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HUL Reports 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

Hindustan Unilever Q4 Results: Net profit rises 41% YoY to Rs 2,143 crore

Hindustan Unilever Ltd (HUL) reported a 41% year-on-year (YoY) increase in net profit to Rs 2,143 crore for the quarter ended March (Q4). Its revenue rose 35% YoY to Rs 11,947 crore during the same period. The FMCG firm saw strong demand for its food and refreshments portfolio (up 36% YoY) and recovery in categories such as fabric wash. HUL’s volume growth stood at 16% in Q4. The company’s board has proposed a final dividend of Rs 17 per share.

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Tata gets CCI approval to acquire 64.3% stake in BigBasket

The Competition Commission of India (CCI) has approved Tata Digital’s proposal of acquiring up to 64.3% stake in Supermarket Grocery Supplies Pvt Ltd (SGS), the business-to-business (B2B) arm of BigBasket. The transaction will include a mix of primary and secondary share purchases. Through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts, which operates BigBasket’s online retail business. This would give Tata control over both wholesale and retail business units. [Tata Digital is a wholly-owned subsidiary of Tata Sons]

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Bajaj Auto Q4 Results: Net profit rises 2% YoY to Rs 1,332 crore

Bajaj Auto Limited reported a 2% YoY increase in standalone net profit to Rs 1,332 crore for the quarter ended March (Q4). Its revenue rose 26% YoY to Rs 8,596 crore during the same period. The company’s total vehicle sales increased 18% YoY to 11.69 lakh units in Q4. Bajaj Auto’s overall share for motorcycles sold in domestic and international markets (amongst Indian manufacturers) stood at 27.6% in FY21. The auto major’s board has announced a final dividend of Rs 140 per share.

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Inox Leisure Q4 Results: Net loss at Rs 94 crore

Inox Leisure Limited reported a consolidated net loss of Rs 93.69 crore for the quarter ended March (Q4). The multiplex chain operator had posted a net loss of Rs 82.15 crore in the corresponding period last year (Q4 FY20). Revenue from operations declined 75.66% YoY to Rs 90.44 crore in Q4 FY21. The resurgence of Covid-19 cases has emerged as a major cause of concern for the company. Inox Leisure currently operates 648 screens across 153 multiplexes in 69 cities.

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IndiaMART Q4 Results: Net profit rises 26% YoY to Rs 55.7 crore

IndiaMART InterMESH Ltd reported a 26% YoY increase in consolidated net profit to Rs 55.7 crore for the quarter ended March (Q4). Its revenue rose 5.64% YoY to Rs 179.70 crore during the same period. The B2B firm’s consolidated net profit has increased by 89.82% YoY to Rs 279.80 crore for the financial year ended March 31, 2021 (FY21). The company’s board has proposed a final dividend of Rs 15 per share.

In other news, IndiaMART InterMESH (through its subsidiary Tradezeal Online) will acquire a 26% stake in Gurugram-based Shipway Technology for Rs 18.2 crore. The company will also acquire a 3.02% stake in Kolkata-based Truckhall for Rs 1.33 crore.

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Route Mobile to acquire AI firm Phonon Communications for Rs 29 crore

Route Mobile Limited has signed definitive agreements to acquire Artificial Intelligence (AI) platform provider Phonon Communications Pvt Ltd for Rs 29 crore. This acquisition will help Route Mobile to offer automation and contact center solutions at scale to enterprises globally. Phonon offers a complete suite of conversational AI-driven contact center solutions with integration on cloud platforms such as AWS, Azure, and Google Cloud.

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Laurus Labs Q4 Results: Net profit rises 170% YoY to Rs 297 crore

Laurus Labs Limited reported a 170% YoY jump in consolidated net profit to Rs 297 crore for the quarter ended March (Q4). Its revenue from operations rose 68% YoY to Rs 1,412 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 286% YoY to Rs 984 crore. Laurus Labs’ formulations and API businesses have delivered robust growth throughout the year. The pharma company’s board has announced an interim dividend of Rs 0.80 per share.

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Wipro partners with Citrix, Hewlett Packard to accelerate remote working solutions

Wipro Limited has strengthened its alliance with Citrix and Hewlett Packard Enterprise (HPE) to launch a robust solution that will accelerate remote working and bring modernisation into workspaces. The solution offers a seamless framework to enable a unified experience for enterprises. It will be delivered through a pay-per-use model that is subscription-based, agile, elastic, and offer a consistent cloud experience.

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Ambuja Cements Q1 Results: Net profit rises 66% YoY to Rs 665 crore

Ambuja Cements reported a 66.6% YoY increase in standalone net profit to Rs 665 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Net sales rose 30% YoY to Rs 3,579 crore during the same period. The cement maker’s sales volume grew 24.48% YoY to 7.17 million tonnes in Q1. To compensate for the impact of rising fuel and raw material costs, Ambuja Cements had launched operational efficiency programs, along with logistics efficiencies such as direct dispatches.

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Exide Industries Q4 Results: Net profit rises 30% YoY to Rs 321 crore

Exide Industries Limited reported a 29.54% YoY increase in consolidated net profit to Rs 321.87 crore for the quarter ended March (Q4). Its revenue rose 31.32% YoY to Rs 4,562.86 crore during the same period. The company has posted strong growth in both automotive and industrial segments. For the financial year ended March 31, 2021 (FY21), the battery manufacturer’s net profit has increased by 4.27% YoY to Rs 809.90 crore.

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Titan Q4 Results: Net profit rises 48% YoY to Rs 529 crore

Titan Company Ltd reported a 48% YoY increase in net profit to Rs 529 crore for the quarter ended March (Q4). Revenue from operations rose 61% YoY to Rs 4,429 crore during the same period. The jewellery segment posted a revenue of Rs 6,397 crores (excluding gold bullion sales), compared to Rs 3,754 crores in Q4 FY20. Its eyewear business registered an 18% YoY growth in revenues to Rs 127 crores. Titan’s board has announced a dividend of Rs 4 per share.

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IMF Projects 11.5% Growth Rate for India in 2021 – Top Indian Market News

IMF projects 11.5% growth rate for India in 2021

According to the World Economic Outlook Update by the International Monetary Fund (IMF), the Indian economy is likely to recover at a faster pace in 2021. The IMF has projected an 11.5% growth rate for India in 2021, which makes the country the only major economy in the world to register double-digit growth this year. China is next with 8.1% growth in 2021, followed by Spain (5.9%) and France (5.5%). IMF’s latest growth projection is in line with the Indian government’s assessment of a strong revival in the coming months, especially after the recent vaccine approvals. 

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Farmers clash with police at Red Fort; one dead as tractor overturns

Thousands of farmers entered New Delhi and reached Red Fort and ITO from Singhu and Ghazipur borders as part of their tractor rally on Tuesday. The farmers deviated from the pre-approved route and clashed with the Delhi Police, vandalised buses, and breached barricades. The police, in turn, resorted to lathi-charge and also lobbed tear gas shells. A farmer in his 30s, who was on one of the tractors, was allegedly hit by a tear gas shell on his head. He started bleeding profusely, his tractor overturned, and was claimed to have died on the spot. 

Reliance Jio, Bharti Airtel, and Vodafone Idea suspended their internet services in parts of the National Capital Region (NCR) following a Home Ministry directive on Tuesday, in the wake of farmers’ violent protests.

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Inox Leisure commences operations at new multiplex in Thane

Inox Leisure Ltd has commenced commercial operations at a new multiplex at Thane, Maharashtra. The company is now present in 69 cities with 151 multiplexes, 641 screens. It has a total seating capacity of 1.46 lakh seats across India. According to Unlock 5 guidelines issued by the government, multiplexes and cinema halls are now operating under half of their sitting capacity.

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Hero MotoCorp may launch electric car as part of new future-forward lineup: Report

According to a report from the Times of India, Hero MotoCorp may launch an electric car as part of its efforts to fuel the next leap in mobility. The company has already prototyped a high-utility, modular electric three-wheeler (Quark 1), which can be converted into a two-wheeler based on the requirements of the user. “Similar innovations and solutions— beyond its traditional two-wheeler business— will form the new line-up that the company is working on as part of a vision of the future of mobility,” said Pawan Munjal, chairman of Hero MotoCorp.

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Adani Ports to raise $500 million via dollar bonds to refinance overseas debt

Adani Ports & Special Economic Zone Ltd (APSEZ) on Tuesday said it will raise $500 million (~Rs 3,645 crore) through dollar bonds. The proposed bonds will have a 10-year maturity. The funds will be used for early redemption of dollar bonds of the company which matures in 2022. Investment banks Barclays, Bank of America, and Citibank have been selected as advisors for the proposed bond issuance.

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Petrol crosses Rs 86 mark in Delhi, diesel above Rs 76

The price of petrol touched a record high of Rs 86.05 per litre in Delhi, while diesel price rose to Rs 76.23 per litre. Petrol and diesel cost Rs 92.62 and Rs 83.03 per litre, respectively, in Mumbai. In the last 10 weeks, state oil companies have raised prices of petrol by Rs 5 per litre and that of diesel by nearly Rs 6 per litre. Taxes, which the government raised steeply last year, comprise about 60% of the fuels’ retail prices.

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Affle India’s subsidiary to acquire business assets of Discover Tech

Affle MEA FZ-LLC (AMEA), a wholly-owned subsidiary of Affle (India) Limited, has entered into a definitive Business Transfer Agreement to acquire the business assets of Israel-based Discover Tech Limited. As part of the deal, the technology platform, brand name, intellectual property rights, and business relationships of Discover Tech will be acquired by AMEA. The cost of the acquisition is estimated at $1.15 million (~Rs 8.38 crore).

Jubilant Foodworks completes acquisition of 10.76% stake in Barbeque Nation

Jubilant Foodworks Ltd has completed the acquisition of a 10.76% stake in Barbeque Nation Hospitality Limited (BNHL). On December 31, the company said it would invest Rs 92 crore into BNHL. BNHL owns and operates 138 Barbeque Nation restaurants across 73 cities in India.

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Tata Steel’s Net Profit Falls 60% YoY – Top Indian Market News

Tata Steel Q2 Results: Net Profit falls 60% YoY to Rs 1,635 crore

Tata Steel Ltd. reported a 60% year-on-year (YoY) decline in consolidated net profit to Rs 1,635 crore, for the quarter ended September (Q2). The company’s revenue increased by 7% YoY to Rs 37,154 crore, during the same period. Tata Steel has stated that it has been able to ramp up capacity utilization and achieve highest-ever sales in Q2, despite the ongoing Covid-19 pandemic.

India’s fuel demand posts first annual growth since February

India’s fuel demand posted its first yearly increase since February, as the demand for diesel saw a quick recovery ahead of the festive season. The total demand for petroleum products rose by 2.5% YoY in October, to reach 17.77 million tonnes. The consumption of both petrol and diesel has reached pre-Covid levels. 

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India to receive 100 million AstraZeneca vaccine shots by December

Serum Institute of India (SII) is increasing the production of the AstraZeneca-Oxford University Covid-19 vaccine. The company has stated that it is aiming to keep 100 million vaccine doses ready by December 2020. Adar Poonawalla, the CEO of SII, has said that his company may receive authorization for emergency use if the vaccine proves to be effective.

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Inox Leisure raises Rs 250 crore from QIP

Inox Leisure Limited has raised Rs 250 crore through a qualified institutional placement (QIP). The company has allocated 9.8 million shares to eligible institutional buyers at Rs 255 per share. The funds raised through QIP would be utilized by Inox to meet capital expenditure requirements for on-going and future projects.

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HAL Q2 Results: Net Profit declines marginally to Rs 615 crore

Hindustan Aeronautics Ltd. reported a 1.1% YoY decline in consolidated net profit to Rs 615 crore, for the quarter ended September (Q2). The consolidated revenue from operations increased by 41% YoY to Rs 4,854 crore, during the same period. Bangalore-based HAL is a state-owned aerospace and defense company.

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Shoppers Stop to launch rights issue on November 27

Shoppers Stop Ltd. has stated that its Board of Directors has approved the raising of Rs 300 crore, through a rights issue. A rights issue is an issue of shares offered at a special price by a company to its existing shareholders, in proportion to their holding of old shares. The company has stated that the issue will be priced at Rs 140 per share. The issue will open on November 27, and close on December 31.

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Future Retail Q2 Results: Net Loss stands at Rs 692 crore

Future Retail Limited reported a consolidated net loss of Rs 692.36 crore, for the quarter ended September (Q2). The retail firm’s consolidated revenue from operations declined by Rs 73.86% YoY to Rs 165.08 crore, during the same period. The company has stated that the Covid-19 pandemic has had a significant impact on its business operations.

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Oil India makes natural gas discovery in Assam

Oil India Limited, on Friday, announced that it has made a natural gas discovery at a well drilled in Tinsukia, Assam. The company has stated that this discovery will open up new areas for further oil and gas exploration in Assam. Oil India is the nation’s second-largest oil producer and a majority of its operations are concentrated in the north-east. 

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RBL Bank raises Rs 1,566 crore from Baring, ICICI Prudential

RBL Bank, on Friday, announced that it has raised Rs 1,566 crore in fresh capital through a preferential allotment of shares. The shares have been allotted to firms such as Baring Private Equity Asia and ICICI Prudential. RBL Bank has stated that it intends to invest in newer products like affordable housing loans. This would help to strengthen the bank’s presence in the semi-urban and rural markets.

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Graphite India Q2 Results: Net Loss at Rs 41 crore

Graphite India Ltd. reported a consolidated net loss of Rs 41 crore, for the quarter ended September (Q2). The company’s revenue declined by 45% YoY to Rs 485 crore, during the same period. Graphite India is a leading manufacturer of carbon and graphite speciality products.

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Apex Frozen Foods Q2 Results: Net Profit rises 15% YoY to Rs 25 crore

Apex Frozen Foods Ltd. reported a 14.91% YoY increase in net profit to Rs 25 crore, for the quarter ended September (Q2). The company’s sales declined by 2.64% YoY to Rs 262.24 crore, during the same period. Apex Frozen Foods is a prime exporter of shelf-stable quality agriculture products in India.

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RBI Announces Co-Lending Scheme for Banks, NBFCs – Top Indian Market News

RBI announces co-lending scheme for banks, NBFCs

The Reserve Bank of India has announced a Co-Lending Model (CLM) scheme for banks and non-banking finance companies (NBFCs). Under this scheme, banks can provide loans along with NBFCs to priority sector borrowers, through a prior agreement. A specified portion of loans will be provided to specific sectors such as agriculture and micro & small enterprises. RBI has stated that this scheme will provide more flexibility to the lending institutions.

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Saudi PIF to invest Rs 9,555 crore in Reliance Retail

The Public Investment Fund (PIF) of Saudi Arabia will invest Rs 9,555 crore for a 2.04% stake in Reliance Retail Ventures Ltd (RRVL). The investment values RRVL at a pre-money equity value of Rs 4.58 lakh crore. Earlier, PIF had also acquired a 2.32% stake in Jio Platforms.

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Aditya Birla Capital Q2 Results: 3% YoY rise in Net Profit

Aditya Birla Capital reported a 3.3% year-on-year (YoY) increase in consolidated net profit at Rs 264.34 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 16.1% YoY to Rs 4,589.12 crore, during the same period. The company is present in areas such as housing finance, asset management, and life insurance.

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Berger Paints Q2 Results: Net Profit up by 13.55% YoY to Rs 221 crore

Berger Paints India Ltd. reported a 13.55% year-on-year (YoY) increase in consolidated net profit to Rs 221.05 crore, for the quarter ended September (Q2). The company’s revenue from operations has increased by 9% YoY to Rs 1,742.55 crore, during the same period. The paint company has stated that its sales are back at pre-Covid levels.

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Tech Mahindra partners with Subex to provide solutions for telecom operators

Tech Mahindra has announced its partnership with Subex Ltd. to provide blockchain-based solutions for telecom operators globally. These solutions will be aimed at fraud detection and improving the operational efficiency of communication service providers. The strategic partnership will help to reduce overhead costs and improve business profitability for telecom operators. 

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Lupin Q2 Results: Net Profit stands at Rs 211 crore

Lupin Limited reported a consolidated net profit of Rs 211 crore, for the quarter ended September (Q2). The company had posted a net loss of 185.3 crore in Q2 of the previous financial year. Revenue of the Mumbai-based drug maker declined by 1.2% YoY to Rs 3,835 crore in Q2 FY21.

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Bajaj Electricals Q2 Results: Net Profit at Rs 53 crore

Bajaj Electricals Ltd. reported a consolidated net profit of Rs 53.11 crore, for the quarter ended September (Q2). The company had posted a net loss of Rs 32.54 crore in Q2 of the previous financial year. The revenue of the consumer electricals firm has increased by 11.1% YoY to Rs 1,217.71 crore in Q2 FY21.

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Apollo Tyres Q2 Results: Net profit jumps two-fold to Rs 200 crore

Apollo Tyres Ltd. reported a two-fold year-on-year (YoY) increase in consolidated net profit at Rs 200 crore, for the quarter ended September (Q2). The company’s net sales increased by 8% YoY to Rs 4,234 crore, during the same period. Apollo Tyres has stated that its sales volumes have gone up in both truck tyres and passenger car tyres.

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Godrej Consumer Q2 Results: Net profit jumps 11% YoY

Godrej Consumer Products Ltd. reported a 10.66% year-on-year (YoY) increase in consolidated net profit to Rs 458.02 crore, for the quarter ended September (Q2). The company’s revenue has increased by 10.83% YoY to Rs 2915.12 crore, during the same period. The FMCG firm has also stated plans to launch new products and improve its e-commerce platform.

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Inox Leisure Q2 Results: Net Loss at Rs 68 crore

Inox Leisure Ltd. reported a consolidated net loss of Rs 67.83 crore, for the quarter ended September (Q2). The multiplex chain had reported a net profit of Rs 35.13 crore in Q2 of the previous financial year. The company’s revenue from operations declined by 99.93% YoY to Rs 36 lakh in Q2 FY21. The share price of Inox Leisure saw a rise of 4.50% today, after cinema halls were allowed to open in Maharashtra.