Tag: jsw group

Categories
Market News Top 10 News

India’s GDP Growth Accelerates to 7.8% in Q1 FY24 – Top Indian Market Updates

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

India’s GDP accelerates to a four-quarter high of 7.8% in Q1

According to the data from the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) surged to a four-quarter high of 7.8% on an annual basis in the June quarter (Q1) of FY24. The growth can be attributed to central and state governments increasing capital expenditure (capex), stronger consumption demand and higher activities in the services sector. Meanwhile, the Reserve Bank of India (RBI) had predicted a growth rate of 8%.

Read more here.

Jio Fin Services to be removed from Sensex tomorrow

S&P BSE indices (including Sensex) will remove Jio Financial Services (JFSL) from its indices with effect from tomorrow, September 1. Jio Financial Services Ltd (JFSL) is a demerged non-banking financial services (NBFC) unit of Reliance Industries Ltd. The exchanges twice extended the removal of JFSL shares from the indices after the shares hit a lower circuit for four consecutive sessions post-listing.

Read more here.

Viacom 18 bags TV and digital rights for Indian cricket team’s home matches

Viacom18 has won BCCI media rights for ₹67.8 crore per match, outbidding Sony Pictures Networks India and Disney Star. The total value of the deal is ₹5,966 crore. The e-auction for the bilateral cricket media rights was held on Thursday. As per the tender released by the BCCI on August 2, the board had set a base price of ₹20 crore per match for Package A, which comprises the TV rights for the Indian subcontinent.

Read more here.

India’s Q1 fiscal deficit widens to Rs 6.06 lakh crore

According to Govt data, India’s fiscal deficit for Q1 FY24 has soared to ₹6.06 lakh crore, a significant increase from the ₹3.41 lakh crore recorded in the same period the previous year. The deficit stood at 20.5% of the Budget Estimates (BE) in the corresponding period of the financial year 2022-23. The fiscal deficit for Q1 now stands at approximately 33.9% of the projected ₹17.87 lakh crore target for the entire fiscal year.

Read more here.

Jupiter Wagons to enter EV market with electric commercial vehicles in early 2024

Jupiter Wagons’ entry into the electric vehicle (EV) market is set for early next year, marking a significant milestone in their diversification journey. Recognising the huge interest and demand for electric mobility solutions, the company is poised to leverage this opportunity by introducing electric commercial vehicles. Jupiter Wagons is engaged in the production of railway freight wagons, passenger coaches, wagon components, and cast manganese steel crossings & castings. 

Read more here.

Kotak Mahindra adds UPI interoperability feature to its Digital Rupee app

Kotak Mahindra Bank announced the introduction of a UPI interoperability feature on its Digital Rupee (e₹) application as a part of the RBI’s CBDC pilot project. Users will now be able to scan any QR code at merchants to make payments for groceries and daily expenses. As of today, the feature is live for Android users. It will empower customers to make payments on the existing UPI QR codes available at merchants.

Read more here.

Tata Power RE signs pact with Sanyo Special Steel Manufacturing to set up 28-MW solar plant

Tata Power Renewable Energy Limited (TPREL) has partnered with Sanyo Special Steel Manufacturing India Pvt Ltd (SSMI) to set up a 28.12-megawatt green energy plant in Maharashtra. TPREL an arm of Tata Power. The plant is expected to produce 61.875 million units (MUs) of electricity annually, which would meet the energy requirement of the steel manufacturing unit of SSMI.

Read more here.

JSW Group in talks with Chinese carmaker Leapmotor for EV tech: Report

JSW Group is in early talks with Chinese automaker Leapmotor to license technology to build electric vehicles in India. Under the technology licensing agreement, JSW would use Leapmotor’s platform to manufacture EVs in India under its own brand name. JSW is likely to use a single platform on which it can build at least three mid-sized sport-utility vehicles (SUVs).

Read more here.

Zydus Lifesciences gets USFDA approval for acne drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) for Isotretinoin Tablets. The drug is used in the treatment of severe cystic acne. As per IQVIA MAT data for July 2023, the Isotretinoin Capsules USP had annual sales worth $165 million in the United States.

Read more here.

TCS extends contract with Athora Netherlands

Tata Consultancy Services (TCS) has expanded its long-standing partnership with Athora Netherlands (formerly VIVAT). The partnership is to help the Dutch life insurance and pension provider with a better IT operating model to enhance customer experience, operational resilience and business agility. This will be a multi-year deal for TCS. The company didn’t disclose the size or the tenure of the deal. 

Read more here.

Categories
Market News Top 10 News

Dr Reddy’s Labs Profit Jumps 890% YoY to Rs 960Cr in Q4 – Top Indian Market Updates

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

Dr Reddy’s Labs Q4 Results: Net profit jumps 890% YoY to Rs 960 crore

Dr Reddy’s Labs reported an 890% YoY jump in consolidated net profit to Rs 960 crore for Q4 FY23. Its operating revenue rose 15.28% YoY to Rs 5,843 crore during the same quarter. EBITDA also rose 26% YoY to Rs 1,631 crore. The company’s board has recommended a final dividend of Rs 40 per equity share.

Read more here.

SEBI grants final approval for proposed change in control of HDFC AMC

HDFC Bank has received final approval from the Securities and Exchange Board of India (SEBI) for the proposed change in control of HDFC Asset Management Company (AMC). This approval clears the path for the merger of HDFC into HDFC Bank, which is expected to be completed by the third quarter of the next fiscal year.

Read more here.

Kolte Patil adds new residential projects in Pune worth Rs 1,300 cr

Kolte-Patil Developers has announced two residential projects in Pune with a combined revenue potential of Rs 1,300 crore. The projects span 1.9 million square feet, including a 5-acre land acquisition in Wagholi with a development potential of 7.5 lakh square feet (Rs 400 crore revenue) and a joint venture at NIBM Road with an 11.5 lakh square feet potential (Rs 900 crore revenue).

Read more here.

L&T Q4 Results: Net profit jumps 10% YoY to Rs 3,987 crore

Larsen & Toubro reported a 10% YoY increase in consolidated net profit to Rs 3,987 crore for Q4 FY23. Its operating revenue rose 10.4% YoY to Rs 58,335 crore during the same quarter. EBITDA stood at Rs 6,833 crore, up 5% YoY. The company’s board has recommended a final dividend of Rs 24 per equity share.

Read more here.

Godrej Consumer Q4 Results: Net profit rises 25% YoY to Rs 452 crore

Godrej Consumer Products Ltd reported a 25% YoY increase in net profit to Rs 452 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 3,200 crore during the quarter. EBITDA stood at Rs 641 crore, down 37% from Q4 FY22. During the quarter, the company’s India business revenue grew 11.5% YoY to Rs 1,823 crore.

Read more here.

Pidilite Industries forays into the paint industry with Haisha

Pidilite Industries has introduced a range of decorative paints in certain regions, entering the competitive paint market. The paint brand has been named ‘Haisha’. The decision to enter the crowded market was driven by input from Pidilite’s dealers, as well as the company’s existing distribution advantage and familiarity with the category.

Read more here.

ONGC to get dividends instead of oil from Russia’s Sakhalin-1 field

ONGC is no longer receiving its share of oil from Russia’s Sakhalin-1 field, but it will still receive dividends from the field. A new company formed by Russia now sells all the oil from Sakhalin-1, whereas ONGC used to sell its share independently. ONGC retains a 20% stake in the new operator and will receive dividends based on its ownership. The field is currently producing approximately 200,000 barrels per day.

Read more here.

Sanofi’s board approves demerger of its consumer healthcare business

Sanofi India’s board has approved the demerger of its consumer healthcare business into a separate entity. The demerger is yet to receive approval from shareholders and regulators. After the demerger is completed, Sanofi will retain a 60.4% stake in both entities and SIL shareholders will receive 1:1 SCHIL equity shares of Rs 10 each for their existing shares.

Read more here.

JSW Infrastructure files for IPO

JSW Infrastructure has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for an initial public offering (IPO). The company aims to raise Rs 2,800 crore from the IPO, which will be utilized for debt repayment and capacity expansion. JSW Infrastructure is India’s second-largest commercial port operator based on cargo handling capacity in Fiscal 2022.

Read more here.

BASF Q4 Results: Net profit falls 45% to 82 crore

BASF has reported a 45% YoY fall in net profit to Rs 82.39 crore for Q4 FY23. Its operating revenue also fell 3.25% YoY to Rs 3,249 crore during the same quarter. EBITDA fell 48% YoY to Rs 91.5 crore in the quarter compared to Rs 175.8 crore in Q4FY22.

Read more here.

Canara Bank to spin off its credit card vertical into a separate subsidiary

Canara Bank is set to spin off its credit card vertical into a separate subsidiary. It has also started preparing a roadmap for the listing of its life insurance and fund management businesses. The bank is taking steps to expand low-cost deposits, thus helping improve margins and profitability. At present, it has 6.5 lakh credit card customers with Rs 1,100 crore in outstanding portfolio.

Read more here.

Categories
Market News Top 10 News

Manufacturing PMI Hits 13-Month High in Dec – Top Indian Market Updates

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

India’s manufacturing PMI rises to 13-month high in Dec

India’s manufacturing sector recorded its sharpest growth in output in 13 months in December 2022. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.8 in December, compared to 55.7 in Nov. New orders rose at the fastest pace since February 2021 even though selling prices surged more than input costs for the first time in two and a half years.

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

Read more here.

Auto sales data for Dec 2022: Highlights  

Maruti Suzuki India posted a 9% year-on-year (YoY) decline in total sales to 1.39 lakh units in December 2022. Sales of its compact vehicle segment fell 21.5% YoY to 67,267 units. Exports fell 2.2% YoY to 21,796 units.

Tata Motors Ltd registered a 10% YoY increase in total sales to 72,997 units in Dec. The automaker’s commercial vehicle sales fell 0.6% YoY to 33,949 units. Overall passenger vehicle sales rose 14% YoY to 40,407 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,445 units in Dec, an increase of 61% YoY. M&M’s tractor sales rose 27% YoY to 23,243 units. 

TVS Motor Company’s total sales stood at 2.28 lakh units in Dec, down 3% YoY. Meanwhile, Bajaj Auto’s sales fell 22% YoY to 2.81 lakh units.

Read more here.

India’s electricity consumption grows 11% to 121.19 BU in December

Power consumption in India grew 11% YoY to 121.19 billion units (BU) in December 2022. This indicates the sustained momentum of economic activities last month. Reports indicate that power consumption and demand will further increase in January due to the use of heating appliances (especially in the north) and a further improvement in economic activities.

Read more here.

SBI, ICICI Bank, HDFC Bank remain domestic systemically important banks: RBI

The Reserve Bank of India (RBI) said the State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs). D-SIBs are interconnected entities whose failure can impact the whole financial system and create instability. The current update is based on the data collected from banks as of March 31, 2022, the RBI said.

Read more here.

CIL’s coal supply to power sector rises 11% to 433 MT in April-Dec

Coal India Ltd’s (CIL) coal supply to the power sector rose 11% YoY to 432.7 million tonnes (MT) in the April-December period of the current financial year (FY23). The supply to the non-power sector last month was 10.5 MT due to increased output. The company supplied close to 508 MT of coal to all-consuming segments in April- December, registering a growth of 5.4% YoY. CIL accounts for over 80% of India’s coal output.

Read more here.

Tea industry facing multiple challenges in wake of Covid pandemic: Experts

The tea industry in India is struggling with low prices and high input costs due to the damages caused by the Covid-19 pandemic. Production has also been declining from 1,390 million kg in 2019 to 1,258 million kg in 2020, 1,329 million kg in 2021, and 1,050 million kg till October 2022. Stakeholders within the industry are calling for more focus on quality and boosting exports. 

Read more here.

Recession will hit a third of the world in 2023, warns IMF chief

A third of the global economy will be in recession this year, said International Monetary Fund (IMF) chief Kristalina Georgieva. 2023 will be “tougher” than last year as the US, European Union (EU), and China will see their economies slow down, she added. Global growth is forecast to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023.

Read more here.

JSW Group plans to foray into EVs

JSW Group is considering a foray into the manufacturing of electric vehicles (EVs), said Group Chief Financing Officer Seshagiri Rao. The group is looking to manufacture four-wheelers. The EV manufacturing plan is being discussed actively at the group level, he said while revealing JSW Group’s aim to expand its presence into more sectors.

Read more here.

Dabur acquires a 51% stake in Badshah Masala

FMCG firm Dabur India has completed the acquisition of a 51% stake in Badshah Masala Private Ltd for Rs 587.52 crore.  Badshah Masala manufactures, markets, and exports ground spices, blended spices, and seasonings. Dabur will acquire the remaining 49% stake over the next five years.

Read more here.

PSP Projects emerges lowest bidder for ₹1,364 crore govt project

PSP Projects Ltd has emerged as the lowest bidder for a government project worth  ₹1,364.47 crore in Surat, Gujarat. The company will construct a high-rise office building for Surat Municipal Corporation. PSP Projects is a multi-disciplinary construction company that engages in industrial, institutional, and residential projects in India.

Read more here.

APL Apollo posts 50% growth in sales volume in Q3

Structural steel tube company APL Apollo Tubes Ltd. registered its highest quarterly sales volume of 6,05,049 tonnes in the quarter ended Dec (Q2 FY23), showing a 50% YoY growth. The sales volume for the first nine months of the current financial year rose by 35% to 16,30,120 tonnes. APL Apollo Tubes operates 11 manufacturing facilities with a total capacity of 2.6 million tonnes. 

Read more here.

Categories
Market News Top 10 News

Bharti Airtel’s Unique 5G Users Cross 10 Lakh Mark – Top Indian Market Updates

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

Bharti Airtel crosses 10 lakh user mark on 5G network

Bharti Airtel has crossed 10 lakh unique 5G users on its network, less than 30 days after commercially rolling out 5G services in eight cities. The telecom operator has rolled out 5G services in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Varanasi, Nagpur, and Siliguri. 5G is getting rolled out in a phased manner in these cities as the company continues to construct its network and complete the rollout.

Read more here.

Adani Transmission Q2 Results: Net profit falls 32% YoY to ₹194 crore

Adani Transmission Ltd reported a 32% YoY decline in consolidated net profit to ₹194 crore in Q2 FY23. Its revenue from operations rose 22% YoY to ₹3,932 crore during the same period. EBITDA stood at ₹1,241 crore in Q2, up 7% YoY. The company sold 2,233 million units (MUs) of electricity in the quarter, up from 1,975 MU in the same period in FY21.

Read more here.

JK Tyre & Industries to invest ₹1100 crore to expand production capacity

JK Tyre & Industries Ltd will invest ₹1,100 crore over the next two years to expand production capacity amid higher consumer demand in rural and semi-urban markets this festive season. Investments are underway to increase the production of passenger car radials and truck bus radial tyres. The company expects demand in the domestic market to remain strong going ahead due to improvements in economic activities.

Read more here.

Mahindra Holidays Q2 Results: Net profit falls 30% YoY to ₹41.4 crore

Mahindra Holidays & Resorts India Ltd reported a 30% YoY decline in consolidated net profit to ₹41.39 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 9% YoY to ₹598.36 crore during the same period. The company’s expenses increased 11.5% YoY to ₹574.66 crore in Q2. 

Read more here.

Redington Q2 Results: Net profit rises 26% YoY to ₹387 crore

Redington Ltd reported a 26% YoY increase in consolidated net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹9,093.7 crore during the same period. EBITDA stood at ₹562.4 crore in Q2, up 23% YoY. Redington is a leading distributor of IT hardware and mobility products.

Read more here.

Alembic Pharma gets USFDA approval for ulcerative colitis drug

Alembic Pharmaceuticals received final approval from the United States Food and Drug Administration (USFDA) for Mesalamine extended-release capsules. The drug is used to treat ulcerative colitis (an inflammatory bowel disease) and prevent the remission of the disease in adults. According to IQVIA data, the product had an estimated market size of ₹133 million for the 12 months ended June 2022.

Read more here.

Finance Miniter to launch 6th round of commercial coal mines auction

Finance Minister Nirmala Sitharaman will launch the sixth round of commercial coal mines auction on Thursday. The coal mines to be auctioned are fully-explored and partially-explored coking and non-coking mines. The auction will be held online through a transparent two-stage process based on percentage revenue share. So far, the coal ministry has auctioned 64 mines under commercial coal mines auction.

Read more here.

JSW Group to invest ₹1 lakh crore in Karnataka in 5 years

JSW Group will invest ₹1 lakh crore in Karnataka over the next five years across the group’s various businesses, said Chairman Sajjan Jindal. The investments will be across steel, green energy, cement, and paints businesses as well as towards the construction of a new greenfield port.

Read more here.

Maruti Suzuki crosses production milestone of 2.5 crore units

Maruti Suzuki India Ltd has crossed the cumulative production milestone of 2.5 crore units since commencing operations at its Gurugram manufacturing facility in 1983. The company has two manufacturing plants in Gurugram and Manesar in Haryana, with an installed production capacity of 15 lakh units per annum. It sells 16 passenger vehicles in the domestic market and also exports to around 100 countries.

Read more here.

Categories
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.