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Devyani International’s Profit Falls 20% YoY to Rs 61cr in Q4 – Top Indian Market Updates

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

Devyani International Q4 Results: Net profit falls 20% YoY to Rs 61 crore

Devyani International reported a 20% YoY decline in net profit to Rs 61 crore in Q4 FY23. Its revenue jumped 28% YoY to Rs 755 crore during the same quarter. EBITDA stood at Rs 155 crore, up 11% YoY in Q4FY23. Devyani International operates 543 KFC stores, 510 Pizza Hut stores, and 112 Costa Coffee stores across its portfolio

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L&T Construction wins orders in Mumbai and Bengaluru

Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000 crore to Rs 2,500 crore) for a residential project in Thane, Maharashtra, and a commercial project in Bengaluru. The Thane project involves constructing five residential towers. The Bengaluru project involves a contract to build 16 lakh square feet of commercial office space, which is to be completed in 18 months.

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Jubilant Foodworks Q4 Results: Net profit falls 59% YoY to Rs 47.5 crore

Jubilant Foodworks reported a 59% YoY fall in standalone net profit to Rs 47.5 crore in Q4FY23. Its operating revenue jumped 8% YoY to Rs 1,252 crore during the same quarter. EBITDA stood at Rs 252 crore, down 13% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 1.2 per equity share.

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BPCL to invest Rs 52,731 crore in expanding capacities

BPCL’s board has approved the ethylene cracker project at Bina Refinery, which includes the expansion of the refinery and downstream petrochemical plants. The project will require an estimated capital expenditure of nearly Rs 49,000 crore. This involves establishing an Ethylene Cracker Complex, expanding the refinery capacity from 7.8 million metric tonnes per annum (MMTPA) to 11 MMTPA, and developing associated facilities at Bina Refinery.

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JK Tyre Q4 Results: Net profit jumps 171% YoY to Rs 108.4 crore

JK Tyre & Industries Ltd reported a 171% YoY increase in net profit to Rs 108.4 crore in Q4FY23. Its operating revenue jumped 9.7% YoY to Rs 3,632 crore during the same quarter. EBITDA stood at Rs 376 crore, up 65% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 2 per equity share.

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Suzlon bags 99-MW wind energy project from Vibrant Energy

Suzlon has won a 99-MW wind energy project by Vibrant Energy. The project will feature 33 wind turbine generators from Suzlon’s new 3 MW series, utilizing Hybrid Lattice Tubular towers. The project is expected to be commissioned by FY25. The order value was not disclosed.

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Jindal Stainless Q4 Results: Net Profit falls 13% YoY to Rs 765 crore

Jindal Stainless reported a 13% YoY fall in consolidated net profit to Rs 765.8 crore in Q4FY23. Its total revenue increased by 0.4% YoY to Rs 9,765 crore during the same quarter. EBITDA stood at Rs 1,144 crore, up 19% YoY in Q4FY23. The company’s board has declared a final dividend of Rs 1.5 per equity share.

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Zydus Lifesciences gets final USFDA approval for hypotension injection

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to produce and market Ephedrine Sulfate Injection USP. The injection is utilized to treat hypotension during anesthesia. The drug will be manufactured at its facility in Jarod, near Vadodara. The annual sales of Ephedrine Sulfate Injection in the US amount to $52 million.

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Asian Paints’ Profit Rises 45% YoY to Rs 1,234Cr in Q4 – Top Indian Market Updates

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

Asian Paints Q4 Results: Net profit jumps 45% YoY to Rs 1,234 crore

Asian Paints reported a 45% YoY increase in consolidated net profit to Rs 1,234 crore for Q4 FY23. Its operating revenue rose 11% YoY to Rs 8,787 crore during the same quarter. EBITDA also rose 29% YoY to Rs 1,865 crore. The company’s board has recommended a final dividend of Rs 21.25 per equity share.

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IT dept conducts raids at Mankind Pharma’s office in New Delhi

According to a CNBC-TV18 report, India’s Income Tax department has conducted searches at Mankind Pharma’s office in New Delhi over allegations of tax evasion. Company premises and plants in Delhi and nearby locations are being covered and documents are being checked apart from the questioning of company executives as part of the searches launched early in the morning. 

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Eicher Motors Q4 Results: Net profit jumps 48% YoY to Rs 905 crore

Eicher Motors reported a 48% YoY increase in consolidated net profit to Rs 905 crore for Q4 FY23. Its operating revenue rose 19% YoY to Rs 3,804 crore during the same quarter. EBITDA stood at Rs 934 crore, up 235 YoY from Q4 FY22. The company’s board has recommended a final dividend of Rs 37 per equity share.

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SpiceJet to revive grounded fleet with $50 million ECLGS funds

SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals. The company is actively engaging with investors to raise funds and put itself back on track. In April, Credit Suisse moved the Supreme Court, filing a contempt petition against SpiceJet over allegations that the airline had failed to pay dues that were part of a settlement.

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South Indian Bank Q4 Results: Net profit jumps 22.7% YoY to Rs 333.9 crore

South Indian Bank reported a 22.7% YoY increase in net profit to Rs 333.9 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 857 crore, up 43.4% YoY. Its gross NPA stood at 5.14%, while net NPA is at 1.86%. The bank’s board has recommended a final dividend of Rs 0.3 per equity share.

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L&T plans to exit asset-heavy businesses

Larsen & Toubro Ltd plans to exit asset-heavy businesses to eliminate losses. The company sees opportunities in renewable power, particularly in Saudi Arabia, where solar projects are gaining momentum. This will generate cash and improve working capital efficiency. The Middle East as a whole is investing in renewable energy, providing further potential for growth.

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Dr Lal Pathabs Q4 Results: Net profit falls 7.5% YoY to Rs 56.7 crore

Dr Lal Pathlabs reported a 7.5% YoY decline in consolidated net profit to Rs 56.7 crore for Q4 FY23. However, its operating revenue rose 1.13% YoY to Rs 491 crore during the same quarter. EBITDA was also down 4.5% YoY to Rs 116 crore. The company’s board has approved a final dividend of Rs 6 per equity share.

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ABB India expands production footprint of drives portfolio in India

​​ABB India is expanding its production capacity at the Peenya factory in Bengaluru to include a new line for variable speed drive modules. This expansion will enable the production of drives ranging from 75 kW to 250 kW, serving various industrial sectors. ABB’s variable speed drives are used to optimize energy efficiency and performance by controlling the speed of electric motors.

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Hindustan Copper to consider raising funds via QIP, NCD issue

Hindustan Copper Ltd plans to raise funds through a qualified institutional placement (QIP) issue. The board of directors will meet on May 19 to consider issuing equity shares through QIP, with a total value of 97 million shares. They will also seek approval to offer non-convertible debentures or bonds worth Rs 500 crore through private placement. 

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Aditya Birla Capital to raise Rs 3,000 crore via equity, debt funding

Aditya Birla Capital’s board has approved plans to raise Rs 3,000 crore through a combination of equity and debt routes in one or multiple tranches. The funds will be raised through public or private offerings (including qualified institutional placements) as permitted by applicable laws. The funds will be utilised for meeting funding requirements and growth objectives of the company.

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Three Adani firms to consider raising up to Rs 40,000 crore: Report

As per a Bloomberg report, three Adani Group companies are considering fundraising of up to $5 billion (~Rs 40,000 crore). Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd may raise between $3 billion and $5 billion to boost their businesses. The boards of the three firms are meeting on Saturday to consider raising funds via the sale of shares or other securities.

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ONGC discovers oil, gas in Arabian Sea blocks

ONGC has announced the discovery of two oil and gas reserves, named ‘Amrit’ and ‘Moonga,’ in the Mumbai offshore region. The company had acquired the blocks under the Open Acreage Licensing Policy (OALP). Based on the available data, ONGC will determine if additional wells need to be drilled for further exploration and appraisal.

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WPI Falls to Over Two-Year Low of 3.85% in Feb – Top Indian Market Updates

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

Wholesale inflation falls to over two-year low of 3.85% in Feb

India’s Wholesale Price Index (WPI)-based inflation fell to a 25-month low of 3.85% in February 2023. WPI stood at 4.73% in Jan. The government has attributed the decline in inflation rate to a fall in prices of crude petroleum & natural gas, food products, minerals, computers, electronic and optical products, chemicals and chemical products, electrical equipment & motor vehicles, trailers and semi-trailers. 

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Mahindra unit in Bangladesh winds up operations, ceases to exist

Mahindra & Mahindra has shut down its wholly-owned unit Mahindra Bangladesh Pvt Ltd (MBPL). MBPL convened the final extraordinary general meeting of its shareholders on March 14, 2023, and approved the final voluntary winding up. It had zero income from operations as on March 31, 2022. The net worth of MBPL stood at Rs 3.18 crore as of March 31, 2022.

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Coal India ready to meet dry fuel demand from power sector

Amidst a rise in industrial demand for electricity, state-owned Coal India Ltd (CIL) has geared up to meet the demand for dry fuel from the power sector. CIL is hoping to supply 156 million tonnes of coal to the power sector during the April-June quarter of FY24. This would be 25.6% of the enhanced annual dispatch target of 610 million tonnes (MT) slated for the sector in 2023-24.

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Jaguar Land Rover partners with Tata Technologies to accelerate its digital transformation

Jaguar Land Rover is partnering with Tata Technologies to accelerate the digital transformation of its industrial strategy. The first phase will include UK core production facilities, with solutions subsequently deployed to other global locations. Tata Technologies will deliver end-to-end integrated Enterprise Resource Planning (ERP) to transform Jaguar Land Rover’s manufacturing, logistics, supply chain, finance and purchasing modules.

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L&T Finance invites bids for ₹880 crore Xrbia loans

L&T Finance is seeking buyers for a distressed real estate portfolio comprising loans given to the Pune-based Xrbia Group. The company has invited offers for a loan book of ₹880 crore given to five Xrbia Group companies. The five accounts comprise Xrbia Developers with a debt of ₹435 crore, Xrbia Chakan Developers with ₹164 crore, Xrbia Warai Developers with ₹156 crore, Xrbia Ambience Realty LLP with ₹107 crore, and Eiffel Lifespaces with ₹18 crore.

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HPCL signs pact to manufacture Chevron’s lubricants

Hindustan Petroleum Corporation Ltd (HPCL) has entered into a long-term licensing agreement to manufacture, distribute and market lubricants of global supermajor Chevron in India. This collaboration encompasses the licensing, production, distribution, and marketing of Chevron’s lubricant products under the Caltex brand, including Chevron’s proprietary Havoline and Delo branded lubricant product.

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Jindal Stainless plans sale of green bonds to repay debt: Report

Jindal Stainless (JSL) is planning a sale of green bonds to repay existing debt of around ₹2,800 crore. The stainless steel producer has initiated discussions with consultants to arrive at sustainability-oriented targets that could make it eligible for availing cheaper financing through the green bond route. However, it has not mandated banks or started investor roadshows.

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Glenmark Pharma receives USFDA approval for generic antibiotic drug

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clindamycin Hydrochloride Capsules. The product will be distributed by its subsidiary, Glenmark Pharmaceuticals Inc, in the US. According to IQVIA sales data for the 12 months ended Jan 2023, Cleocin Hydrochloride Capsules achieved annual sales of around $33.6 million.

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Suzuki Motor increases stake in Maruti Suzuki via open market transactions

Japanese auto major Suzuki Motor Corporation (SMC) has increased its stake in Indian subsidiary Maruti Suzuki India Ltd (MSIL) to 56.48% by purchasing shares from the open market. Suzuki purchased 3.45 lakh equity shares during March 10-13. Currently, MSIL has a cumulative production capacity of 15 lakh units per annum.

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PNC Infratech bags new highway project worth Rs 1,260 crore from NHAI

The National Highways Authority of India (NHAI) has declared PNC Infratech Ltd as the lowest bidder for a highway project worth Rs 1,260 crore. The project includes the construction of the 6-lane Varanasi-Ranchi-Kolkata Highway from Pachmon village to Anarbansalea village under the Central govt’s Bharatmala Pariyojana project. The project is to be constructed in 24 months and operated for 15 years.

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SII Seeks Emergency Use Authorisation for Covidshield – Top Indian Market News

Serum Institute seeks emergency use authorisation of Covidshield in India

The Serum Institute of India (SII) has sought approval from the Drugs Controller General of India (DCGI) for emergency use authorisation (EUA) of the AstraZeneca-Oxford vaccine, Covidshield, in the country. It is the second firm, after Pfizer, to seek EUA approval from the Indian drug regulator. SII is currently conducting Phase-3 clinical trials of Covidshield in India, with the support of the Indian Council of Medical Research (ICMR). 

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Jet Airways may restart operations by summer of 2021 

The consortium led by Murari Lal Jalan and Kalrock Capital, on Monday, said that it plans to operationalise Jet Airways by the summer of 2021. They are awaiting approval of the airlines’ resolution plan from the National Company Law Tribunal (NCLT) and other regulatory authorities. As per the resolution plan, Jet Airlines intends to operate all of its historic domestic slots in India and restart international operations.

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L&T wins multiple orders for supply of mining equipment to coal, cement sectors

Larsen & Toubro’s (L&T) construction and mining equipment business has secured multiple orders from Coal India subsidiaries and firms in the cement sector. These orders are for supplying 66 units of Komatsu dump trucks, 15 units of Komatsu wheel loaders, 7 units of Komatsu hydraulic excavators, and other allied equipment. The scope of the order includes supplying equipment and maintenance contracts for supporting operations over three to four years.

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Hindalco to invest Rs 730 crore to set up new plant in Silvassa

Hindalco Industries Limited announced plans to invest Rs 730 crore to set up a 34,000-tonne extrusion plant at Silvassa, in Dadra. The company stated that the new plant will service the fast-growing market for extruded aluminum products in the western and southern regions. The commercial production at the plant is expected to start in 24 months.

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RIL raises Rs $1.4 billion in overseas debt to prepay Reliance Holding’s loans

Reliance Industries Ltd (RIL) has raised $1.4 billion (~Rs 10,342 crore) to prepay its existing foreign loans. The proceeds will be used by RIL to repay the loans of its subsidiary, Reliance Holding USA. Fourteen international banks had signed up for the transaction last week. This is the highest amount raised through debt by an Indian company from international lenders.

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IndiGo to refund all passengers for flight cancellations due to Covid-19 lockdown by January 31

Interglobe Aviation Ltd (IndiGo) said that it will refund all customer credit shells, which were created when flights were canceled due to the Covid-19 lockdowns earlier this year. The company stated that it will disburse the full 100% credit shell payments by January 31, 2021. IndiGo stated that it has already processed close to Rs 1,000 crore of refunds, which is 90% of the total amount it owed to customers.

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Goodyear India announces interim dividend of Rs 80 per share

The Board of Directors of Goodyear India Ltd has approved an interim dividend of Rs 80 per equity share of face value of Rs 10 each, for FY21. The company has fixed 15 December as the record date for determining the entitlement of the shareholder for the interim dividend. The share price of Goodyear jumped by 14% and closed at Rs 997.65 on the NSE today.

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NSE introduces weekly F&O contracts in three more currency pairs

The National Stock Exchange (NSE), on Monday, launched weekly futures and options (F&O) contracts on three currency pairs: Euro-Indian rupee, Japanese Yen-Indian rupee, and Pound Sterling-Indian rupee. The NSE stated that the weekly derivatives on currency pairs will help market participants to hedge their currency exposure from short-term market movements. It will also help in reducing time-related costs.

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LTI partners with UAE-based Injazat for accelerating digital transformation in the Middle East

Larsen & Toubro Infotech (LTI) has entered into a strategic partnership with UAE-based Injazat, to implement its best-shore service delivery model in the Middle East. The delivery model will provide Injazat’s customers with a hybrid of delivery approaches including onshore and cloud. LTI will further advance Injazat’s wider digital delivery ecosystem.  

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BLS International signs contract with Brazil Embassy in China to operate visa application centres

BLS International Ltd announced that it has commenced accepting appointments for visa applications for the Embassy of Brazil in China. The five-year exclusive contract from the Embassy mandates BLS to operate 15 centres across China. The company is expected to process over 4,00,000 applications over the next 5 years.

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Burger King India IPO Gets Oversubscribed on Day 1 – Top Indian Market News

Burger King India IPO subscribed more than 3 times on Day 1

The initial public offering (IPO) of Burger King India was subscribed more than three times on the opening day of the issue. The Rs 810-crore issue has received bids for 23.32 crore equity shares, which was 3.13 times the total issue size. The IPO consists of a fresh issue of Rs 450 crore and an offer for sale (OFS) of up to 6 crore shares, aggregating Rs 360 crore. The price band of the issue has been fixed at Rs 59-60 per share.

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BPCL receives three preliminary bids, says Oil Minister Dharmendra Pradhan

India’s Oil Minister Dharmendra Pradhan announced that state-owned Bharat Petroleum Corporation Ltd (BPCL) has received three preliminary bids, as part of its stake sale. Earlier, Vedanta had confirmed putting in an expression of interest (EoI) for buying the government’s 52.98% stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.

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Infosys, Rolls-Royce enters into strategic partnership for aerospace engineering in India

IT major Infosys Ltd and Rolls-Royce have entered into a strategic partnership for sourcing engineering and R&D services for Rolls-Royce’s civil aerospace business. As part of the partnership, Rolls-Royce will transition a significant part of its engineering centre capabilities for civil aerospace in Bengaluru to Infosys. The engineering centre will strengthen Infosys’ existing capabilities in Turbomachinery and Propulsion. 

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NCC secures four orders worth Rs 3,905 crore

NCC Limited announced that it has received four external orders totaling Rs 3,905 crore. One order of Rs 848 crore is for NCC’s water division and the remaining four orders pertain to its building division. It has received these orders from central and state government agencies. These orders will be executed over the next 24 to 42 months.

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Wipro wins multi-year contract from Verifone

Wipro Ltd announced that it has won a multi-year contract from Verifone, a global leader in payments and commerce solutions. The IT major will develop new features, capabilities, and interfaces for Verifone’s Cloud Services offerings. By leveraging its global engineering support team, Wipro will assist Verifone to transform its customer partnerships.

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L&T to sell UK marine automation platform to Rolls-Royce

Larsen & Toubro (L&T) has signed a pact with Rolls-Royce for the divestment of its UK-based integrated marine automation solutions provider, Servowatch Systems. L&T stated that this move is aimed at unlocking value within the existing business portfolio by divesting non-core units. Servowatch Systems has grown into an internationally recognized provider of marine automation platforms over the past eight years of L&T’s ownership.

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SpiceJet to provide logistical support for Covid-19 vaccine delivery

SpiceJet announced that it will provide logistical support for the delivery of Covid-19 vaccines. The airline’s cargo arm, SpiceXpress, will be transporting the vaccine through a specialised service called Spice Pharma Pro. The company stated that it has the ability to transport extremely sensitive drugs and vaccines in controlled temperatures ranging from -40°C to +25°C. 

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IndiGo achieves 70% of its pre-Covid capacity, operating 1,000 flights daily

Interglobe Aviation Ltd (IndiGo) stated that it has reached 70% of its pre-Covid capacity and is operating 1,000 daily flights to and from 65 destinations. This includes 59 domestic and 6 international destinations. The company expects the growth to continue into 2021. IndiGo, which is India’s largest airline, operated around 1,500 daily flights before the pandemic hit.

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Dabur and other top brands sell adulterated honey: CSE

An investigation by the Centre for Science and Environment (CSE) claims that several brands of honey, including those sold by Dabur India Ltd, Patanjali, and Zandu, are adulterated. CSE had sent samples from 13 brands to a German lab for testing the purity of their honey. The tests reveal that most brands sell honey that is laced with sugar syrup.

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Phoenix Mills and GIC to set up mixed-use retail platform

Phoenix Mills Ltd (PML) and its subsidiaries have entered into a non-binding term sheet with GIC Private Equity, for the formation and development of a retail-led mixed-used platform. PML will contribute retail assets such as Phoenix Marketcity Mumbai and Phoenix Marketcity Pune as a part of the platform. GIC is Singapore’s sovereign wealth fund. It will invest in 3 PML subsidiaries- Offbeat Developers Pvt Ltd, Graceworks Realty & Leisure Pvt Ltd, and Vamona Developers Pvt Ltd. GIC will use a combination of primary infusion and secondary purchase of equity shares.

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HDFC Bank’s Market Cap Crosses Rs 8 lakh crore Mark – Top Indian Market News

HDFC Bank becomes India’s first lender to cross Rs 8 lakh crore in market cap 

HDFC Bank Limited, on Wednesday, became India’s first lender to cross Rs 8 lakh crore in market capitalisation. The private sector bank is the third most valued domestic firm in terms of market capitalization, after Reliance Industries and TCS. This year, the shares of HDFC Bank have gained 15.11% so far. 

[Market Cap of a listed company is calculated by multiplying the total number of shares by the present share price]

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MHA announces new Covid-19 guidelines for states/UTs

The Ministry of Home Affairs (MHA) has issued fresh guidelines for the surveillance, containment, and caution against Covid-19. The MHA has asked states to strictly enforce standard operating procedures (SOPs) on various activities, exercise caution, and regulate crowds. States and union territories can also impose restrictions like night curfews, after consultations with the Central Government. The guidelines will be effective from 1st December. 

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Cabinet approves merger of Lakshmi Vilas Bank with DBS Bank

The Union Cabinet, on Wednesday, approved the RBI’s proposal to merge Lakshmi Vilas Bank (LVB) with DBS Bank India. As part of the amalgamation plan, DBS India will infuse fresh capital of Rs 2,500 crore into LVB. The restrictions on LVB’s depositors regarding the withdrawal of their deposits have also been removed.

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L&T Construction wins order to build India’s longest river bridge

Larsen & Toubro (L&T) announced that its construction arm has secured a large contract to build India’s longest road bridge across the Brahmaputra river. The 19 kilometre-long bridge will be built between Dhubri in Assam and Phulbari in Meghalaya. According to L&T, the bridge will reduce the distance between Assam and Meghalaya by 250 kilometres. The project is valued between Rs 2,500 to Rs 5,000 crore.

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HDFC Ltd to acquire 19.9% stake in Renaissance Investment Solutions ARC

HDFC Limited announced that it will acquire a 19.9% stake in Renaissance Investment Solutions ARC for Rs 49.8 lakh. The investment would result in HDFC holding 4,98,750 equity shares of Rs 10 each in the asset reconstruction company (ARC). HDFC Ltd stated that Renaissance Investment will undertake the business of asset reconstruction after it receives the receipt of approval from the Reserve Bank of India.

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Route Mobile wins contract from BSNL to deploy SMS Firewall

Bharat Sanchar Nigam Ltd. (BSNL) has selected Route Mobile Limited to deploy its SMS Firewall Platform across the Southern and Western Zones in India. Route Mobile will provide control and security over BSNL’s user SMS traffic and the monetization of international SMS traffic terminating over their network. Mumbai-based Route Mobile is a leading communications platform service provider.

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USFDA releases details of warning letter issued to Aurobindo Pharma’s New Jersey unit

The U.S Food and Drug Administration (USFDA) has released details of a warning letter issued to Aurobindo Pharma’s New Jersey unit. On 22nd October, the drug maker had announced that its subsidiary had received a warning letter from USFDA for its oral solid manufacturing facility situated at Dayton, New Jersey. The warning letter states that methods, facilities, and procedures used at the unit do not conform to the Current Goods Manufacturing Practice (CGMP).

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ARSS Infrastructure secures Rs 210 crore order from NHIDCL

ARSS Infrastructure Projects Ltd. has secured an order worth Rs 210 crore from the National Highways & Infrastructure Development Corporation Ltd (NHIDCL). The work order will be for the improvement of the NH-40 section in Meghalaya into a two-lane with paved shoulder road. The order will be based on an engineering, procurement, and construction (EPC) mode.

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Union Bank of India to raise Rs 1,000 crore from bonds

Union Bank of India Ltd. has announced that it will raise Rs 1,000 crore from bonds to fund its business growth. The bonds of face value of Rs 10 lakh each and bearing a coupon of 7.18% per annum, will have a maturity of 15 years. The bonds have a fixed allotment date of November 26, 2020. 

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Shiva Cement to invest Rs 1,500 crore in new Odisha unit

Shiva Cement Ltd has announced plans to invest Rs 1,500 crore in a new 1.36 million tonne clinker unit project in the Sundergarh district of Odisha. The company is a subsidiary of JSW Cement Ltd. It has stated that Rs 1,150 crore will be raised through debt instruments. JSW will invest Rs 150 crore through redeemable preference shares, and the remaining amount will be raised through a rights issue.

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Reliance Retail Completes Fundraising From 10% Stake Sale – Top Indian Market News

Reliance Retail completes fundraising of Rs 47,265 crore from 10.09% stake sale

Reliance Retail Ventures Ltd.(RRVL) said that it has raised Rs 47,265 crore by selling 10.09% stake to multiple investors. According to an official release from RRVL, the company has completed the current phase of partner induction and fundraise exercise. The investors include Silver Lakes Partners, KKR, ADIA, and others. RRVL has allotted approximately 69 crore equity shares to its latest financial partners. This is the largest fundraising exercise in the retail sector completed within 2 months. 

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SpiceJet gets clearance to fly Boeing 737 Max aircraft

SpiceJet Ltd. has received approval from the US Federal Aviation Administration (USFAA) to fly the Boeing 737 Max aircraft, after nearly 2 years of grounding. The grounding orders were placed in March 2019, after two deadly crashes. The USFAA stated that the clearance was announced after a ‘comprehensive and methodical’ 20-month review process. SpiceJet expects the jets to return to operations by the first quarter of 2021.

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RBI to conduct OMO on November 26

The Reserve Bank of India announced that it will conduct simultaneous purchase and sale of government bonds under Open Market Operations (OMO) on November 26. The central bank will conduct OMO for an aggregate amount of Rs 10,000 crore each. OMO is one of the tools used by RBI to smoothen the liquidity conditions in the economy. 

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L&T bags Rs 7,000 crore order to construct part of bullet train project

Larsen & Toubro (L&T) Construction has secured a contract worth Rs 7,000 crore from the National High-Speed Rail Corporation Ltd. The company will construct 87.56 km of the Mumbai-Ahmedabad High-Speed Rail project. L&T’s contract includes the construction of viaducts, one station, major river bridges, and maintenance depots.

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India to see Rs 10,000 crore investment in LNG stations: Dharmendra Pradhan

Oil Minister Dharmendra Pradhan said that India will see an investment of Rs 10,000 crore in the next 3 years for setting up 1,000 LNG stations. Liquefied Natural Gas (LNG) will be used for long-haul buses and trucks due to its higher energy density than CNG. It is 30-40% cheaper than diesel and will also reduce carbon emissions.

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Max Financial gets approval for share swap agreement with Mitsui Sumitomo

Max Financial Services Ltd. (MFSL) has received approval from the Department of Economic Affairs (DEA) to swap Mitsui Sumitomo’s stake in Max Life Insurance with the shares of itself. The transaction entails swapping Mitsui Sumitomo’s 20.6% stake in Max Life Insurance with a 21.9% stake in MFSL. This will result in MFSL holding more than 93% stake in the life insurance company.

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TCS expands strategic IT partnership with Kingfisher PLC

Tata Consultancy Services (TCS) has expanded its partnership with Kingfisher PLC, to accelerate the retailer’s transformation into a digital-first organization. TCS will provide consolidated application management and infrastructure support services to UK-based Kingfisher PLC. TCS has been a strategic IT partner with the retail company since 2012.

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Adani Green has no guaranteed buyer for Rs 44,540 crore solar project in India

Adani Green Energy’s $6 billion (~Rs 44,540 crore) solar power project has no guaranteed customer. This is according to the Solar Energy Corporation of India (SECI), which is the country’s main solar-adoption agency. The agreement between Adani Green and SECI in June 2020 reveals that SECI has no legal or financial obligation to support the project if it fails to find buyers. The agency has also stated that the failure of finding a customer would expose Adani Green to higher financial risk.

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Oaktree, Varde offer $2.5 billion funding to Vodafone Idea: Report

A group of private equity firms, led by US-based Oaktree Capital and Varde Partners, have offered to invest up to $2.5 billion (~Rs 18,550 crore) in Vodafone Idea Ltd. This is according to a report by BloombergQuint. Vodafone Idea (Vi) had also announced plans in September to raise Rs 25,000 crore through equity and debt instruments. Also, the company is yet to pay crores of debt to the government. 

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Apollo Hospitals partners with TataMD to launch ‘TataMD CHECK’

Apollo Hospitals has partnered with Tata Medical and Diagnostics (TataMD) to launch TataMD CHECK, a Covid-19 testing kit. TataMD will manufacture the kits at its facility in Sriperumbudur, near Chennai. Apollo Hospitals will offer the testing in the National Capital Region (NCR) from the first week of December.

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L&T Secures Massive Order from Tata Steel – Top Indian Market News

L&T secures order from Tata Steel for supply of mining equipment

Larsen & Toubro (L&T) announced that it has secured an order from Tata Steel to supply 46 units of Komatsu Mining Equipment. The agreement includes the supply of equipment and a full maintenance contract for 60,000 hours of equipment operation. The units will be deployed at Tata Steel’s iron ore mine in Odisha, and its coal mine in Jharkhand.

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Union Steel Minister calls for reducing imports of finished steel goods

Union Steel Minister Dharmendra Pradhan, on Wednesday, called for reducing imports of finished steel goods. He has urged the steel industry to leverage the technology and resources available in India. The Steel Ministry has also suggested that industry players could form joint ventures to set up special grade steel plants in the country.

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Pfizer vaccine 95% effective in final trials with no safety concerns

Pfizer Inc. announced that the final results of the clinical trials show its Covid-19 vaccine was 95% effective. The company stated that the vaccine is showing signs of being safe for people of all ages. The vaccine candidate is being developed through a partnership between Pfizer and Germany-based BioNTech. The companies are all set to seek emergency authorization for use of the vaccine from the US Food & Drug Administration (USFDA).

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India’s domestic air traffic down 57% YoY in October: DGCA

Domestic air traffic in India declined by 57% year-on-year (YoY) in October, as the number of Covid-19 cases has continued to rise. According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 52 lakh passengers in October. The Civil Aviation Minister, Hardeep Singh Puri, had stated that the domestic aviation sector will reach pre-Covid levels by the beginning of January 2021.

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Vedanta submits expression of interest to buy stake in BPCL

Vedanta Ltd., on Wednesday, submitted a preliminary expression of interest (EoI) for buying the government’s stake in Bharat Petroleum Corporation Ltd (BPCL). The company’s interest in India’s second-largest fuel retailer is because of synergies with its existing oil and gas business. The government is selling its entire 52.98% stake in BPCL, and the last date to submit the EoI was November 16.

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IRB Infra InvIT completes second round of fund raising by securing Rs 510 crore

IRB Infra InvIT said that it has completed the second installment of its fund raising programme by securing Rs 510 crore. The GIC Affiliates, which hold a 49% stake in the InvIT, have contributed Rs 250 crore. IRB Infrastructure Developers Ltd, being the 51% stakeholder, contributed Rs 260 crore. IRB Infra InvIT is India’s first infrastructure investment trust.

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Cipla signs licensing deal with Belgium-based MultiG

Cipla Limited announced that it has signed a licensing agreement with a Belgian-based firm, MultiG. As per the deal, Cipla will distribute its Covid-19 rapid antibody testing (RAT) kit across most emerging markets and Europe. The Mumbai-based drug firm will be selling the RAT kits under the brand name Covi-G. The testing kit will provide results within 10 minutes.

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M&M to make new K2 series tractors in Telangana

Mahindra & Mahindra Ltd. said that it will manufacture the new K2 tractor series exclusively at its Zaheerabad plant in Telangana. The company has stated that it will increase its investments at the facility by Rs 100 crore, and double employment by 2024. Mahindra will introduce 37 models of the new K2 series for both domestic and international markets.

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Vedanta Zinc suspends operations at South Africa mine after accident

Vedanta Zinc International (VZI), a unit of Vedanta Ltd, has suspended all mining-related activities at its Gamsberg zinc mine in South Africa. The company has stated that a geotechnical failure had trapped ten employees at the mine on Tuesday night. As of 5 am IST today, VZI said that eight of the workers were rescued, and efforts to locate and rescue the remaining two were its “main priority”.

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TTK Prestige declares lockout at Khardi unit in Maharashtra

TTK Prestige Limited said that a lockout has been declared in its Khardi unit in Maharashtra. The workers had conducted an illegal sit-down strike at the company’s unit. The firm has also stated that it has adequate alternate capacities in other factories, and the lockout would not cause a major financial impact.

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Sadbhav Engineering receives Letter of Acceptance from NHAI for EPC road projects

Sadbhav Engineering Ltd. announced that it has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI). The LoA has been provided for two Engineering, Procurement, and Construction (EPC) road projects in Gujarat. The contract value of the project has been estimated at Rs 1,572.30 crore.

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Goldman Sachs Raises India’s GDP Forecast for FY21 – Top Indian Market News

Goldman Sachs raises India’s GDP forecast for 2020-21

Goldman Sachs has raised its GDP forecast for India to a 10.3% contraction, from the -14.8% it had projected in September. The global financial service provider has stated that it expects economic activity in the country to improve faster than anticipated. The firm has also stated that GDP growth is estimated at 13% in the next financial year (FY22).

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Delhi plans to impose lockdown in potential Covid-19 hotspot markets

Delhi CM Arvind Kejriwal has sought power from the Central Government to impose lockdowns in those market areas which may emerge as Covid-19 hotspots. He stated that all government agencies are making double efforts to control the Covid-19 situation in the national capital. The Health Ministry has also warned that the effect of festivals on new cases may be seen in the coming weeks.

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Pfizer sues AuroPharma, Dr. Reddy’s over generic version of cancer drug

Pfizer Inc. has filed a petition in a US court against Aurobindo Pharma Ltd and Dr. Reddy’s Laboratories Ltd. It has been alleged that both companies have separate plans to launch generic versions of Pfizer’s cancer drug Ibrance, before the expiration of its patent. Pfizer filed the possible patent infringement petition against both companies in the United States District Court in Delaware on two counts last week.

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Lakshmi Vilas Bank brought under moratorium

Lakshmi Vilas Bank Ltd. has been brought under moratorium effective from 6 pm on November 17 until December 16, 2020. The payments to creditors have been capped at Rs 25,000 during the moratorium. As per a statement from the Central Government, borrowers can withdraw above Rs 25,000 only for unforeseen expenses including medical treatment and education. Meanwhile, the RBI has proposed the merger of Lakshmi Vilas Bank with DBS Bank India Limited (DBIL).

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ONGC signs contracts for 7 blocks, Oil India wins 4 blocks

State-owned Oil and Natural Gas Corporation (ONGC) has signed contracts for seven oil and gas blocks in the country. Oil India Limited (OIL) has also signed contracts for acquiring four blocks. These 11 oil blocks have been awarded to both companies under the fifth bid round of the Open Acreage Licensing Policy (OALP) of the Indian Government. 

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Industrial investments back to FY20 levels: Credit Suisse

Credit Suisse has stated that industrial investments in India are showing signs of recovery. Industrial investments had declined by 7% in the second quarter of FY21, but are now almost back to previous financial years’ levels. The firm has also retained its ‘Overweight’ stance on Larsen & Toubro (L&T), ABB, and Voltas. An overweight rating on a stock means that analysts expect the stock to outperform its industry in the market.

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L&T delivers first launch hardware for Gaganyaan Mission

Larsen & Toubro said it has delivered the first launch hardware (a booster segment) for the Gaganyaan Launch Vehicle to ISRO, ahead of schedule. The booster segment will be used in the heavy rocket for launching India’s first manned mission into the earth’s lower orbit in 2021-2022. The segment was produced at L&T’s Powai Aerospace Manufacturing Facility, in Mumbai.

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Embassy REIT to acquire business park in Bengaluru for Rs 9,782 crore

Embassy Office Parks REIT announced that it has agreed to acquire Embassy TechVillage in Bengaluru from Embassy Group, Blackstone, and other investors. The cost of the acquisition has been estimated at Rs 9,782.4 crore. The proposed deal is subject to regulatory approvals. Embassy REIT is India’s first publicly-listed REIT (Real Estate Investment Trust). 

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IIFL Finance raises Rs 100 crore via non-convertible debentures

IIFL Finance Ltd. announced that it has raised Rs 100 crore through the issuance of non-convertible debentures on a private placement basis. The company stated that the debentures will be listed on the Wholesale Debt Market segment of NSE. After this announcement, the share price of IIFL Finance hit the upper circuit of 20% in the afternoon session today.

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NMDC hikes iron ore prices for second time in November

The National Mineral Development Corporation Ltd. (NMDC) has hiked prices of lump ore by approximately Rs 400 per tonne. It has also increased the price of fine ore by Rs 300 per tonne. This is the second price hike by the company in November 2020 because of iron ore supply constraints.

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SSWL receives orders for over Rs 5.8 crore from the US &  Europe

Steel Strips Wheels Ltd. (SSWL) has received orders amounting to Rs 5.8 crore from the US and Europe markets. The company has confirmed that export orders of nearly 57,000 wheels will be executed in December 2020. The order will be fulfilled from its Chennai plant. The company also stated that it expects to obtain more orders from the same markets, as its business operations have picked up speed.

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Cabinet Approves PLI Scheme Worth Rs 2 lakh crore for 10 Sectors – Top Indian Market News

Cabinet approves PLI scheme worth Rs 2 lakh crore for 10 sectors

The Union Cabinet has approved Production Linked Incentive (PLI) scheme worth up to Rs 2 lakh crore for 10 key sectors, for the next 5 years. The scheme will provide a boost to India’s manufacturing capabilities and improve exports. The sectors that will get the benefit of the PLI scheme include telecom, automobile, pharmaceuticals, electronic products, and speciality steel.

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Aurobindo Pharma Q2 Results: Net Profit rises 25% YoY to Rs 805 crore

Aurobindo Pharma Ltd. reported a 25% year-on-year (YoY) increase in net profit to Rs 805 crore, for the quarter ended September (Q2). The drug-maker posted a 15% YoY increase in revenue to Rs 6,377 crore, during the same period. Before the results were declared, the share price of Auro Pharma jumped 7.02% and closed at Rs 814.45 on the NSE today.

Coal India Q2 Results: Net Profit falls 16% YoY to Rs 2,948 crore

Coal India Limited reported a 16.31% year-on-year (YoY) decline in consolidated net profit to Rs 2,948.12 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 3.78% YoY to Rs 21,153.07 crore, during the same period. The Board of Directors of Coal India has approved an interim dividend of Rs 7.50 per share. 

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SpiceJet Q2 Results: Net Loss narrows to Rs 113 crore

SpiceJet Limited reported that its net loss has reduced to Rs 112.59 crore, for the quarter ended September (Q2). The company had posted a loss of Rs 462.58 crore in Q2 of the previous financial year. The airline’s total revenue from operations declined by 62.92% YoY to Rs 1,054.98 crore in Q2 FY21. SpiceJet has stated that they are focusing on further expansion of its cargo business.

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Passenger vehicle wholesale up 14% in October: SIAM

The total domestic sale of passenger vehicles in India increased by 14.19% YoY to 3,10,294 units in October. The sale of two-wheelers was up by 17% YoY to 20 lakh units, during the same month. The data has been compiled by the Society of Indian Automobile Manufacturers (SIAM).

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Godrej Industries Q2 Results: Net Profit declines 45% YoY to Rs 205 crore

Godrej Industries Ltd. reported a 44.84% year-on-year (YoY) decline in consolidated net profit to Rs 205.33 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 9.22% YoY to Rs 2,386.29 crore, during the same period. The company has posted a sharp rebound from Q1, but are yet to recover to pre-Covid levels.

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L&T Construction wins RRTS order in Uttar Pradesh

The construction arm of Larsen & Toubro (L&T) has secured significant contracts, including a Regional Rapid Transit System (RRTS) order in Uttar Pradesh. L&T would provide its services to execute the new high-speed rail project in the Delhi-Ghaziabad-Meerut Corridor. The company’s Power Transmission & Distribution segment has won a set of orders in the international market as well.

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KPIT Technologies wins strategic deal with BMW Group

The share price of KPIT Technologies jumped 8% on Wednesday after it won a strategic large deal with BMW Group. The automotive software company will provide its services to design and enhance BMW’s combined charging electronics program. The deal with BMW will be spread across 5 years.

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Indiabulls Housing Q2 Results: Net Profit falls 54% YoY to Rs 323 crore

Indiabulls Housing Finance Ltd. reported a 54% year-on-year (YoY) decline in consolidated net profit to Rs 323.20 crore, for the quarter ended September (Q2). The company’s total income declined by 25.9% YoY to Rs 2,581 crore, during the same period. The Haryana-based mortgage lender has also stated that they are back on track to disburse Rs 1,000 crore through a co-lending model in 2020-21.

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LIC Housing Finance Q2 Results: Net Profit rises 3% YoY to Rs 790 crore

LIC Housing Finance Ltd. reported a 3% year-on-year (YoY) increase in net profit to Rs 789.67 crore, for the quarter ended September (Q2). The company’s total income grew marginally to Rs 4,987.64 crore, during the same period. The company, promoted by the country’s largest insurer LIC, is mainly engaged in providing loans for the purchase or construction of residential houses.

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L&T wins contract worth Rs 25,000 crore – Top Indian Market News

L&T wins contract worth Rs 25,000 crore for bullet train project

Larsen & Toubro (L&T) has secured its single biggest order of Rs 25,000 crore from the National High-Speed Rail Corporation. The company will build a portion of the 508 km corridor for the Mumbai-Ahmedabad bullet train project. The High-Speed Rail project is set to be completed by 2024, and will be operating at a speed of 320 km/h.

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Vodafone Idea Q2 Results: Net Loss reduces to Rs 7,218 crore

Vodafone Idea Ltd. has reported a consolidated net loss of Rs 7,218 crore, for the quarter ended September (Q2). The telecom company had posted a consolidated net loss of Rs 50,921 crore in Q2 of the previous financial year. The revenue from operations declined by 0.49% YoY to Rs 10,791.20 crore in Q2 FY21.

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Maruti Suzuki Q2 Results: Net Profit rises 1% YoY to Rs 1,371 crore

Maruti Suzuki India Ltd. reported a 1% year-on-year (YoY) increase in net profit to Rs 1,371 crore, for the quarter ended September (Q2). The company’s revenue has increased by 10.40% YoY to Rs 18,744 crore. The carmaker has stated that Q2 performance has improved due to better demand recovery, and gradual improvement in supply conditions.

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Tech Mahindra signs Rs 400 crore contract with HAL for ‘Project Parivartan’

Tech Mahindra, on Thursday, said that it has entered into a Rs 400 crore contract with Hindustan Aeronautics Limited (HAL). The IT company will implement Enterprise Resource Planning (ERP) to support HAL’s ‘Project Parivartan’. Tech Mahindra will help to improve and standardize HAL’s business processes.

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Havells Q2 Results: Net Profit rises 82% to Rs 326 crore

Havells India Ltd. reported an 81.97% year-on-year (YoY) increase in consolidated net profit at Rs 326.36 crore, for the quarter ended September (Q2). The revenue from operations increased by 10.16% YoY to Rs 2,459.49 crore, during the same period. The company has stated that its initiatives in rural and online engagements have provided good results.

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Dr. Reddy’s partners with Department of Biotechnology for Sputnik-V clinical trials in India

Dr. Reddy’s Laboratories has announced its partnership with the Biotechnology Industry Research Assistance Council (BIRAC), of the Department of Biotechnology. The partnership has been aimed at providing advisory support on clinical trials of the Sputnik-V vaccine in India. Dr. Reddy’s will use some of BIRAC’s clinical trial centers for the vaccine.

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IndiGo Q2 Results: Net Loss increases to Rs 1,195 core

InterGlobe Aviation Ltd. (IndiGo) reported that its net loss has increased to Rs 1,194.8 crore, for the quarter ended September (Q2). The airline company had posted a net loss of Rs 1,062 crore in Q2 of the previous financial year. IndiGo’s total revenue has declined by 65% year-on-year (YoY) to Rs 3,029 crore in Q2 FY21.

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Bank of Baroda Q2 Results: Net Profit stands at Rs 1,679 crore

Bank of Baroda reported a net profit of Rs 1,679 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) during the quarter has increased by 6.8% to Rs 7,507.5 crore. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Laurus Labs Q2 Results: Net Profit jumps 326% YoY to Rs 242 crore

Laurus Laboratories Ltd. reported a 326% YoY increase in net profit to Rs 242.47 crore, for the quarter ended September (Q2). The company’s revenue saw a rise of 59% YoY to Rs 1,138.84 crore, during the same period. Laurus Labs has been focusing on major acquisitions to expand its portfolio.

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Pidilite Industries to acquire Huntsman unit for Rs 2,100 crore

Pidilite Industries Ltd., which is the owner of Fevicol, has signed an agreement with US-based Huntsman Group for acquiring a 100% stake in one of its Indian subsidiaries. The company will acquire Huntsman Advanced Materials Solutions Pvt. for Rs 2,100 crore, as per a regulatory filing. The share price of the company saw a rise of 5.03%, and closed at Rs 1,595 on the NSE today.

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IDBI plans to raise Rs 6,000 crore via issue of equity shares

IDBI Bank, on Thursday, said that it has received shareholders’ approval to raise Rs 6,000 crore by issuing equity shares to institutional investors. It would be the first time in many years that IDBI Bank will be raising funds from investors via a share sale. The bank is planning to raise a total of Rs 11,000 crore through various modes, to strengthen its capital requirements.

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L&T reports 45% YoY decline in net profit – Top Indian Market News

L&T reports 45% YoY decline in net profit

Larsen & Toubro (L&T) reported a 44.73% year-on-year (YoY) decline in consolidated net profit at Rs 1,410.29 crore, for the quarter ended September (Q2). The company’s revenue from operations has declined by 12.15% YoY to Rs 31,034.74 crore, during the same period. L&T’s Board of Directors has approved a special dividend of Rs 18 per share.

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SBI signs $1 billion loan agreement with Japan Bank for International Cooperation

State Bank of India (SBI) has signed a loan agreement of $1 billion (~Rs 7,403 crore) with the Japan Bank of International Cooperation (JBIC). The loan will provide funds for manufacturers, suppliers, and dealers of Japanese automobiles in India. JBIC is a public financial institution and export credit agency, that promotes the overseas development of Japanese resources.

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Axis Bank Q2 Results: Net Profit at Rs 1,682 crore

Axis Bank Limited has reported a net profit of Rs 1,682.67 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 20% YoY to Rs 7,326.07 crore, during the same period. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Marico Q2 Results: 8% YoY rise in Net Profit

Marico Limited reported a 7.9% year-on-year (YoY) increase in consolidated net profit at Rs 273 crore, for the quarter ended September (Q2). The FMCG firm’s revenue from operations increased by 8.74% YoY to Rs 1,989 crore, during the same period. The company has stated that it had gained a strong growth in domestic sales in Q2.

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Flipkart-Aditya Birla Fashion proposed deal violates FDI policy: CAIT

The Confederation of All India Traders (CAIT) has raised objections over the proposed deal between Aditya Birla Fashion & Retail and Flipkart. CAIT has alleged that the deal violates the Government’s foreign direct investment (FDI) policy. According to the deal, Aditya Birla Fashion has plans to raise Rs 1,500 crore by issuing a 7.8% stake to Walmart-owned Flipkart Group.

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Tata Elxsi secures global services deal from Aesculap AG

Tata Elxsi has been selected as the global engineering services partner by Aesculap AG. It has opened a dedicated Global Engineering Center (GEC) for Aesculap AG, as part of its strategic multi-year engagement. Aesculap AG is owned by Germany-based B. Braun, one of the world’s leading manufacturers of medical devices. 

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Piramal Enterprises Q2 Results: 14% YoY increase in net profit

Piramal Enterprises Limited reported a 13.95% year-on-year (YoY) increase in consolidated net profit at Rs 628.31 crore, for the quarter ended September (Q2). The company’s consolidated revenue from operations stood at Rs 3,301.84 crore, during the same period. The company has stated that these results have been achieved through strong sales in the pharma segment.

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TCS selected as strategic partner for Belgium-based AG

Tata Consultancy Services (TCS), on Wednesday, announced that it has been selected as a strategic partner by Belgium-based insurance company, AG. TCS would help to improve AG’s digital channels and modernize its IT systems. The global Innovation ecosystem and experience of TCS will be used to upgrade AG’s insurance services.

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Titan reports 38% YoY decline in net profit to Rs 199 crore

Titan Company Ltd. has reported a 37.8% year-on-year (YoY) decline in standalone net profit to Rs 199 crore, for the quarter ended September (Q2). The watch and jewellery maker has posted a 1.72% YoY decline in total income at Rs 4,389 crore, during the same period. The share price of Titan saw a fall of 1.12%, and closed at Rs 1,218 on the NSE today.

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RBL Bank Q2 Results: Profit rises 165% YoY to Rs 144 crore

RBL Bank Limited reported a 165% year-on-year (YoY) increase in net profit to Rs 144.2 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 7.3% YoY to Rs 932.1 crore, during the same period. The share price of RBL Bank saw a rise of 2.48%, and closed at Rs 179.50 on the NSE today.

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