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SBI’s Net Profit Rises 69% YoY in Q3 – Top Indian Market Updates

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

SBI Q3 Results: Net profit rises 69% YoY to ₹14,205 crore

State Bank of India (SBI) reported a 68.5% YoY increase in net profit to ₹14,205.34 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 24% YoY to ₹38,068.62 crore during the same period. The bank’s provisions fell 17% YoY to ₹5,761 crore in Q3. The gross non-performing assets (GNPA) ratio fell from 4.5% in Q3 FY22 to  3.17% in Q3 FY23.

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India Cements to refurbish old cement plants with an investment of ₹1,600 crore

The India Cements Ltd has drawn up plans to refurbish its old manufacturing facilities at an estimated outlay of ₹1,500-1,600 crore. The funds to undertake the refurbishment would be met through internal accruals. The refurbishment program would start with Malkapur and Vishnupuram plants in Telangana.

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ITC Q3 Results: Net profit rises 21% YoY to ₹5,031 crore

ITC Limited reported a 21% YoY increase in net profit to ₹5,031 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 2.3% YoY to ₹16,226 crore during the same period. The company’s EBITDA stood at ₹5,183.5 crore in Q3, up 25% YoY. Cigarette sales in the quarter rose nearly 17% YoY to ₹7,288.22 crore. ITC’s board has approved an interim dividend of ₹6 per share. 

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Coal India arm MCL introduces drone technology in coal mines

Coal India’s subsidiary MCL has introduced drone technology in coal mines for environmental monitoring, volume measurement, and photogrammetric mapping of mines for digitalisation of the mining process. The technology has been introduced through the launch of a web-based portal ‘VIHANGAM’. The portal allows an authorised person to access real-time drone video from the mine through a dedicated 40 Mbps internet lease line near the mines.

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Divi’s Labs Q3 Results: Net profit falls 66% YoY to ₹307 crore

Divi’s Laboratories Ltd reported a 66% YoY decline in consolidated net profit to ₹307 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 31% YoY to ₹1,708 crore during the same period. The pharma company’s EBITDA stood at ₹408 crore in Q3, down 63% YoY. Divi’s Labs shares fell more than 11% today due to poor results.

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Railways plans to upgrade ticketing capacity from 25K to 2.25 lakh per minute: Ashwini Vaishnaw

Railway Minister Ashwini Vaishnaw said the Indian railways will initiate its plan to increase its capacity to issue tickets from 25,000 to nearly 2.25 lakh per minute while attending to inquiries from 40,000 to 40 lakh per minute. The ministry plans to lay new railway tracks for a distance of 7,000 kilometres during the financial year 2023-24. He also announced that “Jan Suvidha” convenience stores will be constructed at 2,000 railway stations across the country.

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Tata Power Q3 Results: Net profit rises 91% YoY to ₹1,052 crore

Tata Power Company Ltd reported a 91% YoY increase in consolidated net profit to ₹1,052 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 30% YoY to ₹14,339 crore during the same period. EBITDA grew 53% YoY to ₹2,818 crore in Q3. Tata Power is one of India’s largest integrated power companies. It has an overall installed/managed capacity of 14,101 MW.

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Max Healthcare lines up ₹400 cr to expand Mohali facility

Max Healthcare Institute will invest around ₹400 crore to expand its Mohali-based hospital. The construction of the new building that will house 170 beds officially commenced today. On completion of the project by the end of Q3 FY24, the hospital bed capacity will go up to 400 beds from the existing 231. The new building will house special specialties like liver transplant, bone marrow transplant, renal transplant, orthopaedics, and neurosciences.

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RBI allows Hinduja Group to raise stake in IndusInd Bank: Report

According to an Economic Times report, the Reserve Bank of India (RBI) has given in-principle and conditional approval to IndusInd International Holdings Ltd, a Hinduja Group entity, to raise its stake in IndusInd Bank to 26%. This will result in the Hinduja Group investing over $1 billion in the bank. Promoter holding in the bank currently stands at 16.51%. To learn more about the Hinduja Group, click here.

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Hindalco Posts 48% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Hindalco Industries Q1 Results: Net profit rises 48% YoY to Rs 4,119 crore

Hindalco Industries reported a 48% YoY increase in consolidated net profit to Rs 4,119 crore for the quarter ended June (Q1 FY23). This is the highest-ever quarterly profit figure the aluminium maker ever posted. Its revenue from operations rose 40.2% YoY to Rs 58,018 crore during the same period. EBITDA stood at Rs 8,640 crore, up 27% YoY. Hindalco’s results in Q1 were driven by the robust performance of its aluminium downstream and copper businesses.

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Tata Power partners with JP Infra to set up EV charging points in Mumbai

Tata Power has partnered with real estate developer JP Infra Mumbai to provide electric vehicle (EV) charging points across residential projects in Mumbai. Residents with EVs will have access to a 24×7 charging facility. They can also connect through the Tata Power EZ mobile application for all services, including remote vehicle charging monitoring and e-payments. 

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Max Healthcare Q1 Results: Net profit rises 11% YoY to Rs 229 crore

Max Healthcare Institute Ltd reported an 11% YoY increase in net profit to Rs 229 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 5.3% YoY to Rs 1,393 crore during the same period. EBITDA stood at Rs 370 crore in Q1, up 3% YoY. The average revenue per operating bed (ARPOB) increased to Rs 66,000 in Q1 FY23, compared to Rs 51,500 in Q1 FY22.

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JSW Energy’s arm to acquire renewable assets from Mytrah Energy

JSW Neo Energy (a wholly-owned subsidiary of JSW Energy) will acquire a portfolio of 1,753 megawatts (MW) of renewable energy generation capacity from Mytrah Energy (India) Pvt. Ltd for Rs 10,530 crore. The assets have a proven operational track record and long-term power purchase agreements (PPA) with an average remaining life of 18 years. The acquisition will help JSW Energy to achieve its renewable-led capacity growth target of 10 gigawatts (GW) by FY25. 

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IRCTC Q1 Results: Net profit jumps 198% YoY to Rs 246 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 198% YoY jump in net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 250.34% YoY to Rs 852.59 crore during the same period. Total expenses stood at Rs 548 crore in Q1, up 272.8% YoY.

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L&T Construction to build cooling towers for Rawatbhata Atomic Power Project

Larsen & Toubro’s construction arm has secured an order (in the range of Rs 1,000-2,500 crore) from the Nuclear Power Corporation of India Ltd (NPCIL) to build natural draught cooling towers and a cooling water pump house for the Rawatbhata Atomic Power Project. The scope of work also includes the construction of a cement mortar-lined and coated steel pipe, the main medium to transport hot water from the turbine to the cooling towers. The project is scheduled to be completed in 36 months.

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Eicher Motors Q1 Results: Net profit jumps 157% YoY to Rs 611 crore

Eicher Motors Ltd reported a 157.52% YoY jump in consolidated net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 71.18% YoY to Rs 3,325.8 crore during the same period. EBITDA stood at Rs 831 crore in Q1, up 147% YoY.

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Civil Aviation Ministry to remove fare caps imposed on airlines from August 31

The Ministry of Civil Aviation will remove fare caps for domestic airlines from August 31, 2022. The Central govt had regulated fares by imposing a minimum and maximum band based on the flight’s duration to prevent ticket prices from spiking due to pent-up demand arising from an easing of restrictions on air travel. The ministry will re-evaluate the fare cap for domestic airlines once there is a healthier environment in terms of jet fuel prices.

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SJVN to set up 10,000 MW clean energy projects in Rajasthan

SJVN Ltd has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to develop 10,000 MW renewable energy projects in the state. These projects/parks will boost socio-economic development in the state and open up multiple direct and indirect employment opportunities. An investment of Rs 50,000 crore is estimated for developing these projects in the next 5-7 years.

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Tata Consumer Q1 Results: Net profit rises 38% YoY to Rs Rs 255 crore

Tata Consumer Products Ltd (TCPL) reported a 38% YoY increase in consolidated net profit to Rs 255.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 11% YoY to Rs 3,3 crore during the same period. TCPL’s India business grew by 9%, while the international business revenue was up 9% in Q1.

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Adani Ports Cargo Volumes Rise 24% in Sept – Top Indian Market News

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Adani Ports cargo volumes rise 24% in September

Adani Ports & Special Economic Zone Ltd (APSEZ) handled total cargo volumes of 23.08 million metric tonnes (MMT) in September 2021, registering a growth of 24% year-on-year (YoY). The company’s container segment grew 18%, other bulk cargo by 22%, coal by 16%, and crude by 9% during the same month. During the first half of the financial year 2021-22, APSEZ handled an overall cargo volume of 160 MMT, which is a growth of 64% YoY.

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CEAT acquires 26% stake in Cleanwin Energy

CEAT Ltd has signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin Energy Five LLP. Cleanwin owns, operates, and maintains a captive wind power generating plant in Maharashtra. The renewable energy unit will supply 5 megawatts (MW) of electricity on a captive basis to CEAT plants in Bhandup and Nashik. The tyre manufacturer will hold a 26% stake in Cleanwin Energy Five.

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Tata Communications, Cisco expand global strategic partnership

Tata Communications has extended its longstanding global strategic partnership with Cisco. The new agreement will empower enterprises with simple and easy to deploy, manage, and analyze IT infrastructure for delivering anywhere, anytime access. Cisco’s Meraki solution will enable Tata Communications to offer cloud-managed Wi-Fi services based on Wi-Fi 6 and Software-Defined Wide Area Network (SD-WAN) services across various industries.

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Man Infra’s board approves issue of bonus shares

The Board of Directors of Man Infraconstruction Ltd has approved the issue of bonus shares in the ratio 1:2. One equity share of the face value of Rs 2 each will be issued for every two equity shares of Rs 2 each held by shareholders of the company. The board has also declared an interim dividend of Rs 1.26 per share for the financial year 2021-22. Man Infra’s board has fixed October 14 as the record date for the interim dividend.

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KPIT Tech to boost investments in software-defined vehicle solutions

KPIT Technologies Ltd will make significant investments in middleware technologies and infrastructure to accelerate clients’ transformation to software-defined vehicles across both passenger and commercial vehicle segments. The company intends to develop and enhance technologies and infrastructure to help original equipment manufacturers (OEMs). It aims to address the emerging challenges through solutions in software integration and architecture consulting to help OEMs accelerate the stitching of diverse components together.

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UPL threatened with criminal probe after South African pollution

According to a report from South Africa’s environment department, UPL Limited illegally stored hazardous chemicals that were released into a residential area and a river system after its warehouse in Durban was looted and set ablaze in July 2021. The report further states that UPL did not have any appropriate permits. A criminal investigation is likely to be initiated on the company and the owners of the land where the warehouse is situated. UPL has denied any wrongdoing and said it was “disappointed” by the release of the report.

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Max Healthcare plans Rs 1,600 crore investment to add 1,000 beds in Gurugram

Max Healthcare Institute Ltd (MHIL) plans to invest ~Rs 1,600 crore to expand its capacity in the National Capital Region (NCR) by adding 1,000 beds over the next 4-6 years in Gurugram. The expansion plan is proposed to be funded by internal accruals, borrowings, and other modes. Two land parcels have been allotted to MHIL by Haryana Shahri Vikas Pradhikaran (HSPV) to set up two hospitals in Gurugram.

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Welspun India partners with Dupont Biomaterials to launch home textile range

Welspun India, in collaboration with DuPont Biomaterials, has launched a new home textile collection. It includes bath towels and bed sheets made with bio-based materials to meet the growing demand for sustainable home textile products. The collaboration brings together cotton and DuPont Sorona fibres to create home textile fabrics. The fabrics used in the new range provide comfort and moisture management.

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JK Lakshmi Cement halts production at Chhattisgarh plant due to strike

JK Lakshmi Cement has suspended production at its plant in Durg, Chhattisgarh, due to a strike called by Chhattisgarh Cement Transport Association. Dispatches from the Durg cement plant have completely stopped. Industry-wide negotiations are being held with the state government, and the company is hopeful of an amicable solution soon. The Durg plant has a production capacity of nearly 2.7 million tonnes per annum (MTPA).

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Divi’s Labs hits record high on Merck’s positive data for Covid-19 drug 

Shares of pharma company Divi’s Laboratories surged 10% today. The stock is in focus as the company is MSD’s authorised manufacturer for Molnupiravir API. As per a planned interim analysis of data from Phase-3 clinical trials by Germany-based Merck, Molnupiravir drug is found to reduce the risk of hospitalisation or death by approximately 50% of those most at risk of contracting Covid-19. The drug also demonstrated consistent efficacy across SARS CoV2 variants Gamma, Delta, and Mu.

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Tata Motors Gets NCLT Nod to Hive Off PV Business – Top Indian Market News

Tata Motors gets NCLT approval to hive off PV business

Tata Motors Ltd has received approval from the National Company Law Tribunal (NCLT) Mumbai bench to hive off its passenger vehicles (PV) business unit into a separate entity. In March 2021, the shareholders of the company had voted and approved the transfer of the PV business to TML Business Analytics Services Ltd (TBASL) as a going concern on a slump sale basis. The automaker’s PV business unit has been valued at Rs 9,417 crore. TBASL will be later renamed Tata Motors Passenger Vehicles Ltd (TMPVL).

This move will unlock value for Tata Motors’ PV business unit, which has struggled in the recent past in the face of strong competition.

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Cochin Shipyard’s subsidiary signs MoU with IWAI to set up ship repair facility at Guwahati

The Inland Waterways Authority of India (IWAI) and Hooghly Cochin Shipyard Ltd has signed a Memorandum of Understanding (MoU) for setting up the new ship repair facility at Pandu, Guwahati. The facility is expected to boost waterways connectivity and facilitate the movement of large cargo in the region. The slipway will be developed on a 3.67-acre land provided by the Government of Assam. The project is expected to be completed by August 2023 at an estimated cost of Rs 75 crore.

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Phillips Carbon Black to raise Rs 500 crore via QIP

The Board of Directors of Phillips Carbon Black Ltd has approved a proposal to raise up to Rs 500 crore. The company aims to raise funds through the issue of securities via private placement, preferential issue, or public issue. Kolkata-based Carbon Black manufactures, sells, and exports carbon black (used to strengthen rubber in tires and as conductive agents) in India and internationally. It is part of the RP-Sanjiv Goenka Group.

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Vakrangee partners with PNB for providing banking services

Vakrangee Ltd has entered into a partnership with Punjab National Bank (PNB) to provide business correspondent (BC) banking services at Nextgen Vakrangee Kendra outlets. BCs are entities engaged by a bank in India (commercial banks, Regional Rural Banks, and Local Area Banks) for providing banking services in under-banked geographical territories. The partnership will offer seamless digital and assisted banking services to remote parts of India. Currently, Vakrangee has more than 13,000 BC points and is the fourth largest ATM operator in rural India with more than 5,400+ ATMs. 

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Max Healthcare acquires rights to develop 500-bed hospital in South Delhi

Max Healthcare Institute Ltd (through its subsidiary Alps Hospital Ltd) has acquired exclusive rights to aid development and provide medical services to a proposed 500-bed hospital in South Delhi. The hospital will be built on a prime land parcel of 3.5 acres in Saket, Delhi. Alps Hospital Ltd has acquired a 100% stake in ET Planners Pvt Ltd (ETPPL) in an all-cash deal of Rs 60.11 crore. The first phase of the hospital is expected to be commissioned in 2024.

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Adani Group, L&T, and BHEL in race to build PSLV

According to a report from the Times of India, three entities are in the race to secure the contract to build five units of the Indian Space Research Organisation (ISRO)’s Polar Satellite Launch Vehicle (PSLV). The three entities include a single firm and two consortiums. The two consortiums include one led by the Adani Group and another that comprises Larsen & Toubro (L&T). All three are said to have submitted their bids on July 30, 2021. Adani’s consortium includes Alpha Design, Bharat Electronics Ltd (BEL), and BEML. The consortium involving L&T includes aerospace major Hindustan Aeronautics Ltd (HAL). 

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Mahindra Defence Systems secures contract worth Rs 1,349.95 crore from Indian Navy

Mahindra Defence Systems Ltd (MDSL) has secured a contract from the Ministry of Defence for manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of the Indian Navy. MDSL will be supplying 14 IADS systems for the warships. IADS is designed to detect and protect warships from underwater threats. The contract is worth Rs 1,349.95 crore. MDSL is a wholly-owned subsidiary of Mahindra & Mahindra Ltd (M&M).

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SEBI bans Kotak Mahindra AMC from launching new FMP schemes for 6 months

Market regulator SEBI has banned Kotak Mahindra Asset Management Company (AMC) from launching new Fixed Maturity Plan (FMP) schemes for the next six months. SEBI has also imposed a fine of Rs 50 lakh on the AMC. The action came against delay in payment of full proceeds to investors of six FMP schemes run by Kotak Mahindra AMC. [FMPs are debt-oriented mutual funds that have specific launch and maturity dates]  

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IDBI Bank to divest 19% stake in ARCIL

IDBI Bank Ltd’s board has approved a proposal to divest (or sell-off) its entire stake in Asset Reconstruction Company India Ltd (ARCIL). The bank currently holds 6.23 lakh fully paid-up equity shares constituting 19.18% of the total share capital of ARCIL. In June 2021, IDBI Bank had invited bids from entities for the takeover of its stake in the asset reconstruction company.

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Burger King India in talks to acquire controlling stake in BK Indonesia

Burger King India has entered into discussions regarding the acquisition of a controlling stake in PT Sari Burger Indonesia (BK Indonesia). The company has entered into a non-binding understanding with F&B Asia Venture (Singapore) Pte Ltd. F&B Asia, through its wholly-owned subsidiary, currently holds an indirect equity interest of 65.79% in BK Indonesia. BK Indonesia manages and operates the Burger King brand in Indonesia.

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