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

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

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

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

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Zydus Lifesciences gets USFDA nod for generic arthritis treatment drug

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

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Zomato Q1 Results: Net profit at ₹2 crore

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

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Ambuja-ACC reaches agreement to buy Sanghi Cements

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

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

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

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Oil India is now Maharatna, OVL is Navratna

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

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Bharti Airtel Q1 Results: Net profit at ₹216 crore

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

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

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

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LT Foods’ organic business arm starts new facility in Uganda

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

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

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

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Kalyan Jewellers to open 11 new stores in August

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

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

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

Zomato Q2 Results: Net loss narrows to ₹251 crore

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

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JSW Steel expects exports to hit over 5-year low

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

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

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

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

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

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

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

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Adani Power to sell entire stake in subsidiary to AdaniConnex

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

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

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

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Equity mutual fund inflows fall in October

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

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

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

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SJVN secures 83 MW floating solar project in MP

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

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

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

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LIC IPO May Get Pushed to FY23 – Top Indian Market News

LIC IPO may get pushed to FY23 amid volatility 

The government may postpone Life Insurance Corporation’s (LIC) mega initial public offering (IPO) to the next financial year (FY23). The Centre is likely to hold a meeting to reassess the IPO timing amid market volatility due to the Russia-Ukraine war. On February 13, India’s largest life insurer had filed the Draft Red Herring Prospectus (DRHP) for a 5% stake sale by the government. You can read more about it here.

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Vodafone Idea board approves Rs 14,500 crore fund-raising plan

Vodafone Idea Ltd’s board has approved a proposal to raise up to Rs 4,500 crore from its promoters– Vodafone Group and Aditya Birla Group – through a preferential share issue at Rs 13.30 a share. The board also cleared raising another Rs 10,000 crore via equity and debt instruments. The cash-strapped telecom operator is looking to strengthen its balance sheet and invest in network infrastructure after availing of a government bailout.

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Tata Motors to deploy mobile showrooms in rural areas

Tata Motors Ltd will deploy over 100 mobile showrooms across India as part of an initiative to offer doorstep car buying experience in rural areas. The automaker has launched Anubhav, a showroom on wheels, in line with its rural marketing strategy. The initiative will help increase Tata Motors’ reach in rural areas, which have high potential in terms of population and economy.

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LT Foods acquires 51% stake in Golden Star Trading

LT Foods Ltd announced the acquisition of a 51% stake in Golden Star Trading Inc. along with its brand Golden Star through its subsidiary LT Foods Americas Inc. (LTFA). LTFA is a material non-listed subsidiary of LT Foods. It contributes more than 35% to the overall revenue through its flagship brand Royal in North America. The acquisition entails strengthening the share of LTFA in the branded jasmine rice market.

Mahindra Finance’s disbursements up 44% at Rs 2,733 crore in February

Mahindra & Mahindra Financial Services Ltd’s loan disbursements rose 44% to Rs 2,733 crore in February. The collection efficiency during the month stood at 98%. The year-to-date (YTD) disbursement at approximately Rs 23,632 crore registered a yearly growth of 42%. The positive trend in collections led to a month-on-month improvement in asset quality.

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Adani Ports achieves 14% growth in handled cargo volumes in Feb

Adani Ports & Special Economic Zone (APSEZ) Ltd handled cargo volumes of 24.15 million metric tonnes (MMT), registering a growth of 14.4% YoY. During the eleven months of FY22, APSEZ’s portfolio of ports handled a total cargo volume of 283 MMT, recording a 28% YoY growth.

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LTTS secures multi-year engineering contract from Airbus Group

L&T Technology Services Ltd (LTTS) has secured a multi-year contract from European aerospace major Airbus under its Engineering, Manufacturing Engineering, and Services Strategic Suppliers program. The engagement covers all Airbus divisions, subsidiaries, and affiliates. LTTS has scaled up operations across Airbus’ key geographic locations, including Toulouse (France), which will become the main R&D Centre of Excellence (CoE),

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TCS launches Enterprise 5G Edge Suite solutions

Tata Consultancy Services (TCS) has launched its Enterprise 5G Edge Suite of solutions with Microsoft Azure private mobile edge computing (private MEC). The suite brings comprehensive capabilities that help enterprises design, integrate, and operate an enterprise 5G edge ecosystem using the Azure private MEC solution. The new offering will serve various use cases, including bringing together enterprise assessment toolkits for edge and 5G readiness.

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Lupin gets USFDA approval to market Efinaconazole Topical solution in the US

Lupin Ltd has received approval from the US Food & Drug Administration to market Efinaconazole topical solution in the US market. The drug is used to treat fungal toenail infections. The product will be manufactured at the company’s facility in Pithampur, Madhya Pradesh. According to IQVIA-December 2021 data, Efinaconazole topical solution had estimated annual sales of $274 million (~Rs 2,078.6 crore) in the US.

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IDFC First Bank Reports 50% YoY Rise in Net Profit in Q2 – Top Indian Market News

IDFC First Bank Q2 Results: Net profit rises 50% YoY to Rs 151 crore

IDFC First Bank reported a 49.6% YoY increase in net profit to Rs 151.7 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 27.4% YoY to Rs 2,722 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays to depositors]. The gross non-performing assets ratio (GNPA) stood at 4.27% in Q2, compared to 4.61% in the previous quarter. IDFC First Bank’s total deposits grew 20.8% YoY to Rs 83,793 crore in Q2 FY22.

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Maruti Suzuki expects adverse impact on production in November

Maruti Suzuki India said it expects an adverse impact on production at two of its plants in Haryana and at Suzuki’s Gujarat plant in November on account of supply constraints of electronic components due to the global semiconductor shortage. As per current estimates, the total vehicle production volume across both locations in Haryana next month could be around 85% of the normal roll-out.

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IOC Q2 Results: Net profit rises 2% YoY to Rs 6,360 crore

Indian Oil Corporation (IOC) reported a 2.1% YoY increase in net profit to Rs 6360.05 crore for the quarter ended September (Q2 FY22). Net profit increased 7% compared to the previous quarter. Its revenue from operations rose 46% YoY to Rs1.69 lakh crore during the same period. The company sold nearly 19 million tonnes (MT) of fuel in Q2, compared to 17.7 MT in the corresponding period last year. IOC’s board has declared an interim dividend of Rs 5 per share.

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SEBI warns Vedanta over non-compliance with disclosure norms

The Securities and Exchange Board of India (SEBI) has warned Vedanta Ltd and Hindustan Zinc Ltd (HZL) over non-compliance with certain disclosure norms, saying it will take action if such actions were repeated in the future. The market regulator flagged Vedanta executing Rs 1,407 crore of related party transactions with associate company HZL without prior approval of the audit committee. Moreover, HZL failed to inform shareholders of the deferment of a meeting relating to a price-sensitive dividend payment.

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Oberoi Realty Q2 Results: Net profit rises 94% YoY to Rs 267 crore

Oberoi Realty Ltd reported a 93.5% YoY increase in consolidated net profit to Rs 266.59 crore for the quarter ended September (Q2 FY22). Net profit increased 95% compared to the previous quarter. Its revenue from operations jumped 138.64% YoY to Rs 754.25 crore during the same period. The developer recorded bookings for 4.43 lakh sq. ft. space, taking its total bookings for the half-year ended September 2021 to 5.35 lakh sq. ft.

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Rossari Biotech Q2 Results: Net profit rises 27% YoY to Rs 26 crore

Rossari Biotech Ltd reported a 26.7% YoY increase in consolidated net profit to Rs 26.23 crore for the quarter ended September (Q2 FY22). Net profit increased 7% compared to the previous quarter. Its revenue from operations jumped 124% YoY to Rs 384.52 crore during the same period. EBITDA stood at Rs 44.4 crore, a growth of 22% YoY. Rossari Biotech is a leading chemical manufacturer based in Mumbai.

LT Foods Q2 Results: Net profit rises 4% YoY to Rs 80 crore

LT Foods reported a 4.35% YoY increase in consolidated net profit to Rs 80.83 crore for the quarter ended September (Q2 FY22). Its total income rose 6.9% YoY to Rs 1,322.53 crore during the same period. Total expenses stood at Rs 1,212 crore in Q2, up 7.5% YoY. LT Foods manufacturers and markets rice under the Daawat, Royal, Heritage, and Devaaya brands in India.

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CDSL Q2 Results: Net profit rises 76% YoY to Rs 85.9 crore

Central Depository Services (India) Ltd reported a 76% YoY increase in consolidated net profit to Rs 85.92 crore for the quarter ended September (Q2 FY22). Net profit increased 35% compared to the previous quarter. Its revenue from operations rose 64% YoY to Rs 145.97 crore during the same period. EBITDA stood at Rs 99 crore in Q2, a growth of 82% YoY

CHOLAFIN Q2 Results: Net profit rises 40% YoY to Rs 606 crore

Cholamandalam Investment & Finance Company reported a 40.4% YoY increase in net profit to Rs 606.54 crore for the quarter ended Sept (Q2 FY22). Its total income rose 1.2% YoY to Rs 2,470.69 crore during the same period. The company’s assets under management (AUM) stood at Rs 75,063 crore in Q2, registering a growth of 0.8% YoY.

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Apollo Tyres Q2 Results: Net profit at Rs 174 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 174 crore for the quarter ended September (Q2 FY22). The company had posted a net loss of Rs 246 crore in the corresponding quarter last year. Its revenue from operations rose 18% YoY to Rs 5,077 crore in Q2 FY22. Apollo Tyres stated that some of the recent additions to its product offering are helping them extend its leadership in the commercial vehicle and passenger vehicle space in India.

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Berger Paints Reports 2x Jump in Net Profit in Q4 – Top Indian Market News

Berger Paints Q4 Results: Net profit rises 101% YoY to Rs 209 crore

Berger Paints India Ltd reported a 101% YoY increase in consolidated net profit to Rs 208.60 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter. Its revenue from operations rose 49.5% YoY to Rs 2,026.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 9.4% YoY to Rs 719.75 crore. The company’s board has recommended a dividend of Rs 2.80 per share.

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Happiest Minds partners with Yotta Infra to deliver co-location, managed IT services

Happiest Minds Technologies has entered into a strategic partnership with Yotta Infrastructure to jointly offer co-location services and cloud solutions on the ‘anything-as-a-service’ model. Yotta’s entire range of enterprise IT services and a full array of managed services will be made available by Happiest Minds. Mumbai-based Yotta Infra is a managed data centre service provider.

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Manappuram Finance Q4 Results: Net profit rises 17% YoY to Rs 468 crore

Manappuram Finance reported a 17.6% YoY increase in consolidated net profit to Rs 468.35 crore for the quarter ended March (Q4). Net profit has declined by 2.8% when compared to the previous quarter. Its total income rose 0.75% YoY to Rs 1,630.25 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 16.5% YoY to Rs 1,724.95 crore. The non-banking finance company’s (NBFC) board has declared an interim dividend of Rs 0.75 per share.

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Zydus and TLC sign pact to market Liposomal Amphotericin B to treat black fungus in India

Zydus Cadila has signed an agreement with Taiwan-based TLC to market Liposomal Amphotericin B Injection (AmphoTLC), a critical drug used to treat Mucormycosis (Black Fungus), in India. As per the agreement, TLC will manufacture and supply AmphoTLC on a non-exclusive basis to Zydus, and Zydus will commercialize the anti-fungal drug in India. There is a severe shortage of the drug due to the surge in Black Fungus cases in India.

In a separate filing, Alembic Pharmaceuticals said it has received approval from the Drugs Controller General of India (DCGI) to manufacture Liposomal Amphotericin.

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V-Guard Industries Q4 Results: Net profit rises 112% YoY to Rs 68 crore

V-Guard Industries reported a 112% YoY jump in consolidated net profit to Rs 68.39 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 58% YoY to Rs 855.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has risen by 7.25% YoY to Rs 201.89 crore. The company’s board has declared a dividend of Rs 1.20 per share.

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TCS partners with VIAVI to accelerate disaggregated 5G RAN product innovation

Tata Consultancy Services (TCS) has partnered with US-based Viavi Solutions to launch new tech solutions that address the industry’s need for comprehensive testing of next-generation disaggregated 5G Radio Access Network (RAN) products. TCS will leverage its 5G expertise to help VIAVI launch its industry-first product suite for O-RAN implementations. Viavi Solutions is a global provider of network test, measurement and assurance solutions.

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Burger King Q4 Results: Net loss at Rs 25.9 crore

Burger King India Ltd reported a consolidated net loss of Rs 25.9 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 37.41 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 2.65% YoY to Rs 196.05 crore in Q4 FY21. Burger King India had an exceptional write-off of Rs 5.58 crore towards the decline in food inventory value and store shutdowns. For the financial year ended March 31, 2021 (FY21), net loss stood at Rs 173.91 crore. This is compared to a net loss of Rs 76.57 crore in FY20.

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Hitachi ABB Power Grids in India announces carbon-neutral program

Hitachi ABB Power Grids in India announced a comprehensive program to achieve carbon-neutrality targets in its operations by 2030. The program is designed to reduce the carbon footprint of its own operations and in the products that it delivers. The company expects to achieve its carbon-neutral target of 100% fossil-free electricity by the close of FY 2021-22. Hitachi ABB Power also aims to achieve a 50% reduction in waste generation and a 25% cut in freshwater usage by 2030.

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BPCL Q4 Results: Net profit at Rs 11,940 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a net profit of Rs 11,940 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,361 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 21.5% YoY to Rs 98,755.6 crore in Q4 FY21. The company’s market sales grew 4% YoY to 11.17 million tonnes. BPCL’s board has approved a final dividend of Rs 58 per share.

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Pfizer India Q4 Results: Net profit declines 2.4% YoY to Rs 100.5 crore

Pfizer India Ltd reported a 2.4% YoY decline in net profit to Rs 105.55 crore for the quarter ended March (Q4). Net profit has declined by 28.8% when compared to the previous quarter. Its revenue from operations rose 6.5% YoY to Rs 534.76 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has fallen by 2.26% YoY to Rs 497.61 crore. The pharma company’s board has announced a total dividend of Rs 35 per share.

WhatsApp sues Centre over new privacy rules

WhatsApp has filed a lawsuit in the Delhi High Court against the Indian government’s new digital rules that take effect today (May 26), saying it would compel the company to break privacy protections to users. The Facebook-owned messaging service filed a petition against the new Information Technology (IT) Rules 2021 that will require it to “trace” the origin of messages sent on the platform, which it says is a violation of privacy.

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LT Foods Q4 Results: Net profit rises 4.4% YoY to Rs 56 crore

LT Foods Limited reported a 4.4% YoY increase in consolidated net profit to Rs 56.37 crore for the quarter ended March (Q4). Net profit has declined by 15% when compared to the previous quarter. Its total income declined 5.8% YoY to Rs 1,129.52 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 45% YoY to Rs 289.07 crore.

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Zomato to Raise Rs 8,250 crore via IPO – Top Indian Market News

Zomato to raise Rs 8,250 crore via IPO

Foodtech platform Zomato has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI, proposing an initial public offering (IPO) of Rs 8,250 crore. The IPO will consist of a fresh issue of equity shares worth Rs 7,500 crore and an offer for sale (OFS) of Rs 750 crore by promoter Info Edge. Zomato plans to use the proceed from the IPO towards funding growth initiatives and for general corporate purposes.

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SBI board approves raising $2 billion through bonds

The Board of Directors of State Bank of India (SBI) has approved raising up to $2 billion (~Rs 14,895 crore) through bonds. The funds are to be raised through a public offer and/or private placement of senior unsecured notes in US Dollars or any other convertible currency during FY 2021-22. In January, SBI had concluded the raising of $600 (~Rs 4,500 crore) from bonds to fund the expansion of its overseas business.

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Bajaj Finserv Q4 Results: Net profit jumps five-fold to Rs 979 crore

Bajaj Finserv Limited reported a five-fold YoY jump in net profit to Rs 979 crore for the quarter ended March (Q4). Revenue from operations rose 16% YoY to Rs 15,387 crore during the same period. Its life insurance business registered a 515.8% YoY growth in profit to Rs 234 crore, and Bajaj Finance Ltd’s net profit increased by 42% YoY to Rs 1,347 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has grown by 32.7% YoY to Rs 4,470.46 crore. The company’s board has declared a final dividend of Rs 3 per share.

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LT Foods partners with Humankind Group to develop commercial-scale biomass plants

LT Foods Limited has entered into a partnership with US-based Humankind Group (HKG) to explore an opportunity to develop commercial-scale biomass plants. The plants would help recycle rice paddy straw into green energy and bio-fertilizer in India under its Environment Sustainability Program. LT Foods and HKG plan to advance the partnership and facilitate the local ownership of the first commercial-scale biomass facility. 

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Hathway Cable Q4 Results: Net profit rises 47% YoY to Rs 72 crore

Hathway Cable & Datacom Ltd reported a 47.68% YoY increase in consolidated net profit to Rs 72.04 crore for the quarter ended March (Q4). Its revenue from operations declined 3.72% YoY to Rs 438.71 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 143.64% YoY to Rs 252.73 crore. 

On April 27, the sovereign wealth fund of the Government of Singapore bought 1.6 crore shares of Hathway Cable & Datacom for Rs 22.22 per share through a bulk deal on the NSE.

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Morepen Labs’ board approves $100 million investment by Corinth Group

The Board of Directors of Morepen Laboratories Ltd has approved an investment of $32.50 million from Switzerland-based Corinth Group, as part of the private investment firm’s proposed $100 million (~Rs 745 crore) investment in the Morepen Group. The balance $67.50 million will be invested in promoter group companies. Corinth would be allotted 5.85 crore new equity shares on a preferential basis. The investment is subject to the approval of shareholders and other regulatory bodies.

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Anupam Rasayan secures order worth Rs 1,100 crore for supply of specialty chemicals

Anupam Rasayan India Ltd has received a Letter of Intent from one of the top 10 multinational life sciences companies for supplying specialty chemicals. The total value of the order is Rs 1,100 crore. The company will provide multiple products from the ‘life sciences related specialty chemicals’ category to the multinational firm for the next five years.

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KPIT Technologies Q4 Results: Net profit rises 23% YoY to Rs 47 crore

KPIT Technologies Ltd reported a 23.6% YoY increase in net profit to Rs 47 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 9.3%. Revenue from operations declined 3.8% YoY to Rs 546.6 crore during the same period. For the financial year ended March 31, 2021, net profit has declined 4.20% YoY to Rs 140.43 crore. The company said that revenue growth momentum will continue in the current financial year (FY22). KPIT Technologies is an IT services company based in Pune.

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PowerGrid InvIT IPO to open for subscription tomorrow

The Rs 7,735 crore initial public offering (IPO) of PowerGrid Infrastructure Investment Trust (InvIT) will open for subscription tomorrow (April 29). The price band of the IPO has been fixed at Rs 99-100 per unit. The offer comprises a fresh issue of Rs 4,993.48 crore and an offer for sale (OFS) of Rs 2,741.51 crore. This will be the first InvIT IPO to be launched by a state-owned company.

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Sundaram Clayton Q4 Results: Net profit declines 17% QoQ to Rs 167 crore

Sundaram Clayton Ltd reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 167.16 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 18-fold (or 1,714%). Revenue from operations rose 0.85% QoQ to Rs 6,451.09 crore during the same period. The company posted sharp growth across its auto components, auto vehicles & parts, and financial services segments. 

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Tata Communications Q4 Results: Net profit at Rs 299 crore

Tata Communications Ltd reported a net profit of Rs 299.2 crore for the quarter ended March (Q4). It had posted a net loss of Rs 275 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations declined 7.38% YoY to Rs 4,073.25 crore in Q4 FY21. Tata Communications’ payment solutions vertical declined 40% YoY, while the voice solutions vertical posted a 30% fall in revenues.

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Zydus Cadila’s ‘Virafin’ Gets DCGI Approval – Top Indian Market News

Zydus Cadila’s ‘Virafin’ gets DCGI approval for treatment of moderate Covid-19 cases

Zydus Cadila announced that it has received restricted emergency use approval from the Drugs Controller General of India (DCGI) to use antiviral drug ‘Virafin’ (Pegylated Interferon alpha-2b) for the treatment of moderate Covid-19 infections. Virafin will help Covid-19 patients recover faster and avoid much of the complications. The pharma company said 91.15% of the patients treated with the drug were RT-PCR negative by day seven. The treatment significantly reduces the hours of supplemental oxygen in Covid-19 patients.

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HCL Technologies Q4 Results: Net profit falls 25.6% QoQ to Rs 2,962 crore

HCL Technologies Limited reported a 25.6% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 2,962 crore for the quarter ended March (Q4). The IT firm’s revenue rose 1.8% QoQ to Rs 19,642 crore during the same period. HCL Tech registered its highest-ever new deal bookings during Q4 FY21 at $3.1 billion (~Rs 23,230 crore). Its IT and business services segment reported a 4.4% QoQ growth. The company has allocated around Rs 700 crore as one-time bonus to employees. HCL Technologies has declared a final dividend of Rs 6 per share and a special dividend of Rs 10 per share.

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LT Foods expands its premium snacks brand to Australia, UAE

LT Foods Limited has announced the expansion of its premium rice-based snacks brand Kari Kari to Australia and the United Arab Emirates (UAE). The company said its joint venture (JV) firm with Japan-based Kameda Seika has started exporting Kari Kari to the markets of Australia and UAE. Kari Kari is manufactured at LT Food’s manufacturing facility at Sonepat, Haryana, through indigenously grown and sourced ingredients. 

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Wendt (India) Q4 Results: Net profit at Rs 5.30 crore

Wendt (India) Limited reported a consolidated net profit of Rs 5.30 crore for the quarter ended March (Q4). It had posted a net loss of Rs 0.77 crore in the corresponding period last year. The company’s revenue rose 75.61% YoY to Rs 45.15 crore in Q4 FY21. Its board has recommended a final dividend of Rs 20. Wendt India manufactures and sells super abrasives, high-precision grinding machines, and other special-purpose machines.

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PowerGrid InvIT to launch Rs 7,700 crore IPO on April 29: Report

Power Grid Corporation of India (PowerGrid) is set to launch an infrastructure investment trust (InvIT) initial public offering (IPO) on April 29. As per reports, the IPO size is likely to be in the range of Rs 7,700-8,000 crore. This comprises a fresh issue of shares of up to Rs 4,995 crore and an offer for sale (OFS) of up to Rs 3,000 crore. The InvIT is likely to include 11 power transmission lines owned and operated by PowerGrid.

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To know more about InvITs, click here.

Aditya Birla Money Q4 Results: Net profit rises 32% YoY to Rs 3.68 crore

Aditya Birla Money Limited (ABML) reported a 31.8% YoY increase in net profit to Rs 3.68 crore for the quarter ended March (Q4). Its revenue from operations rose 10% YoY to Rs 49 crore during the same period. Revenue from its broking business was up 21.2% YoY to Rs 43.69 crore, and revenue from securities trading business rose 41% YoY to Rs 3.78 crore. ABML is a leading player in the Indian broking space. It is a subsidiary of Aditya Birla Capital Limited.

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V2 Retail opens new store at Rourkela, Odisha

V2 Retail Limited has opened a new retail store at Rourkela, Odisha. In line with the company’s strategy to evaluate performance over parameters such as store-wise profitability, the company has closed two retail stores in Chapra (Bihar) and Kota (Rajasthan). V2 Retail currently operates 94 retail stores in India.

GNA Axles Q4 Results: Net profit rises 496% YoY to Rs 27.63 crore

GNA Axles Limited reported a 496.76% YoY increase in consolidated net profit to Rs 27.63 crore for the quarter ended March (Q4). Its revenue from operations rose 71.6% YoY to Rs 310.12 crore during the same period. Net profit has increased by 33.93% YoY to Rs 70.62 crore for the financial year ended 31 March 2021 (FY21). GNA Axles is a leading manufacturer of axle shafts for vehicles.

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Caplin Point’s arm receives USFDA approval for Prochlorperazine Edisylate injection

Caplin Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Prochlorperazine Edisylate injection. The approved product is an antiemetic drug used to control severe nausea and vomiting. According to IQVIA data, Prochlorperazine Edisylate injection had US sales of approximately $17 million (~Rs 127 crore) for the 12-months ended December 2020. 

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UPL to convert 4 nitrogen plants for oxygen production

UPL Limited has announced plans to convert four of its nitrogen production plants to produce oxygen for 4 hospitals in Gujarat and Madhya Pradesh. The company will directly deliver the oxygen tanks to hospital sites. This will help cater to 200-250 beds at each of these hospitals, including ICU patients. There has been a sharp rise in demand for medical oxygen due to the surge in Covid-19 cases in India.

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Loan Moratorium Cannot be Extended, says Supreme Court – Top Indian Market News

Loan moratorium cannot be extended: Supreme Court

The Supreme Court (SC), on Tuesday, refused to extend the six-month loan moratorium period offered by the Reserve Bank of India (RBI) last year, saying that it is a ‘policy decision’ on the part of the Central government and RBI. The SC also said that a complete waiver of interest during the moratorium period could not be granted, as banks have to pay interest to account holders and pensioners. The court directed that no compound or penal interest will be charged from borrowers for the moratorium period. Banks can now start declaring their non-performing assets (NPAs) or bad loans. 

On March 27, 2020, the RBI had announced a moratorium on loan installments due between March 1 and May 31 and later extended it by three months till August 31, 2020.

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Adani Ports to acquire 58% stake in Gangavaram Port for Rs 3,604 crore

Adani Ports and Special Economic Zone Ltd (ASPEZ) will acquire a 58.1% stake held by DVS Raju and his family in Gangavaram Port Limited (GPL). The cost of the acquisition is Rs 3,604 crore. On March 3, ASPEZ had announced the acquisition of Warburg Pincus’s 31.5% stake in GPL. After the completion of both transactions, ASPEZ will hold an 89.6% stake in GPL. GPL is located in the northern part of Andhra Pradesh and has a capacity of 64 million metric tonnes (MMT).

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Mahindra Defence to make armoured tactical vehicles for Indian army

Mahindra Defence Systems Ltd (MDSL) has secured a contract worth Rs 1,056 crore to manufacture and supply armoured tactical vehicles for the Indian Army for its weapon carrier requirements. The light specialist vehicles (LSVs) have undergone rigorous and elaborate trial procedures carried out by the Indian Army in different terrains. The induction of LSVs is said to be completed within four years. MDSL is a subsidiary of Mahindra & Mahindra Ltd.

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Allana Group acquires 1% stake in LT Foods for Rs 20 crore

Processed food manufacturer Allana Group said it has pickled a 1% stake in LT Foods Limited for Rs 20 crore. Both companies have plans to use their synergies and technology transfer to expand LT Foods’ consumer products business to focus on value-added and impulse products. LT Foods is a leading player in the rice market with leading brands like Daawat, Royal, and Devayya. The company has established a network in over 65 countries.

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Cipla’s subsidiary partners with SIGA Technologies to develop novel antibiotics

Cipla Limited said its subsidiary, Cipla Therapeutics, has partnered with US-based SIGA Technologies to develop novel antibiotics. The partnership is aimed at making Cipla’s novel antibiotics available to the US government as part of preparations against biological threats. The strategic partnership will deliver sustained innovation and access to novel anti-bacterial drugs, particularly against biothreats.

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Govt to raise Rs 755 crore by selling 15% stake in RVNL

The Central government will raise nearly Rs 755 crore by selling its 15% stake in Rail Vikas Nigam Ltd (RVNL) through an offer for sale (OFS). The floor price for the OFS has been fixed at Rs 27.50 per share. The issue will open on Wednesday for non-retail investors and on Thursday for retail investors. The Centre’s shareholding in RVNL will decline to 74.67% after the stake sale.

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HG Infra receives provisional completion certificate for road project in Maharashtra

HG Infra Engineering has received a provisional completion certificate from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The project consisted of four-laning the Bhandara- Khat-Ghotitok Junction section (NH-7, NH-547E) in Maharashtra on an engineering, procurement, and construction (EPC) mode. The NHAI had declared the project fit for entry into operation as of February 29, 2020.

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Bharti Airtel’s Africa unit to sell 1,421 towers to Helios for $108 million 

Bharti Airtel’s Africa unit (Airtel Africa) has signed a pact with Helios Towers Plc to sell 1,229 towers in Madagascar and Malawai for $108 million (~Rs 782 crore). Airtel Africa Plc will also build 195 sites across the two regions over the next three years for $11 million (~Rs 79.72 crore). These sites will be handed over to Helios Towers upon completion. The transactions are expected to close in or around Q4 of calendar year 2021.

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Glenmark Pharma gets USFDA approval for diltiazem hydrochloride capsules

Glenmark Pharmaceuticals said it has received final approval from the US Food & Drug Administration (USFDA) for diltiazem hydrochloride extended‐release (ER) capsules. The product is indicated for the treatment of hypertension. As per IQVIA data, the generic version of the capsules had sales of approximately $56.7 million (~Rs 410.75 crore) for the 12 months ended January 2021.

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Trident partners with California-based Kathy Ireland Worldwide

Trident Limited said it has further strengthened its brand portfolio with the recent addition of the “Kathy Ireland” brand. The company has entered into a licensing agreement with California-based Kathy Ireland Worldwide Inc. As per the agreement, Trident will have the right to use the “Kathy Ireland” trademark under its range of home textile products. The collection will also be included in Trident’s rapidly expanding e-commerce business.

Alkem Labs partners with Tata Memorial Centre

Alkem Laboratories has partnered with Tata Memorial Centre (TMC) for establishing an advanced radiotherapy facility in Muzaffarpur and to set up three mini cancer centers in Bihar. These centers will connect cancer patients of Buxar, Jehanabad, and Bhagalpur districts by telemedicine to Homi Bhabha Cancer Hospital & Research Center, Muzaffarpur. The centers will also work with the district administration on community activities such as cancer awareness and screening.

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CCI Approves Flipkart-Aditya Birla Fashion Deal – Top Indian Market News

Flipkart-Aditya Birla Fashion deal gets approval from CCI

The Competition Commission of India (CCI) has approved the Rs 1,500 crore deal between Flipkart and Aditya Birla Fashion. Flipkart Investments Private Ltd will acquire a 7.8% minority stake in Aditya Birla Fashion and Retail Ltd (ABFRL). ABFRL plans to use the funds to strengthen its balance sheet and scale up its existing business. The company will also focus on increasing its presence in the emerging high-growth categories such as innerwear, athleisure, casual wear, and ethnic wear. 

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Federal Bank Q3 Results: Net profit falls 8% YoY to Rs 404 crore

Federal Bank reported an 8.2% YoY decline in net profit to Rs 404.10 crore for the quarter ended December (Q3). The bank’s total income improved to Rs 3,941.36 crore in Q3 FY21, as compared to Rs 3,738.22 crore in Q3 FY20. Operationally, the bank saw strong growth in Q3, with net interest income (NII) seeing a 24% YoY growth to Rs 1,437 crore. Provisions for bad loans and other contingencies were increased by 161% YoY to Rs 421 crore in Q3.

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Adani Green Energy commissions 150 MW solar plant in Kutch

Adani Solar Energy Kutchh One, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 150 MW solar plant in Kutch, Gujarat. This plant has a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) at Rs 2.67/kWh for a period of 25 years. With the commissioning of this plant, AGEL’s total operational renewable capacity grows to 3,125 MW. 

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Hindustan Zinc Q3 Results: Net profit rises 36%YoY to Rs 2,200 crore

Hindustan Zinc Ltd (HZL) reported a 36% YoY increase in net profit to Rs 2,200 crore for the quarter ended December (Q3). Its revenue from operations rose 28% YoY to Rs 5,915 crore during the same period. The company reported its highest-ever ore production in the October-December quarter. HZL’s total mined metal production was up 4% YoY to 2.44 lakh tonnes. Integrated zinc production was up 2% YoY to 1.82 lakh tonnes.

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Havells Q3 Results: Net profit rises 74% YoY to Rs 350 crore

Havells India Ltd reported a 74.52% YoY increase in consolidated net profit to Rs 350.14 crore for the quarter ended December (Q3). Its revenue from operations rose 39.67% to Rs 3,175.20 crore during the same period. The company saw increased demand in Q3 due to a pick-up in the overall construction and infrastructure activity. The Board of Directors of Havells India has declared an interim dividend of Rs 3 per share.

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L&T construction arm secures order worth up to Rs 5,000 crore in Bangladesh

The power transmission and distribution business of Larsen & Toubro (L&T) has won a set of transmission line orders in Bangladesh. The orders are valued in the range of Rs 2,500-Rs 5,000 crore. The scope of these packages involves the design, supply, installation, testing, and commissioning of extra high voltage transmission lines on a turnkey basis.

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Indigo Paints IPO subscribed 1.89 times on first day of bidding

The initial public offering (IPO) of Indigo Paints was subscribed 1.89 times on the first day of bidding. The public issue has received bids for 1.04 crore equity shares, against an offer size of 55.18 lakh shares. The portion reserved for retail investors was subscribed 3.3 times and that of non-institutional investors 1.09 times. The employee portion received 72% subscription and that of qualified institutional buyers (QIBs) 10%. 

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To know more about the Indigo Paints IPO, click here.

Ramco Systems partners with HERE Technologies

Ramco Systems Ltd has partnered with HERE Technologies, a global leader in mapping and location platform services, to embed location intelligence in their Logistics ERP platform. The Ramco Logistics Software is an integrated and smart platform engineered to provide an end-to-end comprehensive business solution for third-party logistics, e-commerce logistics, etc. By embedding the geo-visualization layer provided by HERE, Ramco’s clients will benefit from the real-time view of their logistics operations using HERE Maps.

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LT Foods acquires 30% stake in Netherlands-based Leev  

LT Foods Limited has acquired a 30% stake in Leev.nu, a Netherlands-based packaged foods company, through its subsidiary Nature Bio Foods BV (NBF BV). The transaction allows NBF BV an option to acquire a further 21% stake in Leev.nu at the end of five years. Leev.nu will start sourcing organic produce from NBF for its packed snacking brands. This acquisition gives Nature Bio Foods a direct reach to European consumers- through the mainstream distribution strength of Leev. 

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Newgen Software Q3 Results: Net profit rises 48% YoY to Rs 35 crore

Newgen Software Technologies Ltd reported a 47.83% YoY increase in consolidated net profit to Rs 35.42 crore for the quarter ended December (Q3). Its revenue rose 0.3% YoY to Rs 185.51 crore during the same period. The company’s subscription-based revenues witnessed strong growth in Q3. Newgen Software is a Delhi-based business process management company.

Ola partners with Siemens to build EV manufacturing hub in Tamil Nadu

Ola has partnered with Siemens Ltd to build India’s most advanced electric vehicle (EV) manufacturing facility in Tamil Nadu. The popular ride-hailing platform had signed a Rs 2,400 crore deal with the Tamil Nadu government to set up its first factory in the state. Ola stated that the upcoming manufacturing hub will be the world’s largest scooter manufacturing facility. Ola will have access to Siemens’ integrated Digital Twin design and manufacturing solutions to digitalise and validate product and production ahead of actual operations.

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