio’s new postpaid plans were announced earlier this week. The unlimited 5G data offer will be available to all postpaid customers as well as prepaid ones with data plans of Rs 239 and above.

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Va Tech Wabag secures order worth Rs 800 crore in Bangladesh

VA Tech Wabag has secured a Rs 800 crore project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in Bangladesh. The company will design, build and operate a sewage treatment plant with a capacity of 200 million litre per day (MLD) in Dhaka. This project has the potential to be expanded to 600 MLD in the future

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Havells commences commercial production of ACs at Sri City plant

Havells India Ltd has commenced commercial production of air conditioners (ACs) at its Sri City plant. The company manufactures home appliances, lighting for domestic, commercial, & industrial applications, LED lighting, fans, modular switches & wiring accessories, water heaters, etc.

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Zee Entertainment calls report of $10 million repayment ‘speculative’

Zee Entertainment Enterprises Ltd (ZEEL) called the report saying it will repay $10 million to IndusInd to wrap the Sony deal as “speculative”. The media company said it is exploring several strategies related to the ongoing dispute. On Thursday, Bloomberg reported that ZEEL has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it and get a step closer to completing its merger with the Sony Group.

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GAIL signs MoU with Shell Energy India for exploring ethane sourcing opportunities

GAIL (India) Ltd. signed a Memorandum of Understanding (MoU) with Shell Energy India for exploring ethane sourcing and other energy value chain opportunities. Through this agreement, GAIL expects to dive into the prospects of importing and handling different hydrocarbons that serve as essential chemical and petrochemical precursors. The company said this is a step towards achieving improved sustenance in business operations.

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Unichem Labs gets USFDA approval for chronic angina treatment tablets

Unichem Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) for its Ranolazine Extended-Release tablet. The drug is prescribed for the treatment of chronic angina (a type of chest pain caused by reduced blood flow to the heart). The product will be commercialised from its manufacturing facility in Goa. 

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Maiden Forgings to launch IPO next week

Steel bars and wires manufacturer Maiden Forgings will launch an Initial Public Offering (IPO) to raise Rs 24 crore. The IPO will open on March 22 and close on March 24. Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

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NTPC Commissions Green Coal Plant in Varanasi – Top Indian Market Updates

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

NTPC commissions green coal plant in Varanasi

NTPC Ltd has commissioned a first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste. The total capacity of this plant after installation of all three modules shall be 600 tonnes per day (TPD) of waste handling capacity. The process is environment-friendly as there is no burning of waste.

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Sumitomo Wiring Systems sells a 3.4% stake in Samvardhana Motherson International

Japan’s Sumitomo Wiring Systems (SWS), along with a subsidiary, has offloaded a 3.4% stake in Samvardhana Motherson International Ltd (SAMIL). SWS and its wholly-owned subsidiary HK Wiring Systems Ltd (HKWS) jointly held 17.72% shares of SAMIL. SWS was the first JV partner of Motherson and promoter of SAMIL since its IPO in 1993.

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Glenmark Pharma gets USFDA nod to begin trials for potential cancer drug

Glenmark Pharma’s investigational new drug (IND) application for potential cancer drug GRC 54276 was accepted by US Food & Drug Administration (USFDA). The approval paves the way for Glenmark Specialty to proceed with a Phase 1/2, first-in-human, clinical study of GRC 54276 for the treatment of patients with advanced solid tumours and lymphomas. To date, 16 patients with various types of advanced cancers have enrolled in this ongoing study in India.

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GAIL to get LNG shipments from Germany’s Sefe after nearly a year

GAIL (India) Ltd will get two cargoes of liquefied natural gas (LNG) each in March and April from Germany’s Sefe for the first time since supplies were halted in May. Sefe was supplying cargoes from its non-Russian portfolio in Egypt, United Arab Emirates and the United States. The first cargo for March has already arrived at the Dahej terminal in western India.

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Vedanta looks to raise up to $1 billion from credit funds

According to an ET report, Vedanta Group is planning to raise funds from names like Farallon Capital, Davidson Kempner and Ares SSG Capital to meet more than $1 billion in upcoming repayments. This comes as banks have become aggressive towards Vedanta on a $1 billion loan amid a tightening credit market. The pricing being offered by the banks is 300 basis points above the expected rate.

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Dr Reddy’s sells cosmetic derma brands to Eris for Rs 275 crore

Dr. Reddy’s Labs has sold nine cosmetic dermatology brands to Eris Lifesciences for Rs 275 crore. As per IQVIA, the divested portfolio has sales of Rs. 60 crore in 2022. Eris said the transaction helps expand the cosmetic dermatology business of the company by way of expansion in the product offerings.

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DLF sells 1,137 flats for over Rs 8,000 crore within three days in Gurugram

DLF Limited has sold 1,137 luxury apartments (priced Rs 7 crore and above) for over Rs 8,000 crore within 3 days in its housing project in Gurugram. This can be attributed to the strong demand for premium flats across major cities. DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project.

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Zee Entertainment likely to repay IndusInd $10 million to wrap Sony deal

As per a Bloomberg report, Zee Entertainment Enterprises Ltd (ZEEL) has likely agreed to repay dues owed to IndusInd Bank Ltd. as the company seeks to resolve insolvency proceedings initiated against it and move closer to completing a merger with a Sony Group unit. IndusInd Bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made.

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Zomato liquidates step-down subsidiary in Jordan

Zomato Ltd has dissolved its step-down subsidiary Zomato Ireland Ltd – Jordan (Zomato Jordan) with effect from March 12, 2023. The liquidation of the d unit will not have any material impact as its contribution to the turnover and overall net worth of the parent company was nil. 

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Man Industries secures export order of Rs 1,300 crore

Man Industries (India) Ltd has won a new export order of approximately Rs 1,300 crore. The company’s total order book now stands at approximately Rs 2,000 crores, which would be executed in the next 6-8 months. Man Industries is a manufacturer of carbon steel line pipes.

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GAIL Looks to Buy 26% Stake in US LNG Export Plant – Top Indian Market Updates

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

GAIL looks to buy 26% stake in a US LNG export plant

State-owned GAIL (India) Ltd has released an Expression of Interest (EoI) to acquire up to 26% in a US-based LNG plant or a proposed facility that will be commissioned by 2027 amid a rising fuel demand. The company is also focused on sourcing 1 million tonnes of LNG a year from the same facility for 15 years starting 2026. GAIL already has two long-term contracts for supply from LNG export plants.

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IndiGo looking to start flights to many international destinations: CEO

IndiGo is looking to start flights to Nairobi, Jakarta, and some central Asian destinations as the carrier focuses on internationalisation, said Chief Executive Officer (CEO) Pieter Elbers. He asserted that there is a lot of growth ahead in the Indian market that “justifies multiple airlines”. IndiGo, which has more than 300 planes in its fleet, currently operates to 76 domestic and 26 international destinations.

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Glenmark Pharma receives 2nd tentative approval from USFDA for generic diabetes tablets

Glenmark Pharmaceuticals Ltd’s US subsidiary has received the second tentative approval from the US Food & Drug Administration (USFDA) for Saxagliptin tablets. The drug is used to control blood sugar levels and treat type 2 diabetes mellitus. The USFDA issues a tentative approval letter to an applicant before the final approval of the generic drug product until all patent or exclusivity issues are resolved.

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Lupin receives USFDA’s establishment inspection report for its Nagpur facility

Pharmaceuticals firm Lupin Ltd has received the establishment inspection report from the US Food & Drug Administration (USFDA) for its new injectable facility located in Nagpur. The establishment inspection report (EIR) was issued after the last inspection of the facility conducted from October 17-29, 2022. 

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Coromandel International develops nanotechnology-based fertilizer

Agriculture solutions provider Coromandel International Ltd has developed a nanotechnology-based fertilizer (Nano DAP) from its research & development centre at the Indian Institute of Technology, Bombay. The company has been conducting extensive field studies on product efficacy, biosafety, and toxicity for the launch of Nano DAP in different agro-climatic zones with various agricultural universities.

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BEML signs multiple MoUs during Aero India 2023

BEML has signed a Memorandum of Understanding (MoU) with Bharat Electronics Ltd for joint development and production of missile modules, airframes, and other mechanical systems for some upcoming missile programs. The company has also entered into an MoU with the Indian Navy for the development of customised storage and handling system for various types of ammunition.

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SC refuses to accept Centre’s suggestion in sealed cover in Adani-Hindenburg issue

The Supreme Court said it will not accept the sealed-cover suggestion by the Centre to form an expert committee to examine the report by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. A bench headed by Chief Justice of India D Y Chandrachud said, “we will select the experts and maintain full transparency”.

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PVR opens 8-screen multiplex in Indore

PVR announced the opening of an eight-screen multiplex at Phoenix Citadel Mall in Indore, Madhya Pradesh. The company now operates 299 screens in 70 properties across 25 cities in central India. Meanwhile, today (Feb 17) is the record date in the merger process whereby the shareholders of Inox Leisure will receive three shares of PVR for every ten shares of Inox Leisure.

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Max Estates to develop 2.4 million square feet of residential space in Gurugram

Max Ventures & Industries Ltd’s (MaxVIL) real-estate arm has entered the residential real estate market in Gurugram through a joint development agreement. The plot has a development potential of 2.4 million square feet and a gross development value of over ₹3,200 crore. The land parcel measures 11.8 acres and is located in Sector 36A, Gurugram.

Read more here.

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M&M’s Net Profit Rises 34% in Q3 – Top Indian Market Updates

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

M&M Q3 Results: Net profit rises 34% YoY to ₹2,676 crore

Mahindra & Mahindra Ltd reported a 34.6% YoY increase in consolidated net profit to ₹2,676.56 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29.7% YoY to ₹30,620 crore during the same period. EBITDA stood at ₹2,814 crore in Q3, up 41% YoY. The company sold 1.76 lakh vehicles in the December quarter, up 45% YoY.

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GAIL signs advance pricing agreement with CBDT

GAIL (India) Ltd has signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The gas utility firm has contracts with US suppliers to buy 5.8 million tonnes per annum of liquefied natural gas (LNG). GAIL is the first public sector undertaking (PSU) in the oil & gas sector in India to sign the APA.

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Lupin Q3 Results: Net profit falls 72% YoY to ₹153 crore

Lupin reported a 72% YoY decline in net profit to ₹153 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 3.8% YoY to ₹4,322 crore during the same period. Sales in the US have improved on the back of new product launches and a brand acquisition made in Q3.

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Sun Pharma gets USFDA nod to market generic medication

Sun Pharmaceutical Industries Ltd’s subsidiary has received final approval from the US Food & Drug Administration (USFDA) for the generic Lenalidomide capsules in multiple strengths. In 2021, US-based Celgene Corporation granted Sun Pharma a license to manufacture and sell an unlimited quantity of generic lenalidomide capsules in the US beginning January 31, 2026.

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BHEL Q3 Results: Net profit jumps 55% YoY to ₹42 crore

Bharat Heavy Electricals Ltd (BHEL) reported a 55% YoY increase in net profit to ₹42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹5,263 crore during the same period. Revenue from the power segment came in at ₹3,992 crore, 7% higher. Total expenses were almost flat at ₹5,320 crore in Q3.

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Hindalco leases 50,000 sq. ft. office space in Blackstone’s Mumbai tower

Hindalco Industries Ltd has picked up an entire floor spread over 50,000 sq. ft. office space in Blackstone Group entity Nucleus Office Parks’ commercial complex One International Center in Mumbai’s business district Lower Parel on a long-term lease of five years. The company is looking to consolidate its various offices and also expand the capacity in the new office ensuring ease of connectivity for their employees.

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Assam govt signs Petroleum Exploration Licenses deeds for 2 OALP blocks with Oil India

The Assam government has signed Petroleum Exploration Licenses deeds for two Open Acreage Licensing Program (OALP) blocks with Oil India Ltd (OIL). OIL will invest around ₹12 crore in these projects and will start seismic surveys from February 2023. This is the first time in oil history to start exploration for Crude oil and Natural Gas in the northern bank of Brahmaputra in lower Assam.

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India’s first hydrogen combustion engine tech for heavy-duty trucks unveiled by RIL

Reliance Industries Ltd (RIL) unveiled India’s first Hydrogen Internal Combustion Engine technology solution for heavy-duty trucks. RIL and its vehicle partner Ashok Leyland developed the technology under its Net carbon Zero vision. The first engines run with this tech were tested in early 2022. RIL is also planning to create an end-to-end Hydrogen ecosystem for mobility

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Info Edge Q3 Results: Net loss at ₹116 crore

Info Edge (India) Ltd reported a net loss of ₹116 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹4,601 crore in Q3 FY22. Its revenue from operations rose 40% YoY to ₹589 crore in Q3 FY23. Standalone EBITDA stood at ₹217 crore, up 79% YoY.

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Bajaj Finserv’s Net Profit Rises 42% YoY in Q3 – Top Indian Market Updates

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

Bajaj Finserv Q3 Results: Net profit rises 42% YoY to ₹1,782 crore

Bajaj Finserv reported a 42% YoY increase in consolidated net profit to ₹1,782 crore for the quarter ended December (Q3 FY23). Its total income rose 23% YoY to ₹17,620 crore during the same period. Among its subsidiaries, Bajaj Finance recorded the highest ever quarterly consolidated quarterly profit of ₹2,973 crore in Q3. Meanwhile, Bajaj Allianz General Insurance Company (BAGIC) saw its profit fall 9% YoY to ₹278 crore.

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Sun Pharma acquires three brands to strengthen its anti-inflammatory portfolio

Sun Pharmaceutical Industries Ltd has acquired three brands— Disperzyme, Disperzyme -CD, and Phlogam— from Mumbai-based Aksigen Hospital Care. The acquisition of these brands will strengthen Sun Pharma’s anti-inflammatory drug portfolio. The three brands are approved by the Drugs Controller General of India (DCGI). Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company.  

Read more here.

Tech Mahindra Q3 Results: Net profit falls 5% YoY to ₹1,296 crore

Tech Mahindra Ltd reported a 5% YoY decline in consolidated net profit to ₹1,296.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹13,734.6 crore during the same period. EBITDA stood at ₹2,144 crore in Q3, down 4.1% YoY. Net new deal wins for the quarter was $795 million, higher than $716 million a quarter ago and $704 million a year ago.

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Adani Group fails to answer 62 of our 88 questions: Hindenburg Research

After Adani Group denied all claims over the weekend, Hindenburg Research said the group had failed to specifically answer 62 out of the 88 questions that the firm had posed to the group. The research firm also claims that its report highlights numerous irregularities and connections between suspected offshore stock parking entities and Adani Promoters and raised key questions about whether promoter holdings were fully disclosed.

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Laurus Labs Q3 Results: Net profit rises 32% YoY to ₹203 crore

Laurus Labs reported a 32% YoY increase in net profit to ₹203 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 50.16% YoY to ₹1,544.82 crore during the same period. Total expenses rose 52.7% YoY to ₹1,268.4 crore in Q3. EBITDA stood at ₹404 crore in Q3, up 39% YoY. 

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ITC inaugurates ₹450 crore food manufacturing, logistics facility in Telangana

Telangana Minister for IT and Industries K T Rama Rao inaugurated FMCG major ITC Ltd’s state-of-the-art Integrated Food Manufacturing and Logistics Facility at Medak. Spread over nearly 59 acres of land, the food processing facility with a built-up area of 6.5 lakh sq. ft. entails an initial investment outlay of ₹450 crore. ITC said the new unit will create large-scale livelihoods across sustainable agri-value chains.

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PNB Q3 Results: Net profit falls 44% YoY to ₹628 crore

Punjab National Bank (PNB) reported a 44% YoY decline in net profit to ₹628.88 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 17.6% YoY to ₹9,179.4 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 12.88% in Q3 FY22 to 9.80% in Q3 FY23. Provisions increased 40% YoY to ₹4,713 crore in Q3 FY23.

[NII is the difference between the interest income a bank receives from lending activities and the interest it pays depositors.]

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GAIL Q3 Results: Net profit falls 93% YoY to ₹246 crore

GAIL (India) Ltd reported a 93% YoY decline in net profit to ₹246 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 37% YoY to ₹35,380 crore during the same period. The company recorded a natural gas marketing loss of ₹86.02 crore, compared to a profit of ₹1,750 crore a year ago.

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Adani Enterprises will postpone expansion plan if the FPO fails: CFO

Adani Enterprises Ltd will postpone its growth and expansion program for the next 6-9 months if its ₹20,000-crore follow-on public offer (FPO) does not go through, said Adani group Chief Financial Officer Jugeshinder Singh. In a fresh response to the questions raised by Hindenburg Research, Adani Group said the research firm is an ‘unethical’ short seller and it published the report to manipulate and depress the stock price and create a false market.

In other news, Abu Dhabi-based International Holding Company PJSC has subscribed to Adani Enterprises’ FPO by investing ~$400 million.

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L&T Q3 Results: Net profit rises 24% YoY to ₹2,553 crore

Larsen & Toubro Ltd reported a 24% YoY increase in consolidated net profit to ₹2,553 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 17% YoY to ₹46,390 crore during the same period. The company received orders worth ₹60,710 crore at the group level during Q3. The infrastructure projects segment secured order inflows of ₹32,530 crore, recording a growth of 28% YoY.

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