go fashion Archives

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

Bharti Airtel launches Wynk Studio to support independent artists

Bharti Airtel Ltd has launched Wynk Studio, a music distribution ecosystem for independent artists. The studio enables artists to launch and monetise their music. The company has earmarked Rs 100 crore to promote local talent and launch 5,000 independent artists. At present, Wynk Studio has onboarded 130 artists from India, Singapore, and the United States.

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Aurobindo Pharma Q1 Results: Net profit falls 32% YoY to Rs 521 crore

Aurobindo Pharma Ltd reported a 32% YoY decline in consolidated net profit to Rs 521 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 9% YoY to Rs 6,236 crore during the same period. EBITDA stood at Rs 935 crore in Q1, down 22% YoY. The company’s Active Pharmaceutical Ingredients (API) business grew 12% YoY to Rs 907 crore.

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Ashok Leyland’s EV arm partners with Chalo to deploy 5,000 EV buses

Ashok Leyland’s EV subsidiary, Switch Mobility, has partnered with Chalo (an app-based public transport operator) to supply over 5,000 electric buses over three years. Switch Mobility will manufacture the buses, while its sister company OHM Mobility will operate them in partnership with Chalo. The electric buses will be deployed across metros and major cities.

Read more here.

Jet Airways Q1 Results: Net loss at Rs 390 crore

Jet Airways reported a net loss of Rs 390.1 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 129 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations fell 83% YoY to Rs 12.53 crore in Q1 FY23. It has started the process of hiring pilots for Airbus’ A320 aircraft and Boeing’s 737NG and 737Max planes. They intend to recommence commercial operations in the current quarter (Q2 FY23).

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NMDC hikes lump ore rate to Rs 4,100 per tonne; fines at Rs 2,910

NMDC Ltd has hiked prices of lump ore by Rs 200 per tonne and fines by Rs 100 per tonne with immediate effect. It fixed the prices of lump ore at Rs 4,100 per tonne and fines at Rs 2,910 per tonne. NMDC is India’s largest producer and seller of iron ore. It contributes around 17% to the country’s annual iron ore output.

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Bata India Q1 Results: Net profit rises 72% YoY to Rs 119 crore

Bata India Ltd reported a 71.82% YoY increase in consolidated net profit to Rs 119.37 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 253% YoY to Rs 943 crore during the same period. Footfalls across retail outlets and sales through digital channels saw significant growth. Bata India opened more than 20 new franchise stores in Q1, taking the total number to over 320.

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Go Fashion plans to open 120-130 stores every year

Go Fashion (India) Ltd is pushing ahead with its plan to strengthen its footprint across geographies by adding about 120-130 stores every year. The company saw a five-fold YoY jump in total revenue to Rs 165.2 crore for the quarter ended June (Q1 FY23). It posted a net profit of Rs 24.4 crore in Q1 FY23, compared to a loss of Rs 19 crore in Q1 FY22. Go Fashion has been continually adding new products across all its bottom-wear categories.

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Wonderla Holidays Q1 Results: Net profit at Rs 64 crore

Wonderla Holidays reported a net profit of Rs 64.38 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 13.25 crore in Q1 FY22 and a net profit of Rs 8.51 crore in the previous quarter (Q4 FY22). Its revenue from operations surged to Rs 149.42 crore in Q1 FY23, compared to a revenue of Rs 4.35 crore in Q1 FY22 and Rs 57.69 crore in Q4 FY22.

The company aims to focus on leveraging digital marketing, scaling content, consistent park activities, and innovative rides in the coming years.

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Syrma SGS Technology’s IPO to open tomorrow

Chennai-based engineering and design company Syrma SGS Technology will launch its Rs 840 crore initial public offering (IPO) on Friday. The issue will be sold in the price band of Rs 209-220 and would be a mix of fresh issue (Rs 766 crore) and an offer for sale (Rs 74 crore). The IPO will conclude on August 18.

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Trent Q1 Results: Net profit at Rs 115 crore

Trent Limited reported a consolidated net profit of Rs 114.93 crore for the quarter ended June (Q1 FY23). The retail firm had posted a net loss of Rs 138.29 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped over three-fold YoY to Rs 1,803.15 crore in Q1 FY23. Total expenses stood at Rs 1,734.28 crore, up 157% YoY.

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TCS secures order from Five Star Bank

Tata Consultancy Services (TCS) has partnered with Five Star Bank (a subsidiary of US-based Financial Institutions, Inc.) to offer its Customer Intelligence & Insights (CI&I) analytics platform. TCS will leverage the AI-powered CI&I platform’s real-time contextual engagement capabilities to help the bank gain insights to avoid attrition blind spots and drive omnichannel customer personalisation.

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Oil India Q1 Results: Net profit jumps 3x to Rs 1,555 crore

Oil India Ltd (OIL) reported a 3x jump in net profit to Rs 1,555.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 98% YoY to Rs 5,967.55 crore during the same period. OIL realised an average crude price of $112.73 per barrel in Q1 FY23, compared to $67.15 per barrel in Q1 FY22.

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HDFC to merge with HDFC Bank

The Board of Directors of Housing Development Finance Corporation Ltd (HDFC) has approved the merger of the company with HDFC Bank. For every 25 shares held in HDFC Ltd, shareholders will get 42 shares of HDFC Bank. Post the transaction, HDFC Bank will become a full-fledged public company. Existing shareholders of HDFC Limited will own 41% of HDFC Bank. The subsidiaries and associate firms of HDFC will also shift to the bank. The merger is expected to be completed by the second or third quarter of the next financial year (FY24).

Read more here.

India’s manufacturing PMI falls to a six-month low in March

India’s manufacturing activity slowed and dropped to a six-month low in March amidst inflationary/pricing pressures. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54 in March 2022, compared to 54.9 in Feb. While business conditions improved, the latest results showed slower expansions in factory orders and production. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.

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IOCL, L&T, ReNew announce joint venture for green hydrogen business

Indian Oil Corp. Ltd (IOCL), Larsen & Toubro, and ReNew Power have announced the formation of a joint venture (JV) to develop a green hydrogen business. IOCL and L&T have additionally signed a pact to form a JV to manufacture and sell electrolyzers used in the production of green hydrogen. The JVs will look into manufacturing zero-carbon emitting hydrogen, which can be used in refineries, steel plants, and even for running automobiles.

Read more here.

Tata Power Renewables commissions 300MW solar plant in Gujarat

Tata Power Renewables has commissioned a 300 megawatts (MW) solar plant in Dholera, Gujarat, with the country’s largest single-axis solar tracker system. The project will generate 774 million units (MUs) annually. It will also reduce approximately 70,4340 metric tonnes of carbon emission per year.

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Zomato, Swiggy to face CCI probe

The Competition Commission of India (CCI) has ordered an investigation into the conduct of online food delivery platforms Zomato and Swiggy. “The Commission is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, which requires an investigation by the Director-General (DG), to determine whether the conduct of platforms have resulted in contravention of the provisions,” said CCI. The antitrust body has directed its DG to carry out a detailed investigation and submit a report within 60 days.

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Go Fashion to open 120-130 stores year-on-year

Go Fashion (India) Ltd has announced plans to open around 120-130 new stores year-on-year. The company is also boosting its omnichannel engagements for a seamless user experience, building on a tech-driven growth strategy to reach consumers in Tier-1 to Tier-3 cities. Go Fashion opened its 500th exclusive brand outlet in India. They sell a range of women’s bottom-wear under the brand Go Colors.

Read more here.

TCS to implement Real-Time Rail payments system for Payments Canada

Tata Consultancy Services (TCS) has entered into a strategic partnership with Payments Canada to transform its payment system operations and help implement the Real-Time Rail (RTR). The new real-time payments system will allow Canadians to initiate payments and receive funds in seconds, 24/7/365. TCS will help Payments Canada create and execute an integration roadmap for the RTR.

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MOIL’s turnover grows 22% in FY22

Manganese Ore (India) Ltd (MOIL) has reported a 22% YoY growth in turnover at Rs 1,436 crore for the financial year ended March 31, 2022. The company has also achieved production of 12.31 lakh tonnes (LT) in FY22, registering a growth of 8% YoY. Total sales increased by 6% YoY to 12.12 LT. Nagpur-based MOIL is India’s largest manganese ore mining company.

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Bank of Maharashtra advances grow 27%; IDFC First Bank’s deposits rise 13% in FY22

Bank of Maharashtra witnessed a 27% YoY growth in gross advances at Rs 1,36,733 crore in FY22. The public sector lender’s deposits grew 16% YoY to Rs 2,02,641 crore. The total business of the Pune-based bank rose by 20.49% YoY to Rs 3,39,374 crore in FY22.

IDFC First Bank’s total deposits increased by 12.6% YoY to Rs 93,138 crore in the previous financial year. The bank’s retail business grew by 26.4%. Gross funded assets grew 12.8% YoY to Rs 1,32,067 crore in FY22.

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