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Retail Inflation at 7.01% in June – Top Indian Market Updates

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

Retail inflation at 7.01% in June

Retail inflation in India (measured by the Consumer Price Index) eased to 7.01% in June, compared to 7.04% in May. The overall inflation in food items stood at 7.75% in June, compared to 7.97% in the preceding month. Fuel and light inflation climbed to 10.39% in June in contrast to 9.54% in May. The downward trend in inflation can also be attributed to excise duty cuts on petrol and diesel, along with imposed restrictions on food exports.

Read more here.

HCL Tech Q1 Results: Net profit rises 2.4% YoY to Rs 3,283 crore

HCL Technologies Ltd reported a 2.4% YoY increase in consolidated net profit to Rs 3,283 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 16.92% YoY to Rs 23,464 crore during the same period. The company secured new deals worth $2,054 million in Q1, up 23.4% YoY. The IT firm’s board has declared a dividend of Rs 10 per share.

Read more here.

Ramco Systems deploys its Aviation Suite for Air Asia Company

Ramco Systems Ltd has deployed its Aviation M&E MRO Suite V5.9 at Air Asia Company (AACL), thereby automating and digitally transforming its business processes. AACL is Taiwan’s first privately-owned aircraft maintenance company. The Aviation Suite has modules for production planning, commercials, maintenance execution, and supply chain management.

Read more here.

NMDC cuts iron ore price amid weak demand

State-owned NMDC Limited cut prices of lump ore and fines by Rs 500 a tonne each amid a weak demand environment. The company has fixed the prices of lump ore at Rs 3,900 per tonne and fines at Rs 2,810 a tonne. Under the Ministry of Steel, NMDC contributes around 17% to the country’s annual iron ore output.

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Banks to report mark-to-market losses of Rs 13,000 crore on rising bond yields: Report

As per a report by rating agency Icra, rising bond yields will force banks to report mark-to-market losses of up to Rs 13,000 crore on their investment portfolios in the April-June quarter (Q1 FY23). Mark-to-market losses occur when financial instruments held by firms are valued at the current market value, which is lower than the price paid to acquire them. The report further states that profits will moderate for the quarter. However, improved loan growth and operating profits will ensure that the banks’ revenues remain “steady” for FY23

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RVNL-led consortium secures LoA for Rs 1,845 crore project

Rail Vikas Nigam Ltd (RVNL) announced that the RVNL-SP Singla Constructions consortium has secured a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Himachal Pradesh. The project involves four-laning of NH-5 from Kaithlighat to Shakral Village in Himachal Pradesh. The total cost of the project is estimated at Rs 1,844.77 crore.

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Adani Data Networks to participate in spectrum auctions

The Adani Group has applied to participate in the 5G auctions through its unit Adani Data Networks (a subsidiary of Adani Enterprises Ltd). Adani Data Networks is also undergoing the process to acquire a ‘Unified License with Authorisation of Access Services’ in specific areas. The conglomerate said it is not looking at a consumer mobility play and wants to acquire spectrum to create a private network to support its businesses (airports, data centres, etc).

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Bosch to invest over Rs 200 crore in next five years in India

Bosch Ltd has announced plans to invest over Rs 200 crore in advanced automotive technologies and digital mobility space over the next five years. The company is also optimistic about having double-digit growth in FY23 over the previous financial year. Bosch will support Indian automakers through system expertise and participate in partnerships to become a major player in the electrification ecosystem.

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Delta Corp Q1 Results: Net profit at Rs 57 crore

Delta Corp Ltd reported a consolidated net profit of Rs 57.13 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 28.93 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations grew 35% YoY to Rs 250.27 crore in Q1 FY23. Delta Corp is an Indian gaming and hospitality corporation that owns and operates casinos and hotels under several brands.

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Editorial

Major IT Stocks are Falling! Find Out Why!

The stock markets have not been kind to investors over the past few months. Foreign institutional investors (FIIs) have pulled out nearly Rs 1.65 lakh crore so far from the Indian equity markets this year. Major IT stocks (mostly considered defensive stocks historically) have been under heavy selling pressure. The NIFTY IT Index has fallen ~24% since the beginning of April. For comparison, the NIFTY50 fell 9% during the same period. TCS, Infosys, and HCL Tech have all plummeted 10% each since mid-April, while Wipro crashed ~17%! 

In this article, we discuss the factors behind the downtrend in IT stocks.

Reasons Behind the Fall in IT Stocks

Rising Inflation:

Globally, inflation rates are at sky-high levels. Goods and services have become expensive. India’s inflation rate has surpassed RBI’s projections due to many global factors, especially the Ukraine-Russia crisis and rising crude oil prices. It is time for the government to withdraw money out of the system.

The US Fed, Reserve Bank of India (RBI), and other central banks have increased interest rates aggressively. Unfortunately, this move could lead to a slowdown in the global economy. Many investors resorted to dumping IT stocks with high valuations in anticipation of a hike in interest rates.

To make matters worse, clients will be willing to spend less on digital projects, thereby affecting the revenues of IT firms.

Disappointing Q4 Results: 

Even though IT giants like Tata Consultancy Services (TCS) and Infosys reported healthy revenue numbers in the March quarter (Q4 FY22), it did not translate into a comparable increase in profits. Most IT firms reported lower-than-expected earnings with weak operating margins. Thus, market participants simply lost confidence in the IT sector.

Decline in Margins: 

The attrition rate within the IT industry remains at an all-time high. [The rate signifies the number of employees who had either resigned or retired and are not replaced. IT employees often have to endure long working hours and the pressure of meeting targets, leading to burnout.] Moreover, employee and travel costs have been rising rapidly after Covid-19 restrictions were lifted.

As a result of heavy competition and a limited supply of talent in the industry, most prominent IT firms are giving out salary hikes to retain employees. They have also resorted to mass hiring, which is a significant loss of man-hours and other resources. All these increased expenses are adversely impacting margins.

The Way Ahead

Most analysts are expecting IT stocks to drag down the markets further. The slowdown in economic growth, along with revenue and margin pressures, could continue. This phenomenon is not just unique to India. In fact, all major IT and growth stocks in the global stock markets have been severely hit by the prospects of higher interest rates.

On the flip side, this could turn out to be a good opportunity for investors to add or average IT stocks to their portfolios. Look into fundamentally strong companies in the Indian IT industry and buy them at fair valuations.

Have you added IT stocks over the past month? Let us know in the comments section of the marketfeed app.

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UPL Posts 29% YoY Rise in Q4 Net Profit – Top Indian Market News

UPL Q4 Results: Net profit rises 29% YoY to Rs 1,379 crore

UPL Ltd reported a 29% YoY increase in consolidated net profit to Rs 1,379 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24% YoY to Rs 15,860 crore during the same period. The chemical manufacturer’s EBITDA stood at Rs 3,591 crore in Q4, up 26% YoY. UPL’s board has declared a dividend of Rs 10 per share.

UPL has settled a case with SEBI pertaining to the alleged failure to modify the terms of appointment of the auditor of its subsidiary. It has paid Rs 19.5 lakh towards settlement charges.

Read more here.

Vodafone Idea partners with SonyLIV to boost content offerings

Vodafone Idea (Vi) has partnered with SonyLIV to offer premium content services. SonyLIV is the video streaming platform from Sony Pictures Networks India. Vi has introduced a new add-on recharge of Rs 82, which will provide a free mobile-only subscription of SonyLIV Premium for 28 days and an added data benefit of 4GB with 14-day validity.

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PVR Q4 Results: Net loss at Rs 105.5 crore

PVR Limited reported a consolidated net loss of Rs 105.49 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 289.21 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations jumped nearly three-fold to Rs 537.14 crore in Q4 FY22. The multiplex chain operator’s total expenses stood at Rs 731.17 crore, up 43.91% YoY.

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L&T secures order from Jharkhand govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Government of Jharkhand. The project aims to provide water to irrigate 22,283 hectares of culturable command area (CCA) in Dumka district by pumping water from the Sidheshwari river. The scope of the order includes survey, design, and construction of a barrage across the river.

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Suven Pharma Q4 Results: Net profit rises 11% YoY to Rs 92 crore

Suven Pharmaceuticals Ltd reported a 10.3% YoY increase in consolidated net profit to Rs 91.66 crore for the quarter ended March (Q4 FY22). Net profit fell 42.7% when compared to the previous quarter. Its revenue from operations rose 40.54% YoY to Rs 364 crore during the same period. The pharma company’s board has declared an interim dividend of ₹1 per share.

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Can Fin Homes clarifies on possible RBI probe into fraud detection

Can Fin Homes Ltd offered clarification on a possible Reserve Bank of India (RBI) probe into the detection of fraud in 37 accounts, saying it has not received any such information from the regulator. Earlier today, a media report claimed that RBI may launch a probe into the detection of fraudulent accounts in Can Fin Homes. The company further said the report is factually incorrect and that it is unaware of its source.

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HCL Tech to acquire digital banking firm Confinale

HCL Technologies UK has signed a definitive agreement to acquire Switzerland-based Confinale AG, a digital banking and wealth management consulting specialist. With this acquisition, HCL Tech will expand its footprint in the global wealth management market. Confinale has one of the largest pools of Avaloq-certified specialists in Europe. It works with leading banks and wealth advisors. 

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LIC IPO subscribed 2.94 times on final day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 2.94 times on the final day of bidding. Retail investors have subscribed 1.98 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2.91 times and 2.83 times, respectively, against their reserved portions. LIC policyholders have subscribed 6.09 times the portion reserved for them. 

Aarti Drugs Q4 Results: Net profit rises 7% YoY to Rs 55 crore

Aarti Drugs Ltd reported a 7.14% YoY increase in consolidated net profit to Rs 55.34 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its revenue from operations rose 38.4% YoY to Rs 694.27 crore during the same period. The pharma company’s total expenses stood at Rs 626.73 crore in Q4, up 43.2% YoY.

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SRF Q4 Results: Net profit rises 59% YoY to Rs 

SRF Limited reported a 59% YoY increase in consolidated net profit to Rs 605.65 crore for the quarter ended March (Q4 FY22). Net profit rose 19.8% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 3,549 crore during the same period. The company’s chemicals business posted a revenue of Rs 1,572 crore in Q4, up 36% YoY. 

SRF’s board has approved a project to set up dedicated facilities to produce key specialty products at its Dahej plant at an estimated cost of Rs 115 crore. They have also approved a project for capacity expansion at the Dahej plant at an approx. cost of Rs 30 crore.

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HCL Tech Reports 226% YoY Jump in Q4 Net Profit – Top Indian Market News

HCL Tech Q4 Results: Net profit jumps 226% YoY to Rs 3,593 crore

HCL Technologies Ltd reported a 226% YoY jump in net profit (24% YoY on an adjusted basis*) to Rs 3,593 crore for the quarter ended March (Q4 FY22). Net profit increased 4.39% compared to the previous quarter. Its revenue from operations rose 15% YoY (or 1.2% QoQ) to Rs 22,597 crore during the same period. HCL Tech’s total order book stood at $2,260 crore, registering a 6% QoQ growth. The IT company’s board has declared an interim dividend of Rs 18 per share.

*In the same quarter last year (Q4 FY21), HCL Tech had paid a one-time milestone bonus to employees (Rs 575 crore net of tax). Also, the deferred tax liability on goodwill impact in the tax expense stood at Rs 1,222 crore).

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ITC plans to broaden dairy products portfolio

ITC is planning to widen its product portfolio in the dairy segment from milk, ghee, curd, lassi, and paneer and tap the low milk consumption in West Bengal. Currently, the FMCG firm has a presence in West Bengal and Bihar for the dairy business and will continue to concentrate on these two states for the next few years. The two states contribute equally to ITC’s dairy business with ~50% share each.

In other news, ITC will acquire a 10.07% stake in Blupin Technologies Pvt Ltd for up to Rs 39.34 crore. Blupin Tech is the company behind Mylo, a direct-to-consumer (D2C) brand.

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Nestle India Q1 Results: Net profit falls 1.25% YoY to Rs 594 crore

Nestle India Ltd reported a 1.25% YoY decline in net profit to Rs 594.7 crore for the quarter ended March (Q1 CY22). The company follows the January-December financial year cycle. Its total revenue rose 10% YoY to Rs 3,980.7 crore during the same period. The FMCG company’s domestic sales rose 10.2% YoY to Rs 3,794.3 crore in Q1 CY22, while exports fell 1% YoY to Rs 156.6 crore.

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Reliance Retail to launch Swadesh to sell products sourced from artisans

Reliance Retail Ventures Ltd (RRVL) will launch a new format called “Swadesh”, which will sell handmade textiles, handicrafts, agriculture items, and other products sourced directly from artisans. The first Swadesh store will roll out in the second half of FY23. Swadesh is part of RRVL’s ‘Handmade in India’ program. It is aimed at showcasing authentic handcrafted products and promoting rich Indian art forms in markets around the world.

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ICICI Lombard General Q4 Results: Net profit falls 10% YoY to Rs 313 crore

ICICI Lombard General Insurance Company Ltd reported a 10% YoY decline in net profit to Rs 313 crore for the quarter ended March (Q4 FY22). The gross direct premium income (GDPI) rose 34% YoY to Rs 4,666 crore during the same period. The company’s board has declared a final dividend of Rs 5 per share.

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ED raids Jindal Steel offices over alleged forex violation: Report

As per a CNBC-TV18 report, the Enforcement Directorate (ED) raided the offices of Jindal Steel & Power Ltd (JSPL) in New Delhi over a suspected violation of foreign exchange (forex) regulations. ED also conducted searches in Gurugram, a satellite town near Delhi’s main airport. JSPL’s shares fell up to 6% to a three-week low, in their biggest fall since mid-March.

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Niti Aayog unveils draft battery swapping policy

Niti Aayog (the government’s think-tank) has released a draft battery swapping policy and has invited comments on it until June 5. The policy has proposed offering incentives to electric vehicles (EVs) with swappable batteries, subsidies to companies manufacturing swappable batteries, and a new battery-as-a-service business model. It aims to support the adoption of battery-swapping, primarily for systems used in electric scooters and three-wheelers.

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Tata Communications Q4 Results: Net profit rises 22% YoY to Rs 365 crore

Tata Communications Ltd reported a 22% YoY increase in net profit to Rs 365 crore for the quarter ended March (Q4 FY22). Net profit fell 7.6% compared to the previous quarter. Its revenue from operations rose 4.7% YoY (or 2% QoQ) to Rs 4,263 crore during the same period. EBITDA stood at Rs 1,045 crore in Q4, up 3% YoY. The company’s board has declared a dividend of Rs 20.7 per share. 

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Rallis India Q4 Results: Net loss at Rs 14.2 crore

Rallis India Ltd reported a consolidated net loss of Rs 14.2 crore for the quarter ended March (Q4 FY22). The chemical manufacturer had reported a net profit of Rs 8.12 crore in Q4 FY21 and a profit of Rs 39 crore in Q3 FY22. Its revenue from operations rose 7.7% YoY to Rs 507.54 crore in Q4 FY22. 

Read more here.

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Infosys Reports 12% YoY Rise in Net Profit in Q4 – Top Indian Market News

Infosys Q4 Results: Net profit rises 12% YoY to Rs 5,686 crore 

Infosys Ltd reported a 12% YoY rise in consolidated net profit to Rs 5,686 crore for the quarter ended March (Q4 FY22). Net profit fell 2.12% when compared to the previous quarter. Its revenue from operations rose 23% YoY (or 1.28% QoQ) to Rs 32,276 crore during the same period. The IT company secured new deals worth $2.3 billion in Q4, taking the total order book to $9.5 billion for FY22. Infosys’ board has declared a final dividend of Rs 16 per share. 

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Auto sales fell 6% in FY22 due to supply-side disruptions: SIAM

The automobile industry saw a 6% decline in sales in FY22 as supply-side disruptions persisted. The segment comprising passenger cars, utility vehicles, and vans sold 2.79 lakh units in March, a 3.93% YoY decline. However, sales rose 6.28% when compared to February. Total two-wheeler sales fell 13.31% over Feb and ~20.88% YoY to 11.84 lakh units in March. The data was released by the Society of Indian Automobile Manufacturers (SIAM).

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Prestige Estates registers highest ever sales at Rs 10,382.2 crore in FY22

Prestige Estates Projects Ltd registered the highest ever sales of Rs 10,382.2 crore in FY22, up 90% YoY. It also recorded the highest ever collections of Rs 7,466.4 crore, up 47% YoY. During the year, the Group launched 16.77 million sq. ft. of realty projects across geographies. Prestige has lined up launches over 15 million sq. ft. across Bengaluru, Mumbai, NCR, Hyderabad, and Chennai.

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DGCA bars 90 SpiceJet pilots from flying 737 Max planes

The Directorate General of Civil Aviation (DGCA) has barred 90 SpiceJet pilots from operating Boeing 737 Max aircraft after finding them not properly trained. The regulator will take strict action against those found responsible for the lapse. The pilots will have to undergo training again on the 737 Max simulator.

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Blue Star doubles production capacity on inaugurating new unit in Wada

Blue Star has doubled its production capacity of deep freezers by opening its new manufacturing facility at Wada, Maharashtra. The new facility aims to cater to the production of the company’s commercial refrigeration products and solutions. It has the capacity to produce around 2 lakh deep freezers and 1 lakh storage water coolers per annum. The facility was built with a capital expenditure of Rs 130 crore. 

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Fino Payments Bank to acquire 12.19% stake in Paysprint

Fino Payments Bank Ltd’s board has approved a strategic investment in New Delhi-based fintech startup Paysprint. The company will acquire a 12.19% stake in Paysprint by subscribing to its shares. The move will enable Fino to leverage Paysprint’s technology to offer API (application programming interface) plugins for the bank’s digital platform. 

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Tata Motors adds 160 service workshops to its network

Tata Motors Ltd has added 160 new service workshops for passenger vehicles, taking the total number of operational workshops across India to 705. The automaker now provides extensive service coverage across 485 cities. They have also launched a new mobile servicing option called EzServe. The platform allows customers to get basic service work and quick repairs done on their vehicles at their preferred location. 

Read more here.

Man Infra secures order worth Rs 938 crore

Man Infraconstruction Ltd has received a Letter of Acceptance (LoA) from Bharat Mumbai Container Terminal (BMCTPL) for a contract worth Rs 937.89 crore. The contract is for supplying materials for the reclamation works being done under Phase-II at JNPT, Navi Mumbai. The order will be executed in a time frame of two years.

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HCL Tech expands global partnership with Avaloq

HCL Technologies Ltd has expanded its global partnership with Zurich-based Avaloq, a leading provider of digital banking solutions. The IT major will develop a world-class lifecycle management center for Avaloq clients. It will also invest in ongoing training and development for HCL teams working with Avaloq products.

In other news, HCL Tech is extending its strategic partnership with Microsoft to bring security capabilities to clients worldwide. HCL has joined the Microsoft Intelligent Security Association (MISA). It is an integrated ecosystem of independent software vendors and managed security service providers. 

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Adani Green Energy becomes 8th most valued firm

With a market valuation of Rs 4.49 lakh crore, Adani Green Energy Ltd has become the eighth most valued firm in India after overtaking Bajaj Finance and HDFC. The company’s shares have rallied ~55% over the past month. AGEL is developing a renewable portfolio of 25 GW by 2025, which includes wind power, solar power, and hybrid power projects.

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PVR to Merge With INOX – Top Indian Market News

PVR to merge with INOX to form India’s largest entertainment company

Multiplex chains PVR Ltd and INOX Leisure Ltd have decided to merge to form the largest entertainment company in India. On Sunday, the boards of the two companies approved the amalgamation and share exchange ratios. INOX shareholders will receive three shares in PVR for 10 shares of INOX. After the merger, PVR promoters will have a 10.62% stake, while INOX promoters will have a 16.66% stake in the combined entity. 

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Tata Power, Rustomjee Group collaborate for EV charging infrastructure

Tata Power has partnered with real estate developer Rustomjee Group to provide electric vehicle (EV) charging solutions across its residential and commercial projects in Mumbai. The power company will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24×7 charging facility and maintenance support.

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L&T constructs 7-storey facility for DRDO in record 45 days

Larsen & Toubro Ltd has constructed a 7-storey, state-of-the-art Flight Control System (FCS) integration facility for the Defence Research and Development Organization (DRDO) in 45 days. The company used integrated hybrid modular construction technology to build the facility. Constructed on a total built-up area of 130,000 sq. feet, the site team had to coordinate with 21 off-site locations to integrate design, structure, and architecture services.

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Adani Group selects Google Cloud to modernise IT operations for future scale, innovation

Adani Group has announced a multi-year partnership with Google Cloud to modernise IT operations for future scale and group-wide innovation. The first phase of the partnership is underway. The Adani Group is making swift progress in migrating its extensive IT footprint from its existing on-premises data centre to Google Cloud.

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G R Infraprojects emerges lowest bidder for road project in Rajasthan

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a road project in Rajasthan worth Rs 1,368 crore. The project involves the construction of a 4-lane greenfield expressway spur from Bandikui to Jaipur on a hybrid annuity model. It also entails an operations and maintenance cost of Rs 2.97 crore in the first year. G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

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HCL Tech to provide global service desk and on-site support to Novo Nordisk

Danish pharma company Novo Nordisk has selected Tata Consultancy Services (TCS) to provide global service desk and on-site support. Through the partnership, HCL will help Novo Nordisk transform its IT operations and drive efficiency across its workforce. HCL will implement a multilingual and omnichannel digital workplace solution for Novo Nordisk. 

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Coal India records high of 528 MT of coal supplies to domestic power utilities

Coal India Ltd (CIL) has supplied an all-time high of 528 million tonnes (MTs) of coal to India’s power utilities. This is 98.5% of the prorated demand of 535 MTs projected by the Ministry of Power and Central Electricity Authority. CIL is concentrating all its efforts to meet the projected coal demand of the power sector. The company is expected to open the next financial year (FY23) with over 60 MT at its pitheads (top or entrance of the mining pits).

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EaseMyTrip, DBS Bank India to launch green debit card

DBS Bank India has partnered EaseMyTrip to launch an environment-friendly international debit card. It is made from 99% recycled polyvinyl chloride (PVC) material. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers. It also rewards users for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.

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Aurobindo Pharma acquires business and assets of Veritaz Healthcare for Rs 171 crore

Aurobindo Pharma Ltd has acquired the business and certain assets of Veritaz Healthcare for a cash consideration of Rs 171 crore. The transaction is expected to close by May 2022. Veritaz sells branded generic formulations and other healthcare-related products in the Indian market. Its sales and distribution network includes nearly 50,000 retailers, spread across 23 cities.

Aster DM Healthcare to invest Rs 500 crore to set up healthcare facilities in Tamil Nadu

Aster DM Healthcare Ltd has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up healthcare facilities. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies, and laboratories in Tamil Nadu. It will help provide affordable, quality healthcare and generate employment for more than 3,500 people.

Read more here.

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UPL Approves Rs 1,100 crore Share Buyback Plan – Top Indian Market News

UPL approves Rs 1,100 crore share buyback plan

The Board of Directors of UPL Limited has approved a proposal to buy back equity shares worth Rs 1,100 crore. The company will buy back 1.26 crore equity shares (or 1.65% of the total paid-up capital) at Rs 875 per share through the open market. The maximum buyback price represents a 26.85% premium to Wednesday’s closing price.

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India’s manufacturing PMI rises to 54.9 in February

India’s manufacturing activity recovered in February after decelerating to a four-month low in January. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.9 in Feb 2022, compared to 54 in January. Output levels and new orders expanded at a stronger pace last month. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

Read more here. 

Dalmia Bharat consolidates its India refractory businesses under single entity

Dalmia-OCL, the refractory business of the Dalmia Bharat Group, announced the merger of all its domestic businesses into a single consolidated entity— Dalmia Bharat Refractories Ltd (DBRL). Dalmia Refractories Ltd, Dalmia Cement Bharat Ltd – Refractory Unit, and GSB India will transition into DBRL. The consolidation is aimed at strengthening DBRL’s financial standing, increasing its investment capabilities, and expanding its talent base.

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TCS secures deal from CEMEX for digital transformation project

Mexico-based CEMEX has selected Tata Consultancy Services (TCS) to accelerate its digital transformation and improve employee experience for more than 40,000 people worldwide. TCS will help drive CEMEX’s global ‘Working Smarter’ initiative that aims to adapt to evolving market needs and improve business agility. The IT firm will work closely with CEMEX over the next seven years to achieve its vision with a digitally-enabled smart workplace.

Read more here.

Infosys onboards 12 lakh people for its digital learning initiative

IT services firm Infosys Ltd has onboarded 12 lakh people for Infosys Springboard, its flagship digital reskilling program. Infosys Springboard has partnered with over 700 educational institutions and departments of the State Governments of Karnataka, Maharashtra, and Uttar Pradesh to realise this vision. This move will help Infosys make sustained progress on its commitment to digitally reskill more than 1 crore people by 2025.

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Tata Consumer Products looks to ramp up workforce by 8-10%

Tata Consumer Products Lyd is looking to ramp up its workforce by 8-10% this year. The FMCG company currently has around 3,300 employees on its rolls. It will be ramping up talent across functions, including marketing, digital and technology, sourcing, and commercial areas of business.

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HCL Tech opens Center of Excellence with IBM

HCL Technologies Ltd has opened a Center of Excellence (CoE) with US-based multinational technology corporation IBM. The CoE will help communication service providers modernize their network infrastructure and simplify operations. The center is a virtual hub to develop offerings designed to help clients in the telecom industry to transform their network.

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Religare Enterprises to create war chest for new business ventures

Religare Enterprises Ltd (REL) is setting up a war chest (or a reserve of funds) for venturing into new businesses. The financial services provider has announced plans to enter new strategic sectors, including asset reconstruction, alternate investment funds, and insurance broking. REL also said it has become debt-free by repaying Rs 185.5 crore that it owed to its subsidiary Religare Finvest Ltd.

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Maruti Suzuki records marginal rise in production in Feb

Maruti Suzuki India Ltd reported a marginal increase in production in February 2022. The automaker reported total production of 1,69,692 units in February, compared to 1,68,180 units in the same month last year. Its passenger vehicle production stood at Rs 1,65,672 units, compared to 1,65,783 units in February last year. The shortage of electric components has a minor impact on production.

Read more here.

Petrol, diesel price hikes likely to restart from next week

Petrol and diesel price hikes are likely to resume after state elections get over next week. Fuel rates could see a hike of up to Rs 9 per litre to bridge the gap created by international crude oil prices surging past $100 a barrel. Global crude oil prices shot above $110 per barrel for the first time since mid-2014. This is due to fears that oil and gas supplies from Russia could be disrupted due to its ongoing conflict with Ukraine and retaliatory sanctions.

Read more here.

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Coal India’s Output Grows 4% in Feb – Top Indian Market News

Coal India’s output grows 4% to 64 MT in February

Coal India Ltd (CIL) produced 64.3 million tonnes (MT) of coal in February 2022, registering a growth of 4% YoY. On a month-on-month basis, CIL’s average production increased to 2.3 MT per day in Feb. The company’s production at 542.4 MT during the April-February period of FY22 was a historic high for this period. CIL expects to post the highest ever production by the end of the current financial year (FY22).

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Auto sales data for February 2022: Highlights  

Maruti Suzuki India posted a 6.26% month-on-month (MoM) decline in total sales to 1,64,056 units in February 2022. Sales of its compact vehicle segment rose 8.19% MoM to 97,486 units. Exports increased by 34% MoM to 24,021 units.

Tata Motors Ltd registered a 1.95% MoM decline in passenger vehicle sales to 39,981 units in Feb. The automaker’s commercial vehicle sales rose 6.5% MoM to 37,522 units. Overall domestic sales rose 1.91% MoM to 73,875 units.   

Mahindra & Mahindra’s auto segment posted total sales of 54,455 units in Feb, an increase of 16.34% over January. M&M’s farm equipment segment posted a 9.8% fall in sales to 20,437 units. 

Escorts posted a 7.13% MoM growth in tractor sales to 6,114 units in February.  

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BPCL to invest Rs 4,000 crore for gas distribution project in Aurangabad, Ahmednagar

Bharat Petroleum Corporation Ltd (BPCL) has launched a gas distribution network in the Aurangabad and Ahmednagar districts of Maharashtra. The company will invest Rs 4,000 crore for the completion of the project. BPCL plans to connect 3 lakh customers in the first phase and seven lakh in the next five years.

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Lupin launches generic drug in US market

Lupin Ltd has launched Sevelamer Hydrochloride tablets (800 mg) in the US market. The drug is used to treat hyperphosphatemia in patients with chronic kidney disease. The medication will be manufactured at the pharma company’s facility in Nagpur. As per IQVIA December 2021 data, Sevelamer Hydrochloride tablets had estimated annual sales of $75 million (~Rs 567.6 crore).

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Adani Group to acquire minority stake in Quintillion Business Media

Adani Media Ventures, a wholly-owned subsidiary of Adani Group, has entered into a binding term sheet with Quint Digital Media Ltd. The Adani Group will acquire a minority stake in local Quintillion Business Media Pvt Ltd (QBM), an indirect subsidiary of Quint Digital. The proposed transaction is only for QBM, a local digital business news platform. Adani will not acquire a stake in other digital media/tech properties owned by Quint Digital such as The Quint, thenewsminute, and Youthkiawaaz.

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Mumbai Court temporarily stops Future Enterprises from selling stake in insurance JV

The City Civil Court in Mumbai has temporarily restrained Future Enterprises Ltd from selling its stake in Future Generali India Insurance Co. Ltd to its joint venture partner Generali Group until further orders. The court was hearing a plea filed by IDBI Trusteeship Services Ltd (on behalf of its bondholders) for an injunction against Future Group. Debt-laden Future Group is facing trouble on multiple fronts. Recently, Reliance Industries seized control of over 300 large-format stores and shuttered them for alleged non-payment of rents.

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Parag Milk Foods hikes milk prices by Rs 2 per litre

Parag Milk Foods Ltd has raised the price of its Gowardhan brand of cow milk by Rs 2 per liter due to rising input costs. On Monday, Gujarat Cooperative Milk Marketing Federation (GCMMF) announced a hike in milk prices by Rs 2 per litre from March 1. GCMMF markets milk and milk products under the Amul brand. The rise in energy, packaging, and logistics costs has led to an increase in the overall cost of operation and milk production.

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Reliance Retail acquires majority stake in Abraham & Thakore

Reliance Retail Ventures Ltd (RRVL) has invested in Abraham & Thakore Exports Pvt Ltd (A&T) for a majority stake. RRVL will leverage Reliance Brands Ltd’s deep understanding of the affluent Indian customer and their influence across digital, retail operations, marketing, and supply chain platforms to build A&T’s global appeal in the fashion and lifestyle category.

Inox Leisure commences operations of multiplex in S Mall, Tumakuru

Inox Leisure Ltd has commenced commercial operations of a multiplex cinema theater at S Mall, Tumakuru in Karnataka. The multiplex has five screens and 1,069 seats. INOX is now present in 72 cities with 160 multiplexes, 675 screens, and a total seating capacity of 1.52 lakh across India.

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HCL Tech launches two new 5G applications

HCL Technologies Ltd has launched two new 5G applications to help mobile network operators optimize their customer experience. It will also help reduce energy consumption across their 4G and 5G infrastructure. The HCL ANA Platform is HCL’s next-generation network optimization solution that enables mobile operators to effectively manage their 5G and 4G services. HCL’s QoE application allows mobile network operators to provide seamless, fast, and reliable 5G services using artificial intelligence (AI).

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Tata Steel arm to acquire bio-ceramics firm Ceramat

Tata Steel Advanced Materials (TSMAL) has executed a share purchase cum shareholders’ agreement to acquire a 90% equity stake in Ceramat Pvt Ltd (CPL). TSMAL, a subsidiary of Tata Steel Ltd, will acquire 90% of the equity shares of CPL for Rs 90,000. The deal is expected to close in 60 days. CPL, a healthcare-focused ceramics company, is yet to commence production.  

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Adani Green Energy’s unit gets LoA to set up 150 MW solar power project

Adani Renewable Energy Holding Fifteen Ltd (AREHFL) has received a letter of award (LOA) to set up a 150 megawatt (MW) solar power project. The fixed tariff for this project capacity is Rs 2.34 per kilowatt-hour (kWh) for a period of 25 years. With this project, Adani Green Energy Ltd has a total renewable energy project portfolio of 20.434 MWac.

Read more here.

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WPI Inflation Eases to 13.56% in December – Top Indian Market News

WPI inflation eases to 13.56% in December

India’s wholesale price index (WPI)-based inflation eased to 13.56% in December, compared to 14.23% in November. The fall in the prices of manufactured products and fuel & power offset costlier vegetable prices. Inflation in manufactured goods stood at 10.62%, compared to 11.92% in November. Fuel & power inflation stood at 32.3% in December, against 39.8 in November. The inflation in vegetables surged to 31.56% in Dec, compared to 3.9% in Nov.

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HCL Tech Q3 Results: Net profit falls 13% YoY to Rs 3,442 crore

HCL Technologies Ltd reported a 13.6% YoY decline in consolidated net profit to Rs 3,442 crore for the quarter ended December (Q3 FY22). Net profit increased 6% when compared to the previous quarter. Its revenue from operations rose 15.7% YoY (or 8% QoQ) to Rs 22,331 crore during the same period. The IT major secured deals worth $2,135 million in Q3, up 64% YoY. HCL Tech has declared a dividend of Rs 10 per share.

In other news, HCL Tech has agreed to acquire Budapest-based Starscheme for $42.5 million (~Rs 315 crore). With this acquisition, the IT company aims to strengthen its data engineering services and presence in Central and Eastern Europe. 

Read more here. 

Oberoi Realty acquires 4.2-acre land parcel in Mumbai

Oberoi Realty has acquired a 4.2-acre land parcel on LBS Marg in Mumbai’s central suburb Bhandup for Rs 115 crore. The developer acquired the property through one of its subsidiaries, Oberoi Constructions. The plot has a total residential development potential of around 8-9 lakh sq. ft. Based on the current property rates, the project can fetch a revenue of around Rs 900-1,000 crore.

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Glenmark Pharma gets USFDA approval for nasal spray to treat rhinitis

Glenmark Specialty SA (Switzerland), a subsidiary of Glenmark Pharmaceuticals Ltd, has received approval from the US Food & Drug Administration (USFDA) to market Ryaltris in the US. Ryaltris is a nasal spray used for the treatment of seasonal allergic rhinitis (irritation and inflammation of the mucous membrane inside the nose). The product is currently under review by Health Canada.

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Aditya Birla Fashion to acquire 51% stake in House of Masaba

Aditya Birla Fashion & Retail Ltd (ABFRL) will acquire a 51% stake in House of Masaba Lifestyle for Rs 90 crore. Founded by Masaba Gupta in 2009, House of Masaba Lifestyle sells under the brand name Masaba and offers a wide array of products ranging from cosmetics to clothes. It is targeting annual revenues of around Rs 500 crore in the next five years and will be scaled primarily through its online platform.

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Ashoka Buildcon emerges lowest bidder for NHAI road project worth Rs 829.5 crore

Ashoka Buildcon Ltd has emerged as the lowest (L-1) bidder for a road project of the National Highways Authority of India (NHAI). The project consists of six-laning the Belgaum-Sankeshwar Bypass (NH-48) in Karnataka on an engineering, procurement, construction (EPC) mode. The quoted bid price of the project is Rs 829.49 crore.

Passenger vehicle sales fall 13% YoY in December: SIAM

Passenger vehicle (PV) dispatches from factories to dealers declined 13% YoY to the lowest level in five years in December. As per the Society of Indian Automobile Manufacturers (SIAM), PV dispatches stood at 2,19,421 units in December 2021, compared to 2,52,998 units in December 2020. Two-wheeler wholesales fell 11% YoY to 10.06 lakh units in December 2021. The automobile industry continues to face production issues due to the semiconductor shortage.

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Hero MotoCorp expands operations in El Salvador

Hero MotoCorp Ltd has expanded operations in El Salvador with the commencement of retail sales at a newly opened flagship outlet in the country’s capital city of San Salvador. The two-wheeler manufacturer has a distribution network of over 200 touchpoints in El Salvador. This includes five company-owned showrooms, 15 dealerships, 85 retail & 26 spare part outlets, and service centres across 14 cities.

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Delhivery gets SEBI approval for Rs 7,640 crore IPO

The Securities and Exchange Board of India (SEBI) has approved new-age logistics startup Delhivery’s Rs 7,460 crore initial public offering (IPO). The IPO includes a fresh issue of shares worth Rs 5,000 crore and an offer for sale (OFS) of up to Rs 2,460 crore. Early investors Softbank and Carlyle Group will offload shares worth Rs 750 crore and Rs 920 crore, respectively.

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Reliance, Mahindra bid for incentives under India’s $2.4 billion battery scheme: Report

As per a report from Reuters, Reliance Industries, Hyundai Motor Co, and Mahindra & Mahindra are among the companies that have submitted bids under India’s $2.4 billion battery scheme. Last year, the Centre had finalised a Production Linked Incentive (PLI) scheme to encourage companies to invest in the local manufacturing of batteries. Ola Electric, Larsen & Toubro, Amara Raja Batteries, and Exide Industries have also reportedly submitted bids.

Read more here.

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RBI Retains Growth Forecast for FY22 at 9.5% – Top Indian Market News

RBI retains GDP growth target at 9.5% in FY22

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. The RBI’s projection of real Gross Domestic Product (GDP) growth for FY22 has been retained at 9.5%. The GDP growth forecast stands at 6.6% for Q3 and 6% for Q4. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 5.1% in Q3 and 5.7% in Q4.

RBI’s overarching policy focus and priority will be on supporting growth amidst the threat of a third wave of Covid-19.

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Jio-BP signs agreement with M&M to develop EV charging solutions

Jio-BP has signed an agreement with Mahindra & Mahindra (M&M) Ltd to develop electric vehicle (EV) related products and services, including EV charging solutions. The non-binding pact also includes identifying common interests in low-carbon and regular fuels. Jio-BP’s existing stations will be used for charging M&M’s electric three-wheelers, cars, quadricycles, and small commercial vehicles. Fuel and mobility player Jio-BP is a joint venture of Reliance Industries Ltd and UK-based BP plc.

Read more here. 

Bharti Airtel partners with Juniper Networks to expand network coverage

Bharti Airtel Ltd has selected Juniper Networks to deliver network upgrades for the expansion of its nationwide broadband coverage. The telecom company has expanded its Fibre-to-the-Home broadband coverage to over 430 towns. It further plans to cover 3 crore households in over 2,000 cities over the next three years. Juniper Networks will supply, install and provide support for upgrades to the MX Series routers and line cards as part of its broadband network gateway to manage Bharti Airtel’s subscribers and services.

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Alembic Pharma gets USFDA approval for hypertension drug

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Selexipag tablets. The drug is indicated for the treatment of pulmonary arterial hypertension (PAH) to delay disease progression and reduce the risk of hospitalization. As per IQVIA data, Selexipag tablets had an estimated market size of $461 million (~Rs 61.1 lakh) for twelve months ended September 2021. 

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L&T Infotech launches data monetising tool

Larsen & Toubro Infotech (LTI) has launched its data-to-decisions product suite ‘Fosfor’ for businesses seeking to monetise data. The Fosfor suite of products has go-to-market and technology partnerships with leading cloud companies. It is uniquely positioned in the market for artificial intelligence (AI) driven products.

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ABB India to deploy next-gen digital tech for power supply in Indore

ABB India Ltd has partnered with Indore Smart City Development Ltd (ISCDL) to deploy next-generation digital technology that enables a continuous supply of electricity to homes and businesses. In the first phase, this technology enabled more than 2,300 connections to achieve a 24/7 electricity supply with an efficient automatic response system (ARS) in case of power outages or disruption. ABB India and ISCDL plan to replicate the same model in other areas of the city and position Indore as a model for smart city projects across India.

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DLF to launch 7.7 million sq. ft. of real estate projects in second half of FY22

DLF Ltd plans to launch 7.7 million sq. ft. of real estate projects in the second half of 2021-22. This includes value homes, premium housing, and commercial properties. The company is also expected to announce the launch of the first phase of Midtown West, a premium residential complex on Shivaji Marg, Delhi. The project, with a revenue potential of Rs 12,000-15,000 crore, will have 3-4 BHK apartments.

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HCL Tech partners with apoBank to acquire German IT consulting firm

HCL Technologies Ltd has partnered with Deutsche Apotheker- und Ärztebank eG (apoBank) to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs).  HCL Tech will hold a 51% stake, while apoBank will own a 49% stake of gbs. This strategic acquisition will add an edge to HCL’s existing capabilities to accelerate digital transformation and further enhance its scale in Germany. The transaction is expected to close in January 2022.

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Asian Paints to Hike Prices by 4-6% From Dec – Top Indian Market News

Asian Paints to hike prices by 4-6% from December

Asian Paints Ltd has confirmed that it is taking a price hike of about 4-6% starting December 5 to offset the impact of rising input costs. The company had earlier hiked prices by 8-9% with effect from November 12. So far, it has taken a cumulative price hike of about 15-16% this year. Asian Paints said high raw material inflation will push the pace of price hikes.

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Coal India allocates 17.34MT of coal to power sector under special forward e-auction in April-Sept

Coal India Ltd (CIL) allocated a 72.1% higher quantity of coal at 17.34 million tonnes (MT) under the special forward e-auction scheme to the power sector during the April-September period. The company had allocated 10.07 MT of coal under the scheme in the year-ago period. Coal distribution through forward e-auction is aimed at providing access to coal for consumers who wish to have an assured supply over a long period to plan their operations.

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Bharti Airtel partners with open network provider Mavenir for 5G trials

Bharti Airtel has partnered with US-based Mavenir for open radio access network (O-RAN)-based 5G field trials in the 3,500 MHz and millimeter wave (mmWave) bands at Chandigarh tri-city. The alliance between the two firms includes the deployment of captive 5G standalone and non-standalone modes for both core and radio networks in Chandigarh’s urban and rural areas. It would further allow Bharti Airtel to test a vendor-neutral ecosystem.

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Zebra Technologies selects TCS to drive digital transformation

Tata Consultancy Services (TCS) has entered into a strategic transformation engagement with US-based Zebra Technologies Corp to drive its IT agile transformation. Zebra provides a portfolio of purpose-built hardware, software, services, and solutions that digitize and automate workflows for the retail, manufacturing, and logistics sectors. TCS will play a key role in the end-to-end global agile transformation of Zebra’s IT that supports its systems and applications used by 8,800 employees in 45 countries.

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Meghmani Organics to invest Rs 400 crore for white pigment plant at Dahej

Meghmani Organics Ltd will set up a manufacturing facility for White Pigment Titanium Dioxide (TiO2) in Dahej, Gujarat. The total capital expenditure (capex) allocated for the project is Rs 400 crore. The plant will have a capacity of 33,000 tonnes per annum. TiO2 has application as a bright white pigment in various industries including paint, coating, plastic, ink, dyes, paper, and cosmetics.

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Coromandel to set up sulphuric acid plant in Vizag for Rs 400 crore

Coromandel International Ltd has announced plans to set up a 1,650 metric tonnes per day (MTPA) sulphuric acid plant at its fertiliser complex in Visakhapatnam. The company will invest Rs 400 crore for this project. The plant will add another 500,000 tonnes a year of sulphuric acid production capacity to the existing 600,000 tonnes. 

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Rakesh Jhunjhunwala’s Akasa Air orders 72 Boeing 737 Max jets

Rakesh Jhunjhunwala-backed Akasa Air has signed a deal with Boeing for 72 fuel-efficient 737 MAX airplanes. The order is valued at nearly $9 billion (~Rs 67,000 crore) at list prices. The low-cost carrier plans to offer commercial flights starting in the summer of 2022 and use its new fleet of 737s to meet the growing demand across India. In October, the Ministry of Civil Aviation had given a no-objection certificate (NOC) for the operation of Akasa Air in India.

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Ashok Leyland’s EV arm to supply 300 e-buses to BMTC

Ashok Leyland’s electric vehicle (EV) arm, Switch Mobility, has received an order to supply and operate 300 electric buses for Bengaluru Metropolitan Transport Corporation (BMTC). The fleet and charging infrastructure will be supplied, operated, and maintained by Switch Mobility for a period of 12-years. The electric buses of Ashok Leyland are expected to reduce fuel consumption by around 5.5 million litres annually. 

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HCL Tech secures multi-year deal from Euroclear Group

HCL Technologies (HCL) has announced a new multi-year application deal with Belgium-based Euroclear Group to accelerate its agile transformation journey. Euroclear is the world’s largest provider of domestic and cross-border settlement and related services for bond, equity, and fund transactions. HCL Tech will work with Euroclear to explore new business models and market opportunities to create value through innovation and data monetisation.

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Tarsons Products IPO subscribed 3.58 times on second day

The Rs 1,023.47 crore IPO of Tarsons Products Ltd was subscribed 3.58 times on the second day of bidding. Retail investors have subscribed 4.74 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 3.98 times and 1.30 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

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WPI Inflation Eases to 10.66% in September – Top Indian Market News

WPI inflation eases to 10.66% in September 2021 

Inflation based on the Wholesale Price Index (WPI) fell to 10.66% in September 2021 from 11.39% in August, as prices of primary articles, fuel & power, and food fell during the period. The benchmark inflation index has remained in double digits for the last six months. Food inflation decelerated to 1.14% in Sept from 3.43% during August. Fuel and power prices rose by 24.81% in September on a yearly basis compared to 26.09% in August.

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HCL Tech Q2 Results: Net profit rises 3.7% YoY to Rs 3,259 crore

HCL Technologies Ltd reported a 3.69% YoY increase in consolidated net profit to Rs 3,259 crore for the quarter ended Sept (Q2 FY22). Net profit rose 1.68% when compared to the previous quarter. Its revenue from operations rose 2.9% QoQ to Rs 20,655 crore during the same period. HCL Tech secured 14 large deals worth $2.3 billion during Q2. The IT company’s board has approved an interim dividend of Rs 10 per share.

Read more here. 

Passenger vehicle wholesales fall 41% in Sept: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) wholesales in India decreased by 41% in September. Automobile manufacturers struggled to produce adequate units owing to the semiconductor shortage. The total PV production fell 37.5% YoY to 1.60 lakh units, while two-wheelers were down by 17% YoY to 15.28 lakh units.

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GTPL Hathway Q2 Results: Net profit falls 4.5% YoY to Rs 

GTPL Hathway Ltd reported a 4.51% YoY decline in consolidated net profit to Rs 43.08 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 9.23% compared to the previous quarter. Its total income rose 3.51% YoY to Rs 605.23 crore during the same period. GTPL Hathway is engaged in cable TV and high-speed broadband service distribution. 

Lupin recalls all Irbesartan tablet batches in US due to impurity

Lupin Ltd has voluntarily recalled all batches of Irbesartan tablets and lrbesartan and Hydrochlorothiazide tablets in the US due to an impurity. As part of Lupin’s ongoing assessment, analysis revealed that certain tested API batches (but not finished product batches) were above the specification limit for the impurity N-nitrosolrbesartan (a substance that could cause cancer). lrbesartan tablet USP is used to treat hypertension and to tower blood pressure.

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Indiabulls Real Estate Q2 Results: Net profit jumps 107% YoY to Rs 5.53 crore

Indiabulls Real Estate Ltd reported a 107.27% YoY jump in consolidated net profit to Rs 5.53 crore for the quarter ended Sept (Q2 FY22). Net profit rose 16.23% compared to the previous quarter. Its total income increased by 651.9% YoY (but declined by 28.45% QoQ) to Rs 381.24 crore during the same period. Indiabulls Real Estate is one of the largest real estate companies in India, with a well-diversified presence in both commercial and residential real estate development.

DoT approves 31 proposals worth Rs 3,345 crore for telecom equipment PLI

The Department of Telecommunications (DoT) has approved 31 proposals, accumulating an investment of Rs 3,345 crore over four-and-a-half years under the production-linked incentive (PLI). The selected candidates will be eligible for incentives worth Rs 12,195 crore spread over the next five years. A total of 31 companies, comprising 16 micro, small, and medium enterprises (MSMEs), 15 non-MSMEs have been given approval.

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Inox Wind Q2 Results: Net loss at Rs 57.26 crore

Inox Wind Limited reported a consolidated net loss of Rs 57.26 crore for the quarter ended Sept (Q2 FY22). The company had posted a net loss of Rs 76 crore in Q2 FY21 and a loss of Rs 52.32 crore in the previous quarter (Q1 FY22). Its total income fell 5.16% YoY (or 1.93% QoQ) to Rs 167.51 crore during the same period. Noida-based Inox Wind is an integrated wind energy service provider.

Nykaa gets SEBI approval for IPO

According to reports, omnichannel beauty and consumer-care products retailer Nykaa has received clearance from the Securities and Exchange Board of India (SEBI) for an initial public offering. The company is likely to file an updated Draft Red Herring Prospectus (DRHP) with SEBI today to increase the issue size from Rs 525 crore to Rs 630 crore. The IPO will also include an offer for sale (OFS) in which existing shareholders will sell up to 431.1 lakh shares.

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Cyient Q2 Results: Net profit rises 44% YoY to Rs 121 crore

Cyient Limited reported a 44.6% YoY increase in consolidated net profit to Rs 121.3 crore for the quarter ended Sept (Q2 FY22). Net profit rose 5.48% compared to the previous quarter. Its revenue from operations rose 10.8% YoY to Rs 1,111.6 crore during the same period. The company’s order intake grew 23% year-on-year. The digital engineering and technology firm’s board has declared an interim dividend of Rs 10 per share.