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Key Levels Taken Out! Bearishness Continues – Post-Market Analysis

NIFTY started the day flat at 19,286. After an initial up-move to 19,350 levels, the index fell 270 points to 19,075. During the decline, Nifty tried taking support at 19,200 levels, took rejection near yesterday’s low, and continued the fall. The index consolidated post 1:30 PM and finally closed at 19,122, down by 159 points or 0.83%.

Nifty chart October 25 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,308 with a gap-up of 157 points.  After an initial consolidation, the index fell nearly 600 points from the intraday high (continuing the fall from yesterday). BNF closed at 42,832, down by 319 points or 0.74%.

Bank Nifty chart October 25 - post-market analysis | marketfeed

All major indices except Nifty PSU Bank (+0.17%) and Nifty Metal (+0.15%) closed in the red. Nifty Media (-1.6%) and Nifty IT (-1.03%) fell the most.

Major Asian markets closed in the green. European markets are currently trading up to 0.4% in the red.

Today’s Moves

Coal India (+1.37%) was NIFTY50’s top gainer. ICICI Securities has maintained a ‘Buy’ advisory on the stock and raised its target price from ₹325 to ₹395. 

Welspun India (+11.2%) hit a one-year high after the company posted strong Q2 results on the back of higher demand for home linens.

Amber Enterprises (+6.49%) jumped after several analysts raised the stock’s target price even as the company’s losses for Q2 FY24 widened over last year.

Infosys (-2.7%) was NIFTY50’s top loser. The stock turned ex-dividend today.

Shares of Jubilant Pharmova (-7.7%) fell sharply today.

Markets Ahead

Bearishness continues in the Indian market! Nifty and Bank Nifty have broken down major supports. After this fall, the indices might undergo volatility or a small retracement.

Nifty: The important support for the index is near 18,900 levels, which is a bit far from the spot. It is a major target that could be expected in the coming days. The index may retrace a bit in between. Meanwhile, the major resistance will now be 19,200 levels (the earlier support levels). If that level is crossed, the targets could be 19,260 and 19,350.

Bank Nifty: The next major support to consider in BNF is 42,500. The major resistance level to watch out for will be 43,000. If that level is breached, we can expect the index to move up to 43,180 and 43,450 levels. But for a major trend reversal, the index has to cross 43,700.

Major indices have stretched a lot on the downside over the past few days. So a retracement or some profit booking could be seen going forward, which can take the markets up a little. But look for sell-on-rise opportunities only till major resistances are crossed.

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Tata Comm’s Net Profit Falls 30% YoY to Rs 381Cr in Q1 – Top Indian Market Updates

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

Tata Communications Q1 Results: Net profit falls 30% YoY to Rs 381 crore

Tata Communications reported a 29.8% YoY fall in consolidated net profit to ₹381.7 crore in Q1 FY24. Its total revenue stood at ₹4,771 crore, up 10.7% from last year. EBITDA fell 4.9% YoY to ₹1,024 core against ₹1,077 crore in Q1 FY23. The net profit was impacted by higher interest costs and lower foreign exchange gains against the first quarter of FY23.

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TCS extends long-standing partnership with GE HealthCare

Tata Consultancy Services (TCS) has expanded its long-standing partnership with GE HealthCare Technologies Inc. to help the company transform its IT operating model. The transformation would enable GE HealthCare to bring intelligent care solutions to over one billion patients across more than 160 countries. TCS will manage the development, maintenance, rationalization, and standardization of its enterprise IT applications.

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Bikaji Foods acquires 49% stake in Bhujialalji for Rs 5 crore

Bikaji Foods International Ltd has acquired a 49% stake and 396 Compulsorily Convertible Debentures (CCDs) in Bhujialalji Pvt. Ltd.  Bhujilalji is an upcoming company in the ethnic snacks industry. The deal comprised 9,608 equity shares and 396 CCDs at ₹5100 value per security aggregating to ₹5.10 crore. The face value is ₹10 per equity share. The acquisition is completed on July 19, 2023.

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Jubilant Pharmova Q1 Results: Net profit falls 87% YoY to Rs 6 crore

Jubilant Pharmova reported a 87% YoY fall in consolidated net profit to ₹6 crore for the quarter ended June (Q1 FY24). The company posted a consolidated net profit of ₹46.8 crore in Q1 FY23. However, the total revenue for the quarter increased 9.53% YoY to ₹1,586.9 crore. Total expenses in the first quarter were at ₹1,568.9 crore, as compared to ₹1,393.8 crore in Q1 last year.

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Torrent Power commissions 115 MW wind power project in Gujarat

Torrent Power Ltd has successfully commissioned a 115-megawatt (MW) capacity wind power project in Gujarat. Furthermore, the company has commissioned this wind project through its wholly-owned subsidiary Torrent Solargen Ltd. The wind power project is located in Devbhumi Dwarka district of Gujarat. Torrent Power managed to bag the 115 MW project through a competitive bidding procedure conducted under the Solar Energy Corporation of India (SECI) Wind Tranche V.

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Tata Motors to build electric car battery factory in UK for $5 Bn

Tata Motors will build an electric vehicle battery plant in the UK to supply its Jaguar Land Rover factories.  The company will build its first gigafactory outside of India in Britain with an investment of 4 billion pounds ($5.2 billion), thus creating up to 4,000 jobs. The factory will also produce an initial output of 40 gigawatt hours. In addition to this, the move will provide a major boost for the UK car industry in need of domestic battery production to help secure its future.

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L&T Finance Q1 Results: Net profit Jumps 103% YoY to Rs 531 crore

L&T Finance Holdings reported a 103% YoY increase in net profit to ₹531 crore for the quarter ended June (Q1 FY24). The company posted a consolidated net profit of ₹262 crore in Q1 FY23. Furthermore, the company’s Net Interest Income (NII) stood at ₹1,644 crore, up 15% YoY against ₹1,433 crore in Q1 last fiscal. The total revenue for the quarter increased 9.53% YoY to ₹1,586.9 crore from ₹1,451.7 crore.

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Mastek buys US-based BizAnalytica in boost for AI capabilities

Mastek Ltd has acquired BizAnalytica, a premier data cloud and modernisation solutions provider headquartered in Boston, USA. The strategic acquisition will bolster Mastek’s global data cloud services and generative AI capabilities. It will also grant access to a talented pool of qualified data architects and scientists. BizAnalytica offers end-to-end data cloud and modernisation solutions, including architectural design, system integration, data migration, automation, management, warehousing, and analytics.

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Retail sales grow 7% in June, says Retailers Association of India

According to the Retailers Association of India (RAI), India’s retail sales grew  7% YoY in June. The quick service restaurant (QSR) category continued to be slow growing at 8%. Categories like beauty and wellness and apparel also grew 8% and 7% in June.  This comes as a result of consumers cutting down discretionary spending amidst high inflation.

Read more here.

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Adani Ports’ Net Profit Rises 5% YoY to Rs 1,159Cr in Q4 – Top Indian Market Updates

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

Adani Ports Q4 Results: Net profit rises 5% YoY to Rs 1,159 crore

Adani Ports reported a 5% YoY increase in consolidated net profit to Rs 1,159 crore for the quarter ended March (Q4 FY23). Its consolidated revenue rose 40% YoY to Rs 5,797 crore during Q4 FY23. EBITDA stood at Rs 3,270.7 crore, up 59% YoY. The company’s board has recommended a dividend of Rs 5 per equity share.

Read more here.

Inox Wind receives 150 MW order from NTPC Renewable Energy

Inox Wind secures a 150 MW wind power project order from NTPC Renewable Energy. The project will be located in Gujarat and Inox Wind will supply and install Wind Turbine Generators, as well as handle operation and maintenance services. This brings Inox Wind’s total orders from NTPC to 550 MW. The addition will expand Inox Wind’s O&M fleet and contribute to overall profitability.

Read more here.

India’s growth momentum likely to be sustained in FY24: RBI

India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, the Reserve Bank of India (RBI) said in its Annual Report 2022-23. The central bank added that the economy will be supported by sound macroeconomic policies, softer commodity prices, a robust financial sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains.

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Jubilant Pharmova’s Canada unit gets OAI status

Jubilant Pharmova’s Canadian unit gets Official Action Indicated (OAI) status from the US Food & Drug Administration (USFDA). The USFDA might not approve applications or supplements for Jubilant Pharmova’s Montreal facility. The regulator inspected the facility in February 2023 and found objectionable conditions. Jubilant HollisterStier, a subsidiary of Jubilant Pharmova, is working with the USFDA to address the observations within the given timeframe.

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Mankind Pharma Q4 Results: Net profit jumps 50% YoY to Rs 285 crore

Mankind Pharma reported a 50% YoY increase in consolidated net profit to Rs 285 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 19% YoY to Rs 2,053 crore during Q4 FY23. For FY23, the company reported an 11% fall in consolidated net profit to Rs 1,282 crore, despite a 12.4% growth in revenue to Rs 8,749 crore.

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Triveni to expand capacity of its existing plants

Triveni Engineering & Industries will invest Rs 85 crore in expanding its sugar business. The company plans to increase the capacity of its sugar unit in Uttar Pradesh by 2,000 tonnes of cane per day, raising it from 7,000 Tonnes of Cane per Day (TCD) to 9,000 TCD. This expansion will bring the company’s total crushing capacity to 63,000 TCD according to the company.

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Sun Pharma signs pact with Philogen to commercialise skin cancer drug

Sun Pharma has partnered with Philogen SpA to commercialize an under-development skin cancer drug called Nidlegy in Europe, Australia, and New Zealand. Nidlegy, currently in Phase III clinical trials, is being developed by Philogen for the treatment of melanoma and non-melanoma skin cancers. Sun Pharma will hold exclusive rights to commercialize the product and will share post-commercialization economics with Philogen in a 50:50 ratio.

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Apollo Hospitals Q4 Results: Net profit jumps 50% YoY to Rs 146 crore

Apollo Hospitals reported a 50% YoY increase in net profit to Rs 146 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 21% YoY to Rs 4,303 crore during Q4 FY23. EBITDA stood at Rs 488 crore, up 5% YoY. The company’s board has recommended a dividend of Rs 9 per equity share.

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Prestige Estates acquires DB Group’s balance stake in 2 Mumbai projects for Rs 1,176 crore

Prestige Estates Projects has acquired the remaining stake in two projects located in Mumbai’s Bandra-Kurla Complex (BKC) and Mahalaxmi locality from DB Group. The total cost of the acquisitions amounts to over Rs 1,176 crore. The projects are expected to be completed within the next 3-4 years. These strategic acquisitions will allow Prestige Estates Projects to strengthen its ownership in these prime assets and significantly enhance the value of its annuity rental portfolio.

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V-Guard Q4 Results: Net profit falls 41% YoY to Rs 53 crore

V-Guard Industries reported a 41% YoY fall in consolidated net profit to Rs 52.73 crore in Q4 FY23. However, its operating revenue rose 7% YoY to Rs 1,140 crore during Q4 FY23. EBITDA stood at Rs 99 crore, down 12% YoY. The company’s board has announced a dividend of Rs 1.3 per equity share.

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Shriram Properties reports highest-ever sales volumes of in FY23

Shriram Properties Ltd (SPL) has reported the highest-ever sales volumes of 4.02 million sq. ft (msf) in FY23 with sales value reaching a new high of Rs 1,846 crore, up 25% YoY, supported by higher volumes, better realisation, change in product mix and the impact of seven launches. Gross collections stood firm at Rs 1,200 crore. SPL completed seven projects with an aggregate development area of 3.8 msf during the year.

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Patanjali Foods Q4 Results: Net profit rises 13% YoY to Rs 264 crore

Patanjali Foods Ltd reported a 13% YoY rise in standalone net profit to Rs 264 crore in Q4 FY23. The profit stood at Rs 234 crore in the same period last year. Its operating revenue also rose 18% YoY to Rs 7,873 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 6 per equity share.

Read more here.

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Adani Repays Rs 4,000Cr Bridge Loan – Top Indian Market Updates

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

Adani Group repays $500 million bridge loan

The Adani Group has repaid a $500 million bridge loan due on March 9, a portion of the loan from global banks amounting $4.5 billion, to finance the purchase of Holcim Ltd’s cement assets last year. The money was released to lenders on Tuesday. Some banks had hesitated to refinance the debt following the Hindenburg incident.

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Alembic Pharma gets final USFDA approval for hypertension drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application of Prazosin Hydrochloride Capsules. The drug is used for the treatment of hypertension (to lower blood pressure). According to IQVIA data, the product has an estimated market size of $50 million for the 12 months ending December 2022.

Read more here.

IOC to develop Haldia refinery into petrochemicals complex

Indian Oil Corporation (IOC) is set to develop its existing refinery in West Bengal’s Haldia into a petrochemicals complex for sustaining operations profitably. IOC has sought land from Hindustan Fertilizer Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex.

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Ashok Leyland rolls out Embrace Equity programme

Ashok Leyland has launched a new campaign called ‘Embrace Equity’ commemorating International Women’s Day being celebrated. The initiative is an attempt to provide women with equal opportunities. The automaker has invited 100 women to New Delhi to be trained on driving commercial vehicles at its training institute.

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Adani Power amalgamates six subsidiary companies

Adani Power has amalgamated six of its subsidiaries with itself. An amalgamation of six wholly-owned subsidiary companies of Adani Power Ltd (APL)– Adani Power Maharashtra Ltd (APML), Adani Power Rajasthan Ltd (APRL), Udupi Power Corporation Ltd (UPCL), Raipur Energen Ltd (REL), Raigarh Energy Generation Ltd (REGL), and Adani Power (Mundra) Ltd (APMuL)– with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal.

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Jio extends 5G coverage to 27 more cities, now covers 331 cities across India

Reliance Jio has launched its 5G services in 27 more cities of 13 states and union territories to extend its network of ultra-high-speed telephony to 331 cities across India. Jio True 5G is now available in 27 additional cities in states like Andhra Pradesh, Chhattisgarh, Jammu & Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal.

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Jubilant Pharmova’s API facility in Karnataka gets VAI status from USFDA 

​​Jubilant Pharmova Ltd’s Active Pharmaceutical Ingredients (API) manufacturing facility at Nanjangud in Karnataka has been assigned a Voluntary Action Indicated (VAI) status by the US Food & Drug Administration. The VAI classification is issued when ‘objectionable conditions or practices are found during the inspection but the agency is not prepared to take or recommend any administrative or regulatory action’. VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’.

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India imposes money laundering provisions on crypto sector

The Finance Ministry has imposed anti-money laundering legislation to crypto trading, safekeeping, and related financial services in a move to tighten oversight of digital assets. The move by India aligns with a global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers.

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HDB Financial Services flags data breach at service provider

HDB Financial Services (a subsidiary of HDFC Bank) had a data breach at one of its service providers which processes customer information. HDB is working with a regulator and an office of the government to investigate the incident. HDFC Bank said it was not affected by the incident.

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Future Enterprises admitted for insolvency

Future Enterprise has been admitted to insolvency resolution requiring the firm to be auctioned to recover unpaid dues. In a regulatory filing, The Mumbai bench of the National Company Law Tribunal has ordered the commencement of corporate insolvency resolution process (CIRP). The NCLT appointed a resolution professional to manage the affairs of the company till it is sold to a successful bidder.

Read more here.

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Wipro Reports 36% YoY Rise in Net Profit in Q1 – Top Indian Market News

Wipro Q1 Results: Net profit rises 36% YoY to Rs 3,243 crore

Wipro Limited reported a 36.65% year-on-year (YoY) increase in consolidated net profit to Rs 3,242.6 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.09% when compared to the previous quarter. The IT company’s revenue from operations rose 22.4% YoY (or 12.4% QoQ) to Rs 18,252 crore during the same period. Wipro secured eight large deals worth $715 million (~Rs 5,330 crore) in Q1. However, the attrition rate jumped from 12.1% in Q4 FY21 to 15.5% in Q1 FY22.

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Reliance in advanced talks to acquire Justdial: Report

According to a report from ET Now, Reliance Industries Ltd (RIL) is in advanced talks to acquire local search engine Justdial from its promoters in a deal worth Rs 5,920 crore-6,660 crore. The report further states that this acquisition will allow Reliance Retail to leverage the merchant database of the 25-year-old local discovery platform and its network across India. Justdial will evaluate fundraising proposals at its scheduled board meeting tomorrow (July 16).

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RBL Bank partners with Visa after RBI bans Mastercard

RBL Bank has entered into a partnership with Visa Worldwide to start the issuance of credit cards on the Visa platform. The lender will be able to issue new cards after technology integration with Visa, which is expected to take 8-10 weeks. The move comes after the Reserve Bank of India (RBI) indefinitely barred US-based Mastercard from issuing new credit, debit, and prepaid cards for its failure to comply with data storage norms. The ban takes effect on July 22.

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Zomato IPO subscribed 4.8 times on second day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 4.8 times on the second day of bidding. The IPO has received bids for 344.76 crore equity shares against the issue size of 71.92 crore shares. Retail investors have subscribed 4.73 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 45% and 7.07 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

Kolte-Patil Developers partners with Planet Smart City to develop 15,000 housing units

Kolte-Patil Developers Ltd has created a residential development platform with Planet Smart City to develop 15,000 housing units. The joint entity will primarily focus on developing aspirational housing projects in Pune, Mumbai, and Bengaluru. The platform will enable Kolte-Patil Developers to capture structured outright land purchase transactions while maintaining a sound balance sheet.

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Angel Broking Q1 Results: Net profit jumps 156% YoY to Rs 121.36 crore

Angel Broking Ltd reported a 156% YoY jump in consolidated net profit to Rs 121.36 crore for the quarter ended June (Q1 FY22). Net profit has increased by 19.09% when compared to the previous quarter. Its total income rose 92.42% YoY (or 13.28% QoQ) to Rs 474.48 crore during the same period. The company’s board has declared an interim dividend of Rs 5.15 per share. Angel Broking crossed the 5 million client milestone in June 2021. Its board has also approved a proposal to change the company name to ‘Angel One’ or ‘Angel One Fintech’.

USFDA issues import alert on Jubilant Pharmova’s Roorkee plant

The US Food & Drug Administration (USFDA) has placed an import alert on Jubilant Pharmova’s manufacturing plant in Roorkee (Uttarakhand). USFDA had conducted an inspection of the formulations plant in March 2021. Earlier, the Roorkee facility had received an Official Action Indicated (OAI) from the agency in December 2018, followed by a warning letter in March 2019. Jubilant Pharmova said it will engage with USFDA to resolve the import alert at the earliest and ensure Current Good Manufacturing Practice (cGMP) compliance. 

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LTI Q1 Results: Net profit rises 19.13% YoY to Rs 496 crore

Larsen & Toubro Infotech (LTI) Ltd reported a 19.13% YoY increase in net profit to Rs 496.3 crore for the quarter ended June (Q1 FY22). Net profit has declined by 8.97% when compared to the previous quarter. Its total income rose 18.88% YoY (or 6.28% QoQ) to Rs 3,584 crore during the same period. LTI is a global information technology (IT) solutions and services company based in Mumbai.

BLS International ties up with Flipkart for last-mile delivery services

BLS International Services Ltd has announced a partnership with Flipkart to provide last-mile delivery services across India. The company works with over 46 client governments, including Diplomatic Missions, Embassies & Consulates, and leverages technology and processes that ensure data security. BLS has more than 12,000 centres globally, with 15,000+ employees and associates that provide consular, biometrics, and citizen services. 

Read more here.

Tata Elxsi Q1 Results: Net profit rises 64% YoY to Rs 113.37 crore

Tata Elxsi Limited reported a 64.61% YoY increase in net profit to Rs 113.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 1.55% when compared to the previous quarter. Its total income rose 39.11% YoY (or 9.63% QoQ) to Rs 575.81 crore during the same period. Tata Elxsi is a leading design and technology services provider based in Bengaluru.  

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RBI Keeps Policy Rates Unchanged; Cuts FY22 GDP Forecast to 9.5% – Top Indian Market News

RBI keeps policy rates unchanged, cuts FY22 GDP growth to 9.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance as long as necessary to support growth and keep inflation within the target. RBI has projected real GDP growth of 9.5% for the current financial year (FY22), which is lower than its earlier estimate of 10.5%. The central bank will create a special liquidity window of Rs 15,000 crore to support the hotel, tourism, and aviation sectors.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

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Bharat Forge Q4 Results: Net profit at Rs 212 crore

Bharat Forge Limited reported a consolidated net profit of Rs 212.12 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 68.59 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 16.36% YoY to Rs 2,082.85 crore in Q4 FY21. Bharat Forge reported a net loss of Rs 126.97 crore for the financial year 2020-21 (FY21). This is compared to a net profit of Rs 349.25 crore in FY20. The company’s board has recommended a final dividend of Rs 2 per share.

Read more here.

Tata Consumer enters premium coffee market; launches ‘Sonnets by Tata Coffee’

Tata Consumer Products Ltd (TCPL) has entered the premium roast and ground coffee segment with the launch of ‘Sonnets by Tata Coffee’. Through this brand, TCPL is targeting customers who seek a special coffee experience. They will provide microlot coffees that are limited edition offerings and are processed distinctively on the estates. Sonnets is sourced from Tata Coffee’s plantations in South India. TCPL is also entering the direct-to-consumer space in the coffee segment as it would be sold online only.

Read more here.

Jubilant Pharmova Q4 Results: Net profit declines 17% YoY to Rs 214 crore

Jubilant Pharmova Ltd reported a 17.89% YoY decline in consolidated net profit to Rs 213.90 crore for the quarter ended March (Q4). Net profit has declined by 30.98% when compared to the previous quarter. Its revenue from operations rose 3.63% YoY to Rs 1,551.69 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.94% YoY to Rs 835.87 crore. The pharma company’s board has recommended a dividend of Rs 5 per share. 

Read more here.

Glenmark Pharma gets USFDA approval for Theophylline tablets

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Theophylline extended-release (ER) tablets. The drug is used to prevent and treat wheezing, shortness of breath, and chest tightness caused by asthma, chronic bronchitis, and other lung diseases. According to IQVIA data, Theophylline ER tablets had achieved annual sales of ~$47.8 million (~Rs 348.5 crore) for the 12 months ended April 2021.

Read more here.

RailTel Corp secures order worth Rs 120 crore from Bharat Coking Coal

RailTel Corporation of India has secured an order worth Rs 119.72 crore from Bharat Coking Coal Ltd (BCCL). The work order is for the implementation of MPLS-VPN services along with miscellaneous services at 340 locations of BCCL for a period of five years. RailTel is a Mini Ratna PSU and a leading neutral telecom infrastructure provider. It has a pan-India optic fibre network on exclusive right of way along railway lines.

Read more here.

Bank of India Q4 Results: Net profit at Rs 250 crore

Bank of India reported a standalone net profit of Rs 250.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 3,571.41 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) declined by 29% YoY to Rs 2,936 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 13.77%, compared with 14.78% in the year-ago period. The bank’s net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 2,160.3 crore, compared to a net loss of Rs 2956.89 crore in FY20.

Read more here.

Tesla to start testing Model 3 in India from July-August

According to a report from CNBC-TV 18, Tesla is looking to bring Model 3 to India for testing by July or August. Tesla’s Model 3 is its most affordable and largest selling product in the world. The report further states that backend work to get the product ready for sale before the end of the year is currently underway. The cars will be brought in for testing, Automotive Research of India (ARAI) approvals, and for other regulatory compliances. Tesla will come up with company-owned showrooms in Mumbai, Bangalore, and Delhi, while it may explore a franchise-based model for its workshops in the country.

Read more here.

MOIL Q4 Results: Net profit rises 125% QoQ to Rs 116 crore

MOIL Limited reported a 125.83% quarter-on-quarter (QoQ) increase in net profit to Rs 116.03 crore for the quarter ended March (Q4). Net profit has jumped 761% when compared to the corresponding quarter last year. The mining company’s total income rose 67.7% QoQ (or 70.19% YoY) to Rs 481.56 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 28.84% YoY to Rs 176.63 crore. MOIL’s board has recommended a final dividend of Rs 4.9 per share. 

Read more here.

Jai Corp Q4 Results: Net profit jumps 415% YoY to Rs 14 crore 

Jai Corp Limited reported a 415% YoY jump in consolidated net profit to Rs 14.08 crore for the quarter ended March 2021 (Q4). Net profit has declined by 80.48% when compared to the previous quarter. Its revenue from operations rose 17.55% YoY to Rs 137.74 crore in Q4 FY21. The company’s board has proposed a dividend of Rs 0.50 per share. Jai Corp is primarily engaged in the plastic processing business in India. It also produces, processes, and trades in steel products.

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NIIT Q4 Results: Net profit at Rs 46.5 crore

NIIT Limited reported a net profit of Rs 46.5 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 0.6 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 30% YoY to Rs 275.5 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 89% YoY to Rs 143.66 crore. NIIT’s board has recommended a dividend of Rs 2.5 per share.

Read more here.