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Tata Power Secures Contract Worth Rs 400 crore From KSEB – Top Indian Market News

Tata Power secures contract worth Rs 400 crore from KSEB

Tata Power Company has secured a contract worth Rs 400 crore from the Kerala State Electricity Board Ltd (KSEB). The order consists of developing an 84 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala. The project has to be commissioned within three months of receipt of an order from individual residential customers. The rooftop solar project is expected to generate 120 million units (MUs) of energy every year. 

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Delta Corp Q1 Results: Net loss at Rs 28.93 crore

Delta Corp Limited reported a consolidated net loss of Rs 28.93 crore for the quarter ended June 2021 (Q1 FY22). It had posted a net loss of Rs 28.24 crore in the corresponding quarter last year (Q1 FY21). Delta Corp had reported a net profit of Rs 57.77 crore in Q4 FY21. The company’s total income increased by 34.92% YoY to Rs 82.72 crore in Q1 FY22. Delta Corp is a gaming and hospitality company that owns and operates casinos and hotels.

Ashoka Buildcon receives order worth Rs 482 crore from Ircon International

Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Ircon International for an order worth Rs 482.34 crore. The order consists of the supply, erection, testing, and commissioning of an Electro-Mechanical (E&M) System on the Dharam-Katra section of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project. Out of the 272 kilometers of the USBRL Project, work has been completed on 161 km and commissioned, said the Ministry of Railways in a press release. 

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JSW Steel’s output rises 65% YoY to 5.07 MT in Q1

JSW Steel Limited reported a 65% year-on-year (YoY) growth in production to 5.07 million tonnes (MT) for the quarter ended June 2021 (Q1 FY22). Total production rose 16% when compared to the previous quarter. The company’s capacity utilisation at the standalone level was at 91% in Q1. Amidst the second wave of the Covid-19 pandemic, JSW Steel had supplied over 65,000 tonnes of liquid oxygen across India during the April-June quarter.

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HCL Tech helps transform BP’s workplace services in multi-year deal

HCL Technologies Ltd has completed the first phase in building a modern digital workplace for UK-based multinational energy company BP. As part of a multi-year deal, HCL will help transform BP’s workplace services, enabling it to drive efficiency and create a standardised end-user experience for its employees across 500 sites. HCL Tech has been providing global site support services and managed telephony for 60,000 IT end-users at BP.

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HG Infra declared lowest bidder for road project in Delhi

HG Infra Engineering has been declared the lowest (L-1) bidder by the National Highways Authority of India (NHAI) for a road project in Delhi. The project involves the development of a six-lane Urban Extension Road (UER) on NH 344 M (Karala-Kanjhawala Road) in Delhi. The company’s bid project cost is Rs 1,393.11 crore. The order has to be completed within two years.

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Maruti Suzuki launches digital platform to provide car financing solutions

Maruti Suzuki India Ltd has announced the nationwide roll-out of its digital platform that provides end-to-end online car financing solutions to customers. The platform, Maruti Suzuki Smart Finance, will be available across India for customers of both Arena and Nexa dealerships. The automaker has on-boarded HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, IndusInd Bank, and 9 other financiers to provide enhanced car financing experience to customers.

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Tata Motors partners with IndusInd Bank to finance solutions for passenger vehicles

Tata Motors Limited has launched offers for its passenger vehicle customers in partnership with IndusInd Bank. As part of the collaboration, Tata Motors will provide the ‘Step Up’ scheme where customers can choose and buy from its range of passenger cars in India, with a special low EMI option scheme for the first 3-6 months. This is part of the automaker’s constant effort to fast-track the availability of safe personal mobility solutions to individuals and families at pocket-friendly rates.

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BHEL receives order from NPCIL for Nuclear Steam Generators

Bharat Heavy Electricals Ltd (BHEL) has secured an order for the supply of 12 steam generators from Nuclear Power Corporation of India Ltd (NPCIL). The order has been valued at Rs 1,405 crore. The generators will be manufactured at BHEL’s plant at Tiruchirapalli (Tamil Nadu). This is part of NPCIL’s Fleet Mode procurement program, which mandates the supply of steam generators for India’s highest-rated 700 MWe Pressurised Heavy Water Reactors to be set up at 4 different locations in the country.

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Kitex Group being kicked out of Kerala: MD

Sabu M. Jacob, the Managing Director of Kitex Garments Ltd, has alleged that he is being ‘kicked out’ of Kerala due to harassment by the state government. The company is planning to shift its proposed project worth Rs 3,500 crore to Telangana. Tamil Nadu and Karnataka had also shown interest in the project after the MD announced that Kitex was winding up the project in Kerala, citing an alleged witch-hunt. Read more here.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 102.58 times on the final day of bidding. The portion reserved for retail investors was subscribed 12.57 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 238.04 times and that of qualified institutional buyers (QIBs) 168.58 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 93.41 times on the final day of bidding. The portion reserved for retail investors was subscribed 9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 206.43 times and that of qualified institutional buyers (QIBs) 156.37 times. To know more about the IPO, click here.

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Market News Top 10 News

Power Grid Reports 6% YoY Rise in Net Profit in Q4 – Top Indian Market News

Power Grid Corp Q4 Results: Net profit rises 6% YoY to Rs 3,526 crore

Power Grid Corporation of India reported a 6.42% YoY (or 4.7 QoQ) increase in consolidated net profit to Rs 3,526.23 crore for the quarter ended March (Q4). Its revenue from operations rose 3.5% YoY to Rs 10,510.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 8.83% YoY to Rs 12,036.46 crore. The company’s board has recommended a final dividend of Rs 3 per share. Its board has also declared a bonus issue in the ratio 1:3. [Eligible shareholders will receive one extra share for every three shares held in the company]

Federal Bank to raise Rs 916 crore from IFC, associate entities

Federal Bank will raise nearly Rs 916 crore by issuing shares to International Finance Corporation (IFC) and its affiliates. The private lender’s board has approved the issuance of up to 10.5 crore equity shares (of the face value of Rs 2 each) to IFC, IFC Financial Institutions Growth Fund (FIG), and IFC Emerging Asia Fund (EAF) at Rs 87.39 per share. Federal Bank is also seeking shareholders’ approval to raise Rs 4,000 crore through a rights issue or Follow on Public Offer (FPO).

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Natco Pharma Q4 Results: Net profit declines 43% YoY to Rs 53 crore

Natco Pharma Ltd reported a 43.68% YoY decline in consolidated net profit to Rs 53 crore for the quarter ended March (Q4). Net profit has declined by 15.57% when compared to the previous quarter. Its total income declined by 24.62% YoY (or 6.81% QoQ) to Rs 359.7 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 4.32% YoY to Rs 440.9 crore. The company expects strong growth during the current financial year due to multiple high-value product launches in the US and a rebound in its India business.

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Lupin receives USFDA approval for Sevelamer Hydrochloride tablets 

Lupin Limited has received approval from the US Food & Drug Administration (USFDA) to market Sevelamer Hydrochloride tablets. The drug is used to control serum phosphorus in patients with chronic kidney disease on dialysis. According to IQVIA data, the tablets had estimated annual sales of $80 million (~Rs 592 crore) in the US for the 12 months ended March 2021. The product will be manufactured at Lupin’s facility in Nagpur.

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IndusInd Bank launches digital lending platform ‘IndusEasyCredit’

IndusInd Bank announced the launch of ‘IndusEasyCredit’, a digital lending platform that enables customers to meet their financial requirements from the comfort of their homes. Both existing customers and non-IndusInd Bank customers can instantly avail of personal loans or credit cards on a single platform in a completely paperless and digital manner. Currently, customers can only apply for the ‘IndusEasyCredit’ facility through the bank’s website.

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DB Corp Q4 Results: Net profit jumps 157% YoY to Rs 61.9 crore

DB Corp Limited reported a 157.42% YoY jump in consolidated net profit to Rs 61.91 crore for the quarter ended March (Q4). Net profit has declined by 37.48% when compared to the previous quarter. Its revenue from operations declined by 6.17% YoY to Rs 456.60 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 48.57% YoY to Rs 141.42 crore. The company’s board has recommended a final dividend of Rs 3 per share. DB Corp is a print media and publishing company based in Madhya Pradesh. 

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Nazara Technologies to acquire 69.82% stake in gaming firm Publishme

Nazara Technologies Ltd has signed a binding term sheet to acquire a 69.92% stake in Publishme, a mobile game publishing agency based in the Middle East and Turkey. The company will invest nearly Rs 20 crore for acquiring the majority stake in Publishme. With this acquisition, Nazara Tech will expand its international footprint in the freemium segment. It aims to build local execution capabilities by cutting across key growth segments— freemium, gamified learning, and esports.

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Adani Enterprises to invest Rs 1,000 crore in cement business: Report

According to a report from BusinessLine, the Adani Group is setting up a 5 metric tonne per annum (MTPA) cement plant in Maharashtra with an initial investment of Rs 1,000 crore. Adani Enterprises Limited (AEL) had recently announced the incorporation of a new wholly-owned subsidiary, Adani Cement Industries Ltd, to carry out the business as manufacturers and processors of all types of cement. The company has identified a 100-acre land in the Raigad district of Maharashtra to set up the cement plant. 

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Novartis India Q4 Results: Net profit rises 43% YoY to Rs 9.7 crore

Novartis India Ltd reported a 43.07% YoY increase in net profit to Rs 9.7 crore for the quarter ended March (Q4). Its revenue from operations rose 6%YoY to Rs 99.29 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 107.34% YoY to Rs 20.9 crore. The pharma company’s board has recommended a final dividend of Rs 10 per share. 

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Domestic air passengers in May 63% lower than April: DGCA

The total number of domestic passengers that travelled by air declined by 63% to 21.15 lakh in May 2021, compared to 57.25 lakh passengers in April. The second wave of the Covid-19 pandemic has severely hit the aviation sector. IndiGo carried 11.69 lakh passengers in May and secured 55.3% of the domestic market share. SpiceJet flew 1.99 lakh passengers during the same month, accounting for a 9.4% market share. Go First (previously known as GoAir) carried 1.38 lakh passengers in May. The data was released by the Directorate General of Civil Aviation (DGCA).

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Tube Investments Q4 Results: Net profit jumps 141% YoY to Rs 143 crore

Tube Investments of India reported a 141.91% YoY jump in consolidated net profit to Rs 143.84 crore for the quarter ended March (Q4). Net profit has increased by 34% when compared to the previous quarter. Its revenue from operations jumped 165.3% YoY to Rs 2,624.72 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 6.54% YoY to Rs 286.32 crore. The company’s board has recommended a final dividend of Rs 1.5 per share. Its board has also approved the fundraising of up to Rs 200 crore via debt securities. 

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Infosys Finacle launches digital banking SaaS offering for urban co-op banks

Infosys Finacle has launched a digital banking software-as-a-service (SaaS) platform to help Indian urban cooperative banks (UCBs) modernize their business and operations. The company is a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys Ltd. The platform has already been adopted by three leading UCBs in India— Vidya Sahakari Bank, Urban Co-operative Bank, Bareilly, and Zoroastrian Cooperative Bank

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IPO Updates: 

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 3.3 times on the second day of bidding. The portion reserved for retail investors was subscribed 6.18 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 6% and that of qualified institutional buyers (QIBs) 28%. You can learn more about the IPO here.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 56% on the second day of bidding. The portion reserved for retail investors was subscribed 1.95 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9% and that of qualified institutional buyers (QIBs) 32%. You can learn more about the IPO here.

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Editorial

The Hinduja Group: Origin, Businesses, and Expansion

hinduja group

The Hinduja Group is one of the largest diversified business groups in the world. Since its inception more than 107 years ago, the group has expanded gradually to business segments such as automotive, information technology, media & entertainment, oil and specialty chemicals, banking and finance, power generation, real estate, healthcare, and many more. The Hinduja Group has established its direct presence in 38 countries and conducts operations in more than 100 nations around the world.  

Let us take a closer look into the history of the Hinduja Group and learn more about their businesses. 

Brief History

The Hinduja Group was established by Parmanand Deepchand Hinduja in 1914. He hailed from a Sindhi family based in India. Initially, he began a small business in Sindh (now in Pakistan). One of the major milestones in his career was setting up an international trade centre in Iran in 1919. Merchant banking and trade were the twin pillars of the group’s business. After Parmanand Hinduja’s demise in 1971, his sons took over the family legacy. They formed a financial institution known as Hinduja Bank in Switzerland around the same period. The Hinduja Group also acquired the world-renowned ‘Gulf’ brand and later established Gulf Oil Corporation Limited. 

The Islamic Revolution in Iran in 1979 forced the group to move its headquarters to London, United Kingdom. Around 8 years later, they acquired Land Rover Leyland International Holdings’ overseas stake in Ashok Leyland. They focused on setting up production units and showrooms across India, Sri Lanka, and the United Arab Emirates. The commercial vehicle manufacturer is now the flagship company of Hinduja Group. The automaker even launched India’s first CNG-powered bus in 1997.

The year 1994 marked the group’s entry into the Indian banking space. They established IndusInd Bank. It was one of the first private sector banks that helped in accelerating the process of reforms in post-liberalised India. Hinduja Group also set up IndusInd Media and Communications Ltd in 1995.

Hinduja Global Solutions was incorporated in 2000. This is essentially the business process outsourcing (BPO) subsidiary of the group, which is headquartered in Bangalore. In 2007, Ashok Leyland and Japan-based Nissan Motor Corp entered into a joint venture to build light-duty trucks. The group also owns Optare plc, which is a leading manufacturer of electric buses in the UK.

Major Company Segments

  1. Ashok Leyland Limited– It is the second-largest manufacturer of commercial vehicles in India (after Tata Motors). The company is the fourth-largest manufacturer of buses in the world. It also offers power solutions for electric power generation, agricultural harvester combines, and earth-moving & construction equipment. They have set up around 10 manufacturing facilities across India, UAE, and UK.
  1. IndusInd Bank– The company offers banking and para-banking services. Para-banking may include insurance services, portfolio management services, pension fund management, mutual fund business, etc. The lender has established nearly 2,000 regional branches across India.
  1. Hinduja Global Solutions Limited– It provides services related to business process management (BPM). The company’s primary activities include information technology (IT), IT-enabled services (ITES), and business process outsourcing (BPO). Through its subsidiaries, Hinduja Global Solutions also offers contact center solutions and back-office transaction processing services across North America, Europe, Asia, and the Middle East. It caters to the healthcare, telecommunications, media, insurance, retail, and consumer electronics sectors.
  1. Gulf Oil Corporation Limited– The company offers energetics, mining, and infrastructure development services. It manufactures and sells explosives, detonators, explosive bonded metal clads, and special devices for defence and space applications. GOCL also undertakes large-scale mining services in coal, iron ore, limestone, and bauxite mines.

The Hinduja Brothers

The Hinduja Group is currently headed by Srichand P Hinduja, the eldest son of Parmanand Deepchand Hinduja. Along with his brothers— Gopichand P Hinduja, Prakash P Hinduja, and Ashok P Hinduja— S.P Hinduja has led the company to great heights. They have collectively strategized and executed the diversification and expansion of the group as a whole. The Hinduja Brothers have lived up to their father’s vision and commitment towards building one of the most reputed business empires in the world.

Interestingly, the group trades in practically all products and commodities except tobacco, meat, and alcohol. On the other hand, they have focused on philanthropic activities, and have built hospitals, wellness centres, schools, and colleges in India and abroad. It has provided direct employment opportunities to more than 150,000 people. For years, the Hinduja Group has also promoted and developed the use of clean renewable energy sources.

The group had posted revenues of $50 billion in 2018. According to Forbes, the Hinduja brothers were the fifth-richest businessmen from India in 2020. They have a net worth of $14.8 billion as of March 2021.

Recent Developments

The Hinduja brothers are now involved in a legal dispute in the UK over their family fortune. A letter signed in 2014 and a related document had stated that the brothers appoint each other as their executors and that assets held in any one brother’s name belong to all four. The dispute between the Hinduja family came to light in a ruling delivered in June 2020 by a London judge, who said that the three brothers- Gopichand, Prakash, and Ashok- tried to use the letter to take control of Hinduja Bank. The bank was in Srichand’s sole name at the time. However, S.P Hinduja and his daughter Vinoo wanted the letter to be dismissed or to have ‘no legal effect’. Despite this issue, the brothers have reaffirmed that the court proceedings will not affect their businesses or the values which they stand for.

The third and fourth generations of the Hinduja family are all set to carry forward the rich heritage of the group in the years to come. Let us look forward to seeing how they execute future plans and expand further.

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Economic Survey Projects India’s Real GDP Growth at 11% in FY22 – Top Indian Market News

Economic Survey projects India’s real GDP growth at 11% in FY 2021-22

The Finance Ministry’s Economic Survey projects that India’s real gross domestic product (GDP) would record a growth of 11% in the financial year 2021-22. The nominal GDP growth has been estimated at 15.4%, implying an assumption of 4.4% inflation during the year. The survey states that the fundamentals of the Indian economy remain strong. The gradual scaling back of lockdowns, along with the support of the Atmanirbhar Bharat Mission have placed the economy firmly on the path of revival. It further states that the economy would take two years to reach and go past pre-pandemic levels.

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Tata Motors Q3 Results: Net profit rises 67% YoY to Rs 2,906 crore

Tata Motors reported a 67.2% YoY increase in consolidated net profit to Rs 2,906.45 crore for the quarter ended December (Q3). Its revenue rose 5.5% YoY to Rs 75,653.8 crore during the same period. The company’s largest subsidiary, Jaguar Land Rover, reported a profit before tax of £439 million (~Rs 4,394 crore), compared with £121 million (~Rs 1,211 crore) in the corresponding quarter last year. Tata Motors’ overall sales in India rose 24% YoY to 1.50 lakh units.

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SSAB withdraws initial interest for Netherlands business: Tata Steel

Tata Steel on Friday confirmed that Swedish steel-maker SSAB AB has withdrawn its initial interest for its Netherlands business. In November 2020, Tata Steel had announced that it was in talks with SSAB on a potential sale of its Netherlands assets, including the Ijmuiden steel mill. Tata Steel said it is committed to finding a strategic resolution for its European portfolio. The company’s European works council said it expected the separation of Tata Steel’s Dutch and British operations to continue.

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Cipla Q3 Results: Net profit jumps 113% YoY to Rs 748 crore

Cipla Limited reported a 113% YoY increase in net profit to Rs 748.1 crore for the quarter ended December (Q3). The drugmaker’s revenue rose 18% YoY to Rs 5,168.7 crore during the same period. The company’s sales in India grew 22% YoY to Rs 2,231 crore in Q3. Cipla’s board has approved a scheme of arrangement with two wholly-owned subsidiaries. The company will transfer its India-based US business into Cipla BioTec and transfer consumer business to Cipla Health.

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Indian Oil Corp Q3 Results: Net profit rises 62% YoY to Rs 4,359 crore

Indian Oil Corporation Limited (IOCL) reported a 62.41% YoY increase in consolidated net profit to Rs 4,359.11 crore for the quarter ended December (Q3). Its revenue from operations rose 0.57% YoY to Rs 1.47 lakh crore during the same period. The state-owned company sold 21.425 million metric tonnes (MMT) of oil products in domestic markets in Q3. IOCL’s board has approved an interim dividend of Rs 7.50 per share. 

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Manappuram Finance Q3 Results: Net profit rises 17% YoY to Rs 483 crore

Manappuram Finance Ltd reported a 16.64% YoY increase in consolidated net profit to Rs 483.19 crore for the quarter ended December (Q3). Its revenue from operations rose 14.46% YoY to Rs 1643.81 crore during the same period. Consolidated assets under management (AUM) grew by 14.70% YoY to Rs 27,642.48 crore in Q3. The company’s board has approved an interim dividend of Rs 0.65 per share.

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Dr. Reddy’s Labs Q3 Results: Net profit at Rs 20 crore

Dr. Reddy’s Laboratories reported a consolidated net profit of Rs 19.8 crore for the quarter ended December (Q3). It had posted a net loss of Rs 527.4 crore in the corresponding quarter last year. The company’s consolidated revenue rose 12% YoY to Rs 4,930 crore in Q3 FY21. Dr. Reddy’s stated that it was progressing well on the Phase-3 clinical trials for the Sputnik-V vaccine in India.

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Sun Pharma Q3 Results: Net profit jumps two-fold to Rs 1,852 crore

Sun Pharmaceuticals Ltd reported a two-fold YoY jump in consolidated net profit to Rs 1,852.5 crore for the quarter ended December (Q3). The drugmaker’s consolidated revenue rose 8% YoY to Rs 8,837 crore during the same period. Sun Pharma’s global specialty sales have continued to show an improving trend and have crossed pre-Covid levels. The company’s board has declared an interim dividend of Rs 5.50 per share.

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IndusInd Bank Q3 Results: Net profit falls 36% to Rs 830 crore

IndusInd Bank Ltd reported a 36.5% YoY decline in net profit to Rs 830.39 crore for the quarter ended December (Q3). Net interest income (NII) rose 11% YoY to Rs 3,406 crore during the same period. The lender’s gross non-performing asset (NPA) ratio stood at 1.74%, compared with 2.21% in Q2 FY21. IndusInd Bank’s total provisions rose 77.6% YoY to Rs 1,853.52 crore in Q3.

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L&T bags contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad bullet train project 

Larsen & Toubro (L&T) has received a contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad high-speed rail corridor project. The order is to procure, fabricate, assemble, paint, and transport 28 bridges. L&T said the project was secured through a consortium of L&T and IHI Infrastructure Systems (IIS) of Japan.

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UPL Q3 Results: Net profit rises 13% YoY to Rs 794 crore

UPL Limited reported a 13% YoY increase in net profit to Rs 794 crore for the quarter ended December (Q3). Its revenue rose 3% YoY to Rs 9,126 crore during the same period. The company’s India business grew 21% YoY to Rs 906 crore, despite a market slowdown during the quarter. UPL also reported an exceptional loss of Rs 78 crore in Q3 for costs related to restructuring in Europe and provision written back related to litigation costs in North America.

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Vedanta Q3 Results: Net profit rises 59% YoY to Rs 4,224 crore

Vedanta Ltd reported a 59% YoY increase in consolidated net profit to Rs 4,224 crore for the quarter ended December (Q3). Its revenue rose to Rs 23,621 crore, compared with Rs 22,007 crore in the corresponding quarter last year. The company’s strong performance in Q3 was mainly on account of increased commodity prices and better sales volumes in Zinc and Iron Ore businesses. Vedanta plans to reduce its debt by Rs 5,000 crore in the January-March quarter (Q4).

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Reliance Industries Reports 15% YoY Decline in Net Profit – Top Indian Market News

Reliance Industries Q2 Results: Net Profit at Rs 9,567 crore

Reliance Industries Ltd. (RIL) has reported a 15% year-on-year (YoY) decline in net profit at Rs 9,567 crore, for the quarter ended September (Q2). The revenue from operations of RIL has declined by 24% YoY to Rs 1.16 lakh crore, during the same period. The company had posted a net profit of Rs 11,262 crore in Q2 of the previous financial year.

Indian Oil Corporation Q2 Results: 13-fold jump in Net Profit to Rs 6,026 crore

Indian Oil Corporation (IOC) reported a 13-fold year-on-year (YoY) increase in consolidated net profit at Rs 6,025.91 crore, for the quarter ended September (Q2). The consolidated revenue of IOC declined by 13.39% YoY to Rs 1.16 lakh crore, during the same period. The share price of IOC saw a rise of 1.47%, and closed at Rs 79.55 on the NSE today.

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UPL Q2 Results: Net Profit jumps 165% YoY to Rs 537 crore

UPL Ltd reported a 165.84% year-on-year (YoY) increase in consolidated net profit at Rs 537 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 14% YoY to Rs 8,939 crore, during the same period. UPL has also stated that it has decided to stop production at its oldest manufacturing plant in the Netherlands.

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BSE to consult SEBI on Future-Reliance deal: Report

Reports from various news publications have stated that the Bombay Stock Exchange (BSE) will consult market regulator SEBI, to seek clarifications from Future Retail and Reliance Industries. This comes after Amazon Inc. had objected to the $3.4 billion (~Rs 25,365 crore) deal between Reliance Retail and Future Retail. As per reports, US-based Amazon had written to SEBI and the stock markets to put the deal on hold, due to the Singapore arbitration order.

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IndusInd Bank Q2 Results: 53% YoY decline in net profit

IndusInd Bank Ltd. reported a 53% year-on-year (YoY) decline in net profit to Rs 663 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 12.7% YoY to Rs 3,278 crore, during the same period. The lender had increased its provisions during the July-September quarter to Rs 1,964 crore. Provision is an amount set aside by a company to pay for any losses that might arise in the future.

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Axis Bank revises stake acquisition agreement with Max Life

Axis Bank, on Friday, announced that the lender and its subsidiaries have agreed to enter into a revised agreement with Max Life Insurance (MLI). They will acquire 19% of the equity share capital of Max Life, instead of 17% as mentioned before. The revised agreement had to be made, as the Reserve Bank of India (RBI) had rejected Axis Bank’s earlier proposal to directly buy a 17% stake in Max Life.

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Suven Pharma Q2 Results: Net Profit declines 20% YoY to Rs 74 crore

Suven Pharmaceuticals reported a 20.35% year-on-year (YoY) decline in consolidated net profit to Rs 74.07 crore, for the quarter ended September (Q2). The consolidated total income of the company stood at Rs 237.74 crore, during the same period. Suven Pharma’s Board of Directors has allotted bonus shares at a 1:1 ratio. This means that the company will issue one bonus share for every one share held by the existing shareholders.

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Blue Dart Q2 Results: 189% YoY increase in net profit

Blue Dart Express Ltd. reported a 189.1% year-on-year (YoY) increase in consolidated net profit at Rs 42.33 crore, for the quarter ended September (Q2). The net sales of the company increased by 8% YoY to Rs 866.57 crore, during the same period. The share price of Blue Dart Express saw a rise of 13.32%, and closed at Rs 3,680 on the NSE today.

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BPCL puts Bina refinery expansion plan on hold pending privatisation

Bharat Petroleum Corporation Ltd. (BPCL) has put on hold its plans to expand its Bina refinery and install a secondary unit at its Mumbai refinery to boost efficiency. The plans have been put on hold due to the privatization process of the company. The Government wants to sell a 53.29% stake in BPCL, in order to raise funds and cover-up its fiscal deficit.

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Karur Vysya Bank Q2 Results: Net profit rises 81% YoY to Rs 115 crore

Karur Vysya Bank reported an 81.4% year-on-year (YoY) increase in net profit at Rs 114.89 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 0.9% YoY to Rs 601.5 crore, during the same period. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Mahindra Logistics Q2 Results: 34% YoY increase in net profit

Mahindra Logistics Ltd. has reported a 34% year-on-year (YoY) increase in net profit to Rs 14.98 crore, for the quarter ended September (Q2). The company’s sales have declined by 2.34% YoY to Rs 832.51 crore, during the same period. The company has stated that its sales volume has reached pre-Covid levels.

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IndusInd Bank fined Rs 4.5 crore – Top Indian Market News

IndusInd Bank fined Rs 4.5 crore for non-compliance with RBI provisions

RBI has imposed a penalty of Rs 4.5 crore on IndusInd Bank for non-compliance with certain provision norms. Through an inspection by RBI, it has been found that the bank has not adhered to exposure norms, and norms for Income Recognition, Asset Classification (IRAC). IRAC are rules that determine whether a loan should be declared as a non-performing asset (NPA).

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HDFC Bank reports 18% YoY increase in net profit

HDFC Bank Ltd. had reported an increase in net profit by 18.4% year-on-year (YoY) to Rs 7,513 crore, for the quarter ended September. The bank’s Net Interest Income (NII) increased by 16.7% YoY to Rs 15,776.4 crore. NII is the difference between the interest income a bank earns from its lending activities, and the interest it pays to depositors.

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Blackstone Group to acquire assets of Prestige Estates for Rs 14,000 crore

Real estate firm Prestige Estates Projects Ltd. has signed a deal with Blackstone Group for a stake sale in the company’s commercial, retail, and hotel properties. It has been reported that through this new deal, Prestige Estates is looking to sell the assets in order to reduce debt and generate liquidity. The value of the properties has been estimated at Rs 14,000 crore. Blackstone is the largest owner of commercial real estate in India.

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Bajaj Consumer Q2 Results: Profit increases 1.6% to Rs 56.92 crore

Bajaj Consumer Care Ltd reported a 1.6% YoY increase in its consolidated profit to Rs 56.92 crore, for the quarter ended September (Q2). The fast-moving consumer goods (FMCG) company also reported a total income of Rs 235.36 crore during the same period. 

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Tata Motors partners with HDFC Bank for financing of passenger vehicles

Tata Motors on Saturday said it has collaborated with HDFC Bank for the financing of its passenger vehicles. Tata Motors has introduced two new schemes under the partnership – ‘Gradual Step Up Scheme’ and ‘TML Flexi Drive’ scheme. The offers are aimed at improving sales during the festive season in India.

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Avenue Supermarts reports 38% YoY decline in net profits

Avenue Supermarts Ltd. reported a 38% year-on-year (YoY) decline in its consolidated net profit at Rs 199 crore, for the quarter ended September (Q2). Consolidated revenue decreased by 11% YoY to Rs 5,306 crore. The company stated that poor sales and a lower number of customers (due to the Covid-19 pandemic) have been the main reasons for these results. Avenue Supermarts runs the popular grocery chain DMart.

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Tata Communications Q2 Results: Profit up 7-fold to Rs 385 crore

Tata Communications Limited posted a 7-fold jump in consolidated net profit at Rs 384.81 crore, for the quarter ended September (Q2). The company had registered a profit of Rs 54.31 crore during the same period in the financial year 2019-2020. The firm also reported a growth in revenue by 4.5% to Rs 4,477.16 crore during the Q2 period.

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Dr. Reddy’s, RDIF gets approval to conduct Phase-3 trials for Covid-19 vaccine

Dr. Reddy’s Laboratories Ltd. has announced that it has received approval from the Drug Control General of India (DGCI) to conduct the Phase-3 trials for the Sputnik-V vaccine in India. The company had entered into an agreement with the Russian Direct Investment Fund (RDIF), for conducting trials and ensuring distribution of the coronavirus vaccine in India. Once testing is completed and approvals are granted, RDIF will supply 100 million doses of Sputnik-V to Dr. Reddy’s.

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Aurobindo Pharma acquires 100% equity in Mviyes Pharma Ventures Ltd.

Aurobindo Pharma Limited has entered into a share purchase agreement to acquire 100% equity share capital of Mviyes Pharma Ventures Private Limited. Aurobindo Pharma will acquire a total of about 15 crore equity shares of Rs 10 each, at a price of Rs 18.25 per share. The cost of the acquisition is estimated at Rs 274.22 crores.

CoC approves revival plan for Jet Airways

The Committee of Creditors (CoC) has approved the resolution plan of Kalrock Capital-Murari Lal Jalan for the revival of Jet Airways. The airline had been shut down for eight months, and is finally set to make a comeback. The plan has to be further approved by the National Company Law Tribunal (NCLT), and the Civil Aviation Ministry.

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