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Tata Motors Posts Net Profit of ₹3,203Cr in Q1 – Top Indian Market Updates

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

Tata Motors Q1 Results: Net profit at ₹3,203 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,203 crore for the quarter ended June (Q1 FY24). The company posted a net loss of ₹5,007 crore in the same quarter last year. Its consolidated revenue from operations rose 42% YoY to ₹1.02 lakh crore during the same period. EBITDA stood at ₹13,218 crore, up 448% YoY. The strong bottom line was aided by a stellar operational performance and strong sales growth.

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Hero Future Energies signs Rs 6,200-cr MoUs with PFC, REC

Hero Future Energies (HFE) has signed two agreements with REC and PFC to develop green energy projects. The agreements were signed on the sidelines of the 4th G20 Energy Transition Working Group meeting that concluded last week in Goa. PFC and REC Ltd will infuse ₹3,100 crore each into HFE over the next five years. The funds will be used to develop renewable projects across the country.

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L&T Q1 Results: Net profit rises 46% YoY to Rs 2,493 crore

Larsen & Toubro (L&T) reported a 46% YoY increase in consolidated net profit to ₹2,493 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also rose 34% YoY to ₹47,882 crore during the same period. The board has recommended a dividend of ₹6 per equity share. The company’s order book has crossed ₹4 lakh crore for the first time.

In other news, the board also approved a share buyback worth ₹10,000 crore through the tender offer route.

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Tata Motors to replace DVRs with ordinary shares

Tata Motors’ board has approved the cancellation of all the Differential Voting Rights (DVRs) of the company. The cancellation will be through a scheme of arrangement, and allotting ordinary shares, which would rank pari passu with the existing DVRs in the company. The company is yet to seek approval from the National Company Law Tribunal (NCLT). Under the scheme of arrangement, the company will issue 7 fully paid-up ordinary shares of face value ₹2 each, for every 10 DVRs.

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JSPL gets certification from Great Place to Work

Jindal Steel and Power Ltd (JSPL) has received a certification from the global body Great Place To Work. The body provides certification to corporate houses and other organisations based on various methodologies to assess workers’ overall well-being, including physical and mental health, and work culture. JSPL is an industrial powerhouse with a dominant presence in the steel, power, mining and infrastructure sectors.

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Aurobindo Pharma arm gets USFDA nod for Plerixafor injection

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Plerixafor injection. The injection is indicated for patients with certain types of cancer to prepare them for stem cell transplants. According to IQVIA data, the approved product has an estimated market size of around USD 210 million for the 12 months ending May 2023.

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Suzlon Energy Q1 Results: Net profit falls 96% YoY to ₹101 crore

Suzlon Energy reported a 96% YoY fall in consolidated net profit to ₹101 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹2,433 crore in Q1 FY23. Its consolidated revenue from operations also fell marginally to ₹1,351 crore during the same period. EBITDA stood at ₹199 crore, down 7% YoY.

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SpiceJet taken off DGCA’s enhanced surveillance regime

SpiceJet has been taken off from the Directorate General of Civil Aviation’s (DGCA) ‘enhanced surveillance regime’. Under the regime, a total of 23 aircraft were inspected and 95 observations were made. The DGCA conducted 51 spot checks across 11 locations on the airline’s Boeing 737 & Q-400.

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Jubilant FoodWorks Q1 results: Net profit falls 74% to ₹28.9 crore

Jubilant FoodWorks reported a 74% YoY fall in consolidated net profit to ₹28.9 crore for the quarter ended June (Q1 FY24). Its profit stood at ₹112 crore in Q1 last year. However, its consolidated revenue rose 1.7% YoY to ₹1,334.5 crore during the same period. EBITDA stood at ₹275.8 crore in Q1.

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Sonata Software launches Harmoni.AI

Sonata Software has introduced Harmoni.AI, an innovative responsible-first artificial intelligence (AI) offering. This comprehensive platform comprises a range of industry solutions, service delivery platforms, and accelerators, all powered by generative artificial intelligence (AI). Harmoni.AI empowers individuals, businesses, and communities to harness the full potential of cutting-edge innovations, interconnected ecosystems, and pervasive efficiencies.

Read more here.

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Infosys’ Net Profit Rises 8% YoY in Q4 – Top Indian Market Updates

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

Infosys Q4 Results: Net profit rises 8% YoY to Rs 6,128 crore

Infosys reported an 8% year-on-year (YoY) growth in consolidated net profit to Rs 6,128 crore for the quarter ended March 2023 (Q4 FY23). Consolidated revenue for the period increased by 16% YoY to Rs 37,441 crore. The IT company missed analysts’ estimates for both revenue and profit. The company’s operating margin contracted by 50 basis points sequentially to 21%. Infosys’ board has approved a final dividend of Rs 17.50 per share.

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Passenger vehicle sales in India up 26.7% in FY23: SIAM

India’s passenger vehicle sales grew 26.7% in the financial year 2022-23 as chip shortages eased and demand for sport utility vehicles (SUVs) surged. Wholesale passenger vehicle volumes for the year rose from 3.1 million units in FY22 to 3.9 million units in FY23. Domestic wholesales of passenger vehicles grew 4.7% YoY in March at 2,92,030 units. Two-wheeler sales clocked 12,90,553 units in the domestic market last month, as compared to 11,98,825 units in the year-ago period. 

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Fasal partners with SBI to help farmers get easy access to loans

Agri-tech company Fasal is partnering with the State Bank of India (SBI) to provide farmers with easy access to capital. The partnership will help solve cash-flow constraints during key cycles in farming by providing quick, easy, and collateral-free loans at very competitive rates. Through Fasal’s latest financing solution, farmers can access collateral-free loans up to three lakhs.

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RBI begins evaluating potential bidders for IDBI Bank

The Reserve Bank of India (RBI) has begun evaluating at least five potential bidders interested in picking up a majority stake in state-owned IDBI Bank Ltd. Kotak Mahindra Bank, CSB Bank, and Emirates NBD are among those that have submitted expressions of interest (EoIs). However, it is not verified or confirmed. It is the first major divestment across state-owned banks as part of a broader privatisation plan. This could fetch the government $3.66 billion at the current market valuation. The government owns 45.48% of IDBI Bank, and is looking to divest a 30.48% stake.

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IOCL, Adani-Total, and Shell acquire Reliance’s KG-D6 gas

Indian Oil Corporation Ltd (IOCL), Adani-Total Gas Ltd, and Shell were among the 29 companies that successfully bid for natural gas from Reliance Industries Ltd and BP’s KG-D6 block. In the e-auction held on Wednesday, IOCL secured nearly half of the 6 million standard cubic meters per day of gas, followed by state-owned gas utility GAIL, Adani-Total Gas Ltd, Shell, GSPC, and IGS. The auction incorporated the government’s new marketing rules, prioritizing supplies to CNG-selling city gas companies.

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Coal India boosts coking coal output, production up 17 %

Coal India Ltd has reported a 17.2% increase in coking coal production, which helped reduce the country’s reliance on coal imports for iron and steel production. Coking coal production reached 54.6 million tonnes (MT) in FY23, marking a substantial year-on-year growth compared to 46.6 million tonnes in FY22. CIL’s subsidiaries based in Jharkhand were major contributors to the increased production.

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JSPL to double rail-making capacity

Jindal Steel and Power Ltd (JSPL) announced plans to more than double its rail-making capacity to 2.2 million tonnes (MT) by setting up a new rail mill with an annual capacity of 1.2 MT in Angul, Odisha. The company did not disclose the exact investment figures, but sources estimate it to be in the range of Rs 2,500 crore to Rs 3,000 crore. JSPL is also supplying 260-meter rails to Indian Railways, dedicated freight corridors, and other critical projects of national importance from its Raigarh mill.

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Kolte-Patil Developers reports highest ever pre-sales at Rs 2,232 crore in FY23

Kolte-Patil Developers Ltd has recorded its highest-ever annual pre-sales of 3.27 million square feet, valued at Rs 2,232 crore, for FY23. During the quarter, the company achieved sales of Rs 704 crore, showing a growth of 41% YoY. Additionally, strong volume growth of 25% contributed to the sales numbers for the quarter. The company also reported collections at the highest-ever levels for the year and quarter at Rs 1,902 crore and Rs 589 crore, respectively, indicating healthy cash-flow generation.

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Varun Beverages to consider a stock split on May 2

Varun Beverages Ltd (VBL) will consider a stock split on May 2, 2023. The company has previously given 1:2 bonuses three times in the last four years. The goal of the stock split is to make the shares more accessible to retail investors and improve liquidity. VBL supplies PepsiCo products to over 100,000 retail outlets. The company’s stock has been performing well in the market, and the stock split may further enhance its appeal to investors.

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M&M to Fully Acquire Agri-Tech Firm MITRA – Top Indian Market Updates

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

M&M buys out VC firm Omnivore’s stake to acquire agri-tech firm MITRA

Mahindra & Mahindra (M&M) has acquired agro-equipment maker MITRA Agro Equipments after buying out venture capital firm Omnivore’s stake in the company. The move comes in line with M&M’s strategy to grow its revenues from the farm machinery segment 10-fold within the next five years. M&M Farm Equipment Sector has signed definitive documents to raise its shareholding in MITRA Agro Equipment from 47.33% to 100%, making it a wholly-owned subsidiary of M&M.

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SC declines to stay NCLAT order to hold second round of auction for Reliance Cap assets

The Supreme Court has declined to stay the National Company Law Appellate Tribunal’s (NCLAT) order to hold a second round of auction for Reliance Captial’s assets. A bench comprising Justices Sanjiv Khanna M.M. Sundresh declined to entertain Torrent Group’s contention seeking a stay on the NCLAT order and issued notice on its plea and fixed the matter for further hearing in August. 

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Smart prepaid meters to reduce power bills by up to 2.5%

Union Power Minister R K Singh has urged electricity consumers to use smart prepaid meters as the device helps users bring down power costs by up to 2%. Installation of smart prepaid meters reduces the operational and finance cost for electricity suppliers as consumers credit their accounts in advance.

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JSPL gets approval to manufacture India’s first fire-resistant steel structures

Jindal Steel and Power Ltd (JSPL) will manufacture India’s first fire-resistant steel structures at its unit in Raigarh, Chhatisgarh. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and residential buildings. The grade is being imported at present.

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India’s domestic air passenger traffic grew to 1.20 crore in Feb 2023: DGCA

India’s domestic air passenger traffic grew 56.82% year-on-year (YoY) to 1.20 crore in February as per the data released by the Directorate General of Civil Aviation (DGCA). All domestic carriers together had flown a total of 76.96 lakh passengers on local routes in February 2022. IndiGo led the rally by flying 67.42 lakh passengers during the previous month, securing 55.9 % of the total domestic passenger traffic in February 2023.

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Sterling & Wilson Renewable Energy bags order worth Rs 2,100 crore from NTPC REL

Sterling & Wilson Renewable Energy Ltd (SWRE) has emerged as the successful bidder for the balance of system (BOS) package comprising 4 blocks of 300MW each in the proposed 1200 MW Solar PV Project of NTPC Renewable Energy Ltd at Khavda RE Power Park in Rann of Kutch, Gujarat. The aggregate capacity is 1500 MW (DC). The total bid value, including operation and maintenance (O&M) for three years, would be Rs 2,100 crore.

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Godawari Power & Ispat approves Rs 250 crore share buyback via tender offer route

Godawari Power & Ispat has approved a buyback of equity shares worth Rs 250 crore at its board meeting held on Saturday. The company will buy back up to 50 lakh equity shares, which represents 3.66% of the total number of paid-up equity share capital of a face value of Rs 5 each. The buyback price has been set at Rs 500 per share, which is a 28.2% premium to Friday’s closing price. The buyback will be done through the tender offer route. The record date for the same has been set as March 31, 2023.

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PSU banks’ gross NPA declines from 14.6% in Mar 2018 to 5.53% in Dec 2022

The gross non-performing assets (NPA) ratio of public sector undertaking (PSU) banks has declined from the peak of 14.6% in March 2018 to 5.53% in December 2022 following various reforms by the government. All PSU banks are in profit, with aggregate profit being Rs 66,543 crore in 2021-22. This has further increased to Rs 70,167 crore in the first nine months of the current financial year (FY24), according to the  Minister of State for Finance Bhagwat K Karad.

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Cochin Shipyard wins Rs 550 crore overseas order

Cochin Shipyard Ltd has received an international order of Rs 550 crore from Norway-based global logistics solution provider Samskip Group. The order is for the design and construction of two Zero Emission Feeder Container Vessels. The total project cost for the order is approximately Rs 550 crore and the first vessel is to be delivered in 28 months and the second within 34 months. 

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India’s Services PMI Surges to 12-Year High in Feb – Top Indian Market Updates

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

India’s services PMI surges to 12-year high in Feb

Services activity in India expanded at the fastest pace in 12 years in February 2023 as input cost pressures eased. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.4 in Feb, compared to 57.2 in Jan. New orders placed with service providers rose further in February. However, the rate of job creation was minimal.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

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RIL, Adani Group plan to build 25 GW of clean energy in Andhra Pradesh

Reliance Industries Ltd (RIL) and Adani Group will develop a combined 25 gigawatts of renewable power in Andhra Pradesh, as both business houses continue to go ahead with their green energy goals. Both groups already have a significant presence in the state, with RIL operating its offshore deep-sea gas fields in the Krishna-Godavari basin and Adani Group overseeing two large ports.

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World Bank commits $1 billion to India for public healthcare infra

The World Bank and the Indian govt. signed two complementary loans of $500 million each to support and enhance the country’s healthcare infrastructure. The bank will support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) to improve the public healthcare infrastructure. One of the loans will prioritize health service delivery in seven states— Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh.

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JSPL to invest ₹10,000 crore to set up 3 MT steel plant in AP

Jindal Steel & Power Ltd (JSPL) will invest Rs 10,000 crore to set up a 3 million tonne per annum (MTPA) steel plant in Andhra Pradesh. This will lead to the creation of 10,000 jobs. The group will also sign an agreement with the AP Government to invest in renewable energy across solar, wind and hydro as well expanding the capacity of its existing cement plant.

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Lemon Tree Hotels signs licence agreement for two new hotels in Maharashtra

Lemon Tree Hotels has signed a License Agreement for two new properties in Maharashtra under its brands ‘Lemon Tree Hotel’ and ‘Keys Lite by Lemon Tree Hotel’. The two new hotels are located in the popular beach destination Dapoli in the South Konkan region of Maharashtra. They will become operational by October 2023. 

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Tata Motors crosses 50 lakh passenger vehicle production milestone

Tata Motors has crossed the 50 lakh cumulative passenger vehicle production milestone. To celebrate the milestone, the automaker will roll out a celebratory campaign for customers and employees across India. Tata Motors achieved the 10 lakh production mark in 2004 and the 20 lakh milestone in 2010. It crossed 30 lakh units in 2015 and 40 lakh units in 2020.

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PowerGrid wins bid for two projects in Chhattisgarh

Power Grid Corporation of India Ltd (PGCIL) has won the bid under tariff-based competitive bidding to establish an inter-state transmission system for two projects in Chhattisgarh. The first project comprises the establishment of a 400kV transmission line passing through the state and bays extension works at two existing substations. The second project comprises bays extension works, including the creation of 220kV voltage at two existing substations

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Adani Green has India’s largest operating renewable portfolio at 8,024 MW

Adani Green Energy Ltd. has become the company with the largest operating renewable portfolio in India with a capacity of 8,024 megawatts (MW). The company achieved this feat after its fourth wind-solar hybrid power plant became fully operational at Jaisalmer, Rajasthan. The combined operational generation capacity of this hybrid power plant was 700 MW. It has a power purchase agreement (PPA) at ₹3.24/kwh for 25 years.

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Mahanagar Gas to acquire 100% stake of Unison Enviro

Mahanagar Gas Ltd (MGL) has signed a Share Purchase Agreement to acquire a 100% stake in Unison Enviro Pvt Ltd (UEPL). This acquisition will enable MGL to expand to newer geographical areas in Maharashtra and Karnataka, thereby providing new avenues for long-term growth. It would help MGL scale its future business development activities across a larger network and customer base.

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India Achieves 166GW of Renewable Energy Capacity Till Oct – Top Indian Market Updates

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

India achieves 166GW of renewable energy capacity till October

India has achieved 165.94 gigawatts (GW) of renewable energy capacity till October, compared to the target of 175GW by the end of 2022. A capacity of 76.13 GW (of renewables) is under various stages of implementation. A 36.44 GW capacity is under various stages of bidding. The Ministry of New & Renewable Energy is working towards achieving 500 GW of installed electricity capacity from non-fossil sources by 2030.

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USFDA lists Sun Pharma’s Halol unit under ‘import alert’

The US Food & Drug Administration (USFDA) has placed Sun Pharmaceuticals Ltd’s Halol unit under ‘import alert’. All future shipments of products manufactured at this facility are subject to refusal of admission to the US market until it becomes compliant with Current Good Manufacturing Practice (CGMP) standards. The USFDA has excluded 14 products from this import alert subject to certain conditions.

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JSPL acquires debt-ridden Monnet Power for ₹410 crore

Jindal Steel & Power Ltd (JSPL) has acquired debt-ridden Monnet Power for ₹410 crore through the insolvency route. The transaction for the Odisha-based 1,050-megawatt power asset was completed on Wednesday. The new asset will provide power to JSP’s steel plant in Angul (Odisha).

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HUL to acquire stake in Oziva and Wellbeing Nutrition

Hindustan Unilever Ltd (HUL) will invest in Zywie Ventures and Nutritionalab to enter the ₹30,000 crore health & wellness market. Zywie Ventures sells plant-based supplements under the Oziva brand, while Nutritionalab sells nutritional products under “Wellbeing Nutrition”. HUL will acquire a 51% equity stake in Oziva for ₹264 crore in the first round. The company will also buy a 19.8% equity stake in Wellbeing Nutrition for about ₹70 crore.

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IndusInd Bank signs co-lending pact with SV Credit Line

IndusInd Bank has partnered with SV Credit Line for a co-lending agreement for a ₹500 crore loan exclusively to women borrowers. The agreement will help rural women access affordable loans that can be used for a wide range of economic activities like agriculture, animal husbandry, trading, and local manufacturing. SV Credit Line lends only to women customers. It has a customer base of 3.5 lakh across 10 states and 130 districts.

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Power deficit declines from 2% in April to 0.1% in October

The power deficit (or the gap between electricity required and supplied) has fallen from 2% in April to 0.1% in October 2022. The data showed that the deficit was 2,752 million units (units) in April this year, which came down to 124 MU in October. The Compound Annual Growth Rate (CAGR) for electrical energy requirements from 2021-22 to 2026-27 is 6.67% and for peak electricity demand is 6.42%.

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Reliance, Ashok Leyland in talks for engines running on hydrogen

According to an Economic Times (ET) report, Reliance Industries Ltd (RIL) is in advanced talks with Hinduja Group’s Ashok Leyland Ltd (ALL) for the development and supply chain of hydrogen-powered engines. ALL will retrofit an existing fleet of 45,000 trucks with fuel-cell engines so that these vehicles can use green hydrogen instead of diesel. RIL has contracted these trucks to ferry refined products and other marketing goods.

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Protests against Adani port called off, construction resumes at Vizhinjam

Protesters have called off a 130-day-long agitation against the Vizhjinjam seaport for now. The Adani Group resumed construction of the seaport on Thursday, with trucks full of material rolling into the project site. APSEZ will prioritize completing the construction of the 2,960-meter-long breakwater, of which around 1,400 metres have already been completed.

Several fishermen have demanded an end to the construction work and have asked authorities to conduct a coastal impact study in connection with the multi-crore project.

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TCS partners with Barclays to help specially-abled children

Tata Consultancy Services (TCS) and Barclays in India have expanded their partnership to help children with neuro-muscular disabilities become self-reliant. TCS will bring its Virtual Habilitation (VHAB) solution to Bal Kalyan Sanstha in Pune. VHAB is a digital assistive solution that improves the physiotherapy regimen for children with locomotor disabilities due to cerebral palsy or autism. Barclays will provide hardware and equipment support for the project.

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Kalyan Jewellers plans to add 52 showrooms in 2023

Kalyan Jewellers plans to expand its retail footprint by over 30% in the next calendar year by adding 52 showrooms. The expansion will mainly focus on the non-South region, which currently contributes 35% to its Indian business. This project will be fuelled by franchisees. The company operates on Franchise Owned Company Operated (FOCO) model.

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Zomato’s Net Loss Narrows to ₹251Cr in Q2 – Top Indian Market Updates

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

Zomato Q2 Results: Net loss narrows to ₹251 crore

Zomato Ltd reported a consolidated net loss of ₹251 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹430 crore in Q2 FY22. Its revenue from operations rose 62.2% YoY to ₹1,661 crore during the same period. The gross order value for the food delivery business grew 23% YoY to ₹5,407 crore in Q2. Zomato acquired instant delivery platform Blinkit during the quarter.

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JSW Steel expects exports to hit over 5-year low

JSW Steel Ltd expects its exports to fall to a more than five-year low at 10% of overall sales in the current financial year (FY23) due to reduced global demand and high export tax. Finished steel exports from the steel producer fell more than 50% during the first seven months of FY23, partly because of a 15% export tax on steel intermediates that the Central government levied in May.

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Apollo Hospitals Q2 Results: Net profit falls 18% YoY to ₹204 crore

Apollo Hospitals Enterprise Ltd reported an 18% year-on-year (YoY) decline in consolidated net profit to ₹204 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14.4% YoY to ₹4,251 crore during the same period. The company’s healthcare services segment posted revenue of ₹2,277 crore in Q2, up 5% YoY. Revenue from the digital health and pharmacy segment stood at ₹1,668 crore, up 43% YoY.

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Saudi Arabia’s SALIC acquires 9.2% stake in LT Foods

Saudi Agricultural and Livestock Investment Company (SALIC) has acquired a 9.22% stake in packaged foods and staples company LT Foods. SALIC is a wholly-owned subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia. This transaction will accelerate the organic/inorganic expansion of LT Foods in the Middle East and Saudi Arabia region.

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Deepak Fertilisers Q2 Results: Net profit jumps 3-fold YoY to ₹276 crore

Deepak Fertilisers & Petrochemicals Ltd reported a 196% YoY jump in consolidated net profit to ₹276 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 51.7% YoY to ₹2,719 crore during the same period. Total expenses stood at ₹2,324.37 crore in Q2, up 39.3% YoY. Revenue from the chemicals segment rose 52% YoY to ₹1,532.87 crore.

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Adani Power to sell entire stake in subsidiary to AdaniConnex

Adani Power Ltd. will sell its entire stake in its wholly-owned subsidiary Support Properties Pvt. to AdaniConnex Pvt. Ltd. (ACX) for ₹1,556 crore. The transaction will be completed by January 2023. ACX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX formed in February 2021.

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Kalyan Jewellers Q2 Results: Net profit rises 54% YoY to ₹106 crore

Kalyan Jewellers Ltd reported a 54% YoY increase in consolidated net profit to ₹106 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20% YoY to ₹3,473 crore during the same period. EBITDA stood at ₹266 crore in Q2, up 17% YoY. The company launched five new showrooms in the non-South markets in Q2.

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Equity mutual fund inflows fall in October

According to data from the Association of Mutual Funds in India (AMFI), equity mutual funds inflows fell from ₹14,099.73 crore in Sept to ₹9,390.35 crore in October. Debt funds saw a cumulative outflow of Rs 2,817.79 crore in October. Index fund net flows were ₹5,075 crore and other exchange-traded funds (ETFs) recorded ₹4,845 crore of net flows. Total Systematic Investment Plan (SIP) contribution in October stood at Rs 13,041 crore, up 0.5%.

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Eicher Motors Q2 Results: Net profit rises 76% YoY to ₹657 crore

Eicher Motors Ltd reported a 76% YoY increase in consolidated net profit to ₹657 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 56.5% YoY to ₹3,519.4 crore during the same period. EBITDA stood at ₹821 crore in Q2, up 75% YoY. Input costs rose 45% YoY to ₹2,001.4 crore.

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SJVN secures 83 MW floating solar project in MP

SJVN Ltd has received a contract to establish an 83 megawatts (MW) floating solar project worth ₹585 crore in Madhya Pradesh. The project has been secured at a tariff of ₹3.70 per unit on a build, own, and operate basis in an e-reverse auction organised by REWA Ultra Mega Solar Ltd. (RUMSL). After commissioning, the project will generate 187 million units (MUs) in the first year and 4,410 MUs over 25 years.

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JSPL Q2 Results: Net profit falls 91% YoY to ₹219 crore

Jindal Steel & Power Ltd (JSPL) reported a 91.5% YoY decline in consolidated net profit to ₹219.27 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations remained flat at ₹13,611.71 crore during the same period. The company faced an exceptional loss of ₹898.49 crore in Q2. JSPL’s steel production fell 5.6% YoY to 1.82 million tonnes (MT).

Read more here.

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PVR Plans to Open 125 Screens in FY23 – Top Indian Market Updates

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

PVR plans to open 125 screens in FY23 

PVR Limited expects the movie exhibition industry to bounce back “dynamically” in FY23 and plans to open around 125 screens during the year. The multiplex operator expects business to grow in the coming quarters, supported by the growth in the average ticket price (ATP) and spend per head (SPH) already witnessed in Q3 & Q4 FY 2021-22.

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Airtel Payments Bank partners with Axis Bank to digitize last-mile cash collection

Airtel Payments Bank has partnered with Axis Bank to digitise the cash collection system in India’s Tier-III cities and semi-urban regions. The payments bank will leverage the extensive reach of its digital-led neighborhood banking model to support Axis Bank with the digitization of last-mile cash collections. This partnership will help Axis Bank build operational efficiencies in the cash management process.

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Steel prices likely to go up again from July 1 on high input cost: JSPL MD

Steel prices are expected to rise from July due to high input costs, said Jindal Steel & Power Ltd (JSPL) Managing Director V R Sharma. “The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 by primary players mainly on account of higher input costs,” he said. Secondary steel makers have already increased the price of rebars by Rs 2,000 to Rs 55,000 per tonne in the last four days.

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Minda Industries acquires 5.2% stake in FRIWO for €15 million

Minda Industries Ltd (MIL) has acquired a 5.24% stake in Germany-based FRIWO AG by investing 14.99 million euros. FRIWO AG designs, develops, and manufactures power supply systems, chargers, and motor control units. It is a public listed company, and its principal place of business is in Ostbevern, Germany.

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Tata Steel to spend Rs 1,200 crore on new tech development over 4 years

Tata Steel Ltd has announced plans to invest Rs 1,200 crore in new technology development over the next 3-4 years. In the new materials business, the steel maker has been focusing on graphene, which can be mixed with plastic and recycled like brand-new products. Tata Steel has signed a pact with Digital University Kerala and the Centre for Materials for Electronics Technologies (C-MET) to establish the first graphene research and innovation centre in India.

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Hindalco to acquire 26% stake in Cleanwin Energy SIX

Hindalco Industries Ltd will acquire a 26% stake in renewable energy generation company Cleanwin Energy SIX in an all-cash deal worth Rs 71.5 lakh. The proposed deal is part of Hindalco’s approach to reducing energy costs through open access to renewable energy generators. Cleanwin Energy was established in December 2021 with the intention of producing 5 MW of wind power.

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Al Faisal Holding selects Ramco Systems to enhance its HR and payroll systems

Qatar-based Al Faisal Holding has chosen to implement Ramco Systems’ Global Payroll & HR Solution to streamline and automate its HR and payroll operations. It will also implement Ramco’s facial recognition-based time & attendance system for real-time tracking of the employees. 

Innova Captab files DRHP for IPO with SEBI

Innova Captab Ltd has filed a Draft Red Herring Prospectus (DRHP) with markets regulator SEBI to raise ~Rs 900 crore through an Initial Public Offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore. It also includes an Offer For Sale (OFS) of 96 lakh equity shares by promoters and other shareholders. Innova Captab provides research, product development, and manufacturing services to Indian pharma firms.

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Allied Digital Services secures contract worth Rs 49 crore

Allied Digital Services Ltd (ADSL) has received a Letter of Intent (LoI) for an order worth Rs 49 crore for the Solapur Smart City project. The scope of the project entails the setting up of a city communication network, command control center, and city-wide surveillance system. ADSL will also establish intelligent traffic management systems across the city.

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HCL Tech Reports 226% YoY Jump in Q4 Net Profit – Top Indian Market News

HCL Tech Q4 Results: Net profit jumps 226% YoY to Rs 3,593 crore

HCL Technologies Ltd reported a 226% YoY jump in net profit (24% YoY on an adjusted basis*) to Rs 3,593 crore for the quarter ended March (Q4 FY22). Net profit increased 4.39% compared to the previous quarter. Its revenue from operations rose 15% YoY (or 1.2% QoQ) to Rs 22,597 crore during the same period. HCL Tech’s total order book stood at $2,260 crore, registering a 6% QoQ growth. The IT company’s board has declared an interim dividend of Rs 18 per share.

*In the same quarter last year (Q4 FY21), HCL Tech had paid a one-time milestone bonus to employees (Rs 575 crore net of tax). Also, the deferred tax liability on goodwill impact in the tax expense stood at Rs 1,222 crore).

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ITC plans to broaden dairy products portfolio

ITC is planning to widen its product portfolio in the dairy segment from milk, ghee, curd, lassi, and paneer and tap the low milk consumption in West Bengal. Currently, the FMCG firm has a presence in West Bengal and Bihar for the dairy business and will continue to concentrate on these two states for the next few years. The two states contribute equally to ITC’s dairy business with ~50% share each.

In other news, ITC will acquire a 10.07% stake in Blupin Technologies Pvt Ltd for up to Rs 39.34 crore. Blupin Tech is the company behind Mylo, a direct-to-consumer (D2C) brand.

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Nestle India Q1 Results: Net profit falls 1.25% YoY to Rs 594 crore

Nestle India Ltd reported a 1.25% YoY decline in net profit to Rs 594.7 crore for the quarter ended March (Q1 CY22). The company follows the January-December financial year cycle. Its total revenue rose 10% YoY to Rs 3,980.7 crore during the same period. The FMCG company’s domestic sales rose 10.2% YoY to Rs 3,794.3 crore in Q1 CY22, while exports fell 1% YoY to Rs 156.6 crore.

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Reliance Retail to launch Swadesh to sell products sourced from artisans

Reliance Retail Ventures Ltd (RRVL) will launch a new format called “Swadesh”, which will sell handmade textiles, handicrafts, agriculture items, and other products sourced directly from artisans. The first Swadesh store will roll out in the second half of FY23. Swadesh is part of RRVL’s ‘Handmade in India’ program. It is aimed at showcasing authentic handcrafted products and promoting rich Indian art forms in markets around the world.

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ICICI Lombard General Q4 Results: Net profit falls 10% YoY to Rs 313 crore

ICICI Lombard General Insurance Company Ltd reported a 10% YoY decline in net profit to Rs 313 crore for the quarter ended March (Q4 FY22). The gross direct premium income (GDPI) rose 34% YoY to Rs 4,666 crore during the same period. The company’s board has declared a final dividend of Rs 5 per share.

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ED raids Jindal Steel offices over alleged forex violation: Report

As per a CNBC-TV18 report, the Enforcement Directorate (ED) raided the offices of Jindal Steel & Power Ltd (JSPL) in New Delhi over a suspected violation of foreign exchange (forex) regulations. ED also conducted searches in Gurugram, a satellite town near Delhi’s main airport. JSPL’s shares fell up to 6% to a three-week low, in their biggest fall since mid-March.

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Niti Aayog unveils draft battery swapping policy

Niti Aayog (the government’s think-tank) has released a draft battery swapping policy and has invited comments on it until June 5. The policy has proposed offering incentives to electric vehicles (EVs) with swappable batteries, subsidies to companies manufacturing swappable batteries, and a new battery-as-a-service business model. It aims to support the adoption of battery-swapping, primarily for systems used in electric scooters and three-wheelers.

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Tata Communications Q4 Results: Net profit rises 22% YoY to Rs 365 crore

Tata Communications Ltd reported a 22% YoY increase in net profit to Rs 365 crore for the quarter ended March (Q4 FY22). Net profit fell 7.6% compared to the previous quarter. Its revenue from operations rose 4.7% YoY (or 2% QoQ) to Rs 4,263 crore during the same period. EBITDA stood at Rs 1,045 crore in Q4, up 3% YoY. The company’s board has declared a dividend of Rs 20.7 per share. 

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Rallis India Q4 Results: Net loss at Rs 14.2 crore

Rallis India Ltd reported a consolidated net loss of Rs 14.2 crore for the quarter ended March (Q4 FY22). The chemical manufacturer had reported a net profit of Rs 8.12 crore in Q4 FY21 and a profit of Rs 39 crore in Q3 FY22. Its revenue from operations rose 7.7% YoY to Rs 507.54 crore in Q4 FY22. 

Read more here.

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WPI Inflation Rises to 14.55% in March – Top Indian Market News

WPI inflation rises to 14.55% in March

As per data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI) rose to 14.55% in March 2022. Wholesale price inflation has remained in double-digits for the 12th consecutive month since April 2021. WPI grew 13.11% in February, while WPI for January stood at 13.68%. The food articles segment witnessed a rise of 8.06% in March, compared to 8.19% in Feb.

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JSPL reports record steel production, sales in FY22

Jindal Steel and Power Ltd (JSPL) reported record sales of 7.63 MT in the previous financial year (FY22), up 5.03% YoY. It also produced a record 8.1 MT of steel in FY22. The company posted the highest ever production of 2.11 MT in Q3 FY22, up 2% YoY. JSPL’s Angul plant expansion is on track. They expect to reach more than 15 MT capacity by FY25.

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Mindtree Q4 Results: Net profit rises 49% YoY to Rs 473 crore

Mindtree Ltd reported a 49.1% YoY rise in consolidated net profit to Rs 473 crore for the quarter ended March (Q4 FY22). Net profit rose 8% compared to the previous quarter. Its revenue from operations rose 37.4% YoY (or 5.4% QoQ) to Rs 2,897.4 crore during the same period. Mindtree’s board has declared a final dividend of Rs 27 per share. 

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Ashok Leyland to enter used commercial vehicles business

Ashok Leyland Ltd has partnered with Mahindra First Choice Wheels to enter the used commercial vehicles business. The two entities will establish a platform that facilitates the exchange, proper disposal, and purchase of old commercial vehicles. Ashok Leyland aims to streamline the used vehicles market by leveraging its digital ecosystem and its existing and potential channel partners in over 700 parking yards spread across India.

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Indiabulls Real Estate to use Rs 865 crore QIP proceeds for land acquisition, reducing debt

Indiabulls Real Estate Ltd (IBREL) will utilise Rs 865 crore raised by issuing shares to institutional investors mainly for land acquisition and debt reduction. The Mumbai-based firm launched its Qualified Institutional Placement (QIP) on March 7. The current shareholders of IBREL diluted a 15.8% stake through the QIP.

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Passenger vehicle exports from India rose 43% in FY22

Passenger vehicle (PV) exports from India increased 43% YoY to 5,77,875 units in FY22. Maruti Suzuki India led the segment with dispatches of over 2.3 lakh units. Passenger car shipments saw 42% growth at 3,74,986 units, while utility vehicle exports rose 46% to 2,01,036 units in FY22. The data was released by the Society of Indian Automobile Manufacturers (SIAM). 

In other news, Maruti Suzuki has increased the prices of its entire model range by 0.9-1.9% to offset the impact of rising input costs.

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SBI raises $500 million via IFSC Gift City branch

State Bank of India (SBI) has raised $500 million (~Rs 3,800 crore) through its IFSC Gift City branch. This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch. MUFG, Bank of America, and JP Morgan were the joint lenders for this offering. First Abu Dhabi Bank acted as the facility agent.

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Zydus Lifesciences gets USFDA approval for Vitamin B12 injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Cyanocobalamin injection. The drug is used to treat and prevent Vitamin B12 deficiency caused by pernicious anemia. It will be manufactured at the pharma company’s injectables manufacturing facility at Jarod, Gujarat.

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L&T planning to merge L&T Infotech, Mindtree to create $22 billion firm: Report

According to a Bloomberg report, Larsen & Toubro Ltd. is weighing a merger between two of its publicly traded software firms— L&T Infotech and Mindtree. The boards of the two companies will reportedly consider share swap ratios for the merger as early as next week. The merger will result in cost synergies for both IT companies as admin costs would come down.

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Mahindra Lifespaces acquires 11.5-acre land parcel in Pune

Mahindra Lifespace Developers has acquired an 11.5-acre land parcel in Pimpri, Pune. The land is estimated to have a developable potential of ~2 million sq. ft. of saleable area and a gross development value of around Rs 1,700 crore. The realty firm expects to launch the first phase of the project within the next 12 months. 

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RVNL signs MoU with Mahanadi Coalfield for rail infra projects

Rail Vikas Nigam Ltd and Mahanadi Coalfields Ltd (MCL) have signed a Memorandum of Understanding (MoU) for the implementation of rail infrastructure projects. The pact will help in expediting the development of critically important rail infra projects of MCL for evacuation of coal to meet the growing energy demand of India. MCL operates seven open cast mines and three underground mines in Odisha.

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RIL Terminates Sub-Lease of 950 Future Stores – Top Indian Market News

Reliance terminates sub-lease of 950 Future stores

Reliance Retails Ventures Ltd (RRVL) has issued notices on Future Retail for terminating sub-leases of 950 stores it had taken over. The debt-laded Future Group firms have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores. In February, RRVL had taken over store spaces for which the Future Group couldn’t pay lease rent. These stores were then sub-let to the Future Group for operation.

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JSPL’s total sales rise 8% YoY in February

Jindal Steel & Power Ltd (JSPL) reported an 8% year-on-year increase in steel sales to 5.9 lakh tonnes (LT) in February 2022. The figure stood at 5.47 LT in Feb 2021. The company’s sales would have been higher if not for the limited rake availability in the eastern part of India. Exports contributed 24% to the sales volumes. JSPL’s total steel production stood at 6.57 lakh tonnes in Feb 2022, a 1% increase over the previous year.

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Kalpataru Power secures order worth Rs 3,276 crore

Kalpataru Power Transmission Ltd (KPTL) has received the Letter of Intent (LoI) for an order worth Rs 3,276 crore. The project involves the design, engineering, supply, and construction of an HVDC power transmission line of 700 km. KPTL is a leading global EPC player in the power and infrastructure contracting sector.

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L&T Construction secures three new contracts

Larsen & Toubro Ltd’s (L&T) construction and infrastructure businesses have secured significant orders (in the range of Rs 1,000-2,500 crore). Its Railways SBU has won an order for 25 kV overhead electrification, signalling, and telecom works for 549 RKM/678 TKM railway lines in the Northeast Frontier Railway. L&T is also executing four major EPC contracts from Central Organization for Railway Electrification (CORE). The company’s Factories Business secured an order from an FMCG firm for a food processing facility in Gujarat. 

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Exide Industries partners with SVOLT Energy Co. for technical know-how for making lithium-ion cell

Exide Industries Ltd has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. Ltd for technology and the necessary know-how for manufacturing lithium-ion cells in India. SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialize necessary technology owned by them for lithium-ion cell manufacturing. It will also provide the support required for setting up a state-of-the-art greenfield manufacturing plant.

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Bharti Airtel acquires 9% stake in Avaada Clean for Rs 7.8 crore

Bharti Airtel Ltd has acquired a 9% stake in renewable energy firm Avaada Clean TN Project for ~Rs 7.88 crore in an all-cash deal. The acquisition is to comply with regulatory requirements for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy

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USFDA issues 3 observations on Zydus’ Jarod manufacturing unit

Zydus Lifesciences Ltd has received three observations from the US Food & Drug Administration (USFDA) following inspection of its Jarod (Vadodara)-based manufacturing facility. The regulator inspected the injectable facility from Feb 24 to March 10, 2022. USFDA issues its observations through Form 483 after an inspection if the investigators have observed any conditions that may violate current good manufacturing practices.

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Lupin opens main reference lab in Kolkata for expansion in east India

Lupin Ltd has opened its first reference laboratory in East India in Kolkata. The lab has the capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, microbiology, immunology, routine biochemistry, etc. The Kolkata reference laboratory will act as the hub for Lupin’s expansion plans in East India. The pharma company will also set up processing labs in West Bengal, Assam, Bihar, and Orissa.

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Maruti Suzuki expects PV sales to expand in double digits in FY23

Maruti Suzuki India Ltd expects sales of passenger vehicles (PV) to expand in double digits in FY23. Sales will mostly be driven by strong consumer demand and improved chip supplies. This will be a second consecutive year of double-digit growth for the market, which is likely to inch closer to the previous peak of 3.7 million units. Maruti Suzuki said it would like to sustain a strong growth momentum of FY22 on the back of its biggest product offensive seen in recent years.

Ebixcash files DRHP for Rs 6,000 crore IPO

Ebixcash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with markets regulator SEBI to raise Rs 6,000 crore through an initial public offering. The company may also explore a pre-IPO placement of up to Rs 1,200 crore. Ebixcash is a technology enabled provider of digital products and services in the B2C, B2B arena.

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Adani Ports to Develop West Container Terminal at Colombo Port – Top Indian Market News

adani ports and sez

Adani Ports to develop West Container Terminal at Colombo Port

Adani Ports and Special Economic Zone Ltd (APSEZ) will develop the West Container Terminal (WCT) at Colombo Port. The Sri Lankan cabinet, on Tuesday, approved the plan through a tripartite understanding with India and Japan. WCT will have a 1,400-metre quay wall, terminal area of about 64 hectares, and an annual capacity of 2.6 million TEUs (twenty-foot equivalent unit).

In other news, APSEZ announced that it had handled cargo volume of 21.12 million metric tonnes (MMT) in February 2021, which is an 8% year-on-year (YoY) growth.

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Bharti Airtel acquires spectrum worth Rs 18,699 crore in auction

Bharti Airtel has acquired 355.45 megahertz (MHz) spectrum across sub gigahertz (GHz), mid-band, and 2,300 MHz bands for Rs 18,699 crores in the latest spectrum auction. This will help improve the company’s deep indoor and in-building coverage in every urban town. The spectrum will also help improve its coverage in villages. Bharti Airtel said the acquired spectrum would help them provide services to an additional 9 crore customers in India.

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Prestige Estates signs agreement with Blackstone to sell 12 assets in Phase-1 of Rs 9,160 crore deal

Prestige Estate Projects has signed definitive agreements with global investment firm Blackstone to sell 12 completed assets in the first phase of a Rs 9,160-crore deal. In November 2020, Prestige Estates had signed a term sheet to sell a large portfolio of completed and under-construction properties to Blackstone for an enterprise value of Rs 9,160 crore. This includes completed offices, retail properties, and hotel properties. The company will use the funds for future expansion activities and repayment of debt. 

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Vodafone Idea buys spectrum in 5 telecom circles

Vodafone Idea Ltd (Vi) has acquired spectrum in India’s five telecom circles in the latest auction for 4G wireless services. However, the company did not disclose the quantity of spectrum bought or the financial details of the transaction. Vi said it expects that a large quantum of spectrum will be made available for 5G services at fair prices to enable operators to roll out the technology rapidly.

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Jindal Steel to acquire bankrupt Reliance Naval & Engineering: Report

As per a report from BloombergQuint, Jindal Steel & Power Ltd (JSPL) and two other groups were the latest to express interest in bidding for Reliance Naval & Engineering Ltd. “For Jindal Steel, Reliance Naval can be a captive client for the company’s shipbuilding plates”, said JSPL managing director Vidya Rattan Sharma. The reports further state that Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid for Reliance Naval.

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Engineers India secures consultancy project worth Rs 600 crore

Engineers India Limited (EIL) has received a consultancy project from Indian Oil Corporation Ltd (IOCL). EIL has been awarded the project for execution of ‘Consultancy for Overall Project Management’ and EPCM (Engineering, Procurement, Construction, Management) services for capacity expansion of IOCL’s Panipat Refinery from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA. The total order value is around Rs 600 crore.

Cipla receives USFDA approval for Sumatriptan Nasal Spray

Cipla Limited has received final approval from the US Food and Drug Administration (USFDA) for Sumatriptan Nasal Spray. The drug is indicated for the treatment of migraine attacks. According to IQVIA (IMS Health) data, the generic version of Sumatriptan Nasal Spray had US sales of approximately $53.3 million (~Rs 390 crore) for the 12-months ending December 2020. 

In other news, Cipla said its Gulf subsidiary has expanded its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand.  

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Govt to divest 10% stake in Ircon International

The Government of India announced that it will sell up to 4.70 crore equity shares of public sector construction firm Ircon International. This represents 10% of the issued and paid-up share capital of the company. The floor price for the offer for sale (OFS) has been fixed at Rs 88 per share. The OFS will open tomorrow (March 3, 2021) for retail investors.

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Bajaj Healthcare gets approval from Maharastra PCB to restart Tarapur unit

Bajaj Healthcare Ltd has received approval from Maharashtra Pollution Control Board (MPCB) to resume operations at its Tarapur unit in Maharashtra. The MPCB had issued a notice to the company in January 2021, directing the closure of operations at the Tarapur unit for alleged violation of the provisions of the Water (Prevention and Control of Pollution) Act 1974 and Air (Prevention and Control Pollution) Act 1981.

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Subex joins O-RAN Alliance for open radio access networks

Subex Limited announced that it has become a member of the O-RAN Alliance to support the development and standardisation of Open Radio Access Networks (RAN). [RAN is the part of a telecommunications system that connects individual devices to other parts of a network through radio connections] With its expertise in advanced network analytics based on machine learning, Subex would help drive innovation in the RAN domain. 

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Gayatri Highways acquires 51% stake in Balaji Highways Holding

Gayatri Highways Limited, on Tuesday, said it has successfully completed the acquisition of 51% equity share capital of Balaji Highways Holding Private Limited. Hyderabad-based Balaji Highways is engaged in the business of undertaking infrastructure projects such as the construction of state and national highways.

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ICICI Bank Reports 6-fold Jump in Net Profit – Top Indian Market News

ICICI Bank Q2 Results: Net Profit jumps 6-fold to Rs 4,251 crore 

ICICI Bank Ltd. reported a six-fold year-on-year (YoY) increase in net profit to Rs 4,251 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 16% YoY to Rs 9,366 crore, during the same period. Its provisions for the quarter had increased by 19% YoY to Rs 2,996 crore. Provision is an amount set aside by a company to pay for any losses that might arise in the future.

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Jindal Steel & Power Q2 Results: Net Loss increases to Rs 706 crore

Jindal Steel & Power Ltd. (JSPL) reported a 76% year-on-year (YoY) increase in net loss at Rs 706 crore, for the quarter ended September (Q2).  JSPL’s consolidated gross revenue has increased by 22% YoY to Rs 9,804 crore, during the same period. The company has stated that it has completed the sale of a 48.99% stake in its Oman subsidiary, JSIS.

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Adani Group takes over Mangalore Airport

Adani Group has taken over the Mangalore International Airport, which was earlier run by the Airports Authority of India (AAI). This is one of the six state-run airports that has been awarded to Adani Group, under the first phase of India’s airport privatization. As per reports, the Group is expected to take over the airports at Lucknow and Ahmedabad by the end of next week.

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ADIA, PIF to invest Rs 3,779 crore each in Jio Fibre

Reliance Industries Ltd. has stated that the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s Public Investment Fund (PIF) have invested Rs 3,779 crore each in Jio Fibre’s network. Both ADIA and PIF will acquire 51% of Jio’s Digital Fibre Infrastructure Trust (DFIT). The remaining 49% will be held by various entities of Reliance.

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Vodafone Idea to raise Rs 25,000 crore in 2-3 months

Vodafone Idea’s MD, Ravinder Takkar, has stated that the company plans to raise Rs 25,000 crore within the next 2-3 months. The amount would be raised through a mix of debt and equity instruments. These funds would be used to expand networks, and pay its adjusted gross revenue (AGR) dues. Vodafone Idea (Vi) has AGR dues of Rs 50,000 crore, which is payable over 10 annual installments till March 31, 2031. 

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Edelweiss Financial Services Q2 Results: Net Loss stands at Rs 56 crore

Edelweiss Financial Services Ltd. reported a consolidated net loss of Rs 56.12 crore, for the quarter ended September (Q2). The company has reported a 6.17% YoY decline in revenue to Rs 2,256.88 crore, during the same period. The non-banking financial company (NBFC) is engaged in wealth management, asset reconstruction, and insurance businesses.

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Gold ETFs registers Rs 2,426 crore inflow in September quarter

Gold exchange-traded funds (ETFs) saw a net inflow of over Rs 2,426 crore, during the three months ended September (Q2). This is a 14-time increase in inflows, as compared to Q2 of the previous financial year. The main reason for this increase has been linked to investors trying to minimize their risks, as there is higher economic uncertainty resulting from Covid-19 and the US election.

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Quess Corp Q2 Results: Net profit falls 25% YoY to Rs 50 crore

Quess Corp Limited has reported a 25.1% year-on-year (YoY) decline in net profit at Rs 49.93 crore, for the quarter ended September (Q2). The company has reported a 1.37% YoY decline in revenue to Rs 2614.07 crore, during the same period. Quess Corp is a business service provider based in Bangalore.

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Unichem Lab Q2 Results: Net Profit stands at Rs 8.74 crore

Unichem Laboratories Limited reported a consolidated net profit of Rs 8.74 crore, for the quarter ended September (Q2). The company had posted a net loss of Rs 22.21 crore in Q2 of the previous financial year. Unichem Lab’s sales have increased by 18.41% year-on-year (YoY) to Rs 317.51 crore in Q2 FY21. 

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Relaxo Footwears Q2 Results: Profit rises by 6% YoY to Rs 75 crore

Relaxo Footwears Ltd. reported a 6.46% year-on-year (YoY) increase in net profit to Rs 75.10 crore, for the quarter ended September (Q2). The revenue from operations has declined by 7.38% YoY to Rs 575.87 crore, during the same period. The company has stated that demand for its products has reached pre-Covid levels.

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