Tag: HPCL

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Reliance Jio Rolls Out 5G Services in 20 Cities – Top Indian Market Updates

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

Reliance Jio rolls out 5G services in 20 more cities

Reliance Jio has expanded its 5G services to 20 more cities across 11 states and Union Territories. With the launch, Jio 5G services are now available in 277 cities. The new cities where Jio today launched its 5G services include Sivasagar, Bhagalpur, Mormugao, Diu, Gandhidham, Bokaro Steel City, Hazaribag, Raichur, Satna, Chandrapur, Faizabad, Firozabad, Muzaffarnagar.

Read more here.

NTPC Green Energy to raise up to Rs 9,000 crore term loan

NTPC’s subsidiary NTPC Green Energy Ltd (NGEL) has invited bids for rupee-denominated term loan of up to Rs 9,000 crore. NGEL intends to raise fresh debt and repay outstanding liability of Rs 8,200 crore towards NTPC by March 31, 2023, along with applicable interest costs. Funds to the tune of Rs 800 crore would be required for additional debt liability and balance capex payments of projects which are yet to achieve full commercial operations.

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Lumax Auto Technologies signs pact to acquire majority stake in IAC International Automotive India

Lumax Auto Technologies signed an agreement to acquire a majority stake in IAC International Automotive India from the International Automotive Components (IAC) Group at an equity valuation of Rs 587 crore. As part of this deal, 75% of the stake will be bought through an acquisition vehicle at Rs 440 crore, which will be paid in cash funded by debt and internal accruals. 

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HPCL switching from dollar to dirham & rouble to pay for Russian oil to avoid price cap issues

Hindustan Petroleum Corp Ltd (HPCL) is increasingly switching from dollar to dirham and rouble to pay for Russian oil to avoid trouble arising from the price cap imposed by the G-7 countries. HPCL is shifting to the currencies of the UAE and Russia following foreign banks’ refusal to process payments in dollars.

Read more here.

EV sales rise 28% in Q4 in India, mostly electric two-wheelers: Report

The sale of electric vehicles rose 28.86% quarter-on-quarter (QoQ) in Q4 2022 (October-December), according to the latest report of JMK research. The report claimed that a total of 3,57,248 EVs were sold in the quarter, the majority of which were electric two-wheelers. Nine electric two-wheeler models, six electric three-wheeler models, and five electric cars were launched in Q4

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HPCL’s Rajasthan Refinery Project to be fully functional by 2024

Union Petroleum Minister Hardeep Puri said the HPCL Rajasthan Refinery Ltd (HRRL) project will be ready by January 2024 and fully functional by 2024. The project cost was Rs 43,000 crore in 2018 and now, it has gone up to Rs 72,000 due to cost escalation. The minister also said this refinery would bring down India’s import bill by Rs 26,000 crore.

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NSE in preliminary discussions with market participants for extending trading hours

The National Stock Exchange (NSE) is in preliminary discussions with market participants regarding extending trading hours for equity derivative contracts. Exchanges are of the view that the current trading hours are pushing volumes offshore. The discussions are centered around extending trading hours for equity derivative contracts, which could potentially allow investors to react to global events faster.

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Cyient partners with Thingtrax to enable manufacturers cut costs

Cyient Ltd. has entered into a partnership with Thingtrax to improve efficiency and cut costs for manufacturers. With the help of artificial intelligence-led data, the Cyient-Thingtrax partnership will enable manufacturers globally to improve their performance throughout the entire range of manufacturing operations.

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Adani staff manipulated information, removed warnings on website: Wikipedia

Nearly a month after Hindenburg Research posted serious allegations against billionaire Gautam Adani, Wikipedia editors now said employees of the Adani Group have “almost certainly” manipulated Wikipedia entries with non-neutral PR versions. Short-seller Nate Anderson (founder of the Hindenburg Research) said the new article shows how Adani systematically manipulated its Wikipedia entries using sock puppet accounts and undisclosed paid editors.

Read more here.

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Vi’s Net Loss Widens to ₹7,596 crore in Q2 – Top Indian Market Updates

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

Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore

Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.

Read more here.

Gati to buy out Japanese partner in JV in FY23

Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal. 

Read more here.

HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore

Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.

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Godrej Properties acquires 50-acre land parcel near Mumbai

Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.

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SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore

SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.

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Bharti Airtel deploys 5G at Bengaluru Airport

Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.

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Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore

Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.

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IIFL Finance aims to triple co-lending to over ₹13,000 crore

IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.

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Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore

Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.

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Alembic Pharma gets USFDA approval for generic injection

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.

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HPCL Q2 Results: Net loss at ₹2,475 crore

Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.

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Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore

Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.

Read more here.

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Indonesia To Lift Palm Oil Export Ban – Top Indian Market News

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Indonesia to lift palm oil exports ban from May 23

Following improvements in the local cooking oil supply situation, Indonesia will relax its prohibition on palm oil exports from May 23, said President Joko Widodo. The restriction on palm oil exports was implemented three weeks ago in an effort to boost domestic cooking oil supplies. The ban had a negative impact on several importing countries, causing an increase in cooking oil prices as well as supply globally.

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Dr. Reddy’s Labs Q4 Results: Net profit falls 76% YoY to Rs 88 crore

Dr. Reddy’s Laboratories Ltd reported a 75.85% YoY decline in consolidated net profit to Rs 87.5 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 14.98% YoY to Rs 5,436.8 crore during the same period. The decline in net profit was largely driven by an impairment of non-current assets worth Rs 751.5 crore. The pharma company’s domestic business posted a 15% YoY growth in revenue to Rs 968.9 crore.

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HPCL Q4 results: Net profit at Rs 1,795 crore

In Q4 FY22, Hindustan Petroleum Corporation Ltd (HPCL) declared a net profit of Rs 1,795 crore as against Rs 3,017.96 crore in the same quarter last fiscal (Q4 FY21) and Rs 868.86 crore in the previous quarter of this fiscal (Q3 FY22). HPCL’s total income climbed to Rs 1,06,886.35 crore in Q4 FY21 from Rs 85,748.12 crore the previous quarter.

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Bosch Q4 Results: Net profit slips 27% to Rs 350.5 crore

Bosch Ltd reported a 27.28% drop in overall net profit in the fourth quarter ended March 2022 to Rs 350.5 crore. The company reported a consolidated net profit of Rs 482 crore during the same time last year. Total expenses in the fourth quarter stood at Rs 2,972.2 crore, up from Rs 2,693 crore a year ago. In FY22, the company’s consolidated income from operations was Rs 11,781.6 crore, up from Rs 9,716.2 crore in FY21.


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Ashok Leyland Q4 Results: Net Profit Up 273% YoY to Rs 901 crore

Ashok Leyland Ltd’s net profit increased by 273.8% YoY to Rs 901 crore in the quarter ended March 31, 2022. In the same quarter of FY21, it made a net profit of Rs 241 crore. The company’s revenue was up by 25% YoY to Rs 8,744 crore, up from Rs 7,000 crore the previous year. Total Revenue for the full year FY22 stood at Rs 21,688 crore as against Rs 15,301 in FY21. In Q4 FY22, Ashok Leyland’s truck market share increased to 30.6%, up from 28.9% in Q4 FY21.

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Edtech firm Vedantu lays off 400+ employees

Edtech startup Vedandu has decided to layoff 424 employees from the company, confirmed CEO- Founder Vamsi Krishna in a blog post. “Today I am writing about one of the toughest decisions we had to take in the past many years. It is days like these that are heartbreaking and I hope to never see them again.  There is no easy way to say this – out of 5900 Vedans, 424 of our fellow teammates i.e ~7% of our company, will be parting with us.” said Vamsi in a blog post. 

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Paradeep Phosphates IPO: Issue subscribed 1.75 times

The Rs 1,501 crore Pradeep Phosphates initial public offering (IPO) was oversubscribed 1.75 times on the closing day, with investors bidding for 47.02 crore shares out of a total of 26.86 crore units. Retail portion was subscribed 1.37 times while non-institutional investors’ (NII) portion was subscribed 82%. Qualified institutional buyers have subscribed 3.01 times. India’s second largest manufacturer of non-urea fertilisers and di-ammonium phosphates (DAP) in the private sector.

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Dhanlaxmi Bank net profit jumps 4x to Rs 23 crore

Dhanlaxmi Bank’s net profit jumped fourfold to Rs 23.42 crore in the quarter ending March 2022. In the previous financial year, the bank had a net profit of Rs 5.28 crore. Total income increased to Rs 302.58 crore in the fourth quarter FY22, up from Rs 233.43 crore in the same quarter last year. The Bank’s interest income increased by 10.4% to Rs 234.91 crore in the fourth quarter of FY22, up from Rs 212.77 crore the previous quarter. Gross NPA and Net NPA declined by 2.91% and 1.91%. Gross NPA stood at 6.32% and Net NPA at 2.85%.

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India’s Top Upstream & Downstream Oil Companies: An Analysis

The oil and gas industry is one of the eight core industries in India. It has a powerful influence on all vital sections of our economy. Based on their operations and position in the supply chain for crude oil and its products, oil companies can be mainly divided into two: Upstream & Downstream. From exploration and production of oil to refinement and distribution, these companies play a crucial role in India’s economic growth.

In this article, learn about the major upstream and downstream oil companies of India.

What are Upstream Oil Companies?

The upstream segment is responsible for finding and producing crude oil and natural gas. This includes searching for potential oil fields, drilling exploratory wells, and examining whether they have the potential to deliver a sizable amount of oil. The companies involved in this segment also recover crude oil and natural gas to the surface. Such entities are also known as Exploration and Production (E&P) companies. They are heavily dependent on research and development (R&D) activities. The members of E&P companies include geologists, scientists, engineers, and seismic experts.

Modern oil exploration relies on geological surveys conducted using electronic equipment and artificial intelligence (AI). Mechanical drilling and fracking equipment has become more advanced and efficient over the past few years.

Oil & Natural Gas Corporation (ONGC)

Oil and Natural Gas Corporation (ONGC) Ltd is the largest producer of crude oil and natural gas in India. Its operations are primarily centered around the extraction of oil. The company accounts for ~71% of India’s total crude oil production. 

ONGC operates nearly 105 oil drilling rigs and 74 workover (portable) rigs. It owns more than 11,000 km of oil pipelines across India. Downstream oil companies such as Indian Oil Corp. (IOCL), BPCL, and HPCL use the crude extracted by ONGC as their raw material.

The Government of India (GoI) holds a majority stake (60.4%) in the company. ONGC comes under the administrative control of the Ministry of Petroleum & Natural Gas. You can learn more about the energy giant here.

Oil India Limited (OIL)

State-owned Oil India Ltd explores, develops, and produces crude oil and natural gas in India and internationally. The company operates 1,157 kilometers of cross-country crude oil pipelines. It also owns 13 drilling rigs, 14 work-over rigs, and 10 crude oil pumping stations in Assam, West Bengal, and Bihar.

OIL has participating interests in New Exploration Licensing Policy (NELP) blocks in Mahanadi Offshore, Mumbai Deepwater, and Krishna Godavari Deepwater. It is also involved in various offshore projects in Libya, the United States, Nigeria, Sudan, Venezuela, etc.

Reliance Industries Ltd

Reliance Petroleum, a subsidiary of RIL, is one of the major private players in the Indian upstream oil market. It operates two prominent oil rigs in the Bay of Bengal— Dhirubhai Deepwater (DD) KG-1 and DD KG-2. Reliance Industries also owns the largest refinery in the world— the Jamnagar oil refinery. It has the capacity to produce 1.97 lakh cubic meters of crude oil every day!

Larsen & Toubro Ltd

The leading engineering and construction company works on several projects that deal with the extraction of oil and its processing. L&T also offers critical equipment and systems for oil & gas projects. The company’s hydrocarbon business caters to the entire hydrocarbon value chain, including oil & gas processing, petroleum refining, chemicals & petrochemicals.

BP Plc

BP Plc is a British multinational oil and gas company headquartered in London. In 2020, the company formed an Indian joint venture (JV) with Reliance Industries Ltd. Operating under the “Jio-bp” brand, the JV aims to become a leading player in India’s fuel and mobility markets.

What are Downstream Oil Companies?

Downstream oil companies are involved in the refining, manufacturing, and marketing of petroleum products. This segment consists of oil refineries, petrochemical plants, and fuel distributors/retailers. They offer products such as petrol, diesel, natural gas, jet fuel, synthetic rubber, plastics, pesticides, pharmaceutical ingredients, and much more. Thus, downstream oil companies oversee the critical final steps of refining and converting crude oil into final products, which are then sold to end-consumers.

Indian Oil Corporation Ltd (IOCL)

IOCL is engaged in the refining, transportation, research & development, and marketing of petroleum products in India. Its products include petrol, diesel, lubricants, greases, aviation fuel, industrial fuels, and marine oils. The state-owned company operates 11 refineries across India, ~15,000 km of crude oil & gas pipelines, and 7 foreign subsidiaries. IOCL holds a 32% market share in the downstream oil industry.

Hindustan Petroleum Corporation Ltd (HPCL)

HPCL, a subsidiary of ONGC Ltd, refines and markets petroleum products in India and across the globe. The company offers petrol, diesel, kerosene, liquefied petroleum gas (LPG), naphtha lubricants, greases, and aviation turbine fuel. It also markets and exports bitumen, jet and marine fuel, marine lubes. 

As of March 2021, HPCL’s operating network consisted of 18,634 retail outlets, 6,192 LPG distributors, 46 aviation service facilities, and 41 oil & gas terminals. The company owns two refineries in Mumbai and Visakhapatnam. HPCL has secured a market share of 25% in the downstream oil sector.

Bharat Petroleum Corporation Ltd (BPCL)

BPCL refines crude oil and markets petroleum products in India. It has a network of ~15,402 fuel stations that sell petrol, diesel, automotive liquefied petroleum gas (LPG), and compressed natural gas. The company also offers automotive engine oils, gear oils, greases, and jet fuel to airlines. BPCL operates oil refineries in Mumbai, Bina (Madhya Pradesh), Numaligarh, and Kochi. They operate 2,241 km of multi-product pipelines. 

BPCL has a ~24% market share in India’s downstream oil sector.

The Way Ahead

Global crude oil prices have touched the roof amidst Russia’s invasion of Ukraine. There is a notable surge in demand, and the supply chains have broken. The oil market will face its biggest supply crisis in decades until the Organization of Petroleum Exporting Countries (OPEC) boosts production. A further increase in oil prices can push prices of essential commodities to higher levels.

Meanwhile, OPEC has projected that India’s demand for oil will double from current levels to ~11 million barrels per day by 2045. Due to the increasing demand for petroleum products, the Indian government has introduced various policies and subsidies to support upstream and downstream oil companies. It has even allowed 100% foreign direct investment (FDI) in upstream and private sector refining projects.

However, most oil companies mentioned above are now making a slow transition to renewable energy options. Crude oil, hydrocarbon, natural gas, and other fossil fuels are limited in nature. Such resources have been depleting rapidly in recent years. In the future, there will be a time when oil becomes scarce. India has pledged to decrease the carbon emission concentration in its GDP by 33%-35% by 2030 from the levels of 2005. The government also aims to double the country’s consumption of renewable energy to 20% by 2025.

Large oil companies are investing heavily in green energy projects and electric charging infrastructure to help India achieve these ambitious targets. Let us look forward to seeing how they execute their strategic plans.

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India’s GDP Grows 5.4% in Q3 – Top Indian Market News

India’s GDP grows 5.4% in Q3

India’s gross domestic product (GDP) grew by 5.4% in the December quarter (Q3 FY22), lower than 8.4% growth in the previous quarter (Q2 FY22). The agricultural sector grew at 2.6% in Q3 FY22, compared to 3.7% in Q2. The mining sector grew 8.8% in the October-December quarter of FY22, compared to 14.2% growth in the last quarter. India’s construction sector witnessed a -2.8% growth in Q3, compared to 8.2% in Q2. 

According to the latest estimates from the Ministry of Statistics and Programme Implementation, the economy is likely to grow at 8.9% in FY 2021-22. There are rising risks from higher prices of crude oil and commodities after Russia’s invasion of Ukraine.

Read more here.

Biocon Biologics acquires Viatris’ biosimilar business for $3.34 billion 

Biocon Biologics Ltd (BBL) has entered into a definitive agreement with its partner Viatris Inc to acquire its biosimilar business for $3.34 billion. The deal will enable BBL to secure a robust commercial engine in the developed markets of the US and Europe. Viatris would receive cash of $2 billion upon closing the deal and up to $335 million as additional payments in 2024. BBL will also issue Compulsorily Convertible Preference Shares (CCPS) worth $1 billion to Viatris. BBL is a subsidiary of Biocon Ltd.

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Mahindra Logistics acquires Hyderabad-based Whizzard

Mahindra Logistics Ltd (MLL) has acquired a majority stake in Hyderabad-based last-mile delivery services provider Whizzard. This acquisition will complement MLL’s existing last-mile delivery business and its electric vehicle (EV)-based delivery services. Whizzard offers seamless handling of 60-million packages per year across diverse segments.

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Zen Technologies secures export order worth Rs 13.5 crore

Zen Technologies Ltd has secured an export contract worth Rs 13.50 crores for the supply of training equipment. The company’s total order book currently stands at Rs 428.56 crore. Hyderabad-based Zen Tech designs, develops, and manufactures state-of-the-art training simulators. It also offers drones and anti-drone solutions.

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Piramal Enterprises to raise up to Rs 500 crore via NCDs

The Administrative Committee of Piramal Enterprises Ltd’s board has approved a proposal to raise up to Rs 500 crore by issuing non-convertible debentures (NCDs) on a private placement basis. It has approved the issue of NCDs of up to Rs 100 crore, along with an option to retain an oversubscription of up to Rs 400 crore (greenshoe option). The NCDs will have a tenure of 30 months with a coupon rate of 8% per annum.

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IndiGo, SpiceJet to operates special flights to evacuate Indians stranded in Ukraine

SpiceJet Ltd and IndiGo will operate special flights from Budapest (Hungary) and Bucharest (Romania) on Monday and Tuesday to evacuate Indians stranded in Ukraine due to Russia’s military offensive. Around 14,000 Indians, mainly college students, are currently stranded in Ukraine. Tata Group-owned Air India has evacuated a total of 1,156 Indian nationals in five evacuation flights till now.

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HPCL, SECI to work together in electric mobility, alternative fuels

Hindustan Petroleum Corp Ltd (HPCL) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) for collaboration in the field of renewable energy, electric mobility, and alternative fuels. The two entities will also develop environmental, social, and governance (ESG) projects. The partnership is in line with the Indian government’s vision of a carbon-neutral economy by 2070.

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DLF expects Rs 700 crore sales revenue from housing project in Chennai

DLF Limited has launched a new housing project in Chennai and expects a sales revenue of Rs 700 crore over the next 18 months. The realty company will invest ~Rs 100 crore to develop infrastructure at the 85-acre housing project (termed ‘Parc Estate’). DLF will develop 1,500 plots, having a 2.15 million sq. ft. area. It will sell 750 plots in the first phase in a price bracket of Rs 20 lakh to Rs 1.25 crore.

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Sterlite Tech partners with Analog Devices to develop O-RAN 5G radio units

Sterlite Technologies Ltd (STL) has partnered with US-based Analog Devices, Inc. to develop 5G Open RAN radio units (O-RU). The two firms will build 5G-ready solutions to expand the diversity of commercially available O-RUs. STL and Analog Devices will work closely with other ecosystem providers, including leading power amplifier (PA) vendors.

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IndiaMART acquires stake in Realbooks

IndiaMART InterMESH Ltd has announced an investment of ~Rs 13.75 crore in Adansa Solutions Private Ltd. As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases. Its final shareholding in Adansa will stand at 26.01%. Adansa Solutions, under the brand name Realbooks, offers a cloud-based accounting software product for businesses.

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Tanla Platforms partners with Truecaller

Tanla Platforms Ltd has entered into an exclusive partnership with Truecaller, a global platform that verifies contacts and blocks unwanted communication. Under the partnership, Truecaller Business Messaging will be exclusively powered by Tanla’s Wisely CPaaS platform. Wisely is one of the world’s largest blockchain-enabled communications platform as a service (CPaaS) platforms. The collaboration aims to help businesses reach out to more than 300 million active users of Truecaller with relevant messages.

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Jindal Steel to Start Building Botswana Coal Mine in 2022 – Top Indian Market News

JSPL to start building Botswana coal mine in 2022

Jindal Steel & Power Ltd (JSPL) will start building a coal mine in Botswana’s southeastern Mmamabula coalfields in 2022, aiming to supply the export market and a planned coal power plant. The company aims for the mine to produce 4.5 million tonnes of coal per year. Despite the global shift from coal, Botswana is pushing ahead with developing its estimated 212 billion tonnes of coal resources. 

Read more here.

Centre repeals 3 farm bills; PM urges protesting farmers to go home

Prime Minister Narendra Modi on Friday announced that the Centre will repeal the three controversial agricultural laws. He has requested protesting farmers to go back to their fields and homes. “The three laws were in the benefit of farmers but we could not convince a section of them despite our best efforts”, said the PM. To learn more about the three contentious bills and why farmers protested against it, click here.

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ABB Power Products rebrands itself as Hitachi Energy India

ABB Power Products & Systems India announced its rebranding as Hitachi Energy India Ltd. The company has reaffirmed its commitment to accelerating the clean energy transition in India. Hitachi Energy (the parent company) views India among its top five markets for expansion. It aims to expand its portfolio to meet the needs of the evolving energy landscape in India and grow faster than the market.

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Biocon and Viatris to distribute Insulin Glargine through Walgreens in the US

Biocon Biologics and Viatris Inc. announced that they would distribute Insulin Glargine injection through the Walgreens Prescription Savings Club in the US. Members will get savings of up to 80% on the cash price of comparable long-acting insulins purchased at Walgreens. The biosimilar product was co-developed by Biocon Biologics (a subsidiary of Biocon Ltd) and US-based Viatris.

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Zydus Cadila gets USFDA approval for Nelarabine injection

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Nelarabine Injection in the US with 180 days of marketing exclusivity. The drug is used to treat certain types of leukemia and lymphoma by slowing or stopping the growth of cancer cells. According to IQVIA data, Nelarabine Injection had annual sales of $34.5 million (~Rs 256 crore) in the US for the year ended September 2021.

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HPCL partners with IDFC First Bank for fuel payments using FASTags

Hindustan Petroleum Corporation Ltd (HPCL) and IDFC First Bank have signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags. IDFC First Bank’s FASTags can now be bought, recharged, and replaced by passenger vehicle users at select HPCL retail outlets.

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Zomato may invest $500 million in Grofers to push its quick commerce play: Report

According to a report from Economic Times, Zomato Ltd is in talks to invest as much as $500 million (~Rs 3,715 crore) in grocery delivery service Grofers. The proposed deal marks an extension of its food delivery battle with Swiggy into the ultrafast commerce segment, which is attracting heavy investor capital globally.

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Railway Board issues order to resume serving cooked meals to passengers on trains

The Railway Board has issued an order to resume serving cooked meals to passengers on trains, a service that was discontinued due to Covid-19 restrictions. The board has asked the Indian Railway Catering and Tourism Corporation (IRCTC) to resume the service. Ready-to-eat meals will also continue to be served to passengers.

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ONGC to invest up to Rs 6,000 crore in its petrochemical arm: Report

According to a report from Livemint, Oil and Natural Gas Corporation Ltd (ONGC) is planning to invest Rs 6,000 crore in its petrochemicals unit ONGC Petro additions Ltd (OPaL). The company already holds compulsorily convertible debentures (CCDs) in OPaL that would be converted into equity worth Rs 6,000 crore. Currently, ONGC holds a 49.4% stake in OPaL, GAIL has a 49.2% stake, and Gujarat State Petroleum Corp Ltd holds 1.4%.

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

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

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

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

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

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

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

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

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

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

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

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CCI approves HDFC Life’s acquisition of Exide Life

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

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

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

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

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

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

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

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

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

Read more here.

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SBI Reports 55% YoY Rise in Net Profit in Q1 – Top Indian Market News

State Bank of India Q1 Results: Net profit rises 55% YoY to Rs 6,504 crore

State Bank of India (SBI) reported a 55.2% YoY increase in net profit to Rs 6,504 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 3.7% YoY to Rs 27,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 5.32% in Q1, compared to 4.98% in the previous quarter. Domestic retail loans rose 16.5% YoY to Rs 8.72 lakh crore. SBI’s total provisions fell 19.6% YoY to Rs 10,051.96 crore in the April-June quarter of FY22.

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India’s services PMI contracts for third consecutive month

India’s services sector remained in the contraction territory for the third straight month in July. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 45.4 in July, compared to 41.2 in June. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. Business activity, new orders, and employment declined further due to local restrictions amidst the Covid-19 pandemic.

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Titan Q1 Results: Net profit at Rs 61 crore

Titan Company Ltd reported a standalone net profit of Rs 61 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 270 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 74.5% YoY to Rs 3,249 crore during the same period. Titan’s jewellery segment posted a 108% YoY increase in total sales to Rs 2,467 crore in Q1.

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Britannia invests Rs 130 crore in capacity building; to hike prices

Britannia Industries Ltd announced that it has invested Rs 130 crore for capacity building in the current financial year (FY22). The FMCG company is also eyeing a greater revenue share from its e-commerce segment, which currently contributes ~2%. Britannia will gradually undertake a price hike of its products to offset the sharp rise in input costs amidst uncertainty arising out of the Covid-19 pandemic.

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Adani Green Energy Q1 Results: Net profit jumps nearly 10-fold to Rs 219 crore

Adani Green Energy Ltd (AGEL) reported an 895.45% YoY jump in consolidated net profit to Rs 219 crore for the quarter ended June (Q1 FY22). Net profit has jumped 110.5% when compared to the previous quarter. Its total income rose 22.8% YoY to Rs 1,079 crore during the same period. Total sale of electricity grew 48% YoY to Rs 2,054 million units in Q1.

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CCI approves Carlyle’s proposed Rs 4,000 crore investment in PNB Housing Finance

The Competition Commission of India (CCI) has approved the Carlyle Group-led Rs 4,000 crore equity investment transaction in PNB Housing Finance Ltd. However, the Securities and Appellate Tribunal (SAT) is yet to pronounce its verdict on the valuation controversy that the deal ran into recently. In May 2021, Carlyle Group and other investors had announced plans to infuse Rs 4,000 crore into PNB Housing through preferential allotment of equity shares and warrants. Market regulator SEBI had intervened and asked PNB Housing Finance not to go ahead with the deal until it undertakes valuation of its shares by an independent agency.

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Godrej Consumer Products Q1 Results: Net profit rises 5% YoY to Rs 413 crore

Godrej Consumer Products Ltd (GCPL) reported a 4.75% YoY increase in consolidated net profit to Rs 413.66 crore for the quarter ended June (Q1 FY22). Net profit has increased by 13.07% when compared to the previous quarter. Its revenue from operations rose 23.87% YoY to Rs 2,862.83 crore during the same period. GCPL’s expenses grew 21.53% YoY to S 2,372.65 crore in Q1. 

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Kumar Mangalam Birla steps down as Non-Executive Chairman of Vodafone Idea

Vodafone Idea (Vi) has informed that Kumar Mangalam Birla will step down as Non-Executive Director and Non-Executive Chairman of the board with effect from close of business hours on August 4, 2021. The company’s board has elected telecom veteran Himanshu Kapania as a Non-Executive Chairman. Last month, Birla had written a letter to the Indian Government in which he offered to hand over his stake in Vi to any public sector entity, considering the “looming crisis” that the telecom operator is going through. Shares of Vi fell over 16% today.

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Bosch Q1 Results: Net profit at Rs 260 crore

Bosch Limited reported a consolidated net profit of Rs 260.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 121.5 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 483 crore in the previous quarter (Q4 FY21). The automotive component manufacturer’s total revenue jumped 146.4% YoY to Rs 2,443 crore in Q1 FY22. EBITDA stood at Rs 306.6 crore in Q1, compared to an operating loss of Rs 102.5 crore in the year-ago period.

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HPCL Q1 Results: Net profit falls 11% YoY to Rs 2,004 crore

Hindustan Petroleum Corp Ltd (HPCL) reported an 11.04% YoY decline in consolidated net profit to Rs 2,003.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 34.5% when compared to the previous quarter. Its total income rose 66.9% YoY to Rs 77,980.15 crore during the same period.

Apollo Tyres Q1 Results: Net profit at Rs 128 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 127.78 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 134.58 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 55.5% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 59% YoY to Rs 4,584 crore in Q1 FY21.

Read more here.

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Zomato IPO Subscribed 38.25 Times on Final Day of Bidding – Top Indian Market News

Zomato IPO subscribed 38.25 times on final day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 38.25 times on the final day of bidding. The IPO has received bids for 2,751.25 crore equity shares against the issue size of 71.92 crore shares. Retail investors have subscribed 7.45 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 32.96 times and 51.79 times, respectively, against their reserved portions. 

HDFC AMC Q1 Results: Net profit rises 14% YoY to Rs 345.45 crore

HDFC Asset Management Company (AMC) reported a 14% YoY increase in net profit to Rs 345.45 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.3% when compared to the previous quarter. Its revenue from operations rose 23% YoY (or 0.8% QoQ) to Rs 507.1 crore during the same period. The company’s Quarterly Assets Under Management (QAAUM) rose 17% YoY to Rs 4,16,900 crore in Q1. HDFC AMC holds a 12.6% market share in QAAUM of the mutual fund industry.

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One97 Communications files DRHP for Rs 16,600 crore IPO

One97 Communications Ltd, the parent company of digital payments platform Paytm, has filed a Draft Red Herring Prospectus (DRHP) for its IPO with market regulator SEBI. The company aims to raise Rs 16,600 crore via the public issue. The fresh issue of shares (of the face value of Rs 1 each) aggregates to Rs 8,300 crore. Existing shareholders of the firm will offload their stake worth Rs 8,300 crore. The company will use the IPO proceeds to strengthen its payment ecosystem and drive new business initiatives and acquisitions.

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JMC Projects secures orders worth Rs 1,624 crore

JMC Projects (India) Ltd has secured new orders worth Rs 1,624 crore. The work includes a road project in Ghana, South Africa, and a few building projects in India. The company’s order inflow has reached Rs 4,659 crore in the current financial year (FY22). JMC Projects (India) is a subsidiary of Kalpataru Power Transmission Ltd. It is one of the leading civil construction and infrastructure EPC companies in India.

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Tata Power partners with HPCL to set up EV charging stations at petrol pumps

Tata Power has signed an agreement with Hindustan Petroleum Corp Ltd (HPCL) to provide electric vehicle (EV) charging stations at HPCL’s petrol pumps across the country. Under the agreement, Tata Power will provide EV charging infrastructure at HPCL’s retail outlets for EV users. People can use the Tata Power EZ Charge mobile application to utilise charging facilities. Tata Power Company owns a network of over 500 public chargers in petrol pumps, metro stations, and shopping malls in 100+ cities in India.

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L&T Finance Q1 Results: Net profit rises 20% YoY to Rs 178 crore

L&T Finance Holdings Ltd reported a 20% YoY increase in net profit to Rs 178 crore for the quarter ended June (Q1 FY22). Net profit has declined by 33% when compared to the previous quarter. Its revenue from operations declined by 7% YoY (or 8% QoQ) to Rs 3,140 crore during the same period. L&T Financial Services is a leading non-banking finance company (NBFC) that offers farm equipment finance, two-wheeler finance, micro-loans, etc. It is a subsidiary of Larsen & Toubro (L&T).

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NIIT partners with Sushant University to offer future-ready programs

NIIT Limited has partnered with Gurugram-based Sushant University to offer their upcoming batches of Bachelors in Computer Application (BCA) and BTech in Computer Science specialization in Banking & Finance and StackRoute – Full Stack Product engineering, respectively. The partnership aims to deliver future-ready programs to improve learning and employability for fresh graduates. The programs would empower them with the necessary skills to become ‘Day-1 job-ready industry professionals’.

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DEN Networks Q1 Results: Net profit falls 29% YoY to Rs 41 crore

DEN Networks Ltd reported a 29% YoY decline in net profit to Rs 41.15 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations increased by 0.6% YoY to Rs 302 crore during the same period. DEN Networks distributes and promotes television channels through an extensive digital cable distribution network in India. It also offers over-the-top (OTT) entertainment and broadband services.

Tatva Chintan Pharma Chem IPO subscribed 4.5 times on first day

The Rs 500 crore IPO of Tatva Chintan Pharma Chem was subscribed 4.51 times on the first day of bidding. The IPO has received bids for 1.46 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 8.24 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 1.14 times and 50%, respectively, against their reserved portions.

To learn more about the IPO, click here.  

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Bosch Reports 5x Jump in Net Profit in Q4 – Top Indian Market News

Bosch Q4 Results: Net profit jumps 5 times to Rs 482 crore

Bosch Limited reported a 495% YoY increase in net profit to Rs 482 crore for the quarter ended March (Q4). Net profit has jumped 161% when compared to the previous quarter. Its revenue from operations rose 44% YoY to Rs 3,217 crore during the same period. Bosch’s Mobility Solutions Business segment grew 56.6% in Q4. For the financial year ended March 31, 2021 (FY21), net profit has declined by 26% YoY to Rs 480.7 crore. The company’s board has recommended a dividend of Rs 115 per share.  

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Cipla launches RT-PCR test kit ‘ViraGen’ in India

Cipla Limited announced the launch of ‘ViraGen’— a polymerase chain reaction (RT-PCR) test for Covid-19 in India. The pharma company will launch the test kit in partnership with Ubio Biotechnology Systems. It will commence the supply of ViraGen from May 25, 2021. This will be Cipla’s third offering in the Covid-19 testing segment. 

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HPCL Q4 Results: Net profit rises 28% QoQ to Rs 3,018 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 28% quarter-on-quarter (or 400% YoY) increase in net profit to Rs 3017.96 crore for the quarter ended March (Q4). Its total income stood at Rs 85,748 crore in Q4 FY21, compared with Rs 71,978.62 crore in Q4 FY20. The average gross revenue margin (GRM) stood at $3.86 per barrel, compared to $1.02 per barrel in Q4 FY20. HPCL’s board has recommended a final dividend of Rs 22.75 per share.

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Unichem Labs receives approval from USFDA for generic antidepressant drug

Unichem Laboratories has received approval for its Abbreviated New Drug Application (ANDA) for Amitriptyline HCl tablets from the US Food & Drug Administration (USFDA). The drug is indicated for the relief of symptoms of depression. It is a generic version of ‘ELAVIL’ of AstraZeneca Pharmaceuticals. The product will be manufactured and distributed from Unichem Lab’s plant in Goa.

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Havells India Q4 Results: Net profit rises 71% YoY to Rs 304 crore

Havells India reported a 70.95% YoY increase in consolidated net profit to Rs 303.83 crore for the quarter ended March (Q4). Net profit has declined by 13.2% when compared to the previous quarter. Its revenue from operations rose 50.59% YoY to Rs 3,339.21 crore during the same period. The company’s cable segment grew 50.85% YoY to Rs 1,029.20 crore, while revenue from the lighting and fixtures segment rose 43% YoY to Rs 336.74 crore. The board of Havells India has announced a total dividend of Rs 6.50 per share.

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SEBI fines Biocon, senior executive for violating market norms

The Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs 14 lakh on Biocon Limited and one of its senior executives for violation of market norms. Narendra Chirmule, senior Vice President of Research & Development (R&D), had traded in the company’s shares when the trading window was closed. Biocon failed to notify the particulars of the executives’ trading details to SEBI within the stipulated time. The company is facing a penalty of Rs 9 lakh for violating various provisions of Prohibition of Insider Trading (PIT) norms.

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Relaxo Q4 Results: Net profit rises 97% YoY to Rs 102 crore

Relaxo Footwears Ltd reported a 97.23% YoY increase in net profit to Rs 102.17 crore for the quarter ended March (Q4). Net profit has increased by 13.4% when compared to the previous quarter. Its revenue from operations rose 38.3% YoY to Rs 747.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 28.86% YoY to Rs 291.56 crore. The company’s board has recommended a final dividend of Rs 2.5 per share.

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Steel Strips Wheels secures export orders of over 97,000 wheels for US and EU market

Steel Strips Wheels Ltd (SSWL) has received export orders of more than 97,000 wheels from the trailer and caravan markets of the US and European Union (EU). The orders will be executed by early July 2021 from its plants in Chennai and Dappar (Punjab). SSWL stated that orders of similar capacity are anticipated in the coming months from a similar customer base as businesses continue to recover rapidly.

Zee Entertainment Q4 Results: Net profit at Rs 276 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net profit of Rs 275.8 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 766.70 crore in the corresponding period last year (Q4 FY20). ZEEL’s revenue from operations grew 0.8% YoY to Rs 1,965.8 crore in Q4 FY21. The company’s advertising revenue grew 8.09% YoY to Rs 1,122.96 crore during the same period. ZEEL’s board has recommended a dividend of Rs 2.5 per share.

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Happiest Minds signs pact with CyberArk to deliver access management services 

Happiest Minds Technologies has signed a managed service provider (MSP) agreement with CyberArk to deliver end-to-end next-gen privileged access management services to customers across verticals and geographies. CyberArk is an information security company based in the United States. Through this deal, Happiest Minds aims to address the evolving need for credentials management in multi-cloud environments and robotic process automation through end-to-end consulting, implementation, and maintenance services.

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Torrent Power Q4 Results: Net profit at Rs 398 crore

Torrent Power reported a consolidated net profit of Rs 398.10 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 273.94 in the corresponding quarter a year ago (Q4 FY20). Its total income rose 3.17% YoY to Rs 3116.54 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 10% YoY to Rs 1,295.87 crore. Torrent Power’s board has announced a final dividend of Rs 5.5 per share and an interim dividend of Rs 5.5 per share.

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JK Lakshmi Cement Q4 Results: Net profit rises 54% YoY to Rs 153 crore

JK Lakshmi Cement reported a 54.22% YoY (or 34% QoQ) rise in net profit to Rs 152.91 crore for the quarter ended March (Q4). Its total income rose 25% YoY to Rs 1,451.72 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.5% YoY to Rs 405.38 crore. The company’s board has recomennded a final dividend of Rs 3.75 per share.

Mindtree to acquire L&T’s NxT Digital for Rs 198 cr

Mindtree Ltd has signed an agreement to acquire NxT Digital Business from Larsen and Toubro (L&T) Group for Rs 198 crore. This acquisition would enable Mindtree to capture opportunities in the Internet of Things (IoT) and Industry 4.0 market by leveraging the capabilities of NxT Digital Business to cross-sell and create holistic solutions for new prospects as well as for existing clients. The transaction is expected to be completed by July 31, 2021.

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

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

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

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

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

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HCL Tech signs five-year digital workplace agreement with Airbus

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

Read more here.

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

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

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BHEL commissions 800 MW thermal power plant in Madhya Pradesh

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

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Bajaj Electricals Q3 Results: Net profit at Rs 98 crore

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

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Dilip Buildcon declared lowest bidder for IRCON International tender

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

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

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

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GMR Group to collaborate with Airbus SE on aviation services

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

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

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

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

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

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

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

Read more here.

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SBI Reports 52% YoY Jump in Net Profit – Top Indian Market News

SBI Q2 Results: Net Profit jumps 52% YoY to Rs 4,574 crore

State Bank of India (SBI) reported a 51.9% year-on-year (YoY) increase in net profit to Rs 4,574.16 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 14.56% YoY to Rs 28,181.5 crore, during the same period. The share price of SBI Bank saw a rise of 0.37%, and closed at Rs 205.50 on the NSE today.

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Gland Pharma IPO to open on November 9

Hyderabad-based Gland Pharma is set to launch its initial public offering (IPO) on November 9, in order to raise Rs 6,450 crore. The price band for the offer has been fixed at Rs 1,490-1500 per share. The issue will be closed on 11 November. This would be the largest IPO by a pharmaceutical firm in India.

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Adani Enterprises Q2 Results: Profit stands at Rs 436 crore

Adani Enterprises Ltd. reported a consolidated profit of Rs 435.73 crore, for the quarter ended September (Q2). The company had posted a consolidated loss of Rs 10.06 crore in Q2 of the previous financial year. The total income of the company stood at Rs 9,312.14 crore in Q2 FY21.

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India’s services PMI expands for first time in eight months

India’s service sector activity showed great signs of recovery, as the PMI increased from 49.8 in September to 54.1 in October. Economic activity has continued to pick up, as lockdown restrictions have been removed. The IHS Markit Services Purchasing Managers’ Index (Services PMI) is a month-on-month calculation of service activity in a country. A PMI value of more than 50 shows expansion, and a value of less than 50 shows contraction.

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HPCL announces Q2 results and share buyback plan

Hindustan Petroleum Corporation Ltd. (HPCL) reported a 135% year-on-year (YoY) increase in net profit to Rs 2,477.4 crore, for the quarter ended September (Q2). The company’s revenue has declined by 14.9% YoY to Rs 51,773.3 crore, during the same period. HPCL has announced a share buyback worth Rs 2,500 crore, at Rs 250 per share.

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Jyothy Labs Q2 Results: Net Profit rises 12% YoY to Rs 60 crore

Jyothy Labs Ltd. reported a 12.2% year-on-year (YoY) increase in consolidated net profit to Rs 60.13 crore, for the quarter ended September (Q2). The FMCG firm’s total income has increased by 5.86% YoY to Rs 508.51 crore, during the same period. The company has stated that its general trade and e-commerce platform had seen a strong demand in Q2. 

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SBI Cards partners with Paytm to launch co-branded credit cards

SBI Cards has partnered with financial services platform Paytm to launch Paytm-SBI Card co-branded credit cards. The company has stated that these credit cards are equipped with smart features and will provide superior rewards and benefits. The credit card company had earlier reported very weak Q2 earnings, due to the effects of the Covid-19 pandemic.

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United Spirits Q2 Results: Net Profit falls 21% YoY to Rs 125 crore

United Spirits Ltd. reported a 20.62% year-on-year (YoY) decline in consolidated net profit to Rs 125.1 crore, for the quarter ended September (Q2). The company had posted a net profit of Rs 157.6 crore in Q2 of the previous financial year. The revenue from operations has increased by 3.97% YoY to Rs 7,590.4 crore in Q2 FY21.

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SRF Q2 Results: Profit up by 57% YoY to Rs 316 crore

SRF Limited reported a 57% year-on-year (YoY) increase in consolidated net profit to Rs 316 crore, for the quarter ended September (Q2). The manufacturing firm’s consolidated revenue increased by 21% YoY to Rs 2,101 crore, during the same period. The company has stated that its Packaging Films and Special Chemicals businesses have posted a robust performance in Q2.

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Pidilite Q2 Results: Net Profit rises 9.5% YoY to Rs 356 crore

Pidilite Industries Ltd. reported a 9.5% year-on-year (YoY) increase in net profit to Rs 356 crore, for the quarter ended September (Q2). The company’s revenue has increased by 4% YoY to Rs 1,880 crore, during the same period. Pidilite has also confirmed that it has completed the acquisition of Huntsman Group’s Indian subsidiary for Rs 2,100 crore.