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Fortis Healthcare Shares Crash 20% on SC Order – Top Indian Market Updates

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

Fortis Healthcare shares crash 20% as SC extends stay on IHH open offer

Shares of Fortis Healthcare Ltd crashed nearly 20% after the Supreme Court (SC) ordered the continuation of a stay on IHH Healthcare’s open offer for the company. The court ordered a forensic audit of the share sale in Fortis Healthcare in 2018 and refused to allow the open offer from Malaysia’s IHH Healthcare Bhd to proceed. Malvinder Singh and Shivinder Singh, former promoters of the company, were handed six-month jail terms by the SC for their involvement in the deal.

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SpiceJet announces 20% salary hike for pilots: Report

As per an ET Now report, SpiceJet Ltd has announced a 20% salary hike for pilots from October. The airline reportedly received the first tranche of the Emergency Credit Line Guarantee Scheme (ECLGS) payment of around ₹125 crore last week. SpiceJet recently decided to place certain pilots on leave without pay (LWP) for three months as a temporary measure to rationalise costs.

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Lux Industries draws up plans to increase turnover of flagship brand

Innerwear major Lux Industries Ltd has drawn up plans to increase the turnover of its flagship brand Lux Cozi from ₹700 crore to ₹1,000 crore by FY25. The company wants to expand its presence in regional markets and engage regional celebrities as brand ambassadors. It has roped in Sourav Ganguly, the former captain of the Indian cricket team, as the brand ambassador for Lux Cozi.

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Axis Bank starts digital lending through Account Aggregator Framework

Axis Bank has started lending through its Account Aggregator (AA) Framework. The bank offers personal loans, credit cards, auto loans, and small business loans through the account aggregator journey. It provides instant loans that are completely digital and paperless for existing and new customers.

RBI asks Mahindra Finance to stop loan recovery via external agents

The Reserve Bank of India (RBI) ordered Mahindra & Mahindra Financial Services to immediately stop loan recoveries via external agents till further orders. This comes days after the company’s loan recovery agents allegedly crushed a 27-year-old woman in Jharkhand to death under a tractor. The agent was forcibly taking the vehicle away for non-payment of dues.

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IndusInd Bank, RBL Bank increase MCLR

IndusInd Bank and RBL Bank have increased their marginal cost of funds-based lending rates (MCLR) effective Thursday. Their decision comes days ahead of RBI’s Monetary Policy Committee’s (MPC) meeting on the repo rate. IndusInd Bank hiked its MCLR by 5-10 basis points, while RBL Bank hiked the rate by 20 bps. [MCLR is the lowest interest rate that a financial institution can offer on loans.] 

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ICICI Bank launches ‘Festive Bonanza’ for its customers

ICICI Bank announced the launch of ‘Festive Bonanza’, a wide variety of offers for all its customers at the onset of the festive season. Customers can enjoy discounts and cashback up to ₹25,000, which can be availed using the bank’s credit cards, debit cards, internet banking, consumer finance, and cardless EMI. The bank has collaborated with leading brands and e-commerce platforms across a wide range of products and services.

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Hero MotoCorp hikes prices of scooters, motorcycles

Hero MotoCorp Ltd has increased the prices of its scooters and motorcycles across India with immediate effect. The price hike will be as high as ₹1,000. The company has taken the step to partially offset the impact of cost inflation. The current product portfolio of Hero MotoCorp includes 14 motorcycles ranging from ₹55,450 to ₹1,36,378 and four scooters ranging from ₹66,250 to ₹77,078.

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Adani Ports’ Cargo Volumes Rise 18% YoY in August – Top Indian Market Updates

adani ports and sez

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

Adani Ports’ cargo volumes rise 18% YoY in August

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 29.3 million metric tonnes (MMT) of cargo in August 2022, recording an 18% YoY increase. Dry bulk volume grew by 44% YoY and containers by 8% YoY last month. In the initial five months of FY23, the company managed 151.4 MMT of cargo, an 11% YoY increase over the corresponding period last year.

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Spicejet likely to receive around ₹225 crore next week as part of ECLGS

According to an ET NOW report, SpiceJet Ltd is likely to receive around ₹225 crore next week as a part of the Emergency Credit Line Guarantee Scheme (ECLGS). The funds will be used to clear statutory dues and lessor payments. The airline had applied for ₹280 crore loans under the ECLGS.

The ECLGS was launched by the Central Govt. in wake of the Covid-19 pandemic in 2020. It provides guarantee coverage to banks and NBFCs to enable them to extend emergency credit to various industries to meet their working capital requirements.

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IndusInd Bank partners with ADB to support supply chain financing

IndusInd Bank has announced a strategic partnership with Asian Development Bank (ADB) to promote supply chain finance (SCF) solutions in India. The bank has entered into a partial guarantee program with ADB with an initial outlay of ₹560 crore, exclusively towards promoting SCF solutions. Recently, the bank launched a state-of-the-art digital portal for SCF called ‘earlyCredit’. It enables 24×7 seamless processing of SCF transactions for corporates, suppliers, and dealers.

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State-run oil companies post strong August sales

State-run oil companies sold 16% more petrol and 23.5% more diesel in August over the previous year as economic activity gathered pace and sales at private retailers fell. Increased mobility for work and pleasure in an expanding economy has contributed to strong demand for petrol. The demand growth in retail sales of diesel is due to the bulk buyers shifting to petrol pumps to source cheaper supplies.

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Vodafone Idea partners with Maxamtech to launch gaming content

Vodafone Idea Ltd (Vi) has partnered with Maxamtech Digital Ventures to launch multiplayer and competitive gaming content under ‘Vi Games’ to align itself with evolving customer preferences. Vi Games now offers over 40 competitive and skilled multiplayer games. Widening the participation opportunity for multiplayer gaming on Vi Games, Vi has extended the service to non-Vi users as well in a bid to attract more users.

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Bank of Baroda raises ₹2,474 crore by issuing bonds

Bank of Baroda has raised ₹2,474 crore by issuing bonds at the rate of 7.88% through stock exchanges. The bank allotted a total of 2,474 unsecured Basel-III Additional Tier-I perpetual non-convertible bonds (NCDs), valuing ₹1 crore each. Perpetual bonds carry no maturity date and can be treated as equity rather than debt.

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Steel prices in India to remain under pressure over near future: ICRA

A research report from ICRA stated that steel prices are expected to remain under pressure in India over the near future as prices in the domestic market cannot be cushioned by global trends. The rating agency also expects steel demand in the domestic market to grow at 7-8% in the current financial year (FY23). Steel mills in India face a tough time ahead as the external environment is becoming more challenging in key global consumption markets.

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Wipro partners with Cisco to deliver hybrid cloud-as-a-service

Wipro Ltd has partnered with Cisco to accelerate cloud transformation for customers. The partnership will enable Wipro’s clients to deploy Wipro FullStride Cloud Service to enable a fully automated hybrid-cloud stack, reducing the implementation time and enhancing the user experience. Cisco and Wipro will bring together the edge, private, and public clouds to create an agile and adaptable hybrid cloud solution.

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Zydus Lifesciences, Lupin recall products in US market owing to manufacturing issues

Zydus Lifesciences Ltd and Lupin are recalling products in the US due to manufacturing issues. As per an Enforcement Report by US Food & Drug Administration (USFDA), Zydus is recalling 1,116 boxes of Fulvestrant Injection, a drug used to treat breast cancer. The company’s US-based unit is recalling the affected lot due to “Failed Impurities/Degradation Specifications.”

Meanwhile, Lupin Pharmaceuticals, Inc. is recalling 7,872 bottles of Rifampin Capsules, a medication used to treat infections caused by bacteria.

Read more here.

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Yes Bank Plans Growth Roadmap After $1B Capital Raising – Top Indian Market Updates

yes bank

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

Yes Bank plans growth roadmap after $1 billion capital raising

Yes Bank is aiming to expand its loan book by 15% in FY23 and acquire smaller rivals to revive its business, said CEO Prashant Kumar. The bank’s expansion plan comes after it raised $1.1 billion (~Rs 8,725 crore) last week by selling up to a 10% stake to Carlyle Group and Advent International. The capital raised will improve the bank’s common equity Tier-1 capital ratio (a key indicator of financial strength) from 11.9% to 15.7%.

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Britannia Industries Q1 Results: Net profit falls 13% YoY to Rs 337 crore

Britannia Industries Ltd reported a 13.37% YoY decline in consolidated net profit to Rs 337.44 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8.74% YoY to Rs 3,700.96 crore during the same period. The company’s total expenses stood at Rs 3,293.15 crore in Q1, up 12.28% YoY. 

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Adani Enterprises arm to acquire toll roads in Guj, Andhra from Macquarie Asia Infra Fund

Adani Road Transport Ltd (ARTL) will acquire a 100% stake in Swarna Tollway Pvt. Ltd (STPL) and a 56.8% stake in Gujarat Road and Infrastructure Company Ltd. (GRICL) from Macquarie Asia Infrastructure Fund. STPL & GRICL have two stretches of toll roads each in Andhra Pradesh and Gujarat. The acquisition is at an enterprise value of Rs 3,110 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd.

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Dabur Q1 Results: Net profit rises 0.6% YoY to Rs 441 crore

Dabur India Ltd reported a 0.6% YoY (or 50% QoQ) increase in consolidated net profit to Rs 441.06 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8% YoY to Rs 2,822.43 crore during the same period. The company’s domestic FMCG business posted a 5% volume growth.

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LTI partners with Saviynt to deliver intelligent identity solutions

Larsen & Toubro Infotech (LTI) has partnered with US-based Saviynt to provide organisations with improved identity management and security threat protection during digital transformation. The partnership combines Saviynt’s Enterprise Identity Cloud with LTI’s Active XDR (Extended Detection & Response) capabilities. The two entities will deliver integrated solutions seamlessly across cloud and hybrid environments.

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BHEL Q1 Results: Net loss at Rs 188 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 187.99 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 447.48 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 63.35% YoY to Rs 4,449.5 crore in Q1 FY23. Sate-run BHEL’s power business sales stood at Rs 3,526.2 crore, up 66.57% YoY. Total expenditure increased by 40.15% YoY to Rs 5,006.5 crore in Q1. 

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Zydus Lifesciences gets USFDA approval for anti-inflammatory skin cream

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Ivermectin cream. The cream is used to treat inflammatory lesions of rosacea, a common skin condition that causes redness of the skin. As per IQVIA data, Ivermectin cream total had sales of $176 million (~Rs 1,396 crore) in the US during the twelve months ended June 2022.

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Berger Paints Q1 Results: Net profit rises 80% YoY to Rs 254 crore

Berger Paints India Ltd posted an 80.6% YoY increase in consolidated net profit to Rs 253.71 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53.44% YoY to Rs 2,759.7 crore during the same period. The paint manufacturer’s total expenses stood at Rs 2,433.92 crore in Q1, up 49.8% YoY.

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IndusInd Bank partners with M2P Fintech to expand its digital suite of products

IndusInd Bank has partnered with M2P Fintech to roll out path-breaking customer value propositions across payments and lending solutions. The bank will leverage M2P’s cutting-edge technology backed by analytics to deliver hyper-personalised offerings. M2P’s fully equipped API infrastructure allows IndusInd Bank to develop innovative products or experiences on top of its core banking system.

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Adani Enterprises Q1 Results: Ney profit rises 73% YoY to Rs 469 crore

Adani Enterprises Ltd (AEL) reported a 73% YoY (or 54% QoQ) increase in consolidated net profit to Rs 469 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 225% YoY (or 64% QoQ) to Rs 40,844 crore during the same period. EBITDA stood at Rs 1,742 crore in Q1, up 119% YoY. 

In other news, AEL has signed a pact with Israel Innovation Authority (IIA) to access tech solutions provided by Israeli start-ups. The collaboration will span across climate change, cyber, AI, 5G, and agriculture – all of which are core businesses for the Adani Group.

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Adani Ports signs MoU with AD Ports Group for infrastructure investments in Tanzania

Adani Ports & SEZ Ltd has signed a Memorandum of Understanding (MoU) with UAE-based AD Ports Group to jointly develop port, rail, and maritime services and an industrial zone in Tanzania. AD Ports Group’s strategic investment in infrastructure and solutions in Tanzania will allow international companies to enter African markets.

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Manufacturing PMI Hits 8-Month High in July – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in July

India’s manufacturing sector activity hit the highest level in eight months in July 2022, driven by significant growth in business orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in July, compared to 53.9 in June. Demand continued to advance in July on the back of easing price pressures.

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


Read more here. 

Auto sales data for July 2022: Highlights  

Maruti Suzuki India posted an 8.3% year-on-year (YoY) increase in total sales to 1,75,916 units in July 2022. Sales of its compact vehicle segment rose 17% YoY to 1,05,151 units. Exports fell 4.3% YoY to 20,311 units.

Tata Motors Ltd registered a 52% YoY increase in total sales to 78,978 units in July. The automaker’s commercial vehicle sales rose 43% YoY to 34,154 units. Overall passenger vehicle sales rose 57% YoY to 47,505 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,053 units in July, an increase of 33% YoY. M&M’s tractor sales fell 14% YoY to 23,307 units. 

Bajaj Auto posted a 4% YoY decline in total sales to 3,54,670 units in July. Meanwhile, TVS Motor Company’s total sales stood at 3,14,639 units in July, up 13% YoY.

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UPL Q1 Results: Net profit rises 29% YoY to Rs 877 crore

UPL Limited reported a 29% YoY increase in consolidated net profit to Rs 877 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 27% YoY to Rs 10,821 crore during the same period. Revenues remained firm on the back of better product realizations, favourable exchange rates, and higher volumes. EBITDA stood at Rs 2,342 crore, up 26% YoY.

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Bharti Airtel acquires 19,800 MHz spectrum in 5G auction for 43,084 crore

Bharti Airtel Ltd has acquired 19,800 megahertz (MHz) spectrum for Rs 43,084 crore in India’s first 5G spectrum auction. It secured a pan India footprint of 3.5 GHz and 26 GHz bands. The telecom company plans to launch 5G services in every part of India, starting with key cities. Airtel is convinced that its higher-quality customer base will adopt 5G devices at a rapid pace in the country.

Meanwhile, Vodafone Idea has acquired spectrum in the 3300 MHz and 26 GHz bands to deliver 5G experience to its customers and strengthen enterprise offerings.

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Zomato Q1 Results: Net loss at Rs 186 crore

Zomato Ltd reported a consolidated net loss of Rs 185.7 crore for the quarter ended June (Q1 FY23). The online delivery platform had posted a net loss of Rs 356.2 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 67.4% YoY (or 16.6% QoQ) to Rs 1,413.9 crore in Q1 FY23. Zomato’s gross order value (the total value of all orders placed online on its platform) grew 41.6% YoY to Rs 6,430 crore in Q1, with average monthly transacting customers at 16.7 million.

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Coal India’s output rises 11% in July

Coal India Ltd (CIL) produced 47.3 million tonnes (MT) of coal in July, registering a growth of 11% YoY. The state-owned company has maintained a double-digit rising streak for four consecutive months of the current financial year (FY23). CIL produced 207.1 MT of coal during April-July, recording a 24.3% YoY. The company accounts for more than 80% of domestic coal production.

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ITC Q1 Results: Net profit rises 34% YoY to Rs 4,390 crore

ITC Limited reported a 34% YoY (or 4.6% QoQ) increase in consolidated net profit to Rs 4,390 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 39% YoY to Rs 19,831.27 crore during the same period. Its FMCG segment posted a 19.5% YoY increase in revenue at Rs 4,451 crore. Revenue from ITC’s hotel segment stood at Rs 554 crore, up 332.8% YoY.

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IndusInd Bank partners with Rupyy to offer loans for used cars

IndusInd Bank has announced a strategic partnership with Rupyy– a new-age digital lending platform that offers 100% paperless loan processing. This partnership will allow users of Rupyy to avail of simplified documentation and instant processing of loans for used cars from IndusInd Bank. The bank’s customers can now opt for flexible repayment options while transacting on Rupyy.

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GST collections rises 28% to Rs 1.49 lakh crore in July

India’s Goods and Services Tax (GST) collection rose 28% YoY to touch the second-highest level of Rs 1.49 lakh crore in July 2022, driven by economic recovery and steps taken to curb tax evasion. In July, revenues from import of goods were 48% YoY higher, while revenues from domestic transactions (including import of services) were 22% YoY higher. This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the implementation of GST in 2017.

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Ramco Cements Q1 Results: Net profit falls 36% YoY to Rs 109.23 crore

The Ramco Cements Ltd reported a 36.37% YoY decline in consolidated net profit to Rs 109.23 crore for the quarter ended June (Q1 FY23). Its total income rose 44% YoY to Rs 1,785.64 crore during the same period. EBITDA fell 17% YoY to Rs 308 crore in Q1, mainly due to a sharp increase in fuel prices and weak cement prices. The company’s sold 3.31 million tonnes (MT) of cement in Q1 FY23, compared to 2.14 MT in Q1 FY22.

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Apollo Tyres gears up to meet demand from EV segment

Apollo Tyres Ltd expects electric vehicle (EV) adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments. The company has launched two tyre brands— Amperion and Wav— for electric passenger vehicles and two-wheelers, respectively. It is also looking to cater to electric models in the European market through its “Vredestein” brand.

Read more here.

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PVR Reports First Profit After Two Years – Top Indian Market Updates

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

PVR Q1 Results: Net profit at Rs 68 crore

PVR Limited reported its first net profit after two Covid-hit years at Rs 68.3 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 142 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. PVR has revived its capital expenditure plans and is on track to open a total of 125 new screens during FY23.

Read more here.

Ashok Leyland signs pact with Adani Capital

Ashok Leyland Ltd has entered into a strategic partnership with Adani Capital to offer customised financial solutions for its customers in the small & light commercial vehicle (LCV) segments. Adani Capital will cater to the customers’ needs through commercial vehicle loans with easy monthly repayment plans. The automaker’s LCV range comes with advanced and innovative technology that offers best-in-class mileage, comfort, and load carrying ability.

Read more here.

IDBI Bank Q1 Results: Net profit rises 25% YoY to Rs 756 crore

IDBI Bank reported a 25% YoY increase in net profit to Rs 756 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) declined by 1% YoY to Rs 2,488 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 19.9% in Q1 FY23, compared to 20.16% in the previous quarter (Q4 FY22). Provisions fell 48% YoY to Rs 956 crore in Q1.

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Zydus gets USFDA approval to market Norepinephrine Bitartrate Injection

Zydus Lifesciences Ltd has received approval from the US Food & Drug Administration (USFDA) to market Norepinephrine Bitartrate Injection in the American market. The drug is used to restore blood pressure in adult patients with acute hypotensive state. It will be produced at the pharma group’s topical injectable manufacturing facility at Jarod, Gujarat.

Read more here.

IndusInd Bank partners with EazyDiner to launch co-branded credit card

IndusInd Bank has partnered with EazyDiner (a restaurant discovery & reservation platform) to launch a co-branded credit card. The collaboration aims to enhance the customer dining experience. Benefits include a complimentary EazyDiner Prime membership and an additional 25% discount up to Rs 1,000 every time a customer pays on the EazyDiner app. 

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Hindustan Zinc Q1 Results: Net profit rises 56% YoY to Rs 3,092 crore

Hindustan Zinc Ltd (HZL) reported a 55.9% YoY (or 5.6% QoQ) increase in consolidated net profit to Rs 3,092 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 43.7% YoY to Rs 9,387 crore during the same period. EBITDA stood at Rs 5,278 crore in Q1, up 48.3% YoY. Zinc LME prices and zinc metal sales increased 34.2% YoY and 10.2% YoY, respectively. 

HZL’s board has approved a proposal to form a wholly-owned subsidiary to set up a fertiliser plant with a capacity of five lakh tonnes per annum.

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PNC Infratech signs concession agreements for two projects worth Rs 1,623 crore

PNC Infratech Ltd has signed concession agreements with the National Highways Authority of India (NHAI) for two road projects for a total cost of Rs 1,623 crore. The first project consists of four-laning the NH-530B from Mathura Bypass to Gaju Village in Uttar Pradesh. The second project pertains to four laning of NH 530B from Gaju Village to Devinagar Bypass in UP.

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RBL Bank Q1 Results: Net profit at Rs 201 crore

RBL Bank reported a net profit of Rs 201.2 crore for the quarter ended June (Q1 FY23). The lender had posted a net loss of Rs 459 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. The gross non-performing assets (GNPA) ratio stood at 4.08% in Q1 FY23, compared to 4.4% in the previous quarter (Q4 FY22). Provisions fell sharply by 81% YoY to Rs 253 crore in Q1.

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Emami acquires 30% stake in pet-care startup Cannis Lupus Services

Emami Limited has acquired a 30% stake in pet-care startup Cannis Lupus Services India in an all-cash deal. The FMCG firm will roll out a range of natural, ayurvedic, and chemical-free products for pets and scale up the business with Cannis Lupus’ expertise. Under the brand ‘Fur Ball Story’, Cannis Lupus will focus on an ayurvedic range of solutions for common and recurrent ailments in pets, especially dogs.

Read more here.

Tube Investments secures majority stake in Moshine Electronics

Tube Investments of India (TII) is diversifying into the electronics and components segment by acquiring a 76% equity stake in Moshine Electronics Pvt Ltd. Moonshine primarily manufactures camera modules for mobile phones. The acquisition will be through the secondary purchase of shares for a total consideration of ~Rs 8.64 crore.

Read more here.

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Wipro Reports 21% YoY Decline in Net Profit in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: Net profit falls 21% YoY to Rs 2,563 crore

Wipro Ltd reported a 20.9% YoY decline in net profit to Rs 2,563 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 17.9% YoY to Rs 21,528.6 crore during the same period. Compared to last quarter, its operating margin in the IT services segment fell by 200 basis points (bps) to 15% in Q1.

Read more here.

India cuts windfall taxes on fuel exports as global prices fall

The Central Govt has reduced windfall tax and exports levy after the oil prices softened in the international market. It has reduced the windfall tax on domestically produced crude to Rs 17,000 per tonne and also cut the levy on exports of diesel by Rs 2 and aviation-fuel exports by Rs 2 per litre. The move will offer relief for top fuel exporters like Reliance Industries and state-run Oil & Natural Gas Corp.

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IndusInd Bank Q1 Results: Net profit rises 64% YoY to Rs 1,603 crore

IndusInd Bank Ltd reported a 64% YoY increase in net profit to Rs 1,603.29 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 16% YoY (or 4% QoQ) to Rs 4,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.35% in Q1 FY23, compared to 2.88% in the previous quarter (Q4 FY22). Provisions fell 30% YoY to Rs 1,251 crore.

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NCLT admits Bank of India’s insolvency plea against Future Retail

The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the initiation of insolvency proceedings against Future Retail Ltd (FRL). In April 2022, Bank of India moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments. FRL has defaulted on payments of Rs 5,322.32 crore to its lenders amidst the ongoing litigations with Amazon and other related issues.

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Gland Pharma Q1 Results: Net profit falls 35% YoY to Rs 229 crore

Gland Pharma Ltd reported a 35% YoY (or 20% QoQ) decline in net profit to Rs 2,563 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 26% YoY to Rs 857 crore during the same period. Core markets of the US, Europe, Canada, and Australia accounted for 82% of revenue during Q1. These markets posted a de-growth of 6% YoY.

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About 13 lakh electric vehicles registered in India: Nitin Gadkari

Union Minister Nitin Gadkari said more than 13 lakh electric vehicles (EVs) are registered in India, excluding those in Andhra Pradesh, Madhya Pradesh, Telangana, and Lakshadweep. Around 2,877 public EV charging stations have been sanctioned in 68 cities and 1,576 EV charging stations across 9 expressways and 16 highways. 

In other news, state-controlled Convergence Energy Services Ltd. is planning a $10-billion tender for 50,000 electric buses that will drive India’s plans to decarbonize public transport and help meet its goals for net zero emissions.

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Tata Steel, BHP to jointly explore ways to cut emissions in iron and steel production

Tata Steel Ltd has signed a Memorandum of Understanding (MoU) with Australia-based mining company BHP to jointly study and explore ways to reduce carbon emissions in iron and steelmaking. The two entities will work on ways to reduce emissions from blast furnaces. About 60% of the steel produced in India uses the blast furnace route for making iron. The technologies explored by the two entities could cut emissions of integrated steel mills by up to 30%.

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ITC to revive restructuring plans for its hotel business

ITC Ltd is reviving plans to create an alternative structure for the hotel business due to improvement in the hospitality industry recovery post-Covid. The company runs India’s second-largest hotel chain with 113 properties. ITC has adopted an ‘asset-right’ strategy that provides greater thrust on management contracts through three brands— Welcomhotel, Mementos, and Storii. 

Read more here.

DoT clears Jio, Airtel, Vi, Adani as final bidders for 5G spectrum auction

The Department of Telecommunications (DoT) has approved Reliance Jio, Bharti Airtel, Vodafone Idea, and Adani Data Networks as the final participants in the first ever auction of 5G spectrum in India, scheduled to start on July 26. The Centre plans to auction 72 gigahertz (Ghz) of spectrum valid for 20 years worth Rs 4.3 lakh crore at base price. Jio has submitted an earnest money deposit (EMD) of Rs 14,000 crore, the highest among all the companies bidding for 5G airwaves.

Read more here.

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Mindtree Reports 37% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Mindtree Q1 Results: Net profit rises 37% YoY to Rs 472 crore

Mindtree reported a 37.3% YoY increase in net profit to Rs 471.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 36.2% YoY (or 7.7% QoQ) to Rs 3,121.1 crore during the same period. The IT company’s earnings before interest & tax (EBIT) stood at Rs 598 crore, up 47% YoY or 9% QoQ. Mindtree registered its highest-ever order book of $570 million (~Rs 4,547 crore) in Q1.

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RITES signs pact with CRILS to explore rail tech opportunities

Rail India Technical and Economic Service Ltd (RITES) has signed a Memorandum of Understanding (MoU) with the Centre for Railway Information Systems (CRIS) to explore information technology-based opportunities in the railway sector. Both entities will leverage each other’s expertise and collaborate to drive digitalisation in railway technologies. CRIS and RITES will work on national and international projects.

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TCS launches its 5th global research and innovation centre in Toronto

Tata Consultancy Services (TCS) has launched TCS Pace Port Toronto, its fifth global research and co-innovation centre. The centre provides companies with access to the latest technologies and “breakthrough thinking” from TCS Research labs, startups, entrepreneurs, and academia. TCS Pace Port hubs around the world include 4,000 researchers and innovators, 2,300 start-up partners, and over 30 innovation labs.

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Glenmark Pharma claims its nasal spray can reduce Covid-19 viral load by 93.7% in 24 hours

Glenmark Pharmaceuticals Ltd and its strategic partner SaNOtize Research and Development Corp published their peer-reviewed Phase-3 clinical trials of their Nitric Oxide Nasal Spray (NONS). When administered to adult Covid-19 patients, the nasal spray demonstrated a reduction of viral load by 93.7% in 24 hours and 99% in 48 hours. The nasal spray has been launched in India under the brand name FabiSpray.

Read more here.

ED files FIR against IndusInd Bank employees, others for remittance irregularities

The Enforcement Directorate (ED) has filed a first information report (FIR) against a few employees of Indusind Bank and some entities in connection with alleged irregularities in remittances for import transactions between 2011-2014. “There is no credit exposure of the bank to these entities,” said Indusind Bank in an exchange filing.

Read more here.

RBL Bank partners with IMGC to offer MG-backed home loans

RBL Bank has partnered with India Mortgage Guarantee Corporation (IMGC) to offer Mortgage Guarantee (MG) backed home loan products for prospective customers. This partnership with IGC will help RBL Bank extend MG-backed home loans to new borrower segments through its network of over 500 branches across India. It will also allow RBL Bank to mitigate credit risks by leveraging IMGC’s expertise.

Read more here.

Antony Waste Handling Cell reports record-high operating revenues in Q1

Antony Waste Handling Cell Ltd (AWHCL) handled 1.05 million tonnes (MT) in the April-June quarter (Q1 FY23), an increase of 17% YoY. The company’s collection & transportation (C&T) business managed approx 0.40 MT in Q1, a growth of 15.8% YoY. The total tonnage of waste processed by the firm rose 17.8% YoY to 0.65 MT. Total operating revenue improved by nearly 26% YoY in Q1. AWHCL provides a full spectrum of Municipal Solid Waste (MSW) services.

Read more here.

Adani Ports achieves 100 MMT cargo volume in Q1

Adani Ports & Special Economic Zone Ltd (APSEZ) registered a cargo throughput of 100 million metric tonnes (MMT) in the first 99 days of FY23. The present growth in cargo is supported by a 12% YoY increase in June 2022 at 31.88 MMT. APSEZ was able to handle 100 MMT cargo volume due to innovations that integrate conventional business processes with new-age digital technologies.

Read more here.

Signature Global files draft papers with SEBI for Rs 1,000 crore IPO

Gurgaon-based real estate developer Signature Global has filed the Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 1,000 crore via an initial public offering (IPO). The IPO will include a fresh issue of shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore. Signature Global primarily develops affordable housing projects in the National Capital Region (NCR).

Read more here.

Tata Power’s arm secures hybrid power project from SECI

TP Saurya Limited (TPSL) has received a ‘Letter of Award’ (LoA) from Solar Energy Corporation of India (SECI) for establishing a 600 megawatt (MW) hybrid power project in Karnataka. The project will be commissioned within 24 months. By securing this project, Tata Power’s total renewable capacity has reached ~5,524 MW.

Read more here.

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SpiceJet Gets Show-Cause Notice From DGCA – Top Indian Market Updates

Spicejet

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

SpiceJet gets show-cause notice from DCGA for safety lapses

The Directorate-General for Civil Aviation (DGCA) has issued a show-cause notice to SpiceJet Ltd for failing to establish a safe and reliable air service. An unusually high number of incidents involving SpiceJet aircraft since April 1 has prompted the aviation regulator to seek an explanation from the airline. SpiceJet has displayed poor internal safety oversight and inadequate maintenance actions as most of the incidents are related to either component failure or system-related failure.

Read more here.

Reliance Retail to bring fashion brand Gap to India

Reliance Retail Ltd has entered a long-term partnership with Gap Inc. to bring American fashion brand Gap to India. Through the franchise agreement, Reliance Retail has become the official retailer for Gap across all channels in India. The company will introduce Gap’s fashion offerings to Indian consumers through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

Read more here.

Macrotech Developers reports strong Q1 performance

Macrotech Developers Ltd’s pre-sales for the April-June quarter (Q1 FY23) stood at Rs 2,814 crores, up 194% YoY. Since pre-sales increased by Rs 1,857 crore in Q1, 75% of the total sales growth required to meet full-year guidance has been achieved in Q1 itself. The realty firm continues to see good demand across segments. Amidst evolving macroeconomic conditions, they have not yet seen any negative impact on demand for housing from high-credibility developers.

Read more here.

SBI renews MoU with Air Force for defence salary package

State Bank of India (SBI) has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme. Under this scheme, the bank will offer various benefits and features to all serving and retired Air Force personnel and their families. SBI will offer extensive benefits such as complimentary personal accidental insurance and air accidental insurance.

Read more here.

Godrej Consumer expects India sales to grow in double-digits in Q1

Godrej Consumer Products Ltd (GCPL) said its India business would report double-digit growth in sales in the June quarter (Q1 FY23). The FMCG firm expects to deliver high single-sales growth at the consolidated level. With inflationary pressures declining slightly and significant correction in palm oil derivatives and crude oil (vital raw materials), GCPL expects a recovery in consumption and gross margins in the upcoming quarters.

Read more here.

EaseMyTrip enters New Zealand market

Easy Trip Planners Ltd has expanded its international footprint by incorporating a wholly-owned foreign subsidiary in New Zealand as part of its expansion strategy. The company is anticipating a significant pent-up global demand for the travel and tourism sector in the coming months. EaseMyTrip will launch a localised search engine in New Zealand to cater to the customers in the region.

Read more here.

IndusInd Bank partners with MoEngage

IndusInd Bank announced a strategic partnership with MoEngage to deliver a differentiated digital experience across multiple customer journeys. US-based MoEngage is an insights-led customer engagement platform. As part of the partnership, Induslnd Bank will leverage MoEngage’s platform to deliver a ‘Gen Z’ digital banking experience to its customers. The bank will be able to curate personalized content and recommendations across channels.

Read more here.

Shriram Transport Finance gets shareholders’ approval for merger

Shriram Transport Finance Company Ltd (STFC) has received approval from its equity shareholders and creditors for its merger with Shriram City Union Finance (SCUF). In December 2021, Chennai-based diversified financial services company Shriram Group announced the merger of Shriram Capital Ltd (SCL) and SCUF with STFC. The merged entity will be known as Shriram Finance Ltd, and it will be the largest retail finance NBFC in India.

Read more here.

NTPC REL partners with GACL to set up India’s first commercial-scale green ammonia project

NTPC Renewable Energy Limited (NTPC REL) has signed a Memorandum of Understanding (MoU) with Gujarat Alkalies and Chemicals Ltd (GACL) to set up India’s first commercial-scale green ammonia and green methanol projects. The two entities aim to supply 100 megawatts (MW) RE-RTC (Round The Clock) power and synthesize 75 tonnes per day (TPD) Green Methanol and 35 TPD Green Ammonia for captive use for the production of various chemicals by GACL at its Vadodara and Dahej complex in Gujarat.

Read more here.

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Tata Power to Set Up Mega Solar Project in TN – Top Indian Market Updates

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

Tata Power to invest Rs 3,000 crore to set up mega solar plant in Tamil Nadu

Tata Power Ltd has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest ~Rs 3,000 crores in a new 4 gigawatt (GW) solar cell and 4 GW solar module manufacturing plant in Tirunelveli, Tamil Nadu. The investment in the plant will be made over 16 months and will create over 2,000 employment opportunities. The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state.

Read more here.

APSEZ cargo handling grows 8% to record 90 MT in Q1

Adani Ports and Special Economic Zone Ltd (APSEZ) handled the highest-ever cargo in a quarter at 90.89 million metric tonnes (MMT) during the April-June period (Q1) of FY23, registering a growth of 8% YoY. In June alone, the company handled the highest ever monthly cargo of 31.88 MT, registering a 12% YoY growth. Mundra (21%), Hazira (16%), Kattupalli & Ennore combined (38%), and Dahej (70%) are the key ports that helped drive this monthly volume growth.

Read more here.

Muthoot Finance gets RBI approval to open 150 new branches across India

Muthoot Finance Ltd has received approval from the Reserve Bank of India (RBI) to open 150 new branches across India. It will help the company expand its customer base and assist new customers with gold loan finance and other services. Muthoot Finance plans to carry out branch expansion across South and North India. This expansion will also aid in creating employment opportunities in the sector.

Read more here.

AU Small Finance Bank’s loans grow 42 % YoY in Q1 

AU Small Finance Bank (SFB) posted a 42% year-on-year (YoY) and 5% QoQ growth in credit to Rs 49,366 crore in the quarter ended June (Q1 FY23). Loan disbursements jumped 345% YoY to Rs 8,445 crore during the same period. The lender’s total deposits grew by 48% YoY (or 4% QoQ) to Rs 54,631 lakh crore in Q1.

Read more here.

Tata Motors plans to sell five lakh cars in FY23

Tata Motors Ltd has announced plans to sell five lakh cars in the current financial year (FY23). Chairman N Chandrasekaran also expressed confidence that electric vehicle (EV) sales will cross one lakh units by the next fiscal year. The automaker aims to expand the product portfolio to 10 EVs by 2025 and expects the share of EVs in total sales to rise to 25% in the next five years.

Read more here.

Va Tech Wabag secures order worth Rs 430 crore from Reliance Industries

Va Tech Wabag Ltd has secured a Rs 430 crore order from Reliance Industries Ltd for establishing a desalination plant at Jamnagar. The scope of work includes the design, engineering, procurement, construction, and commissioning of the seawater reverse osmosis (SWRO) plant. This plant is scheduled to be completed over a 21-month period.  

Read more here.

NTPC power generation rises 22% YoY in Q1 

NTPC Limited reported a 22% YoY growth in power generation at 104.4 billion units (BU) in the April-June quarter (Q1 FY22). The company posted a 29% YoY rise in power generation at 34.8 BU during June 2022, compared to 26.9 BU in June 2021. NTPC has also become India’s first energy company to declare its energy compact goals as part of the UN High-level Dialogue on Energy (HLDE).

Read more here.

RBI imposes Rs 1.05 crore penalty on Kotak Mahindra Bank

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.05 crore on Kotak Mahindra Bank. The penalty can be attributed to non-compliance with the Banking Regulation Act, 1949, and directions on ‘Customer Protection– Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, and ‘Loans and Advances– Statutory and Other Restrictions’. 

In other news, RBI has imposed a penalty of Rs 1 crore on IndusInd Bank for non-compliant with certain Know Your Customer (KYC) norms.

Read more here.

Adani Enterprises declared lowest bidder in CIL import tender

Adani Enterprises Ltd has emerged as the lowest bidder in Coal India Ltd’s first coal import tender. The company quoted Rs 4,033 crore for the supply of 2.416 million tonnes (MT) of coal on a freight-on-road (FOR) basis. The imported coal will go to seven state-generating companies and 19 private power plants.

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Maruti Suzuki Reports 58% YoY Rise in Q4 Net Profit – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q4 Results: Net profit rises 58% YoY to Rs 1,839 crore 

Maruti Suzuki India Ltd (MSIL) reported a 58% YoY increase in net profit to Rs 1,839 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 25,514 crore during the same period. The automaker sold 4,88,830 vehicles in Q4, registering a 0.7% YoY decline. Lower sales promotion costs helped MSIL outweigh the impact of high raw material costs and global semiconductor shortages.

Read more here.

IRDAI hikes exposure limit for insurers in BFSI sector to 30%

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to have exposure to financial and insurance activities up to 30% of their investment assets. This move will give insurance companies more flexibility to invest and could help improve returns. IRDAI has also proposed rationalisation and standardised administration of group health policies.

Read more here.

IndusInd Bank Q4 Results: Net profit rises 55% YoY to Rs 1,361  crore

IndusInd Bank reported a 55.3% YoY increase in consolidated net profit to Rs 1,361 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 13% YoY (or 5% QoQ) to Rs 7,860 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The bank’s provisions and contingencies declined by 21.5% YoY to Rs 1,464 crore in Q4.

Read more here.

UltraTech Cement Q4 Results: Net profit rises 47% YoY to Rs 2,614 crore

UltraTech Cement Ltd reported a 47% YoY increase in net profit to Rs 2,613.75 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 9.45% YoY to Rs 15,767.28 crore during the same period. Sales volumes fell 0.3% YoY to 27.69 million tonnes (MT) in Q4. The cement manufacturer’s board has declared a dividend of Rs 38 per equity share. 

Read more here.

IDBI Bank privatisation process on: DIPAM Secretary

DIPAM Secretary Tuhin Kanta Pandey said IDBI Bank’s privatisation process is on, and the quantum of stake sale will be decided after the roadshow is complete. The government may decide to sell its entire stake in one go or in tranches depending on the investors’ response. The Indian government holds a 45.48% stake in the bank, while LIC holds a 49.24% stake.

Read more here.

Wipro Q4 Results: Net profit rises 4% YoY to Rs 3,092 crore

Wipro Limited reported a 4% YoY increase in consolidated net profit to Rs 3,092 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 28% YoY to Rs 20,860 crore during the same period. The IT company closed 37 large deals resulting in a total contract value (TCV) of over $2.3 billion in FY22.

Read more here.

Tata Motors unveils Avinya concept EV

Tata Motors has unveiled a new electric SUV Concept named “Avinya” based on its latest Pure EV third-generation architecture. The concept promises more than 500 km range on a single charge cycle. It could come with dual electric motors, each powering one axle and sending power to all four wheels. The automaker aims to introduce the new EV by 2025.

Read more here.

SBI Cards Q4 Results: Net profit jumps 231% YoY to Rs 581 crore

SBI Cards & Payment Services Ltd reported a 231% YoY jump in consolidated net profit to Rs 581 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.91% YoY to Rs 2,319 crore during the same period. Earnings before credit costs increased by 25% YoY to Rs 1,172 crore in Q4. Total operating costs stood at Rs 1,577 crore, up 23% YoY.

Read more here.

PVR to bring opera-inspired auditorium concept Oma Cinema to India

PVR Cinemas has entered into an exclusive partnership with Oma Cinemas to roll out opera house-inspired cinemas in India. Oma Cinemas is a premium auditorium concept created by noted French architect Pierre Chican. Its unique tiered balconies (or pods) provide viewers with a sociable cinema experience while enjoying a perfect view of the screen.

Read more here.

Varroc Engineering to sell Europe, Americas 4-wheeler lighting business for $631 million

Varroc Engineering Ltd will sell its four-wheeler lighting system operations in the Americas and Europe to France’s Compagnie Plastic Omnium for $630.96 million. The company will continue to operate its China joint venture and its other businesses in countries such as Italy, Vietnam, Poland, and Romania. The divestment is part of its strategy to focus on the two-wheeler sector globally and electric vehicle product lines.

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Bajaj Finance Reports 80% YoY Rise in Q4 Net Profit – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q4 Results: Net profit rises 80% YoY to Rs 2,420 crore

Bajaj Finance Ltd reported an 80% YoY (or 14% QoQ) increase in net profit to Rs 2,419.5 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 30% YoY to Rs 6,068 crore during the same period. The company’s assets under management (AUM) increased by 29% YoY to Rs 1.97 lakh crore. Its deposit book grew 19% YoY to Rs 30,800 crore in Q4 FY22. Bajaj Finance has declared a dividend of Rs 20 per share.

Read more here.

RIL, Ta’ziz sign shareholder agreement for Ruwais chemicals project

Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC (Ta’ziz) have signed the formal shareholder agreement for the Ta’ziz EDC & PVC project. The joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC), and Polyvinyl Chloride (PVC) production facility, with a total investment of ~$2 billion. The project aims to strengthen domestic supply chains in the UAE.

Read more here.

L&T to partner with IIT Bombay for green hydrogen tech development

Larsen & Toubro (L&T) has partnered with the Indian Institute of Technology-Bombay to jointly pursue research and development work in the green hydrogen value chain. L&T’s engineering expertise, product scale-up, commercialization know-how, and IIT Bombay’s cutting-edge research in hydrogen technologies will help this partnership accomplish its goals. They aim to create scalable and cost-effective solutions in the green hydrogen space.

Read more here.

Sanofi India Q1 Results: Net profit rises 63% YoY to Rs 238 crore

Sanofi India Ltd reported a 63.4% YoY increase in net profit to Rs 238.4 crore for the quarter ended March (Q1 CY22). The pharma company follows the January-December financial year cycle. Its revenue from operations fell 2.5% YoY to Rs 707 crore during the same period. EBITDA stood at Rs 194.5 crore, up 2.7% YoY.

Read more here.

Amazon to continue arbitration against Future Group in Singapore: Report

According to an ET report, Amazon will go ahead with its arbitration proceedings against the Future Group in Singapore. It will raise the issue of the Indian group allegedly alienating its retail assets in favour of Reliance Industries (RIL). The Singapore International Arbitration Centre (SIAC) is likely to resume hearing the Amazon-Future Group dispute in the first or second week of May.

Read more here.

Adani Group in advanced talks to acquire Holcim business in India: Report

As per reports, the Adani Group is in advanced talks to buy Holcim’s cement business in India. The group could sign a deal to acquire a controlling stake in Ambuja Cements Ltd from Switzerland-based Holcim (the world’s largest cement maker). Currently, Holcim holds a 63.1% stake in Ambuja. 

Read more here.

Airtel Payments Bank partners with IndusInd Bank to offer FD facility to customers

Airtel Payments Bank has partnered with IndusInd Bank to offer fixed deposits for its customers. Users can open FDs starting from Rs 500 up to Rs 1.9 lakh in a few minutes through a digital process on the Airtel Thanks mobile app. Savings account customers will get a yearly interest rate of up to 6.5% and senior citizens will get an additional 0.5% on all FDs.

Read more here.

Atul Q4 Results: Net profit falls 22% YoY to Rs 136 crore

Atul Limited reported a 22.16% YoY decline in consolidated net profit to Rs 136.26 crore for the quarter ended March (Q4 FY22). Net profit fell 12.3% when compared to the previous quarter. The chemical manufacturer’s total income rose 22.75% YoY (or 0.6% QoQ) to Rs 1,392.64 crore during the same period. EBITDA stood at Rs 205.2 crore, down 19.35% YoY. Atul Ltd’s board has declared a dividend of Rs 25 per share.

HAL signs deal with BEL to make IRST system for Su-30 MKI jets

Hindustan Aeronautics Ltd (HAL) and Bharat Electronics Ltd (BEL) signed a contract for the co-development and production of the Long Range Dual Band Infra-Red Search and Track System (IRST) for Sukhoi Su-30 MKI jets. The proposed IRST system will be a high-end strategic technology product in the field of defence avionics. It will enhance the Indian Air Force’s air superiority. 

Read more here.

Tata Teleservices Q4 Results: Net loss at Rs 280 crore

Tata Teleservices (Maharashtra) Ltd reported a net loss of Rs 280.62 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 288.3 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue from operations rose 2.8% YoY to Rs 272.78 crore in Q4 FY22. Tata Teleservices is a broadband, telecommunications, and cloud service provider based in Mumbai. 

Read more here.

LIC IPO to open on May 4; price band set at Rs 902-949 per share

Life Insurance Corporation (LIC) has fixed a price band of Rs 902-949 per share for its Rs 21,000-crore initial public offering (IPO). There is a discount of Rs 60 for policyholders and a Rs 45 discount for employees. The IPO will open for anchor investors on May 2 and for other investors from May 4-9. The Indian government is looking to sell a 3.5% stake in the state-owned insurance company. 

Read more here.

Wipro to acquire 100% stake in Rizing for $540 million

Wipro Limited will acquire a 100% stake in US-based Rizing Intermediate Holdings for $540 million (~Rs 4,135 crore). The IT major aims to scale up its systems, applications & products (SAP) consulting capabilities through this acquisition. The transaction is expected to be completed before the quarter ending June 30 (Q1 FY23).

Read more here.

AU Small Finance Bank Q4 Results: Net profit jumps 105% YoY to Rs 346 crore

AU Small Finance Bank (SFB) reported a 105% YoY (or 16% QoQ) increase in net profit to Rs 346 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 43% YoY to Rs 937 crore during the same period. AU SFB’s board has declared a dividend of ₹1 per share. They have also recommended a bonus issue of one equity share for every one share held. 

Read more here.

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Lok Sabha Passes The Finance Bill, 2022 – Top Indian Market News

budget 2022
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman departs from North Block to Rashtrapati Bhavan and Parliament House, along with the Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur and the senior officials to present the General Budget 2021-22, in New Delhi on February 01, 2021.

Lok Sabha passes the Finance Bill, 2022

The Lok Sabha has approved the Finance Bill 2022 completing the budgetary exercise for FY 2022-23. The Finance Bill 2022 contains provisions that tighten the norms for taxation of Virtual Digital Assets (VDAs) or cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. 

Read more here.

Airtel prepays Rs 8,815 crore worth spectrum dues linked to 2015 auction

Bharti Airtel has prepaid Rs 8,815 crore to the telecom department, clearing a major chunk of its dues relating to spectrum auctions in 2015. The prepayment is for installments due in FY 2027 and FY 2028. Over the last four months, Bharti Airtel has cleared Rs 24,334 crores of its deferred spectrum liabilities much ahead of scheduled maturities

Read more here.

HDFC sells over 2% stake in private oil explorer HOEC

HDFC Ltd has sold over 28.89 lakh shares or nearly 2% stake held in Hindustan Oil Exploration Ltd (HOEC). The total consideration for the sale of28,89,638 equity shares is Rs. 61.04 crores. HOEC was the first private as the first private company in India to enter into the field of oil and gas exploration

Read more here.

Ruchi Soya FPO subscribed till 37% on Day 2

Ruchi Soya’s Follow on Public Offer (FPO) was subscribed till 37% on its second day. The largest number of bidders for the Rs 4,300 crore FPO were its employees who subscribed 3.15, followed by Qualified Institutional Buyers who subscribed 41% of their allotted quota and Retail Investors at 39% of the allotted quota. 

Read more here.

IndusInd Bank to sell Future Retail loans to Edelweiss ARC

IndusInd Bank Limited sold off Rs 247 crore worth principal loans of Future Retail and Asian Hotels (North) to Edelweiss Asset Reconstruction Company for a consideration of Rs 195 crore. The loan will be restructured on a 15:85 basis where IndusInd shall get 15% of the amount upfront while the remaining 85% will be security receipts which would be redeemed as Edelweiss recovers dues from Future Retail and Asian Hotels. 

Read more here.

Special CBI court denies bail to Anand Subramanian in NSE Co-location Scam

A special CBI court has denied bail to the NSE former MD Anand Subramanian for his involvement with the former NSE chief executive Chitra Ramkrishna in the alleged co-location scam. You can learn more about the scam here.

Read more here. 

Future Enterprises defaults on Rs 93.99 crore payment to PNB and Canara Bank

In a regulatory disclosure, Future Enterprises Ltd. has disclosed that it has defaulted on a Rs 93.99 crore payment to PNB and Canara Bank under the one-time restructuring (OTR) plan. After the disclosure, the company’s share price tanked by nearly 5%. 

Read more here.

UN cuts India growth forecast to 4.6% in 2022

The United Nations Conference on Trade and Development had cut down India’s projected economic growth for 2022 by over 2%. The new projected economic growth is 4.6%. The ongoing war in Ukraine is likely to reinforce the monetary tightening trend in advanced countries following similar moves that began in late 2021 in several developing countries due to inflationary pressures, with expenditure cuts also anticipated in upcoming budgets, said the UNCTAD report. 

Read more here.