Tag: JSW Steel

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HDFC Bank to Raise up to Rs 50,000 crore via Bonds – Top Indian Market News

HDFC Bank to raise up to Rs 50,000 crore via bonds

HDFC Bank’s board will consider a proposal for raising up to Rs 50,000 crore over the next 12 months. The bank aims to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier-I capital), Tier-II Capital Bonds, and Long Term Bonds (Financing of Infrastructure and Affordable Housing). The board is scheduled to meet on April 16 to consider and approve the financial results for the March quarter (Q4) and FY 2021-22.

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L&T’s building & factories biz secures ‘significant’ orders

Larsen & Toubro Ltd’s (L&T) building and factories business has received significant orders (in the range of Rs 1,000-2,500 crore) from prestigious clients. The health segment of the business has secured an order from the Government of Telangana to construct a 1,750-bed super specialty hospital at Warangal. The project also involves constructing a configuration of the basement and other ancillary buildings.

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Titan reports muted sales in Q4

Titan Company Ltd said it finished the March quarter (Q4 FY22) on a satisfactory note, despite partial Omicron-led lockdowns and other disruptions. The company’s jewellery division reported a 4% YoY decline in revenue during Q4. Revenue from the watches and wearables segment grew 12% YoY. Meanwhile, Titan’s eyecare division recorded 5% YoY growth, while other businesses saw a 23% rise in revenue. 

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Maruti Suzuki to hike vehicle prices this month

Maruti Suzuki India Ltd (MSIL) plans to hike the prices of different models in April due to rising input costs. The automaker did not disclose the quantum of the proposed price hike. It has already hiked vehicle prices by nearly 8.8% from January 2021 to March 2022 due to the constant increase in input costs.

In other news, MSIL has recalled 19,731 units of its EECO model to inspect and rectify incorrect marking of wheel rim size.

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Actis nearing a deal to buy road assets worth $400 million from Welspun Group: Report

According to a Bloomberg report, UK-based Actis is nearing a deal to acquire a portfolio of road assets from Welspun Group for nearly $400 million (~Rs 3,032 crore). The buyout firm is in advanced talks for the assets and is set to beat out several rival bidders. The deal could give Welspun’s road portfolio an enterprise value of about $1.2 billion.

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HAL, Israel Aerospace Industries sign pact for MMTT aircraft

Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi-mission tanker transport (MMTT) aircraft in India. Under this pact, HAL will convert pre-owned civil aircraft into air-refueling aircraft with cargo and transport capabilities. This move aims to provide India’s defence ecosystem with new capabilities and cost-effective solutions in the market.

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Union Bank to invest Rs 1,000 crore to upgrade IT infrastructure

Union Bank will invest Rs 1,000 crore in upgrading its information technology (IT) platforms in the current financial year. It aims to generate revenue from digital channels and save costs. The state-owned bank launched its super app named UnionNxt today. The main thrust of its digital initiatives is to empower customers with smarter ways of banking across all segments.

In other news, Union Bank’s MD Rajkiran Rai G said the lender will transfer 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company (bad bank) by the end of April.

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Equitas SFB gross advances rise 15%, deposits up 16% in FY22

Equitas Small Finance Bank’s (SFB) gross advances witnessed a 15% YoY growth on a provisional basis to Rs 20,648 crore in FY22. Total deposits grew by 16% YoY to Rs 18,951 crore in FY22, compared to Rs 16,392 crore in FY21. The bank’s CASA (current account & savings account) deposits rose 76% YoY to Rs 9,855 crore in FY22. Equitas SFB saw an all-around improvement in performance in the previous quarter (Q4 FY22) as well.

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JSW Steel successfully bids for Ajgaon iron ore block mining license

The Directorate of Geology and Mining, Maharashtra, has declared JSW Steel Ltd as a
“preferred bidder” for a composite licence of an unexplored iron ore mine (Ajgaon Iron Ore Block) in Sindhudurg district. JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe.

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Vodafone Idea launches Vi Jobs & Education for job seekers

Vodafone Idea has partnered with Apna, Enguru, and Pariksha platforms to provide over 26 crore customers access to curated job search and exam preparation facilities targeted at Indian youth. The telecom operator has launched Vi Jobs & Education on the Vi App to increase customer stickiness with the brand by offering services to its large prepaid customer base. The platform offers free priority access to India’s most prominent job listings.

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IEX reports 38% YoY rise in trade volumes in FY22

Indian Energy Exchange (IEX) registered a 38% YoY growth in trade volumes at 1,02,035 million units (MUs) in the financial year 2021-22. IEX achieved 9,605 MU volume in March, recording a growth of 16% YoY. The volume comprises 8,702 MU in the conventional power market, 392 MU in the green power market, and 511 MU in the renewable energy certificates market.

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JSW Steel Output Grows 21% YoY in Feb – Top Indian Market News

JSW Steel output rises 21% YoY to 1.58 MT in Feb

JSW Steel Ltd registered a 21% year-on-year (YoY) increase in crude steel production to 1.58 million tonnes (MT) for February 2022. The JSW Group firm’s steel output stood at 1.31 MT in February 2021. The company’s production of flat-rolled products rose 25% to 1.15 MT.

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Norway wealth fund puts Adani Ports on watch list

Norway’s $1.3-trillion wealth fund has put Adani Ports under observation for possible exclusion from its investments due to the company’s involvement in building a port terminal in military-ruled Myanmar. The fund, which invests the state’s revenues from oil and gas production for future generations, follows an ethical mandate set by the country’s parliament.

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Ramkrishna Forgings partners with US-based axle manufacturer

Ramkrishna Forgings Ltd has announced a partnership with a leading American axle manufacturer for the light vehicle segment. The deal consists of manufacturing products to be used for rear-wheel axle applications over the next five years. The order win will give the company an estimated business of Rs 70 crore.

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RBI launches instant payment system “UPI 123PAY”

Reserve Bank of India (RBI) Governor Shaktikanta Das has launched an instant payment system “UPI 123PAY” for feature phone users. The new Unified Payments Interface (UPI) will allow India’s 40 crore feature phone users to access the payment service in a more secure manner. The RBI chief also launched a 24×7 helpline for digital payments – DigiSaathi.

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NMDC hikes prices of iron ore lumps and fines by Rs 400 per tonne

NMDC Ltd has hiked the prices of lump ore and fines by Rs 400 per tonne each with immediate effect. This is the second upward price revision within the last two weeks. The iron ore miner has fixed the prices of lump ore at Rs 6,000 per tonne and that of fines at Rs 4,960 a tonne. NMDC has set an ambitious target of producing 100 MT of iron ore by 2030.

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Alembic Pharma gets final approval for anti fungal drug

Aleor Dermaceuticals Ltd (ADL) has received final approval from US Food & Drug Administration (USFDA) for nystatin and triamcinolone acetonide ointment. The drug can be used to treat cutaneous candidiasis (a skin infection caused by Candida fungi). As per IQVIA December 2021 data, the ointment has an annual estimated market size of $4 million. ADL is a joint venture firm of Alembic Pharmaceuticals.

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Zydus gets DCGI nod for oral drug to treat anemia in CKD patients

Zydus Lifesciences has received approval for its new drug application (NDA) from the Drug Controller General of India (DCGI) for OxemiaTM (Desidustat). It is a first-of-its-kind oral treatment in India for anemia associated with chronic kidney diseases (CKD). CKD is a serious progressive medical condition characterised by a gradual loss of kidney function.

ISGEC secures order for cement waste heat recovery boilers

ISGEC Heavy Engineering Ltd has received an order from Shree Cement for Cement Waste Heat Recovery Boilers for their 3.8 MTPA clinker capacity at its plant in Rajasthan. The scope of work includes designing, manufacturing, and supplying PH boilers in the pre-heater exhaust and AQC boilers in the cooler exhaust.

Adani-IOCL sign pact to augment crude volumes

Adani Ports and Special Economic Zone Ltd (APSEZ) has signed an agreement with Indian Oil Corp Ltd (IOCL) to augment IOCL’s crude oil volumes at the Mundra port. The state-run oil refiner will expand its existing crude oil tank farm at APSEZ’s Mundra Port. This will enable it to handle and blend an additional 10 million metric tonnes of crude oil per annum at Mundra.

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RIL Reports 42% YoY Rise in Net Profit in Q3 – Top Indian Market News

RIL Q3 Results: Net profit rises 42% YoY to Rs 18,549 crore

Reliance Industries Ltd (RIL) reported a 42% YoY increase in net profit to Rs 18,549 crore for the quarter ended December (Q3 FY22). Net profit rose 36% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 1,91,271 crore during the same period. RIL’s oil to chemical (O2C) business reported a revenue of Rs 1.31 lakh crore, up 57% YoY. Reliance Retail recorded consolidated gross revenue of Rs 57,714 crore for Q3, a growth of 52.5% YoY.

Reliance Jio’s net profit rose 10% YoY increase in net profit to Rs 3,615 crore in Q3 FY22. Its revenue from operations rose 4.6% YoY to Rs 19,347 crore.

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JSW Steel Q3 Results: Net profit rises 62% YoY to Rs 4,357 crore

JSW Steel Ltd reported a 62% YoY increase in consolidated net profit to Rs 4,357 crore for the quarter ended December (Q3 FY22). Net profit fell 39% when compared to the previous quarter. Its revenue from operations rose 74% YoY (or 17% QoQ) to Rs 38,071 crore during the same period. JSW Steel’s total sales volume stood at 3.91 million tonnes (MT) in Q3, down 1% YoY.

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Bandhan Bank Q3 Results: Net profit rises 36% YoY to Rs 859  crore

Bandhan Bank reported a 36% YoY increase in net profit to Rs 859 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 2.7% YoY (or 10% QoQ) to Rs 2,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 10.81% in Q3 FY22, compared to 1.1% in Q3 FY21. Provisions fell 25.2% YoY to Rs 805.71 crore in Q3 FY22.

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Gland Pharma Q3 Results: Net profit rises 34% YoY to Rs 273 crore crore

Gland Pharma Ltd reported a 33.77% YoY increase in consolidated net profit to Rs 273.03 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.7% YoY to Rs 1,063.33 crore during the same period. The pharma company’s EBITDA rose 32% YoY to Rs 394.6 crore in Q3. Revenue from its core markets (US, Europe, Canada, Australia) grew 10% YoY to Rs 665.2 crore.

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PTC India board to meet Jan 22 after allegations of irregularities in financial lending units

PTC India Ltd will hold its first board meeting on Saturday (Jan 22) following recent allegations of lapses in governance and operations at its financial lending units. PTC India Financial Services Ltd was accused of lapses in corporate governance by three independent directors who resigned on Thursday. PTI India’s chairman, Rajib Mishra, promised an investigation into the matter and has formed an internal committee that would submit a report in 30 days.

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Inox Leisure Q3 Results: Net loss at Rs 1.31 crore

Inox Leisure Ltd reported a net loss of Rs 1.31 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 102.5 crore in Q3 FY21 and a loss of Rs 87.66 crore in the previous quarter (Q2 FY22). Its revenue from operations jumped 1892.4% YoY to Rs 296.47 crore in Q3 FY22.

Nestle apologies for KitKat packs; says packs withdrawn last year

Nestle India has apologised for depicting images of Hindu Gods on some packs of its chocolate brand KitKat. The company stated that it withdrew the packs in mid-2021. Consumers across social media have accused the company of hurting religious sentiments by showing images of Hindu Gods on its chocolate brand wrappers.

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IDBI Bank Q3 Results: Net profit rises 53% YoY to Rs 578 crore

IDBI Bank reported a 53% YoY increase in net profit to Rs 578 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 31% YoY to Rs 2,383 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid on deposits]. The gross non-performing assets (GNPA) ratio stood at 20.56% in Q3 FY22, compared to 23.52% in Q3 FY21. Provisions fell 11% YoY to Rs 1,189 crore in Q3 FY22.

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Vodafone Idea Q3 Results: Net loss widens to Rs 7,231 crore

Vodafone Idea Ltd (Vi) reported a net loss of Rs 7,231 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 4,532 crore in Q3 FY21. Its revenue from operations fell 10.8% YoY to Rs 9,717 crore in Q3 FY22. Vi’s average revenue per user (ARPU) for the quarter stood at Rs 115, up 5.2% quarter-on-quarter (QoQ). The total gross debt of the company stood at Rs 1,98,980 crore as of December 31, 2021.

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Centre to Become Largest Shareholder in Vi – Top Indian Market News

Govt to become largest shareholder in Vodafone Idea

Vodafone Idea’s (Vi) board has informed the Department of Telecommunications (DoT) that it will opt for converting the interest on spectrum and adjusted gross revenue (AGR) dues into government equity. The Indian govt will hold 35.8% and become the single largest shareholder in Vi. The cash-strapped telecom company had past AGR dues worth Rs 58,254 crore, of which it has paid Rs 7,854 crore.

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JSW Steel combined output grows 28% in Q3

JSW Steel Ltd reported a 28% YoY growth in combined steel production to 5.35 million tonnes (MT) for the quarter ended December (Q3 FY22). The company’s standalone output rose 8% YoY to 4.41 MT during the same period. JSW Steel’s capacity utilisation at the standalone level stood at 94% in Q3. 

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DLF sells properties worth Rs 1,500 crore in new luxury housing project in Delhi

DLF Limited has sold properties worth Rs 1,500 crore in its newly launched housing project at Moti Nagar in Delhi. On Friday, the realty major launched its luxury housing project ‘ONE Midtown’ comprising 913 units at Shivaji Marg in Moti Nagar, with a starting price of Rs 3 crore. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC.

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L&T’s heavy engineering arm dispatches mega tubular reactors to petrochemical complex overseas

Larsen & Toubro (L&T) Ltd’s heavy engineering arm has dispatched two large ethylene oxide reactors weighing 1,200 tonnes each from Hazira (Gujarat) to a large petrochemical complex overseas. This was a repeat order after four identical reactors were supplied by L&T to the same client in 2020. These highly complex reactors are crucial equipment for the production of mono ethylene glycol in the petrochemical complex.

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Tata Teleservices opts for conversion of interest to equity; Centre to hold 9.5%

Tata Teleservices has opted for converting the interest from adjusted gross revenue (AGR) dues amounting to Rs 850 crore to equity. The government will hold 9.5% in the company. Tata Teleservices has AGR dues of Rs 16,798 crore, of which it has paid Rs 4,197 crore and had opted for the 4-year AGR and spectrum payment moratorium.

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Marksans Pharma gets USFDA approval for Cetrizine Hydrochloride tablets

Marksans Pharma Ltd has received final approval from US Food & Drugs Administration (USFDA) for over-the-counter Cetirizine Hydrochloride tablets. The drug is indicated for the treatment of perennial allergic rhinitis, including sneezing, postnasal discharge, watery eyes, and running nose. The product will be marketed under store brand labels and is comparable to the brand Zyrtec.

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Aurobindo Pharma in talks with PEs for stake sale in injectable business: Report

As per a report from the Economic Times, Aurobindo Pharma Ltd has initiated talks with private equity (PE) funds to sell a stake of around 30-35% in its injectable business for Rs 4,500-5,250 crore. With this move, the drugmaker plans to unlock value in its core businesses. TPG Capital Management, Advent International, Bain Capital, and Blackstone have been contacted for a potential transaction, valuing the business at Rs 15,000 crore.

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Delta Corp Q3 Results: Net profit at Rs 70 crore

Delta Corp Ltd reported a consolidated net profit of Rs 70.38 crore for the quarter ended December (Q3 FY22). It had reported a net profit of Rs 1.28 crore in the corresponding quarter last year (Q3 FY21). The company’s revenue jumped 104% YoY to Rs 247 crore in Q3 FY22. EBITDA stood at Rs 106.9 crore during the same period, an increase of 813% YoY.

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Future Group seeks SC’s permission to proceed with sale of assets to Reliance Retail

Future Group has sought permission from the Supreme Court (SC) to proceed with the deal to sell its retail assets to Reliance Retail. The court was hearing a combination of several cases filed by Amazon and Future Group in a dispute arising out of the e-commerce giant’s objection to the Indian company’s Rs 25,000 crore deal with Reliance. “We should be allowed to secure shareholder approval, seek nod from CCI, NCLT,” said senior advocate Harish Salve, representing Future Retail.

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Federal Bank’s subsidiary FedFina to initiate IPO process

The Board of Directors of Federal Bank has approved the process of an initial public offering (IPO) of its subsidiary Fedbank Financial Services Ltd (FedFina). FedFina is the retail-focused non-banking finance company set up by the Kerala-based bank. The IPO is subject to approvals from the Securities and Exchange Board of India (SEBI).

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Adani Green posts 84% YoY growth in total operational capacity in Q3

Adani Green Energy’s total operational capacity increased by 84% year-on-year (YoY) to 5,410 megawatts (MW) for the quarter ended December. The company’s sale of energy increased by 97% YoY at 2,504 million units during the same period.

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Tata Steel’s Output Grows 2% YoY to 7.68 MT in Q3 – Top Indian Market News

Tata Steel’s output grows 2% YoY to 7.68 MT in Q3

Tata Steel Ltd reported a 2% YoY rise in consolidated steel output to 7.68 million tonnes (MT) for the October-December period (Q3 FY22). Consolidated sales fell 3% YoY to 6.88 MT during the same period. Tata Steel produced 4.80 MT of steel in Q3 FY22 in India, compared to 4.60 MT a year ago.

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HDFC Bank starts online customs duty payment facility for customers

HDFC Bank announced that its integration with the Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live. This will allow customers to pay their customs duty directly via the bank. The private sector lender has facilitated both retail and wholesale payments of customs duty.

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JSW Steel to invest Rs 15,000 crore to expand Vijaynagar facility

JSW Steel Ltd has announced a 15,000-crore brownfield expansion project at its Vijaynagar Steel Works to increase capacity by 5 million tonnes per annum (MTPA) to 18 MTPA by FY24. The company has received environmental clearance for the project. It is planning to complete a 1 MTPA expansion through the upgradation of the current facility to achieve 13 MTPA capacity within the next 12 months.

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Tata Power leads S&P Global’s ESG score for power utilities in India

Tata Power has secured the highest score among its peers in the Indian power sector in S&P Global’s recently released corporate sustainability assessment (CSA) results. The company scored 67 out of 100, which is significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38. The S&P Global CSA is an annual evaluation of companies’ sustainability practices since 1999.

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Lupin launches Molnulup for Covid-19 treatment

Lupin Ltd has launched antiviral medication Molnupiravir under the brand name Molnulup in India for Covid-19 treatment. The Drugs Controller General of India (DCGI) has given emergency use authorisation (EUA) for Molnupiravir for the treatment of adult Covid-19 patients who have a high risk of progression of the disease. Pre-clinical and clinical data have shown Molnupiravir to be effective against the most common SARS-CoV-2 variants.

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Alembic Pharma gets tentative USFDA approval for depressive disorder drug

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its generic Vortioxetine tablets. The drugs are indicated for the treatment of major depressive disorder. According to IQVA data, Vortioxetine tablets had an estimated market size of $1,249 million for twelve months ended September 2021.

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RIL executes agreement to acquire 40% stake in Sterling & Wilson from Shapoorji Pallonji

Reliance Industries Ltd (RIL) has executed an agreement to acquire a 40% stake in Sterling and Wilson Renewable Energy from Shapoorji Pallonji and Company. Reliance New Energy Solar Ltd, a wholly-owned subsidiary of RIL, acquired 1.84 crore shares of Sterling & Wilson Renewable for Rs 690 crore in an off-market deal.

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TCS wins second phase of Centre’s Passport Seva Program

The Ministry of External Affairs has selected Tata Consultancy Services (TCS) to implement the second phase of the Passport Seva Program, India’s largest mission-critical e-governance program till date. TCS will be managing the project for another 9.5 years. The IT major will refresh existing systems and develop new solutions to enable the issuance of e-passports using technologies such as biometrics, artificial intelligence, and advanced data analytics. Analysts estimate the deal to be valued at about Rs 6,000-8,000 crore.

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KEC International secures new orders worth Rs 1,025 crore 

KEC International Ltd has secured new orders worth Rs 1,025 crore across its various businesses. The company’s transmission and distribution business has secured orders for projects in India and the Middle East. Its civil business has also secured an order for infrastructure works in the metals and mining segment in India.

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G.M. Breweries Q3 Results: Net profit rises 6.25% YoY to Rs 19.8 crore

G.M. Breweries Ltd (GMBL) reported a 6.25% YoY increase in net profit to Rs 19.79 crore for the quarter ended December 2021 (Q3 FY22). Its revenue from operations rose 16.9% YoY to Rs 130.88 crore during the same period. EBITDA fell 2.9% YoY to Rs 27.8 crore. Maharashtra-based GMBL is engaged in the manufacturing and marketing of alcoholic beverages.

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BPCL to Build India’s Largest Green Hydrogen Unit – Top Indian Market News

BPCL to build India’s largest green hydrogen unit

Bharat Petroleum Corporation Ltd (BPCL) is planning to build India’s largest green hydrogen plant, as it aims to achieve net-zero emissions for its operations by 2040. The company will set up a 20 megawatts (MW) electrolyzer at its refinery in Bina, Madhya Pradesh, to produce green hydrogen. BPCL is working on the details and expects to start establishing its net-zero roadmap by March 2022.

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Thermax secures order worth Rs 830 crore to set up FGD systems

Thermax Ltd has secured an order worth Rs 830 crore from an Indian power sector company to set up flue gas desulphurisation (FGD) systems for three units in Uttar Pradesh. The FGD systems will be installed at the power company’s plant to cut down sulfur oxide emissions and comply with air quality standards. The scope of the order includes design, engineering, manufacturing, civil work, construction, and commissioning of the FGD systems. 

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L&T Infotech enables large scale transformation for PIH Group

Larsen & Toubro Infotech (LTI) has partnered with Qatar-based Power International Holding (PIH) Group of Companies to enable large-scale digital transformation. As part of PIH’s digital transformation journey with LTI, 63 group companies spread across four business domains underwent a transformation of more than 250 processes.

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JSW Steel’s subsidiary acquires a port and maritime services company

Piombino Steel Ltd, a subsidiary of JSW Steel, has acquired West Waves Maritime & Allied Services Pvt Ltd (WWMASPL) for a consideration of Rs 30.67 lakh. WWMASP is engaged in port and maritime services and trading of coal and steel products. Incorporated in 2014, the company reported an annual turnover of Rs 9.91 crore in FY21. The acquisition was done to reorganize and eliminate intercompany loans and simplify the group corporate structure. 

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Sun Pharma loses bid to avoid trial in Ranbaxy antitrust class

Sun Pharmaceutical Industries Ltd has lost a bid to avoid facing a trial over allegations that an Indian drugmaker it acquired engaged in an anticompetitive scheme to delay the launch of generic drugs by rivals. A US District Judge ruled that Sun Pharma failed to compellingly dispute claims by generic drug buyers that they were overcharged for medications as a result of a fraud Ranbaxy Laboratories perpetrated on US regulators.

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Cadila Healthcare signs pact with Lorean Enzychem for DNA Covid-19 vaccine

Cadila Healthcare Ltd has entered into an agreement with South Korea’s Enzychem Lifesciences for its plasmid DNA vaccine ZyCov-D to prevent Covid-19. The deal encompasses manufacturing license and technology for such vaccines. The partnership will result in the manufacturing of 8 crore doses or more of the Covid-19 plasmid DNA vaccine in 2022.

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BLS International’s subsidiary appointed as corporate BC of 2 banks

Starfin India, a subsidiary of BLS International Services Ltd, has been appointed as a corporate business correspondent (BC) of Punjab National Bank and Central Bank of India.  The company will deliver last-mile banking services in rural/semi-urban/urban/metro areas across India. Starfin will initiate more than 30 banking services such as enrollment of customers, debit cards, money deposits, statement of accounts, passbook printing, etc to account holders of both banks.

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India, ADB sign $300 million loan to improve access to healthcare in urban areas of 13 states

The Government of India and the Asian Development Bank (ADB) have signed a $300 million (~Rs 2,235 crore) loan to strengthen and improve access to comprehensive primary healthcare in urban areas of 13 states. This move will benefit over 256 million urban dwellers, including 51 million from slum areas. The programme supports the Centre’s key health initiatives by expanding availability and access to quality primary healthcare services.

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Indian Overseas Bank, Central Bank of India clarify on reports of privatisation

Indian Overseas Bank (IOB) and Central Bank of India (CBI) have informed the exchanges that there has been no information regarding the reported privatisation of the banks. Shares of the two state-owned banks rallied up to 20% today on the back of heavy volumes amid reports that the two financial institutions might be privatised. The Centre has shortlisted CBI and IOB for divestment, according to a report by a TV channel.

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M&M Finance Launches Car Leasing & Subscription Biz – Top Indian Market News

Mahindra Finance launches car leasing and subscription business

Mahindra & Mahindra Financial Services Ltd announced the launch of a lease-based vehicle subscription business for urban centres. The company is eyeing a business of Rs 10,000 crore from this segment in the next 3-5 years. Under the brand ‘Quiklyz’, Mahindra Finance will offer multi-brand vehicle leasing and subscription, targeting to reach nearly 30 cities within a year.

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IndusInd Bank launches mobile app for merchants

IndusInd Bank has launched Indus Merchant Solutions, a mobile app that enables merchants, retailers, and professionals to carry out banking transactions digitally. The platform will allow merchants and retailers to undertake activities such as accepting instant cashless payments on mobile phones, tracking inventory via in-built dashboards, and avail small ticket business loans. It also allows users to apply for an exclusive Point of Sale (PoS) machine to facilitate card-based payments. 

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Jio tops 4G chart in download speed; Airtel, Vi reduce gap in October: TRAI data

Reliance Jio Infocomm has retained its top position with the highest average data download speed of 21.9 megabits per second (Mbps) among 4G service providers in October. Bharti Airtel and Vodafone Idea’s (Vi) networks have been continuously recording an increase in data download speed, thereby reducing the gap with the Jio network. Airtel 4G data download speed increased to 13.2 Mbps in October from 5 Mbps in June. Vi’s 4G speed increased to 15.6 Mbps from 6.5 Mbps in June. 

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Alembic Pharma JV gets USFDA approval for antibacterial ointment

Alembic Pharmaceutical Ltd’s joint venture (JV) Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Mupirocin Cream USP, 2%. The drug is indicated for the treatment of secondarily infected traumatic skin lesions. As per IQVIA data, the product had an estimated market size of $28 million (~Rs 208.05 crore) for the 12 months ended June 2021.

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JSW Steel enters S&P DJSI for Emerging markets for 2021

JSW Steel Ltd has been selected in the S&P Dow Jones Sustainability Index (DJSI) for Emerging Markets for 2021. The steelmaker is one of the 15 companies from India that have made it to the DJSI EM Index, which comprises 108 companies globally. JSW Steel has progressively improved its score across the three domains of environment, social, and governance (ESG). DJSI is the gold standard for corporate sustainability. It is highly regarded by global investors, fund managers, and financial analysts looking at ESG-based investments. 

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Nucleus Software gets shareholders’ approval for Rs 159 crore share buyback

Nucleus Software Exports Ltd has received shareholders’ approval for the proposed buyback of 22.67 lakh equity shares at Rs 700 per share. The company will buy back shares for an aggregate amount not exceeding Rs 159 crore. The total share buyback represents 7.81% of the total paid-up equity capital of the company.

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NIIT partners with Axis Bank to launch FinTech Engineering Programme

NIIT Digital Banking Academy, a joint initiative by Axis Bank and NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), launched its second program for experienced IT professionals. The program offers a great career as “FrontEnd and BackEnd Application Developers” with Freecharge, one of the leading digital platforms for financial services. Axis Bank’s NIIT Digital Banking Academy was launched in 2021 to build a high-quality talent pool in fintech roles.  

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SAIL supplies 50,000 tonne steel for Purvanchal Expressway

Steel Authority of India Ltd (SAIL) has supplied ~50,000 tonnes of steel for the Purvanchal Expressway in Uttar Pradesh. The products supplied for the project were TMT bars, structurals, and plates. PM Narendra Modi on Tuesday inaugurated the 341-km-long expressway, which connects Lucknow to Ghazipur in eastern UP.

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Vedanta considers complete corporate overhaul to unlock value

Vedanta Ltd is considering plans for a complete overhaul of its corporate structure. The company is evaluating all options including demergers, spin-offs, and strategic partnerships. It is looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities. The Anil Agarwal-led company has constituted a committee of directors to evaluate and recommend such options and alternatives.

Read more here.

IPO Updates:

The Rs 1,023.47 crore IPO of Tarsons Products Ltd was subscribed 77.49 times on the final day of bidding. Retail investors have subscribed 10.56 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 184.48 times and 115.77 times, respectively, against their reserved portions. 

The Rs 1,013.61 crore IPO of Go Fashion (India) Ltd was subscribed 2.46 times on the first day of bidding. Retail investors have subscribed 12.14 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 44% and 25%, respectively, against their reserved portions. To learn more about the IPO, click here. 

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Market News Top 10 News

Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

Read more here.

Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

Read more here.

Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

Read more here.

JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

Read more here.

SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

Read more here. 

TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

Read more here.

CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

Read more here. 

Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

Read more here.

CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

Read more here.

Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

Read more here.

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Market News Top 10 News

IEX Reports 75% YoY Rise in Net Profit in Q2 – Top Indian Market News

IEX Q2 Results: Net profit rises 75% YoY to Rs 77 crore

Indian Energy Exchange (IEX) reported a 75% YoY increase in consolidated net profit to Rs 77 crore for the quarter ended September (Q2 FY22). Net profit increased by 25% compared to the previous quarter. Its revenue from operations rose 56% YoY (or 21% QoQ) to Rs 109 crore during the same period. IEX’s board has recommended bonus issue of equity shares in the ratio 2:1 (two additional shares for every share held in the company).

Read more here.

Asian Paints Q2 Results: Net profit falls 29% YoY to Rs 605 crore

Asian Paints Ltd reported a 29% YoY decline in consolidated net profit to Rs 605.17 crore for the quarter ended September (Q2 FY22). Net profit increased by 5% compared to the previous quarter. Its revenue from operations rose 33% YoY to Rs 7,096 crore during the same period. The company saw a 72% YoY rise in the cost of raw materials to Rs 4,570 crore in the July-Sept quarter of FY22. Asian Paints’ board has approved an interim dividend of Rs 3.65 per share.

Read more here.

Jio-BP to open first petrol pump near Mumbai

Global energy supermajor BP plc will open its first ‘Jio-bp’ branded petrol pump in partnership with Reliance Industries Ltd (RIL) near Mumbai. In 2019, BP had bought a 49% stake in over 1,400 petrol pumps and 31 aviation turbine fuel (ATF) stations owned by RIL for $1 billion. The existing petrol pumps of RIL have since been transferred to the joint venture, Reliance BP Mobility. 

Read more here.

JSW Steel Q2 Results: Net profit jumps 350% YoY to Rs 7,170 crore 

JSW Steel Ltd reported a 350% YoY jump in consolidated net profit to Rs 7,170 crore for the quarter ended September (Q2 FY22). Net profit increased by 21.4% compared to the previous quarter. Its total revenue from operations rose 69% YoY to Rs 32,503 crore during the same period. Steel sales stood at 3.83 million tonnes (MT) in Q2, an increase of 10% QoQ. JSW Steel reported its highest ever EBITDA at Rs 10,417 crore in the July-Sept quarter of FY22.

Read more here.

Vodafone Idea partners with Athonet to test, validate 5G-based solutions

Vodafone Idea has announced a partnership with private LTE and fifth-generation solutions platform provider Athonet to test 5G-based solutions for enterprise use cases. The tests will be conducted in Pune using the spectrum allocated by the government for 5G trials. The deal with Athonet comprises a demonstration of enterprise use cases on 5G in several areas such as smart construction, warehouse, agriculture, and workplace.

Read more here.

IDBI Bank Q2 Results: Net profit rises 75% YoY to Rs 567 crore

IDBI Bank reported a 75% YoY increase in net profit to Rs 567 crore for the quarter ended September (Q2 FY22). Net profit declined by 6% compared to the previous quarter. Its net interest income (NII) rose 9% YoY to Rs 1,853.6 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays its depositors]. The gross non-performing assets (GNPA) ratio declined to 20.92% in Q2 FY22, compared to 25.08% in Q2 FY21.

Read more here.

Kotak Mahindra Bank partners with Pine Labs to expand point-of-sale services

Kotak Mahindra Bank has partnered with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers. Through this tie-up, merchants in India will be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business. Pine Labs has a network of over 2.45 lakh merchants across Asia.

Read more here.

TVS Motor Q2 Results: Net profit rises 35.1% YoY to Rs 242 crore

TVS Motor Company reported a 35.1% YoY increase in consolidated net profit to Rs 242.17 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 23.4% YoY to Rs 6,483.42 crore during the same period. The company sold 8.7 lakh two-wheelers in Q2 FY22, compared to 8.34 lakh units in Q2 FY21. Total three-wheeler sales grew 33.3% YoY to 0.47 lakh units in Q2 FY22.

Read more here.

Bombay HC directs ZEEL to call for EGM as sought by Invesco 

The Bombay High Court has asked the board of Zee Entertainment Enterprises Ltd (ZEEL) to consider the requisition notice of its largest shareholder Invesco to convene an extraordinary general meeting (EGM). The court also asked the parties to propose a date and name of some neutral chairperson to conduct the EGM. While calling for the EGM, ZEEL’s right to contest the validity of the resolutions post the EGM can be reserved. You can read about the entire ZEEL-Invesco tussle here.

Read more here.

Wipro signs multi-year deal with National Grid to drive digital innovation

Wipro Ltd has signed a multi-year global strategic IT and digital deal with London-based National Grid to accelerate its digital innovation journey. National Grid is a leading multinational electric and gas utility provider. The IT company will employ standardized tools and processes to provide cloud services to strengthen National Grid’s infrastructure services and support its strategic business objectives.

Read more here.

CONCOR Q2 Results: Net profit rises 41% YoY to Rs 264 crore

Container Corporation of India reported a 41.2% YoY increase in net profit to Rs 264 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 21.4% YoY to Rs 1,823.9 crore during the same period. EBITDA stood at Rs 338.2 crore in Q2, an increase of 49.2% YoY. The company saw a 20% rise in rail freight to Rs 983.8 crore. CONCOR’s board has declared an interim dividend of Rs 4 per share.

Read more here.

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Market News Top 10 News

JSW Steel’s Crude Steel Production Rises 29% YoY in Q2 – Top Indian Market News

JSW Steel reports 29% YoY rise in crude steel production in Q2

JSW Steel Ltd reported a 29% YoY increase in crude steel production at 5.07 million tonnes (MT) for the quarter ended Sept (Q2 FY22). The capacity utilisation at the standalone level was at 91% during the quarter. For the six months ending September 30, 2021, the company recorded crude steel production growth of 21% on a standalone basis and 45% at the steel group level.

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Rakesh Jhunjhuwala-backed Akasa Air to start operations by 2022

Akasa, the new airline backed by ace investor Rakesh Jhunjhunwala, has received a No Objection Certificate (NOC) from the Ministry of Civil Aviation. SNV Aviation Pvt Ltd will fly under the brand name “Akasa Air” with Vinay Dube as CEO. The airline will now seek a license from the Directorate General of Civil Aviation (DGCA) to commence operations in the summer of 2022. Akasa Air aims to be India’s most dependable, affordable, and greenest airline.

Read more here.

Power Mech Projects secures orders worth Rs 448.6 crore

Power Mech Projects Ltd has received a Letter of Intent (LoI) for orders worth Rs 448.60 crore. The project includes the operation and maintenance of 2×660 megawatt (MW) Mutiara Thermal Power Plant in Melamaruthur Village, Tuticorin. The company has also received a miscellaneous civil works order for Screening Plant-III in Kirandul, Chattisgarh, from NMDC Ltd.

Prestige Estate Projects registeres highest quarterly sales in Q2

Prestige Estates Projects registered its highest-ever quarterly sales of Rs 2,111.90 crore and collections of Rs 1,551.50 crore during Q2 FY22. The company’s sales rose 88% YoY and collections jumped 35% YoY during the same period. In terms of volume, the real estate developer sold 3.54 million square feet area in Q2, compared to 1.77 million sq. ft. area in the corresponding period last year.

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Macrotech Developers signs 5 JVs in H1 to build projects worth Rs 4,500 crore

Macrotech Developers has formed five joint ventures (JVs) since April 2021 to develop projects that have a sales potential of Rs 4,500 crore. The company is aiming to enter into five more such tie-ups with landowners by the end of the current financial year (FY22). The development potential in five joint development agreements (JDAs) is around 4 million square feet in various micro-markets of Mumbai Metropolitan Region (MMR) and Pune. Mumbai-based Macrotech Developers markets its properties under the ‘Lodha’ brand.

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Saregama India Q2 Results: Net profit rises 19.9% YoY to Rs 33.8 crore

Saregama India Ltd reported a 19.9% year-on-year (YoY) increase in consolidated net profit to Rs 33.8 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.31% when compared to the previous quarter. Its total revenue from operations rose 34.21% YoY to Rs 145.09 crore during the same period. The revenue from Saregama India’s music business rose 21% YoY to Rs 121.58 crore in Q2. Revenue from the TV & film division surged 238% YoY to Rs 22.35 crore.

Tata Motors reports 24% rise in group global wholesales in Q2

Tata Motors Ltd reported a 24% YoY increase in group global wholesales (including Jaguar Land Rover) to 2,51,689 units in Q2 FY22. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range during the quarter stood at 89,055 units, up 57% YoY. The global wholesales of all passenger vehicles in Q2 rose 11% YoY to 1,62,634 units. JLR’s global sales stood at 78,251 units during the same period.  

Read more here.

Glenmark Pharma launches Tavulus for COPD treatment in Spain

Glenmark Pharmaceuticals has launched the Tiotropium Bromide dry powder inhaler (DPI) under the brand name Tavulus in Spain. The drug is used for the treatment of chronic obstructive pulmonary disease (COPD). COPD is a long-term condition that causes inflammation in the lungs, damaging the lung tissue and narrowing the airways, all of which make breathing difficult. Tavulus helps to open the airways and makes it easier for air to get in and out of the lungs. 

Read more here.

Ramkrishna Forgings Q2 Results: Net profit rises 78.45% QoQ to Rs 44.05 crore

Ramkrishna Forgings Ltd reported a 1,934.97% YoY jump in consolidated net profit to Rs 44.05 crore for the quarter ended Sept (Q2 FY22). Net profit rose 78.45% when compared to the previous quarter. Its revenue from operations rose 129.67% YoY to Rs 578.82 crore during the same period. Total income and net profit have surged 172.39% YoY and 345.30% YoY, respectively, for the half-year ended Sept 2021. The company has declared an interim dividend of Rs 0.5 per share.

Alembic Pharma gets EIR from USFDA for Karakhadi facility

Alembic Pharmaceuticals Ltd has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA) for its new injectable facility at Karakhadi, Gujarat. The USFDA has indicated that a compliance verification would be performed during the re-inspection of the facility in the next review cycle. Vadodara-based Alembic Pharma is a leading provider of active pharmaceutical ingredients (APIs) and generic formulations.

Read more here.

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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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ITC Reports 30% YoY Rise in Net Profit in Q1 – Top Indian Market News

itc

ITC Q1 Results: Net profit rises 30% YoY to Rs 3,343 crore

ITC Limited reported a 30.24% YoY increase in consolidated net profit to Rs 3,343.44 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 12.4% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 14,240 crore during the same period. Total revenue from its FMCG-cigarette business rose 34% YoY to Rs 5,802 crore in Q1.

Read more here.

ICICI Bank Q1 Results: Net profit rises 78% YoY to Rs 4,616 crore

ICICI Bank Ltd reported a 78% YoY increase in standalone net profit to Rs 4,616 crore for the quarter ended June (Q1 FY22). Net profit has increased by 4.8% when compared to the previous quarter. The net interest income (NII) rose 18% YoY (or 5% QoQ) to Rs 10,936 crore during the same period. The gross non-performing assets (GNPA) ratio rose to 5.15% in Q1, compared to 4.96% in the previous quarter. The bank’s provisions fell 62.4% YoY to Rs 2,852 crore in Q1. Total deposits grew 16% YoY to Rs 9.26 lakh crore during the same period.

Read more here.

IndusInd Bank to raise up to Rs 30,000 crore through debt, equity

IndusInd Bank has announced plans to raise up to Rs 30,000 crore through a mix of equity and debt to support its business growth. The private sector lender will raise funds through debt securities or equity instruments or convertible debt securities in any permitted mode, including Qualified Institutional Placement (QIP). The fundraising is subject to the approval of shareholders and regulatory authorities.

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Adani Enterprises forms JV with Hungary’s Organica

Adani Enterprises Ltd has formed a joint venture (JV) with Hungary-based Organica Technologies Pvt Co. Ltd for building a sewage treatment plant in Bhagalpur, Bihar. The company will hold a 74% stake in Bhagalpur Waste Water Ltd (the JV firm), and Organica will hold the remaining 26% stake. The plant and associated infrastructure will be built on a hybrid annuity model (HAM).

Read more here.

JSW Steel completes acquisition of Welspun’s steel business

JSW Steel Ltd has completed the acquisition of the steel plate and pipe business of Welspun Corp by paying the final tranche (round) of Rs 86 crore. In April 2021, the company had announced the acquisition of Welspun’s steel business on a slump sale basis for Rs 848 crore. JSW Steel had paid Rs 225 crore in April and another Rs 498 crore in June as part consideration for the acquisition.

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Navkar Corp to invest Rs 300 crore to set up inland container depot 

The Board of Directors of Navkar Corporation Ltd has approved a proposal to set up an inland container depot and private freight terminal near Mundra or Pipavav (Gujarat). The cost of the project has been estimated at Rs 300 crore. The expansion project is expected to be completed by 2024. Navkar Corp is a leading container service operator in India.

Zen Technologies Q1 Results: Net loss at Rs 1.14 crore

Zen Technologies Ltd reported a consolidated net loss of Rs 1.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1.34 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 1.35 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 139.42% YoY to Rs 9.96 crore in Q1 FY22. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for defence and security forces worldwide.

Shakti Pumps Q1 Results: Net profit jumps 120% YoY to Rs 7.29 crore

Shakti Pumps (India) Ltd reported a 120% YoY jump in consolidated net profit to Rs 7.29 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 76% when compared to the previous quarter. Its revenue from operations rose 69.5% YoY to Rs 156.31 crore during the same period. 

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Jharkhand CM asks Coal India to pay outstanding dues worth Rs 56,000 crore 

Jharkhand Chief Minister Hemant Soren has asked Coal India Ltd (CIL) for immediate payment of Rs 56,000 crore outstanding dues in lieu of government land allotted to the company for mining. The minister also stated that CIL should start paying royalty on coal to the state on an ad valorem basis (based on estimated values). Soren has asked CIL to ensure extensive plantation work in the areas where mining takes place. 

Read more here. 

Zee Media Corp Q1 Results: Net loss at Rs 9.06 crore

Zee Media Corporation Ltd reported a consolidated net loss of Rs 9.06 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 12.26 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 10.5 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 28.79% YoY to Rs 170.18 crore in Q1 FY22. The company incurred a loss of Rs 17.11 crore for exceptional items and tax during the April-June quarter of FY22.

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