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20,000 Loading for Nifty? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,674. After initially falling to the previous swing levels of 19,630, there was no looking back! The index rallied nearly 250 points, moving from the intraday low of 19,627 to 19,875 levels. Even though the index tried to take resistance at 19,700 and 19,800 along the way, it consistently moved up. In the final 30 mins of trading, there was a notable decline of 150 points— bringing the index down to 19,725 levels. Nifty closed at 19,765, up by 89 points or 0.46%.

BANK NIFTY (BNF) started the day at 44,251 with a gap-up of 50 points. After consolidating within yesterday’s range until 11:00 AM, the index experienced a breakout, surging over 100 points to reach 44,400 levels. However, it faced resistance, leading to a decline. Despite attempting to return to those levels, the index faced rejection for the second time, resulting in a sharp drop of over 350 points in just 30 minutes. BNF closed at 44,161, down by 40 points or 0.09%.

All indices except Nifty PSU Bank (-0.24%) and Nifty FMCG (-0.15%) closed flat-to-green. Nifty IT (+2.69%) moved up the most.

Major Asian markets closed well in the red. European markets are currently trading mixed.

Today’s Moves

Hero MotoCorp (+3.2%) was NIFTY50’s top gainer. The two-wheeler maker marked its highest-ever festive retail sales, surpassing the 14 lakh unit mark.

Alok Industries (+9.79%) surged on the back of strong volumes.

Coforge (+6.7%), Mphasis (+4.23%), TCS (+2.7%), TechM (+2.8%), and other IT stocks rallied for the second day in a row, supported by softer-than-expected inflation data in the US. 

PowerGrid (-1.45%) was NIFTY50’s top loser. The stock turned ex-dividend today.

Kalyan Jewellers (-4.94%) fell sharply after brokerage firm ICICI Securities downgraded the stock from ‘Buy’ to ‘Add’.

Markets Ahead

Nifty was on steroids and moved with a lot of strength! As discussed in yesterday’s post-market report, Indian markets have turned bullish and buying on dips would be an ideal strategy. As we highlighted, focusing on long-side trades in Nifty was a wise move, given the index’s potential for upward movement. This strategy has proven to be effective in today’s market session.

Both indices experienced a significant drop in the last half-hour of trading. Whether this is merely profit booking or an indication of more incoming declines remains to be seen.

Nifty: The immediate resistance to watch out for is 19,800. A breakout from there could give us targets of 19,870 (today’s high) and 19,910. Meanwhile, the support can be seen near 19,700 levels (the earlier resistance now acting as support). A breakdown from there may give us targets of 19,635 and 19,500 eventually.

Bank Nifty: There is clear resistance near 44,400 levels. A breakout from there may take the index up to 44,500. The major support to look out for is the 44,000 round levels. A breakdown could give us targets of 43,800 and 43,700.

Bank Nifty is looking weaker than Nifty. If there’s a flat or gap-down opening tomorrow, considering short trades in both indices could be a strategic move. On the other hand, if there’s a minor correction following a big upward rally and the index opens flat and moves upward, planning buy-in-dips trades might be a suitable approach.

Being Nifty expiry today, option sellers would have been in trouble as CE premiums were seeing gamma spikes. Option premiums were very erratic, and the last 150-point fall created panic for PE sellers as well.

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RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% for the fourth consecutive period since May 2023 to control inflation. However, retail inflation stood at 6.83% in August. The GDP growth forecast for FY24 was retained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%. RBI will also consider bond sales via Open Market Operations (OMO) to manage liquidity.

Read more here.

Kalyan Jewellers to launch 33 more showrooms before Diwali

Kalyan Jewellers plans to open 33 new showrooms in India before Diwali. The company will unveil showrooms in Kalyan and Candere formats across the country. It launched 13 showrooms across non-south markets during Q2FY24. Additionally, the company signed six letters of intent (LoIs) for the first set of pilot franchised showrooms in the south region.

Read more here.

Sun Pharma files new drug application with USFDA

The US Food & Drug Administration (USFDA) has accepted Sun Pharma’s drug application for deuruxolitinib. The drug is an investigational oral drug for the treatment of adults with moderate to severe alopecia areata. The application is based on two pivotal Phase III trials which included over 1,200 patients across more than 135 clinical trial sites.

Read more here.

JK Cement signs agreement with Vakrangee to access rural, semi-urban markets

Vakrangee has formed a strategic partnership with JK Cement for lead generation and facilitation of the sale of grey cement products. The sale of the products will be through Vakrangee’s Kendra network. Vakrangee Kendras represents an exclusive branded format of outlets that offer a wide array of financial products and services.

Read more here.

ONGC approves strategies to enhance OPaL’s financial position

Oil & Natural Gas Corporation Ltd’s (ONGC) board of directors has approved a series of strategic measures aimed at strengthening the financial position of ONGC Petro additions Ltd (OPaL). The company has extended its support for compulsorily convertible debentures (CCDs) issued by OPaL, amounting to ₹5,615 crore. The extension ensures the continuity of CCDs beyond their current maturity period. OPaL is a joint venture (JV) of ONGC, GAIL and GSPC.

Read more here.

Angel One’s client base grew 47% YoY in September

Angel One Ltd reported a 47% YoY growth in its total client base in September and Q2FY24. The growth was aided by a significant rise in new customer acquisition. The company’s client base rose from 1.63 crore in August to 1.7 crore in September, up 4.4% month-on-month (MoM). Its gross client acquisition jumped 98% YoY during the quarter.

Read more here.

TCS to consider share buyback on October 11

Tata Consultancy Services Ltd (TCS) will consider a proposal for the buyback of equity shares on October 11. The company will consider its September quarter earnings and an interim dividend (if any) on the same day. TCS had carried out a share buyback worth ₹18,000 crore in 2022, when it repurchased 4 crore shares at ₹4,500 per share.

Read more here.

Som Distilleries launches QIP to raise funds

Som Distilleries and Breweries Ltd is planning to raise funds through a qualified institutional placement (QIP). It will raise up to ₹350 crore through public or private offerings or the QIP route. The company set the floor price for its QIP at ₹349.24 per share, a 9% discount to Thursday’s closing price of ₹381.55. QIP is a mode of resource raising available for listed firms to mobilise funds from the domestic market.

Read more here.

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Bearishness to Continue? – Post-Market Analysis

Post-market analysis for Aug 11, 2023:

NIFTY started the day at 19,554 with a gap-up of 11 points. The index made a nearly 70-point red candle at opening (crossing yesterday’s low and the round level support of 19,500) and made lower lows to hit 19,440 levels. At 1 PM, the index made a sharp rebound of 40 points in a single candle but couldn’t sustain it as the selling pressure kicked in. Then, the index continued the fall to breach the day’s low. Nifty closed at 19,428, down by 114 points or 0.59% 

Nifty chart Aug 11 - post-market analysis

BANK NIFTY (BNF) started the day at 44,568 with a small gap-up of 26 points. Bank Nifty fell 250 points in the first 5min itself (breaching the important support zone of 44,500) and fell to 44,270 levels. The index then consolidated within a 150-point range with volatility and broke down from the consolidation at 3 PM. BNF closed at 44,199, down by 342 points or 0.77%. 

Bank Nifty chart Aug 11 - post-market analysis

All indices except Nifty PSU Bank (+1.25%) closed in red. Nifty Media (-1.8%) fell the most. 

Major Asian markets closed mixed (the Chinese market fell 2%). European markets are currently trading in the red.

Today’s Moves

HCL Tech (+3.2%) was NIFTY50’s top gainer. The IT major announced a global strategic partnership with Verizon for managed network services.

Indian Overseas Bank (+13.36%) rallied after CARE Ratings assigned a fresh rating of CARE A1+ to the bank’s proposed certificate of deposits of ₹10,000 crore.

Kalyan Jewellers (+11.5%) jumped after HSBC raised its target price for the jewellery stock after the company posted its Q1 earnings.

IndusInd Bank (-2.3%) was NIFTY50’s top loser.

Apollo Tyres (-8.2%) crashed after the company reported lower-than-expected revenue growth in Q1.

Alkem Labs (-7.7%) fell sharply after the company reduced its India business revenue growth forecast to “high single-digit” from low double digits for FY24. BofA sees a downside of 15% to ₹3,500 for the stock.

Markets Ahead


The Indian markets are still looking very weak.

Nifty: The index has closed near the support zone of 19,420. So if there’s a flat or gap down opening on Monday, the index can further fall to 19,360 and 19,300 eventually. The important resistance level to watch out for is 19,500.

Nifty has filled the gap created near 19,420 levels and has taken support. So the index might move back up from here or take a pause. If the fall continues, then the levels mentioned above could be achieved.

Bank Nifty: The immediate support for the index can be 44,200 levels, and the major resistance will be 44,500 levels. But Bank Nifty is in a volatile zone between 44,500 and 43,400. So as long as the index is in this zone, there can be movements happening on both sides.

Monday’s opening will be crucial. If there’s a flat opening and selling continues or if it’s a gap-down opening, both indices may continue to fall.

The inflation rate in the US climbed 3.2% YoY in July, as compared to analyst expectations of 3.3%. This data is the key metric the US Federal Reserve will consider in deciding whether to continue raising interest rates. On the other hand, India’s industrial production fell to 3.7% in June 2023, compared to 5.3% in May 2022 and 12.6% in June 2022.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Adani Enterprises’ Net Profit Rises 44% YoY to Rs 674Cr in Q1- Top Indian Market Updates

adani

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

Adani Ent Q1 Results: Net profit rises 44% YoY to ₹674 crore

Adani Enterprises reported a 44% YoY rise in consolidated net profit to ₹674 crore for the quarter ended June (Q1 FY24). However, its revenue from operations fell 38% YoY to ₹25,438 crore during the same period. The company’s EBITDA stood at ₹2,896 crore in Q1, up 47% YoY. The revenue fall is attributed to the correction in coal prices.

Read more here.

Zydus Lifesciences gets USFDA nod for generic arthritis treatment drug

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) for its generic Indomethacin suppositories. The approved drug is indicated for moderate to severe rheumatoid arthritis. According to IQVIA MAT April 2023 data, generic versions of the drug had annual sales of approximately USD 95 million in the US.

Read more here.

Zomato Q1 Results: Net profit at ₹2 crore

Zomato reported a consolidated net profit of ₹2 crore for Q1 FY24. The company posted a net loss of ₹186 crore in Q1 last year. Its revenue from operations rose 71% YoY to ₹2,416 crore during the same period. The consolidated adjusted EBITDA stood at ₹12 crore, versus a loss of ₹152 crore in Q1FY23.

Read more here.

Ambuja-ACC reaches agreement to buy Sanghi Cements

Adani Group’s Ambuja-ACC has reached an agreement to acquire Sanghi Cements after deal negotiations moved forward over the course of the past week and the Adani group companies proposed better acquisition terms and speedy deal closure. Ambuja Cements will acquire 56.74% shares of Sanghi Industries Limited at an enterprise value of ₹5000 crore.

Read more here.

Sun Pharma Q1 Results: Net profit falls 2% YoY to ₹2,023 crore

Sun Pharma reported a 2% YoY fall in consolidated net profit to ₹2,023 crore in Q1 FY24, missing estimates. However, its operating revenue increased 11% YoY to ₹11,941 crore. EBITDA stood at ₹3,332 crore, up 15.5% YoY. The fall in the net profit was partly due to certain one-time charges totalling ₹323 crore. The company also incurred a one-time transitional cost of ₹51 crore on the relocation of Alchemee operations from California to New York.

Read more here.

Oil India is now Maharatna, OVL is Navratna

The central government has upgraded the petroleum sector central public sector enterprise (CPSE) Oil India Ltd (OIL) to Maharatna, taking the number of Maharatnas to 13. OIL has an annual turnover of ₹41,039 crore and a net profit of ₹9,854 crore. The government has also upgraded ONGC Videsh Ltd (OVL) as Navratra, taking the number of Navratnas to 14.

Read more here.

Bharti Airtel Q1 Results: Net profit at ₹216 crore

Bharti Airtel reported a net profit of ₹1,612.5 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹1,607 crore in Q1 FY23. Total revenue rose 14.1% YoY to ₹37,440 crore during the same period. EBITDA rose 18.9% YoY to ₹19,746 crore in Q1. Average Revenue Per User (ARPU) for the quarter stood at ₹200, compared to ₹183 in Q1 of FY23.

Read more here.

Eicher Motors Q1 Results: Net profit jumps 50% YoY to ₹918 crore

Eicher Motors reported a 50.38% YoY increase in net profit to ₹918 crore for Q1 FY24; beating street estimates. Its revenue from operations rose 17.33% YoY to ₹3,986.37 crore during the same period. EBITDA stood at ₹1,021 crore, up 22.8% YoY. Earlier, the company had reported a 32% YoY rise in its monthly sales in July at 55,555 units of motorcycles. The international business recorded a de-growth of 22%.

Read more here.

LT Foods’ organic business arm starts new facility in Uganda

LT Foods’ subsidiary Nature Bio Foods has started a new facility in Uganda, Africa. The new facility will procure and process soyabean meals and help in the expansion of the product portfolio, including chia seeds, sesame seeds and sorghum. The plant will have a production capacity of 10,000 tonnes in the first year and aims to scale it up to 18,000 tonnes by 2024.

Read more here.

Dabur Q1 Results: Net profit rises 5% YoY to ₹464 crore

Dabur India reported a 5% YoY increase in net profit to ₹464 crore for the quarter ended June. Its revenue from operations rose 11% YoY to ₹3,130 crore during the same period. Consolidated EBITDA stood at ₹600 crore with margins at 19.3%. Dabur’s international business reported 20.6% growth in constant currency terms.

Read more here.

Kalyan Jewellers to open 11 new stores in August

Kalyan Jewellers will launch 11 new stores across the country in August. This will expand its footprint across destinations while India is seeing an increased shift towards the organised jewellery market. With this expansion, the company will surpass 200 stores globally. The upcoming showrooms will be launched in Patna, Nawada, Sitamarhi, and Arrah in Bihar, Faridabad and Panipat in Haryana, Anand in Gujarat, Dehradun in Uttarakhand, Jabalpur in Madhya Pradesh, and Chembur in Mumbai.

Read more here.

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PVR Inox’s Net Loss at Rs 333 crore in Q4 – Top Indian Market Updates

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

PVR Inox Q4 Results: Net loss at Rs 333 crore

PVR Inox reported a net loss of Rs 333 crore for the quarter ended March 2023 (Q4 FY23), compared to a net profit of Rs 16.1 crore in Q4FY22. However, its operating revenue jumped 113% YoY to Rs 1,143 crore during the same quarter. EBITDA stood at Rs 285 crore in Q4FY23. This is the company’s first quarterly results after its merger with Inox.

Read more here.

WPI inflation falls to -0.92% in April

Wholesale price-based inflation, WPI declined to -0.92% in April on an annual basis from 1.34 % in March. Primary articles inflation slowed to 1.60%, and fuel & power inflation reduced to 0.93 % in April. Inflation in manufactured products declined to -2.42 % in April from -0.77 % in March.

Read more here.

Berger Paints Q4 Results: Net profit falls 16% YoY to Rs 186 crore

Berger Paints reported a 16% YoY fall in net profit to Rs 185.7 crore for the quarter ended Q4 FY23. Its revenue jumped 12% YoY to Rs 2,443.6 crore during the same quarter. EBITDA also rose 6% to Rs 368 crore during the quarter. The company’s board has recommended a dividend of Rs 3.2 per equity share.

Read more here.

SpiceJet subsidiary SpiceXpress to get USD 100 million from UK group

SpiceJet’s subsidiary, SpiceXpress and Logistics, will receive a $100 million investment from a UK-based group, SRAM & MRAM Group. This investment comes as SpiceJet faces financial difficulties and an insolvency plea from an aircraft lessor. The investment from SRAM & MRAM Group is part of a Memorandum of Understanding (MoU) following a debt restructuring agreement between SpiceJet and aircraft lessor Carlyle Aviation Partner, which acquired a stake in SpiceXpress at an expected future valuation of $1.5 billion.

Read more here.

Hikal receives zero observations from USFDA for Gujarat unit

Hikal announced that its Panoli unit in Gujarat, India, received a favorable inspection outcome from the US Food &  Drug Administration (USFDA) with no observations. This marks the third successful inspection at the facility, enabling Hikal to manufacture advanced intermediates and key starting materials.

Read more here.

Kalyan Jewellers Q4 Results: Net profit falls 1.6% YoY to Rs 71 crore

Kalyan Jewellers reported a 1.6% YoY decline in net profit to Rs 71 crore for Q4 FY23. However, its consolidated revenue rose 18.4% YoY to Rs 3,381 crore during the same quarter. EBITDA also rose 17.5% YoY to Rs 256.7 crore. The company’s board has recommended a final dividend of Rs 0.5 per equity share.

Read more here.

UltraTech Cement commissions factory in Rajasthan capable of 0.8 MT annual output

UltraTech Cement has commissioned a 0.8 MTPA brownfield cement factory in Neem Ka Thana, Rajasthan, through its subsidiary UltraTech Nathdwara Cement. With this addition, their grey cement capacity in Rajasthan reaches 17.05 MTPA, and their total grey cement manufacturing capacity in India is now 129.95 MTPA.

Read more here.

Vedanta appoints Sonal Shrivastava as CFO from June 1

Vedanta Ltd has announced the appointment of Sonal Shrivastava as its chief financial officer (CFO), effective from June 1. Shrivastava previously served as the CFO for Asia Pacific, Middle East, and Africa operations at the Holcim group. In her new role, she will lead Vedanta’s financial strategy, overseeing accounting, tax, treasury, investor relations, financial planning, analytics, and driving digitalization and profitability.

Read more here.

NTPC to start feasibility study for 130-MW floating solar power plant in Tripura

NTPC Ltd is set to conduct a feasibility study for a 130-MW floating solar power plant on Dumbur Lake in Tripura’s Gomati district. The Tripura Renewable Energy Development Agency (TREDA) signed a Memorandum of Understanding (MoU) with NTPC to conduct the feasibility study. The study will assess the required waterbody area, identify transfer stations, and obtain forest clearance. The study is estimated to cost Rs 450 crore and is expected to be completed in a few months.

Read more here.

ONGC arm raises $500m in foreign currency loan

ONGC’s overseas subsidiary ONGC Videsh has secured a $500 million foreign currency loan from a consortium of banks including DBS, Bank of Baroda, and State Bank of India. The syndicated loan has a tenure of five years, is denominated in dollars, and is supported by ONGC’s guarantee. The funds raised through the loan will be used to repay $500 million in bonds that recently matured.

Read more here.

PSP Projects bags order worth over Rs 317 cr

PSP Projects has secured a contract worth Rs 317.13 crore from Gujarat’s Narmada, Water Resources, Water Supply, and Kalpsar Department. The project involves developing the Dharoi Dam region into a sustainable tourist and pilgrimage destination, including infrastructure, roads, and an adventure water sports arena. The company aims to complete the project within 18 months.

Read more here.

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Zomato’s Net Loss Narrows to ₹251Cr in Q2 – Top Indian Market Updates

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

Zomato Q2 Results: Net loss narrows to ₹251 crore

Zomato Ltd reported a consolidated net loss of ₹251 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹430 crore in Q2 FY22. Its revenue from operations rose 62.2% YoY to ₹1,661 crore during the same period. The gross order value for the food delivery business grew 23% YoY to ₹5,407 crore in Q2. Zomato acquired instant delivery platform Blinkit during the quarter.

Read more here.

JSW Steel expects exports to hit over 5-year low

JSW Steel Ltd expects its exports to fall to a more than five-year low at 10% of overall sales in the current financial year (FY23) due to reduced global demand and high export tax. Finished steel exports from the steel producer fell more than 50% during the first seven months of FY23, partly because of a 15% export tax on steel intermediates that the Central government levied in May.

Read more here.

Apollo Hospitals Q2 Results: Net profit falls 18% YoY to ₹204 crore

Apollo Hospitals Enterprise Ltd reported an 18% year-on-year (YoY) decline in consolidated net profit to ₹204 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14.4% YoY to ₹4,251 crore during the same period. The company’s healthcare services segment posted revenue of ₹2,277 crore in Q2, up 5% YoY. Revenue from the digital health and pharmacy segment stood at ₹1,668 crore, up 43% YoY.

Read more here.

Saudi Arabia’s SALIC acquires 9.2% stake in LT Foods

Saudi Agricultural and Livestock Investment Company (SALIC) has acquired a 9.22% stake in packaged foods and staples company LT Foods. SALIC is a wholly-owned subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia. This transaction will accelerate the organic/inorganic expansion of LT Foods in the Middle East and Saudi Arabia region.

Read more here.

Deepak Fertilisers Q2 Results: Net profit jumps 3-fold YoY to ₹276 crore

Deepak Fertilisers & Petrochemicals Ltd reported a 196% YoY jump in consolidated net profit to ₹276 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 51.7% YoY to ₹2,719 crore during the same period. Total expenses stood at ₹2,324.37 crore in Q2, up 39.3% YoY. Revenue from the chemicals segment rose 52% YoY to ₹1,532.87 crore.

Read more here.

Adani Power to sell entire stake in subsidiary to AdaniConnex

Adani Power Ltd. will sell its entire stake in its wholly-owned subsidiary Support Properties Pvt. to AdaniConnex Pvt. Ltd. (ACX) for ₹1,556 crore. The transaction will be completed by January 2023. ACX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX formed in February 2021.

Read more here.

Kalyan Jewellers Q2 Results: Net profit rises 54% YoY to ₹106 crore

Kalyan Jewellers Ltd reported a 54% YoY increase in consolidated net profit to ₹106 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20% YoY to ₹3,473 crore during the same period. EBITDA stood at ₹266 crore in Q2, up 17% YoY. The company launched five new showrooms in the non-South markets in Q2.

Read more here.

Equity mutual fund inflows fall in October

According to data from the Association of Mutual Funds in India (AMFI), equity mutual funds inflows fell from ₹14,099.73 crore in Sept to ₹9,390.35 crore in October. Debt funds saw a cumulative outflow of Rs 2,817.79 crore in October. Index fund net flows were ₹5,075 crore and other exchange-traded funds (ETFs) recorded ₹4,845 crore of net flows. Total Systematic Investment Plan (SIP) contribution in October stood at Rs 13,041 crore, up 0.5%.

Read more here.

Eicher Motors Q2 Results: Net profit rises 76% YoY to ₹657 crore

Eicher Motors Ltd reported a 76% YoY increase in consolidated net profit to ₹657 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 56.5% YoY to ₹3,519.4 crore during the same period. EBITDA stood at ₹821 crore in Q2, up 75% YoY. Input costs rose 45% YoY to ₹2,001.4 crore.

Read more here.

SJVN secures 83 MW floating solar project in MP

SJVN Ltd has received a contract to establish an 83 megawatts (MW) floating solar project worth ₹585 crore in Madhya Pradesh. The project has been secured at a tariff of ₹3.70 per unit on a build, own, and operate basis in an e-reverse auction organised by REWA Ultra Mega Solar Ltd. (RUMSL). After commissioning, the project will generate 187 million units (MUs) in the first year and 4,410 MUs over 25 years.

Read more here.

JSPL Q2 Results: Net profit falls 91% YoY to ₹219 crore

Jindal Steel & Power Ltd (JSPL) reported a 91.5% YoY decline in consolidated net profit to ₹219.27 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations remained flat at ₹13,611.71 crore during the same period. The company faced an exceptional loss of ₹898.49 crore in Q2. JSPL’s steel production fell 5.6% YoY to 1.82 million tonnes (MT).

Read more here.

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L&T to Build Nuclear Facility for NPCIL – Top Indian Market Updates

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

L&T to build nuclear facility for NCPIL

Larsen & Toubro Ltd has emerged as the lowest bidder for an order from the Nuclear Power Corporation of India Ltd (NPCIL) for electro-mechanical works of the Nuclear Island in the Gorakhpur Haryana Anu Vidyut Pariyojana. The contract is worth up to ₹2500 crore. L&T’s scope of the order will include engineering, procurement, construction, and commissioning of nuclear equipment, valves, plant water package, and piping for all core nuclear systems.

Read more here.

Tata Power to develop 10,000 MW clean energy capacity in Rajasthan in next five years

Tata Power plans to develop around 10,000 megawatts (MW) of renewable energy capacity in the next five years in Rajasthan. It will develop up to 8,000 MW of utility-scale projects, 1,000 MW of solar rooftop projects, and 1,50,000 solar pumps in the state. Its expansion projects will generate employment for more than 6,000-8,000 people in Rajasthan.

Read more here.

Ajmera Realty & Infra’s sales rises 82% to ₹166 crore in Q2

Ajmera Realty & Infra India Ltd recorded an 82% YoY increase in sales to ₹166 crore for the quarter ended September (Q2 FY23). The developer sold a total of nearly 80,000 square feet of carpet area in Q2. The quarterly performance has helped the company record a 181% YoY growth in sales to ₹566 crore during the first half of FY 2022-23.

The real estate company is gearing up for new launches in the upcoming quarters as part of its overall strategy to gain market share.

Read more here.

Central govt, LIC to divest over 60% stake in IDBI Bank

The Central government and Life Insurance Corporation of India (LIC) said they will divest a 60.72% stake in IDBI Bank. Expressions of Interest (EoIs) from likely bidders will be invited on October 7, said the Department of Investment & Public Asset Management (DIPAM). In May 2021, the Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank.

Read more here.

Hero MotoCorp launches its first electric scooter: Vida V1

Hero MotoCorp Ltd launched its first electric scooter Vida V1 in two variants priced at ₹1.45 lakh and ₹1.59 lakh (ex-showroom). The Vida V1 Plus and Pro will offer top speeds of 80 km/hr and a range of 143 km and 165 km, respectively. The scooter has a removable battery and also comes with a portable charger. The company is setting up a network of fast-charging facilities to top up charge at 1.2 km/minute.

Read more here.

Equitas SFB gross advances up 20% to ₹22,802 crore in Q2

Equitas Small Finance Bank (SFB) Ltd’s gross advances grew by 20% YoY to ₹22,802 crore during the quarter ended September (Q2 FY23). The bank’s disbursements were up by 22% YoY to ₹3,845 crore. Total deposits rose by 20% YoY to ₹21,726 crore during the same period. Retail term deposits were at ₹7,665 crore in Q2, up by 13% YoY.

Read more here.

Kalyan Jewellers reports 20% YoY revenue growth in Q2

Kalyan Jewellers Ltd reported a 20% YoY growth in consolidated revenue in Q2 FY23. Revenue growth in H1 FY23 was approximately 48% as compared to the same period in the previous financial year. The company continues to see robust operating momentum in its business in India, driven by the effective execution of growth strategies. Its online jewellery platform, Candere, launched its first physical showroom in Q2 FY23.

Read more here.

EDQM finds one major deficiency at Biocon’s API plant

The European Directorate for the Quality of Medicines and Healthcare (EDQM) found one major ‘deficiency’ at Biocon Ltd’s active pharmaceutical ingredient (API) plant in Bengaluru. The pharma company said that there were no critical deficiencies. Biocon said it will respond to the agency with appropriate corrective and preventive actions within the stipulated time.

Read more here.

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Coal India’s Capex Jumps 65% in Q1 – Top Indian Market Updates

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

Coal India’s capex jumps 65% in Q1 FY23

Coal India Ltd’s capital expenditure (capex) rose 65% year-on-year (YoY) to Rs 3,304 crore during the quarter ended June (Q1 FY23). The company has sustained its capex growth for the ninth successive quarter. Capex under first-mile connectivity (FMC) projects rose four-fold to Rs 577 crore. Land acquisition at Rs 608 crore accounted for nearly one-fifth of the total capex basket in Q1. 

Read more here.

Kalyan Jewellers to add 10 outlets before Diwali in non-south markets

Kalyan Jewellers Ltd plans to strengthen its retail footprints in the non-south market by adding 10 showrooms before Diwali. The company will invest around Rs 250-300 crore towards this expansion. Kalyan Jewellers ventured into the franchise model of business in June 2022 with the launch of its first franchise-owned outlet in Aurangabad. Of the overall 127 stores spread across India, 77 stores are in the south and 50 in the non-south regions.

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NTPC aims to raise Rs 5,000 crore via stake sale in green arm

NTPC Limited plans to raise Rs 5,000 crore by selling a stake in a newly created green energy arm. The state-owned power generation company has appointed SBI Capital Markets to advise on the sale process. On Saturday, NTPC announced plans to hive off 15 of its renewable energy projects into NTPC Green Energy Ltd. The assets being separated have a book value of Rs 10,000 crore.

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Paytm’s lending biz clocks Rs 24,000 crore revenue run rate in Q1

Paytm’s lending and disbursements business achieved a milestone Rs 24,000 crore annualised run rate in the April-June quarter (Q1 FY23). The number of loans disbursed through the platform jumped 492% YoY to 8.5 million. Paytm also reached its highest number of monthly transacting users (MTU) at 76 million on its super app in Q1. It registered a 101% YoY increase in merchant payment volumes at Rs 2.96 lakh crore.

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Zydus Lifesciences gets final USFDA approval for Type-2 diabetes drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Empagliflozin and Metformin Hydrochloride tablets. The drug is used with proper diet and exercise to improve glycemic control in adults with Type-2 diabetes. The drug will be manufactured at the pharma company’s formulation facility at the Special Economic Zone (SEZ), Ahmedabad.

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L&T Construction secures order to build data centres in Mumbai, Navi Mumbai

Larsen & Toubro (L&T) Construction has secured significant contracts (in the range of Rs 1,000-2,500 crore) to build data centres of capacities totalling 10.8 megawatts (MW) at Mumbai and Navi Mumbai. The company will design and build the data centres and allied buildings, including fit-outs. 

L&T has also received an order for the engineering, procurement, and construction of The Statue of Adi Shankaracharya at Omkareshwa (‘Statue of Oneness’) in Madhya Pradesh. The 108-feet high bronze statue is scheduled to be completed in 15 months. 

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SBI subsidiary signs pact with MEA for Trilateral Development Cooperation Fund

SBICAP Ventures Ltd (SVL) has signed a Memorandum of Understanding (MoU) with the Ministry of External Affairs (MEA) for establishing the Trilateral Development Cooperation Fund (TDC Fund) for joint projects with global partners. The TDC Fund will route India’s commitment of ~Rs.175 crore to the Global Innovation Development Fund (GIP Fund). This fund will invest mainly in small & medium enterprises (SMEs) from India that tackle development challenges.

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IOC, BPCL, HPCL may post Rs 10,700 crore loss in Q1: Report

As per a report by ICICI Securities, Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL) may post a combined loss of Rs 10,700 crore in the April-June quarter (Q1 FY23) on selling petrol and diesel at rates below cost. While crude oil prices soared in Q1, petrol and diesel rates were not revised. This led to marketing losses which offset strong refining margins. IOCL, BPCL, and HPCL control 90% of the retail petrol and diesel sales in India.

Read more here.

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Akasa Air Gets DGCA License to Fly – Top Indian Market Updates

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

Akasa Air gets airline license from DGCA

Ace investor Rakesh Jhunjhunwala’s Akasa Air has received the Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA). The grant of the AOC marks the satisfactory completion of all regulatory and compliance requirements for the airline’s operational readiness. The airline will start commercial operations later this month. Akasa Air will be the eighth airline to operate domestically.

Read more here.

BHEL commissions 100-MW floating solar PV plant in Telangana

Bharat Heavy Electricals Ltd (BHEL) has commissioned a 100 megawatts (MW) floating solar photovoltaic (PV) plant at NTPC Ramagundam, Telangana. The plant is installed across a natural raw water reservoir, saving valuable land resources and also conserving water by reducing evaporation. The plant will produce clean power with innovatively engineered layouts and arrangements for the solar PV modules, electricals, and floaters.

Read more here.

JSW Steel’s consolidated output rises 16% to 5.88 MT in Q1

JSW Steel Ltd’s combined crude steel production for Q1 FY23 stood at 5.88 million tonnes (MT), registering a growth of 16% YoY. On a quarter-on-quarter (QoQ) basis, crude steel production was 2% down from 5.98 MT in January-March 2022 (Q4 FY22). The decline is due to the preponement of certain scheduled shutdowns during the financial year 2022-23.

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Glenmark Pharma launches Sitagliptin in India

Glenmark Pharmaceuticals Ltd has launched Sitagliptin and its fixed-dose combinations (FDCs) for adults with Type-2 diabetes in India. The pharma company has introduced 8 different combinations of Sitagliptin-based drugs under the brand name SITAZIT and its variants. It will help diabetes patients to manage their glycemic levels effectively.

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Ajmera Realty Q1 sales bookings jump over 3-fold to Rs 400 crore

Ajmera Realty & Infra India Ltd reported a 261% YoY jump in sales to Rs 400 crore for the quarter ended June (Q1 FY23). The company sold 1.57 lakh sq. ft. carpet area, registering a growth of 155% YoY. Collections increased by 126% YoY to Rs 210 crore in Q1. Despite the high input cost scenario and projected high-interest environment, Ajmera Realty is observing a positive momentum from home buyers.

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Kalyan Jewellers’ revenue jumps 105% YoY in Q1

Kalyan Jewellers India Ltd’s (KJIL) consolidated revenue grew 105% YoY during the quarter ended June (Q1 FY23). The company witnessed more than a 115% YoY growth in revenue from its India operations and 65% YoY from Middle Eastern operations. KJIL saw an improvement in gross margin in Q1, driven by an increase in the studded jewellery mix and share of business from non-south markets.

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Cyient partners with IIT Hyderabad to nurture India’s entrepreneurial talent

The Cyient Foundation and the Shibodhi Foundation have partnered with IIT Hyderabad to develop the BVR Mohan Reddy School of Innovation and Entrepreneurship (BVR SCIENT) on its campus. BVR SCIENT aims to nurture and develop world-class innovation and entrepreneurial talent from India. Cyient Foundation is the Corporate Social Responsibility (CSR) arm of Cyient Ltd.

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RBI eases overseas borrowing to boost forex inflows

The Reserve Bank of India (RBI) has announced several temporary measures aimed at boosting foreign exchange (forex) inflows. The steps include doubling borrowing limits for companies from overseas to $1.5 billion during a financial year. Interest rate ceilings for foreign currency deposits by non-resident Indians’ (NRI) will be removed. The move comes at a time when persistent capital outflows and a widening trade deficit have led to a sharp depreciation in the value of the Indian Rupee to new record lows against the U.S. Dollar.

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G M Breweries Q1 Results: Net profit rises 39% YoY to Rs 16.16 crore

G M Breweries Ltd reported a 38.8% year-on-year (YoY) increase in net profit to Rs 16.16 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 103.8% YoY to Rs 142.02 crore during the same period. Total expenses rose 106% YoY to Rs 531.18 crore in Q1. G M Breweries manufactures and markets alcoholic beverages such as country liquor (CL) and Indian-made foreign liquor (IMFL).

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Power Grid, Tata Projects executives arrested in bribery case

The Central Bureau of Investigation (CBI) has arrested Executive Director of Power Grid Corporation of India B S Jha and five officials of Tata Projects in connection with alleged bribery to favor the private company. The agency had conducted searches in Ghaziabad, Noida, and Gurugram, during which Rs 93 lakh cash was recovered from the offices of Jha.

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Passenger Vehicle Dispatches Dip 4% in April – Top Indian Market News

Passenger vehicle dispatches dip 4% in April: SIAM

Passenger vehicle (PV) dispatches from factories to dealers in the domestic market fell 4% YoY to 2,51,581 units in April. Two-wheeler sales increased by 15% YoY to 11.48 lakh units in April. Automakers are working hard to manage the supplier ecosystem with agility as supply-side challenges continue. The data was released by the Society of Indian Automobile Manufacturers (SIAM).

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Dr. Reddy’s Labs to commercialise Tegoprazan in India

Dr. Reddy’s Laboratories Ltd. has entered into an exclusive partnership with South Korea-based HK inno.N Corporation for the supply and commercialisation of its patented novel molecule Tegoprazan. The drug is used to treat gastrointestinal diseases. Under this partnership, Dr. Reddy’s Labs will be responsible for local clinical development, registration, marketing, and sales of Tegoprazan in licensed territories.

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Relaxo Footwear Q4 Results: Net profit falls 38% YoY to Rs 63 crore

Relaxo Footwear Ltd reported a 38.41% YoY decline in net profit to Rs 62.93 crore for the quarter ended March (Q4 FY22). Net profit fell 10.2% when compared to the previous quarter. Its revenue from operations fell 7% YoY to Rs 698 crore during the same period. EBITDA stood at Rs 111 crore in Q4, down 32% YoY. Relaxo Footwear’s board has declared a final dividend of Rs 2.5 per share.

LTI launches Innovation Studio for SAP Business Tech Platform

Larsen & Toubro Infotech (LTI) has launched its LTI Innovation Studio for SAP (System Applications & Products in Data Processing) Business Technology Platform. It helps global organizations accelerate their transformation journeys. The platform supports businesses in realizing the vision of an intelligent enterprise and enables them to amplify value from their digital core investments.

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Orient Cement Q4 Results: Net profit falls 26% YoY to Rs 73 crore

Orient Cement Ltd reported a 26.67% YoY decline in net profit to Rs 73.23 crore for the quarter ended March (Q4 FY22). Net profit rose 67.7% when compared to the previous quarter. Its revenue from operations fell 3.34% YoY to Rs 803.86 crore during the same period. EBITDA stood at Rs 153 crore in Q4, down 24% YoY. The cement manufacturer’s board has declared a final dividend of Rs 1.75 per share.

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Alembic Pharma gets final USFDA approval for Arformoterol Tartrate inhalation solution

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Arformoterol Tartrate inhalation solution. The drug is indicated for long-term treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease. As per IQVIA data, the inhalation solution had an estimated market size of $251 million for the 12 months ended December 2021.

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Balaji Amines Q4 Results: Net profit rises 28% YoY to Rs 108 crore

Balaji Amines Ltd reported a 28.67% YoY increase in consolidated net profit to Rs 108.72 crore for the quarter ended March (Q4 FY22). Net profit rose 21.4% when compared to the previous quarter. Its total income rose 87% YoY (or 38% QoQ) to Rs 781.15 crore during the same period. The chemical manufacturer’s board has declared a final dividend of Rs 6 per share.

Texmaco Rail secures order worth Rs 6,450 crore

Texmaco Rail & Engineering Ltd received an order worth Rs 6,450 crore from the Indian Railways. The order entails the delivery of 20,067 wagons to be executed over a period of 39 months. Texmaco Rail is a multi-discipline, multi-unit engineering and infrastructure company based in Kolkata.

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Kalyan Jewellers Q4 Results: Net profit falls 2.55% YoY to Rs 72 crore

Kalyan Jewellers Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 72.29 crore for the quarter ended March (Q4 FY22). Net profit fell 46.2% when compared to the previous quarter. Its revenue from operations fell 6.53% YoY to Rs 2,857.06 crore during the same period. EBITDA stood at Rs 218 crore, down 4.39% YoY. The company’s e-commerce division Candere reported revenue of Rs 39 crore in Q4, registering a growth of 77% YoY.

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BSE Q4 Results: Net profit jumps two-fold to Rs 71.5 crore

BSE Limited reported a two-fold YoY jump in net profit to Rs 71.52 crore for the quarter ended March (Q4 FY22). The exchange’s revenue from operations rose 34.4% YoY to Rs 204.59 crore during the same period. The company posted a 73% YoY increase in net profit to Rs 244.93 crore for FY 2021-22. Revenue stood at Rs 743.14 crore in FY22, up 48% YoY. BSE’s board has declared a final dividend of Rs 13.5 per share. 

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OMCs sign purchase agreement for upcoming dedicated ethanol plants

Leading oil marketing companies (OMCs), including Bharat Petroleum Corporation Ltd, Indian Oil Corp Ltd, and Hindustan Petroleum Corp Ltd, have entered into a long-term purchase agreement (LTPA) for upcoming dedicated ethanol plants across India. Ethanol produced by these plants will be sold to OMCs for blending with petrol as per the Centre’s Ethanol Blended Petrol (EBP) program.

Read more here.

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Kalyan Jewellers’ Revenue Grows 60% in Q2 – Top Indian Market News

Kalyan Jewellers’ revenue grows 60% in Q2

Kalyan Jewellers reported a 60% year-on-year (YoY) growth in revenue of its India operations during the quarter ended September (Q2 FY22). The company registered growth in the share of new customers in Q2, largely driven by a shift from the unorganised to the organised segment. The non-south markets recorded a higher same-store sales growth of 70% in Q2, compared to south markets, which recorded same-store sales growth of 40%. During the July-Sept quarter, 92% of its showrooms were operations, compared to 88% in Q2 FY21.

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Total automobile retail sales fall 5.27% in September: FADA 

The Federation of Automobile Dealers Associations (FADA) reported that total sales across all automobile categories declined by 5.27% YoY to 12.96 lakh units in September. Retail sales of passenger vehicles (PV) in September increased by 16.32%YoY to 2,33,308 units. Two-wheeler sales fell 11.54% YoY to 9,14,621 units last month. Meanwhile, commercial vehicle (CV) sales surged 46.64% YoY to 58,820 units. 

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NTPC, EDF to explore power project development opportunities

NTPC Ltd and Électricité de France (EDF) have signed a Memorandum of Understanding (MoU) to explore potential power project development opportunities in the Middle East, Asia, Europe, and Africa. EDF Is a Paris-based power sector firm. The companies will collaborate on knowledge sharing, research and development, technical services, and consultancy assignments globally.

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Ramkrishna Forgings signs MoU with US firm to develop EV powertrain components

Ramkrishna Forgings Ltd (RFL) has signed a Memorandum of Understanding (MOU) with a US-based technology partner for the development of electric vehicle (EV) powertrain components for the Indian EV market. The technology partner is a leading expert in magnetic engineering innovations. Kolkata-based RFL is a leading supplier of rolled, forged, and machined products.

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India’s unemployment rate falls to 6.86% in Sept: CMIE

According to the Centre for Monitoring Indian Economy (CMEI), India’s unemployment rate fell sharply to 6.86% in September from 8.32% in August. Around 85 lakh jobs were created last month. With construction activities picking up pace again, a majority of these jobs were created in rural India. Employment in September 2021 is estimated at 40.62 crore. 

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HAL delivers heaviest semi-cryogenic propellant tank to ISRO

Hindustan Aeronautics Ltd (HAL) has delivered the heaviest semi-cryogenic propellant tank (SC120- LOX) ever fabricated by it to the Indian Space Research Organization (ISRO). The tank will be used in the Mk-III launch vehicle for future missions. HAL’s Aerospace Division has now delivered 244 propellant tanks and 95 water tanks to ISRO for the space programs of PSLV, GSLV Mk-II, and GSLV Mk-III.

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Aurionpro Solutions announces strategic deal in Maldives

SC Soft Pte Ltd, a Singapore-based subsidiary of Aurionpro Solutions Ltd, has been selected as the solution provider of the EMV Open Loop Account Based ticketing system as part of the digitization of transportation solutions across the Maldives. The company will partner with the Bank of Maldives and Mastercard for this project. With this project, Maldives Transport Contracting Company (MTCC) will introduce contactless and digital payments on its transport network.

Mahindra XUV700 SUV receives 25,000 bookings in under an hour

Mahindra & Mahindra (M&M) Ltd’s latest Mahindra XUV700 SUV clocked a total of 25,000 bookings in just under an hour. The company claims these booking numbers are unprecedented in the Indian automotive industry. The price of the new XUV700 has been revised to Rs 12.49 lakh for the entry variant. M&M has gone for a Rs 50,000 price hike for the base variant. Bookings will reopen at 10 am on October 8, 2021.  

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Vakrangee partners with LendDenClub to launch P2P lending platform

Vakrangee Ltd has partnered with LendDenClub to provide investment and borrowing options to its customers in the remotest parts of the country. LenDenClub is one of the leading peer-to-peer (P2P) lending platforms in India. With this integration, customers of Vakrangee can now invest and borrow through LenDenClub. Through its Nextgen Kendras and BharatEasy app, Vakrangee will offer hassle-free instant digital loans in Tier-5 and Tier-6 towns.

GRSE signs concessional agreement with Syama Prasad Mookerjee Port

Garden Reach Shipbuilders & Engineers (GRSE) has signed a concessional agreement with Syama Prasad Mookerjee Port (SMPK), Kolkata, for utilizing Kidderpore Dry Docks and its associated facilities. The concessional agreement will be for 15 years and is further extendable for another 15 years. The facility will be utilized for ship repair and refit activities for Naval & Coast Guard Ships, Port Trust Vessels, and Commercial Ships.  

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Kalyan Jewellers Reports 54% YoY Rise in Net Profit in Q4 – Top Indian Market News

Kalyan Jewellers Q4 Results: Net profit rises 54% YoY to Rs 74 crore

Kalyan Jewellers reported a 54% YoY increase in consolidated net profit to Rs 73.9 crore for the quarter ended March (Q4). Its revenue from operations rose 42.78% YoY to Rs 3,050.60 crore during the same period. For the financial year ended March 31, 2021 (FY21), the company posted a net loss of Rs 6.07 crore. This is compared to a net profit of Rs 142,27 crore in FY20. Kalyan Jewellers has announced plans to open 21 showrooms in India in the current financial year (FY22).

Read more here. 

Indian economy not as hard hit as first wave, but uncertainties remain: RBI

The Reserve Bank of India (RBI) said that India’s economy has not moderated to the extent it did during the first wave of the Covid-19 pandemic, but uncertainties can act as a deterrent in the short term. In its annual report, RBI said India’s growth prospects now essentially depend on how fast the country can contain the second wave of infections. The central bank has also expressed concerns over the ‘bubble’ in the Indian equity markets and has hinted that high valuations in the market are far from ground realities.

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Cadila Healthcare Q4 Results: Net profit rises 73% YoY to Rs 679 crore

Cadila Healthcare reported a 73.25% YoY increase in consolidated net profit to Rs 679 crore for the quarter ended March (Q4). Net profit has increased by 28.7% when compared to the previous quarter. Its total revenue from operations rose 2.52% YoY to Rs 3,846.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.34% YoY to Rs 2,133.6 crore. The pharma company’s board has recommended a final dividend of Rs 3.5 per share. 

The company has announced plans to seek emergency use approval (EUA) for its Covid-19 vaccine, ZyCov-D, from the Drugs Controller General of India (DCGI) within the next two weeks.

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Lupin receives $50 million from Boehringer Ingelheim for achievement of key milestones

Lupin Limited has received a payment of $50 million (~Rs 363.5 crore) from Germany-based Boehringer Ingelheim for the achievement of ‘key milestones’ for its novel MEK inhibitor compound. The MEK inhibitor compound is under development by Boehringer Ingelheim as potential targeted therapy for patients with difficult-to-treat cancers. ‘Key milestones’ can be referred to as various successful steps on the way to a drug getting regulatory approval.

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Strides Pharma Q4 Results: Net profit at Rs 46 crore

Strides Pharma Science reported a consolidated net profit of Rs 46.09 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 203.93 crore in the corresponding period last year (Q4 FY20). Total revenue from operations rose 46.85% YoY to Rs 908.5 crore in Q4 FY21. The pharma company’s board has approved a final dividend of Rs 2.5 per share.

In a separate filing, Strides Pharma said it has partnered with Taiwan-based TLC to launch Liposomal Amphotericin B in India. The drug is used for the treatment of mucormycosis or Black Fungus.

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Dixon Tech Q4 Results: Net profit rises 60% YoY to Rs 44.3 crore

Dixon Technologies reported a 60% YoY increase in consolidated net profit to Rs 44.3 crore for the quarter ended March (Q4). Net profit has declined by 28% when compared to the previous quarter. Its total revenue from operations jumped 146% YoY to Rs 2,109.7 crore during the same period. Dixon Tech’s consumer electronics division posted a three-fold increase in revenues to Rs 1,178.6 crore in Q4. The company’s board has approved a final dividend of Rs 1 per share. 

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Paytm targets $3 billion IPO this year: Report

According to a report from Bloomberg, digital payments provider Paytm is aiming to raise $3 billion (~Rs 21,800 crore) via an initial public offering (IPO) late this year. This would be India’s biggest-ever IPO. The company, formally called One97 Communications Ltd, plans to list in India around November. It is targeting a valuation of around $25 billion to $30 billion. Paytm is backed by Japan’s SoftBank Group, Warren Buffett’s Berkshire Hathaway Inc, and China-based Ant Financial.

Read more here. 

IRB Infra Q4 Results: Net profit declines 36.85% YoY to Rs 97.46 crore

IRB Infrastructure Developers Ltd reported a 36.85% YoY decline in consolidated net profit to Rs 97.46 crore for the quarter ended March (Q4). Net profit has increased by 40.2% when compared to the previous quarter. Its revenue from operations rose 1.35% YoY to Rs 1,605.85 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined 83.75% YoY to Rs 117.15 crore.  

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Sun Pharma Q4 Results: Net profit jumps 123% YoY to Rs 894 crore

Sun Pharmaceutical Industries Ltd reported a 123.6% YoY increase in consolidated net profit to Rs 894 crore for the quarter ended March (Q4). Net profit has declined by 52% when compared to the previous quarter. Its revenue from operations rose 4% YoY to Rs 8,522 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 22.8% YoY to Rs 2,903.82 crore. The pharma company’s board has declared a final dividend of Rs 2 per share.

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Liquor sales rise 6% in Q4; declines by 12% in FY21

The sales of Indian-made foreign liquor recovered in the January-March quarter (Q4) with a 6% growth, but it declined 12% in FY 2020-21 on an overall basis. States such as Uttarakhand, Himachal Pradesh, and Haryana reported over 40% growth in liquor sales. Maharashtra and Goa reported a 23% and 22% growth, respectively. According to estimates, the liquor industry contributes ~Rs 2 lakh crore to state exchequer through taxes and levies.

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Infibeam Avenues Q4 Results: Net profit at Rs 32 crore

Infibeam Avenues Ltd reported a consolidated net profit of Rs 32 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 24 crore in the corresponding quarter last year (Q4 FY20). The company’s gross revenue rose 42% YoY to Rs 201 crore in Q4 FY21. Its board has recommended a final dividend of Rs 0.05 per share. Infibeam Avenues’ board has also approved a further investment of Rs 1.05 crore in Avenues Payments India Pvt Ltd (RemitGuru). Ahmedabad-based Infibeam offers digital payments, e-commerce software, and internet services. 

Read more here. 

Petrol, diesel prices hiked for 14th time in May

The prices of petrol and diesel were hiked again on Thursday (May 27), touching fresh record highs across the country. In the national capital, the petrol price rose by 24 paise and that of diesel rose 29 paise. Following the latest price revision, petrol in Delhi is now retailing at Rs 93.68 per litre, while diesel is retailing at Rs 84.61 per litre. In Mumbai, petrol price neared Rs 100 per litre-mark and now stands at Rs 99.94 per litre.

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