Tag: hathway cable

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L&T to Build India’s Tallest Commercial Building in Mumbai – Top Indian Market Updates

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

Larsen & Toubro to construct India’s tallest commercial building in Mumbai

Larsen and Toubro (L&T) Construction has secured an order to construct commercial towers in Mumbai. The exact value of the projects has not been disclosed, but they fall within the range of Rs 1,000 crore to Rs 2,500 crore. One of the orders involves building the tallest commercial building in India, with a height of over 300.05 metres. The project includes four-level basements and two towers with 70 and 50 floors, totaling a built-up area of 3.4 million square feet.

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Aditya Birla Group forays into branded jewellery retail business

Aditya Birla Group is entering the jewellery retail business with a Rs 5,000 crore investment. This is their third venture in two years, following paints and business to business (B2B) e-commerce. The new business, called ‘Novel Jewels Ltd’, will open big jewellery stores in India and feature their own jewellery brands.

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GTPL Hathway plans capex of Rs 1400 crore over the next three years

GTPL Hathway plans to invest Rs 1,400 crore in the next three years in capital expenditure (capex). They will allocate around Rs 450-500 crore annually for capex. The investment will be evenly split between their cable TV and broadband businesses. In FY22, they spent Rs 468.5 crore on capex, with Rs 225 crore for broadband and the remainder for cable TV.

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IPCA Labs undergoes crucial USFDA inspection at Ratlam facility amid import alert

The United States Food & Drugs Administration (USFDA) is currently inspecting IPCA Laboratories’ API facility in Ratlam. This inspection is important because the facility has been under import alert since FY15, affecting supplies to the US. Three major facilities of Ipca, including Ratlam, Silvassa, and Pithampur, are still under import alert. In April 2023, the USFDA inspected Ipca’s formulation facility in Silvassa, resulting in three observations.

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JK Cement to buy 100% stake in Toshali Cements for Rs 157 crore

JK Cement Ltd announced its plan to acquire a 100% stake in Toshali Cements Private Ltd for Rs 157 crore. The company aims to expand its presence in the eastern region with this acquisition. The Board of Directors approved to sign a Share Purchase Agreement for the acquisition. Toshali currently operates two manufacturing units, one in Odisha with a clinker capacity of 0.33 MTPA and a grinding capacity of 0.198 MTPA.

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KEC International receives two orders for train collision avoidance systems

KEC International has received two large orders worth Rs 600 crore for its Train Collision Avoidance System (TCAS) called Kavach. The recent tragic train collision in Odisha has highlighted the urgent need for TCAS implementation. With these orders in hand, the company anticipates more tenders and increased demand for their TCAS systems.

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Sonata Software partners with SAP Commerce to drive digital innovation, e-commerce solutions

Sonata Software has partnered with SAP Commerce to drive digital innovation and support businesses. The collaboration aims to offer customized e-commerce solutions and seamless experiences to customers. Sonata Software will provide implementation, customisation, and maintenance services, including integration with third-party systems. The partnership will enable customers to benefit from storefront design, services across multiple channels, and ongoing support and maintenance.

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Man Infra receives another redevelopment project in Mumbai’s Ghatkopar

Man Infraconstruction Ltd’s subsidiary MICL Creators LLP  has announced a new residential project in Ghatkopar East, Mumbai. By acquiring development rights from neighboring societies, the company will work on a total area of approximately 13 lakh square feet. The project is expected to be completed in the next 3.5 to 4 years, with a saleable carpet area of around 4 lakh square feet.

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Bank Nifty weekly options contract to now expire on Fridays

The National Stock Exchange (NSE) has changed the weekly options expiry day for Nifty Bank contracts based on feedback. Starting from July 7, 2023, Nifty Bank’s weekly options contracts will expire on Fridays instead of Thursdays. If Friday is a trading holiday, the expiry will occur on the previous day. Monthly contracts will also expire on the last Friday of each month, except when it coincides with a trading holiday, in which case the expiry will be on the previous Thursday. Existing F&O contracts will have their expiry and maturity dates rescheduled to Fridays from July 6.

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WPI Inflation Eases to 1.34% in March – Top Indian Market Updates

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

WPI Inflation eases to 1.34% in March

The wholesale price index (WPI)-based inflation rate dropped to a 29-month low of 1.34% in March, down from 3.85% in February. This decline was attributed to a higher base effect and a decrease in the prices of manufactured products. This marks the sixth consecutive month of single-digit wholesale inflation after 18 months of double-digit inflation. 

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Passenger vehicle exports from India rise 15% in FY23: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle exports from India witnessed a 15% increase in the financial year 2022-23, with Maruti Suzuki India being the leader in this segment. The total passenger vehicle exports reached 6,62,891 units in FY23, compared to 5,77,875 units in FY22. Passenger car shipments grew by 10% to reach 4,13,787 units, while utility vehicle exports saw a 23% growth with 2,47,493 units exported during FY22.

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Ashok Leyland bags order of 1,560 trucks from VRL Logistics

Ashok Leyland has received an order of 1,560 trucks from VRL Logistics Ltd (VRL). The trucks are equipped with advanced features aimed at enhancing efficiency and profitability for VRL’s growing fleet. With this order, VRL aims to reduce maintenance time, minimise stop-overs, and improve overall efficiency. This is expected to result in better uptime and increased profitability for VRL.

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Vedanta joins 20 Korean display firms for electronics manufacturing hub in India

Vedanta Group has signed Memorandum of Understandings (MoUs) with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India. The proposed electronics manufacturing hub has the potential to attract over 150 companies and generate more than 1 lakh direct and indirect jobs. Vedanta’s greenfield display fab would be one of the anchor projects for this proposed hub.

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Adani-Total’s Dhamra LNG terminal to start commercial operations at May-end

Adani Group and TotalEnergies’ newly built liquefied natural gas (LNG) import facility at Dhamra on the Odisha coast in India will begin commercial operations at the end of May. The terminal has the capacity to handle 5 million tonnes of LNG per year and received its first shipment of LNG on April 1. The LNG will be used for various purposes, including steel production, fertilizer production, compressed natural gas (CNG), and cooking gas.

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EIL secures business worth Rs 4,500 crore in FY23, a 165% jump

Engineers India Ltd (EIL) secured business worth Rs 4,500 crore in FY23, marking a significant jump of 165% YoY. The company attributed this growth to its expanded presence in the traditional hydrocarbon sector and its entry into emerging areas such as green hydrogen and niche chemicals. EIL also secured Rs 600 crore worth of business from international clients in FY23, a substantial increase from Rs 50 crore in FY22.

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Hathway Cable & Datacom Q4 Results: Net loss at Rs 14.61 crore

Hathway Cable & Datacom Ltd reported a consolidated net loss of Rs 14.61 crore in Q4 FY22-23. It posted a net profit of Rs 28.42 crore in Q4 FY22. The company’s revenue from operations stood at Rs 459.59 crore, up 2.40% YoY. The revenue from the broadband business was Rs 159.16 crore, while the revenue from the Cable TV business was Rs 300.43 crore in Q4. Total expenses increased by 8.24% YoY to Rs 484.49 crore.

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Tata Power discom arm signs 200-MW hydropower pact with NVVN

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has signed a 200-MW medium-term hydropower purchase agreement with NTPC Vidyut Vyapar Nigam Ltd (NVVNL) to meet the projected peak demand. NVVNL, the trading arm of NTPC Ltd, will supply hydropower to Tata Power-DDL for the next five years, specifically from May to September 2023.

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M&M recasts top management roles of auto business

Mahindra & Mahindra (M&M) has restructured the roles of senior officials and created a new position of CEO for the automotive business to focus on internal combustion engine-powered SUV operations. The company has also appointed a Chief Operating Officer (COO) for its electric vehicle business to oversee the emerging electric SUV portfolio, reflecting its increased focus on electric mobility and sustainability.

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Jubilant FoodWorks Posts 58% YoY Rise in Net Profit in Q2 – Top Indian Market News

Jubilant FoodWorks Q2 Results: Net profit rises 58% YoY to Rs 121 crore

Jubilant FoodWorks Ltd reported a 58% YoY increase in net profit to Rs 121.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 73% compared to the previous quarter. Its revenue from operations rose 36.6% YoY (or 25% QoQ) to Rs 1,100.7 crore during the same period. Operating profit stood at Rs 290 crore in Q2, an increase of 33% YoY. The company saw a 43% YoY rise in the cost of raw materials to Rs 227 crore in the July-Sept quarter of FY22.

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Honeywell Automation secures Rs 496 crore Bengaluru Safe City project

The Central Govt has selected Honeywell Automation India to lead the Rs 496.57 crore Bengaluru Safe City project under the Nirbhaya Fund. The project was initiated by the Ministry of Home Affairs to create a safe, secure, and empowering environment for women and girls in public places. As part of the contract, Honeywell Automation will install 7,000 cameras across 3,000 locations across Bengaluru. The system will have facial recognition and advanced analytics capabilities. 

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Havells India Q2 Results: Net profit falls 7.2% YoY to Rs 301.6 crore

Havells India reported a 7.2% YoY decline in net profit to Rs 301.6 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 31.4% YoY to Rs 3,221 crore during the same period. EBITDA stood at Rs 443.5 crore in Q2, an increase of 5.3% YoY. The company’s total expenses stood at Rs 2,850.85 crore in Q2 FY22, compared to Rs 2,107.44 in the same period last year (Q2 FY21). Havells India’s board has declared an interim dividend of Rs 3 per share.

Read more here. 

IndusInd Bank launches EMI on debit cards ahead of festive season

IndusInd Bank has launched Equated Monthly Instalments (EMI) facility on debit cards to enable its customers to convert their high-value transactions into easy installments. A debit cardholder of the bank can walk into any participating store and use the new facility by swiping or tapping their debit cards at a merchant point of sale (PoS) terminal. Customers can use also use the debit card EMI feature on online purchases as well. 

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Mastek Q2 Results: Net profit rises 42% YoY to Rs 72.3 crore

Mastek Ltd reported a 42% YoY increase in net profit to Rs 72.29 crore for the quarter ended September (Q2 FY22). Net profit increased 4.31% compared to the previous quarter. Its revenue from operations rose 30% YoY to Rs 553.93 crore during the same period. Mastek’s revenue in dollar terms rose 2.6% QoQ to $72 million. The software company secured deals worth $155.5 million in Q2. 

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Mindtree secures multi-year IT transformation deal from Western Asset

US-based Western Asset has selected Mindtree as a strategic partner to help drive innovation and differentiated experiences. Mindtree will help Western Asset accelerate the transition to a platform-based operating model, automate enterprise systems, and maintain industry-leading best practices for IT services. The IT company will enable Western Asset to create a more flexible operating model that can quickly adapt to changing business needs.

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Tejas Networks Q2 Results: Net profit falls 19% YoY to Rs 3.66 crore

Tejas Networks Ltd reported a 19.21% YoY decline in consolidated net profit to Rs 3.66 crore for the quarter ended September (Q2 FY22). Net profit fell 51.52% compared to the previous quarter. Its revenue from operations rose 57% YoY (or 19.78% QoQ) to Rs 172.78 crore during the same period. Tejas Networks secured orders worth Rs 258 crore in Q2, taking its total order book to Rs 783 crore. 

Jio gains 6.49 lakh subscribers in August, Bharti Airtel adds 1.38 lakh: TRAI

Reliance Jio Infocomm and Bharti Airtel added 6.49 lakh and 1.38 lakh wireless subscribers, respectively, in August 2021. Jio’s total subscriber base rose to 44.4 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.4 crore at the end of August. Meanwhile, Vodafone Idea (Vi) lost 8.33 lakh subscribers in August, and its user base shrunk to 27.1 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

In other news, Vi has accepted the four-year spectrum payment moratorium. It has become the first telco to accept the deferred payment option provided under the telecom relief package. 

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Tata Communications Q2 Results: Net profit rises 10.6% YoY to Rs 425 crore

Tata Communications reported a 10.6% YoY increase in consolidated net profit to Rs 425 crore for the quarter ended September (Q2 FY22). Net profit increased 43.7% compared to the previous quarter. Its revenue from operations fell 5.2% YoY to Rs 4,174 crore during the same period. EBITDA declined by 3.9% YoY to Rs 1,113 crore in Q2. Tata Communications’ data revenue stood at Rs 3,140 crore, a growth of 1.1% QoQ and a decline of 2.2% YoY.  

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L&T Finance Q2 Results: Net profit falls 15% YoY to Rs 224 crore

L&T Finance Holdings (LTFH) reported a 15% YoY decline in consolidated net profit to Rs 224 crore for the quarter ended September (Q2 FY22). Net profit rose 26% compared to the previous quarter. Its revenue from operations fell 10% YoY (or 3% QoQ) to Rs 3,051.82 crore during the same period. LTFH’s total assets under management (AUM) stood at Rs 86,936 crore in Q2 FY22, compared to Rs 98,923 crore in Q2 FY21.

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Hathway Cable Q2 Results: Net profit falls 63% YoY to Rs 19 crore

Hathway Cable & Datacom Ltd reported a 63.59% YoY decline in consolidated net profit to Rs 19.05 crore for the quarter ended September (Q2 FY22). Net profit fell 61% compared to the previous quarter. Its revenue from operations rose 3.85% YoY to Rs 447.87 crore during the same period. The company’s total expenses in the September 2021 quarter stood at Rs 450.75 crore, an increase of 10.5 YoY. 

Read more here.

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Zomato to Raise Rs 8,250 crore via IPO – Top Indian Market News

Zomato to raise Rs 8,250 crore via IPO

Foodtech platform Zomato has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI, proposing an initial public offering (IPO) of Rs 8,250 crore. The IPO will consist of a fresh issue of equity shares worth Rs 7,500 crore and an offer for sale (OFS) of Rs 750 crore by promoter Info Edge. Zomato plans to use the proceed from the IPO towards funding growth initiatives and for general corporate purposes.

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SBI board approves raising $2 billion through bonds

The Board of Directors of State Bank of India (SBI) has approved raising up to $2 billion (~Rs 14,895 crore) through bonds. The funds are to be raised through a public offer and/or private placement of senior unsecured notes in US Dollars or any other convertible currency during FY 2021-22. In January, SBI had concluded the raising of $600 (~Rs 4,500 crore) from bonds to fund the expansion of its overseas business.

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Bajaj Finserv Q4 Results: Net profit jumps five-fold to Rs 979 crore

Bajaj Finserv Limited reported a five-fold YoY jump in net profit to Rs 979 crore for the quarter ended March (Q4). Revenue from operations rose 16% YoY to Rs 15,387 crore during the same period. Its life insurance business registered a 515.8% YoY growth in profit to Rs 234 crore, and Bajaj Finance Ltd’s net profit increased by 42% YoY to Rs 1,347 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has grown by 32.7% YoY to Rs 4,470.46 crore. The company’s board has declared a final dividend of Rs 3 per share.

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LT Foods partners with Humankind Group to develop commercial-scale biomass plants

LT Foods Limited has entered into a partnership with US-based Humankind Group (HKG) to explore an opportunity to develop commercial-scale biomass plants. The plants would help recycle rice paddy straw into green energy and bio-fertilizer in India under its Environment Sustainability Program. LT Foods and HKG plan to advance the partnership and facilitate the local ownership of the first commercial-scale biomass facility. 

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Hathway Cable Q4 Results: Net profit rises 47% YoY to Rs 72 crore

Hathway Cable & Datacom Ltd reported a 47.68% YoY increase in consolidated net profit to Rs 72.04 crore for the quarter ended March (Q4). Its revenue from operations declined 3.72% YoY to Rs 438.71 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 143.64% YoY to Rs 252.73 crore. 

On April 27, the sovereign wealth fund of the Government of Singapore bought 1.6 crore shares of Hathway Cable & Datacom for Rs 22.22 per share through a bulk deal on the NSE.

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Morepen Labs’ board approves $100 million investment by Corinth Group

The Board of Directors of Morepen Laboratories Ltd has approved an investment of $32.50 million from Switzerland-based Corinth Group, as part of the private investment firm’s proposed $100 million (~Rs 745 crore) investment in the Morepen Group. The balance $67.50 million will be invested in promoter group companies. Corinth would be allotted 5.85 crore new equity shares on a preferential basis. The investment is subject to the approval of shareholders and other regulatory bodies.

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Anupam Rasayan secures order worth Rs 1,100 crore for supply of specialty chemicals

Anupam Rasayan India Ltd has received a Letter of Intent from one of the top 10 multinational life sciences companies for supplying specialty chemicals. The total value of the order is Rs 1,100 crore. The company will provide multiple products from the ‘life sciences related specialty chemicals’ category to the multinational firm for the next five years.

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KPIT Technologies Q4 Results: Net profit rises 23% YoY to Rs 47 crore

KPIT Technologies Ltd reported a 23.6% YoY increase in net profit to Rs 47 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 9.3%. Revenue from operations declined 3.8% YoY to Rs 546.6 crore during the same period. For the financial year ended March 31, 2021, net profit has declined 4.20% YoY to Rs 140.43 crore. The company said that revenue growth momentum will continue in the current financial year (FY22). KPIT Technologies is an IT services company based in Pune.

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PowerGrid InvIT IPO to open for subscription tomorrow

The Rs 7,735 crore initial public offering (IPO) of PowerGrid Infrastructure Investment Trust (InvIT) will open for subscription tomorrow (April 29). The price band of the IPO has been fixed at Rs 99-100 per unit. The offer comprises a fresh issue of Rs 4,993.48 crore and an offer for sale (OFS) of Rs 2,741.51 crore. This will be the first InvIT IPO to be launched by a state-owned company.

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Sundaram Clayton Q4 Results: Net profit declines 17% QoQ to Rs 167 crore

Sundaram Clayton Ltd reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 167.16 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 18-fold (or 1,714%). Revenue from operations rose 0.85% QoQ to Rs 6,451.09 crore during the same period. The company posted sharp growth across its auto components, auto vehicles & parts, and financial services segments. 

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Tata Communications Q4 Results: Net profit at Rs 299 crore

Tata Communications Ltd reported a net profit of Rs 299.2 crore for the quarter ended March (Q4). It had posted a net loss of Rs 275 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations declined 7.38% YoY to Rs 4,073.25 crore in Q4 FY21. Tata Communications’ payment solutions vertical declined 40% YoY, while the voice solutions vertical posted a 30% fall in revenues.

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Reliance Industries: The Media Industry Giant

As a stock market participant, you may have often examined products and services that are readily available around all of us, and checked whether it was manufactured or offered by a listed company. It is a great trait that makes our stock market journey more exciting. Most of the products that you use on a daily basis could be made by companies that you have invested in (or may invest in the future). 

Most of us are aware of the rich heritage and massive growth of India’s largest conglomerate— Reliance Industries Limited (RIL). The group has excelled in the fields of oil, petrochemical, textile, organised retail, telecommunication, and digital services. There would not be any household in India that hasn’t used a product or service of Reliance. However, not many are aware that RIL has significant control over the media networks we consume daily. Let us find out how.

RIL’s Entry Into India’s Media & Entertainment Sector

RIL’s Mukesh Ambani has a knack for turning (almost) everything he touches into gold. He has ensured in providing the best products and services to all consumers in India and abroad and earning their trust. The Reliance Group had already established a strong presence in India’s media and entertainment sector through Reliance Entertainment and Reliance MediaWorks. However, these were pet projects of Anil Ambani, who was very unlucky in scaling up his business empire. 

Almost a decade ago, Mukesh Ambani and his conglomerate decided to try their luck in the media industry. They approached the best in this field— Network18 Media & Investments Limited (also known as Network18 Group). In 2012, RIL unveiled a very complex agreement to raise funds to help Network18 reduce its debts and expand. On the other hand, the network would provide content for the company’s 4G telecommunications business. After intense negotiations, Reliance Industries announced the strategic takeover of Network18 in 2014 for around Rs 4,000 crore. This entity has now become the largest media company in our country. RIL currently holds 75% in Network18 & Investments.

Subsidiaries of Network18 

Network18 Media & Investments owns a majority stake in TV18 Broadcast. This company operates news channels in several languages under the News18 brand. It has a franchise agreement with CNN Worldwide for CNN-News18. The main business channels viewed by Indians, such as CNBC-TV18, CNN-IBN, and CNBC Awaaz, are operated by TV18 Broadcast under a franchise agreement with US-based NBC Universal.

Viacom18 Media is another subsidiary of the Network18 group. It is the parent company of around 50 channels, which operate through the brands of Colors, MTV, Nickelodeon, VH1, and Comedy Central. To meet the changing requirements of consumers, Viacom18 has launched an over-the-top (OTT) platform known as Voot. It has also produced many award-winning Bollywood movies over the years.

Web18 Software Services is the digital media and e-commerce arm of the group. The website used by a large number of stock market participants, Moneycontrol.com, is a part of Web18. The e-commerce platform BookMyShow and news website Firstpost are also operated by the company. They also own the license for Forbes India.

Cable and D2H Companies:

DEN Networks Limited is engaged in the distribution and promotion of television channels through digital cable distribution networks in India. The company also offers cable TV, over-the-top (OTT) entertainment, and broadband services. The firm serves approximately 1.3 crore households across 13 states in our country.

Hathway Cable & Datacom Limited (HCDL) provides cable television, internet, and allied services. The company has 2 main segments— Broadband and Cable Television. It offers digital cable TV services, including standard definition (SD) and high definition (HD) cable TV channel services. It also provides home and business broadband services. In addition, HCDL operates several shopping and entertainment channels. The company offers its cable TV services across 350 cities and towns in India. 

These companies were initially acquired by Reliance Industries in 2018 and later merged into Network18 as part of a consolidation process in 2020. Thus, DEN Networks and HCDL are subsidiaries of Network19. Both companies posted a very promising increase in revenues and profits for the quarter ended March (Q4).

Financial Performance of Network18

After posting huge losses in the past four years, Network18 & Investment Ltd reported a net profit of Rs 32.27 crore for the financial year ended March 31, 2021 (FY21). It posted a 9-fold year-on-year (YoY) jump in consolidated net profit to Rs 205.80 crore in Q4 FY21. However, revenue from operations fell slightly by 3.40% YoY to Rs 1,414.70 crore during the same period. There has been a steady growth in subscription and ad-based revenue from their TV channels and digital media platforms.

Over the past 5 years, the company’s revenue has grown at a CAGR of 11.04%, whereas the industry average stood at 6.21%. Network18 has been able to secure a market share of 54.2%. 

RIL’s ‘Control’ Over Indian Media

Around two years ago, Mukesh Ambani announced that Reliance Industries owned a total of 72 television channels, which were viewed by over 80 crore Indians. This represents ~95% of the total TV-viewing universe. Currently, Network18 has emerged as the top digital media player in the country with around 69 crore views per month. Close to 10 crore people use its websites or apps (including Moneycontrol, Firstpost, Voot, and News18.com) every month. Through its other subsidiaries and offerings, it is clear that Network18 has immense reach across the country. Apart from Network18, all apps under Jio Platforms are also widely used by consumers.

According to the Broadcast Audience Research Council (BARC), Network18 is the #1 news network in India in terms of viewership. Other prominent Indian news media companies, such as NDTV, News Nation, India TV, and News24, are indebted to Mukesh Ambani and his associates. As per reports, they have infused hundreds of crores into these media firms through instruments such as Optionally Fully Convertible Debentures (OFCDs). The OFCDs can later be converted into shares as per the discretion of the investor.

While most people oppose the idea of losing independent journalism to large corporations, Reliance Industries seeks to benefit from its strategic investments in media houses. RIL has more or less used this large platform to portray its brand image, which has surely played a pivotal role in its business growth. It has supported the launch of Reliance Jio and other digital services, while driving more customers into their ecosystem. Let us look forward to seeing how Network18 plans to further expand and grow in the media sector. Moreover, let us witness how it would cater to the future objectives of RIL.

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ICICI Bank Reports 260% YoY Jump in Net Profit in Q4 – Top Indian Market News

ICICI Bank Q4 Results: Net profit rises 260% YoY to Rs 4,402 crore

ICICI Bank reported a 260% year-on-year (YoY) jump in net profit to Rs 4,402.6 crore for the quarter ended March (Q4). Net interest income (NII) rose 16.8% YoY to Rs 10,431 crore during the same period. The bank’s gross non-performing assets (NPA) ratio stood at 4.96% in Q4, as compared with 5.42% in Q3 FY21. Provisions during the quarter declined by 51.7% YoY to Rs 2,883.47 crore. ICICI Bank’s board has recommended a final dividend of Rs 2 per share.

Read more here.

Govt waives customs duty on import of Covid-19 vaccines, oxygen for 3 months

The Central Government, on Saturday, decided to waive basic customs duty and health cess on import of oxygen and oxygen-related equipment for three months. Customs duty on import of Covid-19 vaccines will also be exempted for the same time period. The decision was taken during a high-level meeting chaired by PM Narendra Modi to review steps to boost oxygen availability in India. PM Modi stressed that all ministries and departments need to work in synergy to improve the availability of oxygen and medical supplies.

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Tata Steel approves conversion of 73,888 partly paid-up shares into fully paid-up shares

The Board of Directors of Tata Steel Limited has approved the conversion of 73,888 partly paid-up equity shares of face value of Rs 10 each (Rs 2.504 paid-up) into fully paid-up equity shares of face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money comprises the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share. To know more about partly paid-up shares, click here.

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ITC partners with Linde India to import cryogenic containers

ITC Limited has announced a partnership with Linde India to air-freight 24 cryogenic ISO containers of 20 tonnes each from Asian countries to help with the transportation of medical oxygen to hospitals. The FMCG firm will also airlift a large number of oxygen concentrators for distribution. ITC’s paperboards unit in Bhadrachalam (Telangana) has commenced the supply of oxygen to neighbouring areas. India has been witnessing a sharp increase in the demand for medical oxygen due to the surge in Covid-19 cases.

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TV ad volumes in January-March highest since 2018: BARC

According to data from the Broadcast Audience Research Council (BARC), television advertising volumes in January-March 2021 witnessed the highest growth since 2018. TV ad volumes on news channels grew by 25% during the same period. Ad volume growth in general entertainment channels (GECs) rose 21%, while those in movies increased by 23%. Advertising rates are back to pre-Covid levels for categories such as sports (due to IPL) and GECs. 

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Tata Consumer’s Rs 100-crore tea packaging unit in Odisha to start production soon

Tata Consumer Products Ltd announced that its Rs 100 crore tea packaging unit in Gopalpur Industrial Park in Odisha will commence commercial production soon. The unit has an annual production capacity of 60 million kilograms. It will be operated by Amalgamated Plantations, an associate company of Tata Consumer Products. The unit has been constructed over an area of 16 acres at the Tata Steel Special Economic Zone.

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Reliance Industries to offload 11.61% stake in Hathway Cable

Reliance Industries Ltd (RIL) will offload an 11.61% stake in Hathway Cable & Datacom Limited through an offer for sale (OFS) to comply with market regulator SEBI’s minimum public holding norms. Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings, who are the promoters of Hathway Cable & Datacom, will sell 20.54 crore shares (or 11.61% stake) at a floor price of Rs 21.50 per share. The OFS will open for non-retail investors on April 26 (Monday) and for retail investors on April 27. 

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Dhampur Sugar Mills Q4 Results: Net profit declines 12% YoY to Rs 91 crore

Dhampur Sugar Mills Limited reported a 12.16% YoY decline in net profit to Rs 91.44 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 66.92%. Total revenue from operations fell 1.32% YoY to Rs 1,078.29 crore during the same period. Net profit has increased by 5.86% YoY to Rs 229.19 crore for the financial year ended March 31, 2021 (FY21).

Rajratan Global Wire Q4 Results: Net profit rises 282% YoY to Rs 23.21 crore

Rajratan Global Wire reported a 282.37% YoY jump in consolidated net profit to Rs 23.21 crore for the quarter ended March (Q4). Its revenue from operations rose 47.33% YoY to Rs 183.65 crore during the same period. Net profit has increased by 60.81% YoY to Rs 53.13 crore for the financial year ended March 31, 2021 (FY21). The company has declared a final dividend of Rs 8 per share. Rajratan Global Wire is a leading manufacturer of high carbon steel wire in India. 

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HCL Tech’s Q3 Net Profit Rises 31% YoY – Top Indian Market News

HCL Tech Q3 Results: Net profit rises 31% YoY to Rs 3,982 crore

HCL Technologies Ltd reported a 31.1% year-on-year (YoY) increase in net profit to Rs 3,982 crore for the quarter ended December (Q3). The IT firm had posted a net profit of Rs 3,037 crore in the same quarter in FY20. Its revenue rose 6.4% YoY to Rs 19,302 crore in Q3 FY21. HCL Tech’s solid performance during Q3 was driven by success in strategic investments and improved demand for its digital and cloud platforms. The company has declared an interim dividend of Rs 4 per share.

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GAIL announces Rs 1,046 crore share buyback

The Board of Directors of GAIL (India) Ltd has approved a Rs 1,046.35 crore share buyback programme. The state-owned gas distributor will buy back 6.97 crore shares, representing 2.5% of the total paid-up equity share capital. The buyback price has been fixed at Rs 150 per share, a 4.1% premium to Thursday’s closing price. GAIL has also declared an interim dividend of Rs 2.5 per share. The board has fixed January 28 as the record date for buyback and dividend.

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PVR reports Q3 net loss of Rs 49 crore

PVR Limited reported a consolidated net loss of Rs 49.21 crore for the quarter ended December (Q3). It had posted a net profit of Rs 36.26 crore in the corresponding period a year ago. The company’s revenue from operations declined by 95% YoY to Rs 45.4 crore in Q3 FY21. PVR stated that it has taken significant steps to mitigate the adverse impact of Covid-19 on business. The company has reached settlements with landlords for 88% of cinemas for a complete or partial waiver for the lockdown period. They also introduced temporary salary cuts and reduced overhead costs.

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Fiat Chrysler partners with Wipro to set up its first global digital hub in India

Wipro Limited has been chosen as a strategic technology services partner by Fiat Chrysler Automobiles (FCA) to establish its first global digital hub in Hyderabad. This digital hub, called FCA ICT India, will support FCA’s Information and Communication Technology operations to focus on delivering premium mobility services. Wipro will source and build a talent pool of more than 1,000 skilled consultants and technologists for FCA ICT India.

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Indian exports rise marginally to $27.15 billion in December

According to latest government data, India’s exports rose marginally to $27.15 billion (~Rs 1.98 lakh crore) in December 2020. Imports have surged 7.56% YoY to $42.59 billion (~Rs 3.13 lakh crore). The trade deficit for December increased by 23.66% YoY to $15.44 billion (~Rs 1.12 lakh crore). Prahalathan Iyer, Chief General Manager of India EXIM (Export-Import) Bank, stated that the trade data for December gives positive hopes with both exports and imports showing growth. Notably, the export growth of non-petroleum and non-jewellery was positive at 5.5%, indicating pick up in manufacturing activity in the country.

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CEAT to supply tyres to Royal Enfield for its 650cc Interceptor range

CEAT Limited announced that it will supply its Zoom Cruz tyres to bike maker Royal Enfield for its 650cc Interceptor range. With Zoom Cruz tyres, CEAT marks its entry in the 650cc segment for the two-wheeler and twin-engine cylindrical motorcycles segment. CEAT has associated with Royal Enfield in the past by supplying tyres for Royal Enfield Bullet, Classic, and Himalayan. The company is the first Indian manufacturer to supply tyres as original fitment for the Interceptor 650cc range.

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Maruti Suzuki launches online finance platform in Arena dealerships across 30 cities

Maruti Suzuki India Ltd has announced the launch of their online financing platform, Smart Finance, for Maruti Suzuki ARENA customers. Smart Finance offers customers a one-stop solution for all vehicle finance needs. The services include the option to choose among a wide range of finance products based on customer needs, selecting the best-suited loan product, and completion of all finance-related formalities. The platform will be available in over 30 cities in India.

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Hathway Cable Q3 Results: Net profit declines 6.96% YoY to Rs 62 crore

Hathway Cables & Datacom Ltd reported a 6.96% YoY decline in consolidated net profit to Rs 62.56 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 67.24 crore in the corresponding period in FY20. Its revenue declined by 1.9% YoY to Rs 442.25 crore in Q3 FY21. 

ABB India partners with Surat Municipal Corporation for optimizing water system

ABB India Ltd has partnered with the Surat Municipal Corporation (SMC) to roll out next-generation technology for delivering continuous water supply across the city. The new infrastructure will enable over 10 lakh residents to access a safe and reliable water supply in line with the government’s Smart Cities Mission. ABB said that the latest investments follow the success of Phase-1 digitalisation upgrade of the city’s water system, which took place in 2018.

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NTPC completes trial run of Unit-2 of 660 MW Meja Thermal Power Project

NTPC Limited announced that Unit-2 of 660 megawatt (MW) capacity of Meja Thermal Power Project of Meja Urja Nigam Pvt Ltd (MUNPL) has successfully completed trial operation. The total installed capacity of MUNPL and NTPC has become 1,320 MW and 63,635 MW, respectively. MUNPL is a joint venture between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam, an electricity generation company under the UP Govt.

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Trident receives European patent for ‘Fabric & Method of Manufacturing Fabric’

Trident Limited has been granted a patent for “Fabric and Method of Manufacturing Fabric” by the European Patent office. The present invention comprises a method of producing fabric by subjecting it to a special treatment, thereby obtaining increased air space. This will help the company to deliver its special soft towels in the European market, without using chemical-based fibres.

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