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Jubilant Foodworks Reports 395% YoY Jump in Net Profit in Q4 – Top Indian Market News

Jubilant Foodworks Q4 Results: Net profit jumps 395% YoY to Rs 104.3 crore

Jubilant Foodworks Ltd reported a 395.5% YoY jump in net profit to Rs 104.3 crore for the quarter ended March (Q4). Its revenue from operations rose 14.3% YoY to Rs 1025.9 crore during the same period. Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) rose 47% YoY to Rs 249.2 crore. Same-sales growth for Domino’s Pizza stood at 11.8% in Q4, compared to -3.4% in the corresponding quarter last year. The company opened a record 50 new Domino’s outlets and one store each of Hong’s Kitchen, Ekdum!, and Dunkin Donuts during Q4. The board of Jubilant Foodworks has recommended a final dividend of Rs 6 per share.

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Ashok Leyland’s subsidiary acquires EV maker Switch Mobility Automotive

Switch Mobility, a UK-based subsidiary of Ashok Leyland Ltd, has fully acquired electric vehicles (EV) manufacturer Switch Mobility Automotive Ltd, India. The investment in the equity shares of Switch Mobility Automotive Ltd is at arm’s length. [An arm’s length transaction refers to a business deal in which the buyer and seller act independently without one party influencing the other] Thus, Switch Mobility Automotive Ltd, India, has become a step-down subsidiary of Ashok Leyland.

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Easy Trip Planners Q4 Results: Net profit at Rs 30.4 crore

Easy Trip Planners Ltd reported a consolidated net profit of Rs 30.46 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 3.38 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 82.06% YoY to Rs 57.44 crore in Q4 FY21. The online travel company’s expenses declined by 22.5% YoY to Rs 27.17 crore during the quarter. Net profit for the financial year ended March 31, 2021 (FY21) rose 84.99% YoY to Rs 61.01 crore.

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LTI enters into strategic agreement with Amazon Web Services

Larsen & Toubro Infotech (LTI) has entered into a strategic collaboration agreement with Amazon Web Services (AWS). LTI had recently launched a dedicated cloud unit for AWS, which will focus on migration and modernisation, data analytics, and Internet of Things (IoT). LTI will also build modern accelerators and create industry-focused offerings for the Banking & Financial Services (BFSI), manufacturing, media & entertainment, and insurance sectors. 

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LIC Housing Finance Q4 Results: Net profit declines 5% YoY to Rs 399 crore

LIC Housing Finance Ltd reported a 5.33% YoY decline in net profit to Rs 398.9 crore for the quarter ended March (Q4). Net interest income (NII) rose 33% YoY to Rs 1,505 crore during the same period. Its provisions towards impairment on financial instruments jumped to Rs 977.19 crore in Q4 FY21, compared to Rs 27.25 crore in Q4 FY20. The company’s loan portfolio increased by 10% YoY to Rs 2.16 lakh crore in March 2021. LIC Housing Finance’s board has recommended a dividend of Rs 8.50 per share.

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SJVN partners with NDMC for sale of 150-MW solar power

SJVN Limited announced that New Delhi Municipal Corporation (NDMC) has given its in-principle approval to procure 150 megawatts (MW) of solar power from the projects that SJVN plans to bid and develop under the Central Public Sector Undertaking (CPSU) scheme. NDMC will procure solar power at a rate of Rs 2.44 per kilowatt-hour (kWh) for 25 years if SJVN develops the capacity under the CPSU scheme.

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Wipro extends partnership with Levi Strauss & Co.

Wipro Limited has extended its partnership with Levi Strauss & Co., one of the world’s largest brand-name apparel companies and a global leader in jeanswear. As part of a multi-year engagement, Wipro will help optimize Levi Strauss’s customer and user experience across all channels. The IT company will provide Global IT support services across Levi Strauss & Co.’s consumer digital technology space, including eCommerce, B2B Commerce, Consumer Data Hub, Omni Order Management, etc. 

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Glenmark Pharma launches COPD treatment inhaler in UK

Glenmark Pharmaceuticals Ltd announced the launch of Tiotropium Bromide Dry Powder Inhaler (DPI) in the United Kingdom. It is used in the treatment of chronic obstructive pulmonary disease (COPD). COPD a long-term condition that causes inflammation in the lungs and narrowing of the airways, making breathing difficult. According to IQVIA data,  Tiotropium DPI had sales of $450 million (~Rs 3,300 crore) in the European Union (EU) for the 12 months ended September 2020.

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PFC Q4 Results: Net profit jumps multifold to Rs 3,906 crore

Power Finance Corporation (PFC) Ltd reported a multifold jump in consolidated net profit to Rs 3,906.5 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 693.71 crore in the corresponding quarter last year (Q4 FY20). Total income rose 11.69% YoY to Rs 18,155.14 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) rose 65.8% YoY to Rs 15,716.20 crore. PFC’s board has recommended a final dividend of Rs 2 per share.

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Coal India to reduce manpower by 5% every year over next 5-10 years to cut costs

Coal India Limited (CIL) has announced plans to reduce its manpower by 5% every year over the next 5-10 years to cut costs. The state-owned company currently has 2,72,445 employees. CIL will also close down unviable mines, improve environmental, social, and corporate governance (ESG) compliance disclosures, and work towards achieving a ‘net-zero emission’ status. The PSU aims to achieve a production target of 1 billion tonnes by the financial year 2023-24 (FY24). It has a production target of 670 million tonnes for FY22. 

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Siemens to supply digitalised switchgear to 3 steel makers

Siemens Ltd said it will supply advanced power transmission equipment with integrated digital technologies to Icon Steel, Geetai Steels and Gajkesari Steels & Alloys. The installation includes 11 bays of state-of-the-art 132 kilovolts (kV) gas-insulated switchgear (GIS), which will enable increased efficiency, reduced operational costs and ensure safe operations even under extreme environmental conditions.

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IPO Updates: 

Shyam Metalics 

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 3.65 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.8 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.6 times and that of qualified institutional buyers (QIBs) 81%. You can learn more about the IPO here. 

Sona BLW Precision Forgings 

The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 27% on the second day of bidding. The portion reserved for retail investors was subscribed 1.02 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of qualified institutional buyers (QIBs) 14%. You can learn more about the IPO here.

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Jubilant Foodworks To Buy Stake In Master Franchisee Of Domino’s Pizza – Top Indian Market News

Jubilant Foodworks to acquire stake in master franchisee of Domino’s Pizza in 4 countries

Jubilant Foodworks Ltd will acquire Fides Food Systems Coöperatief U.A., Netherlands—the beneficial owner of 32.81% of equity shares in DP Eurasia—in an all-cash deal amounting to nearly £24.8 million (~Rs 252 crore). The stake will be acquired through its subsidiary, Jubilant Foodworks Netherlands B.V. DP Eurasia is the master franchisee of Domino’s Pizza in four countries- Turkey, Russia, Azerbaijan, and Georgia.

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Marico launches instant noodles under Saffola brand

Marico Limited has announced its entry into the instant noodles segment with the launch of ‘Saffola Oodles’. With this launch, the FMCG major said it is looking to strengthen its presence in the healthy, ready-to-cook snacking category under the Saffola brand. Saffola Oodles will be launched through e-commerce channels and will be available on Saffola Stores, Amazon, BigBasket, and Flipkart.

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Muthoot Finance plans to raise Rs 6,000 crore through bonds

Muthoot Finance said its board has approved a proposal to raise up to Rs 6,000 crore by issuing non-convertible debentures (NCDs). The funds would be raised through a private placement of redeemable NCDs, which will be issued in one or more tranches.

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Dr Reddy’s initiates process for emergency use approval of Sputnik V vaccine in India

Dr Reddy’s Laboratories has initiated the process with the Drugs Controller General of India (DCGI) for emergency use authorisation of Sputnik V vaccine in India. The pharma company will present the safety profile of Phase-2 study and interim data of Phase-3 study, which is expected to be completed by February 21. Sputnik V has demonstrated an efficacy rate of 91.6% in an interim analysis of Phase-3 clinical trials conducted in Russia.

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Ashok Leyland commences production of buses at new plant in Vijayawada

Ashok Leyland has started the commercial production of buses at its new plant, located in Vijayawada, Andhra Pradesh. The production facility has the capacity to manufacture 4,800 buses every year. The new plant is a complete green facility, with rooftop solar panels and battery-operated vehicles for in-plant movement.

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Board of Savita Oil Technologies approves buyback plan

The Board of Directors of Savita Oil Technologies Ltd has approved the buyback of up to 2.51 lakh fully paid-up equity shares (of the face value of Rs 10 each) at Rs 1,400 per share. The total buyback size is Rs 35.14 crore. Savita Oil Technologies is a leading petroleum specialities company based in Mumbai.

Aurobindo Pharma gets USFDA approval for generic Droxidopa capsules

Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Droxidopa capsules. The capsules are indicated for the treatment of orthostatic dizziness and lightheadedness in patients with symptomatic neurogenic orthostatic hypotension (low blood pressure). According to IQVIA data, the approved product has an estimated market size of $352 million (~Rs 2,552 crore) for the twelve months ended December 2020. 

Pharma companies Lupin and Zydus Cadila have also received final approval from the USFDA for marketing Droxidopa capsules.

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Steel Strips Wheels receives orders worth €53,000 from Europe

Steel Strips Wheels Ltd (SSWL) has received export orders worth over €53,000 (~ Rs 46.62 lakh) from Europe. This includes an order of nearly 5,000 wheels for the EU Caravan market. The orders will be executed in April 2021 from the company’s plant in Chennai. SSWL is a leading manufacturer of steel wheel rims for various segments of the automobile industry. 

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V-Guard Industries promoter sells shares worth Rs 90 crore to fund social cause

Kochouseph Chittilappilly, the promoter and ex-chairman of V-Guard Industries, has sold 40 lakh shares in the company worth Rs 90 crore to fund social causes. He has raised funds for a signature project under K Chittilappilly Foundation (KCF), which aims to assist entrepreneurs who face shortage of funds to scale up their businesses.

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Nestle India’s Q4 Net Profit Rises 2% YoY to Rs 483 crore – Top Indian Market News

Nestle India Q4 Results: Net profit rises 2% YoY to Rs 483 crore

Nestle India reported a 2.25% YoY increase in net profit to Rs 483.3 crore for the fourth quarter ended December (Q4). The company follows the January-December financial year cycle. Its revenue grew 9% YoY to Rs 3,432.6 crore during the same period. Nearly two-thirds of the company’s key brands like Maggi Noodles, Kitkat, and Nescafe Classic posted double-digit growth last year. Nestle’s board has declared an interim dividend of Rs 65 per share.

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Adani Ports completes acquisition of Dighi Port for Rs 650 crore

Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of debt-ridden Dighi Port for Rs 650 crore under the bankruptcy law. The resolution plan submitted by APSEZ also includes the settlement of unpaid dues of Rs 11.39 crore to the Maharashtra Maritime Board. With this acquisition, APSEZ has expanded its presence to 8 out of the 9 Indian coastal states.

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Varun Beverages Q4 Results: Net loss at Rs 7.2 crore

Varun Beverages Ltd reported a net loss of Rs 7.2 crore for the fourth quarter ended December (Q4). It had posted a net loss of Rs 54 crore in the corresponding period last year (Q4 CY20). The company follows the January-December financial year cycle. Revenue increased 9% YoY to Rs 1,351.3 crore in Q4. Varun Beverages is a key player in the beverage industry and one of the largest franchisees of PepsiCo in the world (outside USA).

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Axis Bank-United India Insurance case settled for Rs 41.43 lakh: SEBI

The Securities and Exchange Board of India (SEBI) announced that the Axis Bank-United India Insurance case has been settled for Rs 41,43,750. The case pertained to alleged lapses in disclosures with respect to change in promoter’s shareholding in Axis Bank. The entities were alleged to have violated Prohibition of Insider Trading (PIT) norms.

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Biocon Biologics to partner with International Diabetes Federation

Biocon Biologics, a subsidiary of Biocon Ltd, has partnered with the International Diabetes Federation (IDF) to promote and support IDF’s core mission initiative and activities. It will be the first biosimilar insulin company to partner with IDF. This partnership takes forward Biocon Biologics’ mission of enabling affordable access to insulins to people with diabetes worldwide.

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BankservAfrica selects TCS BaNCS for payment solutions

Tata Consultancy Services (TCS) announced that South African Bankers Services Company Proprietary (BankservAfrica) has selected TCS BaNCS to drive the Rapid Payments Program (RPP) in South Africa. RPP is a national initiative to introduce a next-generation, easy-to-use, real-time retail payments system for the growing payments ecosystem in South Africa. The TCS BaNCS solution will provide BankservAfrica with an ultra-high performance, low latency, and scalable solution to meet the needs of RPP.

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Jubilant Foodworks forms subsidiary in Netherlands

Jubilant Foodworks Ltd has formed a wholly-owned subsidiary in the Netherlands to explore business opportunities in the food service industry in the European country. The subsidiary, known as Jubilant Foodworks B.V., was incorporated on February 15, 2021. Jubilant Foodworks operates fast-food chains such as Domino’s Pizza, Dunkin’ Donuts in India.

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Nureca IPO subscribed 15 times on second day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Limited was subscribed 14.77 times on the second day of bidding. The issue has received bids for 2.07 crore equity shares, as against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 80.33 times, while that of employees was subscribed 2.49 times. The portion set aside for non-institutional investors witnessed a subscription of 1.49 times.

To know more about the IPO, click here.

Infosys unit acquires New Business and Underwriting platform from STEP Solutions

Infosys McCamish Systems, a US-based subsidiary of Infosys BPM, has announced the strategic purchase of a state-of-the-art New Business and Underwriting platform from STEP Solutions Group LLC. The platform will help ease the complexity of all types of insurance products such as Life, Annuity, and Health for individuals and groups across North America. Infosys BPM is the Business Process Management arm of Infosys Limited.

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RailTel IPO subscribed 2.63 times on first day of bidding

The Rs 820-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 2.63 times on the first day of bidding. The issue received bids for 16.13 crore equity shares, as against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 4.99 times, while that of employees was 81% subscribed. The portion set aside for non-institutional investors witnessed a subscription of 75%.

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Glenmark Pharma launches kidney cancer treatment drug in India

Glenmark Pharma has launched a generic kidney cancer treatment drug ‘Sunitinib Oral Capsules’ in India. The drug is priced approximately 96% lower compared to the innovator brand. Sunitinib is also approved by the US Food and Drug Administration (USFDA).

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Bharti Airtel Reports Net Profit of Rs 854 crore in Q3 – Top Indian Market News

Bharti Airtel Q3 Results: Net profit at Rs 854 crore

Bharti Airtel reported a consolidated net profit of Rs 853.6 crore for the quarter ended December (Q3). It has posted a net loss of Rs 763.2 crore in the corresponding quarter last year. The telecom operator’s revenue grew 6% quarter-on-quarter (QoQ) to Rs 26,517 crore in Q3 FY21. Bharti Airtel’s average revenue per user (ARPU) stood at Rs 166 crore in Q3, compared to Rs 162 in Q2 FY21. The company added 1.2 crore 4G subscribers during the quarter to take its tally to 16.2 crore subscribers.

Bharti Airtel said it will raise up to Rs 7,500 crore through debt instruments such as debentures and bonds in one or more tranches. The fundraising has been announced as the telecom sector prepares for the upcoming spectrum auction in March and the rollout of 5G wireless service later this year.

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Govt formally seals Rs 48,000 crore deal to procure 83 Tejas jets from HAL

The Defence Ministry has awarded a Rs 48,000 crore contract to Hindustan Aeronautics Limited (HAL) to supply 83 LCA (light combat aircraft) Mk-1A jets to the Indian Air Force. The first Mk-1A aircraft will be delivered to the air force in three years, and the rest will be supplied by 2030. The deal for the 83 Mk-1A jets will take the total number of Tejas variants ordered to 123. Tejas (which is manufactured by HAL) is a single-engine and highly agile multi-role supersonic fighter aircraft capable of operating in high-threat air environments. 

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Jubilant FoodWorks Q3 Results: Net profit rises 22% YoY to Rs 123 crore

Jubilant FoodWorks Ltd reported a 21.71% YoY increase in consolidated net profit to Rs 123.91 crore for the quarter ended December (Q3). Its revenue from operations declined by 0.19% YoY to Rs 1,069 crore during the same period. The company stated that it has seen complete revenue recovery and strong improvement in margins. Jubilant FoodWorks expanded its network by opening 57 stores in Q3. 

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Hero MotoCorp sets up separate vertical for Harley Davidson distribution

Hero Motocrop Ltd on Wednesday announced that it will set up a separate vertical to drive its new business of Harley-Davidson products and merchandise distribution. The two-wheeler manufacturer has on-boarded 11 existing Harley-Davidson dealers in key geographies across the country. The company commenced wholesale dispatches of Harley products to the dealers on January 18. 

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Ramco Cements Q3 Results: Net profit at Rs 201 crore

Ramco Cements Ltd reported a standalone net profit of Rs 201.35 crore for the quarter ended December (Q3). It had posted a net profit of Rs 94.80 crore in the corresponding quarter last year. Its revenue stood at Rs 202.86 crore in Q3, compared with Rs 95.57 crore during the corresponding quarter last year (Q3 FY20). The company’s cement sales volume for the October-December quarter slipped to 26.14 lakh tonne, as against 28.44 lakh tonne in Q3 FY20.

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Maruti Suzuki partners with ALD Automotive India for subscription program

Maruti Suzuki India Ltd has partnered with ALD Automotive India for its subscription program for individual customers. ALD Automotive is the leasing and fleet management business line of Paris-based Société Générale Group. Maruti Suzuki has also expanded its subscription programme to customers in Kochi. Customers can pay an all-inclusive monthly subscription charge starting at Rs 12,513 for WagonR and Rs 13,324 for Ignis in Kochi (including taxes) for a tenure of 48 months. 

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Adani Enterprises Q3 Results: Net profit declines 10% YoY to Rs 343 crore

Adani Enterprises Ltd reported a 10.39% YoY decline in consolidated net profit to Rs 343.17 crore for the quarter ended December (Q3). Its consolidated revenue rose 6% YoY to Rs 11,788 crore during the same period. Mining and solar manufacturing revenues were up 13% and 29%, respectively, in Q3.

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SEBI bars Future Group CEO Kishore Biyani from securities market for 1 year

The Securities and Exchange Board of India (SEBI) has barred Future Group CEO Kishore Biyani from accessing the securities market for a period of 1 year in a case pertaining to alleged insider trading between March and April 2017. Biyani has also been barred from buying, selling, or dealing in securities of Future Retail for 2 years. SEBI announced its decision after a probe into the use of unpublished price sensitive information to trade in Future Retail.

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Ujjivan SFB Q3 Results: Net loss at Rs 279 crore

Ujjivan Small Finance Bank reported a net loss of Rs 279 crore for the quarter ended December (Q3). It had posted a net profit of Rs 90 crore in the corresponding quarter last year. The bank’s provisions increased to Rs 584 crore, compared to Rs 31 crore in Q3 FY20. Ujjivan SFB’s gross non-performing assets (NPAs) ratio remained stable at 1%, compared to 0.9% in Q3 FY20.

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Adani Total Gas Q3 Results: Net profit rises 27% YoY to Rs 145 crore

Adani Total Gas Ltd reported a 26.7% YoY increase in net profit to Rs 145.87 crore for the quarter ended December (Q3). Its revenue rose 1.42% YoY to Rs 496 crore during the same period. The company commissioned 17 new CNG stations in Q3, taking the tally to 151 stations. PNG home connections increased to 4.75 lakh, with 10,346 new connections during the October-December quarter.

Adani Total Gas has reached a three-year deal to import liquefied natural gas (LNG) from French major Total’s assets. The gas is being procured by Adani Total Private Ltd for sale in India to the company’s domestic and industrial customers.

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Venky’s Q3 Results: Net profit at Rs 106 crore

Venky’s (India) Ltd reported a net profit of Rs 106.5 crore for the quarter ended December (Q3). It had posted a net loss of Rs 5.86 crore in the corresponding quarter last year. The company’s revenue rose 5.8% YoY to Rs 931.68 crore in Q3 FY21. Venky’s poultry and poultry products segment recorded a growth of over 11% YoY, while its animal health products segment grew by ~10% YoY. 

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IMF Projects 11.5% Growth Rate for India in 2021 – Top Indian Market News

IMF projects 11.5% growth rate for India in 2021

According to the World Economic Outlook Update by the International Monetary Fund (IMF), the Indian economy is likely to recover at a faster pace in 2021. The IMF has projected an 11.5% growth rate for India in 2021, which makes the country the only major economy in the world to register double-digit growth this year. China is next with 8.1% growth in 2021, followed by Spain (5.9%) and France (5.5%). IMF’s latest growth projection is in line with the Indian government’s assessment of a strong revival in the coming months, especially after the recent vaccine approvals. 

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Farmers clash with police at Red Fort; one dead as tractor overturns

Thousands of farmers entered New Delhi and reached Red Fort and ITO from Singhu and Ghazipur borders as part of their tractor rally on Tuesday. The farmers deviated from the pre-approved route and clashed with the Delhi Police, vandalised buses, and breached barricades. The police, in turn, resorted to lathi-charge and also lobbed tear gas shells. A farmer in his 30s, who was on one of the tractors, was allegedly hit by a tear gas shell on his head. He started bleeding profusely, his tractor overturned, and was claimed to have died on the spot. 

Reliance Jio, Bharti Airtel, and Vodafone Idea suspended their internet services in parts of the National Capital Region (NCR) following a Home Ministry directive on Tuesday, in the wake of farmers’ violent protests.

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Inox Leisure commences operations at new multiplex in Thane

Inox Leisure Ltd has commenced commercial operations at a new multiplex at Thane, Maharashtra. The company is now present in 69 cities with 151 multiplexes, 641 screens. It has a total seating capacity of 1.46 lakh seats across India. According to Unlock 5 guidelines issued by the government, multiplexes and cinema halls are now operating under half of their sitting capacity.

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Hero MotoCorp may launch electric car as part of new future-forward lineup: Report

According to a report from the Times of India, Hero MotoCorp may launch an electric car as part of its efforts to fuel the next leap in mobility. The company has already prototyped a high-utility, modular electric three-wheeler (Quark 1), which can be converted into a two-wheeler based on the requirements of the user. “Similar innovations and solutions— beyond its traditional two-wheeler business— will form the new line-up that the company is working on as part of a vision of the future of mobility,” said Pawan Munjal, chairman of Hero MotoCorp.

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Adani Ports to raise $500 million via dollar bonds to refinance overseas debt

Adani Ports & Special Economic Zone Ltd (APSEZ) on Tuesday said it will raise $500 million (~Rs 3,645 crore) through dollar bonds. The proposed bonds will have a 10-year maturity. The funds will be used for early redemption of dollar bonds of the company which matures in 2022. Investment banks Barclays, Bank of America, and Citibank have been selected as advisors for the proposed bond issuance.

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Petrol crosses Rs 86 mark in Delhi, diesel above Rs 76

The price of petrol touched a record high of Rs 86.05 per litre in Delhi, while diesel price rose to Rs 76.23 per litre. Petrol and diesel cost Rs 92.62 and Rs 83.03 per litre, respectively, in Mumbai. In the last 10 weeks, state oil companies have raised prices of petrol by Rs 5 per litre and that of diesel by nearly Rs 6 per litre. Taxes, which the government raised steeply last year, comprise about 60% of the fuels’ retail prices.

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Affle India’s subsidiary to acquire business assets of Discover Tech

Affle MEA FZ-LLC (AMEA), a wholly-owned subsidiary of Affle (India) Limited, has entered into a definitive Business Transfer Agreement to acquire the business assets of Israel-based Discover Tech Limited. As part of the deal, the technology platform, brand name, intellectual property rights, and business relationships of Discover Tech will be acquired by AMEA. The cost of the acquisition is estimated at $1.15 million (~Rs 8.38 crore).

Jubilant Foodworks completes acquisition of 10.76% stake in Barbeque Nation

Jubilant Foodworks Ltd has completed the acquisition of a 10.76% stake in Barbeque Nation Hospitality Limited (BNHL). On December 31, the company said it would invest Rs 92 crore into BNHL. BNHL owns and operates 138 Barbeque Nation restaurants across 73 cities in India.

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Reliance Jio Makes All Domestic Voice Calls Free From Jan. 1 – Top Indian Market News

A shopkeeper displays JIO simcards at a mobile phone store in Mumbai on July 19, 2017. Indian oil-to-telecom conglomerate Reliance Industries's first-quarter consolidated profit jumped 28 percent July 20, pumped up by higher margins from its core oil refining business it said, beating analyst estimates. / AFP PHOTO / INDRANIL MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP via Getty Images)

Reliance Jio to make domestic voice calls free from Jan 1

Reliance Jio announced that all off-net domestic voice calls from its network to other networks anywhere in India will be free from January 1, 2021. This has been done because interconnect usage charges (IUCs) for all domestic voice calls are coming to an end from Friday. In September 2019, telecom regulator TRAI had extended implementation of IUC on mobile-to-mobile calls beyond January 1, 2020, after which Jio began charging its customers for off-net voice calls.

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India’s fiscal deficit reaches 135% of budgeted target during April-November

The Union Government’s fiscal deficit soared to Rs 10.75 lakh crore or 135.1% of the 2020-21 Budget Estimates (BE), during April-November 2020. This is mainly on account of the low realisation of revenue due to disruption in business activities amid the Covid-19 pandemic. The government’s total receipts stood at Rs 8.30 lakh crore (37% of BE 2020-21) till the end of November 2020. [Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure] 

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Eight core industries’ output contracts 2.6% in November

Contracting for the ninth consecutive month, the output of eight core infrastructure sectors dropped by 2.6% in November. This has been mainly due to a decline in the production of natural gas, refinery products, steel, and cement. The production of eight core sectors had recorded a growth of 0.7% in November 2019, as per data released by the Ministry of Commerce and Industry. The output of crude oil, natural gas, and refinery products declined by (-)4.9%, (-)9.3%, and (-)4.8%, respectively, in November 2020.

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L&T Construction wins significant orders in overseas, domestic markets

Larsen & Toubro (L&T) Ltd announced that its construction arm has received orders in the overseas and domestic market. The orders fall under the ‘significant’ category, which ranges between Rs 1,000 crore and Rs 2,500 crore. L&T stated that its power transmission and distribution business has won two transmission line packages in the Kingdom of Saudi Arabia. Its water and effluent treatment business has secured an EPC (engineering, procurement, and construction) order in Gujarat to execute a package in the SAUNI Yojna Link 3. 

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Jubilant FoodWorks to acquire 10.76% stake in Barbeque Nation for Rs 92 crore

Jubilant FoodWorks Ltd (JFL), on Thursday, said it will invest Rs 92 crore into Barbeque Nation Hospitality Limited for an equity stake of 10.76%. The company will acquire 36,50,794 fully paid-up equity shares of the face value of Rs 5 per share in the casual dining restaurant chain. The transaction is expected to be completed by January 25.

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BHEL receives orders worth Rs 3,200 crore for hydro projects

Bharat Heavy Electricals Ltd (BHEL) has secured orders valued at Rs 3,200 crore for Electro-Mechanical (E&M) works for a Hydro Electric Project (HEP) in Andhra Pradesh and E&M works of pump-motor sets for lift irrigation schemes (LIS) in Telangana. BHEL’s scope of work in the above projects includes design, engineering, manufacturing, supply, and supervision of erection, testing & commissioning of the equipment. The above orders have been received from the EPC contractor for these projects- Megha Engineering & Infrastructure Ltd.

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IRCTC launches upgraded version of e-ticketing website and app

Union Railway Minister Piyush Goyal, on Thursday, unveiled a more passenger-friendly and upgraded version of the IRCTC e-ticketing website and mobile application. Passengers will now be able to book tickets, meals, and accommodations at the same time. The website has in-built features for enhancing cybersecurity by using appropriate captchas. Predictive entry suggestions using AI will be given to the passengers when they enter a station. The website will also have simpler checking of the refund status on the user accounts page.

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Tejas Networks wins international order worth $13 million

Tejas Networks Ltd has received a purchase order amounting to $13 million (~Rs 94 crore) from a leading telecommunications service provider in South East Asia. As per the contract, Tejas Networks will supply and install its TJ1400 ultra-converged broadband products to extend high-speed broadband services to underserved rural communities in the region. The project is expected to be executed within the next 12 months.

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CCI gives nod to Jamnalal Sons to acquire 51% stake in Mukand Sumi Specialty Steel

The Competition Commission of India (CCI) has approved the acquisition of 51% of the equity share capital of Mukand Sumi Special Steel Ltd (MSSSL) by Jamnalal Sons Private Ltd (JSPL). The proposed combination entails the acquisition of 51% of the equity share capital of MSSSL from Mukand Limited and its nominees by JSPL. A nominal number of equity shares of MSSSL (not more than 60), which are being acquired by JSPL, shall be held jointly by JSPL and certain individuals. This is to comply with the minimum shareholding requirements under the Companies Act, 2013.

Glenmark Pharma receives USFDA approval for Tadalafil tablets

Glenmark Pharmaceuticals Ltd has received final approval from the United States Food & Drug Administration (USFDA) for Tadalafil tablets USP. The tablets are indicated for the treatment of erectile dysfunction and enlarged prostate. The approved product is a generic version of Cialis tablets of Eli Lilly and Company. According to IQVIA sales data for the 12 months ending November 2020, Cialis tablets achieved annual sales of approximately $125.5 million (~Rs 913 crore).

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Editorial

India’s QSR & Restaurant Stocks – An Analysis

Last week, the shares of Burger King India made a stellar debut in our stock markets. The stock hit 20% upper circuit for three consecutive days! As you may know, the newly listed stock comes under the quick service restaurant (QSR) category. As the name suggests, QSRs offer certain food items that require minimal preparation time and are delivered through quick services. All of us love to consume fast food items from McDonald’s, Domino’s Pizza, KFC, Subway, and much more. 

Upon further analysis, we found that major stocks that come under the food and beverages industry have shown an impressive rally in the past few months. This primarily includes companies that operate the prominent QSR outlets in our country. Let us take a closer look at three main companies that fall under the restaurant & QSR category in India.

Jubilant Foodworks

Jubilant Foodworks Limited is a company that most of us are familiar with. It is the leading operator of popular fast-food chains in our country. The company operates popular outlets such as Domino’s Pizza, Dunkin Donuts, and Hong’s Kitchen in India. It has established an impressive supply chain network, which consists of 3 distribution hubs and over 31,500 employees. The company has also been expanding its presence in Sri Lanka, where they operate 22 restaurants. Jubilant Foodworks also has 3 restaurants in Bangladesh.

The company has been highly successful in introducing campaigns to attract more customers to its fast-food outlets. Domino’s Pizza is well known for its ‘30 minutes or free’ delivery guarantee. They operate 1,312 Domino’s Pizza outlets in India. You can now find a Domino’s outlet in almost all small towns and cities. Domino’s Pizza India has now become the brand’s largest market outside of the United States. 

Performance & Expansion:

As of FY 2019-2020, the total revenue of Jubilant Foodworks was reported at Rs 3,990 crore. It has been showing a consistent increase in revenue over the past few years. The company’s management has completely focused on operational excellence. According to recent Q2 results, its consolidated net profit was up by 3.85% YoY to Rs 75.7 crore.

On December 16, Jubilant Foodworks announced the expansion of its portfolio with a new biryani brand- Ekdum! The company stated that Ekdum! will offer 20 different varieties of biryanis curated from different parts of India. Currently, it has opened three restaurants in Gurgaon and has plans to launch more in NCR over the next few months. They had also announced the launch of India’s first plant-protein based pizza from Domino’s – ‘The Unthinkable Pizza’. Thus, we can see that the company is constantly expanding and showing great financial progress over the last few years.

Over the last six months, the share price of Jubilant Foodworks has surged by more than 54%!

Westlife Development

Westlife Development Ltd is also one of India’s fastest-growing players in the QSR sector. The company’s wholly-owned subsidiary, Hardcastle Restaurants Pvt Ltd, holds the master franchisee for McDonald’s in West and South India. The company also operates the highly popular McCafé in these regions.

Westlife Development operates a total of 319 restaurants and has over 9900 employees. Apart from McDonald’s and McCafé outlets, the company also operates McBreakfast, McDelivery, everyone’s favourite McDonald’s Dessert Kiosks. All these outlets are easily accessible in popular locations including malls, shopping complexes, and residential areas. Over the years, Westlife has introduced many innovative campaigns to attract more customers. McDonald’s self-service machines/kiosks have become very popular in India. The McDelivery app enables delivery across 230+ McDonald’s restaurants across West and South India.

The company has been able to consistently outperform India’s QSR sector in terms of revenues and innovation. The company’s overall revenue in FY 2019-2020 was Rs 15,477.9 crore. Due to the effects of Covid-19, the firm’s Q2 net loss was reported at Rs 27 crore.

Over the last six months, the share price of Westlife Development Ltd has jumped by more than 42%! 

Speciality Restaurants 

Speciality Restaurants Ltd is one of the major restaurant companies in India that has a very diverse portfolio. It owns multiple chains of fine and casual dining restaurants in India, Bangladesh, UAE, and Tanzania. They also own confectionary stores. The company has now completed 25 years of operations and has been able to successfully launch multiple restaurant chains in these regions.

Some of the prominent casual and fine dining restaurant chains being operated by Speciality Restaurants include Mainland China, Oh! Calcutta, Gong, Sweet Bengal, Asia Kitchen, and much more. Café Mezzuna (an all-day bar and kitchen) and Hoppipola are very popular among young millennials. As of the previous financial year, the restaurants owned and operated by the firm are present in more than 25 locations across the four countries mentioned above.

Performance and Expansion:

The company has been showing a steady increase in its total revenue from operation over the last 5 years. Its revenue in FY20 was reported at Rs 367.75 crores. They have also initiated plans to expand its operations to more locations in the coming years. Speciality Restaurants has also introduced 5 new restaurant chains over the past year – Riyasat, Episode One, Urban Deccan Pub, HAY, and BARissh. Thus, we can see that this firm has stuck on to its vision and has focused on its massive expansion.

Since June 2020, the share price of Speciality Restaurants Ltd has surged by more than 37%.

Burger King India

As we know, Burger King India Ltd’s shares were listed on the stock markets on 14 December. It had received an overwhelming response for its initial public offering (IPO). Currently, Burger King is the fastest-growing quick-service restaurant chain in India. They operate 216 restaurants and 7 Sub-Franchised Burger King Restaurants. They have time and again introduced strong marketing strategies and have successfully established a loyal customer base in our country.

The company has initiated a massive expansion plan, under which 700 restaurants will be opened by December 31, 2025. Burger King India will also use the proceeds from the IPO to improve marketing and other general purposes.

marketfeed had prepared a very special article on Burger King India’s IPO earlier this month. You can learn more about it here. In fact, Burger King India has now easily surpassed the market cap of Westlife Development. 

Conclusion

Now, we have a detailed understanding of each listed company in the Restaurants & QSR sector of India. There is another interesting fact to be noted here: There are recent reports which suggests that a company by the name of Sapphire Foods Pvt India Ltd is planning to launch a huge IPO in 2021. The company is one of the largest franchisees of Yum! Brands Inc, and also operates KFC, Taco Bell, and Pizza Hut outlets in India!

The food and beverages sector in India had been one of the worst-hit due to the Covid-19 pandemic. The companies mentioned above had to close down several of their units to cut down costs. They were able to survive due to sales from takeaways. In the July-September quarter (Q2), it was reported that Jubilant Foodworks had to shut down 105 stores.

Fortunately, restaurants in India are now seeing a massive revival. Since October, the government has allowed the opening of restaurants, pubs, and cafes for dine-in. The news related to the vaccine approvals has lifted our spirits and given us the courage to go out and eat. Many people who had not eaten at restaurants for more than 9 months are now rushing towards popular pubs and QSR chains.

All QSR brands mentioned above have a strong and loyal customer base. Over the years, they have launched a series of innovative offers and ad campaigns to completely transform our eating habits. The home delivery options and value-for-money offerings have made fast-food items an absolute favourite amongst all Indians. Several financial analysts have reported that the QSR market in India is projected to grow at a CAGR of 18% during 2021-2025.

Once a particular vaccine has been approved by the Indian drug regulator, we could see these stocks showing a major rally. There could also be an increase in revenue being reported by these companies in the coming quarters. This could ultimately support them to expand their portfolio and obtain a better market share. Let us look forward to seeing how these companies implement their targets. 

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Market News Top 10 News

All Industries in Delhi to Switch to PNG by Jan 31 – Top Indian Market News

Air Quality Commission directs switching over of all industries in Delhi to PNG

The Commission for Air Quality Management in NCR and Adjoining Areas has directed all industrial units in Delhi to switch over to piped natural gas (PNG) by January 31. The Commission has also directed the Delhi Pollution Control Committee (DPCC) to inspect and identify industries using polluting fuels and take stringent penal action against those found violating the directive. IGL and GAIL have been directed to complete the pipeline network, metering, and associated infrastructure by January 31.

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Govt invites bids for selling its stake in Shipping Corporation of India

The Indian government has initiated the sell-off plan for Shipping Corporation of India Ltd (SCI), by inviting expression of interest from potentially interested parties. The government proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The deadline for submitting initial bids is on February 13, 2021. 

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Bajaj Auto to set up a Rs 650-crore unit in Maharashtra 

Bajaj Auto Ltd has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for Rs 650 crore, to set up a manufacturing unit in Chakan. The state government will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances, and fiscal incentives from the concerned departments. The facility will be utilised for manufacturing high-end KTM, Husqvarna, and Triumph motorcycles. Bajaj Auto stated that the new facility is expected to commence production in 2023.

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Infosys partners with Daimler for IT infrastructure transformation

Infosys Ltd and German automotive major Daimler AG have entered a long-term strategic partnership for a technology-driven IT infrastructure transformation. With support from Infosys, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, data centers, and networks. The collaboration will also empower Infosys to strengthen its automotive expertise.

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Dr. Reddy’s seeks approval from Canada for Favipiravir pills for Covid-19 treatment

Dr. Reddy’s Laboratories Ltd, Canada-based Appili Therapeutics, and Dubai-based Global Response Aid FZCO (GRA) on Tuesday said that Dr. Reddy’s Canada has filed an application on behalf of the consortium for Reeqonus (favipiravir) Tablets. The tablets are indicated for acute treatment of mild to moderate Covid-19 adult patients. The application has been filed under Health Canada’s “Interim Order Respecting the Importation, Sale, and Advertising of Drugs for Use in Relation to Covid-19”.

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Embassy REIT raises Rs 3,680 crore to fund acquisition of Embassy Tech Village

Embassy Office Parks REIT has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of Embassy TechVillage (ETV), an information technology park in Bengaluru, for $1.3 billion (~Rs 9,602 crore). The transaction is expected to close by the end of this month.

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Oil India signs MoU with Assam Hydrocarbon 

Oil India Ltd, on Tuesday, signed a Memorandum of Understanding (MoU) with Assam Hydrocarbon & Energy Company (AHECL) in Guwahati. The company stated that the MoU is aimed at establishing a joint institutional framework to facilitate bilateral cooperation in hydrocarbon exploration, development, and marketing of natural gas in Assam for mutual benefit.

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Jubilant Foodworks introduces India’s first plant-protein based pizza

Jubilant Foodworks Ltd announced that Domino’s Pizza has introduced India’s first plant-protein based product – ‘The Unthinkable Pizza’. The company stated that Domino’s latest offering is 100% vegetarian, and yet, has the sensory properties of chicken. The pizza would be available at all Domino’s restaurants across Delhi NCR, Mumbai, and Bangalore. Jubilant Foodworks is the master franchisee for Domino’s Pizza in India, Nepal, Sri Lanka, and Bangladesh.

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NMDC signs MoU with MECL for joint mineral exploration

NMDC Limited has signed an MoU with Mineral Exploration Corporation Limited (MECL) for joint exploration for iron ore, gold, coal, diamond, and other minerals in mutually agreed projects across various states. This will support the government’s ‘Atmanirbhar Bharat Abhiyan’ initiative and extend its commitment towards mineral security for the nation. NMDC Ltd is India’s largest iron ore producing ‘Navaratna’ company.

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Aster DM Healthcare to invest $100 million to set up hospital in Cayman Islands

Aster DM Healthcare said it will invest around $100 million (~Rs 738 crore) to set up a tertiary care hospital in the Cayman Islands, as part of its plans to set up a clinical excellence hub in the region. The company stated that it has signed an agreement with the Government of Cayman Islands to set up a clinical excellence hub to serve the Caribbean Region, North America, Canada, and South America. Aster will initially develop around 150-bed tertiary and quaternary care hospitals in these regions.

Promoters of Wendt India withdraws its proposed OFS

Carborundum Universal and Wendt GmBH, the promoters of Wendt India Ltd, has decided to withdraw the proposed offer for sale (OFS) of shares. In a BSE filing, the Murugappa Group company said that due to delay in transfer of the sale shares as required under the SEBI OFS circulars, it has decided to withdraw the OFS. On Monday (21 December 2020), both promoters had proposed to sell up to 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. 

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Market News Top 10 News

Cabinet Approves Rs 3,500 crore Sugar Export Subsidy – Top Indian Market News

Cabinet approves Rs 3,500 crore sugar export subsidy

Union Minister Prakash Javadekar announced that the Cabinet Committee on Economic Affairs (CCEA) has approved a Rs 3,500 crore subsidy for sugar farmers. The subsidy will be given on 60 lakh tonnes of sugar exports at the rate of Rs 6,000 per tonne. He stated that 5 crore sugarcane farmers will benefit from this Cabinet decision. The subsidy will be directly transferred to the farmers’ accounts.

In other news, the Cabinet has also approved a project for establishing 2,100 km of additional transmission lines and 36 new Sub Stations in 6 North-Eastern states.

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Laxmi Organics files draft papers for Rs 800-crore IPO

Laxmi Organics has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise Rs 800 crore as its initial public offering (IPO). The IPO consists of a fresh issue of Rs 500 crore and an offer for sale (OFS) of Rs 300 crore by its promoter, Yellow Stone Trust. Laxmi Organic is a Mumbai-based specialty chemicals manufacturer. The company will utilise the proceeds from the issue for setting up a manufacturing facility for fluorospecialty chemicals, working capital requirements, and purchase of plant and machinery. 

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SEBI eases profitability criteria for mutual fund sponsors

The Securities and Exchange Board of India (SEBI) has decided to relax profitability criteria for becoming a mutual fund sponsor. This is to facilitate innovation and expansion in the mutual fund sector. The SEBI board also approved proposals which include dispensing with the requirement to issue physical unit certificates, reducing maximum permissible exit load, and reducing the timeline for payment of dividend.

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Jio fastest network in 4G download in November: TRAI

According to the latest data update from telecom regulator TRAI, Reliance Jio has topped the 4G speed chart with a data download rate of 20.8 megabits per second (Mbps) in November. This was followed by Vodafone at 9.8 Mbps and Bharti Airtel at 8 Mbps. Vodafone was ahead of others in upload speed at 6.5 Mbps, during the same month. Jio’s upload speed was recorded at 3.7 Mbps.

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Future Enterprises Q2 Results: Net Loss at Rs 320 crore

Future Enterprises Ltd reported a consolidated net loss of Rs 320 crore, for the quarter ended September (Q2). The company had posted a net profit of Rs 21.78 crore in Q2 of the previous financial year. Its revenue from operations declined to Rs 237.88 crore in Q2 FY21, as compared to Rs 1,699.84 crore in the corresponding quarter in FY20. Future Enterprises develops, owns, and leases retail infrastructure for the Future Group.

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Ratnamani Metals & Tubes secures order worth Rs 105 crore

Ratnamani Metals & Tubes Ltd (RMTL) has received a domestic order of Rs 105 crore for coated carbon steel pipes from the Oil and Gas sector. The company stated that the order will be executed between May 2021 and September 2021. Gujarat-based RMTL is a leading producer of stainless steel and titanium welded tubes. It also provides total piping solutions to a diverse range of industries.

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Cipla launches Covid-19 diagnostic test kit ‘CIPTest’

Cipla Limited has partnered with Premier Medical Corporation Pvt Ltd to launch ‘CIPTest’- a rapid antigen Covid-19 testing kit. While Premier Medical Corp will manufacture the kits, Cipla will be responsible for marketing and distribution. The pharma company stated that the testing kit will be able to generate results in 15-20 minutes.

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Jubilant Foodworks launches biryani brand ‘Ekdum!’

Jubilant Foodworks announced the expansion of its portfolio with a new biryani brand- Ekdum! The company stated that Ekdum! will offer 20 different varieties of biryanis curated from different parts of India. In addition to biryanis, customers will also be able to choose from an extensive range of kebabs, curries, desserts, and beverages. Currently, Ekdum! has opened three restaurants in Gurgaon, and has plans to launch more in NCR over the next few months.

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Indian Bank declares IL&FS Financial Services account as fraud

State-owned Indian Bank has declared the account of IL&FS Financial Services Ltd (IFIN), as fraud. The bank has fully provided for the non-performing account of IFIN with outstanding dues of Rs 408 crore. The lender has reported the account to the Reserve Bank of India (RBI), as per regulatory requirements. In October, Punjab and Sind Bank had also reported the account of IFIN as fraud, with outstanding dues of over Rs 561 crore. 

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Vedanta to raise $8 billion for BPCL bid: Report

According to a report from Livemint, Vedanta Group plans to raise as much as $8 billion (~Rs 58,913 crore) to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL). It has been reported that Vedanta Resources Plc has already started talks with banks, and discussions with JP Morgan are at an advanced stage. The report states that funds will be raised through a mix of debt and equity instruments, to acquire a 52.98% stake in BPCL.

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RBL Bank migrates to Infosys Finacle’s digital banking solution

RBL Bank announced that it will migrate its systems to Infosys Finacle, a digital banking solutions platform developed by EdgeVerve Systems. Finacle’s extensive open API (application programming interface) repository will provide the agility required to seamlessly integrate and co-innovate with ecosystem partners, which is one of the key focus areas for the bank. EdgeVerve Systems is a wholly-owned subsidiary of Infosys Ltd.