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Ashok Leyland’s Net Profit Falls 17% YoY to Rs 751Cr in Q4 – Top Indian Market Updates

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

Ashok Leyland Q4 Results: Net profit falls 17% YoY to Rs 751 crore

Ashok Leyland reported a 17% YoY decline in net profit to Rs 751 crore for the quarter ended March (Q4 FY23). Its total operating revenue increased by 33% YoY to Rs 11,626 crore during the same quarter. EBITDA stood at Rs 1,276 crore, up 64% YoY. The company’s board has recommended a dividend of Rs 2.6 per equity share.

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PVR Inox to invest Rs 700 crore to set up new screens, retrofit old ones

PVR Inox intends to invest Rs 700 crore in FY24 to add 175 new screens and upgrade existing ones. The expansion plan aims to counter losses at certain locations. According to the company, the cinema business is recovering, prompting the company’s aggressive expansion strategy. Currently, the company is making plans to expand to a number of Tier-2 and Tier-3 cities such as Rourkela, Bhubaneswar, etc.

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Trent incorporates new JV company with MAS Fashion to manufacture intimate apparel in India

Trent Ltd has formed a 50:50 joint venture called Trent MAS Fashion Private Ltd. with MAS Amity Pte Ltd. The new entity will focus on designing, developing, and manufacturing intimate apparel and related products in India. The partnership aims to source and manufacture lingerie, activewear, and other products in the country.

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Zurich DIFC deploys TCS solution for automating business process solutions

Tata Consultancy Services (TCS) will offer business process solutions to Zurich Insurance Company DIFC through its product TCS BaNCS. The aim is to automate processes, expedite claim settlement and accounting closure, and maintain data consistency. TCS BaNCS for Property and Casualty, a comprehensive insurance solution suite, will enable growth and transformation for Zurich DIFC.

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JSW Energy Q4 Results: Net profit falls 68% YoY to Rs 272 crore

JSW Energy reported a 68% YoY decline in consolidated net profit of Rs 272 crore for the quarter ended March (Q4 FY23). However, its consolidated operating revenue rose 9.38% YoY to Rs 2,670 crore during the same quarter. EBITDA stood at Rs 745 crore, down 34% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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Wipro expands Google Cloud tie-up to extend generative AI tools to clients

Wipro Ltd has partnered with Google Cloud to offer generative AI tools to its clients. It will integrate Google Cloud’s suite of AI tools with its own intellectual property and industry solutions. Additionally, Wipro plans to train 20,000 associates on Google Cloud’s generative AI technologies, enabling them to implement secure and scalable AI-led transformations for clients.

Read more here. 

Bajaj Electricals Q4 Results: Net profit jumps 32% YoY to Rs 52 crore

Bajaj Electricals reported a 32% YoY jump in net profit to Rs 52 crore in Q4 FY23. Its revenue increased 11% YoY to Rs 1,490 crore during the same quarter. EBITDA stood at Rs 86 crore, up by 36% YoY. The company’s board has recommended a final dividend of Rs 4 per equity share.

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Paytm launches UPI SDK to enable customers to pay directly within the merchant app

Paytm has launched Paytm UPI SDK, enabling online merchants to accept UPI payments within their mobile apps. Customers can make direct payments from their bank accounts without leaving the merchant app, using their UPI PIN. The feature also allows customers to check balances, create VPA handles, and manage UPI accounts within the merchant app. This offering is part of Paytm’s UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank.

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Venus Remedies gets GMP certificate from Kenya for all Baddi facilities

Venus Remedies received a GMP certification from the Kenyan Health Ministry for its production facilities in Baddi. The certification expands the company’s market potential in Kenya, estimated at $780 million. It covers the manufacturing of antibiotics and oncology products in various forms. With this, the number of international GMP certifications for Venus Remedies has gone up to 25.

Read more here.

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India’s Services PMI Hits 3-Month High in Nov – Top Indian Market Updates

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

India’s services PMI hits three-month high in Nov

Services activity in India expanded at the fastest pace in three months in November 2022 as a result of strong demand, successful marketing, and sustained growth in sales. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 56.4 in November, compared to 55.1 in October. Services companies across India reported higher operating expenses in Nov. 

[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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Tata Motors likely to hike price of passenger vehicles in Jan

Tata Motors is likely to hike passenger vehicle prices from next month to make its model range compliant with stricter emission norms that kick in from April 1, 2023. The revised prices are expected to offset the impact of commodity prices, which have remained high for most of the current year, said the automaker’s Managing Director Shailesh Chandra. He added that battery prices have surged and have not been passed on to the market yet.

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ICICI Bank to shift focus to SME lending, supply chain finance

ICICI Bank will be shifting focus to small & medium enterprises (SME) lending and supply chain financing to grow in the future as it works to ensure that new risks don’t build up. In the supply chain segment, the bank sees strong momentum in new client additions across corporates & vendors. The lender is also expanding its presence in high-potential markets and created 104 zonal heads, 24 city heads, and 9 state heads.

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L&T secures order in Mumbai-Ahmedabad bullet train project

Larsen & Toubro Ltd (L&T) has secured a large order (in the range of ₹2,500-5,000 crore) in the proposed Mumbai-Ahmedabad bullet train project. The project assigned by the National High-Speed Rail Corporation includes the commissioning of a depot spread over 82 hectares in Gujarat.

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Adani Green commissions 450 MW wind-solar hybrid power plant in Rajasthan

Adani Green Energy Ltd (AGEL) has commissioned its third wind-solar hybrid power plant at Jaisalmer, Rajasthan. The combined operational generation capacity of this newly commissioned hybrid power plant is 450 megawatts (MW). The plant has Power Purchase Agreements (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.67 per kilowatt-hour (kwh) for 25 years.

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JSW Energy starts phase-wise commissioning of wind power project at Tuticorin

JSW Renew Energy Two has started phase-wise commissioning of the 450 MW wind power project awarded under SECI Tranche X at Tuticorin, Tamil Nadu. The project has a power purchase agreement with Solar Energy Corporation of India (SECI) for 25 years. JSW Energy has set a target for a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050.

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IndiGo announces 32 new connecting flights to Europe

InterGlobe Aviation Ltd (IndiGo) has announced 32 new connecting flights to Europe through its codeshare partnership with Turkish Airlines. The new routes include major destinations like Milan, Manchester, Birmingham, Rome, and Venice. Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

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India records over 23 billion digital payments worth ₹38.3 lakh crore in Q3

Worldline India’s ‘Digital Payments Report’ stated that India recorded 23.06 billion digital transactions worth ₹38.3 lakh crore during Oct-Dec (Q3 FY23). These digital transactions include payments done by Unified Payments Interface (UPI), debit & credit cards, prepaid payment instruments like mobile wallets, and prepaid cards. UPI transactions volume rose 88% year-on-year (YoY) to 19.65 billion in Q3. 

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Infosys sets up new proximity center in Sweden

Infosys Ltd has established a new proximity center in Sweden as it aims to enhance its localization strategy in the Nordic region by bringing next-gen digital offerings to its clients. The new center represents another step toward strengthening Infosys’ presence in Gothenburg, an emerging automotive, digital tech, and green innovation hub in Europe.

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Jio-bp to Set Up Charging Network for M&M – Top Indian Market Updates

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

Jio-bp to set up charging network for M&M’s upcoming e-SUVs launches

Jio-bp said it will set up a charging network for Mahindra & Mahindra’s upcoming electric SUV launches. Starting with 16 cities, Jio-bp will install DC fast chargers at M&M’s dealership network and workshops across India. M&M launched its first all-electric SUV, the XUV400, at Mahindra Research Valley in Chennai earlier this month. Jio-bp is a fuels & mobility joint venture between Reliance Industries Ltd (RIL) and UK-based bp.

Sobha achieves highest-ever quarterly sales value in Q2

Sobha Ltd achieved its highest-ever quarterly sales value of ₹1,164 crore during the Sept quarter (Q2 FY23), up 13% YoY. In terms of volume, total sales fell 0.89% YoY to 1.35 million sq. ft. during the same period. Total average price realization improved to ₹8,709 per square feet in Q2, registering a growth of 14% YoY. 

Sobha has launched three new residential projects— two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sq. ft.

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India to offer 26 blocks for producing oil, gas in mega offshore bid round

The Directorate General of Hydrocarbons said the Indian government will offer 26 blocks or areas for finding and producing oil & gas in a mega offshore bid round. Out of the 26 blocks, 15 areas are in ultra-deepwater, 8 in the shallow sea, and 3 blocks are onland. Around 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round. 

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Power Grid acquires SPV to build transmission project

Power Grid Corporation of India has acquired 100% equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and northeastern regions. The consideration paid for the acquisition was ₹7.04 crore, including 50,000 equity shares and assets & liabilities of the company. The SPV is yet to start commercial operations.

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JSW Neo Energy to develop 126 MW Chhatru hydel project in Himachal Pradesh

JSW Neo Energy (a subsidiary of JSW Energy Ltd) has received a Letter of Intent from the Himachal Pradesh government for developing the 126 megawatts (MW) Chhatru hydro-power plant. JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and to achieve carbon neutrality by 2050. It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%.

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Marksans Pharma to acquire Teva’s manufacturing site in Goa

Marksans Pharma has entered into an agreement with Israeli drugmaker Teva to acquire its manufacturing site in Goa on a slump sale basis. The Mumbai-based company has agreed to retain the site employees with existing terms of employment. Marksans Pharma has also entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations.

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L&T Construction wins order under its water and effluent treatment business

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the Government of Odisha to execute irrigation projects.  The scope of work includes the execution of 23 lift irrigation schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers. 

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NMDC signs pact with RailTel for ICT and digital solutions

NMDC and RailTel Corporation of India have entered into an agreement covering the information & communications technology (ICT) and digital transformation services of NMDC at its corporate offices and mining complexes. This partnership will focus on the optimal utilization of resources and build mineral accountability. RailTel will provide consultancy, project management, and execution services to enhance NMDC’s efficiency and transparency.

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G M Breweries Q2 Results: Net profit rises 4% YoY to ₹22 crore

G M Breweries Ltd reported a 3.8% YoY (or 40.4% QoQ) increase in net profit to ₹22.69 crore for the quarter ended September (Q2 FY23). The company’s revenue from operations rose 22.35% YoY to ₹141.86 crore during the same period. Total expenses stood at ₹532.60 crore in Q2, up 26.11% YoY. G M Breweries manufactures country liquor (CL) and Indian-made foreign liquor (IMFL).  

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Dr Reddy’s Labs’ plant gets World Economic Forum recognition

The World Economic Forum has recognised Dr. Reddy’s Laboratories Ltd’s largest manufacturing facility in Bachupally, Hyderabad, as part of its Global Lighthouse Network. Lighthouses are factories leading the way in Fourth Industrial Revolution technologies to drive impact in productivity, workforce engagement, sustainability, and supply chain resilience.

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Marico Eyes ₹850-1,000 crore Food Business by FY24 – Top Indian Market Updates

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

Marico eyes ₹850-1,000 crore food business by FY24 with Saffola brand

Marico Ltd will continue to expand its healthcare brand Saffola as it aspires to build an ₹850-1,000 crore business from its food portfolio by FY24, said MD & CEO Saugata Gupta. In the last two years, the FMCG firm has extended the brand to immunity foods and recently launched mayonnaise and peanut butter. Marico sells noodles, oats, honey, immunity booster Chyawanprash, and edible oil under the Saffola brand.

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PNB to sell NPA account Apollo Distilleries & Breweries

Punjab National Bank (PNB) has put up for sale its non-performing asset (NPA) account Apollo Distilleries & Breweries (ADB) with loan outstanding of ~₹44 crore due against the company. The bank has invited asset reconstruction companies (ARCs) to put their bids for transferring the loan account of ADB. It is a subsidiary of Chennai-based Empee Distilleries Ltd (EDL), which is in a resolution process under the Insolvency & Bankruptcy Code (IBC).

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Lupin’s subsidiary gets UK regulator’s approval for COPD drug

Lupin’s UK subsidiary, Lupin Healthcare (UK) Ltd, has received approval from the Medicines & Healthcare products Regulatory Agency (MHRA) to market a generic version of Spiriva. The drug will help in treating chronic obstructive pulmonary disease (COPD). It is the second inhalation product by Lupin Healthcare for the UK market after Luforbec pressurised metered dose inhaler (pMDI).

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Tata Steel gets land allotment letter to set up ₹2,600 crore plant in Ludhiana

Punjab Chief Minister Bhagwant Mann handed over the land allotment letter to the Tata Group for setting up its first scrap-based steel plant in Ludhiana at an investment of ₹2,600 crore. This is the first investment by the Tata Group in Punjab and will prove to be a milestone in propelling industrial growth in the state. The electric arc furnace-based plant will produce 0.75 million tonnes per annum (MTPA) of finished steel. 

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GAIL sets 2040 goal for net zero carbon emissions

GAIL (India) Ltd is targeting net-zero carbon emissions from its operations by 2040. The company said it is committed to reduce its carbon footprint by diversifying into the renewable energy sector. GAIL has started mixing hydrogen with natural gas as a step toward introducing a carbon-free energy source into the system.

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Delhivery to create 75,000 seasonal jobs in next six weeks

Logistic services firm Delhivery plans to create over 75,000 seasonal jobs across India over the next six weeks. Of these, the company will hire over 10,000 off-roll employees across its gateways, warehouses, and last-mile delivery centres. It will also hire 50,000 last-mile agents through its Last-Mile Agent (LMA) program. Delhivery also plans to strengthen its Drop at Store program to extend its capacity by adding 15,000-plus last-mile riders.

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NTPC’s board approves ₹11,843 crore investment for Talcher power project Stage-III

NTPC Ltd’s board has approved an investment of ₹11,843.75 crore for the 1,320 megawatts (MW) Talcher Thermal Power Project, Stage-III. In other news, a venture between NTPC and  Nuclear Power Corporation of India Ltd (NPCIL) is reportedly in advanced talks with the government to develop two 700 MW reactors in Madhya Pradesh. New Delhi-based NTPC is an Indian public sector undertaking engaged in the generation of electricity and allied activities. 

JSW Energy emerges lowest bidder for pilot battery storage mega tender

JSW Energy Ltd has emerged as the lowest bidder in the pilot large-scale battery storage auction with a winning bid of ₹10.84 lakh per megawatt (MW). The battery storage auction was conducted by the Solar Energy Corporation of India (SECI). The tender is for two battery storage projects at a single site at Fatehgarh-III substations in Rajasthan. The land will be provided on a lease by SECI in agreement with the Transmission Licensee.

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IDBI Bank can recover $2.4 billion in bad loans: CEO

IDBI Bank’s CEO Rakesh Sharma said the lender is likely to recoup $2.4 billion (~₹19,195 crore) of bad debt in his pitch to potential buyers amid India’s planned auction of the firm. “We are sitting on about 780 billion rupees of fully provided for bad loans, including written-off loans, and around 25% is likely to be recovered,” he said. As per reports, the Indian govt. is considering selling at least 51% of the $5 billion bank.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Bajaj Auto Posts 17% YoY Fall in Net Profit in Q3 – Top Indian Market News

Bajaj Auto Q3 Results: Net profit falls 17% YoY to Rs 1,430 crore

Bajaj Auto Ltd reported a 17% YoY decline in consolidated net profit to Rs 1,429.68 crore for the quarter ended December (Q3 FY22). Net profit fell 30% when compared to the previous quarter. Its revenue from operations rose 1% YoY (or 5% QoQ) to Rs 9,021.65 crore during the same period. EBITDA stood at Rs 1,154 crore, down 25% YoY. The automaker’s total volumes fell 10% YoY to 11.81 lakh units in Q3

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Axis Bank’s subsidiary sends legal notice to ZEEL; seeks Rs 146 crore in dues

Axis Finance Ltd (AFL), a subsidiary of Axis Bank, has sent a legal notice to Zee Entertainment Enterprises Ltd (ZEEL) and its promoters, seeking to recover over Rs 146 crore in dues before finalising the proposed merger of the company with Sony Pictures Network India (SPNI). ZEEL has denied all claims. It stated that neither the company nor its MD and CEO Punit Goenka are party to any of the loan documents. ZEEL has also pointed out that Goenka or the company did not provide any assurance to AFL for repayment.

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Lupin signs pact with Shenzhen Foncoo to sell products in China

Lupin Limited has signed a pact with Shenzhen Foncoo Pharmaceutical Co. to sell products in China. This is the company’s first partnership arrangement in China and reinforces the drug makers’ commitment to bringing high-quality generic and complex generic medicines to patients around the world. Lupin will continue to explore additional partnership opportunities in China to leverage its global portfolio including complex generics and specialty medicines

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Rallis India Q3 Results: Net profit falls 13% YoY to Rs 40 crore

Rallis India Ltd reported a 13.3% YoY decline in consolidated net profit to Rs 39.56 crore for the quarter ended December (Q3 FY22). Net profit fell 30% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 628.08 crore during the same period. The chemical manufacturer’s EBITDA rose 13% YoY to Rs 67 crore in Q3. 

Ashoka Buildcon secures project worth Rs 112 crore for construction of mall-cum multiplex

Ashoka Buildcon Ltd has received the Letter of Intent (LoI) for the construction of a mull-cum multiplex in Patna. The company was awarded the project at a cost of Rs 111.51 crore excluding GST. Nashik-based Ashoka Buildcon is an infrastructure development company. It is primarily engaged in the construction & maintenance of roads and supporting services 

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L&T Infotech Q3 Results: Net profit rises 43% YoY to Rs 151 crore

L&T Infotech Ltd reported an 18% YoY increase in consolidated net profit to Rs 612 crore for the quarter ended December (Q3 FY22). Net profit rose 11% when compared to the previous quarter. Its revenue from operations rose 31% YoY (or 9.2% QoQ) to Rs 4,137 crore during the same period. EBITDA grew 14% YoY to Rs 742 crore in Q3. In dollar terms, the company’s revenue stood at $553 million, registering a growth of 29% YoY and 8.7% QoQ.

Read more here. 

Mahindra partners with Hero Electric to manufacture electric two-wheelers

Mahindra Group has announced a strategic partnership with Hero Electric to cater to the growing demand for electric vehicles (EVs) in India. As part of the partnership, Mahindra Group will manufacture Hero Electric’s most popular electric bikes (Optima & NYX) at their Pitampur plant. With this collaboration, Hero Electric will be able to meet its demand of manufacturing over one million EVs per year.

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JSW Energy Q3 Results: Net profit jumps over two-fold to Rs 324 crore

JSW Energy Ltd reported an over two-fold YoY jump in consolidated net profit to Rs 324 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 18% YoY to Rs 1,893 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) was higher by 35% YoY at Rs 882 crore in Q3.

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HAL signs contract with Mauritius for export of Advanced Light Helicopter

Hindustan Aeronautics Ltd (HAL) has signed a contract with the Government of Mauritius (GoM) for the export of an Advanced Light Helicopter (ALH)-MkIII for the Mauritius Police Force. Mauritius already operates an ALH and Dornier Do-228 aircraft built by HAL. The ALH Mk III is a multi-role, multi-mission helicopter in the 5.5-tonne category. It is used extensively by the Indian armed forces.

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CEAT Q3 Results: Net loss at Rs 20 crore

CEAT Limited reported a consolidated net loss of Rs 20.01 crore for the quarter ended December (Q3 FY22). It had posted a net profit of Rs 132.14 crore in Q3 FY21 and Rs 41.98 crore in the previous quarter (Q2 FY22). Its revenue from operations rose 9% YoY to Rs 2,413 crore in Q3 FY22. The tyre manufacturer’s EBITDA fell 59% YoY to Rs 134 crore during the same period.

SEBI launches Saa₹thi mobile app for investor education

The Securities and Exchange Board of India (SEBI) has launched “Saa₹thi”– a mobile app on investor education. The new app aims to create awareness among investors about the basic concepts of the securities market. It will also explain about KYC process, trading & settlement, mutual funds (MF), recent market developments, investor grievances redressal mechanism, etc.

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JSW Energy to Rejig Renewable, Thermal Businesses – Top Indian Market News

JSW Energy’s board approves rejig of renewable, thermal businesses

The Board of Directors of JSW Energy Ltd has approved the reorganisation of its green (renewable) and grey (thermal) businesses. All existing and upcoming renewable energy businesses will be housed under JSW Energy Neo Ltd, a wholly-owned subsidiary of the company. This move will help JSW Energy in building and streamlining its renewable portfolio. It will also help in setting up a holding structure that is efficient for fund-raising and unlocking value for shareholders.

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ITC starts clinical trials of nasal spray for Covid-19 prevention: Report

According to a report from Economic Times, ITC Limited has initiated clinical trials for a nasal spray for Covid-19 prevention. Developed by scientists at ITC Life Sciences and Technology Centre, Bengaluru, the company plans to market the nasal spray under the Savlon brand once it gets the requisite regulatory approvals. The product has the potential to be effective and safe in preventing infection and transmission of Covid-19, along with the existing measures of hygiene recommended by health authorities.

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TCS secures deal from South32 for mining-related IT infra management

Tata Consultancy Services (TCS) has won a contract from Australia-based mining company South32 to enhance its IT infrastructure. Under the new contract, the management of critical infrastructure has been consolidated with TCS for end-to-end accountability. TCS will leverage its Machine First Delivery Model to assist South32 in reaching its strategic objective of simplifying and streamlining its IT operations.

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Bosch partners with GIZ for promoting sustainable mobility solutions in Indian cities

Bosch Ltd has partnered with Deutsche Gesellschaft fur International Zusammenarbeit (GIZ) GmbH to jointly launch a green urban mobility innovation initiative for implementing sustainable and smart mobility solutions across several Indian cities. GIZ is a German government-owned enterprise that provides support to achieve objectives in the field of international cooperation for sustainable development. The partnership aims to enhance the green urban mobility and transportation system in India.

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L&T Infotech, IBM set up Innovation & Experience Centre in Bengaluru

L&T Infotech (LTI) has opened an Innovation & Experience Centre at LTI Whitefield campus in Bengaluru that focuses on IBM technologies. The centre will assist enterprises in modernising their operations and accelerating digital transformation journeys. It will also allow customers to engage with LTI and IBM technical resources for in-depth technology briefings, solution demos, software, tool access, and solution workshops.

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Piramal Capital, API Holdings to offer health finance solutions

Piramal Capital & Housing Finance Ltd (PCHFL) has announced a strategic partnership with API Holdings through its digital healthcare platform, Retailio. The partnership aims to provide efficient and seamless financing solutions to consumers, retailers, and merchants in API Holdings’ healthcare ecosystem. PCHFL will offer solutions such as multi-collateral loans for retailers, supply chain financing, and hospital financing.   

Siemens Q4 Results: Net profit falls 2.6% YoY to Rs 321 crore

Siemens Ltd reported a 2.6% YoY decline in consolidated net profit to Rs 321.6 crore for the quarter ended September (Q4). The company follows the October-September financial year cycle. Its total revenue rose 20.75% YoY to Rs 4,358.3 crore during the same period. New orders from continuing operations increased 4.9% YoY to Rs 3,378 crore in Q4. The Board of Directors of Siemens Ltd has recommended a dividend of Rs 8 per share.

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Aurionpro Solutions secures order worth Rs 60 crore from Govt of UP

Aurionpro Solutions Ltd has received an order in the smart transit segment from the Government of Uttar Pradesh. The company will be the system integrator for implementing Internet of Things (IoT) based Integrated Bus Ticketing System for the Uttar Pradesh State Road Transport Corporation (UPSRTC). The order is worth Rs 60 crore.

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Nazara Tech completes acquisition of OpenPlay

Nazara Technologies Ltd has completed the acquisition of skill-based gaming company OpenPlay for Rs 186 crore. The company has acquired 7,670 equity shares of Rs 10 each of OpenPlay Technologies. Nazara Tech has paid the consideration by way of issue and allotment of 6.48 lakh equity shares of Rs 4 each of the company to Unnati Management Consultants LLP.

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Bharti Airtel conducts India’s first 5G trial in the 700 MHz band with Nokia

Bharti Airtel has successfully conducted India’s first 5G trial in the 700 MHz band in partnership with Nokia. The demonstration, which was conducted on the outskirts of Kolkata, also marked the first 5G trial in eastern India. Bharti Airtel has been allotted test spectrum in multiple bands by the Department of Telecommunications for the validation of 5G technology and its use cases.

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Editorial

Analysing a $13 Billion Business Empire: JSW Group

Since its inception around 39 years ago, the JSW Group has become one of the most respectable and fastest-growing conglomerates in the world. The $13 billion (~Rs 97.250 crore) business empire operates one of the leading steel companies in India. It even owns some of our favourite sports teams. In today’s article, learn more about the JSW Group and the various businesses they operate.

Business Profile – JSW Group

JSW Group was established in 1982 and is headquartered in Mumbai. The group was initially known as Jindal South West. It is part of the O.P. Jindal Group, which has business interests in mining, power, industrial gases, and steel manufacturing. It is founder Om Prakash Jindal’s four sons that run the business empire now.

Over the years, the JSW group has formed a strong presence in the steel, energy, infrastructure, cement, paints, venture capital, sports, and realty sectors. They have a successful track record for executing large capital-intensive and technically complex projects globally. The group offers a differentiated product mix and state-of-the-art manufacturing facilities. Moreover, they have a prime focus on pursuing sustainable growth. The JSW Group has an experienced management team, led by Mr. Sajjan Jindal (Chairman). 

It has a culturally diverse workforce spread across India, the US, Europe, UAE, and Africa and directly employs ~40,000 people. JSW Group has a strong social development focus aimed at empowering local communities residing around its Plant & Port locations. They are known for creating value for all stakeholders by combining its growth roadmap and superior execution capabilities. The group’s sports arm (JSW Sports) aims to play a leading role in creating a sports culture in our country by maximising the potential of Indian sports and athletes. It owns teams such as Bengaluru FC (ISL), Delhi Capitals (IPL), and Haryana Steelers (Pro-Kabaddi).

JSW Steel Ltd

JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe. Established in 1982, the company primarily produces hot-rolled and cold-rolled coils. It provides color-coated products, Thermo Mechanically Treated (TMT) bars, wire rods, and special alloy steel products. Their products are used in automotive, general engineering, machinery, and projects, and construction applications. It exports these products to more than 100 countries.

The large-cap company has a crude steel capacity of 18 million tonnes per annum (MTPA) as of FY21. It had announced an investment of $3.4 billion to expand capacities in line with domestic and global demand trends. Thus, JSW Steel expects to increase its capacity to 37.5 MTPA by FY 2024-25. 

Financial Performance

  • The company posted an 8.8% year-on-year increase in sales revenue to Rs 79,839 crore in the previous financial year (FY21). Net profit surged 96.3% YoY to Rs 7,911 crore during the same period. 
  • JSW Steel’s revenue and net profit rose 8.5% quarter-on-quarter (QoQ) and 40.63% QoQ, respectively, in Q1 FY22.
  • Over the last five years, JSW Steel’s total revenue has grown at a CAGR of 14.03%, whereas the industry average stood at 8.97%. It has obtained a market share of 16.18% in the highly competitive iron and steel industry.
  • The company has maintained a healthy dividend payout of 18.67%. It means that JSW Steel usually sets aside ~18.67% of its earnings to be paid as dividends.

The shares of JSW Steel Ltd have surged over 129% over the past year

JSW Energy

JSW Energy is one of the leading power companies in India. With transparent operations, strict corporate governance norms, and a clear vision, the company is setting benchmarks in the power sector. It has a strategic approach to expansion, ensuring diversity in geographic locations and fuel sources. Over the past six years, JSW Energy has enhanced the power generation capacity from 260 megawatts (MW) to 4.6 gigawatts (GW). They aim to increase capacity to 10 GW by the financial year 2024-25 (FY25) and 20 GW by FY30.

The company’s power generation capacity stands at ~4,559 MW, which includes 3,158 MW of thermal power, 1,391 MW of hydropower, and 10 MW of solar power. It has operations in Karnataka, Maharashtra, Rajasthan, Himachal Pradesh, Andhra Pradesh, and West Bengal. JSW Energy also engages in power transmission and trading activities worldwide. It also conducts coal mining operations in South Africa. 

Financial Performance

Unfortunately, JSW Energy’s financial performance has been quite poor. 

  • The company reported a 16.3% YoY decline in total sales revenue to Rs 6,922 crore for the financial year ended March 31, 2021 (FY21). Net profit fell 28.3% YoY to Rs 795 crore in FY21.
  • However, JSW Energy was able to improve certain financial metrics in the previous quarter. JSW Steel’s revenue and net profit rose 10% QoQ to Rs 1,728 crore in the April-June quarter (Q1 FY22). Net profit jumped 87.85% QoQ to Rs 201 crore during the same period.
  • The company’s revenue has grown at a CAGR of -6.73% from FY15 to FY21, whereas the industry average stood at 5.3%. It has only been able to obtain a market share of 4.01%, which is likely to decline further.
  • JSW Energy has been maintaining a healthy dividend payout of 26.61%.

The investors of JSW Energy Ltd have received a staggering return on investment (RoI) over the past year. The company’s shares have rallied by 574.6% since October 2020.

JSW Holdings

JSW Holdings Ltd is a non-banking financial company (NBFC). It primarily engages in investing and financing activities.

  • The company’s total revenue declined by 23.3% YoY to Rs 92.81 crore in the previous financial year (FY21). Net profit fell 29.34% YoY to Rs 75.20 crore during the same period. 
  • JSW Holdings recorded a minor improvement in financial performance in Q2 FY22.
  • The firm is almost debt-free.
  • Revenue has grown at a yearly rate of 13.01% over the past five years. The asset management industry’s average revenue growth during the same period stood at 12.91%.

JSW Holdings Ltd’s shares have surged 108.4% over the past year.

Other Group Firms

Conclusion

JSW Group has played a significant role in the development of our country. Their presence in multiple sectors such as steel, cement, and paints gives them a unique advantage of providing an integrated offering to large customers in the Infrastructure & Building industries space. The group firms continue to secure large orders from prominent automotive firms, realty companies, and government agencies around the world. They have recently initiated a digital strategy to enhance their distribution network, customer experience, and supply chain across the core businesses.

The group’s commitment to giving back to society is highly commendable. The JSW Foundation works towards improving the lives of millions across 1,000 villages in 9 states in India. Let us look forward to seeing how they execute strategic plans in the near future.

Have you included any of the JSW Group companies in your portfolio? Let us know in the comments section of the marketfeed app.

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Sun Pharma Reports 62% QoQ Rise in Net Profit in Q1 – Top Indian Market News

Sun Pharma Q1 Results: Net profit rises 62% QoQ to Rs 1,444 crore

Sun Pharmaceutical Industries reported a 62% quarter-on-quarter (QoQ) increase in net profit to Rs 1,444.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,655.6 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 28% YoY to Rs 9,719 crore in Q1 FY22. Revenue from its India formulations business increased by 39% YoY (or 24% QoQ) to Rs 3,308.4 crore during the same period. Sun Pharma launched 13 new products in the Indian market in Q1.

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UPL Q1 Results: Net profit rises 23% YoY to Rs 678 crore

UPL Limited reported a 23% YoY increase in consolidated net profit to Rs 678 crore for the quarter ended June (Q1 FY22). Net profit has increased by 36% when compared to the previous quarter. Its revenue from operations rose 9% YoY to Rs 8,515 crore during the same period. The agrochemical manufacturer posted a 6% YoY growth in total sales volumes, aided by double-digit growth in the Latin American and Indian markets. 

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Lupin acquires Australia-based Southern Cross Pharma 

Lupin Limited has acquired Australia-based Southern Cross Pharma Pty Ltd (SCP), a generic drug manufacturer. As part of the transaction, Lupin’s Australia subsidiary will gain access to over 60 registered products having sales of over $22 million (~Rs 163 crore). Established in 2000, Southern Cross Pharma is engaged in the development, registration, and distribution of generic pharmaceutical products. This acquisition will increase Lupin’s value proposition and market share in the Australian market.

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Indian Oil Corp Q1 Results: Net profit jumps three-fold to Rs 5,941 crore

Indian Oil Corporation (IOC) reported a 211% YoY jump in standalone net profit to Rs 5,941.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.3% when compared to the previous quarter. Its revenue from operations rose 74% YoY to Rs 1.55 lakh crore during the same period. IOC’s gross refining margin (GRM) stood at $6.58 per barrel in Q1 FY22, compared to $1.98 per barrel in Q1 FY21. 

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Dana invests $18 million in Ashok Leyland’s e-bus arm

Dana Inc. has acquired a 1% stake in UK-based Switch Mobility for $18 million (~Rs 13 crore). Switch Mobility is Ashok Leyland Ltd’s electric commercial vehicle subsidiary. US-based Dana will be the preferred supplier of electric drivetrain components for Switch Mobility’s e-bus and EV commercial vehicle offerings. This includes e-axles, gearboxes, motors, software & controls, and electronics cooling systems. Switch Mobility will launch its first electric light commercial vehicle (e-LCV) in India by the end of December 2021.

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Bandhan Bank Q1 Results: Net profit falls 32% YoY to Rs 373 crore

Bandhan Bank reported a 32% YoY decline in net profit to Rs 373.10 crore for the quarter ended June (Q1 FY22). Its total income rose 20.4% YoY to Rs 2,647.5 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 8.2% in Q1 FY22, compared to 6.8% in Q4 FY21. Provisions for bad loans and contingencies rose 62% YoY to Rs 1,374.87 crore in Q1 FY22.

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Marico Q1 Results: Net profit falls 6% YoY to Rs 365 crore

Marico Limited reported a 5.9% YoY decline in consolidated net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has increased by 60.79% when compared to the previous quarter. Its revenue from operations rose 31% YoY to Rs 2,525 crore during the same period. EBITDA increased by 3% YoY to Rs 481 crore in Q1. The FMCG company posted volume growth of 21% YoY. The Saffola franchise (comprising of edible oils and food) delivered 24% YoY volume growth in Q1.

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Ashoka Buildcon secures order worth Rs 600 crore

Ashoka Buildcon Ltd has secured a contract for the development of Grand Port Hospital in Mumbai to a 600-bed super specialty hospital. The company will also construct a medical college with residential quarters of Zodiac Healotronics. The accepted EPC contract value of the project is Rs 600 crore.

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JSW Energy Q1 Results: Net profit declines 6% YoY to Rs 201 crore

JSW Energy Ltd reported a 5.6% YoY decline in consolidated net profit to Rs 201 crore for the quarter ended June (Q1 FY22). Net profit has increased by 88.65% when compared to the previous quarter. Its total income declined by 1.44% YoY to Rs 1,859.53 crore during the same period. JSW Energy’s power generation stood at 5,141 million units in Q1 FY22, compared to 4,930 million units in Q1 FY21.

KEC International secures new orders worth Rs 1,503 crore

KEC International Ltd has received new orders worth Rs 1,503 crore across various businesses. Its transmission and distribution (T&D) business has secured orders of Rs 866 crore for T&D projects in India, SAARC, Africa, and the Americas. The company’s railways business has won an order worth Rs 321 crore for overhead electrification and associated works. Its civil business has secured orders of Rs 176 crore for infrastructure works in the Metals & Mining, Data Centre, and FMCG segments in India.

Exide Industries Q1 Results: Net profit at Rs 32 crore

Exide Industries Ltd reported a consolidated net profit of Rs 32.88 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 10.68 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 89.7% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 40.2% YoY to Rs 3,543 crore in Q1 FY22.

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Rolex Rings IPO subscribed 130 times on final day of bidding 

The Rs 731 crore IPO of Rolex Rings Ltd was subscribed 130.44 times on the final day of bidding. Retail investors have subscribed 24.49 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 360.11 times and 143.58 times, respectively, against their reserved portions. 

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Tech Mahindra Reports 39% YoY Rise in Net Profit in Q1 – Top Indian Market News

Tech Mahindra Q1 Results: Net profit rises 39% YoY to Rs 1,353 crore

Tech Mahindra Ltd reported a 39.17% YoY increase in net profit to Rs 1,353.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 25.13% when compared to the previous quarter. Its revenue from operations rose 11.98% YoY to Rs 10,197.6 crore during the same period. In dollar terms, revenue grew 14.6% YoY (or 3.9% QoQ) to $1,384 million. Tech Mahindra secured deals worth $815 million (~Rs 6050 crore) during the April-June quarter.

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PVR Q1 Results: Net loss at Rs 220 crore

PVR Limited reported a consolidated net loss of Rs 219.4 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 225.7 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 367% YoY to Rs 59.4 crore in Q1 FY22. The Covid-19 pandemic continues to adversely impact the company’s operations and financial performance. During the current financial year, PVR had availed additional borrowing of Rs 200 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 scheme of the Indian government.

JSW Energy signs agreement with Australian firm to produce green hydrogen

JSW Energy Ltd has entered into a framework agreement with Australia-based Fortescue Future Industries (FFI) for potential projects related to the production of green hydrogen. The companies will assess the potential of green hydrogen for green steel manufacturing, hydrogen mobility, green ammonia, and other industrial applications in India. FFI is the renewable energy and industry company of Fortescue Metals Group.

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Colgate-Palmolive Q1 Results: Net profit rises 18% YoY to Rs 233 crore

Colgate-Palmolive Ltd reported an 18% YoY increase in net profit to Rs 233.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 1,157.8 crore during the same period. The company’s expenses on advertising and promotional activities grew 40.6% YoY (or 7.6% QoQ) in Q1. EBITDA increased by 15% YoY to Rs 350 crore.

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IFC acquires 5% stake in Federal Bank for Rs 916 crore

IFC and two investment funds managed by IFC Asset Management Company (AMC) have acquired a 4.99% stake in Federal Bank for Rs 916 crore. The investment will support Federal Bank’s commitment to environmental, social, and governance (ESG) standards. It will also strengthen the lender’s Tier-1 capital adequacy ratio (CAR) and expand its micro, small, & medium enterprises (MSME) and climate finance portfolios. International Finance Corporation (IFC) is an arm of the World Bank Group.

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TVS Motor Q1 Results: Net loss at Rs 15 crore

TVS Motor Company Ltd reported a consolidated net loss of Rs 15 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 183 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 310 crore in Q4 FY21. Total income jumped 141% YoY to Rs 4,692 crore in Q1 FY22. TVS Motor Company’s total two-wheeler and three-wheeler sales (including exports) increased by ~146% YoY to 6.58 lakh units during the same period.

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Tata Teleservices partners with Zoom to offer communications solutions to enterprises

Tata Teleservices Ltd has partnered with Zoom Video Communications Inc. to offer scalable and secure video communications solutions to enterprises. The company will provide Zoom’s platform services such as Zoom Meetings and Zoom Webinars primarily to small and medium enterprises (SMEs). The partnership will benefit industry segments such as Banking, Financial Services, and Insurance (BFSI), IT-enabled businesses, and education with unified communications solutions backed by Tata Teleservices’ support.

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Jyothy Labs Q1 Results: Net profit falls 20% YoY to Rs 40 crore

Jyothy Labs Ltd reported a 20% YoY decline in consolidated net profit to Rs 40 crore for the quarter ended June (Q1 FY22). Net profit has increased by 48% when compared to the previous quarter. The FMCG company’s revenue from operations rose 21% YoY (or 6% QoQ) to Rs 525 crore during the same period. Jyothy Labs’ fabric care segment posted a sales growth of 27.5% YoY, while its dishwashing segment grew 22% YoY in Q1.

Bharti Airtel loses 46.1 lakh subscribers in May; Jio adds 35.5 lakh subscribers.

Bharti Airtel lost a staggering 46.13 lakh wireless subscribers in May 2021, while Reliance Jio added 35.54 lakh subscribers. Meanwhile, Vodafone Idea’s subscriber base declined by 42.8 lakh users during the same month. Jio, Bharti Airtel, and Vodafone Idea had a subscriber base of 43.12 crore, 34.9 crore, and 27.7 crore, respectively, at the end of May. India’s overall mobile subscriber figure fell by 62.7 lakh to 117.6 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Laurus Labs Q1 Results: Net profit rises 40% YoY to Rs 241 crore

Laurus Labs Limited reported a 40% YoY increase in consolidated net profit to Rs 241 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 31.3% YoY to Rs 1,279 crore during the same period. The company’s synthesis business registered a strong growth of 95% YoY, with ongoing commercial supplies for four products. Hyderabad-based Laurus Labs is a leading research and development (R&D) driven fully integrated pharmaceutical and biotech company.

Glenmark Life Sciences IPO subscribed 44 times on final day of bidding 

The Rs 1,513.6 crore IPO of Glenmark Life Sciences was subscribed 44.17 times on the final day of bidding. Retail investors have subscribed 14.63 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 122.54 times and 36.97 times, respectively, against their reserved portions. 

Meanwhile, the Rs 731 crore IPO of Rolex Rings Ltd was subscribed 9.26 times on the second day of bidding. Retail investors have subscribed 15.89 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 5.85 times and 23%, respectively, against their reserved portions. You can learn more about the IPO here. 

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Market News Top 10 News

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

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

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

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

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

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

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

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

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

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

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

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

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

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Tatva Chintan IPO subscribed 180.36 times on final day of bidding 

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

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

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

Isgec Heavy Engineering secures order from Russian firm

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

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

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

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NTPC emerges winner for 450 MW solar capacity at Rewa

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

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IOC to build India’s first green hydrogen plant

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

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PharmEasy to Acquire 66% Stake in Thyrocare – Top Indian Market News

PharmEasy to acquire 66% stake in Thyrocare for Rs 4,546 crore

PharmEasy, an Indian healthcare startup, will acquire a 66.1% stake in diagnostics solutions provider Thyrocare Technologies Ltd for Rs 4,546 crore. API Holdings Ltd, the parent company of PharmEasy, has signed definitive agreements to acquire a 66.1% stake at Rs 1,300 per share from Thyrocare’s promoters. This will be the first-ever acquisition of a listed company by an Indian startup unicorn. The transaction is subject to regulatory and other applicable customary approvals.

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ONGC Q4 Results: Net profit at Rs 6,734 crore

Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 6,734 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 3,214 crore in the corresponding quarter last year (Q4 FY20). The company’s gross revenue declined by 1% YoY to Rs 21,189 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 16% YoY to Rs 11,246 crore. ONGC’s board has recommended a final dividend of Rs 1.85 per share.

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Shilpa Medicare gets DRDO approval to manufacture 2DG Covid-19 drug

Shilpa Medicare Ltd has received in-principle approval from the Defence Research & Development Organisation (DRDO) to manufacture and sell 2-Deoxy-D-Glucose (2DG). The drug has been given emergency approval by the Drugs Controller General of India (DCGI) for Covid-19 patients in the country. Shilpa Medicare is the second company (after Dr. Reddy’s Labs) to have entered into a similar arrangement with DRDO.

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IGL Q4 Results: Net profit rises 31% YoY to Rs 332 crore

Indraprastha Gas Ltd (IGL) reported a 31% YoY increase in standalone net profit to Rs 332.08 crore for the quarter ended March (Q4). Its revenue stood at Rs 1,700.52 crore in Q4 FY21, compared to Rs 1,697 crore in the corresponding quarter last year (Q4 FY20). IGL’s overall sales volumes grew 8% YoY to 614 million metric standard cubic meters (mmscm) in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11% YoY to Rs 1,005 crore. IGL’s board has recommended a dividend of Rs 3.6 per share.

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Tata Consumer to integrate distribution network, supply chain to drive efficiency

Tata Consumer Products Ltd (TCPL) is integrating its distribution network and supply chain to drive efficiency. The company will undertake end-to-end digitalisation of channel partners by leveraging its wide product portfolio. TCPL will launch Eight O’Clock (an American gourmet coffee brand) in its direct-to-consumer (DTC) model next week. The FMCG firm is also using data analytics for strategic planning and is working to make its products available across the globe.

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JSW Energy Q4 Results: Net profit falls 1.7% YoY to Rs 106 crore 

JSW Energy Limited reported a 1.7% YoY decline in consolidated net profit to Rs 106.60 crore for the quarter ended March (Q4). Net profit has fallen by 13.71% when compared to the previous quarter. Its total income declined by 12.64% YoY (or 2.72% QoQ) to Rs 1,614.09 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) fell 27.68% YoY to Rs 795.48 crore. JSW Energy’s current portfolio consists of 30% renewable energy capacity. This is expected to increases to 70% by FY25.

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MOIL signs pact with Madhya Pradesh govt, MPSMCL to explore manganese ore reserves

MOIL has signed a Memorandum of Understanding (MoU) with the Madhya Pradesh government and the Madhya Pradesh State Mining Corp. Ltd (MPSMCL) to explore the possibilities of manganese ore mining in the state. The company has carried out detailed remote sensing with the help of the National Remote Sensing Centre (NRSC) ISRO, Hyderabad, to identify manganese-bearing areas. MOIL has also carried out extensive fieldwork, followed by geological mapping and sampling in four districts.

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Godfrey Phillips Q4 Results: Net profit jumps 146% YoY to Rs 95 crore

Godfrey Phillips India Ltd reported a 146.19 YoY jump in consolidated net profit to Rs 95.25 crore for the quarter ended March (Q4). Net profit has declined by 22.4% when compared to the previous quarter. Its revenue from operations rose 18% YoY to Rs 694.70 crore during the same period. Net profit for the financial year 2020-21 (FY21) fell 2.17% YoY to Rs 376.52 crore. The tobacco manufacturing company’s board has approved a dividend of Rs 24 per share.

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Thermax secures Rs 250 crore order for a greenfield refinery in Latin America

Thermax Babcock & Wilcox Energy Solutions, a wholly-owned subsidiary of Thermax Ltd, has secured an order for a claus package and an oxidiser package in the suphur recovery unit for a greenfield refinery in Latin America. The customer, a globally renowned refining company, is setting up a new 340 million barrels per day (MBPD) crude oil refining capacity to increase the production of high-value distillates. This export order is worth Rs 250 crore. Thermax is a leading energy and environment solutions provider headquartered in Pune.

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India Pesticides IPO subscribed 29.04 times on final day of bidding

The Rs 800 crore initial public offering (IPO) of India Pesticides Limited was subscribed 29.04 times on the final day of bidding. Investors have put in bids for 56.07 crore equity shares against the offer size of 1.93 crore shares. The portion reserved for retail investors was subscribed 11.3 times. The portion set aside for Non-Institutional Investors (NIIs) was subscribed 51.88 times, and that of Qualified Institutional Buyers (QIBs) 42.95 times. 

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Purvankara Q4 Results: Net profit at Rs 8.75 crore

Purvankara Ltd reported a consolidated net profit of Rs 8.75 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 0.35 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income declined by 12.9% YoY to Rs 339.39 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), Purvankara posted a net loss of Rs 4.67 crore. This is compared to a net profit of Rs 88.35 crore in FY20.

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