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Reliance to Step Up Fuel Exports to Europe – Top Indian Market News

Reliance Industries to step up fuel exports to Europe

As per reports, Reliance Industries Ltd’s Jamnagar facility is lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel in Europe. RIL is already sending shipments of the fuel to Europe. The complex in Gujarat can process 1.36 million barrels of crude per day from two refineries and can export most of the fuel. 

Various Asian refiners are looking to send diesel abroad as crude oil prices surge in Europe following Russia’s invasion of Ukraine.

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Coal India receives 100% booking in its first single-window e-auction

Coal India Ltd’s first-ever offer of nearly 5.2 lakh tonnes (LT) of coal under the single-window e-auction received an encouraging response from coal consumers. 100% of the offered quantity was booked. After the merger of multiple auction windows into a solitary outlet, CIL conducted an e-auction in two of its subsidiaries on March 3, 2022. 

Cyient partners with iBASEt to drive business growth

Cyient has entered into a strategic partnership with iBASEt, a company that simplifies how complex products are built and maintained. iBASEt’s industry-leading manufacturing software solutions complement Cyient’s experience in implementing manufacturing execution solutions. 

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L&T Construction bags significant order from Delhi Metro

The heavy civil infrastructure business vertical of L&T Construction has won a significant order (in the range of Rs 1,000-2,500 crore) from the Delhi Metro Rail Corporation Ltd (DMRC). The scope of work includes the design and construction of 5 km of twin tunnel by shield tunnel boring machine, underground ramp, and four stations. The project is funded by Japan International Cooperation Agency (JICA).

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Expedia selects RateGain as a preferred connectivity partner

RateGain Travel Technologies Ltd announced its preferred connectivity partner status with Expedia Group. The company will work with the leadership team of Expedia Group to provide feedback and help shape future products and technology solutions. The Expedia Group Connectivity Partner Programme recognizes and rewards top connectivity providers, including channel managers, property management systems, and central reservation systems.

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PSP Projects secures order worth Rs 564 crore

PSP Projects Ltd has emerged as the lowest (L-1) bidder for a construction project in Gujarat. The order comprises the construction of a sports complex in Ahmedabad. The bid value of the project is Rs 563.99 crore. PSP Projects offers a wide range of construction and allied services for industrial, residential, and government residential projects in India.

Hatsun Agro to sell RTE business, Oyalo brand to Naga Ltd

Hatsun Agro Product Ltd (HAPL) has entered into a pact with Naga Ltd. to sell its Ready to Eat (RTE) business and ‘Oyalo’ brand for Rs 25 crore. The transaction will be effective by end of April 2022. As of March 2021, RTE’s net worth (based on the gross value of assets) was Rs 59.87 crore (5.86% of the net worth of the company). HAPL’s net worth stood at Rs 1,021.51 crore.

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J. Kumar Infra secures orders worth Rs 2,032 crore

J. Kumar Infraprojects Ltd has secured a work order from Pune Municipal Corporation for the development of the Mula Mutha river from Bund Garden Bridge to Mundhwa under the Pune river rejuvenation project. The order is worth Rs 604.75 crore. The company has also won an order worth Rs 1,426.99 crore for designing and constructing twin tunnels and four underground stations of Phase-IV of Delhi Metro.

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Vodafone UK in talks to sell remaining 21% in Indus Towers

As per an ET report, Vodafone Group Plc is in advanced talks with American Tower Co (ATC), Crown Castle International, Brookfield, and others to sell its remaining 21% stake in Indus Towers through block deals. Vodafone UK’s residual stake of 56.72 lakh shares in Indus Towers is valued at ~Rs 11,571 crore. Once Vodafone sells its stake in Indus Towers, it will mark the company’s exit from the passive telecom infrastructure business in India.

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Tata Steel Reports 654% YoY Jump in Net Profit in Q2 – Top Indian Market News

Tata Steel Q2 Results: Net profit jumps 654% YoY to Rs 12,547 crore 

Tata Steel Ltd reported a 653.6% YoY jump in consolidated net profit to Rs 12,547.70 crore for the quarter ended September (Q2 FY22). Net profit increased 28% compared to the previous quarter. Its revenue from operations rose 54.8% YoY to Rs 60,282.8 crore during the same period. EBITDA jumped 182% YoY to Rs 15,566 crore. TSL’s total expenses stood at Rs 47,135.28 crore in Q2, an increase of 27.4% YoY.

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ZEEL Q2 Results: Net profit jumps 187% YoY to Rs 270 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a 187% YoY jump in consolidated net profit to Rs 270.2 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 15% YoY to Rs 1,978.8 crore during the same period. ZEEL’s subscription revenues fell 1.5% YoY to Rs 788.5 crore, while advertisement sales grew 20.7% YoY to Rs 1,089 crore in Q2. The company saw an addition of 13 million monthly average users during the July-September quarter of FY22. 

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Godrej Consumer Q2 Results: Net profit rises 5% YoY to Rs  crore

Godrej Consumer Products Ltd (GCPL) reported a 4.6% YoY increase in consolidated net profit to Rs 478.9 crore for the quarter ended September (Q2 FY22). Net profit increased 16% compared to the previous quarter. Its revenue from operations rose 8.5% YoY to Rs 3,163.6 crore during the same period. GCPL’s India business posted a revenue of Rs 1,838.14 crore in Q2, registering a growth of 9.5% YoY. Total expenses rose 11% YoY to Rs 2,579.45 crore.

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Piramal Ent Q2 Results: Net profit falls 32% YoY to Rs 426 crore

Piramal Enterprises Ltd (PEL) reported a 32.1% YoY decline in consolidated net profit to Rs 426.49 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 3,105.52 crore during the same period. PEL’s financial services business posted a 20.2% YoY decline in revenue to Rs 1,481.1 in Q2. The pharma business reported a revenue of Rs 1,621.42 crore, an increase of 12.5% YoY.  

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Berger Paints to hike prices by 10% from Nov 12

Berger Paints Ltd will hike product prices by 10% from November 12. The company has already revised its prices by 6-7% in the past few months following pressure of rising raw material costs. Berger Paints MD Abhijit Roy is optimistic that the company would cross Rs 8,000 crore turnover in the current financial year (FY22). 

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Page Industries Q2 Results: Net profit rises 45% YoY to Rs 160 crore

Page Industries Ltd reported a 44.76% YoY increase in net profit to Rs 160.48 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 46.43% YoY to Rs 1,084.01 crore during the same period. Total expenses stood at Rs 874.54 crore in Q2, an increase of 46.2% YoY. The company said its sales momentum has picked up significantly after setbacks of the Covid-19 pandemic.

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J Kumar Infra secures Rs 168 crore order for Navi Mumbai Metro Rail Project

J Kumar Infraprojects has received a Letter of Acceptance (LoA) for an order worth Rs 168 crore from Maharashtra Metro Rail Corporation (MMRL). The order consists of designing and constructing concrete & fabricated steel structures, architectural works, plumbing, and sewerage of six elevated metro stations for the Navi Mumbai Metro Rail Project.

Indiabulls Housing Finance Q2 Results: Net profit falls 11% YoY to Rs 286 crore

Indiabulls Housing Finance Ltd reported an 11% YoY decline in net profit to Rs 286 crore for the quarter ended September (Q2 FY22). Net profit increased 2% compared to the previous quarter. Its net interest income fell 7% YoY (or 16% QoQ) to Rs 625 crore during the same period. The company is on track to disburse Rs 1,000 crore of retail loans through co-lending in the October-Nov quarter (Q3).

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Zomato pulls out of all international markets except UAE

Zomato Ltd has shut down almost all its international businesses, including the United States, United Kingdom, Singapore, and now Lebanon. The company will continue to operate in the United Arab Emirates (UAE), but as a dining-out business and not a food delivery one. India is the biggest market for Zomato in terms of revenue, followed by the UAE.

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IPO Updates:

The Rs 2,073.25 crore initial public offering (IPO) of Sapphire Foods India was subscribed 6.62 times on the final day of bidding. Retail investors have subscribed 8.70 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 3.46 times and 7.50 times, respectively, against their reserved portions. 

The Rs 600 crore IPO of Latent View Analytics was subscribed 23.22 times on the second day of bidding. Retail investors have subscribed 69.56 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 33.29 times and 3.51 times, respectively, against their reserved portions. To learn more about the IPO, click here.

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India’s GDP Grows 1.6% in Q4; Contracts 7.3% in FY21 – Top Indian Market News

India’s GDP grows 1.6% in Q4; contracts 7.3% in FY21

India’s Gross Domestic Product (GDP) for the January-March quarter (Q4 FY21) grew by 1.6%, as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). This indicates that an economic recovery was well underway before the second wave of the Covid-19 pandemic struck the country. The GDP contracted by 7.3% for the entire financial year 2020-21. The Gross Value Added (GVA), which is a more accurate way of assessing the actual economic growth, contracted by 6.2% in FY21.

The agricultural sector grew 3.1%, while the manufacturing sector grew by 6.9% in Q4 FY21. The mining sector contracted by 5.7% during the quarter, and the financial services sector grew 5.4%.

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Aurobindo Pharma Q4 Results: Net profit falls 7% YoY to Rs 801 crore

Aurobindo Pharma Ltd reported a 7.2% YoY decline in consolidated net profit to Rs 801 crore for the quarter ended March. Net profit has declined by 72.8% when compared to the previous quarter. Its revenue from operations fell 2.5% YoY to Rs 6,001.5 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 47% YoY to Rs 5,333.83 crore. 

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PNB Housing Finance to raise Rs 4,000 crore from multiple entities

The Board of Directors of PNB Housing Finance has approved fundraising of up to Rs 4,000 crore via the issue of shares and warrants to multiple investors. Pluto Investments, an affiliated entity of private equity fund Carlyle, will invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants at Rs 390 per share. Existing shareholders of the company and funds managed by Ares SSG and General Atlantic are also participating in the capital raise.

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Man Industries Q4 Results: Net profit rises 106% YoY to Rs 25.86 crore

Man Industries (India) Ltd reported a 106.88% YoY increase in consolidated net profit to Rs 25.86 crore for the quarter ended March (Q4). Net profit has declined by 15.4% when compared to the previous quarter. Its revenue from operations declined by 20.76% YoY to Rs 540.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.7% YoY to Rs 100.85 crore during the same period. The company’s board has declared a final dividend of Rs 2 per share. Man Industries is a leading manufacturer and exporter of large diameter carbon steel line pipes.

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TVS Motors expands in Iraq, launches two new products

TVS Motor Company said it will launch two new products in Iraq as part of its expansion plan in the country. It had opened a new showroom with sales, service, and spares support in Baghdad. The company will launch its commuter motorcycle TVS StaR HLX 140 5 Gear and three-wheeler TVS King Deluxe Plus in Iraq. The new retail outlet has been set up with distribution partner Ritaj International General Trade LLC, which has been distributing TVS Motors’ products since 2017.

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Magma Fincorp Q4 Results: Net loss at Rs 626 crore

Magma Fincorp Ltd reported a net loss of Rs 626 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 35 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations declined by 17% YoY to Rs 446 crore in Q4 FY21. The company cleaned its balance sheet by writing off all default account beyond the 90 days past dues in the SME lending business and beyond 180 days past dues in the vehicle finance business.

Magma Fincorp has appointed Adar Poonawalla as its chairman and will soon be rebranded as a Poonawalla Group company.

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Intellect Design Arena partners with CWB to enhance payment service technology for business owners

Intellect Design Arena announced that Canadian Western Bank (CWB) has partnered with Intellect Global Transaction Banking (iGTB). The partnership aims to enable more efficient payment capabilities and opportunities to meet the evolving needs of Candian business owners. The solution is architected on a cloud-enabled technology for the high availability and scalability needed for a payments platform. 

Shilpa Medicare Q4 Results: Net profit declines 78% YoY to Rs 7.83 crore

Shilpa Medicare reported a 77.35% YoY decline in consolidated net profit to Rs 7.83 crore for the quarter ended March (Q4). Net profit has increased by 2.10% when compared to the previous quarter. Its revenue from operations declined 5.44% YoY to Rs 208.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 5.36% YoY to Rs 147.78 crore. The pharma company’s board has declared a dividend of Rs 1.10 per share.

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J Kumar Infraprojects secures Rs 1,307.88 crore order from MMRDA

J Kumar Infraprojects Ltd has secured an order worth Rs 1,307.88 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The order is for part design and construction of balance works of the Mumbai Metro Rail project. J Kumar Infraprojects is engaged in construction activities in India. It executes contracts of various infrastructure projects, including transportation engineering, irrigation projects, civil construction, etc.

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Kolte-Patil Developers Q4 Results: Net profit at Rs 21 crore

Kolte-Patil Developers Ltd reported a consolidated net profit of Rs 20.9 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 2.18 crore in the corresponding quarter last year (Q4 FY20). The revenue from operations rose 33.52% YoY to Rs 296.08 crore in Q4 FY21. The company’s sales volumes increased by 27.1% YoY to 0.85 million sq. ft. This has been the best-ever sales quarter in the last six years, both in terms of volume and value.

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RBI clarifies on 2018 cryptocurrency circular, asks banks to carry out customer due diligence

The Reserve Bank of India (RBI) has clarified that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies, as it had been set aside by the Supreme Court in March 2020. The RBI asked banks to continue to carry out the necessary customer due diligence process in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), and obligations of regulated entities under Prevention of Money Laundering Act.

Recently, several large private and public sector lenders had cited the RBI’s 2018 notice to caution customers from dealing in digital currencies and deny services of certain cryptocurrency exchanges.

 

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