Tag: IEX

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Bharti Airtel Hikes Prepaid Tariffs by up to 25% – Top Indian Market News

Bharti Airtel hikes prepaid tariffs by up to 25%

Telecom operator Bharti Airtel Ltd will raise prepaid tariff rates by up to 25% with effect from November 26. In a notification to the exchanges, the company said that the decision was taken “to provide a reasonable return on capital for a financially healthy business model.” Bharti Airtel aims to enhance its average revenue per user (ARPU) while also bringing about substantial investments as it plans to roll out its 5G network in the country.

Read more here. 

Heranba Industries starts production at new unit in Gujarat

Heranba Industries Ltd has commenced commercial production at its new Unit-IV facility situated at Gujarat Industrial Development Corp (GIDC) in Vapi, Gujarat. The company expects the new production facility to generate revenue of Rs 100 crore per annum. The production capacity and capacity utilisation of the new Unit-IV will be 1,200 million tonnes per annum (MTPA) at maximum capacity. 

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BEL secures biggest export order from Airbus under Govt’s C295 aircraft program

Airbus has signed a deal with Bharat Electronics Ltd (BEL) under the Indian government’s C295 aircraft programme to manufacture and supply Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS). The contract is in line with the ‘Make in India’ policy and is the biggest export order received by BEL till date. The export order is worth $93.15 million (~Rs 690 crore).

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Cars24 partners with Poonawalla Fincorp for consumer financing

Cars24, an e-commerce platform for pre-owned vehicles, and Poonawalla Fincorp Ltd (PFL) have announced a strategic partnership for consumer financing on vehicles bought from Cars24. Under this partnership, PFL will fulfill consumer loans originating through Cars24. According to Cars24 co-founder Ruchit Agarwal, consumer financing penetration in the used cars industry is only at ~20%, and there is a huge market opportunity waiting to be tapped.

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Triveni Engineering partners with GEAE Tech to manufacture gas turbine components

Triveni Engineering & Industries Ltd (TEIL) has signed a 10-year deal with US-based GEAE Technology to locally manufacture certain components for its LM2500 gas turbine, which powers many of the Indian Navy’s vessels. As part of the deal, Triveni will manufacture the gas turbine’s base frame, enclosure, lubricating oil skid, and supply other source-controlled accessories. TEIL is a market leader in engineered-to-order turbo high-speed gears and gearboxes.

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IRCON emerges lowest bidder for railway projects in Sri Lanka, Bangladesh

Ircon International Ltd has emerged as the lowest bidder for projects by Sri Lanka Railways and Bangladesh Railways. The first project (worth Rs 114 crore) was floated by Sri Lanka’s Ministry of Transport Services Management for the design, installation, and commissioning of a signalling system from Maho Junction to Anuradhapura. The second project (worth Rs 24 crore) was floated by the Ministry of Railways, Bangladesh, for the construction of signalling and telecommunication systems.

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Domestic air traffic grows by 27.15% in October: DGCA

Domestic air passenger traffic saw a 27.15% growth during the festive season in October, following a decline in Covid-19 cases and higher vaccination rates. Around 8.99 million passengers took to the skies in October, compared to 7.07 million in September. IndiGo carried 4.81 million passengers last month, securing a market share of 53.5%. SpiceJet carried 0.81 million passengers during October, registering a 9% market share. The data was released by the Directorate General of Civil Aviation (DGCA).

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KPI Global Infra secures repeat order from Surat-based Devika Fibres

KPI Global Infrastructure Ltd has secured a repeat order from Surat-based Devika Fibres (an existing client) for executing a solar power project of 5.20 MWdc capacity under the Captive Power Producer (CPP) segment of the company. Gujarat-based KPI Global Infra develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer.

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IEX resumes trading of renewable energy certificates

Indian Energy Exchange (IEX) will resume trading of renewable energy certificates (RECs) with effect from November 24, 2021, after a gap of almost 16 months. A REC is a market-based instrument that promotes renewable sources of energy and the development of the electricity market. One REC is created when one megawatt-hour of electricity is generated from an eligible renewable energy source.

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Jio loses 1.9 crore users, Airtel adds 2.74 lakh subscribers in September: TRAI

Reliance Jio lost around 1.9 crore wireless subscribers in September 2021, while Bharti Airtel added 2.74 lakh subscribers. Vodafone Idea lost 10.7 lakh wireless subscribers in the same month, shedding customers for the 11th straight month. Bharti Airtel gained a 0.08% market share of wireless subscribers, while Jio’s user base declined 4.29% in September. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here.

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

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

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

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

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

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

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

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

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

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

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

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CCI approves HDFC Life’s acquisition of Exide Life

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

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

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

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

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

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

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

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

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

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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).

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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.

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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. 

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Indian Energy Exchange (IEX) Shares Rise 50% in 6 Days: Analysis

iex rally

India, just like the rest of the world, is in the middle of an energy crisis. Major cities are planning for blackouts if the supply of coal is not normalised. India is in a sticky situation. Fuel and food are expensive, and so is energy. Despite the grim economic situation, there is one very vibrant place, Dalal Street. The Indian stock market seems virtually unaffected by economic parameters. One stock, in particular, seems to be reaping the benefit of this energy crisis. It is the Indian Energy Exchange (IEX).

The Indian Energy Exchange (IEX) is a marketplace for trading energy-related entities. IEX is an electronic power trading marketplace for electricity corporations and boards to trade contracts related to energy. In simple terms, just like how individuals can trade in the stock market to gain profit, electricity corporations can trade on the IEX to increase profitability and have better price discovery. It is a place where participants can buy and sell energy through a double-sided closed auction process. 

In January 2021, we at marketfeed covered Indian Energy Exchange, extensively elaborating on their business model and financial analysis as well. Since then, the company’s share price has risen by almost ~250%! 

To read about the functioning of the Indian Energy Exchange, click here. 

Why Did IEX Rally So Much?

Necessity is the mother of invention. In the past few months, parts of India have been facing power shortages. There is a need for better price discovery in terms of power to make it affordable and accessible. There have been multiple factors that have driven the price of IEX in the last six months. The most recent rally was caused by the fact that the Supreme Court consented to allow the introduction of new market instruments for electricity trading. This move will pave the way for cheaper and accessible electricity while allowing power companies to hedge on it. 

After the Supreme Court hearing, the shares of Multi Commodity Exchange (MCX) rallied by 8.5% and Indian Energy Exchange (IEX) by 9.11% in a single trading session. 

In August 2021, the Power Ministry had allowed Tata Power and Adani Power to sell power on IEX. Around this period, the country had just recovered from a daunting second wave of COVID-19. Development and growth had taken place, and the energy demand had risen. This led to swelling electricity prices. The average prices for electricity on IEX were between Rs 6-7 per unit compared to Rs 3 per unit. To drive down these energy prices, the government had to loosen up the supply of electricity. 

Where Does IEX Stand?

IEX declared a total revenue of Rs 102 crore in June 2021, up 27% YoY from Rs 81 crore in the previous year. In the same period, the company declared a net profit of Rs 62.8 crore, seeing an increase of 49.23% YoY. The company has no debt or is not operated on credit. This saves it from default risk. 

On average, 6,000+ megawatts (MW) of electricity is traded daily on the exchange. The traded volume is growing at 32% CAGR. It has a consumer base of 4,000+ industries, 55+ distribution companies, 500+ generators, 1,500+ renewable energy generators. IEX has a monopoly in the energy trading business in India, covering 90% market share. The remaining being covered by Power Exchange India Limited (PXIL). 

Energy prices on the IEX are generally lower than in the open market. The average market clearing price per unit has been consistently decreasing on IEX. A decreasing clearing price means that more companies would flock to power exchanges for cheaper electricity. As energy prices get volatile in India, companies will have to look for an alternate energy source. IEX could act as a connecting web between these companies. 

From an investor’s perspective, all technical indicators suggest that the company is ‘overbought’. This shall not be a problem if the exchange maintains a proportionate profit in the future quarterly results. While IEX is in an excellent financial position, the current bull run in the market has managed to inflate share prices. As the Indian energy economy liberalizes and we see a spike in power trade, IEX has great growth potential.   

Update: The Indian Energy Exchange (IEX) has announced that the company’s board will meet on October 21, 2021, to discuss a bonus issue for its shareholders. The company’s share surged ~16% since market open after the announcement.

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Manufacturing PMI Rises to 53.7 in September – Top Indian Market News

Manufacturing PMI rises to 53.7 in September 

India’s manufacturing activity expanded for the third straight month in September. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.7 in September, compared with 52.3 in August. Companies benefited from strengthening demand conditions amid the easing of Covid-19 restrictions. However, the increase in fuel, raw material, and transportation prices pushed the overall rate of input cost inflation to a five-month high. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

Read more here.

Auto sales data for September 2021: Highlights

Maruti Suzuki India posted a 34% month-on-month (MoM) decline in total sales to 86,380 units in September 2021. The fall in sales is mainly due to the global semiconductor shortage. Sales from its utility vehicle segment and exports fell 43% and 14.8%, respectively.  

Tata Motors Ltd registered an 8.16% MoM decline in passenger vehicle sales to 25,370 units in September. The automaker’s commercial vehicle sales increased 11.6% MoM to 33,258 units. Overall domestic sales rose 9.16% MoM to 59,156 units. 

Mahindra & Mahindra’s auto segment posted total sales of 28,112 units in September, a decline of 8% over August. M&M’s farm equipment segment posted an 89% rise in sales to 40,331 units.   

Bajaj Auto Ltd posted a 7.7% MoM increase in total sales to 4,02,021 units. Meanwhile, Escorts posted a 54.8% MoM rise in tractor sales to 8,816 units in September.

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Natco Pharma launches Everolimus tablets in the US

Natco Pharma Ltd’s marketing partner, Breckenridge Pharmaceutical Inc., has launched Everolimus tablets 10mg in the US market. The drug is indicated for the treatment of certain types of cancers, tumors, and seizures. According to industry sales data, the generic version of the drug generated annual sales of $392 million (~Rs 2,905 crore) during the twelve months ended July 2021.

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Ipca Labs’ US arm acquires further 20% stake in Bayshore Pharma

Ipca Pharmaceuticals Inc., USA has acquired an additional 20% share capital of New Jersey-based Bayshore Pharmaceuticals LLC. The consideration paid for acquiring the stake is $1.2 million (~Rs 8.90 crore). With this acquisition, Bayshore Pharma is now a wholly-owned subsidiary of lpca Pharmaceuticals Inc, USA. The company will continue to commercialise registered generic drug products in the US market through Bayshore.

IEX power market grows 59% in September

Indian Energy Exchange (IEX) traded 8,997 mega unit (MU) electricity volume in September 2021, achieving a 59% YoY growth. The electricity market registered a 57% YoY growth in volumes to 25,857 MU for the quarter ended September (Q2 FY22). The day-ahead market traded 6,418 MU volume in September, with the average monthly price at Rs 4.4 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 193 MU during the same month, recording 81% YoY growth.

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NMDC targets 47 MT iron ore production in FY22

NMDC Limited is aiming to achieve 47 million tonnes (MT) of iron ore production during the current financial year (FY22). The state-owned company will also spend Rs 3,720 crore on capital expenditure. NMDC’s total production in September 2021 stood at 2.69 million tonnes, compared to 1.83 MT in September 2020. Its sales increased by 29% YoY to 2.73 MT in September 2021.

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VST Tillers Tractors signs pact with US-based Zimeno

VST Tillers Tractors Ltd (VTTL) has entered into a master service agreement with US-based Zimeno, Inc to develop an integrated tractor powertrain for Zimeno’s electric tractor. VTTL is a leading farm mechanisation player in India, with a dominant market share in the power tiller segment (54% as of FY21). The company also has a market share of 10% in the compact tractor segment.

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Ambuja Cements begins commercial production at Marwar plant

Ambuja Cements Ltd has commenced commercial production of clinker and cement at its Marwar greenfield plant in Nagaur, Rajasthan. The investment for this project is around Rs 2,350 crore. The plant will increase Ambuja Cement’s clinker capacity by 3 million tonnes per annum (MTPA) and cement sales by 5 MTPA. The plant has a Waste Heat Recovery System (WHRS) that converts waste heat derived during the production process into energy.

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Oyo files DRHP to raise over Rs 8,000 crore via IPO

Hotel-booking startup Oyo Hotels & Homes has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 8,430 crore ($1.1 billion) via an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 7,000 crore and an offer for sale (OFS) of Rs 1,430 crore. According to CB Insights, the startup was last valued at ~$9 billion (~Rs 66,720 crore), making it India’s third most valuable startup. The company is expected to list on the Indian stock exchanges by early next year.

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Tech Mahindra to acquire Germany-based BERIS consulting GmbH

Tech Mahindra GmbH will acquire a 100% stake in BERIS consulting GmbH for a cash consideration of €7 million (~Rs 60.2 crore). BERIS is headquartered in Wolfsburg, Germany, and has about 125+ employees. The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry.

Read more here.

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Manufacturing PMI Falls to 52.3 in August – Top Indian Market News

Manufacturing PMI falls to 52.3 in August

Manufacturing activity in India fell in August as a result of Covid-induced curbs and rising input costs. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 52.3 in August, compared with 55.3 in July. However, manufacturing production and new orders increased for the second straight month in August, but at a softer pace. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

Read more here.

Auto sales data for August 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 19.2% month-on-month (MoM) decline in total sales to 1.30 lakh units in August 2021. Sales from its utility vehicle segment and exports fell 24.5% and 2.8%, respectively. 

Tata Motors Ltd registered a 7.1% MoM decline in passenger vehicle sales to 28,018 units in August. The automaker’s commercial vehicle sales increased 25% MoM to 29,791 units. Overall domestic sales rose 4.2% MoM to 54,190 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 15,973 units in August, a decline of 24% over July. M&M’s farm equipment segment posted a 21.5% decline in sales to 21,360 units.  

Bajaj Auto Ltd posted a 1.1% MoM increase in total sales to 3.73 lakh units. Meanwhile, TVS Motor Company posted a 4.2% MoM rise in total sales to 2.90 lakh units in August.

Read more here.

Equitas SFB launches digital fixed deposits on Google Pay 

Equitas Small Finance Bank (SFB) will now enable users to open fixed deposits (FDs) on Google Pay. The deposits in Equitas SFB are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year. On maturity, the proceeds will automatically go to the user’s existing Google Pay linked bank account. Recently, US tech giant Google had partnered with fintech startup Setu to allow users to open FDs through its digital wallet platform.

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IEX power market reports highest-ever monthly volume in August

The electricity market at the Indian Energy Exchange (IEX) achieved a record all-time high monthly volume of 9,538 million units (MUs) in August, a growth of 74% YoY. The day-ahead market traded 6,649 MU volume (with the average price of electricity at Rs 5.06 per unit), recording a 48 % YoY growth. The term-ahead market comprising intra-day, contingency, daily & weekly contracts recorded a 401% YoY growth in trading volumes at 617 MU during the same month.

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Minda Corp to acquire 26% stake in charging solutions startup EVQPOINT

Minda Corporation Ltd, through its subsidiary Spark Minda Green Mobility Solutions, has entered into definitive agreements for acquiring a 26% stake in charging solutions startup EVQPOINT Solutions. This investment will make Spark Minda EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. The strategic partnership will position Spark Minda to capitalise on the accelerating shift to electric mobility and further boost its position as a one-stop shop for comprehensive charging solutions for EVs.

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EPL partners with Colgate-Palmolive to create recyclable toothpaste tubes

EPL Limited (formerly known as Essel Propack Ltd) has partnered with Colgate-Palmolive India to produce recyclable toothpaste tubes in India. This first set of recyclable tubes is the starting point for converting to 100% recyclable tubes for Colgate-Palmolive. EPL has innovated a first-of-a-kind Recyclable Platina Tubes for the oral care brand, keeping in mind superior functionality and no compromise on key product attributes and value.

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Ramco Systems partners with Draken International

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 across Draken International’s global operations in the US. Draken International is a leading provider of tactical fighter aircraft for contract adversary air (ADAIR) services to the defense industry. Ramco Aviation Software will offer a one-stop solution for managing Draken’s global operations and support its rapid expansion plans.

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Hindustan Zinc extends shutdown of roaster at Rajasthan’s Chanderiya smelter

Hindustan Zinc Ltd (HZL) has extended the planned shutdown of one of the roasters at Chanderiya lead-zinc smelter in Rajasthan. The shutdown is required for the repair and overhaul of major structural components to avoid operational risks in the future. HZL said the shutdown would result in a production loss of 25,000 tonnes of zinc. The company expects the roaster to come back to operation by the mid of next month.

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BHEL secures order worth Rs 10,800 crore from NPCIL

Bharat Heavy Electricals Ltd (BHEL) has received its largest-ever order worth Rs 10,800 crore from Nuclear Power Corporation of India Ltd (NPCIL). The order includes the engineering, procurement, and construction (EPC) of a Turbine Island for six units of 700-megawatt electric (MWe). Four units of 700 MWe will be established at Gorakhpur, Haryana, and two units of 700 MWe at Kaiga in Karnataka.

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GMR Group to invest Rs 520 crore in Hyderabad Airport metro link project 

GMR Group, which operates the Rajiv Gandhi International Airport (RGIA) in Hyderabad, will invest Rs 519.52 crore by 2024 in a metro rail link project for connectivity across the city. The Rs 5,000 crore project proposed by the Telangana government will span 31 kilometers in total. The metro rail link project will be extended to RGIA to create accessibility for people living in different areas of Hyderabad.

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Vedanta announces interim dividend of Rs 18.5 per share

The Board of Directors of Vedanta Ltd has approved an interim dividend of Rs 18.5 per share for the financial year 2021-22, amounting to Rs 6,877 crore. The record date for the purpose of payment of the dividend is September 9. Vedanta Ltd is one of the world’s leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia.

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Cabinet Approves Rs 6,322 crore PLI Scheme for Specialty Steel – Top Indian Market News

Cabinet approves Rs 6,322 crore PLI scheme for specialty steel

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for specialty steel. Incentives worth Rs 6,322 crore will be provided to eligible manufacturers over five years. The scheme is expected to bring in investments of approximately Rs 40,000 crore and capacity addition of 25 million tonnes (MT). It will cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, electrical steel, etc. The PLI scheme for the steel sector will enhance exports and minimize dependence on imports of high-end steel in India.

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Hindustan Unilever Q1 Results: Net profit rises 9.6% to Rs 2,061 crore

Hindustan Unilever Ltd (HUL) reported a 9.6% YoY jump in standalone net profit to Rs 2,061 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 13% YoY to Rs 11,915 crore during the same period. EBITDA grew 7.7% YoY to Rs 2,847 crore in Q1. HUL registered a 12% YoY rise in domestic consumer growth during the quarter. The company’s revenue growth in Q1 was mainly led by double-digit growth of its foods & refreshments and personal care segments.

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UltraTech Cement Q1 Results: Net profit jumps two-fold to Rs 1,703 crore

UltraTech Cement Ltd reported a 114.4% YoY jump in consolidated net profit to Rs 1,703 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4.09% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 11,829 crore during the same period. The company’s sales volume stood at 21.53 million metric tonnes (MMT), a growth of 47% YoY. 

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Adani Ports to raise $500 million through dollar bonds

Adani Ports & Special Economic Zone (APSEZ) aims to raise at least $500 million (~Rs 3,720 crore) on offshore debt through dollar bonds. The proceeds will be used to repay existing debt, meet capital expenditure requirements, and for general corporate purposes of the company’s subsidiaries in India and Sri Lanka. Axis Bank, Barclays, Bank of America, and Citi are advising the company on the fundraisal.

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Bajaj Auto Q1 Results: Net profit more than doubles to Rs 1,061 crore 

Bajaj Auto Ltd reported a 101.2% YoY jump in standalone net profit to Rs 1,061.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.3% when compared to the previous quarter. Its revenue from operations rose 139.88% YoY to Rs 7,386 crore during the same period. Bajaj Auto sold nearly 3.42 lakh units of motorcycles and commanded a market share of 19.7% in Q1. The company announced the formation of a wholly-owned subsidiary to venture into the electric mobility segment.

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Tata Power to transfer 100% stake held in Trust Energy Resources to Tata Power International

Tata Power Company Ltd has signed a share purchase agreement (SPA) with Tata Power International Pte. Ltd (TPIPL) for the sale of 100% equity shares held in Trust Energy Resources (TERPL) for $285.64 million (~Rs 2,125 crore). Both TPIPL and TERPL are wholly-owned subsidiaries of Tata Power. The transaction is likely to be completed in the next two to three weeks.

IEX Q1 Results: Net profit rises 49% YoY to Rs 62.8 crore

Indian Energy Exchange (IEX) reported a 49.23% YoY increase in consolidated net profit to Rs 62.81 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.1% when compared to the previous quarter. Its total income rose 26.86% YoY (or 2.5% QoQ) to Rs 102.87 crore during the same period. IEX’s board has declared a final dividend of Rs 1.5 per share for the financial year 2020-21 (FY21). You can learn more about IEX’s operations here.

TCS partners with Dutch Open Golf Tournament

Tata Consultancy Services (TCS) has announced a new partnership with the Dutch Open Golf Tournament, one of Europe’s most innovative and sustainable golf events. The IT company will leverage its expertise in digital technologies to help the Dutch Open enrich the participant and spectator experience. The Dutch Open 2021 will take place from September 16 to 19 at the Bernardus Golf court in Cromvoirt.

In other news, Kerala’s Industries Minister P. Rajeev confirmed that Kerala Industrial Infrastructure Development Corp (KINFRA) will sign a Memorandum of Understanding (MoU) with TCS for Rs 1,350 crore in two phases.

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IndiaMART InterMESH Q1 Results: Net profit rises 18% YoY to Rs 88 crore

IndiaMART InterMESH Ltd reported an 18.62% YoY increase in consolidated net profit to Rs 87.9 crore for the quarter ended June (Q1 FY22). Net profit increased by 57.81% when compared to the previous quarter. Its total income rose 12.9% YoY (or 11% QoQ) to Rs 211 crore during the same period. The e-commerce company’s board has announced a final dividend of Rs 15 per share for the financial year ended March 31, 2021 (FY21). 

Wipro partners with ServiceNow to offer FieldX for enhanced after-sales services

Wipro has launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution build on ServiceNow’s Now Platform. Manufacturing firms can use the solution to enhance their after-sales customer service operations and reduce costs. FieldX integrates the customer service and field-service management capabilities of the Now Platform with Wipro’s Internet of Things (IoT) and Augmented Reality (AR) platforms.

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CSB Bank Q1 Results: Net profit rises 14% YoY to Rs 61 crore

CSB Bank reported a 13.89% YoY increase in consolidated net profit to Rs 61 crore for the quarter ended June (Q1 FY22). Net profit has increased by 42.2% when compared to the previous quarter. Its total income rose 15% YoY to Rs 571.53 crore during the same period. Its gross non-performing assets (GNPA) ratio rose to 4.88% in Q1 FY22, compared to 3.51% in Q1 FY21.

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Services PMI Falls to 41.2 in June – Top Indian Market News

India’s services PMI falls to lowest level in 11 months in June

India’s services sector activities fell to their lowest level in 11 months as new businesses and output declined. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 41.2 in June, compared to 46.4 in May. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. International demand for Indian services continued to deteriorate in June, with new export orders falling for the 16th consecutive month.

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Govt to sell up to 7.49% stake in NMDC via OFS on Tuesday

The government will sell up to a 7.49% stake in National Mineral Development Corp (NMDC) through an offer for sale (OFS) on Tuesday (July 6). The Centre will sell its 4% stake (or 11.72 crore equity shares) in NMDC at a floor price of Rs 165 per share. The floor price is set at a nearly 6% discount to Monday’s closing price. The OFS also includes a greenshoe option to sell an additional 3.49% stake (or 10.22 crore shares) of NMDC. After the completion of the OFS, the government’s shareholding in NMDC will reduce to 60.8%.

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MCX signs pact with Europe’s EEX to share expertise on electricity derivative products

Multi Commodity Exchange of India (MCX) has signed a Memorandum of Understanding (MoU) with European Energy Exchange AG (EEX) to share knowledge and expertise on electricity derivative products. The MoU will facilitate cooperation between the two exchanges in areas such as education & training and organising events in the domain of electricity derivatives. EEX is a leading energy exchange in Europe that develops, operates, and connects secure and transparent markets for power and other energy products.

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ITD Cementation secures orders worth Rs 585 crore

ITD Cementation India Ltd has secured two orders worth approximately Rs 585 crore. The first order consists of the development and construction of ‘Dream City Depot’, including electrical and mechanical works, in connection with Phase-1 of the Surat Metro Rail Project. The second order has been received from Military Engineer Services for the construction of an Aero Space Museum at Air Force Station in Palam, Delhi. It also includes the installation of mechanical and electrical systems, a rainwater harvesting system, etc. 

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Tata Communications introduces Virtual Video Assisted Referee solution

Tata Communications Ltd announced the launch of a Virtual Video Assisted Referee (V-VAR) solution. It enables an unlimited number of referees, judges to connect remotely from anywhere across the globe and assess/analyse sporting events. SailGP (a global sailing championship) will be the first sports event to deploy the company’s V-VAR solution. 

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Sales volume in IEX real-time power market jumps 3-fold in June

The sales volume of the real-time power market (RTM) jumped over three-fold year-on-year (YoY) to 1,726 million units (MU) in June 2021 at the Indian Energy Exchange (IEX). RTM allows consumers to buy power just one hour below delivery. IEX traded 7,093 MU of electricity volume in June, registering a 48% YoY growth. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 641 MU last month, recording a 539% YoY growth.

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Heranba Industries gets environmental clearance for Rs 110 crore expansion

Heranba Industries Ltd has received environmental clearance from the Ministry of Environment, Forest, and Climate Change for the expansion of manufacturing capacity at its facility in Gujarat. The expansion plan consists of setting up an additional manufacturing capacity of 24,900 tonnes per annum (TPA) for producing insecticides, fungicides, and pesticide intermediates. The estimated cost for the project is Rs 110 crore.

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Godrej Consumer expects double-digit sales growth in Q1 

Godrej Consumer Products Ltd (GCPL) said it expects strong double-digit growth in sales at the consolidated level for the quarter ended June (Q1 FY22). The demand trends in various categories remained steady across all countries the company operates in. GCPL’s home care segment saw strong sales growth in Q1, led by household insecticides. There was high demand for personal care and hygiene products as well.

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Religare’s shareholders approve Rs 570 crore preferential issue

The shareholders of Religare Enterprises Limited (REL) have approved the preferential issue of fresh equity shares worth Rs 570 crore. The company will allot 5.41 crore equity shares at Rs 105.25 per share to existing shareholders, including Burman Family, Ares SSG Capital, and select marquee investors. Noida-based Religare Enterprises provides broking services for equities, currencies, and commodities. It also offers financial services for small and medium enterprises (SMEs).

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HDFC Bank reports 14% YoY loan growth in Q1

HDFC Bank reported a 14% YoY growth in its loan book to Rs 11.47 lakh crore for the quarter ended June 30 (Q1 FY22). Loan advances grew 1.3% when compared to the previous quarter. The bank’s deposits grew over 13% YoY (or 0.8% QoQ) to Rs 13.4 lakh crore in Q1. Total retail disbursements at the end of Q1 stood at Rs 43,600 crore, a growth of 202% YoY. During the same period, HDFC Bank purchased loans aggregating to Rs 5,489 crore through a direct assignment route under a home loan arrangement with HDFC Limited.  

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SEBI announces new rules to make MIIs pay for technical glitches

Market regulator SEBI has issued a detailed framework for penalising market infrastructure institutions (MIIs) for technical glitches. MIIs include stock exchanges, clearing corporations, and depositories. Under the new framework, MIIs will have to pay Rs 1 lakh per day in case of delay in submission or incomplete submission of root cause analysis (RCA). A comprehensive RCA report needs to be submitted within 21 days of an incident. The failure to timely address a technical glitch will attract Rs 2 lakh per day for the first 15 days.

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MRF Reports 51% YoY Decline in Net Profit in Q4 – Top Indian Market News

MRF Q4 Results: Net profit declines 51% YoY to Rs 332 crore

MRF Limited reported a 51.1% YoY decline in consolidated net profit to Rs 332.15 crore for the quarter ended March (Q4). Net profit has declined by 36.2% when compared to the previous quarter. Its revenue from operations rose 30.7% YoY to Rs 4,816.46 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 10.2% YoY to Rs 1,277.07 crore. The tyre manufacturer’s board has recommended a final dividend of Rs 94 per share and a special dividend of Rs 50 per share.

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Centre to provide free Covid-19 vaccines to all adults from June 21: PM Modi

In his address to the nation, Prime Minister Narendra Modi stated that the Centre will take over the task of vaccination from state governments and provide Covid-19 vaccines free of cost to all adults from July 21. Out of the total vaccine being produced in India, the Centre will buy 75% and give it to states for free. Private hospitals will continue to have access to 25% of all vaccines. The government has also decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana (free ration scheme) till Diwali in November. 

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L&T Construction wins significant orders for various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. Its water and effluent treatment business has received an order from Bangalore Water Supply & Sewerage Board to design, build, and operate sewage treatment plants and pumping stations in the city. The buildings and factory business of L&T Construction has secured an order for the construction of sports infrastructure facilities at Kalinga Stadium in Odisha. 

Read more here. 

Central Bank of India Q4 Results: Net loss at Rs 1,349 crore

Central Bank of India reported a standalone net loss of Rs 1,349.21 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,529.07 crore in the corresponding period last year (Q4 FY20). The bank’s total income declined by 14% YoY to Rs 5,779.84 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 16.55%, compared with 18.92% in the year-ago period. Net profit for the entire financial year 2020-21 fell 20.84% YoY to Rs 887.58 crore.

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Lupin launches Digital Asthma Educator platform

Lupin Limited announced the launch of its Digital Asthma Educator platform for guiding patients on the correct technique of using inhalers. The platform is part of the pharma company’s long-running umbrella program, Joint Airways Initiative (JAI), for patients suffering from respiratory ailments. 

In a separate filing, Lupin announced it has received approval from the US Food & Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used for the treatment of human immunodeficiency virus (HIV)-1 infection.

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ED transfers UBL shares worth over Rs 5,600 crore to recovery officer’s demat account

The Enforcement Directorate (ED) has transferred 4.13 crore equity shares of United Breweries Ltd (UBL) to the Demat account of the recovery officer of the Debt Recovery Tribunal. The shares are worth over Rs 5,600 crore. In March 2019, UBL had informed the exchanges that the Debt Recovery Tribunal in Bengaluru had transferred a 2.80% stake worth over Rs 1,025 crore held by United Breweries (Holdings) Ltd in the company in its name. UBL and United Breweries (Holdings) Ltd are promoted by Vijay Mallya.

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Union Bank of India Q4 Results: Net profit rises 83% QoQ to Rs 1,330 crore

Union Bank of India reported an 83% quarter-on-quarter (QoQ) rise in standalone net profit of Rs 1,330 crore for the quarter ended March (Q4). Net interest income (NII) declined by 18% QoQ to Rs 5,403 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 13.74%, compared with 13.49% in Q3. The bank stated that the results for the quarter and year ended March 31, 2021, include operations of Andhra Bank and Corporation Bank. The two banks were amalgamated into Union Bank of India on April 1, 2021. Hence, the results are not comparable.

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Average spot power price rises 10% to Rs 2.83 per unit in May at IEX

The average spot power price (or market clearing price) in the day-ahead market (DAM) increased over 10% YoY to Rs 2.83 per unit in May 2021 at the Indian Energy Exchange (IEX). The day-ahead market traded 4,364 million units (MU) volume in May with the average monthly price at Rs 2.83 per unit. The average spot power price saw a decline of 24% on a month-on-month basis, as the average monthly price was Rs 3.70 per unit in April. IEX traded 6,540 MU of electricity volume in May, achieving 9% YoY growth.

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NCLT approves Piramal Group’s resolution plan for DHFL

The National Company Law Tribunal (NCLT) approved Piramal Capital & Housing Finance’s resolution plan for the stressed mortgage lender Dewan Housing Finance Ltd (DHFL) with a few conditions. The Mumbai bench of NCLT has rejected former DHFL promoter Kapil Wadhawan’s plea to consider his offer for settlement. The tribunal has asked DHFL’s Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the resolution plan. The Piramal Group has offered Rs 37,250 crore to DHFL’s creditors.

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Mrs. Bectors Food Q4 Results: Net profit rises 41% to Rs 12.77 crore

Mrs. Bectors Food Specialities reported a 41% YoY increase in consolidated net profit to Rs 12.77 crore for the quarter ended March (Q4). Net profit has declined by 38.3% when compared to the previous quarter. Its revenue from operations rose 15.26% YoY to Rs 223.98 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 138.47% YoY to Rs 72.28 crore. The company’s board has recommended a final dividend of Rs 2.40 per share.

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Infosys partners with Archrock for digital technology integration

Infosys Limited has collaborated with Archrock Inc to integrate digital technologies and mobile tools for its field service technicians. Archrock is a leading provider of natural gas compression services in the US. As part of the agreement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application. This will help streamline and enhance Archorck’s field services and operational efficiencies.

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Vedanta Reports 95% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Vedanta Q4 Results: Net profit rises 95% QoQ to Rs 6,432 crore

Vedanta Limited reported a 95% quarter-on-quarter (QoQ) increase in net profit to Rs 6,432 crore for the quarter ended March (Q4). Its net sales rose 24% QoQ to Rs 28,206 crore during the same period. This revenue growth was aided by a rise in volumes of its aluminium, zinc, and iron ore businesses. Operating margins fell to 32%, compared with 34% in the preceding quarter (Q3 FY21). Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 17% to Rs 9,037 crore.

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Piramal Enterprises Q4 Results: Net loss at Rs 510 crore

Piramal Enterprise Ltd reported a consolidated net loss of Rs 510 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,702 crore in the corresponding period last year. The company’s revenue rose to Rs 3,402 crore in Q4 FY21, compared with Rs 3,341 crore in Q4 FY20. In the last two years, the company’s net debt has reduced by 45% to Rs 24,968 crore. The board of Piramal Enterprises has recommended a dividend of Rs 33 per share.

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HCC-KEC JV secures order worth Rs 1,147 crore from Chennai Metro Rail

Hindustan Construction Company (HCC), in a joint venture (JV) with KEC International Ltd, has secured a contract worth Rs 1,147 crore from Chennai Metro Rail. The order includes the construction of a 7.96 km elevated viaduct and 9 elevated stations on Corridor 4 of Phase-II of the Chennai Metro. The scope of work involves civil, architectural, plumbing & drainage, and temporary services. HCC holds a 51% stake in the JV, while KEC International holds 49% stake.

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Lupin Q4 Results: Net profit rises 18% YoY to Rs 460 crore

Lupin Limited reported an 18% YoY increase in consolidated net profit to Rs 460 crore for the quarter ended March (Q4 FY21). On a quarterly basis, net profit has risen by 5%. Its revenue from operations declined by 1.6% YoY to Rs 3,783 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 1,216 crore. The company had posted a net loss of Rs 269 crore in the previous financial year (FY20). Lupin’s board has recommended a dividend of Rs 6.5 per share. 

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Happiest Minds Q4 Results: Net profit falls 14% QoQ to Rs 36 crore

Happiest Minds reported a 14.5% quarter-on-quarter (QoQ) decline in net profit Rs 36.05 crore for the quarter ended March (Q4 FY21). Net profit has jumped 580% when compared to the corresponding period last year. The IT firm’s revenue declined 14.5% QoQ (up 18.4% YoY) to Rs 220.7 crore during the same period. In US Dollar terms, revenues for the March quarter grew 15.4% QoQ and 18% YoY to $30.2 million. The company added 23 clients during Q4, taking the total number of clients to 173 as of March 31, 2021. The board of Happiest Minds has recommended a final dividend of Rs 3 per share.

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Reliance Jio tops in 4G download speed, Vodafone in upload speed in April: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio has topped the 4G speed chart in April 2021 with a data download rate of 20.1 megabits per second (Mbps). Vodafone was ahead of others in upload speed at 6.7 Mbps. Jio has almost three times higher download speed compared to Vodafone. The average speed is computed by TRAI based on the data it collects across India with the help of its MySpeed application on a real-time basis.

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Pidilite Industries Q4 Results: Net profit rises 96% YoY to Rs 307 crore

Pidilite Industries reported a 96.4% YoY increase in consolidated net profit to Rs 307.44 crore for the quarter ended March (Q4). Its sales revenue rose 44.7% YoY to Rs 2,235.52 crore during the same period. Pidilite’s Consumer and Bazaar (C&B) segment posted a 45% YoY volume growth during the quarter. For the financial year ended March 31, 2021 (FY21), net profit rose 0.4% YoY to Rs 1,126.13 crore. The company’s board has announced a dividend of Rs 8.5 per share.

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SBI Cards, Apollo Hospital, 3 Adani Group stocks enter MSCI India index

According to a release by index provider MSCI, Adani Enterprises, Adani Total Gas, and Adani Transmission have entered the MSCI India Domestic Index. SBI Cards and Payment Services and Apollo Hospital have also entered the leading index, which is being tracked widely by global investors. Zee Entertainment Enterprises has been deleted from the MSCI India index. All changes will be implemented as of May 27, 2021. According to Edelweiss Securities, India is expected to see a net inflow of $350 million from Foreign Institutional Investors (FIIs) following the adjustments made by MSCI in its global standard indices.

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IEX Q4 Results: Net profit rises 33% YoY to Rs 60.85 crore

Indian Energy Exchange (IEX) reported a 33% YoY increase in consolidated net profit to Rs 60.85 crore for the quarter ended March (Q4). Its total income rose to Rs 100.33 crore, compared with Rs 79.59 crore in the corresponding period last year (Q4 FY20). For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 205.43 crore. This is compared with a net profit of Rs 175.71 crore in FY20.

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Vinati Organics Q4 Results: Net profit declines 5% YoY to Rs 70.85 crore

Vinati Organics Limited reported a 5.06% YoY decline in net profit to Rs 70.85 crore for the quarter ended March (Q4). Its revenue from operations rose 14.03% YoY to Rs 279.77 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 19.32% YoY to Rs 269.32 crore. The company’s board has approved a final dividend of Rs 6 per share. Vinati Organics is a leading specialty chemicals company based in Mumbai.

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Eli Lilly signs licensing agreements with Torrent Pharma, Dr Reddy’s for Covid-19 drug

US-based drug firm Eli Lilly and Company has signed voluntary licensing agreements with Torrent Pharma, Dr Reddy’s Laboratories, and MSN Laboratories to expand the availability of Covid-19 drug Baricitinib in India. The drug is used in combination with Remdesivir for the treatment of Covid-19 patients with severe symptoms. On Monday, Eli Lilly had issued voluntary licenses to Cipla, Lupin, and Sun Pharma to manufacture and sell Baricitinib. This will enable the Indian pharma companies to use their existing distribution systems to ensure that the essential drug is accessible across the country.

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Tata Consumer Reports Net Profit of Rs 133 crore in Q4 – Top Indian Market News

Tata Consumer Products

Tata Consumer Q4 Results: Net profit at Rs 133.34 crore

Tata Consumer Products Ltd reported a net profit of Rs 133.34 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has declined by 44% in Q4 FY21. The company’s revenue from operations rose 26.2% YoY (down 1% QoQ) to Rs 3,037.22 crore during the same period. Tata Consumer opened 39 new stores and entered 7 new cities in FY21. The FMCG firm’s board has declared a final dividend of Rs 4.05 per share.

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Coforge Q4 Results: Net profit rises 17% YoY to Rs 133 crore

Coforge Limited reported a 17.08% YoY increase in consolidated net profit to Rs 133 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 9.02%. Its revenue from operations rose 13.7% YoY to Rs 1,261.5 crore during the same period. The IT firm secured new businesses worth $ 201 million (~Rs 1,482 crore) during the quarter. Coforge’s board has declared a dividend of Rs 13 per share. 

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IEX reports 90% YoY growth in volume of power traded in April

The electricity market at the Indian Energy Exchange (IEX) posted a 90.2% YoY growth in volume to 7,707 million units (MU) in April 2021. The rise in electricity consumption has been the key factor behind the consistent performance of the exchange market. IEX’s real-time market saw its highest ever monthly volume of 1,473 MU in April, up 4.2% from March. Its day-ahead market posted a 54% YoY volume growth to 5,699 MU last month.

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Bajaj Healthcare launches ‘Ivejaj’ tablets for Covid-19 treatment

Bajaj Healthcare Ltd (BHL) announced the launch of its anti-parasitic drug ‘Ivejaj’ (Ivermectin), which is to be used for the treatment of Covid-19 infections. The pharma company has received approval from the Drugs Controller General of India (DCGI) to manufacture and market the tablets. BHL said it has successfully developed the active pharmaceutical ingredient (API) and the formulation for Ivermectin through its own in-house research & development (R&D) team.

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Praj Industries Q4 Results: Net profit jumps 109% YoY to Rs 52 crore

Praj Industries Ltd reported a 109.21% YoY increase in net profit to Rs 52 crore for the quarter ended March (Q4). Its revenue from operations rose 91.4% YoY to Rs 567.10 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 15.11% YoY to Rs 81.07 crore. The company’s board has recommended a final dividend of Rs 2.16 per share.

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CCI orders probe against Tata Motors for alleged unfair business practices

The Competition Commission of India (CCI) has ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements. The order was based on two complaints filed against Tata Motors, Tata Capital Financial Services, and Tata Motors Finance Ltd. The CCI has observed that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position.

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Caplin Point Q4 Results: Net profit rises 35% YoY to Rs 66 crore

Caplin Point Laboratories reported a 35.75% YoY increase in consolidated net profit to Rs 66.37 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 3%. Its revenue from operations rose 22.7% YoY to Rs 288.17 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 12.69% YoY to Rs 242.28 crore.

Subex partners with Snowflake for AI-driven Augmented Analytics

Subex has partnered with US-based Snowflake to bring the power of artificial intelligence (AI)-driven Augmented Analytics to enterprises. Through Subex’s HyperSense platform, both companies will combine competencies to enable enterprises to accelerate their data analytics journey. Through the partnership, Subex and Snowflake aim to bring increased efficiency and agility to enterprises and help them create greater value for their businesses.

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Adani Transmission FY21 Results: Net profit rises 82% YoY to Rs 1,290 crore

Adani Transmission Ltd reported an 82% YoY increase in consolidated net profit to Rs 1,290 crore for the financial year ended March 31, 2021 (FY21). Its revenue from operations declined by 14% YoY to Rs 8,840 crore during the same period. The company added 2,536 circuit kilometers to its transmission network in FY21, taking the total network to 17,276 ckt km. The firm also reported strong transmission system availability at more than 99.87%.

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NTPC Renewable Energy signs PPA with GUVNL

NTPC Renewable Energy, a wholly-owned subsidiary of NTPC Ltd, has entered into a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) to sell electricity from its 150 megawatt (MW) solar project.  As per the agreement, the project will sell power at a tariff of Rs 2.20 per kilowatt-hour (kWh). With this, NTPC’s total capacity under tariff-based competitive bidding (TBCB) tenders has increased to 1.4 gigawatt (GW).

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Adani Power Q4 Results: Net profit at Rs 13.13 crore

Adani Power Limited reported a consolidated net profit of Rs 13.13 crore for the quarter ended March (Q4 FY21).  It had posted a net loss of Rs 1,312.86 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose to Rs 6,902 crore, compared with Rs 6,327.57 crore in Q4 FY20. Adani Power achieved an Average Plant Load Factor (PLF) of 59.6% and aggregate sales volumes of 14.8 billion units (BU) during the quarter. This is compared with an average PLF of 65.5% and sales volumes of 16.5 BU in Q4 FY20

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ACC Reports 74% YoY Rise in Net Profit in Q1 – Top Indian Market News

ACC Q1 Results: Net profit rises 74% YoY to Rs 563 crore

ACC Limited reported a 74.17% year-on-year (YoY) increase in consolidated net profit to Rs 562.69 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its total revenue rose 22.7% YoY to Rs 4,291.97 crore during the same period. Cement sales volumes increased by 21.5% YoY to 7.97 million tonnes in Q1. ACC has commissioned a new grinding unit at Sindri Industrial Township at Dhanbad district in Jharkhand with a capacity of 1.4 million tonnes per annum (MTPA).

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IEX launches cross-border electricity trade on power trading platform

Indian Energy Exchange (IEX) has launched Cross Border Electricity Trade (CBET) on its power trading platform. This will help IEX expand its power markets beyond India to the South Asian region. The government-designated nodal agency for CBET is NTPC Vidyut Vyapar Nigam Ltd (NVVN), a wholly-owned subsidiary of NTPC Limited. Currently, the CBET with neighboring countries for India stands at about 18 billion units (BUs), conducted through medium and long-term bilateral contracts.

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Bajaj Consumer Q4 Results: Net profit jumps two-fold to Rs 55 crore

Bajaj Consumer Care Limited reported over a two-fold YoY increase in consolidated net profit to Rs 54.67 crore for the quarter ended March (Q4). Its revenue from the sale of goods stood at Rs 244.86 crore in Q4, compared to Rs 172 crore in the corresponding period last year. Bajaj Consumer’s net profit for FY 2020-21 rose 20.76% YoY to Rs 223.13 crore. The FMCG firm’s Board of Directors has recommended a final dividend of Rs 4 per share.

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SC stays all further proceedings in Amazon-Future Retail case

The Supreme Court (SC), on Monday, stayed all further proceedings in the Amazon-Future-Reliance case before Single Judge and Division Bench of the Delhi High Court. A bench headed by Justice Rohinton F Nariman said the matter will be finally decided by the SC. The matter will be heard on May 4, 2021. The apex court was hearing an appeal of Amazon.com, Inc. challenging Delhi High Court’s decision to stay an order upholding an emergency arbitrator award restraining Future Retail Limited (FRL) from going ahead with its Rs 24,731 crore assets sale deal with Reliance Retail.

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Infosys partners with Copenhagen Fintech to establish ‘innovation bridge’ between India and the Nordics

Infosys Limited has announced a collaboration with Copenhagen Fintech to strengthen connections across the innovation ecosystem and support the development of new and compelling fintech solutions for the global financial services industry. Both companies will establish a ‘fintech innovation bridge’ between the Nordic countries (Denmark, Sweden, Finland, Norway) and India. This partnership will involve joint participation in events to facilitate the mutual sharing of deep industry expertise with Copenhagen Fintech’s corporate partners.

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Jubilant Pharma develops oral formultion of remdesivir

Jubilant Pharma has developed a novel oral formulation of Remdesivir, an anti-viral drug used to treat patients infected by Covid-19. The company said the oral formulation is likely to ease the capacity constraint that injectable formulations face. It will also ensure wider and timely availability of the drug to Covid-19 patients. Jubilant Pharma has sought authorisation for additional studies of the oral formulation from the Drugs Controller General of India (DCGI).

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Borosil Renewables’ board approves expansion plan with an outlay of Rs 1,000 crore

The Board of Directors of Borosil Renewables Limited has approved an expansion plan to raise its production capacity of solar glass by an additional 1,000 tonnes per day (TPD). The company’s processing capabilities will also be enhanced in one or two phases. The estimated outlay for this expansion plan is Rs 1,000 crore. Mumbai-based Borosil Renewables is the sole manufacturer of solar glass panels in India.

Heranba Industries gets GPCB approval to manufacture products at Saykha

Heranba Industries Ltd has received the ‘Consent to Establish’ (CTE) from the Gujarat Pollution Control Board (GPCB) to manufacture pesticides, fungicides, insecticides, and other products at its plot in Saykha Industrial Estate in Bharuch, Gujarat. The company has a land parcel measuring around 34,600 square metres at Saykha. It plans to set up a manufacturing unit with a capacity of 10,680 tonnes per annum at this plot. Heranba Industries expects to commence commercial production at this unit by September 2022.

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Trident opens six new showrooms across India

Trident Limited has opened six new exclusive showrooms across India for its bed and bath linen collections under Trident Home Decor Design. The newly opened showrooms are located in Kolkata, Jaipur, Chandigarh, Mohali, and Karnal. The total count of its exclusive showrooms has now increased to 18.

Caplin Steriles receives USFDA approval for Milrinone Lactate injection

Caplin Steriles has received final approval from the US Food and Drug Administration (USFDA) for generic Milrinone Lactate injection, used for short-term treatment of patients with acute decompensated heart failure. According to IQVIA data, Milrinone Lactate injection had US sales of around $24 million (~Rs 179 crore) for the 12 months ended December 2020. Caplin Steriles is a subsidiary of Caplin Point Laboratories Limited.

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Indian Oil Corp to supply oxygen to hospitals in Delhi, Haryana, Punjab

Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Limited (BPCL) have begun diverting oxygen produced at their refineries to meet the rising requirements of medical oxygen in states worst-hit by Covid-19. IOCL has begun the supply of 150 tonnes of oxygen at zero cost to various hospitals in Delhi, Haryana, and Punjab. BPCL will supply 100 tonnes of medical oxygen per month at no cost.

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