jubilant ingrevia Archives

WPI inflation spikes to record-high of 15.08% in April

India’s inflation based on the Wholesale Price Index (WPI) surged to a record high of 15.08% in April 2022. WPI inflation stood at 14.55% in March and 10.74% in April 2021. The heatwave across India led to a spike in the prices of perishables such as fruits, vegetables, and milk. Fuel inflation rose to 38.66% in April, while inflation for manufactured products rose to 10.85%.

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Bharti Airtel Q4 Results: Net profit jumps 164% YoY to Rs 2,008 crore

Bharti Airtel Ltd reported a 164.46% YoY (or 142% QoQ) jump in consolidated net profit to Rs 2,007.8 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.3% YoY (or 5.5% QoQ) to Rs 31,500 crore during the same period. The average revenue per user (ARPU) stood at Rs 178 in Q4 FY22, compared to Rs 162 in Q3 FY22 and Rs 145 in Q4 FY21. The telecom company’s board has declared a final dividend of Rs 3 per share.

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Abu Dhabi’s IHC invests Rs 15,400 crore in Adani Group firms

Abu Dhabi-based International Holding Company PJSC (IHC) has completed a $2 billion (~Rs 15,400 crore) investment in three Adani Group companies— Adani Green Energy Ltd, Adani Transmission Ltd, and Adani Enterprises Ltd. The investment will support and accelerate the group’s growth plan to supply India with 45 gigawatts (~9% of the country’s non-fossil energy) by 2030.

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IOCL Q4 Results: Net profit falls 31% YoY to Rs 6,022 crore

Indian Oil Corporation Ltd (IOCL) reported a 31% YoY decline in net profit to Rs 6,022 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 25.6% YoY to Rs 2.06 lakh crore during the same period. The average gross refining margin stood at $11.25 per barrel (bbl) in Q4 FY22, compared to $5.64 per bbl in Q4 FY21. IOCL’s board has declared a final dividend of Rs 3.6 per share.

The board has also approved the issue of bonus shares in the ratio 1:2 (one bonus share for every two shares held in the firm).

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PM Modi inaugurates India’s first 5G testbed

Prime Minister Narendra Modi inaugurated India’s first 5G testbed to enable startups and industry players to test and validate their products locally. It will also help reduce dependence on foreign facilities. Companies are gearing up to launch 5G networks over the next few months. PM Modi said the next-gen mobile broadband technology (5G) will boost India’s economy by $450 billion in 15 years. He also stated that India is targeting the rollout of 6G telecom network by the end of the decade.

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Abbott India Q4 Results: Net profit rises 39% YoY to Rs 211 crore

Abbott India Ltd reported a 38.6% YoY increase in net profit to Rs 211.41 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 14.5% YoY to Rs 1,255.02 crore during the same period. The drug maker’s board has declared a final dividend of Rs 145 per share and a special dividend of Rs 130 per share.

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LTI to launch dedicated Google Cloud Business Unit

Larsen & Toubro Infotech (LTI) is expanding its global partnership with Google Cloud. The company is setting up a dedicated Business Unit for Google Cloud’s six key solution pillars: Application Modernization, Data Management, Infrastructure Modernization, Smart Analytics, Artificial Intelligence, and Security. LTI’s unit will develop state-of-the-art IP, industry-specific solutions, and accelerators.

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DLF Q4 Results: Net profit falls 16% YoY to Rs 405.33 crore

DLF Limited reported a 16% YoY decline in consolidated net profit to Rs 405.33 crore for the quarter ended March (Q4 FY22). Total income fell 13.34% YoY to Rs 1,652.13 crore during the same period. The realty company’s net profit for the financial year 2021-22 stood at Rs 1,500.86 crore, registering a growth of 37.2% YoY.

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Tata Power partners with Hyundai Motor to build EV charging infra

Tata Power Company Ltd has partnered with Hyundai Motor India Ltd (HMIL) to build an electric vehicle (EV) charging network. The company will install Tata Power EZ Charge fast chargers (DC 60 kW) at HMIL’s existing EV dealer locations across 29 cities. It will also supply, install, and commission home chargers for HMIL’s EV customers.

Tata Power is India’s leading provider of EV charging solutions, with over 1,500 public and semi-public EV chargers installed.

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Jubilant Ingrevia Q4 Results: Net profit rises 26% YoY to Rs 68 crore

Jubilant Ingrevia Ltd reported a 26.18% YoY increase in consolidated net profit to Rs 68.59 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 87.91% YoY to Rs 1,275.87 crore during the same period. The specialty chemical manufacturer’s board has declared a final dividend of Rs 2.5 per share.

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Zee Entertainment announces merger with Sony Pictures Networks India

The Board of Directors of Zee Entertainment Enterprises Ltd (ZEEL) has given in-principal approval for the company’s merger with Sony Pictures Network India. Both companies have entered into a non-binding term sheet to combine linear networks, digital assets, production operations, and program libraries. The merged entity will be a publicly listed company in India. Sony’s shareholders will infuse $1.575 billion (~Rs 11,600 crore) and hold a 52.93% stake in the merged entity. Meanwhile, ZEEL’s shareholders will hold a 47.07% stake.

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KPIT Tech to acquire 25% stake in Germany-based Future Mobility

The Board of Directors of KPIT Technologies has approved the acquisition of a 25% stake in Germany-based Future Mobility Solutions GmbH (FMS). The company will acquire the remaining stake over the next three years. The total consideration for the acquisition will not exceed €15.6 million (~Rs 135 crore). FMS is engaged in software and feature development in autonomous driving, advanced driver-assistance systems (ADAS), and vehicle safety.

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IDFC shareholders reject Vinod Rai’s reappointment to the board

The shareholders of IDFC Limited have rejected a resolution to re-appoint Vinod Rai as a non-independent, non-executive director of the company’s board. At IDFC’s annual general meeting, 62.3% of the shareholders voted against the resolution while 37.7% voted in support. Rai is currently the non-executive chairman of IDFC, and his term as an independent director ended on July 30.

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Ashoka Buildcon to acquire 49% stake in Ashoka Highways (Durg)

Ashoka Concessions (ACL) has entered into a share purchase agreement with Highway Concessions One (HC1) for purchasing a 49% stake held by HC1 in Ashoka Highways (Durg) Ltd (AHDL). The aggregate consideration for the acquisition is Rs 5 crore. ACL is a subsidiary of Ashoka Buildcon Ltd. The company already holds 51% of the issued, subscribed, and paid-up capital of ADHL.

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Excise Dept asks SpiceJet to pay GST dues of Rs 285 crore to Haryana

The Excise and Taxation Department of Haryana has asked SpiceJet Ltd to clear Goods and Services Tax dues of Rs 285.86 crore after rejecting the airline’s proposal to clear its admitted dues in installments. As per a tax authority order, SpiceJet owes Rs 163.22 crore in forward charge liability and a reverse charge liability of Rs 122.64 crore from 2019-20 till September 7, 2021.

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Jubilant Ingrevia divests 10% stake in Safe Foods Corp

Jubilant Life Sciences International-Singapore, a wholly-owned subsidiary of Jubilant Ingrevia, has divested its 10% stake in US-based Safe Foods Corporation. The consideration received for the stake sale is $18.2 million (~Rs 134.2 crore). Jubilant Ingreviais is a global integrated life science products and innovative solutions provider that serves the pharma and agrochemical industries.

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Ramkrishna Forgings secures order worth Rs 65 crore in mining & earthmoving segment

Ramkrishna Forgings Ltd has secured an order worth Rs 65 crore from an Indian arm of Hitachi for supplying mining and earthmoving components. The order will be executed in FY22 and FY23. Kolkata-based Ramkrishna Forgings manufactures and supplies open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel.

Paras Defence IPO subscribed 40.57 times on second day

The Rs 170.78 crore initial public offering (IPO) of Paras Defence and Space Technologies Ltd was subscribed 40.57 times on the final day of bidding. The IPO has received bids for 28.96 crore equity shares against the issue size of 71.40 lakh shares. Retail investors have subscribed 68.57 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 26.32 times and 1.67 times, respectively, against their reserved portions.

To learn more about the IPO, click here.

Route Mobile to raise Rs 2,000 crore via QIP

The Board of Directors of Route Mobile Ltd has approved a proposal for raising up to Rs 2,000 crore. The company will issue equity shares or non-convertible debt instruments on a private placement basis in one or more rounds. Route Mobile’s board will convene an Extraordinary General Meeting (EGM) on October 16, 2021, to seek the approval of the members for the proposed fund-raising activities.