Tag: kesoram industries

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Federal Bank Posts 64% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Federal Bank Q1 Results: Net profit rises 64% YoY to Rs 601 crore

Federal Bank reported a 63.5% YoY increase in net profit to Rs 600.66 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 13% YoY to Rs 1,604.5 crore during the same period. [NII is the difference between the interest income a bank earns from loans and the interest it pays depositors.] The bank’s gross non-performing assets (GNPA) ratio stood at 2.69% in Q1 FY23, compared to 2.8% in Q4 FY22. Provisions fell 74% YoY to Rs 166.68 crore.

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Bharti Airtel declares successful trial of 5G captive network at Bosch facility

Bharti Airtel Ltd announced the successful trial of India’s first 5G private network at the Bosch Automotive Electronics India (RBAI) facility in Bengaluru. The telecom major’s on-premise 5G Captive Private Network was built over the trial 5G spectrum allocated by the Department of Telecommunications (DoT). Airtel has implemented two industrial-grade use cases for quality improvement and operational efficiency at Bosch’s manufacturing facility

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Yes Bank selects JC Flowers ARC to offload bad loans worth Rs 48,000 crore

Yes Bank has signed a term sheet with JC Flowers Asset Reconstruction (ARC) for the sale of identified stressed loans of the bank worth up to Rs 48,000 crore. The bank proposes to run a transparent bidding process for the sale of its bad loan portfolio, with JC Flowers ARC’s bid as the base bid. JC Flowers has likely valued Yes Bank’s bad loan book of Rs 48,000 crore at Rs 12,107 crore, which will get transferred to the ARC.

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Kesoram Industries Q1 Results: Net loss at Rs 61 crore

Kesoram Industries Ltd reported a consolidated net loss of Rs 61.25 crore for the quarter ended June (Q1 FY23). It had posted a net profit of Rs 12.77 crore in the corresponding quarter last year (Q1 FY22). Revenue from operations grew 4.18% YoY to Rs 891.23 crore in Q1 FY23. The company’s total expenses stood at Rs 998.54 crore in Q1, up 19.5% YoY. Kesoram Industries manufactures cement, tyres, tubes, rayon, paper, and heavy chemicals.

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Adani Group plans to create aero cities alongside its airports: Report

As per a report by Economic Times, Adani Group has plans to develop real estate projects alongside its airports in India in addition to its aeronautical and non-aeronautical (terminal) operations. Adani Airports will develop nearly 70 million sq. ft. on over 500 acres of land across all airports under its city-side developments portfolio. These “aero cities’” will be a mix of hotels, convention centres, retail, entertainment, logistics, and other allied real estate segments.

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Kotak Mahindra Bank completes its integration for direct tax payments

Kotak Mahindra Bank has become one of the first private banks to integrate with the new e-filing portal of the Income Tax Department. The bank’s customers can now pay their direct taxes through the e-pay tax tab on the portal using Kotak Net Banking or by visiting a branch. In October 2021, Kotak Mahindra Bank became the first Scheduled Private Sector Bank to receive approval as a collections partner for taxes.

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JK Tyre strengthens retail presence with 70th outlet

JK Tyre & Industries Ltd has set up a new truck wheel centre in Tamil Nadu, in line with its strategy to strengthen its presence in India. The new outlet is the company’s 15th outlet in Tamil Nadu and 70th in the country. Spread across 4,000 sq. ft., the facility provides end-to-end solutions for truck and bus tyres. It is equipped with trained technical advisors, wheel servicing equipment, and a wide range of truck tyres.

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NHPC signs pacts to develop green hydrogen tech in Leh, Kargil

NHPC Limited has signed two agreements to develop green hydrogen technologies in Leh and Kargil. The company will consider the development of a Pilot Green Hydrogen fuel cell-based Microgrid (including hydrogen production) to meet the power requirements of NHPC’s guest house at Nimmo Bazgo Power Station in Leh. NHPC will also produce green hydrogen fuel to run two buses for up to 8 hours in Kargil.

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LTTS Q1 Results: Net profit rises 27% YoY to Rs 274 crore

L&T Technology Services (LTTS) reported a 27% YoY increase in consolidated net profit to Rs 274.2 crore for the quarter ended June (Q1 FY23). Revenue from operations grew 23.4% YoY to Rs 1,873.7 crore during the same period. The company secured a $50 million plus deal, four $15 million deals, and two $10 million deals in Q1.

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TCS to Drive Digital Transformation of NXP Semiconductors – Top Indian Market News

TCS to drive digital transformation of NXP Semiconductors

Dutch chipmaker NXP Semiconductors NV has selected Tata Consultancy Services (TCS) to help accelerate its digital transformation. As part of the deal, TCS will drive NXP’s integrated IT strategy across apps, IT infrastructure, and workplace services. TCS will also accelerate NXP’s cloud adoption to enhance business agility and build a future-ready digital foundation that supports its growth and transformation agenda.

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India’s retail inflation eases to 5.3% in August

India’s retail inflation growth based on the Consumer Price Index (CPI) eased to 5.3% in August 2021, according to data released by the Ministry of Statistics & Programme Implementation (MoSPI). The CPI stood at 5.59% in July. This is the second successive month that the CPI data has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 3.11% in August, compared to 3.96% in July.

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Advanced Enzyme announces breakthrough in clinical trials of Covid-fatigue treating enzymes

Advanced Enzyme Technologies Ltd announced a positive breakthrough in the randomized controlled clinical trials (RCTs) of systemic enzymes and probiotics to resolve ‘long Covid’ fatigue symptoms. The company’s systemic enzyme and probiotic supplements ImmunoSEB and ProbioSEB CSC3 have passed the promising stages of RCTs in terms of efficacy to resolve post‐COVID fatigue symptoms. Advanced Enzymes conducted clinical trials on 200 patients suffering from post-Covid fatigue symptoms.

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Goldiam’s board approves Rs 45.6 crore share buyback plan

The Board of Directors of Goldiam International Ltd has approved a proposal to buy back equity shares. The company will buy back up to 3.80 lakh equity shares for an aggregate amount not exceeding Rs 45.60 crore, at Rs 1,200 per share. Goldiam International is an integrated manufacturer and supplier of diamond jewellery to leading retailers and wholesalers in the US and Europe.

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APL Apollo Tubes secures design patents for six products

The Office of the Controller General of Patents, Designs & Trademarks has granted six registrations to the innovative products of APL Apollo Tubes Ltd. The new products include Apollo Reflector (roadside reflectors), Apollo Fence (fencing solutions), Apollo Oval (gym equipment), Apollo Plank (to be used as stairs and scaffolding), Octagon (lighting poles), and Chequered Coil (covering panels). With these registrations, the company’s overall product portfolio has increased to 16.

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Granules India voluntarily recalls one batch of Naproxen Sodium tablets

Granules USA, Inc. has voluntarily recalled one batch of Naproxen Sodium 220mg tablets at the retail level due to a minor deviation of Current Good Manufacturing Practice (CGMP). One batch has 11.4 million units of Naproxen tablets, out of which 0.9 million units that were released into the market were recalled. The company said this move will not have a material impact on its financial performance. Granules USA, Inc. is a wholly-owned foreign subsidiary of Granules India Ltd.

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Ashoka Buildcon receives LoA for road project in Assam

Ashoka Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways & Infrastructure Development Corporation (NHIDCL) for a road project in Assam. The order consists of four-laning of the Kwaram Taro Village-Dillai Section of NH-29 in Assam on an engineering, procurement, and construction (EPC) mode. The accepted bid price of the project is Rs 282.11 crore. 

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Wipro partners with First Horizon Bank to provide services to VirtualBank

Wipro Ltd has partnered with US-based First Horizon Bank to transform the core banking channels and servicing capabilities of VirtualBank. The IT major has streamlined VirtualBank’s cloud migration and supported its end-to-end program management, governance, customer data conversion, and testing services. VirtualBank is an established digital bank that First Horizon inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020.

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Vedanta Resources reduced net debt by $300 million in first half of FY22

Vedanta Resources Ltd (VRL) has reduced its net debt by around $300 million (~Rs 2,200 core) in the first half of the current financial year (FY22). The company expects to further reduce its debt by $500 million (~Rs 3,680 crore) in the next half. VRL is the parent company of Vedanta Limited. The firm believes that a strong operational performance from its world-class asset base will strengthen the balance sheet and lead to investment-grade credit metrics. 

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Kesoram Industries’ board approves 133:274 rights issue

The Board of Directors of Kesoram Industries Ltd has approved the issuance of 7.99 crore rights shares for an aggregate amount of Rs 399.99 crore. The company has fixed the Rights Entitlement Ratio as 133:274. It means that 133 equity shares will be issued for every 274 equity shares held by eligible equity shareholders of the company as of September 17, 2021 (record date). The rights issue opens on September 27 and closes on October 11.

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India looking to tax cryptocurrency trades and ecosystem: Report

According to a report from ET Now, the Indian government is looking at ways to tax cryptocurrency trades and the entire ecosystem around them. The report further states that the government may permit the use of blockchain technology and treat cryptos as a tradeable asset class without banning it. The Union Cabinet will soon take up the draft bill on cryptocurrencies. However, Finance Minister Nirmala Sitharam had earlier stated that citizens will be given adequate windows to experiment with blockchains, Bitcoins, and other cryptocurrencies.

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MTAR Tech secures order worth $29.82 million from Bloom Energy

MTAR Technologies Ltd has received an export order worth $29.82 million (~Rs 220 crore) from US-based Bloom Energy. The order includes the export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022. In an official statement, MTAR Tech explained that this is the largest single order it has ever received.

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Aarti Drugs Reports 12% YoY Decline in Net Profit in Q4 – Top Indian Market News

Aarti Drugs Q4 Results: Net profit declines 12% YoY to Rs 51.6 crore

Aarti Drugs reported a 12% year-on-year (YoY) decline in consolidated net profit to Rs 51.6 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter (Q3 FY21). The drugmaker’s net sales rose 11.6% YoY to Rs 501.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 98.3% YoY to Rs 280.41 crore. Net sales have grown by 19.3% YoY to Rs 2,154.78 crore in FY21.

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Kesoram Industries Q4 Results: Net profit at Rs 96.4 crore

Kesoram Industries reported a consolidated net profit of Rs 96.41 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 82.17 crore in the corresponding quarter a year ago (Q4 FY20). Net profit has jumped 80.5% when compared to the previous quarter (Q3 FY21). Revenue from operations rose to Rs 861.56 crore in Q4 FY21, compared with Rs 532.49 crore in the year-ago period. The company’s board has approved fundraising of up to Rs 600 crore, including a rights issue of Rs 200 crore. The funds will be utilised to repay debts.

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Zensar Technologies to acquire US-based digital engineering firm M3bi

Zensar Technologies has signed definitive agreements to acquire M3bi, a US-based data engineering and digital engineering firm, for $30.6 million (~Rs 224 crore). The company will acquire the entire share capital of M3bi Private Ltd (M3bi India), while its wholly-owned subsidiary— Zensar Technologies Inc (USA) will acquire the entire share capital of M3bi LLC. This move will enhance Zensar Tech’s capabilities in the field of business intelligence and analytics, data warehousing & big data.

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Pfizer likely to sell 50 million doses to India by Q3: Report

According to a report from the Times of India, drug manufacturer Pfizer is likely to sell 50 million doses of its Covid-19 vaccine to the Indian government by the third quarter of this year. The report states that the Centre is in ‘high-level’ discussions with Pfizer, which is proceeding in a successful direction. A recent study revealed that the Pfizer-BioNTech vaccine appeared to work against highly transmissible variants of Covid-19. 

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Trident Q4 Results: Net profit rises 90.5% YoY to Rs 76.45 crore

Trident Limited reported a 90.5% YoY increase in consolidated net profit to Rs 76.45 crore for the quarter ended March (Q4). Net profit has declined by 31.8% when compared to the previous quarter (Q3 FY21). Its total revenue rose 35.69% YoY to Rs 1,344.95 crore during the same period. The company’s board has recommended a final dividend of Rs 0.36 per share.

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Tata Steel approves conversion of 56.02 lakh partly-paid up shares

The Board of Directors of Tata Steel has approved the conversion of 56.02 lakh partly paid-up equity shares (Rs 2.504 paid-up) of the face value of Rs 10 each to fully paid-up equity shares of the face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money includes the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share.

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You can learn more about partly paid-up shares here.

Kirloskar Industries Q4 Results: Net profit rises 73% YoY to Rs 67.49

Kirloskar Industries reported a 73.72% YoY increase in consolidated net profit to Rs 67.49 crore for the quarter ended March (Q4). Its revenue from operations rose 63.5% YoY to Rs 750.82 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 70.8% YoY to Rs 163.79 crore. The Board of Directors of Kirloskar Industries has recommended a dividend of Rs 10 per share. The company’s board has also approved an investment of up to Rs 15 crore in its wholly-owned subsidiary— Wellness Space Developers Ltd.

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PNB closes QIP issue at 5% discount to floor price

Punjab National Bank (PNB) has closed its qualified institutional placement (QIP) offering with ~5% discount to the floor price of the issue. Equity capital was raised at Rs 33.75 per share, as against the floor price of Rs 35.53 per share fixed earlier by PNB. The bank has not revealed the actual amount it has raised through this QIP. PNB was looking to raise Rs 1,800 crore, including an option to retain oversubscription up to Rs 600 crore.

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Geojit Financial Services Q4 Results: Net profit rises 94% YoY to Rs 36 crore

Geojit Financial Services Ltd reported a 94.08% YoY rise in consolidated net profit to Rs 36.39 crore for the quarter ended March (Q4). Net profit rose 18.8% when compared to the previous quarter (Q3 FY21). Its revenue from operations rose 47% YoY to Rs 121.38 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 161.8% YoY to Rs 123.16 crore. The company’s board has recommended a final dividend of Rs 2 per share.

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Quick Heal Tech Q4 Results: Net profit jumps 195% QoQ to Rs 39.7 crore

Quick Heal Technologies reported a 195% quarter-on-quarter (QoQ) jump in consolidated net profit to Rs 39.72 crore for the quarter ended March (Q4). Its revenue from operations rose 50% QoQ to Rs 105 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 43.77% YoY to Rs 106.98 crore. The company’s board has recommended a final dividend of Rs 4 per share.

IRB InvIT’s Q4 distribution stands at Rs 2.5 per unit

IRB Infrastructure Investment Trust (InvIT) announced that it will be distributing Rs 2.5 per unit for Q4 FY21. This takes the overall distribution to unitholders to Rs 8.5 per unit for the financial year 2020-21. IRB InvIT owns, operates, and maintains a portfolio of toll road concessions in India. Its gross income for Q4 stood at Rs 334 crore, compared with Rs 316 crore in the corresponding period last year (Q4 FY20).

Devyani International files DRHP for Rs 1,400 crore IPO

Devyani International has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,400 crore through an initial public offering (IPO). The company is the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India. The IPO comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of up to 12.53 crore equity shares by promoters.

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