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Results Season Craziness! Can Reliance Save NIFTY? – Pre Market Analysis

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

Stocks

Infosys reported a profit of Rs 5,945 crore for the quarter, down 3 percent QoQ and cut revenue expectations for the whole financial year. Infy ADR dropped -8.41% in the U.S.

Hindustan Unilever registered an 8% YoY increase in profit at Rs 2,472 crore for the quarter ended June FY24, with growth in all key segments.

Larsen & Toubro said the board of directors will meet on July 25 to consider the buyback of shares

Jio Financial Services(JFL), a subsidiary of Reliance Industries, has been valued at Rs 1.66 lakh crore following an hour-long special trading session at ₹261.85/share. The combined price of is higher than expected.

Major results today: Reliance Industries, HDFC Life, Dodla, DLF, JSW Steel, Ultratech Cement.

What to Expect Today?

NIFTY opened with flat at 19,831 and initially moved down. Being the weekly expiry, index saw volatility but bounced back strongly from 19,760. After this, an intense 230 point rally took NIFTY up to the close at 19,979, up by 146 points or 0.74%. 

BANK NIFTY opened with a small gap-up at 45,725 and looked much more strong. It slowly moved up in the afternoon, but gave a breakout above the all-time high. The index closed at 46,186, up by 517 points or 1.13%.

The general US markets closed mixed, as tech stocks pushed NASDAQ down 2%. The European markets closed higher.

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading down at 19,866, after Infy’s fall.

All the factors combined indicate a gap-down opening.

NIFTY has supports at 19,820, 19,765, 19,740 and 19,725. We can expect resistances at 19,900 and 19,950.

BANK NIFTY has supports at 46,000, 45,900 and 45,800. Resistances are at 46,253, 46,300, and 46,500.

NIFTY has the highest call OI build-up at 20,000. The highest put OI build-up is at 19,800. 

BANK NIFTY has the highest call OI build-up at in the money 46,000. The highest put OI build-up is also at 46,000.

Foreign Institutional Investors net-bought shares worth Rs 3,370 crores. Domestic Institutional Investors net-sold shares worth Rs 193 crores.

INDIA VIX is at 11.78.

Bank Nifty showed consistent strength throughout the day, and once it broke the all-time high gave multiple bursts of strength. Both indices closed at fresh all-time highs. Reliance saw a net positive move after the demerger.

The best moves are the ones without any news or reason. And the time for the looks to have temporarily ended in NIFTY with the starting of results season.

Expect a gap-down opening in NIFTY with Infosys volatility. And expect intraday volatility from Reliance results. If both stocks start moving down, NIFTY would see strong good pull-back towards 19,750 zones.

Bank Nifty option chain remains interesting. With a huge straddle buildup at 46,000, OI indicates that further rally is not optimal. But a breakout, and short-covering can only be expected if another round of fireworks push it above 46,700, which is quite far away.

ICICI Bank, Kotak Mahindra Bank and Yes Bank will be in focus ahead of their results tomorrow.

With it being the monthly expiry series, we can expect some calm before the storm next Thursday. The fresh all-time high made yesterday near 20,000 might be defended till then.

I will watch 19,845 on the downside in NIFTY. 19,920 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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Jio Financial Services’ Shares List at Rs 261.85 Per Share – Top Indian Market Updates

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

Jio Financial Services’ shares list at ₹261.85 per share

The shares of Jio Financial Services (JFSL), the demerged NBFC unit of Reliance Industries, got listed at ₹261.85 per share on the NSE today. This was much higher than brokerage estimates of up to ₹190. Stock exchanges BSE and NSE conducted a special pre-open trading session this morning from 9 am to 9:45 am in which the market price of the demerged entity was calculated.

Read more here.

Infosys Q1 Results: Net profit rises 11% YoY to ₹5,945 crore

Infosys reported a 10% YoY rise in consolidated net profit to ₹5,945 crore for the quarter ended June (Q1 FY24). The IT major’s revenue from operations stood at ₹37,933 crore, up 10% YoY. Infosys has revised its full-year revenue growth outlook, lowering it to 1-3.5% from the initial estimate of 4-7% due to a challenging economic environment.

Read more here.

PVR Inox plans to add two more superplexes this year

PVR INOX Ltd is looking to add two more superplexes this year as part of plans to expand its large format offering. The company opened its new 12-screen superplex in Bengaluru, taking its total to 158 screens in 25 cinemas in the city. Superplexes or cinema halls with 10 or more screens offer a range of formats and experiences under one roof in mega malls with large floor areas.

Read more here.

Havells India Q1 Results: Net profit rises 18% YoY to ₹287 crore

Havell India Ltd reported an 18% YoY increase in consolidated net profit to ₹287.07 crore for the quarter ended June (Q1 FY24). The total revenue for the quarter rose 14% YoY to ₹4,833.8 crore. EBITDA stood at ₹402 crore in Q1, up 11% YoY. The company witnessed sluggish consumer demand, and unseasonal rains impacted sales of its cooling products.

Read more here.

Govt announces re-bidding under PLI for advanced chemistry cell manufacturing

The Central government announced the re-bidding of production-linked incentives (PLUs) for 20 GWh Advanced Chemistry Cell manufacturing— India’s Rs 18,100-crore programme to boost local battery cell production. The Ministry of Heavy Industries (MHI) will facilitate a stakeholder consultation with industry representatives on July 24, 2023, for their inputs and suggestions before the start of the re-bidding process of the remaining 20 GWh capacity.

Read more here.

HUL Q1 Results: Net profit rises 7% YoY to ₹2,472 crore

Hindustan Unilever Ltd (HUL) reported a 7% YoY increase in consolidated net profit to ₹2,556 crore for the quarter ended June (Q1 FY24). Its total income rose 6.2% YoY to ₹15,679 crore in Q1. The FMCG company’s total expenses during the quarter came at ₹12,167 crore, up 5.5% YoY.

Read more here.

India’s oil & gas import bill contracts 33% YoY in Q1 as prices drop

According to data from the Oil Ministry, India’s oil and gas import bill contracted by 33% YoY to $35 billion in the April-June quarter (Q1) as prices sharply dropped. Crude oil worth $31.4 billion was imported during Q1 FY24, lower than $48.1 billion in the same period last year. The volume of oil imports marginally reduced to 60.1 million metric tonnes (MMT) in the first quarter from 60.7 MMT in the same period last year.

Read more here.

HCL Tech, Schneider Electric to develop sustainability solutions for data centres in APAC

HCL Technologies will partner with Schneider Electric to develop carbon-efficient solutions for data centres in the Asia-Pacific (APAC) region. Both companies will jointly explore innovations in sustainability and deliver converged IT-OT (information technology-operational technology) solutions to help clients meet regulatory compliances and accelerate decarbonisation programs in the APAC region.

Read more here.

IndiaMart Q1 results: Net profit rises 77% to ₹83 crore

IndiaMart InterMesh Ltd reported a 77% YoY rise in consolidated net profit to ₹83 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 26% YoY to ₹2,821 crore during the same period. Total expenses during the quarter stood at Rs 2,144 crore, up 28% YoY. The company’s board has approved the buyback of 12.5 lakh shares worth up to ₹500 crore at ₹4,000 per share. 

Read more here.

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Daily Market Feed Pre Market Report

Crazy OI in Nifty! Short Covering Loading? Pre Market Analysis

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

Stocks

Tata Communications reported a 30% fall in net profit at Rs 382 crore for the first quarter ended June. Revenue from operations, however, jumped 11% to Rs 4,771 crore.

Shares of  HUL, Infosys, Havells, and United Spirits will be in focus today as the companies will announce their first quarter results today.

Federal Bank has launched a QIP (qualified institutional placement) issue and fixed Rs 132.59 as the floor price.

What to Expect Today?

NIFTY opened with a gap-up at 19,810 and moved up. The index saw a down-move and there was a recovery in the second half leading to a volatile day. NF closed at 19,833, up by 84 points or 0.42%. 

BANK NIFTY opened with a gap-up at 45,650 and traded in a range of 200 points. There was an up-move at 3 PM and the index closed at 45,670, up by 258 points or 0.57%.

IT moved up by 1.06%. 

The US markets closed in the green. The European markets closed mixed with DAX closing flat and FTSE rallying.

The Asian markets are trading mixed.

The U.S. Futures and European futures are trading mixed.

GIFT NIFTY is trading at 19,835.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,820, 19,765, 19,740 and 19,725. We can expect resistances at 19,850, 19,900 and 19,950.

BANK NIFTY has supports at 45,485, 45,430 and 45,280. Resistances are at 45,715, 45,750, 45,800 and 46,000.

NIFTY has the highest call OI build-up at 20,000. The highest put OI build-up is at 19,800. 

BANK NIFTY has the highest call OI build-up at 46,000. The highest put OI build-up is at 45,500.

Foreign Institutional Investors net-bought shares worth Rs 1,200 crores. Domestic Institutional Investors also net-bought shares worth 2,100 crores.

INDIA VIX is at 11.6.

Though Bank Nifty was range bounded and did not see a strong 3 PM rally, unlike Nifty, the index outperformed Nifty. Reliance saw a big move before the demerger.

There will be a special session to decide the post-merger price of Reliance. Reliance will start trading only after 10 AM. We can expect Jio Financial Services to be listed in the market in four months.

Watch 1674 and 1688 in HDFC Bank. The IT giants consolidated after a fall in the morning. 

Look at the call OI build-up at 19,850 CE in Nifty. It is so huge despite being a strike just 17 points away from the spot. Imagine the magnitude of short covering that could happen if that level is broken.

In case that happens, see where BN can rally to. The index has been suppressed by the option sellers leading to a range-bound day. A move out of the zone could be a big one.

No major data are coming out this week. Let us focus on the Reliance demerger. UK CPI came out slightly better than the estimates.

I will watch 19,765 on the downside in NIFTY. 19,850 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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IndusInd Bank’s Net Profit Rises 57% YoY in Q2 – Top Indian Market Updates

Indusind Bank

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

IndusInd Bank Q2 Results: Net profit rises 57% YoY to ₹1,805 crore

IndusInd Bank reported a 57.3% YoY increase in net profit to ₹1,805.2 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 18% YoY to ₹4,302 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 2.11% in Q2, compared to 2.35% in Q1. Provisions fell 33% YoY to ₹1,141 crore in Q2 FY23.

Read more here.

BEL signs MoU with Triton to manufacture hydrogen fuel cells

Bharat Electronics Ltd has signed a Memorandum of Understanding (MoU) with US-based Triton Electric Vehicle (TEV) to manufacture of hydrogen fuel cells. BEL will manufacture the cells using the technology transfer from TEV. This would also help to meet the requirements of the Indian market and mutually agreed-upon export markets.

Read more here.

Nestle India Q3 Results: Net profit rises 8% YoY to ₹668 crore

Nestle India Ltd reported an 8.3% YoY increase in net profit to ₹668.34 crore for the quarter ended Sept (Q3 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations rose 18.24% YoY to ₹4,591 crore during the same period. E-commerce contributed 7.2% to the quarterly sales. Nestle India’s board has declared an interim dividend of ₹120 per share.

Read more here.

Bharat Forge, General Atomics to develop Li-Ion battery system

Bharat Forge Ltd has signed an agreement with US-based technology major General Atomics to collaborate and develop a Lithium-Ion battery system for the Indian Navy. The two entities have also agreed to partner in the area of permanent magnet motors. The pact was signed on the sidelines of the DefExpo in Gandhinagar, Gujarat. 

Read more here.

UltraTech Cement Q2 Results: Net profit falls 42% YoY to ₹758 crore

UltraTech Cement reported a 42% YoY decline in consolidated net profit to ₹758.7 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 15.61% YoY to ₹13,892.69 crore during the same period. The cement manufacturer’s total expenses stood at ₹12,934.27 crore in Q2, up 26.68% YoY. Total sales volume rose 7% YoY to 23.10 million metric tonnes (MMT).

Read more here.

REC, PFC to provide ₹8,520 crore finance for 1,320 MW thermal power plant at Buxar

State-owned REC Ltd and Power Finance Corporation (PFC) have signed a pact to provide ₹8,520.92 crore to SJVN Thermal Pvt Ltd to set up a 1,320 megawatts (MW) thermal power plant at Buxar (UP). The total estimated project cost is ₹12,172.74 crore, with a debt requirement of ₹8,520.92 crore. REC and PFC will finance the total debt requirement.

Read more here.

INOX Leisure Q2 Results: Net loss at ₹40 crore

INOX Leisure Ltd reported a consolidated net loss of ₹40.37 crore for the quarter ended Sept (Q2 FY23). The multiplex operator posted a net loss of ₹87.66 crore in Q2 FY22. Its revenue from operations jumped 688% YoY to ₹374.12 crore in Q2 FY23. Total expenses stood at ₹434.24 crore in Q2, up 155% YoY. The company plans to add 11 properties and 47 screens in the current financial year (FY23).

Read more here.

Reliance Retail partners with 50+ traditional sweets makers

Reliance Retail Ventures Ltd has entered distribution partnerships with over 50 regional sweets makers across India to distribute, mass produce, modernise packaging, and develop traditional Indian sweets with extended shelf life. These packaged mithais will be placed at all Reliance grocery stores such as Smart Bazaar, Smart, and other grocery formats. It will also be available on Reliance Retail’s e-commerce platform JioMart.

Read more here.

Havells India Q2 Results: Net profit falls 38% YoY to ₹187 crore

Havells India reported a 38% YoY decline in net profit to ₹187 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14% YoY to ₹3,679 crore during the same period. The company’s revenue from its cable business rose 18.8% YoY to ₹1,359 crore in Q2. EBITDA stood at ₹286 crore, down 36% YoY

MakeMyTrip, Goibibo, OYO fined ₹392 crore by CCI for unfair business practices

The Competition Commission of India (CCI) had slapped penalties totaling ₹392 crore on online travel firms MakeMyTrip-Goibibo (MMT-Go) and hospitality services provider OYO for unfair business practices. It was alleged that MMT-Go imposed a price parity in their agreements with hotel partners.

Under such pacts, hotel partners are not allowed to sell their rooms on any other platform or on their own online portal at a price below the price at which it is being offered on the two entities’ platforms.

Read more here.

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India’s GDP Grows at 13.5% in Q1 – Top Indian Market Updates

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

India’s GDP grows at 13.5% in Q1

India’s gross domestic product (GDP) grew by 13.5% during the April-June quarter (Q1 FY23), compared to a 4.1% growth in Q4 FY22. The economy grew at the fastest pace in a year as a favourable base effect and improved activities after the relaxation of Covid-19 restrictions outweighed the effects of geopolitical and global concerns. 

India’s manufacturing sector grew 4.8% in Q1, while the agriculture sector posted a 4.5% growth. The construction segment grew by 16.8% during the first quarter of FY23. The mining & quarrying sector witnessed a growth of 6.5% in Q1.

Read more here.

Inox Leisure to add 834 screens after FY23

Multiplex operator Inox Leisure Ltd has announced an expansion strategy to add 834 screens after FY23. It currently operates 692 screens in 73 cities across India as of June 30, 2022 (Q1 FY23). The company estimates the total screen count to go up to 752 by the end of the ongoing financial year. Inox Leisure has partnered with ICC to screen live matches at selected INOX cinemas. They have also started selling official merchandise of various Disney/Marvel superheroes and sportspersons as an alternate revenue source.

Read more here.

Reliance Industries acquires soft drink brand Campa: Report

As per an Economic Times report, Reliance Industries Ltd (RIL) has acquired homegrown soft drink brand Campa from New Delhi-based Pure Drinks Group for ₹22 crore. Campa will be re-launched nationally by Diwali in three flavours, including its iconic Campa Cola version, lemon, and orange variants. The move comes as Reliance Retail announced plans to roll out its fast-moving consumer goods (FMCG) business.

Read more here.

Ashok Leyland secures mega order for 1,400 school buses in UAE

Ashok Leyland Ltd has secured orders for 1,400 school buses in the United Arab Emirates (UAE). The total fleet deal for the GCC-made buses has been bagged by Ashok Leyland’s UAE distribution partners— Swaidan Trading-Al Naboodah Group. The company will supply the 55-seater Falcon buses and 32-seater Oyster buses from its state-of-the-art manufacturing facility in Ras Al Khaimah, UAE.

Read more here.

Havells to invest ₹130 crore at Rajasthan unit to expand production capacity

Havells India Ltd is planning to invest ₹130 crore to expand washing machine production capacity at its Ghiloth plant in Rajasthan. This expansion would be financed through internal accruals. The plant has the capacity to roll out 3 lakh units per annum currently. Havells plans to add an additional capacity of 3.8 lakh units per annum. 

The company is also setting up a cable manufacturing unit at Tumakuru, Karnataka, for a proposed annual capacity of 3,48,000 kilometers with an investment of ₹300 crore.

Read more here.

IndiGo announces codeshare agreement with Virgin Atlantic

InterGloble Aviation Ltd (IndiGo) has announced a codeshare agreement with British carrier Virgin Atlantic. The agreement will help both airlines to expand their access to customers flying to destinations that are serviced by either of them. Customers booking a Virgin Atlantic ticket will be able to fly on the airline’s London Heathrow to Delhi/Mumbai flights and connect to and from 7 additional cities in India.

Read more here.

Significant reduction in debt burden to ₹1,810 crore till March 31: Coffee Day Enterprises

In its latest annual report, Coffee Day Enterprises Ltd (CDEL) said its debt level has been reduced significantly to ₹1,810 crore as of March 31, 2022 (FY22). CDEL’s debt levels stood at ₹7,214 crore in FY19 and ₹1,898 crore in FY21. However, there have been certain defaults in repayments of principal and interest on loans. Certain lenders have also exercised their rights to recall loans.

Read more here.

SpiceJet delays salaries for a 2nd consecutive month

Employees at SpiceJet Ltd claimed that their salaries had been delayed for the second consecutive month despite the airline’s claim that payments were being made in a “graded format.” “The salaries being disbursed to captains and first officers are not even 50% of what they used to be before the Covid-19 outbreak in March 2020,” an employee told PTI.

The SpiceJet Human Resources team blamed superlative fuel price hikes and a historically lean period of July-Sept for the delays in salary payments.

Read more here.

Adani Group to launch open offer for NDTV on Oct 17

Adani Group will launch its open offer on October 17 to acquire an additional 26% stake in media firm NDTV. The open offer for acquiring 1.67 crore equity shares at ₹294 per share will tentatively close on November 1. If fully subscribed at a price of ₹294 per share, the open offer will amount to ₹492.81 crore.

Read more here.

Govt aims to increase coal production to 1.23 billion tonnes by FY25

The Ministry of Coal is accelerating the process to enhance coal production with a target of reaching 1.23 billion tonnes of fuel production by FY25. At this level of production, it is expected that fuel imports may not be required. Also, domestic production would be sufficient to meet the total energy demand. 

Meanwhile, Coal India Ltd (CIL) has adopted an integrated planning approach by strengthening evacuation infrastructure for 1 billion tonnes of production and seamless transportation of coal to the end users. 

Read more here.

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RBI Raises Repo Rate by 50 bps to 5.4% – Top Indian Market Updates

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

RBI raises repo rate by 50 bps to 5.4%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has raised the repo rate by 50 basis points to 5.4% to bring down inflation in the country. “The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth,” said RBI governor Shaktikanta Das. The RBI has retained its gross domestic product (GDP) forecast for FY23 at 7.2%.

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Titan Q1 Results: Net profit jumps 13x YoY to Rs 793 crore

Titan Company Ltd reported a 1200% YoY jump in net profit to Rs 793 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 175.8% YoY to Rs 8,961 crore during the same period. Its jewellery business posted an income of Rs 7,600 crore in Q1, up 208% YoY. Income from Titan’s watches & wearables segment grew 169% YoY to Rs 785 crore.

Read more here.

Havells India launches innovative range of ‘Signia’ switches

Havells India Ltd unveiled its innovative range of ‘Crabtree Signia’ switches in Kochi. The range comprises of two categories: smart and luxury switches (Signia Smart and Signia Grande). They are equipped with high-end aesthetics and technology. It was designed in-house at Havells India’s research & development (R&D) center.

Read more here.

M&M Q1 Results: Net profit at Rs 2,360.7 crore

Mahindra & Mahindra Ltd (M&M) reported a consolidated net profit of Rs 2,360.7 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 331.74 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 48.2% YoY to Rs 28,412.38 crore in Q1 FY23. M&M sold 1,49,803 vehicles during the quarter, registering a growth of 74% YoY. 

Read more here.

HDFC raises $1.1 billion ‘social loan’ for financing affordable housing segment

Housing Development Finance Corp (HDFC) Ltd has raised $1.1 billion (~Rs 8,700 crore) from investors under the ‘Syndicated Social Loan Facility’ to cater to the affordable housing segment. The company has raised the amount via external commercial borrowings (ECBs). Proceeds from the social loan would go towards financing affordable housing loans across India.

Read more here.

UCO Bank Q1 Results: Net profit rises 22% YoY to Rs 123.6 crore

UCO Bank reported a 22% YoY increase in net profit to Rs 123.61 crore from the quarter ended June (Q1 FY23). Its net interest income (NII) rose 12.96% YoY to Rs 1,649.54 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 7.42% in Q1 FY23, compared to 9.37% in Q1 FY22. Provisions fell 78% YoY to Rs 246.83 crore in Q1 FY23.

Read more here.

Alkem Labs Q1 Results: Net profit falls 73% YoY to Rs 127 crore

Alkem Laboratories Ltd reported a 72.7% YoY decline in consolidated net profit to Rs 127.64 crore for the quarter ended June (Q1 FY23). Its revenue from operations fell 5.67% YoY to Rs 2,576.38 crore during the same period. International sales declined by 3.8% YoY to Rs 760.4 crore in Q1. EBITDA stood at Rs 203 crore, down 66% YoY.

Read more here.

NTPC partners with Ohmium, Spirare Energy to generate green hydrogen

US-based Ohmium International, Inc., is partnering with Spirare Energy to generate green hydrogen at the NTPC Energy Technology Research Alliance (NETRA) campus. Spirare Energy will manage the engineering, procurement, and construction (EPC) of the project, while Ohmium will provide the hydrogen electrolyzers. NTPC, the largest power utility in India, set up NETRA in 2009.

In other news, NTPC has commissioned the full capacity of the 296 megawatts (MW) Fatehgarh solar power project in Rajasthan.

Read more here.

Nykaa Q1 Results: Net profit rises 33% YoY to Rs 4.5 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 33.4% YoY rise in consolidated net profit to Rs 4.55 crore for the quarter ended June (Q1 FY23). However, net profit declined by 47.6% when compared to the previous quarter. Its revenue from operations rose 40.5% YoY to Rs 1,148.42 crore during the same period. Nykaa’s gross merchandise volume (GMV) stood at Rs 2,155.8 crore in Q1, up 47% YoY.

Read more here.

SJVN secures 200 MW solar project worth Rs 1,200 crore in Maharashtra

SJVN Ltd has secured a 200 MW solar project in an e-reverse auction by Maharashtra State Electricity Distribution Company Ltd (MSEDCL). This ground-mounted solar project will be developed by SJVN anywhere in Maharashtra through an EPC contract. The tentative cost for the development of this project is Rs 1,200 crore.

Read more here.

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RBI Hikes Key Lending Rate to 4.4% – Top Indian Market News

RBI hikes key lending rate to 4.4%

The Reserve Bank of India (RBI) has raised its key lending rate (repo rate) by 40 basis points (bps) to 4.40% with immediate effect. RBI Governor Shaktikanta Das said the decision was taken in view of rising inflation, geopolitical tensions, and high crude oil prices, which have impacted the Indian economy.

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Kotak Mahindra Bank Q4 Results: Net profit rises 65% YoY to Rs 2,767 crore 

Kotak Mahindra Bank reported a 65% YoY increase in net profit to Rs 2,767 crore for the quarter ended March (Q4 FY22). Its net interest income rose 18% YoY to Rs 4,521 crore during the same period. The gross non-performing assets ratio stood at 2.34% in Q4 FY22, compared to 2.71% in Q3 FY22. The bank’s board has declared a dividend of Rs 1.10 per share.

Read more here.

UPL acquires new naturally-derived fungicide

UPL Limited has acquired OptiCHOS, a naturally-derived fungicide, for its natural plant protection (NPP) business unit. The NPP portfolio houses natural and biologically derived agricultural inputs and technologies. UPL will identify potential markets for OptiCHOS and launch registration & approval processes to make the product available to farmers.

Read more here.

Tata Consumer Q4 Results: Net profit jumps 303% YoY to Rs 217 crore

Tata Consumer Products Ltd reported a 303.6% YoY jump in consolidated net profit to Rs 217 crore for the quarter ended March (Q4 FY22). Net profit fell 17.92% when compared to the previous quarter. Its revenue from operations grew 4.54% YoY to Rs 3,175.41 crore during the same period. EBITDA stood at Rs 444 crore in Q4, up 47% YoY. The FMCG major’s board has declared a final dividend of Rs 6.05 per share.

Tata Power Renewables commissions 120 MW solar project in Gujarat

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 120 MW solar project in Masenka, Gujarat. TPREL is a wholly-owned subsidiary of Tata Power. The project will produce 3.05 lakh MWh annually for Gujarat Government (GUVNL) and reduce up to 1.03 lakh tonnes of carbon dioxide annually.

Read more here.

Havells India Q4 Results: Net profit rises 16% YoY to Rs 352 crore

Havells India Ltd reported a 16% YoY (or 15.20% QoQ) increase in consolidated net profit to Rs 352.48 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 33% YoY (or 22% QoQ) to Rs 4,426 crore during the same period. EBITDA stood at Rs 519 crore in Q4, up 2% YoY. Havells India’s board has declared a dividend of Rs 4.5 per share.

Alembic Pharma arm gets final USFDA approval for generic fever blisters drug

Aleor Dermaceuticals, a subsidiary of Alembic Pharmaceuticals, has received final approval from the US Food & Drug Administration (USFDA) for its generic Docosanol cream. The drug is used for the treatment of cold sore/fever blisters on the face or lips. According to IQVIA data, Docosanol cream had an estimated market size of $60 million for the 12 months ended December 2021.

Read more here.

Adani Green Energy Q4 Results: Net profit rises 16% YoY to Rs 121 crore

Adani Green Energy Ltd (AGEL) reported a 16% YoY increase in net profit to Rs 121 crore for the quarter ended March (Q4 FY22). Its total income rose 46.6% YoY to Rs 1,587 crore during the same period. AGEL, the world’s largest solar power developer, aims to build 45 gigawatts (GW) of renewable capacity by 2030.

LIC IPO subscribed 67% on first day of bidding 

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 0.67 times (or 67%) on the first day of bidding. Retail investors have subscribed 0.6 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 0.27 times and 0.33 times, respectively, against their reserved portions. LIC policyholders have subscribed 1.99 times the portion reserved for them.

To learn more about the IPO, click here.

ABB India Q1 Results: Net profit jumps 164% YoY to Rs 373 crore

ABB India Ltd reported a 163.9% YoY jump in net profit to Rs 373 crore for the quarter ended March (Q1 CY22). The company follows the January-December financial year cycle. Its net profit rose 98.2% when compared to the previous quarter. The company’s total income grew 19.16% YoY to Rs 2,005.62 crore during the same period. ABB India develops, sells products and system solutions to industries, channel partners, and original equipment manufacturers in India.

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HUL’s Net Profit Rises 17% YoY in Q3 – Top Indian Market News

HUL Q3 Results: Net profit rises 17% YoY to Rs 2,243 crore

Hindustan Unilever Ltd reported a 16.76% YoY increase in net profit to Rs 2,243 crore for the quarter ended December (Q3 FY22). Net profit rose 5% when compared to the previous quarter. Its revenue from operations rose 10.23% YoY to Rs 13,183 crore during the same period. EBITDA stood at Rs 3,279 crore, up 15% YoY. HUL’s home care segment grew 23% YoY, while its beauty & personal care segment grew 7% YoY in Q3. 

Read more here.

Asian Paints Q3 Results: Net profit falls 18% YoY to Rs 1,016  crore

Asian Paints Ltd reported an 18% YoY decline in consolidated net profit to Rs 1,015.69 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 25.6% YoY to Rs 8,527.24 crore during the same period. The rise in raw input costs offset the benefits of price hikes. The company’s paint business grew 25.4% YoY to Rs 8,319.4 crore. Its domestic decorative business registered an 18% volume growth in Q3.

Read more here.

Delhi HC restrains HFCL for manufacturing multitube cable as STL claims patent

The Delhi High Court has restrained Himachal Futuristic Communications Ltd (HFCL) and its subsidiaries for allegedly manufacturing and selling optic fibre cable based on Sterlite Technologies Ltd’s (STL) multitube technology in a patent infringement case. HFCL has initiated required legal actions to get the restrain order vacated and also for the cancellation of the subject patent.

Read more here.

Cyient Q3 Results: Net profit rises 38% YoY to Rs 132 crore

Cyient Ltd reported a 38% YoY increase in net profit to Rs 131.8 crore for the quarter ended December (Q3 FY22). Net profit rose 13.84% when compared to the previous quarter. Its revenue from operations rose 13.3% YoY (or 6.5% QoQ) to Rs 1,183.4 crore during the same period. The digital solutions company registered a 5% QoQ increase in EBITDA to Rs 163.2 crore in Q3.

Read more here. 

Natco Pharma signs pact with MPP to sell Molnupiravir capsules

Natco Pharma Ltd has signed a non-exclusive license agreement with the Medicines Patent Pool (MPP), Switzerland, to manufacture and sell Molnupiravir capsules. The capsules will be sold under the brand name MOLNUNAT for treatment of Covid-19 infection in patients who have a high risk of progression of the disease, including hospitalisation or death. 

Read more here.

Havells Q3 Results: Net profit falls 12% YoY to Rs 305 crore

Havells India Ltd reported a 12.6% YoY decline in consolidated net profit to Rs 305.82 crore for the quarter ended December (Q3 FY22). Net profit rose 1.13% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,664.2 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 13.4% YoY at Rs 440 crore.

Read more here.

Vedanta to create $10 billion fund to bid for BPCL stake, other assets

Vedanta Resources Ltd plans to create a $10 billion (~Rs 74,395 crore) fund to bid for assets, including the Indian government’s stake in Bharat Petroleum Corp Ltd (BPCL). The government is seeking to privatise state-run BPCL by selling its ~53% stake in the firm (worth over $6 billion). The fund will be made up of its own resources and outside investment. Vedanta may also finance the BPCL acquisition through debt.

Read more here.

Bajaj Finserv Q3 Results: Net profit falls 3% YoY to Rs 1,256 crore

Bajaj Finserv Ltd reported a 2.63% YoY decline in consolidated net profit to Rs 1,256 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 10.21% YoY to Rs 17,589 crore during the same period. The company’s expenses increased by 29% YoY to Rs 899 crore in Q3. Bajaj Finserv’s assets under management (AUM) grew 26% YoY to Rs 1,81,250 crore.

Read more here.

Larsen &Toubro dispatches coke drums to Mexico

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has dispatched six of the world’s largest coke drums, weighing 658 tonnes, each to Mexico. The drums were manufactured at L&T’s state-of-the-art Heavy Engineering Complex located at Hazira near Surat. It will be used for a refinery project by PTI Infraestructura de Desarrollo, a subsidiary of the Mexico’s state-owned oil company PEMEX (Petróleos Mexicanos).

Read more here.

Independent directors of PTC Financial Services resign citing governance issues

All three independent directors of PTC Financial Services Ltd resigned on Wednesday, citing corporate governance lapses. They have flagged serious concerns on the conduct of the management of PFS India Ltd (the parent company), led by managing director and CEO Pawan Singh. They also referred to the issues regarding a Rs 125 crore-bridge loan given to NSL Nagapatnam Power and Infratech Pvt Ltd, besides alleging that no action has been taken on certain corporate governance issues.

Read more here.

PNB Housing Q3 Results: Net profit falls 19% YoY to Rs 188 crore

PNB Housing Finance Ltd reported a 19% YoY decline in net profit to Rs 188 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) fell 26% YoY to Rs 439 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.64% in Q3 FY22, compared to 5.94% in Q2 FY22.

Read more here.

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IndiGo Signs Codeshare Pact With Air France-KLM – Top Indian Market News

IndiGo signs codeshare agreement with Air France-KLM

InterGlobe Aviation Ltd (IndiGo) has signed an extensive codeshare agreement with Air France-KLM. With this partnership, Air France and KLM will offer their customers access to 25 new Indian destinations. Meanwhile, customers of IndiGo will get access to over 250 global destinations offered by Air France and KLM. The codeshare agreement is subject to government approval and is expected to start in February 2022.

Read more here.

Macrotech Developers, Morgan Stanley to build warehouse project at Rs 600 crore investment

Macrotech Developers Ltd has partnered with Morgan Stanley Real Estate Investing (MSREI) to develop a premium warehousing project with an investment of Rs 600 crore. The logistics park will be spread over 72 acres at Palava Industria & Logistics Park (PILP) near Mumbai. As per the agreement, Macrotech Developers would act as the development manager for the project, responsible for leasing, project development, and asset management.

Read more here.

SJVN, DVC to harness 2,000 MW floating solar energy projects

SJVN Ltd and Damodar Valley Corporation (DVC) have signed a Memorandum of Understanding (MoU) for harnessing 2,000 megawatts (MW) floating solar energy projects. Both entities will jointly identify suitable water bodies and available land under the SJVN and DVC command areas for setting up renewable power projects. This initiative is in line with the renewable energy target set by the Centre and would enable SJVN to expand its footprint across India.

Read more here.

Havells starts operations at washing machine manufacturing unit in Rajasthan

Havells India Ltd has commenced operations at its washing machine manufacturing unit at Ghiloth, Rajasthan. Spread across 50 acres, the unit will significantly strengthen the washing machine production capacity of Lloyd (a Havells brand) with a targeted output of 3 lakh units annually. The Ghiloth facility also houses a manufacturing unit for Lloyd air conditioners with a capacity of 10 lakh units per year.

Read more here.

Man Industries secures pipe manufacturing orders worth Rs 225 crore

Man Industries (India) Ltd has secured orders worth Rs 225 crore for manufacturing pipes. With this new order, the company’s order book has reached Rs 1,700 crore. The projects are to be executed in the next 6-7 months. Man Industries is a manufacturer and exporter of large diameter carbon steel line pipes for various high-pressure transmission applications such as gas, crude oil, petrochemical products, and potable water.

Read more here.

REC signs pact with KfW Development Bank to finance power sector, renewable energy projects

REC Limited has signed an agreement with KfW Development Bank to avail official development assistance (ODA) term loan of $169.5 million to finance the power sector and renewable energy projects. The proceeds from the ODA loan will be deployed for part-financing of innovative solar PV technology-based power generation projects. REC Ltd (formerly Rural Electrification Corporation Ltd) is a public infrastructure finance company in India’s power sector.

Read more here.

Hero MotoCorp to raise prices of vehicles by up to Rs 2,000

Hero MotoCorp Ltd will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from January 4, 2022. The prices will be raised by up to Rs 2,000. This move is to partially offset the impact of steadily increasing commodity prices. It would mark the third hike in Hero MotoCorp’s two-wheeler prices within a span of six months. 

Read more here.

Dixon Tech to invest Rs 127 crore to set up tab, laptop production facility

Dixon Technologies Ltd has announced plans to invest Rs 127 crore to set up a facility at the Kopparty YSR Electronics Manufacturing Cluster (EMC) in Kadapa district, Andhra Pradesh. The firm will produce security surveillance systems, digital video recorders, laptops, and tablets at the new facility. The unit would get two lakh sq ft of space spread across four sheds. Dixon Tech aims to create employment opportunities for 1,800 people at the facility.

Read more here.

Ami Organics to transfer production operations of speciality chemical biz at Ankleshwar to Jhagadia facility

Ami Organics Ltd will transfer the current production operations of specialty chemical business at Ankleshwar facility (acquired from Gujarat Organics Ltd) to a single location at the Jhagadia facility. This move is part of the company’s capacity and production rationalization exercise. The transfer will help the firm achieve better utilization of the plant and improve operational efficiency. Ami Organics is a research and development (R&D) driven pharmaceutical company based in Gujarat.

Indian Oil to invest Rs 9,028 cr to build new crude oil pipeline

Indian Oil Corp (IOC) will invest Rs 9,028 crore to build a new crude oil pipeline between Mundra in Gujarat and Panipat in Haryana. The pipeline will have a capacity of 17.5 million metric tonnes per annum (MTPA). IOC will also build nine crude oil tanks of 60,000 kilolitres each at Mundra. The company aims to raise the capacity of the Panipat refinery from 15 MTPA to 25 MTPA by the second quarter of 2024-25.

Read more here.

Biocon initiates clinical study for Itolizumab in India after approval from DCGI

Biocon Biologics has initiated the clinical study for its drug Itolizumab in India after approval from the Drugs Controller General of India (DCGI). The clinical trial is to understand the possible use of Itolizumab to treat Lupus Nephritis, an autoimmune disease. The company’s partner, US-based Equillium Inc, has expanded its ‘EQUALISE’ study in Systemic Lupus Erythematosus (SLE) and Lupus Nephritis for Itolizumab to clinical centers in India.

Read more here.

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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.

Read more here.

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. 

Read more here.

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. 

Read more here.

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. 

Read more here.

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.

Read more here.

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. 

Read more here.

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.  

Read more here.

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.

Read more here.

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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Bajaj Finserv Reports 31% YoY Fall in Net Profit in Q1 – Top Indian Market News

Bajaj Finserv Q1 Results: Net profit falls 31% YoY to Rs 833 crore

Bajaj Finserv Ltd reported a 31.5% YoY decline in consolidated net profit to Rs 832.7 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 14.9% when compared to the previous quarter. Its revenue from operations fell 1.7% YoY (or 9.34% QoQ) to Rs 13,949.5 crore during the same period. Under its life insurance business, new business premiums grew 75% YoY to Rs 1,296 crore in Q1. However, the net profit of the life insurance business declined by 35% YoY to Rs 84 crore due to a surge in claims related to Covid-19 deaths. 

Read more here.

Bharti Airtel partners with Intel to accelerate 5G rollout in India

Bharti Airtel has announced a collaboration with Intel to develop 5G network by leveraging virtualized radio access network (vRAN) and open radio access network (O-RAN) technologies. The telecom operator will deploy Intel’s 3rd-generation Xeon Scalable processors and other specialised telecom equipment across its network to build a foundation for rolling out wide-scale 5G and mobile edge computing (MEC). The partnership is part of Airtel’s 5G roadmap for India, as it transforms its networks to allow customers to reap full possibilities of the hyperconnected world.

Read more here.

Glenmark Life Sciences IPO to open on July 27; price band set at Rs 695-720 per share

The initial public offering (IPO) of Glenmark Life Sciences will open on July 27 and close on July 29. The price band of the IPO is fixed at Rs 695-720 per share. It consists of a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale (OFS) of up to 63 lakh shares by Glenmark Pharma Ltd (the promoter). At the higher end of the price band, the company is expected to raise Rs 1,513.6 crore. Glenmark Life Sciences is a leading manufacturer of Active Pharmaceutical Ingredients (APIs).

Read more here.

Wipro announces strategic partnership with Celonis

Wipro Limited has entered into a strategic partnership with Celonis, a global leader in execution management. The IT company will launch the Global Celonis Center to drive operations transformation for clients. The partnership will leverage the Celonis Execution Management System and Wipro’s expertise to streamline operations for clients across several areas, including finance, human resources, and supply chain management. 

Read more here.

Havells India Q1 Results: Net profit jumps nearly four-fold to Rs 236 crore

Havells India Limited reported a 268.5% YoY jump in consolidated net profit to Rs 235.78 crore for the quarter ended June (Q1 FY22). Net profit declined by 22.4% when compared to the previous quarter. Its total revenue from operations rose 75.95% YoY to Rs 2,609.97 crore during the same period. The revenue from its cables segment grew 75% YoY to Rs 807.17 crore. The electrical consumer durables business posted a revenue of Rs 576.33 crore in Q1, an increase of 91% YoY.

Read more here.

Gland Pharma Q1 Results: Net profit rises 12% YoY to Rs 350 crore

Gland Pharma Limited reported an 11.82% YoY increase in consolidated net profit to Rs 350.7 crore for the quarter ended June (Q1 FY22). Net profit increased by 34.66% when compared to the previous quarter. Its revenue from operations rose 30.5% YoY to Rs 1,153.9 crore during the same period. The company’s key markets of Canada, Europe, the US, and Australia registered a growth of 16% YoY and accounted for 61% of the total revenue in Q1.

Read more here.

Firstsource Solutions partners with Upfront Healthcare

Firstsource Solutions Ltd has partnered with US-based Upfront Healthcare to provide personalised navigation for each patient. The companies will offer data-backed personalisation and health communications to engage patients before and after care— ultimately transforming the care experience and reducing friction. They will focus on improving medication & visit adherence and reducing patient communication fatigue.

Read more here.

Syngene Q1 Results: Net profit rises 33% You to Rs 77 crore

Syngene International reported a 33.27% YoY increase in consolidated net profit to Rs 77.3 crore for the quarter ended June (Q1 FY22). Net profit declined by 51.8% when compared to the previous quarter. Its revenue from operations rose 41% YoY to Rs 594.5 crore during the same period. EBITDA grew 27% YoY to Rs 177.30 crore in Q1. Syngene International is a contract research and manufacturing company. It provides drug discovery and development services in India and the US.

Read more here.

Jubilant Foodworks Q1 Results: Net profit at Rs 69 crore

Jubilant Foodworks Ltd reported a consolidated net profit of Rs 69.51 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.89 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 129.95% YoY to Rs 893.18 crore in Q1 FY22. The company opened 29 new stores in Q1, including 20 new Domino’s stores and three stores each for Hong’s Kitchen, Ekdum!, and Dunkin Donuts.

Read more here.

Tejas Networks Q1 Results: Net profit at Rs 7.55 crore

Tejas Networks Ltd reported a consolidated net profit of Rs 7.55 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 9.76 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 80.73% YoY to Rs 152.63 crore during the April-June quarter of FY22. Tejas Networks is a global optical, broadband, and data networking products company.

CEAT Q1 Results: Net profit at Rs 23.98 crore

CEAT Limited reported a consolidated net profit of Rs 23.98 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 34.76 crore in the corresponding quarter last year (Q1 FY21). However, net profit has declined by 84.31% when compared to the previous quarter (Q4 FY21). The tyre manufacturer’s total income rose 70.11% YoY to Rs 1,910.28 crore during the April-June quarter of FY22. 

Sterling Gtake secures order worth Rs 60 crore for high-speed electric 2W application

Sterling Gtake E-mobility Ltd (SGEM) has secured an order worth Rs 60 crore for motor control units (MCUs) from a leading electric two-wheeler manufacturer. SGEM is a subsidiary of Sterling Tools Limited. The company expects electric vehicle (EV) components to contribute more than 10% of its revenues by the end of the current financial year (FY22). SGEM has been focusing on identifying partners and driving technology transfer to provide customers with application support and technology adapted to Indian requirements.

Read more here.

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Bosch Reports 5x Jump in Net Profit in Q4 – Top Indian Market News

Bosch Q4 Results: Net profit jumps 5 times to Rs 482 crore

Bosch Limited reported a 495% YoY increase in net profit to Rs 482 crore for the quarter ended March (Q4). Net profit has jumped 161% when compared to the previous quarter. Its revenue from operations rose 44% YoY to Rs 3,217 crore during the same period. Bosch’s Mobility Solutions Business segment grew 56.6% in Q4. For the financial year ended March 31, 2021 (FY21), net profit has declined by 26% YoY to Rs 480.7 crore. The company’s board has recommended a dividend of Rs 115 per share.  

Read more here.

Cipla launches RT-PCR test kit ‘ViraGen’ in India

Cipla Limited announced the launch of ‘ViraGen’— a polymerase chain reaction (RT-PCR) test for Covid-19 in India. The pharma company will launch the test kit in partnership with Ubio Biotechnology Systems. It will commence the supply of ViraGen from May 25, 2021. This will be Cipla’s third offering in the Covid-19 testing segment. 

Read more here.

HPCL Q4 Results: Net profit rises 28% QoQ to Rs 3,018 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 28% quarter-on-quarter (or 400% YoY) increase in net profit to Rs 3017.96 crore for the quarter ended March (Q4). Its total income stood at Rs 85,748 crore in Q4 FY21, compared with Rs 71,978.62 crore in Q4 FY20. The average gross revenue margin (GRM) stood at $3.86 per barrel, compared to $1.02 per barrel in Q4 FY20. HPCL’s board has recommended a final dividend of Rs 22.75 per share.

Read more here.

Unichem Labs receives approval from USFDA for generic antidepressant drug

Unichem Laboratories has received approval for its Abbreviated New Drug Application (ANDA) for Amitriptyline HCl tablets from the US Food & Drug Administration (USFDA). The drug is indicated for the relief of symptoms of depression. It is a generic version of ‘ELAVIL’ of AstraZeneca Pharmaceuticals. The product will be manufactured and distributed from Unichem Lab’s plant in Goa.

Read more here.

Havells India Q4 Results: Net profit rises 71% YoY to Rs 304 crore

Havells India reported a 70.95% YoY increase in consolidated net profit to Rs 303.83 crore for the quarter ended March (Q4). Net profit has declined by 13.2% when compared to the previous quarter. Its revenue from operations rose 50.59% YoY to Rs 3,339.21 crore during the same period. The company’s cable segment grew 50.85% YoY to Rs 1,029.20 crore, while revenue from the lighting and fixtures segment rose 43% YoY to Rs 336.74 crore. The board of Havells India has announced a total dividend of Rs 6.50 per share.

Read more here.

SEBI fines Biocon, senior executive for violating market norms

The Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs 14 lakh on Biocon Limited and one of its senior executives for violation of market norms. Narendra Chirmule, senior Vice President of Research & Development (R&D), had traded in the company’s shares when the trading window was closed. Biocon failed to notify the particulars of the executives’ trading details to SEBI within the stipulated time. The company is facing a penalty of Rs 9 lakh for violating various provisions of Prohibition of Insider Trading (PIT) norms.

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Relaxo Q4 Results: Net profit rises 97% YoY to Rs 102 crore

Relaxo Footwears Ltd reported a 97.23% YoY increase in net profit to Rs 102.17 crore for the quarter ended March (Q4). Net profit has increased by 13.4% when compared to the previous quarter. Its revenue from operations rose 38.3% YoY to Rs 747.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 28.86% YoY to Rs 291.56 crore. The company’s board has recommended a final dividend of Rs 2.5 per share.

Read more here.

Steel Strips Wheels secures export orders of over 97,000 wheels for US and EU market

Steel Strips Wheels Ltd (SSWL) has received export orders of more than 97,000 wheels from the trailer and caravan markets of the US and European Union (EU). The orders will be executed by early July 2021 from its plants in Chennai and Dappar (Punjab). SSWL stated that orders of similar capacity are anticipated in the coming months from a similar customer base as businesses continue to recover rapidly.

Zee Entertainment Q4 Results: Net profit at Rs 276 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net profit of Rs 275.8 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 766.70 crore in the corresponding period last year (Q4 FY20). ZEEL’s revenue from operations grew 0.8% YoY to Rs 1,965.8 crore in Q4 FY21. The company’s advertising revenue grew 8.09% YoY to Rs 1,122.96 crore during the same period. ZEEL’s board has recommended a dividend of Rs 2.5 per share.

Read more here.

Happiest Minds signs pact with CyberArk to deliver access management services 

Happiest Minds Technologies has signed a managed service provider (MSP) agreement with CyberArk to deliver end-to-end next-gen privileged access management services to customers across verticals and geographies. CyberArk is an information security company based in the United States. Through this deal, Happiest Minds aims to address the evolving need for credentials management in multi-cloud environments and robotic process automation through end-to-end consulting, implementation, and maintenance services.

Read more here.

Torrent Power Q4 Results: Net profit at Rs 398 crore

Torrent Power reported a consolidated net profit of Rs 398.10 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 273.94 in the corresponding quarter a year ago (Q4 FY20). Its total income rose 3.17% YoY to Rs 3116.54 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 10% YoY to Rs 1,295.87 crore. Torrent Power’s board has announced a final dividend of Rs 5.5 per share and an interim dividend of Rs 5.5 per share.

Read more here.

JK Lakshmi Cement Q4 Results: Net profit rises 54% YoY to Rs 153 crore

JK Lakshmi Cement reported a 54.22% YoY (or 34% QoQ) rise in net profit to Rs 152.91 crore for the quarter ended March (Q4). Its total income rose 25% YoY to Rs 1,451.72 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.5% YoY to Rs 405.38 crore. The company’s board has recomennded a final dividend of Rs 3.75 per share.

Mindtree to acquire L&T’s NxT Digital for Rs 198 cr

Mindtree Ltd has signed an agreement to acquire NxT Digital Business from Larsen and Toubro (L&T) Group for Rs 198 crore. This acquisition would enable Mindtree to capture opportunities in the Internet of Things (IoT) and Industry 4.0 market by leveraging the capabilities of NxT Digital Business to cross-sell and create holistic solutions for new prospects as well as for existing clients. The transaction is expected to be completed by July 31, 2021.

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