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TCS Posts 11% YoY Rise in Net Profit in Q3 – Top Indian Market Updates

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

TCS Q3 Results: Profit rises 11% YoY to ₹10,846 crore

Tata Consultancy Services (TCS) reported an 11% year-on-year (YoY) increase in consolidated net profit to ₹10,846 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19% YoY (or 5.2% QoQ) to ₹58,229 crore during the same period. Its order book stood at $7.8 billion in Q3, down from $8.1 billion in Q2. The results are below street/analysts’ estimates. TCS’s board has approved an interim dividend of ₹8 per share and a special dividend of ₹67 per share.  

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IDBI Bank divestment process to complete in FY24: DIPAM

The divestment process of IDBI Bank will complete in the fiscal year 2023-24, said Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey. Multiple expressions of interest were received for the strategic disinvestment of Centre and LIC’s stake in IDBI Bank. The transaction will now move to the second stage in which the potential bidders will conduct due diligence before putting in financial bids.

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Reliance Capital lenders decide to go for fresh auction: Report

According to an Economic Times report, Reliance Capital’s lenders have proposed holding a fresh auction next week at a minimum bid threshold of ₹9,500 crore for the bankrupt financial services firm. This follows a row over the Hinduja Group bid that came in after the last auction deadline and was higher than the top offer that had been made within the stipulated time by Torrent Investments.

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OVL retakes 20% stake in Sakhalin-1 oil, gas fields

ONGC Videsh Ltd (OVL) has re-taken a 20% stake in the Sakhalin-1 oil and gas fields in Russia. OVL is the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). Sakhalin-1 is a large oil and gas field in far-east offshore Russia spread over 1,140 square kilometers. It was producing 220,000 barrels per day (bpd) of oil before Russia invaded Ukraine. Of this, OVL’s share was 44,000 bpd or 2.2 million tonnes per annum.

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Adani Total Gas hikes CNG price by ₹1 in Gujarat

Adani Total Gas Ltd (ATGL) hiked the price of compressed natural gas (CNG) in Gujarat by ₹1 per kilogram, said Federation of Gujarat Petroleum Dealers Association President Arvind Thakkar. This has taken the price from ₹79.34 to ₹80.34 per kilogram. The hike by ATGL comes days after state-run Gujarat Gas raised the price of CNG by nearly ₹3.5 per kg.

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L&T’s heavy engineering arm wins multiple orders in Q3

The heavy engineering arm of Larsen & Toubro won multiple significant orders (in the range of ₹1,000-2,500 crore) in the October-December quarter (Q3) of FY 2022-23. In the overseas market, L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico. It also secured orders for the supply of critical reactors and vessels for blue ammonia projects in the US and Uzbekistan.

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India’s thermal coal imports up nearly 15% in 2022: Coalmint

According to a Coalmint report, India’s imports of thermal coal (used for power generation) grew 14.7% YoY to 161.18 million tonnes (MT) in 2022, driven by higher domestic production and shipments by utilities. Meanwhile, imports of coking coal rose 0.8% to 56.1 MT, anthracite (hard coal) grew 12.2% to 1.79 MT, and PCI pulverized coal injection (PCI) shipments increased 8% YoY to 13.43 MT.

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Dr. Lal PathLabs to ramp up operations in Western India

Diagnostic chain Dr. Lal PathLabs is eyeing a leadership position in Western India. Its subsidiary, Suburban Diagnostics, has opened its largest reference lab in Vidyavihar, (Mumbai), which is expected to ramp up testing capabilities and volumes significantly in the coming months. The company will also expand the number of diagnostic centres from 750 to 2,800 and later to 4,500.

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M&M launches new versions of Thar

Mahindra & Mahindra (M&M) launched the latest versions of its popular sports utility vehicle (SUV) Thar. The prices for the new version will start at ₹9.99 lakh (ex-showroom) and go up to ₹13.49 lakh. The latest range includes rear-wheel drive variants (without 4-wheel drive capability) in two engine options with manual and automatic transmissions.

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India’s fuel demand rises 3.1% YoY in December

India’s fuel consumption (or oil demand) rose 3.1% YoY to 19.60 million tonnes (MT) in December, as per data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry. Sales of petrol were 5.9% higher at 2.98 MT. Cooking gas or liquefied petroleum gas (LPG) sales increased by 3.9% YoY to 2.58 MT last month.

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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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Adani Group Enters Into Cement Business – Top Indian Market News

Adani Group enters into cement business; incorporates Adani Cement

The Adani Group, which has a strong presence in the ports, airports, power, gas distribution, and other businesses, is all set to enter the cement sector in India. Adani Enterprises announced that it has incorporated a new wholly-owned subsidiary, Adani Cement, with an authorized share capital of Rs 10 lakh and paid-up capital of Rs 5 lakh. The new subsidiary will operate as a manufacturer, producer, and processor of all types of cement. This development is likely to cause some disruption in the highly competitive Indian cement industry.

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SEBI looks into Rs 4,000 deal between PNB Housing Finance, Carlyle

PNB Housing Finance Ltd’s Rs 4,000 crore deal with US-based private equity firm Carlyle Group has come under the scanner of the Securities and Exchange Board of India (SEBI). The development comes after proxy advisory firm Stakeholders Empowerment Services (SES) red-flagged the deal structure. In a report, SES stated that the deal was an abuse of minority shareholder rights and questioned why PNB willingly surrendered its control over its housing finance arm to the Carlyle Group without extracting a fair compensation control premium.

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J K Cement Q4 Results: Net profit rises 32% YoY to Rs 216 crore

J K Cement Ltd reported a 32.76% YoY increase in consolidated net profit to Rs 215.91 crore for the quarter ended March (Q4). Net profit has declined by 1.58% when compared to the previous quarter. Its total income rose 37.84% YoY to Rs 2,168.18 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 44.14% YoY to Rs 709.71 crore. The cement manufacturer’s board has recommended a dividend of Rs 15 per share.

India’s fuel demand slips to nine-month low in May

India’s fuel demand fell to its lowest level in nine months in May 2021 as restrictions to curb the second wave of Covid-19 infections affected mobility and muted economic activity. Total fuel demand fell 11.3% to 15.1 million tonnes (MT) in May, compared to April. Petrol consumption in May declined by 16% to 1.99 MT over the previous month. Diesel sales declined by 17% to 5.53 MT when compared to April. The data was released by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Oil.

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Indian Hume Pipe Q4 Results: Net profit rises 51.7% YoY to Rs 38 crore

Indian Hume Pipe Company reported a 51.74% YoY increase in net profit to Rs 38.45 crore for the quarter ended March (Q4). Net profit has jumped 767.95% when compared to the previous quarter. Its total income rose 20.8% YoY (or 70.5% QoQ) to Rs 481.03 crore during the same period. However, net profit for the financial year 2020-21 (FY21) declined by 42.78% YoY to Rs 42 crore. The concrete pipe manufacturing company’s board has recommended a dividend of Rs 2 per share.

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Info Edge acquires Bengaluru-based Zwayam Digital

Info Edge India Ltd has entered into an agreement to acquire 100% share capital of Zwayam Digital Pvt Ltd. The Bengaluru-based firm operates Zwayam, an artificial intelligence (AI) and machine learning-powered recruitment management software platform. It helps enterprises streamline and automate their entire recruitment workflow from sourcing to onboarding. Info Edge’s Managing Director said this acquisition will complement the company’s current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market.

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BPCL seeks exemption from open offer for listed joint ventures

Bharat Petroleum Corporation Ltd (BPCL) has written to market regulator SEBI, seeking an exemption to the regulation that its new owner would have to make an open offer to minority shareholders of two companies which it is a promoter of— Petronet LNG and Indraprastha Gas Ltd (IGL). BPCL holds a 12.5% stake in Petronet LNG and a 22.5% stake in IGL and is a promoter for both companies. This means that potential buyers of BPCL would be required to make an open offer for the two promoter firms, which would cost them more.

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VRL Logistics Q4 Results: Net profit declines 6.5% QoQ to Rs 37.16 crore 

VRL Logistics Ltd reported a 6.5% quarter-on-quarter (QoQ) decline in net profit to Rs 37.16 crore for the quarter ended March 2021 (Q4 FY21). Net profit has jumped 1,644% when compared to the corresponding quarter last year (Q4 FY20). Its total income rose 6% QoQ (or 20.54% YoY) to Rs 603.02 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 50% YoY to Rs 45.06 crore. The company’s board has recommended a dividend of Rs 4 per share.

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Inox Leisure allots Rs 96.77 lakh shares to QIBs at Rs 310 per share

The Board of Directors of Inox Leisure Ltd has approved the issue and allotment of 96.77 lakh equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 310 per share. The issue price is a ~5% discount to Friday’s closing price. The QIP was opened on June 8 and closed on June 11. Thus, the multiplex operator has raised Rs 300 crore via the QIP.

Anupam Rasayan Q4 Results: Net profit jumps 113% YoY to Rs 22 crore

Anupam Rasayan India Ltd reported a 113.29% YoY jump in consolidated net profit to Rs 22.14 crore for the quarter ended March (Q4). Net profit has increased by 2.31% when compared to the previous quarter. Its total income rose 65.9% YoY (or 44.63% QoQ) to Rs 274.16 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 32.12% YoY to Rs 70.29 crore. The Board of Directors of the specialty chemicals manufacturer has recommended a dividend of Rs 0.5 per share.