Tag: indusind bank

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SpiceJet Posts Net Profit of Rs 23 crore in Q3 – Top Indian Market News

SpiceJet Q3 Results: Net profit at Rs 23 crore

SpiceJet Ltd reported a net profit of Rs 23.28 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 59.96 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 33.95% YoY to Rs 2,259.3 crore during the same period. The airline’s capacity in terms of seat kilometers increased by 78% quarter-on-quarter (QoQ), while flight departures increased 59% QoQ. 

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ACC commission grinding unit in Tikaria

Cement manufacturer ACC Limited has commissioned a 1.6-million tonnes per annum (MTPA) grinding unit at Tikaria in Uttar Pradesh. With this addition, the total capacity at Tikaria will increase to 3.91 MTPA. The new facility will manufacture environment-friendly cement products with low carbon emissions.

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IndusInd Bank to facilitate digital transactions on e-NAM for agri-value chain participants

The Small Farmers Agri-Business Consortium (SFAC) has selected IndusInd Bank to facilitate digital collection and settlement services on National Agriculture Market (e-NAM) portal for transactions between farmers and traders across India. The bank will offer a range of transaction services via digital modes to the buyer and seller of agricultural produce. This includes multi-net banking, debit card, NEFT, RTGS, IMPS, and UPI.

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Info Edge to acquire 25% stake in Juno Learning

Info Edge (India) Ltd has acquired a 25% stake in Gurugram-based Juno Learning for Rs 11 crore. The company has agreed to acquire 4,331 compulsorily convertible preference shares of the face value of Rs 10 each as the primary acquisition of shares. Juno Learning is building an interactive online school that teaches sales techniques, processes, and tools to entry-level professionals and students to enhance employability. 

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Spandana Sphoorty Q3 Results: Net profit at Rs 45 crore

Spandana Sphoorty Financial Ltd reported a consolidated net profit of Rs 45.1 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 29.7 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 2.4% YoY to Rs 346.1 crore in Q3 FY22. The company’s board has approved a proposal to raise Rs 300 crore via preferential allotments of shares and warrants to support future growth plans.

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Ansal Properties to invest Rs 46 crore for faster completion of projects

Ansal Properties and Infrastructure Ltd (APIL) will invest Rs 46 crore through warrants for reducing debt and speeding up the development of existing projects. The company’s board has approved the issue and allotment of 2.70 crore warrants to promoter group entity and non-promoter (public) investors. APIL has been focusing on reducing debt in the past 12-18 months by settling debts with various lenders. 

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SC allows Future Retail to approach Delhi HC on Reliance Retail deal

The Supreme Court (SC) has allowed Future Retail Ltd (FRL) to approach the Delhi High Court to seek permission for the continuation of proceedings in the National Company Law Tribunal (NCLT) regarding the sanction for its merger with Reliance Retail. The SC bench said that the high court should consider the plea of FRL on the issue without being influenced by the observations made in its order. 

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ABG Shipyard floated 98 companies to divert funds: CBI

The probe into the alleged fraud caused by ABG Shipyard Ltd (ABGSL) by the Central Bureau of Investigation (CBI) has revealed that at least 98 companies were floated by the accused to divert funds. The diverted funds were then used to create personal assets and for evergreening loans. Last week, the CBI booked ABGSL and its directors for allegedly defrauding a consortium of banks of over Rs 22,8482 crore.

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India’s exports jump 25.28% to $34.5 billion in January

India’s exports rose 25.28% to $34.50 billion in January 2022. This was on account of healthy performance by the engineering, petroleum and jewellery sectors. The trade deficit during the month widened to $17.42 billion. Imports grew by 23.54% to $51.93 billion in Jan.

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Bajaj Finance’s Net Profit Rises 85% YoY in Q3 – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q3 Results: Net profit rises 85% YoY to Rs 2,125 crore

Bajaj Finance Ltd reported an 85% YoY increase in consolidated net profit to Rs 2,125 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 40% YoY to Rs 6,000 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.73% in Q3 FY22, compared to 2.45% in Q2 FY22. Bajaj Finance’s assets under management (AUM) rose 26% YoY to Rs 1,81,250 crore in Q3 FY22.

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Reliance Retail acquires 54% stake in Addverb Technologies for $132 million

Reliance Retail Ventures Ltd has acquired a 54% stake in robotics startup Addverb Technologies for $132 million (~Rs 984.4 crore). The deal will provide Addverb Technologies an opportunity to deploy robots at scale in omnichannel distribution centres across different segments. The company is planning to deploy its robots across hospitals and airports.

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L&T Tech Q3 Results: Net profit rises 34% YoY to Rs 249 crore

L&T Technology Services Ltd (LTTS) reported a 34% YoY increase in consolidated net profit to Rs 248.8 crore for the quarter ended December (Q3 FY22). Net profit rose 8% when compared to the previous quarter. Its revenue from operations rose 21% YoY (or 5% QoQ) to Rs 1,687.5 crore during the same period. EBITDA stood at Rs 314 crore, up 48% YoY. LTTS has declared an interim dividend of Rs 10 per share.

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Tata Motors to hike prices of passenger vehicles from Jan 19

Tata Motors Ltd will increase the prices of its passenger vehicles by an average of 0.9%, with effect from January 19. The steep rise in overall input costs has compelled the automaker to pass on some proportion to customers through a minimal price hike. At the same time, Tata Motors has introduced a reduction of up to Rs 10,000 on specific variants in response to customer feedback.

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EaseMyTrip signs pact with Flybig to sell tickets exclusively on its platform

Easy Trip Planners Ltd has partnered with regional airline Flybig to sell its tickets exclusively on the EaseMyTrip platform. All bookings of Flybig by any other online travel portals will also go through and be processed by EaseMyTrip. With this partnership, Flybig aims to explore new avenues for growth and widen its network. Flybig plans to induct five aircraft by the end of March 2022.

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DCM Shriram Q3 Results: Net profit rises 38% YoY to Rs 350 crore

DCM Shriram Ltd reported a 38% YoY increase in consolidated net profit to Rs 349.57 crore for the quarter ended December (Q3 FY22). Net profit jumped 122% when compared to the previous quarter. Its revenue from operations rose 26.5% YoY to Rs 2,790 crore during the same period. EBITDA rose 46% YoY to Rs 588 crore in Q3. The chemical manufacturer has declared an interim dividend of Rs 5.2 per share. 

IndusInd Bank sells Rs 4,050 crore distressed loans to ARC in last 9 months

As per a report from the Economic Times, IndusInd Bank sold more than Rs 4,050 crore of distressed loans to asset reconstruction companies (ARC) in the last nine months to clean its books. The bank sold Rs 2,552 crore loans to Edelweiss ARC and Rs 1,500 crore to Omkara ARC in separate pools, comprising retail and corporate loans. The report further states that IndusInd Bank’s aim to maintain its net non-performing assets (NPAs) below 1% could have prompted it to sell the distressed loans.

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Tata Elxsi Q3 Results: Net profit rises 43% YoY to Rs 151 crore

Tata Elxsi Ltd reported a 43.5% YoY increase in net profit to Rs 151 crore for the quarter ended December (Q3 FY22). Net profit rose 20.4% when compared to the previous quarter. Its revenue from operations rose 33.2% YoY (or 6.7% QoQ) to Rs 635.4 crore during the same period. EBITDA grew 46.8% YoY to Rs 210.8 crore in Q3.

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Dixon Tech enters into JV with Imagine Marketing

Dixon Technologies Ltd has entered into a 50:50 joint venture (JV) with the makers of Boat brand of electronics, Imagine Marketing. The JV will undertake the design and manufacturing of wireless audio solutions in India. The partners will also co-invest in the evolving Indian mobile accessory market as part of the Make in India initiative. The joint venture will invest Rs 40 crore over the next four years.

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Nazara Tech acquires 55% stake in adtech firm Datawrkz

Nazara Technologies Ltd has acquired a 55% stake in programmatic advertising and monetisation company Datawrkz. The transaction will value the company at around Rs 225 crore. The acquisition will help enhance Nazara Tech’s in-house capabilities to optimise its customer acquisition spending. It will also help the company enhance yields on ad monetisation of its large consumer base.

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Jio adds 20.1 lakh mobile subscribers in November; Airtel adds 13 lakh users

Reliance Jio Infocomm gained 20.1 lakh mobile subscribers in November 2021. Jio’s total subscriber base rose to 42.86 crore during the same month. Bharti Airtel added 13.1 lakh users, taking its overall mobile user base to 35.52 crore at the end of November. Vodafone Idea (Vi) lost 18.9 lakh subscribers in November and its user base shrunk to 26.71 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Trident Q3 Results: Net profit rises 88% YoY to Rs 211 crore

Trident Ltd reported an 88% YoY increase in net profit to Rs 211.09 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 51.6% YoY to Rs 1,983.65 crore during the same period. The textile firm’s EBITDA stood at Rs 406 crore in Q3, up 68% YoY.

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Oil India to Set Up Green Hydrogen Plant in Assam – Top Indian Market News

Oil India to set up green hydrogen plant in Assam

Oil India Ltd (OIL) has announced plans to set up a plant to manufacture green hydrogen at its Jorhat oilfield in Assam. The hydrogen generated from the plant will be blended with natural gas using existing infrastructure. Hydrogen, being the cleanest form of energy, is the latest focus area across the globe to meet rising energy needs. Green hydrogen is derived from water electrolysis, using renewable energy such as solar or wind.

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RBL Bank’s financial health stable, no reason for depositors to worry: RBI

The Reserve Bank of India (RBI) said that RBL Bank’s financial health remains stable, and there was no reason for depositors and other stakeholders to react to speculative reports. It further added that the bank was well capitalised, and its financial position remains ‘satisfactory’.

RBL Bank’s shares fell ~23% intraday on Monday after a series of developments over the weekend confused investors. In two separate regulatory statements, the bank said that RBI has appointed chief general manager Yogesh Dayal to its board as an additional director and that RBL Bank’s chief executive officer Vishwavir Ahuja will go on immediate leave. 

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HDFC Bank partners with IPPB to deliver banking services in semi-urban, rural areas

HDFC Bank has partnered with India Post Payments Bank (IPPB) to offer its services to the unbanked and underserved segments in semi-urban and rural areas. A Memorandum of Understanding (MoU) was signed between the two entities to cater to the majority of over 4.7 crore customer base of IPPB. This partnership will help HDFC Bank expand its customer outreach to the last mile.

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HFCL gets ‘Trusted Source’ recognition from NSCS

The National Security Council Secretariat (NSCS) has recognised HFCL Ltd as a trusted source on matters of national security and strategic interest. With this tag, HFCL joins a premium league of companies and has become a trusted source for all Indian telecom service providers (TSPs) for their active network products and infrastructure.

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IndusInd Bank ties up with NPCI to simplify cross border remittances via UPI

IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) to facilitate real-time cross-border money transfers by using UPI IDs of beneficiaries. With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for cross-border payments or NRI remittances. The bank plans to add more partners in various other countries for cross-border payments via UPI in the near future.

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Tata Group’s growth strategy to be based on digital, energy, supply chain, and health themes: N Chandrasekaran

Tata Group’s future growth strategy will be based on four themes: digital, new energy, supply chain resilience, and health, said Chairman N Chandrasekaran. In a new year message to employees, he said that the group is becoming simpler and financially stronger than it has been in a long time. He further said that Tata Group has made good progress in addressing carbon footprint and positioning its companies to benefit from revolutionary new technologies.

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Mahindra Holidays & Resorts to add over 300 rooms by March 

Mahindra Holidays & Resorts Ltd (MHRL) plans to add over 300 rooms by March 2022 to take the overall inventory to 4,500 keys. This move is part of the planned Rs 1,200 crore capital investment to add over 1,000 rooms in the next three years ending FY24. MHRL operates under the flagship Club Mahindra brand of membership-only resorts. It operates 78 properties (offering 4,197 keys) and has been clocking about 80% occupancy in the third quarter of FY22.

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Ashoka Buildcon arm signs share purchase agreements worth Rs 1,337 crore with Galaxy Investments

Ashoka Concessions Ltd (ACL) has entered into share subscription and share purchase agreements with Galaxy Investments II Pte. Ltd for sale of the entire share capital of several of its subsidiaries. The aggregate consideration received for the sales is Rs 1,337 crore. The transactions are subject to the completion of certain conditions, including approval of the lenders of the respective subsidiaries and the National Highway Authority of India. ACL is a material subsidiary of Ashoka Buidcon Ltd.

Adani Group to start exporting coal from controversial Australian mine

The Adani Group’s Carmichael coal mine in Australia will begin exporting coal after battling a seven-year campaign by climate activists and defying a global push away from fossil fuels.  The group is preparing to export high-quality, low sulphur coal and is due to begin shipping before the end of the year. The Carmichael mine will be a vital source of supply for importers such as power plants in India.

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Paras Defence secures DRDO contract for border surveillance tech

Defence Research Development Organization (DRDO) has selected Paras Defence & Space Technologies Ltd (PDSTL) as one of the companies for handing over the technology of border surveillance systems. This technology has been transferred by a licensing agreement for the Transfer of Technology (ToT) for border surveillance systems entered between PDSTL, Instruments Research & Development Establishment (IRDE), and DRDO. This system will provide all-weather surveillance for day and night monitoring of the border areas.

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Paytm’s Net Loss Widens to Rs 473 crore in Q2 – Top Indian Market News

Paytm Q2 Results: Net loss widens to Rs 473 crore 

One97 Communications Ltd, the parent company of Paytm, reported a net loss of Rs 473 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 437 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations rose 64% YoY to Rs 1,090 crore in Q2 FY22. The company’s expenses grew 37.75% YoY to nearly Rs 1,600 crore during the same period. The Gross Merchandise Value (GMV) stood at 1,95,600 crore in Q2, up 107% YoY.

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Need to be proactive in light of new Covid variant, says PM Modi

Amid rising concerns about the new Covid-19 variant Omicron, Prime Minister Narendra Modi on Saturday chaired a meeting with top officials on Covid-19. He stated that citizens need to be proactive in light of the new variant while laying emphasis on precautions to contain the virus.  PM Modi highlighted the need for monitoring all international arrivals, their testing as per guidelines, with a specific focus on countries identified as ‘at risk’.

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IndusInd Bank’s Hindujas welcome RBI move to allow promoter holding of up to 26%

The Hinduja Group has welcomed the Reserve Bank of India’s (RBI) move to allow promoter holding of up to 26% in private-sector lenders. IIHL Mauritius, the Hindujas’ entity which is the promoter of IndusInd Bank, had applied to RBI to increase its holding to 26% from the previous cap of 15%. IIHL now awaits operational guidelines as it gives the promoters an opportunity to infuse capital to increase the stake up to 26%. The increased promoter holding will lead to the enhanced financial strength of the bank, and its clients will be protected.

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Bharti Airtel withdraws extra data benefit in-app coupons on certain packs to avoid confusion

Bharti Airtel Ltd has withdrawn certain data benefit coupons it was offering through its app on some of the prepaid plans. This move will help avoid any confusion among consumers about the offerings and comparisons between various plans. The telecom operator had announced 20-25% tariff hikes for various prepaid offerings, including tariffed voice plans, unlimited voice bundles, and data top-ups. The new rates came into effect from Friday.

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GHCL signs MoU worth Rs 500 crore with Tamil Nadu govt

GHCL Limited has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for investing Rs 500 crore in the state. As per the agreement, GHCL will set up 40,000 ring spindles in Manaparai in Tiruchirappalli district to produce synthetic and synthetic-blended yarn to cater to the knitting and weaving segments. The company will also install another 40,000 ring spindles with 24 knitting machines in Paravai, Madurai district, to produce 100% cotton yarn and knitted fabrics.

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Mahanagar Gas hikes gas prices for third time in six weeks

Mahanagar Gas Ltd has hiked the prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Friday. The basic price of CNG was increased by Rs 3.06/kg and domestic PNG by Rs 2.26 per Standard Cubic Meter (SCM) for the Mumbai Metropolitan Region. This is the third price hike in the last six weeks.

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Shriram Properties to launch up to Rs 700 crore IPO in December

According to reports, Shriram Properties Ltd is planning a ₹600-700 crore public listing in the second week of December. The company seeks to capitalize on a rebound in demand for residential properties and heightened investor interest in the segment. Bengaluru-based Shriram Properties focuses on mid-income housing projects in south India.

Star Health and Allied Insurance Company Ltd will launch its Rs 7,250 crore IPO on November 30. Tega Industries Ltd, a leading producer of polymer-based mill liners, will open its Rs 620 crore IPO on December 1.

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SEBI seeks to ease preferential issue norms

The Securities and Exchange Board of India (SEBI) has proposed a revamp of rules on preferential share offers by relaxing pricing norms and lock-in requirements for promoters. This will make it easier for companies to raise funds through this route. SEBI has also proposed that companies must obtain a valuation report whenever there is a change in control following a preferential allotment of shares to investors.

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M&M Finance Launches Car Leasing & Subscription Biz – Top Indian Market News

Mahindra Finance launches car leasing and subscription business

Mahindra & Mahindra Financial Services Ltd announced the launch of a lease-based vehicle subscription business for urban centres. The company is eyeing a business of Rs 10,000 crore from this segment in the next 3-5 years. Under the brand ‘Quiklyz’, Mahindra Finance will offer multi-brand vehicle leasing and subscription, targeting to reach nearly 30 cities within a year.

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IndusInd Bank launches mobile app for merchants

IndusInd Bank has launched Indus Merchant Solutions, a mobile app that enables merchants, retailers, and professionals to carry out banking transactions digitally. The platform will allow merchants and retailers to undertake activities such as accepting instant cashless payments on mobile phones, tracking inventory via in-built dashboards, and avail small ticket business loans. It also allows users to apply for an exclusive Point of Sale (PoS) machine to facilitate card-based payments. 

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Jio tops 4G chart in download speed; Airtel, Vi reduce gap in October: TRAI data

Reliance Jio Infocomm has retained its top position with the highest average data download speed of 21.9 megabits per second (Mbps) among 4G service providers in October. Bharti Airtel and Vodafone Idea’s (Vi) networks have been continuously recording an increase in data download speed, thereby reducing the gap with the Jio network. Airtel 4G data download speed increased to 13.2 Mbps in October from 5 Mbps in June. Vi’s 4G speed increased to 15.6 Mbps from 6.5 Mbps in June. 

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Alembic Pharma JV gets USFDA approval for antibacterial ointment

Alembic Pharmaceutical Ltd’s joint venture (JV) Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Mupirocin Cream USP, 2%. The drug is indicated for the treatment of secondarily infected traumatic skin lesions. As per IQVIA data, the product had an estimated market size of $28 million (~Rs 208.05 crore) for the 12 months ended June 2021.

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JSW Steel enters S&P DJSI for Emerging markets for 2021

JSW Steel Ltd has been selected in the S&P Dow Jones Sustainability Index (DJSI) for Emerging Markets for 2021. The steelmaker is one of the 15 companies from India that have made it to the DJSI EM Index, which comprises 108 companies globally. JSW Steel has progressively improved its score across the three domains of environment, social, and governance (ESG). DJSI is the gold standard for corporate sustainability. It is highly regarded by global investors, fund managers, and financial analysts looking at ESG-based investments. 

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Nucleus Software gets shareholders’ approval for Rs 159 crore share buyback

Nucleus Software Exports Ltd has received shareholders’ approval for the proposed buyback of 22.67 lakh equity shares at Rs 700 per share. The company will buy back shares for an aggregate amount not exceeding Rs 159 crore. The total share buyback represents 7.81% of the total paid-up equity capital of the company.

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NIIT partners with Axis Bank to launch FinTech Engineering Programme

NIIT Digital Banking Academy, a joint initiative by Axis Bank and NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), launched its second program for experienced IT professionals. The program offers a great career as “FrontEnd and BackEnd Application Developers” with Freecharge, one of the leading digital platforms for financial services. Axis Bank’s NIIT Digital Banking Academy was launched in 2021 to build a high-quality talent pool in fintech roles.  

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SAIL supplies 50,000 tonne steel for Purvanchal Expressway

Steel Authority of India Ltd (SAIL) has supplied ~50,000 tonnes of steel for the Purvanchal Expressway in Uttar Pradesh. The products supplied for the project were TMT bars, structurals, and plates. PM Narendra Modi on Tuesday inaugurated the 341-km-long expressway, which connects Lucknow to Ghazipur in eastern UP.

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Vedanta considers complete corporate overhaul to unlock value

Vedanta Ltd is considering plans for a complete overhaul of its corporate structure. The company is evaluating all options including demergers, spin-offs, and strategic partnerships. It is looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities. The Anil Agarwal-led company has constituted a committee of directors to evaluate and recommend such options and alternatives.

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IPO Updates:

The Rs 1,023.47 crore IPO of Tarsons Products Ltd was subscribed 77.49 times on the final day of bidding. Retail investors have subscribed 10.56 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 184.48 times and 115.77 times, respectively, against their reserved portions. 

The Rs 1,013.61 crore IPO of Go Fashion (India) Ltd was subscribed 2.46 times on the first day of bidding. Retail investors have subscribed 12.14 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 44% and 25%, respectively, against their reserved portions. To learn more about the IPO, click here. 

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Editorial

IndusInd Bank In Trouble Over Whistleblower Allegations

IndusInd Bank had a tremendous Q2 FY22 quarterly result after its profits rose by 72% YoY. Its Interest Income rose by 6.59%, Provisions and Contingencies fell by 7.6% and Gross NPA reduced by 2.77%. Despite such great results, IndusInd’s share price had a freefall last day. This piece covers the allegations made by a group of senior employees, IndusInd Bank’s stance on it, and the way ahead. 

What Went Wrong With IndusInd?

IndusInd Bank was set up in 1984 by the Hinduja Group and was one of the first private sector banks that helped in accelerating the process of reforms in post-liberalised India. You can read more about the Hinduja Group here.

IndusInd Bank, like any other bank, gives out loans from which it earns Interest Income. IndusInd’s loan book is managed by Bharat Financial Inclusion Limited (BFIL), a 100% subsidiary of IndusInd Bank.

Some of the senior officials at BFIL have alerted the Reserve Bank of India (RBI) and alleged some mismanagement and malpractices at IndusInd. The whistleblowers allege that IndusInd Bank has been ‘evergreening’ loans since the beginning of the COVID-19 pandemic. 

What Is ‘Evergreening’ Of Loans?

Banks give out loans to earn interest income. A portion of the loans disbursed by banks remain unpaid by borrowers, or certain borrowers tend to ‘default’ on loans. If the loan remains unpaid for a certain period, it gets classified as a Non-Performing Asset or NPA. For every loan declared NPA, the bank has to set aside some money as ‘provision’. These provisions are set aside as assets to pay for anticipated future losses. They eat into the company’s profits. To avoid cutting down on profits, it is in the banks’ best interest to reduce the number of NPAs.

‘Evergreening’ of loans is when banks try to revive loans on the verge of being classified as Non-Performing Assets. A Bank gives out loans to the same borrowers to pay their older dues. Essentially, borrowers are paying back the bank by borrowing from the same bank. Evergreen loans are also known as Revolving Credit or Revolving Loans.

The evergreening of loans benefits both the banks as well as the borrowers. It gives the borrower more time to pay back the loan amount and prevents banks from getting higher NPAs, eventually translating into profit. But it can also be seen as pouring fuel into a fire, trying to get back cash by doubling down on the bad loans. This is not ideal in the long run.

What Is IndusInd’s Stance On The Allegations? 

IndusInd Bank has refuted allegations made by the whistleblowers. In a PR statement, IndusInd has clarified the following:

  • It has refuted whistleblower allegations on loan evergreening as “grossly inaccurate and baseless.” 
  • Due to a ‘ technical glitch’, it admitted to disbursing 84,000 loans to customers without their consent in May 2021. The problem was reported within two days and rectified.
  • Due to ‘Operational Issues’ in the second wave of the COVID-19 pandemic in India, the bank disbursed some loans in cash at the village/panchayat level.
  • The bank continues to follow biometric authentication, and has disbursed loans only in the bank accounts of clients. 
  • Any additional liquidity or assistance given to borrowers was done within the ECLGS (Emergency Credit Line Guarantee Scheme) framework or other restructuring or moratorium guidelines issued by the RBI.

Even after the clarification by IndusInd Bank, its shares tanked 12% on both of the Indian exchanges. IndusInd Bank has reported an increase in stress in its microfinance loans portfolio. The NPA ratio in the microfinance segment went up from 1.69% to 3.09% in the September quarter. The allegations come after a stellar quarterly performance by IndusInd Bank. 

The possibility of foul play can neither be confirmed nor be denied. A panel of the RBI is conducting a technical audit looking into the whistleblower’s allegations. An external audit might be ordered in case the need arises. Till then, it is in the best interest of investors and shareholders to stay alert about any updates on the audit by the RBI. 

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Cadila Healthcare’s Net Profit Jumps Six-Fold in Q2 – Top Indian Market News

Cadila Healthcare Q2 Results: Net profit jumps over six-fold YoY to Rs 3,002 crore

Cadila Healthcare Ltd reported a 534.2% YoY jump in consolidated net profit to Rs 3,002.3 crore for the quarter ended September (Q2 FY22). Net profit jumped 411.29% compared to the previous quarter. Adjusted for exceptional items and one-off gain on the account of sale of a subsidiary, profit after tax stood at Rs 597 crore, up 6% YoY. Its revenue from operations rose 3.4% YoY to Rs 3,784.8 crore during the same period. The sales from its India business grew 12% YoY to Rs 1,591 crore in Q2.

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Tata Steel partners with Tata Power to set up 41 MW solar project in Jharkhand, Odisha

Tata Steel and Tata Power have come together to develop a grid-connected solar project in Jharkhand and Odisha. The companies have signed a Power Purchase Agreement (PPA) for a period of 25 years to set up a 41 megawatt (MW) solar project. It will be a combination of rooftop, floating, and ground-mounted solar panels. Under this partnership, Tata Power will develop photovoltaic (PV) capacities for Tata Steel at Jamshedpur (21.97 MWp) and Kalinganagar (19.22 MWp). 

Read more here. 

UPL Q2 Results: Net profit rises 36.4% YoY to Rs 633 crore

UPL Limited reported a 36.4% YoY increase in consolidated net profit to Rs 633 crore for the quarter ended September (Q2 FY22). Net profit fell 6% compared to the previous quarter. Its revenue from operations rose 18% YoY (or 24% QoQ) to Rs 10,567 crore during the same period.

Tata Motors secures order for 3,500 XPRES-T EV units from BluSmart Mobility

Tata Motors has received an order for 3,500 XPRES-T EV units from electric ride-hailing platform BluSmart Mobility. The XPRES-T EV sedan comes with optimal battery size, captive fast charging solution, which ensures low cost of ownership in addition to safety and passenger comfort. With this order, BluSmart Mobility aims to expand its all-electric fleet multi-fold across Delhi NCR.

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Vedanta Q2 Results: Net profit jumps multi-fold YoY to Rs 4,615 crore

Vedanta Ltd reported a 451% YoY jump in consolidated net profit to Rs 4,615 crore for the quarter ended September (Q2 FY22). Net profit increased 9% compared to the previous quarter. Its revenue from operations rose 44% YoY (or 7% QoQ) to Rs 30,048 crore during the same period. EBITDA stood at Rs 10,582 crore in Q2, a growth of 62% YoY. Higher revenues were supported by improved commodity prices and higher volumes across businesses.

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IndusInd Bank raises Rs 2,800 crore debt capital via bonds

IndusInd Bank has raised Rs 2,800 crore by issuing bonds on a private placement basis. The Finance Committee of the bank’s board has approved the allotment of 2,800 rated, listed, non-convertible, and unsecured Basel-III compliant bonds in the nature of debentures. The bonds carry a coupon rate of 8.11% payable annually. It will mature in 10 years.

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Dr Reddy’s Labs Q2 Results: Net profit rises 30% YoY to Rs 992 crore

Dr. Reddy’s Laboratories Ltd reported a 30% YoY increase in consolidated net profit to Rs 992 crore for the quarter ended September (Q2 FY22). Net profit surged 1.6 times over the previous quarter. Its revenue from operations rose 18% YoY to Rs 5,763 crore during the same period. The pharma company’s proprietary products business registered a 195% YoY jump in sales to Rs 182.9 crore in Q2.

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Vodafone Idea’s board approves deferment of AGR dues payment for four years

Vodafone Idea’s board has approved opting for a four-year moratorium on adjusted gross revenue (AGR) payments. Vi has now accepted both spectrum and AGR moratorium, which will help the cash-strapped telecom operator save ~Rs 1 lakh crore. The company’s decision comes on the back of a relief package announced by the government last month.

Read more here.

BPCL Q2 Results: Net profit rises 79% QoQ to Rs 2,694 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a 20% YoY increase in net profit to Rs 2,694 crore for the quarter ended September (Q2 FY22). Net profit increased 79.4% compared to the previous quarter. Its revenue from operations rose 15% QoQ to Rs 81,536.7 crore during the same period. Sales volumes rose 2.9% QoQ to 9.91 million metric tonnes (MMT) in Q2. BPCL’s board has declared an interim dividend of Rs 5 per share.

Read more here.

Adani Power Q2 Results: Net loss at Rs 230 crore

Adani Power reported a consolidated net loss of Rs 230.6 crore for the quarter ended September (Q2 FY22). It had posted a net profit of Rs 2,228.05 crore in the corresponding period last year (Q2 FY21). Its total income fell 36.6% YoY to Rs 5,572 crore in Q2 FY22. EBITDA stood at Rs 1,551 crore, a decline of 69.5% YoY.

Read more here.

Shree Cement Q2 Results: Net profit rises 6% YoY to Rs 577 crore

Shree Cement reported a 5.6% YoY increase in net profit to Rs 577.7 crore for the quarter ended September (Q2 FY22). Net profit fell 25% compared to the previous quarter. Its revenue from operations rose 5% YoY to Rs 3,205.9 crore during the same period. The company’s cost of raw materials rose 7.2% YoY to Rs 215.7 crore in Q2.

Read more here.

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Maruti Suzuki’s Net Profit Falls 65% YoY in Q2 – 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 Q2 Results: Net profit falls 65% YoY to Rs 475 crore

Maruti Suzuki India reported a 65.35% YoY decline in net profit to Rs 475.3 crore for the quarter ended September (Q2 FY22). Net profit fell 7.8% compared to the previous quarter. The automaker’s net sales fell 9.09% YoY to Rs 19,297.8 crore during the same period. EBITDA stood at Rs 855 crore in Q2, down 56% YoY. Maruti Suzuki’s results were impacted by adverse commodity prices and lower sales volume due to global semiconductor shortages, leading to lower capacity utilization.

Read more here.

Adani Ports Q2 Results: Net profit falls 31% YoY to Rs 951 crore

Adani Ports & Special Economic Zone (APSEZ) reported a 31.4% YoY decline in consolidated net profit to Rs 951.7 crore for the quarter ended September (Q2 FY22). Net profit fell 27% compared to the previous quarter. Its revenue from operations rose 21.7% YoY to Rs 3,532.4 crore during the same period. The company’s cargo volumes declined 9.7% QoQ to 68.3 million metric tonnes (MMT) in Q2.

In other news, APSEZ has abandoned plans to build a container terminal in Myanmar. The company is expected to fully exit the investment in the conflict-ridden south Asian nation between March and June 2022.

Read more here.

IndusInd Bank Q2 Results: Net profit rises 73% YoY to Rs 1,147 crore

IndusInd Bank reported a 73% YoY increase in consolidated net profit to Rs 1,146.73 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 11.6% YoY to Rs 3,658 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.77% in Q2, compared to 2.88% in the previous quarter. Provisions fell 7.5% YoY to Rs 1703.36 crore in Q2.

Read more here.

Dabur to enter diaper market, to take on P&G and Unicharm

Dabur India Ltd will enter the diapers segment in India as part of a strategy to expand its baby care portfolio that has products including shampoo, soaps, oil, and talc. The company will compete with Procter & Gamble (P&G) and Unicharm, which together control over 80% of the overall market. Dabur said its ‘Dabur Baby Super Pants’ with insta–absorb technology will help get 50% more absorption compared to other diapers. The product will be initially launched on Flipkart.

Read more here.

Titan Q2 Results: Net profit jumps four-fold YoY to Rs 641 crore

Titan Company Ltd reported a 270% YoY jump in consolidated net profit to Rs 641 crore for the quarter ended September (Q2 FY22). Its net sales rose 75% YoY to Rs 7,243 crore during the same period. Titan’s jewellery division registered an income of Rs 6,106 crore, a growth of 77% YoY. The Watches and Wearables business recorded a 72% YoY growth in income to Rs 687 crore in Q2.

Read more here.

Kotak Mahindra, Axis, and Indusind Bank submit bids to buy Citi’s consumer business in India: Report

According to a report from the Economic Times, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank have made binding offers to buy Citi’s consumer business in India, valued at ~$2 billion. The US-based bank under CEO Jane Fraser is looking to exit consumer banking in 13 countries, including India. Citi is expected to start bilateral negotiations and announce a formal winner in the next 1-2 months. None of the bidders have offered stocks and have submitted all-cash bids.

Read more here.

L&T Q2 Results: Net profit falls 67% YoY to Rs 1,819 crore

Larsen & Toubro (L&T) Ltd reported a 67% YoY decline in consolidated net profit to Rs 1,819.45 crore for the quarter ended September (Q2 FY22). Net profit increased 54.9% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 18.5% QoQ) to Rs 34,773 crore during the same period. L&T secures orders worth Rs 42,140 crore in Q2, up 50% YoY. 

Read more here.

Bajaj Auto Q2 Results: Net profit rises 12% YoY to Rs 1,275 crore

Bajaj Auto Ltd reported a 12% YoY increase in net profit to Rs 1,274.6 crore for the quarter ended September (Q2 FY22). Net profit increased 20.1% compared to the previous quarter. Its revenue from operations rose 22% YoY (or 19% QoQ) to Rs 8,762.2 crore during the same period. EBITDA stood at Rs 1,434 crore in Q2, a growth of 10% YoY.

Read more here.

United Spirits Q2 Results: Net profit jumps two-fold YoY to Rs 286 crore

United Spirits reported over two-fold YoY jump in consolidated net profit to Rs 286.4 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 9.3% YoY to Rs 8,208.8 crore during the same period. Total expenses stood at Rs 7,822.9 crore in Q2, an increase of 6.52% YoY. United Spirits is an Indian alcoholic beverages company operated by UK-based Diageo.

Read more here. 

SBI Life Q2 Results: Net profit falls 18% YoY to Rs 247 crore

SBI Life Insurance Company reported a 17.71 YoY decline in net profit to Rs 246.62 crore for the quarter ended September (Q2 FY22). Net profit increased 11% compared to the previous quarter. Its net premium income (NPI) rose 12.45% YoY to Rs 14,660 crore crore during the same period. The company’s assets under management (AUM) rose 31% YoY to Rs 2,44,180 crore in Q2.

Read more here.

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Jubilant FoodWorks Posts 58% YoY Rise in Net Profit in Q2 – Top Indian Market News

Jubilant FoodWorks Q2 Results: Net profit rises 58% YoY to Rs 121 crore

Jubilant FoodWorks Ltd reported a 58% YoY increase in net profit to Rs 121.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 73% compared to the previous quarter. Its revenue from operations rose 36.6% YoY (or 25% QoQ) to Rs 1,100.7 crore during the same period. Operating profit stood at Rs 290 crore in Q2, an increase of 33% YoY. The company saw a 43% YoY rise in the cost of raw materials to Rs 227 crore in the July-Sept quarter of FY22.

Read more here.

Honeywell Automation secures Rs 496 crore Bengaluru Safe City project

The Central Govt has selected Honeywell Automation India to lead the Rs 496.57 crore Bengaluru Safe City project under the Nirbhaya Fund. The project was initiated by the Ministry of Home Affairs to create a safe, secure, and empowering environment for women and girls in public places. As part of the contract, Honeywell Automation will install 7,000 cameras across 3,000 locations across Bengaluru. The system will have facial recognition and advanced analytics capabilities. 

Read more here.

Havells India Q2 Results: Net profit falls 7.2% YoY to Rs 301.6 crore

Havells India reported a 7.2% YoY decline in net profit to Rs 301.6 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 31.4% YoY to Rs 3,221 crore during the same period. EBITDA stood at Rs 443.5 crore in Q2, an increase of 5.3% YoY. The company’s total expenses stood at Rs 2,850.85 crore in Q2 FY22, compared to Rs 2,107.44 in the same period last year (Q2 FY21). Havells India’s board has declared an interim dividend of Rs 3 per share.

Read more here. 

IndusInd Bank launches EMI on debit cards ahead of festive season

IndusInd Bank has launched Equated Monthly Instalments (EMI) facility on debit cards to enable its customers to convert their high-value transactions into easy installments. A debit cardholder of the bank can walk into any participating store and use the new facility by swiping or tapping their debit cards at a merchant point of sale (PoS) terminal. Customers can use also use the debit card EMI feature on online purchases as well. 

Read more here.

Mastek Q2 Results: Net profit rises 42% YoY to Rs 72.3 crore

Mastek Ltd reported a 42% YoY increase in net profit to Rs 72.29 crore for the quarter ended September (Q2 FY22). Net profit increased 4.31% compared to the previous quarter. Its revenue from operations rose 30% YoY to Rs 553.93 crore during the same period. Mastek’s revenue in dollar terms rose 2.6% QoQ to $72 million. The software company secured deals worth $155.5 million in Q2. 

Read more here.

Mindtree secures multi-year IT transformation deal from Western Asset

US-based Western Asset has selected Mindtree as a strategic partner to help drive innovation and differentiated experiences. Mindtree will help Western Asset accelerate the transition to a platform-based operating model, automate enterprise systems, and maintain industry-leading best practices for IT services. The IT company will enable Western Asset to create a more flexible operating model that can quickly adapt to changing business needs.

Read more here.

Tejas Networks Q2 Results: Net profit falls 19% YoY to Rs 3.66 crore

Tejas Networks Ltd reported a 19.21% YoY decline in consolidated net profit to Rs 3.66 crore for the quarter ended September (Q2 FY22). Net profit fell 51.52% compared to the previous quarter. Its revenue from operations rose 57% YoY (or 19.78% QoQ) to Rs 172.78 crore during the same period. Tejas Networks secured orders worth Rs 258 crore in Q2, taking its total order book to Rs 783 crore. 

Jio gains 6.49 lakh subscribers in August, Bharti Airtel adds 1.38 lakh: TRAI

Reliance Jio Infocomm and Bharti Airtel added 6.49 lakh and 1.38 lakh wireless subscribers, respectively, in August 2021. Jio’s total subscriber base rose to 44.4 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.4 crore at the end of August. Meanwhile, Vodafone Idea (Vi) lost 8.33 lakh subscribers in August, and its user base shrunk to 27.1 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

In other news, Vi has accepted the four-year spectrum payment moratorium. It has become the first telco to accept the deferred payment option provided under the telecom relief package. 

Read more here.

Tata Communications Q2 Results: Net profit rises 10.6% YoY to Rs 425 crore

Tata Communications reported a 10.6% YoY increase in consolidated net profit to Rs 425 crore for the quarter ended September (Q2 FY22). Net profit increased 43.7% compared to the previous quarter. Its revenue from operations fell 5.2% YoY to Rs 4,174 crore during the same period. EBITDA declined by 3.9% YoY to Rs 1,113 crore in Q2. Tata Communications’ data revenue stood at Rs 3,140 crore, a growth of 1.1% QoQ and a decline of 2.2% YoY.  

Read more here.

L&T Finance Q2 Results: Net profit falls 15% YoY to Rs 224 crore

L&T Finance Holdings (LTFH) reported a 15% YoY decline in consolidated net profit to Rs 224 crore for the quarter ended September (Q2 FY22). Net profit rose 26% compared to the previous quarter. Its revenue from operations fell 10% YoY (or 3% QoQ) to Rs 3,051.82 crore during the same period. LTFH’s total assets under management (AUM) stood at Rs 86,936 crore in Q2 FY22, compared to Rs 98,923 crore in Q2 FY21.

Read more here.

Hathway Cable Q2 Results: Net profit falls 63% YoY to Rs 19 crore

Hathway Cable & Datacom Ltd reported a 63.59% YoY decline in consolidated net profit to Rs 19.05 crore for the quarter ended September (Q2 FY22). Net profit fell 61% compared to the previous quarter. Its revenue from operations rose 3.85% YoY to Rs 447.87 crore during the same period. The company’s total expenses in the September 2021 quarter stood at Rs 450.75 crore, an increase of 10.5 YoY. 

Read more here.

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Bharti Airtel to Invest Rs 5,000 crore in Data Centre Business – Top Indian Market News

Bharti Airtel to invest Rs 5,000 crore to triple data centre capacity by 2025

Bharti Airtel will invest Rs 5,000 crore over the next 3-4 years to scale up its data centre capacity in India to meet the surging demand from domestic and global customers. The telecom company has unveiled a refreshed brand identity— ‘Nxtra by Airtel’ for its data centre business. Nxtra has the largest network of data centres in India. It currently operates 10 large and 120 edge data centres located strategically across the country. As per Bharti Airtel’s estimates, the data center market in India will reach $4 billion (~Rs 29,600 crore) in the next 4 years. 

Read more here.

Tata Steel divests entire stake in NatSteel Holdings for Rs 1,275 crore

Tata Steel Ltd (TSL) has sold its entire stake in Singapore-based NatSteel Holdings Pte for $172 million (~Rs 1,275 crore). NatSteel Holdings is a steel-making unit under T S Global Holdings (TSGH) Singapore, a 100% indirect subsidiary of Tata Steel. TSL will use the consideration received from the stake sale for reducing its offshore debt.

Read more here.

TCS secures order from MCX to transform core trading systems

Multi Commodity Exchange of India (MCX) has selected Tata Consultancy Services (TCS) as the technology solution provider for its growth and transformation journey. TCS will help MCX build a new technology core and transform its trading and post-trading functions. The IT major will design and deploy a cutting-edge, ultra-low latency, and high-performance solution that integrates multiple systems to transform MCX’s end-to-end operations.

Read more here.

NTPC’s renewable arm signs green term loan of Rs 500 crore with Bank of India 

NTPC Renewable Energy Ltd (REL) has signed its first green term loan agreement for Rs 500 crore. The loan agreement is at a competitive rate with a tenure of 15 years with Bank of India for its 470 megawatts (MW) solar project in Rajasthan and 200 MW in Gujarat. NTPC REL currently has a renewable project portfolio of 3,450 MW, of which 820 MW is under construction. NTPC REL will construct India’s largest local solar power park of 4.75 gigawatts (GW) in Kutch, Gujarat.

Read more here.

Indel Money partners with IndusInd Bank to offer gold loans

Non-banking financial company Indel Money has entered into a co-lending partnership with IndusInd Bank to offer gold loans at competitive rates. Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. IndusInd Bank will take into its book 80% of the gold loan generated by the co-lending arrangement, while the remaining 20% will be funded by Indel Money.

Read more here.

JMC Projects secures orders worth Rs 1,849 crore

Civil engineering firm JMC Projects (India) Ltd has secured new orders worth Rs 1,849 crore. The projects include B&F projects in India of Rs 857 crore and social housing projects in the Maldives of Rs 992 crore. Currently, the company’s total order inflow stands at Rs 7,959 crore. JMC Projects is one of the leading civil construction and infrastructure EPC companies in India. It is a subsidiary of Kalpataru Power Transmission Ltd.

Read more here.

Sterling and Wilson Solar secures order worth Rs 1,500 crore

Sterling and Wilson Solar Ltd (SWSL) has received the first order for its waste-to-energy business from a leading developer of energy assets in the UK and Europe. The order is worth approximately Rs 1,500 crore. Last month, the company had announced the expansion of its renewable energy offerings to include hybrid energy, energy storage, and waste-to-energy solutions. SWSL’s facility will process 23.2 tonnes of non-recyclable solid municipal waste per hour. It will help divert over 185,600 tonnes of waste each year.

Read more here.

Centre hikes domestic natural gas prices by 62%

As per a notification from the Petroleum Planning and Analysis Cell (PPAC), the price of domestically produced natural gas would be $2.90 per million British thermal unit (mmBtu) from October 1, 2021, to March 31, 2022, from the current $1.79. Domestic gas prices have been hiked by 62% from the previous revision in April. The maximum sale price allowed for natural gas production from deepwater, ultra-deepwater, and high-pressure discoveries has been increased from $3.62 per mmBtu to $ 6.13 per mmBtu.

Read more here.

Maruti Suzuki warns of production hit for second month due to chip shortage

Maruti Suzuki India Ltd is expecting total vehicle production in October at two of its plants to be around 60% of normal levels due to the global chip shortage. Maruti’s Haryana plant and its contract manufacturing company, Suzuki Motor Gujarat Private, will see production curbs in October. The acute shortage of semiconductors is forcing car manufacturers to drastically cut production.

Read more here.

ABSL AMC IPO subscribed 1.08 times on second day of bidding

The Rs 2,768.26 crore initial public offering (IPO) of Aditya Birla Sun Life AMC was subscribed 1.08 times on the second day of bidding. Retail investors have subscribed 2 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 40% and 6.13%, respectively, against their reserved portions. 

To learn more about the IPO, click here.

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HDFC to Raise up to Rs 6,000 crore via Bonds – Top Indian Market News

hdfc

HDFC plans to raise up to Rs 6,000 crore via bonds

Housing Development Finance Corp (HDFC) will raise up to Rs 6,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The NCDs will have a base issue size of Rs 3,000 crore, with an option to retain oversubscription of Rs 3,000 crore (greenshoe option). The object of the issue is to augment/boost its long-term resources. The proceeds from the issue will be utilised for financing or refinancing the housing finance business requirements of HDFC.

Read more here.

EaseMyTrip, InterGlobe Tech Quotient announces $10 million deal to boost expansion

EaseMyTrip has signed an agreement with InterGlobe Technology Quotient (ITQ) to provide seamless access to ITQ’s travel commerce platform– Travelport (1G). The deal is worth $10 million (~Rs 73.85 crore) as advance revenue from ITQ. “Our agreement along with the commitment to innovate and offer cutting-edge technologies will bring greater developments for both companies in the future”, said Sandeep Dwivedi, COO at ITQ. ITQ is a strategic business unit of InterGlobe Enterprises and connects nearly 2 lakh agency terminals.

Read more here.

RIL to acquire stake in Google-backed Glance InMobi: Report

According to a report from Mint, Reliance Industries Ltd (RIL) is in talks to buy a stake in Indian mobile content provider Glance InMobi Pte. RIL is reportedly considering an investment of $300 million (~Rs 2,215 crore) in the unicorn (billion-dollar startup). Glance InMobi is backed by Alphabet Inc.’s Google. The company pushes curated news and entertainment content onto phone lock screens and runs a short video app. 

Read more here.

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

Full-service carrier Vistara has partnered with IndusInd Bank to launch a co-branded credit card— Club Vistara IndusInd Bank Explorer. The credit card will offer various benefits such as complimentary business class tickets, membership of the airline’s frequent flyer program, and lounge access. Other benefits include rescheduling fee waivers on direct booking of Vistara flights, luxury gift vouchers, complimentary movie tickets, and dining vouchers.

Read more here.

Centre launches second auction attempt for 11 coal mines

The Centre has announced the launch of the second attempt of the auction process for 11 coal mines for commercial mining. These are the mines that were offered in the first auction attempt launched in March 2021 and had fetched single bids. Out of the 11 coal mines on offer, six are fully explored and five are partially explored. The auction for these mines will be held online through a transparent two-stage process based on percentage revenue share.

Read more here.

Nucleus Software’s offline retail payment product passes RBI’s Regulatory Sandbox

The Reserve Bank of India (RBI) has successfully evaluated Nucleus Software Exports’ offline retail payment product, PaySe, under the cohort of Regulatory Sandbox with “Retail Payment” as its theme. PaySe is an online and offline digital payment solution that has been designed to make banking services more accessible in remote geographies. Regulatory Sandbox refers to live testing of new products or services in a controlled regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of testing.

Read more here.

Patel Engineering secures order for 500 MW Teesta-VI hydro power project

Patel Engineering Ltd (PEL) has secured a civil work order worth Rs 1,251 crore for the 500 MW Teesta-VI hydro-power project in Sikkim from Lanco Teesta Hydro Power Ltd, a subsidiary of state-run NHPC. The project is located in South Sikkim District. Mumbai-based PEL has a strong presence in tunnels and underground works for hydroelectric and dam projects. 

Read more here.

Piramal Enterprises to raise Rs 400 crore via NCDs

The Board of Directors of Piramal Enterprises Ltd has approved a proposal to raise up to Rs 400 crore via non-convertible debentures (NCDs). The company will issue secured, rated, listed, redeemable NCDs worth up to Rs 200 crore along with an option to retain oversubscription of up to Rs 200 crore on a private placement basis. The NCDs will be listed on the Wholesale Debt Segment and Capital Market Segment of BSE and NSE and carry a coupon rate of 8% per annum.

Adani Enterprises’ arm signs pact with April Moon Retail to operate duty-free outlets in airports

Adani Airport Holdings (AAHL) has signed a share subscription agreement with April Moon Retail Pvt Ltd (AMRPL) and existing shareholders to operate duty-free outlets in airports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. The company will acquire a 74% stake in AMRPL for Rs 7.40 lakh

Read more here.

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Dr Reddy’s Reports 1% YoY Fall in Net Profit in Q1 – Top Indian Market News

Dr Reddy’s Labs Q1 Results: Net profit declines 1% YoY to Rs 571 crore

Dr Reddy’s Laboratories Ltd reported a 1% year-on-year (YoY) decline in consolidated net profit to Rs 571 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 11% YoY to Rs 4,919 crore during the same period. The figures are below the street/analysts’ estimates. The sales revenue from its India operations rose 69% YoY to Rs 1,060 crore in Q1.

In a statement, the pharma company said it has commenced investigation on an anonymous complaint that healthcare professionals in Ukraine and few other markets were provided with improper payments (bribes) on behalf of the company. Dr Reddy’s Labs has also been subpoenaed by the US Securities Exchange Commission to hand over certain documents. If found guilty, the company could face civil or criminal action under US anti-corruption laws.

Read more here. 

Adani Ports raises $750 million via long-term bonds

Adani Ports and Special Economic Zone Ltd (APSEZ) has raised $750 million (~Rs 5,590 crore) from overseas investors through the issuance of bonds. The coupon rates for the 10.5-year and 20-year dual-tranche bonds were fixed at 3.8% and 5%, respectively. APSEZ will use the net proceeds to repay existing debt, meet capital expenditure requirements, and for general corporate purposes.

Read more here.

IndusInd Bank Q1 Results: Net profit doubles to Rs 1,016 crore

IndusInd Bank reported a 99% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.7% when compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 3,563.7 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 2.88% in Q1 FY22, compared to 2.67% in the previous quarter (Q4 FY21).

Read more here.

Tata Communications launches IZO™ Financial Cloud platform in India

Tata Communications has announced the launch of ‘IZO™ Financial Cloud’, a purpose-built community cloud platform. It enables next-gen digital transformation for the Banking, Financial Services, and Insurance (BFSI) sector. The platform is customised to meet the stringent data privacy, protection compliance, and security guidelines defined by India’s regulators. 

Read more here.

Dixon Tech Q1 Results: Net profit jumps 1,035% YoY to Rs 18 crore

Dixon Technologies reported a 1,035% YoY jump in consolidated net profit to Rs 18.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 59% when compared to the previous quarter. Its revenue from operations rose 261% YoY to Rs 1,867 crore during the same period. The company’s operating profit jumped 182% YoY to Rs 48.3 crore in Q1. The strong performance in the April-June quarter was aided by an extremely weak base in the year-ago period Q1 FY21 (due to Covid-induced lockdowns). You can learn more about Dixon Tech here.

Read more here.

IndiGo Q1 Results: Net loss at Rs 3,174 crore

InterGlobe Aviation (IndiGo) reported a net loss of Rs 3,174.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 2,844.3 crore in the corresponding quarter last year (Q1 FY21). The airlines’ revenue from operations jumped 292% YoY to Rs 3,006.9 crore in Q1 FY22. Its total expenses rose 59% YoY to Rs 6,344 crore during the same period. 

Read more here.

Glenmark Life Sciences IPO subscribed 2.78 times on first day of bidding

The Rs 1,514.6 crore initial public offering (IPO) of Glenmark Life Sciences Ltd was subscribed 2.78 times on the first day of bidding. Retail investors have subscribed 5.17 times against their reserved portion. The portion reserved for Non Institutional investors (NIIs) was subscribed 86%. To learn more about the IPO, click here.

UCO Bank Q1 Results: Net profit jumps over 4-fold to Rs 102 crore

UCO Bank reported a 374.5% YoY jump in consolidated net profit to Rs 101.8 crore for the quarter ended June (Q1 FY22). Net profit has increased by 27% when compared to the previous quarter. Its net interest income (NII) fell 2.5% YoY to Rs 3,569.57 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 9.37% in Q1 FY22, compared to 14.38% in Q1 FY21.

Read more here.

IRB Infra completes Rs 381.63 crore fundraise in IRB InvIT

IRB Infrastructure Developers Ltd has completed total fundraising of Rs 381.63 crore, along with an investment of Rs 194.63 crore, in IRB Infrastructure Investment Trust. The InvIT is jointly owned by IRB Infra and Singapore-based GIC Affiliates with 51% and 49% shareholding, respectively. The funds raised will be utilised towards the capital requirements for under-construction projects.

Read more here.

Ramco Cements Q1 Results: Net profit rises 46% YoY to Rs 171 crore 

The Ramco Cements Ltd reported a 46.32% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.6% when compared to the previous quarter. Its revenue from operations rose 17.75% YoY to Rs 1,205.08 crore during the same period. Chennai-based Ramco Cements is a leading manufacturer of cement, mix concrete and dry mortar products.

Torrent Pharma Q1 Results: Net profit rises 3% YoY to Rs 330 crore

Torrent Pharmaceuticals Ltd reported a 2.8% YoY increase in consolidated net profit to Rs 330 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.85% when compared to the previous quarter. Its total income rose 5.53% YoY (or 10.02% QoQ) to Rs 2,174 crore during the same period. The revenue from its India operations grew 18% YoY to Rs 1,093 crore in Q1.

Read more here.