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Tata Comm’s Net Profit Falls 30% YoY to Rs 381Cr in Q1 – Top Indian Market Updates

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

Tata Communications Q1 Results: Net profit falls 30% YoY to Rs 381 crore

Tata Communications reported a 29.8% YoY fall in consolidated net profit to ₹381.7 crore in Q1 FY24. Its total revenue stood at ₹4,771 crore, up 10.7% from last year. EBITDA fell 4.9% YoY to ₹1,024 core against ₹1,077 crore in Q1 FY23. The net profit was impacted by higher interest costs and lower foreign exchange gains against the first quarter of FY23.

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TCS extends long-standing partnership with GE HealthCare

Tata Consultancy Services (TCS) has expanded its long-standing partnership with GE HealthCare Technologies Inc. to help the company transform its IT operating model. The transformation would enable GE HealthCare to bring intelligent care solutions to over one billion patients across more than 160 countries. TCS will manage the development, maintenance, rationalization, and standardization of its enterprise IT applications.

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Bikaji Foods acquires 49% stake in Bhujialalji for Rs 5 crore

Bikaji Foods International Ltd has acquired a 49% stake and 396 Compulsorily Convertible Debentures (CCDs) in Bhujialalji Pvt. Ltd.  Bhujilalji is an upcoming company in the ethnic snacks industry. The deal comprised 9,608 equity shares and 396 CCDs at ₹5100 value per security aggregating to ₹5.10 crore. The face value is ₹10 per equity share. The acquisition is completed on July 19, 2023.

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Jubilant Pharmova Q1 Results: Net profit falls 87% YoY to Rs 6 crore

Jubilant Pharmova reported a 87% YoY fall in consolidated net profit to ₹6 crore for the quarter ended June (Q1 FY24). The company posted a consolidated net profit of ₹46.8 crore in Q1 FY23. However, the total revenue for the quarter increased 9.53% YoY to ₹1,586.9 crore. Total expenses in the first quarter were at ₹1,568.9 crore, as compared to ₹1,393.8 crore in Q1 last year.

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Torrent Power commissions 115 MW wind power project in Gujarat

Torrent Power Ltd has successfully commissioned a 115-megawatt (MW) capacity wind power project in Gujarat. Furthermore, the company has commissioned this wind project through its wholly-owned subsidiary Torrent Solargen Ltd. The wind power project is located in Devbhumi Dwarka district of Gujarat. Torrent Power managed to bag the 115 MW project through a competitive bidding procedure conducted under the Solar Energy Corporation of India (SECI) Wind Tranche V.

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Tata Motors to build electric car battery factory in UK for $5 Bn

Tata Motors will build an electric vehicle battery plant in the UK to supply its Jaguar Land Rover factories.  The company will build its first gigafactory outside of India in Britain with an investment of 4 billion pounds ($5.2 billion), thus creating up to 4,000 jobs. The factory will also produce an initial output of 40 gigawatt hours. In addition to this, the move will provide a major boost for the UK car industry in need of domestic battery production to help secure its future.

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L&T Finance Q1 Results: Net profit Jumps 103% YoY to Rs 531 crore

L&T Finance Holdings reported a 103% YoY increase in net profit to ₹531 crore for the quarter ended June (Q1 FY24). The company posted a consolidated net profit of ₹262 crore in Q1 FY23. Furthermore, the company’s Net Interest Income (NII) stood at ₹1,644 crore, up 15% YoY against ₹1,433 crore in Q1 last fiscal. The total revenue for the quarter increased 9.53% YoY to ₹1,586.9 crore from ₹1,451.7 crore.

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Mastek buys US-based BizAnalytica in boost for AI capabilities

Mastek Ltd has acquired BizAnalytica, a premier data cloud and modernisation solutions provider headquartered in Boston, USA. The strategic acquisition will bolster Mastek’s global data cloud services and generative AI capabilities. It will also grant access to a talented pool of qualified data architects and scientists. BizAnalytica offers end-to-end data cloud and modernisation solutions, including architectural design, system integration, data migration, automation, management, warehousing, and analytics.

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Retail sales grow 7% in June, says Retailers Association of India

According to the Retailers Association of India (RAI), India’s retail sales grew  7% YoY in June. The quick service restaurant (QSR) category continued to be slow growing at 8%. Categories like beauty and wellness and apparel also grew 8% and 7% in June.  This comes as a result of consumers cutting down discretionary spending amidst high inflation.

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Adani Enterprises Files Papers for Rs 20,000Cr FPO – Top Indian Market Updates

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

Adani Enterprises files papers for ₹20,000 crore FPO

Adani Enterprises Ltd (AEL) has filed an offer letter with stock exchanges for a proposed ₹20,000 crore follow-on public offer (FPO). The company is examining the possibility of launching the FPO in the last week of January. The FPO could result in AEL’s total promoter stake falling by 3.5%. The promoters hold 72.63% of AEL, while the remaining 27.37% is with public shareholders.

In other news, AEL signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland and Canada-based Ballard Power.

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India Pesticides expects revenue of ₹100 crore from new herbicide product

India Pesticides expects to earn revenue of ₹100 crore from the launch of its new Herbicide Technical product. The herbicide is used to control grass and broad-leaved weeds in the pre-or early post-emergence stages. It is primarily used in maize, soybeans, tomatoes, potatoes, sunflowers, wheat, and rice. The product will be manufactured at the company’s Sandila facility in Uttar Pradesh and will be exclusive to export markets.

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Reliance Jio launches True 5G in 16 more cities

Reliance Jio has expanded its 5G services to 16 more cities, taking its total coverage to 134 cities. It is now available in Kakinada, Kurnool (Andhra Pradesh), Silchar (Assam), Davanagere, Shivamogga, Bidar, Hospet, Gadag-Betageri (Karnataka), Malappuram, Palakkad, Kottayam, Kannur (Kerala), Tiruppur (Tamil Nadu), Nizamabad, Khammam (Telangana), and Bareilly (Uttar Pradesh). Jio users in these cities can upgrade to 5G through the Jio Welcome Offer and access data speeds of 1 Gbps+.

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Bank of India Q3 Results: Net profit rises 12% YoY to ₹1,151 crore

Bank of India reported a 12% year-on-year (YoY) increase in net profit to ₹1,151 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 64% YoY to ₹5,596 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 10.43% in Q3 FY22 to 7.66% in Q3 FY23. 

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Phoenix Mills subsidiary completes acquisition of Janus Logistics for ₹26 crore

Phoenix Logistics & Industrial Parks Pvt Ltd (PLIPPL) has completed the acquisition of a 100% equity stake in Janus Logistics and Industrial Parks Pvt. Ltd. for a total cash consideration of ₹26.03 crore. PLIPPL is a wholly-owned subsidiary of realty developer Phoenix Mills. Janus operates in the logistics and warehousing business. It owns a 33-acre land parcel in the Faridabad and Sohna districts of Haryana.

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Mastek Q3 Results: Net profit falls 20% YoY to ₹67 crore

Mastek Ltd reported a 19.6% YoY increase in consolidated net profit to ₹67.1 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.3% YoY to ₹658.7 crore during the same period. EBITDA stood at ₹113.7 crore in Q3, down 2.2% YoY. Mastek’s board has approved an interim dividend of ₹7 per share.

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Angel One Q3 Results: Net profit rises 38% YoY to ₹228 crore

Angel One reported a 38.6% YoY increase in consolidated net profit to ₹227.98 crore for the quarter ended December (Q3 FY23). The brokerage company’s revenue from operations rose 25.5% YoY to ₹759.66 crore during the same period. Its client base grew 60.7% to 1.25 crore in Q3. Angel One’s board has approved an interim dividend of ₹9.6 per share.

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Innova Captab, Blue Jet Healthcare gets SEBI approval to float IPO

The Securities & Exchange Board of India (SEBI) has given approval to pharma companies Innova Captab Ltd and Blue Jet Healthcare to raise funds through an Initial Public Offering (IPO). Innova Captab has proposed fresh issuance of equity shares worth ₹400 crore and an offer for sale (OFS) of 96 lakh shares through its IPO. The IPO of Blue Jet Healthcare is completely an OFS of up to 2.16 crore equity shares.

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Tata Elxsi’s Net Profit Rises 39% YoY in Q4 – Top Indian Market News

Tata Elxsi Q4 Results: Net profit rises 39% YoY to Rs 160 crore

Tata Elxsi Ltd reported a 39.95% YoY increase in net profit to Rs 160 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 31.51% YoY (or 7.3% QoQ) to Rs 681.7 crore during the same period. Tata Elxsi posted a 35% YoY increase in revenue to Rs 2,470.8 crore for FY 2021-22. Net profit stood at Rs 549.7 crore in FY22, up 49.3% YoY. The company’s board has declared a final dividend of Rs 42.5 per share.

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Future Group proposes to transfer 45% of its debt to Reliance: Report

Future Group has proposed to transfer 45% of its debt to the books of Reliance Industries Ltd on the sale of assets. However, lenders have not received any assurance from the hypermarket operator on whether the offer is endorsed by RIL. Against outstanding loans of Rs 28,921 crore owed by the 19 companies involved in the deal as of January 31, 2022, Future Group has proposed a transfer of Rs 12,612 crore owed to lenders and domestic & offshore bondholders to RIL.

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Alembic Pharma gets tentative approval for Ivabradine tablets

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Ivabradine tablets. The drug is indicated to reduce the risk of worsening heart failure in adult patients with stable, symptomatic chronic heart disease with left ventricular ejection fraction. According to IQVIA data, Ivabradine tablets had an estimated market size of $102 million for the 12 months ended December 2021.

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PSP Projects secured orders worth Rs 940 crore in FY22

PSP Projects Ltd received orders worth Rs 938.76 crore (including orders worth Rs 503.56 crore for the construction of a sports complex at Ahmedabad) in FY22. The total work orders at the end of FY 2021-22 stood at Rs 1,802.23 crore. The company has also secured orders worth Rs 327.4 crore in the current financial year (FY23).

ITC to commence 20th manufacturing facility in West Bengal

ITC Limited will set up a new state-of-the-art personal care manufacturing unit in Howrah, West Bengal. It will be ITC’s 20th facility in the state. The company is also in the process of commissioning a green building in the Rajarhat area. It will house the FMCG firm’s information technology arm ITC Infotech. Over the last few years, ITC has invested nearly Rs 4,500 crore in West Bengal.

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Cement demand expected to grow 7-8% in FY23

As per an ICRA report, cement demand in India is expected to grow by 7-8% to ~382 million metric tonnes in the current financial year (FY23). This will be aided by strong demand from rural housing and infrastructure sectors. The recent budgetary allocation of over Rs 9.2 lakh crore towards agriculture, affordable housing, and capital expenditure could boost cement demand.

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Mastek Q4 Results: Net profit rises 16.5% YoY to Rs 88.2 crore

Mastek Limited reported a 16.5% YoY increase in net profit to Rs 88.2 crore for the quarter ended March (Q4 FY22). Net profit grew 5.7% compared to the previous quarter. Its revenue from operations rose 20.3% YoY (or 5.4% QoQ) to Rs 581.5 crore during the same period. Mastek secured contracts worth more than $65 million in Q4 FY22. The IT company’s board has declared a final dividend of Rs 12 per share.

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Ajanta Soya’s board approves 5:1 stock split

The Board of Directors of edible oils manufacturer Ajanta Soya Ltd has approved a stock split in the ratio of 5:1. For every one share held, investors will receive five shares after the split takes place. The record date for the purpose of the stock split will be intimated in due course. A stock split happens when a company increases the number of its shares to boost the stock’s liquidity. 

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Nykaa partners with Aveda to launch premium salon chain

Nykaa has partnered with haircare brand Aveda to launch a premium salon chain across India. The first Aveda X Nykaa salon will be launched in Bengaluru on Thursday, followed by Delhi and Mumbai. The stores will house spa rooms, manicure/pedicure stations, and hair & makeup stations. The salons will offer Nykaa’s best-selling products and Aveda’s haircare range.

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Domestic air passenger traffic rises 6.1% YoY in Q4

Domestic air passenger traffic in the January-March period (Q4 FY22) stood at 248 lakh, recording a 6.1% YoY growth. In March alone, domestic airlines carried 106.96 lakh passengers, a 36.7% YoY increase compared to Feb. IndiGo continued to maintain its leadership position in March with a market share of 54.8%. The data was released by the Directorate General of Civil Aviation (DGCA).

HDFC to sell 10% stake in HDFC Capital to ADIA

HDFC Ltd will sell a 10% stake in private equity arm HDFC Capital Advisors Ltd. to a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) for ~Rs 184 crore. ADIA is also the primary investor in the alternative investment funds managed by $3-billion HDFC Capital.

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Jubilant FoodWorks Posts 58% YoY Rise in Net Profit in Q2 – Top Indian Market News

Jubilant FoodWorks Q2 Results: Net profit rises 58% YoY to Rs 121 crore

Jubilant FoodWorks Ltd reported a 58% YoY increase in net profit to Rs 121.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 73% compared to the previous quarter. Its revenue from operations rose 36.6% YoY (or 25% QoQ) to Rs 1,100.7 crore during the same period. Operating profit stood at Rs 290 crore in Q2, an increase of 33% YoY. The company saw a 43% YoY rise in the cost of raw materials to Rs 227 crore in the July-Sept quarter of FY22.

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Honeywell Automation secures Rs 496 crore Bengaluru Safe City project

The Central Govt has selected Honeywell Automation India to lead the Rs 496.57 crore Bengaluru Safe City project under the Nirbhaya Fund. The project was initiated by the Ministry of Home Affairs to create a safe, secure, and empowering environment for women and girls in public places. As part of the contract, Honeywell Automation will install 7,000 cameras across 3,000 locations across Bengaluru. The system will have facial recognition and advanced analytics capabilities. 

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Havells India Q2 Results: Net profit falls 7.2% YoY to Rs 301.6 crore

Havells India reported a 7.2% YoY decline in net profit to Rs 301.6 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 31.4% YoY to Rs 3,221 crore during the same period. EBITDA stood at Rs 443.5 crore in Q2, an increase of 5.3% YoY. The company’s total expenses stood at Rs 2,850.85 crore in Q2 FY22, compared to Rs 2,107.44 in the same period last year (Q2 FY21). Havells India’s board has declared an interim dividend of Rs 3 per share.

Read more here. 

IndusInd Bank launches EMI on debit cards ahead of festive season

IndusInd Bank has launched Equated Monthly Instalments (EMI) facility on debit cards to enable its customers to convert their high-value transactions into easy installments. A debit cardholder of the bank can walk into any participating store and use the new facility by swiping or tapping their debit cards at a merchant point of sale (PoS) terminal. Customers can use also use the debit card EMI feature on online purchases as well. 

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Mastek Q2 Results: Net profit rises 42% YoY to Rs 72.3 crore

Mastek Ltd reported a 42% YoY increase in net profit to Rs 72.29 crore for the quarter ended September (Q2 FY22). Net profit increased 4.31% compared to the previous quarter. Its revenue from operations rose 30% YoY to Rs 553.93 crore during the same period. Mastek’s revenue in dollar terms rose 2.6% QoQ to $72 million. The software company secured deals worth $155.5 million in Q2. 

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Mindtree secures multi-year IT transformation deal from Western Asset

US-based Western Asset has selected Mindtree as a strategic partner to help drive innovation and differentiated experiences. Mindtree will help Western Asset accelerate the transition to a platform-based operating model, automate enterprise systems, and maintain industry-leading best practices for IT services. The IT company will enable Western Asset to create a more flexible operating model that can quickly adapt to changing business needs.

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Tejas Networks Q2 Results: Net profit falls 19% YoY to Rs 3.66 crore

Tejas Networks Ltd reported a 19.21% YoY decline in consolidated net profit to Rs 3.66 crore for the quarter ended September (Q2 FY22). Net profit fell 51.52% compared to the previous quarter. Its revenue from operations rose 57% YoY (or 19.78% QoQ) to Rs 172.78 crore during the same period. Tejas Networks secured orders worth Rs 258 crore in Q2, taking its total order book to Rs 783 crore. 

Jio gains 6.49 lakh subscribers in August, Bharti Airtel adds 1.38 lakh: TRAI

Reliance Jio Infocomm and Bharti Airtel added 6.49 lakh and 1.38 lakh wireless subscribers, respectively, in August 2021. Jio’s total subscriber base rose to 44.4 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.4 crore at the end of August. Meanwhile, Vodafone Idea (Vi) lost 8.33 lakh subscribers in August, and its user base shrunk to 27.1 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

In other news, Vi has accepted the four-year spectrum payment moratorium. It has become the first telco to accept the deferred payment option provided under the telecom relief package. 

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Tata Communications Q2 Results: Net profit rises 10.6% YoY to Rs 425 crore

Tata Communications reported a 10.6% YoY increase in consolidated net profit to Rs 425 crore for the quarter ended September (Q2 FY22). Net profit increased 43.7% compared to the previous quarter. Its revenue from operations fell 5.2% YoY to Rs 4,174 crore during the same period. EBITDA declined by 3.9% YoY to Rs 1,113 crore in Q2. Tata Communications’ data revenue stood at Rs 3,140 crore, a growth of 1.1% QoQ and a decline of 2.2% YoY.  

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L&T Finance Q2 Results: Net profit falls 15% YoY to Rs 224 crore

L&T Finance Holdings (LTFH) reported a 15% YoY decline in consolidated net profit to Rs 224 crore for the quarter ended September (Q2 FY22). Net profit rose 26% compared to the previous quarter. Its revenue from operations fell 10% YoY (or 3% QoQ) to Rs 3,051.82 crore during the same period. LTFH’s total assets under management (AUM) stood at Rs 86,936 crore in Q2 FY22, compared to Rs 98,923 crore in Q2 FY21.

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Hathway Cable Q2 Results: Net profit falls 63% YoY to Rs 19 crore

Hathway Cable & Datacom Ltd reported a 63.59% YoY decline in consolidated net profit to Rs 19.05 crore for the quarter ended September (Q2 FY22). Net profit fell 61% compared to the previous quarter. Its revenue from operations rose 3.85% YoY to Rs 447.87 crore during the same period. The company’s total expenses in the September 2021 quarter stood at Rs 450.75 crore, an increase of 10.5 YoY. 

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India’s GDP Grows 20.1% in Q1 – Top Indian Market News

India records GDP growth at 20.1% in Q1

India’s gross domestic product (GDP) for the April-June quarter (Q1 FY22) grew 20.1% as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). The sharp rise in Q1 GDP data can be mainly attributed to a low base last year. The economy had contracted by a record (-)24.4% in the corresponding quarter last year (Q1 FY21) due to the impact of the nationwide lockdown that was imposed to curb the spread of the Covid-19 pandemic. The manufacturing sector grew 49.6% YoY, while the construction sector grew at 68.3% YoY in Q1 FY22. 

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Maruti Suzuki cuts Sept production by 60% due to semiconductor shortage

Maruti Suzuki India Ltd expects production at its plants in Haryana and Gujarat to be impacted next month due to a shortage of semiconductors. As per estimates, the total production volume across both states could be around 40% of the normal output. This is the second consecutive monthly production cut seen by the automaker due to the global chip shortage.

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Subex extends partnership with Robi to drive 5G

Subex Ltd has extended its partnership with telecom operator Robi to upgrade its existing integrated revenue assurance and fraud management (iRAFM) system. With this upgrade, Robi will leverage the artificial intelligence and machine learning (AI/ML) capabilities of Subex’s revenue assurance and fraud management solutions to tackle new-age telecom threats in Bangladesh. It will also help Robi deliver a superior customer experience as it looks to provide services built on 5G.

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Exide Industries looks to set up Tesla-style gigafactory

Exide Industries Ltd is looking to set up a Tesla-style gigafactory using the production-linked incentive (PLI) scheme, as it ramps up focus on lithium-ion batteries. The company will finalise details of its advanced chemistry cell battery-making facility once the PLI scheme related to the segment is announced. In May 2021, the Union Cabinet had approved a PLI scheme with an outlay of Rs 18,000 crore to promote the manufacturing, export, and storage of lithium-ion cells essential for developing electric vehicles.

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SRF’s board approves 4:1 bonus issue

The Board of Directors of SRF Limited has approved a bonus issue in the ratio 4:1. The company will issue four bonus shares (of the face value of Rs 10 each) for each equity share held as on the record date. Gurugram-based SRF Limited is a multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates.  

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Ola likely to launch IPO in early 2022

Ride-hailing aggregator Ola is exploring a public offer early next year and is aiming to raise $1 billion (~Rs 7,290 crore). According to reports, investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup, and JP Morgan are working with the company to file preliminary documents for the IPO with market regulator SEBI by October. Ola would be joining a strong pipeline of Indian startups that are ready to tap the IPO market in the coming months.

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Dr Reddy’s launches generic stomach ulcer drug in the US

Dr Reddy’s Laboratories has launched Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules in the US market. It is a therapeutic equivalent generic version of Librax. The drug is indicated to control emotional and somatic factors in gastrointestinal disorders. It is also used as adjunctive therapy in the treatment of peptic ulcers and irritable bowel syndrome. According to IQVIA data, the generic version of the drug had sales of $105.9 million (~Rs 770 crore) in the US for the 12 months ended July 2021.

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No comment on media speculation: Bharti Airtel on report of Google investment

Bharti Airtel said it “receives interests from high-quality investors” for its various businesses and evaluates them. However, it declined to comment on a media report that US software giant Google is likely to make a substantial investment in the company. A recent Times of India (ToI) report had stated that Google is on its way to make investments worth thousands of crores in Bharti Airtel. The telecom operator termed the Google news report as “speculation”. 

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Bank of India raises Rs 2,550 crore via QIP

Bank of India has raised Rs 2,550 crore through a Qualified Institutional Placement (QIP). The lender’s capital issuing committee has approved the issue and allotment of 40.54 crore equity shares to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 62.89 per share. The QIP opened on August 25 and closed on August 30. The bank had targeted to raise up to Rs 3,000 crore through this issue. 

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Mastek partners with fulfillmenttools to deliver Omnichannel Fulfillment Solutions

Mastek Ltd has partnered with Germany-based fulfillmenttools to enable Direct to Stakeholder (D2X) transformation for their joint clients. This partnership will enable their clients to deliver a robust customer experience through a unified D2X process integrating commerce with fulfillment. fulfillmenttools offers an integrated end-to-end platform solution for efficient omnichannel fulfillment. Mumbai-based Mastek is a multinational technology company that offers enterprise-level digital transformation services and software.