Tag: minda corp

Categories
Market News Top 10 News

Adani Enterprises’ Net Profit Falls 51% YoY in Q2 – Top Indian Market Updates

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

Adani Enterprises Q2 Results: Net profit falls 51% YoY to ₹228 crore

Adani Enterprises Ltd reported a 51% YoY fall in consolidated net profit to ₹227.82 crore for the quarter ended September (Q2 FY24). Its revenue fell 41% YoY to ₹22,517 crore during the same period. EBITDA stood at ₹2,430 crore, up 30% YoY. The sharp fall in net profit was despite a 2-fold rise in the other income to ₹549 crore.

Read more here.

Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance

Kotak Mahindra Bank Ltd (KMBL) will sell a majority stake in its subsidiary, Kotak Mahindra General Insurance Company, to Zurich Insurance Company. Zurich Insurance will invest around ₹4,051 crore to obtain a 51% stake in Kotak General Insurance. The deal is likely to be completed by June 30, 2024. Zurich Insurance will buy an additional 19% stake within three years from its initial acquisition.

Read more here.

Tata Motors Q2 Results: Net profit at ₹3,764 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,764 crore for the quarter ended September (Q2 FY24). The automaker posted a net loss of ₹945 crore in the same quarter last year (Q2 FY23). Its consolidated revenue grew 32% YoY to ₹1.05 lakh crore in Q2 FY24. EBITDA stood at ₹21,214 crore, up 93% YoY.

Read more here.

Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

Minda Corporation Ltd signed an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The JV will offer a full system solution ranging from design and development to manufacture sunroofs for passenger vehicles. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030.

Read more here.

Adani Power Q2 Results: Net profit jumps 800% YoY to ₹6,594 crore

Adani Power Ltd reported an 800% YoY jump in net profit to ₹6,594 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹696 crore a year ago (Q2 FY23). Its revenue from operations increased 84% YoY to ₹12,991 crore in Q2 FY24. Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% in Q2 FY24, much higher than 39.2% last year.

Read more here.

Tata Motors partners with JLR to develop premium pure electric series Avinya

Tata Motors has partnered with Jaguar Land Rover (JLR) to develop its premium pure electric series Avinya. Tata Passenger Electric Mobility (TPEM) signed an agreement with JLR for licensing JLR’s platform for a royalty fee for developing Avinya series vehicles. The access to JLR’s EMA platform will help accelerate TPEM’s entry into the high-end EV segment while reducing development cycle time and costs.

Read more here.

Dabur Q2 Results: Net profit rises 5% YoY to ₹515 crore

Dabur Ltd reported a 5% YoY increase in net profit to ₹515 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 7% YoY to ₹3,204 crore during the same period. EBITDA stood at ₹777 crore, up 7% YoY. The company’s board declared a dividend of ₹2.75 per equity share.

Read more here.

Adani Green is in talks for $1.8 billion loan

Adani Green Energy Ltd is in talks with a group of foreign lenders to borrow as much as $1.8 billion. The loan proceeds will be used to build new capacity in solar and wind projects. The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc. The transaction hasn’t been finished yet, and the terms could still change.

Read more here.

Vodafone Idea gets ₹2,000 crore from HDFC Bank

HDFC Bank has extended a loan of ₹2,000 crore to Vodafone Idea (Vi) to assist the telco in addressing its pending license fees and fulfilling its 5G spectrum payment commitments. The loan has a tenure of two years. The funds were disbursed in mid-September, just before the deadlines for some of the company’s loan and statutory payment commitments.

Read more here.

Tata Motors to supply 200 electric buses in Srinagar, Jammu for 12 years

Tata Motors will supply and operate 200 electric buses in Srinagar and Jammu for 12 years for Jammu and Srinagar Smart City projects. The company has supplied the first batch of Ultra EV air-conditioned electric buses to Srinagar Smart City Ltd via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a group company. 

Read more here.

Categories
Market News Top 10 News

India’s Coal Production Grows 7.10% in May – Top Indian Market Updates

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

India’s coal production grows 7.10% to 76.26 MT in May

Domestic coal production in India grew 7.10% YoY in May, reaching 76.26 million tonnes (MT). The Ministry of Coal achieved this milestone, surpassing the previous year’s production. In April-May FY23, cumulative coal production increased to 149.41 MT from 138.41 MT in the corresponding period last year. Coal India Ltd contributed significantly to the overall production, producing 59.94 MT of coal, marking a growth of 9.54% YoY.

Read more here.

India’s forex reserves fall to $589 billion 

According to the Reserve Bank of India (RBI), India’s foreign exchange (forex) reserves declined to $589.14 billion, reaching a one-month low as of May 26. This marks the second consecutive week of falling reserves, with a decrease of $4.34 billion compared to the previous week. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Read more here.

Bank of Baroda board approves raising additional capital worth Rs 5,000 crore

Bank of Baroda’s board has approved raising additional capital through debt. The bank aims to raise funds up to Rs 5,000 crore through Tier I or Tier II debt capital instruments. The bank also has the option to interchange these instruments within India or outside the country, by the end of the current financial year or at a later date if deemed suitable. Bank of Baroda stated that the capital will be raised when market conditions are favourable.

Read more here.

Info Edge orders forensic audit of 4B Networks after Rs 280 crore loan impairment

Info Edge Ltd has announced that its subsidiary, Allcheckdeals India Private Ltd (AIPL), has fully impaired its loan of Rs 280 crore to 4B Networks. AIPL is initiating a forensic audit, led by Deloitte Touche Tohmatsu India LLP, to investigate the matter. 4B Networks operates platforms for real estate developers and brokers to communicate and facilitate loan origination.

Read more here.

GAIL infuses Rs 2,100 crore in JBF Petrochemicals

GAIL (India) Ltd has invested Rs 2,100 crore in JBF Petrochemicals Ltd. The company acquired JBF Petro through bankruptcy proceedings in March 2022. This investment includes Rs 625 crore of equity and Rs 1,476 crore of debt. With this investment, JBF has now become a wholly-owned subsidiary of GAIL, effective from June 1, 2023.

Read more here.

Grasim starts beta testing its painting service sparkle

Grasim Industries Ltd is beta-testing its painting service ‘Sparkle’ in Mumbai, Pune, and Bengaluru. Initially, it will be available exclusively to Aditya Birla Group staff and their friends and family. The service currently uses paint products from authorized dealers. Any product complaints will be directed to the respective paint companies for warranty claims. 

Read more here. 

Government advances strategic sale of BEML

The Central Government is preparing to proceed with the financial bids for the strategic sale of defence PSU BEML after receiving the necessary clearances from state governments. DIPAM Secretary Tuhin Kanta Pandey confirmed that land clearances have been obtained, with the Karnataka and Kerala governments addressing issues related to land and registration. In January 2021, the government invited bids for selling a 26% stake in BEML.

Read more here.

Minda Corp board approves Rs 600 crore fundraise

Minda Corporation Ltd’s board has approved a fundraise of up to Rs 600 crore by issuing securities. The company plans to raise funds through various offerings, including preferential issues, qualified institutions placement, and further public offers (FPO). The decision comes as part of Minda Corporation’s efforts to secure additional capital for its operations.

Read more here.

M&M to strengthen Swaraj brand with multiple tractor launches

Mahindra & Mahindra (M&M) plans to launch multiple tractor models under the Swaraj brand over the next few quarters as the market leader seeks to fill the white spaces in the agriculture and horticulture segment. The company announced its entry into the lightweight compact tractor segment by launching the Swaraj Target. M&M aims to corner a 27-30% share in the 50,000-per-annum lightweight tractor market.

Read more here.

Categories
Market News Top 10 News

Tata Steel’s Profit Falls 82% YoY to Rs 1,705Cr in Q4 – Top Indian Market Updates

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

Tata Steel Q4 Results: Profit falls 82% YoY to Rs 1,705 crore

Tata Steel reported an 82% YoY fall in consolidated net profit to Rs 1,705 crore for Q4 FY23. Its revenue from operations also fell 9% YoY to Rs 62,961 crore during the same period. EBITDA stood at Rs 7,225 crore in Q4 FY23, compared to Rs 5,174 crore in Q4 FY22. The company’s board has recommended a dividend of Rs 3.6 per equity share.

Read more here.

Auto sales data for April 2023: Highlights  

Maruti Suzuki India posted a 6.5% year-on-year (YoY) increase in wholesale sales to 1.61 lakh units in April 2023. Sales of its mini & compact vehicle segment rose 16.7% YoY to 89,045. Exports fell 7.8% YoY to 16,941 units.

Tata Motors Ltd registered a 13% YoY increase in passenger vehicle sales to 47,107 units in April. The automaker’s commercial vehicle sales declined by 6% YoY to 6,984 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 34,698 units in April, an increase of 54% YoY. M&M’s tractor sales fell 11% YoY to 36,405 units. 

TVS Motor Company’s total sales stood at 3.06 lakh units in April, up 4% YoY. Meanwhile, Bajaj Auto’s sales rose 11% YoY to 2.8 lakh units.

Read more here.

NMDC iron ore output rises 11.42% to 3.51 MT in April

NMDC Ltd reported an 11.42% rise in its iron ore production of 3.51 million tonnes (MT) in April 2023. It produced 3.15 MT of iron ore in the same month last year. The state-owned company is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

Read more here.

Adani Total Gas Q4 Results: Profit rises 21% YoY to Rs 98 crore

Adani Total Gas reported a 21% YoY increase in consolidated net profit at Rs 98 crore for Q4 FY23. Operating revenue stood at Rs 1,197 crore, a 12% increase from Q4 FY22. ATGL’s operating profit rose 45% to Rs 205 crore. The company’s board approved a dividend of Rs 0.25 per equity share.

Read more here.

Suzlon secures 69.3 MW wind energy project from Juniper Green Energy

Suzlon has secured an order from Juniper Green Energy to develop a 69.3 megawatts (MW) wind power project. The project is located in Surendra Nagar district in Gujarat and is expected to be commissioned in 2024. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning.

Read more here.

USFDA halts Sun Pharma’s trials on dermatological drug

The US Food & Drug Administration (FDA) has asked Sun Pharmaceutical Industries Ltd to halt tests on one dose of an experimental dermatological drug due to the potential of blood clots. The FDA has also said that patients with alopecia areata (an autoimmune condition that results in patchy hair loss) on the 12 mg dose of deuruxolitinib should discontinue its use.

Read more here.

Ambuja Cements Q4 Results: Net profit rose 2% YoY to Rs 502 crore

Ambuja Cements reported a 1.6% YoY rise in standalone net profit to Rs 502 crore for Q4 FY23. Operating revenue stood at Rs 4,256 crore, an 8% increase from Q4 FY22. EBITDA for the quarter stood at Rs 788 crore, compared to Rs 793 crore in Q4 FY22. The company’s board approved a dividend of Rs 2.5 per equity share.

Read more here.

Varun Beverages Q4 Results: Net Profit rises 69% YoY to Rs 429 crore

Varun Beverages reported a 69% YoY increase in consolidated net profit to Rs 429 crore for Q4 FY23. Its operating revenue for the quarter increased 37.8% YoY to Rs 3,952 crore. EBITDA rose 50.3% YoY to Rs 798 crore. The company’s board also announced a 1:2 stock split subject to the approval of shareholders.

Read more here.

Minda Corp to acquire additional 8.8% stake in Pricol

Minda Corporation has filed an application with the Competition Commission of India (CCI) to increase its stake in Pricol Ltd. to 24.5%. It had acquired 15.7% of Pricol’s equity earlier this year, but stated that it was only a financial investment with no special rights. As of December last year, Pricol was a debt-free company and even had free cash flow worth Rs 112.2 crore as of financial year 2022.

Read more here.

India’s unemployment rate surges to 4-month high in April

India’s unemployment rate rose to 8.11% in April from 7.8% in March, the highest since December. Urban unemployment increased from 8.51% to 9.81% in the same period, while in rural areas, it fell marginally from 7.47% a month ago to 7.34% in April. India’s labour force increased by 25.5 million people to 467.6 million in April, possibly due to an “increase in optimism about finding employment.”

Read more here.

Categories
Market News Top 10 News

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.  

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here. 

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

Categories
Market News Top 10 News

World Bank Slashes India’s Growth Forecast to 8.3% for FY22 – Top Indian Market News

World Bank slashes India’s growth forecast to 8.3% for FY22

The World Bank has lowered its growth forecast for India from 10.1% to 8.3% for the current financial year (FY22). It stated that recovery in India is being hampered by the largest outbreak of Covid-19 cases that any country has seen since the beginning of the pandemic. “Economic activity in FY22 will benefit from policy support, including higher spending on infrastructure, rural development, health, and a stronger-than-expected recovery in services and manufacturing,” the World Bank said in its latest Global Economic Prospects report.

Read more here.

Max Financial Q4 Results: Net profit at Rs 62.34 crore

Max Financial Services Ltd reported a consolidated net profit of Rs 62.34 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 36.09 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations jumped 128.88% YoY to Rs 9,759.75 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit increased by 179.6% YoY to Rs 405.39 crore. 

Read more here.

Route Mobile to expand its global presence in Southeast Asia

Route Mobile Ltd announced the opening of a step-down subsidiary PT Route Mobile in Indonesia, as it seeks to expand its global presence in Southeast Asia. The company has appointed Elsiyah Susanto as Country Manager- Indonesia. The new office in Indonesia marks the company’s commitment to strengthen its presence in the region and assure better reachability to enterprises and brands. Route Mobile is a leading cloud communications platform as a service (CPaaS) provider based in Mumbai.

Read more here.

Minda Corporation forms JV with South Korean firm for automotive antenna systems

Minda Corporation Ltd has announced a joint venture (JV) with South Korea-based INFAC Elecs Co. Ltd to bring its range of automotive antenna solutions to India. The partnership aims to capitalise on the opportunities for growth in automotive safety, connected and autonomous technologies. The JV will provide multiple products such as rod antenna, micro pole antenna, shark fin antenna, and low frequency (LF) antennas. It will manufacture the antennas locally from the newly established state-of-the-art manufacturing unit in Pune.

Read more here.

MOIL secures patent from the government

MOIL Limited has secured a patent for an invention entitled ‘a composition useful as an alternative filling material for hydraulic stowing in an underground mine and the methods thereof’. The Indian government has granted the patent for 20 years, starting from March 31, 2018. This is the company’s first patent since its inception in 1962. State-owned MOIL is a manganese ore mining company based in Nagpur.

Read more here.

Suven Pharma Q4 Results: Net profit rises 12% YoY to Rs 83 crore

Suven Pharmaceuticals Ltd reported a 12.05% YoY increase in consolidated net profit to Rs 83.12 crore for the quarter ended March (Q4). Net profit has declined by 26.85% when compared to the previous quarter. Its revenue from operations rose 40.27% YoY to Rs 259.16 crore during the same period. Net profit for the financial year 2020-21 increased by 14.30% YoY to Rs 362.34 crore. The pharma company’s board has recommended a final dividend of Re 1 per share.

Read more here.

NCLT approves Videocon sale to Vedanta group firm Twinstar Technologies

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Twinstar Technologies’ resolution plan for Videocon Industries Ltd. Twinstar is part of Anil Agarwal’s Vedanta Group. It had offered to pay Rs 2,962 crore to the lenders of Videocon, which is burdened with a massive debt of Rs 46,000 crore. In 2019, NCLT had allowed for the consolidation of insolvency proceedings against 13 entities of the Videocon Group.

Read more here.

Inox Leisure to raise Rs 300 crore via QIP

The Board of Directors of Inox Leisure Ltd has approved the launch of a qualified institutional placement (QIP) to raise Rs 300 crore. The floor price of the QIP has been fixed at Rs 315.25 per share. This is a 5% discount to the current share price. The multiplex operator plans to utilize the net proceeds from the share sale to meet capital expenditure requirements for ongoing and future projects. The funds will also be used for business expansion and to repay existing/future debts.

Read more here.

Indian Hotels Company signs pact with BACL for 775-room hotel at Bengaluru airport

Indian Hotels Company Ltd (IHCL) has entered into an agreement with Bengaluru Airport City Ltd (BACL) for a 775-room hotel at Kempegowda International Airport. It will be a combination of a 450-room ‘Vivanta’ hotel and a 325-room ‘Ginger’ hotel. The upcoming hotel complex, along with Taj Bangalore, will offer a combined inventory of 1,150 rooms. With this addition, IHCL will have 12 hotels in Bengaluru.

Read more here. 

CCI approves acquisition of three electricity supply companies of Odisha by Tata Power

The Competition Commission of India (CCI) has approved the acquisition of 51% of equity share capital in each of the three electricity supply companies of Odisha by Tata Power Company Ltd. This includes Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha (SOUTHCO), and Central Electricity Supply Company of Odisha Limited (CESCO). The 51% share capital of each utility company will be acquired by Tata Power from Grid Corporation of Odisha Ltd (GRIDCO).

Welspun Corp secures multiple orders worth Rs 1,725 crore

Welspun Corp has received multiple orders of approximately 164 kilometric tonnes (KMT), valuing close to Rs 1,725 crore. The orders include reinstatement of an offshore sour pipes supply contract in Australia for the Barossa Offshore Development Project. With these new orders, the company’s total order book stands at 525 KMT, valued at approximately Rs 4,800 crore.