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Fin Nifty Falls 200 Points in 10 Mins on Expiry Day! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,521 with a gap-down of 21 points. After a small consolidation initially, the index broke the round level support of 19,500 and continued to move down strength to 19,255 level— a fall of nearly 300 points from the day’s high! Nifty closed at 19,281, down by 260 points or 1.34%.

Nifty chart October 23 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,822 with a small gap-up of 99 points (near the resistance zone of 43,800). The index initially fell to the 43,600 swing low (created last Friday). Then, it mostly consolidated till 2:30 PM, post which there was a fall of more than 575 points to 43,000 levels. The intraday fall was 800 points from the day’s high to the day’s low! BNF closed at 43,151, down by 571 points or 1.31%.

Bank Nifty chart October 23 - post-market analysis | marketfeed

All major indices closed in red. Nifty Media (-4.98%), Nifty PSU Bank (-3.7%), and Nifty Metal (-3.26%) fell the most.

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

Today’s Moves

Mahindra & Mahindra (+0.4%) was NIFTY50’s top gainer.

BSE (+7.52%) moved up sharply after the exchange said it would increase transaction charges on the equity derivatives segment, with effect from November 1.

Shares of CreditAccess Grameen (+7.4%) hit a 52-week high on the back of strong Q2 results and a rise in FY24 revenue guidance.

LTI Mindtree (-3.97%) was NIFTY50’s top loser. The stock has been witnessing a correction since the IT firm reported its Q2 results last week.

Laurus Labs (-9.6%) fell sharply after the pharma company reported a decline in net profit and revenue in Q2.

Markets Ahead

The Indian stock markets were under severe selling pressure post 2:30 PM today— there was a fall of more than 550 points in Bank Nifty, 200 points in Fin Nifty, and 150 points in Nifty! Now, all these indices are at major long-term support zones. If those supports are breached, we could see more bearishness in the markets.

Nifty: As you can see in the chart below, Nifty is at a very important support zone of 19,200-250 levels. If that level is breached, the index may fall to 18,800 levels. On the other hand, the important hurdle to cross on the upper side would be 19,500 levels.

Bank Nifty: Bank Nifty broke the important support zone near 43,500. Now, the 43,000 round level can still be considered as support. If that level is breached, we could expect a further decline to 42,600 levels. Meanwhile, the important resistance to watch out for will be 43,600 levels.



Our markets fell sharply today after the benchmark 10-year US treasury note rose above 5%. Moreover, deepening conflict in the Middle East has hurt investor sentiments in the overall Asian markets.

The Indian markets will be closed tomorrow (Oct 24) on account of Dussehra!

marketfeed wishes all our readers a very happy and prosperous Dussehra!

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HPCL Bags Long-Term Contract From OPaL – Top Indian Market Updates

HPCL

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

HPCL secures long-term contract from OPaL to supply 13.53 trillion Btu of Natural Gas

Hindustan Petroleum Corporation Ltd (HPCL) has secured a significant long-term contract from ONGC Petro Additions Ltd (OPaL) for the supply of Natural Gas. HPCL will supply 13.53 trillion Btu of natural gas to OPaL’s Mega Petrochemical Complex at Dahej from October 23 to May 26. OPaL, a joint venture of ONGC, GAIL, and GSPC, requires natural gas for its Captive Power Plant (CPP) to meet its power and steam requirements.

Read more here.

Ipca labs under pressure after USFDA closes inspection at Madhya Pradesh unit with 11 observations

Ipca Labs’ API manufacturing facility in Ratlam received 11 observations from the US Food & Drug Administration (USFDA) during an inspection from June 5 to June 13. The facility has been under a USFDA import alert since 2015, which means its products do not meet US standards and are prohibited from being sold in the US. Additionally, two other plants in SEZ Indore and Silvassa, manufacturing formulations, have also been under import alert since 2015.

Read more here.

Laurus Labs to launch novel gene therapy assets in India and other markets

Laurus Labs Ltd has entered into a Memorandum of Association (MoA) with the Indian Institute of Technology (IIT), Kanpur, to introduce innovative gene therapy assets in India and other markets. The company plans to license gene therapy assets and offer research grants for pre-clinical development. It will also provide funding for clinical trials and launch products in India and emerging markets. Additionally, Laurus Labs will establish a plant at IIT Kanpur’s Techno Park facility.

Read more here.

Grasim to begin construction of 1 lakh MT CPVC resin facility in Gujarat by late-2023

Grasim Industries has announced that the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. The company had previously agreed with Lubrizol Manufacturing India Pvt Ltd. to establish the plant, with the first phase scheduled for production in 2022. However, the project was delayed due to the Covid-19 pandemic and subsequent supply chain disruptions.

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Reliance Industries resumes vessel operations at Sikka port

Reliance Industries has resumed vessel operations at the port of Sikka in Jamnagar, Gujarat, following the impact of cyclone Biparjoy. According to industry sources, any vessel can now enter the Gulf of Kutch and call the Sikka Ports & Terminals Ltd (STPL). Last week, the company restricted vessel entry at the port due to a lack of anchorage positions. Ship-tracking data showed that around 13-21 tankers were waiting to discharge crude oil at the port.

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Tata Power lays out a capex of ₹12,000 crore this fiscal

Tata Power has announced plans to invest ₹12,000 crore in capital expenditure for the current financial year (FY23). This investment is double the amount spent in the previous year and will support the company’s growth targets. The funds will be allocated to various projects, including a 4 GW manufacturing plant, renewable energy projects, and transmission & distribution businesses in Odisha, Delhi, and Mumbai. Tata Power intends to finance these initiatives primarily through internal accruals and existing cash reserves.

Read more here.

Zydus Lifesciences gets USFDA nod for generic acne-treating drug

Zydus Lifesciences has received final approval from the USFDA for its generic antibiotic Minocycline Hydrochloride extended-release tablets. These tablets help treat moderate to severe acne in individuals aged 12 years and above. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad. This approval allows the company to bring an affordable generic version of the medication to the market.

Read more here.

Government to sell 0.15% stake in Coal India to employees via OFS

The Government of India has announced its plan to sell a 0.15% stake (~92.44 lakh shares) in Coal India to eligible employees via Offer For Sale (OFS). The offer will be made at a price of ₹226.10 per share and will be open for subscription from June 21 to June 23, 2023. The government currently holds a 66.13% stake in Coal India, while the remaining shares are held publicly. 

Read more here.

IndiGo places order for 500 Airbus aircraft

IndiGo has received board approval to order 500 Airbus A320 Neo family aircraft. This makes it the single largest purchase agreement in commercial aviation history. With this order, IndiGo now has a total of 1,330 Airbus aircraft on order, solidifying its position as the world’s largest customer for the A320 Family. The deal is estimated to be valued at approximately $50 billion based on the most recent Airbus list prices.

Read more here.

SEBI bans IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on IIFL Securities Ltd from taking new clients as a stockbroker. The action was taken after a thematic inspection revealed that IIFL did not comply with the code of conduct for stockbrokers and violated regulations. SEBI found that IIFL failed to separate its funds from clients’ funds, misused credit balances, and wrongly designated client bank accounts.

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NSE plans derivatives based on bond indexes

According to a CNBC-TV18 report, the National Stock Exchange is planning to offer derivatives based on its bond indexes. The NSE has already applied to the Securities Exchange Board of India (SEBI) for approval. It aims to launch the corporate debt product by September. It is also reportedly planning futures for government bond indexes.

Read more here.

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UltraTech Cement’s Profit Falls 36% YoY to Rs 1,666 crore – Top Indian Market Updates

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

UltraTech Cement Q4 Results: Profit falls 36% YoY to Rs 1,666 crore

UltraTech Cement reported a 36% YoY fall in net profit to Rs 1,666 crore for Q4 FY23. However, its revenue from operations rose 18% YoY to 18,562 crore during the same period. The company’s  EBITDA for the quarter stood at Rs 3,444 crore, up 9% YoY. The company’s board has recommended a dividend of Rs 38 per equity share.

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India’s core sector output grows 3.6% in March

India’s core sector output grew 3.6% YoY in March 2023, down from 6% growth in the previous month. The production of coal, fertilizers, steel, natural gas, and refinery products increased during the month. The Eight Core Industries account for 40.27% of the weight of items included in the Index of Industrial Production (IIP).

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Laurus Labs Q4 Results: Profit falls 56% YoY to Rs 103 crore

Laurus Labs reported a 56% YoY fall in net profit at Rs 103 crore for Q4 FY23. Total revenue stood at Rs 1,381 crore, a 3.1% decline from Q4 FY22. EBITDA fell 28% YoY to Rs 285.6 crore, and EBITDA margin stood at 20.7% in Q4 FY23. The company’s board approved a second interim dividend of Rs 1.20 per equity share of Rs 2 each.

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Adani pays back $200 million Holcim debt, seeks loan extension

Adani Cement Industries has pre-paid $200 million from the $1 billion mezzanine loan it took from global banks to fund the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. The pre-payment will help Adani seek an extension of the debt taken to fund the acquisition by three years.

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DLF Cyber City Developers buys 26.43% stake in Suncloud Solar

DLF Cyber City Developers Ltd (DCCDL) has acquired a 26.43% stake in Suncloud Solar Private Ltd for Rs 8.41 crore. The acquisition was made through one of its wholly-owned subsidiaries, DLF Info City Chennai Ltd. Suncloud Solar is a special-purpose vehicle of Cleantech Solar India OA 2 Pte. Ltd., and it is responsible for the construction, operation, and maintenance of a captive generating plant.

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Star Health Q4 Results: Net profit at Rs 619 crore

Star Health and Allied Insurance reported a net profit of Rs 619 crore for Q4 FY23, in contrast to a loss of Rs 1,041 crore in Q4 FY22. The gross written premium (GWP) for Q4 FY23 was Rs 12,952 crore, a 13% YoY increase. The operating expense to GWP ratio was 15.9% in FY23, and the company’s solvency ratio was 2.14x, higher than the minimum regulatory requirement of 1.5x.

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Thermax bags Rs 271 crore order for mechanical balance of plant works

Thermax has received an order worth Rs 271.50 crore from India’s largest private sector oil refinery for mechanical balance of plant (MBoP) works for the captive power plant at their new oil-to-chemical (O2C) facility in western India. The captive power plant is expected to meet the incremental power demand of upcoming projects at the customer’s premise as part of the O2C expansion and the establishment of a mega factory.

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PI Industries announces twin acquisitions in Pharma API, CDMO space

PI Industries Ltd has acquired Therachem Research Medilab LLC’s Indian subsidiaries and assets in the US for $50 million. Its subsidiary, PI Health Sciences Ltd, signed the definitive documents, and up to $25 million has been committed in performance-linked pay-outs over the next six years. The acquisition will allow PI Industries to enter the pharma API and CDMO spaces.

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CarTrade Tech Q4 Results: Profit at Rs 17.5 crore, revenue grows 19% YoY

CarTrade Tech reported a consolidated net profit of Rs 17.49 crore for Q4 FY23 compared to a net loss of Rs 21.39 crore in Q4 FY22. The revenue for the quarter grew by 19% YoY to Rs 116.6 crore. The adjusted EBITDA for Q4 FY23 was Rs 39.83 crore. CarTrade Tech received 34 million average monthly unique visitors for Q4 FY23, of which 86% were organic.

Read more here.

India’s forex reserves fall $2.17 billion to $584.25 billion

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves decreased by $2.165 billion to $584.248 billion as of April 21, 2023. The country’s forex reserves had risen to a nine-month high of $586.412 billion the previous week. The dip was largely attributed to a decrease in foreign currency assets, which fell by $2.146 billion to $514.489 billion.

Read more here.

Mankind Pharma IPO subscribed 15.32 times

The ₹4,326-crore initial public offering (IPO) of Mankind Pharma was subscribed 15.32 times on the final day of bidding. The shares of the Delhi-based pharmaceutical and healthcare products maker are expected to list on the leading stock exchanges BSE and NSE on May 9, 2023.

Read more here.

NOTE: The Indian markets will be closed on Monday (May 1) on account of Maharashtra Day.

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Bajaj Finserv’s Net Profit Rises 42% YoY in Q3 – Top Indian Market Updates

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

Bajaj Finserv Q3 Results: Net profit rises 42% YoY to ₹1,782 crore

Bajaj Finserv reported a 42% YoY increase in consolidated net profit to ₹1,782 crore for the quarter ended December (Q3 FY23). Its total income rose 23% YoY to ₹17,620 crore during the same period. Among its subsidiaries, Bajaj Finance recorded the highest ever quarterly consolidated quarterly profit of ₹2,973 crore in Q3. Meanwhile, Bajaj Allianz General Insurance Company (BAGIC) saw its profit fall 9% YoY to ₹278 crore.

Read more here.

Sun Pharma acquires three brands to strengthen its anti-inflammatory portfolio

Sun Pharmaceutical Industries Ltd has acquired three brands— Disperzyme, Disperzyme -CD, and Phlogam— from Mumbai-based Aksigen Hospital Care. The acquisition of these brands will strengthen Sun Pharma’s anti-inflammatory drug portfolio. The three brands are approved by the Drugs Controller General of India (DCGI). Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company.  

Read more here.

Tech Mahindra Q3 Results: Net profit falls 5% YoY to ₹1,296 crore

Tech Mahindra Ltd reported a 5% YoY decline in consolidated net profit to ₹1,296.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹13,734.6 crore during the same period. EBITDA stood at ₹2,144 crore in Q3, down 4.1% YoY. Net new deal wins for the quarter was $795 million, higher than $716 million a quarter ago and $704 million a year ago.

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Adani Group fails to answer 62 of our 88 questions: Hindenburg Research

After Adani Group denied all claims over the weekend, Hindenburg Research said the group had failed to specifically answer 62 out of the 88 questions that the firm had posed to the group. The research firm also claims that its report highlights numerous irregularities and connections between suspected offshore stock parking entities and Adani Promoters and raised key questions about whether promoter holdings were fully disclosed.

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Laurus Labs Q3 Results: Net profit rises 32% YoY to ₹203 crore

Laurus Labs reported a 32% YoY increase in net profit to ₹203 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 50.16% YoY to ₹1,544.82 crore during the same period. Total expenses rose 52.7% YoY to ₹1,268.4 crore in Q3. EBITDA stood at ₹404 crore in Q3, up 39% YoY. 

Read more here.

ITC inaugurates ₹450 crore food manufacturing, logistics facility in Telangana

Telangana Minister for IT and Industries K T Rama Rao inaugurated FMCG major ITC Ltd’s state-of-the-art Integrated Food Manufacturing and Logistics Facility at Medak. Spread over nearly 59 acres of land, the food processing facility with a built-up area of 6.5 lakh sq. ft. entails an initial investment outlay of ₹450 crore. ITC said the new unit will create large-scale livelihoods across sustainable agri-value chains.

Read more here.

PNB Q3 Results: Net profit falls 44% YoY to ₹628 crore

Punjab National Bank (PNB) reported a 44% YoY decline in net profit to ₹628.88 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 17.6% YoY to ₹9,179.4 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 12.88% in Q3 FY22 to 9.80% in Q3 FY23. Provisions increased 40% YoY to ₹4,713 crore in Q3 FY23.

[NII is the difference between the interest income a bank receives from lending activities and the interest it pays depositors.]

Read more here.

GAIL Q3 Results: Net profit falls 93% YoY to ₹246 crore

GAIL (India) Ltd reported a 93% YoY decline in net profit to ₹246 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 37% YoY to ₹35,380 crore during the same period. The company recorded a natural gas marketing loss of ₹86.02 crore, compared to a profit of ₹1,750 crore a year ago.

Read more here.

Adani Enterprises will postpone expansion plan if the FPO fails: CFO

Adani Enterprises Ltd will postpone its growth and expansion program for the next 6-9 months if its ₹20,000-crore follow-on public offer (FPO) does not go through, said Adani group Chief Financial Officer Jugeshinder Singh. In a fresh response to the questions raised by Hindenburg Research, Adani Group said the research firm is an ‘unethical’ short seller and it published the report to manipulate and depress the stock price and create a false market.

In other news, Abu Dhabi-based International Holding Company PJSC has subscribed to Adani Enterprises’ FPO by investing ~$400 million.

Read more here.

L&T Q3 Results: Net profit rises 24% YoY to ₹2,553 crore

Larsen & Toubro Ltd reported a 24% YoY increase in consolidated net profit to ₹2,553 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 17% YoY to ₹46,390 crore during the same period. The company received orders worth ₹60,710 crore at the group level during Q3. The infrastructure projects segment secured order inflows of ₹32,530 crore, recording a growth of 28% YoY.

Read more here.

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ICICI Bank, Axis Bank to Acquire Stake in IOCL’s JV – Top Indian Market Updates

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

ICICI Bank, Axis Bank to acquire stake in IOCL’s JV

ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.

Read more here.

Tata Consumer to buy Bisleri International for ₹7,000Cr: Report

According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.

Read more here.

Canara Bank launches Electronic Bank Guarantee with NeSL

Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.

Read more here.

Bajaj Electricals partners with Cultinno to kick off innovation challenge

Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation

Read more here.

USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant

The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.

Read more here.

Coal stock at thermal power plants may reach 45 MT by March-end

The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.

Read more here.

Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’

Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest. 

Read more here.

Sonata Software secures multi-year deal from Global Cloud Xchange

Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.

Read more here.

L&T Construction secures order from Greenko Group

Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).

Read more here.

Laurus Labs to acquire 26% stake in Ethan Energy

Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.

FDI equity inflows fall 24% YoY in Q2: DPIIT

Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT). 

Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.

Read more here.

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Tata Group Takes Over Air India – Top Indian Market News

Tata Group takes over Air India after 69 years

The Tata Group has officially taken over Air India from the Indian government on Thursday. A consideration of Rs 2,700 crore has been received by the government as part of the divestment. “We are totally delighted to have Air India back at the Tata group,” said Tata Sons Chairman N Chandrasekaran. At present, Air India controls over 4,400 domestic and 1,800 international landing and parking slots at domestic airports.

Read more here.

Canara Bank Q3 Results: Net profit jumps 115% YoY to Rs 1,502 crore

Canara Bank reported a 115.8% YoY jump in net profit to Rs 1,502 crore for the quarter ended December (Q3 FY22). Net profit increased 12.6% when compared to the previous quarter. Its net interest income (NII) rose 14.11% YoY (or 10.7% QoQ) to Rs 6,946 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.8% in Q3 FY22, compared to 8.42% in Q2 FY22. The bank’s provisions fell 46.7% YoY to Rs 2,244 crore in Q3 FY22.

Read more here. 

BEL signs $73 million contract with US-based Hyperion Global

Bharat Electronics Ltd (BEL) has entered into a contract with Hyperion Global Group LLC to develop, manufacture, and supply Internet of Things (IoT) devices for the US market. BEL will manufacture and supply IoT devices worth $73 million to Hyperion during the first year of commencement of supply. The contract pairs Hyperion’s need to provide advanced connectivity solutions with BEL’s world-class engineering and manufacturing capabilities.

Read more here.

Route Mobile Q3 Results: Net profit rises 28% YoY to Rs 48 crore

Route Mobile Ltd reported a 28.3% YoY increase in consolidated net profit to Rs 48.27 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 44.2% YoY to Rs 567.49 crore during the same period. The company’s board has declared an interim dividend of Rs 3 per share.

Read more here.

LTI partners with IIT Madras for innovation in 5G space

Larsen & Toubro Infotech (LTI) has partnered with the Indian Institute of Technology (IIT) Madras for collaborative research in the field of 5G. The companies aim to innovate in the emerging 5G space, enable 5G frameworks validation, and test various use cases. LTI and IIT Madras will promote research towards the development of a low-cost, low-frequency 5G network setup for better connectivity in rural India.

Read more here.

PNB Q3 Results: Net profit jumps 123% YoY to Rs 1,126 crore

Punjab National Bank (PNB) reported a 123% YoY jump in net profit to Rs 1,126.78 crore for the quarter ended December (Q3 FY22). Net profit increased by 2% when compared to the previous quarter. Its net interest income (NII) fell 6.1% YoY to Rs 7,803.2 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 12.8% in Q3 FY22, compared to 13.6% in Q2 FY22.  

Read more here.

Future Enterprises to sell 25% stake in general insurance JV to partner Generali

Future Enterprises Ltd (FEL) will sell its 25% equity in Future Generali India Insurance Company Ltd (FGIICL) to its joint venture (JV) partner Generali Participations Netherlands NV. The transaction is for a cash consideration of Rs 1,252.96 crore. This move is part of Future Group’s asset monetisation plans to reduce debts. Generali has also acquired an option to buy out FEL’s remaining interest in FGIICL.

Read more here.

L&T partners with HydrogenPro for manufacturing hydrogen electrolysers in India

Larsen & Toubro Ltd has partnered with Norway-based HydrogenPro to access its electrolyser technology to enter the green hydrogen market. As part of the agreement, L&T and HydrogenPro will set up a joint venture company in India to manufacture gigawatt-scale alkaline water electrolysers. The planned joint venture is part of L&T’s strategy to expand its presence across the green energy value chain. 

Read more here.

Laurus Labs Q3 Results: Net profit falls 44% YoY to Rs 154 crore

Laurus Labs Ltd reported a 44% YoY decline in net profit to Rs 154 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 20% YoY to Rs 1,029 crore during the same period. EBITDA stood at Rs 290 crore in Q3, down 17% YoY. The pharma company’s Q3 results were impacted by lower sales of active pharmaceutical ingredients (APIs) and formulations due to stocking at channel partners.

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M&M records 1 lakh bookings of XUV700, bills 14,000 units

Mahindra & Mahindra Ltd has clocked almost one lakh bookings of its latest sports utility vehicle XUV700 besides billing the first 14,000 units of the vehicle by January. In a statement, M&M said it is focusing on meeting its committed delivery timelines to customers despite dynamic supply chain issues.

In other news, Mahindra Electric Mobility has launched its new electric three-wheeler e-Alfa Cargo, priced at Rs 1.44 lakh. The launch marks the company’s entry into the rapidly growing e-cart segment.

Read more here.

Coforge Q3 Results: Net profit rises 51% YoY to Rs 183 crore

Coforge Ltd reported a 51% YoY increase in net profit to Rs 183.7 crore for the quarter ended December (Q3 FY22). Net profit increased by 34.4% when compared to the previous quarter. The IT company’s revenue from operations rose 39% YoY (or 5.7% QoQ) to Rs 1,658 crore during the same period. EBITDA stood at Rs 246.7 crore, up 14.8% QoQ. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

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WPI Inflation Rises to 11.39% in August – Top Indian Market News

WPI inflation rises to 11.39% in August

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), spiked to 11.39% in August 2021. WPI grew 11.16% in July and 12.07% in June. The food articles segment witnessed a (-)1.29% change in August, as prices of vegetables and fruits contracted. Inflation in the fuel and power segment stood at 26.09% in August, compared to 26.02% in July. The manufactured products segment registered inflation of 11.39% in August. The data was released by the Ministry of Commerce & Industry.

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Invesco calls ZEEL EGM for removal of MD, directors

Invesco and OFI China, which together hold a 17.88% stake in Zee Entertainment Enterprises Ltd (ZEEL), have called for an extraordinary general meeting (EGM) of shareholders to pass resolutions, including the removal of current CEO Punit Goenka and the appointment of new independent directors. The move comes on the back of institutional proxy advisory firm IIAS calling for investors to reject the resolution for reappointment of certain directors to ZEEL’s board at the Annual General Meeting (AGM).

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Tata Motors signs pact with Tata Power for rooftop solar project in Pune

Tata Motors has signed a solar power purchase agreement with Tata Power to install and operate a 3 megawatt (MW) solar rooftop project at its passenger vehicle plant in Pune. The project will generate nearly 45 lakh kilowatt-hour (kWh) per year and reduce carbon emission by ~3,538 tonnes per year. Tata Motors said it will continue to introduce measures to conserve energy at its manufacturing facilities, optimise the consumption of non-renewable fossil fuels, and lower operating costs.

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Escorts partners with IndusInd Bank to provide affordable loans to farmers

Escorts Ltd has signed a Memorandum of Understanding (MoU) with IndusInd Bank to provide affordable financial offerings to the farming community. Both entities will jointly launch various financial programs to help customers invest in modern farm machinery to enhance their productivity and income. IndusInd Bank will utilise its understanding of rural customers and penetration throughout India to help Escorts achieve its goals of supporting the farming community.

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Gravita starts operations at aluminium recycling unit in Mozambique

Gravita India’s step-down subsidiary in Mozambique has commenced commercial production of aluminium from its new recycling plant. The unit has an aluminium recycling capacity of 4,000 million tonnes per annum (MTPA). It also has a lead recycling facility with a capacity of 4,500 MTPA. Gravita’s subsidiary is in the process of setting up a plastic recycling unit in Mozambique (East Africa). The company expects to achieve additional revenue of ~Rs 50 crore per annum and gross margins of 18% from the new recycling plant.

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HCL Tech enters into strategic partnership with HANCOM

HCL Technologies Ltd has signed a strategic partnership with South Korea-based HANCOM Inc. The two companies will share advanced software technology solutions and establish a mutual bridgehead for overseas expansion. HCL Tech will support training for software development at HANCOM’s research & development (R&D) center in India. The IT firm will also share its development studio and provide HR support to meet demand and development capacity at the R&D center.

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BLS International partners with NHA to process Ayushman Bharat cards across India

The National Health Authority (NHA) has selected BLS International Ltd for processing Ayushman Bharat cards under Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The scheme offers financial security against medical treatment costs, medicines, diagnostics, and pre-hospitalisation expenses. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide

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Laurus Labs partners with Unitaid, CHAI to develop pediatric HIV drug

Laurus Labs has partnered with Unitaid and the Clinton Health Access Initiative (CHAI) to develop, commercialise, and register the second and third-line HIV treatment darunavir boosted with ritonavir (DRV/r) for children. Unitaid and CHAI will work with Laurus Labs to ensure Children Living with HIV/AIDS (CLHIV) have access to the generic, fixed-dose combination version of DRV/r.

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Tata Steel commissions India’s first-ever carbon dioxide capture unit

Tata Steel Ltd has commissioned a carbon capture unit at its plant in Jamshedpur. The unit can capture up to five tonnes of carbon per day. Tata Steel has become India’s first steel company to adopt such a technology that extracts carbon dioxide (CO2) directly from the blast furnace gas. The steel company will reuse the captured CO2 on-site to promote a circular carbon economy. The project has been executed with technological support from Carbon Clean, a global leader in low-cost CO2 capture technology.

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HG Infra declared lowest bidder for Rs 448 crore road project in Rajasthan

HG Infra Engineering has been declared as the lower (L-1) bidder by Public Works Department (PWD), Rajasthan, for a road project. The project involves the development and maintenance of the Bewar Masuda Goyala section of SH-26A, Arian Sarwar section of SH-7E and NH-12, and Laxmipura Dora Dabi Ranaji ka Gudha Section of SH-115. The total length to be constructed is 160.63 km. HG Infra’s bid project cost is Rs 448.11 crore. The project has to be completed within 550 days.

Read more here.

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Tech Mahindra Reports 39% YoY Rise in Net Profit in Q1 – Top Indian Market News

Tech Mahindra Q1 Results: Net profit rises 39% YoY to Rs 1,353 crore

Tech Mahindra Ltd reported a 39.17% YoY increase in net profit to Rs 1,353.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 25.13% when compared to the previous quarter. Its revenue from operations rose 11.98% YoY to Rs 10,197.6 crore during the same period. In dollar terms, revenue grew 14.6% YoY (or 3.9% QoQ) to $1,384 million. Tech Mahindra secured deals worth $815 million (~Rs 6050 crore) during the April-June quarter.

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PVR Q1 Results: Net loss at Rs 220 crore

PVR Limited reported a consolidated net loss of Rs 219.4 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 225.7 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 367% YoY to Rs 59.4 crore in Q1 FY22. The Covid-19 pandemic continues to adversely impact the company’s operations and financial performance. During the current financial year, PVR had availed additional borrowing of Rs 200 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 scheme of the Indian government.

JSW Energy signs agreement with Australian firm to produce green hydrogen

JSW Energy Ltd has entered into a framework agreement with Australia-based Fortescue Future Industries (FFI) for potential projects related to the production of green hydrogen. The companies will assess the potential of green hydrogen for green steel manufacturing, hydrogen mobility, green ammonia, and other industrial applications in India. FFI is the renewable energy and industry company of Fortescue Metals Group.

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Colgate-Palmolive Q1 Results: Net profit rises 18% YoY to Rs 233 crore

Colgate-Palmolive Ltd reported an 18% YoY increase in net profit to Rs 233.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 1,157.8 crore during the same period. The company’s expenses on advertising and promotional activities grew 40.6% YoY (or 7.6% QoQ) in Q1. EBITDA increased by 15% YoY to Rs 350 crore.

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IFC acquires 5% stake in Federal Bank for Rs 916 crore

IFC and two investment funds managed by IFC Asset Management Company (AMC) have acquired a 4.99% stake in Federal Bank for Rs 916 crore. The investment will support Federal Bank’s commitment to environmental, social, and governance (ESG) standards. It will also strengthen the lender’s Tier-1 capital adequacy ratio (CAR) and expand its micro, small, & medium enterprises (MSME) and climate finance portfolios. International Finance Corporation (IFC) is an arm of the World Bank Group.

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TVS Motor Q1 Results: Net loss at Rs 15 crore

TVS Motor Company Ltd reported a consolidated net loss of Rs 15 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 183 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 310 crore in Q4 FY21. Total income jumped 141% YoY to Rs 4,692 crore in Q1 FY22. TVS Motor Company’s total two-wheeler and three-wheeler sales (including exports) increased by ~146% YoY to 6.58 lakh units during the same period.

Read more here.

Tata Teleservices partners with Zoom to offer communications solutions to enterprises

Tata Teleservices Ltd has partnered with Zoom Video Communications Inc. to offer scalable and secure video communications solutions to enterprises. The company will provide Zoom’s platform services such as Zoom Meetings and Zoom Webinars primarily to small and medium enterprises (SMEs). The partnership will benefit industry segments such as Banking, Financial Services, and Insurance (BFSI), IT-enabled businesses, and education with unified communications solutions backed by Tata Teleservices’ support.

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Jyothy Labs Q1 Results: Net profit falls 20% YoY to Rs 40 crore

Jyothy Labs Ltd reported a 20% YoY decline in consolidated net profit to Rs 40 crore for the quarter ended June (Q1 FY22). Net profit has increased by 48% when compared to the previous quarter. The FMCG company’s revenue from operations rose 21% YoY (or 6% QoQ) to Rs 525 crore during the same period. Jyothy Labs’ fabric care segment posted a sales growth of 27.5% YoY, while its dishwashing segment grew 22% YoY in Q1.

Bharti Airtel loses 46.1 lakh subscribers in May; Jio adds 35.5 lakh subscribers.

Bharti Airtel lost a staggering 46.13 lakh wireless subscribers in May 2021, while Reliance Jio added 35.54 lakh subscribers. Meanwhile, Vodafone Idea’s subscriber base declined by 42.8 lakh users during the same month. Jio, Bharti Airtel, and Vodafone Idea had a subscriber base of 43.12 crore, 34.9 crore, and 27.7 crore, respectively, at the end of May. India’s overall mobile subscriber figure fell by 62.7 lakh to 117.6 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here.

Laurus Labs Q1 Results: Net profit rises 40% YoY to Rs 241 crore

Laurus Labs Limited reported a 40% YoY increase in consolidated net profit to Rs 241 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 31.3% YoY to Rs 1,279 crore during the same period. The company’s synthesis business registered a strong growth of 95% YoY, with ongoing commercial supplies for four products. Hyderabad-based Laurus Labs is a leading research and development (R&D) driven fully integrated pharmaceutical and biotech company.

Glenmark Life Sciences IPO subscribed 44 times on final day of bidding 

The Rs 1,513.6 crore IPO of Glenmark Life Sciences was subscribed 44.17 times on the final day of bidding. Retail investors have subscribed 14.63 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 122.54 times and 36.97 times, respectively, against their reserved portions. 

Meanwhile, the Rs 731 crore IPO of Rolex Rings Ltd was subscribed 9.26 times on the second day of bidding. Retail investors have subscribed 15.89 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 5.85 times and 23%, respectively, against their reserved portions. You can learn more about the IPO here. 

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Bank NPAs Could Rise To 9.8% in March 2022, says RBI – Top Indian Market News

Bank NPAs could rise to 9.8% in March 2022, says RBI

The Reserve Bank of India (RBI) has said in its Financial Stability Report that Non-Performing Assets (NPA) at Scheduled Commercial Banks (SCBs) could rise to anywhere between 9.8% to 11.2% by March 2022. The Gross NPA ratio for SCBs stood at 7.4% in March 2021. The report further states that Public Sector Undertaking (PSU) banks could see their bad loans rise to 12.52% by March 2022. PSU Banks had reported a gross NPA ratio of 9.54% as of March 2021.

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Edelweiss Financial Services to exit insurance business

Edelweiss Financial Services will exit the insurance broking business by selling its 70% stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL) to US-based Arthur J. Gallagher & Co. (AJG). AJG currently holds a 30% stake in EGIBL. The transaction is likely to be completed within 10 months. This acquisition is subject to approvals by the Insurance Regulatory and Development Authority of India (IRDAI). 

Read more here.

SBI MF launches ETF on Nifty India Consumption Index

SBI Mutual Fund is going to launch an exchange-traded fund that shall track the Nifty India Consumption Index. The new fund offer (NFO) which began on June 30, 2021, shall end on July 14, 2021. The Nifty India Consumption Index tracks a basket of companies that represents domestic consumption. The index contains stocks like Hindustan Unilever (HUL), ITC, Asian Paints, Bharti Airtel, Maruti Suzuki India, and many more.

Bharti Airtel launches ‘Black Plans’ to increase revenue

Bharti Airtel Ltd has announced a new plan known as ‘Airtel Black’. This plan intends to bundle telecom, DTH, and fibre under a single billing plan. The subscribers of Airtel Black will be entitled to priority resolution of faults and extra benefits. The move is aimed at attracting high-paying customers and driving average revenue per user (ARPU).

Read more here.

India’s exports hit $95 billion in April-June 2021: Piyush Goyal 

India’s exports have touched $95 billion or nearly Rs 7 lakh crore in the April-June quarter this year, said Minister of Commerce and Industry Piyush Goyal at a conference. The minister also commented that despite Covid-19, India saw foreign direct investment (FDI) inflows of almost $81.72 billion (~Rs 6.09 lakh crore) for the financial year 2020-21 (FY21). The top investors who contributed to India’s high FDI inflow in FY21 include Singapore (29%), followed by the US (23%) and Mauritius (9%).

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Zydus Cadila gets USFDA approval to market generic HIV infection treatment tablets

Zydus Cadila has received approval from the US Food and Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets. The drug is used with other HIV medications to help control HIV infection. The tablets will be manufactured at the pharma company’s formulation facility at SEZ, Ahmedabad.

Read more here. 

Laurus Labs receives license to manufacture Covid-19 drug 2DG

The Defence Research & Development Organisation (DRDO) has granted a license to Laurus Labs to manufacture and market 2-Deoxy-D-Glucose (2DG). The Drugs Controller General of India (DCGI) has given emergency approval for 2DG for use on Covid-19 patients in our country. Two other companies— Shilpa Medicare and Dr Reddy’s Laboratories— have also received approval to market 2DG.

Read more here.

Mindtree completes acquisition of NxT Digital Business from L&T

Mindtree Limited has completed the acquisition of Nxt Digital Business from Larsen & Toubro (L&T). This will enable the IT firm to capture opportunities in the Internet of Things (IoT) and Industry 4.0 space. The cost of the acquisition was Rs 198 crore. L&T is also the promoter/holding company of Mindtree with a 61.03% stake.

Read more here.

Adani Ports registers 83% YoY rise in cargo volumes in June

Adani Ports and Special Economic Zone (APSEZ) handled cargo volumes of 25.54 million metric tonnes (MMT) in June 2021, registering a growth of 83% on a year-on-year (YoY) basis. In the container segment, APSEZ handled cargo volumes of 0.67 million twenty-foot equivalents (TUEs) in June. The company handled cargo volumes of 75.69 MMT for the April-June quarter (Q1 FY22).

UPI hits record 280 crore transactions in June 

The United Payments Interface (UPI) hit a record high of 280 crore transactions in the month of June 2021. The value of UPI transactions grew by 12% from Rs 4.5 lakh crore in May to Rs 5.5 lakh crore in June this year. The is mainly due to the recovery in our economy, as the number of Covid-19 cases slowly decline and businesses reopen.

Read more here.

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HUL Reports 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

Hindustan Unilever Q4 Results: Net profit rises 41% YoY to Rs 2,143 crore

Hindustan Unilever Ltd (HUL) reported a 41% year-on-year (YoY) increase in net profit to Rs 2,143 crore for the quarter ended March (Q4). Its revenue rose 35% YoY to Rs 11,947 crore during the same period. The FMCG firm saw strong demand for its food and refreshments portfolio (up 36% YoY) and recovery in categories such as fabric wash. HUL’s volume growth stood at 16% in Q4. The company’s board has proposed a final dividend of Rs 17 per share.

Read more here.

Tata gets CCI approval to acquire 64.3% stake in BigBasket

The Competition Commission of India (CCI) has approved Tata Digital’s proposal of acquiring up to 64.3% stake in Supermarket Grocery Supplies Pvt Ltd (SGS), the business-to-business (B2B) arm of BigBasket. The transaction will include a mix of primary and secondary share purchases. Through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts, which operates BigBasket’s online retail business. This would give Tata control over both wholesale and retail business units. [Tata Digital is a wholly-owned subsidiary of Tata Sons]

Read more here.

Bajaj Auto Q4 Results: Net profit rises 2% YoY to Rs 1,332 crore

Bajaj Auto Limited reported a 2% YoY increase in standalone net profit to Rs 1,332 crore for the quarter ended March (Q4). Its revenue rose 26% YoY to Rs 8,596 crore during the same period. The company’s total vehicle sales increased 18% YoY to 11.69 lakh units in Q4. Bajaj Auto’s overall share for motorcycles sold in domestic and international markets (amongst Indian manufacturers) stood at 27.6% in FY21. The auto major’s board has announced a final dividend of Rs 140 per share.

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Inox Leisure Q4 Results: Net loss at Rs 94 crore

Inox Leisure Limited reported a consolidated net loss of Rs 93.69 crore for the quarter ended March (Q4). The multiplex chain operator had posted a net loss of Rs 82.15 crore in the corresponding period last year (Q4 FY20). Revenue from operations declined 75.66% YoY to Rs 90.44 crore in Q4 FY21. The resurgence of Covid-19 cases has emerged as a major cause of concern for the company. Inox Leisure currently operates 648 screens across 153 multiplexes in 69 cities.

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IndiaMART Q4 Results: Net profit rises 26% YoY to Rs 55.7 crore

IndiaMART InterMESH Ltd reported a 26% YoY increase in consolidated net profit to Rs 55.7 crore for the quarter ended March (Q4). Its revenue rose 5.64% YoY to Rs 179.70 crore during the same period. The B2B firm’s consolidated net profit has increased by 89.82% YoY to Rs 279.80 crore for the financial year ended March 31, 2021 (FY21). The company’s board has proposed a final dividend of Rs 15 per share.

In other news, IndiaMART InterMESH (through its subsidiary Tradezeal Online) will acquire a 26% stake in Gurugram-based Shipway Technology for Rs 18.2 crore. The company will also acquire a 3.02% stake in Kolkata-based Truckhall for Rs 1.33 crore.

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Route Mobile to acquire AI firm Phonon Communications for Rs 29 crore

Route Mobile Limited has signed definitive agreements to acquire Artificial Intelligence (AI) platform provider Phonon Communications Pvt Ltd for Rs 29 crore. This acquisition will help Route Mobile to offer automation and contact center solutions at scale to enterprises globally. Phonon offers a complete suite of conversational AI-driven contact center solutions with integration on cloud platforms such as AWS, Azure, and Google Cloud.

Read more here.

Laurus Labs Q4 Results: Net profit rises 170% YoY to Rs 297 crore

Laurus Labs Limited reported a 170% YoY jump in consolidated net profit to Rs 297 crore for the quarter ended March (Q4). Its revenue from operations rose 68% YoY to Rs 1,412 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 286% YoY to Rs 984 crore. Laurus Labs’ formulations and API businesses have delivered robust growth throughout the year. The pharma company’s board has announced an interim dividend of Rs 0.80 per share.

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Wipro partners with Citrix, Hewlett Packard to accelerate remote working solutions

Wipro Limited has strengthened its alliance with Citrix and Hewlett Packard Enterprise (HPE) to launch a robust solution that will accelerate remote working and bring modernisation into workspaces. The solution offers a seamless framework to enable a unified experience for enterprises. It will be delivered through a pay-per-use model that is subscription-based, agile, elastic, and offer a consistent cloud experience.

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Ambuja Cements Q1 Results: Net profit rises 66% YoY to Rs 665 crore

Ambuja Cements reported a 66.6% YoY increase in standalone net profit to Rs 665 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Net sales rose 30% YoY to Rs 3,579 crore during the same period. The cement maker’s sales volume grew 24.48% YoY to 7.17 million tonnes in Q1. To compensate for the impact of rising fuel and raw material costs, Ambuja Cements had launched operational efficiency programs, along with logistics efficiencies such as direct dispatches.

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Exide Industries Q4 Results: Net profit rises 30% YoY to Rs 321 crore

Exide Industries Limited reported a 29.54% YoY increase in consolidated net profit to Rs 321.87 crore for the quarter ended March (Q4). Its revenue rose 31.32% YoY to Rs 4,562.86 crore during the same period. The company has posted strong growth in both automotive and industrial segments. For the financial year ended March 31, 2021 (FY21), the battery manufacturer’s net profit has increased by 4.27% YoY to Rs 809.90 crore.

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Titan Q4 Results: Net profit rises 48% YoY to Rs 529 crore

Titan Company Ltd reported a 48% YoY increase in net profit to Rs 529 crore for the quarter ended March (Q4). Revenue from operations rose 61% YoY to Rs 4,429 crore during the same period. The jewellery segment posted a revenue of Rs 6,397 crores (excluding gold bullion sales), compared to Rs 3,754 crores in Q4 FY20. Its eyewear business registered an 18% YoY growth in revenues to Rs 127 crores. Titan’s board has announced a dividend of Rs 4 per share.

Read more here.

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Maruti Suzuki Q3 Profit Rises 24% YoY – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q3 Results: Net profit rises 24% YoY to Rs 1,941 crore

Maruti Suzuki India Ltd reported a 24% year-on-year (YoY) increase in net profit to Rs 1,941 crore for the quarter ended December (Q3). Its revenue from operations rose 13.3% YoY to Rs 23,458 crore during the same period. The company sold a total of 4.95 lakh units in Q3, up 13.4% YoY. The carmaker said that capacity utilisation in the quarter improved, which reflected in the double-digit volume growth for the company. The operating performance was aided by lower promotional costs and overall cost reduction efforts.

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Bharti Airtel successfully demonstrates live 5G services in Hyderabad

Bharti Airtel Ltd has announced that it has become the first telecom service provider in the country to successfully ‘demonstrate and orchestrate’ live 5G service. The demonstration took place in the city of Hyderabad. The company used a spectrum block in the 1,800MHz band to operate both 5G and 4G simultaneously on its network. Bharti Airtel said that it will be able to roll out the services across several parts of the country as soon as the Department of Telecommunications (DoT) permits the commercial launch of the 5G and auctions spectrum in the mid-size bands (3,300-3,600MHz).

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IndiGo Q3 Results: Net loss at Rs 620 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 620 crore for the quarter ended December (Q3). It had posted a net profit of Rs 496 crore in the corresponding period in FY20. The company’s total revenue declined 50.2% YoY to Rs 5,142.8 crore in Q3 FY21. The airline said that it operated 40.8% less seats during Q3 compared to the same period last year.

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Airtel adds 44 lakh subscribers in November; Vodafone Idea loses 29 lakh: TRAI

Bharti Airtel added more subscribers than market leader Reliance Jio for the fourth straight month in November. According to data collected by telecom regulator TRAI, Airtel gained 43.7 lakh subscribers, while Jio added 19.4 lakh subscribers in November 2020. Vodafone Idea (Vi) lost 28.9 lakh subscribers during the same month. Vi’s market share shrunk to 25.10%, while Bharti Airtel’s expanded to 28.97%. At 35.34%, Reliance Jio remains India’s biggest telecom operator by market share. 

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Laurus Labs Q3 Results: Net profit jumps 271% YoY to Rs 273 crore

Laurus Labs Ltd reported a 271.33% YoY increase in net profit to Rs 272.85 crore for the quarter ended December (Q3). Its revenue rose 76% YoY to Rs 1,288 crore during the same period. The company’s performance in Q3 was led by its Active Pharmaceutical Ingredient (API) division, which recorded a growth of 100%. Laurus Labs’ board has declared an interim dividend of Rs 0.4 per share.

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Dilip Buildcon JV signs pact with NHAI for Rs 1,000 crore highway project in Rajasthan

Dilip Buildcon Limited – Altis Holding Corporation joint venture (JV) has entered into an agreement with the National Highways Authority of India (NHAI) for a Rs 1,000 crore highway project in Rajasthan. The project will be built on an engineering, procurement, and construction (EPC) mode. The completion period for the 8.30 km project is 30 months.

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TVS Motor Q3 Results: Net profit at Rs 266 crore

TVS Motor Company Ltd reported its highest-ever net profit of Rs 266 crore for the quarter ended December (Q3). Its revenue rose 31% YoY to Rs 5,404 crore during the same period. TVS Motor’s overall two-wheeler sales were up 23% YoY to 9.52 lakh units. The company’s two-wheelers sales in the domestic market have grown by 21% and in the export market by 31% in Q3. The company’s board has declared an interim dividend of Rs 2.10 per share.

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USFDA grants orphan drug designation to Zydus Cadila’s Saroglitazar Mg

The US Food & Drug Administration (USFDA) has granted orphan drug designation (ODD) to Zydus Cadila’s Saroglitazar Mg tablets. The tablets are indicated for the treatment of patients with Primary Biliary Cholangitis (a liver disease). The drugmaker stated that the ODD provides eligibility for certain development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions, and seven-year marketing exclusivity.

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RBL Bank Q3 Results: Net profit rises 110% YoY to Rs 147 crore

RBL Bank reported a 110% YoY increase in net profit to Rs 147.1 crore for the quarter ended December (Q3). Its total revenue rose 6% YoY to Rs 1,488 crore during the same period. Net interest income (NII) fell 2% YoY to Rs 932 crore. The bank’s gross non-performing assets (NPAs) fell to 1.84% of the gross advances, compared to 3.33% in the corresponding period last year. RBL Bank’s provisions fell by 2% YoY to Rs 609.76 crore.

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Tata Power Solar receives letter of award to build GSECL project

Tata Power Solar Systems Ltd (TPSSL) has received a letter of award (LoA) to build a 95 megawatt (MW) solar photovoltaic project for Gujarat State Electricity Corporation Ltd (GSECL). The project’s order value is about Rs 460 crore. The commercial operation date for this project is set for April 2022. With this addition, the order pipeline of TPSSL stands at about 4.2-gigawatt peak (GWp) with a value of about Rs 12,500 crore.

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Stove Kraft IPO subscribed 18 times on final day of bidding

The initial public offering (IPO) of Stove Kraft was subscribed 18 times on the final day of bidding (Jan 28). The IPO received bids for 10.59 crore equity shares against an offer size of 58.94 lakh equity shares. The portion set aside for qualified institutional buyers has seen a subscription of 8.02 times, while the reserved portion of non-institutional investors has been subscribed 32.72 times. The portion reserved for retail investors was subscribed 26.4 times.

Read more here.

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PM Modi Reveals Plans to Boost India’s Renewable Energy Sector – Top Indian Market News

PM Modi reveals plans to boost India’s renewable energy sector

During his speech at RE-Invest 2020, Prime Minister Narendra Modi stated that India has huge renewable energy deployment plans for the next decade. These plans will likely generate business opportunities worth $20 billion (~Rs 1.47 lakh crore) per year. He further said that India’s renewable energy capacity is currently the 4th largest in the world. PM Modi has also invited investors and developers to join India’s renewable energy journey.

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India restricts international flights till December 31

The Government of India has extended the ban on scheduled international flights till December 31, amidst the ongoing Covid-19 pandemic. The Directorate General of Civil Aviation (DGCA) has stated that only selected flights will be allowed on a case-to-case basis. The restriction will not apply to international cargo flights. Special international flights under the Vande Bharat Mission will be allowed to operate under ‘air bubble’ agreements with selected countries.

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Bombay High Court refuses to stay merger of Lakshmi Vilas Bank and DBS

A group of promoters of Lakshmi Vilas Bank (LVB) had filed a petition in the Bombay High Court, challenging the merger of LVB with DBS Bank India Ltd. The promoters have initiated legal action against the RBI, the Indian Government, and DBS Bank. The High Court, on Thursday, refused to provide interim relief sought by the promoters to stay the merger. The merger will be effective from November 27. The petition has been placed for hearing on December 14. 

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TVS Automobile Solutions acquires service business of Mahindra First Choice

TVS Automobile Solutions Pvt Ltd (TVS ASPL) has acquired the service business of Mahindra First Choice Services Ltd (MFCSL). MFCSL is a chain of multi-brand car and two-wheeler service workshops and is owned by the Mahindra Group. As part of the transaction, Mahindra & Mahindra Ltd. will secure a minority stake in TVS ASPL.

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Ajanta Pharma announces details of proposed buyback

Ajanta Pharma Ltd. has announced details of activities regarding its share buyback plan. The company will buyback 7.35 lakh equity shares at Rs 1,850 per share. The date of opening of the buyback offer is on December 3. The buyback offer will be closed on December 16. The last date of settlement of bids on the stock exchange will be December 24. 

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Glenmark Pharma gets listed in Dow Jones Sustainability Index for 3rd straight year

Glenmark Pharmaceuticals Ltd. has been listed in the Dow Jones Sustainability Index (DJSI), under the category of emerging markets, for the third consecutive year in a row. DJSI is one of the world’s most widely accepted sustainability benchmarks. It consists of the top-ranked companies in terms of Corporate Sustainability. Glenmark is ranked 13th among global pharmaceutical companies in the DJSI Emerging Markets 2020.

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Tube Investments to raise Rs 350 crore from Azim Premji Trust, SBI Mutual Fund

The Board of Directors of Tube Investment of India Ltd (TIIL) has approved raising Rs 350 crore from the Azim Premji Trust and SBI Mutual Fund. The company will allot shares to both entities on a preferential allotment or private placement basis. Azim Premji Trust will get 27.33 lakh shares worth Rs 200 crore. SBI Mutual Fund’s two schemes- SBI Focused Equity Fund and SBI Magnum Midcap Fund will get 15.03 lakhs share and 5.46 lakh shares worth Rs 110 crore and Rs 40 crore, respectively.

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Laurus Labs acquires 72.55% stake in Richcore Lifesciences

Laurus Labs Ltd. has acquired a 72.55% stake in biotech company Richcore Lifesciences from Eight Roads Ventures and VenturEast. The cost of the acquisition has been estimated at Rs 246.67 crore. Laurus Labs has stated that Richcore Lifesciences will be renamed Laurus Bio Private Ltd, after the successful closure of the transaction.

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IL&FS receives binding offer for its energy advisory business

IL&FS, on Thursday, said that it has received a binding offer for the acquisition of its energy advisory subsidiary- IL&FS Energy Development Company Ltd (IEDCL). The company currently holds a 95.54% stake in IEDCL. The winning bidder would acquire both the assets and liabilities of IEDCL. The bids are open till December 7.

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Meghmani Organics to set up multipurpose plant in Dahej

Meghmani Organics Ltd. has announced that it is planning to set up a multipurpose plant in Dahej at a cost of Rs 310 crore. The plant is expected to be commissioned by the fourth quarter of the financial year 2021-2022. The company also stated that it has commenced commercial production at two of its plants situated in Bharuch, Gujarat.

Angel Broking enables API integration for algo trading

Angel Broking has announced that it has enabled API integration for algorithmic trading, through the launch of SmartAPI. This feature allows its users to execute real-time trades via Angel Broking, while also empowering algorithmic traders to deploy their programs in 5 programming languages. Algorithmic trading (also called automated trading) uses a computer program that follows a defined set of instructions to place a trade.

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