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Which are the Top FMCG Stocks in India?

Products that are sold quickly and at relatively low cost are known as fast-moving consumer goods (FMCG). Another name for such products is consumer packaged goods. FMCGs have a limited shelf life due to high consumer demand (such as for soft drinks and confections) or perishability (such as for meat, dairy products, and baked goods). The top three sectors of this business are Food & Beverages (19%), Healthcare (31%), and Household & Personal Care (50%), respectively. In this article, explore the top FMCG stocks in India!

An Overview of the FMCG Industry

India’s FMCG industry is the biggest in the world. It is estimated that the FMCG sector accounts for around 15% of India’s gross domestic product (GDP) and employs more than 1 crore people. Consumer electronics, food, personal care products, home goods, over-the-counter medications, and other items are all included in this industry. The FMCG industry is optimistic about at least 20% growth in 2023 after ‘exponential growth’ in 2022:

  • Favourable government policies, a growing rural market and young population, and the expansion of e-commerce platforms are some of the sector’s main development factors.
  • India has a middle-class population that is greater than the population of the USA, making it a country that no FMCG company can afford to ignore.  The FMCG market keeps expanding as more and more people begin to climb the economic ladder and the general public obtains access to the benefits of economic progress. 
  • More importantly, India’s population is getting more consumerist with growing disposable income. Government efforts to broaden financial inclusion and provide social safety nets have further contributed to this. 
  • The FMCG market in India is expected to increase at a CAGR of 14.9% to reach $220 billion by 2025, from $110 billion in 2020. 

Top FMCG Stocks in India:

S. No.Stocks5-Year Returns
1Hindustan Unilever Ltd. 62%
2ITC Ltd.72%
3. Nestle India Ltd. 123%
4Britannia Industries Ltd. 61%
5Varun Beverages Ltd.696%
(Figures are as of July 17, 2023. Past performance is no guarantee of future results)

1. Hindustan Unilever Ltd (HUL)

Home care, beauty & personal care, and foods & refreshment are Hindustan Unilever Ltd’s three main FMCG business sectors. The company sells its products largely in India and has manufacturing plants all across the nation. With over 40 brands available across 12 distinct categories, including personal care, fabric care, skincare, hair care, oral care, deodorants, cosmetics goods, beverages, ice cream, frozen desserts, and water filters, HUL is an important part of millions of Indians’ lives. Dove, Lifebuoy, Knorr, and Pears Soap are a few of their brands. Home care brings in 34% of the company’s income, followed by beauty and personal care (44%) and food & drink (19%). HUL has also forayed into the health and wellbeing segment through two strategic investments.

Over the last 5 years, the company’s revenue has grown at a CAGR of 9.35%, while profits have a CAGR of 14.6%. The company is nearly debt free and has a healthy dividend payout ratio of 99.9%. The stock has moved up 62% over the past five years. 

2. ITC Ltd

Established in 1910, ITC is the biggest cigarette producer and retailer in the nation. The five business divisions that ITC now works in are FMCG Cigarettes, FMCG Others, Hotels, Paperboards, Paper and Packaging, and Agri-Business. Aashirvaad, Sunfeast, Yippee!, Bingo!, B Natural, ITC Master Chef, Fabelle, Sunbean, and Fiama are among ITC’s top FMCG brands. Additionally, it has added frozen food items, ghee, dairy products, and premium chocolates to its collection of branded packaged meals. ITC is known for assuring precise production and packaging quality. They have a wide variety of distribution outlets in India and have gained access to the remotest of locations through a variety of stores. It is anticipated that ITC will increase its involvement in the eastern market for spices due to its most recent acquisition of Sunrise Foods Pvt Ltd. 

The company is nearly debt free and has been maintaining a debt payout of 92%. Over the past five years, the revenue had a CAGR of 7% and net income has had a CAGR of 8%. The company has delivered a poor sales growth of 10% over the past five years. ITC stock has given a decent return of 72% over the past 5 years. 

3. Nestle India Ltd. 

Nestle India Ltd. is a dominant company in the Indian FMCG market with a strong market presence in the majority of its product categories. The business, which sells various goods under the Maggi brand is a trendsetter in the food service industry. In terms of dairy and nourishment products (96% in infant cereals), drinks (Nescafe 51%), processed foods (Instant Pasta Maggi -69%), kitchen aids (Nestle everyday 44%), and confectionery (63%). The company markets its products under the EVERYDAY, NESCAFE, NESTEA, Maggi, KitKat, Munch, Nestle, POLO, Bar-One, Milkmaid, Milkybar, Alpino, and Eclairs brands, among others.

Nestle India’s revenue has given a CAGR of 11.5% over the past 5 years while the net income has grown at a CAGR of 14%. The company has maintained a healthy dividend payout of about 91%. However, it has delivered poor sales growth of 11.0% over the past five years. The company’s stock has jumped 123% over the past five years. 

4. Britannia Industries Ltd. 

Britannia Industries has a rich 100-year history. It is one of the major leaders in the Indian biscuit industry with a market share of more than one-third in terms of value. The company’s portfolio has a good proportion of each of the seven varieties of biscuits it produces, including glucose, Marie, cookies, crackers, cream, milk, and health. Additionally, the company’s whole product line includes recognisable trademarks including Milk Bikis, Tiger, Marie, and Good Day. 

Over the past five years, revenue and net income have seen a decent CAGR of 9.3% and 11.5%, respectively. Despite maintaining a high dividend distribution of 123%, the company’s growth in sales over the previous five years was just 10.5%. Britannia’s shares have risen 61% in 5 years. 

5. Varun Beverages Ltd.

Varun Beverages Ltd (VBL) is engaged in the manufacturing, sales, and distribution of PepsiCo’s beverages in pre-defined territories in India. The company is PepsiCo India’s second-largest international franchisee (after the United States) for carbonated soft drinks and non-carbonated beverages. VBL is a part of the RJ Corp group, a commercial conglomerate with holdings in quick-service restaurants, dairy products, and healthcare. Some of the key brands sold under VBL include Pepsi, Mirinda, Mountain Dew, Seven-Up, etc. In addition, the company offers its products in Nepal, Sri Lanka, Morocco, Zimbabwe, Zambia, and Mozambique.

The company has reported an impressive revenue CAGR of 27% and a net income CAGR of 48% over the past 5 years. It has delivered good profit growth of 49.2% CAGR over the last 5 years. It has been maintaining a healthy dividend payout of 17.5%. However, promoter holding has decreased by about 4% over the last 3 years. The stock has given a spectacular return of 696% in the past 5 years.

Other Top FMCG Stocks in India:

  • Marico
  • Dabur India
  • Godrej Consumer Products
  • Colgate Palmolive
  • Tata Consumer Products
  • Jyothy Labs

In conclusion, India’s FMCG market is expanding quickly. Consumers are increasingly choosy and willing to pay more money for high-quality goods than low-quality ones. The FMCG market has expanded as a result of the rising demand for branded goods. It has grown faster in rural India than in urban India as a result of the expanding number of FMCG startups. The semi-urban and rural sectors are also experiencing rapid growth for these publicly listed FMCG firms in India. This makes FMCG one of the strongest sectors with very high potential. And now you know which are the top FMCG stocks in India you could invest in!

Disclaimer: The stocks mentioned in the article are solely for educational purposes. Please do your own research before investing.

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MCA Issues Inspection Order Against Shree Cement – Top Indian Market Updates

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

MCA issues inspection order against Shree Cement

According to a CNBC TV18 report, the Ministry of Corporate Affairs (MCA) has issued an inspection order against Shree Cement. The order has been issued due to issues concerning related party transactions, corporate governance matters, and issues about improper income tax filings. This comes after the Income Tax (IT) department conducted a survey action at five locations of Shree Cement in Rajasthan.

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Foxconn eyes partnership with Tata Group after Vedanta JV pullout

Foxconn has announced its decision to exit a joint venture (JV) with Vedanta for semiconductor production in India. However, the chipmaker is exploring a potential tie-up with the Tata Group. It is expected to unveil a new agreement with the Tata Group soon. 

In other news, Tata Group is reportedly close to an agreement to acquire an Apple Inc. supplier’s factory as soon as August, marking the first time a local company would move into the assembly of iPhones.

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L&T signs Master Ship Repair Agreement with US Navy

Larsen and Toubro (L&T) entered into a significant Master Ship Repair Agreement (MSRA) with the US Navy. The agreement highlights L&T’s Kattupalli Shipyard (near Chennai) as a qualified facility for conducting voyage repairs of Military Sealift Command vessels. After a thorough evaluation by the US Navy and the Military Sealift Command, the shipyard’s capabilities have been recognised, enabling it to undertake warship refits similar to those approved by the Indian Navy and the Coast Guard.

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DGCA puts SpiceJet under enhanced surveillance

The Directorate General of Civil Aviation (DGCA) has put SpiceJet Ltd under “enhanced surveillance” amid the company facing multiple financial headwinds recently.  However, the carrier company refuted any such development. This comes against the backdrop of various aircraft lessors seeking repossession of planes leased to SpiceJet, and some of the cases have been settled by the airline.

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Zen Technologies wins order worth Rs 340 crore

Zen Technologies Ltd secured a major order worth ₹340 crore. it has bagged the order in the export markets. This is the company’s second major order win this month. On July 7, Zen Technologies secured an order worth ₹160 crore from the Indian government. The contract comes under the government’s indigenous design and Development (IDDM) initiative, which requires Indian IP and over 60% indigenous content.

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India’s steel output grows 8.37% to 33.63 MT in April-June

India’s crude steel production increased by 8.37% YoY to 33.63 million tonnes (MT) in the April-June period (Q1 FY24). Higher production and capacity ramp-up activities by steel mills will meet the increasing demand. Finished steel production in India rose 11.66% YoY in the quarter under review to 32.41 MT. Domestic steel consumption rose 10.16% to 30.29 MT from 27.50 MT a year ago.

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ITC’s FMCG segment posts 21% rise in annual consumer spend in FY23

ITC Limited’s FMCG business recorded a 21% YoY rise in annual consumer spend to nearly Rs 29,000 crore in 2022-23 (FY23). The company measures annual consumer spend as the sum total of what the consumer spends on buying the goods of the company. ITC said its products reached 230 million households in FY23, up from over 200 million households in FY22. ITC e-Store (D2C platform) is now operational in 24,000+ pin codes.

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Dr Reddy’s Labs to enhance presence in nutraceuticals, gene therapy

Dr Reddy’s Laboratories is looking to enhance its presence in various emerging segments like nutraceuticals and gene therapy. The pharma company aims to get into integrated digital healthcare services as part of its future growth plans. It also intends to follow a disciplined approach towards cash management and acquisitions.

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GST Council agrees to tax online gaming at 28%

The GST Council has agreed to levy a 28% tax on online gaming, casinos, and horse racing. The goods and services tax is likely to be levied on the full face value, which is the total value of bets placed on a platform. The council has also agreed to reduce GST on food and beverages at cinema halls from 18% to 5%.

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SBI’s Net Profit Jumps 83% YoY to Rs 16,695cr in Q4 – Top Indian Market Updates

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

SBI Q4 Results: Net profit rises 83% YoY to Rs 16,695 crore

State Bank of India (SBI) reported an 83% YoY increase in standalone net profit to Rs 16,695 crore for the quarter ended March (Q4 FY23). Net Interest Income (NII) stood at Rs 40,393 crore, up 29% YoY. The gross non-performing assets (NPA) ratio fell from 3.14% in Q4 FY22 to 2.78% in Q4 FY23. The bank’s board has declared a dividend of Rs 11.3 per equity share.

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India’s coal production up 8.5% to 73 MT in April

According to the Ministry of Coal, India’s coal production increased by 8.5% to 73.14 million tonnes (MT) in April 2023, compared to 67.20 MT in April 2022. This accounted for 94.89% of the production target set for April 2023. Coal India and its subsidiaries contributed 57.57 MT to the overall production, marking a 7.67% growth from April 2022.

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ITC Q4 Results: Net profit rises 23% YoY to Rs 5,175 crore

ITC reported a 23% YoY increase in consolidated net profit to Rs 5,175 crore in Q4 FY23. Its operating revenue rose 7% YoY to Rs 19,058 crore during the same quarter. EBITDA stood at Rs 6,209 crore, up 18.9% YoY in Q4 FY23. The company’s board has recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share.

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Zydus Lifesciences Q4 Results: Net profit falls 25% YoY to Rs 297 crore

Zydus Lifesciences reported a 25% YoY decline in consolidated net profit to Rs 296.6 crore in Q4 FY23. However, its consolidated total revenue rose 32% YoY to Rs 5,011 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The company’s board has recommended a final dividend of Rs 6 per equity share.

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Vedanta to free up cash and raise funds as it nears $500 million bond maturity

According to a Bloomberg report, Vedanta Group seeks to raise funds and generate cash as its $500 million bond matures. The board of Vedanta Ltd. is considering a dividend payout, while the conglomerate is in talks with banks for a potential $500 million raise. Vedanta Resources Ltd. relies on funds from its subsidiaries to reduce debt after a failed zinc mining unit sale.

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Ramco Cements Q4 Results: Net profit rises 23% YoY to Rs 152 crore

Ramco Cements reported a 22.6% YoY increase in net profit to Rs 152 crore in Q4 FY23. Its revenue increased by 50.2% YoY to Rs 2,568 crore during the same quarter. EBITDA stood at Rs 412 crore, up 39.5% YoY in Q4. 

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Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network

One97 Communications Ltd’s Paytm has collaborated with NPCI and SBI Card to launch the Paytm SBI Card on the RuPay network. Customers who join will receive privileges worth up to Rs 75,000, including a complimentary Paytm First Membership with OTT platform access and flight ticket discounts through the Paytm app. Cardholders also get other cashback offers on various transactions.

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Godrej Agrovet and SBI launch finance offering for oil palm farmers

Godrej Agrovet’s Oil Palm Business has collaborated with SBI to launch a finance offering for oil palm farmers. The product aims to support farmers by providing loans for setting up micro-irrigation facilities, implementing fencing arrangements for protection against cattle grazing, and improving tube wells on their oil palm farms. This initiative aims to enhance Fresh Fruit Bunches (FFB) productivity, acting as a catalyst for oil palm growth.

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GAIL shuts Ratnagiri LNG terminal till September, cuts imports

GAIL (India) Ltd has temporarily halted LNG imports at its Ratnagiri plant in Maharashtra since mid-May. The facility is shut down annually during the monsoon season due to operational challenges caused by rain and high tides. A breakwater is currently under construction and is expected to be completed next year, eliminating the need for seasonal shutdowns. GAIL’s last LNG cargo was received on May 11 at the Dabhol port.

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Oriana Power commissions 2.7 MW solar project at IOCL refinery in Haryana

Oriana Power has successfully commissioned a 2.7 MW solar project at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. The project was completed within a record time of three months and is specifically for Indian Synthetic Rubber Private Ltd (ISRPL), a joint venture between IOCL and Trimurti Holding Corporation. This marks the successful establishment of a single rooftop solar power plant at the IOCL refinery.

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Pfizer suspends sale of some popular products due to technical issues

Pfizer Ltd has halted the sale and use of its bacterial infection products in India due to technical issues at a contract manufacturing site. The company has requested a temporary suspension of Magzex, Zosyn, Magnamycin injections, and Magnex forte supplies. Stockists and distributors have been instructed to refrain from selling, distributing, or using the products until further notice from Pfizer.

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Coal India’s Profit Falls 18% YoY to Rs 5,528Cr in Q4 – Top Indian Market Updates

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

Coal India Q4 Results: Net profit falls 18% YoY to Rs 5,528 crore

Coal India reported an 18% YoY decline in net profit to Rs 5,528 crore for Q4 FY23. Its operating revenue rose 17% YoY to Rs 38,152 crore during the same quarter. EBITDA stood at Rs 6,898 crore in Q4 FY23, down 24% YoY. The company’s board has recommended a dividend of Rs 4 per equity share.

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ITC Hotels signs three more Storii properties

ITC Hotels has signed agreements for three new properties under its boutique Storii brand in Goa, Himachal Pradesh, and Uttar Pradesh. The Storii brand is becoming popular in the experiential segment, offering travellers unique local experiences. The Storii Moira Riviera in North Goa features Mediterranean-style architecture and 15 boutique rooms with plunge pools and spa facilities.

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Canara Bank Q4 Results: Net profit rises 90% YoY to Rs 3,175 crore

Canara Bank reported a 90% YoY increase in net profit to Rs 3,175 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 8,616 crore, up 23% YoY. Its Net non-performing assets (NNPA) ratio fell from 2.65% in Q4 FY22 to 1.73% in Q4 FY23. The bank’s board has recommended a dividend of Rs 12 per equity share.

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Happiest Minds Technologies Q4 Results: Net profit rises 11% YoY to Rs 58 crore

Happiest Minds Technologies reported an 11% YoY increase in consolidated net profit to Rs 58 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 378 crore during the quarter. EBITDA stood at Rs 101 crore, up 23% YoY from Q4FY22. The company’s board has recommended a dividend of Rs 3.4 per equity share.

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ITC launches first millet cookies as part of Sunfeast Farmlite

ITC Foods has launched its first millet cookies under the Sunfeast Farmlite brand as part of the ITC Mission Millet initiative, which aims to develop a “good-for-you” product portfolio, implement sustainable farming systems, and enhance consumer awareness of millets. The cookies come in two variants – Multi Millet & Choco-chip Multi Millet.

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UPL Q4 Results: Net profit falls 7% YoY to Rs 245 crore

UPL reported a 43% YoY fall in consolidated net profit to Rs 792 crore for Q4 FY23. However, its revenue increased 4% YoY to Rs 16,569 crore during the quarter. EBITDA stood at Rs 3,033 crore in Q4 FY23, down 16% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

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Aditya Birla Fashion to raise up to ₹800 crore for TCNS acquisition

Aditya Birla Fashion & Retail (ABFRL) plans to raise ₹700-800 crore in external debt to finance its acquisition of a 51% stake in TCNS Clothing. ABFRL will also fund the acquisition through internal accruals. The remaining stake in TCNS will be acquired from the founder promoters, and the public shareholders will receive 11 shares of ABFRL for every six shares held in TCNS. The two companies will be merged after the transaction.

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IOL Chemicals gets approval to export paracetamol in European market

IOL Chemicals and Pharmaceuticals has received certification from the European Directorate for the Quality of Medicines & HealthCare, allowing it to export paracetamol to Europe. The Punjab-based company is a manufacturer of Active Pharmaceutical Ingredients (APIs) and specialty chemicals and has a total capacity of 3,600 tonnes for producing paracetamol.

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Pennar Industries secures orders worth Rs 682 crore

Pennar Industries has received orders worth Rs 682 crore across various business verticals. The company won orders from leading players across industries such as Tata Steel, Ashok Leyland, Hindalco, Tata Power, and Kirloskar Toyota, among others. It is expected to execute the orders within the next two quarters.

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Indirect taxes department to soon adjudicate MRF, Bombay Dyeing, and Vedanta for evasion on imports

The Central Board of Indirect Taxes and Customs (CBIC) is reportedly planning to adjudicate show-cause notices issued to importers for Integrated GST (IGST) evasion. The affected importers include Bombay Dyeing, BALCO, Vedanta, JSW Steel, and MRF. In addition, the CBIC has ordered Directorate of Revenue Intelligence (DRI) field formations to begin adjudication in cases of misuse of pre-import and physical export conditions.

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India coal imports surge to 162 MT in FY23

India’s coal imports increased by 30% YoY to 162.46 million tonnes (MT) in the 2022-23 financial year. The import of coking coal rose 5.44% YoY to 54.46 MT in FY23. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel.

Read more here.

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Britannia’s Net Profit Rises 47% YoY to Rs 559Cr in Q4 – Top Indian Market Updates

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

Britannia Q4 Results: Net profit jumps 47% YoY to Rs 559 crore

Britannia Industries reported a 47% YoY increase in consolidated net profit to Rs 559 crore for Q4 FY23. Its operating revenue rose 13% YoY to Rs 4,023 crore during the quarter. EBITDA stood at Rs 800 crore, up 45.7% YoY from Rs 550 crore in Q4FY22.

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India’s forex reserves rise by $4.53 billion to $588.78 billion

India’s foreign exchange reserves increased by $4.53 billion to $588.78 billion as of April 28, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets rose by $4.99 billion to $519.48 billion. However, the country’s gold reserves fell by $4.94 million to $45.65 billion.

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Federal Bank Q4 Results: Net profit jumps 67% YoY to Rs 903 crore

Federal Bank reported a 67% YoY jump in net profit to Rs 903 crore for Q4 FY23. Its consolidated total revenue rose 38.6% YoY to Rs 5,780 crore during the quarter. The bank’s Net Interest Income (NII) for the quarter stood at Rs 1,909 crore, up 25.2% YoY. The bank’s board has recommended a dividend of Rs 1 per equity share.

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Marico Q4 Results: Net profit jumps 19% YoY to Rs 305 crore

Marico reported a 19% YoY increase in consolidated net profit to Rs 305 crore for Q4 FY23. Its operating revenue increased 3.65% YoY to Rs 2,240 crore during the quarter. EBITDA stood at Rs 393 crore in Q4 FY23, up 14% YoY. However, its net profit fell by 8.41% compared to Q3FY23.

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Dr Reddy’s Labs launches Regadenoson injection in the US market

Dr. Reddy’s Laboratories has launched Regadenoson injection, a generic therapeutic equivalent of Lexiscan injection, in the US market. The injection is used in imaging heart muscle to check blood flow. However, the company has also received one observation from the US FDA after a routine GMP inspection at its API manufacturing facility in Bollaram, Hyderabad.

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ITC increases stake in Bengaluru-based Sproutlife Foods

ITC has increased its shareholding in Sproutlife Foods to 39.42% after acquiring 2,443 equity shares and 7,215 Compulsorily Convertible Preference shares. The transaction was worth Rs 175 crore. ITC had previously announced plans to acquire a 100% stake in Sproutlife in tranches over the next three to four years. Sproutlife is a Bengaluru-based start-up in the innovative food products sector.

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Lupin acquires entire stake in French pharma company Medisol

Lupin Ltd has acquired French pharmaceutical company Medisol for €18 million, subject to approval from the French Ministry of Economy and Finance. The acquisition will give Lupin access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics.

Read more here.

Bharat Forge Q4 Results: Net profit falls 7% YoY to Rs 245 crore

Bharat Forge reported a 7% YoY fall in net profit to Rs 245 crore for Q4 FY23. Its operating revenue increased 19.3% YoY to Rs 1,997 crore from Rs 1,674 crore during the same period. EBITDA stood at Rs 488 crore in Q4 FY23, up 13.2% YoY. The company’s board has recommended a dividend of Rs 5.5 per equity share.

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MSCI assigns lower weight for the merged entity of HDFC Bank and HDFC 

MSCI will add HDFC Bank to the large-cap segment of its Global Standard Indices following its merger with HDFC. The move is expected to lead to no significant inflows, but there may be slight outflows of up to $200 million, according to Nuvama Alternative & Quantitative Research. As a result, MSCI will delete HDFC from its Global Standard Indexes at the end of the stock’s last trading day.

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Blue Star declares 1:1 bonus issue of shares 

Blue Star has announced a 1:1 bonus issue of shares. This means that every shareholder of the company will be given an additional share. The move is subject to approval by shareholders, with the record date to be decided by the Board following this. The bonus issue aims to increase retail participation in the stock and the equity base.

Read more here.

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Maruti Suzuki to Hike Prices in April – Top Indian Market Updates

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

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

Maruti Suzuki to hike prices in April

Maruti Suzuki India Ltd will hike prices in April 2023 due to increased cost pressure which will be passed on through the price increase. The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements. India is also implementing Bharat Stage 6 regulations from next month that require automakers to fit their vehicles with a device to check emissions, leading to extra costs.

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Glenmark gets USFDA nod for generic drug with 180-day exclusivity

Glenmark Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Calcipotriene & Betamethasone Dipropionate Foam (CBDF). The medication is used to treat plaque psoriasis (a condition in which skin cells build up and form scales and itchy, dry patches). with this approval, Glenmark is eligible for 180 days of generic drug exclusivity for CBDF.

Read more here.

Jio-bp to install EV charging stations at Piramal’s residential projects in Mumbai

Jio-bp, a joint venture between Reliance Industries and bp, is set to install EV charging stations in all of Piramal Realty’s residential projects in Mumbai. Customers and visitors to Piramal’s residential projects will be able to charge their electric vehicles seamlessly at Jio-bp pulse EV charging stations at sites with the Jio-bp pulse mobile app. The company will provide battery-swapping services through its extensive network of stations.

Read more here.

Vedanta denies media reports of Agarwal planning stake sale worth $630 million

News agency Bloomberg reported that chairman Anil Agarwal is weighing a stake sale in Vedanta as a last-resort option and is studying the possibility of selling less than 5% of the company. However, representatives of the company have denied it. Shares of Vedanta fell as much as 6.3% on Thursday after the report to their lowest since early March.

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TotalEnergies says investments in Adani entities comply with Indian laws

French oil major TotalEnergies said its investments in three subsidiaries of Indian conglomerate Adani were undertaken in full compliance with Indian laws and with TotalEnergies’ own governance processes. It was responding to a Le Monde report detailing allegations of financial irregularities that short-seller Hindenburg Research has levelled against Adani. TotalEnergies said that at current market prices, its interests in Adani entities would be worth $5.1 billion.

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TVS Motor’s social arm allocates ₹10 crore investments towards water conservation

Srinivasan Services Trust, the social arm of automobile major TVS Motor Company, has invested more than Rs 21 crore over the last six years towards water conservation efforts in Tamil Nadu and Maharashtra. It has also planned to invest over Rs 10 crore in the next three years in water conservation initiatives. 

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ITC to go for climate risk modelling for food business: Chairman

ITC Limited’s Chairman Sanjiv Puri said the conglomerate is going for climate-risk modelling to identify the hotspots owing to extreme weather conditions. Puri said that a team of experts is engaged in this job of modelling comprising big data analytics. This practice will also reduce the emission of greenhouse gases (GHGs).

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NSE, BSE to put Adani Power under short-term additional surveillance measure again

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday. The move comes after the two exchanges moved Adani group stocks Adani Green Energy and NDTV from the second stage of the long-term ASM framework to Stage I on Monday.

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Udayshivakumar Infra IPO subscribed 32.49 times on final day

The ₹66 crore initial public offering (IPO) of Udayshivakumar Infra was subscribed 32.49 times on final day of bidding. The portion reserved for retail investors was subscribed 14.95 times. Non-institutional Investors (NIIs) bid 64.08 times against their reserved portion, while Qualified Institutional Buyers (QIBs) subscribed 42.92 times.

Reliance Jio announces pre-paid plans for Indian Premier League

Reliance Jio has introduced new prepaid packs with a 3GB daily data allowance ahead of the start of this year’s Indian Premier League (IPL). In addition to the high data allowance base packs, it also launched data add-on packs with up to 90-day validity and a data allowance of 150 GB. Competitors Bharti Airtel and Vodafone Idea are yet to announce offers around the IPL.

Read more here.

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Jio Platforms to Acquire Mimosa Networks – Top Indian Market Updates

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

Jio Platforms to acquire Mimosa Networks for $60mn

Jio Platforms (a subsidiary of Reliance Industries) will buy US-based communications equipment maker Mimosa Networks for $60 million to strengthen its 5G and broadband services. Mimosa’s portfolio includes point-to-point and point-to-multi-point products based on WiFi 5 and the newer WiFi 6E technologies. The deal comes at a time when most countries are looking to move away from Chinese technology.

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Axis Bank, ITC to offer rural lending products to farmers in remote regions

Axis Bank has partnered with ITC Limited to offer the bank’s lending products and services to farmers who are a part of ITC’s agriculture ecosystem. The deal will enable Axis Bank to cater to the financial requirements of the unserved and under-served farmers based in remote regions of India.

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Muthoot Finance announces extension of NPS services to domestic, NRI customers

Muthoot Finance announced the extension of its National Pension Scheme (NPS) services to both domestic and NRI customers through its website and the iMuthoot app. With this move, the company aims to provide customers with an additional avenue for long-term retirement planning as well as benefit them with a tax concession of up to ₹50,000 under subsection 80 CCD (1B).

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Godrej Agrovet signs pact with AP govt to set up edible oils refining plant at ₹100 crore

Godrej Agrovet Ltd has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh govt on the sidelines of the Andhra Pradesh Global Investors Summit (APGIS) 2023. As a part of the MoU, the company’s oil palm business will make an estimated investment of Rs 100 crore to set up a manufacturing facility for an edible oil refinery and solvent extraction plant.

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Alembic Pharma gets USFDA approval to market generic antidepressant drug

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration to market Brexpiprazole tablets in the American market. The drug is used to treat major depressive disorders and schizophrenia. According to IQVIA data, Brexpiprazole tablets have an estimated market size of $1.6 billion for the 12 months ended December 2022.

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Reliance launches iconic beverage brand Campa

Reliance Consumer Products Ltd (RCPL) announced the launch of the iconic beverage brand Campa. RCPL is the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL). The Campa portfolio will initially include Campa Cola, Campa Lemon and Campa Orange in the sparkling beverage category.

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Glenmark, Cediprof announce exclusive distribution agreement in US

Glenmark Pharmaceuticals Ltd (GPL) has entered into an exclusive agreement with Cediprof Inc. for the supply and distribution of a generic drug indicated for the treatment of attention deficit hyperactivity disorder (ADHD). GPL expects to commence distribution of the product in the US during the second half of 2023.

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Shoppers Stop signs pact with Japan’s Shiseido to sell NARS cosmetics in India

Japan-based Shiseido Asia Pacific signed a strategic distribution partnership agreement with Global SS Beauty Brands (a subsidiary of Shoppers Stop) to expand its brand footprint in India. Shiseido is one of the top 5 manufacturers of cosmetics in the world. Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics, in the second half of 2023 in key cities in India.

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Adani Enterprises Posts Rs 820Cr Profit in Q3 – Top Indian Market Updates

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

Adani Ent Q3 Results: Net profit at ₹820 crore

Adani Enterprises reported a consolidated net profit of ₹820 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹11.63 crore in Q3 FY22. Its revenue from operations rose 42% YoY to ₹26,612.23 crore in Q3 FY23. The company’s mining business sales rose nearly 3 times to ₹2,044 crore. The airports business also saw revenue doubling to ₹1,733 crore.

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Tata Group’s Air India to acquire 250 aircraft from Airbus

Tata Sons has signed a Letter of Intent (LoI) to acquire 250 aircraft from European manufacturer Airbus. Air India will buy 40 wide-body A350 planes (used for ultra-long flights) and 210 narrow-body aircraft. The airline is likely to add almost 50 aircraft by the end of FY24, which will increase its capacity by about 50%.

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Grasim Q3 Results: Net profit rises 44% YoY to ₹2,516 crore

Grasim Industries Ltd reported a 44% YoY increase in consolidated net profit to ₹2,516 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 17% YoY to ₹28,638 crore during the same period. Revenue from the chemicals business stood at ₹2,582 crore in Q3, up 10% YoY.

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ICICI Bank signs MoU with European bank BNP Paribas

ICICI Bank signed a Memorandum of Understanding (MoU) with a European bank BNP Paribas to cater to the banking needs of European corporates operating in India and Indian companies in the European Union. The MoU will establish a framework of partnership between the two banks for providing financial services to corporate customers operating in the India–Europe corridor.

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Eicher Motors Q3 Results: Net profit rises 62% YoY to ₹741 crore

Eicher Motors Ltd reported a 62% YoY increase in consolidated net profit to ₹741 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29% YoY to ₹3,721 crore during the same period. The company’s EBITDA stood at ₹857 crore in Q3, up 48% YoY. Total sales during the same period rose 48% YoY to 6.16 lakh units.

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USFDA to not take any regulatory action on Aurobindo Pharma Telangana unit

Aurobindo Pharma Ltd said the US Food & Drug Administration (USFDA) has concluded the inspection of one of its manufacturing facilities with voluntary action indicated (VAI) in its Establishment Inspection Report (EIR). VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’. The unit is an active pharmaceutical ingredients (API) and intermediates facility located in Telangana.

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ITC expects to sell more than ₹2,000-cr worth raw tobacco to BAT in FY24

ITC Limited is projecting to export up to ₹2,335 crore of raw tobacco to British American Tobacco (BAT) in the next financial year (FY24), a 17% increase from the estimated shipments in FY23. The company said it would seek shareholder approval for the plan since it is a related-party transaction. ITC is an associate company of Tobacco Manufacturers (India), which is a subsidiary of BAT, making both related parties.

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Torrent Pharma enters OTC segment with calcium supplement

Torrent Pharmaceuticals has forayed into the over-the-counter (OTC) segment in India with Shelcal 500, a calcium supplement brand. The calcium is sourced from natural ingredients like oyster shells, having good absorption/bioavailability in the body. With Shelcal’s entry into OTC, Torrent Pharma believes the brand will become the largest calcium supplement brand in India.

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Siemens Q1 Results: Net profit rises 85% YoY to ₹462 crore

Siemens Ltd reported an 85% YoY increase in consolidated net profit to ₹462.7 crore for the quarter ended December. The company follows the October-Sept financial year cycle. Its revenue from operations rose 13% YoY to ₹3,550 crore during the same period. EBITDA stood at ₹600 crore in Q1, up 64.8% YoY.

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SBI’s Net Profit Rises 69% YoY in Q3 – Top Indian Market Updates

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

SBI Q3 Results: Net profit rises 69% YoY to ₹14,205 crore

State Bank of India (SBI) reported a 68.5% YoY increase in net profit to ₹14,205.34 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 24% YoY to ₹38,068.62 crore during the same period. The bank’s provisions fell 17% YoY to ₹5,761 crore in Q3. The gross non-performing assets (GNPA) ratio fell from 4.5% in Q3 FY22 to  3.17% in Q3 FY23.

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India Cements to refurbish old cement plants with an investment of ₹1,600 crore

The India Cements Ltd has drawn up plans to refurbish its old manufacturing facilities at an estimated outlay of ₹1,500-1,600 crore. The funds to undertake the refurbishment would be met through internal accruals. The refurbishment program would start with Malkapur and Vishnupuram plants in Telangana.

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ITC Q3 Results: Net profit rises 21% YoY to ₹5,031 crore

ITC Limited reported a 21% YoY increase in net profit to ₹5,031 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 2.3% YoY to ₹16,226 crore during the same period. The company’s EBITDA stood at ₹5,183.5 crore in Q3, up 25% YoY. Cigarette sales in the quarter rose nearly 17% YoY to ₹7,288.22 crore. ITC’s board has approved an interim dividend of ₹6 per share. 

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Coal India arm MCL introduces drone technology in coal mines

Coal India’s subsidiary MCL has introduced drone technology in coal mines for environmental monitoring, volume measurement, and photogrammetric mapping of mines for digitalisation of the mining process. The technology has been introduced through the launch of a web-based portal ‘VIHANGAM’. The portal allows an authorised person to access real-time drone video from the mine through a dedicated 40 Mbps internet lease line near the mines.

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Divi’s Labs Q3 Results: Net profit falls 66% YoY to ₹307 crore

Divi’s Laboratories Ltd reported a 66% YoY decline in consolidated net profit to ₹307 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 31% YoY to ₹1,708 crore during the same period. The pharma company’s EBITDA stood at ₹408 crore in Q3, down 63% YoY. Divi’s Labs shares fell more than 11% today due to poor results.

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Railways plans to upgrade ticketing capacity from 25K to 2.25 lakh per minute: Ashwini Vaishnaw

Railway Minister Ashwini Vaishnaw said the Indian railways will initiate its plan to increase its capacity to issue tickets from 25,000 to nearly 2.25 lakh per minute while attending to inquiries from 40,000 to 40 lakh per minute. The ministry plans to lay new railway tracks for a distance of 7,000 kilometres during the financial year 2023-24. He also announced that “Jan Suvidha” convenience stores will be constructed at 2,000 railway stations across the country.

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Tata Power Q3 Results: Net profit rises 91% YoY to ₹1,052 crore

Tata Power Company Ltd reported a 91% YoY increase in consolidated net profit to ₹1,052 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 30% YoY to ₹14,339 crore during the same period. EBITDA grew 53% YoY to ₹2,818 crore in Q3. Tata Power is one of India’s largest integrated power companies. It has an overall installed/managed capacity of 14,101 MW.

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Max Healthcare lines up ₹400 cr to expand Mohali facility

Max Healthcare Institute will invest around ₹400 crore to expand its Mohali-based hospital. The construction of the new building that will house 170 beds officially commenced today. On completion of the project by the end of Q3 FY24, the hospital bed capacity will go up to 400 beds from the existing 231. The new building will house special specialties like liver transplant, bone marrow transplant, renal transplant, orthopaedics, and neurosciences.

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RBI allows Hinduja Group to raise stake in IndusInd Bank: Report

According to an Economic Times report, the Reserve Bank of India (RBI) has given in-principle and conditional approval to IndusInd International Holdings Ltd, a Hinduja Group entity, to raise its stake in IndusInd Bank to 26%. This will result in the Hinduja Group investing over $1 billion in the bank. Promoter holding in the bank currently stands at 16.51%. To learn more about the Hinduja Group, click here.

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Bajaj Finserv’s Net Profit Rises 42% YoY in Q3 – Top Indian Market Updates

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

Bajaj Finserv Q3 Results: Net profit rises 42% YoY to ₹1,782 crore

Bajaj Finserv reported a 42% YoY increase in consolidated net profit to ₹1,782 crore for the quarter ended December (Q3 FY23). Its total income rose 23% YoY to ₹17,620 crore during the same period. Among its subsidiaries, Bajaj Finance recorded the highest ever quarterly consolidated quarterly profit of ₹2,973 crore in Q3. Meanwhile, Bajaj Allianz General Insurance Company (BAGIC) saw its profit fall 9% YoY to ₹278 crore.

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Sun Pharma acquires three brands to strengthen its anti-inflammatory portfolio

Sun Pharmaceutical Industries Ltd has acquired three brands— Disperzyme, Disperzyme -CD, and Phlogam— from Mumbai-based Aksigen Hospital Care. The acquisition of these brands will strengthen Sun Pharma’s anti-inflammatory drug portfolio. The three brands are approved by the Drugs Controller General of India (DCGI). Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company.  

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Tech Mahindra Q3 Results: Net profit falls 5% YoY to ₹1,296 crore

Tech Mahindra Ltd reported a 5% YoY decline in consolidated net profit to ₹1,296.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹13,734.6 crore during the same period. EBITDA stood at ₹2,144 crore in Q3, down 4.1% YoY. Net new deal wins for the quarter was $795 million, higher than $716 million a quarter ago and $704 million a year ago.

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Adani Group fails to answer 62 of our 88 questions: Hindenburg Research

After Adani Group denied all claims over the weekend, Hindenburg Research said the group had failed to specifically answer 62 out of the 88 questions that the firm had posed to the group. The research firm also claims that its report highlights numerous irregularities and connections between suspected offshore stock parking entities and Adani Promoters and raised key questions about whether promoter holdings were fully disclosed.

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Laurus Labs Q3 Results: Net profit rises 32% YoY to ₹203 crore

Laurus Labs reported a 32% YoY increase in net profit to ₹203 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 50.16% YoY to ₹1,544.82 crore during the same period. Total expenses rose 52.7% YoY to ₹1,268.4 crore in Q3. EBITDA stood at ₹404 crore in Q3, up 39% YoY. 

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ITC inaugurates ₹450 crore food manufacturing, logistics facility in Telangana

Telangana Minister for IT and Industries K T Rama Rao inaugurated FMCG major ITC Ltd’s state-of-the-art Integrated Food Manufacturing and Logistics Facility at Medak. Spread over nearly 59 acres of land, the food processing facility with a built-up area of 6.5 lakh sq. ft. entails an initial investment outlay of ₹450 crore. ITC said the new unit will create large-scale livelihoods across sustainable agri-value chains.

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PNB Q3 Results: Net profit falls 44% YoY to ₹628 crore

Punjab National Bank (PNB) reported a 44% YoY decline in net profit to ₹628.88 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 17.6% YoY to ₹9,179.4 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 12.88% in Q3 FY22 to 9.80% in Q3 FY23. Provisions increased 40% YoY to ₹4,713 crore in Q3 FY23.

[NII is the difference between the interest income a bank receives from lending activities and the interest it pays depositors.]

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GAIL Q3 Results: Net profit falls 93% YoY to ₹246 crore

GAIL (India) Ltd reported a 93% YoY decline in net profit to ₹246 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 37% YoY to ₹35,380 crore during the same period. The company recorded a natural gas marketing loss of ₹86.02 crore, compared to a profit of ₹1,750 crore a year ago.

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Adani Enterprises will postpone expansion plan if the FPO fails: CFO

Adani Enterprises Ltd will postpone its growth and expansion program for the next 6-9 months if its ₹20,000-crore follow-on public offer (FPO) does not go through, said Adani group Chief Financial Officer Jugeshinder Singh. In a fresh response to the questions raised by Hindenburg Research, Adani Group said the research firm is an ‘unethical’ short seller and it published the report to manipulate and depress the stock price and create a false market.

In other news, Abu Dhabi-based International Holding Company PJSC has subscribed to Adani Enterprises’ FPO by investing ~$400 million.

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L&T Q3 Results: Net profit rises 24% YoY to ₹2,553 crore

Larsen & Toubro Ltd reported a 24% YoY increase in consolidated net profit to ₹2,553 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 17% YoY to ₹46,390 crore during the same period. The company received orders worth ₹60,710 crore at the group level during Q3. The infrastructure projects segment secured order inflows of ₹32,530 crore, recording a growth of 28% YoY.

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IndiGo Opens 2nd MRO Facility in Bengaluru Airport – Top Indian Market Updates

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

IndiGo opens second MRO facility in Bengaluru Airport

IndiGo has inaugurated its second maintenance repair and overhaul (MRO) facility at Bengaluru’s Kempegowda International Airport. The 13,000 sq. meter facility is built on five acres of land. It is the second-largest maintenance facility at the airport.

In other news, IndiGo CarGo operated its first international flight between Kolkata and Yangon, Myanmar. The A321 P2F freighter aircraft carried general cargo with a payload of more than 19,000 kg.

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Quiklyz signs MoUs with five last-mile mobility players

Vehicle leasing and subscription platform Quiklyz has signed Memorandum of Understandings (MOUs) with five last-mile mobility players for leasing over 1,000 electric three-wheelers. With this, Quiklyz plans to deliver these leased vehicles over the next six months across India, opening up newer opportunities in electric vehicle (EV) leasing. Quiklyz is a subsidiary of Mahindra & Mahindra Financial Services Ltd.

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Aurobindo Pharma’s unit signs pact with Evive Biotech to market CIN treatment product

Aurobindo Pharma’s unit (Acrotech Biopharma) has entered into a licensing pact with Evive Biotech to commercialise Ryzneuta in the US market. The product is currently under late-stage review by the US Food & Drug Administration (USFDA) for chemotherapy-induced neutropenia (CIN). Evive will develop, manufacture, register, and supply Ryzneuta, while Acrotech will market and distribute the product in the US.

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ITC Hotels partners with Jolle Hospitality to expand footprint in South India

ITC Hotels has partnered with Jolle Hospitality for a 116-room hotel in Belagavi (Karnataka) as it aims to expand its footprint in South India. The hotel is currently under construction and likely to be completed by 2024. Spread across 5 acres, the hotel will be named ITC WelcomHotel Belagavi. 

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SC rejects Tata Power plea challenging MERC transmission contract to Adani Power

The Supreme Court rejected Tata Power’s plea challenging a ₹7,000 crore transmission contract secured by Adani Power from Maharashtra Electricity Regulatory Commission (MERC). Tata Power had challenged the awarding of the infrastructure project without tariff-based competitive bidding. As per the contract, Adani Power will develop a 1,000 MW high-voltage direct current link between Kudu and Aarey power stations.

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Tata Motors rolls out new Tigor EV sedan

Tata Motors has launched the new Tigor EV with an extended range of 315km. Available in four variants, the new Tigor EV price starts at ₹12.49 lakh and goes up to ₹13.75 lakh (ex-showroom). The electric passenger vehicle portfolio of the auto major currently includes the Nexon EV, Tigor EV, and Tiago EV. Tata Motors plans to offer 10 electric models in its portfolio by 2026.

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Bajaj Healthcare begins trial run for new opium processing line

Bajaj Healthcare Ltd (BHL) has started the trial run of a new production line for processing opium at Savli in Vadodara district, Gujarat. The new production line will produce Alkaloids and Active Pharmaceutical Ingredients (APIs) used in a wide range of pharma applications. BHL was the first private entity to be awarded tenders for the highly regulated opiate processing business by the Central government.

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Zydus Lifesciences gets USFDA approval for ulcer treatment drug

Zydus Lifesciences Ltd. has received final approval from the USFDA to market famotidine injection. The drug is used to treat ulcers of the stomach and intestines. It also prevents intestinal ulcers from coming back after they have healed. According to IQVIA data, Famotidine injection had annual sales of $1.9 million for the 12 months ended Sept 2022.

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Renault Group selects KPIT Tech as strategic software scaling partner

France-based Renault Group has selected KPIT Technologies as a strategic software scaling partner for a next-generation software-defined vehicle (SDV) platform. The platform will drive Renault’s global growth by delivering unmatched experience to end consumers and unlocking monetisation over the length of vehicle ownership. KPIT Tech is one of the largest software integration partners for the automotive & mobility industry.

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Oil prices fall more than $2 on Russian oil price cap talks

Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.71 (or 3.07%) to $85.65 a barrel. As per reports, G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/billion barrels of oil (bbl).

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Retail Inflation Rises to 7% in August – Top Indian Market Updates

inflation - top market updates - marketfeed
Food and Price Inflation Rises After Monetary Value Growth Ideas Financial problems and forecasting market crashes crisis risk. The young man pushed the shopping cart along the rising arrow chart.

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

CPI inflation rises to 7% in August

India’s retail inflation, measured by the Consumer Price Index (CPI), jumped to 7% in August 2022, compared to 6.71% in July. Headline inflation remains above the Reserve Bank of India’s upper target for the eighth month. Inflation in food and beverages stood at 7.6% against 6.69% in July. Fuel and light inflation was at 10.8% in August, compared to 11.76% in July.

The Index of Industrial Production (IIP), which measures total factory output, saw a growth of 2.4% YoY to 134.6 in July. 

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JSW Steel posts 22% rise in production in August

JSW Steel Ltd reported a 22% YoY increase in crude steel production in August 2022 to 16.76 lakh tonnes. The private steel company had produced 13.77 lakh tonnes in August 2021. Long product volume grew by 25% YoY to 3.75 lakh tonnes. The average capacity utilisation was lower at 87.4% due to a shortage of iron ore in the Karnataka and Odisha regions.

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India plans $2.5 billion aid to oil firms hit by soaring costs: Report

As per a report by Economic Times, the Indian govt. plans to pay nearly $2.5 billion (~₹19,855 crore) to state-run fuel retailers (IOCL, HPCL, BPCL) to partly compensate them for losses and keep a check on cooking gas prices. State oil companies must buy crude at international prices and sell locally in a price-sensitive market. These firms have also been holding down gasoline and diesel pump prices since early April to curb accelerating inflation.

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Bharti Airtel’s arm Nxtra to deploy fuel-cell clean energy tech at data centre

Nxtra Data Ltd, a subsidiary of Bharti Airtel Ltd, has partnered with Bloom Energy to deploy low-environmental impact fuel cell installation at its data centre in Karnataka. It will help reduce carbon emissions through a cleaner, hydrogen-ready fuel supply. Nxtra by Airtel has a network of data centers in India with 12 large and 120 edge data centers across the country. It will invest over ₹5000 crore over the next four years to expand its capacity by 3X to over 400 MW.

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ITC to launch over 20 properties in two years

ITC Ltd is exploring options and discussing alternate structures for the demerger plan of its hotel business, said Anil Chadha, Divisional Chief Executive at ITC Hotels. The company plans to launch more than 20 hotels in the next two years. It is also evaluating its overseas expansion and considering the Middle East market. The group currently has around 115 properties with over 11,000 keys across brands in India. 

Happiest Minds Tech announces expansion of Noida campus

Happiest Minds Technologies Ltd announced the expansion of its Noida facility (Smiles 5) to increase its delivery capacity and leverage the area’s diverse high-technology talent pool. With the additional facility, the IT company will have a capacity of 450 in the NCR region. This launch follows the announcement of Happiest Minds’ acquisition of a 1,600-seater property in Bengaluru in July 2022 and expansion in newer locations like Bhubaneswar.

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TCS wins cloud transformation deal from Penumbra

Tata Consultancy Services (TCS) has secured a deal from US-based healthcare company Penumbra to transform its core processes. TCS has completed the first phase of this cloud transformation process across order management, finance and procurement functions. The IT major has integrated internal and external data sources to enable real-time insights for decision-making and self-service.

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Zydus gets final USFDA approval to market Cariprazine Capsules

Zydus Pharmaceuticals (USA) Inc., a subsidiary of Zydus Lifesciences Ltd, has received final approval from the US Food & Drug Administration (USFDA) to market Cariprazine Capsules. The drug is an atypical antipsychotic indicated for the treatment of schizophrenia and acute treatment of manic or mixed episodes related to bipolar disorder. The pharma company will manufacture the product at its facility at the Special Economic Zone (SEZ), Ahmedabad.

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Bajaj Finserv to trade ex-bonus and ex-split on Tuesday

The shares of Bajaj Finserv Ltd will trade ex-bonus and ex-split on Tuesday. The company announced bonus share issuance in the ratio of 1:1. It also declared the sub-division of its shares from the face value of ₹5 to the new face value of ₹1. These announcements helped the stock rally up to 11% in a month and cross the ₹17,000 mark.

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