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RIL’s Net Profit Falls 11% YoY to ₹16,011Cr in Q1 – Top Indian Market Updates

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

Reliance Industries Q1 Results: Profit falls 11% YoY to Rs 16,011 crore

Reliance Industries (RIL) reported an 11% YoY fall in consolidated net profit to ₹16,011 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also fell 5.3% YoY to ₹2.11 lakh crore during the same period. However, its EBITDA rose 0.25 % to ₹38,093 crore compared to Q1 FY 23. EBITDA stood at ₹37,997 crore in Q1 FY23. The board has recommended a dividend of ₹9 per equity share.

Read more here.

Ramkrishna Forgings to acquire Multitech Auto for Rs 212 crore

Ramkrishna Forgings is set to acquire 100% ownership of Multitech Auto Pvt. Ltd along with its wholly-owned subsidiary Mal Metalliks Pvt. Ltd. The deal is valued at ₹212 crore. The acquisition process is anticipated to conclude within the next six months, subject to obtaining approval from the Adityapur Industrial Area Authority. This strategic acquisition is aimed at facilitating the expansion and growth of Ramkrishna Forgings’ business operations.

Read more here. 

JSW Steel Q1 Results: Net profit rises 179% YoY to ₹2,338 crore

JSW Steel reported a 179% YoY increase in consolidated net profit to ₹2,338 crore for the June quarter (Q1 FY24). The company’s operating revenue for the quarter rose 10.8% YoY to ₹42,213 crore. Additionally, its EBITDA stood at ₹7,046 crore in Q1, up 63.5% YoY.

Read more here.

Jayaswal Neco in talks with funds to refinance its debt of Rs 3,200 crore

Jayaswal Neco Industries is in talks with special situations and private credit funds to refinance a debt of ₹3,200 crore. This high-yield loan is likely to be priced at 18-20%, which will be 600 basis points lower than the current borrowing rate. The company is in talks with funds including Kotak Special Situations Fund and Edelweiss Special Situations Funds.

Read more here.

Vedanta Q1 Results: Net profit falls 40% YoY to ₹2,640 crore

Vedanta reported a 40% YoY increase in consolidated net profit to ₹2,640 crore for the June quarter (Q1 FY24). Its operating revenue also fell 13% YoY to ₹33,342 crore in Q1. Vedanta’s EBITDA stood at ₹6,029 crore, down 38.6% YoY from Q1 FY23.

Read more here.

Lupin unit introduces inhaler for asthma patients in Germany

Lupin has launched a pressurised metered dose inhaler for the treatment of asthma and chronic obstructive pulmonary disease (COPD) in Germany. Lupin’s German subsidiary Hormosan Pharma GmbH introduced Luforbec in the European nation. With a significant portion of the population (5% of adults and 10% of children) currently undergoing asthma treatment, Luforbec aims to provide comprehensive support to patients and healthcare professionals.

Read more here.

UltraTech Cement Q1 results: Net profit rises 7% to ₹1,688 crore

UltraTech Cement reported a 7% YoY rise in consolidated net profit to ₹1,688 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 17% YoY to ₹17,737 crore during the same period. However, its EBITDA fell 1.5% to ₹3,049 crore compared to Q1 FY 23.

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DLF to develop a residential project in Mumbai, ties up with Trident Realty

DLF will enter the Mumbai property market with a project in Andheri West. The company will develop around 2.5 million sq ft in the first phase of the project. DLF will allot 9800 equity shares (₹10 face value) at par to Trident Buildtech Pvt Ltd through its subsidiary Pegeen Builders $ Developers Pvt Ltd. Trident realty is already executing projects in Delhi-NCR and Panchkula.

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ICICI Securities Q1 Results: Net profit falls 1% YoY to ₹271 crore

ICICI Securities reported a 1% YoY fall in net profit to ₹271 crore for the quarter ended June (Q1 FY24). However, the company’s total revenue rose 18% YoY to ₹934 crore, compared to ₹795 crore in Q1 FY23. The decline in the profit could be attributed to higher expenses, as its total expenses shot up by 33% to ₹570 crore in Q1. 

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SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

SJVN Ltd has inked an initial pact with REC Ltd for securing finance of ₹50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power-generating stations based on conventional and renewable sources of energy. Furthermore, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects.

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Union Bank to sell 8 NAP accounts worth Rs 3,000 cr to NARCL

Union Bank of India has identified eight troubled accounts worth ₹3,000 crore to be sold to the national bad bank NARCL this fiscal. The bank has more than doubled its net income at ₹3,236 crore in the June 2023 quarter on improved asset quality and recoveries. Union Bank had already sold three accounts worth ₹900 crore last fiscal to the national bad bank at a recovery of 33%.

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Power Finance Corporation to lend Rs 2.37 lakh crore to 20 clean energy projects

Power Finance Corporation (PFC) has entered into loan agreements worth more than ₹2.37 lakh crore with 20 companies. These firms include Adani Group, Greenco, ReNew Power, Continuum, Avaada, JBM Auto, Rajasthan Renewable Energy and Megha Engineering & Infrastructure, among others. These agreements are part of the company’s plan to position itself as the focal funding agency for the energy transition.

PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

Read more here.

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Wipro’s Net Profit Rises 12% YoY to Rs 2,870Cr in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: PAT rises 12% YoY to Rs 2,870 crore

Wipro reported a 12% YoY rise in consolidated net profit to ₹2,870 crore for the quarter ended June (Q1 FY24). The company’s operating revenue stood at ₹22,831 crore, up 6% YoY. Wipro’s IT services operating margin for the quarter was at 16%, up 1.12% YoY. However, revenue in constant currency (CC) terms declined nearly 3% sequentially in the quarter.

Read more here.

Granules India’s Gagillapur facility gets clearance certificate from the USFDA

Granules India Ltd has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). The company’s Gagillapur facility in Hyderabad received the EIR. Granules uses this facility to manufacture finished dosages and Pharmaceutical Formulation Intermediates (PFIs). In January, USFDA inspected the Gagillapur facility of Granules India as part of a pre-approval inspection (PAI) and issued three observations. It responded to the USFDA’s observations within the stipulated period.

Read more here.

Samvardhana Motherson completes acquisition of 51% in Saddles Intl

Samvardhana Motherson International Ltd has completed the acquisition of a 51% stake in Saddles International Automotive & Aviation Interiors Private Ltd (SIAAIPL). SIAAIPL is engaged in the manufacturing of premium upholstery for passenger vehicles. In January this year, Samvardhana Motherson International announced that it was acquiring a majority stake in SIAAIPL for ₹207 crore.

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Federal Bank Q1 results: Net profit rises 42% to Rs 854 crore

Federal Bank reported a 42% YoY rise in net profit to ₹854 crore in Q1 FY24. The bank had reported a net profit of ₹600.7 crore in Q1 last financial year. The net interest income (NII) for the quarter rose 20% YoY to ₹1,919 crore from ₹1,605 crore in Q1 FY23. The bank’s gross non-performing asset (NPA) stood at ₹4,434.8 crore as against ₹4,183.8 crore in Q4 FY23, up 2.38%. Net NPA was also up 0.69% to ₹1,274.6 crore in Q1.

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Ramco Cements to sell entire stake in Lynk Logistics to Swiggy’s parent

Ramco Cements’ board has approved the sale of its entire equity stake in Lynk Logistics to Bundl Technologies Pvt. Ltd. Lynk Logistics operates the food delivery platform Swiggy. Ramco Cements will sell 49.95 crore shares in Lynk Logistics to Bundl, as approved in its board meeting. In exchange, Ramco will subscribe to 24.18 lakh Compulsory Convertible Preference Shares (CCPS) of Swiggy’s parent company. 

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HDFC Bank onboards 1 lakh customers, 1.7 lakh merchants on CBDC platform

HDFC Bank has onboarded over 1 lakh customers and 1.7 lakh merchants under the Central Bank digital currency (CBDC) pilot programme. The bank also announced the launch of a UPI QR code interoperable with India’s sovereign digital currency. With this, HDFC Bank has become one of the first banks in the country to complete the integration process. The interoperable UPI QR code allows HDFC Bank’s onboarded merchants to accept customer payments in Digital Rupee currency.

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L&T supplies various components for Chandrayaan-3

Larsen & Toubro (L&T) has supplied various components for India’s moon mission Chandrayaan-3. Parts like “middle segment and nozzle bucket flange” were manufactured at its facility in Powai. Components like ground and flight umbilical plates were from the company’s aerospace manufacturing facility at Coimbatore. L&T delivered all these subsystems ahead of schedule. Additionally, L&T is involved in the production of a range of hardware for Chandrayaan-1 and 2, Gaganyaan and Mangalyaan missions of ISRO.

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USFDA issues Form-483 with two observations for Lupin’s Nagpur plant

Lupin’s Nagpur oral solid dosage facility has received Form 483 with two observations from the US FDA. Form 483 is issued to a firm’s management if there are violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. The FDA Form 483 notifies the company’s management of objectionable conditions. The US FDA inspected the facility from July 3 To July 11, 2023.

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Godrej Properties emerged as the highest bidder for two land parcels in Gurgaon

Godrej Properties has emerged as the highest bidder for two luxury group housing plots in Golf Course Road micro-market, Gurugram. The two prime projects spread over 2.76 acres and 5.15 acres will have a combined estimated revenue potential of approximately ₹3,100 crore. The average rate for plots in this market is around ₹100 crore per acre. Golf Course Road is an established micro-market renowned for its upscale residential and commercial developments.

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PVR cuts prices on food & beverage

PVR Inox has introduced two new offers on snacks and drinks, claiming it is an “unbeatable price”. The announcement comes after a journalist highlighted the bill of an average-sized popcorn and Pepsi at a PVR cinema hall. The company has introduced the new offers in response to the widespread criticism regarding the exorbitant prices of snacks at its multiplexes.

Read more here.

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India’s Manufacturing PMI Falls to 57.8 in June – Top Indian Market Updates

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

India’s manufacturing PMI slips to 57.8 in June

India’s manufacturing PMI (Purchasing Manager’s Index) for June stood at 57.8, compared to 58.87 in May. The PMI of 57.8 is higher than 50 indicating an expansion in activities. Anything below 50 indicates contraction. India’s May manufacturing sector activity was at a 31-month high.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

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Adani Ports registers record cargo volume of over 100 MMT in June quarter

Adani Ports and Special Economic Zone Ltd (APSEZ) has reported an 11.5% YoY increase in cargo volume handled at 101.4 million metric tonnes (MMT) in the quarter ending June 2023. This is the highest-ever quarterly cargo volume handled by the company. The company witnessed growth across most ports and all three broad cargo segments. The container segment grew 19% YoY, while liquids and gas and dry bulk segments grew 8% and 7% YoY respectively.

Read more here.

Edelweiss Financial Services to raise Rs 300 crore from NCDs 

Edelweiss Financial Services has announced the public issue of secured redeemable non-convertible debentures (NCDs). The NCDs have a face value of ₹1,000 each, amounting to ₹150 crores (base issue size). The issue also has the option to retain over-subscription up to ₹150 crores aggregating to ₹300 crores. Effective annual yield for NCDs ranges from 8.94% to 10.46%.

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USFDA closes inspection at Zydus’ Ahmedabad unit with VAI recommendation

Zydus Lifesciences Ltd’s Ahmedabad unit received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA). The inspection has been closed with a ‘voluntary action indicated’ (VAI) recommendation in the EIR. A VAI is generally issued when a plant receives observations and responds to them, and the regulator believes the response by the company is satisfactory.

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Kansai Nerolac sells Thane land parcel for Rs 671 crore to Hiranandani Group

Kansai Nerolac Paints Ltd sold its land parcel in Thane to the Hiranandani Group. The sale was for a total consideration of ₹671 crore. The company entered into a deed of conveyance last Friday for the sale of a total area of 97,090 square metres together with the transfer of rights in land admeasuring 6,300 square metres.

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SpiceJet repays Rs 100 crore to City Union Bank, releasing all securities pledged

SpiceJet completed the ₹100 crore settlement payment to City Union Bank a little over a decade after it took the loan. The airline said it paid the last Rs 25 crore tranche on June 30, 2023, thereby shutting the loan account opened in 2012. With this, all the securities of the airline that had been pledged with the bank now get released. 

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Lupin gets USFDA nod for cyanocobalamin nasal spray

Lupin Ltd has received approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for cyanocobalamin nasal spray. The cyanocobalamin nasal spray is a generic equivalent of Nascobal nasal spray. According to IQVIA MAT, Cyanocobalamin nasal spray (RLD Nascobal) had estimated annual sales of $69 million in the US.

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IIFL Finance raises $175 million from HSBC, Union Bank & Bank of Baroda

IIFL Finance raised $175 million through the external commercial borrowing (ECB) route in June 2023. The NBFC has raised $75 million from HSBC, $50 million from Union Bank (Sydney), and $50 million from Bank of Baroda. The company raised funds at SOFR (Secured Overnight Financing Rate) plus 200 basis points. With this, the company’s total borrowing since March 2023 aggregates to $275 million.

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Zee and IndusInd Bank announce a settlement of all dues

The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Zeel after payment to creditors. NCLAT recorded that all payments were made to IndusInd Bank by June 30 as per the agreed-upon terms. As per IndusInd Bank’s plea, Zee paid nearly ₹84 crores in the case related to Siti Networks.

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Bank of Maharashtra clocks 25% loan growth

Bank of Maharashtra has posted a credit growth of 24.93% at ₹1.75 lakh crore in the June quarter. The outstanding credit was ₹1.40 lakh crore at the end of June 30, 2022. The bank registered a 24.82% growth in the total business (total advances and total deposits) to ₹4.19 lakh crore at the end of June 2023 compared to ₹3.36 lakh crore in the June quarter of 2022.

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Reliance Jio in Talks to Raise $1.6 Billion – Top Indian Market Updates

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

Reliance Jio in talks to raise about $1.6 billion for purchase of equipment from Nokia

Reliance Jio Infocomm Ltd. is reportedly in discussions to secure a loan of approximately $1.6 billion (~₹13,120 crore) to purchase equipment from Nokia Oyj. The banks involved in these talks include Citigroup Inc., HSBC Holdings Plc., and JPMorgan Chase & Co. The loan is expected to have a maturity of up to 15 years. Last October, Nokia announced that it has signed an agreement with Jio to supply equipment for its 5G rollout in India.

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Asian Paints acquires additional 11% stake in White Teak for ₹54 crore

Asian Paints Ltd has acquired an additional 11% stake in Obgenix Software Private Ltd (White Teak) for ₹54 crore. The company now holds a 60% stake in White Teak, by virtue of which the brand has become a subsidiary of the company. Set up in 2016 by Silicon Valley tech entrepreneurs, White Teak is engaged in the business of decorative lighting products and fans.

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Kotak Mahindra Bank arm invests ₹732 crore in thermal power firm RattanIndia

Kotak Strategic Situations India Fund II and Kotak Private Credit Fund, managed by Kotak Investment Advisors (KIAL), announced its investment of ₹732 crore in the non-convertible debentures (NCDs) of RattanIndia Power (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders. KIAL is a subsidiary of Kotak Mahindra Bank.

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Dr Reddy’s Labs enters trade generic business in India with ‘RGenX’

Dr Reddy’s Laboratories has entered into the trade generics business in India with the launch of its new division, ‘RGenX’. Trade generics are drugs that are pushed directly to trade and not promoted via doctors. The pharma company aims to roll out its trade generics across cities and towns in India, including rural areas.

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Lupin launches oral suspension drug for treatment of seizures in the US

Lupin has launched Rufinamide Oral Suspension in the United States. The drug is indicated for the adjunctive treatment of seizures in pediatric patients. With estimated annual sales of $72 million in the United States (according to IQVIA MAT data for April 2023), Rufinamide Oral Suspension is expected to make a significant impact in the market.

Read more here.

Man Infra secures order worth ₹680 crore for infrastructure works at JNPT

Man Infraconstruction Ltd. has secured an order worth Rs 680 crore from Bharat Mumbai Container Terminal Pvt. Ltd. for infrastructure-related works at Jawaharlal Nehru Port Trust (JNPT) in Maharashtra. The company will be responsible for executing phase-2 infrastructure works at the fourth container terminal of JNPT in Navi Mumbai within two and a half years. The order includes pavement work on the reclaimed earth.

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Orchid Pharma launches QIP to raise funds

Orchid Pharma Ltd has launched a Qualified Institutional Placement (QIP) issue to raise funds, with a base size of approximately Rs 300 crore and an option to upsize up to Rs 400 crore. The company has fixed Rs 425.19 as the floor price for the issue, representing a 5.5% discount to Thursday’s closing stock price. The company also has the option to offer a 5% discount on the floor price.

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BPCL to consider fundraising via rights issue on June 28

Bharat Petroleum Corporation Ltd (BPCL) will hold a board meeting on June 28 to discuss raising funds through a rights issue. The objective of the rights issue is to support the company’s energy security targets, energy transition, and net-zero objectives. A rights issue allows existing shareholders to purchase additional new shares at a discounted price.

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India’s forex reserves rise by $2.35 billion to $596 billion

As per RBI data, India’s forex reserves jumped by $2.35 billion in the week ending June 16, 2023, to $596.09 billion.  Except for gold reserves, all other components witnessed a sharp upside on a week-on-week basis. Foreign currency assets (FCA) increased by $2.57 billion to $527.651 billion. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Read more here.

Auro Pharma arm signs pact with Medicines Patent Pool to develop anti-cancer drug

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities Ltd has entered into a voluntary sub-licensing agreement with the Medicines Patent Pool (MPP). The agreement allows Aurobindo Pharma to develop and market Nilotinib capsules in 44 low and middle-income countries (LMIC). The drug is primarily used for the treatment of chronic myeloid leukaemia. The agreement aims to enhance access to affordable cancer treatment in these countries.

Read more here.

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IT Dept Conducts Survey Action at 5 Locations of Shree Cement – Top Indian Market Updates

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

IT department conducts survey action at five locations of Shree Cement in Rajasthan

According to a CNBC-TV18 report, the Income Tax department has conducted survey action at five locations of Shree Cement Ltd. in Rajasthan. A survey action of the Income Tax department is an investigative procedure carried out to ascertain the actual income earned by a taxpayer for a financial year. Shree Cement’s shares fell as much as 2.7% on the news, posting its biggest intraday percentage decline since May 24.

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PNB Housing Finance plans a comeback in corporate lending business

PNB Housing Finance is planning a cautious comeback in the corporate lending segment after consciously reducing its portfolio over the last few years. The mortgage lender is planning to resume business in construction finance for residential projects in the second half of the financial year, returning with lessons from past experience. The lender wishes to be selective in corporate lending with a restricted loan size of up to Rs 125 crore.

Read more here.

Reliance gets RBI nod to retain extra $2 billion from lenders

Reliance Industries Ltd (RIL) has received the Reserve Bank of India’s (RBI) permission to retain $2 billion over and above the $3 billion it had raised last financial year (FY23) in what was the largest syndicated loan facility in years. RIL had sought RBI’s permission to retain the amount as it was collected above the limits mandated by the central bank. With more than 30 banks participating, the loan syndication was completed at the end of March.

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RIL expands ‘Independence’ FMCG brand to North India

Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail Ventures Ltd (RRVL), announced the expansion of its consumer packaged goods brand ‘Independence’ to North India. RRVL will sell its FMCG products ranging from staples to processed foods and other daily essentials to Punjab, Haryana, Delhi NCR, Uttar Pradesh, Uttarakhand, and Bihar. The company said it provides locally developed, quality products at affordable prices to Indian consumers.

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Lupin receives US FDA approval for generic drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) for Tiotropium Bromide inhalation powder. The drug prevents wheezing, shortness of breath, coughing, and chest tightness in chronic obstructive pulmonary disease patients. As per IQVIA MAT March 2023, the drug had an estimated annual sales of $1,264 million (~₹10,400 crore) in the US. 

Read more here.

SpiceJet finalises settlement with lessor Nordic Aviation Capital

According to a Reuters report, SpiceJet has entered into a settlement agreement with Nordic Aviation Capital (NAC), a major lessor for its Q400 aircraft. The settlement agreement between the two entities settles all past liabilities for the Q400s leased by NAC to SpiceJet. The airline presently operates five Q400 aircraft from NAC in its fleet. After this agreement, Spicejet will be inducting three additional Q400 aircraft from NAC back into its fleet.

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LIC reduces stake in NMDC to 9.6%

Life Insurance Corporation of India (LIC)  reduced its stake in NMDC Ltd by 2% between March 14, 2023, and June 20, 2023. The state-owned insurer sold over 6.06 crore shares or 2.07% in NMDC at an average price of Rs 107.59 a share via open market sale. LIC currently holds a 9.6% stake in the iron ore producer.

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Piramal Enterprises sells entire 8.34% stake in Shriram Finance

Piramal Enterprises has sold its entire 8.34% stake in Shriram Finance Ltd to third-party investors via a block deal. At least 3.12 crore shares of Shriram Finance changed hands in a large trade. The shares offloaded by the NBFC company are worth Rs 3.1 crore. Share prices of both Piramal Enterprises and Shriram Finance rallied higher today.

Read more here.

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India’s Services PMI Declines to 61.1 in May From 62.0 in April – Top Indian Market Updates

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

India’s services PMI declines to 61.1 in May from 62.0 in April

India’s service sector Purchasing Managers’ Index (PMI) declined slightly to 61.2 in May from 62 in April. However, the sector continued to expand due to robust demand despite high inflationary pressures. This marks the longest expansion streak in nearly 12 years, with the index remaining above the 50-mark which signifies growth for 22 consecutive months. The services sector contributes over 50% to India’s GDP.

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TCS receives 10-year contract for the teachers’ pension scheme in England and Wales

Tata Consultancy Services (TCS) has been chosen by the Department for Education (DfE) in the UK. The contract is to administer and enhance the customer experience of the ‘Teachers’ Pension Scheme’, the country’s second-largest public sector pension scheme. With a long-term contract of 10 years, TCS will utilize its core banking software suite, TCS BaNCS, to manage the pension scheme, which covers over 2 million members in England and Wales.

Read more here.

Tata Power Renewable commissions 110-MW solar project for Kerala electricity board

Tata Power’s subsidiary Tata Power Renewable Energy Limited (TPREL) has successfully commissioned a 110-MW solar power project in Bikaner, Rajasthan. The project will provide power to the Kerala State Electricity Board (KSEB). Despite challenges like difficult land topography, extreme weather conditions, and adverse geopolitical circumstances, the project was completed within a remarkable period of 7 months. It utilized 2,59,272 mono-bifacial PERC half-cell modules.

Read more here.

Suzlon crosses 20 GW installed windmills capacity worldwide

Suzlon has achieved a significant milestone by surpassing 20 GW of installed capacity worldwide. Through the deployment of 12,467 wind turbines across 17 countries, spanning six continents, Suzlon solidifies its position as a major player in the global wind energy landscape. The company, which has been instrumental in developing India’s wind energy sector since 1995, continues the vision of its late founder Tulsi Tanti.

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Dr Reddy’s rheumatoid arthritis drug meets all endpoints in Phase 1 study

Dr Reddy’s Laboratories has announced the successful Phase-I study of its Tocilizumab Biosimilar candidate, ‘DRL_TC’. The study evaluated its effectiveness in treating moderate-to-severe active rheumatoid arthritis and compared it to reference products. The results showed equivalence and similarity in pharmacodynamic parameters, safety, and immunogenicity. Dr Reddy’s had previously completed a successful phase I study of the biosimilar candidate administered subcutaneously.

Read more here.

Patel Engineering secures Rs 519.5 crore project from CIDCO

Patel Engineering Ltd has secured a new project worth Rs 519.5 crore. The City and Industrial Development Corporation (CIDCO) awarded the company a letter of acceptance (LoA) for the construction of a 6.7 km water tunnel in Maharashtra. The project, which includes associated works, will be executed solely by Patel Engineering within a timeframe of 60 months.

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Lupin launches Darunavir tablets used in controlling HIV infections

Lupin Ltd has introduced Darunavir tablets, used to manage HIV infection, in the US market. The newly launched drug is a generic version of Janssen Products’ Prezista tablets. According to IQVIA data, Darunavir tablets had an estimated annual sales of $308 million in the US for the 12 months ending March 2023.

Read more here.

Nava’s Zambia subsidiary discharges all overdue loan instalments

Nava Ltd announced that its Zambian subsidiary, Maamba Collieries Ltd. (MCL), has successfully paid off all overdue loan installments. As a result, the company’s overall liabilities have reduced from $483 million in December 2022 to $206 million. MCL has also been meeting its regular debt service requirement since March 2023. Following this achievement, MCL plans to engage with lenders in future discussions, building on the positive progress made.

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Bharat Petroleum starts pilot to test ED7 blend fuel

Bharat Petroleum Corp Ltd (BPCL) has launched a pilot program in partnership with Ashok Leyland and Hero Mototcorp to test the effectiveness of the ED7 fuel blend. The blend, consisting of 93% diesel and 7% ethanol, aims to revolutionize India’s biofuel economy and establish a more stable energy mix. Ashok Leyland conducted laboratory trials on their engines using the ED7 fuel. BPCL’s initiative aligns with India’s goal of reducing import bills and promoting a cleaner, greener future.

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Greaves Finance introduces ‘evfin’ platform for EV financing

Greaves Cotton Ltd’s subsidiary Greaves Finance Ltd has launched “evfin,” a financial platform aimed at transforming the landscape of electric vehicle (EV) financing. With a projected compound annual growth rate (CAGR) of 49% from 2022 to 2030, the domestic EV market is expected to reach an annual sales volume of one crore units by 2030. 

Read more here.

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Britannia’s Net Profit Rises 47% YoY to Rs 559Cr in Q4 – Top Indian Market Updates

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

Britannia Q4 Results: Net profit jumps 47% YoY to Rs 559 crore

Britannia Industries reported a 47% YoY increase in consolidated net profit to Rs 559 crore for Q4 FY23. Its operating revenue rose 13% YoY to Rs 4,023 crore during the quarter. EBITDA stood at Rs 800 crore, up 45.7% YoY from Rs 550 crore in Q4FY22.

Read more here.

India’s forex reserves rise by $4.53 billion to $588.78 billion

India’s foreign exchange reserves increased by $4.53 billion to $588.78 billion as of April 28, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets rose by $4.99 billion to $519.48 billion. However, the country’s gold reserves fell by $4.94 million to $45.65 billion.

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Federal Bank Q4 Results: Net profit jumps 67% YoY to Rs 903 crore

Federal Bank reported a 67% YoY jump in net profit to Rs 903 crore for Q4 FY23. Its consolidated total revenue rose 38.6% YoY to Rs 5,780 crore during the quarter. The bank’s Net Interest Income (NII) for the quarter stood at Rs 1,909 crore, up 25.2% YoY. The bank’s board has recommended a dividend of Rs 1 per equity share.

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Marico Q4 Results: Net profit jumps 19% YoY to Rs 305 crore

Marico reported a 19% YoY increase in consolidated net profit to Rs 305 crore for Q4 FY23. Its operating revenue increased 3.65% YoY to Rs 2,240 crore during the quarter. EBITDA stood at Rs 393 crore in Q4 FY23, up 14% YoY. However, its net profit fell by 8.41% compared to Q3FY23.

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Dr Reddy’s Labs launches Regadenoson injection in the US market

Dr. Reddy’s Laboratories has launched Regadenoson injection, a generic therapeutic equivalent of Lexiscan injection, in the US market. The injection is used in imaging heart muscle to check blood flow. However, the company has also received one observation from the US FDA after a routine GMP inspection at its API manufacturing facility in Bollaram, Hyderabad.

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ITC increases stake in Bengaluru-based Sproutlife Foods

ITC has increased its shareholding in Sproutlife Foods to 39.42% after acquiring 2,443 equity shares and 7,215 Compulsorily Convertible Preference shares. The transaction was worth Rs 175 crore. ITC had previously announced plans to acquire a 100% stake in Sproutlife in tranches over the next three to four years. Sproutlife is a Bengaluru-based start-up in the innovative food products sector.

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Lupin acquires entire stake in French pharma company Medisol

Lupin Ltd has acquired French pharmaceutical company Medisol for €18 million, subject to approval from the French Ministry of Economy and Finance. The acquisition will give Lupin access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics.

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Bharat Forge Q4 Results: Net profit falls 7% YoY to Rs 245 crore

Bharat Forge reported a 7% YoY fall in net profit to Rs 245 crore for Q4 FY23. Its operating revenue increased 19.3% YoY to Rs 1,997 crore from Rs 1,674 crore during the same period. EBITDA stood at Rs 488 crore in Q4 FY23, up 13.2% YoY. The company’s board has recommended a dividend of Rs 5.5 per equity share.

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MSCI assigns lower weight for the merged entity of HDFC Bank and HDFC 

MSCI will add HDFC Bank to the large-cap segment of its Global Standard Indices following its merger with HDFC. The move is expected to lead to no significant inflows, but there may be slight outflows of up to $200 million, according to Nuvama Alternative & Quantitative Research. As a result, MSCI will delete HDFC from its Global Standard Indexes at the end of the stock’s last trading day.

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Blue Star declares 1:1 bonus issue of shares 

Blue Star has announced a 1:1 bonus issue of shares. This means that every shareholder of the company will be given an additional share. The move is subject to approval by shareholders, with the record date to be decided by the Board following this. The bonus issue aims to increase retail participation in the stock and the equity base.

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HDFC to Raise Rs 57,000 crore via NCDs – Top Indian Market Updates

hdfc

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

HDFC to raise Rs 57,000 crore through non-convertible debentures

HDFC Ltd’s board has approved raising funds through non-convertible debentures (NCDs) in various rounds aggregating to Rs 57,000 crore. The decision was taken since the outstanding borrowings of HDFC are approx. Rs 5.70 lakh crore, and it would need to borrow further for its business purposes till the effective date of the merger. It is expected that HDFC Ltd would merge with its subsidiary HDFC Bank by the third quarter of the next financial year.

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IDFC First Bank partners with Crunchfish to demonstrate offline retail payments

IDFC First Bank has partnered with Sweden-based Crunchfish to pilot a project to demonstrate offline retail payments. The bank is set to be a part of RBI’s pilot project to enable offline payments. A unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI’s Regulatory Sandbox Program.

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Sun Pharma eyes revenue hit due to ransomware attack

Sun Pharmaceutical Industries is set to take a hit on its revenues due to containment measures taken by the company after a ransomware attack earlier this month affected its business operations. A ransomware group has claimed responsibility for an ‘IT security incident’ at Sun Pharma, whose effect included a breach of certain file systems and the theft of certain company data and personal data.

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CIRP initiated in cases of DHFL, ABG Shipyard, Bhushan Power & Steel

Corporate insolvency resolution process (CIRP) was initiated in the cases of DHFL, ABG Shipyard and Bhushan Power and Steel (BPSL) and resolution plans were approved in cases of DHFL and BPSL. The amount realisable to creditors for DHFL and BPSL is Rs 37,167 crore and Rs 19,895 crore, respectively. 

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L&T’s power transmission and distribution business wins large orders

Larsen & Toubro Ltd’s (L&T) power transmission and distribution (T&D) business has secured orders (in the range of Rs 2,500-5,000 crore) in India and overseas. One of the orders is related to establishing over 365 km of 765kV double circuit transmission lines to enable the transfer of power from Rajasthan to Gujarat. The company will also implement an Advanced Distribution Management System (ADMS) in the Greater Mumbai area.

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HDFC Mutual Fund files for India’s first Sovereign Green Bond MF

HDFC Asset Management Co. Ltd., investment manager of HDFC Mutual Fund (HDFC MF), has filed for India’s first target maturity funds tracking Sovereign Green Bonds (SGrBs). SGrBs are bonds issued by the Government of India (GoI) whose proceeds will be deployed in public sector projects that help reduce the carbon intensity of the economy.

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Indian Oil, BPCL exceed their capex targets this year

Indian Oil Corp Ltd (IOCL) and Bharat Petroleum Corp Ltd (BPCL) have exceeded their capital expenditure targets for the current financial year. During April-February, IOCL spent Rs 31,800 crore against the full year’s capex target of Rs 28,550 crore, while BPCL spent Rs 10,280 crore, crossing its target of Rs 10,000 crore. IOCL has been spending heavily on refinery & petrochemical expansion, enhancing natural gas infrastructure, marketing, and establishing new pipelines.

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Lupin gets USFDA approval for Valbenazine Capsules

Lupin Ltd has received tentative approval from US Food & Drug Administration (USFDA) for Valbenazine Capsules. The drug is used to treat involuntary movements of the face, tongue or other body parts. As per IQVIA data, Valbenazine capsules had estimated annual sales of $1,235 million in the US for the 12 months ended Dec 2022.

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Nelco opposes telecom operators’ stance on spectrum sharing

Satellite communications service provider Nelco has opposed telecom operators’ stance on spectrum sharing and said that spectrum should be used only for the purposes it is assigned. Submitting counter comments to the telecom regulator’s consultation paper, the company and industry body SatCom Industry Association (SIA) India argued that the satcom spectrum is limited and hence sharing it with telcos would hamper the growth of the satcom sector.

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S&P keeps India’s economic growth forecast unchanged at 6% in FY24

S&P Global Ratings kept its forecast for India’s economic growth unchanged at 6% in the next financial year (FY24), before rising to 6.9% in the following year. It sees India’s gross domestic product (GDP) likely growing by 7% in the current financial year (FY23). S&P expected the Reserve Bank of India to raise its already high policy rate further following a recent upside surprise to inflation.

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L&T Wins Major Contracts For its Hydrocarbon Biz – Top Indian Market Updates

L&T

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

L&T wins major contracts for its hydrocarbon business

Larsen & Toubro Ltd’s hydrocarbon business (LTEH) has secured multiple offshore orders (in the range of ₹5,000-7,000 crore) from an overseas client. The scope of work comprises engineering, procurement, construction and installation of offshore structures and upgradation of existing facilities. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

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Tata Motors set to hike prices by up to 5% on commercial vehicles

Tata Motors announced a price increase for commercial vehicles ahead of BS6 phase II emission norms. The prices for commercial vehicles will be hiked by up to 5% starting April 1, 2023. The price increase will be applied across the entire range of commercial vehicles.

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India cuts windfall tax on crude oil production to Rs 3,500 per tonne

The Central government reduced windfall gains on domestic production of crude petroleum from Rs 4,400 per tonne to Rs 3,500 per tonne. It also marginally increased export duty on diesel from Rs 0.50 to Re 1 per litre, while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21.

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Tata Group in talks to engage outgoing TCS boss Gopinathan beyond Sept 15: Report

As per reports, N Chandrasekaran, the chairman at Tata Sons, is reportedly discussing ways to engage outgoing Tata Consultancy Services MD & CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role. There have been preliminary discussions between the two as the group needs reliable and experienced hands with its diversification into various technology domains.

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NTPC arm signs pact with Indian Army for setting up green hydrogen plants

NTPC Renewable Energy Ltd (NTPC REL) has signed an agreement with the Indian Army to implement green hydrogen projects in armed forces establishments. Under the Memorandum of Understanding (MoU) with the Army, a joint identification of potential sites would be undertaken for setting up green hydrogen projects for supplying electricity in a phased manner. NTPC REL is a wholly-owned subsidiary of NTPC Ltd.

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Thomas Cook India, SOTC Travel partners with LTIMindtree to launch ‘Green Carpet’

Travel services firm Thomas Cook India and its group company SOTC Travel have partnered with LTIMindtree to launch ‘Green Carpet’. It’s a global platform that will help companies to monitor and manage their business travel emissions. The platform is designed to address specific concerns faced by organisations, helping them capture, monitor, analyse and reduce their carbon emissions from business travel.

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Lupin receives USFDA’s nod for Brexpiprazole tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) for Brexpiprazole tablets. The drug is used to treat certain mental and mood disorders. The tablets are a generic equivalent of Rexulti tablets of Otsuka Pharmaceutical Company Ltd. It had estimated annual sales of $1,575 million in the US for the 12 months ended December 2022.

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IndiaFirst Life Insurance gets SEBI approval to launch IPO

IndiaFirst Life Insurance has received approval from SEBI to float an Initial Public Offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14.12 crore equity shares by promoters and existing shareholders of the company. The insurance company is owned by two of India’s largest PSU banks— Bank of Baroda and Union Bank of India.

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GAIL Looks to Buy 26% Stake in US LNG Export Plant – Top Indian Market Updates

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

GAIL looks to buy 26% stake in a US LNG export plant

State-owned GAIL (India) Ltd has released an Expression of Interest (EoI) to acquire up to 26% in a US-based LNG plant or a proposed facility that will be commissioned by 2027 amid a rising fuel demand. The company is also focused on sourcing 1 million tonnes of LNG a year from the same facility for 15 years starting 2026. GAIL already has two long-term contracts for supply from LNG export plants.

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IndiGo looking to start flights to many international destinations: CEO

IndiGo is looking to start flights to Nairobi, Jakarta, and some central Asian destinations as the carrier focuses on internationalisation, said Chief Executive Officer (CEO) Pieter Elbers. He asserted that there is a lot of growth ahead in the Indian market that “justifies multiple airlines”. IndiGo, which has more than 300 planes in its fleet, currently operates to 76 domestic and 26 international destinations.

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Glenmark Pharma receives 2nd tentative approval from USFDA for generic diabetes tablets

Glenmark Pharmaceuticals Ltd’s US subsidiary has received the second tentative approval from the US Food & Drug Administration (USFDA) for Saxagliptin tablets. The drug is used to control blood sugar levels and treat type 2 diabetes mellitus. The USFDA issues a tentative approval letter to an applicant before the final approval of the generic drug product until all patent or exclusivity issues are resolved.

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Lupin receives USFDA’s establishment inspection report for its Nagpur facility

Pharmaceuticals firm Lupin Ltd has received the establishment inspection report from the US Food & Drug Administration (USFDA) for its new injectable facility located in Nagpur. The establishment inspection report (EIR) was issued after the last inspection of the facility conducted from October 17-29, 2022. 

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Coromandel International develops nanotechnology-based fertilizer

Agriculture solutions provider Coromandel International Ltd has developed a nanotechnology-based fertilizer (Nano DAP) from its research & development centre at the Indian Institute of Technology, Bombay. The company has been conducting extensive field studies on product efficacy, biosafety, and toxicity for the launch of Nano DAP in different agro-climatic zones with various agricultural universities.

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BEML signs multiple MoUs during Aero India 2023

BEML has signed a Memorandum of Understanding (MoU) with Bharat Electronics Ltd for joint development and production of missile modules, airframes, and other mechanical systems for some upcoming missile programs. The company has also entered into an MoU with the Indian Navy for the development of customised storage and handling system for various types of ammunition.

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SC refuses to accept Centre’s suggestion in sealed cover in Adani-Hindenburg issue

The Supreme Court said it will not accept the sealed-cover suggestion by the Centre to form an expert committee to examine the report by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. A bench headed by Chief Justice of India D Y Chandrachud said, “we will select the experts and maintain full transparency”.

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PVR opens 8-screen multiplex in Indore

PVR announced the opening of an eight-screen multiplex at Phoenix Citadel Mall in Indore, Madhya Pradesh. The company now operates 299 screens in 70 properties across 25 cities in central India. Meanwhile, today (Feb 17) is the record date in the merger process whereby the shareholders of Inox Leisure will receive three shares of PVR for every ten shares of Inox Leisure.

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Max Estates to develop 2.4 million square feet of residential space in Gurugram

Max Ventures & Industries Ltd’s (MaxVIL) real-estate arm has entered the residential real estate market in Gurugram through a joint development agreement. The plot has a development potential of 2.4 million square feet and a gross development value of over ₹3,200 crore. The land parcel measures 11.8 acres and is located in Sector 36A, Gurugram.

Read more here.

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M&M’s Net Profit Rises 34% in Q3 – Top Indian Market Updates

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

M&M Q3 Results: Net profit rises 34% YoY to ₹2,676 crore

Mahindra & Mahindra Ltd reported a 34.6% YoY increase in consolidated net profit to ₹2,676.56 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29.7% YoY to ₹30,620 crore during the same period. EBITDA stood at ₹2,814 crore in Q3, up 41% YoY. The company sold 1.76 lakh vehicles in the December quarter, up 45% YoY.

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GAIL signs advance pricing agreement with CBDT

GAIL (India) Ltd has signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The gas utility firm has contracts with US suppliers to buy 5.8 million tonnes per annum of liquefied natural gas (LNG). GAIL is the first public sector undertaking (PSU) in the oil & gas sector in India to sign the APA.

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Lupin Q3 Results: Net profit falls 72% YoY to ₹153 crore

Lupin reported a 72% YoY decline in net profit to ₹153 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 3.8% YoY to ₹4,322 crore during the same period. Sales in the US have improved on the back of new product launches and a brand acquisition made in Q3.

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Sun Pharma gets USFDA nod to market generic medication

Sun Pharmaceutical Industries Ltd’s subsidiary has received final approval from the US Food & Drug Administration (USFDA) for the generic Lenalidomide capsules in multiple strengths. In 2021, US-based Celgene Corporation granted Sun Pharma a license to manufacture and sell an unlimited quantity of generic lenalidomide capsules in the US beginning January 31, 2026.

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BHEL Q3 Results: Net profit jumps 55% YoY to ₹42 crore

Bharat Heavy Electricals Ltd (BHEL) reported a 55% YoY increase in net profit to ₹42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹5,263 crore during the same period. Revenue from the power segment came in at ₹3,992 crore, 7% higher. Total expenses were almost flat at ₹5,320 crore in Q3.

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Hindalco leases 50,000 sq. ft. office space in Blackstone’s Mumbai tower

Hindalco Industries Ltd has picked up an entire floor spread over 50,000 sq. ft. office space in Blackstone Group entity Nucleus Office Parks’ commercial complex One International Center in Mumbai’s business district Lower Parel on a long-term lease of five years. The company is looking to consolidate its various offices and also expand the capacity in the new office ensuring ease of connectivity for their employees.

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Assam govt signs Petroleum Exploration Licenses deeds for 2 OALP blocks with Oil India

The Assam government has signed Petroleum Exploration Licenses deeds for two Open Acreage Licensing Program (OALP) blocks with Oil India Ltd (OIL). OIL will invest around ₹12 crore in these projects and will start seismic surveys from February 2023. This is the first time in oil history to start exploration for Crude oil and Natural Gas in the northern bank of Brahmaputra in lower Assam.

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India’s first hydrogen combustion engine tech for heavy-duty trucks unveiled by RIL

Reliance Industries Ltd (RIL) unveiled India’s first Hydrogen Internal Combustion Engine technology solution for heavy-duty trucks. RIL and its vehicle partner Ashok Leyland developed the technology under its Net carbon Zero vision. The first engines run with this tech were tested in early 2022. RIL is also planning to create an end-to-end Hydrogen ecosystem for mobility

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Info Edge Q3 Results: Net loss at ₹116 crore

Info Edge (India) Ltd reported a net loss of ₹116 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹4,601 crore in Q3 FY22. Its revenue from operations rose 40% YoY to ₹589 crore in Q3 FY23. Standalone EBITDA stood at ₹217 crore, up 79% YoY.

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Adani Enterprises FPO Fully Subscribed on Final Day – Top Indian Market Updates

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

Adani Enterprises FPO fully subscribed on final day

The follow-on public offering (FPO) of Adani Enterprises Ltd secured bids for 50.85 million shares against an offer size of 45.5 million shares (representing a 1.12 times subscription) on the final day of bidding. Non-institutional investors (NIIs) put in bids for over three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. The FPO received a muted response from retail investors.

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India’s GDP growth to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government, India’s economic growth is forecast to be 6.5% in FY24, compared to 7% in the current financial year (FY23). The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, IMF, and RBI. Meanwhile, the govt has achieved 48% of its disinvestment target of ₹65,000 crore for FY23 as of Jan 18.

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IOCL Q3 Results: Net profit falls 92% YoY to ₹442 crore

Indian Oil Corporation Ltd (IOCL) reported a 92% YoY decline in net profit to ₹442 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 22.7% YoY to ₹2.04 lakh crore during the same period. Total expenses increased 20.18% YoY to ₹2.29 lakh crore in Q3. Domestic sales volume rose by 10.22% YoY to 23.17 million metric tonnes (MMT), while export sales fell 27.71% YoY to 1.135 MMT.

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Lupin gets tentative USFDA approval for DETAF tablets

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its new drug application Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets. DETAF is used to manage HIV infections and will be available for supplies to low and middle-income countries. The product will be manufactured at Lupin’s facility in Nagpur. 

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UPL Q3 Results: Net profit rises 16% YoY to ₹1,087 crore

UPL Limited reported a 16% YoY decline in consolidated net profit to ₹1,087 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 21% YoY to ₹13,679 crore during the same period. EBITDA stood at ₹3,305 crore in Q3, up 14% YoY. In India, UPL saw healthy growth driven by strong traction in its seeds business, while the crop protection business saw flat growth.

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Godrej Properties buys 89-acre land parcel in Khalapur

Godrej Properties Ltd has entered into an agreement for the outright purchase of an 89-acre land parcel in the Khalapur locality of Maharashtra’s Raigad district. The plot is estimated to have a development potential of around 1.9 million sq ft of saleable area consisting primarily of residential plotted development. It is in proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune.

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Sun Pharma Q3 Results: Net profit rises 5% YoY to ₹2,166 crore

Sun Pharmaceutical Industries Ltd reported a 5% YoY increase in consolidated net profit to ₹2,166 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 14% YoY to ₹11,241 crore during the same period. Sun Pharma’s board has also declared an interim dividend of ₹7.50 per share. 

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Hindustan Zinc to invest $1 billion to replace diesel-run mining vehicles with EVs

Hindustan Zinc Ltd (HZL) will invest $1 billion to convert around 900 diesel-run mining vehicles into battery-operated ones over the next five years. The company is steadily switching to electric vehicles for its underground mine operations. With the help of Finnish technology company Normet Group Oy, HZL has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry.

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Godrej Consumer Q3 Results: Net profit rises 3.5% YoY to ₹546 crore

Godrej Consumer Products Ltd reported a 3.5% YoY increase in consolidated net profit to ₹546.34 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 9% YoY to ₹3,598.92 crore during the same period. Its India business sales grew by 11% YoY to ₹1,975 crore and volumes rose 3% YoY. 

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Income Tax Department conducts survey action against Cipla: Report

As per a CNBC-TV18 report, the Income Tax Department has carried out a survey action against drug major Cipla Ltd. The department is conducting the surprise action to check the balance sheets and other business documents of the pharma company as part of an alleged tax evasion investigation. 

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India’s core sector growth at 3-month high of 7.4% in Dec

Production of eight infrastructure sectors rose at a three-month high of 7.4% in December 2022, compared to 4.1% in Dec 2021. The production of coal rose by 11.5%, fertiliser by 7.3%, steel by 9.2%, and electricity by 10% in Dec 2022 compared to a year ago. Crude oil production declined by 1.2% YoY in December 2022.

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