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SBI’s Net Profit Rises 69% YoY in Q3 – Top Indian Market Updates

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

SBI Q3 Results: Net profit rises 69% YoY to ₹14,205 crore

State Bank of India (SBI) reported a 68.5% YoY increase in net profit to ₹14,205.34 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 24% YoY to ₹38,068.62 crore during the same period. The bank’s provisions fell 17% YoY to ₹5,761 crore in Q3. The gross non-performing assets (GNPA) ratio fell from 4.5% in Q3 FY22 to  3.17% in Q3 FY23.

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India Cements to refurbish old cement plants with an investment of ₹1,600 crore

The India Cements Ltd has drawn up plans to refurbish its old manufacturing facilities at an estimated outlay of ₹1,500-1,600 crore. The funds to undertake the refurbishment would be met through internal accruals. The refurbishment program would start with Malkapur and Vishnupuram plants in Telangana.

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ITC Q3 Results: Net profit rises 21% YoY to ₹5,031 crore

ITC Limited reported a 21% YoY increase in net profit to ₹5,031 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 2.3% YoY to ₹16,226 crore during the same period. The company’s EBITDA stood at ₹5,183.5 crore in Q3, up 25% YoY. Cigarette sales in the quarter rose nearly 17% YoY to ₹7,288.22 crore. ITC’s board has approved an interim dividend of ₹6 per share. 

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Coal India arm MCL introduces drone technology in coal mines

Coal India’s subsidiary MCL has introduced drone technology in coal mines for environmental monitoring, volume measurement, and photogrammetric mapping of mines for digitalisation of the mining process. The technology has been introduced through the launch of a web-based portal ‘VIHANGAM’. The portal allows an authorised person to access real-time drone video from the mine through a dedicated 40 Mbps internet lease line near the mines.

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Divi’s Labs Q3 Results: Net profit falls 66% YoY to ₹307 crore

Divi’s Laboratories Ltd reported a 66% YoY decline in consolidated net profit to ₹307 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 31% YoY to ₹1,708 crore during the same period. The pharma company’s EBITDA stood at ₹408 crore in Q3, down 63% YoY. Divi’s Labs shares fell more than 11% today due to poor results.

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Railways plans to upgrade ticketing capacity from 25K to 2.25 lakh per minute: Ashwini Vaishnaw

Railway Minister Ashwini Vaishnaw said the Indian railways will initiate its plan to increase its capacity to issue tickets from 25,000 to nearly 2.25 lakh per minute while attending to inquiries from 40,000 to 40 lakh per minute. The ministry plans to lay new railway tracks for a distance of 7,000 kilometres during the financial year 2023-24. He also announced that “Jan Suvidha” convenience stores will be constructed at 2,000 railway stations across the country.

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Tata Power Q3 Results: Net profit rises 91% YoY to ₹1,052 crore

Tata Power Company Ltd reported a 91% YoY increase in consolidated net profit to ₹1,052 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 30% YoY to ₹14,339 crore during the same period. EBITDA grew 53% YoY to ₹2,818 crore in Q3. Tata Power is one of India’s largest integrated power companies. It has an overall installed/managed capacity of 14,101 MW.

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Max Healthcare lines up ₹400 cr to expand Mohali facility

Max Healthcare Institute will invest around ₹400 crore to expand its Mohali-based hospital. The construction of the new building that will house 170 beds officially commenced today. On completion of the project by the end of Q3 FY24, the hospital bed capacity will go up to 400 beds from the existing 231. The new building will house special specialties like liver transplant, bone marrow transplant, renal transplant, orthopaedics, and neurosciences.

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RBI allows Hinduja Group to raise stake in IndusInd Bank: Report

According to an Economic Times report, the Reserve Bank of India (RBI) has given in-principle and conditional approval to IndusInd International Holdings Ltd, a Hinduja Group entity, to raise its stake in IndusInd Bank to 26%. This will result in the Hinduja Group investing over $1 billion in the bank. Promoter holding in the bank currently stands at 16.51%. To learn more about the Hinduja Group, click here.

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TCS Posts 8% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

TCS Q2 Results: Net profit rises 8% YoY to ₹10,431 crore

Tata Consultancy Services (TCS) reported an 8.4% YoY increase in consolidated net profit to ₹10,431 crore for the quarter ended September (Q2 FY23). The IT company’s revenue from operations rose 18% YoY to ₹55,309 crore during the same period. Its order book stood at $8.1 billion in Q2. TCS’s board has approved a dividend of ₹8 per share. 

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JSW Steel’s combined production grows 12% to 5.68 MT in July-Sept

JSW Steel Ltd reported a 12% year-on-year (YoY) growth in its combined steel production at 5.68 million tonnes (MT) during the quarter ended September (Q2 FY23). Production was down 3% compared to 5.88 MT in the April-June period (Q1). The fall in production can be attributed to extended maintenance shutdowns, subdued market conditions in the US, and lower capacity utilisation in various units in India. 

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Adani Group in talks for Jaiprakash’s cement unit for $606 million: Report

According to an ET Now report, Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd. to acquire its cement unit. The group could pay about ₹5,000 crore (~$606 million) for a cement grinding unit and other smaller assets. The deal will help consolidate the Adani Group’s dominance in the cement sector, which started after it recently bought Ambuja Cements Ltd. and ACC Ltd. from Switzerland’s Holcim Ltd.

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India’s fuel demand slips to 10-month low in September

India’s monthly fuel demand in September was at its lowest since November 2021. Total monthly fuel demand in September fell 3.6% from August, although it was up 8.1% when compared with September 2021. Consumption of fuel totaled 17.18 million tonnes (MT) in September, up from 15.89 MT a year earlier. Sales of diesel grew 13.4% YoY to 6.26 MT in Sept but dropped 1.4% month-on-month.

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EaseMyTrip’s board approves bonus shares and stock split

The Board of Directors of Easy Trip Planners Ltd has approved a bonus issue. It will issue three bonus shares for every one share held in the company. Easy Trip Planners will need free reserves of ₹130.4 crore (created out of the company’s profits in FY22) for implementing the bonus issue. The board also cleared a proposal to split its stock in the ratio of 1:2 (each equity share with a face value of ₹2 will be split into two equity shares with a face value of ₹1). 

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India Cements divests entire stake in Springway Mining to JSW Cement for ₹477 crore

India Cements Ltd has signed a pact with JSW Cement to divest its entire stake in Springway Mining Pvt Ltd (SMPL) for ₹477 crore. SMPL owns limestone-bearing land in Madhya Pradesh’s Panna district. It is also setting up a cement plant in Damoh district. JSW Cement has paid ₹373.87 crore towards part of the deal amount. The rest has to be paid on or before December 31, 2022. 

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Gravita starts commercial production at aluminium recycling plant in Senegal

Gravita India Ltd’s step-down subsidiary in Senegal (West Africa) has commenced commercial production of aluminium from a new recycling plant. The plant has an annual capacity of around 4,000 metric tonnes per annum (MTPA). The company is expecting an additional revenue of approx. ₹60 crore per annum with gross margins of nearly 20% from the new capacity.

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Equity inflows surge in September despite volatility: AMFI

Data released by the Association of Mutual Funds in India (AMFI) showed that equity mutual funds witnessed a net inflow of ₹14,077 crore in September 2022, compared to a net inflow of ₹5,942.2 crore in August. Total assets under management for the mutual fund industry stood at ₹38.42 lakh crore as of September 30, compared to ₹39.33 lakh crore as of August 31. Contribution through SIP went up to ₹12,976 crore in September when compared to ₹12,693 crore in August. 

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Nykaa Fashion partners with Revolve to offer new range of global fashion labels

E-commerce platform Nykaa’s fashion arm, Nykaa Fashion, announced a partnership with California-based Revolve to offer access to a range of global fashion labels. With this collaboration, Nykaa Fashion will offer consumers curations spanning over 26,000 options and over 400 brands across apparel, footwear, and accessories, including REVOLVE and its own online platform.

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Tata Motors’ global sales up 33% in Q2

Tata Motors reported a 33% YoY increase in global sales (including that of Jaguar Land Rover) to 3,35,976 units during the quarter ended September (Q2 FY23). Global wholesale units of all Tata Motors’ commercial vehicles and Tata Daewoo range in the quarter stood at 1,03,226 units, up 16% YoY. Sales of JLR stood at 89,899 units in Q2 FY23, compared to 78.251 units in Q2 FY22.

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Mukesh Ambani Resigns as Director of Reliance Jio – Top Indian Market Updates

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

Mukesh Ambani resigns as director of Reliance Jio

Mukesh Ambani has resigned from the board of his group’s telecom arm, Reliance Jio Infocomm Ltd. He has handed over the reins of the company to his elder son Akash. In a stock exchange filing, Reliance Jio said its board has “approved the appointment of Akash M Ambani, non-executive director, as chairman of the Board of Directors of the company.”

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Tata Steel to ramp up Neelachal Ispat Nigam’s operation to 1.1 MTPA within a year

Tata Steel Ltd (TSL) Chairman N Chandrasekaran said the company will boost the operation of Neelachal Ispat Nigam Ltd (NINL) to a rated capacity of 1.1 million tonnes per annum (MTPA) within the next year. In January 2022, Tata Steel Long Products (a subsidiary of TSL) won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel is expected to complete the acquisition by the end of Q1 FY23.

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Ruchi Soya Industries changes name to Patanjali Foods Ltd

Edible oil manufacturer Ruchi Soya Industries Ltd (RSIL) announced that the company’s name has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. Last month, Patanjali Ayurved sold its food retail business to RSIL for Rs 690 crore. The move was part of its strategy to focus on the non-food, traditional medicine, and wellness business.

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Indiabulls Real Estate guilty of profiteering Rs 6.46 crore

The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate Ltd (IREL) guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers after the introduction of GST. The concerned project, named Sierra-Vizag, is situated in Visakhapatnam. The NAA has directed IREL to pass on the profiteered amount to homebuyers within 3 months, along with interest.

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LTTS launches engineering design centre in France

L&T Technology Services Ltd. (LTTS) has launched an engineering design centre in Toulouse, France. The centre will initially focus on developing cutting-edge solutions for the aerospace and defence industries. LTTS also plans to hire over 100 engineers for the centre in the next two years.

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Tata Motors to increase prices of commercial vehicles from July 1

Tata Motors Ltd. has announced a price hike of 1.5-2.5% for its range of commercial vehicles (CVs), effective from July 1. The percentage of hike will depend on the individual model and variant. “The steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike,” the automaker said in a statement.

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India Cements acquires 100% stakes in Springway Mining

India Cements Ltd has acquired the entire paid-up equity and preference share capital of Springway Mining Private Ltd for Rs 182.89 crore. Springway Mining was in the process of setting up a cement plant in Madhya Pradesh. 

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Glenmark Pharma acquires OTC drugs from Wockhardt

Glenmark Pharma’s US subsidiary has acquired a portfolio of approved over-the-counter (OTC) abbreviated new drug applications (ANDAs) from Wockhardt. The move is part of the pharma company’s strategy to expand its US OTC portfolio. Glenmark Pharma’s current portfolio consists of 175 products authorized for distribution in the US and 48 ANDAs pending approval with the US Food & Drug Administration (USFDA).

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Infosys secures order from Global Express

Australia-based Global Express has selected Infosys Ltd to separate the technology landscape after its divestment from Toll Holdings. The IT major will leverage the blueprints and tools from Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey. Infosys will also migrate Global Express’ applications and services to a sustainable and energy-efficient data centre and public cloud on AWS.

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Cadila Health Reports 29% YoY Rise in Net Profit in Q1 – Top Indian Market News

Cadila Healthcare Q1 Results: Net profit rises 29% YoY to Rs 587 crore

Cadila Healthcare Ltd reported a 29.34% YoY increase in consolidated net profit to Rs 587.2 crore for the quarter ended June (Q1 FY22). Net profit declined by 13.5% when compared to the previous quarter. Its revenue from operations rose 14.5% YoY to Rs 4,025.4 crore during the same period. Revenue from its India business grew 43% YoY to Rs 1,943 crore, while US sales declined by 11% YoY to Rs 1,451 crore in Q1.

The pharma company has also applied to the Drugs Controller General of India (DCGI) for Emergency Use Authorisation (EUA) for its Covid-19 vaccine, ZyCOV-D.

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L&T to divest entire stake in hydroelectric power project to Renew Power

Larsen & Toubro (L&T) has announced the divestment of a 100% stake in the 3×33 megawatt (MW) run of the river hydroelectric power plant owned by L&T Uttaranchal Hydropower Ltd (LTUHPL) to Renew Power Services Pvt Ltd. The sale consideration is Rs 985 crore. This move is in line with the declared L&T focus of divesting non-core assets and improving shareholder value.

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Pidilite Industries Q1 Results: Net profit jumps 721% YoY to Rs 220 crore 

Pidilite Industries Ltd reported a 721.77% YoY jump in consolidated net profit to Rs 220 crore for the quarter ended June (Q1 FY22). Net profit declined by 28.13% when compared to the previous quarter. Its total income rose 116.4% YoY (but declined by 13.7% QoQ) to Rs 1,942.91 crore during the same period. Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, and polymer emulsions in India.

RBL Bank gets accredited as an Agency Bank to RBI

RBL Bank has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Centre and state governments. The authorization will enable the private sector lender to handle a broad range of transactions related to government business, such as distributing subsidies, pension payments, and collecting taxes. With RBI’s accreditation, RBL Bank will be in a position to offer the government cost and time-efficient products and solutions.

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Kitex Garments Q1 Results: Net profit rises 62% YoY to Rs 20.5 crore

Kitex Garments Ltd reported a 62.13% YoY increase in consolidated net profit to Rs 20.51 crore for the quarter ended June (Q1 FY22). Net profit jumped 148.3% when compared to the previous quarter. Its total income rose 71.9% YoY (or 39.5% QoQ) to Rs 159.04 crore during the same period. Kitex Garments is a leading manufacturer of fabric and readymade garments in India.

KFC, Pizza Hut operator Sapphire Foods files IPO papers with SEBI

Sapphire Foods India Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The company primarily operates KFC and Pizza Hut outlets in India, Sri Lanka, and the Maldives. The IPO will be entirely an offer for sale (OFS) of up to 1.75 crore equity shares by promoters and existing shareholders. Sapphire Foods is the largest franchisee of Yum! Brands in the Indian subcontinent. It is backed by prominent investors such as Goldman Sachs, Samara Capital, and Edelweiss.

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India Cements Q1 Results: Net profit more than doubles to Rs 37 crore

The India Cements Ltd reported a 120% YoY jump in standalone net profit to Rs 37.4 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 35% YoY to Rs 1,022.5 crore during the same period. EBITDA stood at Rs 165 crore, recording a growth of 3.77% YoY. The company’s cement production rose to 1.88 million tonnes (MT) in Q1 FY22, compared to 1.34 MT in Q1 FY21.

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Zomato divests stake in subsidiary NexTable for $100,000

Food tech startup Zomato has divested its stake in step-down subsidiary NexTable Inc for $100,000 (~Rs 74.2 lakh). The company’s step-down subsidiary, Zomato Inc, had entered into a stock purchase agreement with three individuals— Justin Doshi, Thusith Desilva, and Robert Tyree— for the sale of shares held by it in NextTble. US-based NexTable is a cloud-based restaurant reservation and table management platform.

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Bajaj Electricals Q1 Results: Net loss at Rs 22 crore

Bajaj Electricals Ltd (BEL) reported a consolidated net loss of Rs 21.87 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 15.93 crore in Q1 FY21 and a net profit of Rs 54.6 crore in the previous quarter (Q4 FY21). The company’s total income rose 22.3% YoY (but declined by 26.3% QoQ) to Rs 875.36 crore in Q1 FY22. BEL is a leading consumer electrical equipment manufacturing company based in Mumbai. 

BSE issues clarification on circular regarding additional price surveillance measures

Bombay Stock Exchange (BSE) has issued a clarification on its circular on additional price surveillance measures that had triggered a major sell-off in midcap and smallcap stocks over the past two days. BSE clarified that the add-on measures that sought to limit movement in stock prices beyond their price-band limit on a weekly, monthly, and quarterly basis is only limited to X, XT, Z, ZP, ZY, Y group shares exclusively listed on BSE. The new surveillance measure will only be applicable on shares worth Rs 20 or above and having a market capitalisation of less than Rs 1,000 crore. 

[The securities traded on BSE are classified into different groups. You can learn more about it here]

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Grasim Reports 13% YoY Rise in Net Profit in Q4 – Top Indian Market News

Grasim Q4 Results: Net profit rises 13% YoY to Rs 2,616 crore

Grasim Industries reported a 13.3% YoY increase in consolidated net profit to Rs 2,616.64 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 24,398.92 crore during the same period. The company’s viscose (rayon fabric) business posted a 9% YoY growth to Rs 2,583.4 crore. Revenue from the cement business (UltraTech Cement) rose 32.72% YoY to Rs 14,405 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit grew 5.24% YoY to Rs 6,986.70 crore. The board of Grasim Industries has declared a total dividend of Rs 9 per share.

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Zydus Cadila launches breast cancer treatment drug Ujvira

Zydus Cadila announced the launch of Trastuzumab Emtansine, an antibody-drug conjugate (ADC) biosimilar and a highly effective drug for treating both early and advanced HER2 positive breast cancer, under the brand name ‘Ujvira’. HER2 positive breast cancer is considered an aggressive form and constitutes 20-25% of all breast cancers. The drug is being offered at a cheaper rate of Rs 32,495 for a 100 mg vial. 

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Ramco Cements Q4 Results: Net profit rises 51% YoY to Rs 216 crore

Ramco Cements Ltd reported a 51.08% YoY increase in consolidated net profit to Rs 216.16 crore for the quarter ended March (Q4). Net profit has risen by 4.57% when compared to the previous quarter. Its revenue from operations rose 17.51% YoY to Rs 1,623.71 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 29.71% YoY to Rs 783.64 crore.

Salasar Techno secures order worth Rs 238 crore from PGCIL

Salasar Techno Engineering Ltd has secured an order worth Rs 238.65 crore from Power Grid Corporation of India Ltd (PGCIL). The order consists of the construction of a 201-km transmission line network and four new power substations in Arunachal Pradesh. Salasar Techno is a leading provider of customized steel fabrication and infrastructure solutions in India. 

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India Cements Q4 Results: Net profit at Rs 44 crore

India Cements reported a consolidated net profit of Rs 43.97 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 11.76 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 25% YoY to Rs 1,472.45 crore in Q4 FY21. The company’s cement volumes rose 13% YoY to 28.90 lakh tonnes during the same quarter. The board of India Cements has approved a dividend of Rs 1 per share.

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Glenmark Pharma gets USFDA approval for Icatibant injection

Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Icatibant injection. The injection is indicated for the treatment of acute attacks of hereditary angioedema (swelling of the skin) in adults 18 years of age and older. According to IQVIA data, the generic version of the injection had sales of approximately $223.4 million (~Rs 1,628 crore) for the 12 months ended March 2021.

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Barbeque Nation Q4 Results: Net profit at Rs 6 crore

Barbeque Nation Hospitality Ltd reported a consolidated net profit of Rs 6.1 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 27 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 19% YoY to Rs 226 crore in Q4 FY21. The company opened one new store during the quarter and is planning to expand its network by opening 20 new stores in the current financial year (FY22). Revenue from its deliveries segment jumped ~470% YoY to Rs 28 crore in Q4 FY21.

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Bharti Airtel deploys 11.2MHz spectrum in 1800Mhz band across Karnataka

Bharti Airtel has deployed an additional 11.2MHz spectrum in the 1800MHz band, along with network software tools, across Karnataka to strengthen high-speed data capacity. These network software tools include pre-5G Massive, 4G Advanced, and Carrier Aggregation, which are used to step up high-speed network capacity and coverage. The telecom company has also deployed 5MHz in the 1800Mhz band across Tamil Nadu to boost capacity.

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Balaji Amines Q4 Results: Net profit jumps 174% YoY to Rs 84.50 crore

Balaji Amines Ltd reported a 174.17% YoY jump in consolidated net profit to Rs 84.50 crore for the quarter ended March (Q4). Net profit has increased by 12.7% when compared to the previous quarter. Its revenue from operations rose 60.46% YoY to Rs 414.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 127.28% YoY to Rs 258.03 crore. The company’s board has recommended a dividend of Rs 4 per share. Balaji Amines is a leading chemicals manufacturing company based in Maharashtra.

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Kellton Tech Solutions secures contract to build advanced NFT marketplace

Kellton Tech Solutions Ltd has secured a contract to build a cutting-edge Non-Fungible Tokens (NFT) marketplace using new digital technologies (including blockchain). The advanced NFT marketplace will create exceptional user experiences while buying, selling, and auctioning digital artifacts in the form of tokens. This technology infrastructure would offer higher security, efficiency, and performance. Kellton Tech is an IT and outsourcing company based in Hyderabad.

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Poly Medicure Q4 Results: Net profit rises 71% YoY to Rs 38 crore

Poly Medicure reported a 71.48% YoY increase in consolidated net profit to Rs 38.84 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 24.29% YoY to Rs 212.95 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 41.72% YoY to Rs 135.87 crore. The company’s board has recommended a dividend of Rs 2.5 per share.

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RDIF, Panacea Biotec launch production of Sputnik V vaccine in India

The Russian Direct Investment Fund (RDIF) and drug firm Panacea Biotec announced the launch of production of the Sputnik V Covid-19 vaccine in India. The first batch of the vaccine produced at Panacea Biotec’s facilities at Baddi (Himachal Pradesh) will be shipped to the Gamaleya Center in Moscow for quality control. In April 2021, RDIF and Panacea agreed to locally produce 100 million doses of Sputnik V vaccine per year.

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HUL’s Q3 Profit Jumps 19% YoY to Rs 1,921 crore – Top Indian Market News

HUL Q3 Results: Net profit rises 19% YoY to Rs 1,921 crore

Hindustan Unilever Ltd (HUL) reported an 18.8% YoY increase in net profit to Rs 1,921 crore for the quarter ended December (Q3). The FMCG firm’s revenue rose 20.94% YoY to Rs 11,862 crore during the same period. Its domestic volume growth jumped 7% in Q3. The company’s strong performance was led by double-digit growth in its homecare product segment, while its beauty and personal care segment clocked a 9% YoY rise in revenues. HUL stated that rural growth continued to outpace urban during the quarter and is growing in double digits. 

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Hero MotoCorp to enter Mexican market; enters into partnership with Grupo Salinas

Hero MotoCorp Ltd announced that it will soon commence operations in Mexico. The company has entered into a distribution agreement with Grupo Salinas (a group of companies founded by Mexican entrepreneur Ricardo Salinas). In the first phase of operations, Hero MotoCorp will launch 9 products. This includes motorcycles for work (100cc), street (125cc), premium (150cc,160cc), as well as scooters.

Read more here. 

Marico Q3 Results: Net profit rises 13% YoY to Rs 312 crore

Marico Ltd reported a 13% YoY increase in consolidated net profit to Rs 312 crore for the quarter ended December (Q3). The FMCG firm’s revenue rose 16.34% YoY to Rs 2,122 crore during the same period. The company’s performance in Q3 was driven by strong domestic volume growth of 15% and a constant currency growth of 8% in the international business. 

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NALCO announces Rs 749 crore share buyback plan

National Aluminium Company’s (NALCO) board has approved the buyback of 13.03 crore shares for about Rs 749.10 crore. The shares will be bought back at Rs 57.5 per share, which is a 24.5% premium over Monday’s closing price of Rs 46.15. NALCO has fixed February 8 as the record date to ascertain the eligibility of shareholders for the buyback of equity shares.

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Jyothy Labs Q3 Results: Net profit rises 18% YoY to Rs 53 crore

Jyothy Labs Ltd reported an 18% YoY increase in consolidated net profit to Rs 53.2 crore for the quarter ended December (Q3). The FMCG firm’s revenue from operations rose 13.3% YoY to Rs 477 crore during the same period. Jyothy Labs stated that the revival of consumer sentiment is reflecting in the company’s performance across its brand portfolio. The company has witnessed demand acceleration in general trade and e-commerce platforms in Q3.

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Sterling and Wilson Solar commissions 25 MW solar energy project in Oman

Sterling and Wilson Solar Ltd (SWSL) has commissioned a 25 megawatt (MW) solar project in Oman. The project was awarded to SWSL by global energy company Shell. The solar project, located on a 50-hectare site within Sohar Freezone, will save 25,000 tonnes of carbon emissions annually. 

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India Cements Q3 Results: Net profit at Rs 67.90 crore

India Cements Ltd reported a consolidated net profit of Rs 67.90 crore for the quarter ended December (Q3). It had posted a net loss of Rs 8.79 crore during the corresponding period in FY20. The company’s revenue from operations declined 4.79% YoY to Rs 1,184.68 crore in Q3 FY21. The company stated that the Covid-19 pandemic had severely impacted its normal business operations.

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Dr. Reddy’s Labs terminates Covid-19 treatment study in Kuwait

Dr. Reddy’s Laboratories has terminated its clinical study of Fujifilm Holdings’ Covid-19 treatment Avigan in patients with moderate to severe symptoms in Kuwait. This comes after data from the Kuwait trial showed that the difference in time taken by Avigan and a placebo to resolve a sustained absence of oxygen in the tissues was not significant enough to continue the trial. Dr. Reddy’s stated that a late-stage North American trial of Avigan in patients with mild to moderate Covid-19 will continue.

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Canara Bank Q3 Results: Net profit at Rs 739 crore

Canara Bank reported a consolidated net profit of Rs 739.20 crore for the quarter ended December (Q3). The state-owned bank had reported a net profit of Rs 406.43 crore during the corresponding period in FY20. Net interest income (NII) grew 14.58% YoY to Rs 6,081 crore in Q3 FY21. Provisions for bad loans and contingencies stood at Rs 4,327.34 crore, compared with Rs 1,814.32 crore in Q3 FY20.

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Axis Bank Q3 Results: Net profit falls 36% YoY to Rs 1,117 crore

Axis Bank Ltd reported a 36% YoY decline in net profit to Rs 1,116.6 crore for the quarter ended December (Q3). The bank’s net interest income (NII) rose 14% YoY to Rs 7,372.7 crore during the same period. Provisions increased by 32.7% YoY to Rs 4,604.28 crore. Axis Bank’s gross non-performing asset (NPA) ratio stood at 3.44%, compared with 4.18% in Q2.

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Aditya Birla Fashion to acquire 51% stake in Sabyasachi for Rs 398 crore

Aditya Birla Fashion and Retail Ltd (ABFRL) has announced a strategic partnership with designer brand Sabyasachi, by signing a definitive agreement for acquiring a 51% stake in the Sabyasachi brand. The cost of acquisition or the price at which the shares are acquired will be approximately Rs 398 crore. The indicative time period for completion of the acquisition is 30-45 days.

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Tata Elxsi partners with Syntiant to provide low-power edge AI device development for voice applications

Tata Elxsi and US-based Syntiant Corp. have announced a collaboration to help manufacturers design and develop low-power always-on voice applications across multiple product categories. Some of these categories include smart home devices and consumer electronics, along with industrial & automotive use cases. The developed application aims to provide end-to-end solutions and services for customers using Syntiant’s deep learning Neural Decision Processors.  

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Stove Kraft IPO subscribed 2.93 times on Day 2

The initial public offering (IPO) of Stove Kraft was subscribed 2.93 times on the second day of bidding. The IPO has received bids for 1.72 crore equity shares, against an offer size of 58.94 lakh equity shares. The reserved portion for retail investors was subscribed 13.07 times. The portion set aside for non-institutional investors was subscribed 1.85 times. Qualified institutional investors have put in 8.15% bids against the reserved portion.

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