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Coal India’s Capex Jumps 65% in Q1 – Top Indian Market Updates

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

Coal India’s capex jumps 65% in Q1 FY23

Coal India Ltd’s capital expenditure (capex) rose 65% year-on-year (YoY) to Rs 3,304 crore during the quarter ended June (Q1 FY23). The company has sustained its capex growth for the ninth successive quarter. Capex under first-mile connectivity (FMC) projects rose four-fold to Rs 577 crore. Land acquisition at Rs 608 crore accounted for nearly one-fifth of the total capex basket in Q1. 

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Kalyan Jewellers to add 10 outlets before Diwali in non-south markets

Kalyan Jewellers Ltd plans to strengthen its retail footprints in the non-south market by adding 10 showrooms before Diwali. The company will invest around Rs 250-300 crore towards this expansion. Kalyan Jewellers ventured into the franchise model of business in June 2022 with the launch of its first franchise-owned outlet in Aurangabad. Of the overall 127 stores spread across India, 77 stores are in the south and 50 in the non-south regions.

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NTPC aims to raise Rs 5,000 crore via stake sale in green arm

NTPC Limited plans to raise Rs 5,000 crore by selling a stake in a newly created green energy arm. The state-owned power generation company has appointed SBI Capital Markets to advise on the sale process. On Saturday, NTPC announced plans to hive off 15 of its renewable energy projects into NTPC Green Energy Ltd. The assets being separated have a book value of Rs 10,000 crore.

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Paytm’s lending biz clocks Rs 24,000 crore revenue run rate in Q1

Paytm’s lending and disbursements business achieved a milestone Rs 24,000 crore annualised run rate in the April-June quarter (Q1 FY23). The number of loans disbursed through the platform jumped 492% YoY to 8.5 million. Paytm also reached its highest number of monthly transacting users (MTU) at 76 million on its super app in Q1. It registered a 101% YoY increase in merchant payment volumes at Rs 2.96 lakh crore.

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Zydus Lifesciences gets final USFDA approval for Type-2 diabetes drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Empagliflozin and Metformin Hydrochloride tablets. The drug is used with proper diet and exercise to improve glycemic control in adults with Type-2 diabetes. The drug will be manufactured at the pharma company’s formulation facility at the Special Economic Zone (SEZ), Ahmedabad.

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L&T Construction secures order to build data centres in Mumbai, Navi Mumbai

Larsen & Toubro (L&T) Construction has secured significant contracts (in the range of Rs 1,000-2,500 crore) to build data centres of capacities totalling 10.8 megawatts (MW) at Mumbai and Navi Mumbai. The company will design and build the data centres and allied buildings, including fit-outs. 

L&T has also received an order for the engineering, procurement, and construction of The Statue of Adi Shankaracharya at Omkareshwa (‘Statue of Oneness’) in Madhya Pradesh. The 108-feet high bronze statue is scheduled to be completed in 15 months. 

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SBI subsidiary signs pact with MEA for Trilateral Development Cooperation Fund

SBICAP Ventures Ltd (SVL) has signed a Memorandum of Understanding (MoU) with the Ministry of External Affairs (MEA) for establishing the Trilateral Development Cooperation Fund (TDC Fund) for joint projects with global partners. The TDC Fund will route India’s commitment of ~Rs.175 crore to the Global Innovation Development Fund (GIP Fund). This fund will invest mainly in small & medium enterprises (SMEs) from India that tackle development challenges.

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IOC, BPCL, HPCL may post Rs 10,700 crore loss in Q1: Report

As per a report by ICICI Securities, Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL) may post a combined loss of Rs 10,700 crore in the April-June quarter (Q1 FY23) on selling petrol and diesel at rates below cost. While crude oil prices soared in Q1, petrol and diesel rates were not revised. This led to marketing losses which offset strong refining margins. IOCL, BPCL, and HPCL control 90% of the retail petrol and diesel sales in India.

Read more here.

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An Analysis of India’s Green Hydrogen Industry

India has announced plans to de-carbonize within the next 30 years. The government has taken strategic decisions to reduce the reliance on fossil fuels and cut down costly imports. Our country’s target of achieving 175 gigawatts (GW) of renewable energy capacity by 2022 has received a significant boost through new policies. As part of these efforts, India is now focusing on the development and production of green hydrogen as an energy source.

In this article, we shall analyse an industry that is gradually evolving and essential for India’s growing economy— the green hydrogen energy industry! We shall also find out who the top players in this field are.

What Exactly is Green Hydrogen?

Hydrogen is the most common element in the universe. However, it only exists in the form of combinations with other elements. Hydrogen is commonly extracted from compounds such as water, and the process can be quite energy-intensive. Based on the sources and processes by which hydrogen is derived, it can be categorized into three: 

  • Grey hydrogen: Produced from fossil fuels (primarily natural gas).
  • Blue hydrogen: Generated from fossil fuels with carbon capture and storage options. 
  • And finally, green hydrogen: Generated from renewable power sources such as solar, wind, and geothermal energy.

Green hydrogen is produced by splitting water into hydrogen and oxygen using renewable electricity. This chemical process is known as electrolysis. The main advantage of green hydrogen is that it is a clean-burning molecule. It can help reduce carbon emissions in the iron and steel, chemicals, and transportation sectors. A truly revolutionary concept, indeed!

The Green Hydrogen Industry in India

Since green hydrogen is one of the cleanest forms of energy, it is now considered the best solution to achieve net-zero emissions. Many countries are now investing billions of dollars into the development of green hydrogen infrastructure. Meanwhile, India has also taken various steps to support green initiatives. 

  • In August 2021, Prime Minister Narendra Modi launched the National Hydrogen Energy Mission (NHEM) and announced his decision to transform India into a global hub for green hydrogen production and export. Between 2021 and 2024, the government will invest Rs 800 crore in research & development projects that aim to cut down the cost of green hydrogen production.
  • India’s current energy import bill is over Rs 12 lakh crore a year. The dependence on coal and oil is likely to surge by 2-3 times in the near future. Thus, NHEM will help to stop our reliance on expensive oil imports. Green hydrogen will become a necessity to meet energy consumption requirements in the long term. 
  • In February 2022, the Indian government introduced the Green Hydrogen Policy. It targets the production of 5 million metric tonnes per annum (MTPA) of green hydrogen by 2030. Under this policy, a renewable energy plant set up to supply power for green hydrogen production before July 2025 will get 25 years of free power transmission! This policy will bring a sense of competitiveness amongst players in the green hydrogen sector. 
  • Many entities are working on the development of hydrogen fuel cell technology to power automobiles. We will soon be able to see many hydrogen-powered vehicles plying on Indian roads!

Now, let’s look at the top 5 companies leading the green hydrogen revolution in India.

Reliance Industries Ltd

  • Reliance Industries Ltd (RIL) has entered the green energy sector with highly ambitious plans. 
  • Chairman Mukesh Ambani had revealed a roadmap to invest $10 billion (or Rs 75,400 crore) in solar, green hydrogen, batteries, and fuel cells over the next three years.
  • RIL has also started developing the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat. This Rs 60,000 crore project will be an integrated facility that manufactures components such as solar cells & modules, batteries, fuel cells, and an electrolyzer plant to produce green hydrogen.
  • RIL has partnered with Danish company Stiesdal A/S through its subsidiary Reliance New Energy Solar Ltd to develop and manufacture hydrogen electrolyzers.
  • Reliance has vowed to produce green hydrogen at $1 per kilogram by 2030.

GAIL (India) Ltd

  • GAIL is currently working on building the largest green hydrogen plant in our country as it looks to supplement its natural gas business with carbon-free fuel.
  • It had recently floated a global tender to procure an electrolyzer that can produce 4.5 tonnes of hydrogen per day.
  • The company has also started mixing hydrogen in natural gas systems of key cities as part of a pilot project. 

NTPC

  • State-owned NTPC plans to produce green hydrogen on a commercial scale. 
  • NTPC will establish a 4,750 MW renewable energy park in Rann of Kutch.
  • The company is running a pilot project at one of its units in Uttar Pradesh, where the cost of hydrogen is currently around $2.8-3/kg. 
  • NTPC  also plans to set up its first green hydrogen fuelling station in Leh, Ladakh.
  • The PSU aims to achieve 60 gigawatts (GW) of renewable capacity by 2032. 

Indian Oil Corporation (IOC)

  • IOC plans to build a green hydrogen plant at its Mathura refinery in Uttar Pradesh. The unit is likely to have a capacity of nearly 1.6 lakh barrels per day.
  • The company has set a target of converting at least 10% of its hydrogen consumption at refineries to green hydrogen in the upcoming years.
  • IOC also aims to establish a standalone green hydrogen manufacturing unit in Kochi, Kerala. This unit will draw energy from the solar power facility of Cochin International Airport Ltd. 

Larsen & Toubro

  • Larsen & Toubro signed a major pact with Norway-based HydrogenPro AS to establish an alkaline water electrolysis unit in India.
  • They also plan to set up green hydrogen plants at their manufacturing units.
  • L&T recently announced the formation of a joint venture with Indian Oil Corporation and Nasdaq-listed ReNew Power to develop a green hydrogen business in India.
  • L&T has set a target to become a net-zero company by 2040. The company aims to invest Rs 1,000-5,000 crore on green initiatives in the coming years.

Conclusion

India’s green hydrogen market is at an infant stage. Producing hydrogen fuel is an expensive task, with the biggest cost being the electrolyser. It is also quite expensive to move/transport hydrogen. Manufacturing at a greater scale could reduce such costs. However, production capacities are low due to limited demand. 

Despite these challenges, our government has taken the initial steps toward encouraging research & development of green hydrogen. In 2017, the Indian hydrogen market was valued at $50 million. This market is expected to grow to $81 million by 2025! No wonder a lot of companies are entering this highly-promising sector! They have already started tapping into the potential of hydrogen as an energy source. Many are examining methods to bring down the cost of production and find alternate use-cases. As citizens, we can build awareness of the technology behind green hydrogen and its benefit to the environment.

What are your views on the evolving green hydrogen industry in India? Let us know in the comments section of the marketfeed app!

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Infosys Launches Metaverse Foundry – Top Indian Market News

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Infosys launches Metaverse Foundry; to help enterprises with metaverse adoption

Infosys Ltd has launched a Metaverse Foundry to ease and fast-track enterprises’ exploration of the metaverse. The exploration also includes virtual and augmented environments for the customers, workplace, products, and operations. The IT company has already developed 100 use cases and is actively working with clients on the same. The Foundry utilizes the power of technologies like AR/VR, blockchain, NFT, IoT, applied AI, cybersecurity, and 5G to advance value exploration in the metaverse.

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Bharti Airtel acquires stake in blockchain tech startup Aqilliz

Bharti Airtel Ltd has acquired a strategic stake in Aqilliz, a ‘Blockchain as a Service’ company. The telecom major aims to deploy Aqilliz’s blockchain technologies at scale across its fast-growing adtech (Airtel Ads), digital entertainment (Wynk Music and Airtel Xstream), and digital marketplace (Airtel Thanks App) offerings. Aqilliz has developed a patented hybrid blockchain platform called ‘Atom’. It integrates differential privacy and federated learning on a distributed digital ledger.

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Bharat Forge to acquire JS Autocast Foundry India

Auto component manufacturer Bharat Forge Ltd announced that it will acquire JS Autocast Foundry India. The company, along with its subsidiary, BF Industrial Solutions, has entered into a definitive agreement to acquire JS Auto. JS Auto is a leading supplier of machined ductile iron castings for wind, hydraulic, off-highway, and automotive applications.

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Indian stock exchanges to implement T+1 settlement cycle from Feb 25

Indian stock exchanges will be moving to T+1 settlement from February 25 in a phased manner. T+1 means that trade-related settlements will be done within one day of the completion of a transaction. Currently, trades on Indian stock exchanges are settled in two working days after the transaction is completed (T+2). Initially, only 100 small-cap stocks will be placed under the new settlement cycle. You can read more about the T+1 settlement cycle here.

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TCS launches Cyber Defence Suite

Tata Consultancy Services (TCS) has announced the launch of its Cyber Defense Suite. It is a set of modular cybersecurity services offered on a platform. The integrated platform will secure enterprises amid their digital transformation journeys. It provides 360-degree visibility and predictive intelligence to proactively defend and respond against evolving risks. TCS has over 10,000 cyber specialists and more than 12 Threat Management Centers distributed across the world.

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IOC buys first Russian Urals crude in two years after prices fall

Indian Oil Corporation Ltd (IOC) has bought Russian Urals crude for the first time in two years after spot differentials declined sharply. The opportunity for India to buy more of the Russian flagship-grade crude arose after its discount to global benchmark Brent fell to the lowest since 2005. Global oil prices surged after Russia invaded Ukraine, aggravating concerns of oil supply disruption. 

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Ashoka Buildcon secures project worth Rs 693 crore from Northeast Frontier Railway

Ashoka Buildcon Ltd has received a Letter of Acceptance (LoA) from Northeast Frontier Railway for a project involving electrification of railway lines in Assam. The accepted offer of the project is Rs 692.50 crore. The contract period is 900 days.

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Centre signs Rs 1,075 crore contract with BEL for T-90 tank retro-modification

The Ministry of Defence has signed a contract for Rs 1,075 crore with Bharat Electronics Ltd (BEL) for the retro-modification of Commander Sight of Battle Tanks-T-90. The retro-modification will be carried out in 957 T-90 tanks of the Indian Army. This will provide a further boost to the ‘Make in India’ initiative of the Indian government.

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Apollo Hospitals partners with VR platform company 8chili Inc

Apollo Hospitals Group has announced a collaboration with 8chili, Inc to enable engagement in the metaverse. The initiative will enable patient counseling in virtual reality (VR) and help increase patient outcomes. It will also engage users in VR-mediated activities to empower their abilities to regulate emotion. US-based 8chili is a deep-tech startup that builds the underlying infrastructure for metaverse content creation and distribution.

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IDFC First Bank Reports 50% YoY Rise in Net Profit in Q2 – Top Indian Market News

IDFC First Bank Q2 Results: Net profit rises 50% YoY to Rs 151 crore

IDFC First Bank reported a 49.6% YoY increase in net profit to Rs 151.7 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 27.4% YoY to Rs 2,722 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays to depositors]. The gross non-performing assets ratio (GNPA) stood at 4.27% in Q2, compared to 4.61% in the previous quarter. IDFC First Bank’s total deposits grew 20.8% YoY to Rs 83,793 crore in Q2 FY22.

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Maruti Suzuki expects adverse impact on production in November

Maruti Suzuki India said it expects an adverse impact on production at two of its plants in Haryana and at Suzuki’s Gujarat plant in November on account of supply constraints of electronic components due to the global semiconductor shortage. As per current estimates, the total vehicle production volume across both locations in Haryana next month could be around 85% of the normal roll-out.

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IOC Q2 Results: Net profit rises 2% YoY to Rs 6,360 crore

Indian Oil Corporation (IOC) reported a 2.1% YoY increase in net profit to Rs 6360.05 crore for the quarter ended September (Q2 FY22). Net profit increased 7% compared to the previous quarter. Its revenue from operations rose 46% YoY to Rs1.69 lakh crore during the same period. The company sold nearly 19 million tonnes (MT) of fuel in Q2, compared to 17.7 MT in the corresponding period last year. IOC’s board has declared an interim dividend of Rs 5 per share.

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SEBI warns Vedanta over non-compliance with disclosure norms

The Securities and Exchange Board of India (SEBI) has warned Vedanta Ltd and Hindustan Zinc Ltd (HZL) over non-compliance with certain disclosure norms, saying it will take action if such actions were repeated in the future. The market regulator flagged Vedanta executing Rs 1,407 crore of related party transactions with associate company HZL without prior approval of the audit committee. Moreover, HZL failed to inform shareholders of the deferment of a meeting relating to a price-sensitive dividend payment.

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Oberoi Realty Q2 Results: Net profit rises 94% YoY to Rs 267 crore

Oberoi Realty Ltd reported a 93.5% YoY increase in consolidated net profit to Rs 266.59 crore for the quarter ended September (Q2 FY22). Net profit increased 95% compared to the previous quarter. Its revenue from operations jumped 138.64% YoY to Rs 754.25 crore during the same period. The developer recorded bookings for 4.43 lakh sq. ft. space, taking its total bookings for the half-year ended September 2021 to 5.35 lakh sq. ft.

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Rossari Biotech Q2 Results: Net profit rises 27% YoY to Rs 26 crore

Rossari Biotech Ltd reported a 26.7% YoY increase in consolidated net profit to Rs 26.23 crore for the quarter ended September (Q2 FY22). Net profit increased 7% compared to the previous quarter. Its revenue from operations jumped 124% YoY to Rs 384.52 crore during the same period. EBITDA stood at Rs 44.4 crore, a growth of 22% YoY. Rossari Biotech is a leading chemical manufacturer based in Mumbai.

LT Foods Q2 Results: Net profit rises 4% YoY to Rs 80 crore

LT Foods reported a 4.35% YoY increase in consolidated net profit to Rs 80.83 crore for the quarter ended September (Q2 FY22). Its total income rose 6.9% YoY to Rs 1,322.53 crore during the same period. Total expenses stood at Rs 1,212 crore in Q2, up 7.5% YoY. LT Foods manufacturers and markets rice under the Daawat, Royal, Heritage, and Devaaya brands in India.

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CDSL Q2 Results: Net profit rises 76% YoY to Rs 85.9 crore

Central Depository Services (India) Ltd reported a 76% YoY increase in consolidated net profit to Rs 85.92 crore for the quarter ended September (Q2 FY22). Net profit increased 35% compared to the previous quarter. Its revenue from operations rose 64% YoY to Rs 145.97 crore during the same period. EBITDA stood at Rs 99 crore in Q2, a growth of 82% YoY

CHOLAFIN Q2 Results: Net profit rises 40% YoY to Rs 606 crore

Cholamandalam Investment & Finance Company reported a 40.4% YoY increase in net profit to Rs 606.54 crore for the quarter ended Sept (Q2 FY22). Its total income rose 1.2% YoY to Rs 2,470.69 crore during the same period. The company’s assets under management (AUM) stood at Rs 75,063 crore in Q2, registering a growth of 0.8% YoY.

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Apollo Tyres Q2 Results: Net profit at Rs 174 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 174 crore for the quarter ended September (Q2 FY22). The company had posted a net loss of Rs 246 crore in the corresponding quarter last year. Its revenue from operations rose 18% YoY to Rs 5,077 crore in Q2 FY22. Apollo Tyres stated that some of the recent additions to its product offering are helping them extend its leadership in the commercial vehicle and passenger vehicle space in India.

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Asian Paints Reports 161% YoY Jump in Net Profit in Q1 – Top Indian Market News

Asian Paints Q1 Results: Net profit jumps 161% YoY to Rs 574 crore

Asian Paints Ltd reported a 161.5% year-on-year (YoY) jump in consolidated net profit to Rs 574.3 crore for the quarter ended March (Q1 FY22). Its revenue from operations rose 91.1% YoY to Rs 5,585.4 crore during the same period. Revenue from its paints segment grew 90.4% YoY to Rs 5,464.7 crore in Q1. A steep rise in the prices of raw materials impacted Asian Paints’ margins across all business segments.

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Infosys opens digital tech and innovation center in Germany for auto sector

Infosys Limited has set up an Automotive Digital Technology and Innovation Centre in Stuttgart, Germany. As part of the IT company’s partnership with Daimler, automotive IT infrastructure experts based in Germany will transition from Daimler AG to the new innovation centre. Infosys will support Daimler AG to strengthen its IT and data centre infrastructure and drive a competitive edge.

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Bajaj Finance Q1 Results: Net profit rises 4% YoY to Rs 1,002 crore

Bajaj Finance Ltd reported a 4.17% YoY increase in consolidated net profit to Rs 1,002.44 crore for the quarter ended June (Q1 FY22). Net profit has declined by 25.56% when compared to the previous quarter. The net interest income (NII) rose 8% YoY to Rs 4,489 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.96% in Q1 FY22, compared to 1.79% in Q4 FY21. Bajaj Finance’s assets under management (AUM) grew by 15% YoY to Rs 1.59 lakh crore in Q1.  

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Wipro to invest $1 billion over next three years to expand cloud transformation capabilities

Wipro Limited has announced plans to invest $1 billion (~Rs 7,465 crore) over the next three years to build capabilities around cloud technologies. The IT company has launched ‘Wipro FullStride Cloud Services’, a portfolio of services that will help them offer comprehensive cloud transformation capabilities to its customers. The strategic investment and launch are in line with the consistent growth Wipro has witnessed in its cloud business. 

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JSW Energy energy to invest Rs 3,000 crore to set up windmills in Tamil Nadu

JSW Energy Ltd has signed an investment agreement worth Rs 3,000 crore with the Tamil Nadu government to set up windmills across the state. The company will establish windmills at Thoothukudi, Tirunelveli, and Tirupur districts. The project will create employment opportunities for more than 600 people.

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DCM Shriram Q1 Results: Net profit jumps two-fold to Rs 158 crore

DCM Shriram Ltd reported a 124.68% YoY jump in consolidated net profit to Rs 157.5 crore for the quarter ended June (Q1 FY22). Net profit has declined by 31.9% when compared to the previous quarter. Its total income rose 4.47% YoY to Rs 2,205.11 crore during the same period. DCM Shriram is engaged in the manufacturing of sugar, fertilisers, chloro-vinyl, and bio-seeds.   

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Tatva Chintan IPO subscribed 180.36 times on final day of bidding 

The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 180.36 times on the final day of bidding. The IPO received bids for 58.82 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 35.35 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 512.22 times and 185.23 times, respectively, against their reserved portions. To learn more about the IPO, click here.

CRISIL Q1 Results: Net profit rises 51% YoY to Rs 100 crore

CRISIL Limited reported a 51.9% YoY increase in consolidated net profit to Rs 100.8 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 528.5 crore during the same period. The company’s board has declared an interim dividend of Rs 8 per share. Revenue from its research segment and advisory segment grew 20.2% YoY and 14% YoY, respectively, in Q1. To learn more about CRISIL, click here.

Isgec Heavy Engineering secures order from Russian firm

Isgec Heavy Engineering has secured a significant order from one of the world’s most prominent soda ash manufacturing companies based in Russia. The order is for two sets of carbonation columns, one set of gas scrubber columns, and a set of distillation columns. The broad scope of the order includes casting, machining, hydro-testing, and painting. Noida-based Isgec Heavy Engineering is a diversified heavy engineering company engaged in manufacturing and project businesses.

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Shyam Metalics Q1 Results: Net profit jumps 470% YoY to Rs 458 crore

Shyam Metalics and Energy Ltd reported a 470.4% YoY jump in consolidated net profit to Rs 457.98 crore for the quarter ended June (Q1 FY22). Net profit has increased by 18.2% when compared to the previous quarter. Its revenue from operations rose 170% YoY to Rs 2,464 crore during the same period. The company posted strong volume growth of ~37% in Q1. Shyam Metalics and Energy’s shares were listed on the stock exchanges on June 24.

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NTPC emerges winner for 450 MW solar capacity at Rewa

The renewables arm of NTPC Limited has emerged as the winner at the Rewa Ultra Mega Solar Ltd auction for 450 megawatts (MW) of solar projects at the Shajapur Solar Park in Madhya Pradesh. NTPC Renewable Energy won a capacity of 105 MW and 200 MW by quoting the lowest tariff of Rs 2.35 per kilowatt-hour (kWh) and 2.33 per kWh, respectively. NTPC aims to build 60 gigawatts (GW) of renewable energy capacity by 2032.

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IOC to build India’s first green hydrogen plant

Indian Oil Corporation (IOC) will build India’s first green hydrogen plant at its Mathura refinery. The company has drawn a strategic growth path that aims to maintain focus on its core refining and fuel marketing businesses over the next 10 years. Meanwhile, IOC will also focus on its advancements in petrochemicals, hydrogen, and electric mobility.

Read more here.

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Reliance Industries Reports 15% YoY Decline in Net Profit – Top Indian Market News

Reliance Industries Q2 Results: Net Profit at Rs 9,567 crore

Reliance Industries Ltd. (RIL) has reported a 15% year-on-year (YoY) decline in net profit at Rs 9,567 crore, for the quarter ended September (Q2). The revenue from operations of RIL has declined by 24% YoY to Rs 1.16 lakh crore, during the same period. The company had posted a net profit of Rs 11,262 crore in Q2 of the previous financial year.

Indian Oil Corporation Q2 Results: 13-fold jump in Net Profit to Rs 6,026 crore

Indian Oil Corporation (IOC) reported a 13-fold year-on-year (YoY) increase in consolidated net profit at Rs 6,025.91 crore, for the quarter ended September (Q2). The consolidated revenue of IOC declined by 13.39% YoY to Rs 1.16 lakh crore, during the same period. The share price of IOC saw a rise of 1.47%, and closed at Rs 79.55 on the NSE today.

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UPL Q2 Results: Net Profit jumps 165% YoY to Rs 537 crore

UPL Ltd reported a 165.84% year-on-year (YoY) increase in consolidated net profit at Rs 537 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 14% YoY to Rs 8,939 crore, during the same period. UPL has also stated that it has decided to stop production at its oldest manufacturing plant in the Netherlands.

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BSE to consult SEBI on Future-Reliance deal: Report

Reports from various news publications have stated that the Bombay Stock Exchange (BSE) will consult market regulator SEBI, to seek clarifications from Future Retail and Reliance Industries. This comes after Amazon Inc. had objected to the $3.4 billion (~Rs 25,365 crore) deal between Reliance Retail and Future Retail. As per reports, US-based Amazon had written to SEBI and the stock markets to put the deal on hold, due to the Singapore arbitration order.

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IndusInd Bank Q2 Results: 53% YoY decline in net profit

IndusInd Bank Ltd. reported a 53% year-on-year (YoY) decline in net profit to Rs 663 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 12.7% YoY to Rs 3,278 crore, during the same period. The lender had increased its provisions during the July-September quarter to Rs 1,964 crore. Provision is an amount set aside by a company to pay for any losses that might arise in the future.

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Axis Bank revises stake acquisition agreement with Max Life

Axis Bank, on Friday, announced that the lender and its subsidiaries have agreed to enter into a revised agreement with Max Life Insurance (MLI). They will acquire 19% of the equity share capital of Max Life, instead of 17% as mentioned before. The revised agreement had to be made, as the Reserve Bank of India (RBI) had rejected Axis Bank’s earlier proposal to directly buy a 17% stake in Max Life.

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Suven Pharma Q2 Results: Net Profit declines 20% YoY to Rs 74 crore

Suven Pharmaceuticals reported a 20.35% year-on-year (YoY) decline in consolidated net profit to Rs 74.07 crore, for the quarter ended September (Q2). The consolidated total income of the company stood at Rs 237.74 crore, during the same period. Suven Pharma’s Board of Directors has allotted bonus shares at a 1:1 ratio. This means that the company will issue one bonus share for every one share held by the existing shareholders.

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Blue Dart Q2 Results: 189% YoY increase in net profit

Blue Dart Express Ltd. reported a 189.1% year-on-year (YoY) increase in consolidated net profit at Rs 42.33 crore, for the quarter ended September (Q2). The net sales of the company increased by 8% YoY to Rs 866.57 crore, during the same period. The share price of Blue Dart Express saw a rise of 13.32%, and closed at Rs 3,680 on the NSE today.

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BPCL puts Bina refinery expansion plan on hold pending privatisation

Bharat Petroleum Corporation Ltd. (BPCL) has put on hold its plans to expand its Bina refinery and install a secondary unit at its Mumbai refinery to boost efficiency. The plans have been put on hold due to the privatization process of the company. The Government wants to sell a 53.29% stake in BPCL, in order to raise funds and cover-up its fiscal deficit.

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Karur Vysya Bank Q2 Results: Net profit rises 81% YoY to Rs 115 crore

Karur Vysya Bank reported an 81.4% year-on-year (YoY) increase in net profit at Rs 114.89 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 0.9% YoY to Rs 601.5 crore, during the same period. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Mahindra Logistics Q2 Results: 34% YoY increase in net profit

Mahindra Logistics Ltd. has reported a 34% year-on-year (YoY) increase in net profit to Rs 14.98 crore, for the quarter ended September (Q2). The company’s sales have declined by 2.34% YoY to Rs 832.51 crore, during the same period. The company has stated that its sales volume has reached pre-Covid levels.

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