Tag: IDBI bank

Categories
Market News Top 10 News

PVR Reports First Profit After Two Years – Top Indian Market Updates

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

PVR Q1 Results: Net profit at Rs 68 crore

PVR Limited reported its first net profit after two Covid-hit years at Rs 68.3 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 142 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. PVR has revived its capital expenditure plans and is on track to open a total of 125 new screens during FY23.

Read more here.

Ashok Leyland signs pact with Adani Capital

Ashok Leyland Ltd has entered into a strategic partnership with Adani Capital to offer customised financial solutions for its customers in the small & light commercial vehicle (LCV) segments. Adani Capital will cater to the customers’ needs through commercial vehicle loans with easy monthly repayment plans. The automaker’s LCV range comes with advanced and innovative technology that offers best-in-class mileage, comfort, and load carrying ability.

Read more here.

IDBI Bank Q1 Results: Net profit rises 25% YoY to Rs 756 crore

IDBI Bank reported a 25% YoY increase in net profit to Rs 756 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) declined by 1% YoY to Rs 2,488 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 19.9% in Q1 FY23, compared to 20.16% in the previous quarter (Q4 FY22). Provisions fell 48% YoY to Rs 956 crore in Q1.

Read more here.

Zydus gets USFDA approval to market Norepinephrine Bitartrate Injection

Zydus Lifesciences Ltd has received approval from the US Food & Drug Administration (USFDA) to market Norepinephrine Bitartrate Injection in the American market. The drug is used to restore blood pressure in adult patients with acute hypotensive state. It will be produced at the pharma group’s topical injectable manufacturing facility at Jarod, Gujarat.

Read more here.

IndusInd Bank partners with EazyDiner to launch co-branded credit card

IndusInd Bank has partnered with EazyDiner (a restaurant discovery & reservation platform) to launch a co-branded credit card. The collaboration aims to enhance the customer dining experience. Benefits include a complimentary EazyDiner Prime membership and an additional 25% discount up to Rs 1,000 every time a customer pays on the EazyDiner app. 

Read more here.

Hindustan Zinc Q1 Results: Net profit rises 56% YoY to Rs 3,092 crore

Hindustan Zinc Ltd (HZL) reported a 55.9% YoY (or 5.6% QoQ) increase in consolidated net profit to Rs 3,092 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 43.7% YoY to Rs 9,387 crore during the same period. EBITDA stood at Rs 5,278 crore in Q1, up 48.3% YoY. Zinc LME prices and zinc metal sales increased 34.2% YoY and 10.2% YoY, respectively. 

HZL’s board has approved a proposal to form a wholly-owned subsidiary to set up a fertiliser plant with a capacity of five lakh tonnes per annum.

Read more here.

PNC Infratech signs concession agreements for two projects worth Rs 1,623 crore

PNC Infratech Ltd has signed concession agreements with the National Highways Authority of India (NHAI) for two road projects for a total cost of Rs 1,623 crore. The first project consists of four-laning the NH-530B from Mathura Bypass to Gaju Village in Uttar Pradesh. The second project pertains to four laning of NH 530B from Gaju Village to Devinagar Bypass in UP.

Read more here.

RBL Bank Q1 Results: Net profit at Rs 201 crore

RBL Bank reported a net profit of Rs 201.2 crore for the quarter ended June (Q1 FY23). The lender had posted a net loss of Rs 459 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. The gross non-performing assets (GNPA) ratio stood at 4.08% in Q1 FY23, compared to 4.4% in the previous quarter (Q4 FY22). Provisions fell sharply by 81% YoY to Rs 253 crore in Q1.

Read more here.

Emami acquires 30% stake in pet-care startup Cannis Lupus Services

Emami Limited has acquired a 30% stake in pet-care startup Cannis Lupus Services India in an all-cash deal. The FMCG firm will roll out a range of natural, ayurvedic, and chemical-free products for pets and scale up the business with Cannis Lupus’ expertise. Under the brand ‘Fur Ball Story’, Cannis Lupus will focus on an ayurvedic range of solutions for common and recurrent ailments in pets, especially dogs.

Read more here.

Tube Investments secures majority stake in Moshine Electronics

Tube Investments of India (TII) is diversifying into the electronics and components segment by acquiring a 76% equity stake in Moshine Electronics Pvt Ltd. Moonshine primarily manufactures camera modules for mobile phones. The acquisition will be through the secondary purchase of shares for a total consideration of ~Rs 8.64 crore.

Read more here.

Categories
Market News Top 10 News

Jet Airways to Take Off Again – Top Indian Market News

Jet Airways to take off again after DGCA approval

The Directorate General of Civil Aviation (DGCA) has granted Jet Airways the license to resume commercial flights. The airline conducted its first of three sets of proving flights for the permit on Sunday and the final two on Tuesday. The new owners of Jet Airways, a consortium of Kalrock Capital and middle east-based businessman Murari Lal Jalan, had applied for the security clearance in December 2021.

Read more here.

Zydus Lifesciences Q4 Results: Net profit falls 41% YoY to Rs 397 crore

Zydus Lifesciences Ltd reported a 41.47% YoY decline in consolidated net profit to Rs 397.4 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 5.2% YoY to Rs 3,863.8 crore during the same period. The pharma company’s board has approved the proposal to buy back ~1.15 crore shares, representing 1.13% of the paid-up equity share capital. The board has also declared a final dividend of Rs 2.5 per share.

Read more here.

Welspun Corp secures order worth over Rs 5,000 crore

Welspun Corp Ltd has secured its largest order for the supply of pipes valued at over Rs 5,000 crore from the United States. The order includes the supply of 325,000 metric tonnes (MT) of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The pipes will be produced at the company’s Little Rock plant in the US. Welspun Corp’s order book currently stands at Rs 10,500 crore.

Read more here.

IDBI Bank to exit insurance JV by selling entire stake to Ageas for Rs 580 crore

IDBI Bank has signed a pact with Ageas Insurance International NV to sell its entire stake in its joint venture Ageas Federal Life Insurance Company Ltd (AFLICL) for ~Rs 580 crore. As of March 31, 2022, IDBI Bank holds a 25% stake in the AFLICL. The transaction is expected to be completed in the second quarter of the current fiscal year 2022-23.

Read more here.

Indigo Paints Q4 Results: Net profit rises 39% YoY to Rs 35 crore

Indigo Paints Ltd reported a 39.1% YoY increase in net profit to Rs 34.58 crore for the quarter ended March (Q4 FY22). Net profit rose 42.3% when compared to the previous quarter. Its revenue from operations rose 13.41% YoY to Rs 288.38 crore during the same period. EBITDA (excluding other income) stood at Rs 53.77 crore, up 25.22% YoY. Indigo Paints’ board has declared a dividend of Rs 3 per share.

Read more here.

SEBI imposes penalties worth Rs 38.75 crore on 32 entities involved in FHL fund diversion case

Securities Exchange Board of India (SEBI) has imposed penalties totaling Rs 38.75 crore on 32 entities, including Fortis Healthcare Holdings, in a case related to the diversion of funds of Fortis Healthcare Ltd (FHL) and misrepresentations to conceal the fraud. In 2018, a media report stated that the promoters of FHL had allegedly taken massive funds out of the company. SEBI had initiated an investigation into the matter to examine possible violations of the provisions of the Prohibition of Fraudulent and Unfair Trade Practices.

Read more here.

JK Tyre Q4 Results: Net profit falls 80% YoY to Rs 38 crore

JK Tyre & Industries Ltd reported an 80% YoY decline in consolidated net profit to Rs 38.22 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.13% YoY to Rs 3,311.83 crore during the same period. Total expenses stood at Rs 3,280.78 crore in Q4, up 22.71% YoY. Exports contributed significantly to the company’s total revenue and were higher by 60% YoY.

Read more here.

Saudi Tourism signs MoU with EaseMyTrip

Saudi Tourism Authority and Easy Trip Planners Ltd (EaseMyTrip) have signed a Memorandum of Understanding (MoU) to boost inbound tourism to Saudi Arabia by leveraging the company’s travel network. The two entities will explore opportunities to collaborate on key initiatives and undertake various activities to promote and develop quality tourism experiences in Saudi Arabia and expand their presence in the Indian market.

Read more here.

NTPC Q4 Results: Net profit rises 12% YoY to Rs 5,200 crore

NTPC Limited reported an 11.9% YoY decline in net profit to Rs 5,199.51 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 23.12% YoY to Rs 37,085.07 crore during the same period. EBITDA stood at Rs 11,426 crore in Q4, up 47% YoY. NTPC’s board has declared a final dividend of Rs 3 per share.

Read more here.

Categories
Market News Top 10 News

Maruti Suzuki Reports 58% YoY Rise in Q4 Net Profit – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q4 Results: Net profit rises 58% YoY to Rs 1,839 crore 

Maruti Suzuki India Ltd (MSIL) reported a 58% YoY increase in net profit to Rs 1,839 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 25,514 crore during the same period. The automaker sold 4,88,830 vehicles in Q4, registering a 0.7% YoY decline. Lower sales promotion costs helped MSIL outweigh the impact of high raw material costs and global semiconductor shortages.

Read more here.

IRDAI hikes exposure limit for insurers in BFSI sector to 30%

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to have exposure to financial and insurance activities up to 30% of their investment assets. This move will give insurance companies more flexibility to invest and could help improve returns. IRDAI has also proposed rationalisation and standardised administration of group health policies.

Read more here.

IndusInd Bank Q4 Results: Net profit rises 55% YoY to Rs 1,361  crore

IndusInd Bank reported a 55.3% YoY increase in consolidated net profit to Rs 1,361 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 13% YoY (or 5% QoQ) to Rs 7,860 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The bank’s provisions and contingencies declined by 21.5% YoY to Rs 1,464 crore in Q4.

Read more here.

UltraTech Cement Q4 Results: Net profit rises 47% YoY to Rs 2,614 crore

UltraTech Cement Ltd reported a 47% YoY increase in net profit to Rs 2,613.75 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 9.45% YoY to Rs 15,767.28 crore during the same period. Sales volumes fell 0.3% YoY to 27.69 million tonnes (MT) in Q4. The cement manufacturer’s board has declared a dividend of Rs 38 per equity share. 

Read more here.

IDBI Bank privatisation process on: DIPAM Secretary

DIPAM Secretary Tuhin Kanta Pandey said IDBI Bank’s privatisation process is on, and the quantum of stake sale will be decided after the roadshow is complete. The government may decide to sell its entire stake in one go or in tranches depending on the investors’ response. The Indian government holds a 45.48% stake in the bank, while LIC holds a 49.24% stake.

Read more here.

Wipro Q4 Results: Net profit rises 4% YoY to Rs 3,092 crore

Wipro Limited reported a 4% YoY increase in consolidated net profit to Rs 3,092 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 28% YoY to Rs 20,860 crore during the same period. The IT company closed 37 large deals resulting in a total contract value (TCV) of over $2.3 billion in FY22.

Read more here.

Tata Motors unveils Avinya concept EV

Tata Motors has unveiled a new electric SUV Concept named “Avinya” based on its latest Pure EV third-generation architecture. The concept promises more than 500 km range on a single charge cycle. It could come with dual electric motors, each powering one axle and sending power to all four wheels. The automaker aims to introduce the new EV by 2025.

Read more here.

SBI Cards Q4 Results: Net profit jumps 231% YoY to Rs 581 crore

SBI Cards & Payment Services Ltd reported a 231% YoY jump in consolidated net profit to Rs 581 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.91% YoY to Rs 2,319 crore during the same period. Earnings before credit costs increased by 25% YoY to Rs 1,172 crore in Q4. Total operating costs stood at Rs 1,577 crore, up 23% YoY.

Read more here.

PVR to bring opera-inspired auditorium concept Oma Cinema to India

PVR Cinemas has entered into an exclusive partnership with Oma Cinemas to roll out opera house-inspired cinemas in India. Oma Cinemas is a premium auditorium concept created by noted French architect Pierre Chican. Its unique tiered balconies (or pods) provide viewers with a sociable cinema experience while enjoying a perfect view of the screen.

Read more here.

Varroc Engineering to sell Europe, Americas 4-wheeler lighting business for $631 million

Varroc Engineering Ltd will sell its four-wheeler lighting system operations in the Americas and Europe to France’s Compagnie Plastic Omnium for $630.96 million. The company will continue to operate its China joint venture and its other businesses in countries such as Italy, Vietnam, Poland, and Romania. The divestment is part of its strategy to focus on the two-wheeler sector globally and electric vehicle product lines.

Categories
Market News Top 10 News

Govt to Sell 1.5% Stake in ONGC to Raise Rs 3,000 crore – Top Indian Market News

ONGC market updates | marketfeed

Govt to sell up to 1.5% stake in ONGC to raise Rs 3,000 crore

The Indian govt will sell up to 1.5% stake in Oil & Natural Gas Corporation Ltd (ONGC) to raise Rs 3,000 crore. The offer for sale (OFS) by the government will be open on March 30 and 31. The floor price for the OFS has been set at Rs 159 per share. This price is at a 7% discount to the Rs 171.05 stock closing price of ONGC on the BSE today. The Central government currently holds a 60.41% stake in the country’s largest oil and gas producer.

Read more here.

HDFC Bank to infuse Rs 3 crore to acquire stake in IDRCL

HDFC Bank has signed an agreement to invest Rs 3 crore in the first tranche to acquire a stake in India Debt Resolution Company Ltd (IDRCL). Incorporated on September 3, 2021, IDRCL operates as a debt management company. The private sector lender will infuse Rs 7.50 crore in various tranches to acquire up to 15% equity holding in IDRCL.

Read more here.

Bharti Airtel completes acquisition of 4.7% stake in Indus Towers

Bharti Airtel and its subsidiary Nettle Infrastructure Investments Ltd have acquired 12.71 crore equity shares (or 4.7% stake) in Indus Towers from Vodafone Group. The consideration paid for the acquisition is ~Rs 2,388 crore. The proceeds from the sale will be infused into Vodafone Idea Ltd for clearing its dues. Indus Towers (formerly Bharti Infratel) owns, deploys, and manages telecom towers and communication structures across India.

Read more here.

IDBI Bank board approves rupee bond borrowing limit of Rs 8,000 crore for FY23

IDBI Bank’s board has approved the rupee bond borrowing limit of Rs 8,000 crore for the next financial year beginning April 1. It will comprise additional tier I (AT-1) bonds up to Rs 3,000 crore and senior/infrastructure bonds up to Rs 1,000 crore by way of private placement during FY23. 

Read more here.

Fuel prices hiked for 7th time in 8 days

Fuel prices were increased again on Tuesday for the seventh time in the last eight days. In Delhi, petrol rates were hiked by 80 paise a litre to cross the Rs 100 mark and diesel by 70 paise a litre. Globally, oil prices dropped today as Ukraine and Russia headed for peace talks and on fears of a decline in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in Covid-19 cases. 

Read more here.

Engineers India wins consultancy services contract for green hydrogen plant

Bharat Oman Refineries Ltd (BORL) has selected Engineers India Ltd for providing consultancy services for an electrolyzer-based green hydrogen plant at Bina Refinery. It will be one of the largest green hydrogen plants in India, with a capacity of ~8.5 tonnes per day (TPD). State-owned Engineers India provides indigenous design and technology solutions primarily for hydrocarbon projects.

Read more here.

Cyient launches Firmware Over-the-Air solution for connected devices

Cyient Ltd has announced a pre-built solution for managed Firmware Over-the-Air (FOTA) updates from its CyientflQ innovation platform. CyientflQ helps to correct technological disruptions and enables the development of new solutions in collaboration with partners. The FOTA solution is designed to further boost the development of intelligent and connected products for Cyient’s customers. 

Embassy REIT to enter into Rs 950 crore debt financing agreement with Golflinks Software Park

The Board of Directors of Embassy Office Parks Management Services has approved a debt financing agreement between Embassy Office Parks REIT and its investment entity, Golflinks Software Park (GLSP), for ~Rs 950 crore. Embassy REIT will subscribe to privately placed unlisted non-convertible debentures issued by GLSP (REIT Debt Financing). To learn more about REITs, click here.

Read more here.

Alembic Pharma acquires 100% stake in Aleor Dermaceuticals from JV partner

Alembic Pharmaceuticals Ltd has acquired the balance 40% stake in Aleor Dermaceuticals from its joint venture (JV) partner Orbicular Pharmaceutical Technologies. Through this acquisition, the pharma company aims to strengthen its skin-related manufacturing and marketing footprint. Aleor’s product offerings include creams, gels, ointments, shampoos, lotions, sprays, etc.

Read more here.

PNC Infratech secures NHAI road project worth Rs 1,575 crore

PNC Infratech Ltd was declared the lowest (L-1) bidder for a project tendered by the National Highways Authority of India (NHAI). The project includes the construction of a six-lane access controlled greenfield highway from the MIVKN Border (Badadat) to the Maradgi S Adnola section of NH-150C in Karnataka. The total bid cost of the project is Rs 1,575 crore.

In other news, the NHAI declared Ashoka Buildcon Ltd as the lowest bidder for a greenfield highway project worth Rs 1,079 crore.

Read more here.

IT Dept raid at Hero MotoCorp reveals Rs 1,000 crore bogus expenses: Report 

As per reports, the Income Tax Department is analysing nearly Rs 1,000 crore in expenses that are suspected to be bogus in a probe at Hero MotoCorp. The department is going through digital data and various other documents as part of its investigation. Further, the IT dept is also probing the deal of a farmhouse on the outskirts of Delhi where cash worth Rs 100 crore was allegedly paid.

Read more here.

Categories
Market News Top 10 News

Reliance, Ola Wins Support for Battery Manufacturing – Top Indian Market News

Reliance, Ola selected for incentives under PLI scheme for battery manufacturing

Reliance New Energy Solar, Ola Electric Mobility, Hyundai, and Rajesh Exports have been selected to receive incentives under a PLI scheme for manufacturing Advanced Chemistry Cell (ACC) Battery Storage in India. Hyundai and Ola Electric have been awarded support for setting up 20 Gigawatt Hour (GWh) of manufacturing capacity each. Reliance and Rajesh Exports will be getting PLI for setting up 5 GWh of manufacturing capacity.

Read more here.

Invesco supports ZEEL-Sony merger deal; decides not to pursue EGM

Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), said it will support the Zee-Sony merger deal. It has also decided not to pursue the call for an extraordinary general meeting (EGM) to remove ZEEL Managing Director and CEO Punit Goenka and two independent directors. ZEEL has welcomed the move and said it will continue to seek the required valuable support from all its stakeholders. 

Read more here.

IDBI Bank’s board to consider Rs 8,000 crore resource for FY23

IDBI Bank’s board is planning to consider a proposal for approving a Rupee Bond borrowings limit of about Rs 8,000 crore for FY 2022-23. The board will meet on March 29 to consider the proposal. The resources will be borrowed in one or more tranches. IDBI Bank Ltd is an Indian private sector lender and a subsidiary of Life Insurance Corporation (LIC).

Read more here.

India’s domestic aviation sector set to recover fully by mid-2022: Airbus official

India’s civil aviation sector is likely to rebound quickly from the Covid-19 crisis, even as the rising oil prices and the war in Ukraine will have an impact on the overall aviation market, said Remi Maillard, President of Airbus India & South Asia. He believes that domestic traffic in India will fully recover by the middle of the current year, while international traffic will rebound by the next year. Airbus has forecast that India will require 2,210 new aircraft over the next 20 years.

Read more here.

NTPC commissions additional 42.5 MW capacity at Ramagundam solar project

NTPC Ltd has started commercial operations of an additional 42.5 MW of power generation capacity at Ramagundam floating solar project in Telangana. Earlier, the company had commissioned 17.5 MW (Part-I) and 20 MW (Part-II) of the solar project. The total commercially operational power generation capacity of the Ramagundam project has now reached 80 MW. The NTPC group’s installed and commercial capacity stands at 68,609.68 MW and 67,949.68 MW, respectively.

Read more here.

IIFL Home Fin partners with SBI for affordable housing loans

IIFL Home Fin has entered into a co-lending partnership with State Bank of India (SBI) to accelerate effective and affordable credit to small home buyers in India. IIFL HFL will manage loan sourcing and servicing. Under the arrangement, 80% of the loan will be provided by SBI. IIFL HFL will service the customers throughout their entire loan cycle, from sourcing, documentation, disbursal to collection.

Read more here.

Adani Enterprises, L&T among firms keen to build satellite launchers: Govt

The Government said Adani Enterprises Ltd and Larsen & Toubro are part of two consortia led by state-run enterprises that have shown interest in building Polar Satellite Launch Vehicles (PSLVs), ISRO’s rocket that put satellites in orbit. New Space India Ltd, a company under the Department of Space, had invited proposals from companies to build five PSLVs. State-run Bharat Heavy Electrical Ltd has also submitted a techno-commercial proposal for building PSLV.

Read more here.

Motherson Sumi secures order from Boeing

Motherson Sumi Systems Ltd (MSSL) has secured an order from Boeing to manufacture and supply aftermarket molded polymer parts for commercial airplane interiors. The production will commence from the third quarter of FY23. It will be manufactured at MSSL’s plant situated in Noida. MSSL said it is scaling its capabilities to provide integrated solutions to the aerospace industry.

Read more here.

L&T board approves long term borrowings up to Rs 10,000 crore

Infrastructure major Larsen & Toubro’s (L&T) board has approved long-term borrowings up to Rs 10,000 crore. Long-term borrowings include refinancing through external commercial borrowings, term loans, or non-convertible debentures. In other news, L&T has won a ‘significant’ order to construct hi-tech IT parks at eight locations across Bangladesh.

Read more here.

Categories
Market News Top 10 News

RIL Reports 42% YoY Rise in Net Profit in Q3 – Top Indian Market News

RIL Q3 Results: Net profit rises 42% YoY to Rs 18,549 crore

Reliance Industries Ltd (RIL) reported a 42% YoY increase in net profit to Rs 18,549 crore for the quarter ended December (Q3 FY22). Net profit rose 36% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 1,91,271 crore during the same period. RIL’s oil to chemical (O2C) business reported a revenue of Rs 1.31 lakh crore, up 57% YoY. Reliance Retail recorded consolidated gross revenue of Rs 57,714 crore for Q3, a growth of 52.5% YoY.

Reliance Jio’s net profit rose 10% YoY increase in net profit to Rs 3,615 crore in Q3 FY22. Its revenue from operations rose 4.6% YoY to Rs 19,347 crore.

Read more here.

JSW Steel Q3 Results: Net profit rises 62% YoY to Rs 4,357 crore

JSW Steel Ltd reported a 62% YoY increase in consolidated net profit to Rs 4,357 crore for the quarter ended December (Q3 FY22). Net profit fell 39% when compared to the previous quarter. Its revenue from operations rose 74% YoY (or 17% QoQ) to Rs 38,071 crore during the same period. JSW Steel’s total sales volume stood at 3.91 million tonnes (MT) in Q3, down 1% YoY.

Read more here.

Bandhan Bank Q3 Results: Net profit rises 36% YoY to Rs 859  crore

Bandhan Bank reported a 36% YoY increase in net profit to Rs 859 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 2.7% YoY (or 10% QoQ) to Rs 2,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 10.81% in Q3 FY22, compared to 1.1% in Q3 FY21. Provisions fell 25.2% YoY to Rs 805.71 crore in Q3 FY22.

Read more here.

Gland Pharma Q3 Results: Net profit rises 34% YoY to Rs 273 crore crore

Gland Pharma Ltd reported a 33.77% YoY increase in consolidated net profit to Rs 273.03 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.7% YoY to Rs 1,063.33 crore during the same period. The pharma company’s EBITDA rose 32% YoY to Rs 394.6 crore in Q3. Revenue from its core markets (US, Europe, Canada, Australia) grew 10% YoY to Rs 665.2 crore.

Read more here. 

PTC India board to meet Jan 22 after allegations of irregularities in financial lending units

PTC India Ltd will hold its first board meeting on Saturday (Jan 22) following recent allegations of lapses in governance and operations at its financial lending units. PTC India Financial Services Ltd was accused of lapses in corporate governance by three independent directors who resigned on Thursday. PTI India’s chairman, Rajib Mishra, promised an investigation into the matter and has formed an internal committee that would submit a report in 30 days.

Read more here.

Inox Leisure Q3 Results: Net loss at Rs 1.31 crore

Inox Leisure Ltd reported a net loss of Rs 1.31 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 102.5 crore in Q3 FY21 and a loss of Rs 87.66 crore in the previous quarter (Q2 FY22). Its revenue from operations jumped 1892.4% YoY to Rs 296.47 crore in Q3 FY22.

Nestle apologies for KitKat packs; says packs withdrawn last year

Nestle India has apologised for depicting images of Hindu Gods on some packs of its chocolate brand KitKat. The company stated that it withdrew the packs in mid-2021. Consumers across social media have accused the company of hurting religious sentiments by showing images of Hindu Gods on its chocolate brand wrappers.

Read more here.

IDBI Bank Q3 Results: Net profit rises 53% YoY to Rs 578 crore

IDBI Bank reported a 53% YoY increase in net profit to Rs 578 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 31% YoY to Rs 2,383 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid on deposits]. The gross non-performing assets (GNPA) ratio stood at 20.56% in Q3 FY22, compared to 23.52% in Q3 FY21. Provisions fell 11% YoY to Rs 1,189 crore in Q3 FY22.

Read more here.

Vodafone Idea Q3 Results: Net loss widens to Rs 7,231 crore

Vodafone Idea Ltd (Vi) reported a net loss of Rs 7,231 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 4,532 crore in Q3 FY21. Its revenue from operations fell 10.8% YoY to Rs 9,717 crore in Q3 FY22. Vi’s average revenue per user (ARPU) for the quarter stood at Rs 115, up 5.2% quarter-on-quarter (QoQ). The total gross debt of the company stood at Rs 1,98,980 crore as of December 31, 2021.

Read more here.

Categories
Market News Top 10 News

IEX Reports 75% YoY Rise in Net Profit in Q2 – Top Indian Market News

IEX Q2 Results: Net profit rises 75% YoY to Rs 77 crore

Indian Energy Exchange (IEX) reported a 75% YoY increase in consolidated net profit to Rs 77 crore for the quarter ended September (Q2 FY22). Net profit increased by 25% compared to the previous quarter. Its revenue from operations rose 56% YoY (or 21% QoQ) to Rs 109 crore during the same period. IEX’s board has recommended bonus issue of equity shares in the ratio 2:1 (two additional shares for every share held in the company).

Read more here.

Asian Paints Q2 Results: Net profit falls 29% YoY to Rs 605 crore

Asian Paints Ltd reported a 29% YoY decline in consolidated net profit to Rs 605.17 crore for the quarter ended September (Q2 FY22). Net profit increased by 5% compared to the previous quarter. Its revenue from operations rose 33% YoY to Rs 7,096 crore during the same period. The company saw a 72% YoY rise in the cost of raw materials to Rs 4,570 crore in the July-Sept quarter of FY22. Asian Paints’ board has approved an interim dividend of Rs 3.65 per share.

Read more here.

Jio-BP to open first petrol pump near Mumbai

Global energy supermajor BP plc will open its first ‘Jio-bp’ branded petrol pump in partnership with Reliance Industries Ltd (RIL) near Mumbai. In 2019, BP had bought a 49% stake in over 1,400 petrol pumps and 31 aviation turbine fuel (ATF) stations owned by RIL for $1 billion. The existing petrol pumps of RIL have since been transferred to the joint venture, Reliance BP Mobility. 

Read more here.

JSW Steel Q2 Results: Net profit jumps 350% YoY to Rs 7,170 crore 

JSW Steel Ltd reported a 350% YoY jump in consolidated net profit to Rs 7,170 crore for the quarter ended September (Q2 FY22). Net profit increased by 21.4% compared to the previous quarter. Its total revenue from operations rose 69% YoY to Rs 32,503 crore during the same period. Steel sales stood at 3.83 million tonnes (MT) in Q2, an increase of 10% QoQ. JSW Steel reported its highest ever EBITDA at Rs 10,417 crore in the July-Sept quarter of FY22.

Read more here.

Vodafone Idea partners with Athonet to test, validate 5G-based solutions

Vodafone Idea has announced a partnership with private LTE and fifth-generation solutions platform provider Athonet to test 5G-based solutions for enterprise use cases. The tests will be conducted in Pune using the spectrum allocated by the government for 5G trials. The deal with Athonet comprises a demonstration of enterprise use cases on 5G in several areas such as smart construction, warehouse, agriculture, and workplace.

Read more here.

IDBI Bank Q2 Results: Net profit rises 75% YoY to Rs 567 crore

IDBI Bank reported a 75% YoY increase in net profit to Rs 567 crore for the quarter ended September (Q2 FY22). Net profit declined by 6% compared to the previous quarter. Its net interest income (NII) rose 9% YoY to Rs 1,853.6 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays its depositors]. The gross non-performing assets (GNPA) ratio declined to 20.92% in Q2 FY22, compared to 25.08% in Q2 FY21.

Read more here.

Kotak Mahindra Bank partners with Pine Labs to expand point-of-sale services

Kotak Mahindra Bank has partnered with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers. Through this tie-up, merchants in India will be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business. Pine Labs has a network of over 2.45 lakh merchants across Asia.

Read more here.

TVS Motor Q2 Results: Net profit rises 35.1% YoY to Rs 242 crore

TVS Motor Company reported a 35.1% YoY increase in consolidated net profit to Rs 242.17 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 23.4% YoY to Rs 6,483.42 crore during the same period. The company sold 8.7 lakh two-wheelers in Q2 FY22, compared to 8.34 lakh units in Q2 FY21. Total three-wheeler sales grew 33.3% YoY to 0.47 lakh units in Q2 FY22.

Read more here.

Bombay HC directs ZEEL to call for EGM as sought by Invesco 

The Bombay High Court has asked the board of Zee Entertainment Enterprises Ltd (ZEEL) to consider the requisition notice of its largest shareholder Invesco to convene an extraordinary general meeting (EGM). The court also asked the parties to propose a date and name of some neutral chairperson to conduct the EGM. While calling for the EGM, ZEEL’s right to contest the validity of the resolutions post the EGM can be reserved. You can read about the entire ZEEL-Invesco tussle here.

Read more here.

Wipro signs multi-year deal with National Grid to drive digital innovation

Wipro Ltd has signed a multi-year global strategic IT and digital deal with London-based National Grid to accelerate its digital innovation journey. National Grid is a leading multinational electric and gas utility provider. The IT company will employ standardized tools and processes to provide cloud services to strengthen National Grid’s infrastructure services and support its strategic business objectives.

Read more here.

CONCOR Q2 Results: Net profit rises 41% YoY to Rs 264 crore

Container Corporation of India reported a 41.2% YoY increase in net profit to Rs 264 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 21.4% YoY to Rs 1,823.9 crore during the same period. EBITDA stood at Rs 338.2 crore in Q2, an increase of 49.2% YoY. The company saw a 20% rise in rail freight to Rs 983.8 crore. CONCOR’s board has declared an interim dividend of Rs 4 per share.

Read more here.

Categories
Market News Top 10 News

Tata Motors Gets NCLT Nod to Hive Off PV Business – Top Indian Market News

Tata Motors gets NCLT approval to hive off PV business

Tata Motors Ltd has received approval from the National Company Law Tribunal (NCLT) Mumbai bench to hive off its passenger vehicles (PV) business unit into a separate entity. In March 2021, the shareholders of the company had voted and approved the transfer of the PV business to TML Business Analytics Services Ltd (TBASL) as a going concern on a slump sale basis. The automaker’s PV business unit has been valued at Rs 9,417 crore. TBASL will be later renamed Tata Motors Passenger Vehicles Ltd (TMPVL).

This move will unlock value for Tata Motors’ PV business unit, which has struggled in the recent past in the face of strong competition.

Read more here.

Cochin Shipyard’s subsidiary signs MoU with IWAI to set up ship repair facility at Guwahati

The Inland Waterways Authority of India (IWAI) and Hooghly Cochin Shipyard Ltd has signed a Memorandum of Understanding (MoU) for setting up the new ship repair facility at Pandu, Guwahati. The facility is expected to boost waterways connectivity and facilitate the movement of large cargo in the region. The slipway will be developed on a 3.67-acre land provided by the Government of Assam. The project is expected to be completed by August 2023 at an estimated cost of Rs 75 crore.

Read more here.

Phillips Carbon Black to raise Rs 500 crore via QIP

The Board of Directors of Phillips Carbon Black Ltd has approved a proposal to raise up to Rs 500 crore. The company aims to raise funds through the issue of securities via private placement, preferential issue, or public issue. Kolkata-based Carbon Black manufactures, sells, and exports carbon black (used to strengthen rubber in tires and as conductive agents) in India and internationally. It is part of the RP-Sanjiv Goenka Group.

Read more here.

Vakrangee partners with PNB for providing banking services

Vakrangee Ltd has entered into a partnership with Punjab National Bank (PNB) to provide business correspondent (BC) banking services at Nextgen Vakrangee Kendra outlets. BCs are entities engaged by a bank in India (commercial banks, Regional Rural Banks, and Local Area Banks) for providing banking services in under-banked geographical territories. The partnership will offer seamless digital and assisted banking services to remote parts of India. Currently, Vakrangee has more than 13,000 BC points and is the fourth largest ATM operator in rural India with more than 5,400+ ATMs. 

Read more here.

Max Healthcare acquires rights to develop 500-bed hospital in South Delhi

Max Healthcare Institute Ltd (through its subsidiary Alps Hospital Ltd) has acquired exclusive rights to aid development and provide medical services to a proposed 500-bed hospital in South Delhi. The hospital will be built on a prime land parcel of 3.5 acres in Saket, Delhi. Alps Hospital Ltd has acquired a 100% stake in ET Planners Pvt Ltd (ETPPL) in an all-cash deal of Rs 60.11 crore. The first phase of the hospital is expected to be commissioned in 2024.

Read more here.

Adani Group, L&T, and BHEL in race to build PSLV

According to a report from the Times of India, three entities are in the race to secure the contract to build five units of the Indian Space Research Organisation (ISRO)’s Polar Satellite Launch Vehicle (PSLV). The three entities include a single firm and two consortiums. The two consortiums include one led by the Adani Group and another that comprises Larsen & Toubro (L&T). All three are said to have submitted their bids on July 30, 2021. Adani’s consortium includes Alpha Design, Bharat Electronics Ltd (BEL), and BEML. The consortium involving L&T includes aerospace major Hindustan Aeronautics Ltd (HAL). 

Read more here.

Mahindra Defence Systems secures contract worth Rs 1,349.95 crore from Indian Navy

Mahindra Defence Systems Ltd (MDSL) has secured a contract from the Ministry of Defence for manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of the Indian Navy. MDSL will be supplying 14 IADS systems for the warships. IADS is designed to detect and protect warships from underwater threats. The contract is worth Rs 1,349.95 crore. MDSL is a wholly-owned subsidiary of Mahindra & Mahindra Ltd (M&M).

Read more here.

SEBI bans Kotak Mahindra AMC from launching new FMP schemes for 6 months

Market regulator SEBI has banned Kotak Mahindra Asset Management Company (AMC) from launching new Fixed Maturity Plan (FMP) schemes for the next six months. SEBI has also imposed a fine of Rs 50 lakh on the AMC. The action came against delay in payment of full proceeds to investors of six FMP schemes run by Kotak Mahindra AMC. [FMPs are debt-oriented mutual funds that have specific launch and maturity dates]  

Read more here.

IDBI Bank to divest 19% stake in ARCIL

IDBI Bank Ltd’s board has approved a proposal to divest (or sell-off) its entire stake in Asset Reconstruction Company India Ltd (ARCIL). The bank currently holds 6.23 lakh fully paid-up equity shares constituting 19.18% of the total share capital of ARCIL. In June 2021, IDBI Bank had invited bids from entities for the takeover of its stake in the asset reconstruction company.

Read more here.

Burger King India in talks to acquire controlling stake in BK Indonesia

Burger King India has entered into discussions regarding the acquisition of a controlling stake in PT Sari Burger Indonesia (BK Indonesia). The company has entered into a non-binding understanding with F&B Asia Venture (Singapore) Pte Ltd. F&B Asia, through its wholly-owned subsidiary, currently holds an indirect equity interest of 65.79% in BK Indonesia. BK Indonesia manages and operates the Burger King brand in Indonesia.

Read more here.

Categories
Market News Top 10 News

Maruti Suzuki Reports 62% QoQ Fall in Net Profit in Q1 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q1 Results: Net profit at Rs 441 crore

Maruti Suzuki India Ltd reported a standalone net profit of Rs 440.8 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62% when compared to the previous quarter. It had posted a net loss of Rs 249 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations fell 26% QoQ to Rs 17,770 crore in Q1 FY22. The automaker posted a 25% QoQ decline in total sales to 3.53 lakh units during the April-June quarter.

Read more here.

Yes Bank, Indiabulls Housing Finance sign co-lending agreement

Yes Bank has entered into a co-lending agreement with Indiabulls Housing Finance for home loans. The partnership aims at integrating capabilities to provide an efficient and seamless experience to retail home loan customers. The Reserve Bank of India’s co-lending framework provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

Read more here.

Nestle India Q2 Results: Net profit rises 11% YoY to Rs 539 crore

Nestle India Ltd reported an 11% YoY increase in net profit of Rs 538.6 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,476 crore during the same period. Nestle’s domestic sales grew 13.7% YoY, while export revenues grew 17.7% YoY in Q2 CY21. The company’s board has approved the sale of a 20% stake in Sahyadri Agro due to a change in business conditions. 

Read more here.

IDBI Bank Q1 Results: Net profit jumps four-fold to Rs 603 crore

IDBI Bank reported a 318% YoY jump in standalone net profit of Rs 603.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 41.4% YoY to Rs 2,506 crore during the same period. The gross non-performing assets (GNPA) ratio declined to 22.71% in Q1 FY22, compared to 26.81% in Q1 FY21. IDBI Bank’s provisions for bad loans and contingencies rose 97.2% YoY to Rs 1,751.80 crore in the April-June quarter of FY22.

Read more here.

Shilpa Medicare gets WHO approval for Tenofovir Disoproxil Fumarate

Shilpa Medicare has received approval from the World Health Organisation for Tenofovir Disoproxil Fumarate. The drug is used to treat chronic Hepatitis B and prevent and treat HIV AIDS. Shilpa Medicare is a leading manufacturer of Active Pharmaceutical Ingredients (APIs), intermediaries, and formulations in India.

Coforge Q1 Results: Net profit rises 55% YoY to Rs 124 crore

Coforge Limited reported a 54.7% YoY increase in consolidated net profit to Rs 123.6 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 38.3% YoY to Rs 1,461.6 crore during the same period. The IT company’s total order book executable over the next 12 months rose 38.7% YoY to $645 million as of June 30, 2021. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

Read more here.

Sanofi India sells nutraceuticals business to Universal Natruscience for Rs 587 crore

The Board of Directors of Sanofi India Ltd has approved the sale and transfer of its nutraceuticals business to Universal Nutriscience Pvt Ltd for Rs 587 crore. Universal Nutriscience is a strategic partnership between Kedaara Capital (a private equity firm) and Universal Medicare (a nutraceuticals company). Sanofi India’s nutraceuticals business comprises 16 brands and 30 stock-keeping units (SKUs) 

Read more here.

SRF Q1 Results: Net profit jumps 123% YoY to Rs 395 crore

SRF Limited reported a 123% YoY jump in consolidated net profit to Rs 395 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its revenue from operations rose 75% YoY to Rs 2,699 crore during the same period. The company’s chemical business posted a 59% increase in revenue to Rs 1,114 crore in Q1. SRF’s board has declared an interim dividend of Rs 12 per share.

Read more here.

Welspun India Q1 Results: Net profit jumps 343% YoY jump to 217.53 crore

Welspun India Ltd reported a 343.12% YoY jump in consolidated net profit to Rs 217.53 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its total income rose 83.15% YoY (or 2.47% QoQ) to Rs 217.53 crore during the same period. Welspun India is a multinational conglomerate based in Mumbai. Its crore industries include steel, energy, and textiles.

Mahanagar Gas Q1 Results: Net profit jumps 351% YoY to Rs 204 crore

Mahanagar Gas Ltd (MGL) reported a 351% YoY jump in consolidated net profit to Rs 204.08 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4% when compared to the previous quarter. Its revenue from operations rose 140% YoY (it fell 14% QoQ) to Rs 615.49 crore during the same period. MGL posted a 22.5% QoQ decline in CNG sales to 141.11 million standard cubic meters (MSCM) in Q1. Total gas sales fell 17% QoQ to 2.398 MSCM per day.

Categories
Market News Top 10 News

India’s Services PMI Falls into Contraction Territory in May – Top Indian Market News

India’s services PMI falls into contraction territory in May

India’s services sector activities slumped into contraction territory for the first time in eight months in May 2021. The deadlier second wave of the Covid-19 pandemic has led to muted domestic demand and a sharp decline in international orders. The IHS Markit India Services Purchasing Managers’ Index (PMI) fell to 46.4 in May, compared with 54 in April. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. The growth of new work intakes came to a halt in May, with companies posting the first decline in sales since September 2020. 

Read more here. 

Snowman Logistics partners with Dr Reddy’s for Sputnik-V vaccine in India

Snowman Logistics has entered into a strategic partnership with Dr Reddy’s Laboratories to provide end-to-end logistics solutions for the delivery of Sputnik-V Covid-19 vaccine across India. The company will manage the vaccine delivery through five of its high-capacity temperature-controlled warehouses in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru. It will offer storage, order processing, shipper packing, and secondary transportation from these locations.

Read more here.

Arvind Fashions Q4 Results: Net loss at Rs 99 crore

Arvind Fashions Ltd reported a consolidated net loss of Rs 99.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 209.12 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 14% YoY to Rs 768.59 crore in Q4 FY21. The company’s board has approved a proposal to raise up to Rs 400 crore via the further issue of shares through a preferential issue and/or Qualified Institutional Placement (QIP).

Read more here.

Lupin to enter digital healthcare space in India

Lupin Limited said it will enter the digital healthcare space in India, with a focus to provide a digital therapeutics platform for doctors and patients. The company recently incorporated a new entity, Lupin Digital Health Ltd, which will undertake this venture. Lupin is a multinational pharmaceutical company based in Mumbai. It manufactures and distributes a wide range of branded and generic formulations, biotechnology products, active pharmaceutical ingredients (APIs), etc. 

Read more here.

Gujarat State Petronet Q4 Results: Net profit rises 9% YoY to Rs 417 crore

Gujarat State Petronet Ltd reported an 8.82% YoY increase in consolidated net profit to Rs 416.67 crore for the quarter ended March (Q4). Net profit has declined by 11.43% when compared to the previous quarter. Its revenue from operations rose 19.37% YoY to Rs 3,828.66 crore during the same period. Net profit for the entire financial year 2020-21 (FY21) declined 7.08% YoY to Rs 1,606.76 crore. The company’s board has recommended a dividend of Rs 2 per share.

Zydus Cadila gets tentative USFDA approval to market lung cancer treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Osimertinib tablets. The drug is used to treat lung cancer. It works by slowing or stopping the growth of cancer cells. The pharma company said the newly approved drug will be manufactured at its formulation manufacturing facility at SEZ, Ahmedabad. Zydus Cadila now has 318 approvals and has so far filed over 400 Abbreviated New Drug Applications (ANDAs) since the financial year 2003-04.

Read more here.

Nilkamal Q4 Results: Net profit rises 20% YoY to Rs 38 crore

Nilkamal Limited reported a 19.84% YoY increase in consolidated net profit to Rs 38.06 crore for the quarter ended March (Q4). Net profit has declined by 29.9% when compared to the previous quarter. Its revenue from operations rose 21.10% YoY to Rs 679.92 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 20.52% YoY to Rs 112.93 crore. The company’s board has declared a final dividend of Rs 10 per share. 

Indian steel manufacturers hike rates by up to Rs 4,900 per tonne

Leading domestic steel manufacturers have hiked the prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively. After the price revision, a tonne of HRC will cost Rs 70,000-71,000, while CRC will cost Rs 83,000-84,000 per tonne. The rise in steel prices will impact the prices of vehicles, consumer goods, and the cost of construction. 

Read more here.

Nucleus Software Q4 Results: Net profit declines 2.8% YoY to Rs 27 crore

Nucleus Software Exports Ltd reported a 2.81% YoY decline in consolidated net profit to Rs 27.35 crore for the quarter ended March (Q4). Net profit has increased by 10.19% when compared to the previous quarter. Its revenue from operations declined 10.16% YoY to Rs 124.18 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 32.54% YoY to Rs 117.95 crore. The board of Nucleus Software Exports has recommended a final dividend of Rs 6 per share. 

Read more here.

IDBI Bank secures $239 million debt judgment in London High Court

IDBI Bank has secured a $239 million (~Rs 1,744 crore) judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group. In March 2013, the bank had provided loans totaling $148 million to two Singapore registered companies— Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd— for the construction of two jack-up drilling rigs. The borrowers failed to make scheduled repayments, and IDBI Bank had served a formal demand for repayment of the principal amount, interest, default interest, and fees in 2017.

Read more here.

APL Apollo Tubes Q4 Results: Net profit rises 109% YoY to Rs 119 crore

APL Apollo Tubes Ltd reported a 109.82% jump in consolidated net profit to Rs 119.22 crore for the quarter ended March (Q4). Net profit has declined by 9.7% when compared to the previous quarter. Its total income rose 37% YoY to Rs 2,599.61 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 51.35% YoY to Rs 360.16 crore. APL Apollo is a leading manufacturer of welded steel tubes and pipes in India.

Categories
Market News Top 10 News

RBI Governor Announces Measures to Battle Second Wave Impact – Top Indian Market News

rbi

RBI Governor announces relief measures to battle second wave impact

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a set of relief measures to help stakeholders battle the impact of the second wave of Covid-19 infections in the country. The RBI has opened an on-tap liquidity window of Rs 50,000 crore to ramp up Covid-19 related healthcare infrastructure and services. Under the scheme, banks can provide fresh lending support to vaccine manufacturers, suppliers of vaccines and priority medical devices, hospitals, logistics firms, etc. The Governor has also announced loan restructuring facilities for individuals, small businesses, and micro, small & medium enterprises (MSMEs) who have been adversely affected by the pandemic.

Read more here.

Adani Enterprises Q4 Results: Net profit jumps 282% YoY to Rs 234 crore

Adani Enterprises Ltd (AEL) reported a 282.2% year-on-year (YoY) jump in consolidated net profit to Rs 233.95 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 21%. Profit for the quarter was impacted by a one-time exceptional loss of Rs 179 crore. Its total revenue stood at Rs 13,688.95 crore during the same period, compared with Rs 13,698 crore in Q4 FY20. The company’s board has recommended a final dividend of Re 1 per share.

Read more here.

Cabinet approves strategic divestment of IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment, along with the transfer of management control in IDBI Bank. The extent of respective shareholding to be divested by the Government of India (GoI) and Life Insurance Corporation (LIC) will be decided at the time of structuring of the transaction, in consultation with the RBI. Currently, GoI owns 45.48% equity in IDBI Bank, while LIC holds 49.24%.

Read more here.

Tata Steel Q4 Results: Net profit at Rs 6,644 crore

Tata Steel Limited reported a 79.7% quarter-on-quarter (QoQ) increase in net profit to Rs 6,644 crore for the quarter ended March (Q4). Revenue rose 19% QoQ to Rs 49,977 crore during the same period. Hot-rolled coil prices rose 16.7% during the quarter to Rs 54,856 per tonne. Tata Steel’s consolidated sales volumes rose 0.43% QoQ to 4.67 million tonnes. The company’s board has approved a dividend of Rs 25 per share.

Read more here.

SRF Q4 Results: Net profit rises 96% YoY to Rs 381 crore

SRF Limited reported a 96% YoY increase in consolidated net profit to Rs 381 crore for the quarter ended March (Q4). Its revenue from operations rose 40% YoY to Rs 2,608 crore during the same period. SRF’s chemical segment posted a 31% YoY increase in revenue to Rs 1,153 crore. Its packaging films segment reported a 63% YoY increase in revenue to Rs 980 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 31% YoY to Rs 1,198 crore. 

SRF’s board has approved the setting up of a multi-purpose plant at Dahej (Gujarat) at an approximate cost of Rs 375 crore.

Read more here.

Alembic Pharma gets USFDA approval for ophthalmic solution

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic solution. The drug is indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension who are insufficiently responsive to beta-blockers. According to IQVIA data, the product had sales of approximately $80 million (~Rs 590 crore) for the 12 months ended December 2020.

Read more here.

CEAT Q4 Results: Net profit jumps three-fold to Rs 153 crore

CEAT Limited reported a three-fold (195%) YoY increase in net profit to Rs 153 crore for the quarter ended March (Q4). The tyre company’s revenue rose 45% YoY to Rs 2,290 crore during the same period. CEAT introduced better inventory efficiency measures to compensate for the rise in raw material costs. The company’s board has approved an investment of Rs 1,205 crore to expand capabilities in the truck and bus radial (TBR) segment. CEAT has also announced a final dividend of Rs 18 per share.

Read more here.

Wipro partners with Transcell Oncologics to transform vaccine safety assessment strategies

Wipro Limited has partnered with Hyderabad-based Transcell Oncologics to transform vaccine safety assessment strategies using artificial intelligence (AI). The partnership combines Transcell’s innovative stem cell technology with the advanced AI capabilities of Wipro HOLMES. This will enable customers to improve the safety of global vaccine immunization programs.

Kirloskar Ferrous Q4 Results: Net profit jumps 135% YoY to Rs 135 crore

Kirloskar Ferrous Industries reported a 135.4% YoY jump in net profit to Rs 135.33 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 27%. Its revenue from operations rose 67% YoY to Rs 748.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 168% YoY to Rs 302.11 crore. The company’s board has declared a final dividend of Rs 3 per share.

Read more here.

Hikal signs multi-year agreement with a global pharma company

Hikal Limited has signed a multi-year contract with a leading global pharmaceutical company. The contract includes the development and supply of a portfolio of niche Active Pharmaceutical Ingredients (APIs) over a period of 10 years. Hikal and its customer will jointly invest in its plant in Panoli (Gujarat) to set up a multipurpose manufacturing asset to produce the APIs. Commercial supplies will commence after the successful development and plant commercialisation, which is estimated to be from FY 2023-24 onwards.

Read more here.

Craftsman Automation Q4 Results: Net profit rises 8.7% QoQ to Rs 47.28 crore

Craftsman Automation Ltd reported an 8.74% quarter-on-quarter (QoQ) increase in net profit to Rs 47.28 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 1,064.5%. Its revenue from operations rose 9.47% QoQ to Rs 540.12 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 143% YoY to Rs 97.36 crore.

Adani Green Energy Q4 Results: Net profit rises 8.25% YoY to Rs 105 crore

Adani Green Energy Limited (AGEL) reported an 8.25% YoY increase in consolidated net profit to Rs 105 crore for the quarter ended March (Q4). On a quarterly basis, net profit has jumped 138.6%. Its total revenue from operations rose 50.5% YoY to Rs 1,082 crore during the same period. AGEL’s revenue from power supply rose 15% YoY to Rs 690 crore. The company added 925 megawatt (MW) of operational capacity in FY21.

Read more here.

Categories
Market News Top 10 News

Manufacturing PMI Remains Steady in April – Top Indian Market News

Manufacturing PMI remains steady in April

Manufacturing activity in India remained steady in April despite the devastating surge in Covid-19 cases amidst the second wave. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.5 in April, compared with 55.4 in March. This is the eighth straight month that PMI has remained in the expansion zone. Consumer goods were the strongest-performing category in April, followed by capital goods and intermediate goods. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

Read more here.

Kotak Mahindra Bank Q4 Results: Net profit rises 33% YoY to Rs 1,682 crore

Kotak Mahindra Bank reported a 33% YoY increase in net profit to Rs 1,682 crore for the quarter ended March (Q4). Net interest income (NII) rose 8% YoY to Rs 3,843 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell 3.25% in Q4, compared with 3.27% in the preceding quarter (Q3 FY21). Kotak Bank’s total deposits rose 6.5% YoY to Rs 2.8 lakh crore in Q4.

Read more here.

Natco Pharma gets emergency use approval for Baricitinib tablets for Covid-19 treatment

Natco Pharma has received emergency use approval for Barcitinib tablets from the Central Drugs Standard Control Organization (CDSCO). Baricitinib is used in combination with Remdesivir for the treatment of Covid-19 positive patients. Natco will be requesting a Compulsory License based on emergency use in light of the serious public health emergency across India due to the Covid-19 pandemic. The pharma company will launch the product within a week.

Read more here.

IDBI Bank Q4 Results: Net profit jumps 278% YoY to Rs 512 crore

IDBI Bank reported a 278% YoY jump in net profit to Rs 512 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 35%. Net interest income (NII) rose 38% YoY to Rs 3,240 crore during the same period. The gross non-performing assets (NPAs) ratio stood at 22.37%, compared with 24.33% in Q3 FY21. IDBI Bank’s total deposits have increased by 4% YoY to Rs 2.3 lakh crore in FY21.

Read more here.

NMDC reports 124% YoY jump in iron ore sales in April

NMDC Limited reported a 124% YoY increase in iron ore sales to 3.09 million tonnes (MT) in April 2021. The state-owned miner had posted iron ore sales of 1.38 MT during the corresponding month last year. The company’s iron ore production jumped 74% YoY to 3.13 MT in April 2021. On a quarterly basis, iron ore production has declined 31.5%, while sales fell 24.26%. 

Read more here.

Godrej Properties Q4 Results: Net loss at Rs 192 crore

Godrej Properties Limited (GPL) reported a net loss of Rs 191.62 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 102 crore in the corresponding period last year (Q4 FY20). The company’s revenue declined 60% YoY to Rs 508 crore in Q4 FY21. The real estate developer recorded its highest-ever quarterly collection of Rs 2,041 crore and a net operating cash flow of Rs 785 crore in Q4. Total booking value increased by 10% YoY to Rs 2,632 crore.

Read more here. 

JSW Energy’s subsidiary signs PPA with SECI for supply of 540 MW wind energy

JSW Renew Energy, a wholly-owned subsidiary of JSW Future Energy Ltd, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for the supply of 540 MW from a total blended wind capacity of 810 MW. This PPA marks JSW Energy’s entry into the wind or blended wind energy generation segment. In September 2020, JSW Future Energy had received Letter of Awards (LoAs) for a total blended wind capacity of 810 MW in respect to the tariff-based competitive bids invited by SECI for setting up 2,500 MW Inter-State Transmission System (ISTS)-connected blended wind power projects.

Read more here.

SBI Life Q4 Results: Net profit at Rs 532 crore

SBI Life Insurance Company reported a flat net profit of Rs 532 crore for the quarter ended March (Q4). It had posted a net profit of Rs 531 crore in the corresponding period last year (Q4 FY20). Net premium income (NPI) rose 31% YoY to Rs 15,556 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 2% YoY to Rs 1,456 crore. The company’s board has declared an interim dividend of Rs 2.5 per share.

Read more here.

Varun Beverages Q1 Results: Net profit jumps 127% YoY to Rs  136 crore

Varun Beverages Limited (VBL) reported a 127.7% YoY increase in consolidated net profit to Rs 136.76 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 33.7% YoY to Rs 2,240.89 crore during the same period. Total sales volume grew 32.8% YoY to 15.1 crore cases in Q1 CY21. VBL’s board has announced a bonus issue in the ratio 1:2. [This means that one additional share will be issued for every two shares held by a shareholder of the company]

Read more here.

Tata Chemicals Q4 Results: Net profit falls sharply to Rs 11.77 crore

Tata Chemicals Limited reported a 99.8% YoY (or 93% QoQ) decline in consolidated net profit to Rs 11.77 crore for the quarter ended March (Q4). Its total revenue rose 10.85% YoY to Rs 2,636 crore during the same period. The company’s basic chemistry products segment posted a 5.6% YoY growth, while the specialty chemicals segment saw a growth of 38% YoY. Tata Chemicals’ board has announced a dividend of Rs 10 per share.

Motherson Sumi’s subsidiary completes acquisition of Bombardier’s electric wiring business

Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of Bombardier’s electric wiring business (which is based in Mexico). The acquisition was done by MSSL’s Mexican subsidiary— Motherson Rolling Stock Division (MRS). The assets and activities at Bombardier’s manufacturing site at Huehuetoca, Mexico (BT Ensambles México) have now been taken over by MRS.

Read more here.