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HDFC Bank Posts 50% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

HDFC Bank Q2 Results: Net profit rises 50% to ₹15,976 crore

HDFC Bank reported a 50% YoY rise in net profit to ₹15,976 crore for the quarter ended September 2023 (Q2 FY24). Net interest income (NII) rose 30.2% YoY to ₹27,385 crore during the same period. However, the bank’s gross non-performing assets (NPA) rose 17 basis points to 1.34% in Q2. Provisions for the quarter fell 10.3% YoY to ₹2,903 crore. This is HDFC Bank’s first quarterly result post-merger.

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Wholesale inflation hits 6-month high in Sept

According to data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI)-based inflation reached a six-month high of -0.26% in September. This marks WPI’s sixth consecutive month in negative territory. The persistent deflation in factory gate prices is attributed to a high base effect and significant deceleration in food prices. Food inflation fell significantly from 10.6% in August to 3.35% in September.

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Jio Financial Q2 Results: Net profit doubles QoQ to ₹668 crore

Jio Financial Services (JFS) posted a 101.3% quarter-on-quarter (QoQ) increase in consolidated net profit to ₹668.18 crore in Q2 FY24. The company’s total income rose 47% QoQ to ₹608 crore during the same period. Share of profit of joint venture and associates rose above 3.25 times over the previous quarter to ₹217.82 crore.

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Grasim to raise up to ₹4,000 crore via rights issue

Grasim Industries Ltd’s board has approved raising up to ₹4,000 crore through a rights issue. The company will issue equity shares with a face value of ₹2 each through rights issue for an amount not exceeding ₹4,000 crore to eligible shareholders as on the record date. The record will be announced later. The board or a constituted committee of the board will decide all other terms and conditions of the rights issue.

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Federal Bank Q2 Results: Net profit rises 36% YoY to ₹954 crore

Federal Bank reported a 35.54% YoY increase in standalone net profit to ₹953.82 crore in Q2 FY24. Net Interest Income (NII) grew 17% YoY to ₹2,056.42 crore during the same period. The gross non-performing assets (NPAs or bad loans) fell from 2.46% in Q2 FY23 to 2.26% in Q2 FY24.

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Domestic PV sales up 2% at 3.61 lakh in September: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle (PV) sales increased by 1.87% YoY to 3.61 lakh units in September, compared to 3.55 lakh units in September FY22. Domestic two-wheeler sales rose to 17.5 lakh units in September FY23, compared to 17.4 lakh units last year.

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ICICI Securities Q2 Results: Net profit rises 41% YoY to ₹424 crore

ICICI Securities reported a 41% YoY rise in net profit to ₹424 crore in Q2 FY24. The company had posted a net profit of ₹300.4 crore in the year-ago period. Total income rose 44% YoY to ₹1,249 crore in Q2, led by growth in broking income. During the quarter, ICICI Securities added 2.24 lakh clients, expanding its customer base to 95 lakh.

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KPIL secures ₹2,217 crore new orders in India, abroad

Kalpataru Projects International Ltd (KPIL) has secured new orders worth ₹2,217 crore in the domestic and international markets. The company’s Transmission and Distribution (T&D) business secured contracts worth ₹1,993 crore in India and overseas markets. Furthermore, its building and factories (B&F) segment has received ₹224 crore new orders in the domestic market. 

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Venus Remedies receives marketing approval for chemo drugs from Philippines

Venus Remedies has received marketing approval from the Philippines for six key chemotherapy drugs. The approved drugs are crucial for cancer treatment and include bortezomib, cisplatin, doxorubicin, docetaxel, fluorouracil, and paclitaxel. With this, Venus Remedies has secured 525 marketing approvals for its oncology products across 76 countries. 

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KEC International bags orders worth ₹1,315 crore

KEC International Ltd has secured new orders amounting to ₹1,315 crore across its diverse business verticals. Its transmission and distribution (T&D) sector received a series of notable projects spanning India, the Middle East, Australia, and the Americas. These projects include the installation of a 765 kV Transmission line and a 765 kV AIS Substation in India. The company’s cables business also secured orders for the supply of various types of cables, both within India and overseas.

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Market News Top 10 News

Jio & Facebook to Accelerate India’s $5 trillion Economy Push – Top Indian Market News

Jio and Facebook to accelerate India’s $5 trillion economy push: Mukesh Ambani

Facebook founder Mark Zuckerberg and Reliance Industries Chairman Mukesh Ambani, on Tuesday, spoke about the partnership between Facebook and Jio- highlighting how each company benefits from the association. They were speaking at the Facebook Fuel for India 2020 event. Opening up on the potential of a technology-enabled ecosystem in propelling the economic growth of India, Ambani said that he sees the country accelerating as a premier digital society. He stated that both Jio and Facebook will work hand-in-hand to make this a reality. The partnership will also focus on digitizing small businesses.

In April 2020, Facebook purchased a 9.9% stake in RIL’s telecom unit Jio for $5.7 billion (Rs 43,574 crore).

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Mrs Bectors IPO subscribed nearly 4 times on Day 1

Mrs Bectors Food Specialties’ initial public offering (IPO) was subscribed nearly 4 times on the first day of the bidding process. The issue received bids for 4.92 crore shares, which was 3.72 times the issue size of 1.32 crore shares. The quota for retail investors was filled in 6.83 times, while that for employees’ quota received 9.46 times bids. The price band of the Rs 541-crore IPO was fixed at Rs 286-288 per equity share.

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M&M subsidiary SsangYong fails to repay loans worth Rs 408 crore

SsangYong Motor Company, the South Korean subsidiary of Mahindra and Mahindra Ltd (M&M), has missed repayment of Rs 480 crore to JP Morgan Chase Bank. The amount was due and payable on 14 December 2020. M&M clarified that the missed loan repayment is part of SsangYong’s outstanding loans aggregating to Rs 680 crore, which will be covered under M&M’s commitments to the subsidiary’s lenders.

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Adani Ports’ joint venture to raise $300 million to retire debt

Adani Ports and Special Economic Zone Ltd (APSEZ) said that its joint venture firm, Adani International Container Terminal Pvt Ltd (AICTPL), will raise $300 million (~Rs 2,207 crore) to retire some of its debt. AICTPL intends to use the funds to repay all of its existing senior debts. Senior debt refers to borrowings that are prioritized for repayment in the case of bankruptcy. Such debts have the highest priority, as compared to other types of borrowings.

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Kalpataru Power secures orders worth Rs 1,300 crore

Kalpataru Power Transmission Ltd announced that it has secured orders worth Rs 1,300 crore in India and overseas. The orders include an engineering, procurement, and construction (EPC) job for pipeline laying and associated works in India. It also includes an order for railway electrification by the Central Organization for Railway Electrification (CORE). The firm also stated that its international subsidiary has secured new T&D (transmission & distribution) projects in Europe.

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Majesco announces interim dividend of Rs 974 per share

Majesco Limited announced that its board has approved payment of an interim dividend of Rs 974 per equity share for the financial year 2020-21. The interim dividend is at the rate of 19,480% of the face value of the company. Majesco’s dividend payment translates to an amount of Rs 2,788.4 crore, on a shareholder base of 2.85 crore shares. The record date for the dividend is December 25.

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Dilip Buildcon receives letter of acceptance from NHAI for Gujarat project

Dilip Buildcon Ltd has received a letter of acceptance (LOA) from the National Highway Authority of India (NHAI) for a hybrid annuity mode project in Gujarat. The project includes four-laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya Section of NH-151A in Gujarat. The cost of the project has been estimated at Rs 880 crore, and it will be completed in 2 years. 

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IDBI Bank opens QIP to raise Rs 6,000 crore

The Qualified Institutions Placement (QIP) committee of IDBI Bank’s Board of Directors has authorised the opening of the bank’s QIP issue on December 15. IDBI Bank plans to raise up to Rs 6,000 crore via the QIP issue. The floor price of the issue has been fixed at Rs 40.63 per equity share.  QIP is a method by which listed companies can raise funds by issuing shares to certain institutions, without going through standard regulatory approvals.

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Mindtree accelerates cloud business through Global Microsoft Azure Experience Center

Mindtree Limited announced the launch of a dedicated Microsoft go-to-market business unit. The unit will be centered on building new solutions based on Microsoft platforms and technologies. The new business unit is a component of Mindtree’s multi-tiered initiative to support the continued demand for cloud services and solutions. It will also expand its Global Azure Experience Center in Washington, to ensure that all technical professionals are proficient and certified on Microsoft Azure technologies.

Cyient signs MoU with Australian firm Decipher

Cyient Limited has signed a Memorandum of Understanding (MoU) with Decipher, an Australian company that provides cloud monitoring and governance platform for tailing storage facilities. Tailings are the mineral waste remaining after ore processing to extract mineral concentrates. It is typically stored within an engineered containment structure known as a tailing storage facility (TSF).

Under the agreement, Cyient will help Decipher with the global rollout of its cloud mining platform for tailings and rehabilitation monitoring. Hyderabad-based Cyient Ltd is an outsourcing company, which is focused on engineering, manufacturing, data analytics, and networks & operations. 

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Market News Top 10 News

PM Modi Reviews Covid-19 Vaccine Facilities – Top Indian Market News

PM Modi reviews Covid-19 vaccine facilities in three-city tour

Prime Minister Narendra Modi, on Saturday, reviewed the operations at Covid-19 vaccine facilities in the country. PM Modi visited Zydus Biotech Park in Ahmedabad to review the DNA-based vaccine being developed by Zydus Cadila. He later visited Bharat Biotech’s facility in Telangana to review the progress of Covaxin, which is undergoing Phase-3 trials. Lastly, the PM visited the Serum Institute in Pune. He tweeted that the Government would support these facilities in the process of vaccine development.

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SEBI bars NDTV promoters from securities market for two years

The Securities and Exchange Board of India (SEBI) has barred NDTV promoters Prannoy Roy and Radhika Roy from the securities market for two years. They have been found guilty of indulging in insider trading activities from more than 12 years ago. SEBI has also directed them to surrender illegal gains of more than Rs 16.79 core.

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Petrol price crosses Rs 82-mark, diesel above Rs 72 a litre

On Saturday, the petrol price crossed the Rs 82-mark and diesel surpassed Rs 72 per litre in Delhi. The price of petrol was hiked by 24 paise per litre and diesel price by 27 paise a litre. as hopes of a vaccine development led to a rally in international oil prices. This is the eighth increase in rates since November 20.

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French investor gives bond warning to SBI over Adani’s Australian coal mine

State Bank of India’s French investor, Amundi, has warned that it would evict one of the lender’s green bonds from a flagship fund if it helps finance Adani’s coal mine in Australia. The Carmichael coal mine has received strong opposition from climate activists because of its potential carbon emissions. Amundi stated that they had contacted SBI to voice its concern on Thursday.

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Almost 65% of domestic air travel back to pre-Covid levels: Civil Aviation Secretary

Civil Aviation Secretary Pradeep Singh Kharola stated that nearly 65% of domestic air travel has returned to the pre-Covid 19 levels. He said that there is a need to evolve strategies to provide a boost to the tourism industry. Kharola said that as more business activities and educational institutions are opening-up, air travel would further go up to 80-90% in the next 2-3 months.

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Govt to consider classifying real estate sector as different asset class: Puri

Housing and Urban Affairs Minister Hardeep Singh Puri stated that the central government will consider classifying the real estate sector as a different asset class. This would provide a further boost to the sector. The minister also urged real estate developers to offload unsold inventories, to boost demand in the economy.

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IRDAI gives in-principle approval for Bharti AXA-ICICI Lombard merger deal

The Insurance Regulatory and Development Authority of India (IRDAI) has given in-principle approval for the merger of Bharti AXA General Insurance Company Ltd with ICICI Lombard Insurance Company Ltd. Earlier, the BSE, NSE, and the Competition Commission of India (CCI) had approved the proposed acquisition by ICICI. ICICI Lombard has stated that the policyholders would benefit from an enhanced product suite and deeper customer connect touch points.

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Kalpataru buys back shares worth Rs 142.68 crore

Kalpataru Power Transmission Ltd said it has brought back 58.06 lakh equity shares for Rs 142.68 crore. This constitutes 71.34% of the buyback size on the offer. The company had earlier announced to buy back its equity shares from the open market, for an aggregate amount not exceeding Rs 200 crore.

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Max Financial gets IRDAI nod for share swap agreement with Mitsui Sumitomo

Max Financial Services (MFS) has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to swap Mitsui Sumitomo’s stake in Max Life Insurance with shares of the company. The transaction consists of swapping Mitsui Sumitomo’s 20.6% stake in Max Life Insurance, with a 21.9% stake in MFS. This will result in MFS holding more than 93% in its life insurance company.

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Baba Ramdev on board of Ruchi Soya, brother Ram Bharat to be MD

Baba Ramdev has secured a place on the board of Ruchi Soya Industries Ltd. His brother Ram Bharat has been appointed as the Managing Director of the company. Recently, Ruchi Soya was acquired by a consortium consisting of Patanjali Ayurved, Divya Yog Mandir Trust, Patanjali Parivahan, and Patanjali Gramudhyog.

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