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Godrej Consumer Reports 59% YoY Rise in Net Profit in Q4 – Top Indian Market News

Godrej Consumer Q4 Results: Net profit rises 59% YoY to Rs 366 crore

Godrej Consumer Products Ltd (GCPL) reported a 59.13% year-on-year (YoY) increase in consolidated net profit to Rs 365.84 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 27%. Its revenue from operations rose 27% YoY to Rs 2,705.69 crore during the same period. GCPL’s revenue from the Indian market was up 34.63% YoY to Rs 1,499.74 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 14.98% YoY to Rs 1,720.82 crore. GCPL said localised lockdowns could impact frontline servicing and replenishment of its outlets.

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JSW Hydro raises $707 million in first offshore bond issuance

JSW Hydro Energy, a subsidiary of JSW Energy Ltd, has raised $707 million (~Rs 5,185 crore) through its first-ever offshore bond issuance. The proceeds from the issue will be used to repay the existing debt of the company’s two operational hydro projects. The senior secured notes will bear interest from May 18, 2021, to May 18, 2031, at the rate of 4.125% per annum. The bonds will be listed on the Singapore Exchange (SGX).

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Moody’s cuts India’s FY22 GDP forecast to 9.3%

Rating agency Moody’s has slashed India’s gross domestic product (GDP) forecast for FY 2021-22 to 9.3% from the earlier projection of 13.7%. The downward revision in GDP estimates comes on the back of the second wave of Covid-19 infections across the country, which have triggered localised lockdowns and mobility curbs. Moody’s stated that the second wave will slow the near-term economic recovery and could also affect long-term growth dynamics.

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Infosys announces strategic collaboration with Britvic

Infosys Limited announced that it has been selected by UK-based Britvic as an end-to-end partner to help them deliver their strategic digital transformation roadmap and operations. Britvic is one of the leading branded soft drinks businesses in Europe. The IT services major will simplify and streamline Britvic’s cloud infrastructure and operations using its Infosys Cobalt platform.

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Granules India Q4 Results: Net profit rises 38% YoY to Rs 128 crore

Granules India Ltd reported a 38.15% YoY increase in consolidated net profit to Rs 127.6 crore for the quarter ended March (Q4). Its revenue from operations rose 33% YoY to Rs 799.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.8% YoY to Rs 549.45 crore. The pharma company’s board has recommended a final dividend of Rs 0.75 per share.

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JSW Steel’s crude steel out jumps two-fold to 13.71 LT in April

JSW Steel Limited said its crude steel output jumped over two-fold to 13.71 lakh tonnes (LT) in April 2021. The company had produced 5.63 LT in the same month last year. Crude steel output has declined by 5% when compared with March 2021. JSW Steel’s production of flat-rolled products rose three-fold to 9.57 LT, compared with 3.44 LT in April 2020. It produced 3.37 LT long-rolled products in April 2021, compared with 0.89 LT in April 2020.

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UPL signs licensing agreement with Japan-based Meiji Seika Pharma

UPL Limited said its subsidiary has entered into a licensing agreement with Japan-based Meiji Seika Pharma Co. Ltd for exclusive access to Flupyrimin in Southeast Asia. Flupyrimin is a patented active ingredient developed by Meiji. It is a novel insecticide that is effective against rice pests. UPL will obtain exclusive rights to develop, register, and commercialise formulations of Flupyrimin for applications in rice in Southeast Asia.

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Siemens Q2 Results: Net profit rises 90% YoY to Rs 334 crore

Siemens Limited reported a 90.3% YoY increase in consolidated net profit to Rs 334.4 crore for the quarter ended March (Q2 FY21). The company follows the October-September financial year cycle. On a quarterly basis, net profit has risen by 13.16%. Its total income rose 30% YoY to Rs 3,540 crore during the same period. Siemens registered new orders from continuing operations worth Rs 3,309 crore, registering a 16.9% rise compared with the same period last year (Q2 FY20). 

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Firstsource Solutions Q4 Results: Net profit falls 49% YoY to Rs 46 crore

Firstsource Solutions Ltd (FSL) reported a 49% YoY decline in net profit to Rs 46.68 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 61%. The company’s revenue from operations rose 35% YoY (or 7% QoQ) to Rs 1,460 crore during the same period. Its BFSI vertical grew 66% YoY to Rs 758 crore, while the communications, media, and technology (CMT) vertical grew 23% YoY to Rs 300.94 crore. FSL is a leading business process management (BPM) company based in Mumbai.

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Linde India Q1 Results: Net profit jumps 676% YoY to Rs 303 crore

Linde India Limited reported a 676% YoY jump in consolidated net profit to Rs 303.23 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. On a quarterly basis, net profit increased by 433.8%. Its consolidated revenue rose 17% YoY to Rs 441.42 crore during the same period. The rise in profit has been primarily due to an exceptional item worth Rs 294 crore.

Indiabulls Housing Finance to divest its mutual fund business to Groww for Rs 175 crore

Indiabulls Housing Finance has entered into a definitive agreement with Nextbillion Technology Pvt. Ltd (which operates Groww) to divest its entire stake in the mutual fund business of its subsidiaries— Indiabulls Asset Management Co. Ltd and Indiabulls Trustee Co. Ltd for Rs 175 crore. The deal includes a cash equivalent of Rs 100 crore to be invested in Groww. The transaction is expected to be completed by June 30, 2022. Indiabulls Housing said it will narrow focus on its real estate asset management business, as it looks to operate with an asset-light strategy. 

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Kalpataru Power Q4 Results: Net profit falls 43% QoQ to Rs 174 crore

Kalpataru Power Transmission reported a 43.51% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 174 crore for the quarter ended March (Q4). Net profit has jumped 461% YoY.  Its revenue from operations rose 16% QoQ (or 15.8% YoY) to Rs 4,086 crore during the same period. For the financial year ended March 31, 2021 (FY21), its net profit has increased by 72.05% YoY to Rs 671 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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Govt Approves Rs 10,900 crore PLI Scheme for Food Processing Sector – Top Indian Market News

Govt approves Rs 10,900 crore PLI scheme for food processing sector

The Union Cabinet has approved the extension of a production-linked incentive (PLI) scheme for the food processing sector. An outlay of Rs 10,900 crore has been approved as incentives for domestic manufacturing in the sector. This PLI scheme will help create 2.5 lakh jobs by 2026-27, boost exports, and facilitate the expansion of India’s food processing capacity to generate processed food output worth Rs 33,496 crore. The incentives under the PLI scheme would be paid for six years ending 2026-27.

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Kalpataru Power bags new orders worth Rs 625 crore

Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 625 crore in the domestic and overseas markets. The company’s power transmission business has won orders from Africa and another order for railway electrification in India. KTPL’s international subsidiary has also received new power transmission projects in Europe. With these new orders, KTPL’s overall order book for FY 2020-21 has exceeded Rs 16,000 crore at the consolidated level.

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India’s core sector output contracts 4.6% in February

The output of eight core infrastructure sectors contracted 4.6% in February 2021. Coal production declined by 4.4% last month, while petroleum refinery production declined by 10.9%. Natural gas and crude oil production declined by 1% and 3.2%, respectively. Cement production fell by 5.5%. This signifies India’s uncertain path to recovery amidst the second wave of Covid-19 infections. The data was released by the Ministry of Commerce and Industry.

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IRB Infra Developers secures two highway projects

IRB Infrastructure Developers has won a highway project in West Bengal worth Rs 2,421 crore, which involves six-laning of the Dankuni-Palsit section of NH-19. The company has also secured a Hybrid Annuity Mode (HAM) project worth Rs 828 crore in Himachal Pradesh for four-laning of the Pathankot-Mandi section of NH-20. With these two projects, IRB Infra closes FY 2020-21 with a total order book of Rs 5,004 crore

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Piramal Pharma to acquire 100% stake in Hemmo Pharma for Rs 775 crore

Piramal Pharma Solutions (PPS) will acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd for Rs 775 crore. PPS is the contract development and manufacturing organization of Piramal Pharma Ltd. Through this acquisition, PPS will gain access to the growing peptide active pharmaceutical ingredients (APIs) market. With over 38 years of experience, Hemmo Pharma is one of the few pure-play synthetic peptide API manufacturers in the global marketplace.

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SpiceJet partners with Avenue Capital to acquire 50 new aircraft

SpiceJet Limited has signed a Memorandum of Understanding (MoU) with New York-based Avenue Capital Group for financing, acquisition, and sale & lease-back of up to 50 new planes. The MoU sets out the next steps and conditions upon which Avenue Capital will assist with placing SpiceJet’s new aircraft portfolio. SpiceJet has identified the new planes to be ordered as a unique opportunity for investment.

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KNR Construction secures LoA for road project in Kerala

KNR Constructions Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Kerala. The project consists of six-laning of the Ramanattukara Junction to Valnechery bypass section of NH-66 on a Hybrid Annuity Mode (HAM). The project bid cost is Rs 2,367 crore, and the company’s bid price is Rs 2,116 crore.

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M&M’s Japanese subsidiary collaborates with Kubota

The Japanese subsidiary of Mahindra & Mahindra (M&M), Mitsubishi Mahindra Agricultural Machinery, and Kubota Co. have entered into a business collaboration arrangement. The partnership will focus on expanding mutual OEM (original equipment manufacturing) supply arrangements, joint utilisation of Internet of Things (IoT), and other sophisticated technology solutions. Both companies will explore opportunities in product development for the Japanese market.

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Bharti Airtel receives CERT-IN empanelment to offer cybersecurity services to Union, State govt

Bharti Airtel Limited has received the CERT-IN empanelment to offer its cybersecurity solutions to Union and State governments, as well as Public Sector entities. The Indian Computer Emergency Response Team (CERT-IN) is the nodal agency within the Ministry of Electronics and IT, which deals with cybersecurity threats and works to strengthen the defense of the Indian internet domain. As part of Airtel Secure, Bharti Airtel has set up a state-of-the-art Security Intelligence Centre with access to advanced technology and AI and ML tools to track and mitigate potential online threats.

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Welspun One Logistics Parks launches integrated online platform for landowners, brokers

Welspun One Logistics Parks (WOLP) has launched a first-of-its-kind integrated online platform, “Partner Portal”, for landowners and brokers. The platform is aimed at digitisation of the land buying and leasing process in the industrial real estate sector. The company said it has already seen active participation from several users through the pilot launch phase. WOLP is an integrated funding, development, and asset management platform backed by the Welspun Group.

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India’s Services PMI Rises to 55.3 in February – Top Indian Market News

India’s services PMI rises to 55.3 in February

India’s services activity expanded at the fastest rate in a year in February. This was driven by an extended robust recovery in domestic demand. However, employment had fallen further and overall input costs increased last month. The IHS Markit Purchasing Managers’ Index (PMI) for services stood at 55.3 in February, compared to 52.8 in January. PMI is a month-on-month calculation and a value of more than 50 represents an expansion when compared to the previous month. 

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Tata Power to develop 15 MW solar project for Tata Steel in Jamshedpur

TP Saurya, a wholly-owned subsidiary of Tata Power Ltd, has signed a Power Purchase Agreement (PPA) with Tata Steel Ltd (TSL) to develop a 15 megawatt (MW) solar power project in Jamshedpur, Jharkhand. The energy will be supplied to TSL under the PPA, which is valid for a period of 25 years from the scheduled commercial operation date. The project will be commissioned within 6 months.

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SpiceJet partners with WheelTug for reserving electric taxi system production slots

SpiceJet Limited has partnered with WheelTug Plc for reserving 400 production slots for the electric taxi system. This system allows SpiceJet to move an aircraft forward or backward without powering its engines or using external tugs. It will help the airline in saving fuel, cut costs, and also reduce carbon emissions.

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MTAR Tech IPO subscribed 3.68 times on first day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 3.68 times on the first day of bidding. The issue received bids for 2.67 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 6.93 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 1.02 times. 

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Infosys secures $500 million deal from Google: Report

As per a report from Economic Times, Infosys Limited has won a nearly $500 million (~Rs 3,640 crore) deal from Alphabet Inc.’s Google to provide customer experience and engineering support for its products. The report states that this is “one of the largest all-digital deals” in customer experience services.

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Mahindra Logistics, Bajaj Electricals signs logistics agreement worth Rs 1,000 crore

Mahindra Logistics Ltd (MLL) has signed an agreement with Bajaj Electricals Ltd (BEL) to handle its end-to-end logistics network and solutions. The total contract value will be over Rs 1,000 crore over the next 5 years. MLL has developed a fully redesigned and consolidated logistics network for BEL. The network includes storage optimization, transportation management, and inventory movement services.

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Power Mech Projects secures multiple orders worth Rs 734 crore

Power Mech Projects Ltd announced that it has received Letters of Award (LoAs) for orders worth Rs 734 crore. The construction firm has won an order worth Rs 401 crore for the operation and maintenance of boilers & auxiliaries and other miscellaneous works of the 4×660 megawatt (MW) Thermal Power Plant of Vedanta Ltd in Jharsuguda, Odisha. The company has also won an order of Rs 198 crore for engineering, procurement, and construction (EPC) works for Kurmitar Iron Ore Mining Pvt Ltd in Odisha.

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Kalpataru Power Transmission secures orders worth Rs 1,554 crore

Kalpataru Power Transmission Ltd has secured orders worth Rs 1,554 crore. The orders include those from India, the Commonwealth of Independent States (countries such as Azerbaijan, Armenia, Georgia, etc), and Latin America in the power transmission business. The company’s international subsidiary has also received new power transmission projects in Europe.

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Bank of Baroda raises Rs 4,500 crore through QIP

Bank of Baroda has raised Rs 4,500 crore through a qualified institutional placement (QIP). The capital raising committee of the bank’s board has approved the issue and allotment of 55.07 crore equity shares to eligible qualified institutional buyers (QIBs) at Rs 81.70 per share. The issue had opened on February 25 and closed on March 2. 

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RPP Infra secures orders worth Rs 1,000 crore

RPP Infra Projects said it has won four work orders worth Rs 1,000 crore. The company has received an order from the Tamil Nadu Water Supply and Drainage Board for Rs 131.14 crore. It has also bagged an order worth Rs 558.66 crore from the Highways Department as part of the Chennai-Kanyakumari Industrial Corridor project. The third order is from the Chennai Municipal Corporation’s Storm Water Drain department, which is worth Rs 187.14 crore. The fourth order is from the Water Resource Department, Tamil Nadu for the renovation, extension, and modernisation of the Lower Bhavani Project main canal in Erode District worth Rs 123.07 crore.

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