Tag: JSW Steel

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Reliance Industries’ Net Profit Rises 12% YoY to Rs 13,101 crore – Top Indian Market News

Reliance Industries Q3 Results: Net profit rises 12% YoY to Rs 13,101 crore

Reliance Industries Ltd (RIL) reported a 12.5% YoY increase in consolidated net profit to Rs 13,101 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 11,640 crore during the corresponding period in FY20. RIL’s consolidated revenue declined 21% YoY to Rs 1.23 lakh crore in Q3 FY21. The weak topline performance of the company was attributed to the continued struggles of the refining business. The revenues of the refining and petrochemical business, which contribute nearly two-thirds to RIL’s topline revenues, fell to Rs 83,838 crore in Q3.

Reliance Jio Infocomm Ltd reported a 15.5% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 3,489 crore for the quarter ended December (Q3). Revenue from operations increased 5.3% QoQ to Rs 19,475 crore. The telecom company witnessed a net addition of 52 lakh customers during the same period. The average revenue per user (ARPU) came at Rs 151 per subscriber per month.

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Grasim to enter paints business with Rs 5,000 crore investment

Aditya Birla Group’s flagship company, Grasim Industries Ltd, announced its plans to enter the paints business with an initial investment of Rs 5,000 crore over the next 3 years. Kumar Mangalam Birla, Chairman of Aditya Birla Group, stated that Grasim’s entry into the paints segment will add size, scale, and diversity to its existing portfolio of established standalone businesses. Grasim will offer a wide choice to Indian consumers, as it plans to introduce the latest range of paint products in line with global mega-trends.

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Yes Bank Q3 Results: Net profit rises to Rs 151 crore

Yes Bank Ltd reported a net profit of Rs 150.7 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 18,560 crore in the corresponding period in FY20. Net interest income (NII) jumped more than two-fold YoY to Rs 2,560.4 crore. The bank’s gross non-performing asset (NPA) ratio stood at 15.36% compared with 16.9% in the July-September quarter (Q2 FY21). 

Yes Bank’s board has voted in favour of raising funds worth Rs 10,000 crore via qualified institutional placement (QIP), non-convertible debentures (NCDs), etc.

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Adani Total Gas, Torrent Gas acquires 5% stake each in Indian Gas Exchange

Adani Total Gas and Torrent Gas have acquired a 5% stake each in the Indian Gas Exchange (IGX). Both companies have spent Rs 3.69 crore each for acquiring the stake.  IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX) and is the first authorised gas exchange in the country. It has 16 members and more than 500 registered clients, along with 3 physical hubs across Gujarat and Andhra Pradesh.

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JSW Steel Q3 Results: Net profit jumps 13-fold to Rs 2,681 crore

JSW Steel Ltd reported a 12.70 times (or 1,170%) YoY jump in consolidated net profit to Rs 2,681 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 211 crore in the corresponding period in FY20. Revenue from operations rose 21.1% YoY to Rs 21,859 crore in Q3 FY21. Its average capacity utilisation improved to 91%, compared to 86% in the September quarter (Q2 FY21). JSW Steel’s performance in Q3 was driven by robust operating income amid a strong demand environment.

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NTPC declares 150 MW unit of Kameng Hydro-Electric Project commercially operational

NTPC Limited announced that the 150 megawatt (MW) unit of Kameng Hydro-Electric Project of its subsidiary, North Eastern Electric Power Corporation, is commercially operational. With this, the commissioned and commercial capacity of the NTPC group has become 63,785 MW and 63,125 MW, respectively. [NTPC Ltd is a state-owned power generation company]

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Indian Bank Q3 Results: Profit rises 108% YoY to Rs 514 crore

Indian Bank Ltd reported a 108% YoY increase in profit to Rs 514.28 crore for the quarter ended December (Q3). The bank’s net interest income (NII) jumped 120% YoY to Rs 4,313.3 crore during the same period. Gross non-performing assets (NPAs) as a percentage of assets rose to 9.04% in Q3. Indian Bank’s board has approved a proposal to raise Rs 4,000 crore through qualified institutional placements (QIP), follow-on public offer (FPO), or rights issue.

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Om Metals Infra receives LoA for Shahpurkandi power house project

Om Metals Infraprojects Ltd has received a letter of award (LoA) from the Water Resources Department, Govt. of Punjab, for project works of Shahpurkandi power-house project. The estimated value of the contract is Rs 621 crore. The company will construct two power houses as part of the Hydel Channel of Shahpurkandi Dam Project via an engineering, procurement, and construction (EPC) mode. 

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SBI Life Q3 Results: Profit falls 40% YoY to Rs 232 crore

SBI Life Insurance Ltd reported a 40.2% YoY decline in profit to Rs 232.85 crore for the quarter ended December (Q3). Net premium income rose to Rs 13,766.49 crore in Q3 FY21, as compared to Rs 11,694.51 crore in Q3 FY20. The company has kept an additional reserve of Rs 70.38 crore for Covid-19 pandemic-related liabilities.

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Alembic Pharma gets USFDA approval for orthostatic hypotension tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)- Midodrine Hydrochloride Tablets USP. The tablets are indicated for the treatment of symptomatic orthostatic hypotension (OH). OH refers to a sudden drop in blood pressure when you stand from a seated or prone (lying down) position. According to IQVIA data, the tablets had an estimated market size of $60 million (~Rs 437 crore) for the twelve months ended September 2020.

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Indigo Paints IPO subscribed over 117 times on final day

The initial public offering (IPO) of Indigo Paints was subscribed 117.02 times on the final day of the bidding process. The issue received bids for 64.57 crore shares against the issue size of 55.18 lakh shares. The reserved portion for retail investors witnessed a subscription of 15.93 times, and that of employees 2.49 times. The portion set aside for qualified institutional buyers was subscribed 189.6 times, and that of non-institutional investors 263 times.

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RBI Keeps Repo Rate Unchanged at 4% – Top Indian Market News

RBI keeps Repo Rate unchanged at 4%; raises GDP projection for FY21

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. This is the third time in a row that the rates have been kept on hold. The RBI expects the GDP to contract 7.5% in the year ending March 2021. Thus, it has revised its earlier expectation of a 9.5% contraction. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 6.8% in Q3 and 5.8% in Q4.

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Covid-19 vaccination drive to begin soon after scientists’ approval: PM Modi

Prime Minister Narendra Modi, on Friday, said that India will begin its Covid-19 vaccination programme after experts give the necessary approvals. He was addressing an all-party meeting to discuss the Covid-19 pandemic situation in India. PM Modi said, “experts believe that the wait for a Covid-19 vaccine will not be long and it may be ready in a few weeks”. He also stated that the Centre and state governments are conducting discussions to fix the price of the vaccine in India.

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Sensex crosses 45,000 mark for first time as RBI revises GDP target to -7.5%

The BSE Sensex crossed the 45,000 points mark for the first time on Friday, after the RBI announced its optimistic stance on India’s economy. The RBI revised the real GDP growth projection for FY21 from -9.5 to -7.5. Shaktikanta Das, the RBI Governor, also stated that the central bank expects the economy to record positive growth in the second half of the current financial year.

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Zydus Cadila gets DGCI approval for Phase-3 clinical trials with biological therapy

Zydus Cadila has received approval from the Drugs Controller General of India (DGCI) to start Phase-3 clinical trials with its biological therapy ‘PegiHep’ in Covid-19 patients. The company had completed Phase-2 clinical trials with PegiHep last month. The Phase-3 trials will commence in December and will be conducted on 250 patients across 20-25 centres in India.

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DBS Bank India gets Rs 2,500 crore capital support from parent company

DBS Bank India Ltd (DBIL) has received a capital infusion of Rs 2,500 crore from DBS Bank Ltd, Singapore, to support its amalgamation with Lakshmi Vilas Bank (LVB). The scheme of amalgamation came into effect on November 27, 2020. The lender stated that the amalgamation provides stability and better prospects to LVB’s depositors, customers, and employees, after a period of uncertainty.

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Govt extends NMDC’s Donimalai iron ore lease after two-year suspension

The Government of India has signed an agreement with the Government of Karnataka and the Ministry of Steel to extend the Donimalai iron ore lease. NMDC stated that this decision by the government has been taken in a situation when steel companies are facing a shortage in the supply of iron ore. NMDC’s Donimalai had remained non-operational since 2018 after NMDC and the Karnataka Government got into a legal battle over the asset. 

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RBI raises limit for contactless card transactions to Rs 5,000 from Jan 1

The Reserve Bank of India (RBI) has proposed to increase the limit for contactless transactions from Rs 2,000 to Rs 5,000 from January 1, 2021. This covers contactless and recurring payments through debit and credit cards, prepaid instruments, wallets, and the Unified Payments Interface. This move is to expand the adoption of digital payments in a safe and secure manner.

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Tata Power gets letter of intent for 2 Odisha discoms

Tata Power Ltd announced that it has received the Letter of Intent (LoI) for Odisha’s WESCO and SOUTHCO power distribution utilities (discoms). The LoI has been issued by the Odisha Electricity Regulatory Commission (OERC). The license enables Tata Power to serve the consumers of the western and southern part of Odisha with a geographical spread of more than 47,000 sq km each. The license period for the two distribution utilities will be 25 years.

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Burger King India IPO subscribed 157 times on final day of bidding

The Rs 810 crore initial public offering (IPO) of Burger King India was subscribed 157 times on the final day of bidding. This makes it the second most successful IPO of 2020, after Mazagon Dock Shipbuilders. The allotment status will be announced on December 9, and the shares will be listed on the stock exchanges on December 14.

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SAIL crude steel output grows by 7% in November

Steel Authority of India Ltd (SAIL) said that its crude steel production rose by 7% to 1.417 million tonnes (MT) during November. The company had produced 1.328 MT of crude steel in November 2019. SAIL stated that it has taken a number of initiatives towards increasing its sales in both domestic as well as export markets.

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JSW Steel offers Rs 450 crore to close deal with Bhushan Power: Report

As per a report from CNBC-TV18, JSW Steel has proposed to raise its offer by Rs 400-450 crore for Bhushan Power and Steel Ltd (BPSL), in a bid to close the acquisition at the earliest. The report states that JSW Steel wants to close the deal as soon as possible to take the benefit of rising steel prices. The company had initially offered Rs 19,350 crore for BPSL under the bankruptcy process and was declared the highest bidder almost a year back.

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Editorial

Why is Goa Protesting Against Adani Ports?

The citizens of Goa took to the streets in the first week of November to protest against specific infrastructure projects in the state. The projects are aimed at transforming Goa into a coal transportation hub. It has become a highly debated topic, and Goans have pleaded to their representatives to take serious action against protecting their areas. This very project could ultimately lead to the destruction of their biodiversity. The protestors have also alleged that three major companies will benefit from the project. 

Let us understand the specific details regarding this project, and find out what led to the massive protests in the state.

  1. The Sagarmala Project
  2. Why are Goans Protesting?
  3. What Happened Amid Protests?
  4. Allegations Against Listed Companies
  5. Which is the Right Way?

The Sagarmala Project

The root cause of this problem goes way back to 2016. During that period, the Central Government had approved a proposal to initiate the Sagarmala Project. This is a flagship programme of the Ministry of Shipping to promote port-led development. A primary feature of this project was to convert Goa into a coal transportation corridor. The project includes double-tracking the Hospet-Vasco rail line, creating a flyover, and constructing nine jetties along the Zuari and Mandovi rivers. It also includes four-laning of the NH-4A highway, which connects Belgaum and Goa.

Under this plan, the Mormugao Port Trust (MPT) in Goa will become a coal/coke import hub with a projected capacity of 51 MTPA (million tonnes per annum). An important factor to be noted here is that Adani Ports & Special Economic Zone (SEZ) Ltd. has a one-birth terminal (Berth 7) in MPT. The Adani Mormugao Port Terminal Pvt. Ltd. (AMPTPL) Terminal is a fully mechanized coal handling facility. 

Why are Goans Protesting?

As we know, Goa is a dream holiday destination for tourists all around the world. It is known for its beaches, colonial architecture, and most importantly, its stunning monsoon greenery. There is no doubt that the infrastructure projects mentioned above will cause widespread disruption to its rich biodiversity.

It has been found that construction of the road and railway projects could lead to 59,000 trees being cut in Goa. The projects are also likely to cause a loss of 170 hectares of protected forest land in Bhagwan Mahavir Wildlife Sanctuary and Mollem National Park. Reports have also stated that the projects would also destroy one of the last tiger landscapes in India.

The citizens of Goa and other environmental activists are very concerned about the destruction of Goa’s biodiversity. They believe that the cost of completely disrupting the environment cannot be justified for transforming Goa into a coal hub. Students, lawyers, scientists, and activists had written to the government to take necessary steps to ensure that Goa’s ecology is protected. They had begun protests towards the end of October, but Goa’s state government initially downplayed the whole situation. 

An interesting fact to be pointed out is that the protestors have come out with creative ways to show their dissent. On November 1, more than 5,000 locals gathered at Chandol village in the Western Ghats to dance and sing in solidarity with the forests. However, the peaceful protests by Goans have been dismissed by the government as “politically motivated by outsiders”.

What Happened Amid Protests?

The protests gained a large response through social media and other platforms. Soon after, the Goa Government came up with certain concrete steps to address the problems faced by its citizens. The state’s environment minister Nilesh Cabral has stated that the government will introduce a capping mechanism for the import of coal into the state. He stated that nearly 10-12 million tonnes of coal is imported annually, and this level will not be increased. Goa’s Chief Minister Pramod Sawant will provide documentary proof to the people of Goa to underline the government’s intent  of limiting coal imports

“There is an apprehension in the minds of the people of Goa and expats across the world, that more coal will be imported into Goa. Goa will not be a coal hub at all” – Nilesh Cabral, Goa’s Environment Minister.

Allegations Against Listed Companies

The citizens of Goa have pointed out that three major companies would highly benefit from these projects. The companies include Adani, Vedanta, and JSW Group. It has been reported that projections of Mormugao Port Trust (MPT) for the year 2030 states that they are ready to import nearly 51.6 million tonnes of coal for these three companies. The Adani Group, JSW Steel, and Vedanta have separate terminals/berths to handle this imported coal. And, most of it will be transported through Goa to other states of India.

Despite these allegations against the company, we can see that shares of Adani Ports have been on a continuous uptrend. On November 5, the Group denied claims from politicians and activists that they would benefit from the projects. In a statement, the Group said that “politically motivated groups” are behind the ongoing protests in Goa. They have also stated that the company’s share at MPT is just 10%, whereas 90% is for the remaining companies.

Shares of Adani Ports & SEZ Ltd currently trading near its new 52-week high.

On November 24, the Goa Government issued a demand notice to JSW Steel Ltd to pay Rs 156.34 crore for the transportation of coal. The company has been directed to pay the amount towards the Goa Rural Improvement and Welfare Cess within 15 days. JSW Steel has moved the Bombay High Court challenging the applicability of this government order.

Which is the Right Way?

Despite the Covid-19 pandemic, thousands of Goan citizens have been marching on the streets to protest against these massive projects. The power of social media has also created a huge positive impact on this issue. Many ‘netizens’ took to social media on Sunday (November 15) in a planned tweet-storm to highlight #SaveMollem. The environmental impact would not just affect Goa, but also its neighboring state of Karnataka. At the same time, the protests do not seem to impact the operations and future plans of companies such as Adani Group and Vedanta. 

Are such infrastructure projects essential at a time when India and global economies should be transforming towards renewable energy sources? More importantly, the main cost of cutting down trees and destroying biodiversity is not truly justified for such projects. It is the people of Goa who ultimately suffer from it. 

Let us look forward to seeing how the Government would further address the issues of Goans. Will the concerned ministers keep their promises? Or, will the companies mentioned above get away from these allegations and make more profits? We will have to wait and watch.

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Kerala Moves SC Against Leasing Out TVM Airport to Adani – Top Indian Market News

Kerala moves SC against leasing out TVM airport to Adani Group

The Kerala Government moved the Supreme Court seeking a stay on the Centre’s decision to lease out the Thiruvananthapuram International Airport to Adani Enterprises Ltd. Adani had won the rights for the operations of the airport in an auction held in August. The petition filed by Kerala in the apex court argues that Adani Group does not have prior experience in the field and is therefore unfit. The petition also claims that the decision goes against “public opinion”. 

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RBI rejects Muthoot Finance’s proposal to buy IDBI Mutual Fund

Muthoot Finance, on Tuesday, announced that the Reserve Bank of India has rejected its proposed acquisition of IDBI Mutual Fund. The company’s request for a no-objection certificate was not accepted by the RBI. The central bank stated that “the activity of sponsoring a Mutual Fund or owning an Asset Management Company is not in accordance with the activity of an operating NBFC”.

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Karvy Stock Broking expelled from NSE’s membership, declared as defaulter

The National Stock Exchange (NSE) has scrapped Karvy Stock Broking Ltd. from its membership and declared it as a defaulter. The move was taken as the broker failed to comply with NSE guidelines. In November 2019, Karvy had transferred securities worth Rs 2,300 crore into its account by misusing the power of attorney given by its clients. 

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Maruti Suzuki extends vehicle subscription service to 4 new cities

Maruti Suzuki Ltd. announced that it will be extending its subscription services to Mumbai, Chennai, Ahmedabad, and Gandhinagar. The Maruti Subscribe program was launched four months ago, and will now operate in a total of 8 cities. India’s largest automaker has plans to expand its subscription service to 40-60 cities by 2023.

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Goa government issues demand notice to JSW Steel to pay Rs 156 crore

The Goa government has issued a demand notice to JSW Steel Limited to pay Rs 156.34 crore for the transportation of coal. The company has to pay the amount towards the Goa Rural Improvement and Welfare Cess within 15 days. The notice said that the company representative may face punishment with imprisonment of two years or a fine of Rs 25,000 if the cess is not paid.

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Gayatri Projects receives Rs 208 crore arbitral award

Gayatri Projects Ltd. said that it has received Rs 208 crore under the Government of India scheme of monetisation of ‘under litigation arbitral award’ against bank guarantees. The company, along with its joint venture (JV) partner, had been awarded an arbitration claim worth Rs 703 crore (including interests) for its road project in Nagaland. The construction company has now received 75% of the claim.

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Infibeam Avenues collaborates with Bank Muscat for digital payment services

Infibeam Avenues has tied up with Bank Muscat to offer payment processing services. The company is set to offer next-generation payment processing services under the flagship brand CCAvenue to merchants in Oman’s e-commerce sector. Infibeam has also expanded its operations to the UAE, Saudi Arabia, and the US this year.

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SpiceJet launches mobile testing lab in Delhi

SpiceJet Limited has launched a mobile testing laboratory to conduct Covid-19 tests in Delhi. The lab will conduct tests at Rs 499 and can process up to 3000 test reports per day. SpiceHealth (an initiative of SpiceJet) has tied up with GeneStore to establish diagnostic testing facilities across the country as a ‘Make in India’ initiative.

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Adani Ports ranked 14th in Dow Jones EM Index

Adani Ports & Special Economic Zone Ltd. has been ranked 14th in the global transportation and infrastructure sector of the Dow Jones Sustainability Emerging Markets Index 2020. The index is based on long-term environment, social & economic, and governance criteria. APSEZ said that it has ranked in the top 20 of every single dimension of the three criteria.

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Tata Group to infuse $50 million into AirAsia India: Report

As per a report from Mint, the Tata Group is planning to invest $50 million (~Rs 370 crores) as emergency funding in the loss-making AirAsia India. The report states that fund infusion will be through a mix of debt and equity instruments. Thus, Tata Group’s stake in AirAsia India Ltd will go beyond the current 51%. Last week, Malaysia-based AirAsia Group said it was reviewing its India operations run in partnership with Tata Group. It had also indicated a possible exit from the country. 

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Infosys wins contract from Mongolia-based XacBank

EdgeVerve Systems, a wholly-owned subsidiary of Infosys Ltd., has bagged a contract from Mongolia-based XacBank. Infosys Finacle’s core banking, treasury, and corporate banking solutions will be used to accelerate the bank’s digital transformation. The partnership will help XacBank to standardize business processes, simplify enterprise architecture, and offer tailored services.

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Kalyan Jewellers gets approval from SEBI – Top Indian Market News

Kalyan Jewellers gets approval from SEBI to conduct IPO

Kalyan Jewellers India Ltd has received approval from market regulator SEBI to go ahead and raise Rs 1,750 crore through an initial public offering (IPO). The initial sale of shares consists of the issuance of fresh equity aggregating to Rs 1,000 crore, and an offer for sale (OFS) of Rs 750 crore. The company’s promoter, T. S. Kalyanaraman, would be offloading shares worth up to Rs 250 crore. An OFS is a method by which the promoters of a company sell their shares and reduce their holdings.

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HDFC Life Q2 Results: Profit rises 6% YoY to Rs 326 crore

HDFC Life Insurance Company reported a 6% year-on-year (YoY) increase in consolidated net profit to Rs 326 crore, for the quarter ended September (Q2). The company’s total income increased by almost 90% to Rs 16,426 crore for the same period.

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IPOs and share buybacks to support Government’s divestment plan

The Central Government is planning to go for IPOs and share buybacks in key public sector undertakings (PSUs), in order to meet expenses amidst the Covid-19 pandemic. The Department of Investment and Public Asset Management (DIPAM) stated that the BPCL stake sale would be completed before April. The Government has set a disinvestment target of Rs 2.1 lakh crore for the current financial year (FY21).

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ACC reports 20.26% YoY increase in net profit

Cement manufacturer ACC reported a 20.26% year-on-year increase in net profit to Rs 363.8 crore for Q3 CY21. The company also posted a revenue of Rs 3,537.3 crore for the same period. Since ACC is owned by a Swiss company, it follows international standards. Q3 CY21 is the same as the second quarter of the financial year 2020-2021 in India.

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MCX to start index futures in base metals from today

Multi Commodity Exchange (MCX) has formally launched its metal futures indices, MCX iComdex, on Monday. The metals being traded on this platform are gold, silver, copper, zinc, nickel, etc. MCX had received approval for the indices from SEBI on July 29, and had started mock trading of these metals on July 31.

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Bank of Maharashtra Q2 Results: Profit rises 13% YoY to Rs 130 crore

Bank of Maharashtra reported a 13.4% year-on-year increase in consolidated net profit at Rs 130.44 crore, for the quarter ended September (Q2). The bank’s income increased to Rs 3319.34 crore during the quarter, as compared to Rs 3,296.28 crore in the same quarter in FY20. The share price of the bank saw a rise of 7%, and closed at Rs 11.95 on the NSE today.

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Inox Wind confirms order of 40 MW wind power projects

Inox Wind Limited has announced new orders for the supply and installation of wind turbine generators of 40 MW (megawatts) from retail customers. The projects will be executed across locations in Gujarat and Karnataka, by March 2021. The share price of the company saw a rise of 0.12%, and closed at Rs 40.30 on the NSE today.

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CSB Bank reports two-fold increase in net profit

CSB Bank on Monday reported a two-fold year-on-year (YoY) increase in net profit at Rs 68.9 crore, for the quarter ended September (Q2). The bank’s half-yearly profit after tax was recorded at Rs 122.5 crore. CSB Bank’s total income grew to Rs 567.55 crore during the same period.

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NCLT approves JSW Steel’s acquisition of Asian Color Coated Ispat

The National Company Law Tribunal (NCLT) has given approval to JSW Steel to acquire bankrupt steel company Asian Colour Coated Ispat. JSW Steel has offered over Rs 1,550 crore for the 1 million tonne steel plant. Also, according to JSW Shareholding records, LIC has increased its stake in the company to 3.40% (from 2.43%) in the September quarter.

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Century Textiles reports net loss of Rs 10.35 crore in Q2

Century Textiles and Industries Ltd on Monday reported a consolidated net loss of Rs 10.35 crore, for the quarter ended September (Q2). The company’s net sales dropped 30.01% to Rs 595.77 crore during the same period. The share price of the company settled at Rs 319.35 on Monday, and saw a 0.7% decline from its previous close of Rs 321.60 on the NSE.

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