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Yes Bank Plans Growth Roadmap After $1B Capital Raising – Top Indian Market Updates

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

Yes Bank plans growth roadmap after $1 billion capital raising

Yes Bank is aiming to expand its loan book by 15% in FY23 and acquire smaller rivals to revive its business, said CEO Prashant Kumar. The bank’s expansion plan comes after it raised $1.1 billion (~Rs 8,725 crore) last week by selling up to a 10% stake to Carlyle Group and Advent International. The capital raised will improve the bank’s common equity Tier-1 capital ratio (a key indicator of financial strength) from 11.9% to 15.7%.

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Britannia Industries Q1 Results: Net profit falls 13% YoY to Rs 337 crore

Britannia Industries Ltd reported a 13.37% YoY decline in consolidated net profit to Rs 337.44 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8.74% YoY to Rs 3,700.96 crore during the same period. The company’s total expenses stood at Rs 3,293.15 crore in Q1, up 12.28% YoY. 

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Adani Enterprises arm to acquire toll roads in Guj, Andhra from Macquarie Asia Infra Fund

Adani Road Transport Ltd (ARTL) will acquire a 100% stake in Swarna Tollway Pvt. Ltd (STPL) and a 56.8% stake in Gujarat Road and Infrastructure Company Ltd. (GRICL) from Macquarie Asia Infrastructure Fund. STPL & GRICL have two stretches of toll roads each in Andhra Pradesh and Gujarat. The acquisition is at an enterprise value of Rs 3,110 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd.

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Dabur Q1 Results: Net profit rises 0.6% YoY to Rs 441 crore

Dabur India Ltd reported a 0.6% YoY (or 50% QoQ) increase in consolidated net profit to Rs 441.06 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8% YoY to Rs 2,822.43 crore during the same period. The company’s domestic FMCG business posted a 5% volume growth.

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LTI partners with Saviynt to deliver intelligent identity solutions

Larsen & Toubro Infotech (LTI) has partnered with US-based Saviynt to provide organisations with improved identity management and security threat protection during digital transformation. The partnership combines Saviynt’s Enterprise Identity Cloud with LTI’s Active XDR (Extended Detection & Response) capabilities. The two entities will deliver integrated solutions seamlessly across cloud and hybrid environments.

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BHEL Q1 Results: Net loss at Rs 188 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 187.99 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 447.48 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 63.35% YoY to Rs 4,449.5 crore in Q1 FY23. Sate-run BHEL’s power business sales stood at Rs 3,526.2 crore, up 66.57% YoY. Total expenditure increased by 40.15% YoY to Rs 5,006.5 crore in Q1. 

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Zydus Lifesciences gets USFDA approval for anti-inflammatory skin cream

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Ivermectin cream. The cream is used to treat inflammatory lesions of rosacea, a common skin condition that causes redness of the skin. As per IQVIA data, Ivermectin cream total had sales of $176 million (~Rs 1,396 crore) in the US during the twelve months ended June 2022.

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Berger Paints Q1 Results: Net profit rises 80% YoY to Rs 254 crore

Berger Paints India Ltd posted an 80.6% YoY increase in consolidated net profit to Rs 253.71 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53.44% YoY to Rs 2,759.7 crore during the same period. The paint manufacturer’s total expenses stood at Rs 2,433.92 crore in Q1, up 49.8% YoY.

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IndusInd Bank partners with M2P Fintech to expand its digital suite of products

IndusInd Bank has partnered with M2P Fintech to roll out path-breaking customer value propositions across payments and lending solutions. The bank will leverage M2P’s cutting-edge technology backed by analytics to deliver hyper-personalised offerings. M2P’s fully equipped API infrastructure allows IndusInd Bank to develop innovative products or experiences on top of its core banking system.

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Adani Enterprises Q1 Results: Ney profit rises 73% YoY to Rs 469 crore

Adani Enterprises Ltd (AEL) reported a 73% YoY (or 54% QoQ) increase in consolidated net profit to Rs 469 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 225% YoY (or 64% QoQ) to Rs 40,844 crore during the same period. EBITDA stood at Rs 1,742 crore in Q1, up 119% YoY. 

In other news, AEL has signed a pact with Israel Innovation Authority (IIA) to access tech solutions provided by Israeli start-ups. The collaboration will span across climate change, cyber, AI, 5G, and agriculture – all of which are core businesses for the Adani Group.

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Adani Ports signs MoU with AD Ports Group for infrastructure investments in Tanzania

Adani Ports & SEZ Ltd has signed a Memorandum of Understanding (MoU) with UAE-based AD Ports Group to jointly develop port, rail, and maritime services and an industrial zone in Tanzania. AD Ports Group’s strategic investment in infrastructure and solutions in Tanzania will allow international companies to enter African markets.

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Godrej Properties Posts 167% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

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

Godrej Properties Q1 Results: Net profit jumps 167% YoY to Rs 46 crore

Godrej Properties Ltd reported a 167.5% YoY jump in consolidated net profit to Rs 45.55 crore for the quarter ended June (Q1 FY23). Its total income rose 62.8% YoY to Rs 426.4 crore during the same period. The real estate firm’s total sales bookings jumped five-fold to Rs 2,520 crore in Q1. The company said it is on track to meet its objective of achieving a total booking value of Rs 10,000 crore for FY23.

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LTI expands partnership with Microsoft

Larsen & Toubro Infotech Ltd (LTI) plans to train more than 12,000 employees on various Microsoft technologies by 2024. The company also announced the expansion of its collaboration with Microsoft to focus on developing high-value cloud solutions for enterprises. As part of this multi-year partnership, LTI has launched a dedicated Microsoft business unit that develops and offers end-to-end digital transformation solutions.

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Adani Green Energy Q1 Results: Net profit falls 2% YoY to Rs 214 crore

Adani Green Energy Ltd (AGEL) reported a 2% YoY decline in consolidated net profit to Rs 214 crore for the quarter ended June (Q1 FY23). Net profit increased by 77% when compared to the previous quarter. Its revenue from operations rose 67% YoY (or 12% QoQ) to Rs 1,635 crore during the same period. EBITDA stood at Rs 1,052 crore, up 46% YoY.

CCI approves RIL arm’s acquisition of 50.1% stake in Sanmina-SCI India

The Competition Commission of India (CCI) has granted approval for Reliance Strategic Business Ventures Ltd’s (RSBVL) acquisition of a 50.1% stake in Sanmina-SCI India (SCIPL).  US-based Sanmina Corporation and RSBVL have signed an agreement to create a joint venture (JV) that will establish a world-class electronic manufacturing hub in India. RSBVL is set to invest Rs 1,670 crore in the JV and hold the majority stake. The new JV will serve both domestic and export markets.

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Ajmera Realty acquires land parcel in Mumbai for Rs 42.5 crore

Ajmera Realty & Infra India Ltd’s subsidiary has acquired 1,721 square metres of land in Mumbai for Rs 42.5 crore to develop a housing project. The subsidiary, Shree Yogi Realcon Pvt Ltd, bought the property from Tata Communications Ltd. The company aims to develop around 100 residential units in this project. It is estimated to generate a sales value of ~Rs 250 crore over the next three years.

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Bank of India Q1 Results: Net profit falls 22% YoY to Rs 561 crore

Bank of India reported a 22% YoY decline in net profit to Rs 561 crore for the quarter ended June (Q1 FY23). Its total income fell 4.4% YoY to Rs 11,124.36 crore during the same period. Operating expenses stood at Rs 3,041 crore in Q1, up 12% YoY. The gross non-performing assets (GNPA) ratio improved to 9.3% in Q1 FY23, compared to 13.51% in Q1 FY22.

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SpiceJet clears all dues with Airports Authority of India

SpiceJet Ltd has entered into a full and final settlement with the Airports Authority of India (AAI) and cleared all outstanding principal dues of the airport operator. The airline will no longer remain on “cash and carry” at AAI-run airports across India and revert to an advance payment mechanism for daily flight operations. According to SpiceJet’s spokesperson, the company’s ability to clear the pending dues reflects its improved cash flow in recent times.

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Data Patterns Q1 Results: Net profit rises 38% YoY to Rs 14.26 crore

Data Patterns (India) Ltd reported a 38.4% YoY increase in net profit to Rs 14.26 crore for the quarter ended June (Q1 FY23). Net profit declined by 77% when compared to the previous quarter. Its revenue from operations rose 84% YoY to Rs 68.38 crore during the same period. The company’s order book currently stands at Rs 663.55 crore. Data Patterns is a leading solution provider for the defence and aerospace electronics industries.

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CCI approves divestment of IDFC AMC

The Competition Commission of India (CCI) has approved the divestment of IDFC Asset Management Company (IDFC AMC). In April 2022, a consortium of Bandhan Bank’s parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital, and Singapore’s sovereign fund GIC announced the acquisition of IDFC AMC for Rs 4,500 crore. Established in 2000, IDFC AMC manages over Rs 1,15,000 crore of Asset Under Management (AUM) as of March 31, 2022.

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Tata Power partners with JLL to provide green energy solutions for realty sector

Tata Power has signed a Memorandum of Understanding (MoU) with JLL India to promote green energy solutions in the real estate space. Both entities will jointly evaluate opportunities across JLL India’s clients’ portfolios to extend Tata Power’s green energy solutions. Tata Power will also work with JLL India to support the transition of their existing offices into green energy power hubs.

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WPI Inflation Eases to 15.18% in June – Top Indian Market Updates

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

WPI inflation eases to 15.18% in June

India’s wholesale inflation eased to 15.18% in June 2022. The Wholesale Price Index (WPI) had surged to 15.88% in May, while WPI for April was revised to 15.38%. Inflation in the food articles segment witnessed a spike of 14.39% in June, primarily due to a rise in vegetable prices. The fuel and power segment eased to 40.38% in June, compared to 40.62% in May. The manufactured goods segment eased from 10.11% in May to 9.19% in June.

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L&T Infotech Q1 Results: Net profit rises 27% YoY to Rs 634 crore

Larsen & Toubro Infotech (LTI) reported a 27.6% YoY increase in consolidated net profit to Rs 634.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 30.6% YoY (or 5.1% QoQ) to Rs 4,522.8 crore during the same period. The IT company’s EBITDA stood at Rs 830.8 crore, up 28.3% YoY. LTI secured four large deal wins in Q1, with a net total contract value (TCV) of $79 million.

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Bharti Airtel’s board approves preferential allotment of 7.11 crore shares to Google

Bharti Airtel Ltd’s board has approved the preferential allotment of 7.11 crore shares to US-based tech major Google at Rs 734 per share. Google will hold 1.2% of the total post-issue equity shares of the telecom company. In January 2022, the search engine giant announced an investment of $700 million (~Rs 5,600 crore) to acquire a 1.28 percent stake in Bharti Airtel. Google will also invest another $300 million in multi-year commercial agreements.

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Torrent Power secures Rs 2,600 crore wind energy project from SECI

Torrent Power Ltd has secured a 300 megawatts (MW) wind energy project in Karnakata from Solar Energy Corporation of India (SECI). The estimated cost of the project is Rs 2,600 crore. The Power Purchase Agreement (PPA) term is 25 years from the scheduled commercial operation date at a tariff of Rs 2.94 per kilowatt hour (kWh).

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Marico expects better demand, margins in H2 FY23

Marico Ltd expects demand and margin trends to improve towards the second half of FY23 on the likely easing of crude and edible oil prices in the next few months. The FMCG firm will closely watch rural growth and is hopeful of a demand recovery due to a good harvest season, typical monsoon forecast, and government spending. Marico expects consolidated operating margin to be in the range of 18-19% in FY23.

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ACC Q2 Results: Net profit falls 60% YoY to Rs 227 crore

ACC Limited reported a 60.07% YoY decline in consolidated net profit to Rs 227.35 crore for the quarter ended June (Q2 CY23). The cement manufacturer follows the January-December financial year cycle. Its revenue from operations grew 15% YoY to Rs 4,468.42 crore during the same period. Total expenses stood at Rs 4,221.74 crore in Q2, up 32.94% YoY.

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Adani Ports, Israel’s Gadot to acquire Haifa Port

A consortium formed of India’s Adani Ports & Special Economic Zone (APSEZ) and Israel-based Gadot has won a tender for the privatization of the Port of Haifa, one of Israel’s largest seaports. The group will acquire the port for 4.1 billion shekels ($1.18 billion). In recent years, Israel has been selling its government-owned ports and allowing private piers to be built to shorten wait times for cargo ships and lower import costs.

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RIL partners with AFI to support holistic development of Indian athletes

Reliance Industries Ltd (RIL) has partnered with the Athletics Federation of India (AFI) to enable the holistic growth of athletics in India. The partnership aims to discover, nurture and develop Indian athletes from across the country and provide them with world-class facilities, coaching, and medical support. The Reliance Foundation has been working closely with multiple partners to develop an ecosystem of Indian sports through improvements in infrastructure, skill development, and digital empowerment.

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Tata Elxsi Q1 Results: Net profit rises 63% YoY to Rs 184 crore

Tata Elxsi Ltd reported a 62.9% YoY increase in net profit to Rs 184.7 crore for the quarter ended June (Q1 FY23). Net profit rose 15.4% when compared to the previous quarter. Its revenue from operations grew 30% YoY (or 6.5% QoQ) to Rs 725.9 crore during the same period. The IT company’s EBITDA stood at Rs 238.2 crore in Q1, up 58.8% YoY. Tata Elxsi crossed the 10,000 employee mark with 771 net additions.

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WPI Inflation Surges to Record-High of 15.08% in April – Top Indian Market News

WPI inflation spikes to record-high of 15.08% in April

India’s inflation based on the Wholesale Price Index (WPI) surged to a record high of 15.08% in April 2022. WPI inflation stood at 14.55% in March and 10.74% in April 2021. The heatwave across India led to a spike in the prices of perishables such as fruits, vegetables, and milk. Fuel inflation rose to 38.66% in April, while inflation for manufactured products rose to 10.85%.

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Bharti Airtel Q4 Results: Net profit jumps 164% YoY to Rs 2,008 crore

Bharti Airtel Ltd reported a 164.46% YoY (or 142% QoQ) jump in consolidated net profit to Rs 2,007.8 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.3% YoY (or 5.5% QoQ) to Rs 31,500 crore during the same period. The average revenue per user (ARPU) stood at Rs 178 in Q4 FY22, compared to Rs 162 in Q3 FY22 and Rs 145 in Q4 FY21. The telecom company’s board has declared a final dividend of Rs 3 per share.

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Abu Dhabi’s IHC invests Rs 15,400 crore in Adani Group firms

Abu Dhabi-based International Holding Company PJSC (IHC) has completed a $2 billion (~Rs 15,400 crore) investment in three Adani Group companies— Adani Green Energy Ltd, Adani Transmission Ltd, and Adani Enterprises Ltd. The investment will support and accelerate the group’s growth plan to supply India with 45 gigawatts (~9% of the country’s non-fossil energy) by 2030.

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IOCL Q4 Results: Net profit falls 31% YoY to Rs 6,022 crore

Indian Oil Corporation Ltd (IOCL) reported a 31% YoY decline in net profit to Rs 6,022 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 25.6% YoY to Rs 2.06 lakh crore during the same period. The average gross refining margin stood at $11.25 per barrel (bbl) in Q4 FY22, compared to $5.64 per bbl in Q4 FY21. IOCL’s board has declared a final dividend of Rs 3.6 per share.

The board has also approved the issue of bonus shares in the ratio 1:2 (one bonus share for every two shares held in the firm).

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PM Modi inaugurates India’s first 5G testbed

Prime Minister Narendra Modi inaugurated India’s first 5G testbed to enable startups and industry players to test and validate their products locally. It will also help reduce dependence on foreign facilities. Companies are gearing up to launch 5G networks over the next few months. PM Modi said the next-gen mobile broadband technology (5G) will boost India’s economy by $450 billion in 15 years. He also stated that India is targeting the rollout of 6G telecom network by the end of the decade.

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Abbott India Q4 Results: Net profit rises 39% YoY to Rs 211 crore

Abbott India Ltd reported a 38.6% YoY increase in net profit to Rs 211.41 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 14.5% YoY to Rs 1,255.02 crore during the same period. The drug maker’s board has declared a final dividend of Rs 145 per share and a special dividend of Rs 130 per share.

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LTI to launch dedicated Google Cloud Business Unit

Larsen & Toubro Infotech (LTI) is expanding its global partnership with Google Cloud. The company is setting up a dedicated Business Unit for Google Cloud’s six key solution pillars: Application Modernization, Data Management, Infrastructure Modernization, Smart Analytics, Artificial Intelligence, and Security. LTI’s unit will develop state-of-the-art IP, industry-specific solutions, and accelerators. 

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DLF Q4 Results: Net profit falls 16% YoY to Rs 405.33 crore

DLF Limited reported a 16% YoY decline in consolidated net profit to Rs 405.33 crore for the quarter ended March (Q4 FY22). Total income fell 13.34% YoY to Rs 1,652.13 crore during the same period. The realty company’s net profit for the financial year 2021-22 stood at Rs 1,500.86 crore, registering a growth of 37.2% YoY.

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Tata Power partners with Hyundai Motor to build EV charging infra

Tata Power Company Ltd has partnered with Hyundai Motor India Ltd (HMIL) to build an electric vehicle (EV) charging network. The company will install Tata Power EZ Charge fast chargers (DC 60 kW) at HMIL’s existing EV dealer locations across 29 cities. It will also supply, install, and commission home chargers for HMIL’s EV customers. 

Tata Power is India’s leading provider of EV charging solutions, with over 1,500 public and semi-public EV chargers installed.

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Jubilant Ingrevia Q4 Results: Net profit rises 26% YoY to Rs 68 crore

Jubilant Ingrevia Ltd reported a 26.18% YoY increase in consolidated net profit to Rs 68.59 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 87.91% YoY to Rs 1,275.87 crore during the same period. The specialty chemical manufacturer’s board has declared a final dividend of Rs 2.5 per share.

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Passenger Vehicle Dispatches Dip 4% in April – Top Indian Market News

Passenger vehicle dispatches dip 4% in April: SIAM

Passenger vehicle (PV) dispatches from factories to dealers in the domestic market fell 4% YoY to 2,51,581 units in April. Two-wheeler sales increased by 15% YoY to 11.48 lakh units in April. Automakers are working hard to manage the supplier ecosystem with agility as supply-side challenges continue. The data was released by the Society of Indian Automobile Manufacturers (SIAM).

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Dr. Reddy’s Labs to commercialise Tegoprazan in India

Dr. Reddy’s Laboratories Ltd. has entered into an exclusive partnership with South Korea-based HK inno.N Corporation for the supply and commercialisation of its patented novel molecule Tegoprazan. The drug is used to treat gastrointestinal diseases. Under this partnership, Dr. Reddy’s Labs will be responsible for local clinical development, registration, marketing, and sales of Tegoprazan in licensed territories.

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Relaxo Footwear Q4 Results: Net profit falls 38% YoY to Rs 63 crore

Relaxo Footwear Ltd reported a 38.41% YoY decline in net profit to Rs 62.93 crore for the quarter ended March (Q4 FY22). Net profit fell 10.2% when compared to the previous quarter. Its revenue from operations fell 7% YoY to Rs 698 crore during the same period. EBITDA stood at Rs 111 crore in Q4, down 32% YoY. Relaxo Footwear’s board has declared a final dividend of Rs 2.5 per share.

LTI launches Innovation Studio for SAP Business Tech Platform

Larsen & Toubro Infotech (LTI) has launched its LTI Innovation Studio for SAP (System Applications & Products in Data Processing) Business Technology Platform. It helps global organizations accelerate their transformation journeys. The platform supports businesses in realizing the vision of an intelligent enterprise and enables them to amplify value from their digital core investments.

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Orient Cement Q4 Results: Net profit falls 26% YoY to Rs 73 crore

Orient Cement Ltd reported a 26.67% YoY decline in net profit to Rs 73.23 crore for the quarter ended March (Q4 FY22). Net profit rose 67.7% when compared to the previous quarter. Its revenue from operations fell 3.34% YoY to Rs 803.86 crore during the same period. EBITDA stood at Rs 153 crore in Q4, down 24% YoY. The cement manufacturer’s board has declared a final dividend of Rs 1.75 per share.

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Alembic Pharma gets final USFDA approval for Arformoterol Tartrate inhalation solution

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Arformoterol Tartrate inhalation solution. The drug is indicated for long-term treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease. As per IQVIA data, the inhalation solution had an estimated market size of $251 million for the 12 months ended December 2021.

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Balaji Amines Q4 Results: Net profit rises 28% YoY to Rs 108 crore

Balaji Amines Ltd reported a 28.67% YoY increase in consolidated net profit to Rs 108.72 crore for the quarter ended March (Q4 FY22). Net profit rose 21.4% when compared to the previous quarter. Its total income rose 87% YoY (or 38% QoQ) to Rs 781.15 crore during the same period. The chemical manufacturer’s board has declared a final dividend of Rs 6 per share.

Texmaco Rail secures order worth Rs 6,450 crore

Texmaco Rail & Engineering Ltd received an order worth Rs 6,450 crore from the Indian Railways. The order entails the delivery of 20,067 wagons to be executed over a period of 39 months. Texmaco Rail is a multi-discipline, multi-unit engineering and infrastructure company based in Kolkata.

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Kalyan Jewellers Q4 Results: Net profit falls 2.55% YoY to Rs 72 crore

Kalyan Jewellers Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 72.29 crore for the quarter ended March (Q4 FY22). Net profit fell 46.2% when compared to the previous quarter. Its revenue from operations fell 6.53% YoY to Rs 2,857.06 crore during the same period. EBITDA stood at Rs 218 crore, down 4.39% YoY. The company’s e-commerce division Candere reported revenue of Rs 39 crore in Q4, registering a growth of 77% YoY.

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BSE Q4 Results: Net profit jumps two-fold to Rs 71.5 crore

BSE Limited reported a two-fold YoY jump in net profit to Rs 71.52 crore for the quarter ended March (Q4 FY22). The exchange’s revenue from operations rose 34.4% YoY to Rs 204.59 crore during the same period. The company posted a 73% YoY increase in net profit to Rs 244.93 crore for FY 2021-22. Revenue stood at Rs 743.14 crore in FY22, up 48% YoY. BSE’s board has declared a final dividend of Rs 13.5 per share. 

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OMCs sign purchase agreement for upcoming dedicated ethanol plants

Leading oil marketing companies (OMCs), including Bharat Petroleum Corporation Ltd, Indian Oil Corp Ltd, and Hindustan Petroleum Corp Ltd, have entered into a long-term purchase agreement (LTPA) for upcoming dedicated ethanol plants across India. Ethanol produced by these plants will be sold to OMCs for blending with petrol as per the Centre’s Ethanol Blended Petrol (EBP) program.

Read more here.

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Tata Group Takes Over Air India – Top Indian Market News

Tata Group takes over Air India after 69 years

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

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

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

Read more here. 

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

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

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

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

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LTI partners with IIT Madras for innovation in 5G space

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Bajaj Auto Posts 17% YoY Fall in Net Profit in Q3 – Top Indian Market News

Bajaj Auto Q3 Results: Net profit falls 17% YoY to Rs 1,430 crore

Bajaj Auto Ltd reported a 17% YoY decline in consolidated net profit to Rs 1,429.68 crore for the quarter ended December (Q3 FY22). Net profit fell 30% when compared to the previous quarter. Its revenue from operations rose 1% YoY (or 5% QoQ) to Rs 9,021.65 crore during the same period. EBITDA stood at Rs 1,154 crore, down 25% YoY. The automaker’s total volumes fell 10% YoY to 11.81 lakh units in Q3

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Axis Bank’s subsidiary sends legal notice to ZEEL; seeks Rs 146 crore in dues

Axis Finance Ltd (AFL), a subsidiary of Axis Bank, has sent a legal notice to Zee Entertainment Enterprises Ltd (ZEEL) and its promoters, seeking to recover over Rs 146 crore in dues before finalising the proposed merger of the company with Sony Pictures Network India (SPNI). ZEEL has denied all claims. It stated that neither the company nor its MD and CEO Punit Goenka are party to any of the loan documents. ZEEL has also pointed out that Goenka or the company did not provide any assurance to AFL for repayment.

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Lupin signs pact with Shenzhen Foncoo to sell products in China

Lupin Limited has signed a pact with Shenzhen Foncoo Pharmaceutical Co. to sell products in China. This is the company’s first partnership arrangement in China and reinforces the drug makers’ commitment to bringing high-quality generic and complex generic medicines to patients around the world. Lupin will continue to explore additional partnership opportunities in China to leverage its global portfolio including complex generics and specialty medicines

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Rallis India Q3 Results: Net profit falls 13% YoY to Rs 40 crore

Rallis India Ltd reported a 13.3% YoY decline in consolidated net profit to Rs 39.56 crore for the quarter ended December (Q3 FY22). Net profit fell 30% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 628.08 crore during the same period. The chemical manufacturer’s EBITDA rose 13% YoY to Rs 67 crore in Q3. 

Ashoka Buildcon secures project worth Rs 112 crore for construction of mall-cum multiplex

Ashoka Buildcon Ltd has received the Letter of Intent (LoI) for the construction of a mull-cum multiplex in Patna. The company was awarded the project at a cost of Rs 111.51 crore excluding GST. Nashik-based Ashoka Buildcon is an infrastructure development company. It is primarily engaged in the construction & maintenance of roads and supporting services 

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L&T Infotech Q3 Results: Net profit rises 43% YoY to Rs 151 crore

L&T Infotech Ltd reported an 18% YoY increase in consolidated net profit to Rs 612 crore for the quarter ended December (Q3 FY22). Net profit rose 11% when compared to the previous quarter. Its revenue from operations rose 31% YoY (or 9.2% QoQ) to Rs 4,137 crore during the same period. EBITDA grew 14% YoY to Rs 742 crore in Q3. In dollar terms, the company’s revenue stood at $553 million, registering a growth of 29% YoY and 8.7% QoQ.

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Mahindra partners with Hero Electric to manufacture electric two-wheelers

Mahindra Group has announced a strategic partnership with Hero Electric to cater to the growing demand for electric vehicles (EVs) in India. As part of the partnership, Mahindra Group will manufacture Hero Electric’s most popular electric bikes (Optima & NYX) at their Pitampur plant. With this collaboration, Hero Electric will be able to meet its demand of manufacturing over one million EVs per year.

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JSW Energy Q3 Results: Net profit jumps over two-fold to Rs 324 crore

JSW Energy Ltd reported an over two-fold YoY jump in consolidated net profit to Rs 324 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 18% YoY to Rs 1,893 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) was higher by 35% YoY at Rs 882 crore in Q3.

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HAL signs contract with Mauritius for export of Advanced Light Helicopter

Hindustan Aeronautics Ltd (HAL) has signed a contract with the Government of Mauritius (GoM) for the export of an Advanced Light Helicopter (ALH)-MkIII for the Mauritius Police Force. Mauritius already operates an ALH and Dornier Do-228 aircraft built by HAL. The ALH Mk III is a multi-role, multi-mission helicopter in the 5.5-tonne category. It is used extensively by the Indian armed forces.

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CEAT Q3 Results: Net loss at Rs 20 crore

CEAT Limited reported a consolidated net loss of Rs 20.01 crore for the quarter ended December (Q3 FY22). It had posted a net profit of Rs 132.14 crore in Q3 FY21 and Rs 41.98 crore in the previous quarter (Q2 FY22). Its revenue from operations rose 9% YoY to Rs 2,413 crore in Q3 FY22. The tyre manufacturer’s EBITDA fell 59% YoY to Rs 134 crore during the same period.

SEBI launches Saa₹thi mobile app for investor education

The Securities and Exchange Board of India (SEBI) has launched “Saa₹thi”– a mobile app on investor education. The new app aims to create awareness among investors about the basic concepts of the securities market. It will also explain about KYC process, trading & settlement, mutual funds (MF), recent market developments, investor grievances redressal mechanism, etc.

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Wholesale Inflation Rises to 14.23% in November – Top Indian Market News

Wholesale inflation rises to 14.23% in November

Wholesale price inflation (WPI) surged to a 12-year high of 14.23% in November, compared to 12.54% in October. The WPI inflation has been in double digits for the past 8 months. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, crude petroleum, natural gas, chemicals products, and food. Inflation in the fuel and power basket was higher at 39.81% in November, as against 37.18% in October.

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ABFRL to buy exclusive rights to sell, distribute Reebok in India

Aditya Birla Fashion & Retail Ltd (ABFRL) has signed a long-term licensing agreement with US-based Authentic Brands Group to distribute and sell Reebok products in India and other Southeast Asian countries. The deal signals ABFRL’s entry into India’s sports and activewear segment. The company will sell Reebok products through wholesale and e-commerce.

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Nykaa to invest Rs 100 crore over 2-3 years to expand retail footprint

Nykaa has set aside almost Rs 100 crore of capital expenditure over 2-3 years, said Group CFO Arvind Agarwal. The company plans to expand its retail footprint as it believes in an omnichannel strategy. He further stated that Nykaa’s ambition is to be in the top 100 cities in the country, which would mean 250-300 stores within the next 3 years. They are also investing in fulfillment centres, including large mechanised and tech-driven warehouses.

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Adani Green signs pact with SECI to supply 4,667 MW solar project

Adani Green Energy Ltd (AGEL) has signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 megawatts (MW) of green power. This is the world’s largest-ever green power purchase agreement (PPA). AGEL has a total portfolio of 20.3 gigawatts (GW), including operational and under-construction projects. The Adani Group has committed to a $50-70 billion investment in the renewables space.

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Glenmark’s subsidiary enters pact with Almirall for novel drug to treat autoimmune diseases

Ichnos Sciences, a subsidiary of Glenmark Pharmaceuticals, has entered into an exclusive agreement with Spain-based Almirall to out-license its novel monoclonal antibody therapy ISB 880. The drug is used in the treatment of autoimmune diseases. As per the agreement, Ichnos will receive an upfront payment of €20.8 million (~Rs 178.5 crore). It will also obtain additional development & commercial milestone payments and royalties based upon future global sales.

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L&T Infotech opens new delivery center in Hyderabad

Larsen & Toubro Infotech (LTI) has expanded its operations in Hyderabad by setting up a new facility in the city. The 1.1 lakh sq. ft. state-of-the-art delivery center is designed and equipped to house over 3,000 employees. The centre will focus on delivering digital, data, and cloud solutions to global clients.

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Lupin receives EIR from USFDA for its manufacturing site in Goa

Lupin Ltd has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Goa manufacturing facility. This indicates that the pharma company is probably closer to resolving the drug regulator’s warning letter. EIR means the closure of inspection. USFDA inspected the facility in September 2021 and issued 7 observations, which were mostly related to the investigation of out-of-specification (OOS) drug productions. 

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Orion Corp selects Infosys to transform ERP, planning platforms

Finland-based pharma company Orion Corporation has selected Infosys Ltd to transform its enterprise resource planning (ERP) and planning platforms. The IT major will also enhance Orion’s employee experience and drive business value realisation. Infosys will adopt standardised best SAP practices to enable end-to-end visibility across Orion’s operations and reduce business costs.

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Natco Pharma proposes to acquire Dash Pharmaceuticals

Natco Pharma Ltd has announced plans to acquire Dash Pharmaceuticals LLC, subject to the satisfactory completion of due diligence and execution of definitive agreements. US-based Dash Pharma is a front-end pharmaceutical sales, marketing, and distribution entity. This acquisition provides Natco with a front-end to engage with its customers directly in the US, which is the largest pharmaceutical market in the world.

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Bharti Airtel partners with Capgemini to bring 5G-based solutions for Indian enterprises

Bharti Airtel has partnered with French IT company Capgemini to bring 5G-based enterprise-grade solutions to the Indian market. Under this partnership, both firms will bring together their experience in 5G solutions and system integration capabilities to develop a range of India-focused use cases. Two 5G use cases (smart health and remote assistance) have already been deployed by Capgemini at Bharti Airtel’s 5G lab.

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L&T Construction secures order for buildings, factory business

Larsen & Toubro’s construction arm has received a large order for its buildings and factories business from the Odisha government to construct clinical blocks and allied infrastructure for a hospital in Cuttack. The duration of the engineering, procurement, and construction (EPC) project is 30 months. The project involves the construction of four clinical blocks comprising composite structural systems and other ancillary buildings.

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JSW Energy to Rejig Renewable, Thermal Businesses – Top Indian Market News

JSW Energy’s board approves rejig of renewable, thermal businesses

The Board of Directors of JSW Energy Ltd has approved the reorganisation of its green (renewable) and grey (thermal) businesses. All existing and upcoming renewable energy businesses will be housed under JSW Energy Neo Ltd, a wholly-owned subsidiary of the company. This move will help JSW Energy in building and streamlining its renewable portfolio. It will also help in setting up a holding structure that is efficient for fund-raising and unlocking value for shareholders.

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ITC starts clinical trials of nasal spray for Covid-19 prevention: Report

According to a report from Economic Times, ITC Limited has initiated clinical trials for a nasal spray for Covid-19 prevention. Developed by scientists at ITC Life Sciences and Technology Centre, Bengaluru, the company plans to market the nasal spray under the Savlon brand once it gets the requisite regulatory approvals. The product has the potential to be effective and safe in preventing infection and transmission of Covid-19, along with the existing measures of hygiene recommended by health authorities.

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TCS secures deal from South32 for mining-related IT infra management

Tata Consultancy Services (TCS) has won a contract from Australia-based mining company South32 to enhance its IT infrastructure. Under the new contract, the management of critical infrastructure has been consolidated with TCS for end-to-end accountability. TCS will leverage its Machine First Delivery Model to assist South32 in reaching its strategic objective of simplifying and streamlining its IT operations.

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Bosch partners with GIZ for promoting sustainable mobility solutions in Indian cities

Bosch Ltd has partnered with Deutsche Gesellschaft fur International Zusammenarbeit (GIZ) GmbH to jointly launch a green urban mobility innovation initiative for implementing sustainable and smart mobility solutions across several Indian cities. GIZ is a German government-owned enterprise that provides support to achieve objectives in the field of international cooperation for sustainable development. The partnership aims to enhance the green urban mobility and transportation system in India.

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L&T Infotech, IBM set up Innovation & Experience Centre in Bengaluru

L&T Infotech (LTI) has opened an Innovation & Experience Centre at LTI Whitefield campus in Bengaluru that focuses on IBM technologies. The centre will assist enterprises in modernising their operations and accelerating digital transformation journeys. It will also allow customers to engage with LTI and IBM technical resources for in-depth technology briefings, solution demos, software, tool access, and solution workshops.

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Piramal Capital, API Holdings to offer health finance solutions

Piramal Capital & Housing Finance Ltd (PCHFL) has announced a strategic partnership with API Holdings through its digital healthcare platform, Retailio. The partnership aims to provide efficient and seamless financing solutions to consumers, retailers, and merchants in API Holdings’ healthcare ecosystem. PCHFL will offer solutions such as multi-collateral loans for retailers, supply chain financing, and hospital financing.   

Siemens Q4 Results: Net profit falls 2.6% YoY to Rs 321 crore

Siemens Ltd reported a 2.6% YoY decline in consolidated net profit to Rs 321.6 crore for the quarter ended September (Q4). The company follows the October-September financial year cycle. Its total revenue rose 20.75% YoY to Rs 4,358.3 crore during the same period. New orders from continuing operations increased 4.9% YoY to Rs 3,378 crore in Q4. The Board of Directors of Siemens Ltd has recommended a dividend of Rs 8 per share.

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Aurionpro Solutions secures order worth Rs 60 crore from Govt of UP

Aurionpro Solutions Ltd has received an order in the smart transit segment from the Government of Uttar Pradesh. The company will be the system integrator for implementing Internet of Things (IoT) based Integrated Bus Ticketing System for the Uttar Pradesh State Road Transport Corporation (UPSRTC). The order is worth Rs 60 crore.

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Nazara Tech completes acquisition of OpenPlay

Nazara Technologies Ltd has completed the acquisition of skill-based gaming company OpenPlay for Rs 186 crore. The company has acquired 7,670 equity shares of Rs 10 each of OpenPlay Technologies. Nazara Tech has paid the consideration by way of issue and allotment of 6.48 lakh equity shares of Rs 4 each of the company to Unnati Management Consultants LLP.

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Bharti Airtel conducts India’s first 5G trial in the 700 MHz band with Nokia

Bharti Airtel has successfully conducted India’s first 5G trial in the 700 MHz band in partnership with Nokia. The demonstration, which was conducted on the outskirts of Kolkata, also marked the first 5G trial in eastern India. Bharti Airtel has been allotted test spectrum in multiple bands by the Department of Telecommunications for the validation of 5G technology and its use cases.

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BPCL to Build India’s Largest Green Hydrogen Unit – Top Indian Market News

BPCL to build India’s largest green hydrogen unit

Bharat Petroleum Corporation Ltd (BPCL) is planning to build India’s largest green hydrogen plant, as it aims to achieve net-zero emissions for its operations by 2040. The company will set up a 20 megawatts (MW) electrolyzer at its refinery in Bina, Madhya Pradesh, to produce green hydrogen. BPCL is working on the details and expects to start establishing its net-zero roadmap by March 2022.

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Thermax secures order worth Rs 830 crore to set up FGD systems

Thermax Ltd has secured an order worth Rs 830 crore from an Indian power sector company to set up flue gas desulphurisation (FGD) systems for three units in Uttar Pradesh. The FGD systems will be installed at the power company’s plant to cut down sulfur oxide emissions and comply with air quality standards. The scope of the order includes design, engineering, manufacturing, civil work, construction, and commissioning of the FGD systems. 

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L&T Infotech enables large scale transformation for PIH Group

Larsen & Toubro Infotech (LTI) has partnered with Qatar-based Power International Holding (PIH) Group of Companies to enable large-scale digital transformation. As part of PIH’s digital transformation journey with LTI, 63 group companies spread across four business domains underwent a transformation of more than 250 processes.

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JSW Steel’s subsidiary acquires a port and maritime services company

Piombino Steel Ltd, a subsidiary of JSW Steel, has acquired West Waves Maritime & Allied Services Pvt Ltd (WWMASPL) for a consideration of Rs 30.67 lakh. WWMASP is engaged in port and maritime services and trading of coal and steel products. Incorporated in 2014, the company reported an annual turnover of Rs 9.91 crore in FY21. The acquisition was done to reorganize and eliminate intercompany loans and simplify the group corporate structure. 

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Sun Pharma loses bid to avoid trial in Ranbaxy antitrust class

Sun Pharmaceutical Industries Ltd has lost a bid to avoid facing a trial over allegations that an Indian drugmaker it acquired engaged in an anticompetitive scheme to delay the launch of generic drugs by rivals. A US District Judge ruled that Sun Pharma failed to compellingly dispute claims by generic drug buyers that they were overcharged for medications as a result of a fraud Ranbaxy Laboratories perpetrated on US regulators.

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Cadila Healthcare signs pact with Lorean Enzychem for DNA Covid-19 vaccine

Cadila Healthcare Ltd has entered into an agreement with South Korea’s Enzychem Lifesciences for its plasmid DNA vaccine ZyCov-D to prevent Covid-19. The deal encompasses manufacturing license and technology for such vaccines. The partnership will result in the manufacturing of 8 crore doses or more of the Covid-19 plasmid DNA vaccine in 2022.

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BLS International’s subsidiary appointed as corporate BC of 2 banks

Starfin India, a subsidiary of BLS International Services Ltd, has been appointed as a corporate business correspondent (BC) of Punjab National Bank and Central Bank of India.  The company will deliver last-mile banking services in rural/semi-urban/urban/metro areas across India. Starfin will initiate more than 30 banking services such as enrollment of customers, debit cards, money deposits, statement of accounts, passbook printing, etc to account holders of both banks.

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India, ADB sign $300 million loan to improve access to healthcare in urban areas of 13 states

The Government of India and the Asian Development Bank (ADB) have signed a $300 million (~Rs 2,235 crore) loan to strengthen and improve access to comprehensive primary healthcare in urban areas of 13 states. This move will benefit over 256 million urban dwellers, including 51 million from slum areas. The programme supports the Centre’s key health initiatives by expanding availability and access to quality primary healthcare services.

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Indian Overseas Bank, Central Bank of India clarify on reports of privatisation

Indian Overseas Bank (IOB) and Central Bank of India (CBI) have informed the exchanges that there has been no information regarding the reported privatisation of the banks. Shares of the two state-owned banks rallied up to 20% today on the back of heavy volumes amid reports that the two financial institutions might be privatised. The Centre has shortlisted CBI and IOB for divestment, according to a report by a TV channel.

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Vi Partners With L&T for Trials of 5G-based Smart City Solutions – Top Indian Market News

Vi partners with L&T for trials of 5G-based smart city solutions

Vodafone Idea (Vi) has partnered with engineering and construction conglomerate Larsen & Toubro (L&T) for a pilot project to test 5G-based smart city solutions. Both companies will test and validate 5G use cases based on Internet of Things (IoT) and Video Artificial Intelligence (AI) technologies by leveraging L&T’s Smart City Program (Fusion) to address the challenges of urbanization, safety, and security. The trial will be conducted in Pune, and city residents will be offered 5G-based smart solutions.

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UltraTech Cement Q2 Results: Net profit rises 0.3% YoY to Rs 1,314 crore

UltraTech Cement reported a 0.3% year-on-year (YoY) increase in consolidated net profit to Rs 1,314 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 22.85% compared to the previous quarter. Its revenue from operations rose 14.4% YoY to Rs 11,743 crore during the same period. The company expects to resume coal mining operations at Bicharpur (Madhya Pradesh) in December to reduce dependence on external sources of coal.

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TCS partners with Japan-based Cainz to drive business transformation

Cainz Corporation has selected Tata Consulting Services (TCS) to boost its digital transformation, improve customer experience, and drive growth. Cainz Corp is a home improvement company based in Japan. Under this partnership, TCS will help Cainz by developing ‘Find in CAINZ’, a mobile application for customers and store associates for identifying the location and availability of products in a store. TCS will also set up a Global Development Centre for Cainz to help the company scale up its co-development initiatives.

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Hatsun Agro Product Q2 Results: Net profit rises 24.8% YoY to Rs 82 crore

Hatsun Agro Product Ltd reported a 24.79% YoY increase in net profit to Rs 82.09 crore for the quarter ended Sept (Q2 FY22). Net profit rose 40.75% compared to the previous quarter. Its revenue from operations rose 23.24% YoY to Rs 1,635.42 crore during the same period. Hatsun Agri Product is a private sector dairy company based in Chennai. It is engaged in the manufacturing and sale of milk, milk products, and ice cream.

Equitas SFB to raise Rs 1,000 crore via QIP

Equitas Small Finance Bank (SFB) has announced a proposal to raise Rs 1,000 crore through a qualified institutional placement (QIP). This will help the lender meet the 25% minimum public shareholding criterion stipulated by market regulator SEBI. Public shareholding in the company stood at 18.25% as of June 2021. The promoter, Equitas Holdings Ltd, holds the remaining stake.

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Paras Defence to incorporate a company in association with Krasny Defence Tech

The Board of Directors of Paras Defence and Space Technologies has approved a proposal to incorporate a company in association with Krasny Defence Technologies Pvt Ltd. The associate company will be engaged in the field of maintenance, servicing, and repairs of defence equipment & naval vessels. The incorporation of the entity is subject to the approval of the Ministry of Corporate Affairs (MCA) and other statutory authorities.

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L&T Infotech Q2 Results: Net profit rises 21% YoY to Rs 551 crore

L&T Infotech Ltd reported a 21.05% YoY increase in consolidated net profit to Rs 551.5 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 11.12% when compared to the previous quarter. Its revenue from operations rose 8.8% YoY to Rs 3,767 crore during the same period. The growth in margins in Q2 was subdued due to strong hiring.

Granules India receives USFDA approval for Dofetilide capsules

Granules India has received approval from the US Food & Drug Administration (USFDA) for Dofetilide capsules. The drug is indicated for the maintenance of normal sinus rhythm (delay in time to recurrence of atrial fibrillation) in patients with atrial fibrillation of greater than one week duration. Atrial fibrillation is an irregular, often rapid heart rate that causes poor blood flow. The product will be manufactured at the pharma company’s GPI facility located in Virginia, USA, and will be launched shortly.

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Tata Coffee Q2 Results: Net profit rises 46.72% YoY to Rs 34 crore

Tata Coffee Ltd reported a 46.72% YoY increase in net profit to Rs 34.04 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 18.85% compared to the previous quarter. Its revenue from operations rose 0.94% YoY (or 2.98% QoQ) to Rs 548.52 crore during the same period. The company’s Plantations vertical posted an 18% YoY decline in total revenues to Rs 79 crore in Q2. The value-added products vertical registered a revenue growth of 6.2% YoY to Rs 479 crore.

Route Mobile Q2 Results: Net profit rises 28% YoY to Rs 42 crore

Route Mobile reported a 28.3% YoY increase in consolidated net profit to Rs 42.17 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.69% compared to the previous quarter. Its total income rose 23.6% YoY (or 14.7% QoQ) to Rs 438.11 crore during the same period. Route Mobile has received shareholders’ approval to raise Rs 2,000 crore through the sale of securities.

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NCLT gives approval to creditors, shareholders of Reliance Retail to hold meetings for proposed Future Group deal

The National Company Law Tribunal (NCLT) has allowed the creditors and shareholders of Reliance Retail Ventures Ltd (RRVL) to hold meetings to seek approval for the company’s proposed Rs 24,700 crore deal with the Future Group. On October 1, 2021, RRVL extended the long-stop date for the completion of its deal with Kishore Biyani-led Future Group by another six months to March 2022. This was due to the delays ensuing from the ongoing legal battle with the US-based Amazon.com, Inc.

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Editorial

Larsen & Toubro: Origin, Businesses, and More

With a legacy of over 80 years, Larsen & Toubro Limited has played an integral role in the overall development of India. Established by two Danish refugees during the World War II period, L&T has grown into one of the largest engineering and construction companies in the world. It has built major highways, airports, metros, factories, nuclear reactors, power plants, defence equipment, and much more. They continue to receive large orders worth thousands of crores almost every month. 

In this article, we dive into the rich history of L&T and learn more about its businesses.

Brief History of L&T

Two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro, came to India in the late 1930s. They initially established a business of importing and selling Danish dairy equipment in our country. Unfortunately, the business was severely hit by import restrictions that followed Germany’s invasion of Denmark in 1940. Despite their struggles, the duo remained in India and set up a small workshop to undertake engineering work and services. They found a favourable business opportunity to repair and fabricate ships during World War II. This gave rise to Larsen & Toubro (L&T).

In 1940, L&T secured its first major order. It was to set up a soda ash plant for the Tata Group. Many domestic and international companies were impressed by L&T’s quality of work and promptness. They began to collaborate with many foreign players. L&T represented British manufacturers of equipment used to make hydrogenated oils, soaps, glass, etc. In 1945, they entered into an agreement with US-based Caterpillar Tractor Company for marketing earth moving equipment. 

Larsen & Toubro Private Ltd was incorporated in 1946. They set up offices in New Delhi, Calcutta, and Madras. It became a publicly listed company in 1950. Interestingly, Dr. Homi J. Bhabha (the Father of Nuclear Research in India) was a friend of the Danish duo. During the 1960s, he chose L&T to build reactors and critical components for India’s nuclear program. 

In the 1970s and 80s, L&T started to receive large contracts from the Indian Space Research Organisation (ISRO). They also entered into a partnership with the Defence Research & Development Organisation (DRDO) to design weapon and missile systems. Thus, it is clear that L&T has played a vital role in the development of our country.

Group Companies of L&T

Since its incorporation, L&T has diversified into numerous sectors. They are present in the infrastructure, power, hydrocarbon, defence, information technology (IT), systems & equipment, finance, and real estate industries. L&T offers its services in more than 50 countries. Currently, the multinational conglomerate has 118 subsidiaries, 25 joint ventures (JVs), and 35 joint operations companies. Such a huge company!

L&T Construction

It is India’s largest construction organisation and ranked amongst the top 15 contractors in the world. L&T Construction’s business verticals include:

  • Buildings and Factories – airports, commercial and residential buildings, factories.
  • Heavy Civil Infrastructure – nuclear reactors, dams, tunnels, ports, defence installations, hydropower projects.
  • Transport Infrastructure – roads, highways, airport runways, railway tracks.
  • Power Transmission and Distribution – substations, utility power distribution systems, transmission lines.
  • Water & Effluent Treatment – water supply and distribution projects, wastewater management systems, smart water infrastructure.
  • Metallurgical and Material Handling – offers solutions for bulk handling of iron and steel, aluminium, copper, zinc, etc.

L&T’s shares (the construction and engineering arm) have generated returns at a strong CAGR of ~20.37% over the last 21 years.

L&T Hydrocarbon Engineering (LTHE)

The company offers integrated ‘design-to-build’ solutions for onshore and offshore hydrocarbon projects across the globe. LTHE’s offerings span across the entire hydrocarbon chain for oil & gas processing, petroleum refining, chemicals & petrochemicals, and fertilizer sectors.

L&T Power

L&T Power executes coal-based, gas-based, nuclear, hydro, and solar power projects in India and across the globe. They also supply essential equipment to power plants.

L&T Heavy Engineering

The company provides custom-designed, fabricated ‘engineered-to-order’ equipment, and critical piping solutions to process plants and nuclear plants. L&T Heavy Engineering caters to the refinery, oil & gas, fertilizer, petrochemical, and nuclear power industries. 

L&T Realty

The company was established in 2011. It has an extensive portfolio spanning 70 million sq ft. of residential, commercial, and retail properties. The company is currently present in Mumbai, Navi Mumbai, National Capital Region (NCR), Bengaluru, Hyderabad, and Chennai. L&T Realty derives its competitive edge from transparency, strong consumer connect, and efficient designs.

Other Businesses

Apart from the subsidiaries mentioned above, L&T is a leading provider of design-to-delivery solutions for India’s defence sector. It constructs underground structures, military bases, and storage depots. L&T also offers a range of vessels for defence, including warships, submarines, auxiliary vessels, and special naval platforms.

L&T Infrastructure Development Projects Ltd is a leading player in Public-Private Partnership (PPP) projects in India. It has completed landmark projects across key sectors— roads, transmission lines, ports, water supply, renewable energy, and many more.

L&T Metro Rail in Hyderabad is the world’s largest metro project in PPP mode. It covers 69.2 km across three corridors.

Listed Subsidiaries of L&T:

L&T Finance Holdings (LTFH)

L&T Finance Holdings Ltd (LTFH) is a leading non-banking financial services company (NBFC). Under the rural finance segment, it offers farm equipment finance, two-wheeler finance, and micro-loans. LTFH provides home loans, loans against property, and real estate finance. The company’s subsidiaries offer asset management and wealth management services as well. LTFH operates ~197 branches and more than 1,395 micro-loan meeting centers across India.

The company’s revenue and profit growth were fairly consistent until the last financial year (primarily due to the negative effects of the Covid-19 pandemic). However, L&T Finance’s revenue has grown at a CAGR of 13.88% over the past 5 years. Its shares have rallied by ~51% over the past year.

L&T Technology Services (LTTS)

L&T Technology Services offers engineering, research, and development services across India, North America, and Europe. It provides dedicated engineering solutions to the transport industry (primarily trucks and off-road vehicles, aerospace, and rail industries). LTTS builds automation and process control systems for factories/plants across multiple industries. Moreover, the company offers cloud, Internet of Things (IoT), artificial intelligence (AI), data analytics, and other services.

LTTS’ total revenue has grown at a CAGR of 12.2% over the past 5 years, above the IT industry’s average of 8.5%. The company’s share price has surged ~141% over the past year.

Larsen & Toubro Infotech (LTI)

LTI is a technology consulting and digital solutions company. They provide IT services and solutions across India, North America, Europe, and Asia-Pacific. LTI offers application development, maintenance & outsourcing, infrastructure management, and platform-based solution services. The company has a strategic collaboration agreement with Amazon Web Services, Inc. (AWS) to focus on data migration, analytics, and Internet of Things (IoT). They are present in 31 countries and operate 29 delivery centers globally.

Over the past five years, the company’s revenue has grown at a CAGR of 15.91% and net profit at 18.28%. LTI’s shares have jumped 87% over the past year.

Mindtree Limited

Mindtree is a global technology consulting and services company. L&T acquired a controlling stake in Mindtree in 2019. It offers analytics and information management, application development & maintenance, business process management (BPM), cloud services, etc. It has posted stellar financial performance over the last five financial years. Revenue has grown at a CAGR of 11.29% from FY17-21, whereas profits have grown at a yearly rate of 14.9%. The shares of the company have rallied ~173% over the past year.

Conclusion

Interestingly, Larsen & Toubro Ltd has zero promoter holding. It is managed by highly experienced professionals. Toubro retired from active management in 1962, while Holck-Larsen retired as chairman in 1978. After it became a promoter-less blue-chip company, Reliance Industries and Aditya Birla Group attempted a hostile takeover of L&T. However, the visionary CEO and MD of the company, Anil Manibhai Naik, held a firm stance and was determined not to get oppressed/ill-treated by bigger corporations. With a strong will and intense teamwork, L&T was able to grow multifold and expand.

L&T has emerged as one of the top engineering firms outside India, especially in the Middle East. They focused extensively on foreign markets to maintain profitability during certain times when their domestic peers/competitors were struggling for fresh orders.

The company has played a significant role in building India’s social infrastructure as well. Through its integrated community development programmes, they have provided systems for safe drinking water and sanitation. L&T also supports farmers by training them on horticulture, zero-budget natural farming, and sustainable agricultural practices. They have built numerous health centres and outpatient departments (OPDs) across our country.

The growth of Larsen & Toubro is an inspiration to many. Despite a rocky start, the company and its founders have revolutionised various industries in India. They will continue to contribute towards the further economic growth of our nation.