Tag: L&T Finance Holdings

Categories
Market News Top 10 News

Tata Comm’s Net Profit Falls 30% YoY to Rs 381Cr in Q1 – Top Indian Market Updates

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

Tata Communications Q1 Results: Net profit falls 30% YoY to Rs 381 crore

Tata Communications reported a 29.8% YoY fall in consolidated net profit to ₹381.7 crore in Q1 FY24. Its total revenue stood at ₹4,771 crore, up 10.7% from last year. EBITDA fell 4.9% YoY to ₹1,024 core against ₹1,077 crore in Q1 FY23. The net profit was impacted by higher interest costs and lower foreign exchange gains against the first quarter of FY23.

Read more here.

TCS extends long-standing partnership with GE HealthCare

Tata Consultancy Services (TCS) has expanded its long-standing partnership with GE HealthCare Technologies Inc. to help the company transform its IT operating model. The transformation would enable GE HealthCare to bring intelligent care solutions to over one billion patients across more than 160 countries. TCS will manage the development, maintenance, rationalization, and standardization of its enterprise IT applications.

Read more here.

Bikaji Foods acquires 49% stake in Bhujialalji for Rs 5 crore

Bikaji Foods International Ltd has acquired a 49% stake and 396 Compulsorily Convertible Debentures (CCDs) in Bhujialalji Pvt. Ltd.  Bhujilalji is an upcoming company in the ethnic snacks industry. The deal comprised 9,608 equity shares and 396 CCDs at ₹5100 value per security aggregating to ₹5.10 crore. The face value is ₹10 per equity share. The acquisition is completed on July 19, 2023.

Read more here.

Jubilant Pharmova Q1 Results: Net profit falls 87% YoY to Rs 6 crore

Jubilant Pharmova reported a 87% YoY fall in consolidated net profit to ₹6 crore for the quarter ended June (Q1 FY24). The company posted a consolidated net profit of ₹46.8 crore in Q1 FY23. However, the total revenue for the quarter increased 9.53% YoY to ₹1,586.9 crore. Total expenses in the first quarter were at ₹1,568.9 crore, as compared to ₹1,393.8 crore in Q1 last year.

Read more here.

Torrent Power commissions 115 MW wind power project in Gujarat

Torrent Power Ltd has successfully commissioned a 115-megawatt (MW) capacity wind power project in Gujarat. Furthermore, the company has commissioned this wind project through its wholly-owned subsidiary Torrent Solargen Ltd. The wind power project is located in Devbhumi Dwarka district of Gujarat. Torrent Power managed to bag the 115 MW project through a competitive bidding procedure conducted under the Solar Energy Corporation of India (SECI) Wind Tranche V.

Read more here.

Tata Motors to build electric car battery factory in UK for $5 Bn

Tata Motors will build an electric vehicle battery plant in the UK to supply its Jaguar Land Rover factories.  The company will build its first gigafactory outside of India in Britain with an investment of 4 billion pounds ($5.2 billion), thus creating up to 4,000 jobs. The factory will also produce an initial output of 40 gigawatt hours. In addition to this, the move will provide a major boost for the UK car industry in need of domestic battery production to help secure its future.

Read more here.

L&T Finance Q1 Results: Net profit Jumps 103% YoY to Rs 531 crore

L&T Finance Holdings reported a 103% YoY increase in net profit to ₹531 crore for the quarter ended June (Q1 FY24). The company posted a consolidated net profit of ₹262 crore in Q1 FY23. Furthermore, the company’s Net Interest Income (NII) stood at ₹1,644 crore, up 15% YoY against ₹1,433 crore in Q1 last fiscal. The total revenue for the quarter increased 9.53% YoY to ₹1,586.9 crore from ₹1,451.7 crore.

Read more here.

Mastek buys US-based BizAnalytica in boost for AI capabilities

Mastek Ltd has acquired BizAnalytica, a premier data cloud and modernisation solutions provider headquartered in Boston, USA. The strategic acquisition will bolster Mastek’s global data cloud services and generative AI capabilities. It will also grant access to a talented pool of qualified data architects and scientists. BizAnalytica offers end-to-end data cloud and modernisation solutions, including architectural design, system integration, data migration, automation, management, warehousing, and analytics.

Read more here.

Retail sales grow 7% in June, says Retailers Association of India

According to the Retailers Association of India (RAI), India’s retail sales grew  7% YoY in June. The quick service restaurant (QSR) category continued to be slow growing at 8%. Categories like beauty and wellness and apparel also grew 8% and 7% in June.  This comes as a result of consumers cutting down discretionary spending amidst high inflation.

Read more here.

Categories
Market News Top 10 News

India’s Retail Inflation Eases to 4.25% in May – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation eases to a 2-year low of 4.25% in May

According to the Ministry of Statistics, India’s retail inflation has eased to a two-year low of 4.25% in May 2023, compared to 4.7% in April. Retail inflation is measured by Consumer Price Index (CPI). The Consumer Food Price Index (CFPI) also eased to 2.91% in May from 3.84 % in April. Rural inflation stood at 4.17%, while urban inflation stood at 4.27 %.

Read more here.

India’s industrial production up 4.2% in April

India’s Index of Industrial Production (IIP) increased by 4.2% in April, up from 1.1% in March 2023 and down from 6.7% in April 2022. The manufacturing sector’s output grew by 4.9% in April 2023 compared to 5.6% a year ago. Power generation declined by 1.1% and mining output rose by 5.1% during the same period.

Read more here.

Maharashtra Seamless prepays loans worth Rs 234 crore from internal accruals to become debt free

Maharashtra Seamless Ltd used internal accruals to make a voluntary prepayment of Rs 234 crore loan. The repayment aims to make the company debt-free. This is the second time the company has made such a prepayment in the past eight months. As of May 21, 2023, the company’s order book stands at Rs 2,063 crore.

Read more here.

L&T Finance Holdings plans to expand rural business by offering personal loans

L&T Finance Holdings aims to boost its retail portfolio by offering personal loans and loans against property in rural areas. It is also reducing its wholesale lending book. The lender aims to increase the share of its retail portfolio (which has already reached 75%) to over 80% by 2026. It plans to introduce rural Loan Against Property (LAP) loans and personal loans for the spouses of women microfinance borrowers to strengthen its presence among bottom-of-the-pyramid customers.

Read more here.

PTC Industries to spend ₹300 crore on capacity expansion

PTC Industries Ltd intends to allocate ₹300 crore for capacity expansion in the next few years. Its goal is to generate up to two-thirds of its revenue from the domestic defence aerospace sector in the medium term. The company specializes in engineering components for critical applications. Over the past few years, the company invested around ₹300-₹350 crore in developing technology and capabilities.

Read more here.

NCLT adjourns the Wilmington Trust insolvency plea against SpiceJet

The National Company Law Tribunal (NCLT) adjourned the petition filed by aircraft lessor Wilmington Trust SP Services (Dublin) Ltd for initiating the corporate insolvency resolution process. The matter is expected to be listed on July 16. This is the third case filed by the company against the airline, with two other cases filed by Aircastle (Ireland) Ltd and Willis Lease Finance Corporation. Aircastle’s petition is listed for July 17.

Read more here.

India’s domestic air passenger traffic up by 2.3% in May

According to ICRA, the domestic air passenger traffic was estimated at 131.8 lakh in May, about 2.3% higher than 128.9 lakhs in April 2023. Further, it witnessed a 15% YoY growth of about 15%, compared to May 2022. Domestic passenger traffic in May 2023 was higher by about 8% compared to the pre-Covid levels (that is, May 2019). The airlines’ capacity deployment in May 2023 was higher by 1.4%  than that of May 2022, reaching the pre-Covid levels (May 2019).

Read more here.

Jaguar Land Rover plans annual investment of 3 billion pounds by FY26

Tata Motors-owned Jaguar Land Rover plans an annual investment of 3 billion pounds while targetting revenue of over 30 billion pounds by FY26. The luxury carmaker expects to have revenue of over 28 billion pounds in FY24. Under its ‘Reimagine’ strategy, JLR had aimed to become a more agile business with a simplified manufacturing operation and an ambition to achieve a positive cash net of debt by 2025.

Read more here.

IndiGo co-founder’s family likely to sell stake worth up to ₹7,500 crore: Report

According to a CNBC-TV18 report, the family of IndiGo’s co-founder Rakesh Gangwal is likely to sell a 5-8% stake in the Indian airline’s parent InterGlobe Aviation Ltd, which is worth up to ₹7,500 crore. Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99%, respectively, in InterGlobe as of March 31, 2023.  Their Chinkerpoo Family Trust holds a 13.5% stake in the airline.

Read more here.

PB Fintech to wipe out accumulated losses in next four years

PB Fintech, the parent firm of Policybazaar, expects to wipe out accumulated losses in the next four years on the back of revenue growth. The total revenue of the company increased from Rs 1,200 crore in FY22 to Rs 1,710 crore in FY23. A top official said the company would be Rs 400-500 crore cash positive, and there may not be any need for additional capital infusion.

Read more here.

Categories
Market News Top 10 News

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

rbi

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.50%. The decision was made by RBI’s Monetary Policy Committee (MPC) unanimously, with a majority vote on withdrawing accommodation to tackle inflation and prioritise growth. The RBI has maintained India’s GDP growth estimate for the financial year 2023-24 at 6.5%.

Read more here.

Mahindra forays into dual-fuel small commercial vehicle segment with Supro CNG Duo

Mahindra & Mahindra has ventured into the dual-fuel segment for small commercial vehicles by introducing the Supro CNG Duo, priced at Rs 6.32 lakh. This model can operate on both CNG and petrol, providing flexibility. With a payload capacity of 750 kg and a CNG tank capacity of 75 litres, it offers a range of 325 km. Additionally, it includes a five-litre petrol tank to address concerns about range anxiety.

Read more here.

SpiceJet partners with FTAI Aviation to restore fleet

SpiceJet announced a lease agreement with FTAI Aviation to obtain up to 20 engines. The company plans to reactivate some of its grounded aircraft within 2-3 months. This partnership aims to reduce maintenance costs, minimize aircraft downtime, and improve the airline’s overall performance. SpiceJet had previously initiated the revival of 25 grounded planes using its own funds and a $50 million credit line from an Indian government scheme.

Read more here.

Dilip Buildcon secures order worth Rs 780 crore from NHAI in Andhra Pradesh

Dilip Buildcon Ltd has announced that its subsidiary has signed a concession agreement with the NHAI for a Rs 780.12 crore road project. The project involves constructing a six-lane access-controlled greenfield highway in Andhra Pradesh as part of the Bharatmala Pariyojana Phase-I. It will be completed within 24 months from the appointed date and have a 15-year operation period from the commercial operation date (COD).

Read more here.

L&T Finance Holdings recommends final dividend of Rs 2 per share for FY23

L&T Finance Holdings Ltd announced that its board of directors has proposed a final dividend of Rs 2 per equity share for the fiscal year 2022-23. If approved at the Annual General Meeting, the dividend will be disbursed within 30 days from the AGM. The company’s consolidated net income for the March 2023 quarter increased by 46% YoY to Rs 501 crore.

Read more here.

Titagarh Rail’s board to consider raising funds

Titagarh Rail (previously Titagarh Wagons) has announced that it will convene a board meeting on June 10 to discuss raising funds. The company is considering various options, such as issuing equity shares, securities, or a combination of methods, including preferential issue, Qualified Institutional Placement (QIP), and rights issue. The purpose of the meeting is to deliberate and decide on the best approach for raising the necessary capital.

Read more here.

Zydus receives final approval from USFDA for esomeprazole magnesium

Zydus Lifesciences Ltd has obtained final approval from the US Food & Drug Administration (USFDA) for esomeprazole magnesium. It is an oral suspension used to treat stomach and oesophagus issues. The medication aids in healing acid damage, prevents ulcers, and may reduce the risk of esophageal cancer. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad.

Read more here.

Tanla Platforms to acquire ValueFirst for Rs 346 crore from Twilio

Tanla Platforms has announced its acquisition of ValueFirst from Twilio in a Rs 346 crore ($42 million) all-cash deal. The company has signed a definitive share purchase agreement, with the acquisition set to close in July 2023. Additionally, Tanla has signed a binding term sheet to acquire ValueFirst Middle East FZC for Rs 20 crore, aiming to enhance its global presence. This acquisition is projected to be completed by September 2023, pending closing conditions. 

Read more here.

Aether Industries signs LoI with US-based global oilfield services company

Aether Industries has signed a Letter of Intent (LoI) with a US-based global oilfield services company, establishing them as a strategic supplier and contract manufacturing partner. The LoI sets the stage for the execution of a Strategic Supply Agreement (SSA) within three months, as stated in Aether Industries’ regulatory filing. Under this agreement, Aether will be responsible for manufacturing four specific products for the new customer, with a combined monthly volume of 1,325 metric tons.

Read more here.

GAIL completes insolvency resolution process of JBF Petrochemicals in 15 months

GAIL (India) Ltd has completed the corporate insolvency resolution process (CIRP) for JBF Petrochemicals Ltd (JBFPL) within a remarkable 15 months. The payment has been released to all stakeholders of JBFPL, marking one of the fastest transaction closures in the post-COVID period for the National Company Law Tribunal (NCLT). GAIL has already invested Rs 2,101 crore in the resolution plan and now holds a 100% stake in JBFPL.

Read more here.

Tata Power Renewable Energy arm bags contract to set up 966 MW renewable project for Tata Steel

Tata Power Renewable Energy, via its subsidiary TP Vardhaman Surya Ltd, has secured a contract to establish a 966 MW round-the-clock hybrid renewable power project for Tata Steel. The project consists of a combination of 379 MW solar and 587 MW wind power capacities. Tata Steel aims to meet a significant portion of its green energy requirements through this project. This leads to a reduction of 23.9 lakh tonnes of CO2 emissions annually.

Read more here.

Categories
Market News Top 10 News

Pfizer’s Covid-19 Vaccine 90% Effective in Phase 3 – Top Indian Market News

Covid-19 vaccine 90% effective in Phase-3 trial: Pfizer

Pfizer, the US-based pharmaceutical firm, has stated that its vaccine was 90% effective in preventing Covid-19 infections in ongoing Phase-3 trials. The vaccine candidate is jointly developed by Pfizer and BioNTech. Pfizer has also stated that it expects to supply up to 50 million vaccine doses globally in 2020.

Read more here.

RBI lifts restrictions on Equitas Small Finance Bank after listing of shares

Equitas Holdings Ltd. has stated that the Reserve Bank of India has lifted the restrictions that were imposed on Equitas Small Finance Bank (ESFB) in September 2019. RBI had restricted ESFB from opening new branches and froze the remuneration of its MD & CEO. The restrictions were removed after ESFB got listed on the stock exchanges earlier this month.

Read more here.

Balkrishna Industries Q2 Results: Net Profit rises 16% YoY to Rs 339 crore

Balkrishna Industries Ltd. reported a 16.7% year-on-year (YoY) increase in net profit to Rs 339.5 crore, for the quarter ended September (Q2). The company posted a 36% YoY increase in sales volume to 61,224 million tonnes, during the same period. The board has declared an interim dividend of Rs 4 per share.

Read more here.

Happiest Minds partners with AutonomIQ to create connected ecosystem

Happiest Minds Technologies has partnered with AutonomIQ, a cloud platform that uses AI and machine learning for testing solutions. The partnership will be aimed at accelerating the enterprise digital transformation journey using autonomous testing capabilities. The companies will also help to create pre-built solutions to help customers generate value in really short periods. 

Read more here.

L&T Finance Holdings gets approval to raise Rs 3,000 crore via rights issue

The Board of Directors of L&T Finance Holdings has approved a plan to raise Rs 3,000 crore through a rights issue. A rights issue is a method used by a company to raise additional capital, by offering more of its shares to the current shareholders. The company has stated that the details of the rights issue, including price and entitlement ratio, will be determined in due course.

Read more here.

Blue Star receives Rs 128 crore order from Wistron Infocomm

Blue Star, on Monday, announced that it has bagged a Rs 128 crore order from Wistron Infocomm. The order is to create a mechanical electrical and plumbing (MEP) structure for Wistron’s factory expansion project. Wistron Infocomm is a Taiwan-based contract manufacturer of electronic goods for companies such as Apple.

Read more here.

Board of Granules India approves incorporation of subsidiary in Hyderabad

The Board of Directors of Granules India has approved to incorporate a wholly-owned subsidiary of the company in Hyderabad. The company has plans to build a green field facility for its formulations business. The share price of Granules India Ltd. saw a rise of 4.24%, and closed at Rs 387 on the NSE today.

Read more here.

Jindal Saw Q2 Results: Net Profit falls 74% YoY to Rs 78 crore

Jindal Saw Ltd. reported a 74% year-on-year (YoY) decline in net profit to Rs 78.2 crore, for the quarter ended September (Q2). The company’s revenue declined by 11.5% YoY to Rs 2,374.32 crore, during the same period. Jindal Saw has stated that its sales have seen a sharp rebound, after the steel business was negatively impacted due to Covid-19.

Read more here.

Parag Milk Foods Q2 Results: Profit declines 44% YoY to Rs 16 crore

Parag Milk Foods Ltd. reported a 44.19% year-on-year (YoY) decline in profit after tax to Rs 15.9 crore, for the quarter ended September (Q2). Its revenue declined by 22.16% YoY to Rs 498.23 crore, during the same period. The company has stated that revenues had fallen due to a slowdown in its Hotel, Restaurants, and Catering segment.

Read more here

Lumax Industries Q2 Results: Net Profit falls 63% YoY to Rs 7 crore

Lumax Industries Ltd. reported a 63.99% year-on-year (YoY) decline in net profit to Rs 7.23 crore, for the quarter ended September (Q2). The company’s revenue declined by 7.39% YoY to Rs 397.35 crore, during the same period. Lumax is a leading manufacturer and supplier of automotive components and systems in India.

Read more here.

NLC India Q2 Results: Net Profit jumps 400% YoY to Rs 43 crore

NLC India Limited reported a 400% year-on-year (YoY) increase in net profit to Rs 43 crore, for the quarter ended September (Q2). The company’s revenue increased by 78% YoY to Rs 396 crore, during the same period. The board has declared an interim dividend of Rs 1.5 per share. NLC India is a Government-owned company in the fossil fuel mining sector.