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India’s Manufacturing PMI Hits 3-Month High in August – Top Indian Market Updates

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

India’s manufacturing PMI hits 3-month high in August

India’s manufacturing sector expanded significantly in August 2023, reaching a 3-month high. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.6 in August, compared to 57.7 in July. The expansion in manufacturing activity was supported by the rise in new orders last month.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

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Auto sales data for August 2023: Highlights  

Maruti Suzuki India posted a 14.5% year-on-year (YoY) increase in total sale sales to 1.89 lakh units in August 2023. Sales of its mini & compact vehicle segment fell 9.7% YoY to 84,660 units. Exports rose 14.6% YoY to 24,614 units.

Tata Motors Ltd registered a 3% YoY fall in passenger vehicle sales to 45,933 units in August. The automaker’s total commercial vehicle sales rose by 1.9% YoY to 32,077 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 37,270 units in August, an increase of 25% YoY. Tractor sales are up 1% at 21,676 units. However, its tractor exports fell 26% YoY 1,029 units. 

TVS Motor Company’s total two-wheeler sales stood at 3.32 lakh units in August, up 5% YoY. Meanwhile, Bajaj Auto’s total sales fell 15% YoY to 3.42 lakh units.

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India’s GST revenue rises to Rs 1.59 lakh crore in August, up 11% YoY

India’s Goods and Services Tax (GST) revenue increased 11% YoY in August 2023. The month saw a collection of ₹1,59,069 crore in gross GST revenue, highlighting the steady economic recovery and tax compliance. Central GST (CGST) accounted for ₹28,328 crore, while State GST (SGST) amounted to ₹35,794 crore. Integrated GST (IGST) collections stood at ₹83,251 crore.

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Bajaj Auto’s finance subsidiary secures RBI’s NBFC licence

Bajaj Auto Ltd’s wholly-owned subsidiary Bajaj Auto Consumer Finance Ltd has received a licence from the Reserve Bank of India (RBI). The license is to launch a non-banking finance company (NBFC). However, Bajaj Auto Consumer Finance Ltd can’t accept public deposits from the public. The company’s core objective is to offer financing solutions exclusively for vehicles manufactured or endorsed by Bajaj Auto and its associated entities.

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Muthoot Finance hikes stake to 59% in microfinance subsidiary for ₹43 crore

Muthoot Finance Ltd has acquired an additional 2.05% stake in its subsidiary Belstar Microfinance Ltd in a cash deal of ₹43 crore. Following the acquisition, Muthoot’s total shareholding in the Tamil Nadu-based microfinance company has increased from 56.97% to 59.02%. In 2017, Muthoot Finance acquired a 53% stake in Belstar as part of its diversification strategy. 

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PVR Inox breaks box office collection record in August

PVR Inox posted the highest-ever monthly admissions and Box Office (BO) month of all time in August 2023. The company recorded a gross box office revenue of  ₹532 crore. In the previous month, the multiplex achieved a footfall of nearly 190 lakh. This was driven by Hindi films, including Gadar 2, OMG2, and Dreamgirl 2. Jailer, Rocky aur Rani ki Prem Kahani, and Hollywood’s Oppenheimer also added to the achievement.

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Reliance launches ‘Campa Cricket’ ahead of marquee tournaments like World Cup

Amid the ongoing men’s cricket tournament Asia Cup and the upcoming Men’s ODI cricket World Cup, Reliance Consumer Products Ltd (RCPL) has launched a cricket-themed drink, Campa Cricket. In a move to expand its beverage portfolio, the company plans to launch in several states, including Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, Maharashtra, West Bengal and Uttar Pradesh.

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Coal India output grows 13% to 52.3 MT in Aug

Coal India Ltd (CIL) posted a 13.2% growth in its output at 52.3 million tonnes (MT) in August 2023, compared to 46.2 MT in the year-ago month. The supplies rose to 59 MT in August, registering a rise of 15.3%. In FY2023-24 so far, the company produced 281.5 MT, posting an 11.1% year-on-year growth.

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BSE share buyback price raised to ₹1,080 per share

BSE’s board approved an increase in the offer price for its proposed share buyback and also fixed the record date for the same. The share buyback price has been increased to ₹1,080 per share from ₹816 per share earlier. BSE’s board also fixed the record date for the proposed share buyback at September 14, 2023. The buyback is payable in cash for an aggregate maximum amount not exceeding ₹374 crore.

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India’s Manufacturing PMI Hits 31-month High in May – Top Indian Market Updates

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

India’s manufacturing PMI hits 31-month high in May

India’s manufacturing sector expanded significantly, reaching a 31-month high in May. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.7 in May, compared to 57.2 in April. The strong performance was driven by robust demand and output and the highest hiring rate in six months.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for May 2023: Highlights  

Maruti Suzuki India posted a 10% year-on-year (YoY) increase in total wholesale sales to 1.78 lakh units in May 2023. Sales of its mini & compact vehicle segment fell 30% YoY to 12,236 units and 5% YoY to 71,419 units respectively. Exports fell 3% YoY to 26,477 units.

Tata Motors Ltd registered a 6% YoY increase in domestic passenger vehicle sales to 45,878 units in May. The automaker’s commercial vehicle sales declined by 12% YoY to 28,989 units.

Mahindra & Mahindra’s total domestic passenger vehicle segment posted total sales of 32,886 units in May, an increase of 22% YoY. The total sales are up 14% at 61,415 units as compared to 53,726 units in May 2022. 

TVS Motor Company’s total sales stood at 3.3 lakh units in May, up 9% YoY. Meanwhile, Bajaj Auto’s sales rose 29% YoY to 3.55 lakh units.

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Coal India spends 15% higher than statutory requirement on CSR

Coal India Ltd has exceeded the required expenditure on corporate social responsibility (CSR) projects in FY23. They spent Rs 513 crore, which is 15.3% more than the statutory requirement of Rs. 445 crore. Over the past four years, CIL has spent a total of Rs. 2,238 crore on CSR, surpassing the mandated amount of Rs. 1,735 crore. Notable projects include a 5,000-seater library at Ranchi University and the treatment of thalassemia children through bone marrow transplantation.

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Venus Remedies gets marketing authorization from Saudi Arabia for Docetaxel

Venus Remedies Ltd has obtained marketing authorization in Saudi Arabia for Docetaxel, a commonly used chemotherapy drug. This achievement follows the company’s recent GMP certification for its production facilities in Baddi, Himachal Pradesh. It serves as a primary treatment option for breast, prostate, stomach, and non-small cell lung cancers. The global Docetaxel market, valued at USD 102 billion, is projected to reach USD 184 billion by 2030, with a compound annual growth rate (CAGR) of 10.22%.

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Aurum PropTech set to buy Ratan Tata-backed NestAway

Aurum PropTech plans to acquire NestAway Technologies, a managed rental home company backed by Goldman Sachs, Tiger Global, and Ratan Tata. The acquisition will involve a complete buyout of all existing shareholders, including the founders and global institutional investors. The deal is estimated to be worth over $20 million, making it a significant acquisition in the rental platform sector.

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Coal India output grows 9.5% to record 60 MT in May

Coal India Ltd (CIL) achieved a 9.5% YoY increase in coal output with a new monthly production in May 2023 to 60 million tonnes (mt). The combined production of CIL and its subsidiaries in April-May 2023 reached 117.5 mt, an 8.6% growth from the previous year. In May 2023, total coal supplies rose to 63.7 mt, a 4.1% rise from May 2022. The coal off-take for April-May 2023 stood at 126 million tonnes, showing a 6.2% YoY growth.

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GST collections rise 12% to Rs 1.57 lakh crore in May

The Goods and Services Tax (GST) collections in May reached Rs 1.57 lakh crore, showing a 12% YoY growth. The gross GST revenue collected consisted of CGST at Rs 28,411 crore, SGST at Rs 35,828 crore, IGST at Rs 81,363 crore (including Rs 41,772 crore from imports), and cess at Rs 11,489 crore (including Rs 1,057 crore from imports). Last year’s May GST collection was around Rs 1.41 lakh crore.

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GOCL Corporation bags orders worth Rs 257 crore from Coal India

Hinduja Group’s subsidiary GOCL Corporation Ltd has secured orders worth Rs 257.72 crore from Coal India Ltd. The two-year order, spanning from June 2023 to May 2025, involves the supply of detonators, accessories, and cartridge explosives. The current business activities of GOCL include energetics, mining & infrastructure services, and property development.

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Bank of Maharashtra likely to raise up to Rs 1,000 crore via QIP

According to a CNBC report, the Bank of Maharashtra intends to raise funds through a qualified institutional placement (QIP), targeting up to Rs 1,000 crore. The QIP may consist of a base size of Rs 500 crore, which could be extended by an additional Rs 500 crore through a greenshoe option. Institutional investors may be offered a discount of approximately 5% for the QIP. This move aims to attract investment from institutional investors and strengthen the bank’s capital base.

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L&T to create renewable energy infra for world’s largest green hydrogen plant in Saudi Arabia

Larsen and Toubro Ltd (L&T) has been awarded contracts worth $2.779 billion (~Rs 22,900Cr) to create renewable energy infrastructure for the world’s largest green hydrogen plant in Saudi Arabia. L&T’s power transmission and distribution business will be responsible for engineering, procuring, and constructing a 2.2 GWac PV solar plant,a 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.

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India’s Manufacturing PMI Slows to 4-Month Low in Feb – Top Indian Market Updates

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

India’s manufacturing PMI slows to 4-month low in Feb

India’s manufacturing sector expanded at the slowest pace in four months in February. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in Feb, compared to 55.4 in Jan. New orders and output rose sharply last month, indicating strong domestic demand despite inflationary pressures. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

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February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross Goods and Service Tax (GST) revenue collection in February 2023 stood at Rs 1,49,577 crore, an increase of 12% on an annual basis. Of the total revenue collected, central GST is Rs 27,662 crore, state GST is Rs 34,915 crore, integrated GST is Rs 75,069 crore, while cess is Rs 11,931 crore.

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Auto sales data for Feb 2023: Highlights  

Maruti Suzuki India posted a 5% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Feb 2023. Sales of its mini & compact vehicle segment rose 4.4% YoY to 1.01 lakh units. Exports fell 28.4% YoY to 17,207 units.

Tata Motors Ltd registered a 7% YoY increase in passenger vehicle sales to 43,140 units in Feb. The automaker’s commercial vehicle sales declined by 3% YoY to 36,565 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 30,538 units in Feb, an increase of 10% YoY. M&M’s tractor sales rose 26% YoY to 25,791 units. 

TVS Motor Company’s total sales stood at 2.76 lakh units in Feb, down 2% YoY. Meanwhile, Bajaj Auto’s sales fell 11% YoY to 2.8 lakh units.

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Axis Bank completes acquisition of Citigroup’s India consumer business for Rs 11,603 crore

Axis Bank has completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns. The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, assets under management (AUMs), and liabilities as of Jan 31, 2023.

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PNB withdraws divestment process in Canara HSBC Life Insurance

Punjab National Bank (PNB) will discontinue the process of divestment in associate company Canara HSBC Life Insurance. The bank had acquired a stake in the life insurer post-amalgamation of the erstwhile Oriental Bank of Commerce (OBC). It will hold its stake in the life insurer as an investor, subject to regulatory approvals. 

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Alembic Pharma gets USFDA approval to market generic cancer drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Docetaxel Injection in multiple-dose vials. The drug is indicated for the treatment of breast cancer, non-small cell lung cancer, and castration-resistant prostate cancer. According to IQVIA data, Docetaxel injection has an estimated market size of USD 11 million in the US market. 

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Welspun Corp secures order for export of LSAW pipes and bends to Middle East

Welspun Corp Ltd (WCL) has secured an order for the export of LSAW pipes and bends to the Middle East. The contract is for approximately 83,000 MT bare pipes, with an option of coating exercisable by the project owner subsequently. The pipes supplied to the Middle East will be used for offshore production and transport of gas.

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PVR Inox to add 200 screens every year

Multiplex operator PVR is working on “getting economies of scale” after the merger of rival Inox Leisure and expects double-digit growth in its topline (revenue) in FY24, said managing director Ajay Bijli. The company is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs. PVR-Inox also plans to add 200 screens every year.

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Adani Group secures $3 billion credit from sovereign wealth fund: Report

According to a Reuters report, Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Sources said the credit line from the sovereign wealth fund could be increased to $5 billion, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo.

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Petrol, diesel sales up 12-13% in February

Domestic sales of petrol and diesel rose 12% YoY and 13% YoY, respectively, in February due to increased mobility of people and goods in an expanding economy. Jet fuel sales in Feb 2023 were 41% higher than in the same month last year but 10% lower than in 2020. Sales of liquefied petroleum gas (mainly used for cooking) increased by 2.4% YoY in Feb.

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Bajaj Finserv gets SEBI license to start mutual fund business

Bajaj Finserv has received a SEBI license to start a mutual fund business. The company has formed two wholly-owned subsidiaries — Bajaj Finserv Mutual Fund Trustee Ltd (BFMFTL) and Bajaj Finserv Asset Management Ltd (BFAML). Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products, including equity, debt, and hybrid funds to investors.

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Manufacturing PMI Hits 8-Month High in July – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in July

India’s manufacturing sector activity hit the highest level in eight months in July 2022, driven by significant growth in business orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in July, compared to 53.9 in June. Demand continued to advance in July on the back of easing price pressures.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  


Read more here. 

Auto sales data for July 2022: Highlights  

Maruti Suzuki India posted an 8.3% year-on-year (YoY) increase in total sales to 1,75,916 units in July 2022. Sales of its compact vehicle segment rose 17% YoY to 1,05,151 units. Exports fell 4.3% YoY to 20,311 units.

Tata Motors Ltd registered a 52% YoY increase in total sales to 78,978 units in July. The automaker’s commercial vehicle sales rose 43% YoY to 34,154 units. Overall passenger vehicle sales rose 57% YoY to 47,505 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,053 units in July, an increase of 33% YoY. M&M’s tractor sales fell 14% YoY to 23,307 units. 

Bajaj Auto posted a 4% YoY decline in total sales to 3,54,670 units in July. Meanwhile, TVS Motor Company’s total sales stood at 3,14,639 units in July, up 13% YoY.

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UPL Q1 Results: Net profit rises 29% YoY to Rs 877 crore

UPL Limited reported a 29% YoY increase in consolidated net profit to Rs 877 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 27% YoY to Rs 10,821 crore during the same period. Revenues remained firm on the back of better product realizations, favourable exchange rates, and higher volumes. EBITDA stood at Rs 2,342 crore, up 26% YoY.

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Bharti Airtel acquires 19,800 MHz spectrum in 5G auction for 43,084 crore

Bharti Airtel Ltd has acquired 19,800 megahertz (MHz) spectrum for Rs 43,084 crore in India’s first 5G spectrum auction. It secured a pan India footprint of 3.5 GHz and 26 GHz bands. The telecom company plans to launch 5G services in every part of India, starting with key cities. Airtel is convinced that its higher-quality customer base will adopt 5G devices at a rapid pace in the country.

Meanwhile, Vodafone Idea has acquired spectrum in the 3300 MHz and 26 GHz bands to deliver 5G experience to its customers and strengthen enterprise offerings.

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Zomato Q1 Results: Net loss at Rs 186 crore

Zomato Ltd reported a consolidated net loss of Rs 185.7 crore for the quarter ended June (Q1 FY23). The online delivery platform had posted a net loss of Rs 356.2 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 67.4% YoY (or 16.6% QoQ) to Rs 1,413.9 crore in Q1 FY23. Zomato’s gross order value (the total value of all orders placed online on its platform) grew 41.6% YoY to Rs 6,430 crore in Q1, with average monthly transacting customers at 16.7 million.

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Coal India’s output rises 11% in July

Coal India Ltd (CIL) produced 47.3 million tonnes (MT) of coal in July, registering a growth of 11% YoY. The state-owned company has maintained a double-digit rising streak for four consecutive months of the current financial year (FY23). CIL produced 207.1 MT of coal during April-July, recording a 24.3% YoY. The company accounts for more than 80% of domestic coal production.

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ITC Q1 Results: Net profit rises 34% YoY to Rs 4,390 crore

ITC Limited reported a 34% YoY (or 4.6% QoQ) increase in consolidated net profit to Rs 4,390 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 39% YoY to Rs 19,831.27 crore during the same period. Its FMCG segment posted a 19.5% YoY increase in revenue at Rs 4,451 crore. Revenue from ITC’s hotel segment stood at Rs 554 crore, up 332.8% YoY.

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IndusInd Bank partners with Rupyy to offer loans for used cars

IndusInd Bank has announced a strategic partnership with Rupyy– a new-age digital lending platform that offers 100% paperless loan processing. This partnership will allow users of Rupyy to avail of simplified documentation and instant processing of loans for used cars from IndusInd Bank. The bank’s customers can now opt for flexible repayment options while transacting on Rupyy.

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GST collections rises 28% to Rs 1.49 lakh crore in July

India’s Goods and Services Tax (GST) collection rose 28% YoY to touch the second-highest level of Rs 1.49 lakh crore in July 2022, driven by economic recovery and steps taken to curb tax evasion. In July, revenues from import of goods were 48% YoY higher, while revenues from domestic transactions (including import of services) were 22% YoY higher. This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the implementation of GST in 2017.

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Ramco Cements Q1 Results: Net profit falls 36% YoY to Rs 109.23 crore

The Ramco Cements Ltd reported a 36.37% YoY decline in consolidated net profit to Rs 109.23 crore for the quarter ended June (Q1 FY23). Its total income rose 44% YoY to Rs 1,785.64 crore during the same period. EBITDA fell 17% YoY to Rs 308 crore in Q1, mainly due to a sharp increase in fuel prices and weak cement prices. The company’s sold 3.31 million tonnes (MT) of cement in Q1 FY23, compared to 2.14 MT in Q1 FY22.

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Apollo Tyres gears up to meet demand from EV segment

Apollo Tyres Ltd expects electric vehicle (EV) adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments. The company has launched two tyre brands— Amperion and Wav— for electric passenger vehicles and two-wheelers, respectively. It is also looking to cater to electric models in the European market through its “Vredestein” brand.

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India to Target 20% Ethanol Blending in Petrol by 2025, says PM Modi – Top Indian Market News

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India advances 20% ethanol blending in petrol to 2025: PM Modi

Prime Minister Narendra Modi, on Saturday, said the target date for achieving 20% ethanol-blending with petrol has been advanced by five years to 2025 to cut pollution and reduce import dependence. The E100 pilot project related to the production and distribution of ethanol was also launched in Pune today. Ethanol extracted from sugarcane and damaged food grains is less polluting and its use will also provide farmers with an alternate source of income. 

Last year, the Central government had set a target of reaching 10% ethanol blending in petrol (10% ethanol mixed with 90% diesel) by 2022 and 20% doping in 2030.

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VA Tech Wabag Q4 Results: Net profit at Rs 32 crore

VA Tech Wabag Ltd reported a standalone net profit of Rs 32.82 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 1.38 crore in the corresponding quarter last year (Q4 FY20). Total income rose 39.2% YoY to Rs 701.09 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.3% YoY to Rs 73.03 crore. VA Tech Wabag is a water treatment company based in Chennai.

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IOL Chemicals Q4 Results: Net profit declines 16% YoY to Rs 75 crore

IOL Chemicals and Pharmaceuticals Ltd reported a 16.63% YoY decline in net profit to Rs 75.25 crore for the quarter ended March (Q4). Net profit has declined by 35.5% when compared to the previous quarter. Its revenue from operations rose 4% YoY to Rs 467 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 23.05% YoY to Rs 444.46 crore. The company’s board has recommended a final dividend of Rs 2 per share.

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GST collection declines in May; still holds above Rs 1 lakh crore mark 

The gross Goods and Services Tax (GST) revenue collected in May 2021 stood at Rs 1,02,709 crore, as per data released by the Ministry of Finance. This marks the eighth month in a row that GST revenue has stayed above the Rs 1 lakh crore mark. GST collection took a severe hit in May due to lockdowns and other restrictions imposed by states to curb the second wave of Covid-19 infections. The total GST revenue in May 2021 stands 65% higher than the corresponding month last year. GST collections in April 2021 stood at a record high of Rs 1.41 lakh crore.

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PNB targes 3-fold rise in profit at nearly Rs 6,000 crore in FY22 

Punjab National Bank (PNB) announced that it is expecting a nearly three-fold jump in net profit to Rs 6,000 crore during the current financial year (FY22). The lender said this target will depend on credit growth and overall demand in the economy. It projects a loan growth of 8-10% for the banking industry on the assumption that the economy will grow at 9.5% in 2021-22. PNB has also identified bad loans (NPAs) worth Rs 8,000 crore, which will be transferred to the National Asset Reconstruction Company Ltd (NARCL).

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REC subsidiary transfers two project specific SPVs to PowerGrid

REC Power Distribution Company Ltd, a wholly-owned subsidiary of REC Limited, has handed over two project-specific Special Purpose Vehicles (SPVs) to Power Grid Corporation of India. The SPVs include Fatehgarh Bhadla Transco Ltd and Sikar New Transmission Ltd. The selection of PowerGrid was carried out through Tariff Based Competitive Bidding (TBCB) conducted by the Ministry of Power, Government of India.

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Dynemic Products Q4 Results: Net profit declines 27% YoY to Rs 5.8 crore

Dynemic Products Ltd reported a 27.72% YoY decline in consolidated net profit to Rs 5.79 crore for the quarter ended March (Q4). Net profit has declined by 30% when compared to the previous quarter. Its revenue from operations rose 29.43% YoY to Rs 56.56 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 17.87% YoY to Rs 28.49 crore. Dynemic Products is a leading manufacturer of food colours.

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IPO-bound Paytm reports loss of Rs 1,701 crore in FY21

One97 Communications Ltd, the parent company of Paytm, reported a consolidated loss of Rs 1,701 crore for the financial year ended March 31, 2021 (FY21). It had posted a loss of Rs 2,942 crore in FY20. Its total revenue declined by 10% YoY to Rs 3,186 crore. Expenses fell 22% YoY to Rs 4,782.95 crore. Last week, Bloomberg reported that Paytm is planning to raise ~Rs 21,800 crore via an initial public offering (IPO). The digital payments provider is targeting a valuation of $25 billion to $30 billion.

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NHPC to lease electric vehicles, fast charging devices from EESL

NHPC Limited has signed an agreement with Energy Efficiency Services Ltd (EESL) for leasing 25 electric vehicles (EVs) and three fast-charging devices to be used by its officials. With the induction of these EVs, NHPC will have the biggest fleet of zero-emission cars among all major public sector undertakings (PSUs). EESL has been procuring EVs from automakers such as Tata Motors and Mahindra & Mahindra (M&M) and supplying them to different ministries and PSUs.

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IFGL Refractories Q4 Results: Net loss at Rs 2.53 crore

IFGL Refractories Ltd reported a consolidated net loss of Rs 2.53 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 13.93 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 27.66% YoY to Rs 283.52 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 237.22% YoY to Rs 65.59 crore. The company’s board has approved a total dividend of Rs 10 per share.

IFGL Refractories is a manufacturer of specialised refractories (materials that can withstand very high temperatures) used in steel plants.

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GST Collections in April Hits Record High of Rs 1.41 lakh crore – Top Indian Market News

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GST collections in April hits new record high of Rs 1.41 lakh crore

The gross Goods and Services Tax  (GST) revenue collection for the month of April 2021 hit a record high of Rs 1,41,384 crore. The breakup of the figure included Central GST at Rs 27,837 crore, State GST at Rs 35,621 crore, and Integrated GST at Rs 68,481 crore. “The improvement came despite the second wave of Covid-19 affecting several parts of the country and was indicative of the resilience of Indian businesses,” the Finance Ministry said in a statement on Saturday.

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Auto sales data for April 2021: Highlights

Maruti Suzuki India reported a 4.3% month-on-month (MoM) decline in total sales to 1,59,691 units in April 2021. Passenger vehicle sales fell 7% over last month (March) to Rs 1.35 lakh units during the same period. The automaker’s exports increased by 48% MoM to 17,237 units.

Tata Motors posted passenger vehicle sales of 25,095 units in April. This is a 15% decline in sales as compared to March. The company’s overall domestic sales fell 41% to 39,530 units.

Mahindra & Mahindra (M&M) posted total sales of 18,285 units in April. Its passenger vehicle sales grew 9.5% over last month. M&M’s automotive division posted sales of 36,437 units, down 9.8% as compared to March.

Escorts Limited’s agricultural machinery segment posted a 43% MoM decline in tractor sales at 6,979 units in April.

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RIL emerges as India’s largest producer of medical oxygen; to produce 1,000 MT a day

Reliance Industries Ltd (RIL) has ramped up its production of medical-grade oxygen from 700 metric tonnes (MT) per day to 1,000 MT per day. This constitutes more than 11% of India’s total medical-grade liquid oxygen production. The oxygen will be provided free of cost to several state governments across the country to provide immediate relief to over 1 lakh patients on a daily basis.

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HDFC Bank’s new CEO announces changes in business and leadership

Sashidhar Jagdishan, the CEO of HDFC Bank Limited, has announced strategic changes to the bank’s business model and leadership team. The lender will reorganise itself into three clear areas— business verticals, delivery channels, and technology. As part of its strategy, HDFC Bank will increase its focus on micro, small, and medium enterprises (MSME) and launch more products and services for such clients. Rahul Shukla, who is currently the head of wholesale banking, will lead the MSME and rural verticals for the bank.

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India’s power consumption grows 41% YoY in April

According to data released by the Ministry of Power, power consumption in India grew 41% year-on-year (YoY) to 119.27 billion units (BU) in April 2021. The country’s power consumption in April last year was recorded at 84.55 BU. Peak power demand met, which is the highest supply in a day, during the first half of April remained well above the highest record of 132.20 GW in April 2020. This signifies a strong recovery in industrial and commercial demand for electricity.

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Zen Technologies Q4 Results: Net profit declines 4.5% QoQ to Rs 1.83 crore

Zen Technologies Limited reported a 4.5% quarter-on-quarter (QoQ) decline in net profit to Rs 1.83 crore for the quarter ended March (Q4). Its revenue from operations rose 30% QoQ to Rs 22.44 crore during the same period. The company’s board has announced a dividend of Rs 0.10 per share. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

CDSL Q4 Results: Net profit rises 81% YoY to Rs 51.6 crore

Central Depository Services (India) Limited (CDSL) reported an 81% YoY increase in consolidated net profit to Rs 51.6 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 4%. CDSL’s total revenue from operations rose 51% YoY to Rs 110.25 crore during the same period. The company’s board has recommended a final dividend of Rs 9 per share. CDSL allows investors to deposit securities by opening a Demat account. It gets its revenue from transaction charges and accounts maintenance charges.

M&M acquires remaining stake in Meru for Rs 98 crore

Mahindra & Mahindra (M&M) said it will raise its stake in app-based cab service Meru to 100%. The automaker currently holds a 43.20% stake in Meru. M&M will acquire 44.14% shares from private equity investor True North and others for an amount not exceeding Rs 76.03 crore. It will also acquire a 12.66% stake from Neeraj Gupta and Farhat Gupta (the founders of Meru) for Rs 21.63 crore.

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