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HDFC Bank Posts 50% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

HDFC Bank Q2 Results: Net profit rises 50% to ₹15,976 crore

HDFC Bank reported a 50% YoY rise in net profit to ₹15,976 crore for the quarter ended September 2023 (Q2 FY24). Net interest income (NII) rose 30.2% YoY to ₹27,385 crore during the same period. However, the bank’s gross non-performing assets (NPA) rose 17 basis points to 1.34% in Q2. Provisions for the quarter fell 10.3% YoY to ₹2,903 crore. This is HDFC Bank’s first quarterly result post-merger.

Read more here.

Wholesale inflation hits 6-month high in Sept

According to data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI)-based inflation reached a six-month high of -0.26% in September. This marks WPI’s sixth consecutive month in negative territory. The persistent deflation in factory gate prices is attributed to a high base effect and significant deceleration in food prices. Food inflation fell significantly from 10.6% in August to 3.35% in September.

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Jio Financial Q2 Results: Net profit doubles QoQ to ₹668 crore

Jio Financial Services (JFS) posted a 101.3% quarter-on-quarter (QoQ) increase in consolidated net profit to ₹668.18 crore in Q2 FY24. The company’s total income rose 47% QoQ to ₹608 crore during the same period. Share of profit of joint venture and associates rose above 3.25 times over the previous quarter to ₹217.82 crore.

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Grasim to raise up to ₹4,000 crore via rights issue

Grasim Industries Ltd’s board has approved raising up to ₹4,000 crore through a rights issue. The company will issue equity shares with a face value of ₹2 each through rights issue for an amount not exceeding ₹4,000 crore to eligible shareholders as on the record date. The record will be announced later. The board or a constituted committee of the board will decide all other terms and conditions of the rights issue.

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Federal Bank Q2 Results: Net profit rises 36% YoY to ₹954 crore

Federal Bank reported a 35.54% YoY increase in standalone net profit to ₹953.82 crore in Q2 FY24. Net Interest Income (NII) grew 17% YoY to ₹2,056.42 crore during the same period. The gross non-performing assets (NPAs or bad loans) fell from 2.46% in Q2 FY23 to 2.26% in Q2 FY24.

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Domestic PV sales up 2% at 3.61 lakh in September: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle (PV) sales increased by 1.87% YoY to 3.61 lakh units in September, compared to 3.55 lakh units in September FY22. Domestic two-wheeler sales rose to 17.5 lakh units in September FY23, compared to 17.4 lakh units last year.

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ICICI Securities Q2 Results: Net profit rises 41% YoY to ₹424 crore

ICICI Securities reported a 41% YoY rise in net profit to ₹424 crore in Q2 FY24. The company had posted a net profit of ₹300.4 crore in the year-ago period. Total income rose 44% YoY to ₹1,249 crore in Q2, led by growth in broking income. During the quarter, ICICI Securities added 2.24 lakh clients, expanding its customer base to 95 lakh.

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KPIL secures ₹2,217 crore new orders in India, abroad

Kalpataru Projects International Ltd (KPIL) has secured new orders worth ₹2,217 crore in the domestic and international markets. The company’s Transmission and Distribution (T&D) business secured contracts worth ₹1,993 crore in India and overseas markets. Furthermore, its building and factories (B&F) segment has received ₹224 crore new orders in the domestic market. 

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Venus Remedies receives marketing approval for chemo drugs from Philippines

Venus Remedies has received marketing approval from the Philippines for six key chemotherapy drugs. The approved drugs are crucial for cancer treatment and include bortezomib, cisplatin, doxorubicin, docetaxel, fluorouracil, and paclitaxel. With this, Venus Remedies has secured 525 marketing approvals for its oncology products across 76 countries. 

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KEC International bags orders worth ₹1,315 crore

KEC International Ltd has secured new orders amounting to ₹1,315 crore across its diverse business verticals. Its transmission and distribution (T&D) sector received a series of notable projects spanning India, the Middle East, Australia, and the Americas. These projects include the installation of a 765 kV Transmission line and a 765 kV AIS Substation in India. The company’s cables business also secured orders for the supply of various types of cables, both within India and overseas.

Read more here.

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RIL’s Net Profit Falls 11% YoY to ₹16,011Cr in Q1 – Top Indian Market Updates

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

Reliance Industries Q1 Results: Profit falls 11% YoY to Rs 16,011 crore

Reliance Industries (RIL) reported an 11% YoY fall in consolidated net profit to ₹16,011 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also fell 5.3% YoY to ₹2.11 lakh crore during the same period. However, its EBITDA rose 0.25 % to ₹38,093 crore compared to Q1 FY 23. EBITDA stood at ₹37,997 crore in Q1 FY23. The board has recommended a dividend of ₹9 per equity share.

Read more here.

Ramkrishna Forgings to acquire Multitech Auto for Rs 212 crore

Ramkrishna Forgings is set to acquire 100% ownership of Multitech Auto Pvt. Ltd along with its wholly-owned subsidiary Mal Metalliks Pvt. Ltd. The deal is valued at ₹212 crore. The acquisition process is anticipated to conclude within the next six months, subject to obtaining approval from the Adityapur Industrial Area Authority. This strategic acquisition is aimed at facilitating the expansion and growth of Ramkrishna Forgings’ business operations.

Read more here. 

JSW Steel Q1 Results: Net profit rises 179% YoY to ₹2,338 crore

JSW Steel reported a 179% YoY increase in consolidated net profit to ₹2,338 crore for the June quarter (Q1 FY24). The company’s operating revenue for the quarter rose 10.8% YoY to ₹42,213 crore. Additionally, its EBITDA stood at ₹7,046 crore in Q1, up 63.5% YoY.

Read more here.

Jayaswal Neco in talks with funds to refinance its debt of Rs 3,200 crore

Jayaswal Neco Industries is in talks with special situations and private credit funds to refinance a debt of ₹3,200 crore. This high-yield loan is likely to be priced at 18-20%, which will be 600 basis points lower than the current borrowing rate. The company is in talks with funds including Kotak Special Situations Fund and Edelweiss Special Situations Funds.

Read more here.

Vedanta Q1 Results: Net profit falls 40% YoY to ₹2,640 crore

Vedanta reported a 40% YoY increase in consolidated net profit to ₹2,640 crore for the June quarter (Q1 FY24). Its operating revenue also fell 13% YoY to ₹33,342 crore in Q1. Vedanta’s EBITDA stood at ₹6,029 crore, down 38.6% YoY from Q1 FY23.

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Lupin unit introduces inhaler for asthma patients in Germany

Lupin has launched a pressurised metered dose inhaler for the treatment of asthma and chronic obstructive pulmonary disease (COPD) in Germany. Lupin’s German subsidiary Hormosan Pharma GmbH introduced Luforbec in the European nation. With a significant portion of the population (5% of adults and 10% of children) currently undergoing asthma treatment, Luforbec aims to provide comprehensive support to patients and healthcare professionals.

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UltraTech Cement Q1 results: Net profit rises 7% to ₹1,688 crore

UltraTech Cement reported a 7% YoY rise in consolidated net profit to ₹1,688 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 17% YoY to ₹17,737 crore during the same period. However, its EBITDA fell 1.5% to ₹3,049 crore compared to Q1 FY 23.

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DLF to develop a residential project in Mumbai, ties up with Trident Realty

DLF will enter the Mumbai property market with a project in Andheri West. The company will develop around 2.5 million sq ft in the first phase of the project. DLF will allot 9800 equity shares (₹10 face value) at par to Trident Buildtech Pvt Ltd through its subsidiary Pegeen Builders $ Developers Pvt Ltd. Trident realty is already executing projects in Delhi-NCR and Panchkula.

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ICICI Securities Q1 Results: Net profit falls 1% YoY to ₹271 crore

ICICI Securities reported a 1% YoY fall in net profit to ₹271 crore for the quarter ended June (Q1 FY24). However, the company’s total revenue rose 18% YoY to ₹934 crore, compared to ₹795 crore in Q1 FY23. The decline in the profit could be attributed to higher expenses, as its total expenses shot up by 33% to ₹570 crore in Q1. 

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SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

SJVN Ltd has inked an initial pact with REC Ltd for securing finance of ₹50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power-generating stations based on conventional and renewable sources of energy. Furthermore, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects.

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Union Bank to sell 8 NAP accounts worth Rs 3,000 cr to NARCL

Union Bank of India has identified eight troubled accounts worth ₹3,000 crore to be sold to the national bad bank NARCL this fiscal. The bank has more than doubled its net income at ₹3,236 crore in the June 2023 quarter on improved asset quality and recoveries. Union Bank had already sold three accounts worth ₹900 crore last fiscal to the national bad bank at a recovery of 33%.

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Power Finance Corporation to lend Rs 2.37 lakh crore to 20 clean energy projects

Power Finance Corporation (PFC) has entered into loan agreements worth more than ₹2.37 lakh crore with 20 companies. These firms include Adani Group, Greenco, ReNew Power, Continuum, Avaada, JBM Auto, Rajasthan Renewable Energy and Megha Engineering & Infrastructure, among others. These agreements are part of the company’s plan to position itself as the focal funding agency for the energy transition.

PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

Read more here.

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ICICI Securities to Consider Delisting – Top Indian Market Updates

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

ICICI Securities to consider delisting

ICICI Securities will hold a board meeting on Thursday, June 29, to consider a proposal of delisting its equity shares. The company’s parent, ICICI Bank, will also hold a similar board meeting for the proposal. As per the March quarter shareholding pattern, ICICI Bank holds a 74.85% stake in its broking subsidiary.

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Adani Power commissions Unit-2 of thermal power plant in Jharkhand

Adani Power’s subsidiary Adani Power Jharkhand Ltd (APJL) has commissioned Unit 2 of the 800 MW power project in Godda, Jharkhand. The project is part of the 2×800 MW Ultra-supercritical power project of APJL. The company will export the entire power generated from the project to Bangladesh through dedicated 400 kV transmission lines. The power project achieved commercial operations on June 25, 2023.

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L&T Finance plans to sell its wholesale book to banks, NBFCs

L&T Finance Holdings plans to sell its wholesale loan book to interested banks, NBFCs, and funds. The company also plans to repay or refinance its existing wholesale loan book. The move comes as the company aims to become a 100% retail finance company. As of March 31, 2023, the wholesale book of the company was 25% of the total loan book (₹19,840 crore).

Read more here.

TCS bags deal to transform customer experience for European policyholders

Tata Consultancy Services (TCS) has partnered with Standard Life International DAC to transform its operating model and enhance the customer experience for its European policyholders. The partnership will use the TCS Digital Platform for Life and Pensions to create a more seamless and digital experience for customers. The two organisations have plans to replicate this successful model in other European markets.

Read more here.

Ajanta Pharma’s Gujarat plant gets zero observations from USFDA

Ajanta Pharma’s Dahej formulation facility received no observations from the US Food & Drugs Administration (USFDA) inspection. The formulation facility was inspected by the USFDA team between June 19-23, 2023. No Form 483 was issued to the company, meaning that there were no observations regarding the quality of the facility or the products manufactured there. In September 2022, the USFDA inspected this facility and issued two observations on that particular plant that manufactures formulations.

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RailTel secures order worth ₹294 crore from Tamil Nadu government

RailTel Corporation of India has secured a work order worth ₹294.37 crore from Tamil Nadu State Marketing Corporation (TASMAC). The order is for implementing an integrated solution that will help end-to-end computerization and connectivity of core and support functions of the domestic entity for five years.

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L&T’s power transmission arm bags orders in India, overseas

Larsen & Toubro (L&T)’s power transmission and distribution business has secured new orders in India and abroad. The company won two orders in the Middle East for upgrading electrical networks in large industrial facilities. It also won an order to build a transmission line in Andhra Pradesh. The order is worth approximately ₹1,000-2,500 crore.

Read more here.

Godrej Properties acquires 15 acres land in Gurugram to develop premium residential apartments

Godrej Properties has acquired nearly 15 acres of land in Gurugram, Haryana, to develop premium residential apartments. The project will offer approximately 1.6 million square feet of premium residential development with exceptional lifestyle amenities. The deal value has not been disclosed.

Read more here.

Infosys signs $454 mn deal with Danske Bank to boost digital transformation

Denmark-based Danske Bank has selected Infosys as a partner to accelerate its digital transformation. The deal is valued at $454 million for five years, with an option to renew for one additional year for a maximum of three times. The partnership will focus on developing customer-facing digital solutions and modernizing Danske Bank’s technology infrastructure.

Read more here.

NMDC plans $61 million investment in first gold block

NMDC plans to invest around ₹500 crore ($61 million) in its first foray into gold mining. The company is “on track” to secure a lease for the Chigargunta-Bisanatham gold block in Andhra Pradesh. The block has estimated gold reserves of around 1.83 million tonnes, containing 5.15 grams of gold per tonne.

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Cyient DLM IPO to open tomorrow

The initial public offer (IPO) of Cyient DLM Limited will open tomorrow, on 27th June 2023. The public issue worth is ₹592 crores and will be open for bidding till 30th June 2023. The price band for the issue is between ₹250 and ₹265 per equity share. Cyient DLM is a supplier to global OEMs (original equipment manufacturers) in the aerospace, defence, medical technology, and industrial sectors.

Read more here.

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HCL Tech’s Net Profit Rises 11% YoY to Rs 3,983Cr – Top Indian Market Updates

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

HCL Tech Q4 Results: Profit rises 11% YoY To Rs 3,983 Crore

HCL Technologies reported a consolidated net profit of Rs 3,983 crore for the quarter ended March, up 11% YoY. The company’s revenue from operations for the quarter increased by 18% YoY to Rs 26,606 crore. HCL’s EBIT also rose by 19% YoY to Rs 4,836 crore. For the full year ending March 2023, the company’s revenue has crossed the Rs 1 lakh crore mark, up 18% YoY. The company also declared an interim dividend of Rs 18 per equity share.

Read more here.

HDFC, Nabard & NHB set to raise debt of up to Rs 14,000 crore

HDFC, National Housing Bank (NHB) and the National Bank for Agricultural and Rural Development (NABARD) are planning to raise debt capital in the form of bond sales on Friday. NHB and NABARD are set to sell three-year bonds of up to Rs 2,000 crore and Rs 5,000 crore, respectively, while HDFC plans to sell up to Rs 7,000 crore one-year-ten-month bonds.

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ZEEL begins talks with creditors for settlement of Sony merger

Zee Entertainment Enterprises Ltd. (ZEEL) is in settlement talks with its creditors to pay off debts and complete its merger with the Sony Group. Creditors had been approaching the bankruptcy court seeking repayments, but ZEEL has already repaid one creditor, IndusInd Bank Ltd., and the lender will now withdraw its objections against the merger. The merger will create a $10 billion media company with the largest viewership and pricing power in India. 

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Fortis acquires Gurugram-based Medeor Hospital for Rs 225 crore

Fortis Healthcare will acquire Medeor Hospital in Manesar, Gurugram, from VPS Group for Rs 225 crore. The acquisition will be funded through a mix of debt and internal accruals and is expected to close by end of July 2023. The hospital has a potential bed capacity of 350 beds and can be operationalized in a phased manner within nine months. This will be Fortis’ largest acquisition following its controlling stake acquisition by Malaysia-based IHH Healthcare.

Read more here.

ICICI Securities Q4 Results: Net profit falls 23% to Rs 337 crore 

ICICI Securities reported a consolidated net profit of Rs 263 crore for Q4 2023, a 23% YoY decline. Revenue from operations also fell from Rs 892 crore in Q4 FY22 to Rs 885 crore in Q4 FY23.  However, income from interest for the quarter rose 35% YoY to Rs 287 crore. The brokerage income was Rs 310 crore. The company has recommended a final dividend of Rs 9.25 per equity share.

Read more here.

Tata Communications Q4 Results: Profit down 11% to Rs 326 crore

Tata Communications has reported a consolidated net profit of Rs 326 crore for the quarter ended March, down 11% YoY. However, revenue from operations for the quarter stood at Rs 4,568 crore, up 7.1% YoY. For the full year (FY23), consolidated revenue was Rs 17,838 crore, while profits grew 21% to Rs 1,796 crore. The board has recommended a dividend of Rs 21 per share.

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HDFC Bank appoints Kaizad Bharucha as deputy managing director

HDFC Bank has appointed Kaizad Bharucha as Deputy Managing Director and Bhavesh Zaveri as Executive Director, with approval from the Reserve Bank of India. Both appointments will be for a term of three years and take effect from April 19. A meeting of the Board of Directors will be convened to formalize the appointments.

Read more here.

TTK Healthcare to delist from NSE, BSE

TTK Healthcare has received approvals to voluntarily delist its equity shares from the National Stock Exchange and BSE. The delisting is due to the company’s own decision and not due to involuntary reasons such as bankruptcy or merger. The floor price for delisting has been set at Rs 1,051.31 per share.

Read more here.

Vedanta pledges additional 2.4% shares of Hindustan Zinc

Vedanta has pledged an additional 10 crore shares (2.44% of its equity) in Hindustan Zinc, bringing the total pledged to 91% of its 64.92% stake. The move will allow Vedanta to use the proceeds for general business purposes, including debt repayment, capital expenditures, and operating expenses. The shares were pledged as part of a term loan agreement, which includes Hindustan Zinc as a security cover.

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Prestige Estates signs deal for 1M sq ft redevelopment project in Mumbai

Prestige Estates Projects has signed an agreement to redevelop the Shivshahi housing society project in Mumbai’s Worli locality. It spans over 1 million sq. ft. and involves 192 tenements spread over 3.3 acres. It has a revenue potential of almost Rs 6,000 crore. The company has repaid a loan of Rs 170 crore raised by the previous developer against the project’s development potential. It will invest over Rs 578 crore towards the construction cost.

Read more here.

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ICICI Securities’ Net Profit Jumps Two-Fold in Q4 – Top Indian Market News

ICICI Securities Q4 Results: Net profit jumps two-fold to Rs 329 crore

ICICI Securities Limited reported over a two-fold year-on-year (YoY) increase in net profit to Rs 329 crore for the quarter ended March (Q4). Its revenue jumped 53% YoY to Rs 739 crore during the same period. The revenue growth was supported by a strong performance of equities and allied operations. The company’s private wealth management and investment banking businesses also showed significant growth. ICICI Securities has declared a final dividend of Rs 13.5 per share.

Read more here.

Hero MotoCorp partners with Gogoro with focus on electric mobility

Hero MotoCorp Limited has announced a strategic partnership with Taiwan-based Gogoro Inc. to accelerate the shift to electric mobility in India. The companies will establish a battery swapping joint venture (JV) to bring Gogoro’s industry-leading battery swapping platform to India. The partnership will also focus on electric vehicle (EV) development to launch Hero-branded, powered by Gogoro network vehicles to the market.

Read more here.

KEC International secures orders worth Rs 1,245 crore

KEC International Limited has secured new orders worth Rs 1,245 crore across various business segments. Its transmission & distribution business has secured orders worth Rs 629 crore in India, Middle East, Africa, and the Americas. The company’s railways business has secured orders worth Rs 446 crore, and civil business has won orders of Rs 107 crore for infrastructure works in the defence and industrial segments in India. With these orders, the total order inflow for FY 2020-21 stands at Rs 11,876 crore.

Read more here.

Phillips Carbon Black Q4 Results: Net profit rises 75% YoY to Rs 128 crore

Phillips Carbon Black Limited reported a 75.55% YoY increase in consolidated net profit to Rs 127.73 crore for the quarter ended March (Q4). Its revenue rose 23.75% YoY to Rs 866.73 crore during the same period. The company’s carbon black segment posted a 24.77% YoY increase in revenue to Rs 848.28 crore. Kolkata-based Phillips Carbon Black is the largest carbon black manufacturer in India. [Carbon black is used as a reinforcing agent in tires. It is also used for printing and as a coating for electric wires]

Read more here.

Merger of TV18 Broadcast, Hathway Cable, Den Networks with Network18 Media cancelled

Den Networks Limited said it has decided not to proceed with the composite scheme of arrangement in which TV18 Broadcast, Hathway Cable & Datacom, and Den Networks were to merge into Network18 Media & Investments. The company said the shareholders are aware that the scheme was filed with both NSE and BSE for their no-objection letter. On February 17, 2020, Reliance Industries Ltd (RIL) had announced the consolidation of its all media and distribution businesses under one umbrella brand ‘Network18’.

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Tejas Networks Q4 Results: Net profit at Rs 33 crore

Tejas Networks Limited reported a net profit of Rs 33.55 crore for the quarter ended March (Q4). It had posted a net loss of Rs 126.53 crore in the corresponding period last year. Revenue from operations rose over 269% YoY to Rs 201.55 crore in Q4 FY21. The company posted a 35% YoY increase in total revenue to Rs 526.60 crore and a net profit of Rs 37.54 (against a net loss of Rs 237.12 crore) for the financial year ended March 31, 2021. 

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Indiabulls Housing Finance enters into co-lending partnership with HDFC

Indiabulls Housing Finance Limited (IHFL) has entered into a strategic co-lending partnership with HDFC Limited to offer housing loans to homebuyers at competitive rates. IHFL will originate retail home loans as per jointly drawn-up credit policy and retain 20% of the loan in its books, and 80% will be on HDFC’s books. IHFL will service the loan account throughout the life cycle of the loan. Technology-led co-lending will help IHFL to offer a convenient and seamless experience to its customers. It will also help the company to expand its presence in Tier-3 and Tier-4 cities in India.

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5Paisa Capital Q4 Results: Net profit at Rs 6.21 crore

5Paisa Capital Limited reported a consolidated net profit of Rs 6.21 crore for the quarter ended March (Q4). The company had posted a net loss of Rs 1.76 crore in the corresponding period last year. Total revenue from operations rose 41% year-on-year (YoY) to Rs 49.9 crore in Q4 FY21. 5 onboarded more than 2 lakh new clients during the quarter, taking the total number of registered clients to 13.5 lakh.

Read more here.

Tata Steel, HSBC execute a blockchain-enabled paperless trade transaction

Tata Steel Limited and HSBC (an investment banking company) have executed a blockchain-enabled, paperless trade transaction of export of steel by Tata Steel (India) to UAE-based Universal Tube & Plastic Industries. The end-to-end paperless trade transaction was done through a collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

Read more here.

Vaccine updates: States to get Covishield vaccine at Rs 400; Covaxin shows 78% efficacy in Phase-3 interim analysis 

The Serum Institute of India (SII) announced that state governments will get the Covishield vaccine at Rs 400 a dose and private hospitals at Rs 600. The price for the central government stays at Rs 150 per dose. SII will address the limited capacity of scaling up vaccine production within the next two months. According to a PTI report, Covishield comprises more than 90% of the 12.76 crore Covid-19 vaccines administered in India so far.

Bharat Biotech said its Covid-19 vaccine, Covaxin, demonstrated overall interim clinical efficacy of 78% in Phase-3 trials. The efficacy against severe Covid-19 disease was 100%. The Hyderabad-based biotechnology company has announced plans to produce up to 3 crore vaccines next month.

Read more here.

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Nitin Gadkari Approves Proposal to Levy ‘Green Tax’ on Old Vehicles – Top Indian Market News

Nitin Gadkari approves proposal to levy ‘Green Tax’ on old vehicles

Union Minister for Road Transport and Highways Nitin Gadkari has approved a proposal to levy a ‘Green Tax’ on old vehicles that are polluting the environment. Transport vehicles older than eight years could be taxed at the rate of 10-25% of road tax. This will be imposed at the time of renewal of the fitness certificate. Personal vehicles will be charged Green Tax at the time of renewal of registration certificate after 15 years. A higher Green Tax of 50% will be levied on vehicles registered in highly polluted cities. The ministry will now consult state governments before finalising the proposal. 

Read more here.

Kotak Mahindra Bank Q3 Results: Net profit rises 16% YoY to Rs 1,853 crore

Kotak Mahindra Bank reported a 16% YoY increase in net profit to Rs 1,853.5 crore for the quarter ended December (Q3). Net interest income (NII) rose 17% YoY to Rs 4,007 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 lender’s gross non-performing assets (NPAs) ratio stood at 2.26% in Q3, against 2.55% in the previous quarter. Kotak Bank’s provisions and contingencies increased sharply by 34.9% to Rs 599 crore.

Read more here.

L&T Q3 Results: Net profit rises 5% YoY to Rs 2,467 crore

Larsen and Toubro (L&T) reported a 4.87% YoY increase in consolidated net profit to Rs 2,466.71 crore for the quarter ended December (Q3). Its revenue from operations declined 1.78% YoY to Rs 35,596.42 crore during the same period. The company’s total orders in Q3 jumped 76% YoY and stood at Rs 73,233 crore. During the quarter, L&T was awarded the biggest EPC contract in the country and the first of its kind- the High Speed Rail order. The consolidated order book stood at a record Rs 3,31,061 crore as of December 31, 2020.

Read more here.

ED raids 10 premises of Omkar Group for irregularities in SRA projects

The Enforcement Directorate (ED) on Monday conducted raids on 10 premises of Mumbai-based Omkar Group. The group is alleged to have misused various permissions given under the Slum Rehabilitation Authority (SRA) schemes. It is also alleged that they diverted ~Rs 450 crore taken by way of loan from Yes Bank. The premises of Omkar Realtors and Developers, which includes 7 residential and 3 commercial buildings in Mumbai, were searched by the central probe agency. 

[Piramal Enterprises’ shares fell 1.44% today. It has tied up with Omkar Realtors for various projects] 

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Dixon Tech’s subsidiary enters into deal with HMD India to manufacture Nokia smartphones

Padget Electronics, a wholly-owned subsidiary of Dixon Technologies, has entered into an agreement with HMD India for manufacturing Nokia smartphones. The smartphones will be manufactured at Padget’s manufacturing facility in Noida, Uttar Pradesh. HMD Global Oy, branded as HMD and Nokia Mobile, is a Finnish mobile phone manufacturer.

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Lupin gets USFDA approval for Sevelamer Carbonate tablets

Lupin Limited announced that it has received approval from the US Food & Drug Administration (USFDA) to market its generic Sevelamer Carbonate tablets. The tablets are used to control phosphorus in people with chronic kidney disease on dialysis. According to the IQVIA MAT September 2020 data, Sevelamer Carbonate tablets had estimated annual sales of $348 million (~Rs 2,537 crore) in the US.

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PNC Infratech secures EPC projects worth Rs 2,475 crore in Uttar Pradesh

PNC Infratech Ltd, in a joint venture with SPML Infra, has received Letters of Award (LoA) for six new EPC projects in Uttar Pradesh. The orders were placed by the State Water Supply & Sanitation Mission, Namami Gange & Rural Water Supply Department. The projects include the survey, design, construction, and commissioning of rural water supply for a total of 2,475 villages. The project is to be constructed and put on trial within 21 months upon signing of the agreement. The aggregate value of the six projects is approximately Rs 2,475 crore.

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UCO Bank Q3 Results: Net profit at Rs 35 crore

UCO Bank reported a net profit of Rs 35.44 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 960.17 crore during the corresponding period in FY20. Net interest income (NII) rose 13.8% YoY to Rs 1,407.2 crore in Q3 FY21. Net non-performing assets (NPAs) were at 2.97%, against 6.34% in Q3 FY20. Provisions for bad loans fell sharply to Rs 393.06 crore in Q3, compared to Rs 1,645.51 crore a year ago.

Read more here.

ICICI Securities Q3 Results: Net profit rises 95% YoY to Rs 267 crore

ICICI Securities Ltd reported a 95% YoY increase in net profit to Rs 267 crore for the quarter ended December (Q3). Its revenue rose 47% YoY to Rs 620 crore during the same period. The company’s revenue growth in Q3 was driven by strong all-around performance in its equities & allied business, distribution business, and private wealth management business.

Strides Pharma gets USFDA approval for Ursodiol capsules

Strides Pharma Science Ltd announced that its wholly-owned subsidiary, Strides Pharma Global-Singapore, has received approval for Ursodiol capsules from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of patients with Primary Biliary Cirrhosis (an autoimmune disease of the liver). The product will be manufactured at the company’s facility in Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

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Home First Finance Company IPO subscribed 27 times on final day

The initial public offering (IPO) of Home First Finance Company was subscribed 26.65 times on the final day of bidding (Jan 25). The issue has received bids for 41.43 crore equity shares against an offer size of 1.56 crore shares. The category reserved for qualified institutional buyers (QIBs) was subscribed 52.63 times. The reserved portion for non-institutional investors was subscribed 39.08 times and individual retail investors 6.60 times.

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Aarti Drugs Q3 Results: Net profit jumps 144% YoY to Rs 68 crore

Aarti Drugs Ltd reported a 144.54% YoY increase in consolidated net profit to Rs 68 crore for the quarter ended December (Q3). It had posted a net profit of Rs 27.82 crore during the corresponding period in FY20. The company’s consolidated revenue rose 11.98% YoY to Rs 530.25 crore in Q3 FY21.