Tag: GAIL

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IndiGo’s Net Loss Widens to ₹1,583Cr in Q2 – Top Indian Market Updates

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

IndiGo Q2 Results: Net loss widens to ₹1,583 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of ₹1,583 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,435.6 crore in Q2 FY22. The company’s revenue from operations rose 122.8% YoY to ₹12,496.6 crore in Q2 FY23. The number of passengers increased by 75.9% YoY to 1.97 crore. IndiGo’s passenger ticket revenues stood at ₹11,110.4 crore, an increase of 135.6%.

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Maruti Suzuki lines up over ₹7,000 crore capex for current fiscal: CFO

Maruti Suzuki India Ltd plans to invest over ₹7,000 crore this year (FY23) on various initiatives, including the construction work of its new plant in Haryana and new model launches, said Chief Financial Officer (CFO) Ajay Seth. The new plant is expected to be operational by 2025, with an installed production capacity of 2.5 lakh units in the first phase. MSIL will also invest in other areas like research & development, regular maintenance, etc.

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TVS Motor Company Q2 Results: Net profit rises 47% YoY to ₹407 crore

TVS Motor Company Ltd reported a 46.8% year-on-year (YoY) increase in net profit to ₹407.47 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28.4% YoY to ₹7,219.18 crore during the same period. The company posted total sales of 10.27 lakh units in Q2, up 12% YoY. Operating EBITDA grew 31% YoY to ₹737 crore in Q2.

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Kalpataru Power secures orders worth ₹1,290 crore

Kalpataru Power Transmission Ltd (KPTL) has secured orders worth ₹1,290 crore across various business verticals. The transmission and distribution (T&D) orders will help the company consolidate its presence in key T&D markets like the Middle East and Latin America. KPTL’s total order intake year till date in FY23 is around ₹6,890 crore,

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GAIL Q2 Results: Net profit falls 46% YoY to ₹1,537 crore

GAIL (India) Ltd reported a 46% YoY decline in net profit to ₹1,573.07 crore in Q2 FY23. The company had to slash petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies. Its revenue from operations rose 79% YoY to ₹38,390.89 crore during the same period. Profits from the gas transmission business also fell 32% YoY to ₹709.59 crore.

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Lupin gets USFDA approval for generic oral contraceptive pill

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market Drospirenone tablets in the US market. The drug is used in birth control pills to prevent pregnancy and in menopausal hormone therapy. As per IQVIA MAT data, Drospirenone tablets had estimated annual sales of $141 million in the US market during the 12 months ended Sept 2022.

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Titan Q2 Results: Net profit rises 34% YoY to ₹857 crore

Titan Company Ltd reported a 34% YoY increase in net profit to ₹857 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY to ₹8,730 crore during the same period. The jewellery business posted an 18% YoY growth in revenue to ₹7,2013 crore in Q2. Revenue from its watches & wearables segment stood at ₹829 crore, up 21% YoY.

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India’s forex reserves record biggest weekly gains in more than a year

India’s foreign exchange (forex) reserves jumped to $531.081 billion in the week ending October 28, 2022, making it the biggest weekly gain in more than a year. All indicators in reserves witnessed an upside in the latest week with foreign currency assets outperforming. The forex reserves had fallen to their lowest level since July 2020 to $524.52 billion for the week ending Oct 21.

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Cipla Q2 Results: Net profit rises 11% YoY to ₹789 crore

Cipla Ltd reported an 11% YoY increase in consolidated net profit to ₹788.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 5.57% YoY to ₹5,828.54 crore during the same period. Revenue from Cipla’s pharma segment stood at ₹5,690.68 crore in Q2, up 5.11% YoY.

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Marico Q2 Results: Net profit falls 3% YoY to ₹301

Marico Ltd reported a 3% YoY decline in net profit to ₹301 crore in Q2 FY23. The FMCG company’s revenue from operations rose 3% YoY to ₹2,496 crore during the same period. EBITDA stood at ₹433 crore in Q2, up 2.4% YoY. Domestic revenues rose 1% YoY to ₹1,896 crore. Price hikes in hair oils and premium personal care portfolios were more than offset by price cuts in Parachute coconut oil and Saffola oils.

Read more here.

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LTTS Posts 22% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

LTTS Q2 Results: Net profit rises 22% YoY to ₹282 crore

L&T Technology Services (LTTS) reported a 22.7% YoY increase in consolidated net profit to ₹282.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 24% YoY to ₹1,995 crore during the same period. LTTS secured a ₹60 million-plus deal in the second quarter. The IT company’s board has declared an interim dividend of ₹15 per share.

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Jio adds 32.8 lakh subscribers in August, Vi lost 19.6 lakh

Reliance Jio added 32.8 lakh wireless subscribers in August 2022, taking its user base to 41.92 crore. Bharti Airtel gained 3.26 lakh subscribers, while Vodafone Idea (Vi) lost 19.6 lakh subscribers in August. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Bharti Airtel’s wireless customer base stood at 36.38 crore in August and Vi’s user base fell to 25.31 crore.

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Polycab Q2 Results: Net profit rises 37% YoY to ₹270 crore

Polycab Ltd reported a 37% YoY increase in consolidated net profit to ₹268 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 10.8% YoY to ₹3,332.3 crore during the same period. EBITDA stood at ₹426.8 crore in Q2, up 45.81% YoY. Revenue from the company’s wires and cables business grew 13% YoY to ₹2,925.9 crore.

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Apollo Hospitals partners with Bombay Hospital to boost liver transplants in Mumbai

Apollo Hospitals Enterprises Ltd entered into a Memorandum of Understanding with Bombay Hospital to boost liver transplants in Mumbai and Western India. The collaboration with Bombay Hospital will increase access to Apollo’s advanced liver transplant program for patients across the Mumbai Metropolitan Region.

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Tata Communications Q2 Results: Net profit rises 25% YoY to ₹532 crore

Tata Communications Ltd reported a 25.13% YoY increase in consolidated net profit to ₹532.29 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6.15% YoY (or 2.8% QoQ) to ₹4,430.74 crore during the same period. EBITDA stood at ₹1,130 crore in Q2, up 1.5% YoY (or 5% QoQ). The company’s data business revenues grew 11.2% YoY to ₹3,493 crore.

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Suzlon secures order to supply wind turbines to Adani Green Energy

Suzlon Energy Ltd has secured an order to supply 23 wind turbines totalling 48.3 megawatts (MW) from Adani Green Energy Ltd. The company will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Gujarat, and is expected to be commissioned in 2023.

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GAIL wins bid for debt-laden JBF Petrochemicals

GAIL (India) Ltd emerged as the successful bidder to acquire debt-laden JBF Petrochemicals. The state-owned company’s resolution plan received a 100% vote from the committee of creditors of JBF. GAIL was among a host of major companies like ONGC, Reliance Industries, Indian Oil, and others that showed interest in JBF Petrochemicals, which has defaulted against a bank loan of nearly ₹5,000 crore. 

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TV18 Broadcast Q2 Results: Net profit falls 95% YoY to ₹10.28 crore

TV18 Broadcast Ltd reported a 95.55% YoY decline in consolidated net profit to ₹10.28 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 12.65% YoY to ₹1,473.43 crore during the same period. The media company’s total expenses stood at ₹1,485.95 crore, up 34.59% YoY.

Its parent company, Network18 Media & Investments Ltd, reported a consolidated net loss of ₹28.84 crore in Q2 FY23. It had posted a net profit of ₹199.27 crore in the corresponding quarter last year (Q2 FY22). Revenue from operations rose 11.65% YoY to ₹1,548.89 crore in Q2 FY23.

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USFDA issues four observations to Alembic Pharma’s Panelav plant

Alembic Pharmaceuticals has received a Form 483 with four procedural observations for an inspection conducted by the US Food & Drug Administration (USFDA) at its Panelav formulation facility. USFDA inspected the company’s oncology injectable formulation facility at Panelav from October 4-14. None of the observations are related to data integrity, and the pharma company’s management believes that they are addressable. 

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Marico Eyes ₹850-1,000 crore Food Business by FY24 – Top Indian Market Updates

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

Marico eyes ₹850-1,000 crore food business by FY24 with Saffola brand

Marico Ltd will continue to expand its healthcare brand Saffola as it aspires to build an ₹850-1,000 crore business from its food portfolio by FY24, said MD & CEO Saugata Gupta. In the last two years, the FMCG firm has extended the brand to immunity foods and recently launched mayonnaise and peanut butter. Marico sells noodles, oats, honey, immunity booster Chyawanprash, and edible oil under the Saffola brand.

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PNB to sell NPA account Apollo Distilleries & Breweries

Punjab National Bank (PNB) has put up for sale its non-performing asset (NPA) account Apollo Distilleries & Breweries (ADB) with loan outstanding of ~₹44 crore due against the company. The bank has invited asset reconstruction companies (ARCs) to put their bids for transferring the loan account of ADB. It is a subsidiary of Chennai-based Empee Distilleries Ltd (EDL), which is in a resolution process under the Insolvency & Bankruptcy Code (IBC).

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Lupin’s subsidiary gets UK regulator’s approval for COPD drug

Lupin’s UK subsidiary, Lupin Healthcare (UK) Ltd, has received approval from the Medicines & Healthcare products Regulatory Agency (MHRA) to market a generic version of Spiriva. The drug will help in treating chronic obstructive pulmonary disease (COPD). It is the second inhalation product by Lupin Healthcare for the UK market after Luforbec pressurised metered dose inhaler (pMDI).

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Tata Steel gets land allotment letter to set up ₹2,600 crore plant in Ludhiana

Punjab Chief Minister Bhagwant Mann handed over the land allotment letter to the Tata Group for setting up its first scrap-based steel plant in Ludhiana at an investment of ₹2,600 crore. This is the first investment by the Tata Group in Punjab and will prove to be a milestone in propelling industrial growth in the state. The electric arc furnace-based plant will produce 0.75 million tonnes per annum (MTPA) of finished steel. 

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GAIL sets 2040 goal for net zero carbon emissions

GAIL (India) Ltd is targeting net-zero carbon emissions from its operations by 2040. The company said it is committed to reduce its carbon footprint by diversifying into the renewable energy sector. GAIL has started mixing hydrogen with natural gas as a step toward introducing a carbon-free energy source into the system.

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Delhivery to create 75,000 seasonal jobs in next six weeks

Logistic services firm Delhivery plans to create over 75,000 seasonal jobs across India over the next six weeks. Of these, the company will hire over 10,000 off-roll employees across its gateways, warehouses, and last-mile delivery centres. It will also hire 50,000 last-mile agents through its Last-Mile Agent (LMA) program. Delhivery also plans to strengthen its Drop at Store program to extend its capacity by adding 15,000-plus last-mile riders.

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NTPC’s board approves ₹11,843 crore investment for Talcher power project Stage-III

NTPC Ltd’s board has approved an investment of ₹11,843.75 crore for the 1,320 megawatts (MW) Talcher Thermal Power Project, Stage-III. In other news, a venture between NTPC and  Nuclear Power Corporation of India Ltd (NPCIL) is reportedly in advanced talks with the government to develop two 700 MW reactors in Madhya Pradesh. New Delhi-based NTPC is an Indian public sector undertaking engaged in the generation of electricity and allied activities. 

JSW Energy emerges lowest bidder for pilot battery storage mega tender

JSW Energy Ltd has emerged as the lowest bidder in the pilot large-scale battery storage auction with a winning bid of ₹10.84 lakh per megawatt (MW). The battery storage auction was conducted by the Solar Energy Corporation of India (SECI). The tender is for two battery storage projects at a single site at Fatehgarh-III substations in Rajasthan. The land will be provided on a lease by SECI in agreement with the Transmission Licensee.

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IDBI Bank can recover $2.4 billion in bad loans: CEO

IDBI Bank’s CEO Rakesh Sharma said the lender is likely to recoup $2.4 billion (~₹19,195 crore) of bad debt in his pitch to potential buyers amid India’s planned auction of the firm. “We are sitting on about 780 billion rupees of fully provided for bad loans, including written-off loans, and around 25% is likely to be recovered,” he said. As per reports, the Indian govt. is considering selling at least 51% of the $5 billion bank.

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Editorial

An Analysis of India’s Green Hydrogen Industry

India has announced plans to de-carbonize within the next 30 years. The government has taken strategic decisions to reduce the reliance on fossil fuels and cut down costly imports. Our country’s target of achieving 175 gigawatts (GW) of renewable energy capacity by 2022 has received a significant boost through new policies. As part of these efforts, India is now focusing on the development and production of green hydrogen as an energy source.

In this article, we shall analyse an industry that is gradually evolving and essential for India’s growing economy— the green hydrogen energy industry! We shall also find out who the top players in this field are.

What Exactly is Green Hydrogen?

Hydrogen is the most common element in the universe. However, it only exists in the form of combinations with other elements. Hydrogen is commonly extracted from compounds such as water, and the process can be quite energy-intensive. Based on the sources and processes by which hydrogen is derived, it can be categorized into three: 

  • Grey hydrogen: Produced from fossil fuels (primarily natural gas).
  • Blue hydrogen: Generated from fossil fuels with carbon capture and storage options. 
  • And finally, green hydrogen: Generated from renewable power sources such as solar, wind, and geothermal energy.

Green hydrogen is produced by splitting water into hydrogen and oxygen using renewable electricity. This chemical process is known as electrolysis. The main advantage of green hydrogen is that it is a clean-burning molecule. It can help reduce carbon emissions in the iron and steel, chemicals, and transportation sectors. A truly revolutionary concept, indeed!

The Green Hydrogen Industry in India

Since green hydrogen is one of the cleanest forms of energy, it is now considered the best solution to achieve net-zero emissions. Many countries are now investing billions of dollars into the development of green hydrogen infrastructure. Meanwhile, India has also taken various steps to support green initiatives. 

  • In August 2021, Prime Minister Narendra Modi launched the National Hydrogen Energy Mission (NHEM) and announced his decision to transform India into a global hub for green hydrogen production and export. Between 2021 and 2024, the government will invest Rs 800 crore in research & development projects that aim to cut down the cost of green hydrogen production.
  • India’s current energy import bill is over Rs 12 lakh crore a year. The dependence on coal and oil is likely to surge by 2-3 times in the near future. Thus, NHEM will help to stop our reliance on expensive oil imports. Green hydrogen will become a necessity to meet energy consumption requirements in the long term. 
  • In February 2022, the Indian government introduced the Green Hydrogen Policy. It targets the production of 5 million metric tonnes per annum (MTPA) of green hydrogen by 2030. Under this policy, a renewable energy plant set up to supply power for green hydrogen production before July 2025 will get 25 years of free power transmission! This policy will bring a sense of competitiveness amongst players in the green hydrogen sector. 
  • Many entities are working on the development of hydrogen fuel cell technology to power automobiles. We will soon be able to see many hydrogen-powered vehicles plying on Indian roads!

Now, let’s look at the top 5 companies leading the green hydrogen revolution in India.

Reliance Industries Ltd

  • Reliance Industries Ltd (RIL) has entered the green energy sector with highly ambitious plans. 
  • Chairman Mukesh Ambani had revealed a roadmap to invest $10 billion (or Rs 75,400 crore) in solar, green hydrogen, batteries, and fuel cells over the next three years.
  • RIL has also started developing the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat. This Rs 60,000 crore project will be an integrated facility that manufactures components such as solar cells & modules, batteries, fuel cells, and an electrolyzer plant to produce green hydrogen.
  • RIL has partnered with Danish company Stiesdal A/S through its subsidiary Reliance New Energy Solar Ltd to develop and manufacture hydrogen electrolyzers.
  • Reliance has vowed to produce green hydrogen at $1 per kilogram by 2030.

GAIL (India) Ltd

  • GAIL is currently working on building the largest green hydrogen plant in our country as it looks to supplement its natural gas business with carbon-free fuel.
  • It had recently floated a global tender to procure an electrolyzer that can produce 4.5 tonnes of hydrogen per day.
  • The company has also started mixing hydrogen in natural gas systems of key cities as part of a pilot project. 

NTPC

  • State-owned NTPC plans to produce green hydrogen on a commercial scale. 
  • NTPC will establish a 4,750 MW renewable energy park in Rann of Kutch.
  • The company is running a pilot project at one of its units in Uttar Pradesh, where the cost of hydrogen is currently around $2.8-3/kg. 
  • NTPC  also plans to set up its first green hydrogen fuelling station in Leh, Ladakh.
  • The PSU aims to achieve 60 gigawatts (GW) of renewable capacity by 2032. 

Indian Oil Corporation (IOC)

  • IOC plans to build a green hydrogen plant at its Mathura refinery in Uttar Pradesh. The unit is likely to have a capacity of nearly 1.6 lakh barrels per day.
  • The company has set a target of converting at least 10% of its hydrogen consumption at refineries to green hydrogen in the upcoming years.
  • IOC also aims to establish a standalone green hydrogen manufacturing unit in Kochi, Kerala. This unit will draw energy from the solar power facility of Cochin International Airport Ltd. 

Larsen & Toubro

  • Larsen & Toubro signed a major pact with Norway-based HydrogenPro AS to establish an alkaline water electrolysis unit in India.
  • They also plan to set up green hydrogen plants at their manufacturing units.
  • L&T recently announced the formation of a joint venture with Indian Oil Corporation and Nasdaq-listed ReNew Power to develop a green hydrogen business in India.
  • L&T has set a target to become a net-zero company by 2040. The company aims to invest Rs 1,000-5,000 crore on green initiatives in the coming years.

Conclusion

India’s green hydrogen market is at an infant stage. Producing hydrogen fuel is an expensive task, with the biggest cost being the electrolyser. It is also quite expensive to move/transport hydrogen. Manufacturing at a greater scale could reduce such costs. However, production capacities are low due to limited demand. 

Despite these challenges, our government has taken the initial steps toward encouraging research & development of green hydrogen. In 2017, the Indian hydrogen market was valued at $50 million. This market is expected to grow to $81 million by 2025! No wonder a lot of companies are entering this highly-promising sector! They have already started tapping into the potential of hydrogen as an energy source. Many are examining methods to bring down the cost of production and find alternate use-cases. As citizens, we can build awareness of the technology behind green hydrogen and its benefit to the environment.

What are your views on the evolving green hydrogen industry in India? Let us know in the comments section of the marketfeed app!

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DHFL Promoters Booked in Rs 34,615 crore Bank Fraud Case – Top Indian Market Updates

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

DHFL promoters booked in Rs 34,615 crore bank fraud case

The Central Bureau of Investigation (CBI) has registered a fresh case against DHFL promoters Kapil and Dheeraj Wadhawan for defrauding a consortium of banks led by Union Bank of India for Rs 34,615 crore. It is the biggest bank fraud case registered by CBI. The agency is carrying out searches at 12 locations in Mumbai at the premises of the accused.

Read more here.

Delhivery to expand infra in Mumbai, Bengaluru

Delhivery Ltd has announced plans to expand its infrastructure in Bhiwandi (Greater Mumbai) and Bengaluru to enhance its processing capacity to cater to demand from the southern and western regions of India. The company will collaborate with Welspun on a 7 lakh sq. ft. mega-gateway facility in Mumbai. It is also partnering with GMR Group for an over 1-million sq. ft. facility in Bengaluru.

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NSDL looking to raise Rs 4,500 crore via IPO

National Securities Depository Ltd (NSDL) is eyeing to raise Rs 4,500 crore through an initial public offering (IPO). It is India’s first and biggest depository services company. As of May 31, 2022, NSDL managed more than 2.76 crore investor accounts with a Demat custody value of Rs 297.55 lakh crore. The company has more than 89% market share in terms of Demat asset value. 

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Kalpataru Power secures orders worth Rs 2,290 crore

Kalpataru Power Transmission Ltd and its subsidiaries have secured new orders worth Rs 2,290 crore. These include orders from international markets in the power transmission business of Rs 1,416 crore. The company has also won orders for the construction of an elevated viaduct and five elevated stations of the Kanpur Metro Rail Project, civil works for a data centre, and buildings & factories projects across India totaling Rs 874 crore.

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GAIL to venture into gas liquefaction retail sales

GAIL (India) Ltd plans to liquefy natural gas for easy transportation and sale in areas that are not connected with pipeline grids. It has placed orders for two small-scale liquefaction skids capable of producing LNG on a pilot basis. These plants will help in the distribution of natural gas through liquefaction in new city gas distribution areas and liquefaction of gas at isolated fields. It will also support the establishment of LNG fueling stations.

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Macrotech Developers to provide warehousing space to Skechers near Mumbai

Realty firm Macrotech Developers Ltd will provide 1.1 million square feet of warehousing space to Skechers at Palava near Mumbai. Skechers is a global athletic footwear and apparel brand. The first phase of Skechers’ national distribution centre (NDC) will be delivered in mid-2023. It will be the second-largest NDC for Skechers in Asia and is likely to be one of the tallest warehouse structures in India.

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Vodafone Idea to raise Rs 436 crore from Vodafone Group

Vodafone Idea Ltd’s board has approved a proposal to raise Rs 436.21 crore through the preferential issue of equity shares or warrants to its UK-based parent firm, Vodafone Group. In case the funds are raised via allotment of equity shares, the issue price will be Rs 10.20 per share. In the case of warrants, the issue price will be Rs 10.20, and 100% of the issue price will be paid upfront at the time of subscription of warrants.

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Jio-bp to power EV charging stations at Nexus malls across 13 cities

Nexus Malls has partnered with Jio-bp for the rollout of EV charging stations and battery swapping stations across 17 malls in 13 cities. Jio-bp is a fuel and mobility joint venture between Reliance Industries Ltd and UK-based bp. As part of this partnership, Jio-bp will install 24×7 charging infrastructure for two and four-wheeler EVs at Nexus malls.

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Carlyle acquires 24% stake in Bharti Airtel’s Nxtra for Rs 1,788 crore

CA Cloud Investments, an affiliate of US-based Carlyle Group, has completed the acquisition of a 24.04% stake in Bharti Airtel’s subsidiary Nxtra Data. The Indian teleco will continue to hold the remaining stake in the data centre company. Nxtra Data provides data centre colocation services through its 10 data centres across India.

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GAIL to Invest ₹6,000 crore in Renewables in Next 3 Years – Top Indian Market News

GAIL to invest Rs 6,000 crore in renewables in next three years

GAIL India Ltd has announced plans to invest Rs 6,000 crore in renewable energy over the next three years. The investment can go up by an additional Rs 20,000 crore by 2030, said Manoj Jain— Chairman and MD. GAIL has outlined an overall capital expenditure (capex) plan of up to Rs 40,000 crore in the next five years.

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Sun Pharma Q4 Results: Net loss at Rs 2,277 crore

Sun Pharmaceutical Industries Ltd (SPIL) reported a consolidated net loss of Rs 2,277 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 894 crore in the corresponding quarter last year. Its revenue from operations rose 11% YoY to Rs 9,386.1 crore in Q4 FY22. ​​The pharma company faced a one-time loss of Rs 3,935.7 crore due to antitrust payments and other lawsuit settlements in the US. SPIL’s board has declared a final dividend of Rs 3 per share.

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Tata Motors signs MoU for potential acquisition of Ford India’s Sanand plant

Tata Passenger Electric Mobility Ltd (TPEML) has signed a Memorandum of Understanding (MoU) with Ford India Pvt Ltd and the Government of Gujarat for the potential acquisition of Ford’s vehicle manufacturing facility in Sanand. The proposed MoU includes the purchase of land & buildings, vehicle manufacturing plant, machinery and equipment, and transfer of all eligible employees of the unit. TPEML is a subsidiary of Tata Motors.

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LIC Q4 Results: Net profit falls 18% YoY to Rs 2,409 crore

Life Insurance Corporation of India (LIC) reported a 17.41% YoY decline in consolidated net profit to Rs 2,409.39 crore for the quarter ended March (Q4 FY22). Its net premium income (NPI) rose 17.8% YoY to Rs 1.44 lakh crore during the same period. Income from investments stood at Rs 67,855.59 crore in Q4, compared to Rs 67,684.27 crore in the year-ago quarter. LIC’s board declared a dividend of Rs 1.5 per share.

Read more here. 

Jubilant Foodworks Q4 Results: Net profit falls 9% YoY to Rs 96 crore

Jubilant Foodworks Ltd (JFL) reported an 8.8% YoY decline in consolidated net profit to Rs 96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.3% YoY to Rs 1,175.97 crore during the same period. Total expenses increased 13.7% YoY to Rs 1,038.27 crore. JFL opened 80 new Domino’s Pizza restaurants in Q4. The company’s board declared a dividend of Rs 1.2 per share. 

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L&T secures order for Chennai Metro Rail Project

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) for the Chennai Metro Rail Project. The scope of the order involves the construction of an elevated viaduct of ~10 km, including an elevated ramp and 10 elevated metro stations. This metro rail package is to be constructed in 35 months.

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IRCTC Q4 Results: Net profit doubles to Rs 213.78 crore

Indian Railway Catering & Tourism Corp (IRCTC) reported a 105.99% YoY jump in net profit to Rs 213.78 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 103.95% YoY to Rs 690.96 crore during the same period. Revenue from internet ticketing stood at Rs 292.82 crore, up 38.11% YoY. IRCTC’s board has declared a final dividend of Rs 1.5 per share.

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Aditya Birla Sun Life AMC partners with BentallGreenOak to form credit investment vehicle

Aditya Birla Sun Life AMC Ltd (ABSLAMC) has partnered with BentallGreenOak to form a structured credit investment vehicle. This investment vehicle will target structured debt investments in post-approval real estate projects, primarily in Tier-1 metropolitan locations. The collaboration brings together two established investment managers with extensive track records in both the domestic and international markets.

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Natco Pharma Q4 Results: Net loss at Rs 50.5 crore

Natco Pharma Ltd reported a consolidated net loss of Rs 50.5 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 53 crore in the corresponding quarter last year. Its revenue from operations rose 80.13% YoY to Rs 596.8 crore in Q4 FY22. ​​The loss in the fourth quarter was primarily due to inventory value write-off and provision of estimated credit losses.

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JSW Steel’s Net Profit Falls 20% YoY to Rs 3,343 crore in Q4 – Top Indian Market News

A crane operator lifts up a finished steel coil at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, January 30, 2020. REUTERS/Wolfgang Rattay/Files

JSW Steel Q4 Results: Net profit falls 20% YoY to Rs 3,343 crore

JSW Steel Ltd reported a 20.2% YoY decline in consolidated net profit to Rs 3,343 crore for the quarter ended March (Q4 FY22). Its total income rose 73% YoY to Rs 47,128 crore during the same period. Expenses surged 98.9% YoY to Rs 41,282 crore in Q4. The company recorded an exceptional loss of Rs 741 crore. JSW Steel’s board has declared a final dividend of Rs 17.35 per share.

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Sun Pharma acquires Uractiv portfolio from Fiterman Pharma in Romania

Sun Pharmaceutical Industries Ltd’s subsidiary, S.C. Terapia, has acquired the Uractive portfolio from Fiterman Pharma in Romania. The portfolio comprises food supplements including minerals, vitamins, cosmetics, and medical devices used for maintaining urinary tract health. Uractiv is a leading brand in its category in Romania, with a portfolio of 12 stock-keeping units (SKUs) having annualised revenues of approximately $8.7 million.

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Nykaa Q4 Results: Net profit falls 49% YoY to Rs 8.56 crore

FSN E-Commerce Ventures (Nykaa) reported a 49% YoY decline in consolidated net profit to Rs 8.56 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 31% YoY to Rs 973.32 crore during the same period. The gross merchandise value (GMV) grew 45% YoY to Rs 179.8 crore in Q4.

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RIL, Jindal Group, HPCL-Mittal Energy in race to buy JBF Petro

Reliance Industries Ltd (RIL), an HPCL-Lakshmi Mittal joint venture, two Jindal Group firms, and three other entities have reportedly shown interest in acquiring bankrupt JBF Petrochemicals. JBF Petro manufactures purified terephthalic acid— a raw material for polyester fibre and PET raisin (used to make jars and bottles for mineral water, carbonated soft drinks). The company has an outstanding debt of Rs 4,700 crore.

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GAIL Q4 Results: Net profit rises 41% YoY to Rs 2,683 crore

GAIL Limited reported a 40.6% YoY increase in net profit to Rs 2,683.11 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 73.4% YoY to Rs 26,968.21 crore during the same period. The cost of materials consumed jumped 207.4% YoY to Rs 3,171.4 crore in Q4. GAIL’s board declared a final dividend of ₹1 per share.

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Siemens’ board approves transfer of LDA biz to Siemens AG arm for Rs 440 crore

Siemens Ltd’s board has approved the sale of its Large Drivers Application (LDA) business to a subsidiary of Siemens AG for Rs 440 crore. The business will be transferred to Siemens Large Drives India Pvt. Ltd. (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG). The LDA segment recorded a revenue of Rs 443 crore and an operating profit of Rs 25 crore in FY21.

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Ruchi Soya Q4 Results: Net profit falls 25% YoY to Rs 234 crore

Ruchi Soya Industries Ltd reported a 25.4% YoY decline in net profit to Rs 234.43 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 37.72% YoY to Rs 6,663.72 crore during the same period. The foods product segment registered a 15% increase in sales over the previous quarter. The company’s board has declared a dividend of Rs 5 per share.

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Adani Enterprises’ arm to acquire 50% stake in General Aeronautics

Adani Defence Systems and Technologies Ltd (ADSTL) will acquire a 50% stake in Bengaluru-based General Aeronautics Pvt Ltd. ADSTL is a wholly-owned subsidiary of Adani Enterprises Ltd. General Aeronautics is an end-to-end agri platform solution provider. It provides robotic drones and drone-based solutions for crop protection, yield monitoring, precision-farming, etc.

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SJVN signs pact to supply 200 MW solar power to discoms in Bihar

SJVN Limited has signed a power purchase agreement (PPA) for the supply of 200 megawatts (MW) from its solar power projects in Bihar to state discoms. The company has bagged this project at a tariff of Rs 3.11 per unit through Open Competitive Tariff Bidding organised by Bihar Renewable Energy Development Agency (BREDA). The project is scheduled to be commissioned by November, 2023.

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SpiceJet Settles $24 million Dispute With Credit Suisse – Top Indian Market News

Spicejet

SpiceJet settles $24 million financial dispute with Credit Suisse

SpiceJet Ltd has reached an in-principle commercial settlement with Credit Suisse AG over pending dues of $24 million. The Swiss firm had moved the Madras High Court against SpiceJet after the airline availed the services of SR Technics, Switzerland, for maintenance, repair, and overhauling of aircraft engines and components. SpiceJet had failed to make the required payments for the services.

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Exide Industries to invest Rs 6,000 crore in lithium-ion cell unit in Bengaluru

Exide Industries Ltd will invest around Rs 6,000 crore in a state-of-the-art lithium-ion cell manufacturing unit in Karnataka. The battery maker has proposed one of India’s largest giga factories for advanced cell chemistry technology. It has sought 80 acres of land in Haraluru industrial area near the Bengaluru International Airport.

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Prices of EVs to be equal of petrol cars in 2 years: Nitin Gadkari

Prices of electric vehicles (EVs) will be equal to the cost of petrol vehicles in India within two years, said Road Transport and Highways Minister Nitin Gadkari in Lok Sabha. MPs can buy electric vehicles once a charging station is installed on Parliament premises. The minister said the government’s policy is import substitute, cost-effectiveness, pollution-free and indigenous production.

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Adani Road Transport receives LoA for NHAI road project in Maharashtra

Adani Road Transport (ARTL) has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The order consists of six-laning the Kagal-Satara section of NH-48. The estimated cost of the project is Rs 2,008.47 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd. 

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Bharat Dynamics, UAE firm signs MoU to explore new business opportunities 

Bharat Dynamics Ltd (BDL) has signed a Memorandum of Understanding with UAE’s Tawazun Economic Council (TEC) for exploring new business opportunities in the field of defence. The two entities will explore the possibility of exporting products to cater to global demand. Tawazun is the defense and security acquisition authority for the UAE armed force.

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Britannia plans to raise prices by up to 7%

Britannia is planning to hike the prices of its biscuits and cookies by 7% this year. Managing Director Varun Berry said the last two years have been pretty bad for the business. The latest blow delivered by the Russia-Ukraine war has affected the food supply chain. The company had initially assumed a 3% inflation this year. However, inflation is now seen at 8-9%.

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GAIL announces Rs 1,083 crore buyback plan

GAIL (India) Ltd has announced a share buyback plan worth Rs 1,084.72 crore. The state-run company will buy back nearly 5.69 crore fully paid-up equity shares (of the face value of Rs 10 each) at Rs 190 per share. The buyback price is at a 24% premium over Wednesday’s closing price of Rs 153.40. GAIL has fixed April 22 as the record date for ascertaining the eligibility of shareholders for buyback of shares.

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Bharti Airtel partners with Tech Mahindra to co-develop 5G use cases

Bharti Airtel Ltd has entered into a strategic partnership with Tech Mahindra to co-develop and market 5G use cases in India. They will jointly set up a 5G innovation lab for developing ‘Make in India’ use cases for the Indian and global markets. Airtel has been spearheading 5G demos and testing in the country, while Tech Mahindra has developed world-class 5G applications and platforms. 

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IOCL to release 6,000 MT diesel to ease power crisis in Sri Lanka

Indian Oil Corporation Ltd (IOCL) will release 6,000 metric tonnes of diesel to Sri Lanka as it pitches in to mitigate the spike in power cuts in the island nation. Sri Lanka is facing an unprecedented economic and energy crisis caused due to shortage of foreign exchange. India recently announced to extend a $1 billion line of credit to Sri Lanka as part of its financial assistance to the country. 

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Indian govt more than doubles gas price

The government more than doubled the domestic price of natural gas, increasing it for the second time in a row amid rising global prices. Gas under the administrative price mechanism will cost 110.3% more at $6.1 a million metric British thermal units for the first half of FY23. As per reports, such a hike may benefit Oil & Natural Gas Corp., Oil India Ltd, and Reliance Industries Ltd.

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GAIL to Connect Srinagar to Gas Grid – Top Indian Market News

GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023

GAIL India Ltd has announced plans to lay a pipeline to Srinagar to take natural gas to the Kashmir Valley. The company is doubling down on efforts to expand infrastructure to support the government’s vision of a gas-based economy. By May 2023, GAIL will complete a 700-km pipeline from Mumbai to Nagpur. This will enabe the flow of gas to central India. GAIL is on track to meet the target of mid-2022 for completing major portions of the Urja Ganga project.

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India’s mineral production rises 3% in December

India’s mineral production rose 2.6% in December 2021 over the corresponding month a year ago. The index of mineral production of mining and quarrying sector stood at 120.3. As per provisional data from the Indian Bureau of Mines (IBM), there was a cumulative growth of 16% YoY during the April-December period of 2021-22. The production of important minerals that showed year-on-year growth during December includes magnesite (73.2%), gold (71%), bauxite (27.1%), and lignite (21.4%).

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Mankind Pharma to acquire Combihale, Daffy brands of Dr Reddy’s Labs

Mankind Pharma has signed a pact with Dr. Reddy’s Laboratories to acquire two brands— Combihale and Daffy. Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease. Meanwhile, Daffy is a soap-free moisturizing bar for infants. Mankind Pharma said the market for Combihale is valued at Rs 900 crore, growing at 14%. The total market for Daffy is valued at Rs 1,000 crore and growing at 18%.

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Cyient launches private 5G networks CoE; signs MoU with IIT-H 

Cyient Ltd announced the launch of its Private 5G Networks Center of Excellence (CoE). It has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Hyderabad, as a research partner for the CoE. The CoE will combine Cyient’s enterprise and network experience with IIT-H’s research and technology expertise to develop and test private 5G network solutions. 

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Vodafone Idea appoints SBI Cap to negotiate loan recast of up to Rs 23,000 crore

Vodafone Idea Ltd has appointed SBI Capital Markets to negotiate the restructuring of loans worth Rs 20,000-23,000 crore that it is due to repay within the next four years. The cash-strapped telco has also sought an additional half-billion dollars as loans for capital expenditure (capex) requirements critical to expanding its 4G network.

TCS partners with MATRIXX Software to offer subscription management platform for CSPs

Tata Consultancy Services (TCS) has announced a partnership with US-based MATRIXX Software. The IT firm will integrate TCS HOBS, its plug-and-play digital business platform for subscription, device, and data management, with the cloud-native capabilities of the MATRIXX digital commerce platform. The integrated solution will help Communication Service Providers (CSPs) transform their prepaid and postpaid businesses for superior customer experience and growth.

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India wants Tesla to buy $500 million of local auto parts: Report

According to a report from ET, Tesla Inc. would need to commit to sourcing at least $500 million of auto components from India for the electric carmaker’s request for an import tax cut on its vehicles to be considered. The EV maker would need to agree to ramp up Indian parts purchases by around 10-15% a year until a satisfactory level is achieved. The govt has formally told Tesla to ramp up domestic sourcing. However, it is yet to relay a procurement target to the company.

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Wipro secures $150 million deal from ABB

Wipro Ltd has secured a five-year strategic engagement to drive transformation for ABB’s Information Systems digital workplace services. The agreement is worth over $150 million (~Rs 1,126.7 crore). Wipro will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries.

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BSE collaborates with 4 regional associations to promote EGRs, International Bullion Exchange

BSE Ltd has collaborated with four regional associations from Maharashtra and Tamil Nadu to promote Electronic Gold Receipts (EGRs). These pacts are aimed at providing a boost for the growth and development of the commodities segment in general and the proposed EGR market. Apart from knowledge sharing and research, the collaboration will help standardise EGRs for Indian markets at the regional level and enhance transparency in pricing.

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Tata Motors’ JLR partners with Nvidia for AI-powered vehicles

Jaguar Land Rover (JLR), a subsidiary of Tata Motors, announced a partnership with Nvidia for all new vehicle platforms slated for production beginning in 2025. Future JLR vehicles will be based on the Nvidia Drive Hyperion 8 platform featuring the Orin-based computing system. It combines safety, security, networking, and sensors systems required for autonomous driving. 

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CCI Suspends Amazon’s 2019 Deal With Future Group – Top Indian Market News

CCI suspends Amazon’s 2019 deal with Future Group citing suppression of information

The Competition Commission of India (CCI) has suspended Amazon.com, Inc’s 2019 deal with Future Group following a review of allegations that the e-commerce giant had concealed information while seeking regulatory approval. CCI has also imposed a penalty of Rs 200 crore on Amazon. The step taken by CCI could have far-reaching consequences on Amazon’s legal battles with now-estranged partner Future. 

Over the past year, Amazon has successfully used the terms of its $200 million investment in 2019 to block Future Group’s attempt to sell retail assets to Reliance Industries Ltd for $3.4 billion.

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Hindalco to acquire Hydro’s aluminium extrusion unit in Andhra Pradesh

Hindalco Industries Ltd has signed a definitive agreement to acquire Norway-based Hydro’s aluminium extrusions business in India for Rs 247 crore. Hydro’s integrated facility at Kuppam, Andhra Pradesh, has a 15,000-tonne aluminium extrusions capacity. It is integrated with advanced value-added capabilities for surface finishing and fabrication. It offers custom aluminium extrusion products and solutions for auto, building and construction, and industrial applications.

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Tata Motors partners with Maharashtra govt to set up vehicle scrappage facility

Tata Motors has signed a Memorandum of Understanding (MoU) with the Govt of Maharashtra to set up a registered vehicle scrapping facility (RVSF). in the state. The scrappage centre will have a recycling capacity of up to 35,000 vehicles per year for end-of-life passenger and commercial vehicles. The automaker had earlier signed an MoU with the Gujarat government for setting up a scrapping facility in Ahmedabad.

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Union Bank of India enters into co-lending partnership with HomeFirst 

Union Bank of India and Home First Finance Company India Ltd have entered into a strategic co-lending partnership to offer home loans to customers at competitive interest rates. The partnership aims at leveraging the strengths of both firms to provide a seamless experience to retail home loan customers in the priority sector. HomeFirst will originate loans as per the agreed credit policy of the bank in line with the provisions of RBI’s co-lending model. 

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KEC International secures new orders worth Rs 1,041 crore

KEC International Ltd has secured new orders worth Rs 1,041 crore across its various businesses. The company’s Transmission & Distribution (T&D) segment has received orders for T&D projects in India, the Middle East, and the Americas. The civil business has secured an order for building a Data Centre in Western India. KEC International’s cables business has secured orders for various types of cables in India and overseas.

Bharti Airtel prepays Rs 15,519 crore towards deferred spectrum liabilities

Bharti Airtel Ltd has pre-paid Rs 15,519 crore to the Department of Telecommunications (DoT) towards the complete deferred liabilities pertaining to the spectrum it acquired in the 2014 spectrum auction. The company had acquired 128.4MHz of spectrum for a consideration of Rs 19,051 crores in the 2014 auction. 

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Domestic air traffic saw 17% growth in November: DGCA

Domestic air passenger traffic witnessed a 17% month-on-month (MoM) growth in November 2021. Around 10.52 million passengers took to the skies in November, compared to 8.99 million in October and 7.07 million in September. IndiGo carried 5.71 million passengers during November and secured a 54.3% market share. SpiceJet carried 1.08 million passengers, registering a market share of 10.3%.

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RCF gets Govt approval for setting up new NPK plant

Rashtriya Chemicals & Fertilizers Ltd (RCF) has received approval from the Department of Fertilizers (DOF) for setting up a 1,200 million tonnes per day (MTPD) NPK plant. The nitrogen-phosphorus-potassium (NPK) plant will be set up at an estimated cost of Rs 914.58 crore. The project will be completed in 36 months.

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Raymond to raise up to Rs 100 crore via NCDs

The Board of Directors of Raymond Ltd has approved the issue of non-convertible debentures (NCDs) for an amount up to Rs 100 crore on a private placement basis. The tenure of the NCDs, which carry a coupon rate of 7.6% per annum (payable annually), is 1,095 days from the deemed date of allotment. The NCDs will be listed on the National Stock Exchange (NSE).

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GAIL, Gujarat Alkalies to set up bio-ethanol plant in Gujarat

GAIL (India) Ltd has signed a pact with Gujarat Alkalies & Chemicals Ltd (GACL) to set up a 500-kilolitres per day Bio Ethanol Plant in Gujarat and explore other business opportunities of mutual interest. In other news, GAIL’s board of directors is scheduled to meet on December 23, 2021, to consider the interim dividend pay-out for FY 2021-22. 

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Vakrangee partners with Upstox to offer trading services through BharatEasy app

Vakrangee Digital Ventures Ltd has partnered with Upstox to offer online trading account opening services through its BharatEasy mobile app. The company will also provide services from its physical network of Vakrangee Kendras. Vakrangee Digital is a wholly-owned subsidiary of Vakrangee Ltd, a technology company that provides banking, insurance, e-governance, e-commerce, and logistics services. 

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GAIL Reports 19% QoQ Fall in Net Profit in Q1 – Top Indian Market News

GAIL Q1 Results: Net profit falls 19% QoQ to Rs 1,530 crore

GAIL (India) Ltd reported a 19.8% quarter-on-quarter (QoQ) decline in net profit to Rs 1529.9 crore for the quarter ended June (Q1 FY22). Net profit has jumped ~500% when compared to the corresponding period last year. Its revenue from operations rose 11.8% QoQ to Rs 17,383.9 crore in Q1. GAIL’s natural gas marketing and liquefied petroleum gas (LPG) gas volumes rose 19.2% QoQ and 17.3% QoQ, respectively in the April-June quarter of FY22.

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Bharti Airtel partners with Google Cloud, Cisco to launch Airtel Office Internet

Bharti Airtel Ltd has announced the launch of Airtel Office Internet in partnership with Google Cloud and Cisco. The enterprise-grade solution will accelerate the digital transformation of small businesses, small offices/home offices (SOHOs), and tech startups. Plans start at Rs 999 and come with a range of add-on services like Static Internet Protocol (IP) addresses and parallel ringing. Airtel Office Internet comes as a unified solution with one plan and one bill. It offers FTTH broadband with symmetric speeds up to 1Gbps and unlimited local/STD calls.

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Adani Transmission Q1 Results: Net profit rises 22% YoY to Rs 433 crore

Adani Transmission Ltd reported a 21.9% YoY increase in consolidated net profit to Rs 433.24 crore for the quarter ended June (Q1 FY22). Net profit has increased by 68.87% when compared to the previous quarter. Its total income rose 15.45% YoY (or 2.1% QoQ) to Rs 2,935.72 crore during the same period. The company’s transmission business delivered an operational revenue of Rs 757 crore in Q1, registering a growth of 11.4% YoY.

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Alembic Pharma gets USFDA approval for OCD treatment drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clomipramine Hydrochloride capsules. The drug is used to treat obsessions and compulsions in patients with Obsessive-Compulsive Disorder (OCD). According to IQVIA data, the estimated market size of the capsules for the 12 months ended June 2021 stood at $32 million (~Rs 237 crore).

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Tata Chemicals Q1 Results: Net profit surges to Rs 342 crore

Tata Chemicals Ltd reported a multi-fold jump in consolidated net profit to Rs 342 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 74.15 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 27% YoY to Rs 2,977 crore in Q1 FY22. The strong performance in Q1 was aided by a rebound in soda ash volumes in the US and India. Revenue from its Basic Chemistry segment grew 30% YoY to Rs 2,173 crore during the same period.

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Reliance BP Mobility partners with Swiggy to build EV ecosystem

Food delivery platform Swiggy has partnered with Reliance BP Mobility Ltd (RBML) to build an electric vehicle (EV) ecosystem in India. The partnership is aimed at promoting the adoption of battery-powered EVs, including the deployment of electric two-wheelers for food delivery. It will be supported by Jio-BP’s network of battery swap stations and Swiggy’s network of delivery partners. RBML is a joint venture of Reliance Industries Ltd (RIL) and UK-based energy major BP plc.

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Cipla Q1 Results: Net profit rises 24% YoY to Rs 715 crore

Cipla Limited reported a 24% YoY increase in consolidated net profit to Rs 715 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 27% YoY to Rs 5,504 crore during the same period. The pharma company’s sales in India grew 68% YoY to Rs 2,710 crore in Q1. Cipla’s operating profit rose 28% YoY to Rs 1,346 crore in the April-June quarter of FY22.

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Panacea Biotec to manufacture 25 million doses of Sputnik V vaccine

Panacea Biotec has entered into a licensing and manufacturing agreement with Russia-based Human Vaccine Limited Liability Company, Generium Joint Stock Company, and Dr. Reddy’s Labs to produce up to 25 million doses of Sputnik V vaccine. The pharma company will produce the Covid-19 vaccine using the ready-to-fill substance manufactured by Generium and then supply the entire quantity to Dr. Reddy’s Labs for distribution in India.

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Escorts Q1 Results: Net profit doubles to Rs 185 crore

Escorts Limited reported a 101% YoY jump in standalone net profit to Rs 185.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 57.4% YoY to Rs 1,671.5 crore during the same period. The tractor manufacturer’s EBITDA increased by 95% YoY to Rs 233.2 crore in Q1. Tractor sales grew 42.9% YoY to 25,935 units during the April-June quarter of FY22.

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Prince Pipes Q1 Results: Net profit rises 57% YoY to Rs 17.75 crore

Prince Pipes and Fittings Ltd reported a 57.78% YoY increase in net profit to Rs 17.75 crore for the quarter ended June (Q1 FY22). Net profit has declined by 81.74% when compared to the previous quarter. Its total income rose 8.16% YoY (and declined by 56% QoQ) to Rs 332.8 crore during the same period. Prince Pipes is a leading manufacturer of PVC pipes and multi-polymer processors in India.

Indiabulls Housing Q1 Results: Net profit rises 3% YoY to Rs 282 crore

Indiabulls Housing Finance Ltd reported a 3.3% YoY increase in net profit to Rs 281.69 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.98% when compared to the previous quarter. Its total income declined by 9.79% YoY (or 4% QoQ) to Rs 2,325.75 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.86% in Q1 FY22, compared to 2.2% in Q1 FY21.

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GAIL Reports 28% QoQ Rise in Net Profit in Q4 – Top Indian Market News

GAIL Q4 Results: Net profit rises 28% QoQ to Rs 1908 crore

GAIL (India) Limited reported a 28% quarter-on-quarter (QoQ) increase in net profit to Rs 1907.7 crore for the quarter ended March (Q4). Its revenue from operations rose 0.6% QoQ to Rs 15,548.1 crore during the same period. Revenue from the petrochemicals and natural gas segments rose 14.5% and 0.7%, respectively, over the previous quarter. Net margins increased to 16%, compared with 12.4% in Q3 FY21. Net profit for the financial year 2020-21 (FY21) declined by 26% YoY to Rs 4,890.18 crore.

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Dr Reddy’s partners with Rockwell for Sputnik V rollout in India

Dr Reddys Laboratories has entered into a strategic partnership with Rockwell Industries to provide WHO-certified Covid-19 vaccine freezers for the storage of Sputnik V vaccines across India. On May 14, Dr Reddy’s had announced a limited pilot soft launch of Sputnik V in India, ahead of the commercial launch in June. Rockwell will provide end-to-end logistics and after-sales service support for vaccine freezers across the country. The freezers play a critical role in the safety of the vaccine and its potency. 

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Cabinet allocates 5 MHz spectrum for Indian Railways to improve communication

The Union Cabinet has allocated a 5 MHz spectrum in the 700 MHz band to the Indian Railways to boost hi-speed radio communication. The Centre will spend around Rs 25,000 crore in the next 5 years for signal modernization and 5G spectrum implementation in Railways. Long Term Evolution (LTE) for Indian Railways will enable secure and reliable voice, video, and data communication services for better safety. 

In other news, the Cabinet has approved an increase in minimum support prices (MSP) for Kharif crops. The Cabinet Committee on Economic Affairs has also approved the revival of Ramagundam Fertilizers & Chemicals Ltd (RFCL) to boost local production of gas-based urea. RFCL is a joint venture (JV) company of National Fertilizers Ltd and Engineers India Ltd.

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Varroc Engineering signs MoU with Candera GmbH for integrating HMI technology

Varroc Engineering Ltd has signed a Memorandum of Understanding (MoU) with Candera GmbH for a strategic association to integrate the Human Machine Interface (HMI) technology in Varroc’s thin-film-transistor (TFT) instrument cluster. As per the MoU, Varroc will develop the hardware and base software of the product. Austria-based Candera will provide software solutions for HMI. The TFT cluster provides an array of features such as navigation, Bluetooth connectivity, and mobile phone synchronization.

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Petronet LNG Q4 Results: Net profit rises 71% YoY to Rs 638 crore

Petronet LNG reported a 70.9% YoY increase in consolidated net profit to Rs 637.92 crore for the quarter ended March (Q4). Net profit has declined by 27.7% when compared to the previous quarter. Its revenue from operations declined by 11.6% YoY to Rs 7,575.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 8.7% YoY to Rs 2,939.23 crore. Petronet LNG’s board has recommended a final dividend of Rs 3.5 per share.

The company has announced plans to invest $2.6 billion (~Rs 18,960 crore) over the next five years to expand local infrastructure. Its head of finance stated that investing in overseas projects is ‘not lucrative’ in the current liquefied natural gas (LNG) surplus market.

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Sterlite Tech signs fibre network expansion deal with Vocus Group

Sterlite Technologies Ltd (STL) has signed a partnership with Australia-based Vocus Group to expand its fibre network in the country. Under the agreement, STL will supply its ‘Opticonn’ solutions to the Australian fibre and network solutions provider. The Opticonn offerings include a range of optical fibre and cable products, optical interconnect, and pre-connectorised kits. This deal will enable STL to strengthen its presence in the Australian market and help network creators to deploy high-capacity networks nationwide.

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Bajaj Healthcare Q4 Results: Net profit rises 70% YoY to Rs 21.28 crore

Bajaj Healthcare Ltd reported a 69.5% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4). Net profit has declined by 19.45% when compared to the previous quarter. Its revenue from operations rose 11.54% YoY to Rs 132.18 crore during the same period. Bajaj Healthcare’s board has recommended a final dividend of Rs 0.5 per share and a special dividend of Rs 0.5 per share.

Ramco Systems launches AI-based Self Explaining Payslip

Ramco Systems Ltd announced the launch of Self Explaining Payslip, an AI-based service that lets employees seek explanations of their compensation and payslip component. It helps employees receive prompt and personalized responses to their payroll queries. The Self Explaining Payslip eases employee experience through proactive notifications across payslip availability, tax declarations, and salary analytics. Ramco Systems is a software and services provider based in Chennai.

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Star Cement Q4 Results: Net profit rises 4.72% YoY to Rs 62 crore

Star Cement Limited reported a 4.72% YoY increase in standalone net profit to Rs 62.11 crore for the quarter ended March (Q4). Net profit has jumped 195% when compared to the previous quarter. Its revenue from operations rose 12.35% YoY to Rs 589.86 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined 28.09% YoY to Rs 157.27 crore.

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Net inflows into equity MFs rise to 14-month high in May

Net inflows into equity and equity-linked schemes jumped nearly threefold over the preceding month to Rs 10,083 crore in May 2021. This is the highest inflow since March 2020. Large-cap, mid-cap, and small-cap funds witnessed net inflows for the third straight month. A net outflow of Rs 44,512 crore was seen in debt funds in May, compared to an inflow of Rs 1 lakh crore in April. The data was released by the Association of Mutual Funds in India (AMFI).

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Indian Metals Q4 Results: Net profit at Rs 65.4 crore

Indian Metals and Ferro Alloys Ltd reported a consolidated net profit of Rs 65.4 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 51.94 crore in the corresponding quarter last year (Q4 FY20). Total income rose 54.31% YoY (or 36.7% QoQ) to Rs 587.95 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 350.5% YoY to Rs 166.55 crore. The company’s board has recommended a dividend of Rs 7 per share.