Tag: HCL

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TCS Partners With JLR’s Digital Unit – Top Indian Market Updates

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

TCS partners with JLR’s digital unit to drive ‘future-ready’ tech architecture

Tata Consultancy Services (TCS) has announced a landmark partnership with the digital unit of Jaguar Land Rover (JLR). The partnership aims to drive transformation, simplification, and effective management of JLR’s digital assets. The deal is valued at £800 million (`₹8,340 crore). TCS will provide application, development & maintenance, enterprise infrastructure management, cloud migration, cybersecurity, and data services at JLR.

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REC raised $1.15 billion in August from 6 banks

REC Ltd raised $1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans will be utilised to fund power, infrastructure and logistics sector projects as permitted under the external commercial borrowing (ECB) guidelines of the Reserve Bank of India. The funds have been raised under REC’s Market Borrowing Programme of ₹1.20 lakh crore for 2023-24.

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Consumer court orders ITC to pay Rs 1 lakh to man who found one biscuit less in a packet

A consumer court has directed ITC Ltd to pay ₹1 lakh in compensation to a consumer who found one biscuit less in a packet. The consumer accused the FMCG company of deceptive practices after he claimed that he found only 15 biscuits in a packet that was supposed to contain 16. In its ruling, the consumer court found ITC guilty of engaging in “unfair trade practices” and ordered it to cease selling the particular batch of biscuits in question. 

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Ather Energy raises Rs 900 crore from Hero MotoCorp, GIC via rights issue

Ather Energy has raised ₹900 crore ($108.27 million) from its shareholders Hero MotoCorp and Singapore’s GIC through a rights issue. The company plans to use the funds for new product launches and expand its charging infrastructure and retail network. Ather witnessed sound growth in FY23, with the company’s revenue jumping 4.4 times to ₹1,783 crore from ₹408 crore in FY22. The EV firm also increased its retail footprint by 4x to 130 stores from 30 stores last year.

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Tata Steel partners with ABB India to reduce carbon footprint in steel-making

ABB India and Tata Steel will jointly work on technologies for reducing the carbon footprint of steel production. Tata Steel has a medium-term target to reduce carbon emissions to less than two tonnes of Co2 per tonne of crude steel in its Indian operations by 2025. Under the agreement, the two companies will focus on system-level assessments of Tata Steel’s manufacturing plants and production facilities.

Read more here.

lndiaRF to acquire API, CRAMS business of Ind-Swift Labs

IndiaRF will acquire the active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) business of Ind-Swift Labs. The acquisition is for a consideration of ₹1,650 crore. IndiaRF is an India-focused investment platform promoted by Piramal Enterprises and Bain Capital. The company will use the money to restructure its existing debt.

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Adani Total Gas wins work order from Ahmedabad Municipal Corporation

Adani Total Gas has received a work order from the Ahmedabad Municipal Corporation (AMC). The work order pertains to the design, build, finance and operations of a 500 tonnes per day (TPD) capacity of a Bio-CNG plant. The company will execute the order on a Public Private Partnership (PPP) model at Pirana or Gyaspur in Ahmedabad.

Read more here.

Reliance Retail acquires 51% stake in Ed-a-Mamma

Reliance Retail Ventures Ltd. (RRVL) has partnered with Ed-a-Mamma, an eco-conscious clothing brand founded by Bollywood actress Alia Bhatt. RRVL acquired a majority stake of 51% in the company. The joint venture is poised to reshape the landscape of children’s fashion and maternity wear. With this partnership, Ed-a-Mamma will explore fresh domains, including personal care and baby furniture.

Read more here.

HCL Tech wins Elders deal

Australian agribusiness company Elders has selected HCL Technologies to accelerate digital transformation across its business operations. Under the multi-year partnership, HCL Tech will provide managed IT services and a diverse portfolio of IT capabilities. The IT major will also be responsible for application development & management, digital workplace capabilities, infrastructure, cybersecurity, and data management for Elders.

Read more here.

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Editorial

IT Sector Q1 Result Preview: Performance To Peak in FY21?

The pharma industry has clearly managed to break the glass ceiling throughout the COVID-19 pandemic in terms of revenue generation, profitability, and investor returns. Yet, there is another sector that was less impacted during the COVID-19 period. The IT Services and Software Industry. A close look at the results of big names like TCS, Infosys, WIPRO, L&T Infotech gives you a sense of optimism when it comes to the growth outlook of the sector as a whole. In this piece, we discuss the Q1 results of Financial Year 2021-22, how the pandemic shaped the industry and what lies ahead.

The Big Guns 

TCS

  • The company reported a 18.5% YoY revenue growth to Rs 45,411 crore. The QoQ revenue growth was 3.5%.
  • It has a net profit growth of 28.5% YoY to Rs 9,001 crore. However, the company had a decline in profit of (-)2.8% as compared to last quarter.
  • The company’s share price hasn’t seen consistent growth since the last quarter. The share price has grown ~42% over the past year.
  • The operating expense of the company increased by 5% over the preceding quarter and by 15% as compared to last year. 

INFOSYS

  • Infosys had revenue growth of ~6.2% QoQ. The revenue grew by 18.5% YoY to Rs 25,815 crore. Infosys’ North America business contributed 61.7% to total revenue.
  • Net profit grew by 2.3% over last quarter and 22.73% since last year to Rs 5,195 crore
  • Infosys’ share price has shot up by ~70% over one year and by ~14% in the last three months. 
  • Operating expense for Infosys has risen by 7.48% since last quarter and 16.6% since last year to Rs 20,464 crore

WIPRO

  • The company’s revenue grew by 13.5% QoQ and 22.31% YoY. The company had one of the most outstanding quarters according to news reports, such that it beat its own estimates for the quarter.
  • Wipro scored a net profit growth of 9.09% QoQ and a staggering 35.5% YoY to Rs 3,242 crore  
  • Wipro’s share price has zoomed 121.8% over one year. In the last three months, the stock has returned 23.5% on investment. 

HCL

  • HCL’s revenue grew by 2.2% QoQ and 12.05% YoY to Rs 20,323 crore. The company added 7,500+ employees during the quarter. 
  • The company saw a threefold increase in Net Profit over the last quarter from Rs 1,102 crore to Rs 3,205. The net profit increased by 9.35% YoY.
  • The company’s share price hasn’t seen much momentum over the last 6 months. The share price has increased by 3.30% over the last three months and by ~53% over the last few months. 

Apart from the big guns, the overall market scenario is such that even midcap IT stocks such as MindTree, Oracle, Coforge, Happiest minds have managed to perform better than last year. The midcap IT stocks saw a demand spike right after they announced their results. Yet there are some things common and some things different for the IT industry. 

Bad Operating Margin, Outsourcing and Growth Potential

Almost all companies in the IT sector saw a decline in operating margin. The reason is the same for almost all companies, and that is wage hikes, higher attrition rates, and increase cost of hiring. The end of the year saw IT companies increasing salaries and incentives of employees which impacted the operating margin. The labor market was rather tight, with a loss of resignations and applications which might have increased the cost of recruitment. 

 Another trend was an increase in operating expenses of IT companies. The onset of the pandemic meant that companies needed to be restructured, attrition rate increase, and business took a temporary hit. Nevertheless, the increase in expense is justified by the increase in revenue, net profit, and sales altogether for the industry.  The IT sector on average had double-digit growth numbers, with good results, even the second wave of the COVID-19 in India couldn’t deter the big guns of the IT industry from a good quarterly result.

What Lies Ahead

There are many things that hint at good growth for the IT sector this year. One of them is outsourcing. The cost of labor in India is way lower than in the UK, US, or Europe. Many companies have started outsourcing projects to Indian companies with a good amount of foreign remittances being a part of the revenue stream. Another reason is the return to normalcy in many countries that have high vaccination rates. In countries like the US or UK, employees are being called back to the office, mask mandates are being eased, and life is getting back to normal. Even though the condition in India might not be apt for a complete unlock till the end of the year, and countries opening up could mean good business for Indian IT companies. 

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Market News Top 10 News

Godrej Consumer’s Q3 Profit Rises 12% YoY to Rs 502 crore – Top Indian Market News

Godrej Consumer Q3 Results: Net profit rises 12% YoY to Rs 502 crore

Godrej Consumer Products reported a 12.77% YoY increase in consolidated net profit to Rs 502.08 crore for the quarter ended December (Q3). Its revenue from operations rose 9.98% YoY to Rs 2,778.05 crore during the same period. The company’s Household Insecticides, Hygiene, and Value-for-Money segments (which contributes to 81% of its global portfolio) grew by 14% YoY in Q3. 

Read more here.

NTPC’s hydropower project damaged in Uttarakhand glacier burst

NTPC Limited announced that a part of its Tapovan Vishnugad hydropower project (which is under construction) has faced damages due to the avalanche in Uttarakhand’s Chamoli district. The incident occurred after a glacier burst in Chamoli led to massive flash floods and landslides. Around 19 people have died from the unfortunate incident. It has been reported that ~150 employees at the NTPC plant are still missing.

Read more here.

Aditya Birla Fashion Q3 Results: Net profit at Rs 59 crore

Aditya Birla Fashion and Retail Ltd (ABFRL) reported a consolidated net profit of Rs 58.55 crore for the quarter ended December (Q3). It had posted a net loss of Rs 37.64 crore during the corresponding quarter last year. The company’s total revenue declined 17.87% YoY to Rs 2,133.14 crore in Q3 FY21. ABFRL said it is confident that business recovery will continue as the impact of the Covid-19 pandemic wears down over the next few quarters. The company expects to resume its consistent growth trajectory in the next financial year.

Read more here. 

Infosys partners with Spirit AeroSystems to integrate its IT infrastructure

Infosys Limited said it has entered into a strategic collaboration with US-based aircraft manufacturing company- Spirit Aerosystems, Inc. Spirit has selected Infosys to integrate the IT infrastructure of its recently acquired Bombardier’s former aerostructures and aftermarket service assets. Infosys will leverage its system integration expertise, ecosystem partners, and extensive knowledge of the aviation sector to develop a robust IT framework.

Read more here.

BPCL Q3 Results: Net profit jumps 120% YoY to Rs 2,778 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a 120% YoY increase in net profit to Rs 2,777.6 crore for the quarter ended December (Q3). Its revenue rose 1.4% YoY to Rs 86,579.95 crore during the same period. The average gross refining margin of the company stood at $2.90 per barrel, compared to $3.15 per barrel in Q3 FY20. BPCL’s board has declared an interim dividend of Rs 16 per share.

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NMDC Q3 Results: Net profit rises 53% YoY to Rs 2,108 crore

NMDC Limited reported a 53.4% YoY increase in consolidated net profit to Rs 2,108.05 crore for the quarter ended December (Q3). Its revenue from operations rose 44.8% YoY to Rs 4,355.10 crore during the same period. The company’s revenue from its iron ore segment increased by 44% YoY to Rs 4,311 crore. State-owned NMDC Ltd is involved in the exploration of iron ore, copper, limestone, gypsum, etc.

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Meghmani Organics Q3 Results: Net profit rises 45% YoY to Rs 69 crore

Meghmani Organics Ltd reported a 45.64% YoY increase in net profit to Rs 69.34 crore for the quarter ended December (Q3). Its total revenue rose 25.94% YoY to Rs 657.66 crore during the same period. The company showed positive revenue growth in its agrochemicals and Chloralkali segments in Q3.

HCL Tech announces Rs 700 crore one-time bonus for employees

HCL Technologies Ltd announced a special one-time bonus worth Rs 700 crore for its employees around the world. This is in recognition of the company hitting the $10 billion (~Rs 72,900 crore) revenue milestone in 2020. Employees across geographies who have completed 1 year of service or more will receive a bonus in February 2021.

Read more here.

Sun TV Q3 Results: Net profit rises 15% YoY to Rs 445 crore

Sun TV Network Ltd reported a 15.88% YoY increase in consolidated net profit to Rs 445.54 crore for the quarter ended December (Q3). Its revenue rose by 17.26% YoY to Rs 994.14 crore during the same period. Sun TV reported a 3% growth in subscription revenues at Rs 424 crore in Q3. It deployed cost optimization measures and managed to grow profits despite a high IPL franchise fee paid in this current quarter. The company’s board has declared an interim dividend of Rs 5 per share.

Prakash Industries Q3 Results: Net profit rises 4% YoY to Rs 31 crore

Prakash Industries Ltd reported a 4.6% YoY increase in net profit to Rs 31.3 crore for the quarter ended December (Q3). The company’s revenue rose by 20.6% YoY to Rs 891 crore during the same period. Delhi-based Prakash Industries is engaged in mining, steel, and power operations.

ONGC to carry out India’s first geothermal field development project in Ladakh

Oil and Natural Gas Corporation (ONGC) will carry out India’s first Geothermal Field Development Project, which will be implemented in Ladakh. A Memorandum of Understanding (MoU) was signed by the ONGC Energy Centre (OEC) with the Union Territory of Ladakh and the Ladakh Autonomous Hill Development Council on February 6. This project of ONGC will put India on the geothermal power map of the world.

Read more here.

Balkrishna Industries Q3 Results: Net profit rises 45% YoY to Rs 325 crore

Balkrishna Industries Ltd reported a 45.25% YoY increase in net profit to Rs 325.07 crore for the quarter ended December (Q3). The tyre manufacturer’s total revenue rose 31.81% YoY to Rs 1,563.84 crore during the same period. The company’s board has declared an interim dividend of Rs 5 per share. 

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SBI Reports 7% YoY Decline in Net Profit – Top Indian Market News

SBI Q3 Results: Net profit falls 7% YoY to Rs 5,196 crore

State Bank of India (SBI) reported a 7% YoY decline in net profit to Rs 5,196 crore for the quarter ended December (Q3). The lender’s net interest income (NII) rose 4% YoY to Rs 28,820 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] SBI’s gross non-performing asset (GNPA) ratio stood at 4.77%, compared to 5.28% in Q2 FY21. Total provisions increased by 43% YoY to Rs 10,324 crore in the October-December quarter.

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HPCL Q3 Results: Net profit jumps three-fold to Rs 2,355 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a three-fold increase in net profit to Rs 2,355 crore for the quarter ended December (Q3). It has posted a net profit of Rs 747 crore in the corresponding quarter last year. The company’s revenue rose 4% YoY to Rs 77,113 crore in Q3. Inventory gains due to the rise in oil prices and strengthening of the rupee helped HPCL boost profits.

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HCL Tech signs five-year digital workplace agreement with Airbus

HCL Technologies has signed a five-year digital workplace services agreement with Airbus. The IT company will establish a modernised digital workplace to enhance the user experience and service quality for the majority of Airbus employees globally. HCL’s ‘Fluid Workplace Model’ will enable Airbus to deploy the latest digital technologies and rapidly simplify its existing IT processes and optimisation of delivery costs.

Read more here.

Godrej Properties Q3 Results: Net profit declines 69% YoY to Rs 14 crore

Godrej Properties Ltd reported a 69% YoY decline in net profit to Rs 14.35 crore for the quarter ended December (Q3). Its revenue from operations declined 55% YoY to Rs 170.49 crore during the same period. The real estate developer’s total booking value increased by 25% YoY to Rs 1,488 crore. The company had launched 3 new projects in the October-December quarter. Godrej Properties said it will raise Rs 3,750 crore through the issuance of equity shares or debentures.

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BHEL commissions 800 MW thermal power plant in Madhya Pradesh

Bharat Heavy Electricals Ltd (BHEL) has commissioned the second unit (800 MW) of the 2×800 MW Gadarwara Super Thermal Power Project in Madhya Pradesh. The project is being developed by NTPC Limited. BHEL’s scope of work in the project included design, engineering, manufacture, supply, and commissioning of steam turbines, generators, boilers, and associated auxiliaries.

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Bajaj Electricals Q3 Results: Net profit at Rs 98 crore

Bajaj Electricals Ltd reported a multifold increase in net profit to Rs 98.19 crore for the quarter ended December (Q3). It had posted a net profit of Rs 9.37 crore in the corresponding quarter last year. The company’s revenue from operations rose 16.85% YoY to Rs 1,500.14 crore in Q3. Bajaj Electrical’s consumer products segment saw a 34% YoY growth in revenue to Rs 1,153 crore during the same period.

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Dilip Buildcon declared lowest bidder for IRCON International tender

Dilip Buildcon Ltd said it has been declared as the lowest (L-1) bidder for a tender floated by IRCON International Ltd. The order consists of track-linking works, station building, platform work, and general electric work for a section of a railway project in Chhattisgarh. The bid project cost is Rs 654.97 crore.

Strides Pharma Q3 Results: Net profit declines 62% YoY to Rs 35 crore

Strides Pharma Science Ltd reported a 62% YoY decline in consolidated net profit to Rs 35.15 crore for the quarter ended December (Q3). Its consolidated revenue rose 13.6% YoY to Rs 832.02 crore during the same period. The company’s board has approved the demerger of its biotech business under Stelis Biopharma. The demerger is expected to unlock significant value for Srides’ shareholders.

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GMR Group to collaborate with Airbus SE on aviation services

Airport operator GMR Group has signed a Memorandum of Understanding (MoU) with Airbus SE to explore collaboration opportunities across aviation services, technologies, and innovation. GMR and Airbus teams will work together and innovate across areas such as airport operations and air cargo supply chain. The MoU was signed at Aero India 2021 in Bengaluru. 

Read more here.

Tata Power Q3 Results: Net profit rises 22% YoY to Rs 318 crore

Tata Power Limited reported a 22% YoY increase in consolidated net profit to Rs 318.41 crore for the quarter ended December (Q3). Its total revenue rose 7.5% YoY to Rs 7,598 crore during the same period. Tata Power said it does not expect much impact of the Covid-19 pandemic on its business.

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Adani Power Q3 Results: Net loss narrows to Rs 289 crore

Adani Power Ltd reported a consolidated net loss of Rs 289 crore for the quarter ended December (Q3). It had posted a net loss of Rs 703 crores in the corresponding quarter last year. Revenue from operations increased by 4.9% YoY to Rs 6,894.84 crore in Q3 FY21. Adani Power (along with the power plants of its subsidiaries) achieved an average Plant Load Factor (PLF) of 75%, and aggregate sales volumes of 19.1 billion units in Q3.

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NTPC Q3 Results: Net profit rises 15% YoY to Rs 3,876 crore 

State-owned NTPC Limited reported a 15.66% YoY increase in consolidated net profit to Rs 3,876.36 crore for the quarter ended December (Q3). Its revenue from operations rose 3.56% YoY to Rs 27,526 crore during the same period. NTPC has declared an interim dividend of Rs 3 per share.

Read more here.

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Hero MotoCorp to Sell Harley-Davidson Motorcycles in India – Top Indian Market News

Hero MotoCorp to sell and service Harley-Davidson motorcycles in India

Hero MotoCorp Ltd. has signed an agreement with Harley-Davidson Inc. to develop and sell premium motorcycles in India, under the Harley brand name. According to the distribution agreement, Hero will also sell the accessories, parts, and merchandise of the US-based motorcycle maker. This would allow Harley Davidson to retain its operations in India.

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Tata Motors Q2 Results: Net Loss increases to Rs 307 crore

Tata Motors Ltd. reported a consolidated net loss of Rs 307.3 crore, for the quarter ended September (Q2). The company’s total revenue from operations declined by 18.19% to Rs 53,530 crore, during the same period. The company has now reported a net loss for three quarters in a row. The share price of Tata Motors saw a rise of 2.21%, and closed at Rs 136.65 on the NSE today.

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TCS partners with Equinor for digital transformation

Tata Consultancy Services (TCS) has been selected as a strategic partner by Equinor, a Norway-based global energy company. The partnership will help to accelerate Equinor’s vision of becoming a digital energy company. TCS will use its expertise and technology framework to help Equinor achieve its growth and transformation objectives.

Read more here.

Bharti Airtel reports net loss of Rs 763 crore in Q2

Bharti Airtel Limited has reported a consolidated net loss of Rs 763 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 22% year-on-year (YoY) to Rs 25,785 crore, during the same period. The share price of Bharti Airtel fell by 0.17%, and closed at Rs 433.30 on the NSE today.

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HCL Tech completes acquisition of Cisco’s SON platform

HCL Technologies Limited has completed the acquisition of Cisco’s Self Optimization Network (SON) technology. The cost of the acquisition has been estimated at $49 million (~Rs 361 crores). The Cisco SON platform will help HCL to meet the needs of its customers in the telecommunications industry.

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Angel Broking reports Profit after Tax at Rs 74.6 crore in Q2

Angel Broking has reported its highest-ever quarterly profit after tax (PAT) at Rs 74.6 crore, for the quarter ended September (Q2). The total income has increased by 29% quarter-on-quarter (QoQ) to Rs 317.9 crore. The Board of Directors of Angel Broking has approved an interim dividend of Rs 4.15 per share.

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Tech Mahindra acquires Momenton and Tenzing to boost financial services business

IT major Tech Mahindra, on Tuesday, said it has acquired Australian-based Mementon, a digital enterprise technology firm, for Rs 75 crore. The IT company has also acquired New Zealand-based Tenzing Ltd., which is a technology consulting company, for Rs 217.3 crore. The two companies will help Tech Mahindra to further strengthen its financial services position in the Australia-New Zealand (ANZ) market.

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Amara Raja Batteries Q2 Results: Net Profit falls 8% YoY to Rs 201 crore

Amara Raja Batteries Limited has reported an 8% year-on-year (YoY) decline in net profit to Rs 201 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 14% to Rs 1,936 crore, during the same period. The share price of Amara Raja Batteries saw a rise of 3.38%, and closed at Rs 786 on the NSE today.

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Ceat Limited Q2 Results: Net Profit jumps four-fold to Rs 182 crore

Ceat Limited, on Tuesday, reported a four-fold increase in net profit to Rs 182.18 crore, for the quarter ended September (Q2). The tire manufacturing company’s revenue from operations increased by 16.96% to Rs 1,978.47 crore, during the same period. The share price of Ceat Ltd. saw a rise of 1.19%, and closed at Rs 1,142 on the NSE today.

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Patel Engineering gets Rs 1,564 crore order to build hydro project in Arunachal Pradesh

Patel Engineering Limited has received an order worth Rs 1,564.42 crore to build the 2,000 MW (megawatt) Subansiri Lower Hydro Electric Project in Arunachal Pradesh. The company has stated that this would be the largest hydro power generation project in India. The project is located at Kolaptukar village, in Kamle district of Arunachal Pradesh.

Read more here.

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HCL Tech reports 18.5% YoY increase in net profit- Top Indian Market News

HCL Tech reports 18.5% year-on-year increase in net profit

IT firm HCL Technologies reported an increase in net profit by 18.5% year-on-year (YoY) to Rs 3,142 crore, for the quarter ended September (Q2). The company’s revenue grew 6.1% YoY to Rs 18,594 crore. HCL Tech has also announced an interim dividend of Rs 4 per share. 

Read more here.

RBI to conduct first Open Market Operation in State Bonds

The RBI on Friday announced that it will conduct the first-ever purchase auction of state development loans (SDLs) under Open Market Operations, for an aggregate amount of Rs 10,000 crore. This is to ensure that state governments are not burdened with higher costs for borrowings. The purchase auction will be conducted on October 22nd.

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Federal Bank Q2 results: Net Profit falls 26% year-on-year

Federal Bank on Friday reported a 26.2% year-on-year (YoY) decline in net profit at Rs 307.62 crore, for the quarter ended September (Q2). The bank had increased its provisions by 50% in order to deal with the impact caused by the Covid-19 pandemic. Provisions are amounts set aside from profits to cover any unexpected events

Read more here.

India bans import of ACs with refrigerants

The Indian Government has banned the import of air conditioners with refrigerants, in order to provide a boost to domestic production. In a notification issued by the Directorate General of Foreign Trade, the import of split ACs and any other ACs with refrigerants have been placed into the “prohibited’ category. The share price of Voltas jumped 4.25% to Rs 701, and that of Blue Star saw a rise of 4.3% to Rs 639, after the announcement was made.

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Passenger vehicle sales in India rise 26% in September

Passenger vehicle wholesales in India increased by 26.45% to 2.72 lakh units in September, as compared to 2.15 lakh units in the same month last year. The data was reported by the Society of Indian Automobile Manufacturers (SIAM). The manufacturers are anticipating an increase in demand during the festive season in India.

Read more here.

Sambandh Finserve faces allegations of fraud

Allegations of fraud have emerged at Odisha-based microfinance lender Sambandh Finserve Private Ltd., as the company has defaulted in its payment to lenders. Reports have stated that false accounts were used to divert funds for money laundering. The company with a debt of Rs 433 crore is undergoing an internal investigation.

Read more here.

Indiabulls Housing Finance sells additional stake in OakNorth Holdings for Rs 220 crore

Indiabulls Housing Finance Limited on Friday said that it has further sold a portion of its stake in OakNorth Holdings for Rs 220 crore. The company has raised a total of Rs 2,493 crore as fresh equity in September and October, out of which Rs 1,810 crore was through the sale of stake in OakNorth Holdings Ltd. On October 14th, the company had also redeemed (bought back) secured, redeemable, non-convertible debentures of face value Rs 10 lakh each, that it had issued. 

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IDBI Bank to seek in-principle Cabinet approval on stake sale

The Indian Government is planning to lower its 47.11% stake in IDBI bank. The inter-ministerial feedback has been received for IDBI Bank divestment, and will be up for an in-principle approval from the Cabinet Committee on Economic Affairs soon. The share price of IDBI Bank saw an increase of 18% to Rs 39.65 in the intra-day trade on Friday.

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ArcelorMittal-Nippon JV launches brands in HR steel 

AM/NS, a joint venture between ArcelorMittal and Nippon Steel, has launched two new brands named Stallion and Maximus to produce hot-rolled (HR) steel. The product will be available through the joint venture’s Hypermart distribution network. AM/NS India has also planned to expand its Hypermart retail network to 50 outlets over the next year.

Read more here.

Cut-off time for equity Mutual Funds to be restored to 3 PM

The Securities and Exchange Board of India (SEBI) will restore the cut-off timing for buying and selling of equity mutual fund units to 3 pm from 19th October, according to the Association of Mutual Funds in India (AMFI). Earlier in April, SEBI had reduced the cut-off time for subscription and redemption of mutual funds due to the Covid-19 pandemic.

Read more here.

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Market News

HCL Q1 FY21 Results: Profit Jumps 32% YoY

HCL Q1


IT firm HCL Technologies, on July 17, posted its Q1 results for the financial year 20-21. HCL recorded a 8.6% YoY increase in revenues for the quarter ending June. Consolidated net profits expanded by 31.7% to reach Rs. 2925 crore from Rs. 2220 crore recorded in Q1 of the previous financial year.

When compared to the previous quarter (Q4 FY20), both, revenues and net income have seen a fall of 4% and 7.3% respectively.

HCL Technologies was the 4th IT giant to announce its result. As we saw, TCS posted negative results and started the results season on a low. But Wipro and Infosys posted profits that beat street estimates by a huge margin. Now that Wipro and Infosys has set high standards, Wipro’s result looks average,

According to the company’s President and CEO C Vijayakumar, the company has been adversely hit by the lockdown this quarter. This has contributed to decreasing their revenues. HCL is helping its clients to embrace this new normal and work on digital transformation. Therefore, he is hopeful of things to be changing for better in the foreseeable future.

Also, the IT major firm has announced a dividend of Rs. 2 per share for the shareholders.

Roshni Nadar Malhotra will be appointed as the chairperson of Board and company from Friday. She will be replacing her father Shiv Nadar who will continue to be the Managing Director of the company with designation as Chief Strategy Officer.