Tag: Hindalco

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Nykaa’s Net Profit Falls 72% YoY to Rs 2.4Cr in Q4 – Top Indian Market Updates

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

Nykaa Q4 Results: Net profit falls 72% YoY to Rs 2.4 crore

Nykaa reported a 71.8% YoY decline in net profit of Rs 2.4 crore for the quarter ended March (Q4 FY23). However, its consolidated revenue rose 33.75% YoY to Rs 1,301 crore during the same quarter. Total tax expense of Rs 4.35 crore during the quarter severely impacted the revenue. EBITDA stood at Rs 70.6 crore, down 84% YoY.

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FDI into India falls 16% in FY23

Gross foreign direct investment (FDI) into India has seen a 16% fall in FY23. FDI Inflows stood at $71 billion in FY23, compared to $84.8 billion in FY22. This is the first time India has seen inflows decline in the last 10 years. The drop comes off the back of a very high base in FY22 (nearly $85 billion).

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Vedanta raises about $850 million via JPMorgan, Oaktree loan

Vedanta Group has secured a new loan of around $850 million from JPMorgan Chase & Co. and Oaktree. The company is seeking funds amid concerns over its debt load, especially with rising interest rates. This loan comes just before Vedanta Resources Ltd. faces a $500 million bond repayment. The group requires cash after facing obstacles in selling a zinc mining unit to Hindustan Zinc Ltd.

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Adani Green to seek board approval to raise up to $1 billion

Adani Green Energy plans to seek board approval to raise between ₹6,150 crore ($750 million) and ₹8,200 crore ($1 billion) through the qualified institutional placement (QIP) route. This move is part of the group’s strategy to build a three-year equity cushion to support expansion. The funds raised will be used to repay a $750 million bond issued in 2021, which is due next year.

In other news, GQG Partners looks to invest an additional $1 Billion in the Adani Group.

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Hindalco Q4 Results: Net profit falls 48% YoY to Rs 832 crore

Hindalco Industries reported a 48% YoY decline in standalone net profit to Rs 832 crore in Q4 FY23. However, its operating revenue increased 5% YoY to Rs 19,995 crore during the same quarter. EBITDA stood at Rs 1,775 crore, down by 45.6% YoY. The company’s board has recommended a dividend of Rs 3 per equity share.

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Oil Ministry working on proposal to merge MRPL with HPCL

The oil ministry is preparing a proposal to merge Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL). HPCL and MRPL are both subsidiaries of Oil and Natural Gas Corp (ONGC). The ministry is now pushing for a share-swap deal between HPCL and MRPL, with HPCL issuing fresh shares to MRPL shareholders. The transaction will increase ONGC’s stake in HPCL, reducing the free float.

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Suzlon Energy wins 300 MW wind energy project from Torrent Power

Suzlon Energy has secured a substantial order from Torrent Power for a 300 MW wind power project. The order involves the installation of 100 3 MW wind turbine generators (WTGs) with Hybrid Lattice Tubular (HLT) towers. The project, located in Karnataka, is set to be commissioned in 2025. This marks the sixth and largest order received by Suzlon for their new 3 MW series within a month.

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Cummins Q4 Results: Net profit jumps 68% YoY to Rs 319 crore

Cummins reported a 68.5% YoY jump in standalone net profit to Rs 318.5 crore in Q4 FY23. Its revenue increased 29% YoY to Rs 1,926 crore during the same quarter. EBITDA stood at Rs 326 crore, up by 58% YoY. The company’s board has recommended a final dividend of Rs 13 per equity share.

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Deepak Nitrite arm to invest Rs 5,000 cr in Gujarat to manufacture speciality chemicals

Deepak Nitrite’s subsidiary Deepak Chem Tech has signed a Memorandum of Understanding (MoU) with the Gujarat government to invest approximately Rs 5,000 crore over the next four years. The investment aims to establish projects for the production of Speciality Chemicals, Phenol/Acetone, and Bisphenol in Dahej/Nandesari, Gujarat.

Read more here.

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M&M’s Net Profit Rises 34% in Q3 – Top Indian Market Updates

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

M&M Q3 Results: Net profit rises 34% YoY to ₹2,676 crore

Mahindra & Mahindra Ltd reported a 34.6% YoY increase in consolidated net profit to ₹2,676.56 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29.7% YoY to ₹30,620 crore during the same period. EBITDA stood at ₹2,814 crore in Q3, up 41% YoY. The company sold 1.76 lakh vehicles in the December quarter, up 45% YoY.

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GAIL signs advance pricing agreement with CBDT

GAIL (India) Ltd has signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The gas utility firm has contracts with US suppliers to buy 5.8 million tonnes per annum of liquefied natural gas (LNG). GAIL is the first public sector undertaking (PSU) in the oil & gas sector in India to sign the APA.

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Lupin Q3 Results: Net profit falls 72% YoY to ₹153 crore

Lupin reported a 72% YoY decline in net profit to ₹153 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 3.8% YoY to ₹4,322 crore during the same period. Sales in the US have improved on the back of new product launches and a brand acquisition made in Q3.

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Sun Pharma gets USFDA nod to market generic medication

Sun Pharmaceutical Industries Ltd’s subsidiary has received final approval from the US Food & Drug Administration (USFDA) for the generic Lenalidomide capsules in multiple strengths. In 2021, US-based Celgene Corporation granted Sun Pharma a license to manufacture and sell an unlimited quantity of generic lenalidomide capsules in the US beginning January 31, 2026.

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BHEL Q3 Results: Net profit jumps 55% YoY to ₹42 crore

Bharat Heavy Electricals Ltd (BHEL) reported a 55% YoY increase in net profit to ₹42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹5,263 crore during the same period. Revenue from the power segment came in at ₹3,992 crore, 7% higher. Total expenses were almost flat at ₹5,320 crore in Q3.

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Hindalco leases 50,000 sq. ft. office space in Blackstone’s Mumbai tower

Hindalco Industries Ltd has picked up an entire floor spread over 50,000 sq. ft. office space in Blackstone Group entity Nucleus Office Parks’ commercial complex One International Center in Mumbai’s business district Lower Parel on a long-term lease of five years. The company is looking to consolidate its various offices and also expand the capacity in the new office ensuring ease of connectivity for their employees.

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Assam govt signs Petroleum Exploration Licenses deeds for 2 OALP blocks with Oil India

The Assam government has signed Petroleum Exploration Licenses deeds for two Open Acreage Licensing Program (OALP) blocks with Oil India Ltd (OIL). OIL will invest around ₹12 crore in these projects and will start seismic surveys from February 2023. This is the first time in oil history to start exploration for Crude oil and Natural Gas in the northern bank of Brahmaputra in lower Assam.

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India’s first hydrogen combustion engine tech for heavy-duty trucks unveiled by RIL

Reliance Industries Ltd (RIL) unveiled India’s first Hydrogen Internal Combustion Engine technology solution for heavy-duty trucks. RIL and its vehicle partner Ashok Leyland developed the technology under its Net carbon Zero vision. The first engines run with this tech were tested in early 2022. RIL is also planning to create an end-to-end Hydrogen ecosystem for mobility

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Info Edge Q3 Results: Net loss at ₹116 crore

Info Edge (India) Ltd reported a net loss of ₹116 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹4,601 crore in Q3 FY22. Its revenue from operations rose 40% YoY to ₹589 crore in Q3 FY23. Standalone EBITDA stood at ₹217 crore, up 79% YoY.

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Zomato’s Net Loss Widens in Q3 – Top Indian Market Updates

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

Zomato Q3 Results: Net loss widens to ₹347 crore

Zomato Ltd reported a consolidated net loss of ₹347 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹63 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 75% YoY to ₹1,948 crore in Q3 FY23. The gross order value (GOV) grew 22% year-on-year (YoY), driven by growth in both order volumes and average order value.

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IRCTC Q3 Results: Net profit rises 22% YoY to ₹256 crore

Indian Railways Catering & Tourism Corporation (IRCTC) reported a 22% YoY increase in net profit to ₹256 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 70% YoY to ₹918 crore during the same period. IRCTC’s total expenses jumped 121% YoY to ₹607 crore in Q3. The company’s board has declared an interim dividend of ₹3.5 per share.

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India’s finished steel exports fall 52% during April-January

India’s finished steel exports fell 52.2% YoY to 5.33 million tonnes (MT) between April 2022 and January 2023 due to sluggish global demand. The removal of an export tax in November failed to revive exports. Between April and January, India’s finished steel output increased by 5.2% YoY to 98.3 MT, and consumption went up by 10.8% to 96.4 MT.

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Devyani International Q3 Results: Net profit rises 8% YoY to ₹71 crore

Devyani International Ltd (DIL) reported an 8% YoY increase in net profit to ₹71 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 27% YoY to ₹790 crore during the same period. EBITDA stood at ₹173.9 crore in Q3, up 18% YoY. DIL opened 81 net new stores in Q3, taking the total operational stores to 1,177 as of December 31, 2022.

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Adani Wilmar’s Himachal warehouse raided by the State Excise & Taxation Dept

Officials of the Himachal Pradesh State Excise Department inspected the carrying and forward (C&F) unit of Adani Wilmar. The inspection was carried out after the company failed to deposit goods & service tax (GST) collection for multiple years. The officials went through the unit’s documents and other goods in the facility. They will prepare a report following which the next course of action will be decided.

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Hindalco Q3 Results: Net profit falls 65% YoY to ₹1,362 crore

Hindalco Industries Ltd reported a 65% YoY decline in consolidated net profit to ₹1,362 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 6% YoY to ₹53,151 crore during the same period. The copper business reported a 40% YoY growth in quarterly operating profit at ₹546 crore.

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NCLT approves merger of six wholly-owned subsidiaries with Adani Power

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the amalgamation scheme for the merger of Adani Power’s six wholly-owned subsidiaries with itself. The subsidiaries are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.

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Voltas Q3 Results: Net loss at ₹110 crore

Voltas Ltd reported a consolidated net loss of ₹110.49 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹96.56 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 11.8% YoY to ₹2,005.61 crore in Q3 FY23. The company’s expenses on exceptional items stood at ₹137.39 crore. Its total expenses stood at ₹1,946.72 crore in Q3, up 17.89% YoY.

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Antony Waste Handling Cell receives order worth ₹1,024 crore from BMC

Antony Waste Handling Cell Ltd (AWHCL) has received an order worth ₹1,024 crore from Brihanmumbai Municipal Corporation for the disposal of construction and demolition waste in Mumbai. The total contract period is for 21 years, including the mobilization period of 12 months. The contract would involve the collection and processing of around 600 tonnes per day of debris waste. 

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MRF Q3 Results: Net profit rises 17% YoY to ₹174 crore

MRF Limited reported a 17% YoY increase in consolidated net profit to ₹174.83 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14% YoY to ₹5,644.55 crore during the same period. Total expenses stood at ₹5,484.72 in Q3, up 14.5% YoY. The tyre manufacturer’s board has declared an interim dividend of ₹3 per share.

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IndusInd Bank’s Profit Rises 58% YoY in Q3 – Top Indian Market Updates

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

IndusInd Bank Q3 Results: Net profit rises 58% YoY to ₹1,963 crore

IndusInd Bank reported a 58% year-on-year (YoY) increase in net profit to ₹1,963.64 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 18% YoY to ₹4,495 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.48% in Q3 FY22 to 2.06% in Q3 FY23. The bank’s provisions declined 36% YoY to ₹1,065 crore in Q3 FY23.

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AGEL subsidiary to acquire 50% stake in Essel Saurya Urja Company of Rajasthan

Adani Renewable Energy Holding Two Ltd will acquire a 50% equity stake in Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL) from Essel Infraprojects for ₹15 crore. The Government of Rajasthan will continue to hold the remaining 50% stake in ESUCRL. ESUCRL owns and operates a solar park with 750 megawatts (MW) capacity in Rajasthan.

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Persistent Systems Q3 Results: Net profit rises 35% YoY to ₹238 crore

Persistent Systems Ltd reported a 35% YoY increase in net profit to ₹237.9 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 45.4% YoY to ₹2,169.3 crore during the same period. Total expenses stood at ₹1,849.6 crore in Q3, up 43.83% YoY. The IT firm’s board has approved an interim dividend of ₹28 per share.

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Hindalco Industries looking to raise ₹700 crore via NCDs

Hindalco Industries Ltd announced the public issue of non-convertible debentures (NCDs) worth ₹700 crore. The company will allot 70,000 rated, listed, unsecured, redeemable, NCDs of ₹1 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Rallis India Q3 Results: Net profit falls 43% YoY to ₹22.6 crore

Rallis India reported a 43% YoY decline in net profit to ₹22.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 0.4% YoY to ₹630.9 crore during the same period. EBITDA fell nearly 21% YoY to ₹53.3 crore in Q3. Tata Group-owned Rallis India is a chemical manufacturing company. 

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Cipla launches testing device for non-communicable and infectious diseases

Cipla Ltd announced the launch of Cippoint, a point-of-care testing device that offers a wide range of testing parameters such as diabetes, thyroid function, cardiac markers, and other health conditions. The device will allow healthcare professionals to get test results in 3-15 minutes. With the launch, the pharma company looks to bridge the current gap in the diagnostic ecosystem in India by providing reliable and accurate tests at affordable prices. 

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RVNL emerges as lowest bidder for 2 projects

The consortium of Rail Vikas Nigam Ltd (RVNL) and Siemens India has emerged as the lowest bidders for two projects. RVNL will supply, test, and commission the power supply receiving & distribution system for Surat Metro Rail Project Phase-I. The consortium also emerged as the lowest bidder for similar work for Ahmedabad Metro Rail Project Phase-II. The cost of the first project would be ₹673.80 crore, and the second project ₹384.30 crore.

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Jubilant FoodWorks brings US chicken brand Popeyes to Chennai

Jubilant FoodWorks Ltd has opened its first restaurant of the American fried chicken brand Popeyes in Chennai. The company inaugurated its first restaurant in Bengaluru, which was followed by rapid expansion to 12 restaurants across the city in less than a year. In Chennai, Popeyes would welcome guests at its first restaurant from January 20 onwards at the Phoenix Marketcity Mall. 

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India’s coal production target at more than 1 billion tonnes for FY24: Govt

The Central government has set a coal production target of more than one billion tonnes (BT) for the next financial year (FY24). State-owned Coal India Ltd (CIL) has been given the task to produce 780 million tonnes (MT) of coal, followed by 75 MT for Singareni Collieries Company Ltd (SCCL) and 162 MT for captive and commercial mines. A total of 290 mines are operational in CIL, out of which 97 mines produce more than 1 MT per year.

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EID Parry commissions 120 KLPD distillery at Andhra Pradesh unit

EID Parry (India) Ltd has commenced commercial operations at the new 120-kilo litre per day (KLPD) distillery at its sugar unit in Sankili, Andhra Pradesh. The company’s Sankili sugar unit has the flexibility to operate with multiple feedstocks— molasses, cane juice, and syrup/grain based. The Indian Government has announced an Ethanol Blending Program of 20% by 2025, and EID Parry intends to avail this opportunity by increasing its entry into Ethanol production.

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RIL to Develop Multi-Modal Logistics Park in TN – Top Indian Market Updates

silver lake to invest in Reliance

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

Reliance to develop multi-modal logistics park in Tamil Nadu

Reliance Industries Ltd (RIL) has secured an order to develop India’s first multi-modal logistics park (MMLP) in Chennai from the Ministry of Road, Transport, and Highways. It is estimated to cater to 7.17 million metric tonnes (MMT) of cargo in a time horizon of 45 years. The park will be developed in three phases with an estimated developer investment of ₹783 crores.

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M&M Q2 Results: Net profit rises 44% YoY to ₹2,773 crore

Mahindra & Mahindra Ltd reported a 44% year-on-year (YoY) increase in consolidated net profit to ₹2,773 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 39% YoY to ₹29,870 crore during the same period. The auto major sold a total of 1,74,098 vehicles in the second quarter, up 75% YoY. Tractor sales rose 5% YoY to 92,590 units. 

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Hinduja brothers to end their long family dispute: Report

According to a Bloomberg report, Hinduja Group’s co-chairman Gopichand Hinduja, along with Prakash, Srichand, and Ashok (Hinduja family brothers) have called a truce and decided to end the family dispute. The conflict among the billionaire brothers was because of a pact signed by them in 2014 that said that ‘everything belongs to everyone and nothing belongs to anyone’. To learn more about the Hinduja Group, click here.

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Adani Power Q2 Results: Net profit at ₹696 crore

Adani Power Ltd reported a consolidated net profit of ₹695.53 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹230.6 crore in Q2 FY22. Its revenue from operations rose 36% YoY to ₹7,044 crore in Q2 FY23. EBITDA stood at ₹2,350 crore in Q2, up 51% YoY. The company has an installed thermal power capacity of 13,610 megawatts spread across seven power plants in India.

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Domestic airline industry could report ₹15,000-17,000 crore loss: ICRA

Credit rating agency ICRA reported that India’s domestic airline industry is expected to take a hit in FY23. It projects at least a ₹15,000-17,000 crore loss due to increased aviation fuel costs. Despite domestic passenger traffic increasing by 26% YoY to 114 lakh in October, the numbers are still low compared to the pre-pandemic era.

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HAL Q2 Results: Net profit rises 44% YoY to ₹1,221 crore

Hindustan Aeronautics Ltd (HAL) reported a 44.2% YoY increase in consolidated net profit to ₹1,221.22 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 7.3% YoY to ₹5,144.8 crore during the same period. Total expenses stood at ₹3,775.5 crore in Q2, down 17.1% YoY. HAL’s board declared an interim dividend of ₹10 per share.

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USFDA issues Form-483 with 3 observations to Alkem Lab’s St Louis plant

The US Food & Drug Administration (USFDA) has issued three observations to Alkem Laboratories Ltd’s St Louis-based manufacturing facility. The health regulator conducted a pre-approval inspection at the plant from October 31, 2022, to November 9, 2022. It has observed conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

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Hindalco Q2 Results: Net profit falls 35% YoY to ₹2,205 crore

Hindalco Industries Ltd reported a 35% YoY decline in consolidated net profit to ₹2,205 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18% YoY to ₹56,176 crore during the same period. Revenue from the upstream aluminium segment rose 11% YoY to ₹8,215 crore, while revenue from the copper business grew 1% YoY to ₹9,658 crore in Q2.

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LIC Q2 Results: Net profit jumps 11-fold to ₹15,952 crore

Life Insurance Corporation of India (LIC) reported an 11-fold YoY jump in net profit to ₹15,952 crore for the quarter ended Sept (Q2 FY23). Its net premium income rose 27% YoY to ₹1.32 lakh crore during the same period. The net income from investments grew 10% YoY to ₹84,104 crore in Q2. LIC’s gross non-performing assets (GNPA) ratio improved to 5.60% in Q2 from 5.84% in Q1.

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Hindalco Posts 48% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Hindalco Industries Q1 Results: Net profit rises 48% YoY to Rs 4,119 crore

Hindalco Industries reported a 48% YoY increase in consolidated net profit to Rs 4,119 crore for the quarter ended June (Q1 FY23). This is the highest-ever quarterly profit figure the aluminium maker ever posted. Its revenue from operations rose 40.2% YoY to Rs 58,018 crore during the same period. EBITDA stood at Rs 8,640 crore, up 27% YoY. Hindalco’s results in Q1 were driven by the robust performance of its aluminium downstream and copper businesses.

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Tata Power partners with JP Infra to set up EV charging points in Mumbai

Tata Power has partnered with real estate developer JP Infra Mumbai to provide electric vehicle (EV) charging points across residential projects in Mumbai. Residents with EVs will have access to a 24×7 charging facility. They can also connect through the Tata Power EZ mobile application for all services, including remote vehicle charging monitoring and e-payments. 

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Max Healthcare Q1 Results: Net profit rises 11% YoY to Rs 229 crore

Max Healthcare Institute Ltd reported an 11% YoY increase in net profit to Rs 229 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 5.3% YoY to Rs 1,393 crore during the same period. EBITDA stood at Rs 370 crore in Q1, up 3% YoY. The average revenue per operating bed (ARPOB) increased to Rs 66,000 in Q1 FY23, compared to Rs 51,500 in Q1 FY22.

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JSW Energy’s arm to acquire renewable assets from Mytrah Energy

JSW Neo Energy (a wholly-owned subsidiary of JSW Energy) will acquire a portfolio of 1,753 megawatts (MW) of renewable energy generation capacity from Mytrah Energy (India) Pvt. Ltd for Rs 10,530 crore. The assets have a proven operational track record and long-term power purchase agreements (PPA) with an average remaining life of 18 years. The acquisition will help JSW Energy to achieve its renewable-led capacity growth target of 10 gigawatts (GW) by FY25. 

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IRCTC Q1 Results: Net profit jumps 198% YoY to Rs 246 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 198% YoY jump in net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 250.34% YoY to Rs 852.59 crore during the same period. Total expenses stood at Rs 548 crore in Q1, up 272.8% YoY.

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L&T Construction to build cooling towers for Rawatbhata Atomic Power Project

Larsen & Toubro’s construction arm has secured an order (in the range of Rs 1,000-2,500 crore) from the Nuclear Power Corporation of India Ltd (NPCIL) to build natural draught cooling towers and a cooling water pump house for the Rawatbhata Atomic Power Project. The scope of work also includes the construction of a cement mortar-lined and coated steel pipe, the main medium to transport hot water from the turbine to the cooling towers. The project is scheduled to be completed in 36 months.

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Eicher Motors Q1 Results: Net profit jumps 157% YoY to Rs 611 crore

Eicher Motors Ltd reported a 157.52% YoY jump in consolidated net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 71.18% YoY to Rs 3,325.8 crore during the same period. EBITDA stood at Rs 831 crore in Q1, up 147% YoY.

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Civil Aviation Ministry to remove fare caps imposed on airlines from August 31

The Ministry of Civil Aviation will remove fare caps for domestic airlines from August 31, 2022. The Central govt had regulated fares by imposing a minimum and maximum band based on the flight’s duration to prevent ticket prices from spiking due to pent-up demand arising from an easing of restrictions on air travel. The ministry will re-evaluate the fare cap for domestic airlines once there is a healthier environment in terms of jet fuel prices.

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SJVN to set up 10,000 MW clean energy projects in Rajasthan

SJVN Ltd has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to develop 10,000 MW renewable energy projects in the state. These projects/parks will boost socio-economic development in the state and open up multiple direct and indirect employment opportunities. An investment of Rs 50,000 crore is estimated for developing these projects in the next 5-7 years.

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Tata Consumer Q1 Results: Net profit rises 38% YoY to Rs Rs 255 crore

Tata Consumer Products Ltd (TCPL) reported a 38% YoY increase in consolidated net profit to Rs 255.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 11% YoY to Rs 3,3 crore during the same period. TCPL’s India business grew by 9%, while the international business revenue was up 9% in Q1.

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Adani Wilmar Slashes Edible Oil Prices – Top Indian Market Updates

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

Adani Wilmar cuts edible oil prices by Rs 30 per litre

Adani Wilmar Ltd has announced a reduction in cooking oil prices by up to Rs 30 per litre amidst a fall in global prices. The price of Adani Wilmar’s Fortune soyabean oil has been revised from Rs 195 per litre to Rs 165 per litre. The sunflower oil rate has been reduced from Rs 210 per litre to Rs 199 per litre. The move comes after the Indian government had slashed import duties by 5.5% and asked manufacturers to pass it on to consumers.

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JSW Steel collaborates with BCG to work on decarbonisation goals

JSW Steel Ltd has partnered with US-based Boston Consulting Group (BCG) to meet its decarbonisation goals. The steelmaker has an ambitious target of reducing its carbon emission by 42% YoY by 2029-30 (compared to the base year 2005). This collaboration will focus on applying digital and analytics to track, measure, and enhance JSW Steel’s environmental performance.

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Bank of Maharashtra Q1 Results: Net profit doubles to Rs 452 crore

Bank of Maharashtra reported a 117% YoY jump in net profit to Rs 451.9 crore for the quarter ended June (Q1 FY23). Total income fell 0.5% YoY to Rs 3,774.32 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.74% in Q1 FY23, compared to 6.35% in Q1 FY22. Provisions fell 27% YoY to Rs 548.41 crore.

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Jio puts in highest EMD at Rs 14,000 crore for 5G spectrum sale

Reliance Jio Infocomm, Bharti Airtel, Adani Data Networks, and Vodafone Idea (Vi) have put in earnest money deposits (EMDs) of Rs 14,000 crore, Rs 5,500 crore, Rs 100 crore, and Rs 2,200 crore, respectively. The EMDs are part of applications that the applicants filed to the Department of Telecommunications (DoT) to participate in the upcoming 5G spectrum sale, starting July 26.

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Hindalco partners with Israel’s Phinergy to develop aluminium-air batteries for EVs in India

Hindalco Ltd has signed a Memorandum of Understanding (MoU) with Israel-based metal-air battery technology pioneer Phinergy to develop and pilot the production of aluminium (Al) plates for aluminium-air batteries in India. In an aluminium-air battery, energy is released when Al reacts with oxygen in ambient air to produce aluminium hydroxide. Due to its lightweight and high energy density, such a battery becomes ideal for electric vehicles (EVs).

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Cyient partners with Honeywell to make cloud-connected cockpit system

Cyient Ltd has partnered with Honeywell to manufacture the aviation industry’s first cloud-connected cockpit system— The Honeywell Anthem. It will be driven by a versatile software platform that can be modified for every type of aircraft, including passenger & cargo planes, business jets, and helicopters. The proposed flight deck will have an intuitive interface modeled after smart devices, powered by good connectivity.

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Jindal Stainless to supply 3,500 tonnes stainless steel for railway link tunnel project

Jindal Stainless Ltd will supply 3,500 tonnes stainless steel for the Indian Railway’s Udhampur-Srinagar-Baramulla Railway Link (USBRL) tunnel project. This will be the first-ever application of stainless steel cable trays in an Indian railway project. The USBRL tunnel project is a 272 km-long railway link between Jammu and Kashmir. It will provide an all-weather and reliable connectivity between the two cities.

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Zydus Lifesciences gets USFDA approval to market generic antifungal medication

Zydus Lifesciences Ltd’s subsidiary has received approval from the US Food & Drug Administration (USFDA) to market antifungal Efinaconazole Topical solution. The pharma group will produce the drug at its topical manufacturing facility in Ahmedabad. As per IQVIA MAT May 2022 data, the generic version of the drug had annual sales of $292 million in the US.

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HCL Technologies wins multi-year deal from DSM

HCL Technologies Ltd has signed a multi-year deal to drive the modernization of the core IT business systems of Dutch health and nutrition multinational DSM. The company will implement IT service delivery solutions for approximately 18,000 end users across 200 sites in more than 50 countries. HCL’s Fenix 2.0 digital execution framework will drive transformation at scale across DSM’s business units and product lines.

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PVR Plans to Open 125 Screens in FY23 – Top Indian Market Updates

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

PVR plans to open 125 screens in FY23 

PVR Limited expects the movie exhibition industry to bounce back “dynamically” in FY23 and plans to open around 125 screens during the year. The multiplex operator expects business to grow in the coming quarters, supported by the growth in the average ticket price (ATP) and spend per head (SPH) already witnessed in Q3 & Q4 FY 2021-22.

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Airtel Payments Bank partners with Axis Bank to digitize last-mile cash collection

Airtel Payments Bank has partnered with Axis Bank to digitise the cash collection system in India’s Tier-III cities and semi-urban regions. The payments bank will leverage the extensive reach of its digital-led neighborhood banking model to support Axis Bank with the digitization of last-mile cash collections. This partnership will help Axis Bank build operational efficiencies in the cash management process.

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Steel prices likely to go up again from July 1 on high input cost: JSPL MD

Steel prices are expected to rise from July due to high input costs, said Jindal Steel & Power Ltd (JSPL) Managing Director V R Sharma. “The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 by primary players mainly on account of higher input costs,” he said. Secondary steel makers have already increased the price of rebars by Rs 2,000 to Rs 55,000 per tonne in the last four days.

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Minda Industries acquires 5.2% stake in FRIWO for €15 million

Minda Industries Ltd (MIL) has acquired a 5.24% stake in Germany-based FRIWO AG by investing 14.99 million euros. FRIWO AG designs, develops, and manufactures power supply systems, chargers, and motor control units. It is a public listed company, and its principal place of business is in Ostbevern, Germany.

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Tata Steel to spend Rs 1,200 crore on new tech development over 4 years

Tata Steel Ltd has announced plans to invest Rs 1,200 crore in new technology development over the next 3-4 years. In the new materials business, the steel maker has been focusing on graphene, which can be mixed with plastic and recycled like brand-new products. Tata Steel has signed a pact with Digital University Kerala and the Centre for Materials for Electronics Technologies (C-MET) to establish the first graphene research and innovation centre in India.

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Hindalco to acquire 26% stake in Cleanwin Energy SIX

Hindalco Industries Ltd will acquire a 26% stake in renewable energy generation company Cleanwin Energy SIX in an all-cash deal worth Rs 71.5 lakh. The proposed deal is part of Hindalco’s approach to reducing energy costs through open access to renewable energy generators. Cleanwin Energy was established in December 2021 with the intention of producing 5 MW of wind power.

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Al Faisal Holding selects Ramco Systems to enhance its HR and payroll systems

Qatar-based Al Faisal Holding has chosen to implement Ramco Systems’ Global Payroll & HR Solution to streamline and automate its HR and payroll operations. It will also implement Ramco’s facial recognition-based time & attendance system for real-time tracking of the employees. 

Innova Captab files DRHP for IPO with SEBI

Innova Captab Ltd has filed a Draft Red Herring Prospectus (DRHP) with markets regulator SEBI to raise ~Rs 900 crore through an Initial Public Offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore. It also includes an Offer For Sale (OFS) of 96 lakh equity shares by promoters and other shareholders. Innova Captab provides research, product development, and manufacturing services to Indian pharma firms.

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Allied Digital Services secures contract worth Rs 49 crore

Allied Digital Services Ltd (ADSL) has received a Letter of Intent (LoI) for an order worth Rs 49 crore for the Solapur Smart City project. The scope of the project entails the setting up of a city communication network, command control center, and city-wide surveillance system. ADSL will also establish intelligent traffic management systems across the city.

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ONGC Offers Stake in KG Block to Foreign Firms – Top Indian Market News

ONGC market updates | marketfeed

ONGC offers stake in KG block to foreign firms

Oil & Natural Gas Corporation (ONGC) is offering foreign companies a stake in its ultra deepsea gas discovery and a high-pressure, high-temperature block in the KG basin. The company is seeking technology partners and service providers for the development of the Deen Dayal West (DDW) block and the ultra-deep discoveries in Cluster-III of its KG-D5 area. Expressions of Interest (EoIs) have been invited by June 16, as per the tender floated by ONGC.

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Colgate-Palmolive India Q4 Results: Net profit rises 3% YoY to Rs 324 crore

Colgate-Palmolive India Ltd (CPIL) reported a 2.8% YoY increase in net profit to Rs 323.57 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 1.4% YoY to Rs 1,293.35 crore during the same period. The oral care company’s total expenses increased by 1.2% YoY to Rs 871.85 crore in Q4. CPIL became a Rs 5,000 crore turnover company in FY22.

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Aurobindo Pharma’s arm gets USFDA approval for cancer drug

Eugia Pharma Specialties Ltd, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Pemetrexed injection. The drug is used in combination with other chemotherapy medications as the first treatment for a certain type of non-small cell lung cancer. As per IQVIA data, the product had an estimated market size of $1,272 million for the fiscal year ended March 31, 2022.

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Hindalco Q4 Results: Net profit doubles to Rs 3,851 crore

Hindalco Industries Ltd reported a 2x increase in consolidated net profit to Rs 3,851 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 55,764 crore during the same period. EBITDA stood at Rs 7,597 crore in Q4, up 30% YoY. Hindalco’s aluminium sales grew 2% YoY at 336-kilo tonnes (KT) in Q4.

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RailTel, Esri India signs pact to offer cloud-based GIS solutions

RailTel Corporation of India Ltd has signed a Memorandum of Understanding (MoU) to provide cloud-based geographic information system (GIS) solutions to government-sector customers. Esri India has already developed the ‘Indo ArcGIS’ suite for government customers, which will now be available on RailTel Cloud. The suit includes industry-specific solution products for disaster management, land records, electric utility management, etc.

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IT Dept raids 34-40 premises of Asian Granito India

As per reports, Income Tax Dept officials have carried out searches at around 35-40 locations of Ahmedabad-based Asian Granito India Ltd. The raids were conducted a day after the ceramic wall and floor tile manufacturing company reported excellent financial performance in FY22. It had also announced plans to set up three state-of-the-art manufacturing facilities in value-added luxury surfaces and bathware segments at Morbi, Gujarat.

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Muthoot Finance Q4 Results: Net profit falls 4% YoY to Rs 960 crore

Muthoot Finance Ltd reported a 3.6% YoY decline in net profit to Rs 960 crore for the quarter ended March (Q4 FY22). Its total income fell 5% YoY to Rs 2,678.37 crore during the same period. Interest income fell 5.3% YoY to Rs 2,640.95 crore in Q4. The company’s consolidated assets under management (AUM) stood at Rs 64,494 crore, registering a growth of 11% YoY. 

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UPL announces supply agreement for Bayer’s Spirotetramat

UPL announced a new supply agreement for Spirotetramat, an insecticide developed by Bayer CropScience Ltd for integrated pest control. Through this long-term global data access and supply agreement, UPL will use its expertise in insecticides and global research & development network to register and distribute new differentiated solutions containing Spirotetramat.

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Kirloskar Industries Q4 Results: Net profit falls 99% YoY to Rs 0.12 crore

Kirloskar Industries Ltd reported a 99.82% YoY decline in consolidated net profit to Rs 0.12 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.16% YoY to Rs 1,037.36 crore during the same period. The company manufactures and sells iron castings in India. 

SEBI exempts govt from open offer for Vi

The Securities & Exchange Board of India (SEBI) has exempted the government from making an open offer to the shareholders of Vodafone Idea (Vi). The exemption is for the government’s proposed acquisition of over 33% stake in Vi as part of the telecom relief package. SEBI said the government has been exempted from such an offer since the sole purpose of the purchase of stake is saving the larger public interest.

Read more here.

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CCI Suspends Amazon’s 2019 Deal With Future Group – Top Indian Market News

CCI suspends Amazon’s 2019 deal with Future Group citing suppression of information

The Competition Commission of India (CCI) has suspended Amazon.com, Inc’s 2019 deal with Future Group following a review of allegations that the e-commerce giant had concealed information while seeking regulatory approval. CCI has also imposed a penalty of Rs 200 crore on Amazon. The step taken by CCI could have far-reaching consequences on Amazon’s legal battles with now-estranged partner Future. 

Over the past year, Amazon has successfully used the terms of its $200 million investment in 2019 to block Future Group’s attempt to sell retail assets to Reliance Industries Ltd for $3.4 billion.

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Hindalco to acquire Hydro’s aluminium extrusion unit in Andhra Pradesh

Hindalco Industries Ltd has signed a definitive agreement to acquire Norway-based Hydro’s aluminium extrusions business in India for Rs 247 crore. Hydro’s integrated facility at Kuppam, Andhra Pradesh, has a 15,000-tonne aluminium extrusions capacity. It is integrated with advanced value-added capabilities for surface finishing and fabrication. It offers custom aluminium extrusion products and solutions for auto, building and construction, and industrial applications.

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Tata Motors partners with Maharashtra govt to set up vehicle scrappage facility

Tata Motors has signed a Memorandum of Understanding (MoU) with the Govt of Maharashtra to set up a registered vehicle scrapping facility (RVSF). in the state. The scrappage centre will have a recycling capacity of up to 35,000 vehicles per year for end-of-life passenger and commercial vehicles. The automaker had earlier signed an MoU with the Gujarat government for setting up a scrapping facility in Ahmedabad.

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Union Bank of India enters into co-lending partnership with HomeFirst 

Union Bank of India and Home First Finance Company India Ltd have entered into a strategic co-lending partnership to offer home loans to customers at competitive interest rates. The partnership aims at leveraging the strengths of both firms to provide a seamless experience to retail home loan customers in the priority sector. HomeFirst will originate loans as per the agreed credit policy of the bank in line with the provisions of RBI’s co-lending model. 

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KEC International secures new orders worth Rs 1,041 crore

KEC International Ltd has secured new orders worth Rs 1,041 crore across its various businesses. The company’s Transmission & Distribution (T&D) segment has received orders for T&D projects in India, the Middle East, and the Americas. The civil business has secured an order for building a Data Centre in Western India. KEC International’s cables business has secured orders for various types of cables in India and overseas.

Bharti Airtel prepays Rs 15,519 crore towards deferred spectrum liabilities

Bharti Airtel Ltd has pre-paid Rs 15,519 crore to the Department of Telecommunications (DoT) towards the complete deferred liabilities pertaining to the spectrum it acquired in the 2014 spectrum auction. The company had acquired 128.4MHz of spectrum for a consideration of Rs 19,051 crores in the 2014 auction. 

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Domestic air traffic saw 17% growth in November: DGCA

Domestic air passenger traffic witnessed a 17% month-on-month (MoM) growth in November 2021. Around 10.52 million passengers took to the skies in November, compared to 8.99 million in October and 7.07 million in September. IndiGo carried 5.71 million passengers during November and secured a 54.3% market share. SpiceJet carried 1.08 million passengers, registering a market share of 10.3%.

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RCF gets Govt approval for setting up new NPK plant

Rashtriya Chemicals & Fertilizers Ltd (RCF) has received approval from the Department of Fertilizers (DOF) for setting up a 1,200 million tonnes per day (MTPD) NPK plant. The nitrogen-phosphorus-potassium (NPK) plant will be set up at an estimated cost of Rs 914.58 crore. The project will be completed in 36 months.

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Raymond to raise up to Rs 100 crore via NCDs

The Board of Directors of Raymond Ltd has approved the issue of non-convertible debentures (NCDs) for an amount up to Rs 100 crore on a private placement basis. The tenure of the NCDs, which carry a coupon rate of 7.6% per annum (payable annually), is 1,095 days from the deemed date of allotment. The NCDs will be listed on the National Stock Exchange (NSE).

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GAIL, Gujarat Alkalies to set up bio-ethanol plant in Gujarat

GAIL (India) Ltd has signed a pact with Gujarat Alkalies & Chemicals Ltd (GACL) to set up a 500-kilolitres per day Bio Ethanol Plant in Gujarat and explore other business opportunities of mutual interest. In other news, GAIL’s board of directors is scheduled to meet on December 23, 2021, to consider the interim dividend pay-out for FY 2021-22. 

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Vakrangee partners with Upstox to offer trading services through BharatEasy app

Vakrangee Digital Ventures Ltd has partnered with Upstox to offer online trading account opening services through its BharatEasy mobile app. The company will also provide services from its physical network of Vakrangee Kendras. Vakrangee Digital is a wholly-owned subsidiary of Vakrangee Ltd, a technology company that provides banking, insurance, e-governance, e-commerce, and logistics services. 

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Retail Inflation Rises to 4.48% in October – Top Indian Market News

Retail inflation rises marginally to 4.48% in October

India’s retail inflation, as measured by the Consumer Price Index (CPI), rose marginally to 4.48% in October from 4.35% in September. This is the fourth successive month that the CPI data has come below the Reserve Bank of India’s (RBI) upper margin of 6%. Food inflation has increased slightly to 0.85% in October from 0.68% in September.

Meanwhile, India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a 3.1% year-on-year (YoY) growth in September. The mining sector saw a growth of 8.6% YoY to 95.1 in September, while the manufacturing sector saw a rise of 2.7% YoY to 129.9. 

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ONGC Q2 Results: Net profit jumps 565% YoY to Rs 18,347 crore 

Oil and Natural Gas Corporation (ONGC) Ltd reported a 565% YoY jump in net profit to Rs 18,347 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 44% YoY to Rs 24,353.6 crore during the same period. The operating margin expanded to 48.17% in Q2 FY22 compared to 37.78% in Q2 FY21. ONGC’s board has declared an interim dividend of Rs 5.5 per share.

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KEC International wins orders worth Rs 1,415 crore

KEC International Ltd has secured new orders worth Rs 1,415 crore in the Civil and Oil & Gas Pipeline businesses in India. The company has received an order from Chennai Metro Rail Limited (CMRL) for the construction of elevated viaduct along with 11 stations. It has received a civil infra works order from a defence entity. KEC International has also secured an order from Indian Oil Corp for the laying of oil and gas pipelines.

Vodafone Idea Q2 Results: Net loss narrows to Rs 7,132 crore

Vodafone Idea (Vi) reported a consolidated net loss of Rs 7,132.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 7,319 crore in the previous quarter. Its revenue from operations rose 3% QoQ to Rs 9,406.4 crore during the same period. Vi’s operating profit rose 4.2% QoQ to Rs 3,862.9 crore. The average revenue per user (ARPU) stood at Rs 109 in Q2, an increase of 4.8% QoQ.

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Grasim Industries Q2 Results: Net profit jumps 180% YoY to Rs 979 crore

Grasim Industries Ltd reported a 180% YoY jump in net profit to Rs 979.1 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 67% YoY to Rs 4,933 crore during the same period. The company’s operating profit increased 87% YoY to Rs 1,504 crore. Grasim’s chemical business posted a 44.5% YoY growth in total sales to Rs 1,627 crore in Q2. 

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Ramkrishna Forgings partners with ePropelled to manufacture eDTS motor technology

Ramkrishna Forgings has signed a Memorandum of Understanding with ePropelled (USA), a technology company that offers leading-edge electric propulsion systems. The two companies will develop eAxle products based on ePropelled’s patented Dynamic Torque Switching™ (eDTS) technology. The solution increases power efficiency by at least 15%, allowing manufacturers to reduce the size and cost of their battery packs.

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Coal India Q2 Results: Net profit falls marginally to Rs 2,933 crore

Coal India Ltd reported a 0.6% YoY decline in consolidated net profit to Rs 2,933 crore for the quarter ended September (Q2 FY22). Net profit fell 7.5% compared to the previous quarter. Its revenue from operations rose 10% YoY to Rs 23,291 crore during the same period. The raw coal production improved to 125.83 million tonnes (MT) in Q2 FY22, compared to 114.98 MT in Q2 FY21.

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Airtel Payments Bank to double business correspondent network to 1 million a year

According to a report from Economic Times, Airtel Payments Bank plans to double its countrywide business correspondents (BCs) network to 1 million in the next 12 months. It also aims to drive monetisation through a combination of transactions and interest-based income, besides boosting revenues from cash management services in the business-to-business (B2B) space. APB is looking to gain the necessary reach to cater to the remittances market and the Aadhar-enabled payment services business to serve millions of potential customers.

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Hindalco Q2 Results: Net profit jumps 783% YoY to Rs 3,417 crore

Hindalco Industries Ltd reported a 783% YoY jump in consolidated net profit to Rs 3,417 crore for the quarter ended September (Q2 FY22). Net profit increased 23% compared to the previous quarter. Its revenue from operations rose 52.6% YoY to Rs 47,665 crore during the same period. EBITDA stood at Rs 8,048 crore in Q2, a growth of 56% YoY (or 19% QoQ). Hindalco said its Q2 performance was largely driven by a strategic product mix, higher volumes, and stability in operations.

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SJVN signs pact with Solarworld to develop 75 MW solar power project in UP

SJVN Limited has signed an agreement with Noida-based Solarworld Energy Solutions to develop a 75 megawatt (MW) solar power project at Parasan Solar Park in Uttar Pradesh. The total cost of the project is Rs 313.59 crore. The project will generate 168.34 million units (MU) of energy annually with a capacity utilisation factor (CUF) of 25.06%.

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Motherson Sumi Q2 Results: Net profit falls 36% YoY to Rs 217 crore

Motherson Sumi Systems Ltd (MSSL) reported a 35.8% YoY decline in net profit to Rs 216.96 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 14,076.39 crore during the same period. Total expenses fell by 3% YoY to Rs 14,001.29 crore in the second quarter.

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SBI Q2 Net Profit Rises 67% – Top Indian Market News

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SBI Q2 Results: Net profit rises 67% YoY to Rs 7,626 crore

State Bank of India (SBI) reported a 67% YoY increase in net profit to Rs 7,626.5 crore for the quarter ended September (Q2 FY22). Net profit increased 17% compared to the previous quarter. Its net interest income (NII) rose 10.6% YoY to Rs 31,184 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 4.90% in Q2 FY22, compared to 5.32% in Q1 FY22. Provisions against bad loans stood at Rs 2,699 crore in Q2, down 52% YoY.

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India’s services PMI grows at the fastest pace in over a decade in October

India’s services sector activity expanded at the strongest pace in ten-and-a-half years in October. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 58.4 in October, compared to 55.2 in September. Companies indicated that a notable pick-up in new business led to the fastest expansion in output in over a decade, and as a result, more jobs were created. However, business confidence remained subdued due to growing inflationary concerns. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. 

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Infosys collaborates with Shell to Market Shell Inventory Optimizer Solution

Tech-giant Infosys has announced a collaboration with Shell Global Solutions International B.V. (Shell) as the commercialization partner of the “Shell Inventory Optimizer” solution targeted towards energy companies. The “Shell Inventory Optimizer” uses Artificial Intelligence to optimize warehouse inventory levels based on historical consumption. This will allow energy companies to improve demand planning, reduce time and labour, and bring down cost of operation.

Read more here. 

Zee Ent. To Announce Q2 Results on Nov 27 Amidst Shareholder Turmoil

Zee Entertainment has announced November 27, 2021, as the date for a board meeting to announce quarterly results (Q2). This comes after the company had cancelled its results meet on October 27, 2021, citing a lack of quorum. ZEEL’s single-largest shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC who hold 17.88% stake in the company jointly have been pressing for an extraordinary general meeting(EGM) for the removal of its Managing Director Punit Goenka, besides opposing Zee’s proposed merger deal with Pictures Network India (SPNI). Two of Zee’s independent board members Manish Chokhani and Ashok Kurien have already resigned amidst certain allegations. The two major shareholders and Zee have locked horns with Invesco and OFI Global approaching the Mumbai Bench of the National Company Law Tribunal (NCLT) whereas Zee has approached the Bombay High Court leveling allegations against each other resulting in an ugly public spat. 

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Vodafone Idea: Co Partners With Nokia India For 5G Trials

Vodafone-Idea(VI) and Nokia have announced their partnership to test 5G using ‘E-Bands’ in areas where fiber is challenging to deploy. The two claimed a speed of 9.85 Gbps while testing the 5G networkings. “We are delighted to partner with Vi in trials to deliver 5G services by connecting small cells & macrocells with fiber-like speed through E-Band, in areas where fiber is challenging to deploy”, said Nokia in a tweet. 

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Hindalco Industries to acquire Polycab’s 100% stake in Ryker

Hindalco, the Aditya Birla Group’s flagship metal company has announced the acquisition of a 100% stake in Ryker Base Pvt. Ltd., a wholly-owned subsidiary of Polycab Industries for an enterprise value of Rs 323 crore. Ryker owns a 225,000-ton plant to manufacture cast and rolled copper wire rods. On the other hand, Hindalco owns the world’s largest single-location custom copper smelters at Dahej in Gujarat, with a capacity of 345,000 tons.

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Adani Power Get NCLT Nod To Acquire Essar’s 1,200 MW Mahajan Project 

Adani Power got approval from the National Company Law Tribunal to acquire Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The Principal Bench of NCLT at New Delhi approved Adani Power’s resolution plan to acquire EPMPL (Essar Power M P Ltd) which is currently undergoing bankruptcy proceedings.

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ABFRL Q2 Results: Consolidated Revenue Doubles!

Aditya Birla Fashion and Retail Limited (ABFRL) reported a net profit of Rs 5 crore this quarter against a net loss of Rs 188 crore last year in the same quarter. The consolidated revenue doubled YoY to Rs. 2054 crore from Rs 1028 crore in the same period. The company’s overall business recovered to 90% of pre-COVID levels where the Branded Business recovered to over ~95% of normalized level and Pantaloons to ~73% of pre-COVID levels. Additionally, the E-commerce business grew by 74% over last year. The company added 160+ stores across businesses during the quarter.


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Eicher Motors Q2 Results: Profit After Tax Grows 9%

Eicher Motors reported a net profit of Rs 373 crore, growing at 9% YoY and 44% QoQ. The consolidated revenue of the company stood at Rs 2,250 crore, up 5.4% from the same quarter of the previous financial year. Royal Enfield sold 123,515 motorcycles during the quarter, a decline of 17.2% from 149,120 motorcycles sold over the same period in FY 2020-21. Royal Enfield ended the quarter with the best ever performance in international markets for the second successive quarter with total exports at 17,922 units, more than 132% increase over 7,714 in the same period last year. VE Commercial Vehicles, a joint venture between Volvo and Eicher reported a profit of Rs 9 crore against a loss of Rs 3.85 crore in the same quarter last financial year. 

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