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RIL Posts 30% YoY Rise in Net Profit to Rs 19,878 Cr in Q2- Top Indian Market Updates

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

Reliance Industries Q2 Results: Net profit rises 30% YoY to ₹19,878 crore

Reliance Industries Ltd (RIL) reported a 29.7% year-on-year (YoY) increase in net profit to ₹19,878 crore for the quarter ended September (Q2 FY24). RIL’s gross revenue rose 1.2% YoY to ₹255,996 crore during the same period. EBITDA stood at ₹44,867 crore, up 30.2% YoY.

Reliance Jio’s net profit rose 11.9% YoY to ₹5,058 crore, while revenue from operations grew 3% YoY to ₹24,750 crore in Q2.

Reliance Retail’s net profit rose 21% YoY to ₹2,790 crore in Q2. Its revenue from operations increased 19% YoY to ₹68,937 crore during the same period.

Read more here.

Mahindra Lifespace Developers records ₹455 crore pre-sales in Q2

Mahindra Lifespace Developers has recorded pre-sales of ₹455 crore for 0.68 million sq. ft. saleable area in residential business for the quarter ended September (Q2). The company’s collections in residential business during the quarter stood at ₹311 crore. The developer launched 0.47 mn sq. ft. of saleable area as part of its phase 3 at Tathawade in Pune.

Read more here.

Maruti Suzuki Q2 Results: Net profit rises 80% YoY to ₹3,716.5 crore

Maruti Suzuki reported an 80% YoY increase in net profit to ₹3,716.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 24% YoY to ₹35,535 crore during the same period. EBITDA stood at ₹4,784 crore, up 73% YoY. Sales volumes grew 6.7% YoY to 5.52 lakh units from 5.17 lakh units last year. This is the highest-ever volumes reported by the automaker during a quarter.

Read more here.

Cipla Q2 Results: Net profit rises 45% YoY to ₹1,131 crore

Cipla reported a 45.4% YoY increase in net profit to ₹1,131 crore for the quarter ended September (Q2 FY24). The pharma company posted a net profit of ₹789 crore in the same quarter a year ago. Its revenue from operations grew 14.6% YoY to ₹6,678 crore during the same period. EBITDA stood at ₹1,734 crore, up 33.1% YoY.

Read more here.

Oberoi Realty sells 31.67% stake in JV Sangam City Township

Oberoi Realty sold its entire 31.67% shareholding in a joint venture, Sangam City Township. The company has sold its stake comprising 9,500 equity shares in the joint entity to Balewadi Tech Park for ₹3.6 crore. The deal marks Oberoi Realty’s complete exit from the project and the joint venture entity. The JV is planning to develop a township project in Pune.

Read more here.

Dr Reddys Labs Q2 Results: Net profit rises 33% YoY to ₹1,480 crore

Dr Reddy’s Labs reported a 33% year-on-year (YoY) increase in net profit to ₹1,480 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 9% YoY to ₹6,880 crore during the same period. EBITDA stood at ₹2,181 crore, up 13% YoY. 

Read more here.

Tata Power arm to build 43.75 MW solar project for Mukand Ltd

Tata Power Renewable Energy Ltd (TPREL) signed an agreement for building a 43.75 MW captive solar project for Mukand Ltd in Jamkhed, Maharashtra. The project will generate 99.82 MUs (million units) annually and is expected to offset 54,687 tonnes of CO2 emissions per year. TPREL will construct, operate and maintain the captive solar power plant. The project is scheduled for commissioning by March 2024.

Read more here.

Adani Energy Solutions commissions Karur Transmission project

Adani Energy Solutions has successfully commissioned the Karur Transmission project with a transformation capacity of 1,000 MVA. The project includes the establishment of the 400/230 kV, 1000 MVA Karur Pooling Station and an associated transmission line spanning 8.51 circuit kilometers (CKM) in Tamil Nadu. This project will facilitate the evacuation of power from renewable sources in the Karur/Tiruppur Wind Energy Zone. 

Read more here.

HDFC bought office space from NBCC for ₹1,130 crore

HDFC bank has bought 284,567 sq. ft. of premium office space for ₹1,130 crore from NBCC (India) Ltd at South Delhi’s Nauroji Nagar. In total, NBCC has sold about 3.9 lakh sq. ft. for ₹1557.51 crore and will use it to fund the construction of seven colonies of Delhi. This is the highest sale realisation in a single auction since the launch of the World Trade Center (WTC) in New Delhi in 2017.

Read more here.

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LTIMindtree to Replace HDFC in Nifty 50 From July 13 – Top Indian Market Updates

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

LTIMindtree to replace HDFC in Nifty50 from July 13

LTIMindtree will replace HDFC in the Nifty 50 index following its merger with HDFC Bank. The change will come into effect on July 13. HDFC Ltd will stop trading from July 13. Nuvama’s preliminary calculations expect LTIMindree to see an inflow of $150 million to $160 million. IT firm LTIMindtree is a subsidiary of Larsen & Toubro Ltd.

Read more here.

SBI gets approval for buyout of SBICAPS stake in SVL for Rs 708 crore

The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved the acquisition of the entire stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd (SVL) for ₹708 crore. SBI Capital Markets Ltd (SBICAPS) is a wholly-owned subsidiary of SBI. The reason behind SBI’s acquisition of SVL is for better governance.

Read more here.

Indian Oil to consider fundraise via rights issue on July 7

Indian Oil Corporation’s (IOC) board is planning to consider raising capital. The capital raise will be through a rights issue of equity shares. The company will use the funds to meet the capital expenditure plan for its various projects. The company plans to host the board meeting on July 7.

Read more here.

REC set to raise $1 billion via loans

REC Ltd plans to raise about $1 billion through term loans to help fund infrastructure projects. The external commercial borrowing is split into two tranches, with the first expected to close this month amounting to $505 million. The company expects to raise the second tranche of $520 million in August, as it has applied to the RBI for approval.

Read more here.

Sun Pharma promoter creates pledge on 51.30 lakh shares on June 30

Sun Pharma created a pledge of 51.3 lakh equity shares on June 30, 2023. The company has pledged the shares in favour of Tata Capital Financial Services. The promoters have a shareholding of 54.48 %. Some large promoters of the company are Dilip Shanghvi with 9.6% shareholding, Shanghvi Finance Private Ltd with 40.3% shareholding, and AdityaMedisales Ltd with 1.67% shareholding.

Pledging of shares means taking a loan against the securities you own.

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IDFC-IDFC First Bank merger gets board approval

IDFC First Bank has received approval from its board of directors for a merger with IDFC Ltd. The share exchange ratio for the amalgamation will be 155 equity shares of the face value of ₹10 each fully paid-up of IDFC First Bank for every 100 equity shares of the face value of ₹10 each fully paid-up of IDFC Ltd. The bank’s standalone book value per share would increase by 4.9%, as calculated on audited financials as of March 31, 2023.

Read more here.

HPL Electric bags orders worth Rs 903 crore for smart meters

HPL Electric and Power Ltd (HPL) has secured orders worth ₹903 crores for smart meters. With this contract, the company’s total pending pipeline order book stands at over ₹2,250 crores. HPL Electric claims these smart meters contribute to a greener and more sustainable future by empowering consumers and utilities to optimise energy usage.

Read more here.

Adani Green Energy to consider fundraise on July 6

Adani Green Energy will hold a board meeting to discuss and approve a fundraising proposal. The proposal involves issuing equity shares or other eligible securities through different methods, including private placement, qualified institutions placement, and preferential issue. However, the specific details regarding the amount to be raised and its utilisation are undisclosed. 

Read more here.

Chalet Hotels to raise up to Rs 600 crore

Chalet Hotels’ board of directors has approved raising funds of up to ₹500 crores. The purpose of this fundraising is to refinance the company’s high-cost debt. The company plans to raise the funds through non-convertible debentures (NCDs) or other debt instruments in multiple tranches. Additionally, the board has also authorised raising funds of up to ₹100 crores by borrowing from the company’s promoters. These funds will be utilised to cover expenses related to the residential project in Koramangala, Bengaluru.

Read more here.

Tata Steel’s NINL plant reaches 100% capacity utilisation within 1 year of acquisition

Tata Steel’s NINL plant has reached 100% capacity utilisation within one year of its acquisition by the company. The company completed the acquisition of Neelachal Ispat Nigam Ltd (NINL) through its subsidiary Tata Steel Long Products Ltd (TSLPL) for a consideration of ₹12,000 crores. After being shut down for almost three years, operations at the NINL unit were started by Tata Steel in October 2023.

Read more here.

Biocon Biologics launches biosimilar adalimumab in US

Biocon’s subsidiary Biocon Biologics has launched a biosimilar version of AbbVie’s top-selling biologic Humira in the US market under the brand HULIO. Adalimumab is used to treat certain inflammatory diseases like rheumatoid arthritis. Humira contributed $21.2 billion in sales to AbbVie for 2022, making it the world’s top-selling non-COVID prescription drug until recently.

Read more here.

Hero MotoCorp commences Harley-Davidson X440 bookings

Hero MotoCorp has started bookings for the Harley-Davidson X440 motorcycle across the country with deliveries expected to commence from October onwards. The 440-cc bike is being manufactured by Hero MotoCorp at its Neemrana plant. X440 is the smallest and most affordable Harley-Davidson bike to come to India ever since the Street 750. 

Read more here.

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FTSE to Replace HDFC with HDFC Bank Post Merger – Top Indian Market Updates

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

FTSE to replace HDFC with HDFC Bank post merger

According to a report by Nuvama Alternative & Quantitative Research, FTSE Global Equity indices is expected to replace HDFC Ltd with HDFC Bank. HDFC Ltd is part of the FTSE indices, while HDFC Bank is not a member. FTSE will continue with the current free float shares of HDFC Ltd in the indexes and rename the constituent with HDFC Bank’s name. This will result in no weight changes in the indexes. The move could lead to a potential inflow of around $1.3 billion.

Read more here.

RIL & BP commence production from third deepwater field in India’s KG D6 block

Reliance Industries Limited (RIL) and British Petroleum (BP Plc) have commenced gas and condensate production from the MJ field followed by testing and commissioning activities. RIL is the operator of the KG D6 block with a 66.67% participating interest, and BP holds a 33.33% participating interest. The start of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and Satellite Cluster in April 2021.

Read more here.

Bharat Electronics receives defence and non-defence orders worth Rs 2,191 crore

 Bharat Electronics Ltd (BEL) has received new defence and non-defence orders worth ₹2,191 crores. The orders are for the supply of Long Range Guidance Kit with Warhead, Airborne V/UHF Jammer, Battlefield Surveillance Radar (Short Range) Upgrade, Missile Guidance Radar & Control Centre, Upgraded Radio Relay (F) with Data Modem Encryption Unit Mk II, Identify Friend or Foe Mk XII A, Anti-Submarine Warfare Shallow Water Craft (ASW SWC) Sonar and Spares.

Read more here.

Jubilant Food pushes deadline to restructure overseas arms to June 2024

Jubilant FoodWorks Ltd is postponing the completion deadline to restructure overseas subsidiaries. The internal restructuring is now likely to be completed by June 2024. The date was set earlier for June 2023. The company stated in a regulatory filing that the move comes due to certain regulatory requirements.

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India’s April-May fiscal deficit at Rs 2.1 lakh crore

According to the Controller General of Accounts (CGA), the Indian government’s fiscal deficit at the end of May stood at 11.8% of the full-year Budget Estimates (BE) for 2023-24. The net tax revenue was ₹2.78 lakh crore (~11.9% of the BE). Its total expenditure was ₹6.25 lakh crore, approximately 13.9% of the estimates presented in the Union Budget for the current fiscal.

Read more here.

Paytm partners with Shriram Finance to boost loan distribution business

Paytm’s parent company One 97 Communications Ltd has announced its partnership with the non-banking financial company (NBFC) Shriram Finance. Paytm will offer loan products of Shriram Finance on its platform to further expand its listings. The deal will combine Paytm’s large user base and digital loan distribution technology with Shriram Finance’s good geographical reach, deep risk understanding, and collections capabilities.

Read more here.

Kalpataru Projects International wins new orders worth Rs 1,008 in India, overseas market

Kalpataru Projects International Ltd. (KPIL) has secured new orders worth ₹1,008 crores. The company and its subsidiaries have received new contracts worth ₹635 crores in the transmission and distribution (T&D) business in its Indian and overseas markets. Additionally, the company has won orders worth ₹373 crores in civil works for its buildings business in India.

Read more here.

Shree Cement’s arm begins trial production at clinker grinding unit in West Bengal

Shree Cement’s subsidiary Shree Cement East Pvt Ltd has started trial production at its clinker grinding unit in West Bengal. The new unit has a capacity of 3 million tonnes per annum (MTPA). The company’s total cement capacity, including its subsidiary, has increased to 49.90 MTPA.

Read more here.

L&T Technology Services partners with Palo Alto Networks for 5G, OT security offerings

L&T Technology Services Ltd has partnered with cybersecurity firm Palo Alto Networks. The partnership aims to provide enterprises with security services and solutions in 5G and Operations Technology (OT) areas. LTTS mentioned that the collaboration offers scalable and real-time security measures for 5G networks. This provides the customers with enhanced visibility and control over their network slices, private networks, and multi-access edge computing.

Read more here.

ABB India awarded electrification and automation contract for ArcelorMittal Nippon Steel

ABB India has won the contract to provide electrification and automation systems for ArcelorMittal Nippon Steel India’s advanced steel cold rolling mill (CRM) in Hazira, Gujarat. The contract at the manufacturing plant comes through the project’s Original Equipment Manufacturer (OEM), John Cockerill India Limited (JCIL). The Joint Venture (JV) between the companies is setting up the new cold rolling mill as part of its downstream expansion plan.

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India’s forex reserves fall $2.91 billion to $593.2 billion as of June 23

According to the Reserve Bank of India (RBI), India’s forex reserves fell $2.9 billion and stood at $593.2 billion as of June 23. India’s foreign currency assets declined by $2.21 billion to $525.4 billion. India’s gold reserves fell by $745 million, taking the overall levels to $44.3 billion. Meanwhile, SDRs were up by $85 million to $18.33 billion.

Read more here.

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GQG Partners, Others Invest Nearly $1 Billion in Adani Group – Top Indian Market Updates

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

GQG Partners, others invest nearly $1 billion in Adani Group stocks

US-based investment firm GQG Partners and other investors have bought close to $1 billion (₹8,200 crore) of additional stakes in Adani Group companies. GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (₹13,600 crore). The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (₹9,600 crore).

Read more here.

BPCL to raise Rs 18,000 crore via rights issue

The board of Bharat Petroleum Corporation Ltd (BPCL) has approved a proposal to raise up to Rs 18,000 crore through a rights issue. The company will raise the capital by issuing equity shares to eligible shareholders on a rights basis. The record date for the issue will be notified later. The capital infusion is for achieving energy transition, net zero, and energy security objectives.

Read more here.

BEML wins orders worth Rs 385 crore

BEML has secured an order from Bharat Dynamics and Bharat Electronics Ltd for the supply of High Mobility Vehicles (HMV). The total contract value is ₹385 crore. BEML manufactures a wide range of heavy earthmoving equipment, with 50% sales from the mining and construction industry, 23% revenues from vehicles supply for defence forces, and 27% sales contributed by the rail and metro segments.

Read more here.

Power Grid board approves 3 investment proposals worth Rs 389 crore

Power Grid Corporation of India Ltd’s (PGCIL) board has approved three investment proposals worth ₹389 crore. The first proposal is for a change in scope for the establishment of a dedicated telecom network for the National Transmission Asset Management Centre at a cost of ₹164.38 crore. The second proposal is for the western region expansion scheme at an estimated cost of ₹115.09 crore. The third is for the Information & Communications Technology augmentation at Navsari at an estimated cost of ₹109.47 crore.

Read more here.

Adani Power’s Jharkhand plant commences supply to Bangladesh

Adani Power has started exporting power to Bangladesh from its 1,600 megawatts (MW) plant in Godda, Jharkhand. The company’s subsidiary, Adani Power Jharkhand Ltd (APJL), has achieved the commercial operations date of its second unit of 2×800 MW Godda ultra-supercritical thermal power plant. It completed the reliability run test, including commercial operation tests of the second unit of Godda power plant, on June 25.

Read more here.

HDFC, Tomorrow Capital makes strategic investment in Bonito Designs

Housing Development Finance Corporation (HDFC), Tomorrow Capital, and a few high-net-worth individuals (HNIs) have invested ₹40 crore in interior design firm Bonito Designs. Bonito Designs is backed by Lodha Ventures and has a valuation of ₹650 crore. This strategic alliance with HDFC is expected to help the company deepen its presence in Mumbai and Bengaluru.

Read more here.

Thermax plans entry into renewable power, electrolyser production

Thermax Ltd is planning to make a full-fledged entry into renewable power generation, electrolyzer manufacturing, and green hydrogen generation projects over the coming years. The move comes as the company seeks to meet the needs of customers transitioning to cleaner fuels. Thermax has set up open access-based renewable energy projects for commercial and industrial corporates in Gujarat, Tamil Nadu, and Maharashtra. It has around 250 MW of renewable projects at various stages of development.

Read more here.

Reliance Jio acquires 30.4 lakh new subscribers in April

Reliance Jio continued its dominance over the Indian telecom space as it added 30.4 lakh subscribers in April 2023, as per data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel saw an addition of 76,328 users in April, compared with 10.4 lakh in March. Meanwhile, Vodafone Idea lost 29.9 lakh in April 2023, compared to 12.1 lakh in March.

Read more here.

Tata Sons challenge Rs 1,500cr tax claim on Docomo settlement

According to an ET report, Tata Sons has disputed a ₹1,500-crore ($183 million) tax demand on its $1.27-billion settlement in 2017 with NTT Docomo over a now-defunct telecom joint venture. The Directorate General of GST Intelligence (DGGI), which had raised the tax claim, has now moved the Bombay High Court seeking a three-month extension for the next hearing on a petition filed by Tata Sons challenging the tax demand.

Read more here.

Bandhan Bank triples number of branches to 1,500 in <8 years

Bandhan Bank has tripled the number of its branches in nearly eight years of operations, totalling 1,500 at present. The lender has a network of 6,000 banking outlets across the country. The Kolkata-based bank started operations with 501 branches on August 2015. Presently, it is spread across 34 states and UTs.

Read more here.

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NSE Scraps Plan to Shift Nifty Bank F&O Expiry to Friday – Top Indian Market Updates

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

NSE scraps plan to shift Nifty Bank F&O expiry to Friday

The National Stock Exchange (NSE) has canceled its plan to change the expiry of Nifty Bank derivative contracts from Thursday to Friday. The decision came after the Bombay Stock Exchange (BSE) shifted the expiry of Sensex and Bankex contracts to Friday. BSE expressed concerns that NSE’s move could impact the growth of Sensex/Bankex derivatives. In the interest of balanced market development and risk avoidance, BSE requested NSE to consider shifting the Bank Nifty expiry to a different day.

Read more here.

HDFC-HDFC Bank merger to be effective on July 1

HDFC is scheduled to merge with HDFC Bank on July 1, 2023. Both companies will hold separate board meetings on June 30, marking HDFC Ltd’s final board meeting. The stock delisting of HDFC will take effect from July 13. HDFC Bank will retain the branches, and the merger is expected to boost mortgage sales with an increase in applications. Employees under 60 will be retained without a salary cut as HDFC Bank requires their expertise in mortgages.

Read more here.

India’s current account deficit narrows to 0.2% of GDP in Q4: RBI

India’s current account deficit (CAD) in the January-March quarter of FY23 improved significantly to $1.3 billion, accounting for 0.2% of GDP. This positive outcome can be attributed to a reduced trade deficit and a notable increase in services exports. Compared to the previous quarter and the same period last year, the latest figures reflect a significant improvement in India’s balance of payments, according to the Reserve Bank of India (RBI).

Read more here.

Kotak arm invests Rs 450 crore in automobile components maker Viney Corp

Kotak Mahindra Bank’s subsidiary Kotak Strategic Situations India Fund II has invested ₹450 crores in automobile components company Viney Corporation. The investment aims to support Aggarwal’s acquisition of a majority stake in VCPL and revamp the company’s capital structure for future expansion and fundraising opportunities.

Read more here.

HAL announces 1:2 stock split

Hindustan Aeronautics Ltd (HAL) has received approval from its board to split the company’s equity shares in a 1:2 proportion. This means that each existing share will be divided into two shares. The split will result in the subdivision of one equity share of ₹10/- fully paid up into two equity shares of ₹5 each.

Read more here.

Tata Technologies IPO: SEBI approves the first public issue from Tatas in 20 years

Capital markets regulator SEBI has approved the IPO of Tata Technologies, marking the first public offering from the Tata group since TCS in 2004. Additionally, SBFC Finance and Gandhar Oil Refinery’s IPOs have also received approval. The shares of these three companies are planned to be listed on both the BSE and NSE. Tata Technologies is a subsidiary of Tata Motors. 

Read more here.

Sonata Software bags deal to build digital hub for Germany’s TUI Group in India

Sonata Software has partnered with TUI Group to establish a digital hub in India. The collaboration focuses on developing advanced digital solutions to enhance customer experience and operational efficiency. Marc Jennings, CIO of Analytics & Customer at TUI Group, expressed excitement about leveraging India’s talent pool to deliver exceptional travel experiences and fuel sustained growth.

Read more here.

SAT stays SEBI’s order debarring IIFL Securities from on boarding new clients

The Securities Appellate Tribunal (SAT) granted a stay on SEBI’s order, which barred IIFL Securities from acquiring new clients for 2 years. SEBI had imposed the ban last week, citing violations of code of conduct regulations. In response, IIFL Securities filed an appeal with the tribunal.

Read more here.

CCL Products to set up new plant in AP with Rs 400 cr investment

CCL Products (India) Ltd plans to establish a new manufacturing plant at Continental Coffee Park in Tirupati, Andhra Pradesh, with a ₹400 crore investment. Spanning 22 acres, the plant will have an annual capacity of 16,000 metric tonnes for spray-dried instant coffee production. The plant is scheduled to commence operations in the fourth quarter of this fiscal year, funded through internal accruals and a partial-term loan.

Read more here.

BPCL to shut half of Mumbai refinery for a month from Sept 21

Bharat Petroleum Corp intends to temporarily close down 50% of its crude processing capacity at the Mumbai refinery in western India from Sept. 21 for maintenance. The planned shutdown includes a 120,000 bpd crude unit, a fluid catalytic cracker, a continuous catalytic reformer, and a catalytic cracker. Additionally, a bitumen unit will be shut for 15 days starting from mid-August.

Read more here.

Adani Total Gas to build 1800 CNG stations in 7-10 years

Adani Total Gas Ltd (ATGL) plans to construct 1,800+ CNG stations in the next 7-10 years, as mentioned by Suresh P Manglani, CEO, of ATGL, in the FY23 annual report. ATGL is expanding nationwide and has a presence in 124 districts, including 19 additional areas through its joint venture with Indian Oil Adani Gas Private Limited (IOAGPL).

Read more here.

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RVNL Secures 3 Orders Worth Rs 11,256Cr – Top Indian Market Updates

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

RVNL secures 3 orders worth ₹11,256 crore from Chennai Metro Rail

Rail Vikas Nigam Ltd (RVNL) has secured three contracts worth ₹11,256 crore from Chennai Metro Rail Ltd (CMRL). The contract is for the construction of underground stations in the CMRL’s Phase-2 project. The first contract involves building five underground stations, including KMC, Sterling Road Jn, Nungambakkam, Gemini, and Thousand Lights. The contract duration is 1,725 days.

Read more here.

HDFC divests stake in HDFC Credila to Baring PE & ChrysCapital for ₹9,060 crore

Housing Development Finance Corp Ltd (HDFC) has announced the sale of 90% of its stake in its subsidiary HDFC Credila Financial Services Ltd. Baring PE and ChrysCapital will buy the stake for ₹9,060 crore. The transaction involves divesting approximately 90% of HDFC Credila’s issued and paid-up share capital, totalling around 13,29,49,207 equity shares. Following the deal, HDFC Credila will no longer be a subsidiary of HDFC.

Read more here.

Pidilite in JVs with 2 Italian firms for cutting-edge stone fixing solutions

Pidilite Industries has inaugurated its advanced manufacturing facilities in Amod, Gujarat. These facilities are established under the joint ventures (JV) of Pidilite Litokol and Tenax Pidilite. The technology for these ventures has been transferred by Italy-based Litokol SpA and Tenax SpA. This marks a significant milestone in the technology transfer within India’s stone and ceramic solutions industry.

Read more here.

IIFL Securities to appeal against SEBI order on taking up new clients

IIFL Securities has announced its intention to appeal against the Securities and Exchange Board of India’s (SEBI) order prohibiting the broking house from taking on new clients for two years. However, the ban does not impact the company’s ongoing business with existing clients. The move follows SEBI’s decision to impose the two-year ban on IIFL Securities due to alleged mis-utilisation of client funds.

Read more here.

Wipro share buyback to open on June 22

Wipro has confirmed that its Rs 12,000 crore share buyback program will commence on June 22 and close on June 29. The company plans to repurchase 26.96 crore shares (~ 4.91%) of its total paid-up equity share capital through a tender offer. The buyback was announced on April 27 at a price of Rs 445 per share, offering a premium to the previous day’s closing price. The current buyback price remains at a 17.4% premium.

Read more here.

CCI approves HDFC’s acquisition of more shares in HDFC ERGO

The Competition Commission of India (CCI) approved the acquisition of the additional shareholding of HDFC Life Insurance Company Ltd by HDFC. The proposed combination involves HDFC acquiring additional shares of HDFC Life through on-market purchases. HDFC & HDFC Bank will hold over 50% of HDFC Life’s shareholding to comply with Indian banking laws following the amalgamation.

Read more here.

Piramal Enterprises to sell distressed loan portfolio worth Rs 2,600 crore

According to a CNBC-TV18 report, Piramal Enterprises has attracted interest from two bidders for its distressed loan portfolio with an estimated value of Rs 2,600 crore. The first bidder is Phoenix ARC, backed by Kotak Mahindra Bank and Cerberus Capital. The second bidder is Ares SSG with ACRE. This transaction is significant in the distressed asset space and involves high-value real estate projects. The loans will be sourced from Piramal Capital’s housing book.

Read more here.

Adani Group looking for more lenders to refinance $3.8 billion loans

The Adani Group is currently in talks with at least five new international banks to refinance $3.8 billion of loans taken for the acquisition of ACC Limited and Ambuja Cement. Most of the existing lenders, including Standard Chartered, Barclays and Deutsche Bank, are expected to participate in the refinancing. In addition, the group is in discussions with two Taiwanese banks and a Malaysian bank to expand the consortium of lenders for syndicating the loan. The refinancing may involve extending the payment tenor by three years.

Read more here.

Abrdn sells 10.2% stake in HDFC AMC via block deal

UK-based asset management company Abrdn plc has sold its entire 10.2% stake in HDFC Asset Management Co Ltd for about ₹3,547 crore, or about $432 million. Abrdn, a part of HDFC AMC’s promoter group, had proposed to sell the stake in a range of ₹1,800 to ₹1,892.45, according to a term sheet reviewed by Reuters.

Read more here.

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Torrent Power’s Net Profit at Rs 484Cr in Q4 – Top Indian Market Updates

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

Torrent Power Q4 Results: Net profit at Rs 484 crore

Torrent Power reported a consolidated net profit of Rs 483.93 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 487 crore last year. However, its total revenue rose 60% YoY to Rs 6,133 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 4 per equity share.

The board also approved a proposal to issue non-convertible debentures worth up to Rs 3,000 crore in one or more tranches by way of private placement.

Read more here.

Baring EQT set to buy HDFC’s education loan unit for up to $1.5 billion

Baring Private Equity Asia EQT plans to purchase HDFC’s education loan unit, Credila Financial Services, for approximately $1.3-1.5 billion. ChrysCapital and Baring have formed a consortium for the transaction. HDFC will retain a 10% stake in the company and may sell it within the next two years. An official announcement is expected by the end of June before HDFC and HDFC Bank’s merger.

Read more here.

ICICI Bank to raise stake in ICICI Lombard

ICICI Bank has decided to raise its stake in ICICI Lombard, the general insurance joint venture with Lombard. With this transaction, its ownership will increase beyond 50%, officially making ICICI Lombard a subsidiary. The Board of Directors approved the increase, with ICICI Bank purchasing 2.5% of the shares. As of March 2023, ICICI Bank’s stake in ICICI Lombard was 48.02%.

Read more here.

RVNL Q4 Results: Net profit falls 5% YoY to Rs 359 crore

Rail Vikas Nigam Ltd (RVNL) reported a 5% YoY fall in consolidated net profit to Rs 359.3 crore in Q4 FY23. Its operating revenue fell 11% YoY to Rs 5,719 crore during Q4 FY23. EBITDA stood at Rs 374.4 crore, down 8.3% YoY. The company’s board has announced a dividend of Rs 0.36 per equity share.

Read more here.

Viacom18 signs multi-year content deal with NBC Universal

Reliance’s Viacom18 has entered into a multi-year content agreement with NBCUniversal (NBCU) to enhance its premium content library. Through this partnership, JioCinema will gain access to a vast collection of NBCU films and TV series for distribution in India. The content offering includes titles from various entities under NBCU, such as Universal Television, UCP, Universal International Studios, DreamWorks Animation, Universal Pictures, and more.

Read more here.

Federal Bank picks investment banks for Rs 4,000 crore fundraising

Federal Bank has chosen Kotak Mahindra Capital, Axis Capital, BofA Securities, and JP Morgan as advisors for its plan to raise up to Rs 4,000 crore. The capital raise aims to support retail growth and inorganic activities and may be executed through debt, equity, or a combination of both.

Read more here.

Adani Transmission & Adani Total Gas to be removed from MSCI Global Standard Index

Adani Transmission and Adani Total Gas will be removed from the MSCI Global Standard Index. This is due to changes in MSCI’s index calculation regarding free float market cap. The removal is anticipated to trigger outflows of $189 million for Adani Transmission and $167 million for Adani Total Gas. MSCI’s rejig is expected to see the inclusion of stocks like Max Healthcare Institute, Hindustan Aeronautics (HAL) and Sona BLW Precision Forgings.

In other news, the Adani Group unveiled a new multimedia advertising campaign highlighting the conglomerate’s emphasis on infrastructure development.

Read more here.

ONGC to invest Rs 1 lakh cr in energy transition, targets net-zero by 2038

ONGC has announced plans to invest Rs 1 lakh crore by 2030 on energy transition projects. The company aims to achieve net zero carbon emissions by 2038. It also plans to increase its electricity generation from renewable sources from 189 MW to 1 GW by 2030. ONGC is also exploring opportunities in offshore wind farms and the establishment of a 1 million tonne per annum green ammonia plant in Mangalore.

Read more here.

BPCL partners with BARC to scale up alkaline electrolyzer tech for green hydrogen production

Bharat Petroleum Corporation Ltd (BPCL) is collaborating with the Bhabha Atomic Research Centre (BARC) to develop a 1 MW electrolyzer manufacturing capacity in India by 2025. The research and development division of BPCL is focusing on scaling up alkaline electrolyzer technology for green hydrogen production. The company intends to involve a third party in establishing the electrolyzer manufacturing facility, and the resulting alkaline electrolyzers are expected to be 20-30% cheaper than the current market rate of approx. $800 per kW.

Read more here.

Maruti Suzuki expects production loss in Q1

Maruti Suzuki India expects continuing production loss in the first quarter due to the shortage of electronic components, with relief anticipated in July-September. The company has been facing a shortage of chips for a while, which has impacted its supplies to cater to the market demand. In FY23, the automaker lost 1.7 lakh units due to chip shortage. It has an order backlog of over 4 lakh units, with Ertiga leading the pack with close to 1 lakh bookings.

Read more here.

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Tata Motors’ Net Profit at Rs 5,408Cr in Q4 – Top Indian Market Updates

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

Tata Motors Q4 Results: Net profit jumps to Rs 5,408 crore

Tata Motors Ltd reported a net profit of Rs 5,408 crore for the quarter ended March 2023 (Q4 FY23), compared to a loss of Rs 1,032 crore in Q4 FY22. Its consolidated revenue jumped 35% YoY to Rs 1,05,932 crore during the same quarter. Net profit also rose 83% compared to Q3 FY22. The company’s board has recommended a dividend of Rs 2 per equity share and Rs 2.1 per DVR share.

Read more here.

India’s retail inflation falls to 4.7%

India’s retail inflation, measured by the consumer price index (CPI), fell to 4.70% in April, which is below the Reserve Bank of India’s upper limit of 6%. This was due to a decline in food prices. The country’s headline inflation has remained within the RBI’s target range for two consecutive months. The consumer food price index also declined from 4.79% in March to 3.84% in April.

Read more here.

HDFC looks to sell Rs 2,000 crore stressed developer loans

HDFC is in negotiations with asset reconstruction companies to sell stressed loans worth around ₹2,000 crore to developers before its merger with HDFC Bank. These loans, held by 7-8 accounts, include advances to local owners of Radisson Blu properties. HDFC is currently in negotiations with consulting firm Alvarez & Marsal to actively seek potential buyers.

Read more here.

Cipla Q4 Results: Net profit jumps 45% YoY to Rs 526 crore

Cipla reported a 45% YoY increase in consolidated net profit to Rs 526 crore for Q4 FY23. Its operating revenue rose 9% YoY to Rs 5,739 crore during the same quarter. EBITDA also rose 54% YoY to Rs 1,174 crore. The company’s board has recommended a final dividend of Rs 8.5 per equity share.

Read more here.

Tata Power subsidiary TP Saurya to set up 200 Megawatt solar project in Rajasthan

TP Saurya Ltd. (TPSL) has signed a Power Purchase Agreement (PPA) with Tata Power Trading Company Ltd. (TPTCL) to set up a 200 MW solar power plant in Bikaner, Rajasthan. The solar plant is scheduled to be commissioned in March 202 and will supply 485 million units of energy annually, connected to the Central Transmission Utility Bus. The PPA will be valid for 25 years.

Read more here.

Foreign exchange reserves jump by $7.2 bn to $595.98 billion

India’s foreign exchange reserves rose by $7.196 billion to $595.976 billion in the week ending May 5. The previous reporting week had seen a decline of $4.532 billion to $588.78 billion. Foreign currency assets increased by $6.536 billion to $526.021 billion, while gold reserves rose by $659 million to $46.315 billion.

Read more here.

Vedanta Q4 Results: Net profit falls 68% YoY to Rs 1,881 crore

Vedanta reported a 68% YoY decline in net profit to Rs 1,881 crore for Q4 FY23. The company’s operating revenue fell 5.4% YoY to Rs 37,225 crore during the same quarter. However, EBITDA stood at Rs 9,362 crore, up 32% from Q3FY23. The company’s board has declared a dividend of Rs 33 per equity share.

Read more here.

Tata Steel Mining signs pact to get LNG for Odisha plant from BPCL

Tata Steel Mining Ltd (TSML) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd (BPCL) to ensure a long-term supply of liquefied natural gas (LNG) for its ferroalloys plant in Jajpur, Odisha. Under the agreement, BPCL will supply the required amount of natural gas through its pipeline to the plant.

Read more here.

Ambuja Cements places order for capacity expansion

Ambuja Cements plans to expand its clinker capacity by 8 million tonnes at its Bhatapara and Maratha units. The projects are expected to be completed in approx 24 months and will be funded through internal accruals. This expansion is part of Ambuja Cement’s strategy to double its production capacity over the next five years, aiming to increase it from the current capacity of 67.5 million tonnes per annum (MTPA).

Read more here.

HAL Q4 Results: Net profit falls 9% YoY to Rs 2,831 crore

Hindustan Aeronautics Ltd (HAL) reported a 9% YoY fall in consolidated net profit to Rs 2,831 crore for Q4 FY23. Its operating revenue rose 8% YoY to Rs 12,494 crore during the same quarter. EBITDA stood at Rs 3,242 crore, up 29% YoY from Q4 FY22. The state-owned defence major’s expenses rose 9% YoY to Rs 10,360 crore.

Read more here.

Automobile sales grow in double digits in April: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), 3,31,278 passenger vehicles were dispatched from factories to dealerships in April, up 12.9% from 293,303 units sold in April 2022. Sales of three-wheelers more than doubled to 42,885 units, while two-wheeler sales rose by 15.1% to 1,338,588 units in April.

Read more here.

Torrent Power incorporates wholly-owned subsidiary TU14 to carry biz in power sector

Torrent Power has established a wholly-owned subsidiary called Torrent Urja 14 Pvt Ltd (TU14) to engage in various businesses related to power, including generation, transmission, distribution, and trading. However, it has not yet commenced its business operations. The authorized and paid-up share capital of TU14 is Rs 1 lakh, and Torrent Power holds 100% equity in the subsidiary.

Read more here.

Industrial production growth declines to 1.1% in March

The Index of Industrial Production (IIP) in India grew by 1.1% in March. This is a slowdown from the 5.6% growth observed in February. For FY23, the IIP increased by 5.1%, a significant decline compared to the 11.4% growth in the previous year. In March 2023, the manufacturing sector’s output saw a modest growth of 0.5%, while mining output rose by 6.8%. However, power output declined by 1.6% in the same month.

Read more here.

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Britannia’s Net Profit Rises 47% YoY to Rs 559Cr in Q4 – Top Indian Market Updates

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

Britannia Q4 Results: Net profit jumps 47% YoY to Rs 559 crore

Britannia Industries reported a 47% YoY increase in consolidated net profit to Rs 559 crore for Q4 FY23. Its operating revenue rose 13% YoY to Rs 4,023 crore during the quarter. EBITDA stood at Rs 800 crore, up 45.7% YoY from Rs 550 crore in Q4FY22.

Read more here.

India’s forex reserves rise by $4.53 billion to $588.78 billion

India’s foreign exchange reserves increased by $4.53 billion to $588.78 billion as of April 28, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets rose by $4.99 billion to $519.48 billion. However, the country’s gold reserves fell by $4.94 million to $45.65 billion.

Read more here.

Federal Bank Q4 Results: Net profit jumps 67% YoY to Rs 903 crore

Federal Bank reported a 67% YoY jump in net profit to Rs 903 crore for Q4 FY23. Its consolidated total revenue rose 38.6% YoY to Rs 5,780 crore during the quarter. The bank’s Net Interest Income (NII) for the quarter stood at Rs 1,909 crore, up 25.2% YoY. The bank’s board has recommended a dividend of Rs 1 per equity share.

Read more here.

Marico Q4 Results: Net profit jumps 19% YoY to Rs 305 crore

Marico reported a 19% YoY increase in consolidated net profit to Rs 305 crore for Q4 FY23. Its operating revenue increased 3.65% YoY to Rs 2,240 crore during the quarter. EBITDA stood at Rs 393 crore in Q4 FY23, up 14% YoY. However, its net profit fell by 8.41% compared to Q3FY23.

Read more here.

Dr Reddy’s Labs launches Regadenoson injection in the US market

Dr. Reddy’s Laboratories has launched Regadenoson injection, a generic therapeutic equivalent of Lexiscan injection, in the US market. The injection is used in imaging heart muscle to check blood flow. However, the company has also received one observation from the US FDA after a routine GMP inspection at its API manufacturing facility in Bollaram, Hyderabad.

Read more here.

ITC increases stake in Bengaluru-based Sproutlife Foods

ITC has increased its shareholding in Sproutlife Foods to 39.42% after acquiring 2,443 equity shares and 7,215 Compulsorily Convertible Preference shares. The transaction was worth Rs 175 crore. ITC had previously announced plans to acquire a 100% stake in Sproutlife in tranches over the next three to four years. Sproutlife is a Bengaluru-based start-up in the innovative food products sector.

Read more here.

Lupin acquires entire stake in French pharma company Medisol

Lupin Ltd has acquired French pharmaceutical company Medisol for €18 million, subject to approval from the French Ministry of Economy and Finance. The acquisition will give Lupin access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics.

Read more here.

Bharat Forge Q4 Results: Net profit falls 7% YoY to Rs 245 crore

Bharat Forge reported a 7% YoY fall in net profit to Rs 245 crore for Q4 FY23. Its operating revenue increased 19.3% YoY to Rs 1,997 crore from Rs 1,674 crore during the same period. EBITDA stood at Rs 488 crore in Q4 FY23, up 13.2% YoY. The company’s board has recommended a dividend of Rs 5.5 per equity share.

Read more here.

MSCI assigns lower weight for the merged entity of HDFC Bank and HDFC 

MSCI will add HDFC Bank to the large-cap segment of its Global Standard Indices following its merger with HDFC. The move is expected to lead to no significant inflows, but there may be slight outflows of up to $200 million, according to Nuvama Alternative & Quantitative Research. As a result, MSCI will delete HDFC from its Global Standard Indexes at the end of the stock’s last trading day.

Read more here.

Blue Star declares 1:1 bonus issue of shares 

Blue Star has announced a 1:1 bonus issue of shares. This means that every shareholder of the company will be given an additional share. The move is subject to approval by shareholders, with the record date to be decided by the Board following this. The bonus issue aims to increase retail participation in the stock and the equity base.

Read more here.

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Adani Ent’s Net Profit Jumps 137% YoY to Rs 722Cr in Q4 – Top Indian Market Updates

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

Adani Enterprises Q4 Results: Net profit jumps 137% YoY to Rs 722 crore

Adani Enterprises reported a 137% YoY increase in net profit to Rs 722.48 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 31,346 crore during the quarter. EBITDA stood at Rs 3,586 crore, up 183% YoY. The company’s board has approved a dividend of Rs 1.2 per equity share.

Read more here.

Reliance Industries’ shareholders, creditors approve demerger of financial services arm

Reliance Industries’ shareholders and creditors have approved the demerger of its financial services unit with nearly 100% of the votes cast in favour. The unit will be renamed Jio Financial Services. Shareholders of Reliance Industries will receive one share of the demerged entity for every one share held in Reliance Industries. Shares of Jio Financial Services will be listed on both BSE and NSE after demerger.

Read more here.

HDFC Q4 Results: Net profit jumps 20% YoY to Rs 4,426 crore

HDFC reported a 20% YoY jump in net profit to Rs 4,426 crore for Q4 FY23. Its total operating revenue rose 35.6% YoY to Rs 16,679.43 crore during the quarter. The bank’s Net Interest Income (NII) stood at Rs 5,321 crore, up 16% YoY. The bank’s board has approved a dividend of Rs 44 per equity share.

Read more here.

Adani Ports sells coastal international terminals in Myanmar for $30 million

Adani Ports & Special Economic Zone Ltd (ASPEZ) has sold its Myanmar coastal international terminals to Solar Energy for $30 million. Solar Energy will pay the amount to APSEZ within three business days after completing compliance. Once APSEZ receives the transaction value, the equity transfer will occur and its exit will be concluded.

In other news, APSEZ handled 32.3 million tonnes of total cargo in April 2023, a YoY growth of 12.8%.

Read more here.

Tata Power Q4 Results: Net profit jumps 48% YoY to Rs 939 crore

Tata Power reported a 48% YoY increase in net profit to Rs 939 crore for Q4 FY23. Its revenue increased 6% YoY to Rs 12,755 crore from Rs 12,085 crore during the same period. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

Read more here.

Patel Engineering JV bags orders worth Rs 1,310 crore

Patel Engineering and its Joint Venture (JV) partners have been awarded EPC Turnkey Basis projects worth Rs 1,310 crore. These projects are the Tumkur Branch Canal (Package III) Micro Irrigation Project from Visvesvaraya Jala Nigama and the Sher Micro Irrigation Project from the Water Resources Department of Madhya Pradesh.

Read more here.

Vehicle registrations declines by 4% in April

Vehicle registrations in India declined by 4% to 1,724,935 units in April, with retail sales of two-wheelers down 7.3% and of passenger vehicles down 1.35%. According to data from the Federation of Automotive Dealers Associations (FADA), the decline was due to the shift to BSVI norms, untimely rains and advanced purchases in March ahead of an anticipated price rise.

Read more here.

TVS Motor Q4 Results: Net profit jumps 49% YoY to Rs 410 crore

TVS Motor reported a 49% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue increased 19.4% YoY to Rs 6,605 crore during the quarter. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

Read more here.

G R Infraprojects secures highway project in UP

G R Infraprojects has won a bid for a highway project in Kausambi, Uttar Pradesh, with a bid of Rs 737.17 crore. The project involves constructing a 38.2 km section of NH-731A with paved shoulders. It is expected to be completed within 730 days, with an operation period of 15 years from the commercial operation date.

Read more here.

Zydus Lifesciences gets final approval from USFDA to manufacture ulcer drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Sucralfate Tablets. The drug is used to treat and prevent ulcers in the intestines. The drug will be manufactured at Zydus Lifesciences’ topical manufacturing facility in Special Economic Zone, Ahmedabad.

Read more here.

IGL signs MoU with ACME Cleantech to jointly supply GreenHydrogen, set up infrastructure

Indraprastha Gas Ltd (IGL) has signed a Memorandum of Understanding (MoU) with Acme Cleantech Solutions Pvt Ltd (ACME) to explore potential business opportunities for Green Hydrogen. IGL and ACME will explore opportunities to set up hydrogen generation plants, including electrolysers. They will also blend green hydrogen into IGL’s existing pipeline networks supplying gas to households, industries, and commercial setups, and CNG for vehicles.

Read more here.

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IndusInd Bank’s Net Profit Rises 50% YoY to Rs 2,040Cr – Top Indian Market Updates

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

IndusInd Bank Q4 Results: Net profit Jumps 50% YoY to Rs 2,040 crores

IndusInd Bank has reported a 50% YoY increase in net profit to Rs 2,040 crore and a Net Interest Income (NII) of Rs 4,669 crore, up 17% YoY, for Q4 FY 22-23. The bank’s net non-performing assets (NPA) ratio fell to 0.59% from 0.64% in Q4 FY22.  Its loan book grew 21% YoY to Rs 2.89 lakh crore. The bank’s board recommended a dividend of Rs 14 per equity share.

Read more here.

NMDC plans to increase iron ore output by more than 21% in FY23

NMDC plans to increase iron ore production to 50 million tonnes in the current financial year (FY24), up 21% from last year. The company’s output in Q4 FY23 was its highest for a quarter, and it expects uniform production for FY24 (except for the September quarter due to monsoon rains). NMDC has iron ore mines in Chhattisgarh and Karnataka and is exploring lithium reserves in Australia, where it holds a majority stake in a mine.

Read more here.

Tata Steel commences trial use of hydrogen gas in blast furnace at Jamshedpur plant

Tata Steel has begun trial injection of hydrogen gas in one of the six blast furnaces at its Jamshedpur plant in Jharkhand. The trial will continue for 4-5 days and will provide insights into operating blast furnaces with greener fuel injectants, reducing fossil fuel consumption and CO2 emissions. The trial has the potential to reduce coke rate by 10%, resulting in a 7-10% reduction in CO2 emissions per tonne of crude steel produced.

Read more here.

Adani Ports starts $130 million buyback of bonds to prepay near-term debt

Adani Ports and Special Economic Zone Limited (APSEZ) is set to buy outstanding 3.375% senior notes due 2024 for $130 million in cash. The purchase will be funded through cash reserves available with the company. The move is aimed at partly prepaying the company’s near-term debt maturities and to convey its comfortable liquidity position. After the completion of this tender offer, the outstanding notes are expected to remain at $520 million.

Read more here.

Infosys signs pact with Aramco to boost employee experience with AI

Infosys has signed a Memorandum of Understanding (MoU) with Saudi Aramco to collaborate on HR technology. The companies aim to bring new insights to HR data and analytics, use automation tools, and enhance employee experience through AI technologies. Infosys will also embed digital transformation practices and tools into Aramco’s HR platform to enhance the overall digital experience for employees.

Read more here.

Bank of Maharashtra Q4 Results: Net profit jumps 135% YoY to Rs 840 crore

Bank of Maharashtra announced a 135% YoY jump in net profit to Rs 840 crore for the quarter ended March (Q4 FY23). Its Net Interest Income (NII) increased by over 35% YoY to Rs 2,187 crore during the same period. The bank’s net non-performing assets (NNPA) declined to 0.25%, compared to 0.47% in the same quarter last year. The bank’s board recommended a dividend of Rs 1.3 per share. 

The board also approved a capital raise of up to Rs 7,500 crore via equity and debt.

Read more here.

Maharashtra Seamless receives Rs 262 crore order from ONGC 

Maharashtra Seamless has received an order from ONGC for the supply of seamless tubing pipes and accessories to be delivered to five Indian states. The company will gradually dispatch the order over 10 months. It has an annual capacity of 650,000 tonnes for seamless pipes and serves the oil and gas sector, power, automotive, and general engineering industries.

Read more here.

Zydus Lifesciences gets USFDA approval for heart diseases treatment drug

Zydus Lifesciences has obtained final approval from the US Food and Drug Administration (USFDA) for Icosapent Ethyl capsules for the treatment of heart diseases. These tablets are used to reduce fat (triglyceride) levels in the blood in adult patients with severe hypertriglyceridemia. According to IQVIA data, the annual sales of Icosapent Ethyl Capsules in the United States were $1,316 million for the 12 months ended February 2023.

Read more here.

Bharti Airtel partners with Secure Meters to deploy narrow band-powered smart metres in Bihar

Bharti Airtel has partnered with Secure Meters to deploy narrow band (NB-IoT) powered smart meters in Bihar, India. Under the partnership, Airtel will deploy NB-IoT services to power 1.3 million homes via a smart meter solution. The deployment is said to be India’s first NB-IoT solution on a narrow band with a fall-back option that will work on 2G and 4G. It will also ensure real-time connectivity and uninterrupted transfer of critical data.

Read more here.

Singapore’s regulatory body approves HDFC Bank to acquire shares in Griha Pte

HDFC Bank has received approval from the Monetary Authority of Singapore (MAS) to acquire 20% or more stake in HDFC’s Investments-subsidiary, Griha Pte. Limited. Griha Pte is a foreign step-down subsidiary of HDFC Limited. The scheme was approved by the HDFC board and received no objection or approval letters from various Indian authorities, including the RBI, SEBI, CCI, and NCLT.

Read more here.

Mankind Pharma IPO opens tomorrow

Mankind Pharma’s IPO opens tomorrow. The issue will be open till April 27th and is completely an offer for sale (OFS) of 40 million equity shares by promoters and existing shareholders. The company has set a price band of Rs 1,026-1,080 per share for the IPO. Mankind Pharma’s products span therapeutic areas ranging from antibiotics to erectile dysfunction medications.

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RIL’s Net Profit Rises 19% YoY to Rs 19,299Cr – Top Indian Market Updates

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

Reliance Q4 Results: Net profit rises 19% YoY to Rs 19,299 crore

Reliance Industries announced a 19% YoY increase in consolidated net profit to Rs 19,299 crore. Revenue is up 2% YoY to Rs 2.16 lakh crore. The company’s EBITDA in Q4 reached a record high of Rs 41,389 crore, rising 22% YoY.

However, due to an expanded asset base across all businesses, depreciation surged 43% YoY to Rs 11,456 crore. Finance costs rose 64% YoY to Rs 5,819 crore on account of higher interest rates and loan balances. RIL’s gross revenue in FY23 rose 23% YoY to Rs 9.76 lakh crore, indicating continued growth momentum across all businesses.

Read more here.

India’s forex reserves rise $1.65 billion to $586.41 billion

India’s forex reserves increased to $586.41 billion, up by $1.65 billion for the week ended April 14. The rise in foreign currency assets (FCA) was the main contributor, which increased to $516.63 billion. The rupee appreciated against the US dollar by 8 paise to close at 82.09. This was supported by softening crude oil prices in the international markets.

Read more here.

SBI to raise $500 million via dollar bonds

State Bank of India (SBI) is in talks with international banks for a potential $500 million fundraise via a global bond issue. Investment banks are expected to be engaged next week for the proposed issue, which could increase in size depending on investor response. European, Japanese, and American banks are expected to be chosen as arrangers for the issue.

Read more here.

RBI gives HDFC Bank selective regulatory relief post HDFC merger

The Reserve Bank of India (RBI) has granted HDFC Bank and HDFC regulatory relief to ease the merger between the two firms. The RBI has allowed the bank to meet priority sector lending requirements in stages over three years, instead of immediately complying with the 40% lending requirement to agriculture, micro and small enterprises, education, housing, export credit, and advances to weaker sections.

Read more here.

Hindustan Zinc Q4 Results: Net profit falls 12% YoY to Rs 2,583 crore

Hindustan Zinc’s net profit fell 12% YoY to Rs 2,583 crore in Q4 FY23. Revenue dropped 4% YoY to Rs 8,281 crore due to lower zinc, lead, and silver prices, partly offset by higher metal and silver volumes. The company reported a 16% YoY decline in EBITDA to Rs 4,208 crore. It recorded the highest-ever PAT of Rs 10,511 crore for the full year (FY23) on the back of record production of over 1 million tonnes of metal.

Read more here.

Reliance Capital lenders not to accept offers outside of auction

Reliance Capital has reportedly decided to negotiate only with the highest bidder and not accept any topping offer outside the proposed auction process. The committee of creditors discussed concerns from potential bidders regarding the auction of the distressed financial services company that is undergoing a corporate insolvency process. Hinduja group entity Torrent Investments and Oaktree Capital have indicated that they will likely participate in the proposed auction scheduled on April 26.

Read more here.

Torrent Power forms subsidiary for power generation, transmission biz

Torrent Power Ltd has formed a new subsidiary named Torrent Urja Pvt 10 (TU10) for power generation and transmission. The new subsidiary was registered in Ahmedabad on April 21, 2023, and is yet to begin its business operations. The company has stated that TU10 will generate, transmit, distribute, sell, or deal in all forms of electrical power and energy, including non-conventional and renewable sources of energy.

Read more here.

PNC Infra gets LoA from road ministry for project worth Rs 819 crore

PNC Infratech has received a Letter of Acceptance (LoA) from the Ministry of Road Transport & Highways (MORT&H) for a construction project in Uttar Pradesh worth Rs 819 crore. The project involves the construction of a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli of NH-731A. The operation period is 15 years after construction. PNC Infratech has promised to execute the work in 24 months.

Read more here.

Bank of Baroda to raise up to $7 billion via bonds

Bank of Baroda’s board has approved the raising of foreign currency funds through the issuance of bonds up to $1 billion under the bank’s medium-term note (MTN) program and through the issuance of certificates of deposit (CDs) up to $3 billion in single or multiple tranches. The bank has also approved raising funds through bilateral/other borrowings up to $3 billion.

Read more here.

Power Mech bags new projects worth Rs 720 crore

Power Mech Projects Ltd has won multiple projects worth Rs 720 crore. This includes a Rs 362 crore contract to construct a government medical college and hospital for Uttarakhand Pey Jal Nigam Ltd, a Rs 162 crore contract for the Revamped Distribution Sector Scheme for MPPKWCL, Khargone Circle in Madhya Pradesh, and railway electrification of 25 KV OHE Works in Mysuru Division, Karnataka.

Read more here.

Credit Suisse takes SpiceJet to Supreme Court over unpaid dues

Credit Suisse has moved the Supreme Court (SC) against SpiceJet, alleging contempt of court over the failure of the domestic carrier to comply with a court-approved settlement plan for payment of dues. SpiceJet told SC on April 21 that it would pay a tranche the same day and the next in May.  The Supreme Court put the contempt plea on hold and will now hear the case on May 17.

Read more here.