Tag: Havells

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NCLT Approves HDFC-HDFC Bank Merger – Top Indian Market Updates

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

HDFC-HDFC Bank merger gets NCLT approval

The National Company Law Tribunal (NCLT) has given its approval to the HDFC-HDFC Bank merger. In April 2022, HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24.

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Tata ceases discussions with Bisleri to acquire the packaged water giant

Tata Consumer Products has ended discussions with Bisleri for the potential acquisition of the packaged water giant. In November 2022, owners of Bisleri International said they will divest the company to the Indian conglomerate for an estimated ₹6,000-7,000 crore. Bisleri’s owners were reportedly looking to raise about $1 billion from a deal.

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Bharti Airtel launches unlimited 5G data offer

Bharti Airtel has launched an unlimited 5G data offer to hold on to its higher-paying postpaid users and also push its 4G users to upgrade to its next-gen wireless broadband service. This move comes after Reliance Jio’s new postpaid plans were announced earlier this week. The unlimited 5G data offer will be available to all postpaid customers as well as prepaid ones with data plans of Rs 239 and above.

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Va Tech Wabag secures order worth Rs 800 crore in Bangladesh

VA Tech Wabag has secured a Rs 800 crore project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in Bangladesh. The company will design, build and operate a sewage treatment plant with a capacity of 200 million litre per day (MLD) in Dhaka. This project has the potential to be expanded to 600 MLD in the future

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Havells commences commercial production of ACs at Sri City plant

Havells India Ltd has commenced commercial production of air conditioners (ACs) at its Sri City plant. The company manufactures home appliances, lighting for domestic, commercial, & industrial applications, LED lighting, fans, modular switches & wiring accessories, water heaters, etc.

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Zee Entertainment calls report of $10 million repayment ‘speculative’

Zee Entertainment Enterprises Ltd (ZEEL) called the report saying it will repay $10 million to IndusInd to wrap the Sony deal as “speculative”. The media company said it is exploring several strategies related to the ongoing dispute. On Thursday, Bloomberg reported that ZEEL has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it and get a step closer to completing its merger with the Sony Group.

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GAIL signs MoU with Shell Energy India for exploring ethane sourcing opportunities

GAIL (India) Ltd. signed a Memorandum of Understanding (MoU) with Shell Energy India for exploring ethane sourcing and other energy value chain opportunities. Through this agreement, GAIL expects to dive into the prospects of importing and handling different hydrocarbons that serve as essential chemical and petrochemical precursors. The company said this is a step towards achieving improved sustenance in business operations.

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Unichem Labs gets USFDA approval for chronic angina treatment tablets

Unichem Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) for its Ranolazine Extended-Release tablet. The drug is prescribed for the treatment of chronic angina (a type of chest pain caused by reduced blood flow to the heart). The product will be commercialised from its manufacturing facility in Goa. 

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Maiden Forgings to launch IPO next week

Steel bars and wires manufacturer Maiden Forgings will launch an Initial Public Offering (IPO) to raise Rs 24 crore. The IPO will open on March 22 and close on March 24. Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

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HUL’s Profit Rises 12% YoY in Q3 – Top Indian Market Updates

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

HUL Q3 Results: Net profit rises 12% YoY to ₹2,505 crore

Hindustan Unilever Ltd (HUL) reported an 11.6% year-on-year (YoY) increase in net profit to ₹2,505 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 16% YoY to ₹14,986 crore during the same period. This revenue growth was largely driven by Beauty & Personal Care (up 10%) and Home Care segments (up 32%). HUL said its royalty and central services fees to Unilever Plc will increase from 2.65% to 3.45% over three years.

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BHEL secures ₹300 crore order to modernise 2 units at Ukai plant

Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹300 crore to renovate and modernise (R&M) steam turbines at Ukai thermal power station in Gujarat. BHEL is also the Original Equipment Manufacturer (OEM) of these turbine sets, which have been successfully operating for nearly 40 years. BHEL will not only extend the life and reliability of the two units at the plant but will also improve the efficiency levels of the turbines.

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AU Small Finance Bank Q3 Results: Net profit rises 30% YoY to ₹392 crore

AU Small Finance Bank (SFB) reported a 30% YoY increase in net profit to ₹392.82 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 41% YoY to ₹1,153 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.6% in Q3 FY22 to 1.81% in Q3 FY23. The bank’s operating profit stood at ₹555 crore in Q3 FY23, up 21.17% YoY.

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Maharashtra govt. approves M&M’s proposal to set up ₹10,000Cr EV plant in Pune

The Maharashtra govt. has approved Mahindra & Mahindra’s proposal to set up a ₹10,000-crore electric vehicle (EV) plant in Pune under the state’s industrial promotion scheme for EVs. The automaker will make this investment over 7-8 years for setting up the manufacturing facility, development, and production of its upcoming Born Electric Vehicles (BEVs). These models will include the e-SUVs under M&M’s iconic brand XUV.

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Havells India Q3 Results: Net profit falls 7% YoY to ₹283 crore

Havells India Ltd reported a 7.2% YoY decline in net profit to ₹283.54 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 12.8% YoY to ₹4,119.71 crore during the same period. Revenue from the cable business stood at ₹1,412 crore in Q3, up 17% YoY. The company’s board has declared an interim dividend of ₹3 per share.

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Alembic Pharma gets tentative USFDA approval for blood cancer treatment drug 

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Acalabrutinib Capsules. The capsule is used to treat mantle cell lymphoma (MCL) in adults who have received at least one previous treatment for their cancer. MCL is a type of blood cancer that affects white blood cells. As per IQVIA data, Acalabrutinib Capsules had an estimated market size of $1.5 billion in the US for the 12 months ended Sept 2022.

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L&T Tech Services Q3 Results: Net profit rises 22% YoY to ₹303 crore

L&T Technology Services Ltd reported a 22% YoY increase in net profit to ₹303.6 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 21.4% YoY to ₹2,048.6 crore during the same period. LTTS had 5 deal wins above $10M in total contract value (TCV). Airbus named the company as a strategic partner during the quarter.

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PVR Q3 Results: Net profit at ₹16 crore

Multiplex operator PVR Limited reported a net profit of ₹16.15 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹10.18 crore in the corresponding quarter last year (Q3 FY22). PVR’s revenue from operations rose 53.17% YoY to ₹940.69 crore in Q3 FY23. The company witnessed a sharp bounce back in profits on the back of strong content performance (high-grossing movies).

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Bombardier selects TCS as strategic partner for faster digital transformation

Canadian aerospace manufacturer Bombardier has selected Tata Consultancy Services (TCS) as a strategic partner to accelerate its digital transformation and drive innovation. TCS will help Bombardier drive its organisation-wide IT and digital transformation that aims to enhance agility. It will modernise the aviation leader’s legacy systems that support its engineering, manufacturing, aftermarket services, and defence activities.

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Asian Paints Q3 Results: Net profit rises 6% YoY to ₹1,073 crore

Asian Paints reported a 6% YoY increase in consolidated net profit to ₹1,073 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 1.3% YoY to ₹8,636.74 crore during the same period. The extended monsoon in October affected retail sales during the peak festival season, but demand picked up in November and December. International sales increased 2.1% YoY to ₹778.82 crore in Q3.

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Sun Pharma to acquire US-based Concert for $576 million

Sun Pharmaceutical Industries Ltd will acquire U.S.-based Concert Pharmaceuticals for $576 million to gain access to an experimental drug for treating patchy baldness. Concert’s lead candidate, deuruxolitinib, is being evaluated as a treatment for the autoimmune condition alopecia areata, which results in patchy hair loss.

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CCI Approves Flipkart-Aditya Birla Fashion Deal – Top Indian Market News

Flipkart-Aditya Birla Fashion deal gets approval from CCI

The Competition Commission of India (CCI) has approved the Rs 1,500 crore deal between Flipkart and Aditya Birla Fashion. Flipkart Investments Private Ltd will acquire a 7.8% minority stake in Aditya Birla Fashion and Retail Ltd (ABFRL). ABFRL plans to use the funds to strengthen its balance sheet and scale up its existing business. The company will also focus on increasing its presence in the emerging high-growth categories such as innerwear, athleisure, casual wear, and ethnic wear. 

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Federal Bank Q3 Results: Net profit falls 8% YoY to Rs 404 crore

Federal Bank reported an 8.2% YoY decline in net profit to Rs 404.10 crore for the quarter ended December (Q3). The bank’s total income improved to Rs 3,941.36 crore in Q3 FY21, as compared to Rs 3,738.22 crore in Q3 FY20. Operationally, the bank saw strong growth in Q3, with net interest income (NII) seeing a 24% YoY growth to Rs 1,437 crore. Provisions for bad loans and other contingencies were increased by 161% YoY to Rs 421 crore in Q3.

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Adani Green Energy commissions 150 MW solar plant in Kutch

Adani Solar Energy Kutchh One, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 150 MW solar plant in Kutch, Gujarat. This plant has a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) at Rs 2.67/kWh for a period of 25 years. With the commissioning of this plant, AGEL’s total operational renewable capacity grows to 3,125 MW. 

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Hindustan Zinc Q3 Results: Net profit rises 36%YoY to Rs 2,200 crore

Hindustan Zinc Ltd (HZL) reported a 36% YoY increase in net profit to Rs 2,200 crore for the quarter ended December (Q3). Its revenue from operations rose 28% YoY to Rs 5,915 crore during the same period. The company reported its highest-ever ore production in the October-December quarter. HZL’s total mined metal production was up 4% YoY to 2.44 lakh tonnes. Integrated zinc production was up 2% YoY to 1.82 lakh tonnes.

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Havells Q3 Results: Net profit rises 74% YoY to Rs 350 crore

Havells India Ltd reported a 74.52% YoY increase in consolidated net profit to Rs 350.14 crore for the quarter ended December (Q3). Its revenue from operations rose 39.67% to Rs 3,175.20 crore during the same period. The company saw increased demand in Q3 due to a pick-up in the overall construction and infrastructure activity. The Board of Directors of Havells India has declared an interim dividend of Rs 3 per share.

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L&T construction arm secures order worth up to Rs 5,000 crore in Bangladesh

The power transmission and distribution business of Larsen & Toubro (L&T) has won a set of transmission line orders in Bangladesh. The orders are valued in the range of Rs 2,500-Rs 5,000 crore. The scope of these packages involves the design, supply, installation, testing, and commissioning of extra high voltage transmission lines on a turnkey basis.

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Indigo Paints IPO subscribed 1.89 times on first day of bidding

The initial public offering (IPO) of Indigo Paints was subscribed 1.89 times on the first day of bidding. The public issue has received bids for 1.04 crore equity shares, against an offer size of 55.18 lakh shares. The portion reserved for retail investors was subscribed 3.3 times and that of non-institutional investors 1.09 times. The employee portion received 72% subscription and that of qualified institutional buyers (QIBs) 10%. 

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To know more about the Indigo Paints IPO, click here.

Ramco Systems partners with HERE Technologies

Ramco Systems Ltd has partnered with HERE Technologies, a global leader in mapping and location platform services, to embed location intelligence in their Logistics ERP platform. The Ramco Logistics Software is an integrated and smart platform engineered to provide an end-to-end comprehensive business solution for third-party logistics, e-commerce logistics, etc. By embedding the geo-visualization layer provided by HERE, Ramco’s clients will benefit from the real-time view of their logistics operations using HERE Maps.

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LT Foods acquires 30% stake in Netherlands-based Leev  

LT Foods Limited has acquired a 30% stake in Leev.nu, a Netherlands-based packaged foods company, through its subsidiary Nature Bio Foods BV (NBF BV). The transaction allows NBF BV an option to acquire a further 21% stake in Leev.nu at the end of five years. Leev.nu will start sourcing organic produce from NBF for its packed snacking brands. This acquisition gives Nature Bio Foods a direct reach to European consumers- through the mainstream distribution strength of Leev. 

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Newgen Software Q3 Results: Net profit rises 48% YoY to Rs 35 crore

Newgen Software Technologies Ltd reported a 47.83% YoY increase in consolidated net profit to Rs 35.42 crore for the quarter ended December (Q3). Its revenue rose 0.3% YoY to Rs 185.51 crore during the same period. The company’s subscription-based revenues witnessed strong growth in Q3. Newgen Software is a Delhi-based business process management company.

Ola partners with Siemens to build EV manufacturing hub in Tamil Nadu

Ola has partnered with Siemens Ltd to build India’s most advanced electric vehicle (EV) manufacturing facility in Tamil Nadu. The popular ride-hailing platform had signed a Rs 2,400 crore deal with the Tamil Nadu government to set up its first factory in the state. Ola stated that the upcoming manufacturing hub will be the world’s largest scooter manufacturing facility. Ola will have access to Siemens’ integrated Digital Twin design and manufacturing solutions to digitalise and validate product and production ahead of actual operations.

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L&T wins contract worth Rs 25,000 crore – Top Indian Market News

L&T wins contract worth Rs 25,000 crore for bullet train project

Larsen & Toubro (L&T) has secured its single biggest order of Rs 25,000 crore from the National High-Speed Rail Corporation. The company will build a portion of the 508 km corridor for the Mumbai-Ahmedabad bullet train project. The High-Speed Rail project is set to be completed by 2024, and will be operating at a speed of 320 km/h.

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Vodafone Idea Q2 Results: Net Loss reduces to Rs 7,218 crore

Vodafone Idea Ltd. has reported a consolidated net loss of Rs 7,218 crore, for the quarter ended September (Q2). The telecom company had posted a consolidated net loss of Rs 50,921 crore in Q2 of the previous financial year. The revenue from operations declined by 0.49% YoY to Rs 10,791.20 crore in Q2 FY21.

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Maruti Suzuki Q2 Results: Net Profit rises 1% YoY to Rs 1,371 crore

Maruti Suzuki India Ltd. reported a 1% year-on-year (YoY) increase in net profit to Rs 1,371 crore, for the quarter ended September (Q2). The company’s revenue has increased by 10.40% YoY to Rs 18,744 crore. The carmaker has stated that Q2 performance has improved due to better demand recovery, and gradual improvement in supply conditions.

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Tech Mahindra signs Rs 400 crore contract with HAL for ‘Project Parivartan’

Tech Mahindra, on Thursday, said that it has entered into a Rs 400 crore contract with Hindustan Aeronautics Limited (HAL). The IT company will implement Enterprise Resource Planning (ERP) to support HAL’s ‘Project Parivartan’. Tech Mahindra will help to improve and standardize HAL’s business processes.

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Havells Q2 Results: Net Profit rises 82% to Rs 326 crore

Havells India Ltd. reported an 81.97% year-on-year (YoY) increase in consolidated net profit at Rs 326.36 crore, for the quarter ended September (Q2). The revenue from operations increased by 10.16% YoY to Rs 2,459.49 crore, during the same period. The company has stated that its initiatives in rural and online engagements have provided good results.

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Dr. Reddy’s partners with Department of Biotechnology for Sputnik-V clinical trials in India

Dr. Reddy’s Laboratories has announced its partnership with the Biotechnology Industry Research Assistance Council (BIRAC), of the Department of Biotechnology. The partnership has been aimed at providing advisory support on clinical trials of the Sputnik-V vaccine in India. Dr. Reddy’s will use some of BIRAC’s clinical trial centers for the vaccine.

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IndiGo Q2 Results: Net Loss increases to Rs 1,195 core

InterGlobe Aviation Ltd. (IndiGo) reported that its net loss has increased to Rs 1,194.8 crore, for the quarter ended September (Q2). The airline company had posted a net loss of Rs 1,062 crore in Q2 of the previous financial year. IndiGo’s total revenue has declined by 65% year-on-year (YoY) to Rs 3,029 crore in Q2 FY21.

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Bank of Baroda Q2 Results: Net Profit stands at Rs 1,679 crore

Bank of Baroda reported a net profit of Rs 1,679 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) during the quarter has increased by 6.8% to Rs 7,507.5 crore. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Laurus Labs Q2 Results: Net Profit jumps 326% YoY to Rs 242 crore

Laurus Laboratories Ltd. reported a 326% YoY increase in net profit to Rs 242.47 crore, for the quarter ended September (Q2). The company’s revenue saw a rise of 59% YoY to Rs 1,138.84 crore, during the same period. Laurus Labs has been focusing on major acquisitions to expand its portfolio.

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Pidilite Industries to acquire Huntsman unit for Rs 2,100 crore

Pidilite Industries Ltd., which is the owner of Fevicol, has signed an agreement with US-based Huntsman Group for acquiring a 100% stake in one of its Indian subsidiaries. The company will acquire Huntsman Advanced Materials Solutions Pvt. for Rs 2,100 crore, as per a regulatory filing. The share price of the company saw a rise of 5.03%, and closed at Rs 1,595 on the NSE today.

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IDBI plans to raise Rs 6,000 crore via issue of equity shares

IDBI Bank, on Thursday, said that it has received shareholders’ approval to raise Rs 6,000 crore by issuing equity shares to institutional investors. It would be the first time in many years that IDBI Bank will be raising funds from investors via a share sale. The bank is planning to raise a total of Rs 11,000 crore through various modes, to strengthen its capital requirements.

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