Tag: Indiabulls Housing

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Daily Market Feed Post Market Analysis

Recovery From Lows? Bullish Expiry for Nifty? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,446 with a gap-down of 82 points. The index continued the fall till 19,375, gave a small retracement, and fell further to 19,330 levels. It then gave a strong rebound of nearly 115 points— reaching the day’s high of 19,460 levels. Nifty closed at 19,436, down by 92 points or 0.47%.

Nifty chart October 4 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,108 with a gap-down of 290 points. After opening, the index fell to 43,900 levels— breaching the important round level support of 44,000. Then, BNF tried moving up, but the round levels acted as resistance and pushed the index down to 43,850 levels. Post 12 PM, the index mostly consolidated. BNF closed at 43,964, down by 435 points or 0.98%.

Bank Nifty chart October 4 - post-market analysis | marketfeed

All indices except Nifty IT (+0.3%) and Nifty FMCG (+0.22%) closed in the red. Nifty PSU Bank (-2.83%) fell the most.

Major Asian markets closed flat-to-red (Japan’s Nikkei fell 2.28%). European markets are currently trading mixed.

Today’s Moves

Adani Enterprises (+3.2%) was NIFTY50’s top gainer. Abu Dhabi-based IHC has increased its stake in the company to over 5%.

Shares of Tata Investment Corp (+6.3%) are up 40% so far for the year, which is its best annual performance since 2009.

Adani Wilmar (+5.8%) snapped its 4-day fall. The shares jumped up to 9% today on the back of strong volumes.

Axis Bank (-4.3%) was NIFTY50’s top loser. A report suggested that the bank is likely to raise up to ₹10,000 crore through a QIP in the coming weeks. Axis Bank called the report speculative and incorrect. 

Indiabulls Housing (-7.1%) fell sharply. The stock came under NSE’s F&O ban for October 4. In other news, the company will be renamed Samman Capital soon.

Maruti Suzuki (-2.1%) moved down after the automaker received a draft assessment notice for unpaid dues worth ₹2,160 crore from the Income Tax department for FY2019-20.

Markets Ahead

Markets are looking weak. It gave a decent fall without much retracement. Now, the markets are holding major long-term support zones. Nifty made a hammer candlestick in the daily time frame, whereas Bank Nifty looks bearish. So if the indices breach the important levels discussed below, they may turn into a bearish trend for the rest of the quarter.

Nifty: The immediate resistance for the index is near 19,480-500 levels. The important support level is near today’s low of 19,300 levels. Looking at the reversal from the bottom, the index could move a little higher tomorrow. If 19,500 is crossed, Nifty may be choppy and volatile till 19,560 levels are crossed. After that, 19,640 and 19,700 could be targets on the upside. A breakdown of 19,400 may give us targets of 19,340 and 19,280 eventually.

Bank Nifty: The immediate resistance to watch out for is near 44,000, and the next resistance is at 44,200 levels. A breakout from these levels could give us targets of 44,370 and 44,500 eventually. A breakdown from today’s low may give us targets of 43,720 and 43,630. 

The 3-day meeting of the RBI’s Monetary Policy Committee (MPC) to deliberate on interest rates started today. Its outcome is due on October 6 (Friday).

How did BNF expiry go? Let us know in the comments below!

Do tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Post Market Analysis

Markets on Steroids! Nifty Closes Above 20,000 – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,989. After the initial consolidation near the opening and yesterday’s low of 19,950 levels, the index moved up with strength till 20,100 levels (a 150-point up-move). Nifty closed at 20,070, up by 76 points or 0.38%.

Nifty chart Sept 13 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 45,449 with a small gap-down of 62 points. After the initial volatility and fall to the support levels of 45,300, Bank Nifty moved up with a lot of strength to 46,000 levels (with help from Axis Bank, IndusInd Bank)— a 700 points up-move from the intraday low. BNF closed at 45,909, up by 398 points or 0.87%.

Bank Nifty chart Sept 13 - post-market analysis | marketfeed

All indices except Nifty Auto (-0.46%) and Nifty IT (-0.28%) closed in the green. Nifty PSU Bank (+4.2%) moved up the most. 

Major Asian markets closed mixed. European markets are currently trading in the red.

Today’s Moves

Grasim (+3.3%) was NIFTY50’s top gainer. On Monday, the company announced plans to open 100-120 retail stores in smaller cities in the next 2 years.

ITI (+19.37%) rallied for the third consecutive session after the state-run telecom company said it has developed its own branded laptop and micro-PC.

Indiabulls Housing Finance (+12.18%) surged on the back of a block deal.

Shares of Coffee Day Enterprises soared 20% after an appellate tribunal terminated insolvency proceedings against its subsidiary Coffee Day Global Ltd (CDGL).

HDFC Life (-1.6%) was NIFTY50’s top loser. 

Max Healthcare (-5.7%) fell sharply today. The company allotted equity shares to employees as stock options today.

Markets Ahead


As discussed in the previous post-market report, yesterday’s fall was just a retracement and the markets have continued to move higher.

Nifty: The index is back to its all-time high of 20,100. This level could act as an immediate resistance. A flat or a gap-up opening tomorrow may take the index further up to 20,150 and 20,200 levels. On the other hand, if there’s a flat opening and down move or a gap down and Nifty falls below 20,050, watch out for 20,000 and 19,950 levels.

Being Nifty expiry tomorrow, watch these levels carefully!

Bank Nifty: The index closed below 46,000 and above the 45,800 resistance level. Thus, we could expect more bullishness if 46,000 is crossed, with a target of all-time high (ATH) levels of 46,200 and 46,300. Meanwhile, a breakdown from 45,750 can take the index down to 45,500 and 45,300 levels.

The contraction in the UK economy and rise in oil prices have created a level of uncertainty in the global markets. Today’s US inflation data (which will come out at 6 PM) is crucial because it tells us about the US Federal Reserve’s plans.

What levels are you watching out for Nifty expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Pre Market Report

Volatile FINNIFTY Expiry? – Pre-Market Analysis Report

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

Stocks

Sun Pharmaceutical said it expects high single-digit revenue growth for FY24.

NBCC India bagged a work order worth Rs 66.32 crore from the Indian Medical Association, for IMA House Delhi.

Indiabulls Housing Finance has repaid Rs 1,112.5 crore of bonds, which was availed in August 2013. 

What Happened Yesterday?

NIFTY started the day at 19,298 with a small gap-up of 32 points. After initial consolidation, it broke the day-high afternoon and moved up. But Reliance AGM pulled it back down, and NIFTY closed at 19,306, up by 40 points or 0.21%.

BANK NIFTY started the day flat at 44,253. The index showed strength contributed by HDFC Bank and moved up 400+ points from the intraday low of 44,200. BANK NIFTY closed at 44,494, up by 263 points or 0.6%. 

U.S. markets closed in the green The European markets also closed in green.

What to Expect Today?

The Asian markets are trading in the green.

The U.S. Futures are trading slightly in the green.

GIFT NIFTY is trading slightly flat at 19,342.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 19,240, 19,200 and 19,120. We can expect resistances at 19,360 19,400 and 19,500.

BANK NIFTY has supports at 44,277, 44,150 and 43,950. Resistances are at 44,520, 44,600 and 44,800.

FINNIFTY has supports at 19,700, 19,620 and 19,550. Resistances are at 19,800, 19,850 and 19,900.

NIFTY has the highest call OI build-up at 19,500. The highest put OI build-up is at 19,300. PCR is at 0.85.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is also at 44,000. PCR is at 1.06.

FINNIFTY has the highest call OI buildup at 19,900. There is high put OI buildup at 19,700. PCR is at 1.08.

Foreign Institutional Investors net-sold shares worth Rs 1,392 crores. Domestic Institutional Investors net-bought worth Rs 1,264 crores for the week.

INDIA VIX is higher, at 12.39, the highest closing since May. 

Reliance AGM created volatility in the stock, as expected. But what was unexpected was the solo show by HDFC Bank which took up Bank Nifty consistently throughout the day.

August has been a very happening month, just look at BANK NIFTY’s 2,000+ point trading range to understand. And now as we move into the last few days of August, I am expecting more volatility. 

Now when we look at BANK NIFTY, both HDFC Bank and Kotak Bank are trying to bounce back after recent falls. Important buy levels are currently being respected and contributing to moves in the market.

So for this FINNIFTY expiry today, I am expecting a trading range of 19,600-20,000. Only if the premiums are too low, you can look at closer strikes with strict SLs in place.

I am expecting FIIs to return to the market this afternoon and push it higher, if European markets continue to be in the green. Watching for a breakout in the major indices.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Daily Market Feed Post Market Analysis

Bearishness Continues. What to Expect on Weekly Expiry? – Post-Market Analysis

NIFTY started the day at 19,655 with a gap-down of 78 points (below the important support zone of 19,700). It was a straight fall of 250 points from the day’s high to the low of 19,424 levels! In between, the index tried to consolidate near 19,500 zones, but couldn’t sustain it. Post 2:30 PM, the index recovered over 100 points from 19,420 levels. Nifty closed at 19,526, down by 207 points or 1.05%. 

Nifty chart weekly expiry - Aug 2

BANK NIFTY (BNF) started the day at 45,234 with a gap-down of 357 points (near the support zones of 45,300). The index fell below important supports to 44,700 levels. After falling more than 650 points, BNF retraced a bit and closed at 44,995, down by 596 points or 1.31%. 

Bank Nifty chart weekly expiry - Aug 2

All indices closed in red today. Nifty PSU Bank (-2.6%) and Nifty Metal (-2%) fell the most. 

Major Asian markets closed up to 2.4% in the red. European markets are currently trading in the red.

Today’s Moves

Divi’s Labs (+1.4%) was NIFTY50’s top gainer on the back of strong volumes.

Indiabulls Housing Finance rose 5.37% today. Last week, the company’s board approved raising up to ₹35,000 crore via the issue of debt securities. It has also approved a final dividend of ₹1.25 per share for FY23.

Hero MotoCorp (-3.5%) was NIFTY50’s top loser. The two-wheeler manufacturer’s total sales declined by 12% YoY to 3.91 lakh units in July.

PSU banking stocks Canara Bank (-3.9%), Bank of Baroda (-3.1%), PSB (-3.1%), SBIN (-2.19%), IOB (-2.9%), and others moved down with strength today.

Redington India (-10.37%) fell sharply amid weak Q1 FY24 results.

Markets Ahead

Markets are clearly bearish now. Being a weekly expiry tomorrow, markets can be volatile and might continue the downtrend. 

Nifty: Now, the important support level to watch out for is today’s low of 19,400. The important resistance to watch out for is the 19,570 zone. A breakout on the upside will create some volatility, and the index might move sideways. But if there’s a breakdown and the market falls below 19,400, we can expect a target of 19,300.

Bank Nifty: The index is between the support zone of 44,500 and 45,300 resistance. In this zone, BNF can act sideways and become volatile. If there’s a breakdown from 44,500 round levels, we can expect a target of 44,150. A breakout on the upside can give us a target of 45,750.

Both indices might be volatile within a range for tomorrow’s expiry. So watch out for the levels mentioned above, and plan your trades accordingly!

Meanwhile, global stock markets have fallen after Fitch Ratings downgraded the US sovereign credit from AAA to AA+, citing “a steady deterioration in standards of governance” and the US government’s growing debt burden.

FIIs net sold for ₹1,877.84 crore in the Indian markets, while DIIs net sold for ₹2.23 crore.

What levels are you watching out for weekly expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

BPCL’s Net Profit Jumps 168% YoY to Rs 6,870Cr in Q4 – Top Indian Market Updates

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

BPCL Q4 Results: Net profit rises 168% YoY to Rs 6,870 crore

BPCL reported a 168% YoY increase in consolidated net profit to Rs 6,780 crore in Q4 FY23. Its operating revenue increased by 8% YoY to Rs 1.33 lakh crore during the same quarter. The company’s board has recommended a dividend of Rs 4 per equity share.

Read more here.

Aditya Birla Fashion Q4 Results: Net loss at Rs 187 crore

Aditya Birla Fashion & Retail (ABFRL) reported a consolidated net loss of Rs 187 crore for the quarter ended March (Q4 FY23). The company had posted a net profit of Rs 43.6 crore in the year-ago period. However, its operating revenue rose 26% YoY to Rs 2,880 crore during Q4 FY23. EBITDA stood at Rs 193 crore, down 48% YoY.

Read more here.

Domestic crude oil production falls by 4% in April

According to the Oil Ministry, domestic crude oil production fell 4% YoY in April. Natural gas output also declined by 3% YoY. India imported $1.4 billion worth of natural gas in April compared to $1.3 billion in the year-ago period. Crude oil imports dropped to $10.8 billion in April from $16.8 billion in April last year on lower volumes and prices.

Read more here.

Indiabulls Housing Finance Q4 Results: Net profit falls 14% YoY to Rs 262.6 crore

Indiabulls Housing Finance Ltd reported a 14.4% YoY decline in net profit to Rs 262.6 crore in Q4 FY23. Its Net Interest Income for the quarter stood at Rs 733.6 crore, up 13.5% YoY. Its consolidated operating revenue fell 5.2% YoY to Rs 2,075 crore during the same quarter. The NBFC’s gross non-performing assets (GNPA) ratio stood at 3.71% and Net NPAs at 2.48%.

Read more here.

Oil India, ONGC in talks for 50% stake in $3.4 bn Kenya oilfield

ONGC Videsh has partnered with Oil India Ltd (OIL) to potentially acquire a 50% stake in Tullow Oil Plc’s oilfield project in Kenya. The company has replaced Indian Oil Corp (IOC) as the partner. However, they now face competition from Chinese energy giant Sinopec, which entered the deal due to delays in finalizing the agreement on the Indian side. ONGC Videsh had originally intended to buy half of the stakes held by Tullow, Africa Oil Corp, and TotalEnergies SE in the Lokichar oilfield.

Read more here.

HFCL receives purchase orders up to Rs 222 crore for supply of OFC

HFCL Ltd and its subsidiary HTL Ltd have secured a purchase order worth up to Rs 222 crore. The order includes the supply of optical fiber cables (OFC) and point-to-point unlicensed band radios (UBRs). The purchase orders are from Reliance Projects & Property Management Services Ltd for OFC supply worth Rs 179.24 crore, and from Reliance Jio Infocomm Limited for indigenous 700 MBPs and 1GBPS UBRs worth Rs 42.71 crore.

Read more here.

Suzlon bags significant order from Serentica Renewables

Suzlon has received an order from Serentica Renewables for its 3 MW wind turbines. The order includes 68 wind turbine generators with Hybrid Lattice Tubular towers, each rated at 3 MW. The turbines will be installed for Serentica’s 204 MW wind power project in Koppal, Karnataka. The project is scheduled for commissioning in early 2024. 

Read more here.

TCS receives Rs 15,000 crore advance order from BSNL for 4G deployment

Tata Consultancy Services (TCS) has secured an advance purchase order (APO) worth over Rs 15,000 crore from BSNL for the deployment of a 4G network across India. The consortium led by TCS includes C-DoT and Tejas Networks. BSNL faced challenges in launching 4G services, including the cancellation of a previous tender in 2020.

Read more here.

JSW Steel, JFE Steel signs pact to set up electrical steel manufacturing JV in India

JSW Steel has entered into a preliminary agreement with JFE Steel to form a 50:50 joint venture for setting up a cold rolled grain-oriented (CRGO) electrical steel manufacturing unit in India. The proposed facility in Vijayanagar, Karnataka, will have the capability to produce a complete range of CRGO products. JSW Steel stated that this venture will be the first in India to manufacture CRGO products through the entire chain of manufacturing processes.

Read more here.

Som Distilleries signs pact with Carlsberg India

Som Distilleries has formed a strategic partnership with Carlsberg India for their plant in Odisha. The collaboration aims to utilize the combined strengths and resources of both companies to improve the manufacturing and distribution of premium beverages in the Odisha region. Carlsberg is a multinational brewer based in Denmark.

Read more here.

BLS International secures visa outsourcing contract from Spanish govt for another term

BLS International Services Ltd has secured a contract for visa application outsourcing from the Spanish government for the second consecutive time. The contract, awarded by the Ministry of Foreign Affairs, European Union, and Cooperation (MAEUEC) of Spain, includes multiple regions worldwide. BLS will provide additional services such as SMS notifications, courier services, mobile biometrics, and premium lounge facilities as part of the agreement.

Read more here.

L&T Construction’s business unit wins orders in Saudi Arabia, India

Larsen and Toubro (L&T) Ltd’s power transmission and distribution (PT&D) business has secured large EPC (engineering, procurement & construction) orders in India and overseas. The PT&D business has obtained two orders in Saudi Arabia to establish 380kV overhead power transmission lines connecting cities along the Red Sea coast. These projects involve the construction of 400 kilometers of transmission lines to meet the increasing demand in industrial and tourism hubs.

Read more here.

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Market News Top 10 News

ED Conducts Raids at Indiabulls Finance Centre – Top Indian Market News

ED conducts raids at Indiabulls Finance Centre in Mumbai

The Enforcement Directorate (ED) conducted raids at Indiabulls Finance Centre in Mumbai.  The search was based on an Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, promoter Sameer Gehlaut, and other related companies and individuals.

The ED had registered a case against Indiabulls Housing Finance Ltd (IHFL) and its promoters in April 2021. It was based on an FIR filed in Palghar, which stated that IHFL siphoned money and invested it in its own shares for increasing prices. 

Read more here.

Panacea Biotech, Central govt to jointly develop new Covid-19 vaccines

The Government of India will partner with Panacea Biotec Ltd and the Coalition for Epidemic Preparedness Innovations (CEPI) to develop vaccine candidates to provide broad protection against SARS-COV-2 variants. CEPI will provide funding of up to $12.5 million to support the development of nanoparticle-based vaccine candidates and advance the manufacturing process.

Read more here.

Bharti Airtel joins SEA-ME-WE-6 undersea cable consortium

Bharti Airtel Ltd has joined the SEA-ME-WE-6 undersea cable consortium to scale up its high-speed global network capacity. The 19,200 route kilometres (Rkm) SEA-ME-WE-6 will connect Singapore and France. It will be amongst the largest undersea cable systems globally. Bharti Airtel is participating as a major investor in the SEA-ME-WE-6. The telecom operator is anchoring 20% of the overall investment in the cable system, which will go live in 2025.

Read more here.

Reliance Jio to land IAX undersea cable system in Maldives

Reliance Jio will land the next generation multi-terabit India-Asia-Xpress (IAX) undersea cable system in the Maldives. The system will connect Hulhumale in the Maldives directly with major internet hubs in India and Singapore. IAX is expected to be ready for service by the end of 2023. The project will support the explosive growth in data demand expected from the new initiatives being launched by the Government of Maldives.

Read more here.

Jindal Stainless signs pact with Haryana technical education board to promote tech in steel

Jindal Stainless Ltd has signed a pact with the Haryana State Board of Technical Education (HSBTE) to promote technical education in stainless steel technology and its applications. As part of the partnership, two modules on stainless steel will be launched. It will be institutionalised across all 25 polytechnic colleges in Haryana, benefitting more than 3,000 students every year.

Read more here.

HFCL joins O-RAN Alliance to accelerate rollout of 5G network

HFCL has joined the O-RAN ALLIANCE, a worldwide community of mobile network operators, vendors, and institutions operating in the Radio Access Network (RAN) industry. The company is investing in building a complete portfolio of products for 5G RAN and 5G transport equipment. HFCL will focus on contributing to standards that ensure a truly open and multi-vendor RAN network.

Read more here.

Tata Power partners with RWE Renewable to develop offshore wind projects

Tata Power has partnered with Germany-based RWE Renewable GmbH to explore the potential for joint development of offshore wind projects in India. They aim to tap the opportunity arising from the government’s target of achieving 30 gigawatts (GW) of offshore wind installations by 2030. The two entities possess complementary strengths that will enable them to build competitive offshore wind projects in India. 

Read more here.

Capri Global Capital to enter goal loan business in first half of FY23

Capri Global Capital Ltd (CGCL) is planning to enter the gold loan business in the first half of the financial year 2022-23. The non-banking financial company (NBFC) aims to build a gold loan book size of Rs 8,000 crore. It also aims to expand its network with 1,500 branch locations over the next five years.

Read more here.

TCS launches advanced research hub in Sydney

Tata Consultancy Services Ltd (TCS) has launched a ‘Digital Garage’ in Sydney to bring its global capabilities to the Australian market. It is the first such centre in the Asia-Pacific, expanding TCS’ roster of TCS Pace facilities spread across New York, Amsterdam, and Tokyo. The advanced research hub is designed to holistically look at innovation and help businesses navigate their growth and transformation journeys.

Read more here.

IRCTC, BOB Financial launch co-branded RuPay contactless credit card

Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and BOB Financial Solutions Ltd (BFSL) have launched the IRCTC BoB RuPay contactless credit card. The card is specially curated to offer maximum savings to frequent railway travellers.  IRCTC users will get cheaper tickets if they book any AC class railway ticket using a BoB credit card. BFSL is a wholly-owned subsidiary of Bank of Baroda.

Read more here.

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Market News Top 10 News

Tata Steel Reports 654% YoY Jump in Net Profit in Q2 – Top Indian Market News

Tata Steel Q2 Results: Net profit jumps 654% YoY to Rs 12,547 crore 

Tata Steel Ltd reported a 653.6% YoY jump in consolidated net profit to Rs 12,547.70 crore for the quarter ended September (Q2 FY22). Net profit increased 28% compared to the previous quarter. Its revenue from operations rose 54.8% YoY to Rs 60,282.8 crore during the same period. EBITDA jumped 182% YoY to Rs 15,566 crore. TSL’s total expenses stood at Rs 47,135.28 crore in Q2, an increase of 27.4% YoY.

Read more here.

ZEEL Q2 Results: Net profit jumps 187% YoY to Rs 270 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a 187% YoY jump in consolidated net profit to Rs 270.2 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 15% YoY to Rs 1,978.8 crore during the same period. ZEEL’s subscription revenues fell 1.5% YoY to Rs 788.5 crore, while advertisement sales grew 20.7% YoY to Rs 1,089 crore in Q2. The company saw an addition of 13 million monthly average users during the July-September quarter of FY22. 

Read more here.

Godrej Consumer Q2 Results: Net profit rises 5% YoY to Rs  crore

Godrej Consumer Products Ltd (GCPL) reported a 4.6% YoY increase in consolidated net profit to Rs 478.9 crore for the quarter ended September (Q2 FY22). Net profit increased 16% compared to the previous quarter. Its revenue from operations rose 8.5% YoY to Rs 3,163.6 crore during the same period. GCPL’s India business posted a revenue of Rs 1,838.14 crore in Q2, registering a growth of 9.5% YoY. Total expenses rose 11% YoY to Rs 2,579.45 crore.

Read more here.

Piramal Ent Q2 Results: Net profit falls 32% YoY to Rs 426 crore

Piramal Enterprises Ltd (PEL) reported a 32.1% YoY decline in consolidated net profit to Rs 426.49 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 3,105.52 crore during the same period. PEL’s financial services business posted a 20.2% YoY decline in revenue to Rs 1,481.1 in Q2. The pharma business reported a revenue of Rs 1,621.42 crore, an increase of 12.5% YoY.  

Read more here.

Berger Paints to hike prices by 10% from Nov 12

Berger Paints Ltd will hike product prices by 10% from November 12. The company has already revised its prices by 6-7% in the past few months following pressure of rising raw material costs. Berger Paints MD Abhijit Roy is optimistic that the company would cross Rs 8,000 crore turnover in the current financial year (FY22). 

Read more here.

Page Industries Q2 Results: Net profit rises 45% YoY to Rs 160 crore

Page Industries Ltd reported a 44.76% YoY increase in net profit to Rs 160.48 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 46.43% YoY to Rs 1,084.01 crore during the same period. Total expenses stood at Rs 874.54 crore in Q2, an increase of 46.2% YoY. The company said its sales momentum has picked up significantly after setbacks of the Covid-19 pandemic.

Read more here.

J Kumar Infra secures Rs 168 crore order for Navi Mumbai Metro Rail Project

J Kumar Infraprojects has received a Letter of Acceptance (LoA) for an order worth Rs 168 crore from Maharashtra Metro Rail Corporation (MMRL). The order consists of designing and constructing concrete & fabricated steel structures, architectural works, plumbing, and sewerage of six elevated metro stations for the Navi Mumbai Metro Rail Project.

Indiabulls Housing Finance Q2 Results: Net profit falls 11% YoY to Rs 286 crore

Indiabulls Housing Finance Ltd reported an 11% YoY decline in net profit to Rs 286 crore for the quarter ended September (Q2 FY22). Net profit increased 2% compared to the previous quarter. Its net interest income fell 7% YoY (or 16% QoQ) to Rs 625 crore during the same period. The company is on track to disburse Rs 1,000 crore of retail loans through co-lending in the October-Nov quarter (Q3).

Read more here.

Zomato pulls out of all international markets except UAE

Zomato Ltd has shut down almost all its international businesses, including the United States, United Kingdom, Singapore, and now Lebanon. The company will continue to operate in the United Arab Emirates (UAE), but as a dining-out business and not a food delivery one. India is the biggest market for Zomato in terms of revenue, followed by the UAE.

Read more here.

IPO Updates:

The Rs 2,073.25 crore initial public offering (IPO) of Sapphire Foods India was subscribed 6.62 times on the final day of bidding. Retail investors have subscribed 8.70 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 3.46 times and 7.50 times, respectively, against their reserved portions. 

The Rs 600 crore IPO of Latent View Analytics was subscribed 23.22 times on the second day of bidding. Retail investors have subscribed 69.56 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 33.29 times and 3.51 times, respectively, against their reserved portions. To learn more about the IPO, click here.

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Market News Top 10 News

RIL to Invest Rs 75,000 crore in Renewable Energy Gigafactories – Top Indian Market News

RIL to invest Rs 75,000 crore in four renewable energy gigafactories

Reliance Industries Ltd (RIL) will invest Rs 75,000 crore over the next three years to set up four renewable energy gigafactories in Jamnagar, Gujarat. The complex will include a solar photovoltaic module factory and an advanced energy storage battery factory. It would also comprise an electrolyzer factory for the production of green hydrogen and a fuel-cell factory for converting hydrogen into motive and stationary power. RIL aims to create the capacity to generate 100 gigawatts (GW) of electricity from renewable sources by 2030. Chairman Mukesh Ambani has also outlined a 1-1-1 vision to bring down the cost of hydrogen to under $1 per 1 kg in 1 decade.

Read more here.

HDFC Life acquires Exide Life in a Rs 6,687 crore cash and stock deal

HDFC Life Insurance Company has announced the acquisition of Exide Life Insurance Company in a Rs 6,687 crore deal. Exide Life is a wholly-owned subsidiary of battery maker Exide Industries Ltd. As part of the cash and stock deal, HDFC Life will issue 8.7 crore shares to Exide Industries at Rs 685 per share and a cash payout of Rs 726 crore. HDFC Life stated that the proposed transaction will accelerate the growth of its agency business and strengthen other distribution channels including Broker and Co-operative Banks. 

Read more here.

India’s services PMI jumps to six-month high in August

India’s services sector activity jumped to its highest level since February 2021 on account of inflows of new work and improving demand. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 56.7 in August, compared to 45.4 in July. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The access to vaccines has improved, and consumer footfall has increased following the reopening of several establishments.

Read more here.

PVR opens 3-screen multiplex in Jamnagar

PVR Limited has opened a three-screen multiplex in Jamnagar at ICR-The Entertainment World, Gujarat. The property is spread over an area of 30,000 sq. ft. and has a capacity of 706 seats. The company invested Rs 6 crore in the project. With this launch, PVR operates the largest multiplex network with 849 screens at 177 properties in 72 cities (India and Sri Lanka).

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Tata Motors opens 70 new sales outlets in a single day

Tata Motors has inaugurated 70 sales outlets across South India in a single day (Sept 3) as part of its retail acceleration strategy. Spread across 53 cities, the outlets are strategically mapped to emerging markets of the Southern region. The showrooms will be home to the automaker’s ‘New Forever’ range of passenger vehicles, including its electric vehicle (EV) portfolio. 

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Indiabulls Housing Finance to raise Rs 1,000 crore via bond issue

Indiabulls Housing Finance Ltd has announced the launch of a public issue of secured and/or unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1,000 each. The NCDs will offer coupon rates ranging from 8.05% to 9.75% per annum. Tranche I of the issue has a base size of Rs 200 crore with a greenshoe (or over-allotment) option of up to Rs 800 crore, aggregating up to Rs 1,000 crore.

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Maruti Suzuki recalls 1.81 lakh vehicles to rectify safety defects

Maruti Suzuki India Ltd has issued recall orders for 1.81 lakh units of its cars to check and rectify faults that may potentially result in safety-related issues. The recall order has been issued voluntarily by the company, and owners with possibly affected vehicles will be contacted by Maruti Suzuki authorized workshops. The recall order covers petrol models of Ciaz, S-Cross, Vitara Brezza, Ertiga, and XL6, and only units manufactured between May 4, 2018, and October 27, 2020. 

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Mazagon Dock to partner with Russia’s Zvezda to construct commercial ships

Prime Minister Narendra Modi announced that Mazagon Dock Shipbuilders will partner with Russia’s Zvezda to construct commercial ships. He was addressing a session of the 6th Eastern Economic Forum (EEF) via video conferencing today. Zvezda is the largest shipyard in Russia, designed for the construction of all types of sea-going vessels and production platforms for operation on the Russian shelf. 

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Zen Tech secures Rs 155 crore contract from Indian Air Force

Zen Technologies Ltd has secured an order worth Rs 155 crore from the Indian Air Force (IAF) for the supply of Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12-month time frame. With this order, Zen Technologies’ total order book stands at Rs 402.61 crore. The company’s order book for equipment is worth Rs 284.09 crore, and the order book for annual maintenance contracts stood at Rs 118.52 crore.

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Automobile PLI scheme to be announced next week: Report

According to a report from CNBC-TV18, the Central government may announce a Production Linked Incentive (PLI) scheme for the automobile sector next week. This scheme will help increase competitiveness and take the growth of the vehicle and auto components industry to the next level. The report further states that the PLI scheme has been modified after consultations between the Centre and the auto industry and includes an emphasis on the promotion of new technologies. 

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Godrej Consumer Reports 59% YoY Rise in Net Profit in Q4 – Top Indian Market News

Godrej Consumer Q4 Results: Net profit rises 59% YoY to Rs 366 crore

Godrej Consumer Products Ltd (GCPL) reported a 59.13% year-on-year (YoY) increase in consolidated net profit to Rs 365.84 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 27%. Its revenue from operations rose 27% YoY to Rs 2,705.69 crore during the same period. GCPL’s revenue from the Indian market was up 34.63% YoY to Rs 1,499.74 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 14.98% YoY to Rs 1,720.82 crore. GCPL said localised lockdowns could impact frontline servicing and replenishment of its outlets.

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JSW Hydro raises $707 million in first offshore bond issuance

JSW Hydro Energy, a subsidiary of JSW Energy Ltd, has raised $707 million (~Rs 5,185 crore) through its first-ever offshore bond issuance. The proceeds from the issue will be used to repay the existing debt of the company’s two operational hydro projects. The senior secured notes will bear interest from May 18, 2021, to May 18, 2031, at the rate of 4.125% per annum. The bonds will be listed on the Singapore Exchange (SGX).

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Moody’s cuts India’s FY22 GDP forecast to 9.3%

Rating agency Moody’s has slashed India’s gross domestic product (GDP) forecast for FY 2021-22 to 9.3% from the earlier projection of 13.7%. The downward revision in GDP estimates comes on the back of the second wave of Covid-19 infections across the country, which have triggered localised lockdowns and mobility curbs. Moody’s stated that the second wave will slow the near-term economic recovery and could also affect long-term growth dynamics.

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Infosys announces strategic collaboration with Britvic

Infosys Limited announced that it has been selected by UK-based Britvic as an end-to-end partner to help them deliver their strategic digital transformation roadmap and operations. Britvic is one of the leading branded soft drinks businesses in Europe. The IT services major will simplify and streamline Britvic’s cloud infrastructure and operations using its Infosys Cobalt platform.

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Granules India Q4 Results: Net profit rises 38% YoY to Rs 128 crore

Granules India Ltd reported a 38.15% YoY increase in consolidated net profit to Rs 127.6 crore for the quarter ended March (Q4). Its revenue from operations rose 33% YoY to Rs 799.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.8% YoY to Rs 549.45 crore. The pharma company’s board has recommended a final dividend of Rs 0.75 per share.

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JSW Steel’s crude steel out jumps two-fold to 13.71 LT in April

JSW Steel Limited said its crude steel output jumped over two-fold to 13.71 lakh tonnes (LT) in April 2021. The company had produced 5.63 LT in the same month last year. Crude steel output has declined by 5% when compared with March 2021. JSW Steel’s production of flat-rolled products rose three-fold to 9.57 LT, compared with 3.44 LT in April 2020. It produced 3.37 LT long-rolled products in April 2021, compared with 0.89 LT in April 2020.

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UPL signs licensing agreement with Japan-based Meiji Seika Pharma

UPL Limited said its subsidiary has entered into a licensing agreement with Japan-based Meiji Seika Pharma Co. Ltd for exclusive access to Flupyrimin in Southeast Asia. Flupyrimin is a patented active ingredient developed by Meiji. It is a novel insecticide that is effective against rice pests. UPL will obtain exclusive rights to develop, register, and commercialise formulations of Flupyrimin for applications in rice in Southeast Asia.

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Siemens Q2 Results: Net profit rises 90% YoY to Rs 334 crore

Siemens Limited reported a 90.3% YoY increase in consolidated net profit to Rs 334.4 crore for the quarter ended March (Q2 FY21). The company follows the October-September financial year cycle. On a quarterly basis, net profit has risen by 13.16%. Its total income rose 30% YoY to Rs 3,540 crore during the same period. Siemens registered new orders from continuing operations worth Rs 3,309 crore, registering a 16.9% rise compared with the same period last year (Q2 FY20). 

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Firstsource Solutions Q4 Results: Net profit falls 49% YoY to Rs 46 crore

Firstsource Solutions Ltd (FSL) reported a 49% YoY decline in net profit to Rs 46.68 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 61%. The company’s revenue from operations rose 35% YoY (or 7% QoQ) to Rs 1,460 crore during the same period. Its BFSI vertical grew 66% YoY to Rs 758 crore, while the communications, media, and technology (CMT) vertical grew 23% YoY to Rs 300.94 crore. FSL is a leading business process management (BPM) company based in Mumbai.

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Linde India Q1 Results: Net profit jumps 676% YoY to Rs 303 crore

Linde India Limited reported a 676% YoY jump in consolidated net profit to Rs 303.23 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. On a quarterly basis, net profit increased by 433.8%. Its consolidated revenue rose 17% YoY to Rs 441.42 crore during the same period. The rise in profit has been primarily due to an exceptional item worth Rs 294 crore.

Indiabulls Housing Finance to divest its mutual fund business to Groww for Rs 175 crore

Indiabulls Housing Finance has entered into a definitive agreement with Nextbillion Technology Pvt. Ltd (which operates Groww) to divest its entire stake in the mutual fund business of its subsidiaries— Indiabulls Asset Management Co. Ltd and Indiabulls Trustee Co. Ltd for Rs 175 crore. The deal includes a cash equivalent of Rs 100 crore to be invested in Groww. The transaction is expected to be completed by June 30, 2022. Indiabulls Housing said it will narrow focus on its real estate asset management business, as it looks to operate with an asset-light strategy. 

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Kalpataru Power Q4 Results: Net profit falls 43% QoQ to Rs 174 crore

Kalpataru Power Transmission reported a 43.51% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 174 crore for the quarter ended March (Q4). Net profit has jumped 461% YoY.  Its revenue from operations rose 16% QoQ (or 15.8% YoY) to Rs 4,086 crore during the same period. For the financial year ended March 31, 2021 (FY21), its net profit has increased by 72.05% YoY to Rs 671 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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

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

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

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Hero MotoCorp partners with Gogoro with focus on electric mobility

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

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KEC International secures orders worth Rs 1,245 crore

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

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

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

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

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

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Tejas Networks Q4 Results: Net profit at Rs 33 crore

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

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Indiabulls Housing Finance enters into co-lending partnership with HDFC

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

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

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

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

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

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

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

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

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Retail Inflation Eases to 4.06% in January; Industry Output Grows 1% in December – Top Indian Market News

Retail inflation eases to 4.06% in January; industry output grows 1% in December

India’s retail inflation, calculated by the Consumer Price Index (CPI), eased to 4.06% in January 2021, primarily due to a decline in vegetable prices. The CPI stood at 4.59% in December 2020 and 7.6% in January 2020. Meanwhile, the Index of Industrial Production (IIP) grew 1% in December 2020. Mining output declined by 4.8%, while power generation grew 5.1% last month. Thus, the Indian economy is witnessing a strong recovery with inflation cooling down and industry output showing a rebound. 

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Motherson Sumi Q3 Results: Net profit nearly triples to Rs 798 crore

Motherson Sumi Systems reported a 194% YoY increase in consolidated net profit to Rs 798 crore for the quarter ended December (Q3). The auto parts maker posted a 14% YoY increase in revenue to Rs 17,092.4 crore during the same period. With strong operating cash flows, the company’s net debt is at its lowest level compared to the previous 14 quarters. Motherson Sumo’s domestic wire harness business showed a 44% YoY increase in revenue to Rs 1,343 crore in Q3. 

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NTPC commissions Unit-4 of Kameng hydro-electric project

NTPC announced that its fourth 150 megawatt (MW) unit of Kameng Hydro-Electric Project is commercially operational. The project is run by its subsidiary- North Eastern Electric Power Corporation. With this, the commissioned and commercial capacity of NTPC has increased to 64,075 MW.

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Voltas Q3 Results: Net profit rises 46% YoY to Rs 129 crore

Tata Group company Voltas Ltd reported a 46.26% YoY increase in consolidated net profit to Rs 128.64 crore for the quarter ended December (Q3). Its revenue rose 32.29% YoY to Rs 2,046.26 crore during the same period. The company saw a strong recovery in its cooling products segment. Voltas’ revenue from unitary cooling products for commercial use increased 40% YoY to Rs 840 crore in Q3.

The company’s board has approved the transfer of domestic projects business to its subsidiary, Universal MEP Projects & Engineering Services. The cash consideration for the business transfer has been estimated at Rs 1,000-1,200 crore.

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Sobha Q3 Results: Net profit falls 70% YoY to Rs 21 crore

Sobha Limited reported a 70.49% YoY decline in consolidated net profit to Rs 21.6 crore for the quarter ended December (Q3). The real estate developer’s revenue fell to Rs 696.3 crore, compared with Rs 901.2 crore in Q3 FY20. However, the firm achieved its highest-ever pre-sales volume during the October-December quarter.

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Bharat Forge Q3 Results: Net loss at Rs 210 crore

Bharat Forge reported a consolidated net loss of Rs 210.45 crore for the quarter ended December (Q3). The auto components manufacturer posted a 5.9% YoY decline in revenue to Rs 1,723.1 crore during the same period. Bharat Forge stated that a strong recovery in end-market demand in the automobile sector helped the company register healthy double-digit growth in key parameters.

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HAL Q3 Results: Net profit rises 85% YoY to Rs 853 crore

Hindustan Aeronautics Ltd (HAL) reported an 85% YoY increase in consolidated net profit to Rs 853 crore for the quarter ended December (Q3). Its consolidated revenue rose 21.8% YoY to Rs 5,425.46 crore during the same period.

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Indiabulls Housing Finance Q3 Results: Net profit declines 40% YoY to Rs 329 crore

Indiabulls Housing Finance reported a 40.3% YoY decline in consolidated net profit to Rs 329.32 crore for the quarter ended December (Q3). Its revenue from operations declined by 25% YoY to Rs 2,513.25 crore during the same period. The company’s board has approved fundraising of Rs 5,000 crores through the issue of non-convertible debentures on a private placement basis.

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Grasim Q3 Results: Net profit jumps 107% YoY to Rs 2,152 crore

Grasim Industries Limited reported a 107% YoY increase in consolidated net profit to Rs 2,152.33 crore for the quarter ended December (Q3). Its revenue from operations grew 13% YoY to Rs 20,986 crore during the same period. This is the highest-ever consolidated quarterly profit reported by the company, with strong growth across its business segments. 

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Equitas SFB launches FASTag powered truck terminal

Equitas Small Finance Bank has launched a FASTag powered truck terminal at Khalapur, Maharashtra. The bank has partnered with Maharashtra State Road Development Corporation Ltd (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd for the same. The terminal has a capacity of 160 trucks that can be parked at any given point in time.

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Cabinet Approves PLI Scheme Worth Rs 2 lakh crore for 10 Sectors – Top Indian Market News

Cabinet approves PLI scheme worth Rs 2 lakh crore for 10 sectors

The Union Cabinet has approved Production Linked Incentive (PLI) scheme worth up to Rs 2 lakh crore for 10 key sectors, for the next 5 years. The scheme will provide a boost to India’s manufacturing capabilities and improve exports. The sectors that will get the benefit of the PLI scheme include telecom, automobile, pharmaceuticals, electronic products, and speciality steel.

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Aurobindo Pharma Q2 Results: Net Profit rises 25% YoY to Rs 805 crore

Aurobindo Pharma Ltd. reported a 25% year-on-year (YoY) increase in net profit to Rs 805 crore, for the quarter ended September (Q2). The drug-maker posted a 15% YoY increase in revenue to Rs 6,377 crore, during the same period. Before the results were declared, the share price of Auro Pharma jumped 7.02% and closed at Rs 814.45 on the NSE today.

Coal India Q2 Results: Net Profit falls 16% YoY to Rs 2,948 crore

Coal India Limited reported a 16.31% year-on-year (YoY) decline in consolidated net profit to Rs 2,948.12 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 3.78% YoY to Rs 21,153.07 crore, during the same period. The Board of Directors of Coal India has approved an interim dividend of Rs 7.50 per share. 

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SpiceJet Q2 Results: Net Loss narrows to Rs 113 crore

SpiceJet Limited reported that its net loss has reduced to Rs 112.59 crore, for the quarter ended September (Q2). The company had posted a loss of Rs 462.58 crore in Q2 of the previous financial year. The airline’s total revenue from operations declined by 62.92% YoY to Rs 1,054.98 crore in Q2 FY21. SpiceJet has stated that they are focusing on further expansion of its cargo business.

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Passenger vehicle wholesale up 14% in October: SIAM

The total domestic sale of passenger vehicles in India increased by 14.19% YoY to 3,10,294 units in October. The sale of two-wheelers was up by 17% YoY to 20 lakh units, during the same month. The data has been compiled by the Society of Indian Automobile Manufacturers (SIAM).

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Godrej Industries Q2 Results: Net Profit declines 45% YoY to Rs 205 crore

Godrej Industries Ltd. reported a 44.84% year-on-year (YoY) decline in consolidated net profit to Rs 205.33 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 9.22% YoY to Rs 2,386.29 crore, during the same period. The company has posted a sharp rebound from Q1, but are yet to recover to pre-Covid levels.

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L&T Construction wins RRTS order in Uttar Pradesh

The construction arm of Larsen & Toubro (L&T) has secured significant contracts, including a Regional Rapid Transit System (RRTS) order in Uttar Pradesh. L&T would provide its services to execute the new high-speed rail project in the Delhi-Ghaziabad-Meerut Corridor. The company’s Power Transmission & Distribution segment has won a set of orders in the international market as well.

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KPIT Technologies wins strategic deal with BMW Group

The share price of KPIT Technologies jumped 8% on Wednesday after it won a strategic large deal with BMW Group. The automotive software company will provide its services to design and enhance BMW’s combined charging electronics program. The deal with BMW will be spread across 5 years.

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Indiabulls Housing Q2 Results: Net Profit falls 54% YoY to Rs 323 crore

Indiabulls Housing Finance Ltd. reported a 54% year-on-year (YoY) decline in consolidated net profit to Rs 323.20 crore, for the quarter ended September (Q2). The company’s total income declined by 25.9% YoY to Rs 2,581 crore, during the same period. The Haryana-based mortgage lender has also stated that they are back on track to disburse Rs 1,000 crore through a co-lending model in 2020-21.

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LIC Housing Finance Q2 Results: Net Profit rises 3% YoY to Rs 790 crore

LIC Housing Finance Ltd. reported a 3% year-on-year (YoY) increase in net profit to Rs 789.67 crore, for the quarter ended September (Q2). The company’s total income grew marginally to Rs 4,987.64 crore, during the same period. The company, promoted by the country’s largest insurer LIC, is mainly engaged in providing loans for the purchase or construction of residential houses.

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