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Bharti Airtel 5G Crosses 1Cr Unique Users – Top Indian Market Updates

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

Bharti Airtel 5G crosses 1 crore unique users

Bharti Airtel has crossed 1 crore unique 5G users since it started rolling out its network in October 2022. The company said its 5G services are present across all states and will cover every town and key rural area by the end of March 2024. The telco has created 5G experience zones across all its retail stores where customers can walk in to experience the high speeds.

Read more here.

Adani in talks for $400 million debt against Australian coal port assets: Report

According to an Economic Times (ET) report, the Adani Group has begun discussions with global credit funds to raise up to $400 million in debt against assets of a key coal port that makes up a large portion of the company’s Australian exports of the solid fossil fuel from the controversial Carmichael mine. Recent disclosures show that the Adani Group promoters own 100% equity in the Australian port asset.

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India’s fertiliser imports up 4% to 19.04 lakh tonnes in Jan

India’s fertiliser imports in January 2023 rose 3.9% year-on-year (YoY) to 19.04 lakh tonnes, according to the Fertiliser Ministry data. Imports stood at 18.33 lakh tonnes for the same period. Domestic fertiliser production also rose to 39.14 lakh tonnes, compared to 32.16 lakh tonnes in Jan 2022.

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Bajaj Auto plans to cut production amid uncertainties over exports: Report

Bajaj Auto is expected to take a steep cut of up to 25% in motorcycle and three-wheeler production across its export-focused plants next month. This reflects uncertainties in its biggest market, Nigeria. The company is likely to produce around 250,000-270,000 units in March, compared with an average production of 338,000 units in each of the first nine months of FY23.

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Granules gets USFDA approval to market generic medication to treat high blood pressure

Granules India has received approval from the US Food & Drugs Administration (USFDA) to market to market Losartan Potassium tablets. It is a generic product used to treat high blood pressure. According to IQVIA/IMS Health data, the current annual US market for Losartan potassium tablets is around $336 million.

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Dr. Reddy’s to acquire Mayne Pharma US generic portfolio for $105 million

Dr. Reddy’s Laboratories has entered into a definitive agreement to acquire Mayne Pharma’s US generic prescription product portfolio for $105 million. The company will acquire the portfolio for an upfront payment of $90 million in cash, contingent payments of up to $15 million, consideration for inventory, and credits for certain accrued channel liabilities.

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INOX leases commercial space from Hiranandani Group

Multiplex chain operator INOX has leased nearly 21,000 sq. ft. of commercial space at realty developer Hiranandani Group’s Hiranandani Estate in Thane for a total term of 15 years. The new multiplex is currently under development in the under-construction Bellona tower at Hiranandani Estate. The tower is expected to be completed in October 2023, with the multiplex opening in Jan 2024.

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Zomato asks for higher commission charges; restaurants are upset

Amidst widening losses, pressures on profitability, and a drop in delivery numbers in its food delivery business, Zomato has approached several restaurant chains seeking a 2-6% increase in commissions. However, restaurant operators have refused to accept the demand, triggering a fresh conflict between the two. 

Zomato’s move comes after the company reported a net loss of ₹347 crore for Q3 FY23, wider than the ₹63.2 crore loss posted a year earlier.

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Fabindia scraps ₹4,000 crore IPO due to uncertain market conditions

Lifestyle retail brand Fabindia has withdrawn its ₹4,000-crore initial public offering (IPO) due to the current market conditions. In January 2023, the company filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) for the IPO. Fabindia was planning a fresh issue of shares worth up to ₹500 crore and an offer for sale (OFS) of up to 2.5 crore shares.

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IndusInd Bank’s Net Profit Rises 57% YoY in Q2 – Top Indian Market Updates

Indusind Bank

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

IndusInd Bank Q2 Results: Net profit rises 57% YoY to ₹1,805 crore

IndusInd Bank reported a 57.3% YoY increase in net profit to ₹1,805.2 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 18% YoY to ₹4,302 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 2.11% in Q2, compared to 2.35% in Q1. Provisions fell 33% YoY to ₹1,141 crore in Q2 FY23.

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BEL signs MoU with Triton to manufacture hydrogen fuel cells

Bharat Electronics Ltd has signed a Memorandum of Understanding (MoU) with US-based Triton Electric Vehicle (TEV) to manufacture of hydrogen fuel cells. BEL will manufacture the cells using the technology transfer from TEV. This would also help to meet the requirements of the Indian market and mutually agreed-upon export markets.

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Nestle India Q3 Results: Net profit rises 8% YoY to ₹668 crore

Nestle India Ltd reported an 8.3% YoY increase in net profit to ₹668.34 crore for the quarter ended Sept (Q3 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations rose 18.24% YoY to ₹4,591 crore during the same period. E-commerce contributed 7.2% to the quarterly sales. Nestle India’s board has declared an interim dividend of ₹120 per share.

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Bharat Forge, General Atomics to develop Li-Ion battery system

Bharat Forge Ltd has signed an agreement with US-based technology major General Atomics to collaborate and develop a Lithium-Ion battery system for the Indian Navy. The two entities have also agreed to partner in the area of permanent magnet motors. The pact was signed on the sidelines of the DefExpo in Gandhinagar, Gujarat. 

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UltraTech Cement Q2 Results: Net profit falls 42% YoY to ₹758 crore

UltraTech Cement reported a 42% YoY decline in consolidated net profit to ₹758.7 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 15.61% YoY to ₹13,892.69 crore during the same period. The cement manufacturer’s total expenses stood at ₹12,934.27 crore in Q2, up 26.68% YoY. Total sales volume rose 7% YoY to 23.10 million metric tonnes (MMT).

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REC, PFC to provide ₹8,520 crore finance for 1,320 MW thermal power plant at Buxar

State-owned REC Ltd and Power Finance Corporation (PFC) have signed a pact to provide ₹8,520.92 crore to SJVN Thermal Pvt Ltd to set up a 1,320 megawatts (MW) thermal power plant at Buxar (UP). The total estimated project cost is ₹12,172.74 crore, with a debt requirement of ₹8,520.92 crore. REC and PFC will finance the total debt requirement.

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INOX Leisure Q2 Results: Net loss at ₹40 crore

INOX Leisure Ltd reported a consolidated net loss of ₹40.37 crore for the quarter ended Sept (Q2 FY23). The multiplex operator posted a net loss of ₹87.66 crore in Q2 FY22. Its revenue from operations jumped 688% YoY to ₹374.12 crore in Q2 FY23. Total expenses stood at ₹434.24 crore in Q2, up 155% YoY. The company plans to add 11 properties and 47 screens in the current financial year (FY23).

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Reliance Retail partners with 50+ traditional sweets makers

Reliance Retail Ventures Ltd has entered distribution partnerships with over 50 regional sweets makers across India to distribute, mass produce, modernise packaging, and develop traditional Indian sweets with extended shelf life. These packaged mithais will be placed at all Reliance grocery stores such as Smart Bazaar, Smart, and other grocery formats. It will also be available on Reliance Retail’s e-commerce platform JioMart.

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Havells India Q2 Results: Net profit falls 38% YoY to ₹187 crore

Havells India reported a 38% YoY decline in net profit to ₹187 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14% YoY to ₹3,679 crore during the same period. The company’s revenue from its cable business rose 18.8% YoY to ₹1,359 crore in Q2. EBITDA stood at ₹286 crore, down 36% YoY

MakeMyTrip, Goibibo, OYO fined ₹392 crore by CCI for unfair business practices

The Competition Commission of India (CCI) had slapped penalties totaling ₹392 crore on online travel firms MakeMyTrip-Goibibo (MMT-Go) and hospitality services provider OYO for unfair business practices. It was alleged that MMT-Go imposed a price parity in their agreements with hotel partners.

Under such pacts, hotel partners are not allowed to sell their rooms on any other platform or on their own online portal at a price below the price at which it is being offered on the two entities’ platforms.

Read more here.

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RBI Hikes Repo Rate by 50 bps to 5.9% – Top Indian Market Updates

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

RBI hikes repo rate by 50 bps to 5.9%

The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points (bps) to 5.90% to control high inflation rates. This is the fourth straight increase in the current cycle. The RBI has now raised rates by a total of 190 bps since its mid-meeting hike in May 2022. The central bank has lowered India’s real gross domestic product (GDP) forecast for FY23 from 7.2% to 7%. It has also maintained the consumer price index (CPI) inflation forecast for FY23 at 6.7%

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Akasa Air partners with RateGain for dynamic allocation of airfares

Akasa Air has partnered with RateGain Travel Technologies Ltd for gathering real-time air travel information that will help the airline in deciding dynamic fares. RateGain said its AI-powered platform, AirGain, provides the airline’s revenue and pricing teams with the most accurate and reliable market insights to build a competitive pricing strategy. It provides real-time competitor insights across channels to reduce disparity and revenue losses.

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HDFC raises lending rate by 50 bps

HDFC Ltd hiked its lending rate by 50 basis points (bps) after the Reserve Bank of India (RBI) raised the benchmark interest rate to curb inflation. The move would increase equated monthly installments (EMIs) for housing loans by the firm. HDFC has undertaken seven rate hikes in the last five months.

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PM Modi to launch 5G services on Saturday

Prime Minister Narendra Modi will launch 5G services in India tomorrow during the inauguration of the sixth edition of India Mobile Congress (IMC-2022). Mobile operators plan to commence the commercial rollout of 5G after that. Reliance Jio and Bharti Airtel have announced plans to start 5G later in October, and metro cities will be provided with services by Diwali.

Read more here.

Inox Leisure opens multiplex theater in Srinagar

Inox Leisure Ltd has commenced commercial operations of a multiplex cinema theatre in Srinagar, Jammu & Kashmir. The multiplex consists of three screens and 522 seats. INOX is now present in 74 cities with 165 Multiplexes, 705 screens, and a total seating capacity of 1,57,290 across India.

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LTTS partners with Qualcomm to provide solutions for 5G private networks

L&T Technology Services Ltd (LTTS) has extended its collaboration with US-based chipmaker Qualcomm Technologies to deploy end-to-end solutions for the global 5G private network industry. LTTS will establish an engineering center of excellence in California with Qualcomm Technologies’ support to accelerate the adoption of 5G private wireless networks.

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Vi partners with CareGame to launch 5G mobile cloud gaming in India

Vodafone Idea Ltd has partnered with Paris-based gaming technology company CareGame to launch 5G mobile cloud gaming in India. The company said that with 5G’s low latency technology, the cloud gaming industry is expected to democratise even further. Android and iOS users will be able to experience high-quality mobile gaming across popular genres without downloading them.

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Dilip Buildcon emerges as lowest bidder for ₹723 crore project

Dilip Buildcon Ltd was declared as the lowest (L-1) bidder for Phase 2 of the Ahmedabad Metro Rail project in Gujarat. The project entails the construction of 7.5 kilometers of elevated viaduct and seven stations from Sector-1 to Mahatma Mandir. The cost of the project (excluding GST) is expected to be ₹723.45 crore. 

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India’s core sector growth slows to 3.3% in August

The output of eight core infrastructure sectors grew 3.3% in August 2022— the lowest in nine months. The production growth of core sectors stood at 12.2% in the year-ago period. Output growth of eight infrastructure sectors (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity) was 9.8% during April-August of FY23, compared to 19.4% a year ago.

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Equity Mutual Fund Inflows Hit 10-Month Low in August – Top Indian Market Updates

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

Equity mutual fund inflows hit 10-month low in August

Data released by the Association of Mutual Funds in India (AMFI) showed that Inflows into equity mutual funds fell 31% YoY to ₹6,119.58 crore in August. Investors continued to withdraw money amidst rising interest rates and high inflation. The monthly Systematic Investment Plan (SIP) contribution stood at ₹12,693.45 crore in August, an all-time high. 

The mutual fund industry’s net assets under management (AUM) hit an all-time high of ₹39.33 lakh crore in August, increasing 7% YoY.

Read more here.

Govt clears PLI incentive of ₹53 crore for Dixon Tech

Dixon Technologies Ltd has become the first producer of mobile phones to get approval for the disbursement of incentives under the government’s Production-Linked Incentive (PLI) scheme. The company will be eligible to receive ~₹53 crore for the first quarter of operation between October to December 2021 as an incentive on incremental sales. The incentive amount will be disbursed in the next few days.

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India considers new coal imports as energy supply concern grows

Energy officials in India are considering whether further coal imports may be needed to avoid any power supply crunch. Stockpiles of coal at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days’ supply. This is well below the required levels of more than three weeks. Coal helps produce about 70% of India’s electricity.

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PVR to seek approval from shareholders, creditors on Oct 11 for merger with INOX

PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for its merger with INOX Leisure. The two entities announced the merger plan in March 2022, and the merged company will be called PVR Inox. However, the branding of existing screens will continue as PVR and INOX. The boards of both companies decided that the shareholders of INOX Leisure would receive 3 stocks of PVR for every 10 stocks of Inox they hold.

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Zydus Lifesciences secures rights to market MonoFerric injection in India, Nepal

Zydus Lifesciences Ltd has secured rights to market MonoFerric injection in India and Nepal from Denmark-based Pharmacosmos A/S. The drug is used to treat iron deficiency in adult patients when oral iron preparations are ineffective. MonoFerric is available in over 30 countries (including the US and Europe), and over 28 million doses have been administered since launch.

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Tata Group in talks to join an elite club of iPhone makers

Tata Group is in talks with Wistron Corp, a Taiwanese supplier to Apple Inc., to establish an electronics manufacturing joint venture as they seek to assemble iPhones in India. As per reports, Tata Group wants to tap Wistron Corp’s expertise in product development, supply chain, and assembly. If successful, the pact could make Tata the first Indian company to build iPhones.

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Lupin gets USFDA approval for generic used to cleanse colon

Lupin Ltd has launched the generic version of Suprep Bowel Prep Kit Oral Solution in the US after getting approval from the US Food & Drug Administration (USFDA). The drug is used for cleansing the colon as a preparation for colonoscopy. As per IQVIA MAT data, RLD Suprep Bowel Prep Kit had estimated sales of $202 million in the U.S during the 12 months ended July 2022. 

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Ashok Leyland signs pact with UK-based Libertine for powertrain technology

Ashok Leyland Ltd has signed an agreement with UK-based Libertine Holdings to evaluate the use of Libertine’s technology platform for its commercial vehicle (CV) powertrains. Libertine is a developer of clean and fuel-flexible linear generator technology (LGT). Under the terms of the agreement, Ashok Leyland will explore the scope for LGT product development and demonstration within its CV portfolio.

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PI Industries looks to buy promoter stake in Granules India: Report

As per a report by ET NOW, PI Industries is looking to acquire a promoter stake in Granules India. “Initial discussions between the two companies have already taken place,” the report said. The promoters of Granules India have a 42% stake in the pharma company valued at ₹3,200 crore.

Read more here.

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India’s GDP Grows at 13.5% in Q1 – Top Indian Market Updates

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

India’s GDP grows at 13.5% in Q1

India’s gross domestic product (GDP) grew by 13.5% during the April-June quarter (Q1 FY23), compared to a 4.1% growth in Q4 FY22. The economy grew at the fastest pace in a year as a favourable base effect and improved activities after the relaxation of Covid-19 restrictions outweighed the effects of geopolitical and global concerns. 

India’s manufacturing sector grew 4.8% in Q1, while the agriculture sector posted a 4.5% growth. The construction segment grew by 16.8% during the first quarter of FY23. The mining & quarrying sector witnessed a growth of 6.5% in Q1.

Read more here.

Inox Leisure to add 834 screens after FY23

Multiplex operator Inox Leisure Ltd has announced an expansion strategy to add 834 screens after FY23. It currently operates 692 screens in 73 cities across India as of June 30, 2022 (Q1 FY23). The company estimates the total screen count to go up to 752 by the end of the ongoing financial year. Inox Leisure has partnered with ICC to screen live matches at selected INOX cinemas. They have also started selling official merchandise of various Disney/Marvel superheroes and sportspersons as an alternate revenue source.

Read more here.

Reliance Industries acquires soft drink brand Campa: Report

As per an Economic Times report, Reliance Industries Ltd (RIL) has acquired homegrown soft drink brand Campa from New Delhi-based Pure Drinks Group for ₹22 crore. Campa will be re-launched nationally by Diwali in three flavours, including its iconic Campa Cola version, lemon, and orange variants. The move comes as Reliance Retail announced plans to roll out its fast-moving consumer goods (FMCG) business.

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Ashok Leyland secures mega order for 1,400 school buses in UAE

Ashok Leyland Ltd has secured orders for 1,400 school buses in the United Arab Emirates (UAE). The total fleet deal for the GCC-made buses has been bagged by Ashok Leyland’s UAE distribution partners— Swaidan Trading-Al Naboodah Group. The company will supply the 55-seater Falcon buses and 32-seater Oyster buses from its state-of-the-art manufacturing facility in Ras Al Khaimah, UAE.

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Havells to invest ₹130 crore at Rajasthan unit to expand production capacity

Havells India Ltd is planning to invest ₹130 crore to expand washing machine production capacity at its Ghiloth plant in Rajasthan. This expansion would be financed through internal accruals. The plant has the capacity to roll out 3 lakh units per annum currently. Havells plans to add an additional capacity of 3.8 lakh units per annum. 

The company is also setting up a cable manufacturing unit at Tumakuru, Karnataka, for a proposed annual capacity of 3,48,000 kilometers with an investment of ₹300 crore.

Read more here.

IndiGo announces codeshare agreement with Virgin Atlantic

InterGloble Aviation Ltd (IndiGo) has announced a codeshare agreement with British carrier Virgin Atlantic. The agreement will help both airlines to expand their access to customers flying to destinations that are serviced by either of them. Customers booking a Virgin Atlantic ticket will be able to fly on the airline’s London Heathrow to Delhi/Mumbai flights and connect to and from 7 additional cities in India.

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Significant reduction in debt burden to ₹1,810 crore till March 31: Coffee Day Enterprises

In its latest annual report, Coffee Day Enterprises Ltd (CDEL) said its debt level has been reduced significantly to ₹1,810 crore as of March 31, 2022 (FY22). CDEL’s debt levels stood at ₹7,214 crore in FY19 and ₹1,898 crore in FY21. However, there have been certain defaults in repayments of principal and interest on loans. Certain lenders have also exercised their rights to recall loans.

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SpiceJet delays salaries for a 2nd consecutive month

Employees at SpiceJet Ltd claimed that their salaries had been delayed for the second consecutive month despite the airline’s claim that payments were being made in a “graded format.” “The salaries being disbursed to captains and first officers are not even 50% of what they used to be before the Covid-19 outbreak in March 2020,” an employee told PTI.

The SpiceJet Human Resources team blamed superlative fuel price hikes and a historically lean period of July-Sept for the delays in salary payments.

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Adani Group to launch open offer for NDTV on Oct 17

Adani Group will launch its open offer on October 17 to acquire an additional 26% stake in media firm NDTV. The open offer for acquiring 1.67 crore equity shares at ₹294 per share will tentatively close on November 1. If fully subscribed at a price of ₹294 per share, the open offer will amount to ₹492.81 crore.

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Govt aims to increase coal production to 1.23 billion tonnes by FY25

The Ministry of Coal is accelerating the process to enhance coal production with a target of reaching 1.23 billion tonnes of fuel production by FY25. At this level of production, it is expected that fuel imports may not be required. Also, domestic production would be sufficient to meet the total energy demand. 

Meanwhile, Coal India Ltd (CIL) has adopted an integrated planning approach by strengthening evacuation infrastructure for 1 billion tonnes of production and seamless transportation of coal to the end users. 

Read more here.

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Bharti Airtel Signs 5G Network Deals with Nokia, Samsung – Top Indian Market Updates

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

Bharti Airtel signs 5G network deals with Ericsson, Nokia, Samsung

Bharti Airtel Ltd has signed 5G network agreements with Swedish equipment maker Ericsson, Nokia, and Samsung to commence deployment of 5G networks from August. Ericsson will provide 5G connectivity in 12 circles for Bharti Airtel. The multi-year deal with Nokia will provide equipment from its AirScale portfolio and solutions for network management, deployment, planning, and optimisation services. Samsung will act as Airtel’s network partner to deploy 5G services.

Read more here.

Adani Power Q1 Results: Net profit jumps 16x YoY to Rs 4,780 crore

Adani Power Ltd reported a 16-fold YoY jump in consolidated net profit to Rs 4,780 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 115% YoY to Rs 15,509 crore during the same period. The company’s performance in Q1 was aided by a surge in power purchase agreement (PPA) tariffs due to higher import coal prices and greater alternate coal usage. EBITDA stood at Rs 7,506 crore, up 227% YoY.

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Tata Power Green commissions 225 MW hybrid power project in Rajasthan

Tata Power Green Energy Ltd (TPGEL) has commissioned a 225 megawatts (MW) hybrid power project in Rajasthan. The power generated from the project will be supplied to Tata Power-Mumbai Distribution under a Power Purchase Agreement (PPA) for 25 years. The plant will annually offset approximately 700 million kilograms of carbon dioxide.

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Adani Wilmar Q1 Results: Net profit rises 10% YoY to Rs 194 crore

Adani Wilmar Ltd reported a 10.2% YoY increase in consolidated net profit to Rs 193.59 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 30.2% YoY to Rs 14,731.62 crore during the same period. EBITDA stood at Rs 496 crore, up 14% YoY. Overall volumes grew 15% YoY to 1.19 million metric tonnes (MMT). The company’s edible oil business posted a 6% YoY growth in volumes, while its food & FMCG segment grew 53% YoY.

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Inox Wind secures order for 200 MW wind power project from NTPC

Inox Wind has secured an order to establish a 200 MW wind power project from NTPC Renewable Energy Ltd. The project will be executed in Kutch District, Gujarat, and is scheduled to be commissioned by January 2024. As part of the order, Inox Wind will supply and install Wind Turbine Generators with 113 meters rotor diameter and 92 meters hub height. The company will also provide comprehensive operation and maintenance (O&M) for the project.

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Vodafone Idea Q1 Results: Net loss at Rs 7,297 crore

Vodafone Idea Ltd (Vi) reported a consolidated net loss of Rs 7,296.7 crore for the quarter ended June (Q1 FY23). The telecom major had posted a net loss of Rs 7,319 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 13.7% YoY to Rs 10,410 crore in Q1 FY23. The average revenue per user (ARPU) stood at Rs 128 in Q1 FY23, compared to Rs 104 in Q1 FY22.

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SpiceJet in talks with investors for stake sale: Report

As per a report from ET NOW, a Middle Eastern airline has expressed interest to pick up a 24% stake and a board seat in SpiceJet Ltd. Sources added that a big Indian business conglomerate has also approached promoter Ajay Singh to acquire a stake in the budget carrier. Ajay Singh holds around a 60% stake in SpiceJet. The cash-strapped airline urgently requires capital to keep flying.

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IndiGo Q1 Results: Net loss narrows to Rs 1,064 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,064.3 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 1,681.80 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 327.5% YoY to Rs 12,855.3 crore in Q1 FY23. IndiGo’s passenger ticket revenues stood at Rs 11,466.9 crore, up 399% YoY.

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Uber sells 7.8% stake in Zomato for Rs 3,100 crore

Uber Technologies sold its entire 7.78% stake in Zomato Ltd in a bulk deal on the BSE today. The US-based company sold 61.22 crore shares of Zomato, which it had earned by selling Uber Eats in an all-stock deal in 2020, at Rs 50.44 per share. Meanwhile, Fidelity’s Emerging Market Fund bought 5.44 crore shares of Zomato in the bulk deal at an average price of Rs 50.26. ICICI Prudential Life Insurance bought 4.5 crore shares at Rs 50.25 per share.

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Inox Leisure Q1 Results: Net profit at Rs 57 crore

Inox Leisure Ltd reported a consolidated net profit of Rs 57.09 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 122.28 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations stood at Rs 582.26 crore in Q1 FY23, compared to Rs 22.31 crore in Q1 FY22 (when cine exhibition was impacted due to the second wave of the Covid-19 pandemic). The company added three new properties with 17 screens in Q1 FY23.

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India’s services PMI falls to 4-month low in July

India’s services sector lost momentum in July as demand was curtailed by competitive pressures, high inflation and unfavourable weather. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 55.5 in July, compared to 59.2 in June. Both output and sales increased at the weakest rates for four months.

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

Read more here.

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PVR to Merge With INOX – Top Indian Market News

PVR to merge with INOX to form India’s largest entertainment company

Multiplex chains PVR Ltd and INOX Leisure Ltd have decided to merge to form the largest entertainment company in India. On Sunday, the boards of the two companies approved the amalgamation and share exchange ratios. INOX shareholders will receive three shares in PVR for 10 shares of INOX. After the merger, PVR promoters will have a 10.62% stake, while INOX promoters will have a 16.66% stake in the combined entity. 

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Tata Power, Rustomjee Group collaborate for EV charging infrastructure

Tata Power has partnered with real estate developer Rustomjee Group to provide electric vehicle (EV) charging solutions across its residential and commercial projects in Mumbai. The power company will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24×7 charging facility and maintenance support.

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L&T constructs 7-storey facility for DRDO in record 45 days

Larsen & Toubro Ltd has constructed a 7-storey, state-of-the-art Flight Control System (FCS) integration facility for the Defence Research and Development Organization (DRDO) in 45 days. The company used integrated hybrid modular construction technology to build the facility. Constructed on a total built-up area of 130,000 sq. feet, the site team had to coordinate with 21 off-site locations to integrate design, structure, and architecture services.

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Adani Group selects Google Cloud to modernise IT operations for future scale, innovation

Adani Group has announced a multi-year partnership with Google Cloud to modernise IT operations for future scale and group-wide innovation. The first phase of the partnership is underway. The Adani Group is making swift progress in migrating its extensive IT footprint from its existing on-premises data centre to Google Cloud.

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G R Infraprojects emerges lowest bidder for road project in Rajasthan

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a road project in Rajasthan worth Rs 1,368 crore. The project involves the construction of a 4-lane greenfield expressway spur from Bandikui to Jaipur on a hybrid annuity model. It also entails an operations and maintenance cost of Rs 2.97 crore in the first year. G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

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HCL Tech to provide global service desk and on-site support to Novo Nordisk

Danish pharma company Novo Nordisk has selected Tata Consultancy Services (TCS) to provide global service desk and on-site support. Through the partnership, HCL will help Novo Nordisk transform its IT operations and drive efficiency across its workforce. HCL will implement a multilingual and omnichannel digital workplace solution for Novo Nordisk. 

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Coal India records high of 528 MT of coal supplies to domestic power utilities

Coal India Ltd (CIL) has supplied an all-time high of 528 million tonnes (MTs) of coal to India’s power utilities. This is 98.5% of the prorated demand of 535 MTs projected by the Ministry of Power and Central Electricity Authority. CIL is concentrating all its efforts to meet the projected coal demand of the power sector. The company is expected to open the next financial year (FY23) with over 60 MT at its pitheads (top or entrance of the mining pits).

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EaseMyTrip, DBS Bank India to launch green debit card

DBS Bank India has partnered EaseMyTrip to launch an environment-friendly international debit card. It is made from 99% recycled polyvinyl chloride (PVC) material. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers. It also rewards users for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.

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Aurobindo Pharma acquires business and assets of Veritaz Healthcare for Rs 171 crore

Aurobindo Pharma Ltd has acquired the business and certain assets of Veritaz Healthcare for a cash consideration of Rs 171 crore. The transaction is expected to close by May 2022. Veritaz sells branded generic formulations and other healthcare-related products in the Indian market. Its sales and distribution network includes nearly 50,000 retailers, spread across 23 cities.

Aster DM Healthcare to invest Rs 500 crore to set up healthcare facilities in Tamil Nadu

Aster DM Healthcare Ltd has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up healthcare facilities. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies, and laboratories in Tamil Nadu. It will help provide affordable, quality healthcare and generate employment for more than 3,500 people.

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RIL Reports 42% YoY Rise in Net Profit in Q3 – Top Indian Market News

RIL Q3 Results: Net profit rises 42% YoY to Rs 18,549 crore

Reliance Industries Ltd (RIL) reported a 42% YoY increase in net profit to Rs 18,549 crore for the quarter ended December (Q3 FY22). Net profit rose 36% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 1,91,271 crore during the same period. RIL’s oil to chemical (O2C) business reported a revenue of Rs 1.31 lakh crore, up 57% YoY. Reliance Retail recorded consolidated gross revenue of Rs 57,714 crore for Q3, a growth of 52.5% YoY.

Reliance Jio’s net profit rose 10% YoY increase in net profit to Rs 3,615 crore in Q3 FY22. Its revenue from operations rose 4.6% YoY to Rs 19,347 crore.

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JSW Steel Q3 Results: Net profit rises 62% YoY to Rs 4,357 crore

JSW Steel Ltd reported a 62% YoY increase in consolidated net profit to Rs 4,357 crore for the quarter ended December (Q3 FY22). Net profit fell 39% when compared to the previous quarter. Its revenue from operations rose 74% YoY (or 17% QoQ) to Rs 38,071 crore during the same period. JSW Steel’s total sales volume stood at 3.91 million tonnes (MT) in Q3, down 1% YoY.

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Bandhan Bank Q3 Results: Net profit rises 36% YoY to Rs 859  crore

Bandhan Bank reported a 36% YoY increase in net profit to Rs 859 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 2.7% YoY (or 10% QoQ) to Rs 2,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 10.81% in Q3 FY22, compared to 1.1% in Q3 FY21. Provisions fell 25.2% YoY to Rs 805.71 crore in Q3 FY22.

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Gland Pharma Q3 Results: Net profit rises 34% YoY to Rs 273 crore crore

Gland Pharma Ltd reported a 33.77% YoY increase in consolidated net profit to Rs 273.03 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.7% YoY to Rs 1,063.33 crore during the same period. The pharma company’s EBITDA rose 32% YoY to Rs 394.6 crore in Q3. Revenue from its core markets (US, Europe, Canada, Australia) grew 10% YoY to Rs 665.2 crore.

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PTC India board to meet Jan 22 after allegations of irregularities in financial lending units

PTC India Ltd will hold its first board meeting on Saturday (Jan 22) following recent allegations of lapses in governance and operations at its financial lending units. PTC India Financial Services Ltd was accused of lapses in corporate governance by three independent directors who resigned on Thursday. PTI India’s chairman, Rajib Mishra, promised an investigation into the matter and has formed an internal committee that would submit a report in 30 days.

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Inox Leisure Q3 Results: Net loss at Rs 1.31 crore

Inox Leisure Ltd reported a net loss of Rs 1.31 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 102.5 crore in Q3 FY21 and a loss of Rs 87.66 crore in the previous quarter (Q2 FY22). Its revenue from operations jumped 1892.4% YoY to Rs 296.47 crore in Q3 FY22.

Nestle apologies for KitKat packs; says packs withdrawn last year

Nestle India has apologised for depicting images of Hindu Gods on some packs of its chocolate brand KitKat. The company stated that it withdrew the packs in mid-2021. Consumers across social media have accused the company of hurting religious sentiments by showing images of Hindu Gods on its chocolate brand wrappers.

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IDBI Bank Q3 Results: Net profit rises 53% YoY to Rs 578 crore

IDBI Bank reported a 53% YoY increase in net profit to Rs 578 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 31% YoY to Rs 2,383 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid on deposits]. The gross non-performing assets (GNPA) ratio stood at 20.56% in Q3 FY22, compared to 23.52% in Q3 FY21. Provisions fell 11% YoY to Rs 1,189 crore in Q3 FY22.

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Vodafone Idea Q3 Results: Net loss widens to Rs 7,231 crore

Vodafone Idea Ltd (Vi) reported a net loss of Rs 7,231 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 4,532 crore in Q3 FY21. Its revenue from operations fell 10.8% YoY to Rs 9,717 crore in Q3 FY22. Vi’s average revenue per user (ARPU) for the quarter stood at Rs 115, up 5.2% quarter-on-quarter (QoQ). The total gross debt of the company stood at Rs 1,98,980 crore as of December 31, 2021.

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States Suffer Power Outages as Coal Stocks Shrink – Top Indian Market News

Indian states suffer power cuts and outages as coal stocks shrink

North Indian states have suffered electricity cuts and face further outages due to a lack of coal. The shortages in India follow widespread outages in neighboring China, which has shut factories and schools to manage the crisis. Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days. These plants supply around 70% of India’s electricity. A blackout warning has been declared in Delhi as there is a severe shortage of coal stock in the thermal power station from where the city gets electricity.

On Friday, the Ministry of Power issued guidelines for operationalising optimum utilisation of generating stations as per the requirement in the electricity grid. 

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Route Mobile to acquire Latin American firm Masiv for $47.5 million

Route Mobile Ltd has acquired Latin American firm Masivian S.A.S (Masiv) for $47.5 million (~Rs 356.8 crore). Masiv is a cloud communication platform service provider that primarily caters to enterprises in Columbia and Peru. It offers multichannel notification services through SMS, OTT business messaging, email, and voice. The acquisition is expected to be completed within the next 60 days.

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Vakrangee Q2 Results: Net profit jumps 101% YoY to Rs 26.7 crore

Vakrangee Ltd reported a 101% year-on-year (YoY) jump in consolidated net profit to Rs 26.74 crore for the quarter ended September (Q2 FY22). Net profit has increased by 33.6% when compared to the previous quarter. Its revenue from operations rose 195% YoY (or 34% QoQ) to Rs 207.19 crore during the same period. Vakrangee provides banking, ATM, insurance, financial services, e-governance, e-commerce, and logistics services in India. 

Inox Leisure opens four-screen multiplex in Guwahati

Multiplex operator Inox Leisure Ltd has launched a four-screen multiplex at Guwahati. The all-new Inox Insignia will offer an ultra-premium multiplex experience with four exclusive auditoriums and a total of 183 recliner seats. With this launch, Inox is now present in 70 cities with 156 multiplexes, 658 screens, and a total seating capacity of 1.48 lakh across India.

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Solar Industries India secures order worth Rs 1,471 crore from Coal India

Solar Industries India Ltd (SIIL) has received an order from Coal India Ltd for the supply of bulk explosives over a period of two years. The total order value is Rs 1,471 crore. SIIL manufactures and supplies industrial explosives and explosive initiating devices in India and internationally. The company also provides defense products, including military explosives, bombs, and warheads. 

IRB Sindhudurg Airport starts commercial operations

IRB Sindhudurg Airport Pvt. Ltd (IRB-SAPL) has started commercial operations of the Greenfield Airport Project at Chipi, Maharashtra. IRB-SAPL is a special purpose vehicle (SPV) of IRB Infrastructure Developers Ltd that was entrusted to develop and operate the airport project. IRB Infrastructure, through the SPV, developed the project at an estimated capital outlay of Rs 800 crore.

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Bandhan Bank’s collection efficiency improves to 90% in Q2

Bandhan Bank’s collection efficiency rate improved to 90% for the quarter ended September (Q2 FY22), compared to 80% efficiency in Q1. The bank’s loans & advances rose 7% YoY to Rs 81,668 crore in the July-Sept quarter. Its total deposits rose 24% YoY to Rs 81,898 crore during the same period. Retail deposits rose 35% YoY to Rs 68,787 crore as of September 30, 2021. 

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Gland Pharma gets tentative approval for Sugammadex injection

Gland Pharma has received tentative approval from the US Food & Drug Administration (USFDA) for generic Sugammadex injection. The drug is used for reversing the effects of the muscle relaxants rocuronium bromide and vecuronium bromide given to patients during surgery. According to IQVIA data, Sugammadex injection had US sales of ~$615 million (~Rs 4,620 crore) for 12 months ended April 2021.

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Mukesh Ambani joins Bezos, Musk in world’s exclusive $100 billion club

Mukesh Ambani has joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion. The chairman of Reliance Industries Ltd (RIL) entered the elite group of 11 men as his company’s stock surged to a record high on Friday. According to the Bloomberg Billionaires Index, Mukesh Ambani is now worth $100.6 billion. His wealth has increased by $23.8 billion this year.

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Adani Ports Reports 72% YoY Rise in Net Profit in Q1 – Top Indian Market News

adani ports and sez

Adani Ports Q1 Results: Net profit rises 72% YoY to Rs 1,307 crore

Adani Ports & Special Economic Zone (APSEZ) reported a 72% YoY increase in consolidated net profit to Rs 1,307 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.5% when compared to the previous quarter. Its revenue from operations rose 99% YoY (or 26% QoQ) to Rs 4,557 crore during the same period. Cargo volumes increased by 83% YoY to Rs 75.7 million tonnes (MT) in Q1. The revenue from its ports business rose 75% YoY to Rs 3,339 crore during the April-June quarter.

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Union Bank of Philippines selects Infosys Finacle’s digital banking solution suite

Infosys Finacle announced that the Union Bank of Philippines (UBP) will migrate from an on-premise deployment to the state-of-the-art Finacle Digital Banking Solution Suite on Cloud. Over 8 million customer accounts will be considered for migration to the new software-as-a-service (SaaS) platform. Infosys Finacle is a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys Limited.

Today, Infosys Limited became the fourth Indian firm to hit Rs 7 lakh crore in market capitalization. Its shares have surged over 72% in the past year.

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Bharti Airtel Q1 Results: Net profit falls 63% QoQ to Rs 284 crore

Bharti Airtel Ltd reported a 62.7% quarter-on-quarter (QoQ) decline in net profit to Rs 284 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 15,933 crore in Q1 FY21 due to one-time provisioning for AGR dues. Its revenue from operations rose 4.3% QoQ to Rs 26,854 crore in Q1 FY22. Bharti Airtel’s average revenue per user (ARPU) stood at Rs 146 during the same period, compared to Rs 145 in the previous quarter. 

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Dabur Q1 Results: Net profit rises 28% YoY to Rs 438 crore

Dabur India Ltd reported a 28% YoY increase in net profit to Rs 438 crore for the quarter ended June (Q1 FY22). Net profit has increased by 15.7% when compared to the previous quarter. Its revenue from operations rose 31.9% YoY (or 11.8% QoQ) to Rs 2,611.5 crore during the same period. The FMCG company posted a 34.4% YoY increase in volume growth in Q1. EBITDA increased 32.5% YoY to Rs 552 crore during the April-June quarter of FY22.

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MG Motor partners with Reliance Jio for IoT solutions for upcoming SUV

MG Motor India has partnered with Reliance Jio to power its mid-sized SUV with Jio Internet of Things (IoT) solutions. Under the partnership, Jio’s 4G network will provide high-speed, in-car connectivity to customers of MG’s upcoming mid-sized SUV in metro cities as well as in small towns and rural areas. Jio’s eSIM, IoT, and streaming solutions will enable MG users to access real-time connectivity, infotainment, and telematics.

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Tata Consumer Q1 Results: Net profit declines 43% YoY to Rs 185 crore

Tata Consumer Products Ltd reported a 43.48% YoY decline in consolidated net profit to Rs 185.15 crore for the quarter ended June (Q1 FY22). However, net profit has jumped 243.51% when compared to the previous quarter. Its total income rose 10.55% YoY to Rs 3,036.47 crore during the same period. EBITDA fell 17% YoY to Rs 398 crore in Q1.

SJVN hydropower plants record highest ever monthly generation in July

SJVN Limited’s Nathpa Jhakri Hydro Power Station has achieved its highest-ever monthly power generation of 1216.56 million units on July 31, 2021. Its previous record stood at 1213.10 million units. The company’s Rampur Hydro Power Station generated 335.90 million units of power in July, surpassing its previous record of 333.69 MU. India’s power generation companies are currently benefiting from the surge in electricity demand.

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Inox Leisure Q1 Results: Net loss at Rs 122 crore

Inox Leisure reported a consolidated net loss of Rs 122.28 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.64 crore in the corresponding period last year (Q1 FY22). Its total income stood at Rs 25.50 crore in Q1 FY22, compared to Rs 2.97 crore in Q1 FY21. The second wave of the Covid-19 pandemic resulted in the closure of cinemas, which severely affected its revenues. Inox Leisure operates 153 multiplexes with 648 screens in 69 cities across the country.

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Nykaa files DRHP to raise funds via IPO

Nykaa, an e-commerce startup for beauty products, has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). FSN E-Commerce Ventures (the parent company) is looking to raise Rs 525 crore through a fresh issue of shares. The IPO also consists of an offer for sale (OFS) by existing shareholders and promoters. The company will utilise the net proceeds from the IPO to open new retail stores and reduce debt.

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Indian Overseas Bank Q1 Results: Net profit jumps 170% YoY to Rs 327 crore

Indian Overseas Bank (IOB) reported a 170% YoY jump in net profit to Rs 327 crore for the quarter ended June (Q1 FY22). Net profit has declined by 6.6% when compared to the previous quarter. Its total income declined by 1.5% YoY to Rs 5,234 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 11.48% in Q1 FY22, compared to 11.69% in Q1 FY21. IOB’s provisions for bad loans and contingencies fell 11% YoY to Rs 970 crore in the April-June quarter of FY22.

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Alkyl Amines Q1 Results: Net profit rises 48% YoY to Rs 78.5 crore

Alkyl Amines Ltd reported a 48.6% YoY increase in net profit to Rs 78.5 crore for the quarter ended June (Q1 FY22). Net profit has declined by 15.1% when compared to the previous quarter. Its revenue from operations rose 60% YoY to Rs 391.8 crore during the same period. Mumbai-based Alkyl Amines is a leading manufacturer of specialty chemicals.

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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.

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World Bank Slashes India’s Growth Forecast to 8.3% for FY22 – Top Indian Market News

World Bank slashes India’s growth forecast to 8.3% for FY22

The World Bank has lowered its growth forecast for India from 10.1% to 8.3% for the current financial year (FY22). It stated that recovery in India is being hampered by the largest outbreak of Covid-19 cases that any country has seen since the beginning of the pandemic. “Economic activity in FY22 will benefit from policy support, including higher spending on infrastructure, rural development, health, and a stronger-than-expected recovery in services and manufacturing,” the World Bank said in its latest Global Economic Prospects report.

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Max Financial Q4 Results: Net profit at Rs 62.34 crore

Max Financial Services Ltd reported a consolidated net profit of Rs 62.34 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 36.09 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations jumped 128.88% YoY to Rs 9,759.75 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit increased by 179.6% YoY to Rs 405.39 crore. 

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Route Mobile to expand its global presence in Southeast Asia

Route Mobile Ltd announced the opening of a step-down subsidiary PT Route Mobile in Indonesia, as it seeks to expand its global presence in Southeast Asia. The company has appointed Elsiyah Susanto as Country Manager- Indonesia. The new office in Indonesia marks the company’s commitment to strengthen its presence in the region and assure better reachability to enterprises and brands. Route Mobile is a leading cloud communications platform as a service (CPaaS) provider based in Mumbai.

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Minda Corporation forms JV with South Korean firm for automotive antenna systems

Minda Corporation Ltd has announced a joint venture (JV) with South Korea-based INFAC Elecs Co. Ltd to bring its range of automotive antenna solutions to India. The partnership aims to capitalise on the opportunities for growth in automotive safety, connected and autonomous technologies. The JV will provide multiple products such as rod antenna, micro pole antenna, shark fin antenna, and low frequency (LF) antennas. It will manufacture the antennas locally from the newly established state-of-the-art manufacturing unit in Pune.

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MOIL secures patent from the government

MOIL Limited has secured a patent for an invention entitled ‘a composition useful as an alternative filling material for hydraulic stowing in an underground mine and the methods thereof’. The Indian government has granted the patent for 20 years, starting from March 31, 2018. This is the company’s first patent since its inception in 1962. State-owned MOIL is a manganese ore mining company based in Nagpur.

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Suven Pharma Q4 Results: Net profit rises 12% YoY to Rs 83 crore

Suven Pharmaceuticals Ltd reported a 12.05% YoY increase in consolidated net profit to Rs 83.12 crore for the quarter ended March (Q4). Net profit has declined by 26.85% when compared to the previous quarter. Its revenue from operations rose 40.27% YoY to Rs 259.16 crore during the same period. Net profit for the financial year 2020-21 increased by 14.30% YoY to Rs 362.34 crore. The pharma company’s board has recommended a final dividend of Re 1 per share.

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NCLT approves Videocon sale to Vedanta group firm Twinstar Technologies

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Twinstar Technologies’ resolution plan for Videocon Industries Ltd. Twinstar is part of Anil Agarwal’s Vedanta Group. It had offered to pay Rs 2,962 crore to the lenders of Videocon, which is burdened with a massive debt of Rs 46,000 crore. In 2019, NCLT had allowed for the consolidation of insolvency proceedings against 13 entities of the Videocon Group.

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Inox Leisure to raise Rs 300 crore via QIP

The Board of Directors of Inox Leisure Ltd has approved the launch of a qualified institutional placement (QIP) to raise Rs 300 crore. The floor price of the QIP has been fixed at Rs 315.25 per share. This is a 5% discount to the current share price. The multiplex operator plans to utilize the net proceeds from the share sale to meet capital expenditure requirements for ongoing and future projects. The funds will also be used for business expansion and to repay existing/future debts.

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Indian Hotels Company signs pact with BACL for 775-room hotel at Bengaluru airport

Indian Hotels Company Ltd (IHCL) has entered into an agreement with Bengaluru Airport City Ltd (BACL) for a 775-room hotel at Kempegowda International Airport. It will be a combination of a 450-room ‘Vivanta’ hotel and a 325-room ‘Ginger’ hotel. The upcoming hotel complex, along with Taj Bangalore, will offer a combined inventory of 1,150 rooms. With this addition, IHCL will have 12 hotels in Bengaluru.

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CCI approves acquisition of three electricity supply companies of Odisha by Tata Power

The Competition Commission of India (CCI) has approved the acquisition of 51% of equity share capital in each of the three electricity supply companies of Odisha by Tata Power Company Ltd. This includes Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha (SOUTHCO), and Central Electricity Supply Company of Odisha Limited (CESCO). The 51% share capital of each utility company will be acquired by Tata Power from Grid Corporation of Odisha Ltd (GRIDCO).

Welspun Corp secures multiple orders worth Rs 1,725 crore

Welspun Corp has received multiple orders of approximately 164 kilometric tonnes (KMT), valuing close to Rs 1,725 crore. The orders include reinstatement of an offshore sour pipes supply contract in Australia for the Barossa Offshore Development Project. With these new orders, the company’s total order book stands at 525 KMT, valued at approximately Rs 4,800 crore.