Tag: HDFC Life

Categories
Market News Top 10 News

HDFC Life Posts 15% YoY Rise in Q2 Net Profit – Top Indian Market Updates

market updates | marketfeed

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

HDFC Life Q2 Results: Net profit rises 15% YoY to ₹378 crore

HDFCL Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹378 crore for the quarter ended September 2023 (Q2 FY24). Its net premium rose 13% YoY to ₹14,797 crore during the same period. Revenue remained almost unchanged at ₹23,018 crore. Total assets under management (AUM) stood at ₹2.64 lakh crore, a rise of 18% YoY.

Read more here.

India’s trade deficit eases in September

India’s merchandise deficit eased amidst a sharper decline in imports. According to data released by the Ministry of Commerce & Industry, the merchandise trade deficit fell to $19.4 billion in September, compared to $24.2 billion in August. Exports fell by 2.6% YoY to $34.5 billion. Imports fell by 15% annually to $53.8 billion.

Read more here.

Ashok Leyland bags order for 1,666 buses from Tamil Nadu STU

Ashok Leyland Ltd has secured an order for 1,666 diesel buses from Tamil Nadu State Transport Undertakings (STU). The order is for the procurement of BS VI bus chassis. This is the single-largest order received from the state transport undertaking. Currently, Tamil Nadu’s STU has more than 18,000 Ashok Leyland buses operational in its fleet.

Read more here.

Glenmark Pharma’s biotech arm licences its immunology portfolio

Glenmark Pharmaceuticals Ltd.’s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc., has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio. Astria Therapeutics will pay Ichnos up to $320 million (~₹2,700 crore) in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties.

Read more here.

Zydus unit recalls 7,248 bottles of Oxybutynin Chloride tablets in US

A unit of Zydus Lifesciences is recalling over 7,000 bottles of Oxybutynin Chloride tablets in the US due to manufacturing issues. The drug is used to treat overactive bladder and urinary conditions. The lot was produced in Ahmedabad and distributed in the US by Zydus Pharmaceuticals (USA) Inc.

Read more here.

Tata Steel plans to meet 25% of energy needs via green sources

Tata Steel plans to meet at least a fourth of its energy requirements through green energy by FY30 on its path to becoming net neutral on carbon emissions by 2045. It plans to do so using a mix of hydrogen injections and renewable energy (including solar and wind) at its plants across India. Tata Steel is also exploring the use of syngas as a replacement for coke in blast furnaces.

IndiGo co-founder in talks to buy ‘sizable’ stake in SpiceJet

As per reports, IndiGo co-founder Rakesh Gangwal is in talks to buy a “sizable” stake in troubled domestic airline SpiceJet. Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99%, respectively, in IndiGo operator InterGlobe Aviation. Cash-strapped SpiceJet has been struggling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.  

Read more here.

Bajaj Electricals secures ₹564 crore order from Power Grid

Bajaj Electricals Ltd. has secured an order worth ₹564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh. The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool. The projects will be completed within 21 months. 

Read more here.

Categories
Daily Market Feed Post Market Analysis

Markets on Steroids! Nifty Closes Above 20,000 – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,989. After the initial consolidation near the opening and yesterday’s low of 19,950 levels, the index moved up with strength till 20,100 levels (a 150-point up-move). Nifty closed at 20,070, up by 76 points or 0.38%.

Nifty chart Sept 13 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 45,449 with a small gap-down of 62 points. After the initial volatility and fall to the support levels of 45,300, Bank Nifty moved up with a lot of strength to 46,000 levels (with help from Axis Bank, IndusInd Bank)— a 700 points up-move from the intraday low. BNF closed at 45,909, up by 398 points or 0.87%.

Bank Nifty chart Sept 13 - post-market analysis | marketfeed

All indices except Nifty Auto (-0.46%) and Nifty IT (-0.28%) closed in the green. Nifty PSU Bank (+4.2%) moved up the most. 

Major Asian markets closed mixed. European markets are currently trading in the red.

Today’s Moves

Grasim (+3.3%) was NIFTY50’s top gainer. On Monday, the company announced plans to open 100-120 retail stores in smaller cities in the next 2 years.

ITI (+19.37%) rallied for the third consecutive session after the state-run telecom company said it has developed its own branded laptop and micro-PC.

Indiabulls Housing Finance (+12.18%) surged on the back of a block deal.

Shares of Coffee Day Enterprises soared 20% after an appellate tribunal terminated insolvency proceedings against its subsidiary Coffee Day Global Ltd (CDGL).

HDFC Life (-1.6%) was NIFTY50’s top loser. 

Max Healthcare (-5.7%) fell sharply today. The company allotted equity shares to employees as stock options today.

Markets Ahead


As discussed in the previous post-market report, yesterday’s fall was just a retracement and the markets have continued to move higher.

Nifty: The index is back to its all-time high of 20,100. This level could act as an immediate resistance. A flat or a gap-up opening tomorrow may take the index further up to 20,150 and 20,200 levels. On the other hand, if there’s a flat opening and down move or a gap down and Nifty falls below 20,050, watch out for 20,000 and 19,950 levels.

Being Nifty expiry tomorrow, watch these levels carefully!

Bank Nifty: The index closed below 46,000 and above the 45,800 resistance level. Thus, we could expect more bullishness if 46,000 is crossed, with a target of all-time high (ATH) levels of 46,200 and 46,300. Meanwhile, a breakdown from 45,750 can take the index down to 45,500 and 45,300 levels.

The contraction in the UK economy and rise in oil prices have created a level of uncertainty in the global markets. Today’s US inflation data (which will come out at 6 PM) is crucial because it tells us about the US Federal Reserve’s plans.

What levels are you watching out for Nifty expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Daily Market Feed Post Market Analysis

Nifty and Bank Nifty Hits Fresh Highs! – Post-Market Analysis

NIFTY started the day at 19,787 with a gap-up of 76 points— hitting a record all-time high again! Initially, a small profit booking was seen till 19,750 zones. From there, Nifty continued the rally to 19,820 levels and then saw a sharp fall to 19,700 round levels. The index consolidated with a positive bias for the rest of the day. Nifty closed at 19,749, up by 37 points or 0.19%.

BANK NIFTY (BNF) started the day at 45,754 with a gap-up of 305 points— hitting an all-time high. The index initially moved up to 45,900 levels and a small profit booking kicked in till 45,650 levels. Then, it moved back to the day’s high, made a double-top pattern, and came under selling pressure to 45,300 levels (which was also a previous resistance zone that now acted as support). The index immediately rebounded 300 points and another round of sell-off happened till the day’s low again. BNF closed at 45,410, down by 38 points or 0.09%.

All indices except Nifty IT (-1.06%) closed flat-to-red today. Nifty Media (-1.84%) and Nifty PSU Bank (-1.23%) fell the most. 

Major Asian markets closed mixed. European markets are currently trading flat.

Today’s Moves

Infosys (+3.67%) was NIFTY50’s top gainer. The IT major secured a five-year deal worth $2 billion from an existing client. The company will post its Q1 results today.

Godrej Agrovet (+5.6%) after the Telangana govt allotted 47,000 acres for its oil palm business.

Polycab India (+5.4%) after net profit in Q1 FY24 beat analysts’ estimates.

HDFC Life (-1.59%) was NIFTY50’s top loser.

CCL Products (-8.6%) crashed after the company’s operating margins for Q1 fell by 115 basis points to 16.23%.

Markets Ahead

Nifty and Bank Nifty are clearly bullish as we’ve been mentioning in the previous post-market reports. The targets of 19,800 in Nifty and the ATH of Bank Nifty were hit today and the indices moved according to our analysis.

Both indices have rallied without giving much of a retracement, and every dip is getting bought. But looking at the fall from their respective all-time highs, Nifty and Bank Nifty might come under some selling pressure if there’s a follow-up tomorrow.

Nifty: The major support for Nifty will now be 19,700 zones (which was today’s low) and the major resistance will be the 19,750-780 zones, where the index faced multiple rejections. The next major resistance will be the 19,820 zone. So a breakout from 19,750-780 with a re-test may give a first target of 19,820 and then 19,840 eventually (which is also a pivot level).

Bank Nifty: The index is now at a support zone near 45,300-350. If support is being taken from here, we can expect Bank Nifty to move up to 45,560 zones and then eventually to 45,850 zones (which is near an all-time high and that can act as a major resistance).

Fin Nifty was as volatile as Bank Nifty today! Every 5min candle movement was huge— causing trouble to both option buyers and option sellers. In this kind of choppy expiries, money management and following proper rules will be the biggest weapon for traders.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

How did FIN NIFTY expiry go? Let us know in the comments section of the marketfeed app.

Categories
Market News Top 10 News

Zomato’s Net Loss Narrows to Rs 188Cr in Q4 – Top Indian Market Updates

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

Zomato Q4 Results: Net loss narrows to Rs 188 crore

Zomato reported a narrowed consolidated net loss of Rs 188 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 360 crore in the year-ago period. Its consolidated revenue rose 70% YoY to Rs 2,056 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The food delivery business reported a revenue of Rs 1,530 crore in Q4 FY23, compared with Rs 1,284 crore a year ago.

Read more here.

RBI to transfer Rs 87,416 crore as dividend to Centre for FY23

The Reserve Bank of India’s board has approved the transfer of Rs 87,416 crore as surplus to the Central government. In FY22, the RBI transferred Rs 30,307 crore to the government. Dividends from public sector enterprises and other investments have been estimated at Rs 43,000 crore for FY24.

In other news, RBI said it will withdraw Rs 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. 

Read more here.

Infibeam looks to raise up to $50 million by listing UAE step-down arm

Infibeam Avenues plans to raise $25-50 million by listing its subsidiary Avenues World FZ LLC on NASDAQ Dubai and Dubai Financial Market. The fintech company acquired Vavian International Ltd. in 2018 and Avenues World FZ LLC operates as a subsidiary of Vavian. The listing may involve offering up to 25% of equity stake in Avenues World FZ LLC.

Read more here.

JSW Steel Q4 Results: Net profit rises 13% YoY to Rs 3,664 crore

JSW Steel reported a 13% YoY increase in consolidated net profit to Rs 3,664 crore in Q4 FY23. Its operating revenue stood at Rs 46,962 crore in the quarter, compared to Rs 46,895 crore in Q4 FY22.  EBITDA stood at Rs 7,939 crore in the quarter. The company’s board has recommended a final dividend of Rs 3.4 per equity share.

Read more here.

Strides Pharma passes USFDA’s inspection of Puducherry plant

Strides Pharma announced that the US Food & Drug Administration (USFDA) inspection at its Puducherry plant was successful. The facility’s classification has been changed from Official Action Indicated (OAI) to Voluntary Action Indicated (VAI) by the USFDA. This reclassification enables the facility to receive approvals for its filed abbreviated new drug applications (ANDAs).

Read more here.

Delhivery Q4 Results: Net loss widens to Rs 159 crore

Delhivery reported a widened net loss at Rs 159 crore for the quarter ended March (Q4 FY23). The company had reported a loss of Rs 120 crore in the year-ago period. Its operating revenue fell 10% YoY to Rs 1,860 crore in Q4. Adjusted EBITDA for the quarter turned positive to Rs 6 crore in Q4 FY23, compared to a loss of Rs 67 crore in Q3 FY23.

Read more here.

Gail initiates legal proceedings against Gazprom for non-supply of LNG

Gail (India) Ltd has initiated legal proceedings against Gazprom for non-delivery of LNG. The company is seeking damages from Gazprom and has filed for arbitration in London. The central government had previously opposed pursuing arbitration or seeking damages, preferring a bilateral approach. The specific amount being sought by Gail has not been disclosed.

In other news, Gail plans to borrow up to Rs 7,000 crore in FY24 to fund its Rs 10,000 crore capital expenditure plan.

Read more here.

Power Grid Q4 Results: Net profit rises 4% YoY to Rs 4,320 crore

Power Grid Corporation of India reported a 4% YoY increase in consolidated net profit to Rs 4,320 crore in Q4 FY23. Its consolidated revenue increased by 15% YoY to Rs 12,264 crore during the same quarter. EBITDA stood at Rs 10,909.6 crore, up 16.8% YoY in Q4. The company’s board has recommended a final dividend of Rs 4.75 per equity share.

Read more here.

NCLT dismisses IDBI Bank’s insolvency plea against Zee Entertainment

The National Company Law Tribunal (NCLT) dismissed IDBI Bank’s insolvency plea against Zee Entertainment Enterprises Ltd (ZEEL). IDBI Bank had filed the petition for defaulting on over Rs 149 crore. Zee Entertainment argued that the suspension period barred any insolvency petition, under Section 10A of the Insolvency & Bankruptcy Code, 2016.

Read more here.

Siemens sells low voltage motors arm to Siemens AG for Rs 2,000 crore

Siemens has announced the sale and transfer of its low voltage motors and geared motors businesses to Siemens Large Drives India, effective from October 1, 2023. The deal is valued at Rs 2,200 crore. The company plans to distribute 100% of the sale proceeds as a special dividend after the transaction is completed.

Read more here.

Categories
Market News Top 10 News

Maruti Suzuki’s Net Profit Jumps 43% YoY to Rs 2,624cr – Top Indian Market Updates

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

Maruti Suzuki Q4 Results: Net profit jumps 43% YoY to Rs 2,624 crore

Maruti Suzuki reported a 43% YoY increase in net profit to Rs 2,624 crore and an operating revenue of Rs 32,048 crore, up 20% YoY, for Q4 FY23. The company sold a total of 514,927 vehicles in Q4 and sales in the domestic market stood at 4,50,208 units, up 7.1% over Q4FY22. The company’s board has approved a dividend of Rs 90 per share.

Read more here.

Patel Engineering JV bags irrigation projects worth Rs 841 crores

Patel Engineering Joint Venture (JV) has secured irrigation projects worth Rs 841 crore in Maharashtra. The JV received a Letter of Award (LoA) for the Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 01 and 02 from the Water Resources Department. The EPC contracts are valued at Rs 841 crore and are to be executed within 36 months. Patel Engineering’s share in the projects is Rs 451.28 crore.

Read more here.

Bajaj Finance Q4 Results: PAT jumps 30% YoY to Rs 3,158 

Bajaj Finance reported a 30% YoY increase in consolidated net profit to Rs 3,158 crore for Q4 FY23. The company’s net interest income (NII) rose 28% YoY to Rs 7,771 crore. New loans grew by 20% to 7.56 million and assets under management rose 29% to Rs 2.47 lakh crore. The gross non-performing assets (NPAs) and net NPAs declined during the quarter at 0.94% and 0.34%, respectively. The board has recommended a dividend of Rs 30 per share.

Read more here.

KPI Green commissions 26.1-MW wind-solar hybrid power project in Gujarat

KPI Green Energy has commissioned a 26.1 MW wind-solar hybrid power project in Bhavnagar, Gujarat. The project comprises 16.1 MW wind and 10 MW solar capacity. It was established under the Gujarat Wind-Solar Hybrid Power Policy 2018, and power purchase agreements have been made with commercial and industrial clients.

Read more here.

KEC International bags orders worth  ₹ 1,017 crore

KEC International won new orders worth Rs 1,017 crore in various segments. The transmission and distribution (T&D) business secured an order for a 765 kV transmission line from a private developer in India, while the civil business received orders for industrial and residential projects. The company’s cable business secured orders for the supply of various types of cables in India and overseas.

Read more here.

ONGC plans to invest Rs 1 lakh crore by 2030 to boost petchem capacity

Oil & Natural Gas Corp (ONGC) plans to invest Rs 1 lakh crore by 2030 to double the combined petrochemicals capacity of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and joint venture ONGC Petro additions Ltd (OPaL) to 8 million metric tonnes per annum. The plan will involve the construction of two mega projects on the east and west coast that will either directly use crude to produce chemicals or take other feedstocks.

Read more here.

Dalmia Bharat executes definitive agreements with JAL to acquire cement assets

Dalmia Bharat has executed definitive agreements with Jaiprakash Associates Ltd (JAL) to acquire JAL’s cement assets for an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore. The acquisition will be subject to various clearances and approvals related to JP Super plant and mines. Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, will acquire JP Super Cement Plant in Uttar Pradesh.

Read more here.

HDFC Life Q4 Results: Profit growth flat at Rs 359 crore

HDFC Life Insurance reported a net profit of Rs 359 crore for Q4 FY23, which is flat compared with the same period last year. However, net profit for the quarter rose 14% from Q3 FY23. The net premium income stood at Rs 19,426 crore, up 36% YoY. The first-year premium income for the quarter rose 73% to Rs 4,467 crore. The company’s board has recommended a final dividend of Rs 1.90 per equity share.

Read more here.

Union Bank to raise funds up to Rs 10,100 crore via QIPs and Bonds

Union Bank of India is planning to raise up to Rs 10,100 crore in capital via public issue, Basel III compliant Additional Tier 1 (AT1) bonds, and Tier 2 bonds. The capital will be raised in tranches of up to Rs 8,000 crore through public issue, rights issue, and private placements, including Qualified Institutions Placements (QIPs). The remaining Rs 2,100 crore will be raised through Basel III compliant AT1 and/or Tier 2 bonds, including foreign currency-denominated bonds.

Read more here.

Categories
Market News Top 10 News

Reliance’s Net Profit Falls 15% YoY in Q3 – Top Indian Market Updates

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

RIL Q3 Results: Net profit falls 14.8% YoY to ₹15,792 crores

Reliance Industries Ltd (RIL) reported a 14.8% year-on-year (YoY) decline in consolidated net profit to ₹15,792 crores for the quarter ended December (Q3 FY23)— missing street estimates. Profit declined due to higher finance costs and depreciation. Its revenue from operations rose 15% YoY to ₹2.20 lakh crore on the back of improvement in Oil-to-Chemicals (O2C) and the exploration & production (E&P) businesses and retail performance. EBITDA stood at ₹38,460 crore, up 13.5% YoY.

Meanwhile, Reliance Jio Infocomm’s standalone net profit rose 28.3% YoY to ₹4,638 crore in Q3. Its total revenue increased nearly 19% YoY to ₹22,998 crore.

Read more here.

Dr. Reddy’s Labs completes clinical studies of its proposed rituximab biosimilar candidate

Dr. Reddy’s Laboratories Ltd has successfully completed the full set of clinical studies of its proposed rituximab biosimilar candidate ‘DRL_RI’ for filing in highly regulated markets such as the US, Europe, and other regions. The biosimilar is used in the treatment of adult patients with rheumatoid arthritis, non-Hodgkin’s lymphoma, and chronic lymphocytic leukemia. ‘DRK_RI’ has already been approved for marketing in India and over 25 emerging markets.

Read more here.

JSW Steel Q3 Results: Net profit falls 90% YoY to ₹474 crore

JSW Steel Ltd reported a 90% YoY decline in consolidated net profit to ₹474 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3% YoY to ₹39,134 crore during the same period. EBITDA stood at ₹4,547 crore, down 50% YoY. The combined crude steel production of JSW Steel stood at 6.24 million tonnes (MT) in Q3, up 10%.

Read more here.

NCLT admits Union Bank’s insolvency plea against Rolta

The Mumbai Bench of the National Company Law Tribunal (NCLT) admitted military-focused software developer Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. Union Bank approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over ₹1,413 crore to the lender.

Read more here.

LTIMindtree Q3 Results: Net profit falls 4.7% YoY to ₹1,000 crore

LTIMindtree reported a 4.7% YoY decline in net profit to ₹1,000 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 25.3% YoY to ₹8,620 crore during the same period. The combined entity (after the merger of LTI and Mindtree) has started out a robust order inflow of $1.25 billion. The IT company’s board declared an interim dividend of ₹20 per share.

Read more here.

Canara Bank sells entire stake in Russian joint venture to State Bank of India

Canara Bank has entered into a share sale agreement with State Bank of India for the sale of equity shares held by it in Moscow-based Commercial Indo Bank LLC (CIBL) for a consideration of $14.67 million. CIBL is a joint venture between SBI and Canara Bank in a ratio of 60:40. The transaction is expected to complete by the end of the current financial year (FY23).

Read more here.

KPI Green commissions 25 MW solar power project for Greenlab Diamonds

KPI Green Energy has commissioned a 25 megawatts (MW) solar power project for Greenlab Diamonds LLP in Surat. The new project is part of its captive power producer (CPP) segment. The company also announced the appointment of Salim Suleman Yahoo as the new Chief Financial Officer (CFO).

Read more here.

RBL Bank Q3 Results: Net profit rises 33% YoY to ₹209 crore

RBL Bank reported a 33% YoY increase in net profit to ₹209 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 14% YoY to ₹1,148 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 3.8% in Q2 FY23 to 3.61% in Q3 FY23. The bank’s net advances grew 15% YoY to ₹66,684 crore in Q3.

Read more here.

GPT Infraprojects secures project worth ₹270 crore in UP

GPT Infraprojects Ltd has secured an order worth ₹270 crore from Bridge and Roof Company Ltd, a Government of India enterprise. The company will construct a railway interchange (flyover) between Allahabad and Bamrauli in Uttar Pradesh. Earlier this week, GPT Infra secured an order worth ₹216 crore from Maharashtra Rail Infrastructure Development Corporation Ltd for the extension of the Ghatkopar Cable Stayed Road interchange in Mumbai.

Read more here.

HDFC Life Q3 Results: Net profit rises 15% YoY to ₹315 crore

HDFC Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹315 crore for the quarter ended December (Q3 FY23). Its net premium income (NPI) rose 19% YoY to ₹14,379 crore during the same period. First-year premiums grew 29% YoY to ₹2,724.87 crore. HDFC Life’s total assets under management (AUM) stood at ₹2.33 lakh crore in Q3, compared to ₹1.95 lakh crore a year ago.

Read more here.

Categories
Market News Top 10 News

Coal India Exploring Green Mining Tech – Top Indian Market Updates

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

Coal India exploring green mining technologies

Coal India Ltd is exploring the deployment of green mining technologies in its mines to minimise adverse environmental impact. The company aims to ramp up its underground (UG) production four-fold to 100 million tonnes (MTs) by FY 2030. UG output is environmentally clean, minimally invasive on land degradation, and society friendly. Around 70% of India’s coal reserves are favourable for UG mining.

Read more here.

PVR launches its first multiplex in Patiala

PVR Limited launched its first multiplex in Patiala, Punjab. The new multiplex is located on the Rajpura Highway, with a total seating capacity of 621 people. The company now has 63 screens in 12 properties in Punjab. In FY23, PVR launched 858 screens at 174 properties in 75 cities (India and Sri Lanka). 

Read more here.

Reliance considering buying out Revlon in US: Report

According to an ET Now report, Reliance Industries Ltd (RIL) may buy out Revlon Inc., days after the cosmetics giant filed for bankruptcy. The New York-based multinational company deals in cosmetics, skincare, fragrance, and personal care. Revlon failed to keep pace with changing tastes, and sales have fallen sharply over the past few years. It has been losing market share to big rivals like Procter & Gamble and newcomer cosmetic lines.

Read more here.

Jio adds 16.8 lakh subscribers in April; Bharti Airtel gains 8.1 lakh users

Reliance Jio Infocomm gained 16.8 lakh mobile subscribers in April 2022, taking its total user base to 40.5 crore. Bharti Airtel added 8.1 lakh users, and its total mobile subscriber count rose to 36.11 crore. Vodafone Idea lost nearly 15.7 lakh mobile subscribers during April. Data from the Telecom Regulatory Authority of India (TRAI) showed that India’s total wireless subscribers count increased marginally to 114.3 crore at the end of April 2022.

Read more here.

Delhivery announces ‘guaranteed’ same-day delivery across 15 cities in India

Delhivery Ltd has launched its ‘guaranteed’ same-day delivery (SDD) service in 15 cities across India. This new service will allow direct-to-consumer (D2C) brands to deliver their webstore orders on the day the order is received. Delhivery will partner with brands and identify fast-moving Stock Keeping Units (SKUs). These units will be stocked in warehouses within a city, close to the end consumer.

Read more here.

HUL, Wipro Enterprises get HC relief in case against USV

The Bombay High Court (HC) has restrained USV Pvt Ltd, the Indian distributor of German skincare brand Sebamed, from “disparaging” or “infringing” the brands owned by Hindustan Unilever Ltd (HUL) and Wipro Enterprises Pvt Ltd in any manner. In January 2021, HUL approached the HC, seeking its intervention to restrain USV from running ads that allegedly defamed its Lux, Pears, and Dove brands. Wipro Enterprises also petitioned the court on similar grounds with regard to its Santoor brand.

Read more here.

Aster DM to open 550-bed super specialty hospital in Trivandrum

Aster DM Healthcare Ltd has launched a 550-bed super-specialty hospital in Trivandrum, Kerala. The company will invest around Rs 500 crore for the entire project, with the first phase having a capacity of 350 beds. Phase-1 is expected to be operational by FY26. This would be the company’s 7th hospital in Kerala and the 16th in India.

Read more here.

HDFC Life to raise up to Rs 350 crore debt capital via bonds

HDFC Life Insurance Company’s board has approved a proposal to raise up to Rs 350 crore through the issuance of 3,500 non-convertible debentures (NCDs). The bonds will carry a coupon rate of 8.2% per annum. It will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

Read more here.

Deltatech Gaming files DRHP for Rs 550 crore IPO

Deltatech Gaming Ltd., a digitally native, technology-led gaming platform, has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 550 crore through an Initial Public Offering. The IPO comprises a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale of Rs 250 crore by Delta Corp Ltd (promoter).

Read more here.

Categories
Market News Top 10 News

RIL Raises $4 billion in India’s Largest Forex Bond Deal – Top Indian Market News

RIL raises $4 billion in India’s largest forex bond deal

Reliance Industries Ltd (RIL) has raised $4 billion (~Rs 29,780 crore) in US dollar bonds, marking India’s largest-ever foreign currency bond deal. RIL raised $1.5 billion in a 10-year tranche, $1.75 billion in a 30-year, and $750 million in a 40-year deal. The company plans to use the proceeds from the issue to refinance its existing borrowings. The issue was oversubscribed nearly three times, with a peak order book aggregating $11.5 billion.

Read more here.

L&T Construction secures large contracts under water and effluent treatment segment

The Water & Effluent Treatment Business of Larsen & Toubro (L&T) Construction has secured large orders (in the range of Rs 2,500-5,000 crore). The Department of Water Supply and Sanitation, Punjab, has awarded two EPC orders for the bulk supply of treated water to 10 lakh people across 412 villages in Fazilka and Ferozepur districts. The Odisha government has given a repeat EPC order to execute the Under Ground Pipeline Irrigation System for the Rengali Right Irrigation Project (Phase-I).

Read more here.

Reliance Retail acquires 25.8% stake in Dunzo for $200 million

Reliance Retail Ventures Ltd (RRVL) has invested $200 million (~Rs 1,488 crore) in Bengaluru-based Dunzo as it looks to get a foothold in the country’s rapidly growing market of quick delivery. RRVL will hold a 25.8% stake in Dunzo on a fully diluted basis. Dunzo will enable hyperlocal logistics for the retail stores operated by RRVL to boost its omnichannel capabilities.

Read more here.

ADF Foods gets approval under PLI scheme for food processing industries

ADF Foods Industries Ltd has received approval from the Central Government under Production Linked Incentive (PLI) scheme for food processing industries– incentive for branding and marketing expenditure abroad. The company would be an extended financial incentive at 50% of budgeted outlay on international branding and marketing expenditure or 3% of sales of food products (whichever is lower), subject to a maximum incentive of Rs 61.35 crore from FY22 to FY26.

Wockhardt board approves plan to raise Rs 1,000 crore via rights issue

The Board of Directors of Wockhardt Ltd has approved a proposal to raise up to Rs 1,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for repayment of subordinated debt due, financing research & development initiatives, and general corporate purposes.

Read more here.

IRB Infra’s subsidiary executes concession pact for Rs 6,555 crore project in UP

Meerut Budaun Expressway Pvt Ltd (MBEPL) has executed a concession pact with Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for the Rs 6,555 crore Ganga Expressway project. The total length of the project is 129.7 km. MBEPL is a wholly-owned subsidiary of IRB Infrastructure Developers Ltd.

Read more here.

Alembic Pharma gets USFDA approval for generic drug to treat Parkinson’s disease

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Entacapone tablets. The drug is indicated to treat end-of-dose “wearing-off” in patients with Parkinson’s disease. According to IQVIA data, the tablets had a market size of $10.5 million (~Rs 78.2 crore) for the twelve months ended September 2021.

Read more here.

HDFC Life completes acquisition of Exide Life; to start merger soon

HDFC Life Insurance Company Ltd announced the closure of the acquisition of Exide Life. The company acquired a 100% stake in Exide Life from Exide Industries Ltd after issuing over 8.7 crore shares at Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. HDFC Life will soon initiate the merger of Exide Life with itself. Exide Industries now holds a 4.1% stake in HDFC Life.

Read more here.

SJVN power stations register 1,480 MU of electricity generation in October-December

SJVN Ltd’s power stations have clocked the highest ever 1,480 million units (MU) of electricity generation in the October-December quarter of 2021-22 (Q3 FY22). The state-run company has surpassed the previous record of 1,343 MU in the corresponding period of FY20, from all its power stations. SJVN is aiming to achieve an installed capacity of 5,000 megawatts (MW) by 2023.

Read more here.

Categories
Market News Top 10 News

Bharti Airtel’s Net Profit Jumps 300% QoQ in Q2 – Top Indian Market News

airtel

Bharti Airtel Q2 Results: Net profit jumps 300% QoQ to Rs 1,134 crore

Bharti Airtel Ltd reported a 300% quarter-on-quarter (QoQ) jump in consolidated net profit to Rs 1,134 crore for the quarter ended September (Q2 FY22). Net profit was boosted by a one-time gain of Rs 722 crore incurred from the transfer of spectrum to Reliance Jio Infocomm. Its revenue from operations rose 5.4% QoQ to Rs 28,326 crore during the same period. Bharti Airtel’s mobile services business posted a 6.2% QoQ growth in revenues to Rs 15,191 crore in Q2. The average revenue per user (ARPU) increased from Rs 146 in Q1 FY22 to Rs 153 in Q2 FY22.

Read more here.

Delhivery files DRHP to raise Rs 7,460 crore via IPO

Logistics firm Delhivery has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 7,460 crore through an initial public offering (IPO). The IPO comprises a fresh issue of shares worth Rs 5,000 crore. It also includes an offer for sale (OFS) by existing investors worth Rs 2,460 crore. The company provides supply chain solutions to e-commerce marketplaces and direct-to-consumer enterprises.

Read more here.

Sun Pharma Q2 Results: Net profit rises 13% YoY to Rs 2,047 crore

Sun Pharmaceutical Industries reported a 13% YoY increase in consolidated net profit to Rs 2,047 crore for the quarter ended September (Q2 FY22). Net profit increased 42% compared to the previous quarter. Its revenue from operations rose 12.5% YoY to Rs 9,625.9 crore during the same period. The pharma company’s expenses stood at Rs 7,562 crore in Q2, an increase of 9.7% YoY.

Read more here.

IEX electricity volume rises 36% YoY to Rs 9,165 MU in October

Indian Energy Exchange (IEX) traded 9,165 million units (MU) of electricity in October 2021, achieving a 36% YoY growth. The traded volumes of the day-ahead market grew 19.4% YoY to 6,585 MU in October, with the average monthly price at Rs 8 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 225 MU during the same month.

Read more here.

Dabur India Q2 Results: Net profit rises 5% YoY to Rs 504 crore

Dabur India reported a 4.7% YoY increase in consolidated net profit to Rs 504 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 8% QoQ) to Rs 2,818 crore during the same period. Dabur’s FMCG business reported volume growth of 10%, marking the fifth consecutive quarter of double-digit growth. The company’s board has declared an interim dividend of Rs 2.5 per share.

Read more here. 

CCI approves HDFC Life’s acquisition of Exide Life

The Competition Commission of India (CCI) has approved HDFC Life Insurance Company’s acquisition of 100% shareholding in Exide Life Insurance Co Ltd. The deal was inked for Rs 6,687 crore, allowing HDFC Life to expand its presence in South India. Of the total deal value, HDFC Life will pay Rs 725.98 crore in cash and the rest by issuing 8.7 crore shares at Rs 685 per share to Exide Industries Ltd.

Read more here.

Godrej Properties Q2 Results: Net profit jumps 403% YoY to Rs 36 crore

Godrej Properties Ltd reported a 403% YoY jump in consolidated net profit to Rs 35.72 crore for the quarter ended September (Q2 FY22). Its total income rose 36.6% YoY to Rs 105 crore during the same period. The real estate developer witnessed a total booking value of Rs 2,574 crore in Q2, a growth of 139.6% YoY. Its total booking volume rose 108% YoY to Rs 3.61 million sq. ft.

Read more here.

HG Infra secures order worth Rs 1,646 crore from NHAI

HG Infra Engineering Ltd has secured a road project in Delhi from the National Highways Authority of India (NHAI). The project is for the development of a six-lane Urban Extension Road on NH-334 M on an engineering, procurement, and construction (EPC) mode. The bid project cost is Rs 1,646.57 crore.

HPCL Q2 Results: Net profit falls 22% YoY to Rs 1,923 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 22.4% YoY decline in net profit to Rs 1,923.5 crore for the quarter ended September (Q2 FY22). Net profit increased 7.1% compared to the previous quarter. Its revenue from operations rose 60.6% YoY to Rs 82,774.69 crore during the same period. Domestic sales of petroleum products increased 8% YoY to 8.79 million metric tonnes (MMT) in Q2.

Read more here.

Union Bank Q2 Results: Net profit jumps 3-fold to Rs 1,526 crore

Union Bank of India reported a nearly three-fold YoY jump in net profit to Rs 1,526.12 crore for the quarter ended September (Q2 FY22). Its total income rose 2.5% YoY to Rs 20,683.95 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 12.64% in Q2 FY22, compared to 14.71% in the corresponding quarter last year (Q2 FY21). Provisions for bad loans fell 12.2% YoY to Rs 3,723.76 crore in Q2 FY22.

Read more here.

Categories
Market News Top 10 News

RIL Reports 43% YoY Rise in Net Profit in Q2 – Top Indian Market News

Reliance Industries Q2 Results: Net profit rises 43% YoY to Rs 13,680 crore

Reliance Industries Ltd (RIL) reported a 43% YoY increase in net profit to Rs 13,680 crore for the quarter ended September (Q2 FY22). Net profit increased by 11% compared to the previous quarter. Its revenue from operations rose 49% YoY (or 21% QoQ) to Rs 1.74 lakh crore during the same period. The company posted a record quarterly consolidated operating profit of Rs 30,283 crore, an growth of 30% YoY.

 Jio Platforms reported a net profit of Rs 3,728 crore in Q2, up 23% YoY. Its revenue from operations rose ~7% YoY (or 4.4% QoQ) to Rs 19,777 crore.

Read more here.

Tata Consumer Q2 Results: Net profit rises 4% YoY to Rs 268 crore

Tata Consumer Products Ltd (TCPL) reported a 4.2% YoY increase in consolidated net profit to Rs 268.04 crore for the quarter ended September (Q2 FY22). Net profit increased by 44.77% compared to the previous quarter. Its revenue from operations rose 9.1% YoY to Rs 3,033.1 crore during the same period. TCPL’s revenue growth in Q2 was aided by a 14% YoY rise in the India beverages segment and a 23% YoY rise in the India foods business.

Read more here. 

Adani Green’s subsidiary secures 450 MW wind energy project

Adani Renewable Energy Holding Fifteen Ltd (AREHFL) has received a Letter of Award (LOA) for setting up a 450 megawatt (MW) wind energy project. AREHFL is a subsidiary of Adani Green Energy Ltd (AGEL). The fixed tariff for this project capacity is Rs 2.70 per kilowatt-hour (kWh) for 25 years. With this, AGEL has a total renewable energy project portfolio of 20,284 MWac capacity

Read more here.

HDFC Life Q2 Results: Net profit falls 16% YoY to Rs 276 crore

HDFC Life Insurance reported a 16% YoY decline in consolidated net profit to Rs 275.91 crore for the quarter ended September (Q2 FY22). Its total income rose 24.6% YoY to Rs 20,478.46 crore during the same period. HDFC Life’s net premium income (NPI) stood at Rs 11,445.33 crore in Q2 FY22, compared to Rs 10,056.71 crore in Q1 FY21.

Read more here.

RBI announces scale-based regulatory framework for NBFCs

The Reserve Bank of India (RBI) has introduced a revised scale-based regulatory framework for non-banking financial companies (NBFCs). The framework encompasses different aspects of regulation of NBFCs, including capital requirements, governance standards, and prudential regulation. There will also be a ceiling of Rs 1 crore per borrower for financing subscription to an Initial Public Offer (IPO). It will be effective from October 1, 2022.

Read more here.

PVR Q2 Results: Net loss at Rs 153 crore

PVR Limited reported a consolidated net loss of Rs 153.13 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 184.06 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 120.32 crore in Q2 FY22. PVR’s total expenses rose 18.31% YoY to Rs 460.68 crore during the same period.

Read more here.

Hindustan Zinc Q2 Results: Net profit rises 4% YoY to Rs 2,017 crore

Hindustan Zinc Ltd (HZL) reported a 3.9% YoY increase in net profit to Rs 2,017 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 7.6% YoY to Rs 5,958 crore during the same period. The company’s total expenses increased by 4.2% YoY to Rs 3,571 crore in Q2. HZL said it is progressing well on its Environmental, Social, and Governance (ESG) journey and has committed to Net Zero emissions by 2050.  

Read more here.

Federal Bank Q2 Results: Net profit rises nearly 50% YoY to Rs 460 crore

Federal Bank reported a nearly 50% YoY increase in net profit to Rs 460.26 crore for the quarter ended September (Q2 FY22). Net profit rose ~25% compared to the previous quarter. Its net interest income (NII) rose 7% YoY to Rs 1,479.4 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.24% in Q2, compared to 3.50% in the previous quarter. Provisions declined by 53.9% YoY (or 54.8% QoQ) to Rs 245 crore in the July-Sept quarter of FY22. 

Read more here. 

Paytm gets SEBI approval for Rs 16,600 crore IPO

One97 Communications, the parent company of fintech platform Paytm, has received approval from market regulator SEBI to launch its Rs 16,600 initial public offering (IPO). The IPO comprises a fresh issue of shares of up to Rs 8,300 crore and an offer for sale (OFS) of up to Rs 8,300 crore. The proceeds from the IPO will be used to strengthen Paytm’s payment ecosystem and for new business initiatives and acquisitions.

In other news, FSN E-Commerce Ventures will open its IPO on October 28 (next Thursday). The company runs Nykaa, an online marketplace for beauty and wellness products. The price band of the IPO is fixed at Rs 1,085-1,125 per share. 

Read more here.

Tata Elxsi Q2 Results: Net profit rises 59% YoY to Rs 125 crore

Tata Elxsi Ltd reported a 58.9% YoY increase in net profit to Rs 125.33 crore for the quarter ended September (Q2 FY22). Net profit increased 10.55% compared to the previous quarter. The IT company’s revenue from operations rose 38.4% YoY (or 6.6% QoQ) to Rs 595.3 crore during the same period. 

Yes Bank Q2 Results: Net profit rises 74% YoY to Rs 225 crore

Yes Bank reported a 74.3% YoY increase in net profit to Rs 225 crore for the quarter ended September (Q2 FY22). Net profit increased ~9% compared to the previous quarter. Its net interest income (NII) fell 23.4% YoY to Rs 1,512 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 15% in Q2, compared to 15.6% in the previous quarter. Provisions declined by 65% YoY to Rs 377 crore in the July-Sept quarter of FY22. 

Read more here. 

Categories
Market News Top 10 News

RIL to Invest Rs 75,000 crore in Renewable Energy Gigafactories – Top Indian Market News

RIL to invest Rs 75,000 crore in four renewable energy gigafactories

Reliance Industries Ltd (RIL) will invest Rs 75,000 crore over the next three years to set up four renewable energy gigafactories in Jamnagar, Gujarat. The complex will include a solar photovoltaic module factory and an advanced energy storage battery factory. It would also comprise an electrolyzer factory for the production of green hydrogen and a fuel-cell factory for converting hydrogen into motive and stationary power. RIL aims to create the capacity to generate 100 gigawatts (GW) of electricity from renewable sources by 2030. Chairman Mukesh Ambani has also outlined a 1-1-1 vision to bring down the cost of hydrogen to under $1 per 1 kg in 1 decade.

Read more here.

HDFC Life acquires Exide Life in a Rs 6,687 crore cash and stock deal

HDFC Life Insurance Company has announced the acquisition of Exide Life Insurance Company in a Rs 6,687 crore deal. Exide Life is a wholly-owned subsidiary of battery maker Exide Industries Ltd. As part of the cash and stock deal, HDFC Life will issue 8.7 crore shares to Exide Industries at Rs 685 per share and a cash payout of Rs 726 crore. HDFC Life stated that the proposed transaction will accelerate the growth of its agency business and strengthen other distribution channels including Broker and Co-operative Banks. 

Read more here.

India’s services PMI jumps to six-month high in August

India’s services sector activity jumped to its highest level since February 2021 on account of inflows of new work and improving demand. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 56.7 in August, compared to 45.4 in July. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The access to vaccines has improved, and consumer footfall has increased following the reopening of several establishments.

Read more here.

PVR opens 3-screen multiplex in Jamnagar

PVR Limited has opened a three-screen multiplex in Jamnagar at ICR-The Entertainment World, Gujarat. The property is spread over an area of 30,000 sq. ft. and has a capacity of 706 seats. The company invested Rs 6 crore in the project. With this launch, PVR operates the largest multiplex network with 849 screens at 177 properties in 72 cities (India and Sri Lanka).

Read more here.

Tata Motors opens 70 new sales outlets in a single day

Tata Motors has inaugurated 70 sales outlets across South India in a single day (Sept 3) as part of its retail acceleration strategy. Spread across 53 cities, the outlets are strategically mapped to emerging markets of the Southern region. The showrooms will be home to the automaker’s ‘New Forever’ range of passenger vehicles, including its electric vehicle (EV) portfolio. 

Read more here.

Indiabulls Housing Finance to raise Rs 1,000 crore via bond issue

Indiabulls Housing Finance Ltd has announced the launch of a public issue of secured and/or unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1,000 each. The NCDs will offer coupon rates ranging from 8.05% to 9.75% per annum. Tranche I of the issue has a base size of Rs 200 crore with a greenshoe (or over-allotment) option of up to Rs 800 crore, aggregating up to Rs 1,000 crore.

Read more here.

Maruti Suzuki recalls 1.81 lakh vehicles to rectify safety defects

Maruti Suzuki India Ltd has issued recall orders for 1.81 lakh units of its cars to check and rectify faults that may potentially result in safety-related issues. The recall order has been issued voluntarily by the company, and owners with possibly affected vehicles will be contacted by Maruti Suzuki authorized workshops. The recall order covers petrol models of Ciaz, S-Cross, Vitara Brezza, Ertiga, and XL6, and only units manufactured between May 4, 2018, and October 27, 2020. 

Read more here.

Mazagon Dock to partner with Russia’s Zvezda to construct commercial ships

Prime Minister Narendra Modi announced that Mazagon Dock Shipbuilders will partner with Russia’s Zvezda to construct commercial ships. He was addressing a session of the 6th Eastern Economic Forum (EEF) via video conferencing today. Zvezda is the largest shipyard in Russia, designed for the construction of all types of sea-going vessels and production platforms for operation on the Russian shelf. 

Read more here.

Zen Tech secures Rs 155 crore contract from Indian Air Force

Zen Technologies Ltd has secured an order worth Rs 155 crore from the Indian Air Force (IAF) for the supply of Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12-month time frame. With this order, Zen Technologies’ total order book stands at Rs 402.61 crore. The company’s order book for equipment is worth Rs 284.09 crore, and the order book for annual maintenance contracts stood at Rs 118.52 crore.

Read more here.

Automobile PLI scheme to be announced next week: Report

According to a report from CNBC-TV18, the Central government may announce a Production Linked Incentive (PLI) scheme for the automobile sector next week. This scheme will help increase competitiveness and take the growth of the vehicle and auto components industry to the next level. The report further states that the PLI scheme has been modified after consultations between the Centre and the auto industry and includes an emphasis on the promotion of new technologies. 

Read more here.

Categories
Market News Top 10 News

HCL Tech Reports 9% YoY Rise in Net Profit in Q1 – Top Indian Market News

HCL Tech Q1 Results: Net profit rises 9% YoY to Rs 3,213 crore

HCL Technologies Ltd reported a 9.4% year-on-year (YoY) increase in consolidated net profit to Rs 3,213 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12.5% YoY to Rs 20,068 crore during the same period. The total contract value (TCV) of new deals stood at $1,664 million in Q1, an increase of 37% YoY. HCL Tech’s attrition rate for IT services declined from 14.6% in Q1 FY21 to 11.8% in Q1 FY22. The IT company’s board has declared an interim dividend of Rs 6 per share. 

Read more here. 

SC reserves order on Bharti Airtel, Vodafone Idea’s pleas in AGR case

The Supreme Court (SC) reserved its order on Bharti Airtel and Vodafone Idea’s pleas seeking correction of errors in adjusted gross revenue (AGR) demands. The SC stated that recalculation of AGR dues will not be allowed. The telecom operators had sought the correction in AGR demand, citing errors in the Department of Telecommunications’ (DoT) calculation of dues. You can learn more about the entire telecom AGR saga here.

Read more here.

ACC Q2 Results: Net profit jumps two-fold to Rs 569 crore

ACC Limited reported a 110% YoY jump in consolidated net profit to Rs 569.45 crore for the quarter ended June (Q2 CY21). The cement maker follows the January-December financial year cycle. Its revenue from operations rose 49.29% YoY to Rs 3,884.94 crore during the same period. Total cement volumes rose 43.7% YoY to 6.84 million tonnes (MT) in Q2. Revenue from its cement business increased by 43.9% YoY to Rs 3,672.31 crore.

Read more here.

HDFC Life Q1 Results: Net profit declines 33% YoY to Rs 302 crore

HDFC Life Insurance Company Ltd reported a 33% YoY decline in standalone net profit to Rs 302 crore for the quarter ended June (Q1 FY22). Its total premium rose 31% YoY to Rs 7,656 crore during the same period. The fall in profit was due to higher claim payout and higher provisions to mitigate the impact of the Covid-19 pandemic. HDFC Life paid over 70,000 claims in Q1. The gross and net claims provided amounted to Rs 1,598 crore and Rs 956 crore, respectively.

Read more here.

L&T Construction secures contracts under various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The power transmission and distribution business has won an order to construct a 220 kilovolt (kV) transmission line in Ladakh. It has also received an order to design, supply, construct, test, and commission a 132/11kV substation with associated cable works in Dubai city. L&T’s factory business has secured an order from a leading cement manufacturer to construct a 1.8 million tonne per annum (MTPA) grinding unit in Dolvi, Maharashtra.

Read more here. 

Centre to collect Rs 70,000 crore from asset monetisation of PowerGrid, NTPC, REC over five years

According to a report from ET Now, the Central government is likely to collect Rs 70,000 crore through monetisation of assets of state-owned power giants such as Power Grid, NTPC, and REC in the next five years. Around 50% of funds are likely to be utilised for boosting state transmission and power distribution infrastructure. Central public sector enterprises (CPSEs) will join hands with state power distribution companies (discoms) through joint venture agreements for support.  

Read more here.

Tatva Chintan IPO subscribed 15 times on second day of bidding 

The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 15.05 times on the second day of bidding. The IPO received bids for 4.90 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 23.74 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 12.21 times and 1.97 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

Indian Bank Q1 Results: Net profit jumps multifold to Rs 1,182 crore

Indian Bank reported a 220% YoY jump in net profit to Rs 1,182 crore for the quarter ended June (Q1 FY22). Net profit has declined 31% when compared to the previous quarter. Its Net Interest Income (NII) rose 3% YoY to Rs 3,994 crore during the same period. [NII is the difference between the interest income a bank earns on its lending activities and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio stood at 9.69% in Q1 FY22, compared to 10.9% in Q1 FY21. 

Read more here. 

GTPL Hathway Q1 Results: Net profit rises 16% YoY to Rs 47 crore

GTPL Hathway Ltd reported a 16.1% YoY increase in consolidated net profit to Rs 47.46 crore for the quarter ended June (Q1). Net profit has declined by 16.5% when compared to the previous quarter. Its revenue from operations rose 21.46% YoY to Rs 601.77 crore during the same period. GTPL Hathway is a leading provider of cable television and broadband services. The company serves customers in ~800 cities across 12 states in India.

Tata Steel Mining and Jindal Stainless signs MoU for joint mining operations

Tata Steel Mining and Jindal Stainless have signed a Memorandum of Understanding (MoU) to jointly unearth the Chrome Ore locked up in the boundary between their mines at Sukinda (Odisha). It would help in the conservation of chromite ore, which otherwise would have been left unmined forever. The companies have initiated steps to get necessary approvals from the concerned authorities before jointly starting mining operations.

Read more here.

NAM India Q1 Results: Net profit rises 16% YoY to Rs 182 crore

Nippon Life India Asset Management Ltd (NAM India) reported a 16% YoY increase in net profit to Rs 181.54 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.8% when compared to the previous quarter. Its total income rose 10% YoY to Rs 369.18 crore during the same period. The average quarterly assets under management (AUM) rose 33% to Rs 2.40 lakh crore in Q1.

Read more here.