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Vi Lost 25 Lakh Subscribers in Dec – Top Indian Market Updates

Vi marketfeed

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

Vodafone Idea loses nearly 25 lakh subscribers in Dec: TRAI

Vodafone Idea (Vi) lost nearly 24.7 lakh subscribers in December 2022, as per the latest official data released by the Telecom Regulatory Authority of India (TRAI). Reliance Jio gained 17.08 lakh subscribers in the same period, while Bharti Airtel gained 15.26 lakh subscribers. 

Meanwhile, Vi reported a net loss of ₹7,990 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹7,595.5 crore in Q2.

Read more here.

Nestle India Q4 Results: Net profit rises 66% YoY to ₹628 crore

Nestle India reported a 66% YoY increase in net profit to ₹628 crore for the quarter ended December (Q4 CY22). The company follows the Jan-Dec financial year cycle. Its revenue from operations rose 14% YoY to ₹4,257 crore during the same period. EBITDA stood at ₹973 crore in Q4, up 14% YoY. The FMCG major’s board has declared an interim dividend of ₹75 per share. 

Read more here.

Ambuja Cements declared as preferred bidder for Uskalvagu limestone block

Ambuja Cements Ltd has been declared as the ‘preferred bidder’ for the Uskalvagu limestone block in Odisha. An e-auction was conducted by the Odisha government for the block. It is spread over an area of 547 hectares with an estimated limestone resource of about 141 million tonnes.

Read more here.

Tata Steel signs MoU with CBRI for sustainable mining solutions

Tata Steel and Central Building Research Institute (CBRI) signed a Memorandum of Understanding (MoU) to collaborate on research, academic growth, and sustainable solutions in mining. CBRI will provide scientific inputs to Tata Steel on slope stability analysis & control measures in mining areas and sustainable green housing technologies for the rehabilitation and resettlement of families in mining areas.

Read more here.

Adani Group denies reports of hiring Grant Thornton for audits

Adani Enterprises issued a clarification on reports of appointing Grant Thornton for audits after the Hindenburg crisis. The flagship company of Adani Group termed it as a market rumour. Media reports suggested that the group had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies to come clean after the allegations brought out by the US short-seller Hindenburg Research and to assure investors and regulators.

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Adani Power’s ₹7,000 crore deal to buy DB Power assets fails

Adani Power’s initial pact to acquire the thermal power assets of DB Power has expired, causing the ₹7,017-crore deal to fall through. In August 2022, the Adani group company informed the stock exchanges that it had agreed to buy the assets of DB Power Ltd. DB Power owns and runs a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh.

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HAL gets approval from DGCA for indigenously developed black boxes

Hindustan Aeronautics Ltd (HAL) has received the Indian Technical Standard Order (ITSO) authorisation from the Directorate General of Civil Aviation (DGCA) for its indigenously developed Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR). CVR and FDR are popularly known as ‘black boxes’. They are used to record critical flight parameters and audio environments in a crash-proof memory.

In other news, HAL has sealed a contract with the Argentinian Air Force for the supply of helicopter spares and engine repair services.

Read more here.

Siemens unveils first industry-ready 5G routers in India

Siemens Ltd announced the launch of its private industrial 5G router, a critical component for the manufacturing industry in its digital transformation journey. If there is no available 5G network, the device switches automatically to 4G or 3G networks. The applications on private industrial 5G offer long-term benefits to the intra-logistics, autonomous machines, remote diagnostics, augmented reality, and mobile equipment segments.

Read more here.

Paytm completes ₹850 crore share buyback within 3 months of launch

One97 Communications (Paytm) has completed the buyback of shares via the open market within three months of announcing it. The stock price remained well below the buyback price announced by the company, which allowed for a smooth purchase of the shares through the open market. On December 13, Paytm’s parent announced that it would buy back shares worth ₹850 crore at ₹810 per share through the open market.

Read more here.

Akme Fintrade files IPO papers with SEBI

Non-banking financial company (NBFC) Akme Fintrade (India) Ltd has filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The IPO includes the fresh issuance of 1.1 crore equity shares. Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat.

Read more here.

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Govt May Delist MTNL to Merge With BSNL – Top Indian Market Updates

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

Government may delist MTNL to merge with BSNL

The Central government is looking into the process of delisting state-run telecom carrier Mahanagar Telephone Nigam Ltd (MTNL) ahead of the merger with another state telecom firm Bharat Sanchar Nigam Ltd (BSNL). The merger for both ailing telecom units has been delayed for more than a decade now with the department exploring synergies between the two entities.

Read more here.

Maruti Suzuki partners with SMAS Auto to enhance its vehicles subscription program

Maruti Suzuki India Ltd has partnered with SMAS Auto Leasing India Pvt Ltd to enhance its vehicle subscription program. SMAS is the fifth partner to offer a range of the company’s vehicles on white plate subscription, wherein the vehicle is registered under the user’s name and pledged to the subscription partner. Maruti Suzuki Subscribe with SMAS is now available across Delhi, Gurugram, Noida, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai.

Read more here.

Vedanta cuts debt by $2 billion in FY23

Vedanta Ltd has reduced net debt by $2 billion (~₹15,500 crore) in the current financial year as it seeks to soothe investor concern over its liquidity and ability to repay upcoming obligations. Meanwhile, Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year. It will continue to deleverage from net debt of $7.7 billion in the next two financial years.

Read more here.

Aditya Birla Group in talks with global banks for Vi equity infusion: Report

According to an Economic Times report, Aditya Birla Group has initiated an exercise to raise funds at the promoter level for an equity infusion into Vodafone Idea (Vi) Ltd. They are also in discussions with global banks for raising term debt to subscribe to a preferential allotment of shares. These funds will be used to part-finance the planned ₹5,000-crore equity infusion by the promoters into Vi, following the Indian government’s decision to convert dues worth ₹16,133 crore into equity.

Read more here.

HAL signs pact with RPM for cooperation in helicopter emergency medical services

Hindustan Aeronautics Ltd (HAL) and Response Plus Holding PJSC (RPM) will explore new opportunities for cooperation in the areas of emergency medical services, medical evacuation, helicopter emergency medical services (HEMS), and other mutually-beneficial fields in India, the Gulf, and the MENA (Middle East & North Africa) regions. RPM is a leading healthcare provider of emergency medical services & remote healthcare services.

Read more here.

CAMSPay receives RBI authorisation to operate as payment aggregator

Computer Age Management Services Ltd’s (CAMS) payment platform, CAMSPay, has received in-principal authorisation from the Reserve Bank of India to operate as a payment aggregator. CAMSPAy has been supporting mutual fund investors, insurance policyholders, and loan borrowers for over a decade in enabling them to move from a paper-based mandate process to offering digital payment solutions.

Read more here.

Vedanta declared preferred bidder for bauxite block in Odisha

Vedanta Ltd has been declared as preferred bidder for a bauxite block in Odisha. Sijimali bauxite block is located in the Rayagada and Kalahandi districts of Odisha. The mine is a strategic fit for Vedanta, given its size, location, and bauxite quality. The block has an estimated reserves of 311 million tonnes of bauxite.

Read more here.

Adani Group’s debt servicing ratio at comfortable level

According to a credit note released by Adani Enterprises, the group’s total debt is expected to remain stable at ₹2.3 lakh crore for FY23 compared with that in the 12 months to September 2022. This reflects the reduced focus on debt-funded capital expenditure (capex) amid efforts to improve the group’s debt profile. The group’s debt was ₹1.9 lakh crore in FY22.

Read more here.

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RIL to Develop Multi-Modal Logistics Park in TN – Top Indian Market Updates

silver lake to invest in Reliance

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

Reliance to develop multi-modal logistics park in Tamil Nadu

Reliance Industries Ltd (RIL) has secured an order to develop India’s first multi-modal logistics park (MMLP) in Chennai from the Ministry of Road, Transport, and Highways. It is estimated to cater to 7.17 million metric tonnes (MMT) of cargo in a time horizon of 45 years. The park will be developed in three phases with an estimated developer investment of ₹783 crores.

Read more here.

M&M Q2 Results: Net profit rises 44% YoY to ₹2,773 crore

Mahindra & Mahindra Ltd reported a 44% year-on-year (YoY) increase in consolidated net profit to ₹2,773 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 39% YoY to ₹29,870 crore during the same period. The auto major sold a total of 1,74,098 vehicles in the second quarter, up 75% YoY. Tractor sales rose 5% YoY to 92,590 units. 

Read more here.

Hinduja brothers to end their long family dispute: Report

According to a Bloomberg report, Hinduja Group’s co-chairman Gopichand Hinduja, along with Prakash, Srichand, and Ashok (Hinduja family brothers) have called a truce and decided to end the family dispute. The conflict among the billionaire brothers was because of a pact signed by them in 2014 that said that ‘everything belongs to everyone and nothing belongs to anyone’. To learn more about the Hinduja Group, click here.

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Adani Power Q2 Results: Net profit at ₹696 crore

Adani Power Ltd reported a consolidated net profit of ₹695.53 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹230.6 crore in Q2 FY22. Its revenue from operations rose 36% YoY to ₹7,044 crore in Q2 FY23. EBITDA stood at ₹2,350 crore in Q2, up 51% YoY. The company has an installed thermal power capacity of 13,610 megawatts spread across seven power plants in India.

Read more here.

Domestic airline industry could report ₹15,000-17,000 crore loss: ICRA

Credit rating agency ICRA reported that India’s domestic airline industry is expected to take a hit in FY23. It projects at least a ₹15,000-17,000 crore loss due to increased aviation fuel costs. Despite domestic passenger traffic increasing by 26% YoY to 114 lakh in October, the numbers are still low compared to the pre-pandemic era.

Read more here.

HAL Q2 Results: Net profit rises 44% YoY to ₹1,221 crore

Hindustan Aeronautics Ltd (HAL) reported a 44.2% YoY increase in consolidated net profit to ₹1,221.22 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 7.3% YoY to ₹5,144.8 crore during the same period. Total expenses stood at ₹3,775.5 crore in Q2, down 17.1% YoY. HAL’s board declared an interim dividend of ₹10 per share.

Read more here.

USFDA issues Form-483 with 3 observations to Alkem Lab’s St Louis plant

The US Food & Drug Administration (USFDA) has issued three observations to Alkem Laboratories Ltd’s St Louis-based manufacturing facility. The health regulator conducted a pre-approval inspection at the plant from October 31, 2022, to November 9, 2022. It has observed conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Read more here.

Hindalco Q2 Results: Net profit falls 35% YoY to ₹2,205 crore

Hindalco Industries Ltd reported a 35% YoY decline in consolidated net profit to ₹2,205 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18% YoY to ₹56,176 crore during the same period. Revenue from the upstream aluminium segment rose 11% YoY to ₹8,215 crore, while revenue from the copper business grew 1% YoY to ₹9,658 crore in Q2.

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LIC Q2 Results: Net profit jumps 11-fold to ₹15,952 crore

Life Insurance Corporation of India (LIC) reported an 11-fold YoY jump in net profit to ₹15,952 crore for the quarter ended Sept (Q2 FY23). Its net premium income rose 27% YoY to ₹1.32 lakh crore during the same period. The net income from investments grew 10% YoY to ₹84,104 crore in Q2. LIC’s gross non-performing assets (GNPA) ratio improved to 5.60% in Q2 from 5.84% in Q1.

Read more here.

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Reliance Industries Posts Q2 Results – Top Indian Market Updates

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

RIL Q2 Results: Net profit flat at ₹13,656 crore

Reliance Industries Ltd (RIL) reported a 0.17% YoY (or 24% QoQ) decline in consolidated net profit to ₹13,656 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 33.7% YoY to ₹2.32 lakh crore during the same period. RIL’s revenues from the oil-to-chemicals (O2C) business increased by 33% to ₹1.41 lakh crore.

Reliance Jio’s net profit increased by 28% YoY to ₹4,518 crore in Q2. The telecom major’s revenue from operations rose 20% YoY to ₹22,521 crore.

Read more here.

CIL starts 17 more first-mile connectivity projects worth Rs 11,000 crore

State-owned Coal India Ltd (CIL) has started 17 more first-mile connectivity projects worth ₹11,000 crore under the third phase. First-mile connectivity (FMC) refers to the transportation of coal from pitheads to dispatch points. CIL is preparing a rollout plan to float tenders for the latest projects by FY25, and the projects would be commissioned by FY27.

Read more here.

JSW Steel Q2 Results: Net loss at ₹915 crore

JSW Steel Ltd reported a consolidated net loss of ₹915 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹7,179 crore in Q2 FY22. Its revenue from operations rose 29% YoY to ₹41,778 crore in Q2 FY23. Total expenses stood at ₹43,354 crore in Q2, up 29% YoY. The company’s consolidated crude steel output fell 3% QoQ to 5.68 million tonnes (MT).

Read more here.

IEX trade volume falls 11% to 23.1 billion units in Q2

The total trade volume of the Indian Energy Exchange (IEX) fell over 11% to 23.1 billion units (BU) in the July-September quarter (Q2). The volume comprised 19.7 BU in the conventional power market, 1.5 BU in the green market segment, and 1.9 BU in the Renewable Energy Certificates (REC) market. The average Day Ahead Market prices increased to ₹5.40 per unit during Q2 FY23, compared to ₹4.14 in Q2 FY22.

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Bajaj Finserv Q2 Results: Net profit rises 39% YoY to ₹1,557 crore

Bajaj Finserv Ltd reported a 39% YoY increase in consolidated net profit to ₹1,557 crore for the quarter ended Sept (Q2 FY23). Its total income grew 16% YoY to ₹20,803 crore during the same period. Total expenses rose 8.7% YoY to ₹16,545.23 crore. Its subsidiary, Bajaj Finance, recorded its highest-ever quarterly consolidated profit of ₹2,781 crore in Q2, up 88% YoY.

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Ramkrishna Forgings secures export order worth ₹121.5 crore

Ramkrishna Forgings Ltd received a long-term supply contract worth ₹121.5 crore for two electric vehicle components from a Swedish original equipment manufacturer (OEM). This is the company’s third order in nearly two months. Last week, it received an order worth ₹131.50 crore from a Tier-1 axle maker for a component used in North American heavy commercial vehicles (HCVs).

Read more here.

IDBI Bank Q2 Results: Net profit rises 46% YoY to ₹828 crore

IDBI Bank reported a 46% YoY increase in net profit to ₹828.09 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 48% YoY to ₹2,738 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 16.51% in Q2, compared to 19.9% in Q1. The bank’s provisions rose 77% YoY to ₹1,380 crore in Q2 FY23.

Read more here.

HAL concludes contract with Indian Air Force for indigenous trainer aircraft

The Indian Air Force and Hindustan Aeronautics Ltd (HAL) concluded a contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore. The aircraft has state-of-the-art contemporary systems and has been designed with pilot-friendly features. Prime Minister Narendra Modi unveiled HAL’s HTT-40 at the 12th DefExpo organised in Gujarat.

Read more here.

HUL Q2 Results: Net profit rises 20% YoY to ₹2,616 crore

Hindustan Unilever Ltd (HUL) reported a 19.6% YoY (or 14% QoQ) increase in net profit to ₹2,616 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16% YoY to ₹14,751 crore during the same period. EBITDA stood at ₹3,479 crore, up 8% YoY. HUL’s board has declared an interim dividend of ₹17 per share.

Read more here.

UPL restructures business into four units

Fertiliser manufacturer UPL Ltd. will restructure its major businesses into four separate units to simplify the group structure. The company will transfer its crop protection business on a slump-sale basis to UPL Sustainable Agri Solutions. The global crop protection platform (excluding India) will be housed under UPL Ltd., Cayman. The seed business will be transferred to a new company named Advanta Enterprises Ltd. 

Read more here.

Ambuja Cements Q2 Results: Net profit falls 94% YoY to ₹51 crore

Ambuja Cements Ltd reported a 94.24% YoY decline in consolidated net profit to ₹51.3 crore in Q2, mainly due to rising fuel prices and related inflationary impact. Its revenue from operations rose 7.46% YoY to ₹7,143.17 crore during the same period. Total expenses stood at ₹7,179.9 crore in Q2, up 29.5% YoY.

Read more here.

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PVR to Invest ₹350cr for 100 New Screens in FY23 – Top Indian Market Updates

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

PVR to invest ₹350 crore for 100 new screens in FY23

PVR Limited will invest up to ₹350 crore to open 100 new screens in the current financial year (FY23). The investments will be funded by cash balances from internal accruals and also by some debt. The company expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business. 

Read more here.

DLF to develop luxury project in Gurgaon; targets ₹1800 crore sale

DLF Limited will develop a new luxury housing project in DLF5, Gurugram, with an estimated sales realisation of ₹1,700-1,800 crore. It will comprise 292 residences in a total developable area of 8.5 lakh square feet. The company has focused on many low-rise luxury developments and has sold floors worth ₹3,000 crore in 20 months.

Read more here.

Mahindra Lifespace eyes society redevelopment projects in Mumbai

Mahindra Lifespace Developers Ltd (MLDL) expects to secure two society redevelopment projects in Mumbai in FY23. The company is also looking to develop data centres as part of its expansion plans. MLDL aims to develop build-to-suit industrial and warehousing space in its existing large integrated industrial parks and may also look at housing for senior citizens.

Read more here.

Tata Group to halve number of listed companies to boost competitive strength

The Tata Group has commenced plans to halve the number of listed companies in the conglomerate from 29 to ~15 in the coming months to focus on investing in fewer but bigger entities that can compete well in the marketplace. They are speeding up its simplification and synergising strategy to better focus on growth & scale and improve cashflows in the larger companies. Last week, the group initiated the process of consolidating its steel business by merging seven subsidiaries into Tata Steel.

Read more here.

Tata Motors to invest ₹2,000 crore per annum on CV business

Tata Motors Ltd plans to continue investing up to ₹2,000 crore per annum in its commercial vehicle (CV) business to launch new models. The company is also looking to transition to cleaner mobility through vehicles powered by CNG and other alternative fuel options. It expects CNG models to account for nearly 40% in intermediate & light commercial vehicles and 20% in small CVs going ahead.

Read more here.

HAL sets up ₹208 crore rocket engine manufacturing facility

Hindustan Aeronautics Ltd (HAL) has set up a ₹208 crore Integrated Cryogenic Engine Manufacturing Facility (ICMF) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (ISRO). Set up over an area of 4,500 square metres, the facility will house over 70 hi-tech equipment and testing facilities for manufacturing cryogenic and semi-cryogenic engines of Indian rockets.

Read more here.

Samsung, Axis Bank launch co-branded card

Samsung and Axis Bank have launched a new co-branded credit card in India. The credit card will be powered by Visa and comes with a host of benefits such as cashback and reward points. It offers 10% cashback across all Samsung products (smartphones, tablets, TVs, ACs) and services around the year. The two entities have also partnered with key partner merchants such as BigBasket, Myntra, Tata 1mg, and Zomato.

Read more here.

Mahindra Logistics to acquire Rivigo’s B2B express business

Mahindra Logistics Ltd (MLL) has reached an agreement to acquire Rivigo Services Pvt. Ltd’s (RSPL) business-to-business (B2B) express business. MLL will take over the customers, team, assets, and technology platform of the B2B express business. RSPL will continue to own its truck fleet and the rights to the full truckload (FTL) operations.

Read more here.

BSE gets final SEBI approval to launch electronic gold receipts

BSE Ltd has received final approval from the Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform. The exchange conducted several mock trading in the test environment for its members to facilitate trading in EGRs. EGRs will go a long way in building a transparent channel for gold trade on a national institutionalised platform.

To learn more about EGRs, click here.

Read more here.

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Services PMI Rises to 57.2 in August – Top Indian Market Updates

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

Services PMI accelerates to 57.2 in August 

India’s services sector saw gains in new business, ongoing improvements in demand conditions, and job creation during August. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 57.2 in August, compared to 55.5 in July. The rate of job creation last month was the strongest in more than 14 years.

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

Read more here. 

IEX’s total trade volume falls 18% in August

Indian Energy Exchange (IEX) registered an 18% YoY decline in total trade volume to 7,805 million units (MU) in August 2022. This includes 6,517 MU in the conventional power market, 437 MU in the Green Power market, and 851 MU in the Renewable Energy Certificate (REC) market. The average clearing price in the Day-Ahead market rose 2% YoY to Rs 5.17 per unit last month. 

Read more here. 

Paytm denies link with Chinese loan merchants under ED scanner

Payment platform Paytm has denied any links with the merchants that are currently under Enforcement Directorate’s (ED) scanner in the Chinese loan app case. On Friday, ED carried out search operations at six premises in Bengaluru concerning an investigation of the case. The premises of Razorpay, Cashfree Payments, Paytm Payment Services, and other entities “controlled” by Chinese persons were covered in the operation. The raids were conducted under provisions of the Prevention of Money Laundering Act (PMLA), 2002. 

Read more here.

Dixon Tech signs pact with Google to sub-license rights relating to Android

Dixon Technologies Ltd has signed an agreement with Google to sub-license rights relating to Android and Google TV. This partnership will enable the company to offer a cost-effective and high-quality experience to its existing customers and potential new brands. It will further strengthen Dixon Tech’s market leadership in the LED TV category.

Read more here.

Bank of Maharashtra organises loan outreach program; sanctions more than ₹1,000 crore

Bank of Maharashtra has organised a credit outreach program under which it has sanctioned loans worth nearly ₹1,000 crore. Loan sanction letters were distributed to the beneficiaries by Financial Services Secretary Sanjay Malhotra in Pune. He also visited self-help group stalls at the event and interacted with members. The secretary also visited self-help group stalls at the event and interacted with the members.

Read more here.

Mahindra Lifespace expects over 2.5-fold rise in bookings soon

Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to ₹2,500 crore in the next three years on better housing demand. The company registered ₹600 crore of residential sales during the April-June quarter (Q1) of FY2022-23, compared to ₹1,028 crore in the full previous year. It expects very strong continued growth in Q2 and the rest of the year.

Read more here.

Would surpass ₹21,000-crore revenue target by 2026: ABFRL chairman

Aditya Birla Fashion and Retail Ltd (ABFRL) is confident of fortifying its market position further and surpassing the projected revenue of ₹21,000 crore by 2026, said chairman Kumar Mangalam Birla. The company is leveraging technology and its execution excellence to build a strong, profitable, and future-ready brand portfolio. ABRFRL is also working on strategic alliances and is building a comprehensive set of iconic brands.

Read more here.

Aurionpro Solutions acquires US-based startup Hello Patients Solutions Inc.

Aurionpro Fintech Inc., a US-based subsidiary of Aurionpro Solutions Ltd, announced the acquisition of Hello Patients Solutions Inc, a startup registered in Delaware, USA. Hello Patients provides a healthcare billing and patients’ management solution that leverages Aurionpro’s technology for payments processing. Aurionpro will acquire the entire stake in Hello Patients in an all-cash transaction of $250,000 (~₹1.99 crore).

Read more here.

OPEC to cut oil output for first time in a year

For the first time in a year, OPEC+ agreed to make a token oil supply cut for October. The organisation aims to stabilise international markets after a faltering economic backdrop triggered the longest price decline in two years. At a meeting held today, OPEC decided to reduce production by 100,000 barrels a day in October, taking supplies back to August levels.

Read more here.

HAL-L&T consortium secures ₹860-crore contract to build five PSLVs

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro has won an ₹860 crore deal from NewSpace India Limited (NSIL) to build five Polar Satellite Launch Vehicle (PSLV) rockets over four years. The contract was exchanged today between HAL and NSIL during the inaugural session of the 7th Bengaluru Space Expo 2022.

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SpiceJet, Credit Suisse AG Resolve Financial Dispute – Top Indian Market Updates

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

SpiceJet, Credit Suisse AG tell SC they resolved financial dispute

SpiceJet Ltd and Swiss firm Credit Suisse AG told the Supreme Court they have resolved their financial dispute. The apex court allowed SpiceJet to withdraw its appeal against a Madras High Court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse. As per Credit Suisse AG, SpiceJet had failed to honour its commitment to pay the bills for over $24 million for maintenance and repair of aircraft engines and components.

Read more here.

Tata Motors secures order for 921 electric buses from BMTC

Tata Motors has secured an order for 921 electric buses from the Bengaluru Metropolitan Transport Corporation (BMTC). The automaker is all set to supply, operate and maintain 12-meter electric buses as part of the large tender announced by Convergence Energy Services Ltd (CESL). BMTC Managing Director G Sathyavathi said the order is essential for Bengaluru’s growing requirement for clean and sustainable public transport.

Read more here.

HAL opens office in Kuala Lumpur to explore business operations in Southeast Asia

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with its representative in Kuala Lumpur (called Forte Drus) for tapping new opportunities in exporting weaponry to Malaysia. The office in Malaysia will help HAL to tap the new business opportunities for Fighter Lead-in Trainer, Light Combat Aircraft, and other requirements of the Royal Malaysian Air Force (RMAF).

Read more here.

Power Mech Projects secures order worth Rs 6,163 crore from Adani Group

Power Mech Projects Ltd (PMPL) has secured an order for five Flue Gas Desulphurization (FGD) projects with an aggregating value of Rs 6,163.20 crore from Adani Group. The FGD projects will be used to install 15 FGD retrofits to coal-based units at Mundra, Tiroda, Kawai, and Udupi. These units will effectively curb sulphur-dioxide emissions and play a vital part in helping India achieve its ambitious goal of reducing emissions.

Read more here.

IRCTC floats tender to appoint consultant for digital data monetisation

Indian Railway Catering & Tourism Corporation (IRCTC) has floated a tender to hire a consultant to monetise digital assets. The assets mentioned in the tender include rail ticketing data, user base, and passenger travel-related transactions. As per reports, IRCTC has estimated a revenue generation potential of Rs 1,000 crore through the monetisation of its digital assets.

Read more here.

Datamatics Global Services partners with US-based AccessFares

Datamatics Global Services Ltd (DGSL) has entered into a long-term strategic partnership with AccessFares to enhance the customer experience for its premium international airfare services. DGSL will manage the premium international airfare services and help create value across the entire air ticketing, invoicing, and billing process. US-based AccessFares is a market leader in providing premium international airfares with significant discounts to customers globally.

Read more here.

Lupin gets USFDA approval for Rufinamide tablets to treat seizures

Lupin Ltd has received approval from the US Food & Drug Administration (FDA) for Rufinamide tablets. The drug is used to treat the symptoms of Lennox-Gastaut Syndrome (seizures). They are available for oral administration as film-coated tablets. The product will be manufactured at Lupin’s facility in Goa. As per IQVIA MAT June 2022 data, Rufinamide tablets had estimated annual sales of $164 million (~Rs 1,306.4 crore) in the US.

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India sees a 7.6% fall in domestic air passengers in July: DGCA

The latest data by the Directorate General of Civil Aviation (DGCA) showed a 7.6% decline in the total number of domestic air passengers in July 2022 to 97 lakh. Around 1.05 passengers travelled by air in June. The rainy season is usually a lean period for India’s aviation sector. IndiGo carried 57.11 lakh passengers in July, a 58.8% share of the domestic market. Meanwhile, SpiceJet carried 7.76 lakh passengers last month.

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Tata Power Renewable Energy issues shares to BlackRock-Mubadala consortium for Rs 2,000 crore

Tata Power Renewable Energy’s board has approved the allotment of 8.36 crore equity shares on a preferential basis aggregating ~Rs 2,000 crore to GreenForest New Energies Bidco (GNEB). GNEB is a consortium led by BlackRock Real Assets and Mubadala Investment Company. This transaction is part of an investment deal worth Rs 4,000 crore, which BlackRock and Mubadala will infuse into Tata Power Renewable Energy.

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Nykd by Nykaa launches first flagship store in New Delhi

Nykd by Nykaa, the athleisure brand from Nykaa Fashion, has opened its first-ever physical retail space in Rajouri Garden, New Delhi. The store has a wide array of products across the innerwear, sleepwear, athleisure, and loungewear categories.

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TCS Reports 5.2% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

TCS Q1 Results: Net profit rises 5.21% YoY to Rs 9,478 crore

Tata Consultancy Services (TCS) reported a 5.21% YoY increase in consolidated net profit to Rs 9,478 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 16.2% YoY to Rs 52,758 crore during the same period. The last twelve months IT services attrition rate stood high at 19.7%. The IT firm’s board has declared an interim dividend of Rs 8 per share.

Read more here.

M&M plans to sell 2 lakh electric vehicles by FY27

Mahindra & Mahindra Ltd (M&M) hopes to sell two lakh electric vehicles (EVs) by FY27. It has begun a new path to grab a share of the shift towards electrification. The automaker plans to invest over $1 billion in the EV business and develop a portfolio of five EVs in the next five years. M&M recently raised ~Rs 1,980 crore from British International Investment (BII) for its new wholly-owned EV company.

Read more here.

Tata Motors’ global wholesales up 48% YoY to 3.16 lakh units in Q1

Tata Motors Ltd’s global wholesales (including JLR) increased by 48% YoY to 3,16,443 units in the April-June quarter (Q1 FY23). Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q1 stood at 1,03,529 units, up 97.3% YoY. The company’s global sales of all passenger vehicles rose 31% YoY to 2,12,914 units.

Read more here.

City Union Bank partners with Shriram General to distribute insurance products

City Union Bank has partnered with Shriram General Insurance to distribute insurance products across the bank’s 727 branches in India. The deal gives space for Shriram General to offer personal lines of insurance products such as motor, personal accident, home, and travel. The agreement allows City Union Bank to provide non-life insurance products to its customers.

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Mahindra Holidays plans to add 1,000 rooms in next 2-3 years

Mahindra Holidays & Resorts India Ltd (MHRIL) plans to add ~1,000 rooms in the next 2-3 years, said chairman Arun Nanda. The company is looking at greenfield projects, expansion of existing facilities, acquisitions, and lease opportunities to drive significant growth in room inventory in the next few years. MHRIL added 385 rooms during the financial year 2021-22 (FY22). The total room inventory now stands at 4,568 units across 84 resorts.

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Kotak Mahindra Bank bags DLL India’s agri & healthcare equipment financing portfolio

Kotak Mahindra Bank has acquired the agriculture and healthcare equipment financing portfolio of asset finance company DLL India. DLL India is a subsidiary of Netherland-based De Lage Landen International B.V., owned by Rabobank. With this acquisition, the bank will gain access to over 25,000 customers with a total standard loan outstanding of ~Rs 582 crore. Kotak Mahindra Bank has also acquired the non-performing assets (NPA) portfolio of DLL India with a total loan outstanding of ~Rs 69 crore.

Read more here.

Happiest Minds partners with CloudFabrix’s RDAF

Happiest Minds Technologies Ltd has entered into a strategic partnership with US-based CloudFabrix’s Robotic Data Automation Fabric (RDAF) to unify data observability, artificial intelligence for IT operations (AIOps), and automation. RDAF consolidates diverse data sources, converges on the root cause by applying AI/ML pipelines, and concludes by remediating with intelligent automation.

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Investor flow to equity mutual fund schemes fall 16% in June: AMFI

Net investments into equity and equity-linked schemes fell 16.3% over the previous month to Rs 15,497.7 crore in June. The number of systematic investment plan (SIP) accounts stood at an all-time high at 5.54 crore and monthly SIP contribution at Rs 12,276 crore in June. The net assets under management  (AUM) for the Indian mutual fund industry stood at Rs 35.64 lakh crore in June, registering a 6% YoY growth. The data was released by the Association of Mutual Funds in India (AMFI).

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HAL, Safran to develop new helicopter engines

Hindustan Aeronautics Ltd (HAL) has signed an agreement with France-based Safran Helicopter Engines to create a new joint venture (JV) to develop helicopter engines. The JV will meet the requirements of HAL and the Ministry of Defence’s future helicopters, including the 13-tonne Indian Multi-Role Helicopter (IMRH). This partnership will involve and utilise the Indian defence manufacturing ecosystem within India.

Read more here.

ONGC, OIL, GAIL emerge winners of OALP-VII bidding round

Oil & Natural Gas Corp (ONGC), Oil India Ltd. (OIL), and Gas Authority of India Ltd. (GAIL) have walked away with most of the eight blocks offered for exploration and production of oil and gas in the Open Acreage Licensing Policy (OALP) 7th bidding round. ONGC won three blocks in this round, while OIL won two. GAIL won one block in Rajasthan. The government has now launched the OALP Bid Round-VIII for 10 blocks.

Read more here.

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SBI Posts 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 41% YoY to Rs 9,113 crore

State Bank of India (SBI) reported a 41.27% YoY increase in net profit to Rs 9,113.52 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 15.26% YoY to Rs 31,198 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 3.97% in Q4 FY22, compared to 4.5% in Q3 FY22. SBI’s board has declared a dividend of Rs 7.10 per share.

Read more here.

Maruti Suzuki to invest Rs 11,000 crore in first phase at Sonipat

Maruti Suzuki India Ltd will invest Rs 11,000 crore to make the first phase of its new manufacturing facility at Sonipat (Haryana) operational. The facility could emerge as the largest production base for the company in India. The first plant will have a manufacturing capacity of 2.5 lakh vehicles per annum. It is expected to be commissioned within 2025.

Read more here.

Tech Mahindra Q4 Results: Net profit rises 39% YoY to Rs 1,506 crore

Tech Mahindra Ltd reported a 39.2% YoY (or 10% QoQ) increase in consolidated net profit to Rs 1,506 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24.5% YoY (or 5.8% QoQ) to Rs 12,116 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. Tech Mahindra’s board has declared a final dividend of Rs 15 per share.

Read more here.

Zydus Lifesciences launches drug for treating bad cholesterol

Zydus Lifesciences Ltd has launched its Bempedoic acid drug under the ‘Bemdac’ brand. The drug offers a new line of treatment for patients suffering from uncontrolled levels of bad cholesterol, despite lifestyle modifications. Low-density lipoprotein cholesterol (LDL-c) increases the chances of health problems such as heart attack or stroke.

Read more here.

Eicher Motors Q4 Results: Net profit rises 16% YoY to Rs 610 crore

Eicher Motors Ltd reported a 15.96% YoY increase in consolidated net profit to Rs 610.14 crore for the quarter ended March (Q4 FY22). Net profit rose 34% when compared to the previous quarter. Its revenue from operations grew 8.6% YoY (or 11% QoQ) to Rs 3,193.32 crore during the same period. The automaker’s board has declared a dividend of Rs 21 per share.

Read more here.

L&T secures order from Rajasthan govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Rajasthan government for executing a parallel carrier system to the Rajiv Gandhi Lined Canal. The project will serve the water demands of the districts of Jodhpur, Pali, and Barmer. It will also supply raw water to Delhi Mumbai Industrial Corridor and Rajasthan State Industrial Development Investment Corporation Ltd (RIICO).

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HAL Q4 Results: Net profit rises 91% YoY to Rs 3,105 crore

Hindustan Aeronautics Ltd (HAL) reported a 90.8% YoY increase in consolidated net profit to Rs 3,105.17 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 6.4% YoY to Rs 11,561.1 crore during the same period. EBITDA stood at Rs 2,499.7 crore in Q4, down 7.9% YoY. Total expenses rose 11.1% YoY to Rs 9,061.3 crore.

Read more here.

Patel Engineering secures contract worth Rs 2,461 for Kwar HE Project

Patel Engineering Ltd has bagged a contract worth Rs 2,461 crore for constructing a diversion tunnel, concrete gravity dam, pressure shafts, underground powerhouse, and tailrace tunnel for the Kwar HE Project in Jammu & Kashmir. The project aims to harness the vast hydro potential of the Chenab river.

Read more here.

Bandhan Bank Q4 Results: Net profit jumps 1,747% YoY to Rs 1,902.3 crore

Bandhan Bank reported a 1,747% YoY jump in net profit to Rs 1,902.3 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 44.6% YoY to Rs 2,539.8 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.46% in Q4 FY22, compared to 6.81% in Q4 FY21. Provisions stood at Rs 4.7 crore in Q4 FY22, down 99.7% YoY.

Read more here.

Escorts Q4 Results: Net profit falls 28% YoY to Rs 190 crore

Escorts Limited reported a 28.42% YoY decline in consolidated net profit to Rs 189.98 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 15.7% YoY to Rs 1,878.51 crore during the same period. Tractor volumes fell 32.8% YoY to 21,985 units in Q4. Construction equipment sales stood at 1,286 units, down 19.8% YoY. The company’s board has declared a final dividend of Rs 7 per share.

Read more here.

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Bajaj Finance Reports 80% YoY Rise in Q4 Net Profit – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q4 Results: Net profit rises 80% YoY to Rs 2,420 crore

Bajaj Finance Ltd reported an 80% YoY (or 14% QoQ) increase in net profit to Rs 2,419.5 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 30% YoY to Rs 6,068 crore during the same period. The company’s assets under management (AUM) increased by 29% YoY to Rs 1.97 lakh crore. Its deposit book grew 19% YoY to Rs 30,800 crore in Q4 FY22. Bajaj Finance has declared a dividend of Rs 20 per share.

Read more here.

RIL, Ta’ziz sign shareholder agreement for Ruwais chemicals project

Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC (Ta’ziz) have signed the formal shareholder agreement for the Ta’ziz EDC & PVC project. The joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC), and Polyvinyl Chloride (PVC) production facility, with a total investment of ~$2 billion. The project aims to strengthen domestic supply chains in the UAE.

Read more here.

L&T to partner with IIT Bombay for green hydrogen tech development

Larsen & Toubro (L&T) has partnered with the Indian Institute of Technology-Bombay to jointly pursue research and development work in the green hydrogen value chain. L&T’s engineering expertise, product scale-up, commercialization know-how, and IIT Bombay’s cutting-edge research in hydrogen technologies will help this partnership accomplish its goals. They aim to create scalable and cost-effective solutions in the green hydrogen space.

Read more here.

Sanofi India Q1 Results: Net profit rises 63% YoY to Rs 238 crore

Sanofi India Ltd reported a 63.4% YoY increase in net profit to Rs 238.4 crore for the quarter ended March (Q1 CY22). The pharma company follows the January-December financial year cycle. Its revenue from operations fell 2.5% YoY to Rs 707 crore during the same period. EBITDA stood at Rs 194.5 crore, up 2.7% YoY.

Read more here.

Amazon to continue arbitration against Future Group in Singapore: Report

According to an ET report, Amazon will go ahead with its arbitration proceedings against the Future Group in Singapore. It will raise the issue of the Indian group allegedly alienating its retail assets in favour of Reliance Industries (RIL). The Singapore International Arbitration Centre (SIAC) is likely to resume hearing the Amazon-Future Group dispute in the first or second week of May.

Read more here.

Adani Group in advanced talks to acquire Holcim business in India: Report

As per reports, the Adani Group is in advanced talks to buy Holcim’s cement business in India. The group could sign a deal to acquire a controlling stake in Ambuja Cements Ltd from Switzerland-based Holcim (the world’s largest cement maker). Currently, Holcim holds a 63.1% stake in Ambuja. 

Read more here.

Airtel Payments Bank partners with IndusInd Bank to offer FD facility to customers

Airtel Payments Bank has partnered with IndusInd Bank to offer fixed deposits for its customers. Users can open FDs starting from Rs 500 up to Rs 1.9 lakh in a few minutes through a digital process on the Airtel Thanks mobile app. Savings account customers will get a yearly interest rate of up to 6.5% and senior citizens will get an additional 0.5% on all FDs.

Read more here.

Atul Q4 Results: Net profit falls 22% YoY to Rs 136 crore

Atul Limited reported a 22.16% YoY decline in consolidated net profit to Rs 136.26 crore for the quarter ended March (Q4 FY22). Net profit fell 12.3% when compared to the previous quarter. The chemical manufacturer’s total income rose 22.75% YoY (or 0.6% QoQ) to Rs 1,392.64 crore during the same period. EBITDA stood at Rs 205.2 crore, down 19.35% YoY. Atul Ltd’s board has declared a dividend of Rs 25 per share.

HAL signs deal with BEL to make IRST system for Su-30 MKI jets

Hindustan Aeronautics Ltd (HAL) and Bharat Electronics Ltd (BEL) signed a contract for the co-development and production of the Long Range Dual Band Infra-Red Search and Track System (IRST) for Sukhoi Su-30 MKI jets. The proposed IRST system will be a high-end strategic technology product in the field of defence avionics. It will enhance the Indian Air Force’s air superiority. 

Read more here.

Tata Teleservices Q4 Results: Net loss at Rs 280 crore

Tata Teleservices (Maharashtra) Ltd reported a net loss of Rs 280.62 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 288.3 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue from operations rose 2.8% YoY to Rs 272.78 crore in Q4 FY22. Tata Teleservices is a broadband, telecommunications, and cloud service provider based in Mumbai. 

Read more here.

LIC IPO to open on May 4; price band set at Rs 902-949 per share

Life Insurance Corporation (LIC) has fixed a price band of Rs 902-949 per share for its Rs 21,000-crore initial public offering (IPO). There is a discount of Rs 60 for policyholders and a Rs 45 discount for employees. The IPO will open for anchor investors on May 2 and for other investors from May 4-9. The Indian government is looking to sell a 3.5% stake in the state-owned insurance company. 

Read more here.

Wipro to acquire 100% stake in Rizing for $540 million

Wipro Limited will acquire a 100% stake in US-based Rizing Intermediate Holdings for $540 million (~Rs 4,135 crore). The IT major aims to scale up its systems, applications & products (SAP) consulting capabilities through this acquisition. The transaction is expected to be completed before the quarter ending June 30 (Q1 FY23).

Read more here.

AU Small Finance Bank Q4 Results: Net profit jumps 105% YoY to Rs 346 crore

AU Small Finance Bank (SFB) reported a 105% YoY (or 16% QoQ) increase in net profit to Rs 346 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 43% YoY to Rs 937 crore during the same period. AU SFB’s board has declared a dividend of ₹1 per share. They have also recommended a bonus issue of one equity share for every one share held. 

Read more here.

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TCS Posts 7% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 7% YoY to Rs 9,926 crore

Tata Consultancy Services (TCS) reported a 7% YoY increase in consolidated net profit to Rs 9,926 crore for the quarter ended March (Q4 FY22). Net profit rose 1.6% when compared to the previous quarter. Its revenue from operations grew 16% YoY (or 3.5% QoQ) to Rs 50,591 crore during the same period. The IT company secured new deals worth $11.3 billion in Q4, taking the total order book to $34.6 billion for FY22. TCS’ board has declared a final dividend of Rs 22 per share for Q4 FY22.

Read more here.

Tata Motors to ramp up EV production as demand rises

Tata Motors Ltd will ramp up the production of electric vehicles (EVs) as demand continues to outpace the manufacturing activity by a large margin. The automaker has been receiving an average of 5,500-6,000 bookings in the past two months for its EV range. The company sells three electric products (Nexon EV, Tigor EV, and XPRES-T) in the domestic market. It has also recently unveiled a coupe-style SUV which it plans to launch in the next two years.

Read more here.

Godrej Industries launches Godrej Capital

Godrej Industries Ltd (GIL) announced the launch of Godrej Capital Limited (GCL). GCL will be the holding entity for Godrej Housing Finance and Godrej Finance Ltd (an NBFC). GIL has committed to invest Rs 1,500 crore as capital in the financial services arm. It expects the business to require a total equity investment of Rs 5,000 crore by 2026. With this launch, GIL aims to build a world-class retail financial services business.

Read more here.

Glenmark Pharma gets DCGI approval for Phase-1 trial of novel molecule

Glenmark Specialty S.A. has received approval from the Drugs Controller General of India (DCGI) to conduct a Phase-1 clinical trial of its novel small-molecule, GRC 54276. The molecule has shown the ability to kill tumor cells in pre-clinical studies as a single agent. Glenmark will initiate a Phase-1 clinical trial in India by June 2022. The study will evaluate the safety and tolerability of GRC 54276 as a monotherapy. 

Read more here. 

MCX to partner with Chittagong Stock Exchange to set up derivatives platform

Multi Commodity Exchange of India (MCX) is planning to collaborate with Chittagong Stock Exchange (CSE) of Bangladesh to provide consultancy services for establishing a commodity derivatives platform in the country. MCX will provide consultation services to CSE in areas of regulations, products, clearing & settlement services, warehousing, etc. CSE is one of the two stock exchanges based in the port city of Chittagong, Bangladesh.

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Tata Steel infuses Rs 625 crore in Tata Steel Mining

Tata Steel Ltd has acquired 32.63 crore equity shares of Tata Steel Mining Ltd (TSML) at a premium of Rs 9.15 per share. The aggregate amount paid for acquiring the shares is Rs 625 crore. This equity infusion is for funding TSML’s acquisition of Rohit Ferro Tech under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code.

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HAL-L&T consortium emerges lowest bidder for ISRO project

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro (L&T) has emerged as the lowest (L-1) bidder to make five Polar Space Launch Vehicles (PSLVs) for ISRO. HAL will be the lead partner with L&T, while other vendors will be involved with the consortium in the manufacturing of the launch vehicles. The contract is yet to be formalized.

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Intellect Design secures digital banking contract from VPBank

Intellect Global Transaction Banking (iGTB) has signed a transformative deal with Vietnam-based VP Bank to digitize and streamline its transaction banking offerings. This deal marks the tenth key digital banking transformation deal in Vietnam. iGTB is the transaction banking specialist from Intellect Design Arena Ltd.

Read more here.

Kesoram Industries Q4 Results: Net loss at Rs 46.6 crore

Kesoram Industries Ltd reported a consolidated net loss of Rs 46.67 crore for the quarter ended March (Q4 FY22). It had reported a net profit of Rs 112.26 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 19.7% YoY to Rs 1,031.78 crore in Q4 FY22. Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, pipes, paper, and heavy chemicals.

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HDFC Bank to Raise up to Rs 50,000 crore via Bonds – Top Indian Market News

HDFC Bank to raise up to Rs 50,000 crore via bonds

HDFC Bank’s board will consider a proposal for raising up to Rs 50,000 crore over the next 12 months. The bank aims to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier-I capital), Tier-II Capital Bonds, and Long Term Bonds (Financing of Infrastructure and Affordable Housing). The board is scheduled to meet on April 16 to consider and approve the financial results for the March quarter (Q4) and FY 2021-22.

Read more here.

L&T’s building & factories biz secures ‘significant’ orders

Larsen & Toubro Ltd’s (L&T) building and factories business has received significant orders (in the range of Rs 1,000-2,500 crore) from prestigious clients. The health segment of the business has secured an order from the Government of Telangana to construct a 1,750-bed super specialty hospital at Warangal. The project also involves constructing a configuration of the basement and other ancillary buildings.

Read more here.

Titan reports muted sales in Q4

Titan Company Ltd said it finished the March quarter (Q4 FY22) on a satisfactory note, despite partial Omicron-led lockdowns and other disruptions. The company’s jewellery division reported a 4% YoY decline in revenue during Q4. Revenue from the watches and wearables segment grew 12% YoY. Meanwhile, Titan’s eyecare division recorded 5% YoY growth, while other businesses saw a 23% rise in revenue. 

Read more here.

Maruti Suzuki to hike vehicle prices this month

Maruti Suzuki India Ltd (MSIL) plans to hike the prices of different models in April due to rising input costs. The automaker did not disclose the quantum of the proposed price hike. It has already hiked vehicle prices by nearly 8.8% from January 2021 to March 2022 due to the constant increase in input costs.

In other news, MSIL has recalled 19,731 units of its EECO model to inspect and rectify incorrect marking of wheel rim size.

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Actis nearing a deal to buy road assets worth $400 million from Welspun Group: Report

According to a Bloomberg report, UK-based Actis is nearing a deal to acquire a portfolio of road assets from Welspun Group for nearly $400 million (~Rs 3,032 crore). The buyout firm is in advanced talks for the assets and is set to beat out several rival bidders. The deal could give Welspun’s road portfolio an enterprise value of about $1.2 billion.

Read more here.

HAL, Israel Aerospace Industries sign pact for MMTT aircraft

Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi-mission tanker transport (MMTT) aircraft in India. Under this pact, HAL will convert pre-owned civil aircraft into air-refueling aircraft with cargo and transport capabilities. This move aims to provide India’s defence ecosystem with new capabilities and cost-effective solutions in the market.

Read more here.

Union Bank to invest Rs 1,000 crore to upgrade IT infrastructure

Union Bank will invest Rs 1,000 crore in upgrading its information technology (IT) platforms in the current financial year. It aims to generate revenue from digital channels and save costs. The state-owned bank launched its super app named UnionNxt today. The main thrust of its digital initiatives is to empower customers with smarter ways of banking across all segments.

In other news, Union Bank’s MD Rajkiran Rai G said the lender will transfer 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company (bad bank) by the end of April.

Read more here.

Equitas SFB gross advances rise 15%, deposits up 16% in FY22

Equitas Small Finance Bank’s (SFB) gross advances witnessed a 15% YoY growth on a provisional basis to Rs 20,648 crore in FY22. Total deposits grew by 16% YoY to Rs 18,951 crore in FY22, compared to Rs 16,392 crore in FY21. The bank’s CASA (current account & savings account) deposits rose 76% YoY to Rs 9,855 crore in FY22. Equitas SFB saw an all-around improvement in performance in the previous quarter (Q4 FY22) as well.

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JSW Steel successfully bids for Ajgaon iron ore block mining license

The Directorate of Geology and Mining, Maharashtra, has declared JSW Steel Ltd as a
“preferred bidder” for a composite licence of an unexplored iron ore mine (Ajgaon Iron Ore Block) in Sindhudurg district. JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe.

Read more here.

Vodafone Idea launches Vi Jobs & Education for job seekers

Vodafone Idea has partnered with Apna, Enguru, and Pariksha platforms to provide over 26 crore customers access to curated job search and exam preparation facilities targeted at Indian youth. The telecom operator has launched Vi Jobs & Education on the Vi App to increase customer stickiness with the brand by offering services to its large prepaid customer base. The platform offers free priority access to India’s most prominent job listings.

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IEX reports 38% YoY rise in trade volumes in FY22

Indian Energy Exchange (IEX) registered a 38% YoY growth in trade volumes at 1,02,035 million units (MUs) in the financial year 2021-22. IEX achieved 9,605 MU volume in March, recording a growth of 16% YoY. The volume comprises 8,702 MU in the conventional power market, 392 MU in the green power market, and 511 MU in the renewable energy certificates market.

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