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Bearish Weekly Closing in Nifty – Post-Market Analysis

Post-Market Analysis for August 4, 2023:

NIFTY started the day at 19,462 with a gap-up of 81 points. Throughout the day, the index was trading between or stuck between yesterday’s high and today’s opening levels of 19,500 and 19,440, respectively. Nifty closed at 19,517, up by 135 points or 0.7%. 

Nifty chart - Aug 3 post-market analysis

BANK NIFTY (BNF) started the day at 44,754 with a gap-up of 241 points. Initially, the index fell to yesterday’s closing price and support zone of 44,500 levels. Then, it gave a strong up-move till 45,100, fell 500 points back to 44,600 zones, and then took resistance back at 44,900-45,000 levels. BNF closed at 44,879, up by 366 points or 0.82%. 

Bank Nifty - Aug 4 post-market analysis

All indices except Nifty PSU Bank (-0.7%) and Nifty Auto (-0.33%) closed flat-to-green. Nifty IT (+1.5%) moved up the most.

Major Asian markets closed mixed. Germany’s DAX and UK’s FTSE100 are trading in the red, while France’s CAC40 is trading in the green.

Today’s Moves

Cipla (+3.7%) was NIFTY50’s top gainer. World’s largest private equity fund, Blackstone, is set to submit a non-binding bid to acquire the entire 33.47% promoter stake in Cipla.

Zomato (+10.07%) surged after posting its first-ever profit of ₹2 crore in Q1.

IT stocks Coforge (+2.58%), Wipro (+2.3%), TechM (+2.84%), LTIM (+1.46%), TCS (+1.28%) and others moved up with strength.

SBIN (-2.9%) was NIFTY50’s top loser. The bank’s net profit jumped 178% YoY to ₹16,884 crore; beating street estimates.

JM Financial (-7.12%) fell heavily after its Q1 number disappointed investors.

Mahanagar Gas (-5.75%) shares fell even as profit nearly doubled in Q1.

Markets Ahead

Markets are at important long-term support zones: 19,300 for Nifty and 44,200-500 zones in Bank Nifty. If there’s global positivity and a breakout on the upside, we can expect the markets to move further up!

Nifty: The important support zone for Nifty is clearly 19,300 (but the immediate support can be 19,400). The next resistance level to watch out for is 19,500 zones. A breakout from 19,520 levels can give us targets of 19,600 and 19,730 levels in the coming week. A breakdown can give us targets of 19,300 and then eventually 18,900 in the coming weeks.

Bank Nifty: The major support in Bank Nifty is a larger zone between 44,200-500. The important resistance will be 45,000. A breakdown from the support zone can give us a target of 43,000. A breakout on the upper side can give us targets of 45,300 and 45,750 in the coming week.

Markets had a bearish week. But if there’s a follow-up, it can turn into major bearishness for a few months. If support is taken at the levels mentioned above, the markets can bounce back!

Meanwhile, reports say the U.S. jobs report on Friday will help the Federal Reserve understand how its changes in monetary policy are affecting things. It could also tell the Fed if the U.S. economy is slowing down enough to skip another increase in interest rates.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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India’s Services PMI Surges to 12-Year High in Feb – Top Indian Market Updates

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

India’s services PMI surges to 12-year high in Feb

Services activity in India expanded at the fastest pace in 12 years in February 2023 as input cost pressures eased. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.4 in Feb, compared to 57.2 in Jan. New orders placed with service providers rose further in February. However, the rate of job creation was minimal.

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

Read more here.

RIL, Adani Group plan to build 25 GW of clean energy in Andhra Pradesh

Reliance Industries Ltd (RIL) and Adani Group will develop a combined 25 gigawatts of renewable power in Andhra Pradesh, as both business houses continue to go ahead with their green energy goals. Both groups already have a significant presence in the state, with RIL operating its offshore deep-sea gas fields in the Krishna-Godavari basin and Adani Group overseeing two large ports.

Read more here.

World Bank commits $1 billion to India for public healthcare infra

The World Bank and the Indian govt. signed two complementary loans of $500 million each to support and enhance the country’s healthcare infrastructure. The bank will support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) to improve the public healthcare infrastructure. One of the loans will prioritize health service delivery in seven states— Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh.

Read more here.

JSPL to invest ₹10,000 crore to set up 3 MT steel plant in AP

Jindal Steel & Power Ltd (JSPL) will invest Rs 10,000 crore to set up a 3 million tonne per annum (MTPA) steel plant in Andhra Pradesh. This will lead to the creation of 10,000 jobs. The group will also sign an agreement with the AP Government to invest in renewable energy across solar, wind and hydro as well expanding the capacity of its existing cement plant.

Read more here.

Lemon Tree Hotels signs licence agreement for two new hotels in Maharashtra

Lemon Tree Hotels has signed a License Agreement for two new properties in Maharashtra under its brands ‘Lemon Tree Hotel’ and ‘Keys Lite by Lemon Tree Hotel’. The two new hotels are located in the popular beach destination Dapoli in the South Konkan region of Maharashtra. They will become operational by October 2023. 

Read more here.

Tata Motors crosses 50 lakh passenger vehicle production milestone

Tata Motors has crossed the 50 lakh cumulative passenger vehicle production milestone. To celebrate the milestone, the automaker will roll out a celebratory campaign for customers and employees across India. Tata Motors achieved the 10 lakh production mark in 2004 and the 20 lakh milestone in 2010. It crossed 30 lakh units in 2015 and 40 lakh units in 2020.

Read more here.

PowerGrid wins bid for two projects in Chhattisgarh

Power Grid Corporation of India Ltd (PGCIL) has won the bid under tariff-based competitive bidding to establish an inter-state transmission system for two projects in Chhattisgarh. The first project comprises the establishment of a 400kV transmission line passing through the state and bays extension works at two existing substations. The second project comprises bays extension works, including the creation of 220kV voltage at two existing substations

Read more here.

Adani Green has India’s largest operating renewable portfolio at 8,024 MW

Adani Green Energy Ltd. has become the company with the largest operating renewable portfolio in India with a capacity of 8,024 megawatts (MW). The company achieved this feat after its fourth wind-solar hybrid power plant became fully operational at Jaisalmer, Rajasthan. The combined operational generation capacity of this hybrid power plant was 700 MW. It has a power purchase agreement (PPA) at ₹3.24/kwh for 25 years.

Read more here.

Mahanagar Gas to acquire 100% stake of Unison Enviro

Mahanagar Gas Ltd (MGL) has signed a Share Purchase Agreement to acquire a 100% stake in Unison Enviro Pvt Ltd (UEPL). This acquisition will enable MGL to expand to newer geographical areas in Maharashtra and Karnataka, thereby providing new avenues for long-term growth. It would help MGL scale its future business development activities across a larger network and customer base.

Read more here.

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DMart’s Net Profit Rises 24% YoY in Q3 – Top Indian Market News

Avenue Supermarts Q3 Results: Net profit rises 24% YoY to Rs 553 crore

Avenue Supermarts Ltd (DMart) reported a 23.71% YoY increase in consolidated net profit to Rs 553 crore for the quarter ended December (Q3 FY22). Net profit rose 32% compared to the previous quarter. Its revenue from operations rose 22.2% YoY (or 18% QoQ) to Rs 9,218 crore during the same period. The company added 17 stores in Q3 FY22, taking the tally to 263 stores.

Read more here.

Oberoi Realty’s sales bookings jump 2-fold to Rs 1,965 crore in Q3

Oberoi Realty Ltd reported an over two-fold jump in sales bookings to Rs 1,965 crore for the quarter ended December (Q3 FY22). The realty company sold 371 units in Q3, compared to 234 units in the corresponding quarter last year. During the first nine months of FY 2021-22, Oberoi Realty’s sales bookings more than doubled to Rs 2,964 crore.

Read more here.

Mahanagar Gas hikes CNG-PNG prices for second time in 3 weeks

Mahanagar Gas Ltd (MGL) has decided to hike prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Saturday midnight. The basic price of CNG has been increased by Rs 2.50 per kg and domestic PNG by Rs 1.50 per standard cubic meter (SCM) for the Mumbai Metropolitan Region (MMR).

Read more here.

Maruti Suzuki lines up its biggest annual product launch

Maruti Suzuki India Ltd (MSIL) has lined up more product launches in 2022 than it has done ever during a year in the past. The automaker plans to launch more than half a dozen products in 2022. Half of these products will be in the fast-growing SUV space, and the rest in its core area of small cars. In the first nine months of FY22, MSIL has produced 1.164 million vehicles, compared to 939,000 units in the same period last year. 

Read more here.

Equitas Holdings to divest its stake in subsidiary ETPL ahead of merger with Equitas SFB

Equitas Holdings Ltd will divest its entire stake in subsidiary Equitas Technologies Pvt Ltd (ETPL) as part of the requirement for the merger with Equitas Small Finance Bank (ESFB). As part of the Reserve Bank of India’s licensing conditions, the boards of Equitas Holdings and ESFB had in July 2021 approved the scheme of amalgamation between them. According to the scheme, all assets held by Equitas Holdings (including its investments in ETPL) have to be transferred to ESFB.

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CSB Bank MD & CEO takes early retirement; lender to set up panel to find successor

C V R Rajendran, the Managing Director & Chief Executive Officer of CSB Bank, has decided to take early retirement on health grounds. He will continue as MD & CEO till March 2022. His current three-year term was supposed to end on December 8, 2022. The Board of Directors of CSB Bank has decided to constitute a search committee to identify and evaluate candidates, either internally or externally, for the position of MD & CEO.

Read more here.

Wonderla Holidays temporarily shuts Bangalore Park for two weekends

Wonderla Holidays Ltd has announced that the Bangalore park operations will be temporarily shut for the two weekends i.e., January 8 & 9 and 15 & 16. The move comes after the Government of Karnataka announced strict restrictions to contain the Covid-19 pandemic.

USFDA rejects Biocon, Vitaris’ application for Insulin Aspart

Biocon Biologics, a subsidiary of Biocon Ltd, said the US Food & Drug Administration (USFDA) has not approved an application for Insulin Aspart filed by its partner Viatris Inc. The USFDA has issued a complete response letter (CRL) for the biologics license application (BLA) for Insulin Aspart. Biocon Biologics said it will respond to the CRL to satisfy the FDA’s requests.

Read more here.

DLF launches luxury residential project in New Delhi

DLF Home Developers Ltd. (DHDL) and GIC, Singapore’s sovereign wealth fund, will develop over 900 luxury apartments at Delhi’s Moti Nagar. The revenue potential of the project is Rs 4,000 crore. DLF’s ONE Midtown luxury residential project will have luxury condominiums with two, three, and four-bedroom residences. DHDL is a wholly-owned subsidiary of DLF Ltd.

Read more here.

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Paytm’s Net Loss Widens to Rs 473 crore in Q2 – Top Indian Market News

Paytm Q2 Results: Net loss widens to Rs 473 crore 

One97 Communications Ltd, the parent company of Paytm, reported a net loss of Rs 473 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 437 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations rose 64% YoY to Rs 1,090 crore in Q2 FY22. The company’s expenses grew 37.75% YoY to nearly Rs 1,600 crore during the same period. The Gross Merchandise Value (GMV) stood at 1,95,600 crore in Q2, up 107% YoY.

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Need to be proactive in light of new Covid variant, says PM Modi

Amid rising concerns about the new Covid-19 variant Omicron, Prime Minister Narendra Modi on Saturday chaired a meeting with top officials on Covid-19. He stated that citizens need to be proactive in light of the new variant while laying emphasis on precautions to contain the virus.  PM Modi highlighted the need for monitoring all international arrivals, their testing as per guidelines, with a specific focus on countries identified as ‘at risk’.

Read more here.

IndusInd Bank’s Hindujas welcome RBI move to allow promoter holding of up to 26%

The Hinduja Group has welcomed the Reserve Bank of India’s (RBI) move to allow promoter holding of up to 26% in private-sector lenders. IIHL Mauritius, the Hindujas’ entity which is the promoter of IndusInd Bank, had applied to RBI to increase its holding to 26% from the previous cap of 15%. IIHL now awaits operational guidelines as it gives the promoters an opportunity to infuse capital to increase the stake up to 26%. The increased promoter holding will lead to the enhanced financial strength of the bank, and its clients will be protected.

Read more here. 

Bharti Airtel withdraws extra data benefit in-app coupons on certain packs to avoid confusion

Bharti Airtel Ltd has withdrawn certain data benefit coupons it was offering through its app on some of the prepaid plans. This move will help avoid any confusion among consumers about the offerings and comparisons between various plans. The telecom operator had announced 20-25% tariff hikes for various prepaid offerings, including tariffed voice plans, unlimited voice bundles, and data top-ups. The new rates came into effect from Friday.

Read more here.

GHCL signs MoU worth Rs 500 crore with Tamil Nadu govt

GHCL Limited has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for investing Rs 500 crore in the state. As per the agreement, GHCL will set up 40,000 ring spindles in Manaparai in Tiruchirappalli district to produce synthetic and synthetic-blended yarn to cater to the knitting and weaving segments. The company will also install another 40,000 ring spindles with 24 knitting machines in Paravai, Madurai district, to produce 100% cotton yarn and knitted fabrics.

Read more here.

Mahanagar Gas hikes gas prices for third time in six weeks

Mahanagar Gas Ltd has hiked the prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Friday. The basic price of CNG was increased by Rs 3.06/kg and domestic PNG by Rs 2.26 per Standard Cubic Meter (SCM) for the Mumbai Metropolitan Region. This is the third price hike in the last six weeks.

Read more here.

Shriram Properties to launch up to Rs 700 crore IPO in December

According to reports, Shriram Properties Ltd is planning a ₹600-700 crore public listing in the second week of December. The company seeks to capitalize on a rebound in demand for residential properties and heightened investor interest in the segment. Bengaluru-based Shriram Properties focuses on mid-income housing projects in south India.

Star Health and Allied Insurance Company Ltd will launch its Rs 7,250 crore IPO on November 30. Tega Industries Ltd, a leading producer of polymer-based mill liners, will open its Rs 620 crore IPO on December 1.

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SEBI seeks to ease preferential issue norms

The Securities and Exchange Board of India (SEBI) has proposed a revamp of rules on preferential share offers by relaxing pricing norms and lock-in requirements for promoters. This will make it easier for companies to raise funds through this route. SEBI has also proposed that companies must obtain a valuation report whenever there is a change in control following a preferential allotment of shares to investors.

Read more here.

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Infosys Reports 23% YoY Rise in Net Profit in Q1 – Top Indian Market News

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Infosys Q1 Results: Net profit rises 23% YoY to Rs 5,195 crore

Infosys Limited reported a 22.7% year-on-year (YoY) increase in consolidated net profit to Rs 5,195 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.3% when compared to the previous quarter. Its revenue from operations rose 17.87% YoY (or 6% QoQ) to Rs 23,665 crore during the same period. The IT company signed large deals worth $2.6 billion (~Rs 19,300 crore) in Q1. Infosys has announced plans to hire 35,000 college graduates globally in the current financial year (FY22).

Read more here.

India’s WPI inflation eases to 12.07% in June

The inflation based on the Wholesale Price Index (WPI) eased to 12.07% in June 2021, compared with 12.94% in May. There was a decline in the prices of crude oil, power, and food items last month. Inflation in manufactured products stood at 10.88% in June, compared with 10.83% in May. The inflation in food articles stood at 3.09% YoY in June, compared to 4.31% in May. The fuel and power index rose 32.83% annually in June, against an increase of 37.61% in May. The data was released by the Ministry of Commerce and Industry.

Read more here.

Zomato IPO subscribed 1.05 times on first day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 1.05 times on the first day of bidding. The IPO has received bids for 75.60 crore equity shares, compared to the issue size of 71.92 crore shares. Retail investors have subscribed 2.7 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have put in bids for 13% and 98%, respectively, against their reserved portions. The IPO closes on July 16 (Friday).

To learn more about the IPO, click here.

ITC to enter boutique lifestyle hotel segment with ‘Storii’

ITC Limited will venture into the boutique lifestyle hotel segment with a new brand— Storii. The launch is part of the company’s strategy to focus more on managing properties rather than owning them. With Storii, ITC aims to offer curated travel experiences to new-age travellers. The company revealed that its new hotel signings and openings took a hit in 2020-21 due to the Covid-19 pandemic. However, it has assured of bouncing back again as the state of affairs normalises.

Read more here.

L&T Tech Q1 Results: Net profit rises 84% YoY to Rs 216 crore

L&T Technology Services (LTTS) reported an 84% YoY increase in net profit to Rs 216.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations rose 17% YoY to Rs 1,518 crore during the same period. The company secured six deals with a total contract value (TCV) of more than $10 million (~Rs 74.5 crore) in Q1. LTTS is the engineering services arm of Larsen & Toubro.

Read more here.

CEAT to supply tyres for M&M’s new seven-seater Bolero Neo

CEAT Limited will supply its range of high-performance CZAR HP tyres for Mahindra & Mahindra’s (M&M) new seven-seater Bolero Neo SUV. The seven-seater SUV is built on third-generation chassis, shared with Scorpio and Thar. CEAT’s tyres are designed to provide better steering control and higher fuel efficiency. The company said the tyres have been optimised to perfectly complement the exceptional performance of Bolero Neo.

Read more here.

Quess Corp counters IT department, denies concealing income of Rs 880 crore

Quess Corp has denied allegations of concealing income after the Income Tax (IT) Department claimed that it had revealed undisclosed income of ~Rs 880 crore during raids of the company’s two premises in Bengaluru. “We extended full cooperation to the Department, including providing complete information in a timely manner, and have not received any claims to date,” said Quess Corp in a statement. Quess Corp said the IT Dept had conducted surveys at its registered offices during July 8-10.

Read more here.

IndiGrid acquires 100 MW solar assets from FRV for Rs 660 crore

India Grid Trust (IndiGrid) has acquired the entire stake in two solar energy assets from Fotowatio Renewable Ventures (FRV) for Rs 660 crore. The cumulative capacity of the solar assets is 100 megawatts (MW). IndiGrid has become the first infrastructure investment trust (InvIT) to acquire renewable energy assets in India. With this acquisition, IndiGrid’s asset portfolio will consist of 14 diversified projects— 40 transmission lines, 11 substations, and 100 MW solar power plants across 18 states and one Union Territory.

Read more here.

Mahanagar Gas hikes prices of CNG, domestic PNG

Mahanagar Gas Limited (MGL) has announced a hike in prices of Compressed Natural Gas (CNG) and Domestic Piped Natural Gas (PNG) for Mumbai and surrounding areas. The rate of CNG has been hiked by Rs 2.58 per kilogram, taking it up to Rs 51.98 per kg. Domestic PNG rates have been hiked by Rs 0.55 per standard cubic meter (SCM). MGL has increased prices to offset operational costs and high gas pipeline transportation costs.

Read more here.

Marico to acquire 60% stake in Apcos Naturals

Marico Limited will acquire a 60% stake in Apcos Naturals Pvt Ltd over the next two years through primary infusion and secondary buyouts. Apcos owns Just Herbs, a range of ayurvedic and organic skin and hair care products. The brand had posted sales of Rs 17.5 crore during the financial year 2020-21 (FY21). Marico will acquire a 52.4% stake in Apcos by the end of July, while the balance 7.6% stake will be bought by March 2023.

Read more here.

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Adani Ports’ Q3 Profit Rises 16% YoY to Rs 1,576 crore – Top Indian Market News

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Adani Ports Q3 Results: Net profit rises 16% YoY to Rs 1,576 crore

Adani Ports & Special Economic Zone (APSEZ) Ltd reported a 16.22% YoY increase in consolidated net profit to Rs 1,576.53 crore for the quarter ended December (Q3). Its consolidated revenue rose 12% YoY to Rs 4,274.79 crore during the same period. APSEZ’s overall cargo volume surged 37% YoY to 76 million metric tonnes (MMT) in Q3. The revenue from port operations increased by 35% YoY, while its logistics business grew by 8% YoY during the October-December period.

Read more here.

GAIL acquires IEX’s 5% stake in Indian Gas Exchange

State-owned GAIL (India) Ltd has acquired a 5% stake in Indian Gas Exchange (IGX) from its parent company, Indian Energy Exchange (IEX). It has been reported that 36.93 lakh equity shares of IGX have been sold to GAIL for a cash consideration of Rs 3.69 crore. IEX stated that the partnership between IGX and GAIL will add robust value addition in the development of gas markets in India.

Read more here.

Muthoot Finance Q3 Results: Net profit rises 17% YoY to Rs 1,006 crore

Muthoot Finance reported a 17% YoY increase in consolidated net profit to Rs 1,006.6 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 3,000.78 crore during the same period. The company’s consolidated loan assets grew by 28% YoY to Rs 55,800 crore during the nine months of 2020-21. Muthoot Finance said that its active customer base crossed 50 lakh. 

Read more here.

HFCL partners with Qualcomm for development of Wi-Fi 6 products

HFCL Limited has partnered with US-based Qualcomm Technologies for the development of Wi-Fi 6 products. WiFi 6 is the next generation of WiFi, which is compatible and complementary to 5G networks. HFCL said it is eyeing to increase its WiFi segment revenue by threefold to Rs 450 crore over the next 3 years. The company will market the co-developed products worldwide after necessary trials under its IO brand.

Read more here.

Berger Paints Q3 Results: Net profit rises 51% YoY to Rs 275 crore

Berger Paints India Ltd reported a 51.2% YoY increase in consolidated net profit to Rs 274.98 crore for the quarter ended December (Q3). Its revenue from operations rose 25% YoY to Rs 2,118.2 crore during the same period. The company has witnessed a consistent pick-up in demand for its high-margin decorative paints business. 

Read more here.

Tata Steel Q3 Results: Net profit at Rs 3,989 crore

Tata Steel Limited reported a consolidated net profit of Rs 3,989 crore for the quarter ended December (Q3). It had posted a net loss of Rs 1,228 crore in the corresponding quarter last year. The company’s revenue rose 11.5% YoY to Rs 39,594 crore in Q3 FY21. The company’s performance in Q3 was driven by higher prices, better product mix, lower exports, and operating efficiency initiatives.

Read more here.

IOB Q3 Results: Net profit at Rs 213 crore

Indian Overseas Bank (IOB) reported a net profit of Rs 213 crore for the quarter ended December. The bank has posted a net loss of Rs 6,075 crore in the corresponding quarter last year. Net interest income (NII) rose 19% YoY to Rs 1,522 crore in Q3 FY21. IOB’s gross non-performing assets (GNPA) ratio declined to 12.19%, compared with 17.12% in Q3 FY20.

Read more here.

Bharat Electronics secures order worth Rs 1,000 crore from Ministry of Defence

Bharat Electronics Ltd has signed a contract with the Ministry of Defence for the procurement of Software Defined Radio Tactical (SDR-Tac). The estimated contract value is Rs 1,000 crore. SDR-Tac is a radio system primarily used in ships. BEL will deliver the product to the Indian Navy within three years.

Read more here.

Mahanagar Gas Q3 Results: Net profit rises 16% YoY to Rs 217 crore

Mahanagar Gas Ltd (MGL) reported a 16.8% YoY increase in net profit to Rs 217.2 crore for the quarter ended December (Q3). Its revenue rose 10.4% YoY to Rs 666.4 crore during the same period. MGL has increased the price of CNG by Rs 1.50 per kg and that of domestic PNG (cooking gas) by 95 paise per unit in Mumbai. The company’s board has declared an interim dividend of Rs 9 per share.

Indoco Remedies Q3 Results: Net profit jumps 169% YoY to Rs 25 crore

Indoco Remedies reported a 169.2% YoY increase in consolidated net profit to Rs 25.1 crore for the quarter ended December (Q3). The company’s consolidated revenue rose 17.2% YoY to Rs 332.3 crore during the same period. Revenue from its international business registered a strong growth of 73% YoY in Q3. Indoco Remedies is a Mumbai-based research-oriented pharma company that has a presence in over 55 countries.

Read more here.

BPCL to sell 61.6% stake in Numaligarh refinery by March-end

Bharat Petroleum Corporation Ltd (BPCL) said it plans to complete its 61.65% stake sale in Numaligarh Refinery (NRL) to Oil India Limited and the Government of Assam by March 31. The transaction is subject to government approvals. The sale of NRL is considered to be the first step towards the disinvestment of BPCL. In the nation’s biggest privatisation till date, the Central government will sell its entire 52.98% stake in BPCL.

Read more here.

NBCC’s subsidiary secures project worth Rs 1,800 crore

NBCC (India) Ltd announced that its subsidiary, HSCC Limited, has secured a project for the upgradation of district hospitals and medical colleges in 12 districts of Rajasthan. The agreement was signed between HSCC and the Medical Education Department, Government of Rajasthan. The total cost of the project is estimated at Rs 1,800 crore.

Read more here.