Tag: irctc

Categories
Market News Top 10 News

IRCTC Posts 30% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

IRCTC Q2 Results: Net profit rises 30% YoY to ₹295 crore

Indian Railway Catering and Tourism Corporation (IRCTC) reported a 30% YoY rise in net profit to ₹295 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 23% YoY to ₹995 crore during the same period. EBITDA stood at ₹366 crore, up 20% YoY in Q2. The company’s board approved a dividend of ₹2.5 per share.

Read more here.

L&T arm secures significant orders in Odisha, MP

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured orders in the range of ₹1000-2500 crore from the Governments of Odisha and Madhya Pradesh. The order from the Water Resources Department, Government of Odisha, is to execute mega lift irrigation projects. L&T will also execute Pressurized Piped Lift Irrigation Projects to irrigate about 34,942 hectares of culturable command area in Dewas, Madhya Pradesh.

Read more here.

Devyani International Q2 Results: Net profit falls 43% YoY to ₹33 crore

Devyani International Ltd reported a 43% YoY fall in consolidated net profit to ₹33.35 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 9.64% YoY to ₹819.47 crore during the same period. EBITDA stood at ₹158.8 crore in Q2. Devyani International operates KFC outlets in India.

Read more here.

Voltas denies report on considering sale of home appliance biz

Voltas denied reports claiming that the Tata Group is considering selling its home appliance business. Earlier today, Bloomberg reported that Tata Group is considering selling the home appliance operation of Voltas Ltd. Voltas is separately taking up the matter with Bloomberg to issue a necessary clarification.

Read more here.

Zydus Lifesciences Q2 Results: Net profit rises 53% YoY to ₹801 crore

Zydus Lifesciences Ltd reported a 53% YoY increase in net profit to ₹801 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 9.1% YoY to ₹4,369 crore during the same period. EBITDA stood at ₹1,146 crore, up 40.6% YoY.  The pharma company’s India sales rose 4.8% YoY to ₹1,769 crore in Q2 FY24.

Read more here.

JSW, Vedanta’s ₹10,000 cr investment in cement plants in Punjab stuck in red tape

JSW Group and Vedanta’s joint investment in Talwandi Sabo Power Plant (TSPL) to set up cement plants in Punjab are awaiting approval from the state government. TSPL plans to set up cement manufacturing plants in Punjab with an overall investment of around ₹10,000 crore. TSPL has plans to set up multiple cement plants next to its existing power plant in the Mansa district of Punjab. One of these plants will be set up by the JSW group.

Read more here.

Power Grid Q2 Results: Net profit rises 5% YoY to ₹3,834 crore

Power Grid Ltd reported a 5% YoY rise in net profit of ₹3,834 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell marginally by 0.5% YoY to ₹10,419.41 crore during the same period. EBITDA stood at ₹9,207.32 crore, up 4% YoY. Its board recommended a dividend of ₹4 per equity share.

Read more here.

Glenmark gets USFDA approval for generic drug used to treat mental disorder

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fluphenazine Hydrochloride tablets. The drug is used to treat certain types of mental disorders. According to IQVIA data, the drug’s equivalent had annual sales of approximately $18.1 million in the 12 months ended September 2023.

Read more here.

Trent Q2 Results: Net profit jumps 3x YoY to ₹228 crore

Trent Ltd reported an 189% YoY jump in consolidated net profit of ₹228.06 crore for the quarter ended September (Q2 FY24). Its total income rose 51.4% YoY to ₹3,062.47 crore during the same period. Total expenses stood at ₹2,773.52 crore in Q2 FY24, compared to 1,899.49 crore in Q2 FY23.

Read more here.

Categories
Market News Top 10 News

Tata Power’s Net Profit Rises 22% YoY to Rs 972Cr in Q1- Top Indian Market Updates

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

Tata Power Q1 Results: Net profit rises 22% YoY to ₹972 crore

Tata Power reported a 22.4% YoY rise in consolidated net profit to ₹972 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹15,213.29 crore, up 5% YoY. EBITDA increased 75% YoY to ₹2,943.6 crore in Q1. Tata Power accrued a one-time gain of Rs 235 crore in the reported quarter on account of deemed gain on dilution of around 17% stake in Tata Projects. 

Read more here.

Hero MotoCorp faces tax probe over links to vendor

According to a Reuters report, The Directorate General of Goods and Services Tax Intelligence is investigating Hero MotoCorp’s relationship with a vendor suspected of reporting about ₹90 crore ($10.87 million) in false expenditure. Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about ₹16 crore rupees.

Read more here.

ZEEL Q1 Results: Net loss at ₹53 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net loss of ₹53 crore for the June quarter (Q1 FY24). Net profit stood at ₹107 crore in Q1 FY23. Its consolidated revenue from operations rose 7.6% YoY to ₹1,984 crore during the same period. Sequentially, the net loss narrowed from Rs 196 crore, while revenue declined 6%. EBITDA fell 42.3% YoY to ₹155 crore in Q1.

Read more here.

BSE Q1 Results: Net profit jumps 10x YoY to ₹440 crore

BSE reported a 1000% YoY jump in consolidated net profit to ₹440 crore for Q1 FY24. Net profit stood at ₹40 crore in Q1 FY23. Its revenue from operations rose 15% YoY to ₹216 crore during the same period. EBITDA rose 41% YoY ₹70 crore. The operating profit margin contracted by 375 basis points to 10.78%. The massive jump in net profit was due to a profit of ₹406.6 crore on divestment in CDSL.

Read more here.

Genus Power Infrastructures arm bags order worth Rs 2,210 crore

Genus Power Infrastructures’ subsidiary has bagged an order worth ₹2,210 crore. The order is for the supply and installation of 21.77 lakh smart pre-paid electricity meters. The company has received a letter of award (LOA) of ₹2,209.84 crore (net of tax) for the appointment of an advanced metering infrastructure service provider. Post this order inflow, its total order book stands over ₹8,200 crore (net of tax).

Read more here.

IRCTC Q1 Results: Net profit falls 5% YoY to ₹232 crore

IRCTC reported a 5% YoY fall in standalone net profit to ₹232 crore for the June quarter (Q1 FY24). Net profit stood at ₹245 crore in Q1 FY23. Revenue from operations rose 17% YoY to ₹1,002 crore during the same period. The company’s EBITDA for the quarter rose 7% YoY to ₹343 crore. 

Read more here.

Delhivery bags order from Havells India for factory-to-customer supply chain

Delhivery Ltd secured a contract to build, and operate the factory-to-customer supply chain for Havells India Ltd. in western India. The company will deploy its technology-led integrated warehousing and transportation solutions to deliver complete end-to-end visibility. Both firms will jointly inaugurate new warehouses in western India to cater to the multi-channel demand ranging from general and modern trade to emerging e-commerce retail.

Read more here.

Berger Paints Q1 Results: Net profit rises 40% YoY to ₹355 crore

Berger Paints reported a 40% YoY jump in consolidated net profit to ₹355 crores for the quarter ended June (Q1 FY24). Its revenue from operations stood at ₹3,029 crore, up 9.2% YoY. EBITDA increased 37.5% YoY to ₹556.75 crore in Q1. The company’s board also approved a 1:5 bonus issue of equity shares. This will be subject to approval from shareholders.

Read more here.

Vi Business partners with Yotta Data Services to enhance its data center colocation

Vodafone Idea’s enterprise arm, Vi Business has partnered with Yotta Data Services to enhance its data center Colocation and Cloud services portfolio. Through this partnership, Vi Business will leverage its synergies with Yotta to offer integrated connectivity, cloud and security solutions to its enterprise customers.

Read more here.

Categories
Market News Top 10 News

Zomato’s Net Loss Widens in Q3 – Top Indian Market Updates

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

Zomato Q3 Results: Net loss widens to ₹347 crore

Zomato Ltd reported a consolidated net loss of ₹347 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹63 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 75% YoY to ₹1,948 crore in Q3 FY23. The gross order value (GOV) grew 22% year-on-year (YoY), driven by growth in both order volumes and average order value.

Read more here.

IRCTC Q3 Results: Net profit rises 22% YoY to ₹256 crore

Indian Railways Catering & Tourism Corporation (IRCTC) reported a 22% YoY increase in net profit to ₹256 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 70% YoY to ₹918 crore during the same period. IRCTC’s total expenses jumped 121% YoY to ₹607 crore in Q3. The company’s board has declared an interim dividend of ₹3.5 per share.

Read more here.

India’s finished steel exports fall 52% during April-January

India’s finished steel exports fell 52.2% YoY to 5.33 million tonnes (MT) between April 2022 and January 2023 due to sluggish global demand. The removal of an export tax in November failed to revive exports. Between April and January, India’s finished steel output increased by 5.2% YoY to 98.3 MT, and consumption went up by 10.8% to 96.4 MT.

Read more here.

Devyani International Q3 Results: Net profit rises 8% YoY to ₹71 crore

Devyani International Ltd (DIL) reported an 8% YoY increase in net profit to ₹71 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 27% YoY to ₹790 crore during the same period. EBITDA stood at ₹173.9 crore in Q3, up 18% YoY. DIL opened 81 net new stores in Q3, taking the total operational stores to 1,177 as of December 31, 2022.

Read more here.

Adani Wilmar’s Himachal warehouse raided by the State Excise & Taxation Dept

Officials of the Himachal Pradesh State Excise Department inspected the carrying and forward (C&F) unit of Adani Wilmar. The inspection was carried out after the company failed to deposit goods & service tax (GST) collection for multiple years. The officials went through the unit’s documents and other goods in the facility. They will prepare a report following which the next course of action will be decided.

Read more here.

Hindalco Q3 Results: Net profit falls 65% YoY to ₹1,362 crore

Hindalco Industries Ltd reported a 65% YoY decline in consolidated net profit to ₹1,362 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 6% YoY to ₹53,151 crore during the same period. The copper business reported a 40% YoY growth in quarterly operating profit at ₹546 crore.

Read more here.

NCLT approves merger of six wholly-owned subsidiaries with Adani Power

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the amalgamation scheme for the merger of Adani Power’s six wholly-owned subsidiaries with itself. The subsidiaries are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.

Read more here.

Voltas Q3 Results: Net loss at ₹110 crore

Voltas Ltd reported a consolidated net loss of ₹110.49 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹96.56 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 11.8% YoY to ₹2,005.61 crore in Q3 FY23. The company’s expenses on exceptional items stood at ₹137.39 crore. Its total expenses stood at ₹1,946.72 crore in Q3, up 17.89% YoY.

Read more here.

Antony Waste Handling Cell receives order worth ₹1,024 crore from BMC

Antony Waste Handling Cell Ltd (AWHCL) has received an order worth ₹1,024 crore from Brihanmumbai Municipal Corporation for the disposal of construction and demolition waste in Mumbai. The total contract period is for 21 years, including the mobilization period of 12 months. The contract would involve the collection and processing of around 600 tonnes per day of debris waste. 

Read more here.

MRF Q3 Results: Net profit rises 17% YoY to ₹174 crore

MRF Limited reported a 17% YoY increase in consolidated net profit to ₹174.83 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14% YoY to ₹5,644.55 crore during the same period. Total expenses stood at ₹5,484.72 in Q3, up 14.5% YoY. The tyre manufacturer’s board has declared an interim dividend of ₹3 per share.

Read more here.

Categories
Market News Top 10 News

M&M to Invest ₹10,000Cr to Set Up EV Manufacturing Plant – Top Indian Market Updates

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

M&M to invest ₹10,000 crore to set up EV manufacturing plant in Pune

Mahindra & Mahindra (M&M) will invest ₹10,000 crore to set up an electric vehicle (EV) manufacturing plant in Pune, Maharashtra. The automaker has received approval to make the investment from Maharashtra Government’s industrial promotion scheme for EVs. The investment will be made over 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs).

Read more here.

HDFC Bank acquires 7.75% stake in Mintoak for ₹31.1 crore

HDFC Bank has acquired a minority stake (7.75%) in Mintoak Innovations Pvt. Ltd for ₹31.1 crore. Mintoak is a fintech start-up that provides a payments-led platform. It offers value-added services to merchants to engage with their customers and for acquirers to enhance their engagement with merchants. The deal is expected to be completed by January 31, 2023.

Read more here.

Bank of Baroda proposes to sell its majority stake in Nainital Bank

Bank of Baroda (BoB) plans to sell its majority stake in Nainital Bank. The bank’s board of directors has approved the divestment of its majority shareholding in Nainital Bank Ltd (NBL) and authorised the issuance of an advertisement inviting Expressions of Interest (EOI) through a Preliminary Information Memorandum (PIM) from interested parties. BoB currently holds a 98.57% equity share capital of NBL.

Read more here.

NTPC crosses 1 GW annual capacity mark in renewable energy segment in FY23

NTPC Ltd has crossed 1 gigawatt (GW) annual capacity in the renewable energy (RE) segment by adding 1,075 megawatts (MW) of renewable energy capacity in the current financial year (FY23). The company’s total non-fossil capacity has reached 9.41%. With this, NTPC’s standalone installed and commercial capacity has become 58,041.27 MW. The group installed and commercial capacity of NTPC has become 70,656.27 MW.

Read more here.

IL&FS resolves debt of ₹56,943 crore; reduces number of entities to 101

IL&FS has resolved its debt of up to ₹56,943 crore by September 30, 2022, through monetization of various assets and reduced the number of entities to 101 from 302. The company, which defaulted on its loan repayment for the first time in September 2018, had to pay back its lenders over ₹90,000 crore at that time. The new board of IL&FS has initiated various measures to reduce debts, which included asset monetisation, debt restructuring, cost optimisation, and liquidity management.

Read more here.

IRCTC’s revenue ‘reduced drastically’ in 2020-21 due to Covid-related restrictions: Govt

IRCTC’s revenue “reduced drastically” by almost 64% during 2020-21, compared to 2019-20 due to Covid-related travel restrictions, said Railway Minister Ashwini Vaishnaw. He added that the revenue increased gradually after the situation normalised. IRCTC earned ₹2,342.41 crore, which went down to ₹861.64 crore during the Covid-affected 2020-21. In 2021-22, the company earned ₹1,952.30 crore.

Read more here.

Torrent Pharma partners with Boehringer Ingelheim to co-market diabetes meds

Torrent Pharmaceuticals Ltd has entered into an alliance with Boehringer Ingelheim to co-market medicines used to treat diabetes and cardiovascular diseases. Both companies entered into a partnership for the sales and co-marketing of Empagliflozin and its combinations. This partnership aims to address the dual challenges of type-2 diabetes and heart failure in India.

Read more here.

NTPC to sell stake in green energy business: Report 

According to reports, NTPC Ltd aims to sell a 20% stake in its green energy business this fiscal year, expecting to raise up to ₹3000 crores ($363.97 million). The deal marks the first green transaction by an Indian state company. It has drawn interest from investors, such as Canada Pension Plan Investment Board (CPPIB), Malaysia’s Petronas, and Brookfield.

Read more here.

JB Pharma acquires rosuvastatin brand from Glenmark for ₹314 crore

JB Pharma has acquired cardiac brand Razel (rosuvastatin) from Glenmark Pharma for the India and Nepal region for ₹314 crores. The acquisition will be funded through long-term debt and internal accruals. Razel ranks among the top 10 brands in India in the rosuvastatin molecule category, with combined sales of ₹66.1 crore as of the year-ended October 2022 as per IQVIA data.

Read more here.

Categories
Market News Top 10 News

Retail Inflation Eases to 3-Month Low of 6.77% in Oct – Top Indian Market Updates

Consumer Price Index

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

Retail inflation eases to 3-month low of 6.77% in Oct

India’s retail inflation, measured by the Consumer Price Index (CPI), fell to a three-month low of 6.77% in the month of October. The retail inflation in September stood at 7.41%. Inflation in the food basket showed a fall from 8.6% in Sept to 7.01% in October. Inflation in the fuel & light segment rose 9.93%, while the clothing & footwear segment gained 10.16% last month. Meanwhile, wholesale price-based inflation (WPI) fell to a 19-month low of 8.39% in October. 

Read more here.

Grasim Q2 Results: Net profit falls 17% YoY to ₹1,097 crore

Grasim Industries Ltd reported a 17% year-on-year (YoY) decline in consolidated net profit to ₹1,097 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY to ₹27,486 crore during the same period. EBITDA stood at ₹3,783 crore in Q2, down 12% YoY. The company received a dividend of ₹628 crore from its subsidiary UltraTech Cement during Q2.

Read more here.

Voltas enters technology license agreement with Denmark’s Vestfrost Solution

Voltas Ltd has entered into a technology license agreement with Denmark-based Vestfrost Solutions to develop, manufacture, sell, and service medical refrigeration and vaccine storage equipment in India. This includes advanced products like ice-lined refrigerators, vaccine freezers, and ultra-low temperature freezers. This partnership will leverage the strong brand presence and wide sales and distribution network of Voltas.

Read more here.

Godrej Industries Q2 Results: Net profit rises 9% YoY to ₹156 crore

Godrej Industries Ltd reported a 9% YoY increase in consolidated net profit to ₹156 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22.59% YoY to ₹4,021 crore during the same period. The company’s total expenses stood at ₹4,099 crore in Q2, up 23.2% YoY. Its board has approved a proposal to raise up to ₹2,000 crore by issuing non-convertible debentures (NCDs).

Read more here.

Tata Sons initiates process to bring all airlines under Air India wings

Tata Sons has initiated the consolidation of its airline entities Vistara, AirAsia India, and Air India Express under Air India. This move will make Air India the second-largest airline in the country in terms of fleet and market share. The Tata group will have a low-cost carrier and a full-service airline under Air India, which will be the only airline brand in the group following the merger

Read more here.

IRCTC Q2 Results: Net profit rises 43% YoY to ₹226 crore

Indian Railway Catering & Tourism Corp. (IRCTC) reported a 43% YoY increase in net profit to ₹226.03 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 99% YoY to ₹805.8 crore during the same period. Total expenses jumped 152% YoY to ₹524.33 crore in Q2. Revenue from internet ticketing stood at ₹300.25 crore, up 13.17% YoY.

Read more here.

L&T Infotech, Mindtree merge to make India’s fifth-largest IT company

The L&T Group announced the merger of L&T Infotech (LTI) and Mindtree into ‘LTI-Mindtree’ with immediate effect. With this, the combined entity will become the sixth-largest IT services firm by revenue and the fifth-largest in terms of market value. Shareholders of Mindtree Ltd will get 73 LTI shares for every 100 shares they hold after the merger.

Read more here.

Bharat Forge Q2 Results: Net profit falls 48% YoY to ₹141 crore

Bharat Forge Ltd reported a 48% YoY decline in consolidated net profit to ₹141.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 29% YoY to ₹3,076.4 crore during the same period. The company’s margins contracted sharply due to elevated raw material, finance, and employee costs. Its board has declared an interim dividend of ₹1.5 per share.

Read more here.

Centre ready to bring petrol under GST but states unlikely to agree: Petroleum Minister

The Central govt. is ready to bring fuel under GST but the states (for whom fuel and liquor are major revenue generators) are unlikely to agree to such a proposal, said Union Minister Hardeep Singh Puri. With regard to fuel prices, the minister said India has seen one of the lowest rises in prices in the past year. US fuel prices rose by 43% in one year but India only saw a 2% rise.

Read more here.

Tata Motors, Cummins Inc to offer solutions in hydrogen-powered commercial vehicle space

Tata Motors has partnered with US-based Cummins Inc to offer solutions in the hydrogen-powered commercial vehicle space. Under the pact, both entities will collaborate on the design & development of low and zero-emission propulsion technology solutions for commercial vehicles in India. This includes hydrogen-powered internal combustion engines, fuel cells, and battery electric vehicle systems.

Read more here.

Categories
Market News Top 10 News

RIL to Roll Out 5G Services by Diwali – Top Indian Market Updates

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

RIL to launch 5G services by Diwali; reveals ₹75,000 crore investment in petchem

Reliance Industries Ltd (RIL) has laid out a ₹2 lakh crore plan to launch the next generation (5G) of wireless services in India within two months. The company aims to deploy 5G services across metro cities by Diwali. RIL will partner with Qualcomm Inc to provide cloud-based 5G network solutions for businesses. It will also collaborate with Meta Platform Inc. for its JioMart shopping integration on WhatsApp.

Mukesh Ambani laid out a clear roadmap of how the conglomerate will be divided among two sons Akash and Anant, and daughter Isha. RIL will also launch its fast-moving consumer goods (FMCG) business this year. Moreover, they’ve announced an investment of ₹75,000 crore in the petrochemical business over the next five years.

Read more here.

Lupin gets USFDA nod for generic cancer treatment drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets in America. The drug is used to treat certain types of cancer. It works by slowing or stopping the growth of cancer cells. As per IQVA MAT data, Dasatinib tablets had estimated annual sales of $1,569 million in the US.

Read more here.

ABB India to upgrade Smart Power factory in Bengaluru

ABB India has decided to expand and upgrade its Smart Power factory in Nelamangala, Bengaluru, to meet the strong demand for its Smart Power solutions and energy management technologies. The facility is equipped with advanced collaborative robotics technology for better human-machine interfaces, artificial intelligence (AI), and digitalization technologies to create an automated and future-ready factory.

Read more here.

LTTS secures 5-year deal from BMW Group

L&T Technology Services (LTTS) has secured a multi-million-dollar deal from BMW Group. As part of the 5-year deal, LTTS will provide high-end engineering services for BMW’s suite of infotainment consoles targeted for its range of hybrid vehicles. The proximity to BMW Group’s campus will enable LTTS’ engineers to work on various solutions and offer services in real-time.

Read more here.

Mahindra Finance partners with CRIF to enhance customer experience

Mahindra & Mahindra Financial Services Ltd has partnered with CRIF Solutions to offer a seamless onboarding experience for customers seeking loans. The company will leverage an automated platform called StrategyOne (an Enterprise Business Rules Engine provided by CRIF) to integrate its customer acquisition channels across multiple retail asset product lines. This partnership will facilitate quicker loan approval decisions by combining automation and risk analysis.

Read more here.

EaseMyTrip partners with magicpin to launch services for travel, shopping

Easy Trip Planners Ltd (EaseMyTrip) has announced a partnership with magicpin to launch a suite of products and services that will bring travel and shopping experiences together through cross-promotion. This partnership will have unique and specially curated offerings on each other’s platforms.

Read more here.

Aurobindo Pharma subsidiary’s plant gets one observation from USFDA

The USFDA has issued one observation after inspecting a plant owned by Aurobindo Pharma’s US-based unit. The health regulator conducted its Pre-Approval Inspection (PAI) and Good Manufacturing Practice (GMP) inspection at the plant from August 22-26. The plant is owned by Aurolife Pharma LLC, a wholly-owned step-down subsidiary of Aurobindo Pharma Ltd. The company said it will respond to the USFDA within the stipulated timeline.

Read more here.

​​IRCTC plunges 8% after it withdraws e-tender for data monetisation plan

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) fell over 8% today after the company withdrew the e-tender for its data monetisation plan. The bill was withdrawn after IRCTC was summoned by a Parliamentary panel over its controversial passenger data monetisation plan on Friday. The panel sought IRCTC’s stance on the proposal as it was concerned over possible data privacy violations.

Last week, IRCTC revealed plans to employ a consultant to conduct business with government and private companies by using its customer and vendor application data. The company estimated a revenue opportunity of ₹1,000 crore from this move.

Read more here.

Vodafone Idea denies report of data breach

Vodafone Idea (Vi) has denied an alleged data leak of more than 20 million customers. A report by cyber security research firm CyberX9 claimed that call data records of around 20.6 million customers of Vi were leaked and accessed by cyber-criminals. The telco said the report is “false and malicious”.

Read more here.

RBI to establish fraud registry to check bank frauds

The Reserve Bank of India (RBI) aims to establish a fraud registry to compile a database of dubious websites, phones, and other digital fraud methods as part of its attempts to increase client safety. Such a database will help to stop fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted.

Read more here.

Categories
Market News Top 10 News

SpiceJet, Credit Suisse AG Resolve Financial Dispute – Top Indian Market Updates

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

SpiceJet, Credit Suisse AG tell SC they resolved financial dispute

SpiceJet Ltd and Swiss firm Credit Suisse AG told the Supreme Court they have resolved their financial dispute. The apex court allowed SpiceJet to withdraw its appeal against a Madras High Court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse. As per Credit Suisse AG, SpiceJet had failed to honour its commitment to pay the bills for over $24 million for maintenance and repair of aircraft engines and components.

Read more here.

Tata Motors secures order for 921 electric buses from BMTC

Tata Motors has secured an order for 921 electric buses from the Bengaluru Metropolitan Transport Corporation (BMTC). The automaker is all set to supply, operate and maintain 12-meter electric buses as part of the large tender announced by Convergence Energy Services Ltd (CESL). BMTC Managing Director G Sathyavathi said the order is essential for Bengaluru’s growing requirement for clean and sustainable public transport.

Read more here.

HAL opens office in Kuala Lumpur to explore business operations in Southeast Asia

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with its representative in Kuala Lumpur (called Forte Drus) for tapping new opportunities in exporting weaponry to Malaysia. The office in Malaysia will help HAL to tap the new business opportunities for Fighter Lead-in Trainer, Light Combat Aircraft, and other requirements of the Royal Malaysian Air Force (RMAF).

Read more here.

Power Mech Projects secures order worth Rs 6,163 crore from Adani Group

Power Mech Projects Ltd (PMPL) has secured an order for five Flue Gas Desulphurization (FGD) projects with an aggregating value of Rs 6,163.20 crore from Adani Group. The FGD projects will be used to install 15 FGD retrofits to coal-based units at Mundra, Tiroda, Kawai, and Udupi. These units will effectively curb sulphur-dioxide emissions and play a vital part in helping India achieve its ambitious goal of reducing emissions.

Read more here.

IRCTC floats tender to appoint consultant for digital data monetisation

Indian Railway Catering & Tourism Corporation (IRCTC) has floated a tender to hire a consultant to monetise digital assets. The assets mentioned in the tender include rail ticketing data, user base, and passenger travel-related transactions. As per reports, IRCTC has estimated a revenue generation potential of Rs 1,000 crore through the monetisation of its digital assets.

Read more here.

Datamatics Global Services partners with US-based AccessFares

Datamatics Global Services Ltd (DGSL) has entered into a long-term strategic partnership with AccessFares to enhance the customer experience for its premium international airfare services. DGSL will manage the premium international airfare services and help create value across the entire air ticketing, invoicing, and billing process. US-based AccessFares is a market leader in providing premium international airfares with significant discounts to customers globally.

Read more here.

Lupin gets USFDA approval for Rufinamide tablets to treat seizures

Lupin Ltd has received approval from the US Food & Drug Administration (FDA) for Rufinamide tablets. The drug is used to treat the symptoms of Lennox-Gastaut Syndrome (seizures). They are available for oral administration as film-coated tablets. The product will be manufactured at Lupin’s facility in Goa. As per IQVIA MAT June 2022 data, Rufinamide tablets had estimated annual sales of $164 million (~Rs 1,306.4 crore) in the US.

Read more here.

India sees a 7.6% fall in domestic air passengers in July: DGCA

The latest data by the Directorate General of Civil Aviation (DGCA) showed a 7.6% decline in the total number of domestic air passengers in July 2022 to 97 lakh. Around 1.05 passengers travelled by air in June. The rainy season is usually a lean period for India’s aviation sector. IndiGo carried 57.11 lakh passengers in July, a 58.8% share of the domestic market. Meanwhile, SpiceJet carried 7.76 lakh passengers last month.

Read more here.

Tata Power Renewable Energy issues shares to BlackRock-Mubadala consortium for Rs 2,000 crore

Tata Power Renewable Energy’s board has approved the allotment of 8.36 crore equity shares on a preferential basis aggregating ~Rs 2,000 crore to GreenForest New Energies Bidco (GNEB). GNEB is a consortium led by BlackRock Real Assets and Mubadala Investment Company. This transaction is part of an investment deal worth Rs 4,000 crore, which BlackRock and Mubadala will infuse into Tata Power Renewable Energy.

Read more here.

Nykd by Nykaa launches first flagship store in New Delhi

Nykd by Nykaa, the athleisure brand from Nykaa Fashion, has opened its first-ever physical retail space in Rajouri Garden, New Delhi. The store has a wide array of products across the innerwear, sleepwear, athleisure, and loungewear categories.

Read more here.

Categories
Market News Top 10 News

Hindalco Posts 48% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Hindalco Industries Q1 Results: Net profit rises 48% YoY to Rs 4,119 crore

Hindalco Industries reported a 48% YoY increase in consolidated net profit to Rs 4,119 crore for the quarter ended June (Q1 FY23). This is the highest-ever quarterly profit figure the aluminium maker ever posted. Its revenue from operations rose 40.2% YoY to Rs 58,018 crore during the same period. EBITDA stood at Rs 8,640 crore, up 27% YoY. Hindalco’s results in Q1 were driven by the robust performance of its aluminium downstream and copper businesses.

Read more here.

Tata Power partners with JP Infra to set up EV charging points in Mumbai

Tata Power has partnered with real estate developer JP Infra Mumbai to provide electric vehicle (EV) charging points across residential projects in Mumbai. Residents with EVs will have access to a 24×7 charging facility. They can also connect through the Tata Power EZ mobile application for all services, including remote vehicle charging monitoring and e-payments. 

Read more here.

Max Healthcare Q1 Results: Net profit rises 11% YoY to Rs 229 crore

Max Healthcare Institute Ltd reported an 11% YoY increase in net profit to Rs 229 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 5.3% YoY to Rs 1,393 crore during the same period. EBITDA stood at Rs 370 crore in Q1, up 3% YoY. The average revenue per operating bed (ARPOB) increased to Rs 66,000 in Q1 FY23, compared to Rs 51,500 in Q1 FY22.

Read more here.

JSW Energy’s arm to acquire renewable assets from Mytrah Energy

JSW Neo Energy (a wholly-owned subsidiary of JSW Energy) will acquire a portfolio of 1,753 megawatts (MW) of renewable energy generation capacity from Mytrah Energy (India) Pvt. Ltd for Rs 10,530 crore. The assets have a proven operational track record and long-term power purchase agreements (PPA) with an average remaining life of 18 years. The acquisition will help JSW Energy to achieve its renewable-led capacity growth target of 10 gigawatts (GW) by FY25. 

Read more here.

IRCTC Q1 Results: Net profit jumps 198% YoY to Rs 246 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 198% YoY jump in net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 250.34% YoY to Rs 852.59 crore during the same period. Total expenses stood at Rs 548 crore in Q1, up 272.8% YoY.

Read more here.

L&T Construction to build cooling towers for Rawatbhata Atomic Power Project

Larsen & Toubro’s construction arm has secured an order (in the range of Rs 1,000-2,500 crore) from the Nuclear Power Corporation of India Ltd (NPCIL) to build natural draught cooling towers and a cooling water pump house for the Rawatbhata Atomic Power Project. The scope of work also includes the construction of a cement mortar-lined and coated steel pipe, the main medium to transport hot water from the turbine to the cooling towers. The project is scheduled to be completed in 36 months.

Read more here.

Eicher Motors Q1 Results: Net profit jumps 157% YoY to Rs 611 crore

Eicher Motors Ltd reported a 157.52% YoY jump in consolidated net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 71.18% YoY to Rs 3,325.8 crore during the same period. EBITDA stood at Rs 831 crore in Q1, up 147% YoY.

Read more here.

Civil Aviation Ministry to remove fare caps imposed on airlines from August 31

The Ministry of Civil Aviation will remove fare caps for domestic airlines from August 31, 2022. The Central govt had regulated fares by imposing a minimum and maximum band based on the flight’s duration to prevent ticket prices from spiking due to pent-up demand arising from an easing of restrictions on air travel. The ministry will re-evaluate the fare cap for domestic airlines once there is a healthier environment in terms of jet fuel prices.

Read more here.

SJVN to set up 10,000 MW clean energy projects in Rajasthan

SJVN Ltd has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to develop 10,000 MW renewable energy projects in the state. These projects/parks will boost socio-economic development in the state and open up multiple direct and indirect employment opportunities. An investment of Rs 50,000 crore is estimated for developing these projects in the next 5-7 years.

Read more here.

Tata Consumer Q1 Results: Net profit rises 38% YoY to Rs Rs 255 crore

Tata Consumer Products Ltd (TCPL) reported a 38% YoY increase in consolidated net profit to Rs 255.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 11% YoY to Rs 3,3 crore during the same period. TCPL’s India business grew by 9%, while the international business revenue was up 9% in Q1.

Read more here.

Categories
Market News Top 10 News

ZEEL Gets Global Rights to Air UAE T20 League – Top Indian Market News

ZEEL secures global rights to air UAE T20 League

UAE’s T20 League has signed a long-term global media rights contract with Zee Entertainment Enterprises Ltd (ZEEL) to air the tournament exclusively on ZEEL’s channels and OTT platform (ZEE5) across the world.  The league comprises six teams competing in a 34-match competition. The matches will air across ZEEL’s 10 linear channels in the HSM (Hindi Speaking Markets), South & East regions in English, Hindi, and Tamil languages. 

Read more here.

Grasim Industries Q4 Results: Net profit jumps 122% YoY to Rs 1,068 crore

Grasim Industries Ltd reported a 122.4% YoY jump in net profit to Rs 1,068.03 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 45.1% YoY to Rs 6,376.39 crore during the same period. The company’s board has declared a dividend of Rs 5 per share and a special dividend of Rs 5 per share.

Read more here.

ABFRL to raise Rs 2,195 crore via preferential issue

Aditya Birla Fashion & Retail Ltd’s (ABFRL) board has approved a proposal to raise up to Rs 2,195 crore via preferential issue of shares and warrants to an affiliate of GIC, Singapore’s sovereign wealth fund. After completing this transaction, GIC will own a ~7.5% equity stake in ABFRL. ABFRL plans to use the proceeds from the issue to accelerate its growth engine built around the strength of its current business.

Read more here.

BLS International signs contract to process German visas in North America & Mexico

BLS International Ltd has signed a 7-year contract to process short-term and long-term visas for Germany in North America and Mexico. The company will start operations with two centres in Mexico and eight centres in North America. It will provide visa outsourcing services and several value-added services like photocopy, translation, courier, and insurance for the convenience of applicants.

Bank of India Q4 Results: Net profit jumps 142% YoY to Rs 606 crore

Bank of India reported a 142% YoY jump in consolidated net profit to Rs 606 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 36% YoY to Rs 3,986 crore during the same period. The gross non-performing assets (GNPA) ratio improved to Rs 9.98% in Q4 FY22, compared to 13.77% in Q4 FY21. The bank’s board has approved a dividend of Rs 2 per share.

Read more here.

Alembic Pharma gets USFDA approval for Pirfenidone tablets

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Pirfenidone tablets. The drug is used to treat idiopathic pulmonary fibrosis (a lung disease). According to IQVIA data, Pirfenidone tablets had an estimated market size of $548 million (~Rs 4,250 crore) for the 12 months ended December 2021. 

Read more here.

NBCC secures contract worth Rs 313 crore from PSCDL

NBCC (India) Ltd has received a work order worth Rs 313.80 crore from Puducherry Smart City Development Ltd (PSCDL). The project consists of planning, designing, and executing various infrastructure development works in Puducherry. NBCC (India) is a Government of India (GoI) Navratna Enterprise. 

Read more here.

IRCTC takes down insurers’ services for data privacy issues

Indian Railway Catering & Tourism Corporation (IRCTC) has temporarily taken down the services of Bajaj Allianz and Liberty General Insurance from its platform after noticing a vulnerability on the insurers’ websites that put the personal data of passengers at risk. IRCTC has a monopoly over train ticket booking in India. The insurance companies provide travel insurance to passengers that book their train and flight tickets through IRCTC.

Read more here.

Ipca Labs Q4 Results: Net profit falls 19% YoY to Rs 130 crore

Ipca Laboratories Ltd reported a 19% YoY decline in consolidated net profit to Rs 130.23 crore for the quarter ended March (Q4 FY22). Its total income rose 15% YoY to Rs 1,303.64 crore during the same period. The Active Pharmaceutical Ingredients (APIs) business registered total revenue of Rs 257.84 crore, down 1% YoY.

Read more here.

Categories
Market News Top 10 News

India’s GDP Expands 8.4% in Q2 – Top Indian Market

India’s GDP expands by 8.4% in July-Sept quarter

India’s gross domestic product (GDP) grew 8.4% in the July-September quarter of the current financial year (Q2 FY22). The GDP had contracted by 7.4% in the corresponding quarter last year. GDP at Constant (2011-12) Prices is estimated at Rs 35.73 lakh crore in Q2 FY22, compared to Rs 32.97 lakh crores in Q2 FY21. The Indian economy strengthened in Q2 due to a pickup in the pace of vaccinations and the easing of localised restrictions.

Meanwhile, the output from India’s eight core sectors grew 7.5% in October 2021, compared to a 0.5% contraction in October 2020. Core sectors’ growth stood at 4.5% in September 2021. The core sectors include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.

Read more here.

Yes Bank’s voting rights in Dish TV unfrozen by Supreme Court

The Supreme Court (SC) unfroze a restriction imposed by the police on Yes Bank’s voting rights in Dish TV India Ltd. This move will allow the bank to vote in Dish TV’s Annual General Meeting (AGM). However, the AGM scheduled to take place on November 30 has now been postponed. The freeze on voting rights of shares held by Yes Bank was due to a notice issued by the Uttar Pradesh police on Nov 5, which directed the bank not to transfer or exercise any rights as a shareholder of Dish TV. 

Read more here.

Infosys to transition Daimler’s HPC workloads to green data centre in Norway

Infosys will transfer Daimler’s High-Performance Computing (HPC) workloads to Lefdal Mine Datacenter in Norway, one of Europe’s greenest data centres. The HPC workloads are used to design vehicles and automated driving technologies. The shift to Green Data Center as a Service is an important milestone in supporting Daimler to achieve its sustainability mission (Ambition 2039) to become carbon neutral by 2039.

Read more here.

Edelweiss Financial Services to raise up to Rs 1,000 crore via NCDs

Edelweiss Financial Services Ltd (EFSL) will raise up to Rs 500 crore via the public issue of secured, redeemable, non-convertible debentures (NCDs) of face value Rs 1,000 each. The base size of the issue is Rs 200 crore, with an option to retain oversubscription up to Rs 300 crore. The issue is within the shelf limit of Rs 1,000 crore. The effective yield per annum of the NCDs ranges from 8.75% to 9.70%. 

Read more here.

redBus partners with IRCTC to offer train ticketing service

Online bus ticketing platform redBus has partnered with IRCTC to offer rail ticketing services under “redRail”. As part of its introductory offer, redRail will not levy any service fee or payment gateway charges. All of the scheduled train services of IRCTC, which includes nearly 9 million daily seats, will now also be available on the redBus app for booking.

Read more here.

Maruti Suzuki flags drop in December output due to chip shortage

Maruti Suzuki India Ltd is expecting an adverse impact on vehicle production at its manufacturing units in Haryana and Gujarat in December due to the global semiconductor shortage. Total production could only be around 80-85% of the normal production. Supply chain disruptions and booming demand for consumer electronics have led to an acute shortage of semiconductors. 

Read more here.

Dilip Buildcom emerges lowest bidder for rail project in Himachal Pradesh

Dilip Buildcon Ltd has emerged as the lowest bidder for a tender floated by Rail Vikas Nigam Ltd (RVNL) in Himachal Pradesh. The work includes slope protection and allied works in connection with the new Bhanupali-Bilaspur-Beri railway line in Bilaspur district. The project cost is Rs 636.94 crore. Dilip Buildcon has to complete the project within 24 months.

Read more here.

PTC Industries’ arm receives approval to make alloy castings for aerospace applications

Aerolloy Technologies, a subsidiary of PTC Industries Ltd, has received international certification to manufacture titanium and nickel super alloy castings for aerospace applications. Uttar Pradesh-based PTC Industries develops and manufactures strategic components and sub-systems for various defence and aerospace applications.

Read more here.

NMDC slashes lump ore prices by Rs 750 per tonne, fines by Rs 200 per tonne

NMDC Limited has reduced the prices of lump ore by Rs 750 per tonne and fines by Rs 200 per tonne. The company has revised the rates of lump ore or higher grade ore to Rs 5,200 a tonne. The price of lump ore or low-grade ore has been fixed at Rs 4,560 per tonne. The revised prices are effective from November 30, 2021.

Categories
Market News Top 10 News

Jindal Steel to Start Building Botswana Coal Mine in 2022 – Top Indian Market News

JSPL to start building Botswana coal mine in 2022

Jindal Steel & Power Ltd (JSPL) will start building a coal mine in Botswana’s southeastern Mmamabula coalfields in 2022, aiming to supply the export market and a planned coal power plant. The company aims for the mine to produce 4.5 million tonnes of coal per year. Despite the global shift from coal, Botswana is pushing ahead with developing its estimated 212 billion tonnes of coal resources. 

Read more here.

Centre repeals 3 farm bills; PM urges protesting farmers to go home

Prime Minister Narendra Modi on Friday announced that the Centre will repeal the three controversial agricultural laws. He has requested protesting farmers to go back to their fields and homes. “The three laws were in the benefit of farmers but we could not convince a section of them despite our best efforts”, said the PM. To learn more about the three contentious bills and why farmers protested against it, click here.

Read more here.

ABB Power Products rebrands itself as Hitachi Energy India

ABB Power Products & Systems India announced its rebranding as Hitachi Energy India Ltd. The company has reaffirmed its commitment to accelerating the clean energy transition in India. Hitachi Energy (the parent company) views India among its top five markets for expansion. It aims to expand its portfolio to meet the needs of the evolving energy landscape in India and grow faster than the market.

Read more here.

Biocon and Viatris to distribute Insulin Glargine through Walgreens in the US

Biocon Biologics and Viatris Inc. announced that they would distribute Insulin Glargine injection through the Walgreens Prescription Savings Club in the US. Members will get savings of up to 80% on the cash price of comparable long-acting insulins purchased at Walgreens. The biosimilar product was co-developed by Biocon Biologics (a subsidiary of Biocon Ltd) and US-based Viatris.

Read more here.

Zydus Cadila gets USFDA approval for Nelarabine injection

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Nelarabine Injection in the US with 180 days of marketing exclusivity. The drug is used to treat certain types of leukemia and lymphoma by slowing or stopping the growth of cancer cells. According to IQVIA data, Nelarabine Injection had annual sales of $34.5 million (~Rs 256 crore) in the US for the year ended September 2021.

Read more here.

HPCL partners with IDFC First Bank for fuel payments using FASTags

Hindustan Petroleum Corporation Ltd (HPCL) and IDFC First Bank have signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags. IDFC First Bank’s FASTags can now be bought, recharged, and replaced by passenger vehicle users at select HPCL retail outlets.

Read more here.

Zomato may invest $500 million in Grofers to push its quick commerce play: Report

According to a report from Economic Times, Zomato Ltd is in talks to invest as much as $500 million (~Rs 3,715 crore) in grocery delivery service Grofers. The proposed deal marks an extension of its food delivery battle with Swiggy into the ultrafast commerce segment, which is attracting heavy investor capital globally.

Read more here.

Railway Board issues order to resume serving cooked meals to passengers on trains

The Railway Board has issued an order to resume serving cooked meals to passengers on trains, a service that was discontinued due to Covid-19 restrictions. The board has asked the Indian Railway Catering and Tourism Corporation (IRCTC) to resume the service. Ready-to-eat meals will also continue to be served to passengers.

Read more here.

ONGC to invest up to Rs 6,000 crore in its petrochemical arm: Report

According to a report from Livemint, Oil and Natural Gas Corporation Ltd (ONGC) is planning to invest Rs 6,000 crore in its petrochemicals unit ONGC Petro additions Ltd (OPaL). The company already holds compulsorily convertible debentures (CCDs) in OPaL that would be converted into equity worth Rs 6,000 crore. Currently, ONGC holds a 49.4% stake in OPaL, GAIL has a 49.2% stake, and Gujarat State Petroleum Corp Ltd holds 1.4%.

Read more here.

Categories
Market News Top 10 News

Tata Motor’s Net Loss Widens to Rs 4,441 crore in Q2 – Top Indian Market News

Tata Motors Q2 Results: Net loss widens to Rs 4,441 crore

Tata Motors Ltd reported a consolidated net loss of Rs 4,441.6 crore for the quarter ended September (Q2 FY22). The automaker had reported a net loss of Rs 314.5 crore in the corresponding quarter last year and a net loss of Rs 4,451 crore in Q1 FY22. Its revenue from operations rose 14.7% YoY to Rs 61,378.8 crore in Q2 FY22. Its India business reported a 91% YoY rise in revenues, while Jaguar Land Rover (JLR) posted an 11.1% YoY fall in net sales.

Read more here.

India’s manufacturing PMI rises to 55.9 in October

India’s manufacturing activity expanded for the fourth straight month in October. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.9 in October, compared with 53.7 in September. New orders continued to expand in October as a result of improved market conditions, rising requirements among clients, and successful marketing. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

Read more here.

Auto sales data for October 2021: Highlights 

Maruti Suzuki India posted a 60% month-on-month (MoM) increase in total sales to 1,38,335 units in September 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment and exports rose 46% and 21.3%, respectively.   

Tata Motors Ltd registered a 32% MoM decline in passenger vehicle sales to 25,730 units in October. The automaker’s commercial vehicle sales increased 1.2% MoM to 33,674 units. Overall domestic sales rose 16.3% MoM to 65,151 units.  

Mahindra & Mahindra’s auto segment posted total sales of 41,908 units in October, a growth of 49% over Sept. M&M’s farm equipment segment posted a 16% rise in sales to 47,017 units.

Bajaj Auto Ltd posted a 9.35% MoM increase in total sales to 4,39,615 units. Meanwhile, Escorts posted a 53.28% MoM rise in tractor sales to 13,514 units in October. 

Read more here.

IRCTC Q2 Results: Net profit jumps 386% YoY to Rs 158 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 386% YoY jump in net profit to Rs 158.5 crore for the quarter ended September (Q2 FY22). Net profit increased 92% compared to the previous quarter. Its revenue from operations jumped 357% YoY to Rs 405 crore during the same period. IRCTC’s internet ticketing segment posted a 355.32% YoY increase in revenue to Rs 265.3 crore in Q2.

Read more here.

TCS expands partnership with Malaysia-based Celcom for digital transformation

Tata Consultancy Services (TCS) is expanding its partnership with Celcom Axiata Berhad to transform its core business support systems (BSS) using TCS HOBS and TCS TwinX hosted on Microsoft Azure. Celcom is a leading telecommunications provider in Malaysia. TCS will enable Celcom to further enhance its digital and platform positioning through advanced digital capabilities like artificial intelligence (AI)-driven business simulations.

Read more here.

HDFC Q2 Results: Net profit rises 32% YoY to Rs 3,780 crore

Housing Development Finance Corp (HDFC) reported a 32% YoY increase in net profit to Rs 3,780.5 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 4.1% YoY to Rs 12,215.95 crore during the same period. HDFC’s assets under management stood at Rs 5.97 lakh crore in Q2 FY22, compared to Rs 5.40 lakh crore in Q2 FY21.

Read more here.

RBI appoints Bandhan Bank as Agency Bank to conduct govt business

The Reserve Bank of India (RBI) has appointed Bandhan Bank as an Agency Bank to conduct government business. The bank will now be authorised to handle transactions related to Goods & Services Tax (GST), Value Added Tax (VAT), and the collection of state taxes. Bandhan Bank can also look after the collection of stamp duty and pension payments on behalf of central and state governments. 

Read more here.

Bajaj Consumer Q2 Results: Net profit falls 18% YoY to Rs 46 crore

Bajaj Consumer Care Ltd reported an 18.3% YoY decline in consolidated net profit to Rs 46.5 crore for the quarter ended September (Q2 FY22). Net profit fell 4.89% compared to the previous quarter. Its revenue from operations fell 4.7% YoY to Rs 216.18 crore during the same period. EBITDA stood at Rs 48.7 crore in Q2, a decline of 21% YoY (or 7% QoQ).

GST collection surges to Rs 1.3 lakh crore in October, second-highest ever

The Central government collected Rs 1,30,127 crore from Goods and Services Tax (GST) during October 2021, the second-highest since the implementation of the tax in 2017. It indicates a strong trend of the ongoing economic recovery in the second half of the financial year. The GST revenues for October are 24% higher than the revenues collected in the same month last year.

Read more here.

Devyani International Q2 Results: Net profit at Rs 46 crore

Devyani International Ltd reported a consolidated net profit of Rs 46.6 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 65.5 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations jumped 124% YoY to Rs 516.1 crore in Q2 FY22. KFC revenues surged 141% YoY and Pizza Hut revenues were up 111% YoY during the quarter.

Read more here.