Tag: godrej agrovet

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IndusInd Bank’s Net Profit Rises 32.5% YoY to Rs 2,123Cr in Q1- Top Indian Market Updates

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

IndusInd Bank Q1 Results: Net profit jumps 32.5% YoY to Rs 2,123 crore

IndusInd Bank reported a 32.5% YoY jump in net profit to ₹2,123.6 crore for the quarter ended June (Q1 FY24). The total income for the quarter increased 28% YoY to ₹12,939 crore. The net interest income (NII) rose 18% YoY to ₹4,867 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 1.94% against 2.35% in Q1 FY23. 

In other news, IndusInd Bank will consider fundraising via debt securities on July 20.

Read more here.

Infosys signs $2 billion AI deal with existing strategic client

Infosys entered into a framework agreement with one of its existing strategic clients to provide artificial intelligence and automation-led development. Infosys revealed that the agreement will also entail modernization and maintenance of services. It is expected to come with a total client spend target of around $2 billion in the next five years. Infosys announced a new platform in May called Infosys Topaz that offers a combination of data analytics and generative AI.

Read more here.

Rama Steel Tubes announces strategic tie-up with JSW Steel

Rama Steel Tubes Ltd (RTSL) announced a strategic partnership with JSW Steel. RSTL has entered into a strategic memorandum of understanding (MoU) with the JSW Steel Group. The MoU is for the procurement of hot rolled coils (HRC), distribution of HRC and production of a value-added product in the western region. Under the tie-up, RSTL will purchase 1,00,000 tonnes of HRC from JSW Steel on a pan-India basis.

Read more here.

LTTS Q1 Results: Net profit jumps 13% YoY to Rs 311 crore

L&T Technology Services reported a 13% YoY increase in net profit to ₹311 crore in Q1 FY24. Net profit stood at ₹275 crore last year. Its total revenue rose 15% YoY to ₹2,301 crore. The company was able to close a $50 million plus deal and 5 additional deals of $10 million plus each across segments in the first quarter. The company’s EBIT margin stood at 17.2% in Q1.

Read more here.

Happiest Minds Technologies raises Rs 500 crore via QIP

Happiest Minds Technologies has successfully raised ₹500 crore ($61 million) through a Qualified Institutions Placement (QIP) of equity shares. The issue attracted a robust response from institutional investors. This was the first-ever equity capital raised by the company after its initial public offering (IPO) in 2020. The company’s board had approved the allotment of 54.11 lakh equity shares of face value ₹2 to eligible investors at a price ₹924 per share.

Read more here.

Piramal Pharma gets SEBI’s approval to raise ₹1,050 crore

The Securities Exchange Board of India (SEBI) has approved Piramal Pharma to raise to ₹1,050 crore through the rights issue of shares. The pharma company submitted the draft papers in March and obtained an observation letter from SEBI on 12 July. The company will utilise the amount for the payment of debt and general corporate purposes.

Read more here.

Polycab India Q1 Results: Net Profit up 82% YoY to Rs 189 cr

Polycab India reported an 82% YoY increase in consolidated net profit to ₹399 crore in Q1 FY24. Its revenue stood at ₹3,889 crore, up 42% YoY in Q1. The company’s EBITDA also rose 76% YoY to ₹549 crore. The wires and cables segment revenues are 47% higher year on year at ₹3,534 crore, while the fast-moving electrical goods (FMEG) segment is marginally higher at ₹315 crore.

Read more here.

Godrej Agrovet receives an allotment of 47,000 acres of land in Telangana

Godrej Agrovet has been allotted a potential 47,000 acres in Telangana for its Oil Palm business. Telangana Government’s Department of Agriculture and Cooperation allotted the land. The land shall be used by Godrej Agrovet to expand its Oil Palm cultivation business. The company will also utilise the land for setting up Oil Palm processing units.

Read more here.

Federal Bank subsidiary FedFina revives IPO plans via fresh issue, OFS

Federal Bank’s subsidiary Fedbank Financial Services Ltd (FedFina) will consider a proposal for an Initial Public Offering (IPO) at its board meeting on Monday, July 17. FedFina’s IPO will be undertaken through a combination of a fresh issue and an Offer for Sale, subject to market conditions, receipt of applicable approvals. The company will intimate the size of the IPO, portion of the Offer for Sale, price, and other details in due course after finalisation of the same in consultation with the book-running lead managers.

Read more here.

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Nifty and Bank Nifty Hits Fresh Highs! – Post-Market Analysis

NIFTY started the day at 19,787 with a gap-up of 76 points— hitting a record all-time high again! Initially, a small profit booking was seen till 19,750 zones. From there, Nifty continued the rally to 19,820 levels and then saw a sharp fall to 19,700 round levels. The index consolidated with a positive bias for the rest of the day. Nifty closed at 19,749, up by 37 points or 0.19%.

BANK NIFTY (BNF) started the day at 45,754 with a gap-up of 305 points— hitting an all-time high. The index initially moved up to 45,900 levels and a small profit booking kicked in till 45,650 levels. Then, it moved back to the day’s high, made a double-top pattern, and came under selling pressure to 45,300 levels (which was also a previous resistance zone that now acted as support). The index immediately rebounded 300 points and another round of sell-off happened till the day’s low again. BNF closed at 45,410, down by 38 points or 0.09%.

All indices except Nifty IT (-1.06%) closed flat-to-red today. Nifty Media (-1.84%) and Nifty PSU Bank (-1.23%) fell the most. 

Major Asian markets closed mixed. European markets are currently trading flat.

Today’s Moves

Infosys (+3.67%) was NIFTY50’s top gainer. The IT major secured a five-year deal worth $2 billion from an existing client. The company will post its Q1 results today.

Godrej Agrovet (+5.6%) after the Telangana govt allotted 47,000 acres for its oil palm business.

Polycab India (+5.4%) after net profit in Q1 FY24 beat analysts’ estimates.

HDFC Life (-1.59%) was NIFTY50’s top loser.

CCL Products (-8.6%) crashed after the company’s operating margins for Q1 fell by 115 basis points to 16.23%.

Markets Ahead

Nifty and Bank Nifty are clearly bullish as we’ve been mentioning in the previous post-market reports. The targets of 19,800 in Nifty and the ATH of Bank Nifty were hit today and the indices moved according to our analysis.

Both indices have rallied without giving much of a retracement, and every dip is getting bought. But looking at the fall from their respective all-time highs, Nifty and Bank Nifty might come under some selling pressure if there’s a follow-up tomorrow.

Nifty: The major support for Nifty will now be 19,700 zones (which was today’s low) and the major resistance will be the 19,750-780 zones, where the index faced multiple rejections. The next major resistance will be the 19,820 zone. So a breakout from 19,750-780 with a re-test may give a first target of 19,820 and then 19,840 eventually (which is also a pivot level).

Bank Nifty: The index is now at a support zone near 45,300-350. If support is being taken from here, we can expect Bank Nifty to move up to 45,560 zones and then eventually to 45,850 zones (which is near an all-time high and that can act as a major resistance).

Fin Nifty was as volatile as Bank Nifty today! Every 5min candle movement was huge— causing trouble to both option buyers and option sellers. In this kind of choppy expiries, money management and following proper rules will be the biggest weapon for traders.

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

How did FIN NIFTY expiry go? Let us know in the comments section of the marketfeed app.

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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.

Read more here.

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.

Read more here.

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.

Read more here.

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Jio Platforms to Acquire Mimosa Networks – Top Indian Market Updates

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

Jio Platforms to acquire Mimosa Networks for $60mn

Jio Platforms (a subsidiary of Reliance Industries) will buy US-based communications equipment maker Mimosa Networks for $60 million to strengthen its 5G and broadband services. Mimosa’s portfolio includes point-to-point and point-to-multi-point products based on WiFi 5 and the newer WiFi 6E technologies. The deal comes at a time when most countries are looking to move away from Chinese technology.

Read more here.

Axis Bank, ITC to offer rural lending products to farmers in remote regions

Axis Bank has partnered with ITC Limited to offer the bank’s lending products and services to farmers who are a part of ITC’s agriculture ecosystem. The deal will enable Axis Bank to cater to the financial requirements of the unserved and under-served farmers based in remote regions of India.

Read more here.

Muthoot Finance announces extension of NPS services to domestic, NRI customers

Muthoot Finance announced the extension of its National Pension Scheme (NPS) services to both domestic and NRI customers through its website and the iMuthoot app. With this move, the company aims to provide customers with an additional avenue for long-term retirement planning as well as benefit them with a tax concession of up to ₹50,000 under subsection 80 CCD (1B).

Read more here.

Godrej Agrovet signs pact with AP govt to set up edible oils refining plant at ₹100 crore

Godrej Agrovet Ltd has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh govt on the sidelines of the Andhra Pradesh Global Investors Summit (APGIS) 2023. As a part of the MoU, the company’s oil palm business will make an estimated investment of Rs 100 crore to set up a manufacturing facility for an edible oil refinery and solvent extraction plant.

Read more here.

Alembic Pharma gets USFDA approval to market generic antidepressant drug

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration to market Brexpiprazole tablets in the American market. The drug is used to treat major depressive disorders and schizophrenia. According to IQVIA data, Brexpiprazole tablets have an estimated market size of $1.6 billion for the 12 months ended December 2022.

Read more here.

Reliance launches iconic beverage brand Campa

Reliance Consumer Products Ltd (RCPL) announced the launch of the iconic beverage brand Campa. RCPL is the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL). The Campa portfolio will initially include Campa Cola, Campa Lemon and Campa Orange in the sparkling beverage category.

Read more here.

Glenmark, Cediprof announce exclusive distribution agreement in US

Glenmark Pharmaceuticals Ltd (GPL) has entered into an exclusive agreement with Cediprof Inc. for the supply and distribution of a generic drug indicated for the treatment of attention deficit hyperactivity disorder (ADHD). GPL expects to commence distribution of the product in the US during the second half of 2023.

Read more here.

Shoppers Stop signs pact with Japan’s Shiseido to sell NARS cosmetics in India

Japan-based Shiseido Asia Pacific signed a strategic distribution partnership agreement with Global SS Beauty Brands (a subsidiary of Shoppers Stop) to expand its brand footprint in India. Shiseido is one of the top 5 manufacturers of cosmetics in the world. Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics, in the second half of 2023 in key cities in India.

Read more here.

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Adani Group to Acquire 29.2% Stake in NDTV – Top Indian Market Updates

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

Adani Group to acquire 29.2% stake in NDTV

Adani Group’s media arm announced it will indirectly acquire a 29.18% stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house. Three firms, Vishvapradhan Commercial Pvt. Ltd., AMG Media Networks, and Adani Enterprises Ltd, will acquire up to 1,67,62,530 fully paid-up equity shares of NDTV (having a face value of Rs 4) at Rs 294 per share from the public shareholders.

Read more here.

India’s crude oil production falls 3.8% in July

India’s crude oil production fell 3.8% YoY in July on lower output from fields operated by state-owned ONGC and private sector firms. Production of crude oil fell from 2.54 million tonnes (MT) in July 2021 to 2.45 MT in July 2022. ONGC’s total production fell 1.7% YoY to 1.63 MT due to lower output from western offshore. The country’s 22 oil refineries processed 10.52% more crude oil at 21.43 million tonnes as demand for fuel picked up.

Read more here.

Godrej Agrovet signs MoU with 3 states on oil palm cultivation

Godrej Agrovet Ltd has signed Memorandum of Understandings (MoUs) with the governments of Assam, Manipur, and Tripura for the development and promotion of oil palm cultivation under the National Mission on Edible Oils-Oil Palm scheme. The company will be allotted land in the three states for developing sustainable palm oil plantations in the region. In August 2021, the Indian govt launched the National Mission on Edible Oils-Oil Palm scheme with a planned outlay of Rs 11,040 crore.

Read more here.

NHPC signs pact with BEL to set up solar equipment manufacturing facility

NHPC Ltd has signed a pact with Bharat Electronics Ltd (BEL) to set up a large-capacity solar equipment manufacturing facility. State-owned hydro power giant NHPC has an installation base of 7071.2 megawatts (MW) from 24 power stations. It is engaged in the construction of 11 projects aggregating to a total installed capacity of 7,539 MW.

Read more here.

SpiceJet plans to raise funds worth $251 million: Report

As per a report from ET Now, SpiceJet Ltd is looking to raise funds worth $250.53 million (~Rs 1,998 crore). The low-cost airline is pursuing multiple ways to raise funds, including government lending schemes or equity sales. SpiceJet has been under the scanner lately, following incidents of technical snags that prompted India’s aviation regulator to order a reduction in its approved fleet by 50% for eight weeks.

Read more here.

Ramco Systems partners with Australian freight and distribution service provider

Ramco Systems Ltd will implement its Logistics ERP Software at Freight Specialists to automate company-wide operations and services. The software will include modules for transportation, warehouse, and invoice management. It will offer superior user experience, end-to-end visibility, and control while enabling real-time operational excellence. Freight Specialists is a leading freight and distribution services provider based in Sydney, Australia.

Read more here.

India to become world’s number one producer of steel: Jyotiraditya Scindia

Union Minister Jyotiraditya M Scindia said India will become the number one producer of steel in the world in the days to come. He was of the view that our country has moved from becoming the net importer of steel to the net exporter of steel. Currently, India is the world’s second-largest producer of crude steel after China. The per capita steel consumption has increased from 57.8 kg in 2013-14 to 78 kg. The government intends to achieve 300 million tonnes (MT) of steel production target by 2030.

Read more here.

GMDC to hire consultants to set up modular lignite washery

Gujarat Mineral Development Corporation (GMDC) has invited requests for proposals (RFPs) for technology consultants for the dry beneficiation technology sulphur removal plant. The company aims to set up a modular lignite washery to remove pyrites/sulphur from lignite produced from the company’s Surkha (North) mines in Bhavnagar, Gujarat. This will help reduce sulphur dioxide emissions and improve boiler efficiency for the end users.

Read more here.

Tata Motors signs PPA with Tata Power to develop onsite solar project

Tata Motors has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 megawatt-power (Mwp) onsite solar project at its commercial vehicle manufacturing facility in Jamshedpur. With this project, the onsite solar plant capacity of the facility will reach 14 MWp, which will generate 442 million units of green electricity having the potential to reduce carbon emission by 3.5 lakh tonnes.

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Hero MotoCorp, BPCL to Set Up EV Charging Infra – Top Indian Market News

Hero MotoCorp partners with BPCL to set up EV charging infra across India

Hero MotoCorp has partnered with Bharat Petroleum Corp Ltd (BPCL) to set up charging infrastructure for electric two-wheelers across India. The two entities will first establish a substantial charging infrastructure within the existing nationwide energy station network. They may broaden the collaboration to develop more synergies within the EV ecosystem and adjacent business verticals.

Read more here.

Godrej Agrovet introduces new insecticide, eyes increased market presence

Godrej Agrovet Ltd (GAVL) has announced the launch of Gracia, an insecticide that helps control chewing and sucking pests in a variety of pulses and vegetable crops. The company believes the product will help strengthen its presence in the insecticides market. Gracia is a wide-spectrum product discovered and developed by Nissan Chemical Corporation Japan.

Read more here.

Wipro invests in US-based AI start-up vFunction to boost cloud migration

Wipro Ltd has formed a joint go-to-market partnership with vFunction, a US-based start-up that has developed a scalable, AI-based technology platform. The partnership aims at modernising Java applications and accelerating migration to the cloud. Wipro Ventures, the IT major’s corporate investment arm, has invested in vFunction’s Series A funding round to deepen the strategic partnership.

Adani Group signs MoU with Ballard Power for hydrogen fuel cell JV

The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with Ballard Power Systems to evaluate making a joint investment for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India. Both parties will examine several options to cooperate, including potential collaboration for fuel cell manufacturing. Efforts under this MoU will be anchored by Adani New Industries Ltd (ANIL), a newly formed subsidiary of Adani Enterprises Ltd.

Read more here.

Bharti Airtel likely to raise up to Rs 5,000 crore via rupee bonds

According to an ET report, Bharti Airtel Ltd is likely to raise up to Rs 5,000 crore through rupee-denominated bonds from the local market. The telco seeks to refinance high-cost debt and strengthen its balance sheet ahead of the 5G spectrum auction. It will be part of the Rs 7,500 crore fundraising plan announced by Bharti Airtel earlier this month.

Read more here.

India expects fuel demand to grow 5.5% in FY23

Initial government estimates show that India’s fuel demand is likely to grow 5.5% in the next financial year (FY23). This reflects a pick-up in industrial activity and mobility after months of stagnation. India’s fuel consumption in FY23 (a proxy for oil demand) could rise to 214.5 million tonnes (MT) from the revised estimates of 203.3 MT for the current fiscal year. The estimates were released by the Petroleum Planning and Analysis Cell (PPAC).

Read more here.

Marksans Pharma gets UK MHRA approval for Bells Healthcare’s all-in-one oral solution

Marksans Pharma Ltd. announced that UK Medicines and Healthcare products Regulatory Agency (MHRA) has granted market authorization to its subsidiary Bell Sons & Co. (Druggists) Ltd for Bells Healthcare All-in-One Oral Solution. The drug provides short-term symptomatic relief for colds, chill, and influenza. Mumbai-based Marksans Pharma is a global pharmaceutical company.

Read more here.

There is a buzz and interest in market for LIC IPO, will go ahead with it: FM Sitharaman

Finance Minister Nirmala Sitharaman said the government will go ahead with the initial public offering (IPO) of Life Insurance Corp. of India despite market volatilities. “There is a buzz and interest in the market for the LIC IPO and we will be going ahead with it,” she said. LIC filed the draft red herring prospectus (DRHP) for its IPO with market regulator SEBI earlier this month.

Read more here.

Samco Mutual Fund under fire from SEBI for misleading investors

Newly launched asset management company (AMC) Samco Mutual Fund has come under fire from SEBI for misleading investors during their maiden New Fund Offer (NFO). In January, Samco MF had kicked off their first NFO, Samco Flexi Cap Fund, publicizing it as a ‘pure’ equity scheme. 

Besides the equity component, the scheme intended to allocate up to 35% in TREPS (Tri-party repo dealing & settlement). Any allocation to TREPS is considered a cash call by the mutual fund scheme. Thus, SEBI is of the view was that any scheme with such a high cash allocation fails to be called a ‘pure’ equity scheme.

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HDFC Reports 42% YoY Rise in Net Profit in Q4 – Top Indian Market News

hdfc

HDFC Q4 Results: Net profit rises 42% YoY to Rs 3,180 crore

Housing Development Finance Corporation (HDFC) reported a 42% YoY increase in net profit to Rs 3,180 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 8.7%. Net interest income (NII) rose 14% YoY to Rs 4,065 crore during the same period. The gross non-performing assets (NPAs) ratio stood at Rs 1.98%, compared with 1.91% in Q3 FY21. HDFC’s board has approved a dividend of Rs 23 per share. The board has also approved fundraising of up to Rs 1.25 lakh crore by issuing non-convertible debentures on a private placement basis.

Read more here.

Dabur Q4 Results: Net profit rises 34% YoY to Rs 378 crore

Dabur India Ltd reported a 34.4% YoY increase in consolidated net profit to Rs 378 crore for the quarter ended March (Q4). The FMCG firm’s revenue from operations rose 25.3% YoY to Rs 2,337 crore during the same period. Its India FMCG business grew 28.3% and posted best-ever volume growth of 25.4% in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 17.2% YoY to Rs 1,693 crore. Dabur India’s board has proposed a final dividend of Rs 3 per share.

Read more here.

JSW Steel signs pact with JFE Steel Corp to establish JV in India

JSW Steel has signed a Memorandum of Understanding (MoU) with Japan-based JFE Steel Corporation to conduct a feasibility study to establish a grain-oriented electrical steel sheet manufacturing and sales joint venture (JV) company in India. Grain-oriented electrical steel is an important material used in the production of energy-efficient transformers and high-performance generators. The companies plan to complete the study within the current financial year and take appropriate steps to set up the JV company.

Read more here.

Steel Strips Q4 Results: Net profit at Rs 44.5 crore

Steel Strips Wheels Ltd reported a net profit of Rs 44.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 5.25 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has increased by 54% in Q4 FY21. Revenue from operations rose 80.81% YoY to Rs 699.87 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 110% YoY to Rs 49.25 crore. The company’s board has declared a final dividend of Rs 2 per share.

Read more here.

Tata Motors to hike prices of passenger vehicles from May 8

Tata Motors Ltd said it will increase the prices of its passenger cars by an average of 1.8%, depending on the model and variant, from May 8. This is to partially offset the rise in input costs. The surge in prices of commodities such as steel and precious metals has forced the automaker to hike prices. Tata Motors will also extend price protection for customers who have booked vehicles on or before May 7.

Read more here.

Kansai Nerolac Paints Q4 Results: Net profit rises 89% YoY to Rs 124 crore

Kansai Nerolac Paints Ltd reported an 89.14% YoY increase in consolidated net profit to Rs 123.62 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 39%. Its total revenue rose 35.14% YoY to Rs 1,459.57 crore during the same period. The company’s profit margins improved from 6.22% in Q4 FY20 to 8.51% in Q4 FY21. Kansai Nerolac Paints’ board has recommended a final dividend of Rs 4 per share.

Read more here.

Godrej Agrovet Q4 Results: Net profit declines 24% You to Rs 56 crore

Godrej Agrovet Ltd reported a 24.12% YoY decline in net profit to Rs 56.59 crore for the quarter ended March (Q4). Its revenue fell 10.4% YoY to Rs 1,472.39 crore during the same period. The company’s poultry and processed foods business grew 22% YoY to Rs 139 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 2.47% YoY to Rs 313.74 crore. Godrej Agrovet’s board has declared a final dividend of Rs 8 per share.

Read more here. 

GE Shipping Company Q4 Results: Net profit at Rs 49 crore

Great Eastern Shipping Company reported a net profit of Rs 49.01 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50.68 crore in the corresponding period last year. On a quarterly basis, net profit has fallen by 72% in Q4 FY21. Revenue from operations declined by 26.68% YoY to Rs 739.95 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 343.43% YoY to Rs 918.52 crore. GE Shipping Company’s board has announced a final dividend of Rs 9 per share.

The company’s board has also approved fundraising of up to Rs 1,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.

Read more here.

RailTel secures order worth Rs 11.99 crore from Cotton Corp

RailTel Corporation of India has received a work order from Cotton Corporation of India for hiring on-cloud Data Centre hosting for hardware and software, along with the migration of Oracle EBS and other applications. The total cost for the five years contract period is Rs 11.99 crore.