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Deloitte to Resign as Adani Ports’ Auditor – Top Indian Market Updates

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

Adani Ports auditor Deloitte to resign

Deloitte Haskins & Sells LLP will resign as the auditor for Adani Ports & SEZ in the next few days. The move comes after a mere year since their reappointment amid differences with the company management over the auditor’s position on certain transactions. The auditor is likely to resign and a formal announcement is expected within the next 3-4 days. The audit firm was reappointed as the statutory auditor just last year for five years, according to the company’s annual report of FY22.

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HAL Q1 Results: Net profit rises 31% YoY to ₹814 crore

Hindustan Aeronautics Ltd (HAL) reported a 31% YoY rise in consolidated net profit to ₹814 crores for the quarter ended June (Q1 FY24). On a sequential basis, the net profit fell 71% from ₹2,831 crore in the March quarter. Its revenue from operations for the quarter stood at ₹3,915 crore, up 8% YoY. EBITDA also rose 6% YoY to ₹880 crore in Q1.

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India’s industrial output rises 3.7% in June

India’s industrial production dipped to 3.7% in June, down from 5.3% in May 2023. Factory output measured in terms of the Index of Industrial Production (IIP) had risen to 12.6% in June 2022. The mining sector output saw a growth of 7.6% in June this year, down from 7.8% seen a year ago. The manufacturing sector output grew by 3.1% in June this year after growing 12.9% in the same month a year ago.

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Nykaa Q1 Results: Net profit rises 8% YoY to ₹5.4 crore

Nykaa reported an 8% YoY rise in consolidated net profit to ₹5.4 crore for the quarter ended June (Q1 FY24). Its revenue from operations for the quarter stood at ₹1,422 crore, up 24% YoY. EBITDA rose 60% YoY to ₹73.5 crore in Q1. Physical retail space increased 43% YoY with 152 stores at the end of the June quarter. The company’s owned brands’ gross merchandise value (GMV) grew close to 40% YoY.

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CCI clears Kotak-Biocon Biologics deal

The Competition Commission of India (CCI) has cleared Kotak Special Situations Fund’s (KSSF) proposed investment in Biocon Biologics Ltd under the green channel route. In February, KSSF (an arm of Kotak Mahindra Bank) announced a ₹1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition. The investment will help Biocon Biologics’ acquisition of the biosimilars business of its partner Viatris. KSSF is a SEBI-registered alternative investment fund (AIF).

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Apollo Hospitals Q1 Results: Net profit falls 47% YoY to ₹173 crore

Apollo Hospitals reported a 47% YoY rise in net profit to ₹173 crore for the June quarter (Q1 FY24). However, its revenue from operations rose 16% YoY to ₹4,418 crore during the same period. Consolidated EBITDA stood at ₹509, up 4% YoY. Revenue from existing hospitals grew 10%, while that from the new hospitals rose 23% during the reporting period.

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India’s forex reserves fall $2.41 billion to $601.5 billion as on Aug 4

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves fell by $2.41 billion to $601.453 billion for the week ending August 4. Foreign currency assets (FCAs) dropped by $1.94 billion to $533.4 billion. Gold reserves also dipped by $224 million to $44.7 billion, while SDRs dropped by $171 million to $18.27 billion. The reserve position in the IMF decreased by $86 million to $5.1 billion.

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Godrej Industries Q1 Results: Net profit falls 13% YoY to ₹178 crore

Godrej Industries reported a 13% YoY fall in consolidated net profit to ₹178 crore for Q1 FY24. Its total revenue rose 15% YoY to ₹4,893 crore during the same period. EBITDA rose 28% YoY. The sales growth came on the back of 10% YoY volume growth in constant currency. Its real estate business in Q1 FY24 witnessed a total booking value of ₹2,254 crore with 2.25 million square feet of area sold during the quarter.

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NCLAT stays admission of Coffee Day Enterprises for insolvency

The National Company Law Appellate Tribunal (NCLAT) of the bankruptcy court stayed the admission of Coffee Day Enterprises Ltd (CDEL). The stay was after it was challenged by the promoter, Malavika Hedge. She claimed that the default occurred during the “calm period” amid the global pandemic in March 2020 when lenders were barred from approaching the National Company Law Tribunal (NCLT) for default on loans. On July 20, 2023, the Bangalore NCLT admitted CDEL for corporate insolvency on a petition filed by IndusInd Bank.

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Info Edge Q1 Results: Net profit rises 35% YOY to ₹200 crore

Info Edge reported a 35% YoY increase in net profit to ₹200 crore for Q1 FY24. Its revenue from operations rose 15% YoY to ₹584 crore during the same period. Sequentially, the net profit rose nearly 12%, and the revenue increased by 4%. Tax outgo for the quarter was higher at ₹67 crore, compared to ₹46 crore a year ago.

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India’s Coal Production Grows 7.10% in May – Top Indian Market Updates

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

India’s coal production grows 7.10% to 76.26 MT in May

Domestic coal production in India grew 7.10% YoY in May, reaching 76.26 million tonnes (MT). The Ministry of Coal achieved this milestone, surpassing the previous year’s production. In April-May FY23, cumulative coal production increased to 149.41 MT from 138.41 MT in the corresponding period last year. Coal India Ltd contributed significantly to the overall production, producing 59.94 MT of coal, marking a growth of 9.54% YoY.

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India’s forex reserves fall to $589 billion 

According to the Reserve Bank of India (RBI), India’s foreign exchange (forex) reserves declined to $589.14 billion, reaching a one-month low as of May 26. This marks the second consecutive week of falling reserves, with a decrease of $4.34 billion compared to the previous week. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

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Bank of Baroda board approves raising additional capital worth Rs 5,000 crore

Bank of Baroda’s board has approved raising additional capital through debt. The bank aims to raise funds up to Rs 5,000 crore through Tier I or Tier II debt capital instruments. The bank also has the option to interchange these instruments within India or outside the country, by the end of the current financial year or at a later date if deemed suitable. Bank of Baroda stated that the capital will be raised when market conditions are favourable.

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Info Edge orders forensic audit of 4B Networks after Rs 280 crore loan impairment

Info Edge Ltd has announced that its subsidiary, Allcheckdeals India Private Ltd (AIPL), has fully impaired its loan of Rs 280 crore to 4B Networks. AIPL is initiating a forensic audit, led by Deloitte Touche Tohmatsu India LLP, to investigate the matter. 4B Networks operates platforms for real estate developers and brokers to communicate and facilitate loan origination.

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GAIL infuses Rs 2,100 crore in JBF Petrochemicals

GAIL (India) Ltd has invested Rs 2,100 crore in JBF Petrochemicals Ltd. The company acquired JBF Petro through bankruptcy proceedings in March 2022. This investment includes Rs 625 crore of equity and Rs 1,476 crore of debt. With this investment, JBF has now become a wholly-owned subsidiary of GAIL, effective from June 1, 2023.

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Grasim starts beta testing its painting service sparkle

Grasim Industries Ltd is beta-testing its painting service ‘Sparkle’ in Mumbai, Pune, and Bengaluru. Initially, it will be available exclusively to Aditya Birla Group staff and their friends and family. The service currently uses paint products from authorized dealers. Any product complaints will be directed to the respective paint companies for warranty claims. 

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Government advances strategic sale of BEML

The Central Government is preparing to proceed with the financial bids for the strategic sale of defence PSU BEML after receiving the necessary clearances from state governments. DIPAM Secretary Tuhin Kanta Pandey confirmed that land clearances have been obtained, with the Karnataka and Kerala governments addressing issues related to land and registration. In January 2021, the government invited bids for selling a 26% stake in BEML.

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Minda Corp board approves Rs 600 crore fundraise

Minda Corporation Ltd’s board has approved a fundraise of up to Rs 600 crore by issuing securities. The company plans to raise funds through various offerings, including preferential issues, qualified institutions placement, and further public offers (FPO). The decision comes as part of Minda Corporation’s efforts to secure additional capital for its operations.

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M&M to strengthen Swaraj brand with multiple tractor launches

Mahindra & Mahindra (M&M) plans to launch multiple tractor models under the Swaraj brand over the next few quarters as the market leader seeks to fill the white spaces in the agriculture and horticulture segment. The company announced its entry into the lightweight compact tractor segment by launching the Swaraj Target. M&M aims to corner a 27-30% share in the 50,000-per-annum lightweight tractor market.

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M&M’s Net Profit Rises 34% in Q3 – Top Indian Market Updates

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

M&M Q3 Results: Net profit rises 34% YoY to ₹2,676 crore

Mahindra & Mahindra Ltd reported a 34.6% YoY increase in consolidated net profit to ₹2,676.56 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29.7% YoY to ₹30,620 crore during the same period. EBITDA stood at ₹2,814 crore in Q3, up 41% YoY. The company sold 1.76 lakh vehicles in the December quarter, up 45% YoY.

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GAIL signs advance pricing agreement with CBDT

GAIL (India) Ltd has signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The gas utility firm has contracts with US suppliers to buy 5.8 million tonnes per annum of liquefied natural gas (LNG). GAIL is the first public sector undertaking (PSU) in the oil & gas sector in India to sign the APA.

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Lupin Q3 Results: Net profit falls 72% YoY to ₹153 crore

Lupin reported a 72% YoY decline in net profit to ₹153 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 3.8% YoY to ₹4,322 crore during the same period. Sales in the US have improved on the back of new product launches and a brand acquisition made in Q3.

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Sun Pharma gets USFDA nod to market generic medication

Sun Pharmaceutical Industries Ltd’s subsidiary has received final approval from the US Food & Drug Administration (USFDA) for the generic Lenalidomide capsules in multiple strengths. In 2021, US-based Celgene Corporation granted Sun Pharma a license to manufacture and sell an unlimited quantity of generic lenalidomide capsules in the US beginning January 31, 2026.

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BHEL Q3 Results: Net profit jumps 55% YoY to ₹42 crore

Bharat Heavy Electricals Ltd (BHEL) reported a 55% YoY increase in net profit to ₹42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹5,263 crore during the same period. Revenue from the power segment came in at ₹3,992 crore, 7% higher. Total expenses were almost flat at ₹5,320 crore in Q3.

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Hindalco leases 50,000 sq. ft. office space in Blackstone’s Mumbai tower

Hindalco Industries Ltd has picked up an entire floor spread over 50,000 sq. ft. office space in Blackstone Group entity Nucleus Office Parks’ commercial complex One International Center in Mumbai’s business district Lower Parel on a long-term lease of five years. The company is looking to consolidate its various offices and also expand the capacity in the new office ensuring ease of connectivity for their employees.

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Assam govt signs Petroleum Exploration Licenses deeds for 2 OALP blocks with Oil India

The Assam government has signed Petroleum Exploration Licenses deeds for two Open Acreage Licensing Program (OALP) blocks with Oil India Ltd (OIL). OIL will invest around ₹12 crore in these projects and will start seismic surveys from February 2023. This is the first time in oil history to start exploration for Crude oil and Natural Gas in the northern bank of Brahmaputra in lower Assam.

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India’s first hydrogen combustion engine tech for heavy-duty trucks unveiled by RIL

Reliance Industries Ltd (RIL) unveiled India’s first Hydrogen Internal Combustion Engine technology solution for heavy-duty trucks. RIL and its vehicle partner Ashok Leyland developed the technology under its Net carbon Zero vision. The first engines run with this tech were tested in early 2022. RIL is also planning to create an end-to-end Hydrogen ecosystem for mobility

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Info Edge Q3 Results: Net loss at ₹116 crore

Info Edge (India) Ltd reported a net loss of ₹116 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹4,601 crore in Q3 FY22. Its revenue from operations rose 40% YoY to ₹589 crore in Q3 FY23. Standalone EBITDA stood at ₹217 crore, up 79% YoY.

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Future Enterprises Faces 2nd Plea to Initiate Insolvency – Top Indian Market Updates

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

Future Enterprises faces second plea to initiate insolvency

Debt-ridden Future Enterprises is facing a second insolvency plea filed by an operational creditor before National Company Law Tribunal (NCLT). The latest petition was filed by Retail Detailz India, claiming a default of ₹4.02 crore before the Mumbai bench of the NCLT. Last week, Foresight Innovations (another operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016 for an alleged default amount of ₹1.58 crore.

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Maruti Suzuki recalls 166 Dzire Tour S due to defective airbag unit

Maruti Suzuki India Ltd (MSIL) will issue a recall of its Dzire Tour S due to faulty airbag control unit. This recall will affect 166 units of the Maruti Suzuki Dzire Tour S manufactured between August 6th, 2022 – August 16th, 2022. The Dzire Tour S is the commercial version of the Dzire from MSIL and is retailed through its commercial division.

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Omaxe to invest ₹2,100 crore to build sports facility at Dwarka

Real estate developer Omaxe Ltd has acquired 50.40 acres of land from Delhi Development Authority (DDA) at Dwarka to develop an indoor and outdoor sports facility with a total investment of ₹2,100 crore. A cricket-cum-football stadium and a commercial centre are also being planned in this area. The retail portion would offer spaces for shopping, dining, and sports-related activities. 

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Lupin gets USFDA approval for Formoterol Fumarate Inhalation Solution

Lupin Ltd has received approval from the U.S. Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Formoterol Fumarate Inhalation Solution. The drug is used to control the symptoms of chronic obstructive pulmonary disease (COPD) in adults. As per IQVIA MAT June 2022 data, the solution had annual sales of $282 million in the US.

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Adani Green’s 2,021% debt-equity ratio is second-worst in Asia: Bloomberg

Adani Green Energy Ltd (AGEL) has seen its debt-to-equity ratio surge to the second-highest in Asia. As per data compiled by Bloomberg, AGEL’s debt-to-equity ratio of 2,021% is only behind 2,452% of China’s Datang Huayin Electric Power Co. among 892 listed companies in Asia. AGEL is the most leveraged of the companies in the Adani Group by this metric as it takes on debt to fund a $70 billion pivot toward renewable energy.

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Info Edge to invest ₹7.5 crore in Happily Unmarried Marketing

Info Edge (India) Ltd has announced plans to invest ₹7.5 crore in Happily Unmarried Marketing through its wholly-owned subsidiary. Happily Unmarried is engaged in the business of personal care under the brands ‘Ustraa’ and ‘HU Girls.’ Post this investment, Info Edge’s aggregate shareholding in Happily Married would be 30.57% on a fully converted and diluted basis.

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TVS Motor to acquire 48% stake in two-wheeler startup DriveX

TVS Motor Company Ltd will acquire a 48% stake in racing driver Narain Karthikeyan’s pre-owned two-wheeler startup ‘DriveX’ for ₹85 crore. The company will acquire a 48.27% stake in NKars Mobility Millennial Solutions Pvt. Ltd (NMMSPL), which operates under the brand ‘DriveX’, through primary and secondary investments. DriveX sells, trades, and distributes pre-owned two-wheeler motorcycles and scooters.

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Parag Milk Foods raises ₹131 crore via preferential allotment

Parag Milk Foods Ltd has raised a total of ₹131 crore through preferential allotment from marquee investors and promoters. The current proceeds of preferential shares and warrants would be utilised to fund the company’s long-term capital requirements and to enhance the working capital needs. Parag Milk Foods sells milk and milk products under the brand name “Pride of Cows.”

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Tata Power to raise $320M in sustainability-linked loans

As per an Economic Times report, Tata Power will raise $320 million via sustainability-linked loans from foreign lenders led by Bank of America. A borrower of sustainability-linked loans can generally avail money up to 25 basis points (or 0.25 percentage points) cheaper than normal loans. The company plans to use the proceeds to refinance and expand in power generation plants.

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ONGC rebids KG gas, seeks $15 price

Oil & Natural Gas Corporation (ONGC) has relaunched a tender to sell gas from its KG fields at a higher price of $15 per metric million British thermal units (mmBtu) as it looks to capitalise on a global surge in energy prices. The company sought bids for the sale of 0.75 million standard cubic meters per day of gas for one year from the KG-D5 fields in the Bay of Bengal.

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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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Info Edge Reports 157% YoY Jump in Net Profit in Q4 – Top Indian Market News

Info Edge Q4 Results: Net profit jumps 157% YoY to Rs 306 crore

Info Edge (India) Ltd reported a 157.11% YoY increase in consolidated net profit to Rs 306.22 crore for the quarter ended March (Q4). Net profit has declined by 54.9% when compared to the previous quarter. Its revenue from operations rose 9.48% YoY to Rs 296.53 crore during the same period. The total billings growth in Naukri India and 99acres rose 26% YoY and 41.5% YoY, respectively in Q4. Net profit for the financial year ended March 31, 2021 (FY21) jumped 692.16% YoY to Rs 1,407.08 crore.

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Kiri Industries’ 37.57% stake in DyStar valued at $481.60 million

The Singapore International Commercial Court (SICC) has confirmed that the final value of Kiri Industries Ltd’s 37.57% stake in DyStar Global Holdings stands at $481.60 million (~Rs 3,570 crore). Kiri Industries had filed a minority oppression suit against Senda International Capital regarding its minority stake held in DyStar. Following the suit, SICC had directed Senda to buy out Kiri’s minority stake held in DyStar. [Ahmedabad-based Kiri Industries is a leading manufacturer and exporter of dyes and chemicals.]

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Bharti Airtel, TCS announce partnership to build 5G networks in India

Bharti Airtel Ltd has announced a strategic partnership with Tata Consultancy Services (TCS) for implementing 5G network solutions for India. The Tata Group has developed a state-of-the-art O-RAN-based Radio & Non-Standalone (NSA)/Standalone (SA) Core and has integrated an indigenous telecom stack. Bharti Airtel will pilot and deploy this indigenous solution during its 5G rollout. The pilot will begin in January 2022 as per guidelines formulated by the Government of India (GoI).

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Oil India Q4 Results: Net profit declines 8% YoY to Rs 848 crore

Oil India Limited (OIL) reported an 8% YoY decline in net profit to Rs 847.56 crore for the quarter ended March (Q4). Its revenue from operations rose 9% YoY to Rs 3,909.61 crore during the same period. The company received $59.80 for every barrel of crude oil in Q4 FY21, compared to $5.18 per barrel in Q4 FY20. Crude oil production for the financial year 2020-21 declined by 5.42% YoY to 2.964 million tonnes (MT). Oil India’s board has recommended a final dividend of Rs 1.5 per share.

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Maruti Suzuki to hike car prices in Q2 amid rise in input costs

Maruti Suzuki India said it plans to hike the prices of its cars in the July-September (Q2 FY21) quarter due to an increase in input costs. The price hike will vary across different models. The model-wise updated price list will be disclosed soon. In April, the automaker had announced a weighted average price increase of 1.6% in ex-showroom prices (Delhi) across models.

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Route Mobile announces technology partnership with Truecaller

Route Mobile Limited has announced a technology partnership with caller ID platform Truecaller. As part of the partnership, Route Mobile will provide enhanced business identification services to enterprises for building a trustworthy business communication ecosystem. With Truecaller Verified Business Caller ID and configuration capabilities, Route Mobile will empower enterprises to increase their customer outreach and improve response rates. 

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HBL Power Q4 Results: Net profit rises 36% YoY to Rs 9.6 crore

HBL Power Systems Ltd reported a 36.44% YoY increase in consolidated net profit to Rs 9.66 crore for the quarter ended March (Q4). Net profit has increased by 15.97% when compared to the previous quarter. Its total income rose 12% YoY (or 28.12% QoQ) to Rs 302.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 47.75% YoY to Rs 12.31 crore. The company’s board has approved a dividend of Rs 0.35 per share. HBL Power Systems is a leading battery and power systems company based in Hyderabad.

JSW Cement forays into ready mix concrete business

JSW Cement Ltd has announced its entry into the ready mix concrete (RMC) business under the brand name ‘JSW Concrete’. The company has set up its first commercial RMC unit in Chembur, Mumbai. This facility has a capacity of 2×60 cubic meters per hour, and will service the concrete requirements of construction projects in Central & South Mumbai. This is part of JSW Cement’s strategy to offer the entire range of building material products to its customers. The firm has plans to expand the RMC business to other locations.

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Cadila and Bayer to extend JV partnership for three years

Cadila Healthcare and Bayer (South East Asia) have decided to extend the operations of their joint venture (JV) by three years, with effect from June 2021. The companies had entered into an agreement in January 2011 to set up a JV, Bayer Zydus Pharma, for the sales and marketing of pharma products in India. Bayer Zydus Pharma will continue to operate in core therapies, including cardiovascular diseases, diabetes, women’s health, etc.

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Dish TV to raise up to Rs 1,000 crore via rights issue

The Board of Directors of Dish TV India has approved a proposal of raising up to Rs 1,000 crore through a rights issue in one or more tranches (rounds). The company will issue fully paid-up equity shares at Rs 10 per share (including a premium of Rs 9 per share) to eligible shareholders. The DTH service provider’s fundraising plan is subject to regulatory approvals.

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CCI approves Heineken’s additional equity stake acquisition in UBL

The Competition Commission of India (CCI) has approved Heineken International B.V’s proposed acquisition of an additional equity stake in United Breweries Ltd (UBL). The CCI added that the acquisition is subject to the outcome of certain court proceedings. Heineken International BV is an investment holding company. It is a direct and indirect shareholder for all non-Dutch companies that form part of the Heineken Group.

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Bharat Dynamics Q4 Results: Net profit falls 15.9% YoY to Rs 260 crore

Bharat Dynamics Ltd (BDL) reported a 15.9% YoY decline in standalone net profit to Rs 260.36 crore for the quarter ended March (Q4). Its revenue from operations fell 21.9% YoY to Rs 1,106.10 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 51.8% YoY to Rs 257.76 crore. The company’s board has approved a dividend of Rs 0.65 per share. BDL is a leading manufacturer of ammunition and missile systems.

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Adani Group Enters Into Cement Business – Top Indian Market News

Adani Group enters into cement business; incorporates Adani Cement

The Adani Group, which has a strong presence in the ports, airports, power, gas distribution, and other businesses, is all set to enter the cement sector in India. Adani Enterprises announced that it has incorporated a new wholly-owned subsidiary, Adani Cement, with an authorized share capital of Rs 10 lakh and paid-up capital of Rs 5 lakh. The new subsidiary will operate as a manufacturer, producer, and processor of all types of cement. This development is likely to cause some disruption in the highly competitive Indian cement industry.

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SEBI looks into Rs 4,000 deal between PNB Housing Finance, Carlyle

PNB Housing Finance Ltd’s Rs 4,000 crore deal with US-based private equity firm Carlyle Group has come under the scanner of the Securities and Exchange Board of India (SEBI). The development comes after proxy advisory firm Stakeholders Empowerment Services (SES) red-flagged the deal structure. In a report, SES stated that the deal was an abuse of minority shareholder rights and questioned why PNB willingly surrendered its control over its housing finance arm to the Carlyle Group without extracting a fair compensation control premium.

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J K Cement Q4 Results: Net profit rises 32% YoY to Rs 216 crore

J K Cement Ltd reported a 32.76% YoY increase in consolidated net profit to Rs 215.91 crore for the quarter ended March (Q4). Net profit has declined by 1.58% when compared to the previous quarter. Its total income rose 37.84% YoY to Rs 2,168.18 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 44.14% YoY to Rs 709.71 crore. The cement manufacturer’s board has recommended a dividend of Rs 15 per share.

India’s fuel demand slips to nine-month low in May

India’s fuel demand fell to its lowest level in nine months in May 2021 as restrictions to curb the second wave of Covid-19 infections affected mobility and muted economic activity. Total fuel demand fell 11.3% to 15.1 million tonnes (MT) in May, compared to April. Petrol consumption in May declined by 16% to 1.99 MT over the previous month. Diesel sales declined by 17% to 5.53 MT when compared to April. The data was released by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Oil.

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Indian Hume Pipe Q4 Results: Net profit rises 51.7% YoY to Rs 38 crore

Indian Hume Pipe Company reported a 51.74% YoY increase in net profit to Rs 38.45 crore for the quarter ended March (Q4). Net profit has jumped 767.95% when compared to the previous quarter. Its total income rose 20.8% YoY (or 70.5% QoQ) to Rs 481.03 crore during the same period. However, net profit for the financial year 2020-21 (FY21) declined by 42.78% YoY to Rs 42 crore. The concrete pipe manufacturing company’s board has recommended a dividend of Rs 2 per share.

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Info Edge acquires Bengaluru-based Zwayam Digital

Info Edge India Ltd has entered into an agreement to acquire 100% share capital of Zwayam Digital Pvt Ltd. The Bengaluru-based firm operates Zwayam, an artificial intelligence (AI) and machine learning-powered recruitment management software platform. It helps enterprises streamline and automate their entire recruitment workflow from sourcing to onboarding. Info Edge’s Managing Director said this acquisition will complement the company’s current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market.

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BPCL seeks exemption from open offer for listed joint ventures

Bharat Petroleum Corporation Ltd (BPCL) has written to market regulator SEBI, seeking an exemption to the regulation that its new owner would have to make an open offer to minority shareholders of two companies which it is a promoter of— Petronet LNG and Indraprastha Gas Ltd (IGL). BPCL holds a 12.5% stake in Petronet LNG and a 22.5% stake in IGL and is a promoter for both companies. This means that potential buyers of BPCL would be required to make an open offer for the two promoter firms, which would cost them more.

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VRL Logistics Q4 Results: Net profit declines 6.5% QoQ to Rs 37.16 crore 

VRL Logistics Ltd reported a 6.5% quarter-on-quarter (QoQ) decline in net profit to Rs 37.16 crore for the quarter ended March 2021 (Q4 FY21). Net profit has jumped 1,644% when compared to the corresponding quarter last year (Q4 FY20). Its total income rose 6% QoQ (or 20.54% YoY) to Rs 603.02 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 50% YoY to Rs 45.06 crore. The company’s board has recommended a dividend of Rs 4 per share.

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Inox Leisure allots Rs 96.77 lakh shares to QIBs at Rs 310 per share

The Board of Directors of Inox Leisure Ltd has approved the issue and allotment of 96.77 lakh equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 310 per share. The issue price is a ~5% discount to Friday’s closing price. The QIP was opened on June 8 and closed on June 11. Thus, the multiplex operator has raised Rs 300 crore via the QIP.

Anupam Rasayan Q4 Results: Net profit jumps 113% YoY to Rs 22 crore

Anupam Rasayan India Ltd reported a 113.29% YoY jump in consolidated net profit to Rs 22.14 crore for the quarter ended March (Q4). Net profit has increased by 2.31% when compared to the previous quarter. Its total income rose 65.9% YoY (or 44.63% QoQ) to Rs 274.16 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 32.12% YoY to Rs 70.29 crore. The Board of Directors of the specialty chemicals manufacturer has recommended a dividend of Rs 0.5 per share.

Categories
Editorial

Zomato’s Owner; Info Edge – A Detailed Analysis

Covid-19 has impacted every stock. Some of them have recovered from the sharp fall of March while others are still struggling to get back to pre-covid levels. On the opposite side, Info Edge hit an all-time high of Rs 3988 on 18th November 2020. How did Info Edge manage to do it even when India is struggling to contain the virus spread? What is the company all about? Let’s read all about it out today.

  1. Company Profile
  2. Recruitment Solutions
  3. Real Estate
  4. Matrimony Business
  5. Education as a Business
  6. Investee Company: Zomato
  7. Future of Info Edge

Company Profile of Info Edge

Info Edge Limited is an Indian consumer internet company founded in 1995 which operates in various business domains. It is a very unique company and is well known for its strong brands across sectors. It also plays a prominent role as a financial investor in brands that have been developed by separate enterprises. Info Edge management directly operates in recruitment solutions, real estate, education and matrimonial division. 

The recruitment space comprises naukri.com, naukrigulf.com, iimjobs.com, hirist.com, firstnaukri.com, Quadrangle and jobhai.com. The real estate space is covered by 99acres.com. The education and matrimonial division comprise of shiksha.com and jeevansathi.com. Apart from this, Info Edge has a vast portfolio of an investee company. Some of the most famous companies in which they invest are Zomato, Adda247 and Coding Ninjas. You can find the whole list of companies in which they invest below. Every middle-class Indian would have directly used, or at least seen any of Info Edge’s companies. They also own about 19% of Policybazaar.

Source: Company’s Annual Report 2019-20

Recruitment Solutions of Info Edge

Info Edge’s primary business is in the recruitment space. Earlier, most of the job vacancies were published in a newspaper or other print forms. With the emergence of the internet, the recruitment market started to change. Sanjeev Bikhchandani recognized the potential and started with Indian job search engine “Naukri.com” in 1997. Currently, this brand is a clear market leader in the recruitment industry with a traffic share of more than 70%. 

Source: Company’s Annual Report 2019-20

Naukri.com has acted as an early adopter of technology for years. In 2007 itself, they identified the need and role of the data scientists in business. They had set up an Analytics division in those years which helped in improving their matching algorithms. Info Edge has further evolved its recruitment business by enhancing its brand structure. They have developed several sub-brands and different platforms within the recruitment space. A few of these sub-brands are naukrigulf.com, iimjobs.com, Quadrangle and firstnaukri.com. 

The main aim of these multi-brands is to support the core brand, which is, Naukri.com. Another reason for this is to make diversified portals so that applicants can get an easier, quicker and better experience. For example, naukrigulf.com focusses on replicating the naukri.com model in the Middle East. Firstnaukri.com focusses on-campus hiring. It allows freshers or newcomers to apply for the jobs.

The recruitment business has two major sources of revenue. 90% of the total revenue comes from recruiters. This refers to the job listing, employer branding, résumé shortlisting, career site management and non-recruitment advertising. 10% of the remaining revenue comes from job seekers in the form of advisory services. 

Source: Company’s annual report 2019-20

Real Estate – Info Edge

99acres.com, launched in 2005, is one of India’s leading property portals which helps the customers of the real estate industry. Just like in Naukri.com, data science plays a significant role here as well. Machine Learning-based Algorithms aids to improve recommendations across the site which will improve the experience for both sellers and buyers. Just like naukri.com, 99acres.com also holds a leadership position in the market with more than 40% of traffic share.

The real estate industry has been badly hit by the Covid-19 pandemic. The industry was already struggling for a few years due to policy changes such as RERA, demonetization and GST. With Covid-19 restrictions placed earlier, construction activities and site visits reached a complete halt. 

Revenue streams for 99acres mostly come from project listings, email campaigns, advertisements, resale of properties and owners monetisation. As of March 31, 2020, the total projects listed, both ready to move in and under construction, were over 170,000. Also, the total listings were around 942,000.

Matrimony Business of Info Edge

Info Edge operates in the online matrimonial industry with the help of jeevansathi.com brand. Even though there are over 1,000 such sites in India, only a handful of those including jeevansathi.com has been able to gain people’s confidence. The companies operating in this market has to deal with a lot of complexities. Issues related to online cheating, quality of data uploaded, match-making algorithms makes it tough for the players to put a strong foot in the market.

Due to many players in the market and the hardship in the business, Jeevansathi concentrates its business to North and West India. This reorientation has helped them to put more focus on the market where they can gain more. The site uses a freemium model to gain traffic. Free of cost services include listing, searching, expressing interest and accepting others’ expression of interest. Revenues are generated when users connect, communicate on the platform, demands services like increase in profile visibility and more.

Education Platform

Shiksha.com is positioned as a platform in the Indian online education business which has a high potential to grow in future. The website makes course and college selection easy for students looking for undergraduate and postgraduate programs. They boast having information for over 14,000 institutions, 40,000 plus courses and have a database of more than 35 lakh students. Shiksha generates revenues in two ways. Firstly, by offering branding and advertising solutions for colleges and universities. Secondly, by providing leads (details of potential candidates) to colleges and their agents.

Investee Company: Zomato

Zomato is India’s big food tech unicorn and one of the largest online restaurant search & discovery platforms. As on 31st March 2020, Info Edge has invested Rs 15,219.8 lakh in Zomato. It is approximately equal to 22% of the total stake in Zomato. While Info Edge has invested heavily in many other companies, analysts consider Zomato to be their biggest asset. 

Zomato has three key businesses. 

  • Listings & Reviews: It was launched in 2008 and has more than 15 lakh restaurants listed on the portal.
  • Food Delivery: This service was launched in 2015. Here, Zomato follows a hybrid model consisting of a combination of self-fulfilled and restaurant fulfilled orders. 
  • Subscription Programs: Zomato Pro, the subscription scheme, was earlier called as Zomato Gold. It has both Indian and International presence and gives more features to the premium customers.

According to reports, Zomato plans to take the public route (IPO) next year. Recent reports stated that HSBC Global Research has valued Zomato at $5 billion. If this happens, the total valuation of Zomato and Info Edge will further increase. At that time, they would have the option to sell their stake and exit. Another option would be to stay with the company and support them to grow further. Fun Fact: Info Edge invested in Zomato when they were called Foodiebay. Later on, Foodiebay changed its name to Zomato.

Future of Info Edge

The pandemic has forced many companies to focus on their survival. But on the other side, companies like Info Edge have new opportunities with more adoption of digital technology by individuals and companies. At a time when most of the nation’s economic activity is going downwards, Info Edge has successfully raised Rs 18,750 million in August 2020, through a Qualified Institutional Placement (QIP). 

As mentioned before, Info Edge’s business strategy of venturing into different sectors with an online medium has proven beneficial in these times. Their recruitment and matrimony business is already thriving. One site which they are waiting for things to improve is 99acres.com. It is believed that as the real estate sector of the nation improves, the company’s business on this website will also improve. 

We have seen the huge spread of web portals under the umbrella of Info Edge. I believe we all have been a regular visitor on these websites or would have visited a few of them at least once. Whether it’s Zomato, Policy Bazaar, Naukri or others, we all have been a part of their large traffic share. The enormous range of brands under one house allows Info Edge to crawl into different markets and steal the market share. Companies like Info Edge should have a very bright future as the Indian population continue their transformation to the digital world.