Tag: Kotak Mahindra Bank

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Adani Enterprises’ Net Profit Falls 51% YoY in Q2 – Top Indian Market Updates

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

Adani Enterprises Q2 Results: Net profit falls 51% YoY to ₹228 crore

Adani Enterprises Ltd reported a 51% YoY fall in consolidated net profit to ₹227.82 crore for the quarter ended September (Q2 FY24). Its revenue fell 41% YoY to ₹22,517 crore during the same period. EBITDA stood at ₹2,430 crore, up 30% YoY. The sharp fall in net profit was despite a 2-fold rise in the other income to ₹549 crore.

Read more here.

Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance

Kotak Mahindra Bank Ltd (KMBL) will sell a majority stake in its subsidiary, Kotak Mahindra General Insurance Company, to Zurich Insurance Company. Zurich Insurance will invest around ₹4,051 crore to obtain a 51% stake in Kotak General Insurance. The deal is likely to be completed by June 30, 2024. Zurich Insurance will buy an additional 19% stake within three years from its initial acquisition.

Read more here.

Tata Motors Q2 Results: Net profit at ₹3,764 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,764 crore for the quarter ended September (Q2 FY24). The automaker posted a net loss of ₹945 crore in the same quarter last year (Q2 FY23). Its consolidated revenue grew 32% YoY to ₹1.05 lakh crore in Q2 FY24. EBITDA stood at ₹21,214 crore, up 93% YoY.

Read more here.

Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

Minda Corporation Ltd signed an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The JV will offer a full system solution ranging from design and development to manufacture sunroofs for passenger vehicles. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030.

Read more here.

Adani Power Q2 Results: Net profit jumps 800% YoY to ₹6,594 crore

Adani Power Ltd reported an 800% YoY jump in net profit to ₹6,594 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹696 crore a year ago (Q2 FY23). Its revenue from operations increased 84% YoY to ₹12,991 crore in Q2 FY24. Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% in Q2 FY24, much higher than 39.2% last year.

Read more here.

Tata Motors partners with JLR to develop premium pure electric series Avinya

Tata Motors has partnered with Jaguar Land Rover (JLR) to develop its premium pure electric series Avinya. Tata Passenger Electric Mobility (TPEM) signed an agreement with JLR for licensing JLR’s platform for a royalty fee for developing Avinya series vehicles. The access to JLR’s EMA platform will help accelerate TPEM’s entry into the high-end EV segment while reducing development cycle time and costs.

Read more here.

Dabur Q2 Results: Net profit rises 5% YoY to ₹515 crore

Dabur Ltd reported a 5% YoY increase in net profit to ₹515 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 7% YoY to ₹3,204 crore during the same period. EBITDA stood at ₹777 crore, up 7% YoY. The company’s board declared a dividend of ₹2.75 per equity share.

Read more here.

Adani Green is in talks for $1.8 billion loan

Adani Green Energy Ltd is in talks with a group of foreign lenders to borrow as much as $1.8 billion. The loan proceeds will be used to build new capacity in solar and wind projects. The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc. The transaction hasn’t been finished yet, and the terms could still change.

Read more here.

Vodafone Idea gets ₹2,000 crore from HDFC Bank

HDFC Bank has extended a loan of ₹2,000 crore to Vodafone Idea (Vi) to assist the telco in addressing its pending license fees and fulfilling its 5G spectrum payment commitments. The loan has a tenure of two years. The funds were disbursed in mid-September, just before the deadlines for some of the company’s loan and statutory payment commitments.

Read more here.

Tata Motors to supply 200 electric buses in Srinagar, Jammu for 12 years

Tata Motors will supply and operate 200 electric buses in Srinagar and Jammu for 12 years for Jammu and Srinagar Smart City projects. The company has supplied the first batch of Ultra EV air-conditioned electric buses to Srinagar Smart City Ltd via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a group company. 

Read more here.

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Market News Top 10 News

India’s GDP Growth Accelerates to 7.8% in Q1 FY24 – Top Indian Market Updates

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

India’s GDP accelerates to a four-quarter high of 7.8% in Q1

According to the data from the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) surged to a four-quarter high of 7.8% on an annual basis in the June quarter (Q1) of FY24. The growth can be attributed to central and state governments increasing capital expenditure (capex), stronger consumption demand and higher activities in the services sector. Meanwhile, the Reserve Bank of India (RBI) had predicted a growth rate of 8%.

Read more here.

Jio Fin Services to be removed from Sensex tomorrow

S&P BSE indices (including Sensex) will remove Jio Financial Services (JFSL) from its indices with effect from tomorrow, September 1. Jio Financial Services Ltd (JFSL) is a demerged non-banking financial services (NBFC) unit of Reliance Industries Ltd. The exchanges twice extended the removal of JFSL shares from the indices after the shares hit a lower circuit for four consecutive sessions post-listing.

Read more here.

Viacom 18 bags TV and digital rights for Indian cricket team’s home matches

Viacom18 has won BCCI media rights for ₹67.8 crore per match, outbidding Sony Pictures Networks India and Disney Star. The total value of the deal is ₹5,966 crore. The e-auction for the bilateral cricket media rights was held on Thursday. As per the tender released by the BCCI on August 2, the board had set a base price of ₹20 crore per match for Package A, which comprises the TV rights for the Indian subcontinent.

Read more here.

India’s Q1 fiscal deficit widens to Rs 6.06 lakh crore

According to Govt data, India’s fiscal deficit for Q1 FY24 has soared to ₹6.06 lakh crore, a significant increase from the ₹3.41 lakh crore recorded in the same period the previous year. The deficit stood at 20.5% of the Budget Estimates (BE) in the corresponding period of the financial year 2022-23. The fiscal deficit for Q1 now stands at approximately 33.9% of the projected ₹17.87 lakh crore target for the entire fiscal year.

Read more here.

Jupiter Wagons to enter EV market with electric commercial vehicles in early 2024

Jupiter Wagons’ entry into the electric vehicle (EV) market is set for early next year, marking a significant milestone in their diversification journey. Recognising the huge interest and demand for electric mobility solutions, the company is poised to leverage this opportunity by introducing electric commercial vehicles. Jupiter Wagons is engaged in the production of railway freight wagons, passenger coaches, wagon components, and cast manganese steel crossings & castings. 

Read more here.

Kotak Mahindra adds UPI interoperability feature to its Digital Rupee app

Kotak Mahindra Bank announced the introduction of a UPI interoperability feature on its Digital Rupee (e₹) application as a part of the RBI’s CBDC pilot project. Users will now be able to scan any QR code at merchants to make payments for groceries and daily expenses. As of today, the feature is live for Android users. It will empower customers to make payments on the existing UPI QR codes available at merchants.

Read more here.

Tata Power RE signs pact with Sanyo Special Steel Manufacturing to set up 28-MW solar plant

Tata Power Renewable Energy Limited (TPREL) has partnered with Sanyo Special Steel Manufacturing India Pvt Ltd (SSMI) to set up a 28.12-megawatt green energy plant in Maharashtra. TPREL an arm of Tata Power. The plant is expected to produce 61.875 million units (MUs) of electricity annually, which would meet the energy requirement of the steel manufacturing unit of SSMI.

Read more here.

JSW Group in talks with Chinese carmaker Leapmotor for EV tech: Report

JSW Group is in early talks with Chinese automaker Leapmotor to license technology to build electric vehicles in India. Under the technology licensing agreement, JSW would use Leapmotor’s platform to manufacture EVs in India under its own brand name. JSW is likely to use a single platform on which it can build at least three mid-sized sport-utility vehicles (SUVs).

Read more here.

Zydus Lifesciences gets USFDA approval for acne drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) for Isotretinoin Tablets. The drug is used in the treatment of severe cystic acne. As per IQVIA MAT data for July 2023, the Isotretinoin Capsules USP had annual sales worth $165 million in the United States.

Read more here.

TCS extends contract with Athora Netherlands

Tata Consultancy Services (TCS) has expanded its long-standing partnership with Athora Netherlands (formerly VIVAT). The partnership is to help the Dutch life insurance and pension provider with a better IT operating model to enhance customer experience, operational resilience and business agility. This will be a multi-year deal for TCS. The company didn’t disclose the size or the tenure of the deal. 

Read more here.

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Jargons

Best Savings Bank Accounts in India

People often have money they want to save for later instead of spending it right away. A savings bank account allows you to deposit your money safely with the bank, so you don’t have to carry it around or hide it in that rusted old steel safe at home. It is the most basic account that you can open at any bank. In this article, we will discuss a few of the best savings bank accounts available in India that can provide a seamless banking experience.

How to Choose a Savings Bank Account?

Here are some of the key factors to consider before opening a savings bank account:

1. Interest rates

Compare the interest rates offered by different banks. Look for accounts that offer competitive or relatively high interest rates to maximise your savings.

2. Minimum Balance

Check the minimum balance requirement for each account. Choose an account that aligns with your financial situation and can be easily maintained to avoid penalties. 

3. Fees and charges

Take note of any fees and charges associated with the savings account, including maintenance, ATM, or transaction fees. Choose an account with minimal or no charges, particularly if you plan to conduct regular transactions.

4. Withdrawal and transaction limit

Transaction and withdrawal limits on savings bank accounts refer to the maximum amount of money that can be transacted or withdrawn from the account within a specified period. The banks set these limits to ensure security, manage liquidity, and prevent misuse or fraudulent activities.

Look out for daily withdrawals, transactions, and other transfer limits before you open an account.

5. Customer service

Evaluate the quality of customer service provided by the bank. Check online reviews and ratings to gauge customer satisfaction and responsiveness to queries or complaints. Opting for a bank with an extensive network of branches can enhance your banking experience. Additionally, ensure the availability of a nearby branch for your convenience.

6. Bank’s financial health

Before opening a savings account, assess the bank’s financial health. Look for indicators like capital adequacy, asset quality, profitability, and liquidity. Consider credit ratings, regulatory compliance, reputation, and track record to ensure the safety and growth of your funds.

Best Savings Bank Accounts in India

1. State Bank of India (SBI)

State Bank of India (SBI) is a multinational public sector bank and the largest bank in India. SBI offers a variety of savings accounts with different interest rates. The interest rate on SBI savings accounts ranges from 2.70% to 4.25%, depending on the balance. Furthermore, SBI offers several other features, such as free ATM withdrawals, online banking, and mobile banking.

As of March 31, 2023, the State Bank of India (SBI) has 28,802 branches in India. SBI also has a network of over 62,617 ATMs and 71,968 Business Correspondent (BC) outlets across India. Additionally, SBI has a market share of 27.24% as of FY23, making it the largest bank in India.

The various types of saving accounts offered by SBI are:

  • Basic Savings Account (under Pradhan Mantri Jan Dhan Yojna)
  • Savings Bank Account
  • Basic Small Savings Account
  • Savings Account for Minors
  • Savings Plus Account
  • Insta Plus Video KYC Savings Account

Interest rate offered by SBI savings account

BalanceInterest Rate (per annum)
Less than ₹10 crore2.70%
₹10 crore & Above3.00%

2. HDFC Bank

HDFC Bank is the largest private-sector bank in India by assets. The bank offers a savings account with an interest rate of 3%. HDFC Bank has branch networks across several countries outside India, including the United States, the United Kingdom, Singapore, and the United Arab Emirates. The bank’s international presence is growing, and it plans to open more branches in other countries in the coming years.

As of March 31, 2023, HDFC Bank has 7,821 branches in India. HDFC Bank also has a network of over 19,727 ATMs and 5,200 Business Correspondent (BC) outlets across India. HDFC Bank has a market share of 18.71% in the Indian banking sector. After the State Bank of India (SBI), it is the second-largest bank in India in terms of market share.

The various types of saving accounts offered by HDFC Bank are:

  • Regular Savings Account
  • Women’s Savings Account
  • Savings Max Account
  • Specialé Gold and Specialé Platinum
  • DigiSave Youth Account
  • Senior Citizen’s Account
  • Kids Advantage Account
  • Basic Savings Bank Deposit Account
  • Super Kids Savings Account
  • Instant Savings Account Online

Interest rate offered by HDFC Bank savings account

BalanceInterest Rate (per annum)
Less than ₹50 lakh3.00%
₹50 lakh & Above3.50%

3. Axis Bank

Axis Bank is a private-sector bank and is the fourth-largest bank in India by market capitalization and the fifth-largest bank in India by assets. The bank’s market share in the Indian banking sector is 5.64% as of March 31, 2023. This makes it the fourth-largest bank in India by market share. 

The bank has 5,238 branches in India. The bank also has a network of over 15,953 ATMs and cash recyclers across India.

Axis Bank’s market share has been growing steadily over the past few years. In 2018, the bank’s market share was 3.9%. This growth is due to several factors, including the bank’s strong financial performance, a wide range of products and services, and strong brand reputation.

The various types of saving accounts offered by the bank are:

  • EasyAccess Savings Account
  • Prime Savings Account
  • Future Stars Savings Account
  • Senior Privilege Savings Account
  • Pension Savings Account
  • Insurance Agent Account
  • Basic Savings Account
  • Small Basic Savings Account
  • Liberty Savings Account
  • Prestige Digital Savings Account
  • Priority Digital Savings Account
  • Burgundy Digital Savings Account
  • Government Scholarship Savings Account

Interest rate offered by Axis savings account

BalanceInterest Rate (per annum)
Less than ₹50 lakh3.00%
₹50 lakh to ₹800 crore3.50%

4. ICICI Bank

ICICI Bank is a multinational banking and financial services company headquartered in Mumbai, India. It is the third-largest bank in India by market capitalization and the second-largest private-sector bank in India by assets.

As of March 31, 2023, ICICI Bank has 6,612 branches, over 15,589 ATMs, and 13,135 Business Correspondent (BC) outlets across India. ICICI Bank has a 14.01% market share.

The various types of saving accounts offered by ICICI Bank are:

  • Insta Save Account
  • Advantage Woman Aura Savings Account
  • Advantage Woman Savings Account
  • Seniors Club Savings Account
  • Young Stars Savings Account
  • Smart Star Savings Account
  • Retire Happy Savings Account
  • Family Savings Account
  • Regular Savings Account
  • Silver Savings Account
  • Basic Savings Bank Account (BSBDA)
  • Easy Receive Savings Account
  • Professional Savings Account
  • ICICI Bank@Campus Savings Account

Interest rate offered by ICICI Bank savings account

BalanceInterest Rate (per annum)
Less than ₹50 lakh3.00%
₹50 lakh & Above3.50%

5. Kotak Mahindra Bank

Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in personal finance, investment banking, life insurance, and wealth management.

Kotak Mahindra Bank’s market share in the Indian banking sector is 3.51% as of March 31, 2023. The bank has 1,780 branches and 2,963 ATMs across India.

The various types of saving accounts offered by Kotak Mahindra Bank are:

  • Kotak 811 Digital Bank account
  • Kotak 811 Edge Digital Bank Account
  • Edge Savings Account
  • Junior – The Savings Account for Kids
  • Pro Savings Account
  • My Family Savings Account
  • Classic Savings Account
  • Sanman Savings Account
  • Ace Savings Account
  • Grand – Savings Account
  • Alpha – The Savings & Investment Programme
  • Nova Savings Account
  • Silk Women’s Savings Account
  • BSBDA/Small Accounts

Interest rate offered by Kotak Mahindra Bank savings account

BalanceInterest Rate (per annum)
Less than ₹50 crore3.50%
₹50 lakh & Above4.00%

In conclusion, several top savings bank accounts in India offer various benefits and features suited to different individuals’ needs. It is essential to consider factors such as interest rates, minimum balance requirements, customer service, fees, and digital banking facilities while choosing the best savings account. Moreover, every savings account has account-specific minimum balance requirements, withdrawal, and transaction limits. Overall, the best savings bank account is the one that best meets all your needs!

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Daily Market Feed Post Market Analysis

Markets Take a Pause Due to ITC, Reliance – Post-Market Analysis

NIFTY started the day flat at 19,748. The index was volatile within a 100-point range between 19,780 and 19,680 with a bearish bias. It has been moving in a downward channel since Friday. Nifty closed at 19,672, down by 72 points or 0.37%.

BANK NIFTY (BNF) started the day at 46,131 with a small gap-up of 56 points. Similar to Nifty, BNF fell sharply after 11:30 and consolidated in a 230-point range for the remainder of the day. The index has also formed a triangular pattern. BNF closed at 45,923, down by 152 points or 0.33%. 

All indices except Nifty Pharma (+0.4%), Nifty Realty (+0.2%), Nifty PSU Bank (+0.1%), and Nifty Auto (+0.17%) closed in the red. Nifty FMCG (-1.7%) fell the most.

Major Asian markets closed mixed. France’s CAC40 is currently trading in the red, while UK’s FTSE100 and Germany’s Dax are in green.

Today’s Moves

SBI Life (+2.05%) was NIFTY50’s top gainer on the back of strong volumes. 

Aarti Drugs (+18.6%) surged after the company approved plans for a buyback of 6.65 lakh fully paid-up equity shares. The floor price for the buyback is set at ₹900 per share, which is over 72% higher than the stock’s closing price on Friday.

ITC (-3.89%) was NIFTY50’s top loser. The company’s board has given in-principle approval for the demerger of its hotel business.

Kotak Bank (-3.7%) fell sharply despite reporting better-than-expected Q1 results.

Tejas Networks (-8.1%) crashed after the company’s net loss widened sequentially in the April-June (Q1) quarter.

Hikal (-7.28%) moved down after the Gujarat Pollution Control Board (GPCB) asked the pharma company to close down its plant in Bharuch for alleged violation of environmental norms.

Markets Ahead

Both Nifty and Bank Nifty are at crucial support zones and can give good moves on either side tomorrow.

Nifty: The index is now below its support of 19,700. But if there’s a flat or gap down opening, the index can further come down to the 19,560 level. If there’s a gap up and further up-move, the index can go back into the consolidation zone of 19,800 and 19,700.

Bank Nifty: 45,900 in Bank Nifty is a very important support zone. A breakdown from here can give us the target till the round levels of 45,500 and then eventually to 45,200 zones. But looking at the triangular pattern Bank Nifty has formed, a breakout on the upside is more likely to happen and if the market goes up tomorrow, we can expect a target of 46,400.

Meanwhile, Reliance Industries shares fell over 2% today after the company reported lower-than-estimated Q1 earnings. The US will report its manufacturing PMI data tonight.

Being FIN NIFTY expiry tomorrow, major indices can be volatile. Since it’s the monthly expiry also, we can expect some directional moves tomorrow. So trade cautiously if you’re a non-directional player! 

Which levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

NSE Scraps Plan to Shift Nifty Bank F&O Expiry to Friday – Top Indian Market Updates

nse

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

NSE scraps plan to shift Nifty Bank F&O expiry to Friday

The National Stock Exchange (NSE) has canceled its plan to change the expiry of Nifty Bank derivative contracts from Thursday to Friday. The decision came after the Bombay Stock Exchange (BSE) shifted the expiry of Sensex and Bankex contracts to Friday. BSE expressed concerns that NSE’s move could impact the growth of Sensex/Bankex derivatives. In the interest of balanced market development and risk avoidance, BSE requested NSE to consider shifting the Bank Nifty expiry to a different day.

Read more here.

HDFC-HDFC Bank merger to be effective on July 1

HDFC is scheduled to merge with HDFC Bank on July 1, 2023. Both companies will hold separate board meetings on June 30, marking HDFC Ltd’s final board meeting. The stock delisting of HDFC will take effect from July 13. HDFC Bank will retain the branches, and the merger is expected to boost mortgage sales with an increase in applications. Employees under 60 will be retained without a salary cut as HDFC Bank requires their expertise in mortgages.

Read more here.

India’s current account deficit narrows to 0.2% of GDP in Q4: RBI

India’s current account deficit (CAD) in the January-March quarter of FY23 improved significantly to $1.3 billion, accounting for 0.2% of GDP. This positive outcome can be attributed to a reduced trade deficit and a notable increase in services exports. Compared to the previous quarter and the same period last year, the latest figures reflect a significant improvement in India’s balance of payments, according to the Reserve Bank of India (RBI).

Read more here.

Kotak arm invests Rs 450 crore in automobile components maker Viney Corp

Kotak Mahindra Bank’s subsidiary Kotak Strategic Situations India Fund II has invested ₹450 crores in automobile components company Viney Corporation. The investment aims to support Aggarwal’s acquisition of a majority stake in VCPL and revamp the company’s capital structure for future expansion and fundraising opportunities.

Read more here.

HAL announces 1:2 stock split

Hindustan Aeronautics Ltd (HAL) has received approval from its board to split the company’s equity shares in a 1:2 proportion. This means that each existing share will be divided into two shares. The split will result in the subdivision of one equity share of ₹10/- fully paid up into two equity shares of ₹5 each.

Read more here.

Tata Technologies IPO: SEBI approves the first public issue from Tatas in 20 years

Capital markets regulator SEBI has approved the IPO of Tata Technologies, marking the first public offering from the Tata group since TCS in 2004. Additionally, SBFC Finance and Gandhar Oil Refinery’s IPOs have also received approval. The shares of these three companies are planned to be listed on both the BSE and NSE. Tata Technologies is a subsidiary of Tata Motors. 

Read more here.

Sonata Software bags deal to build digital hub for Germany’s TUI Group in India

Sonata Software has partnered with TUI Group to establish a digital hub in India. The collaboration focuses on developing advanced digital solutions to enhance customer experience and operational efficiency. Marc Jennings, CIO of Analytics & Customer at TUI Group, expressed excitement about leveraging India’s talent pool to deliver exceptional travel experiences and fuel sustained growth.

Read more here.

SAT stays SEBI’s order debarring IIFL Securities from on boarding new clients

The Securities Appellate Tribunal (SAT) granted a stay on SEBI’s order, which barred IIFL Securities from acquiring new clients for 2 years. SEBI had imposed the ban last week, citing violations of code of conduct regulations. In response, IIFL Securities filed an appeal with the tribunal.

Read more here.

CCL Products to set up new plant in AP with Rs 400 cr investment

CCL Products (India) Ltd plans to establish a new manufacturing plant at Continental Coffee Park in Tirupati, Andhra Pradesh, with a ₹400 crore investment. Spanning 22 acres, the plant will have an annual capacity of 16,000 metric tonnes for spray-dried instant coffee production. The plant is scheduled to commence operations in the fourth quarter of this fiscal year, funded through internal accruals and a partial-term loan.

Read more here.

BPCL to shut half of Mumbai refinery for a month from Sept 21

Bharat Petroleum Corp intends to temporarily close down 50% of its crude processing capacity at the Mumbai refinery in western India from Sept. 21 for maintenance. The planned shutdown includes a 120,000 bpd crude unit, a fluid catalytic cracker, a continuous catalytic reformer, and a catalytic cracker. Additionally, a bitumen unit will be shut for 15 days starting from mid-August.

Read more here.

Adani Total Gas to build 1800 CNG stations in 7-10 years

Adani Total Gas Ltd (ATGL) plans to construct 1,800+ CNG stations in the next 7-10 years, as mentioned by Suresh P Manglani, CEO, of ATGL, in the FY23 annual report. ATGL is expanding nationwide and has a presence in 124 districts, including 19 additional areas through its joint venture with Indian Oil Adani Gas Private Limited (IOAGPL).

Read more here.

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Market News Top 10 News

Reliance Jio in Talks to Raise $1.6 Billion – Top Indian Market Updates

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

Reliance Jio in talks to raise about $1.6 billion for purchase of equipment from Nokia

Reliance Jio Infocomm Ltd. is reportedly in discussions to secure a loan of approximately $1.6 billion (~₹13,120 crore) to purchase equipment from Nokia Oyj. The banks involved in these talks include Citigroup Inc., HSBC Holdings Plc., and JPMorgan Chase & Co. The loan is expected to have a maturity of up to 15 years. Last October, Nokia announced that it has signed an agreement with Jio to supply equipment for its 5G rollout in India.

Read more here.

Asian Paints acquires additional 11% stake in White Teak for ₹54 crore

Asian Paints Ltd has acquired an additional 11% stake in Obgenix Software Private Ltd (White Teak) for ₹54 crore. The company now holds a 60% stake in White Teak, by virtue of which the brand has become a subsidiary of the company. Set up in 2016 by Silicon Valley tech entrepreneurs, White Teak is engaged in the business of decorative lighting products and fans.

Read more here.

Kotak Mahindra Bank arm invests ₹732 crore in thermal power firm RattanIndia

Kotak Strategic Situations India Fund II and Kotak Private Credit Fund, managed by Kotak Investment Advisors (KIAL), announced its investment of ₹732 crore in the non-convertible debentures (NCDs) of RattanIndia Power (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders. KIAL is a subsidiary of Kotak Mahindra Bank.

Read more here.

Dr Reddy’s Labs enters trade generic business in India with ‘RGenX’

Dr Reddy’s Laboratories has entered into the trade generics business in India with the launch of its new division, ‘RGenX’. Trade generics are drugs that are pushed directly to trade and not promoted via doctors. The pharma company aims to roll out its trade generics across cities and towns in India, including rural areas.

Read more here.

Lupin launches oral suspension drug for treatment of seizures in the US

Lupin has launched Rufinamide Oral Suspension in the United States. The drug is indicated for the adjunctive treatment of seizures in pediatric patients. With estimated annual sales of $72 million in the United States (according to IQVIA MAT data for April 2023), Rufinamide Oral Suspension is expected to make a significant impact in the market.

Read more here.

Man Infra secures order worth ₹680 crore for infrastructure works at JNPT

Man Infraconstruction Ltd. has secured an order worth Rs 680 crore from Bharat Mumbai Container Terminal Pvt. Ltd. for infrastructure-related works at Jawaharlal Nehru Port Trust (JNPT) in Maharashtra. The company will be responsible for executing phase-2 infrastructure works at the fourth container terminal of JNPT in Navi Mumbai within two and a half years. The order includes pavement work on the reclaimed earth.

Read more here.

Orchid Pharma launches QIP to raise funds

Orchid Pharma Ltd has launched a Qualified Institutional Placement (QIP) issue to raise funds, with a base size of approximately Rs 300 crore and an option to upsize up to Rs 400 crore. The company has fixed Rs 425.19 as the floor price for the issue, representing a 5.5% discount to Thursday’s closing stock price. The company also has the option to offer a 5% discount on the floor price.

Read more here.

BPCL to consider fundraising via rights issue on June 28

Bharat Petroleum Corporation Ltd (BPCL) will hold a board meeting on June 28 to discuss raising funds through a rights issue. The objective of the rights issue is to support the company’s energy security targets, energy transition, and net-zero objectives. A rights issue allows existing shareholders to purchase additional new shares at a discounted price.

Read more here.

India’s forex reserves rise by $2.35 billion to $596 billion

As per RBI data, India’s forex reserves jumped by $2.35 billion in the week ending June 16, 2023, to $596.09 billion.  Except for gold reserves, all other components witnessed a sharp upside on a week-on-week basis. Foreign currency assets (FCA) increased by $2.57 billion to $527.651 billion. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Read more here.

Auro Pharma arm signs pact with Medicines Patent Pool to develop anti-cancer drug

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities Ltd has entered into a voluntary sub-licensing agreement with the Medicines Patent Pool (MPP). The agreement allows Aurobindo Pharma to develop and market Nilotinib capsules in 44 low and middle-income countries (LMIC). The drug is primarily used for the treatment of chronic myeloid leukaemia. The agreement aims to enhance access to affordable cancer treatment in these countries.

Read more here.

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Market News Top 10 News

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.

Read more here.

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TCS Reports 5.2% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

TCS Q1 Results: Net profit rises 5.21% YoY to Rs 9,478 crore

Tata Consultancy Services (TCS) reported a 5.21% YoY increase in consolidated net profit to Rs 9,478 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 16.2% YoY to Rs 52,758 crore during the same period. The last twelve months IT services attrition rate stood high at 19.7%. The IT firm’s board has declared an interim dividend of Rs 8 per share.

Read more here.

M&M plans to sell 2 lakh electric vehicles by FY27

Mahindra & Mahindra Ltd (M&M) hopes to sell two lakh electric vehicles (EVs) by FY27. It has begun a new path to grab a share of the shift towards electrification. The automaker plans to invest over $1 billion in the EV business and develop a portfolio of five EVs in the next five years. M&M recently raised ~Rs 1,980 crore from British International Investment (BII) for its new wholly-owned EV company.

Read more here.

Tata Motors’ global wholesales up 48% YoY to 3.16 lakh units in Q1

Tata Motors Ltd’s global wholesales (including JLR) increased by 48% YoY to 3,16,443 units in the April-June quarter (Q1 FY23). Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q1 stood at 1,03,529 units, up 97.3% YoY. The company’s global sales of all passenger vehicles rose 31% YoY to 2,12,914 units.

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City Union Bank partners with Shriram General to distribute insurance products

City Union Bank has partnered with Shriram General Insurance to distribute insurance products across the bank’s 727 branches in India. The deal gives space for Shriram General to offer personal lines of insurance products such as motor, personal accident, home, and travel. The agreement allows City Union Bank to provide non-life insurance products to its customers.

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Mahindra Holidays plans to add 1,000 rooms in next 2-3 years

Mahindra Holidays & Resorts India Ltd (MHRIL) plans to add ~1,000 rooms in the next 2-3 years, said chairman Arun Nanda. The company is looking at greenfield projects, expansion of existing facilities, acquisitions, and lease opportunities to drive significant growth in room inventory in the next few years. MHRIL added 385 rooms during the financial year 2021-22 (FY22). The total room inventory now stands at 4,568 units across 84 resorts.

Read more here.

Kotak Mahindra Bank bags DLL India’s agri & healthcare equipment financing portfolio

Kotak Mahindra Bank has acquired the agriculture and healthcare equipment financing portfolio of asset finance company DLL India. DLL India is a subsidiary of Netherland-based De Lage Landen International B.V., owned by Rabobank. With this acquisition, the bank will gain access to over 25,000 customers with a total standard loan outstanding of ~Rs 582 crore. Kotak Mahindra Bank has also acquired the non-performing assets (NPA) portfolio of DLL India with a total loan outstanding of ~Rs 69 crore.

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Happiest Minds partners with CloudFabrix’s RDAF

Happiest Minds Technologies Ltd has entered into a strategic partnership with US-based CloudFabrix’s Robotic Data Automation Fabric (RDAF) to unify data observability, artificial intelligence for IT operations (AIOps), and automation. RDAF consolidates diverse data sources, converges on the root cause by applying AI/ML pipelines, and concludes by remediating with intelligent automation.

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Investor flow to equity mutual fund schemes fall 16% in June: AMFI

Net investments into equity and equity-linked schemes fell 16.3% over the previous month to Rs 15,497.7 crore in June. The number of systematic investment plan (SIP) accounts stood at an all-time high at 5.54 crore and monthly SIP contribution at Rs 12,276 crore in June. The net assets under management  (AUM) for the Indian mutual fund industry stood at Rs 35.64 lakh crore in June, registering a 6% YoY growth. The data was released by the Association of Mutual Funds in India (AMFI).

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HAL, Safran to develop new helicopter engines

Hindustan Aeronautics Ltd (HAL) has signed an agreement with France-based Safran Helicopter Engines to create a new joint venture (JV) to develop helicopter engines. The JV will meet the requirements of HAL and the Ministry of Defence’s future helicopters, including the 13-tonne Indian Multi-Role Helicopter (IMRH). This partnership will involve and utilise the Indian defence manufacturing ecosystem within India.

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ONGC, OIL, GAIL emerge winners of OALP-VII bidding round

Oil & Natural Gas Corp (ONGC), Oil India Ltd. (OIL), and Gas Authority of India Ltd. (GAIL) have walked away with most of the eight blocks offered for exploration and production of oil and gas in the Open Acreage Licensing Policy (OALP) 7th bidding round. ONGC won three blocks in this round, while OIL won two. GAIL won one block in Rajasthan. The government has now launched the OALP Bid Round-VIII for 10 blocks.

Read more here.

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Tata Power to Set Up Mega Solar Project in TN – Top Indian Market Updates

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

Tata Power to invest Rs 3,000 crore to set up mega solar plant in Tamil Nadu

Tata Power Ltd has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest ~Rs 3,000 crores in a new 4 gigawatt (GW) solar cell and 4 GW solar module manufacturing plant in Tirunelveli, Tamil Nadu. The investment in the plant will be made over 16 months and will create over 2,000 employment opportunities. The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state.

Read more here.

APSEZ cargo handling grows 8% to record 90 MT in Q1

Adani Ports and Special Economic Zone Ltd (APSEZ) handled the highest-ever cargo in a quarter at 90.89 million metric tonnes (MMT) during the April-June period (Q1) of FY23, registering a growth of 8% YoY. In June alone, the company handled the highest ever monthly cargo of 31.88 MT, registering a 12% YoY growth. Mundra (21%), Hazira (16%), Kattupalli & Ennore combined (38%), and Dahej (70%) are the key ports that helped drive this monthly volume growth.

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Muthoot Finance gets RBI approval to open 150 new branches across India

Muthoot Finance Ltd has received approval from the Reserve Bank of India (RBI) to open 150 new branches across India. It will help the company expand its customer base and assist new customers with gold loan finance and other services. Muthoot Finance plans to carry out branch expansion across South and North India. This expansion will also aid in creating employment opportunities in the sector.

Read more here.

AU Small Finance Bank’s loans grow 42 % YoY in Q1 

AU Small Finance Bank (SFB) posted a 42% year-on-year (YoY) and 5% QoQ growth in credit to Rs 49,366 crore in the quarter ended June (Q1 FY23). Loan disbursements jumped 345% YoY to Rs 8,445 crore during the same period. The lender’s total deposits grew by 48% YoY (or 4% QoQ) to Rs 54,631 lakh crore in Q1.

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Tata Motors plans to sell five lakh cars in FY23

Tata Motors Ltd has announced plans to sell five lakh cars in the current financial year (FY23). Chairman N Chandrasekaran also expressed confidence that electric vehicle (EV) sales will cross one lakh units by the next fiscal year. The automaker aims to expand the product portfolio to 10 EVs by 2025 and expects the share of EVs in total sales to rise to 25% in the next five years.

Read more here.

Va Tech Wabag secures order worth Rs 430 crore from Reliance Industries

Va Tech Wabag Ltd has secured a Rs 430 crore order from Reliance Industries Ltd for establishing a desalination plant at Jamnagar. The scope of work includes the design, engineering, procurement, construction, and commissioning of the seawater reverse osmosis (SWRO) plant. This plant is scheduled to be completed over a 21-month period.  

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NTPC power generation rises 22% YoY in Q1 

NTPC Limited reported a 22% YoY growth in power generation at 104.4 billion units (BU) in the April-June quarter (Q1 FY22). The company posted a 29% YoY rise in power generation at 34.8 BU during June 2022, compared to 26.9 BU in June 2021. NTPC has also become India’s first energy company to declare its energy compact goals as part of the UN High-level Dialogue on Energy (HLDE).

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RBI imposes Rs 1.05 crore penalty on Kotak Mahindra Bank

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.05 crore on Kotak Mahindra Bank. The penalty can be attributed to non-compliance with the Banking Regulation Act, 1949, and directions on ‘Customer Protection– Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, and ‘Loans and Advances– Statutory and Other Restrictions’. 

In other news, RBI has imposed a penalty of Rs 1 crore on IndusInd Bank for non-compliant with certain Know Your Customer (KYC) norms.

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Adani Enterprises declared lowest bidder in CIL import tender

Adani Enterprises Ltd has emerged as the lowest bidder in Coal India Ltd’s first coal import tender. The company quoted Rs 4,033 crore for the supply of 2.416 million tonnes (MT) of coal on a freight-on-road (FOR) basis. The imported coal will go to seven state-generating companies and 19 private power plants.

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Retail Inflation Spikes to 7.79% in April – Top Indian Market News

Retail inflation spikes to 7.79% in April

India’s retail inflation, measured by the Consumer Price Index (CPI), surged to an eight-year high of 7.79% in April. Retail inflation stood at 6.95% in March. This is the fourth consecutive month that CPI data has breached the Reserve Bank of India’s (RBI) upper margin of 6%. Inflation in the food basket spiked in April to 8.38%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1.9% in March. IIP had surged 24.2% in March 2021 (due to a low base).

Read more here.

Tata Motors Q4 Results: Net loss at Rs 1,033 crore

Tata Motors Ltd reported a consolidated net loss of Rs 1,032.84 crore for the quarter ended March (Q4 FY22). The automaker has posted a net loss of Rs 1,516.14 crore in Q3 FY22 and a loss of Rs 7,605.4 crore in Q4 FY21. Its revenue from operations fell 11.5% YoY to Rs 78,439 crore in Q4 FY22. Jaguar Land Rover (JLR) posted revenue of £4.8 billion in the March quarter, up 1% QoQ.

Read more here.

IndiGo, Air France-KLM implement codeshare agreement

Air France-KLM and IndiGo have implemented a codeshare agreement, allowing each airline to sell seats on other’s flights. Under this pact, Air France and KLM will offer their passengers access to 30 new Indian cities. IndiGo will be able to sell seats on the European airline group’s flights on more than 300 routes. From their hubs in Paris and Amsterdam, Air France-KLM will operate flights to Delhi, Mumbai, Chennai, and Bengaluru.

Read more here.

L&T Q4 Results: Net profit rises 10% YoY to Rs 3,620 crore

Larsen & Toubro Ltd reported a 10% YoY increase in net profit to Rs 3,621 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 10% YoY to Rs 52,851 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. L&T’s board has declared a final dividend of Rs 1.75 per share.

Read more here.

BIAL partners with Kotak Mahindra Bank, Phi Commerce to facilitate one-stop payment solution

Bangalore International Airport Ltd (BIAL) has partnered with Kotak Mahindra Bank and Phi Commerce to facilitate a one-stop omnichannel payment solution at Kempegowda International Airport. The solution will enable a secure, scalable, and unified payment experience. It will power business-to-business (B2B) and business-to-consumer (B2C) payments across online and offline channels.

Read more here.

RBL Q4 Results: Net profit jumps 162% YoY to Rs 197 crore

RBL Bank Ltd reported a 162.7% YoY jump in net profit to Rs 197.83 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 24.9% YoY to Rs 1,131.4 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 4.4% in Q4 FY22, compared to 4.84% in Q3 FY22. Provisions fell 36% YoY to Rs 400.67 crore in Q4 FY22.

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Dalmia Cement to invest Rs 2,600 crore in Tamil Nadu

Dalmia Cement (Bharat) Ltd has drawn up a Rs 2,600-crore investment plan spread over the next four years to take up expansion of its existing facilities and also set up new manufacturing units in Tamil Nadu. The company will set up two greenfield grinding units with a capacity of producing two million tonnes per annum each.

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Ujjivan SFB Q4 Results: Net profit falls 7% YoY to Rs 126.5 crore

Ujjivan Small Finance Bank reported a 7% YoY decline in net profit to Rs 126.5 crore for the quarter ended March (Q4 FY22). Its total income rose 25% YoY to Rs 920 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.34% in Q4 FY22, compared to 7.1% in Q4 FY21.

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Reliance Jio adds 12.6 lakh subscribers in March; Bharti Airtel adds 22.5 lakh: TRAI

Reliance Jio added 12.6 lakh subscribers in March 2022. Bharti Airtel gained 22.5 lakh subscribers in March, while Vodafone Idea (Vi) lost 28.1 lakh subscribers. Jio continued to have the largest market share at 35.37%. Bharti Airtel and Vodafone Idea’s market shares stood at 31.55% and 22.83%, respectively, in March. The data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here.

Apollo Tyres Q4 Results: Net profit falls 61% YoY to Rs 113 crore

Apollo Tyres Ltd reported a 61% YoY decline in consolidated net profit to Rs 113 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 5,578 crore during the same period. EBITDA stood at Rs 626 crore in Q4, down 23% YoY. The tyre manufacturer’s board has declared a dividend of Rs 3.25 per share.

Kalpataru Power Transmission, subsidiaries secure orders worth Rs 4,474 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have bagged new orders worth Rs 4,474 crore. KPTL received orders from India and international markets in the power transmission business of Rs 1,957 crore. The company secured oil and gas pipeline projects in India and the Middle East worth Rs 169 crore. Its subsidiary, JMC Projects (India) Ltd, bagged water supply projects of Rs 2,193 crore in India.

Read more here.

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RBI Hikes Key Lending Rate to 4.4% – Top Indian Market News

RBI hikes key lending rate to 4.4%

The Reserve Bank of India (RBI) has raised its key lending rate (repo rate) by 40 basis points (bps) to 4.40% with immediate effect. RBI Governor Shaktikanta Das said the decision was taken in view of rising inflation, geopolitical tensions, and high crude oil prices, which have impacted the Indian economy.

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

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Kotak Mahindra Bank Q4 Results: Net profit rises 65% YoY to Rs 2,767 crore 

Kotak Mahindra Bank reported a 65% YoY increase in net profit to Rs 2,767 crore for the quarter ended March (Q4 FY22). Its net interest income rose 18% YoY to Rs 4,521 crore during the same period. The gross non-performing assets ratio stood at 2.34% in Q4 FY22, compared to 2.71% in Q3 FY22. The bank’s board has declared a dividend of Rs 1.10 per share.

Read more here.

UPL acquires new naturally-derived fungicide

UPL Limited has acquired OptiCHOS, a naturally-derived fungicide, for its natural plant protection (NPP) business unit. The NPP portfolio houses natural and biologically derived agricultural inputs and technologies. UPL will identify potential markets for OptiCHOS and launch registration & approval processes to make the product available to farmers.

Read more here.

Tata Consumer Q4 Results: Net profit jumps 303% YoY to Rs 217 crore

Tata Consumer Products Ltd reported a 303.6% YoY jump in consolidated net profit to Rs 217 crore for the quarter ended March (Q4 FY22). Net profit fell 17.92% when compared to the previous quarter. Its revenue from operations grew 4.54% YoY to Rs 3,175.41 crore during the same period. EBITDA stood at Rs 444 crore in Q4, up 47% YoY. The FMCG major’s board has declared a final dividend of Rs 6.05 per share.

Tata Power Renewables commissions 120 MW solar project in Gujarat

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 120 MW solar project in Masenka, Gujarat. TPREL is a wholly-owned subsidiary of Tata Power. The project will produce 3.05 lakh MWh annually for Gujarat Government (GUVNL) and reduce up to 1.03 lakh tonnes of carbon dioxide annually.

Read more here.

Havells India Q4 Results: Net profit rises 16% YoY to Rs 352 crore

Havells India Ltd reported a 16% YoY (or 15.20% QoQ) increase in consolidated net profit to Rs 352.48 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 33% YoY (or 22% QoQ) to Rs 4,426 crore during the same period. EBITDA stood at Rs 519 crore in Q4, up 2% YoY. Havells India’s board has declared a dividend of Rs 4.5 per share.

Alembic Pharma arm gets final USFDA approval for generic fever blisters drug

Aleor Dermaceuticals, a subsidiary of Alembic Pharmaceuticals, has received final approval from the US Food & Drug Administration (USFDA) for its generic Docosanol cream. The drug is used for the treatment of cold sore/fever blisters on the face or lips. According to IQVIA data, Docosanol cream had an estimated market size of $60 million for the 12 months ended December 2021.

Read more here.

Adani Green Energy Q4 Results: Net profit rises 16% YoY to Rs 121 crore

Adani Green Energy Ltd (AGEL) reported a 16% YoY increase in net profit to Rs 121 crore for the quarter ended March (Q4 FY22). Its total income rose 46.6% YoY to Rs 1,587 crore during the same period. AGEL, the world’s largest solar power developer, aims to build 45 gigawatts (GW) of renewable capacity by 2030.

LIC IPO subscribed 67% on first day of bidding 

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 0.67 times (or 67%) on the first day of bidding. Retail investors have subscribed 0.6 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 0.27 times and 0.33 times, respectively, against their reserved portions. LIC policyholders have subscribed 1.99 times the portion reserved for them.

To learn more about the IPO, click here.

ABB India Q1 Results: Net profit jumps 164% YoY to Rs 373 crore

ABB India Ltd reported a 163.9% YoY jump in net profit to Rs 373 crore for the quarter ended March (Q1 CY22). The company follows the January-December financial year cycle. Its net profit rose 98.2% when compared to the previous quarter. The company’s total income grew 19.16% YoY to Rs 2,005.62 crore during the same period. ABB India develops, sells products and system solutions to industries, channel partners, and original equipment manufacturers in India.

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IT Dept Raids Hero MotoCorp Premises – Top Indian Market News

IT Dept raids Hero MotoCorp premises

The Income Tax Department has conducted raids at multiple premises of Hero Motorcorp Ltd as part of a tax evasion investigation against the company. Offices and residential premises of the promoters (including chairman & CEO of the group Pawan Munjal) in Gurugram, Haryana, Delhi, and other locations were covered under the raid. Hero Motocorp said the visit by the IT department was part of a “routine inquiry”. The company also said it was cooperating with the tax authorities.

Read more here.

Adani Power partners with IHI, Kowa to study ammonia co-firing for power generation

Adani Power Ltd (APL) has partnered with IHI Corporation and Kowa Company to study ammonia co-firing for environmentally sustainable power generation. APL aims to lead India’s initiatives in achieving the targets of greenhouse gas reduction. They will evaluate the possibility and potential of ammonia as a fuel in thermal power generation. It will utilize green hydrogen-derived ammonia in APL’s thermal power plant.

Read more here.

HDFC sanctions over Rs 2 lakh crore retail home loans in FY22

HDFC Ltd has approved retail home loans worth more than Rs 2 lakh crore between April 1, 2021, and March 21, 2022, the highest ever in a financial year. The thrust on digital initiatives and inherent demand for housing loans helped HDFC get back to normalcy faster than expected. HDFC has over 2.7 lakhs home loan customers who have availed benefits under the Credit Linked Subsidy Scheme (CLSS), the highest in the industry. 

Read more here.

MTAR Tech secures order worth Rs 135 crore in civil nuclear power sector

MTAR Technologies Ltd was declared the lowest (L-1) bidder for tenders floated by the Nuclear Power Corporation of India Ltd (NPCIL). The order includes a fuel transfer system for GHAVP Nuclear Power Station-1 & 2 reactors. It also consists of establishing a fuel machine bridge and carriage assemblies for GHAVP-3 & 4 nuclear reactors. The total value of the order is ~Rs 135 crore.

CAMS unveils policyholder traceability solution

CAMSRep, a wholly-owned subsidiary of Computer Age Management Solutions Ltd, has unveiled a policyholder traceability solution for the insurance market. It assists insurance companies in addressing their unclaimed amounts. CAMSRep’s PolicyGenie Deep Contact Tracing is a cost-effective solution that leverages emerging digital technologies to track untraceable policyholders and update their contact information.

Read more here.

Kotak Mahindra Bank, Axis Bank acquire nearly 8% stake each in ONDC

Kotak Mahindra Bank and Axis Bank have each acquired a 7.84% stake in Open Network Digital Commerce (ONDC) for Rs 10 crore. ONDC was incorporated on December 30, 2021. It is engaged in the creation of an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

Read more here.

ICICI Bank partners with Chennai Super Kings for co-branded credit card

ICICI Bank has launched a co-branded credit card in partnership with Chennai Super Kings (CSK). The ‘CSK ICICI Bank Credit Card’ has been designed with a range of privileges, including a joining and renewal gift of 2,000 reward points. The points can be redeemed against CSK merchandise. It also offers complimentary tickets to CSK matches during the upcoming IPL season. Credit card users will also get an opportunity to attend a practice session.

Read more here.

Adani Wilmar plans acquisition of brands, processing units in mass rice segment

Adani Wilmar Ltd is scouting for the acquisition of regional rice brands and processing units in several states of India. The company will launch branded daily-use rice under the ‘Fortune’ brand beginning with West Bengal from early April. Staple accounts for 11% of Adani Wilmar’s revenues. AWL had recently allocated Rs 450-500 crore for acquisitions.

Read more here.

TCS ready to roll out 5G network anyday: Report

Officials of Tata Consultancy Services (TCS) said the company is ready to put in place a 5G network for any telecom operator across the globe on any given day. The IT major is working on country-specific gear for the network in India. TCS is a system integrator, and it builds networks of telecom operators based on their requirements. The Indian government is planning to conduct 5G auctions before June so that 5G networks can be launched by August 15.

Read more here.

Bajaj Electricals extends licence pact with Morphy Richards by 15 years

Bajaj Electricals Ltd (BEL) has extended its trademark agreement with UK-based Morphy Richards for using the ‘Morphy Richards’ trademark for an additional 15 years, with effect from July 1, 2022. The extension of the exclusive license will enable BEL to continue using the trademark for producing, marketing, and selling home appliances in India and neighboring nations.

Read more here.