Tag: manufacturing pmi

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Manufacturing PMI Hits 8-Month High in July – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in July

India’s manufacturing sector activity hit the highest level in eight months in July 2022, driven by significant growth in business orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in July, compared to 53.9 in June. Demand continued to advance in July on the back of easing price pressures.

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


Read more here. 

Auto sales data for July 2022: Highlights  

Maruti Suzuki India posted an 8.3% year-on-year (YoY) increase in total sales to 1,75,916 units in July 2022. Sales of its compact vehicle segment rose 17% YoY to 1,05,151 units. Exports fell 4.3% YoY to 20,311 units.

Tata Motors Ltd registered a 52% YoY increase in total sales to 78,978 units in July. The automaker’s commercial vehicle sales rose 43% YoY to 34,154 units. Overall passenger vehicle sales rose 57% YoY to 47,505 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,053 units in July, an increase of 33% YoY. M&M’s tractor sales fell 14% YoY to 23,307 units. 

Bajaj Auto posted a 4% YoY decline in total sales to 3,54,670 units in July. Meanwhile, TVS Motor Company’s total sales stood at 3,14,639 units in July, up 13% YoY.

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UPL Q1 Results: Net profit rises 29% YoY to Rs 877 crore

UPL Limited reported a 29% YoY increase in consolidated net profit to Rs 877 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 27% YoY to Rs 10,821 crore during the same period. Revenues remained firm on the back of better product realizations, favourable exchange rates, and higher volumes. EBITDA stood at Rs 2,342 crore, up 26% YoY.

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Bharti Airtel acquires 19,800 MHz spectrum in 5G auction for 43,084 crore

Bharti Airtel Ltd has acquired 19,800 megahertz (MHz) spectrum for Rs 43,084 crore in India’s first 5G spectrum auction. It secured a pan India footprint of 3.5 GHz and 26 GHz bands. The telecom company plans to launch 5G services in every part of India, starting with key cities. Airtel is convinced that its higher-quality customer base will adopt 5G devices at a rapid pace in the country.

Meanwhile, Vodafone Idea has acquired spectrum in the 3300 MHz and 26 GHz bands to deliver 5G experience to its customers and strengthen enterprise offerings.

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Zomato Q1 Results: Net loss at Rs 186 crore

Zomato Ltd reported a consolidated net loss of Rs 185.7 crore for the quarter ended June (Q1 FY23). The online delivery platform had posted a net loss of Rs 356.2 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 67.4% YoY (or 16.6% QoQ) to Rs 1,413.9 crore in Q1 FY23. Zomato’s gross order value (the total value of all orders placed online on its platform) grew 41.6% YoY to Rs 6,430 crore in Q1, with average monthly transacting customers at 16.7 million.

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Coal India’s output rises 11% in July

Coal India Ltd (CIL) produced 47.3 million tonnes (MT) of coal in July, registering a growth of 11% YoY. The state-owned company has maintained a double-digit rising streak for four consecutive months of the current financial year (FY23). CIL produced 207.1 MT of coal during April-July, recording a 24.3% YoY. The company accounts for more than 80% of domestic coal production.

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ITC Q1 Results: Net profit rises 34% YoY to Rs 4,390 crore

ITC Limited reported a 34% YoY (or 4.6% QoQ) increase in consolidated net profit to Rs 4,390 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 39% YoY to Rs 19,831.27 crore during the same period. Its FMCG segment posted a 19.5% YoY increase in revenue at Rs 4,451 crore. Revenue from ITC’s hotel segment stood at Rs 554 crore, up 332.8% YoY.

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IndusInd Bank partners with Rupyy to offer loans for used cars

IndusInd Bank has announced a strategic partnership with Rupyy– a new-age digital lending platform that offers 100% paperless loan processing. This partnership will allow users of Rupyy to avail of simplified documentation and instant processing of loans for used cars from IndusInd Bank. The bank’s customers can now opt for flexible repayment options while transacting on Rupyy.

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GST collections rises 28% to Rs 1.49 lakh crore in July

India’s Goods and Services Tax (GST) collection rose 28% YoY to touch the second-highest level of Rs 1.49 lakh crore in July 2022, driven by economic recovery and steps taken to curb tax evasion. In July, revenues from import of goods were 48% YoY higher, while revenues from domestic transactions (including import of services) were 22% YoY higher. This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the implementation of GST in 2017.

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Ramco Cements Q1 Results: Net profit falls 36% YoY to Rs 109.23 crore

The Ramco Cements Ltd reported a 36.37% YoY decline in consolidated net profit to Rs 109.23 crore for the quarter ended June (Q1 FY23). Its total income rose 44% YoY to Rs 1,785.64 crore during the same period. EBITDA fell 17% YoY to Rs 308 crore in Q1, mainly due to a sharp increase in fuel prices and weak cement prices. The company’s sold 3.31 million tonnes (MT) of cement in Q1 FY23, compared to 2.14 MT in Q1 FY22.

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Apollo Tyres gears up to meet demand from EV segment

Apollo Tyres Ltd expects electric vehicle (EV) adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments. The company has launched two tyre brands— Amperion and Wav— for electric passenger vehicles and two-wheelers, respectively. It is also looking to cater to electric models in the European market through its “Vredestein” brand.

Read more here.

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Manufacturing PMI Weakens to 53.9 in June – Top Indian Market Updates

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

Manufacturing PMI weakens to 53.9 in June

India’s manufacturing activity expanded at the slowest pace in nine months in June as high inflation rates dampened demand and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.9 in June 2022, compared to 54.6 in May. Sluggish increases in production, factory orders, and employment dragged down the PMI. 

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

Read more here.

Auto sales data for June 2022: Highlights  

Maruti Suzuki India posted a 5.76% year-on-year (YoY) increase in total sales to 1,55,857 units in June 2022. Sales of its compact vehicle segment rose 6.8% YoY to 92,188 units. Exports rose 40% YoY to 23,833 units.

Tata Motors Ltd registered an 82% YoY jump in total sales to 79,606 units in June. The automaker’s commercial vehicle sales rose 69% YoY to 37,265 units. Overall passenger vehicle wholesales rose 87% YoY to 45,197 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 26,880 units in June, an increase of 59% YoY. M&M’s exports rose 7% YoY to 2,777 units. 

Bajaj Auto posted a 0.25% YoY increase in total sales to 3,47,004 units in June.  

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Coal India registers record 29% growth in output in Q1

Coal India Ltd (CIL) registered a 29% YoY growth in output to 159.8 million tonnes (MT) in the April-June quarter (Q1) of FY23. CIL’s supplies to the power sector rose to a record 153.2 MTs during the quarter, registering a growth of 19.8% YoY. Coal output for June 2022 stood at 51.6 MT, an increase of 29% YoY.

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Engineers India signs agreement with CSIR-CSIO

Engineers India Ltd has signed an agreement with CSIR-Central Scientific Instruments Organisation (CSIO) for the joint commercialisation of an earthquake warning system. The “EqWS” system, developed by CSIR-CSIO, is being used by Delhi Metro Rail Corp since August 2015. This agreement will help both entities increase the scope of application areas such as critical infrastructures/installations.

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NTPC commissions India’s largest floating solar power project

NTPC Limited has commissioned a 100 megawatt (MW) floating solar photovoltaic (PV) plant in Ramagundam, Telangana. The project’s reservoir spans 500 acres and was built at a cost of Rs 423 crores. One floating platform and an array of 11,200 solar modules make up each block. The presence of floating solar panels also reduces the rate of water evaporation from water bodies, aiding in water conservation.

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Import duty on gold hiked to 15% to curb shipments

The Indian government has hiked import duty on gold from 10.75% to 15% in an effort to curb imports as the rupee slumped to a record low. It has also raised the basic import tax on gold from 7.5% to 12.5%. The country is currently staring at higher trade and current account deficits amidst volatile global macroeconomic conditions.

The Centre has also imposed special additional excise duty/cesses on exports of petrol and diesel at Rs 6 per litre and Rs 13 per litre, respectively. A cess of Rs 23,250 per tonne (by way of special additional excise duty) has been imposed on crude.

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JB Chemicals acquires pediatric brands from Dr. Reddy’s for Rs 98.3 crore

JB Chemicals & Pharmaceuticals Ltd has acquired four pediatric domestic formulation brands from Dr. Reddy’s Laboratories Ltd for Rs 98.3 crore. The four brands are zinc supplement Z&D, insomnia medication Pedicloryl, antibiotic Pecef, and Ezinapi (used against diaper rashes). The four brands combined had sales of Rs 33 crore in the previous financial year (FY22).

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Endurance Tech buys 51% stake in Maxwell Energy to boost foray into EV products

Auto component maker Endurance Technologies Ltd has acquired a 51% stake in Mumbai-based Maxwell Energy Systems Pvt. Ltd for Rs 135 crore. The remaining 49% stake will be purchased in a phased manner in five rounds, spread over the next five financial years. This acquisition will facilitate Endurance Tech’s foray into an electric vehicle (EV)-centric product line as an early participant to offer battery management systems (BMS) to automakers.

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Bharat Forge, subsidiary complete acquisition of JS Autocast

Bharat Forge Ltd and its subsidiary BF Industrial Solutions have completed the acquisition of Coimbatore-based JS Autocast Foundry India Pvt. Ltd for Rs 489.63 crore. JS Autocast supplies critical machined ductile castings for wind, hydraulic, off-highways, and automotive applications.

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SBI’s gold loan portfolio crosses Rs 1 lakh crore mark

State Bank of India’s gold loan portfolio has crossed the Rs 1 lakh crore mark for the first time. The bank has a 24% market share in gold loans in India. It is bullish on growth in the segment as gold provides investors a safe investment option amid rising inflation.

Read more here.

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Manufacturing PMI at 54.6 in May – Top Indian Market Updates

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

Manufacturing PMI expands in May despite high inflation rate

India’s manufacturing activity expanded in May and sustained strong growth despite historically high inflation. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.6 in May 2022, compared to 54.7 in April. Factory output was boosted by a jump in international orders, which was at the highest level in over 11 years. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

Read more here.

Auto sales data for May 2022: Highlights  

Maruti Suzuki India posted a 7.14% month-on-month (MoM) increase in total sales to 1,61,413 units in May 2022. Sales of its compact vehicle segment rose 12% MoM to 85,355 units. Exports rose 47% to 27,191 units.

Tata Motors Ltd registered a 3.1% MoM increase in total sales to 74,755 units in May. The automaker’s commercial vehicle sales rose 5.13% MoM to 31,414 units. Overall passenger vehicle wholesales rose 4.2% MoM to 43,341 units.

Mahindra & Mahindra’s auto segment posted total sales of 53,726 units in May, an increase of 15.44% MoM. M&M’s farm equipment segment posted a 12.74% YoY decline in sales to 35,722 units. 

Bajaj Auto posted an 11.23% MoM fall in total sales to 2,75,868 units in May.  

Read more here.

VA Tech Wabag gets €18 million order from Korea’s DL E&C in Russia

VA Tech Wabag Ltd has secured an order worth €18 million (~Rs 149 crore) from Korea’s DL E&C CO for a water treatment package for a EuroChem methanol production facility in Kingisepp, Russia. This order includes the design & supply, installation, and commissioning of a water treatment plant, scheduled to be completed in 15 months. The project will employ softening, ultrafiltration, and reverse osmosis technologies to treat brine water which will be reused as processed water in the facility.

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Natco Pharma launches first generic version of Nexavar tablets in US

Natco Pharma Ltd announced the launch of the first generic version of Nexavar (Sorafenib) tablets in the US market. The product will be launched by Natco Pharma’s Hyderabad-based commercial partner, Viatris. Nexavar registered sales of $69.7 million for the year ending December 2021 as per IQVIA data.

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Aditya Birla Group launches digital venture TMRW

Aditya Birla Group has announced the launch of its new direct-to-customer (D2C) entity– TMRW, which will acquire and incubate 30 brands over the next three years. The digital venture will also enable multiple founders to operate within a synergistic platform. TMRW will also tap into the capabilities and networks of the Aditya Birla Group and Aditya Birla Fashion and Lifestyle ecosystems.

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Yes Bank shortlists JC Flowers as its ARC partner: Report

As per a CNBC-TV18 report, Yes Bank has shortlisted US-based private equity firm JC Flowers as its joint venture (JV) partner for its proposed asset reconstruction company (ARC). It is the second attempt by the bank to set up its own ARC after the Reserve Bank of India (RBI) turned down its earlier proposal in March 2021. As per the latest proposal, Yes Bank would hold a minority 20% stake in the proposed ARC. The remaining 80% stake would be held by its foreign JV partner.  

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Vodafone Idea launches AdTech platform Vi Ads

Telecom operator Vodafone Idea announced the launch of its ad-tech platform Vi Ads. The artificial intelligence/machine learning (AI/ML) driven Adtech platform will provide marketers a return on investment (ROI)-focussed programmatic media buying platform. Vi Ads will enable marketers to engage with the operator’s over 243 million subscribers through multiple channels.

IT dept conducts searches in premises linked to Embassy Group

The Income Tax (IT) Department has conducted searches across premises linked to real estate developer Embassy Group in Bangalore, Gurgaon, and Mumbai for alleged tax evasion. The searches have been reportedly conducted across ~50 offices of Embassy Group and its affiliates.

The IT Dept is also searching premises of Indiabulls Real Estate in Mumbai’s Bandra-Kurla Complex (BKC) and Gurgaon area in the backdrop of its upcoming merger with Embassy.

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Manufacturing PMI Rises to 54.7 in April – Top Indian Market News

Manufacturing PMI rises to 54.7 in April

India’s manufacturing activity picked up marginally in April after decelerating to a six-month low in March. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.7 in April 2022, compared to 54 in March. Input costs rose to their fastest pace since November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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Adani Wilmar Q4 Results: Net profit falls 26% YoY to Rs 234.3 crore 

Adani Wilmar Ltd reported a 25.6% YoY decline in consolidated net profit to Rs 234.3 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.2% YoY to Rs 14,960.4 crore during the same period. The company’s total expenses increased by 40% YoY to Rs 14,726.7 crore in Q4.

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Power Grid to acquire IL&FS Energy Development Company’s stake in CPTCL

Power Grid Corporation India Ltd (PGCIL) will purchase IL&FS Energy Development Company Ltd’s (IEDCL) equity shareholding in Cross Border Power Transmission Company Ltd (CPTCL). PGCIL’s board has cleared the proposal for the purchase of 77,30,225 equity shares of IEDCL in CPTCL. Currently, Power Grid owns a 26% stake in CPTCL, while IEDCL holds a 38% stake.

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HDFC Q4 Results: Net profit rises 16% YoY to Rs 3,700  crore

HDFC Limited reported a 16.4% YoY increase in net profit to Rs 3,700 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 14% YoY to Rs 4,601 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] Its loan book grew 14% YoY to Rs 5.55 lakh crore, driven by lending to affordable housing and high-end properties. HDFC’s board has declared a dividend of Rs 30 per share for FY22.

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Vodafone Idea partners with ICRIER to set up telecom centre of excellence

Vodafone Idea Ltd has partnered with Indian Council for Research on International Economic Relations (ICRIER) to set up a telecom Centre of Excellence. The centre has been named InViCT (ICRIER & Vodafone Idea Centre for Telecom). It will provide a common platform to facilitate the development of a coordinated policy response to emerging technology and business trends for India’s telecom sector.

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Britannia Industries Q4 Results: Net profit rises 5% YoY to Rs 378 crore

Britannia Industries Ltd reported a 4.96% YoY increase in consolidated net profit to Rs 377.95 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.4% YoY to Rs 3,550.45 crore during the same period. The FMCG major’s operating profit stood at Rs 549.68, up 9% YoY. Its board has declared a dividend of Rs 56.5 per share.

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Mahindra Holidays Q4 Results: Net profit at Rs 16.25 crore

Mahindra Holidays & Resorts India Ltd reported a consolidated net profit of Rs 16.25 crore for the quarter ended March (Q4 FY22). It had posted a loss of Rs 10.17 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 16.58% YoY to Rs 542.58 crore in Q4 FY22. Its resort occupancies stood at 77% in Q4.

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Route Mobile to acquire Teledgers’ blockchain, DLT platform for Rs 130 crore

Route Mobile Ltd (RML) will acquire the artificial intelligence-based blockchain and distributed ledger technology (DLT) platform of Teledgers Technology for ~Rs 130 crore. The acquisition will enable Route Ledger (a subsidiary of RML) to offer DLT and encrypted messaging solutions to mobile network operators. Route Mobile intends to enable telecom operators & enterprises with DLT Platform across Latin America, the Middle East, Africa, and Asia-Pacific.

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LIC IPO’s Rs 5,630 crore anchor book oversubscribed: Report

According to a CNBC-TV18 report, LIC IPO’s Rs 5,630 crore anchor book saw an overwhelming response and was oversubscribed. Earlier reports stated that Goldman Sachs, Morgan Stanley, Nomura, Singapore’s GIC Pte, Norway’s sovereign wealth fund, and SBI Mutual Fund would be among those who may bid for the LIC’s anchor book.

Auto sales data for April 2022: Highlights  

Maruti Suzuki India posted a 5.6% year-on-year (YoY) decline in total sales to 1,50,661 units in April 2022. Sales of its compact vehicle segment fell 21.6% YoY to 76,321 units. Exports rose 6.8% to 18,413 units.

Tata Motors Ltd registered a 73% YoY increase in total domestic sales to 72,468 units in April. The automaker’s commercial vehicle sales rose 87% YoY to 30,838 units. Overall passenger vehicle wholesales rose 66% YoY to 41,587 units.

Mahindra & Mahindra’s auto segment posted total sales of 54,640 units in April, an increase of 25% YoY. M&M’s farm equipment segment posted a 49% YoY fall in sales to 40,939 units. 

Hero Motocorp posted a 12.45% YoY increase in total sales to 4,18,622 units in April.  

Read more here.

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UPL Approves Rs 1,100 crore Share Buyback Plan – Top Indian Market News

UPL approves Rs 1,100 crore share buyback plan

The Board of Directors of UPL Limited has approved a proposal to buy back equity shares worth Rs 1,100 crore. The company will buy back 1.26 crore equity shares (or 1.65% of the total paid-up capital) at Rs 875 per share through the open market. The maximum buyback price represents a 26.85% premium to Wednesday’s closing price.

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India’s manufacturing PMI rises to 54.9 in February

India’s manufacturing activity recovered in February after decelerating to a four-month low in January. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.9 in Feb 2022, compared to 54 in January. Output levels and new orders expanded at a stronger pace last month. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

Read more here. 

Dalmia Bharat consolidates its India refractory businesses under single entity

Dalmia-OCL, the refractory business of the Dalmia Bharat Group, announced the merger of all its domestic businesses into a single consolidated entity— Dalmia Bharat Refractories Ltd (DBRL). Dalmia Refractories Ltd, Dalmia Cement Bharat Ltd – Refractory Unit, and GSB India will transition into DBRL. The consolidation is aimed at strengthening DBRL’s financial standing, increasing its investment capabilities, and expanding its talent base.

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TCS secures deal from CEMEX for digital transformation project

Mexico-based CEMEX has selected Tata Consultancy Services (TCS) to accelerate its digital transformation and improve employee experience for more than 40,000 people worldwide. TCS will help drive CEMEX’s global ‘Working Smarter’ initiative that aims to adapt to evolving market needs and improve business agility. The IT firm will work closely with CEMEX over the next seven years to achieve its vision with a digitally-enabled smart workplace.

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Infosys onboards 12 lakh people for its digital learning initiative

IT services firm Infosys Ltd has onboarded 12 lakh people for Infosys Springboard, its flagship digital reskilling program. Infosys Springboard has partnered with over 700 educational institutions and departments of the State Governments of Karnataka, Maharashtra, and Uttar Pradesh to realise this vision. This move will help Infosys make sustained progress on its commitment to digitally reskill more than 1 crore people by 2025.

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Tata Consumer Products looks to ramp up workforce by 8-10%

Tata Consumer Products Lyd is looking to ramp up its workforce by 8-10% this year. The FMCG company currently has around 3,300 employees on its rolls. It will be ramping up talent across functions, including marketing, digital and technology, sourcing, and commercial areas of business.

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HCL Tech opens Center of Excellence with IBM

HCL Technologies Ltd has opened a Center of Excellence (CoE) with US-based multinational technology corporation IBM. The CoE will help communication service providers modernize their network infrastructure and simplify operations. The center is a virtual hub to develop offerings designed to help clients in the telecom industry to transform their network.

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Religare Enterprises to create war chest for new business ventures

Religare Enterprises Ltd (REL) is setting up a war chest (or a reserve of funds) for venturing into new businesses. The financial services provider has announced plans to enter new strategic sectors, including asset reconstruction, alternate investment funds, and insurance broking. REL also said it has become debt-free by repaying Rs 185.5 crore that it owed to its subsidiary Religare Finvest Ltd.

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Maruti Suzuki records marginal rise in production in Feb

Maruti Suzuki India Ltd reported a marginal increase in production in February 2022. The automaker reported total production of 1,69,692 units in February, compared to 1,68,180 units in the same month last year. Its passenger vehicle production stood at Rs 1,65,672 units, compared to 1,65,783 units in February last year. The shortage of electric components has a minor impact on production.

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Petrol, diesel price hikes likely to restart from next week

Petrol and diesel price hikes are likely to resume after state elections get over next week. Fuel rates could see a hike of up to Rs 9 per litre to bridge the gap created by international crude oil prices surging past $100 a barrel. Global crude oil prices shot above $110 per barrel for the first time since mid-2014. This is due to fears that oil and gas supplies from Russia could be disrupted due to its ongoing conflict with Ukraine and retaliatory sanctions.

Read more here.

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India’s Manufacturing PMI Rises to 57.6 in November – Top Indian Market News

India’s manufacturing PMI rises to 57.6 in November 

India’s manufacturing activity expanded for the fifth straight month in November. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.6 in November, compared to 55.9 in October. Factory orders rose at the fastest pace since February. Strong demand led to higher production volumes, and output rose at the fastest rate in nine months. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

Read more here. 

Auto sales data for November 2021: Highlights  

Maruti Suzuki India posted a 0.61% month-on-month (MoM) increase in total sales to 1,39,184 units in November 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment fell 9.25% MoM to 24,574 units. Exports stood at 21,393 units, an increase of 0.3% MoM.

Tata Motors Ltd registered a 12.22% MoM decline in passenger vehicle sales to 29,778 units in November. The automaker’s commercial vehicle sales fell 4.43% MoM to 32,245 units. Overall domestic sales declined 12.18% MoM to 58,073 units.   

Mahindra & Mahindra’s auto segment posted total sales of 40,102 units in November, a decline of 4.3% over October. M&M’s farm equipment segment posted a 41% fall in sales to 27,681 units. 

Bajaj Auto Ltd posted a 13.7% MoM decline in total sales to 3,79,276 units. Meanwhile, Escorts posted a 47.3% MoM fall in tractor sales to 7,116 units in November.  

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Tata Power secures India’s largest solar and battery project worth Rs 945 crore

Tata Power Solar Systems Ltd (TPSSL) has secured a project from Solar Energy Corporation of India (SECI) to build a 100 megawatt (MW) EPC solar project, along with a 120 MWh utility-scale Battery Energy Storage System. The total contract value of the project is approximately Rs 945 crore. The project will be completed within 18 months. TPSSL is a wholly-owned subsidiary of Tata Power Company Ltd.  

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Royal Enfield partners with Belstaff for exclusive range of apparel

Royal Enfield, a subsidiary of Eicher Motors Ltd, has partnered with British brand Belstaff to market an exclusive range of apparel. With this collaboration, Royal Enfield aims to write a new chapter in the brand history that celebrates the spirit of riding. The limited-edition Belstaff Capsule collection launches today in India and will be available exclusively on the company’s online store and dealerships.

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Zen Tech reports fire accident at its demonstration center

Zen Technologies Ltd announced that there was a fire accident around 10:00 PM (IST) on November 30 night at its demonstration center located at Maheshwaram Hardware Park in Telangana. There were no casualties. The facility is insured, and the financial damage is currently being accessed. Operations are expected to resume within a couple of days, and no impact is expected on any ongoing projects.

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NCLAT rejects Kotak Mahindra Bank’s plea to set aside insolvency proceedings against MSEL

The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Kotak Mahindra Bank along with a director of debt-ridden McNally Sayaji Engineering Ltd (MSEL) to set aside insolvency proceedings against MSEL. On February 11, 2021, the Kolkata bench of the National Company Law Tribunal (NCLT) admitted a plea by ICICI Bank and directed to initiate insolvency proceedings against MSEL.

Kotak Mahindra Bank had contended that it had advanced loans to MSEL, and NCLT has failed to appreciate that more than 50% of members of the lenders’ consortium had opposed initiation of the corporate insolvency resolution process (CIRP), as they were considering a restructuring of loan outside the IBC.

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Sapphire Foods expects to double store count in next 3-4 years

Sapphire Foods India Ltd said it expects to turn profit after tax (PAT) positive in the third quarter (Q3 FY22) and double its store count in the next 3-4 years. The company’s CEO, in a press statement to mark the 500th store opening, said Sapphire Foods has seen a healthy recovery in dine-in sales alongside a continued acceleration in delivery sales.  The positive metrics translated into positive same-store sales growth in both October and November 2021 compared to the pre-Covid calendar. 

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Biocon enters Dow Jones Sustainability Index in Emerging Markets category

Biocon Ltd has been selected for the Dow Jones Sustainability Index (DJSI) in the Emerging Markets (EM) category for its Environmental, Social, and Governance (ESG) practices. It is among the top 15 companies from India, and one of the 12 companies from the pharmaceuticals, biotechnology, and life sciences sectors to be featured in the index for 2021.

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Gross GST collection in November crosses Rs 1.31 lakh crore

The gross Goods & Services Tax (GST) revenue collected in November 2021 was Rs 1,31,526 crore, the second-highest ever since the introduction of GST. The revenues for November are 25% higher than the GST revenues in the same month last year. The Finance Ministry said that the recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance.

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Tata Motor’s Net Loss Widens to Rs 4,441 crore in Q2 – Top Indian Market News

Tata Motors Q2 Results: Net loss widens to Rs 4,441 crore

Tata Motors Ltd reported a consolidated net loss of Rs 4,441.6 crore for the quarter ended September (Q2 FY22). The automaker had reported a net loss of Rs 314.5 crore in the corresponding quarter last year and a net loss of Rs 4,451 crore in Q1 FY22. Its revenue from operations rose 14.7% YoY to Rs 61,378.8 crore in Q2 FY22. Its India business reported a 91% YoY rise in revenues, while Jaguar Land Rover (JLR) posted an 11.1% YoY fall in net sales.

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India’s manufacturing PMI rises to 55.9 in October

India’s manufacturing activity expanded for the fourth straight month in October. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.9 in October, compared with 53.7 in September. New orders continued to expand in October as a result of improved market conditions, rising requirements among clients, and successful marketing. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

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Auto sales data for October 2021: Highlights 

Maruti Suzuki India posted a 60% month-on-month (MoM) increase in total sales to 1,38,335 units in September 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment and exports rose 46% and 21.3%, respectively.   

Tata Motors Ltd registered a 32% MoM decline in passenger vehicle sales to 25,730 units in October. The automaker’s commercial vehicle sales increased 1.2% MoM to 33,674 units. Overall domestic sales rose 16.3% MoM to 65,151 units.  

Mahindra & Mahindra’s auto segment posted total sales of 41,908 units in October, a growth of 49% over Sept. M&M’s farm equipment segment posted a 16% rise in sales to 47,017 units.

Bajaj Auto Ltd posted a 9.35% MoM increase in total sales to 4,39,615 units. Meanwhile, Escorts posted a 53.28% MoM rise in tractor sales to 13,514 units in October. 

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IRCTC Q2 Results: Net profit jumps 386% YoY to Rs 158 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 386% YoY jump in net profit to Rs 158.5 crore for the quarter ended September (Q2 FY22). Net profit increased 92% compared to the previous quarter. Its revenue from operations jumped 357% YoY to Rs 405 crore during the same period. IRCTC’s internet ticketing segment posted a 355.32% YoY increase in revenue to Rs 265.3 crore in Q2.

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TCS expands partnership with Malaysia-based Celcom for digital transformation

Tata Consultancy Services (TCS) is expanding its partnership with Celcom Axiata Berhad to transform its core business support systems (BSS) using TCS HOBS and TCS TwinX hosted on Microsoft Azure. Celcom is a leading telecommunications provider in Malaysia. TCS will enable Celcom to further enhance its digital and platform positioning through advanced digital capabilities like artificial intelligence (AI)-driven business simulations.

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HDFC Q2 Results: Net profit rises 32% YoY to Rs 3,780 crore

Housing Development Finance Corp (HDFC) reported a 32% YoY increase in net profit to Rs 3,780.5 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 4.1% YoY to Rs 12,215.95 crore during the same period. HDFC’s assets under management stood at Rs 5.97 lakh crore in Q2 FY22, compared to Rs 5.40 lakh crore in Q2 FY21.

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RBI appoints Bandhan Bank as Agency Bank to conduct govt business

The Reserve Bank of India (RBI) has appointed Bandhan Bank as an Agency Bank to conduct government business. The bank will now be authorised to handle transactions related to Goods & Services Tax (GST), Value Added Tax (VAT), and the collection of state taxes. Bandhan Bank can also look after the collection of stamp duty and pension payments on behalf of central and state governments. 

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Bajaj Consumer Q2 Results: Net profit falls 18% YoY to Rs 46 crore

Bajaj Consumer Care Ltd reported an 18.3% YoY decline in consolidated net profit to Rs 46.5 crore for the quarter ended September (Q2 FY22). Net profit fell 4.89% compared to the previous quarter. Its revenue from operations fell 4.7% YoY to Rs 216.18 crore during the same period. EBITDA stood at Rs 48.7 crore in Q2, a decline of 21% YoY (or 7% QoQ).

GST collection surges to Rs 1.3 lakh crore in October, second-highest ever

The Central government collected Rs 1,30,127 crore from Goods and Services Tax (GST) during October 2021, the second-highest since the implementation of the tax in 2017. It indicates a strong trend of the ongoing economic recovery in the second half of the financial year. The GST revenues for October are 24% higher than the revenues collected in the same month last year.

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Devyani International Q2 Results: Net profit at Rs 46 crore

Devyani International Ltd reported a consolidated net profit of Rs 46.6 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 65.5 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations jumped 124% YoY to Rs 516.1 crore in Q2 FY22. KFC revenues surged 141% YoY and Pizza Hut revenues were up 111% YoY during the quarter.

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Manufacturing PMI Rises to 53.7 in September – Top Indian Market News

Manufacturing PMI rises to 53.7 in September 

India’s manufacturing activity expanded for the third straight month in September. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.7 in September, compared with 52.3 in August. Companies benefited from strengthening demand conditions amid the easing of Covid-19 restrictions. However, the increase in fuel, raw material, and transportation prices pushed the overall rate of input cost inflation to a five-month high. 

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

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Auto sales data for September 2021: Highlights

Maruti Suzuki India posted a 34% month-on-month (MoM) decline in total sales to 86,380 units in September 2021. The fall in sales is mainly due to the global semiconductor shortage. Sales from its utility vehicle segment and exports fell 43% and 14.8%, respectively.  

Tata Motors Ltd registered an 8.16% MoM decline in passenger vehicle sales to 25,370 units in September. The automaker’s commercial vehicle sales increased 11.6% MoM to 33,258 units. Overall domestic sales rose 9.16% MoM to 59,156 units. 

Mahindra & Mahindra’s auto segment posted total sales of 28,112 units in September, a decline of 8% over August. M&M’s farm equipment segment posted an 89% rise in sales to 40,331 units.   

Bajaj Auto Ltd posted a 7.7% MoM increase in total sales to 4,02,021 units. Meanwhile, Escorts posted a 54.8% MoM rise in tractor sales to 8,816 units in September.

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Natco Pharma launches Everolimus tablets in the US

Natco Pharma Ltd’s marketing partner, Breckenridge Pharmaceutical Inc., has launched Everolimus tablets 10mg in the US market. The drug is indicated for the treatment of certain types of cancers, tumors, and seizures. According to industry sales data, the generic version of the drug generated annual sales of $392 million (~Rs 2,905 crore) during the twelve months ended July 2021.

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Ipca Labs’ US arm acquires further 20% stake in Bayshore Pharma

Ipca Pharmaceuticals Inc., USA has acquired an additional 20% share capital of New Jersey-based Bayshore Pharmaceuticals LLC. The consideration paid for acquiring the stake is $1.2 million (~Rs 8.90 crore). With this acquisition, Bayshore Pharma is now a wholly-owned subsidiary of lpca Pharmaceuticals Inc, USA. The company will continue to commercialise registered generic drug products in the US market through Bayshore.

IEX power market grows 59% in September

Indian Energy Exchange (IEX) traded 8,997 mega unit (MU) electricity volume in September 2021, achieving a 59% YoY growth. The electricity market registered a 57% YoY growth in volumes to 25,857 MU for the quarter ended September (Q2 FY22). The day-ahead market traded 6,418 MU volume in September, with the average monthly price at Rs 4.4 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 193 MU during the same month, recording 81% YoY growth.

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NMDC targets 47 MT iron ore production in FY22

NMDC Limited is aiming to achieve 47 million tonnes (MT) of iron ore production during the current financial year (FY22). The state-owned company will also spend Rs 3,720 crore on capital expenditure. NMDC’s total production in September 2021 stood at 2.69 million tonnes, compared to 1.83 MT in September 2020. Its sales increased by 29% YoY to 2.73 MT in September 2021.

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VST Tillers Tractors signs pact with US-based Zimeno

VST Tillers Tractors Ltd (VTTL) has entered into a master service agreement with US-based Zimeno, Inc to develop an integrated tractor powertrain for Zimeno’s electric tractor. VTTL is a leading farm mechanisation player in India, with a dominant market share in the power tiller segment (54% as of FY21). The company also has a market share of 10% in the compact tractor segment.

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Ambuja Cements begins commercial production at Marwar plant

Ambuja Cements Ltd has commenced commercial production of clinker and cement at its Marwar greenfield plant in Nagaur, Rajasthan. The investment for this project is around Rs 2,350 crore. The plant will increase Ambuja Cement’s clinker capacity by 3 million tonnes per annum (MTPA) and cement sales by 5 MTPA. The plant has a Waste Heat Recovery System (WHRS) that converts waste heat derived during the production process into energy.

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Oyo files DRHP to raise over Rs 8,000 crore via IPO

Hotel-booking startup Oyo Hotels & Homes has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 8,430 crore ($1.1 billion) via an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 7,000 crore and an offer for sale (OFS) of Rs 1,430 crore. According to CB Insights, the startup was last valued at ~$9 billion (~Rs 66,720 crore), making it India’s third most valuable startup. The company is expected to list on the Indian stock exchanges by early next year.

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Tech Mahindra to acquire Germany-based BERIS consulting GmbH

Tech Mahindra GmbH will acquire a 100% stake in BERIS consulting GmbH for a cash consideration of €7 million (~Rs 60.2 crore). BERIS is headquartered in Wolfsburg, Germany, and has about 125+ employees. The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry.

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Manufacturing PMI Falls to 52.3 in August – Top Indian Market News

Manufacturing PMI falls to 52.3 in August

Manufacturing activity in India fell in August as a result of Covid-induced curbs and rising input costs. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 52.3 in August, compared with 55.3 in July. However, manufacturing production and new orders increased for the second straight month in August, but at a softer pace. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

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Auto sales data for August 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 19.2% month-on-month (MoM) decline in total sales to 1.30 lakh units in August 2021. Sales from its utility vehicle segment and exports fell 24.5% and 2.8%, respectively. 

Tata Motors Ltd registered a 7.1% MoM decline in passenger vehicle sales to 28,018 units in August. The automaker’s commercial vehicle sales increased 25% MoM to 29,791 units. Overall domestic sales rose 4.2% MoM to 54,190 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 15,973 units in August, a decline of 24% over July. M&M’s farm equipment segment posted a 21.5% decline in sales to 21,360 units.  

Bajaj Auto Ltd posted a 1.1% MoM increase in total sales to 3.73 lakh units. Meanwhile, TVS Motor Company posted a 4.2% MoM rise in total sales to 2.90 lakh units in August.

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Equitas SFB launches digital fixed deposits on Google Pay 

Equitas Small Finance Bank (SFB) will now enable users to open fixed deposits (FDs) on Google Pay. The deposits in Equitas SFB are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year. On maturity, the proceeds will automatically go to the user’s existing Google Pay linked bank account. Recently, US tech giant Google had partnered with fintech startup Setu to allow users to open FDs through its digital wallet platform.

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IEX power market reports highest-ever monthly volume in August

The electricity market at the Indian Energy Exchange (IEX) achieved a record all-time high monthly volume of 9,538 million units (MUs) in August, a growth of 74% YoY. The day-ahead market traded 6,649 MU volume (with the average price of electricity at Rs 5.06 per unit), recording a 48 % YoY growth. The term-ahead market comprising intra-day, contingency, daily & weekly contracts recorded a 401% YoY growth in trading volumes at 617 MU during the same month.

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Minda Corp to acquire 26% stake in charging solutions startup EVQPOINT

Minda Corporation Ltd, through its subsidiary Spark Minda Green Mobility Solutions, has entered into definitive agreements for acquiring a 26% stake in charging solutions startup EVQPOINT Solutions. This investment will make Spark Minda EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. The strategic partnership will position Spark Minda to capitalise on the accelerating shift to electric mobility and further boost its position as a one-stop shop for comprehensive charging solutions for EVs.

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EPL partners with Colgate-Palmolive to create recyclable toothpaste tubes

EPL Limited (formerly known as Essel Propack Ltd) has partnered with Colgate-Palmolive India to produce recyclable toothpaste tubes in India. This first set of recyclable tubes is the starting point for converting to 100% recyclable tubes for Colgate-Palmolive. EPL has innovated a first-of-a-kind Recyclable Platina Tubes for the oral care brand, keeping in mind superior functionality and no compromise on key product attributes and value.

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Ramco Systems partners with Draken International

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 across Draken International’s global operations in the US. Draken International is a leading provider of tactical fighter aircraft for contract adversary air (ADAIR) services to the defense industry. Ramco Aviation Software will offer a one-stop solution for managing Draken’s global operations and support its rapid expansion plans.

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Hindustan Zinc extends shutdown of roaster at Rajasthan’s Chanderiya smelter

Hindustan Zinc Ltd (HZL) has extended the planned shutdown of one of the roasters at Chanderiya lead-zinc smelter in Rajasthan. The shutdown is required for the repair and overhaul of major structural components to avoid operational risks in the future. HZL said the shutdown would result in a production loss of 25,000 tonnes of zinc. The company expects the roaster to come back to operation by the mid of next month.

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BHEL secures order worth Rs 10,800 crore from NPCIL

Bharat Heavy Electricals Ltd (BHEL) has received its largest-ever order worth Rs 10,800 crore from Nuclear Power Corporation of India Ltd (NPCIL). The order includes the engineering, procurement, and construction (EPC) of a Turbine Island for six units of 700-megawatt electric (MWe). Four units of 700 MWe will be established at Gorakhpur, Haryana, and two units of 700 MWe at Kaiga in Karnataka.

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GMR Group to invest Rs 520 crore in Hyderabad Airport metro link project 

GMR Group, which operates the Rajiv Gandhi International Airport (RGIA) in Hyderabad, will invest Rs 519.52 crore by 2024 in a metro rail link project for connectivity across the city. The Rs 5,000 crore project proposed by the Telangana government will span 31 kilometers in total. The metro rail link project will be extended to RGIA to create accessibility for people living in different areas of Hyderabad.

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Vedanta announces interim dividend of Rs 18.5 per share

The Board of Directors of Vedanta Ltd has approved an interim dividend of Rs 18.5 per share for the financial year 2021-22, amounting to Rs 6,877 crore. The record date for the purpose of payment of the dividend is September 9. Vedanta Ltd is one of the world’s leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia.

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Manufacturing PMI Recovers to 3-Month High – Top Indian Market News

Manufacturing PMI recovers to 3-Month high in July

Manufacturing activity in India expanded after a month in July as local lockdowns imposed to curb the second wave of the Covid-19 pandemic eased. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in July, compared with 48.1 in June. This is the fastest pace of growth in three months. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. 

Meanwhile, India’s unemployment rate fell to 6.95% in July, compared to 9.17% in the previous month.  

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HDFC Q1 Results: Net profit falls 1.7% YoY to Rs 3,001 crore

Housing Development Finance Corp (HDFC) reported a 1.69% YoY decline in standalone net profit to Rs 3,001 crore for the quarter ended June (Q1 FY22). Net profit has declined by 5.6% when compared to the previous quarter. Its net interest income (NII) grew 22.2% YoY (or 2% QoQ) to Rs 4,147 crore during the same period. HDFC’s assets under management (AUM) rose 8% YoY to Rs 5.74 lakh crore in Q1.

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Auto sales data for July 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 10.2% month-on-month (MoM) increase in total sales to 1.62 lakh units in July 2021. Sales from its utility vehicle segment and exports grew 26.6% and 24%, respectively.

Tata Motors Ltd registered a 25% MoM increase in passenger vehicle sales to 30,185 units in July. The automaker’s commercial vehicle sales increased 8% MoM to 23,848 units. Overall domestic sales rose 19% MoM to 51,981 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 21,046 units in July, an increase of 24.43% over June. M&M’s farm equipment segment posted a 43.53% decline in sales to 27,229 units. 

Two and three-wheeler manufacturer TVS Motor Company posted a 10.7% MoM increase in total sales to 2.78 lakh units. Meanwhile, Hero MotoCorp posted a 3% MoM decline in total sales to 4,54 lakh units in July.

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Emami Q1 Results: Net profit rises 96% YoY to Rs 77.79 crore 

Emami Ltd reported a 96.4% YoY increase in consolidated net profit to Rs 77.79 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 37.3% YoY to Rs 660.95 crore during the same period. Net profit and revenues have declined by 11.3% and 9.6%, respectively, when compared to the previous quarter. The FMCG company’s EBITDA grew 38% YoY to Rs 170 crore in Q1.

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Ambuja Cements to invest Rs 310 crore to expand Ropar unit in Punjab

Ambuja Cements Ltd will invest Rs 310 crore to expand the production capacity of its plant at Ropar, Punjab. This investment is part of the company’s aim to have a total cement capacity of 50 million tonnes per annum (MTPA) in the mid-term. The expansion of the Ropar plant is expected to be completed by June 2023. The total capacity of the cement grinding unit will increase from 3 MTPA to 4.5 MTPA.

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Punjab National Bank Q1 Results: Net profit jumps 232% YoY to Rs 1,023 crore

Punjab National Bank (PNB) reported a 232% YoY jump in standalone net profit to Rs 1,023 crore for the quarter ended June (Q1 FY22). Net profit has increased by 75% when compared to the previous quarter. Its net interest income (NII) rose 6.5 % YoY to Rs 7,226 crore during the same period. The gross non-performing assets ratio (GNPA) increased to 14.33% in Q1 FY22, compared to 14.12% in Q4 FY21.

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ABB India partners with Audi to provide charging solutions

ABB India Limited has announced a partnership with Audi India to provide charging solutions for the automaker’s fully electric ‘e-tron’ range. The newly launched Audi e-tron and Audi e-tron Sportback will be offered with ABB India’s Terra AC wall-box charger for smart charging at home. The Terra AC wall-box charger is capable of delivering 11 kilowatts (kW) power to the Audi e-tron and companies with all safety standards and necessary certifications.

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Varun Beverages Q2 Results: Net profit jumps two-fold to Rs 319 crore

Varun Beverages Ltd (VBL) reported a 123% YoY jump in consolidated net profit to Rs 318.8 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 49.4% YoY to Rs 2,449.85 crore during the same period. The total sales volume increased by 45.4% YoY to 152.3 million cases in Q2 CY21. VBL’s board has recommended an interim dividend of Rs 2.5 per share.

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Policybazaar files DRHP to raise Rs 6,017 crore via IPO

PB Fintech has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 6,017 crore via an initial public offering (IPO). It is the parent company of Policybazaar and Paisabazaar. The IPO will consist of a fresh issue of shares aggregating to Rs 3,750 crore and an offer for sale (OFS) by existing promoters, aggregating to Rs 2,267 crore. Policybazaar is one of India’s largest online insurance marketplaces.

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RBL Bank Q1 Results: Net loss at Rs 459 crore

RBL Bank reported a net loss of Rs 459 crore for the quarter ended June (Q1 FY22). The private sector lender had posted a net profit of Rs 141 crore in Q1 FY21. Its net interest income fell 7% YoY to Rs 1,041 crore in Q1 FY22. [NII is the difference between the interest income a bank receives on loans and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio increased to 4.99% in Q1 FY22, compared to 4.34% in Q4 FY21 (previous quarter). 

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Manufacturing PMI Contracts for First Time in 11 Months – Top Indian Market News

Manufacturing PMI contracts for the first time in 11 months in June

Manufacturing activity in India contracted for the first time since July 2020 amidst disruptions caused due to the second wave of the Covid-19 pandemic. A decline in orders, business closures, and the Covid-19 crisis triggered a sharp fall in output among Indian manufacturers in June 2021. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 48.1 in June, compared with 50.8 in May. PMI is a month-on-month calculation, and a value of below 50 represents a contraction when compared to the previous month.

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Dr Reddy’s denied approval for Phase 3 trial of Sputnik Light in India

The Subject Expert Committee (SEC) of the Central Drugs Standard Control Organisation (CDSCO) has denied permission to Dr Reddy’s Laboratories to conduct the Phase-3 trials for the Sputnik Light Covid-19 vaccine in India. Reports suggest that the immunogenicity data related to Sputnik Light were not so great, and the SEC did not find any scientific rationale for conducting further trials. Sputnik Light was developed by the Russian Ministry of Health and Gamaleya Research Institute. The vaccine is yet to be approved in India.

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Auto sales data for June 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India Ltd, posted a 217% month-on-month (MoM) jump in total sales to 1.47 lakh units in June. It had sold only 46,555 units in May. The company’s mini & compact vehicles segment and utility vehicle segment registered a strong rebound in sales growth.

Tata Motors Ltd registered a 78% MoM increase in domestic sales to 43,704 units in June 2021. The automaker’s passenger vehicle division posted a 59% MoM rise in sales to 24,110 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,964 units in June, an increase of 89% over May. M&M’s farm equipment segment posted a two-fold jump in sales to 48,222 units.

Two-wheeler manufacturer Bajaj Auto posted a 27.3% MoM increase in total sales to 3.46 lakh units. However, the company’s two-wheeler exports declined by 14% MoM to 1.54 lakh units.

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TCS expands partnership with Royal London to transform pensions platform

Tata Consultancy Services (TCS) has expanded its strategic partnership with Royal London to help them transform their pensions platform estate and deliver market-leading services to members and customers. Royal London is the largest mutual life insurance, pensions, and investment company in the UK. As part of the expanded partnership, TCS will work with Royal London to support its ambitious plans to transform into a data-driven insurer and help them drive deeper customer relationships.

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SEBI bars Biocon official from securities market for 3 months in insider trading case

Market regulator SEBI has restrained an official of Biocon Ltd from accessing the securities market for three months for violation of insider trading norms. In 2017, Biocon had announced information relating to its collaboration with Sandoz, and the period of Unpublished Price Sensitive Information (UPSI) was from December 20, 2017, to January 18, 2018. Shreehas P Tambe, Senior Vice President of Biocon, traded in the shares of the company between December 19-27 in 2017, in violation of market norms. He is facing a total fine of Rs 2 lakh, which has to be paid within 45 days.

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L&T Construction secures ‘significant’ orders for various businesses

Larsen & Toubro (L&T) announced that its construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) across various segments. Its water and effluent treatment business has won an order from the Uttar Pradesh State Water & Sanitation Mission (SWSM) to implement rural water supply projects under the Jal Jeevan Mission. Meanwhile, the buildings and factories business has received an order from a reputed developer to construct residential towers in Mulund (Mumbai). 

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Alembic Pharma gets USFDA approval for generic Nitrofurantoin capsules

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for generic Nitrofurantoin capsules. The drug is indicated for the treatment of urinary tract infections. According to IQVIA data, the capsules had total sales of $23 million (~Rs 171 crore) for the 12 months ended March 2021. The pharma company has received a total of 146 abbreviated new drug applications (ANDA) approvals from the USFDA.

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Route Mobile signs pact with Sarv Web to acquire email communications platform 

Route Mobile Ltd has signed definitive agreements to acquire an artificial intelligence (AI) driven email communication platform, Sendclean, from Jaipur-based Sarv Web Private Ltd. The company has acquired the core intellectual property (IP) for Sarv’s business email technology platform, the team of professionals that built the platform, and customer contracts. This acquisition will help Route Mobile deliver unified and unparalleled cloud-based digital communication solutions to global enterprise clients.

IPO-bound Zomato seeks CCI approval to acquire 9.3% stake in Grofers

Food delivery platform Zomato has sought approval from the Competition Commission of India (CCI) to acquire a 9.3% stake in e-grocery major Grofers. According to documents filed with CCI, Zomato has mentioned that the acquisition will not lead to any impact on the competitive landscape. This acquisition will help Zomato enter the emerging market of online grocery deliveries in India. In May, Economic Times had reported that Zomato and Tiger Global had invested $120 million (~Rs 890 crore) in Grofers. 

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Affle (India) completes acquisition of Jampp

Affle (India) Ltd has completed the acquisition of Jampp, a global programmatic mobile marketing company. This acquisition will strengthen Affle’s Cost Per Converted User (CPCU) business model and enable it to expand into fast-growing markets such as the United States and Latin America. The total cost of the acquisition was $41.3 million (~Rs 307 crore). Affle (India) provides mobile advertising services through information technology and software development services.

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ITC Reports 3% YoY Decline in Net Profit in Q4 – Top Indian Market News

itc

ITC Q4 Results: Net profit falls 3% YoY to Rs 3,755 crore

ITC Limited reported a 3% YoY decline in consolidated net profit to Rs 3,755 crore for the quarter ended March (Q4). Net profit has increased by 6.4% when compared to the previous quarter. The FMCG firm’s consolidated revenue from operations rose 22.6% YoY to Rs 15,404 crore during the same period. The revenue from its hotel business declined by 38% YoY to Rs 302 crore. ITC’s cigarette business reported an 11.5% YoY increase in revenue to Rs 6,508 crore in Q4. The company’s board has recommended a final dividend of Rs 5.75 per share.

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Manufacturing PMI drops to 10-month low in May

Factory activity in India fell to the lowest level in 10 months in May, as the surge in Covid-19 cases caused a severe impact on new orders and output. Overall manufacturing activity has slowed down, and job loss has accelerated. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 50.8 in May, compared with 55.5 in April. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.

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Auto companies post sharp fall in sales in May amid second wave

Automakers posted a sharp fall in sales in May 2021 due to the resurgence of the Covid-19 pandemic. India’s largest automaker Maruti Suzuki posted a 71% decline in total sales to 46,555 units in May, compared with 1.59 lakh units in April. Mahindra & Mahindra’s passenger vehicle (PV) sales in May fell 56% over the previous month. Tata Motors’ PV sales declined by 40% month-on-month (MoM) to 15,181 units during the same month. TVS Motor Company reported a 30.16% fall in total sales to 1.66 lakh units in May over the previous month.

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Salasar Techno Q4 Results: Net profit rises 163% YoY to Rs 9.85 crore

Salasar Techno Engineering reported a 163.36% YoY jump in consolidated net profit to Rs 9.85 crore for the quarter ended March (Q4). Its revenue from operations rose 94.73% YoY to Rs 211.50 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 33.61% YoY to Rs 28.89 crore. The company’s board has approved the proposal of issuing bonus shares in the ratio 1:1. Its board has also declared a final dividend of Re 1 per share.

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BSE signs MoU with ESC to encourage listing of startups

Bombay Stock Exchange (BSE) has signed a Memorandum of Understanding (MoU) with Electronics and Computer Software Export Promotion Council (ESC) to create awareness about the benefits of listing among small businesses and startups. ESC will utilise its pan India network of electronics and IT exporters and evaluate the small and medium enterprises (SMEs) and startups amongst these for listing on the BSE SME platform. ESC will also assist in sensitising its investor network for investing in SMEs listed on the BSE SME platform.

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Balrampur Chini Q4 Results: Net profit declines 2% YoY to Rs 235 crore

Balrampur Chini Mills Ltd reported a 2.46% YoY decline in consolidated net profit to Rs 235.5 crore for the quarter ended March (Q4). Its revenue from operations declined by 41.41% YoY to Rs 1,019.35 crore during the same period. The company’s revenue from sugar manufacturing fell 41.8% YoY to Rs 1,031.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit declined by 3% YoY to Rs 199.51 crore.

The Board of Directors of Balrampur Chini Mills has approved an investment of Rs 425 crore for establishing a new distillery facility with a capacity of 320 kilo-litres per day (KLPD). The unit is scheduled to commence operations from December 2022.

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Glenmark Pharma launches anti-epileptic drug in the US

Glenmark Pharmaceuticals Ltd announced the launch of anti-epileptic drug Rufinamide tablets in the US market. The newly launched drug is a therapeutic equivalent of Banzel tablets of Japan-based Eisai, Inc. The drug is used in combination with other medications to treat children with Lennox-Gastaut syndrome, a severe form of epilepsy that causes developmental problems. According to IQVIA data, Banzel tablets had achieved annual sales of approximately $285.3 million (~Rs 2,079 crore) for the 12 months ended April 2021.

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Radico Khaitan Q4 Results: Net profit rises 91% YoY to Rs 73.55 crore

Radico Khaitan Ltd reported a 91.3% YoY increase in consolidated net profit to Rs 73.55 crore for the quarter ended March (Q4). Its revenue from operations rose 18.7% YoY to Rs 694.73 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 18.9% YoY to Rs 270.56 crore. The company’s board has recommended a dividend of Rs 2.4 per share. Radico Khaitan is one of the leading manufacturers of Indian-Made Foreign Liquor (IMFL).

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SEBI bans 8 entities in Infosys insider trading case

Market regulator SEBI has banned eight entities, including two Infosys employees, from trading in the stock market due to violation of insider trading norms. An investigation conducted by SEBI revealed that two employees of Infosys were found to have used insider information to trade in the IT company’s stock last year. The value of illegal gains to the tune of Rs 3.06 crore has been impounded from Capital One Partners, Tesora Capital, and several individuals associated with both firms.

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Honeywell Automation Q4 Results: Net profit declines 6% YoY to Rs 104 crore

Honeywell Automation reported a 6.4% YoY decline in net profit to Rs 104.02 crore for the quarter ended March (Q4). Net profit has declined by 30.6% when compared to the previous quarter. Its revenue from operations fell 4.48% YoY to Rs 672.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.4% YoY to Rs 460.04 crore. The company’s board has declared a dividend of Rs 85 per share. Honeywell Automation is a leading provider of integrated automation and software solutions.

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Gujarat Gas Q4 Results: Net profit rises 40% YoY to Rs 350 crore

Gujarat Gas Ltd reported a 40.1% YoY increase in consolidated net profit to Rs 350.86 crore for the quarter ended March (Q4). Net profit has declined by 10.56% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY to Rs 3,489.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 6.5% YoY to Rs 1,277.72 crore. The company’s board has declared a dividend of Rs 2 per share.