Tag: ICICI Bank

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Fortis Healthcare Shares Crash 20% on SC Order – Top Indian Market Updates

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

Fortis Healthcare shares crash 20% as SC extends stay on IHH open offer

Shares of Fortis Healthcare Ltd crashed nearly 20% after the Supreme Court (SC) ordered the continuation of a stay on IHH Healthcare’s open offer for the company. The court ordered a forensic audit of the share sale in Fortis Healthcare in 2018 and refused to allow the open offer from Malaysia’s IHH Healthcare Bhd to proceed. Malvinder Singh and Shivinder Singh, former promoters of the company, were handed six-month jail terms by the SC for their involvement in the deal.

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SpiceJet announces 20% salary hike for pilots: Report

As per an ET Now report, SpiceJet Ltd has announced a 20% salary hike for pilots from October. The airline reportedly received the first tranche of the Emergency Credit Line Guarantee Scheme (ECLGS) payment of around ₹125 crore last week. SpiceJet recently decided to place certain pilots on leave without pay (LWP) for three months as a temporary measure to rationalise costs.

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Lux Industries draws up plans to increase turnover of flagship brand

Innerwear major Lux Industries Ltd has drawn up plans to increase the turnover of its flagship brand Lux Cozi from ₹700 crore to ₹1,000 crore by FY25. The company wants to expand its presence in regional markets and engage regional celebrities as brand ambassadors. It has roped in Sourav Ganguly, the former captain of the Indian cricket team, as the brand ambassador for Lux Cozi.

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Axis Bank starts digital lending through Account Aggregator Framework

Axis Bank has started lending through its Account Aggregator (AA) Framework. The bank offers personal loans, credit cards, auto loans, and small business loans through the account aggregator journey. It provides instant loans that are completely digital and paperless for existing and new customers.

RBI asks Mahindra Finance to stop loan recovery via external agents

The Reserve Bank of India (RBI) ordered Mahindra & Mahindra Financial Services to immediately stop loan recoveries via external agents till further orders. This comes days after the company’s loan recovery agents allegedly crushed a 27-year-old woman in Jharkhand to death under a tractor. The agent was forcibly taking the vehicle away for non-payment of dues.

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IndusInd Bank, RBL Bank increase MCLR

IndusInd Bank and RBL Bank have increased their marginal cost of funds-based lending rates (MCLR) effective Thursday. Their decision comes days ahead of RBI’s Monetary Policy Committee’s (MPC) meeting on the repo rate. IndusInd Bank hiked its MCLR by 5-10 basis points, while RBL Bank hiked the rate by 20 bps. [MCLR is the lowest interest rate that a financial institution can offer on loans.] 

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ICICI Bank launches ‘Festive Bonanza’ for its customers

ICICI Bank announced the launch of ‘Festive Bonanza’, a wide variety of offers for all its customers at the onset of the festive season. Customers can enjoy discounts and cashback up to ₹25,000, which can be availed using the bank’s credit cards, debit cards, internet banking, consumer finance, and cardless EMI. The bank has collaborated with leading brands and e-commerce platforms across a wide range of products and services.

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Hero MotoCorp hikes prices of scooters, motorcycles

Hero MotoCorp Ltd has increased the prices of its scooters and motorcycles across India with immediate effect. The price hike will be as high as ₹1,000. The company has taken the step to partially offset the impact of cost inflation. The current product portfolio of Hero MotoCorp includes 14 motorcycles ranging from ₹55,450 to ₹1,36,378 and four scooters ranging from ₹66,250 to ₹77,078.

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Vi Defers Rs 8,837 crore AGR Dues Payment – Top Indian Market Updates

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

Vodafone Idea defers Rs 8,837 crore AGR dues payment

Vodafone Idea Ltd’s (VIL) board has decided to defer payment of additional adjusted gross revenues (AGR) of Rs 8,837 crore dues by four years. On June 15, the Department of Telecommunications (DoT) had raised AGR demand for additional two financial years beyond 2016-17, which were not covered under the Supreme Court order on the statutory dues. The DoT letter also offers VIL an option for equity conversion of interest dues upfront for these AGR-related dues.

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Tata Steel plans low CO2 steel-making technologies in UK, Netherlands

Tata Steel Ltd is working on a plan for transition to low carbon technologies for making steel in the UK and the Netherlands. Both Tata Steel UK and Tata Steel Netherlands have been developing detailed plans for transition to low CO2 technologies. It is in line with the parent company’s goal to produce CO2-neutral steel by 2050 in Europe. 

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L&T’s hydrocarbon business secures large contracts

L&T Energy Hydrocarbon (LTEH) has secured three offshore packages (in the range of Rs 2,500-5,00) crore) from an overseas client. The orders consist of the engineering, construction, and installation of various new offshore jacket structures. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

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Macrotech Developers enters Bengaluru; eyes Rs 1,200 crore sales from first housing project

Macrotech Developers Ltd announced its entry into the Bengaluru market. It has formed a joint venture to develop its first housing project with an estimated sales booking value of Rs 1,200 crore. The realty firm will acquire 100% equity of G Corp Homes to make its foray into the Bengaluru market. Macrotech Developers markets its properties under the Lodha brand.

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Indian media, entertainment industry likely to touch Rs 4.30 lakh cr by 2026: PwC report

As per a report by global consultancy firm PwC, the Indian media and entertainment industry is expected to grow at a CAGR of 8.8% and reach Rs 4.30 lakh crore by 2026. The growth would be paced by digital media and advertising through deeper penetration of the internet and mobile devices in the domestic market. TV advertising is expected to reach over Rs 43,000 crore by 2026.

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Glenmark Pharma says USFDA issues Form 483 observations for co’s formulation facility

The US Food & Drug Administration (USFDA) has issued Form 483 with six observations to Glenmark Pharma’s formulation manufacturing facility in Baddi, Himachal Pradesh. The facility caters to the production of oral solids, liquid orals, and external preparations like lotions, creams, and respiratory segment products. The pharma company said it is committed to undertaking all necessary steps to address USFDA’s observations at the earliest. 

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RBI taps HDFC, ICICI, SBI for blockchain-based trade financing project

The Reserve Bank of India (RBI) is engaging with HDFC Bank, ICICI Bank, State Bank of India, and dozen other top lenders to run a blockchain-based pilot project centered on trade financing. The project could help prevent loan frauds by fugitive borrowers (like Nirav Modi and Mehul Choksi) that found loopholes in the system to siphon off thousands of crores. Belgium-based SettleMint, US-based Corda Technologies, and IBM would provide technical support for the project.

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Aditya Birla Sun Life AMC partners BentallGreenOak

Aditya Birla Sun Life AMC Ltd and BentallGreenOak are planning to raise ~Rs 1,000 crore through their joint platform for structured credit investments in India. The funds will be used to invest in real estate projects in key property markets, including metro cities. BentallGreenOak is a global real estate investment management advisor based in Toronto, Canada.

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Tata Nexon EV catches fire in Mumbai; automaker initiates probe

Tata Motors Ltd is investigating the root cause behind a Nexon EV electric car that caught fire in the suburb of Vasai, Mumbai. This was the first instance of an EV made by the automaker going up in flames. Tata Motors has sold more than 30,000 EVs so far, which have cumulatively covered over 100 million kilometres across India over the past four years.

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SpiceJet Calls for 10-15% Hike in Airfares – Top Indian Market Updates

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

SpiceJet to hike airfares up to 15% on fuel, forex costs

SpiceJet Ltd has called for a 10-15% hike in airfares to counter high fuel costs and a weak rupee. Operating costs have increased to unsustainable levels. The airline’s MD Ajay Singh noted aviation turbine fuel prices have increased by more than 120% since June 2021. He has called on the federal and state governments to cut taxes.

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IRB Infra’s arm achieves financial closure for Rs 6,538 crore expressway project in UP

Meerut Budaun Expressway Pvt. Ltd, a wholly-owned subsidiary of IRB Infrastructure Developers Ltd, has achieved financial closure for a Rs 6,538-crore project in Uttar Pradesh. The Ganga Expressway Group-1 is a greenfield project that will be carried out under Build, Operate, and Transfer (BOT) mode. A consortium of lenders extended financial support of Rs 2,659 crore for the six-lane greenfield expressway corridor of 129.7 km.

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Glenmark Pharma launches asthma drug

Glenmark Pharmaceuticals Ltd has launched a novel fixed-dose combination (FDC) drug for patients with uncontrolled asthma. It will be sold under the brand name Indamet. The drug will help manage uncontrolled asthma by improving lung function, better symptom control, and reducing exacerbations.

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Dredging Corp secures maintenance contract worth Rs 250 crore

Dredging Corporation of India Ltd has secured a yearly maintenance contract worth Rs 250 crore for Mumbai and the JNPA navigation channel. It includes dredging of ~20 million cubic meters. The company is aiming at its highest ever turnover of Rs 1,000 crore for the financial year 2022-23 after the extension of the contract by Jawaharlal Nehru Port Trust (JNPT).

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TCS partners with QIAGEN for digital transformation

Netherlands-based QIAGEN has selected Tata Consultancy Services (TCS) as the strategic partner for its cloud transformation journey.  QIAGEN is a leading global provider of sample-to-insights solutions in life sciences and molecular diagnostics. TCS will assist QIAGEN with its deep contextual knowledge of the company’s infrastructure, applications, and systems.

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Lockdown in China may have an adverse impact on sales outlook in FY23: Tata Motors

In its Annual Report, Tata Motors Ltd stated that the recent lockdowns in parts of China due to the spread of Covid-19 are adversely impacting its supply chains. Suppliers are unable to produce or deliver products to them. The automaker also said it is witnessing a temporary decline in demand. They are anticipating a severe impact on its sales outlook in FY23.

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ICICI Bank hikes FD interest rates

ICICI Bank has raised its interest rates on fixed deposits (FD). The interest rates on amounts below Rs 2 crore have been increased effective from June 16, 2022. The bank now offers an interest rate between 2.75% to 5.75% for tenors from 7 days to 10 years. Term deposits with a maturity of 185 to less than one year now pay 4.60%. Those with a maturity of one year to two years will fetch 5.30% interest.

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5G network rollout likely in August: Telecom Secretary

Telecom secretary K Rajaraman said 5G rollout is expected to begin in August once the auctions are conducted in July. On Wednesday, the Union Cabinet cleared the 5G spectrum auctions after accepting the spectrum reserve prices recommended by the telecom regulator. Around 72 GHz of airwaves will be placed for auction to rollout 5G services in India. The auction will take place from July 26.

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Wipro partners with Eros Investments to scale AI & ML-based content localisation solution

Wipro Ltd has partnered with Eros Investments to evolve and scale an Artificial Intelligence (AI) and Machine Learning (ML)-based content localisation solution. The solution will automate the time-consuming process of subtitling and dubbing with near human-level accuracy. It will drive significant cost and time savings for global media organizations and direct-to-consumer over-the-top (OTT) streaming platforms.

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India’s Coal Output Rises 29% in April – Top Indian Market News

India’s coal output rises 29% in April

India’s coal output rose 29% YoY to 66.58 million tonnes (MT) in April. Dispatch of coal to power utilities grew 18.15% YoY to 61.81 MT last month. The Ministry of Coal has been observing a decline in the prices of imported coal since the end of October 2021. India is witnessing a power crisis as coal reserves in several states are running out amid high electricity demand. 

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Asian Paints Q4 Results: Net profit at Rs 850 crore

Asian Paints Ltd reported a consolidated net profit of Rs 850.42 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 852.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 20.6% YoY to Rs 7,889.94 crore in Q4 FY22. Asian Paints faced an exceptional loss of Rs 115.70 crore towards its Sri Lanka business and expected delay in receivable subsidy from the govt. The paint manufacturer’s board has declared a dividend of Rs 15.5 per share.

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Polycab India Q4 Results: Net profit rises 14% YoY to Rs 322 crore

Polycab India Ltd reported a 14.47% YoY increase in consolidated net profit to Rs 322.15 crore for the quarter ended March (Q4 FY22). Net profit rose 2.4% when compared to the previous quarter. Its revenue from operations rose 35% YoY to Rs 3,979 crore during the same period. Polycab India’s board has declared a dividend of Rs 14 per share.

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ICICI Bank partners with Santander for India-UK business ease

ICICI Bank has announced a strategic partnership with Santander UK to facilitate the banking requirements of corporates operating across India and the UK. The private sector bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions, and retail banking to the UK corporates operating in India. Santander UK will support Indian corporates and new-age businesses with their banking requirements in the UK.

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Ajanta Pharma Q4 Results: Net profit falls 5% YoY to Rs 151 crore

Ajanta Pharma Ltd reported a 5% YoY decline in consolidated net profit to Rs 151 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 870 crore during the same period. The pharma company’s board has approved the issue of bonus shares in the ratio 1:2. [One equity share (of the face value of Rs 2) will be issued for every 2 shares (of Rs 2 each) held in the firm.]

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Cipla signs pact with Genes2Me to launch Covid-19 RT-PCR test kit

Cipla Ltd has launched a Covid-19 RT-PCR testing kit in partnership with diagnostics firm Genes2Me. The pharma company will be responsible for the distribution of ‘RT Direct’ kits in India and has commenced supply of the same. The test protocol does not require any RNA extraction process and delivers results in just 45 minutes. 

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MRF Q4 Results: Net profit falls 50% YoY to Rs 165 crore

MRF Limited reported a 50.26% YoY increase in consolidated net profit to Rs 165.21 crore for the quarter ended March (Q4 FY22). Net profit rose 10.6% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 5,304.82 crore during the same period. The tyre manufacturer’s board has declared a final dividend of Rs 144 per share.

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Wipro renews IT transformation deal with Crédit Agricole

Wipro Ltd has extended its strategic agreement with Crédit Agricole CIB to fuel the next stage of growth. The IT major will help Crédit Agricole CIB to adopt cloud technologies and agile practices to achieve faster speed-to-market on new products and services. Crédit Agricole CIB is the corporate and investment banking arm of France-based Crédit Agricole Group.

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Vodafone Idea Q4 Results: Net loss at Rs 6,563 crore

Vodafone Idea reported a net loss of Rs 6,563.1 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 7,022.8 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 6.46% YoY to Rs 10,271.8 crore in Q4 FY22. The average revenue per user (ARPU) stood at Rs 124 in Q4 FY22, compared to Rs 115 in the previous quarter (Q3 FY22). Vi’s average daily revenue growth stood at 7.7% QoQ.

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Mutual Funds see Rs 72,847 crore net inflows in April: AMFI

The Indian mutual fund industry witnessed net inflows of Rs 72,847 crore in April 2022, compared to a net withdrawal of Rs 69,883 crore in March. Equity mutual funds attracted net inflows of Rs 15,890 crore in April, compared to Rs 28,463 crore in March. The monthly Systematic Investment Plan (SIP) contribution dropped to Rs 11,863 crore in April compared to Rs 12,328 crore in March. The data was released by the Association of Mutual Funds in India (AMFI).

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IT Dept Raids Hero MotoCorp Premises – Top Indian Market News

IT Dept raids Hero MotoCorp premises

The Income Tax Department has conducted raids at multiple premises of Hero Motorcorp Ltd as part of a tax evasion investigation against the company. Offices and residential premises of the promoters (including chairman & CEO of the group Pawan Munjal) in Gurugram, Haryana, Delhi, and other locations were covered under the raid. Hero Motocorp said the visit by the IT department was part of a “routine inquiry”. The company also said it was cooperating with the tax authorities.

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Adani Power partners with IHI, Kowa to study ammonia co-firing for power generation

Adani Power Ltd (APL) has partnered with IHI Corporation and Kowa Company to study ammonia co-firing for environmentally sustainable power generation. APL aims to lead India’s initiatives in achieving the targets of greenhouse gas reduction. They will evaluate the possibility and potential of ammonia as a fuel in thermal power generation. It will utilize green hydrogen-derived ammonia in APL’s thermal power plant.

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HDFC sanctions over Rs 2 lakh crore retail home loans in FY22

HDFC Ltd has approved retail home loans worth more than Rs 2 lakh crore between April 1, 2021, and March 21, 2022, the highest ever in a financial year. The thrust on digital initiatives and inherent demand for housing loans helped HDFC get back to normalcy faster than expected. HDFC has over 2.7 lakhs home loan customers who have availed benefits under the Credit Linked Subsidy Scheme (CLSS), the highest in the industry. 

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MTAR Tech secures order worth Rs 135 crore in civil nuclear power sector

MTAR Technologies Ltd was declared the lowest (L-1) bidder for tenders floated by the Nuclear Power Corporation of India Ltd (NPCIL). The order includes a fuel transfer system for GHAVP Nuclear Power Station-1 & 2 reactors. It also consists of establishing a fuel machine bridge and carriage assemblies for GHAVP-3 & 4 nuclear reactors. The total value of the order is ~Rs 135 crore.

CAMS unveils policyholder traceability solution

CAMSRep, a wholly-owned subsidiary of Computer Age Management Solutions Ltd, has unveiled a policyholder traceability solution for the insurance market. It assists insurance companies in addressing their unclaimed amounts. CAMSRep’s PolicyGenie Deep Contact Tracing is a cost-effective solution that leverages emerging digital technologies to track untraceable policyholders and update their contact information.

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Kotak Mahindra Bank, Axis Bank acquire nearly 8% stake each in ONDC

Kotak Mahindra Bank and Axis Bank have each acquired a 7.84% stake in Open Network Digital Commerce (ONDC) for Rs 10 crore. ONDC was incorporated on December 30, 2021. It is engaged in the creation of an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

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ICICI Bank partners with Chennai Super Kings for co-branded credit card

ICICI Bank has launched a co-branded credit card in partnership with Chennai Super Kings (CSK). The ‘CSK ICICI Bank Credit Card’ has been designed with a range of privileges, including a joining and renewal gift of 2,000 reward points. The points can be redeemed against CSK merchandise. It also offers complimentary tickets to CSK matches during the upcoming IPL season. Credit card users will also get an opportunity to attend a practice session.

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Adani Wilmar plans acquisition of brands, processing units in mass rice segment

Adani Wilmar Ltd is scouting for the acquisition of regional rice brands and processing units in several states of India. The company will launch branded daily-use rice under the ‘Fortune’ brand beginning with West Bengal from early April. Staple accounts for 11% of Adani Wilmar’s revenues. AWL had recently allocated Rs 450-500 crore for acquisitions.

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TCS ready to roll out 5G network anyday: Report

Officials of Tata Consultancy Services (TCS) said the company is ready to put in place a 5G network for any telecom operator across the globe on any given day. The IT major is working on country-specific gear for the network in India. TCS is a system integrator, and it builds networks of telecom operators based on their requirements. The Indian government is planning to conduct 5G auctions before June so that 5G networks can be launched by August 15.

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Bajaj Electricals extends licence pact with Morphy Richards by 15 years

Bajaj Electricals Ltd (BEL) has extended its trademark agreement with UK-based Morphy Richards for using the ‘Morphy Richards’ trademark for an additional 15 years, with effect from July 1, 2022. The extension of the exclusive license will enable BEL to continue using the trademark for producing, marketing, and selling home appliances in India and neighboring nations.

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ICICI Bank’s Net Profit Rises 25% YoY in Q3 – Top Indian Market News

ICICI Bank Q3 Results: Net profit rises 25% YoY to Rs 6,194 crore

ICICI Bank reported a 25% YoY increase in net profit to Rs 6,194 crore for the quarter ended December (Q3 FY22). Net profit rose 12% when compared to the previous quarter. Its net interest income (NII) rose 23% YoY (or 5% QoQ) to Rs 12,236 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 4.13% in Q3 FY22, compared to 4.82% in Q2 FY22. Provisions fell 27% YoY to Rs 2,007 crore in Q3 FY22. ICICI Bank’s total deposits rose 16% YoY to Rs 10.17 lakh crore.

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Yes Bank Q3 Results: Net profit rises 77% YoY to Rs 266 crore

Yes Bank reported a 77% YoY increase in net profit to Rs 266 crore for the quarter ended December (Q3 FY22). Net profit rose 18% when compared to the previous quarter. Its net interest income (NII) fell 31% YoY to Rs 1,764 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 14.7% in Q3 FY22, compared to 15% in Q2 FY22. Provisions fell 82.1% YoY to Rs 375 crore in Q3 FY22. 

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Biocon Biologics set to reap biosimilar insulin glargine opportunity in US

Biocon Ltd is banking on the ramp-up of interchangeable biosimilar insulin glargine primarily from the US market. The product is expected to boost the revenue and profit growth in the next several quarters. Biocon’s marketing partner Viatris is working to ensure wide access to the product. Last year, Biocon and Vitaris jointly developed Semglee, the first interchangeable biosimilar product approved by the US Food & Drug Administration (USFDA).

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Vardhman Textiles Q3 Results: Net profit jumps 146% YoY to Rs 428 crore

Vardhman Textiles Ltd reported a 146.7% YoY jump in consolidated net profit to Rs 431.51 crore for the quarter ended December (Q3 FY22). Its total income rose 47.6% YoY to Rs 2,666.8 crore during the same period. The company’s total expenses increased by 32% YoY to Rs 2,097.62 crore in Q3 FY22. Vardhman Textiles’ board has approved a stock split in the ratio 5:1.

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Vakrangee Q3 Results: Net profit rises 74% YoY to Rs 29 crore

Vakrangee Ltd reported a 74.62% YoY increase in consolidated net profit to Rs 29.33 crore for the quarter ended December (Q3 FY22). Net profit rose 9.6% when compared to the previous quarter. Its total income jumped 126.9% YoY (or 1% QoQ) to Rs 209.2 crore during the same period. The company’s EBITDA stood at Rs 42.75 crore in Q3, up 487% YoY. Mumbai-based Vakrangee provides banking, insurance, e-governance, e-commerce, and logistics services.

ONGC Videsh enters development stage of Budiao discovery in Brazil

ONGC Videsh Ltd (OVL) has declared a 2019 gas discovery in a deepsea block in Brazil as commercially viable. It has now entered the development stage that will bring it to production. OVL had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin. Brazil’s Petrobras is the operator of the block with 75% Participating Interest (PI), while OVL has the remaining 25% stake. OVL is the overseas investment arm of state-owned Oil & Natural Gas Corporation (ONGC).

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Sangam (India) Q3 Results: Net profit jumps 488% YoY to Rs 43 crore

Sangam (India) Ltd reported a 488.69% YoY increase in consolidated net profit to Rs 43.74 crore for the quarter ended December (Q3 FY22). Net profit rose 46% when compared to the previous quarter. Its revenue from operations rose 47.6% YoY (or 2% QoQ) to Rs 649.8 crore during the same period. EBITDA stood at Rs 77 crore in Q3, up 85% YoY. Sangam (India) manufactures and sells PV (polyester viscose) dyed yarns in India.

Stock market players seek removal of LTCG tax in upcoming Budget

Stock market insiders are seeking the removal of Long Term Capital Gain (LTCG) tax in the upcoming Budget 2022. They question the logic behind levying LTCG tax when investors are already giving Security Transaction Tax (STT). Experts were of the opinion that transaction cost in India is too high, and LTCG and STT dampen the sentiments of the market.

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RIL, TA’ZIZ Forms JV for $2 billion Chemical Projects – Top Indian Market News

Reliance, TA’ZIZ forms joint venture for $2 billion chemical projects in Abu Dhabi

Reliance Industries Ltd (RIL) has formed a strategic joint venture (JV) with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth $2 billion in Ruwais. The joint venture, named TA’ZIZ EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC) production facility. The JV aims to export the materials to target markets in Southeast Asia and Africa and also sell them domestically.

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Nestle India gets approval for PLI scheme for processed fruits, vegetables

The Indian government has approved Nestle India’s proposal towards the Production Linked Incentive (PLI) scheme for processed fruits and vegetables. In June, the company had submitted its proposal for the Centre’s PLI scheme for the food processing sector under the eligible categories, i.e., ready to eat/ready to cook and processed fruits & vegetables. The Ministry of Food Processing Industries has approved 60 applications of investment proposals by packaged food companies. The list includes ITC, Hindustan Unilever, Britannia Industries, Tata Consumer Products, Amul, etc.

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Intellect Designs Arena secures order from SBI

Intellect Design Arena Ltd (IDAL) announced that the State Bank of India (SBI) has selected Intellect Wealth Qube – Digital Wealth Management suite for its digital wealth management transformation agenda. The wealth management business is SBI’s top priority. Its primary task is to offer the best products across categories from leading fund houses, giving their customers the flexibility to invest, transact and view their portfolio through digital channels.

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Dilip Buildcon secures order worth Rs 2,683 crore from Coal India subsidiary

Dilip Buildcon Ltd has emerged as the lowest (L-1) bidder in a tender floated by South Eastern Coalfields (SEC) for the new overburden (OB) removal contract mining work for Amadatrd OCP in Jamuna Kotma, Madhya Pradesh. The company is required to conduct an OB removal contract mining of 236.18 million bank cubic metres for a contract period of 1,795 days. The order is worth Rs 2,683.02 crore. SEC is a subsidiary of Coal India Ltd.

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ADF Foods’ subsidiary gets exclusive distribution rights of Patanjali products

ADF Foods UK, a wholly-owned subsidiary of AD Foods Ltd, has entered into an exclusive distribution agreement with Patanjali Ayurved. The agreement entails the distribution of Patanjali consumer goods in Western Europe and the United Kingdom. This development is in line with ADF Foods’ strategy to widen its product portfolio and offer a complimentary range to retailers, thus leading to better market penetration.

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SBI selects Aurionpro to provide solutions for Kanpur Metro Project

State Bank of India (SBI) has selected Aurionpro Solutions Ltd as the solution provider for the Kanpur Metro Project (KMP) to implement an Automatic Fare Collection (AFC) System. The scope of the project includes the implementation of the AFC System followed by maintenance and support for 10 years. The project is valued at ~Rs 140 crore.

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SpiceJet to deposit $5 million in 2 weeks or face liquidation: Madras HC

The Madras High Court (HC) has stayed its earlier order of winding up SpiceJet Ltd and appointment of an official liquidator to take over its assets, subject to the condition that the airline deposits $5 million (~Rs 37.70 crore) within two weeks. The airline had failed to make payment of over $24 million to a Swiss-based SR Technics for maintenance, repair, and overhauling of aircraft engines, modules, and components. 

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ICICI Bank offers instant overdraft facility to sellers registered on Flipkart

ICICI Bank has partnered with Flipkart to offer an instant and completely digital overdraft (OD) facility of up to Rs 25 lakh to individual sellers and businesses registered on the e-commerce platform. The bank leverages advanced data analytics to develop an industry-first scorecard that helps it evaluate the credit-worthiness of the sellers instantly. Sellers registered on Flipkart can apply for the digital OD facility instantly through Flipkart Seller Hub.

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Route Mobile launches instant payment solution

Route Mobile has announced the launch of Click2Pay, an instant payment solution designed to simplify communications commerce and deliver a seamless conversational experience. Click2Pay is a 360-degree communications commerce solution that will include all business communication channels, with a flexible option to integrate payment platforms of choice. The solution is live on the WhatsApp Business Platform.

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PNB to raise up to Rs 2,000 crore via AT1 bonds

Punjab National Bank (PNB) plans to raise up to Rs 2,000 crore via Additional Tier I (AT1) bonds. The base size of the offering is Rs 500 crore, with an option to retain oversubscription of Rs 1,500 crore (greenshoe option). There is increasing interest in the instruments of public sector banks as the NPA (bad loan) situation has become better, recoveries have improved and prospects of further stress look less.

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ICICI Bank Reports 30% YoY Rise in Net Profit in Q2 – Top Indian Market News

ICICI Bank Q2 Results: Net profit rises 30% YoY to Rs 5,511 crore

ICICI Bank reported a 30% YoY increase in net profit to Rs 5,511 crore for the quarter ended September (Q2 FY22). Net profit rose 19% compared to the previous quarter. Its net interest income (NII) rose 25% YoY to Rs 11,690 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.82% in Q2, compared to 5.15% in the previous quarter. Provisions declined by 9% YoY to Rs 2,714 crore in the July-Sept quarter of FY22. 

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Minda Industries to hike stake in Strongsun Renewables to 28.10%

Minda Industries Ltd said the Investment Committee of its Board of Directors has approved the second round of stake purchase in Strongsun Renewables Pvt Ltd. The committee approved the acquisition of 3.07 lakh equity shares (of the face value of Rs 10 each) at Rs 80 per share of Strongsun Renewables, aggregating to Rs 2.46 crore. After completion of the transaction, Minda Industries will hold a 28.10% stake in the special purpose vehicle (SPV).

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Tatva Chintan Pharma Q2 Results: Net profit jumps 811% YoY to Rs 32 crore

Tatva Chintan Pharma Chem reported an 811.5% YoY jump in consolidated net profit to Rs 32.41 crore for the quarter ended September (Q2 FY22). Net profit increased by 40% compared to the previous quarter. Its revenue from operations rose 105.8% YoY (or 16% QoQ) to Rs 123.6 crore during the same period. EBITDA stood at Rs 35.8 crore in Q2, up 477% YoY (or 39% QoQ). 

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Ami Organics Q2 Results: Net profit rises 14% YoY to Rs 17.5 crore

Ami Organics Ltd reported a 14.78% YoY increase in consolidated net profit to Rs 17.47 crore for the quarter ended September (Q2 FY22). Net profit increased by 27% compared to the previous quarter. Its revenue from operations rose 33.9% YoY (or 8% QoQ) to Rs 122.31 crore during the same period. EBITDA stood at Rs 27.3 crore in Q2, an increase of 27% YoY.  Ami Organics is one of the leading research and development (R&D)-driven manufacturers of specialty chemicals. 

Exxon looks to buy stake in ONGC’s Indian deep sea fields

Global oil major ExxonMobil Corp is looking at buying a stake in some of the local deepwater fields of Oil and Natural Gas Corporation (ONGC), said Oil Secretary Tarun Kapoor. India, the world’s third-largest importer and consumer of oil, imports ~85% of its oil needs from overseas. The government has been scouting for partnerships with global oil companies to quickly monetise its reserves. Exxon would either acquire a stake in the Indian fields or form a joint venture with ONGC to operate them.

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Orient Electric Q2 Results: Net profit rises 7% YoY to Rs 34 crore

Orient Electric reported a 7.25% YoY increase in net profit to Rs 34.77 crore for the quarter ended September (Q2 FY22). Net profit jumped 595% compared to the previous quarter. Its revenue from operations rose 37% YoY (or 41% QoQ) to Rs 594.38 crore during the same period. Revenue from its electrical consumer durables segment rose 49.33% YoY to Rs 454.5 crore. The company’s total expenses stood at Rs 549.17 crore in Q2, up 40.38% YoY.

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Whistle-blower alleges related party transactions by Asian Paints promoters

A whistle-blower has red-flagged related party transactions (RPTs) carried out by the promoters of Asian Paints Ltd (APL), which allegedly benefited them at the cost of the company’s shareholders. The whistle-blower informed market regulator SEBI that money to buy a company called Paladin Paints and Chemicals (PPC) went from APL. However, APL’s promoters Ashwin Dani and son Malav now control it in their personal capacity. SEBI has sought further details from the whistle-blower.

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MCX Q2 Results: Net profit falls 44% YoY to Rs 33 crore

Multi Commodity Exchange of India (MCX) reported a 44% YoY decline in consolidated net profit to Rs 44 crore for the quarter ended September (Q2 FY22). Net profit fell 18% compared to the previous quarter. Its revenue from operations declined by 30% YoY (or 5% QoQ) to Rs 82 crore during the same period. EBITDA stood at Rs 34 crore in Q2, a decline of 49% YoY.

Petrol, diesel prices hiked for fourth consecutive day

The prices of petrol and diesel soared to new record highs across the country after the rates were hiked for the fourth consecutive day on Saturday. State-run oil marketing companies (OMCs) have increased the fuel rates by 35 paise per litre each. Following the latest price revision, petrol is retailing at Rs 107.24 per litre in Delhi. The cost of diesel stands at Rs 95.97 per litre in the national capital.

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Real estate sector to touch $1 trillion by 2030: Niti Aayog

The real estate sector plays a multiplier effect in the development of the economy and is expected to reach a market size of $1 trillion by 2030, said Niti Aayog CEO Amitabh Kant. He further said that the sector will account for 18-20% of India’s gross domestic product (GDP). Kant noted that the real estate sector and its stakeholders also play a critical role in supporting the ‘housing for all’ initiative of the government. Real Estate Investment Trusts (REITs) are expected to create opportunities worth Rs 1.25 lakh crore in the coming years.

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ITC Reports 30% YoY Rise in Net Profit in Q1 – Top Indian Market News

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ITC Q1 Results: Net profit rises 30% YoY to Rs 3,343 crore

ITC Limited reported a 30.24% YoY increase in consolidated net profit to Rs 3,343.44 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 12.4% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 14,240 crore during the same period. Total revenue from its FMCG-cigarette business rose 34% YoY to Rs 5,802 crore in Q1.

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ICICI Bank Q1 Results: Net profit rises 78% YoY to Rs 4,616 crore

ICICI Bank Ltd reported a 78% YoY increase in standalone net profit to Rs 4,616 crore for the quarter ended June (Q1 FY22). Net profit has increased by 4.8% when compared to the previous quarter. The net interest income (NII) rose 18% YoY (or 5% QoQ) to Rs 10,936 crore during the same period. The gross non-performing assets (GNPA) ratio rose to 5.15% in Q1, compared to 4.96% in the previous quarter. The bank’s provisions fell 62.4% YoY to Rs 2,852 crore in Q1. Total deposits grew 16% YoY to Rs 9.26 lakh crore during the same period.

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IndusInd Bank to raise up to Rs 30,000 crore through debt, equity

IndusInd Bank has announced plans to raise up to Rs 30,000 crore through a mix of equity and debt to support its business growth. The private sector lender will raise funds through debt securities or equity instruments or convertible debt securities in any permitted mode, including Qualified Institutional Placement (QIP). The fundraising is subject to the approval of shareholders and regulatory authorities.

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Adani Enterprises forms JV with Hungary’s Organica

Adani Enterprises Ltd has formed a joint venture (JV) with Hungary-based Organica Technologies Pvt Co. Ltd for building a sewage treatment plant in Bhagalpur, Bihar. The company will hold a 74% stake in Bhagalpur Waste Water Ltd (the JV firm), and Organica will hold the remaining 26% stake. The plant and associated infrastructure will be built on a hybrid annuity model (HAM).

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JSW Steel completes acquisition of Welspun’s steel business

JSW Steel Ltd has completed the acquisition of the steel plate and pipe business of Welspun Corp by paying the final tranche (round) of Rs 86 crore. In April 2021, the company had announced the acquisition of Welspun’s steel business on a slump sale basis for Rs 848 crore. JSW Steel had paid Rs 225 crore in April and another Rs 498 crore in June as part consideration for the acquisition.

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Navkar Corp to invest Rs 300 crore to set up inland container depot 

The Board of Directors of Navkar Corporation Ltd has approved a proposal to set up an inland container depot and private freight terminal near Mundra or Pipavav (Gujarat). The cost of the project has been estimated at Rs 300 crore. The expansion project is expected to be completed by 2024. Navkar Corp is a leading container service operator in India.

Zen Technologies Q1 Results: Net loss at Rs 1.14 crore

Zen Technologies Ltd reported a consolidated net loss of Rs 1.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1.34 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 1.35 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 139.42% YoY to Rs 9.96 crore in Q1 FY22. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for defence and security forces worldwide.

Shakti Pumps Q1 Results: Net profit jumps 120% YoY to Rs 7.29 crore

Shakti Pumps (India) Ltd reported a 120% YoY jump in consolidated net profit to Rs 7.29 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 76% when compared to the previous quarter. Its revenue from operations rose 69.5% YoY to Rs 156.31 crore during the same period. 

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Jharkhand CM asks Coal India to pay outstanding dues worth Rs 56,000 crore 

Jharkhand Chief Minister Hemant Soren has asked Coal India Ltd (CIL) for immediate payment of Rs 56,000 crore outstanding dues in lieu of government land allotted to the company for mining. The minister also stated that CIL should start paying royalty on coal to the state on an ad valorem basis (based on estimated values). Soren has asked CIL to ensure extensive plantation work in the areas where mining takes place. 

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Zee Media Corp Q1 Results: Net loss at Rs 9.06 crore

Zee Media Corporation Ltd reported a consolidated net loss of Rs 9.06 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 12.26 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 10.5 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 28.79% YoY to Rs 170.18 crore in Q1 FY22. The company incurred a loss of Rs 17.11 crore for exceptional items and tax during the April-June quarter of FY22.

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ICICI Bank Reports 260% YoY Jump in Net Profit in Q4 – Top Indian Market News

ICICI Bank Q4 Results: Net profit rises 260% YoY to Rs 4,402 crore

ICICI Bank reported a 260% year-on-year (YoY) jump in net profit to Rs 4,402.6 crore for the quarter ended March (Q4). Net interest income (NII) rose 16.8% YoY to Rs 10,431 crore during the same period. The bank’s gross non-performing assets (NPA) ratio stood at 4.96% in Q4, as compared with 5.42% in Q3 FY21. Provisions during the quarter declined by 51.7% YoY to Rs 2,883.47 crore. ICICI Bank’s board has recommended a final dividend of Rs 2 per share.

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Govt waives customs duty on import of Covid-19 vaccines, oxygen for 3 months

The Central Government, on Saturday, decided to waive basic customs duty and health cess on import of oxygen and oxygen-related equipment for three months. Customs duty on import of Covid-19 vaccines will also be exempted for the same time period. The decision was taken during a high-level meeting chaired by PM Narendra Modi to review steps to boost oxygen availability in India. PM Modi stressed that all ministries and departments need to work in synergy to improve the availability of oxygen and medical supplies.

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Tata Steel approves conversion of 73,888 partly paid-up shares into fully paid-up shares

The Board of Directors of Tata Steel Limited has approved the conversion of 73,888 partly paid-up equity shares of face value of Rs 10 each (Rs 2.504 paid-up) into fully paid-up equity shares of face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money comprises the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share. To know more about partly paid-up shares, click here.

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ITC partners with Linde India to import cryogenic containers

ITC Limited has announced a partnership with Linde India to air-freight 24 cryogenic ISO containers of 20 tonnes each from Asian countries to help with the transportation of medical oxygen to hospitals. The FMCG firm will also airlift a large number of oxygen concentrators for distribution. ITC’s paperboards unit in Bhadrachalam (Telangana) has commenced the supply of oxygen to neighbouring areas. India has been witnessing a sharp increase in the demand for medical oxygen due to the surge in Covid-19 cases.

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TV ad volumes in January-March highest since 2018: BARC

According to data from the Broadcast Audience Research Council (BARC), television advertising volumes in January-March 2021 witnessed the highest growth since 2018. TV ad volumes on news channels grew by 25% during the same period. Ad volume growth in general entertainment channels (GECs) rose 21%, while those in movies increased by 23%. Advertising rates are back to pre-Covid levels for categories such as sports (due to IPL) and GECs. 

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Tata Consumer’s Rs 100-crore tea packaging unit in Odisha to start production soon

Tata Consumer Products Ltd announced that its Rs 100 crore tea packaging unit in Gopalpur Industrial Park in Odisha will commence commercial production soon. The unit has an annual production capacity of 60 million kilograms. It will be operated by Amalgamated Plantations, an associate company of Tata Consumer Products. The unit has been constructed over an area of 16 acres at the Tata Steel Special Economic Zone.

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Reliance Industries to offload 11.61% stake in Hathway Cable

Reliance Industries Ltd (RIL) will offload an 11.61% stake in Hathway Cable & Datacom Limited through an offer for sale (OFS) to comply with market regulator SEBI’s minimum public holding norms. Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings, who are the promoters of Hathway Cable & Datacom, will sell 20.54 crore shares (or 11.61% stake) at a floor price of Rs 21.50 per share. The OFS will open for non-retail investors on April 26 (Monday) and for retail investors on April 27. 

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Dhampur Sugar Mills Q4 Results: Net profit declines 12% YoY to Rs 91 crore

Dhampur Sugar Mills Limited reported a 12.16% YoY decline in net profit to Rs 91.44 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 66.92%. Total revenue from operations fell 1.32% YoY to Rs 1,078.29 crore during the same period. Net profit has increased by 5.86% YoY to Rs 229.19 crore for the financial year ended March 31, 2021 (FY21).

Rajratan Global Wire Q4 Results: Net profit rises 282% YoY to Rs 23.21 crore

Rajratan Global Wire reported a 282.37% YoY jump in consolidated net profit to Rs 23.21 crore for the quarter ended March (Q4). Its revenue from operations rose 47.33% YoY to Rs 183.65 crore during the same period. Net profit has increased by 60.81% YoY to Rs 53.13 crore for the financial year ended March 31, 2021 (FY21). The company has declared a final dividend of Rs 8 per share. Rajratan Global Wire is a leading manufacturer of high carbon steel wire in India. 

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Barbeque Nation IPO Subscribed 1.33 Times on Day 1 – Top Indian Market News

Barbeque Nation IPO subscribed 1.33 times on first day of bidding

The Rs 452.87-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.33 times on the first day of bidding. The IPO has received bids for 66.46 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 6.14 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Adani Green to acquire 75-MW solar projects from Sterling & Wilson

Adani Green Energy Ltd (AGEL) said it will acquire 75 megawatt (MW) operating solar projects of Sterling & Wilson for Rs 446 crore. The company has signed definitive agreements with Sterling & Wilson for acquiring a 100% stake in two special purpose vehicles (SPVs) that own the 75 MW solar projects in Telangana. With this acquisition, AGEL’s operating renewable capacity will increase to 3,470 MW, with a total renewable portfolio of 15,240 MW.

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Rajya Sabha returns Finance Bill 2021; Parliamentary approval for Budget completed

The Rajya Sabha, on Wednesday, returned the Finance Bill 2021 without any new amendment. This marks the completion of the Parliamentary approval for Union Budget 2021-22. The Upper House debated and amended Finance Bill 2021 that was approved by the Lok Sabha (Lower House) on Tuesday. The two houses of Parliament had previously approved the Appropriation Bill, which authorizes the spending (or expenditure) of government funds.

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Prestige to take over $1.4 billion Mumbai housing project from bankrupt Ariisto Developers

Prestige Estates Projects Ltd will take over a Mumbai housing project from bankrupt Ariisto Developers Pvt Ltd, following a court decision on Tuesday. The company estimates revenues of more than $1.4 billion (~Rs 10,162 crore) from the 7.5 million square feet under development. Prestige Estates plans to launch the first phase of the project by May and the second phase towards the end of the year. It will be the developer’s largest project in Mumbai.

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Adani Enterprises’ subsidiary secures Rs 1,040 crore road project from NHAI

Adani Road Transport Ltd (ARTL) has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning the Kodad-Khammam section of NH-365A in Telangana on a Hybrid Annuity Mode (HAM). The company’s bid project cost is Rs 1,039.90 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Limited.

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IndiGo pays Rs 1,030 crore as refund for flight cancellations during lockdown

InterGlobe Aviation Ltd (IndiGo) said it has paid out refunds worth Rs 1,030 crore to customers, following a Supreme Court order that asked airlines to refund fares for flight bookings made during the government-imposed lockdown last year. The airline has processed 99.95% of the total money owed to its customers.

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L&T-built offshore patrol vessel ICGS Vajra commissioned into Indian Coast Guard

Larsen & Toubro (L&T) announced the commissioning of ICGS Vajra, its sixth vessel in the series of seven offshore patrol vessels (OPVs) being built by the company under a contract with the Defence Ministry. ICGS Vajra was delivered by L&T ahead of schedule. The seventh vessel, ICGS Vigraha, was launched in October 2020 and will soon undergo sea trials.

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Escorts to hike prices of tractors from April 1

The Agri Machinery division of Escorts Limited has announced a hike in prices of all its tractors with effect from April 1, 2021. The increase in prices would vary across models and variants. Escorts stated that the rising commodity prices necessitate a price hike to offset the impact of inflation. 

On Tuesday, two-wheeler maker Hero MotoCorp said it will increase the prices of its motorcycles and scooters by up to Rs 2,500 from next month. 

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Infibeam Avenues’ board approves allotment of 66.55 crore bonus shares

The Board of Directors of Infibeam Avenues has approved the allotment of 66.55 crore equity shares by way of a bonus issue in the ratio of 1:1. The company’s total paid-up equity share capital after the bonus issue will increase to 133.10 crore shares of Re 1 each. [A bonus issue of 1:1 means that existing shareholders will get one extra share for every one share held]

RBI entends validity of authorization issued to Vakrangee for setting up White Label ATMs

Vakrangee Ltd said that the Reserve Bank of India (RBI) has extended the validity of authorization issued to the company to set up, own, and operate White Label ATMs (WLAs) in India. The validity has been extended till March 31, 2022. The central bank had assigned a target of a minimum of 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. [WLAs are ATMs owned and operated by non-banking firms]

ICICI Bank launches instant EMI facility on its internet banking platform

ICICI Bank has announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. The bank’s “EMI @ Internet Banking” facility aims to offer increased affordability to millions of pre-approved customers. It enables customers to convert their high-value transactions up to Rs 5 lakh into easy monthly installments. The facility has been enabled for over 1,000 merchants in categories like online shopping portals, insurance, travel, etc.

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ICICI Bank’s Q3 Profit Rises 19% YoY to Rs 4,940 crore – Top Indian Market News

ICICI Bank Q3 Results: Net profit rises 19% YoY to Rs 4,940 crore

ICICI Bank Ltd reported a 19% YoY increase in net profit to Rs 4,939.6 crore for the quarter ended December (Q3). Net interest income (NII) rose 16% YoY to Rs 9,912 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] The bank’s gross non-performing asset (NPA) ratio stood at 3.38%, compared with 5.17% in Q2 FY21. ICICI Bank’s total provisions increased by 31% YoY to Rs 2,741.72 crore in Q3.

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L&T Finance Holdings to open rights issue on Feb 1

L&T Finance Holdings announced that its Rs 2,998.61 crore rights issue will open on February 1, 2021. [A rights issue is an invitation to existing shareholders to purchase additional new shares in the company] The company will issue up to 46.13 crore equity shares for cash, at Rs 65 per equity share (including a premium of Rs 55 per share). The funds raised through the issue will be used to repay certain commercial papers issued by the company and for infusing funds into its subsidiary. 

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Shree Cement Q3 Results: Net profit jumps 102% YoY to Rs 626 crore

Shree Cement Ltd reported a 102% YoY increase in net profit to Rs 626.2 crore for the quarter ended December (Q3). Its revenue rose 16.2% YoY to Rs 3,309.4 crore during the same period. The company has benefited from the pick-up in sales volumes and a strong pricing environment.

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Happiest Minds acquires US-based Pimcore Global Services

Happiest Minds Technologies Ltd said it will acquire US-based Pimcore Global Services (PGS) for $8.25 million (~Rs 60 crore). PGS is a digital e-commerce and data management solutions company. Happiest Minds stated that the acquisition will further strengthen its offerings and leadership in the digital transformation space. The deal is subject to customary closing conditions and is expected to close in the quarter ended March 31, 2021 (Q4).

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SAIL Q3 Results: Net profit at Rs 1,468 crore

Steel Authority of India Ltd (SAIL) reported a net profit of Rs 1,468.20 crore for the quarter ended December (Q3). It had posted a net loss of Rs 343.57 crore in the corresponding quarter last year. The company’s revenue rose 20% YoY to Rs 19,835 crore during the same period. Total sales including domestic and exports grew 1% YoY to 4.15 million tonnes. SAIL has declared an interim dividend of Rs 1 per share.

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Power Grid secures two power transmission projects in Rajasthan

Power Grid Corporation of India has been declared as the successful bidder under tariff-based competitive bidding (TBCB) to establish two power transmission projects in Rajasthan. The projects include the establishment of a new 400/220kV Substation, 400kV D/C transmission lines, and associated Substation extension works in Rajasthan.

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Unichem Labs Q3 Results: Net profit at Rs 23 crore

Unichem Laboratories Ltd reported a consolidated net profit of Rs 23.56 crore for the quarter ended December (Q3). The pharma company had posted a net loss of Rs 14.60 crore in the corresponding quarter last year. Its revenue rose 18.72% YoY to Rs 326.28 crore in Q3 FY21.

NSE adds 5 stocks in F&O segment from March series

The National Stock Exchange (NSE) has announced the inclusion of five securities in the futures and options (F&O) segment from the March series. Alkem Laboratories, AU Small Finance Bank, Deepak Nitrite, Indian Railway Catering & Tourism Corporation (IRCTC), and Nippon Life India Asset Management will come under the F&O segment, effective from February 26. These securities have been added to the F&O segment based on the stock selection criteria prescribed by market regulator SEBI.

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Zen Technologies Q3 Results: Net profit declines 77% YoY to Rs 2.32 crore

Zen Technologies Ltd reported a 77.32% YoY decline in net profit to Rs 2.32 crore for the quarter ended December (Q3). Its revenue declined 49.77% YoY to Rs 16.57 crore during the same period. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

Relaxo Footwears Q3 Results: Net profit jumps 67% YoY to Rs 90 crore

Relaxo Footwears Ltd reported a 67% YoY increase in net profit to Rs 90 crore for the quarter ended December (Q3). Its revenue rose 12% YoY to Rs 672 crore during the same period. Total expense during the quarter increased by 4.7% YoY to Rs 555.10 crore. Relaxo Footwears is engaged in the production of Hawaii slippers, lightweight slippers, canvas shoes, PVC footwear, etc.

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