Tag: indusind bank

Categories
Market News Top 10 News

ITC Reports 30% YoY Rise in Net Profit in Q1 – Top Indian Market News

itc

ITC Q1 Results: Net profit rises 30% YoY to Rs 3,343 crore

ITC Limited reported a 30.24% YoY increase in consolidated net profit to Rs 3,343.44 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 12.4% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 14,240 crore during the same period. Total revenue from its FMCG-cigarette business rose 34% YoY to Rs 5,802 crore in Q1.

Read more here.

ICICI Bank Q1 Results: Net profit rises 78% YoY to Rs 4,616 crore

ICICI Bank Ltd reported a 78% YoY increase in standalone net profit to Rs 4,616 crore for the quarter ended June (Q1 FY22). Net profit has increased by 4.8% when compared to the previous quarter. The net interest income (NII) rose 18% YoY (or 5% QoQ) to Rs 10,936 crore during the same period. The gross non-performing assets (GNPA) ratio rose to 5.15% in Q1, compared to 4.96% in the previous quarter. The bank’s provisions fell 62.4% YoY to Rs 2,852 crore in Q1. Total deposits grew 16% YoY to Rs 9.26 lakh crore during the same period.

Read more here.

IndusInd Bank to raise up to Rs 30,000 crore through debt, equity

IndusInd Bank has announced plans to raise up to Rs 30,000 crore through a mix of equity and debt to support its business growth. The private sector lender will raise funds through debt securities or equity instruments or convertible debt securities in any permitted mode, including Qualified Institutional Placement (QIP). The fundraising is subject to the approval of shareholders and regulatory authorities.

Read more here.

Adani Enterprises forms JV with Hungary’s Organica

Adani Enterprises Ltd has formed a joint venture (JV) with Hungary-based Organica Technologies Pvt Co. Ltd for building a sewage treatment plant in Bhagalpur, Bihar. The company will hold a 74% stake in Bhagalpur Waste Water Ltd (the JV firm), and Organica will hold the remaining 26% stake. The plant and associated infrastructure will be built on a hybrid annuity model (HAM).

Read more here.

JSW Steel completes acquisition of Welspun’s steel business

JSW Steel Ltd has completed the acquisition of the steel plate and pipe business of Welspun Corp by paying the final tranche (round) of Rs 86 crore. In April 2021, the company had announced the acquisition of Welspun’s steel business on a slump sale basis for Rs 848 crore. JSW Steel had paid Rs 225 crore in April and another Rs 498 crore in June as part consideration for the acquisition.

Read more here.

Navkar Corp to invest Rs 300 crore to set up inland container depot 

The Board of Directors of Navkar Corporation Ltd has approved a proposal to set up an inland container depot and private freight terminal near Mundra or Pipavav (Gujarat). The cost of the project has been estimated at Rs 300 crore. The expansion project is expected to be completed by 2024. Navkar Corp is a leading container service operator in India.

Zen Technologies Q1 Results: Net loss at Rs 1.14 crore

Zen Technologies Ltd reported a consolidated net loss of Rs 1.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1.34 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 1.35 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 139.42% YoY to Rs 9.96 crore in Q1 FY22. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for defence and security forces worldwide.

Shakti Pumps Q1 Results: Net profit jumps 120% YoY to Rs 7.29 crore

Shakti Pumps (India) Ltd reported a 120% YoY jump in consolidated net profit to Rs 7.29 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 76% when compared to the previous quarter. Its revenue from operations rose 69.5% YoY to Rs 156.31 crore during the same period. 

Read more here. 

Jharkhand CM asks Coal India to pay outstanding dues worth Rs 56,000 crore 

Jharkhand Chief Minister Hemant Soren has asked Coal India Ltd (CIL) for immediate payment of Rs 56,000 crore outstanding dues in lieu of government land allotted to the company for mining. The minister also stated that CIL should start paying royalty on coal to the state on an ad valorem basis (based on estimated values). Soren has asked CIL to ensure extensive plantation work in the areas where mining takes place. 

Read more here. 

Zee Media Corp Q1 Results: Net loss at Rs 9.06 crore

Zee Media Corporation Ltd reported a consolidated net loss of Rs 9.06 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 12.26 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 10.5 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 28.79% YoY to Rs 170.18 crore in Q1 FY22. The company incurred a loss of Rs 17.11 crore for exceptional items and tax during the April-June quarter of FY22.

Read more here.

Categories
Market News Top 10 News

India’s Power Demand Hits All-Time High of 197.06 GW – Top Indian Market News

Electricity Pylons at sunset on background

India’s power demand hits all-time high of 197.06 GW

The total power demand in India touched an all-time high of 197.06 gigawatts (GW) on Tuesday (July 6). Many states are witnessing high temperatures due to delayed monsoon. The easing of Covid-related restrictions has also led to a surge in power demand. Last month, the highest supply of power on a single day stood at 191.51 GW (recorded on June 30).

Read more here.

Isgec Heavy Engineering JV secures order for renewable energy project in the US

Isgec Hitachi Zosen, a joint venture (JV) between Isgec Heavy Engineering and Japan-based Hitachi Zosen Corporation, has secured an order for the supply of reactors for a renewable energy project in the United States. The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment. This is Isgec Hitachi Zosen’s first order for supplying such reactors to the US.

Read more here.

Tata Motors’ JLR sees hit to FY22 guidance if chip supply issues continue

Jaguar Land Rover (JLR), a subsidiary of Tata Motors Ltd, stated that the global shortage in chip supply may threaten its revenue, margin, and free cash flow guidance for the current financial year (FY22). The automaker had targeted production of up to 235,000 units in April-September, but may only manage 150,000 units as a result of the chip shortage. Due to the substantial drop in wholesale volumes during the first and second quarters, JLR may face cash outflows of £2 billion (~Rs 20,605 crore) in the first half of FY22.

Read more here.

IndusInd Bank partners with TP Central Odisha Distribution

IndusInd Bank has partnered with TP Central Odisha Distribution Ltd (TPCODL) to introduce a fully digital network for facilitating electricity bill payments across 300 semi-urban and rural regions in the state. TPCODL is a joint venture (JV) between Tata Power and the Government of Odisha. Through ‘Bharat Money Stores’, IndusInd Bank will enable nearly 30 lakh customers of TPCODL to easily pay their electricity bills at their nearest Kirana stores.

Read more here.

Jindal Steel reports 20% YoY growth in production in Q1

Jindal Steel & Power Ltd (JSPL) registered a 20% year-on-year (YoY) growth in steel production to 2.01 million tonnes (MT) for the quarter ended June (Q1 FY22). This marks a record first quarter (Q1) production and second-highest quarterly production ever. JSPL said the performance in Q1 FY22 gives the company confidence in achieving a production target of 8-8.5 MT in the current financial year (FY22).

Read more here.

Reliance Infra gets shareholders approval to raise up to Rs 551 crore via preferential allotment

Reliance Infrastructure Ltd’s shareholders have approved a proposal to raise up to Rs 550.56 crore through the issuance of shares on a preferential basis. The funds will be utilised for long-term resources, for general corporate purposes, and to fund future growth. The company will allot 8.88 crore equity shares and/or warrants convertible into an equivalent number of equity shares to promoters and VFSI Holdings Pte Ltd.

Read more here.

Dixon Technologies partners with Bharti Enterprises to make telecom gear

Dixon Technologies Ltd and Bharti Enterprises have joined hands to invest Rs 200-250 crore to start telecom equipment manufacturing. A subsidiary of Dixon Tech will form a joint venture (JV) with Bharti Enterprises to commence production of customer-provided equipment (CPE) through their manufacturing unit in Punjab. Dixon Technologies has applied for the government’s production linked incentive (PLI) scheme for telecom and network equipment manufacturing. HFCL, Tejas Networks, VVDN, and Coral Telecom are some of the other companies that have applied for the scheme.

Read more here.

Bajaj Healthcare gets DRDO license to manufacture Covid-19 drug 2-DG

Bajaj Healthcare Ltd has received approval from the Defence Research and Development Organisation (DRDO) to manufacture and market 2-Deoxy-D-Glucose (2-DG). The drug is used for the treatment of Covid-19 patients. It helps in the faster recovery of hospitalised patients and reduces the dependence on supplemental oxygen. 2-DG can be administered only upon prescription and under the supervision of a qualified physician.

Read more here.

Bank of India partners with Bajaj Allianz General Insurance

Bank of India and Bajaj Allianz General Insurance (BAGI) have entered into a corporate agency agreement. The lender will distribute BAGI’s insurance products through its vast network of 5,084 branches, 80 retail business centres, and 60 small & medium enterprises (SME) centres across India. Bajaj Allianz will offer motor insurance, travel insurance, health insurance, and home insurance to Bank of India’s customers.

Read more here.

Mahindra Group restructures farm equipment business in Turkey

Mahindra and Mahindra (M&M) Ltd has reshuffled its business in Turkey by acquiring the entire agricultural machinery business of its subsidiary— Hisarlar. Erkunt Traktor Sanayi A.S, a subsidiary of M&M, will acquire the complete agriculture machinery business from Hisarlar, including select assets, intellectual property (IP), and brand use rights. Meanwhile, Erkunt and another Mauritius-based subsidiary of M&M has sold their aggregate stake of 94.3% in Hisarlar for 6.6 million Turkish Lira (~Rs 5.7 crore). With this transaction, the Mahindra Group will exit Hiarlar’s metal fabrication business.

Read more here.

Ujjivan SFB reports 24% YoY rise in deposits in Q1

Ujjivan Small Finance Bank (SFB) reported a 24% YoY increase in total deposits to Rs 13,673 crore for the quarter ended June 30 (Q1 FY22). Deposits have increased by 4% when compared to the previous quarter. The current and savings account (CASA) deposits grew 77% YoY to Rs 2,773 crore during the same period. Ujjivan SFB’s loan book declined by 2% YoY to Rs 14,120 crore in Q1.

Read more here.

Categories
Market News Top 10 News

Ashok Leyland to Set Up ‘Mother EV’ Plant in India – Top Indian Market News

Ashok Leyland.

Ashok Leyland to set up ‘mother EV’ plant in India

Ashok Leyland Ltd has announced plans to set up a ‘mother plant’ in India under its UK-based subsidiary Switch for its electric vehicle (EV) business. Switch UK will set up an Indian entity, which in turn will establish the plant. Ashok Leyland’s entire EV business will move to Switch, and they will also develop EV-specific platforms in buses and electric light commercial vehicles (LCVs). The company’s existing EV products such as e-buses will also move to Switch.

Read more here.

SJVN Q4 Results: Net profit rises 55% YoY to Rs 620 crore

SJVN Limited reported a 55.29% YoY increase in consolidated net profit to Rs 619.92 crore for the quarter ended March (Q4). Net profit has jumped 213.7% when compared to the previous quarter. Its total income rose 54.17% YoY to Rs 1,084.96 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 5.03% YoY to Rs 1,645.61 crore. The company’s board has recommended a dividend of Rs 0.40 per share. SJVN is a state-owned hydroelectric power generation company. 

Read more here.

Shalimar Paints Q4 Results: Net loss at Rs 28.45 crore

Shalimar Paints Ltd reported a net loss of Rs 28.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 22.29 crore in the corresponding quarter last year (Q4 FY20). The total income increased by 40.9% YoY (or 27.9% QoQ) to Rs 118.48 crore in Q4 FY21. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 49.51 crore. The company had posted a net loss of Rs 37.88 crore in FY20. 

IndusInd Bank acquires 70 lakh shares in Mcleod Russel

IndusInd Bank has acquired over 70 lakh shares in tea company Mcleod Russel after invoking pledged shares of the company to recover its dues. Equity shares of the tea company, held by Ichamati Investments Ltd, were pledged with the bank for securing the outstanding dues of borrower Mcleod Russel India Ltd (MRIL). Ichamati Investments held a 16.39% stake in Mcleod Russel as a promoter at the end of March 2021.

Read more here.

Lupin launches generic HIV-1 drug in the US

Lupin Limited has launched Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used in the treatment of HIV-1 infection. It is also used for pre-exposure prophylaxis to reduce the risk of sexually acquired HIV-1 infection. According to IQVIA data, the tablets had estimated annual sales of $2.1 billion (~Rs 15,587 crore) in the US for the 12 months ended March 2021. 

Read more here.

Shree Renuka Sugars to invest Rs 450 crore to increase ethanol capacity 

Shree Renuka Sugars Ltd has announced plans to invest Rs 450 crore to expand its ethanol capacity. The company’s board has approved the proposal of expanding production capacity from 430-kilo litre per day (KLPD) to 1,400 KLPD. In February 2021, the board had approved a capacity expansion of ethanol from 720-kilo litre per day to 970-kilo litre per day. The Indian government has mandated 20% ethanol blending in fuel by 2025, compared to the current blending of 7.79%.

Read more here.

Finolex Industries Q4 Results: Net profit jumps 409% YoY to Rs 298 crore

Finolex Industries Ltd reported a 409.44% YoY jump in consolidated net profit to Rs 298.84 crore for the quarter ended March (Q4). Net profit has increased by 15.2% when compared to the previous quarter. Its total income rose 64% YoY (or 16.48% QoQ) to Rs 1,262.88 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 121.9% YoY to Rs 737.79 crore. Finolex Industries manufactures and sells polyvinyl chloride (PVC) pipes and fittings in India. 

Ahluwalia Contracts Q4 Results: Net profit jumps 508% YoY to Rs 37.05 crore

Ahluwalia Contracts (India) Ltd reported a 508.4% YoY jump in consolidated net profit to Rs 37.05 crore for the quarter ended March (Q4). Net profit has increased by 151.7% when compared to the previous quarter. Its total revenue rose 38.6% YoY to Rs 761.70 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 19.89% YoY to Rs 77.20 crore. Ahluwalia Contracts is a leading construction company based in New Delhi.

Read more here.

Categories
Market News Top 10 News

RIL Reports 108% YoY Jump in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit at Rs 13,227 crore

Reliance Industries Limited (RIL) reported a 108% YoY increase in consolidated net profit at Rs 13,227 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown 1%. The consolidated revenue from operations rose 11% YoY to Rs 1,54,896 crore during the same period. RIL’s board has announced a final dividend of Rs 7 per share.

Read more here.

IndusInd Bank Q4 Results: Net profit jumps three-fold to Rs 876 crore

IndusInd Bank Limited reported a three-fold (~190%) year-on-year (YoY) increase in net profit to Rs 876 crore for the quarter ended March (Q4). Net interest income (NII) rose 9.4% YoY to Rs 3,535 crore during the same period. [NII is the difference between the income interest a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 2.67% in Q4, compared with 2.93% in Q3 FY21. Total provisions declined 23.5% YoY to Rs 1,866 crore during the quarter. IndusInd Bank’s board has announced a dividend of Rs 5 per share.

Read more here.

Marico Q4 Results: Net profit rises 14% YoY to Rs 227 crore

Marico Limited reported a 14.07% YoY increase in consolidated net profit to Rs 227 crore for the quarter ended March (Q4). Its revenue from operations rose 34.49% YoY to Rs 2,012 crore during the same period. This was driven by strong volume growth of 25% YoY in the domestic business. The FMCG firm’s operating margin was lower at 17.6% in Q4 due to high input costs. For the financial year ended March 31, 2021 (FY21), Marico’s net profit has increased by 14.96% YoY to Rs 1,199 crore. 

Read more here.

Atul Q4 Results: Net profit rises 24% YoY to Rs 141 crore

Atul Limited reported a 23.9% YoY increase in consolidated net profit to Rs 175.05 crore for the quarter ended March (Q4). Revenue from operations rose 15.6% YoY to Rs 1,115.93 crore during the same period. Its Life Science Chemicals segment posted a 22.6% YoY rise in revenues at Rs 311.89 crore. The company’s board has approved a dividend of Rs 20 per share. Atul Ltd is an integrated chemical company headquartered in Valsad, Gujarat.

Read more here.

Nestle buys vitamin brands from KKR for $5.75 billion

Nestle SA has agreed to buy vitamin maker Bountiful Co. for $5.75 billion (~Rs 42,580 crore) from private equity firms KKR & Co. and Carlyle. Through this acquisition, Nestle aims to become a world leader in the field of minerals and supplements. The Covid-19 pandemic has boosted demand for such pills from health-conscious consumers. This acquisition would double Nestle’s e-commerce revenue from supplements to about $1 billion this year.

Read more here.

Dalmia Bharat Q4 Results: Net profit at Rs 640 crore

Dalmia Bharat Limited reported a sharp rise in consolidated net profit (~2,310% YoY) to Rs 640 crore for the quarter ended March (Q4). It had posted a net profit of Rs 24 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose 32.13% YoY to Rs 3,281 crore in Q4 FY21. The company’s board has recommended a dividend of Rs 1.33 per share.

Read more here.

Escorts to temporarily shut down manufacturing operations amid Covid-19 surge

Amidst the surge in Covid-19 cases in India, Escorts Limited has decided to temporarily shut down its manufacturing operations on a selective basis between May 1 and May 3. The farm equipment manufacturer said that the safety and health of its employees and the wellness of its business ecosystem are of utmost importance. Escorts ensured that there will be no impact on fulfilling customer demand, as it has sufficient inventory in hand.

Read more here.

Vodafone Idea’s GIGAnet 4G delivers highest network speed in Q4: Ookla

According to speed testing firm Ookla, Vodafone Idea’s (Vi) 4G network GIGAnet has delivered the fastest download and upload speeds across India for the third consecutive quarter in Q4 (January-March 2021). Additionally, Vi has the fastest average 4G download speeds in 135 Indian cities, including Mumbai, Delhi NCR, and Kolkata. This comes at a time when data usage has surged exponentially as more people are staying home due to a fresh wave of Covid-19 cases in India.

Read more here.

Yes Bank Q4 Results: Net loss at Rs 3,788 crore

Yes Bank reported a net loss of Rs 3,787.75 crore for the quarter ended March (Q4). The bank had posted a net loss of Rs 3,668 crore in the corresponding period last year (Q4 FY20).  Net interest income (NII) declined 23% YoY to Rs 1,274 crore in Q4 FY21. The gross non-performing assets (NPA) ratio stood at 15.41%, compared to 15.36% in the previous quarter. Yes Bank’s deposits grew 11% quarter-on-quarter (QoQ) and 55% YoY to Rs 1,62,947 crore in Q4 FY21.

Read more here.  

Ajanta Pharma Q4 Results: Net profit rises 23% YoY to Rs 159 crore

Ajanta Pharma reported a 23% YoY increase in consolidated net profit to Rs 159 crore for the quarter ended March (Q4). Its revenue from operations 11% YoY to Rs 757 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased to Rs 654 crore, compared with Rs 468 crore in the previous financial year (FY20).

Read more here.

Bank of India’s board approves raising capital up to Rs 4,800 crore

The Board of Directors of Bank of India (BOI) has approved raising capital aggregating to Rs 4,800 crore through the issuance of shares or bonds. The lender will issue equity shares in the form of Follow-on Public Offer (FPO)/Qualified Institutional Placement (QIP) or issue Basel III compliant Tier-1 bonds worth up to Rs 3,000 crore. BOI will further issue Basel III compliant Tier-2 bonds worth up to Rs 1,800 crore. The fundraising proposal is subject to shareholders’ approval.

Read more here.