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India’s Retail Inflation Eases to 4.25% in May – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation eases to a 2-year low of 4.25% in May

According to the Ministry of Statistics, India’s retail inflation has eased to a two-year low of 4.25% in May 2023, compared to 4.7% in April. Retail inflation is measured by Consumer Price Index (CPI). The Consumer Food Price Index (CFPI) also eased to 2.91% in May from 3.84 % in April. Rural inflation stood at 4.17%, while urban inflation stood at 4.27 %.

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India’s industrial production up 4.2% in April

India’s Index of Industrial Production (IIP) increased by 4.2% in April, up from 1.1% in March 2023 and down from 6.7% in April 2022. The manufacturing sector’s output grew by 4.9% in April 2023 compared to 5.6% a year ago. Power generation declined by 1.1% and mining output rose by 5.1% during the same period.

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Maharashtra Seamless prepays loans worth Rs 234 crore from internal accruals to become debt free

Maharashtra Seamless Ltd used internal accruals to make a voluntary prepayment of Rs 234 crore loan. The repayment aims to make the company debt-free. This is the second time the company has made such a prepayment in the past eight months. As of May 21, 2023, the company’s order book stands at Rs 2,063 crore.

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L&T Finance Holdings plans to expand rural business by offering personal loans

L&T Finance Holdings aims to boost its retail portfolio by offering personal loans and loans against property in rural areas. It is also reducing its wholesale lending book. The lender aims to increase the share of its retail portfolio (which has already reached 75%) to over 80% by 2026. It plans to introduce rural Loan Against Property (LAP) loans and personal loans for the spouses of women microfinance borrowers to strengthen its presence among bottom-of-the-pyramid customers.

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PTC Industries to spend ₹300 crore on capacity expansion

PTC Industries Ltd intends to allocate ₹300 crore for capacity expansion in the next few years. Its goal is to generate up to two-thirds of its revenue from the domestic defence aerospace sector in the medium term. The company specializes in engineering components for critical applications. Over the past few years, the company invested around ₹300-₹350 crore in developing technology and capabilities.

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NCLT adjourns the Wilmington Trust insolvency plea against SpiceJet

The National Company Law Tribunal (NCLT) adjourned the petition filed by aircraft lessor Wilmington Trust SP Services (Dublin) Ltd for initiating the corporate insolvency resolution process. The matter is expected to be listed on July 16. This is the third case filed by the company against the airline, with two other cases filed by Aircastle (Ireland) Ltd and Willis Lease Finance Corporation. Aircastle’s petition is listed for July 17.

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India’s domestic air passenger traffic up by 2.3% in May

According to ICRA, the domestic air passenger traffic was estimated at 131.8 lakh in May, about 2.3% higher than 128.9 lakhs in April 2023. Further, it witnessed a 15% YoY growth of about 15%, compared to May 2022. Domestic passenger traffic in May 2023 was higher by about 8% compared to the pre-Covid levels (that is, May 2019). The airlines’ capacity deployment in May 2023 was higher by 1.4%  than that of May 2022, reaching the pre-Covid levels (May 2019).

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Jaguar Land Rover plans annual investment of 3 billion pounds by FY26

Tata Motors-owned Jaguar Land Rover plans an annual investment of 3 billion pounds while targetting revenue of over 30 billion pounds by FY26. The luxury carmaker expects to have revenue of over 28 billion pounds in FY24. Under its ‘Reimagine’ strategy, JLR had aimed to become a more agile business with a simplified manufacturing operation and an ambition to achieve a positive cash net of debt by 2025.

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IndiGo co-founder’s family likely to sell stake worth up to ₹7,500 crore: Report

According to a CNBC-TV18 report, the family of IndiGo’s co-founder Rakesh Gangwal is likely to sell a 5-8% stake in the Indian airline’s parent InterGlobe Aviation Ltd, which is worth up to ₹7,500 crore. Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99%, respectively, in InterGlobe as of March 31, 2023.  Their Chinkerpoo Family Trust holds a 13.5% stake in the airline.

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PB Fintech to wipe out accumulated losses in next four years

PB Fintech, the parent firm of Policybazaar, expects to wipe out accumulated losses in the next four years on the back of revenue growth. The total revenue of the company increased from Rs 1,200 crore in FY22 to Rs 1,710 crore in FY23. A top official said the company would be Rs 400-500 crore cash positive, and there may not be any need for additional capital infusion.

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IndusInd Bank’s Net Profit Rises 50% YoY to Rs 2,040Cr – Top Indian Market Updates

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

IndusInd Bank Q4 Results: Net profit Jumps 50% YoY to Rs 2,040 crores

IndusInd Bank has reported a 50% YoY increase in net profit to Rs 2,040 crore and a Net Interest Income (NII) of Rs 4,669 crore, up 17% YoY, for Q4 FY 22-23. The bank’s net non-performing assets (NPA) ratio fell to 0.59% from 0.64% in Q4 FY22.  Its loan book grew 21% YoY to Rs 2.89 lakh crore. The bank’s board recommended a dividend of Rs 14 per equity share.

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NMDC plans to increase iron ore output by more than 21% in FY23

NMDC plans to increase iron ore production to 50 million tonnes in the current financial year (FY24), up 21% from last year. The company’s output in Q4 FY23 was its highest for a quarter, and it expects uniform production for FY24 (except for the September quarter due to monsoon rains). NMDC has iron ore mines in Chhattisgarh and Karnataka and is exploring lithium reserves in Australia, where it holds a majority stake in a mine.

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Tata Steel commences trial use of hydrogen gas in blast furnace at Jamshedpur plant

Tata Steel has begun trial injection of hydrogen gas in one of the six blast furnaces at its Jamshedpur plant in Jharkhand. The trial will continue for 4-5 days and will provide insights into operating blast furnaces with greener fuel injectants, reducing fossil fuel consumption and CO2 emissions. The trial has the potential to reduce coke rate by 10%, resulting in a 7-10% reduction in CO2 emissions per tonne of crude steel produced.

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Adani Ports starts $130 million buyback of bonds to prepay near-term debt

Adani Ports and Special Economic Zone Limited (APSEZ) is set to buy outstanding 3.375% senior notes due 2024 for $130 million in cash. The purchase will be funded through cash reserves available with the company. The move is aimed at partly prepaying the company’s near-term debt maturities and to convey its comfortable liquidity position. After the completion of this tender offer, the outstanding notes are expected to remain at $520 million.

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Infosys signs pact with Aramco to boost employee experience with AI

Infosys has signed a Memorandum of Understanding (MoU) with Saudi Aramco to collaborate on HR technology. The companies aim to bring new insights to HR data and analytics, use automation tools, and enhance employee experience through AI technologies. Infosys will also embed digital transformation practices and tools into Aramco’s HR platform to enhance the overall digital experience for employees.

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Bank of Maharashtra Q4 Results: Net profit jumps 135% YoY to Rs 840 crore

Bank of Maharashtra announced a 135% YoY jump in net profit to Rs 840 crore for the quarter ended March (Q4 FY23). Its Net Interest Income (NII) increased by over 35% YoY to Rs 2,187 crore during the same period. The bank’s net non-performing assets (NNPA) declined to 0.25%, compared to 0.47% in the same quarter last year. The bank’s board recommended a dividend of Rs 1.3 per share. 

The board also approved a capital raise of up to Rs 7,500 crore via equity and debt.

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Maharashtra Seamless receives Rs 262 crore order from ONGC 

Maharashtra Seamless has received an order from ONGC for the supply of seamless tubing pipes and accessories to be delivered to five Indian states. The company will gradually dispatch the order over 10 months. It has an annual capacity of 650,000 tonnes for seamless pipes and serves the oil and gas sector, power, automotive, and general engineering industries.

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Zydus Lifesciences gets USFDA approval for heart diseases treatment drug

Zydus Lifesciences has obtained final approval from the US Food and Drug Administration (USFDA) for Icosapent Ethyl capsules for the treatment of heart diseases. These tablets are used to reduce fat (triglyceride) levels in the blood in adult patients with severe hypertriglyceridemia. According to IQVIA data, the annual sales of Icosapent Ethyl Capsules in the United States were $1,316 million for the 12 months ended February 2023.

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Bharti Airtel partners with Secure Meters to deploy narrow band-powered smart metres in Bihar

Bharti Airtel has partnered with Secure Meters to deploy narrow band (NB-IoT) powered smart meters in Bihar, India. Under the partnership, Airtel will deploy NB-IoT services to power 1.3 million homes via a smart meter solution. The deployment is said to be India’s first NB-IoT solution on a narrow band with a fall-back option that will work on 2G and 4G. It will also ensure real-time connectivity and uninterrupted transfer of critical data.

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Singapore’s regulatory body approves HDFC Bank to acquire shares in Griha Pte

HDFC Bank has received approval from the Monetary Authority of Singapore (MAS) to acquire 20% or more stake in HDFC’s Investments-subsidiary, Griha Pte. Limited. Griha Pte is a foreign step-down subsidiary of HDFC Limited. The scheme was approved by the HDFC board and received no objection or approval letters from various Indian authorities, including the RBI, SEBI, CCI, and NCLT.

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Mankind Pharma IPO opens tomorrow

Mankind Pharma’s IPO opens tomorrow. The issue will be open till April 27th and is completely an offer for sale (OFS) of 40 million equity shares by promoters and existing shareholders. The company has set a price band of Rs 1,026-1,080 per share for the IPO. Mankind Pharma’s products span therapeutic areas ranging from antibiotics to erectile dysfunction medications.

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Tata Wins Bid to Buy Air India For Rs 18,000 crore – Top Indian Market News

Tata wins bid to buy Air India for Rs 18,000 crore

The Centre has declared Tata Group as the winning bidder for debt-laden national carrier Air India. Tata will pay Rs 18,000 crore to acquire Air India from the government, of which 15% would go to the Centre and the rest will go towards clearing debt. The transaction is expected to close by the end of December 2021. The group will also retain all Air India employees for one year and offer voluntary retirement scheme (VRS) in the second year.

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TCS Q2 Results: Net profit rises 29% YoY to Rs 9,624 crore

Tata Consultancy Services (TCS) reported a 29% YoY increase in consolidated net profit to Rs 9,624 crore for the quarter ended September (Q2 FY22). Net profit rose 6.84% when compared to the previous quarter. The IT company’s revenue from operations increased by 16.8% YoY to Rs 46,867 crore during the same period. TCS’ board has approved an interim dividend of Rs 7 per share. 

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RBI keeps repo rate unchanged at 4%

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. It is the eighth time in a row that the policy rates have been kept on hold. RBI’s projection for real GDP growth is retained at 9.5% for the current financial year (FY22). The central bank has proposed to increase the per transaction limit of Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh.

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Motherson Sumi’s board approves acquisition of 55% stake in CIM Tools

The Board of Directors of Motherson Sumi Systems Ltd (MSSL) has approved the acquisition of a 55% stake in CIM Tools Pvt Ltd. This acquisition marks MSSL’s entry into the aerospace industry. It aligns with the company’s growth strategy to venture into the non-automotive sectors as outlined in its five-year plan, Vision 2025. CIM is engaged in machining and sub-assembly of components for the aerospace industry. 

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Power Ministry’s new framework to lower electricity rates

The Ministry of Power released a framework for the implementation of market-based economic despatch (MBED) to enhance competition in the power sector and lower the cost of electricity in India. With this move, state power distribution companies (DISCOMs) will be able to plan power purchases from the day-ahead market at the power exchange (IEX). DISCOMs will also be able to meet their electricity demand from the cheapest generating sources in India. With the implementation of MBED, the ministry expects a ~5% reduction in the cost of power to consumers.

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Zydus Cadila gets tentative approval to market generic acne drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market generic Adapalene and Benzoyl Peroxide gel in the American market. The drug is used for the treatment of acne. It works by killing the bacteria that cause acne and by keeping the skin pores clean. The product will be manufactured at Zydus Cadila’s topical plant in Ahmedabad.

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Trident launches e-commerce portal “myTrident.com”

Trident Limited has launched its direct-to-consumer website, myTrident.com. The website features products from the house of Trident Group ranging from towels, bedsheets, paper, notebooks, bathrobes, rugs, cushions, and more. Customers can avail of up to 55% discount on myTrident.com. The company further plans to announce more exciting discount offers during Diwali.

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Equity mutual funds see inflows for seventh month in a row: AMFI

Inflows into equity mutual funds stabilised in September and were almost similar to August figures. Investors poured in a net Rs 8,677.41 crore into equity mutual fund schemes, compared to Rs 8,666.68 crore in August. Multi-cap funds saw the biggest inflow of Rs 3,569.45 crore, while sectoral and flexi-cap funds saw net inflows of Rs 2,000 crore each. The data was released by the Association of Mutual Funds in India (AMFI). 

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Maharashtra Seamless secures Rs 237 crore order from ONGC

Maharashtra Seamless Ltd (MSL) has secured an order worth Rs 237 crore from Oil and Natural Gas Corporation Ltd (ONGC) for the supply of seamless casings pipes. The product is widely used in high-pressure applications, including refineries, hydraulic cylinders, and oil and gas infrastructure. New Delhi-based MSL is the flagship company of the well-diversified DP Jindal Group. 

Mobikwik gets SEBI approval for Rs 1,900 crore IPO

Digital payments platform Mobikwik has received approval from the Securities and Exchange Board of India (SEBI) for its Rs 1,900 crore initial public offering (IPO). The company is expected to launch its IPO before Diwali (November 4) and is likely to fetch a valuation of $1 billion. The Gurugram-based company is among a growing list of consumer internet firms, including Paytm, Nykaa, and PolicyBazaar, that are eyeing stock market debuts this year.

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Reliance to bring 7-Eleven stores to India

Reliance Retail Ventures Limited (RRVL) has entered into a master franchise agreement with 7-Eleven Inc for the launch of 7-Eleven convenience stores in India. The first 7-Eleven store is set to open on Saturday (October 9) in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with.

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