Tag: mindtree

Categories
Market News Top 10 News

L&T Wins Major Contracts For its Hydrocarbon Biz – Top Indian Market Updates

L&T

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

L&T wins major contracts for its hydrocarbon business

Larsen & Toubro Ltd’s hydrocarbon business (LTEH) has secured multiple offshore orders (in the range of ₹5,000-7,000 crore) from an overseas client. The scope of work comprises engineering, procurement, construction and installation of offshore structures and upgradation of existing facilities. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

Read more here.

Tata Motors set to hike prices by up to 5% on commercial vehicles

Tata Motors announced a price increase for commercial vehicles ahead of BS6 phase II emission norms. The prices for commercial vehicles will be hiked by up to 5% starting April 1, 2023. The price increase will be applied across the entire range of commercial vehicles.

Read more here.

India cuts windfall tax on crude oil production to Rs 3,500 per tonne

The Central government reduced windfall gains on domestic production of crude petroleum from Rs 4,400 per tonne to Rs 3,500 per tonne. It also marginally increased export duty on diesel from Rs 0.50 to Re 1 per litre, while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21.

Read more here.

Tata Group in talks to engage outgoing TCS boss Gopinathan beyond Sept 15: Report

As per reports, N Chandrasekaran, the chairman at Tata Sons, is reportedly discussing ways to engage outgoing Tata Consultancy Services MD & CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role. There have been preliminary discussions between the two as the group needs reliable and experienced hands with its diversification into various technology domains.

Read more here.

NTPC arm signs pact with Indian Army for setting up green hydrogen plants

NTPC Renewable Energy Ltd (NTPC REL) has signed an agreement with the Indian Army to implement green hydrogen projects in armed forces establishments. Under the Memorandum of Understanding (MoU) with the Army, a joint identification of potential sites would be undertaken for setting up green hydrogen projects for supplying electricity in a phased manner. NTPC REL is a wholly-owned subsidiary of NTPC Ltd.

Read more here.

Thomas Cook India, SOTC Travel partners with LTIMindtree to launch ‘Green Carpet’

Travel services firm Thomas Cook India and its group company SOTC Travel have partnered with LTIMindtree to launch ‘Green Carpet’. It’s a global platform that will help companies to monitor and manage their business travel emissions. The platform is designed to address specific concerns faced by organisations, helping them capture, monitor, analyse and reduce their carbon emissions from business travel.

Read more here.

Lupin receives USFDA’s nod for Brexpiprazole tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) for Brexpiprazole tablets. The drug is used to treat certain mental and mood disorders. The tablets are a generic equivalent of Rexulti tablets of Otsuka Pharmaceutical Company Ltd. It had estimated annual sales of $1,575 million in the US for the 12 months ended December 2022.

Read more here.

IndiaFirst Life Insurance gets SEBI approval to launch IPO

IndiaFirst Life Insurance has received approval from SEBI to float an Initial Public Offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14.12 crore equity shares by promoters and existing shareholders of the company. The insurance company is owned by two of India’s largest PSU banks— Bank of Baroda and Union Bank of India.

Read more here.

Categories
Market News Top 10 News

Reliance’s Net Profit Falls 15% YoY in Q3 – Top Indian Market Updates

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

RIL Q3 Results: Net profit falls 14.8% YoY to ₹15,792 crores

Reliance Industries Ltd (RIL) reported a 14.8% year-on-year (YoY) decline in consolidated net profit to ₹15,792 crores for the quarter ended December (Q3 FY23)— missing street estimates. Profit declined due to higher finance costs and depreciation. Its revenue from operations rose 15% YoY to ₹2.20 lakh crore on the back of improvement in Oil-to-Chemicals (O2C) and the exploration & production (E&P) businesses and retail performance. EBITDA stood at ₹38,460 crore, up 13.5% YoY.

Meanwhile, Reliance Jio Infocomm’s standalone net profit rose 28.3% YoY to ₹4,638 crore in Q3. Its total revenue increased nearly 19% YoY to ₹22,998 crore.

Read more here.

Dr. Reddy’s Labs completes clinical studies of its proposed rituximab biosimilar candidate

Dr. Reddy’s Laboratories Ltd has successfully completed the full set of clinical studies of its proposed rituximab biosimilar candidate ‘DRL_RI’ for filing in highly regulated markets such as the US, Europe, and other regions. The biosimilar is used in the treatment of adult patients with rheumatoid arthritis, non-Hodgkin’s lymphoma, and chronic lymphocytic leukemia. ‘DRK_RI’ has already been approved for marketing in India and over 25 emerging markets.

Read more here.

JSW Steel Q3 Results: Net profit falls 90% YoY to ₹474 crore

JSW Steel Ltd reported a 90% YoY decline in consolidated net profit to ₹474 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3% YoY to ₹39,134 crore during the same period. EBITDA stood at ₹4,547 crore, down 50% YoY. The combined crude steel production of JSW Steel stood at 6.24 million tonnes (MT) in Q3, up 10%.

Read more here.

NCLT admits Union Bank’s insolvency plea against Rolta

The Mumbai Bench of the National Company Law Tribunal (NCLT) admitted military-focused software developer Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. Union Bank approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over ₹1,413 crore to the lender.

Read more here.

LTIMindtree Q3 Results: Net profit falls 4.7% YoY to ₹1,000 crore

LTIMindtree reported a 4.7% YoY decline in net profit to ₹1,000 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 25.3% YoY to ₹8,620 crore during the same period. The combined entity (after the merger of LTI and Mindtree) has started out a robust order inflow of $1.25 billion. The IT company’s board declared an interim dividend of ₹20 per share.

Read more here.

Canara Bank sells entire stake in Russian joint venture to State Bank of India

Canara Bank has entered into a share sale agreement with State Bank of India for the sale of equity shares held by it in Moscow-based Commercial Indo Bank LLC (CIBL) for a consideration of $14.67 million. CIBL is a joint venture between SBI and Canara Bank in a ratio of 60:40. The transaction is expected to complete by the end of the current financial year (FY23).

Read more here.

KPI Green commissions 25 MW solar power project for Greenlab Diamonds

KPI Green Energy has commissioned a 25 megawatts (MW) solar power project for Greenlab Diamonds LLP in Surat. The new project is part of its captive power producer (CPP) segment. The company also announced the appointment of Salim Suleman Yahoo as the new Chief Financial Officer (CFO).

Read more here.

RBL Bank Q3 Results: Net profit rises 33% YoY to ₹209 crore

RBL Bank reported a 33% YoY increase in net profit to ₹209 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 14% YoY to ₹1,148 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 3.8% in Q2 FY23 to 3.61% in Q3 FY23. The bank’s net advances grew 15% YoY to ₹66,684 crore in Q3.

Read more here.

GPT Infraprojects secures project worth ₹270 crore in UP

GPT Infraprojects Ltd has secured an order worth ₹270 crore from Bridge and Roof Company Ltd, a Government of India enterprise. The company will construct a railway interchange (flyover) between Allahabad and Bamrauli in Uttar Pradesh. Earlier this week, GPT Infra secured an order worth ₹216 crore from Maharashtra Rail Infrastructure Development Corporation Ltd for the extension of the Ghatkopar Cable Stayed Road interchange in Mumbai.

Read more here.

HDFC Life Q3 Results: Net profit rises 15% YoY to ₹315 crore

HDFC Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹315 crore for the quarter ended December (Q3 FY23). Its net premium income (NPI) rose 19% YoY to ₹14,379 crore during the same period. First-year premiums grew 29% YoY to ₹2,724.87 crore. HDFC Life’s total assets under management (AUM) stood at ₹2.33 lakh crore in Q3, compared to ₹1.95 lakh crore a year ago.

Read more here.

Categories
Market News Top 10 News

Infosys Posts 11% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Infosys Q2 Results: Net profit rises 11% YoY to ₹6,021 crore

Infosys Ltd reported an 11% YoY increase in consolidated net profit to ₹6,021 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 23.4% YoY to ₹36,538 crore during the same period. Infosys secured contracts worth $2.7 billion in Q2, compared to $1.7 billion in Q1. The IT company’s board has declared an interim dividend of ₹16.5 per share.

The board has also approved the buyback of shares worth ₹9,300 crore at ₹1,850 per share.

Read more here.

Future Enterprises defaults on ₹9.16 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs) totalling ₹9.16 crore. The due date for payment was October 11, 2022. The debentures are secured and have a coupon rate of 10.15% per annum. The total amount of securities issued was ₹180 crore and a default has occurred on this gross principal amount.

Read more here.

Mindtree Q2 Results: Net profit rises 28% YoY to ₹509 crore

Mindtree Ltd reported a 27.5% YoY increase in consolidated net profit to ₹509 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 31.5% YoY to ₹3,400 crore during the same period. The IT company secured deals worth $518 million in Q2, up 44% YoY. The attrition rate was down from 24.5% in Q1 to 24.1% in Q2.

Read more here.

Passenger vehicle wholesales rises 92% in Sept: SIAM

Passenger vehicle (PV) wholesales in India surged 92% YoY to 3,07,389 units in September 2022, as per data released by the Society of Indian Automobile Manufacturers (SIAM). The high demand can be linked to the festive season. Two-wheeler sales rose 13% YoY to 17,35,199 units in Sept. During the July-September period (Q2 FY23), PV sales increased by 38% YoY to 10,26,309 units.

Read more here.

Coal India to set up 1,190 MW solar power plant in Rajasthan

Coal India Ltd (CIL) will set up a 1,190 megawatts (MW) solar power plant in the Bikaner district of Rajasthan. The company has signed a Memorandum of Understanding (MoU) with Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL) for the same. The solar plant will be set up in a 2,000 MW solar park developed by RVUNL in Poogal, Bikaner.

Read more here.

Veranda Learning arm to acquire J K Shah Classes for ₹337.82 crore

Veranda Learning Solutions Ltd has signed a definitive agreement for the acquisition of equity shares of J K Shah Education Pvt Ltd through its wholly-owned subsidiary, Veranda XL Learning Solutions Pvt Ltd. In the first phase, Veranda will pay ₹337.82 crore to acquire a 76% stake in J K Shah Education. J K Shah Education is a pioneer in teaching chartered accountancy, company secretary, and cost accountant aspirants.

Read more here.

Bandhan Bank to raise exposure of secured loans to 70% by 2025

Bandhan Bank will diversify its asset base by increasing exposure to secured loans to 70% by 2025. The bank will also diversify its geographical presence. MD & CEO of Bandhan Bank Chandra Sekhar Ghosh said the percentage of the bank’s secured loans at present is 39%. Nearly 10% of its exposure will be on retail channels, including automobiles, two-wheelers, gold, and personal loans.

Read more here.

L&T’s heavy engineering arm bags ‘significant orders’ in Q2

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has secured significant contracts (in the range of ₹1,000-2,500 crore) across various business segments. The company secured a key order for the supply of reactors for renewable diesel production from a prestigious client in Singapore. It also received a repeat order for the supply of four identical coke drums for a refinery in Mexico.

Read more here.

Adani Ports to develop Tajpur deep-sea port in West Bengal

Adani Ports and Special Economic Zone (APSEZ) has received a Letter of Award (LoA) from the Government of West Bengal for the development of a deep-sea port at Tajpur. This port would be developed on a build, finance, design, operation, and transfer basis. According to a statement from the state government, the port would entail an investment of ₹15,000 crore.

Read more here.

RITES secures order worth ₹499 crore from Bangalore Metro Rail

RITES Ltd has secured a new business order worth ₹499.41 crore from Bangalore Metro Rail Corporation Ltd. The order is for the construction of a depot cum workshop at Challaghatta in the Reach-2 Extension of the Bengaluru Metro Rail Project Phase-2. RITES is engaged in design, engineering, consultancy, and project management for the transport infrastructure sector.

Read more here.

Categories
Market News Top 10 News

SpiceJet to Send 80 Pilots on Leave Without Pay – Top Indian Market Updates

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

SpiceJet to send 80 pilots on leave without pay

SpiceJet Ltd will send around 80 pilots on Leave Without Pay (LWP) as the airline finds itself with excess pilots. Around 40 pilots from the Boeing 737 fleet and 40 from the Q400 fleet have been asked to go on LWP for three months. The airline will call them back gradually as it deploys new aircraft into its fleet. SpiceJet plans to add seven new Boeing 737 Max starting from December 2022.

Read more here.

Hero MotoCorp, HPCL to set up charging infrastructure for EVs

Hero MotoCorp Ltd has partnered with Hindustan Petroleum Corporation Ltd (HPCL) to set up charging infrastructure for electric vehicles across India. The companies will first set up charging stations in select cities and expand to other key markets to establish a high-density of EV charging station network. They will initially establish charging infrastructure at HPCL’s existing network of energy stations.

Read more here.

Piramal Enterprises to raise ₹750 crores via NCDs

Piramal Enterprises Ltd’s board has approved a proposal to raise ₹750 crore through the issuance of non-convertible debentures (NCDs). It will raise market-linked NCDs on a private placement basis up to ₹100 crore along with an option to retain oversubscription of up to ₹650 crore. The debentures will be listed on the debt segment and capital market segment of NSE and BSE, respectively.

Read more here.

C E Info Systems acquires 26% stake in KOGO

C E Info Systems Ltd (CEISL) has completed the acquisition of a 26.37% stake in Kogo Tech Labs Pvt. Ltd for ₹10 crore. This acquisition would help automotive OEMs deliver a premium and engaging user-first approach to travel experiences for their vehicle owners. Kogo is a gamified social travel commerce platform. Users earn KOGOCOIN as they step out and can spend it on hotels, experiences, and stores on the KOGO Marketplace.

Zydus Lifesciences launches cancer drug in the US

Zydus Lifesciences Ltd has announced the launch of Lenalidomide capsules in the US. The drug is used to treat various types of cancer. It works by slowing or stopping the growth of cancer cells. Lenalidomide can also treat anemia in patients with certain blood/bone marrow disorders. Zydus will maufacture the drug at its manufacturing facility at the Special Economic Zone (SEZ) in Ahmedabad.

Read more here.

Adani pledges stake worth $13 billion in newly acquired Holcim cement units

The Adani Group has pledged shares valued at around $13 billion (~₹1.03 lakh crore) in two cement firms days after it completed the acquisition from Holcim Ltd. Stakes in two companies (57% of ACC and 63% in Ambuja Cements Ltd.) have been pledged for “the benefit of certain lenders and other finance parties”. The buyouts from Holcim earlier this year marked the group’s entry into the cement business.

Read more here.

Adani Transmission to invest over ₹5,000 crore in FY24-25

Adani Transmission Ltd. is planning to invest over ₹5,000 crore to add more capacity in each of the next two financial years. The company aims to increase the share of its renewable energy capacity to 60% by FY26-27. Currently, Adani Trans holds a portfolio of 18,795 circuit kilometers (ckm) of transmission lines and 40,001 megavolt-amperes (MVA) of power transformation capacity across 13 states.

Read more here.

Mindtree secures multi-year engagement with UK-based Currys

UK’s leading retailer of technology products and services, Currys, has selected Mindtree Ltd. to deliver a highly personalised shopping experience to its customers across multiple markets. Mindtree will design and implement an omnichannel solution that provides a unified customer experience across online, mobile, and in-store shopping while driving cross-channel fulfillment and inventory optimisation for Currys. 

Read more here.

NPCI in talks with govt as Zomato, Swiggy plans entry into UPI space

The National Payments Corporation of India (NPCI) is worried over the delay in implementing its mandate requiring payment apps to hold no more than 30% market share in the UPI ecosystem. NPCI is in talks with the govt. and industry stakeholders over the effect of late implementation. The recent action comes at a time when Zomato and Swiggy are reportedly planning an entry into the UPI payments platform as third-party payments apps.

Read more here.

Wipro, Finastra to power digital transformation for corporate banks

Wipro Ltd has partnered with UK-based Finastra to help corporate banks accelerate digital transformation. This partnership combines Wipro’s expertise in consulting and digital infrastructure with Finastra’s cutting-edge solutions to deliver modern API-enabled platforms for banks. The solution will help banks streamline and digitize core trade finance processes and reduce cost overheads.

Read more here.

India to grow at over 7% in FY23: CEA

Chief Economic Advisor V Anantha Nageswaran said the Indian economy will grow at 7% in FY23, down from the 8-8.5% growth rate projected in January. The aftereffects of the COVID-19 pandemic and Russia’s invasion of Ukraine are hurting economic growth. India can sustain the 7% growth rate for the rest of the decade, he added.

Read more here.

Categories
Market News Top 10 News

Vedanta Secures Two Coal Mines in E-Auction – Top Indian Market Updates

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

Vedanta secures two coal mines in Odisha in e-auction

Vedanta Ltd has emerged as the highest bidder for two coal mines in Odisha on the second day of the commercial coal mines e-auction. The company won the bid for Ghogharpalli and its dip extension mines. Both coal mines are fully explored and have a peak rate capacity (PRC) of 20 million tonnes per annum. The government placed 10 coal mines on sale on Tuesday and Wednesday. 

Read more here.

Tube Investments to leverage Murugappa Group firms to boost EV business

Tube Investments of India (TII) is looking to leverage the expertise of all the companies within the Murugappa Group as it sets a roadmap for its electric vehicles (EV) business. The financing expertise of Cholamandalam Investment & Finance Co will help the company fund its customers. Group firms CG Power and Shanthi Gears can help make motors and gearboxes for electric vehicles. TII also plans to invest up to ₹1,000 crore in its EV business.

Read more here.

Tata Power Solar Systems to set up 100 MW project for SJVN in Gujarat

Tata Power Solar Systems Ltd (TPSSL) will set up a 100 megawatts (MW) ground-mounted solar project for SJVN Ltd in Gujarat for ₹612 crore. The project will get commissioned within 11 months. With this order win, TPSSL’s total portfolio will touch 9.9 gigawatt-peak (GWp). The company’s total order book currently stands at ₹15,520 crore.

Read more here.

Tamilnad Mercantile Bank to focus on phygital platform, network expansion: CEO

Tamilnad Mercantile Bank (TMB) will focus on strengthening its exposure in the phygital platform and expand its branch network during the current financial year (FY23), said MD & CEO S Krishnan. Retail, agriculture, and micro, small and medium enterprises (MSME) segments would be the bank’s focus areas, as this vertical comprises 88% of its exposure.

Shares of TMB made a muted debut on the NSE today, falling by 2.94% from the issue price. 

Read more here.

New momentum of auto industry’s innovation for greener alternatives need of the hour: PM Modi

Prime Minister Narendra Modi stressed the need for the automobile industry’s innovation for green alternatives to ensure environmental protection and help make India self-reliant. In a written address to the annual session of the Society of Indian Automobile Manufacturers (SIAM), he said the automobile sector has contributed to the all-round development and growth of the economy through new avenues for employment generation. 

Meanwhile, Kenichi Ayukawa, MD & CEO of Maruti Suzuki, said the Indian auto sector will be near 100% self-reliant by 2047.

Read more here.

Reliance Jio adds 29.4 lakh subscribers in July; Vi loses 15.4 lakh users

Reliance Jio added 29.4 lakh mobile subscribers in July 2022, taking its total subscription base to 41.59 crore. Bharti Airtel added 5.1 lakh subscribers, and its total user base stood at 36.34 crore. Meanwhile, Vodafone Idea (Vi) lost 15.4 lakh mobile customers in July, and its user base fell to 25.5 crore. Jio and Airtel further widened their market shares to 36.23% and 31.66%, respectively. Vi’s share narrowed to 22.22% in July.

Read more here.

L&T Construction secures significant orders

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant order (in the range of ₹1,000-2,500 crore). The Water & Effluent Treatment business has received an order from the Government of Odisha to execute a pressurized underground pipeline irrigation network system for the Lower Suktel Irrigation project. The project aims to provide water to irrigate 27,000 hectares of Culturable Command Area (CCA) in the Balangir district, Odisha. 

Read more here.

Mindtree designs remote digital solution for L&T green hydrogen plant in Gujarat

Mindtree Ltd has implemented a digital command and control solution for L&T’s recently-commissioned green hydrogen plant in Hazira, Gujarat. The solution enables remote monitoring and control of all services at the plant. It helps optimise operational and energy costs and drive effective utilisation of resources such as solar energy and battery energy storage systems.

Read more here.

BPCL divestment not on the table as of now: Oil Minister

The divestment of Bharat Petroleum Corporation Ltd (BPCL) is not on the table as of now, said Minister of Petroleum and Natural Gas Hardeep Singh Puri. In August, the Centre told Parliament that it will decide on re-initiating the process of BPCL strategic sale based on a review of the situation in due course.

In May 2022, the govt. formally withdrew its offer to sell its entire 52.98% stake in BPCL. A majority of bidders had expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.

Read more here.

UPL acquires 26% stake in Clean Max Kratos

UPL Ltd has acquired a 26% stake in renewable energy firm Clean Max Kratos Pvt Ltd. Clean Max was incorporated on July 28 with paid-up capital of ₹1 lakh. The company will develop and maintain a hybrid 28.05 MW solar and 33 MW wind power project. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption (from the current level of 8%).

Read more here.

Categories
Market News Top 10 News

Mindtree Reports 37% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Mindtree Q1 Results: Net profit rises 37% YoY to Rs 472 crore

Mindtree reported a 37.3% YoY increase in net profit to Rs 471.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 36.2% YoY (or 7.7% QoQ) to Rs 3,121.1 crore during the same period. The IT company’s earnings before interest & tax (EBIT) stood at Rs 598 crore, up 47% YoY or 9% QoQ. Mindtree registered its highest-ever order book of $570 million (~Rs 4,547 crore) in Q1.

Read more here.

RITES signs pact with CRILS to explore rail tech opportunities

Rail India Technical and Economic Service Ltd (RITES) has signed a Memorandum of Understanding (MoU) with the Centre for Railway Information Systems (CRIS) to explore information technology-based opportunities in the railway sector. Both entities will leverage each other’s expertise and collaborate to drive digitalisation in railway technologies. CRIS and RITES will work on national and international projects.

Read more here.

TCS launches its 5th global research and innovation centre in Toronto

Tata Consultancy Services (TCS) has launched TCS Pace Port Toronto, its fifth global research and co-innovation centre. The centre provides companies with access to the latest technologies and “breakthrough thinking” from TCS Research labs, startups, entrepreneurs, and academia. TCS Pace Port hubs around the world include 4,000 researchers and innovators, 2,300 start-up partners, and over 30 innovation labs.

Read more here.

Glenmark Pharma claims its nasal spray can reduce Covid-19 viral load by 93.7% in 24 hours

Glenmark Pharmaceuticals Ltd and its strategic partner SaNOtize Research and Development Corp published their peer-reviewed Phase-3 clinical trials of their Nitric Oxide Nasal Spray (NONS). When administered to adult Covid-19 patients, the nasal spray demonstrated a reduction of viral load by 93.7% in 24 hours and 99% in 48 hours. The nasal spray has been launched in India under the brand name FabiSpray.

Read more here.

ED files FIR against IndusInd Bank employees, others for remittance irregularities

The Enforcement Directorate (ED) has filed a first information report (FIR) against a few employees of Indusind Bank and some entities in connection with alleged irregularities in remittances for import transactions between 2011-2014. “There is no credit exposure of the bank to these entities,” said Indusind Bank in an exchange filing.

Read more here.

RBL Bank partners with IMGC to offer MG-backed home loans

RBL Bank has partnered with India Mortgage Guarantee Corporation (IMGC) to offer Mortgage Guarantee (MG) backed home loan products for prospective customers. This partnership with IGC will help RBL Bank extend MG-backed home loans to new borrower segments through its network of over 500 branches across India. It will also allow RBL Bank to mitigate credit risks by leveraging IMGC’s expertise.

Read more here.

Antony Waste Handling Cell reports record-high operating revenues in Q1

Antony Waste Handling Cell Ltd (AWHCL) handled 1.05 million tonnes (MT) in the April-June quarter (Q1 FY23), an increase of 17% YoY. The company’s collection & transportation (C&T) business managed approx 0.40 MT in Q1, a growth of 15.8% YoY. The total tonnage of waste processed by the firm rose 17.8% YoY to 0.65 MT. Total operating revenue improved by nearly 26% YoY in Q1. AWHCL provides a full spectrum of Municipal Solid Waste (MSW) services.

Read more here.

Adani Ports achieves 100 MMT cargo volume in Q1

Adani Ports & Special Economic Zone Ltd (APSEZ) registered a cargo throughput of 100 million metric tonnes (MMT) in the first 99 days of FY23. The present growth in cargo is supported by a 12% YoY increase in June 2022 at 31.88 MMT. APSEZ was able to handle 100 MMT cargo volume due to innovations that integrate conventional business processes with new-age digital technologies.

Read more here.

Signature Global files draft papers with SEBI for Rs 1,000 crore IPO

Gurgaon-based real estate developer Signature Global has filed the Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 1,000 crore via an initial public offering (IPO). The IPO will include a fresh issue of shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore. Signature Global primarily develops affordable housing projects in the National Capital Region (NCR).

Read more here.

Tata Power’s arm secures hybrid power project from SECI

TP Saurya Limited (TPSL) has received a ‘Letter of Award’ (LoA) from Solar Energy Corporation of India (SECI) for establishing a 600 megawatt (MW) hybrid power project in Karnataka. The project will be commissioned within 24 months. By securing this project, Tata Power’s total renewable capacity has reached ~5,524 MW.

Read more here.

Categories
Market News Top 10 News

Veranda Learning Acquires TIME for Rs 287 crore – Top Indian Market News

Veranda Learning acquires TIME for Rs 287 crore

Veranda Learning Solutions Ltd has signed an agreement to acquire T.I.M.E. (Advanced Education Activities Pvt Ltd) for Rs 287 crore. The acquisition includes the business of Spoken English Training under the VETA brand and pre-school operations under the T.I.M.E. Kids brand. This move will help Veranda foray into the MBA, NEET & JEE preparation and pre-school segment.

Read more here.

Tata Motors to deploy 5,000 XPRES T Electric Sedans with Lithium Urban Tech

Tata Motors has partnered with Lithium Urban Technologies to deploy 5,000 XPRES T electric sedans across India for employee transportation. The automaker will commence deliveries in phases and will complete the deployment by next year. In July 2021, Tata Motors launched the “XPRES” brand exclusively for fleet customers. XPRES-T EV is the first vehicle under this brand. 

Read more here.

RIL to auction 12 mmscmd gas from MJ Field

Reliance Industries Ltd (RIL) will call bids for 12 million metric standard cubic metres per day (mmscmd) of gas from its MJ Field in the eastern offshore Krishna Godavari D6 block. The MJ Field is the third and last set of discoveries that RIL is developing in the KG-D6 block. RIL owns a 66.67% stake in the block, while its partner BP holds 33.33%.

Read more here.

Future Group to focus on saving, rebuilding Future Lifestyle & Future Supply Chain: Report

Future Group will reportedly focus on saving and rebuilding Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer, and Future Enterprises. The move comes after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors. Future Group’s flagship firm, Future Retail Ltd, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). FRL has nearly Rs 18,000 crore in debt.

Read more here.

Shilpa Medicare arm gets NOC to conduct clinical trials for its Biosimilar Aflibercept

Shilpa Biologicals Pvt Ltd (SBPL) has received a No-Objection Certificate (NOC) from RCGM, Dept of Biotechnology, to approach the Drugs Controller General of India (DCGI) to conduct clinical studies for its Biosimilar Aflibercept. The biosimilar is used to treat wet macular degeneration and metastatic colorectal cancer. Shilpa Medicare aims to ensure global accessibility of the product via differentiated pricing and formulations/delivery mechanisms.

Read more here.

Eveready Industries Q4 Results: Net loss at Rs 38.4 crore

Eveready Industries India Ltd (EIIL) reported a net loss of Rs 38.41 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 442.5 crore in Q4 FY21 and a loss of Rs 23.71 crore in Q3 FY22. Its revenue from operations fell 12% YoY (or 26% QoQ) to Rs 241 crore in Q4 FY22. EIIL is one of India’s leading battery, lighting, flashlights, and appliance solutions companies.

Bank of India to raise up to Rs 2,500 crore via share sale

Bank of India has announced plans to raise up to Rs 2,500 crore by issuing fresh equity shares in the form of a qualified institutional placement (QIP) or preferential issue. The lender aims to bring down the total promoter holding to equal to or below 75% to comply with minimum shareholding norms. Currently, the Indian government holds an 81.41% stake in the bank.

Read more here.

GMDC Q4 Results: Net profit at Rs 177 crore

Gujarat Mineral Development Corporation (GMDC) reported a net profit of Rs 176.99 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 184.63 crore in Q4 FY21. Its consolidated income rose 80.3% YoY to Rs 1,096.97 crore in Q4 FY22. GMDC’s board has declared a dividend of Rs 4.30 per share. 

Read more here.

Maharashtra Scooters Q4 Results: Net profit falls 44% YoY to Rs 1.57 crore

Mahindra Scooters Ltd reported a 44.13% YoY decline in net profit to Rs 1.57 crore for the quarter ended March (Q4 FY22). Net profit fell 52.4% when compared to the previous quarter. Its revenue from operations fell 21.85% YoY to Rs 5.83 crore during the same period. The company’s board has declared a dividend of Rs 80 per share.

Read more here.

Mindtree partners with Sapiens to drive digital transformation for insurers

Mindtree Ltd has partnered with Sapiens International Corporation to help insurance companies drive digital transformation. The partnership will focus on North America and subsequently grow into Europe and Asia. Sapiens’ industry-leading, cloud-native suite of banking & insurance applications and Mindtree’s deep domain knowledge and expansive delivery capabilities will enable insurance companies to increase scale and improve customer satisfaction.

Read more here.

Tatva Chintan Q4 Results: Net profit falls 17% YoY to Rs 17.5 crore

Tatva Chintan Pharma Chem Ltd reported a 17% YoY decline in consolidated net profit to Rs 17.5 crore for the quarter ended March (Q4 FY22). Net profit fell 23% when compared to the previous quarter. Its revenue from operations fell 9.3% YoY (or 6% QoQ) to Rs 98.5 crore during the same period. EBITDA stood at Rs 22.31 crore, down 17.55% YoY. The chemical company’s board has declared a final dividend of Rs 2 per share.

Century Textiles Q4 Results: Net profit at Rs 84 crore

Century Textiles & Industries Ltd reported a consolidated net profit of Rs 84.43 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 4.89 crore in Q4 FY21. Its revenue from operations rose 44.6% YoY to Rs 1,186.22 crore in Q4 FY22. EBITDA grew 66.25% YoY to Rs 133 crore during the same period.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Rises to 14.55% in March – Top Indian Market News

WPI inflation rises to 14.55% in March

As per data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI) rose to 14.55% in March 2022. Wholesale price inflation has remained in double-digits for the 12th consecutive month since April 2021. WPI grew 13.11% in February, while WPI for January stood at 13.68%. The food articles segment witnessed a rise of 8.06% in March, compared to 8.19% in Feb.

Read more here.

JSPL reports record steel production, sales in FY22

Jindal Steel and Power Ltd (JSPL) reported record sales of 7.63 MT in the previous financial year (FY22), up 5.03% YoY. It also produced a record 8.1 MT of steel in FY22. The company posted the highest ever production of 2.11 MT in Q3 FY22, up 2% YoY. JSPL’s Angul plant expansion is on track. They expect to reach more than 15 MT capacity by FY25.

Read more here.

Mindtree Q4 Results: Net profit rises 49% YoY to Rs 473 crore

Mindtree Ltd reported a 49.1% YoY rise in consolidated net profit to Rs 473 crore for the quarter ended March (Q4 FY22). Net profit rose 8% compared to the previous quarter. Its revenue from operations rose 37.4% YoY (or 5.4% QoQ) to Rs 2,897.4 crore during the same period. Mindtree’s board has declared a final dividend of Rs 27 per share. 

Read more here.

Ashok Leyland to enter used commercial vehicles business

Ashok Leyland Ltd has partnered with Mahindra First Choice Wheels to enter the used commercial vehicles business. The two entities will establish a platform that facilitates the exchange, proper disposal, and purchase of old commercial vehicles. Ashok Leyland aims to streamline the used vehicles market by leveraging its digital ecosystem and its existing and potential channel partners in over 700 parking yards spread across India.

Read more here.

Indiabulls Real Estate to use Rs 865 crore QIP proceeds for land acquisition, reducing debt

Indiabulls Real Estate Ltd (IBREL) will utilise Rs 865 crore raised by issuing shares to institutional investors mainly for land acquisition and debt reduction. The Mumbai-based firm launched its Qualified Institutional Placement (QIP) on March 7. The current shareholders of IBREL diluted a 15.8% stake through the QIP.

Read more here.

Passenger vehicle exports from India rose 43% in FY22

Passenger vehicle (PV) exports from India increased 43% YoY to 5,77,875 units in FY22. Maruti Suzuki India led the segment with dispatches of over 2.3 lakh units. Passenger car shipments saw 42% growth at 3,74,986 units, while utility vehicle exports rose 46% to 2,01,036 units in FY22. The data was released by the Society of Indian Automobile Manufacturers (SIAM). 

In other news, Maruti Suzuki has increased the prices of its entire model range by 0.9-1.9% to offset the impact of rising input costs.

Read more here.

SBI raises $500 million via IFSC Gift City branch

State Bank of India (SBI) has raised $500 million (~Rs 3,800 crore) through its IFSC Gift City branch. This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch. MUFG, Bank of America, and JP Morgan were the joint lenders for this offering. First Abu Dhabi Bank acted as the facility agent.

Read more here.

Zydus Lifesciences gets USFDA approval for Vitamin B12 injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Cyanocobalamin injection. The drug is used to treat and prevent Vitamin B12 deficiency caused by pernicious anemia. It will be manufactured at the pharma company’s injectables manufacturing facility at Jarod, Gujarat.

Read more here.

L&T planning to merge L&T Infotech, Mindtree to create $22 billion firm: Report

According to a Bloomberg report, Larsen & Toubro Ltd. is weighing a merger between two of its publicly traded software firms— L&T Infotech and Mindtree. The boards of the two companies will reportedly consider share swap ratios for the merger as early as next week. The merger will result in cost synergies for both IT companies as admin costs would come down.

Read more here.

Mahindra Lifespaces acquires 11.5-acre land parcel in Pune

Mahindra Lifespace Developers has acquired an 11.5-acre land parcel in Pimpri, Pune. The land is estimated to have a developable potential of ~2 million sq. ft. of saleable area and a gross development value of around Rs 1,700 crore. The realty firm expects to launch the first phase of the project within the next 12 months. 

Read more here.

RVNL signs MoU with Mahanadi Coalfield for rail infra projects

Rail Vikas Nigam Ltd and Mahanadi Coalfields Ltd (MCL) have signed a Memorandum of Understanding (MoU) for the implementation of rail infrastructure projects. The pact will help in expediting the development of critically important rail infra projects of MCL for evacuation of coal to meet the growing energy demand of India. MCL operates seven open cast mines and three underground mines in Odisha.

Categories
Market News Top 10 News

Adani Group Exploring Partnerships With Saudi Aramco – Top Indian Market News

Adani Group explores partnerships with Saudi Aramco

According to a Bloomberg report, Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of acquiring a stake in the world’s largest oil exporter. The group has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi Aramco and the country’s Public Investment Fund. Adani Group could team up with Aramco or subsidiaries like Sabic in areas such as renewable energy, crop nutrients, or chemicals.

Read more here.

Tata Motors in talks to take over Ford India’s Sanand plant

Tata Motors Ltd is in advanced negotiations to take over Ford India’s Sanand plant in Gujarat. Both entities have approached the local administration in Gujarat to understand the incentive structure after the sale of the factory. Ford had announced its exit from India in September last year.

Read more here.

CBI examining role of SEBI officials in 2016-19, suspects crime was deliberately hidden

As per reports, the Central Bureau of Investigation (CBI) is investigating the role of officials at the Securities and Exchange Board of India (SEBI) who served during 2016-19 when alleged governance lapses and a series of irregularities unfolded at the National Stock Exchange (NSE). The CBI is investigating a 2018 case in which ex-officials at NSE are accused of providing unfair access to high-frequency traders. The agency is examining whether SEBI officials were also involved in the crime.

Tata Elxsi unveils digital health platform TEngage

Tata Elxsi Ltd has launched TEngage, the first-ever truly digital health platform designed for omnichannel care. The platform allows hospitals and healthcare providers to offer a unified patient experience across all channels. TEngage is cloud-based, fully customizable, and allows hospitals to implement modules with just the required features. It also keeps deployment and operational costs in check.

India’s oil demand likely to rise 8% in 2022

India’s oil demand is projected to jump 8.2% to 5.15 million barrels per day (bpd) in 2022 as the economy continues to rebound from the Covid-19 pandemic. In its latest monthly oil market report, the Organisation of Petroleum Exporting Countries (OPEC) projected India to add 0.39 million bpd of crude oil demand in 2022. India’s oil demand rose from 4.51 million bpd in 2020 to 4.76 million bpd in 2021, recording a 5.61% growth.

Read more here.

Mindtree opens new facility at Pune’s ICC Tech Park

Mindtree Ltd, a global digital transformation company, has announced the inauguration of its second facility in Pune. Located at International Convention Center (ICC) Tech Park, the facility can accommodate more than 350 professionals. Mindtree provides digital transformation services to some of the world’s largest communications, media, banking, and healthcare companies from Pune.

Granules India gets licence to market Nirmatrelvir, Ritonavir

Granules India Ltd has received a license from Medicines Patent Pool (MPP) to manufacture and market generic versions of Pfizer’s oral treatment Nirmatrelvir. The drug will be co-packaged with Ritonavir for the treatment of mild-to-moderate Covid-19 cases. The product will be made at the pharma company’s manufacturing facilities in Hyderabad. GIL will launch the product in India and 94 other countries worldwide.

Read more here.

Thermax wins Rs 1,176 crore order for a Sulphur Recovery Block

Thermax Ltd has secured an order worth Rs 1,176 crore from an Indian public sector refinery to set up their Sulphur Recovery Block. The block includes 2×240 tonnes per day (TPD) Sulphur Recovery Unit (SRU) and Tail Gas Treatment Unit (TGTU). This landmark project comes under the Government of India’s North East Hydrocarbon Vision 2030. 

Categories
Market News Top 10 News

RIL to Invest $80 billion in Green Energy Projects in Gujarat – Top Indian Market News

RIL to invest $80 billion in green energy projects in Gujarat

Reliance Industries Ltd (RIL) will invest $80.49 billion (~Rs 5.95 lakh crore) in green energy and other projects in Gujarat. The company will invest Rs 5 lakh crore over 10-15 years to set up a 100 gigawatts renewable energy power plant. RIL will invest Rs 60,000 crore for setting up solar modules and fuel cells. It will further spend Rs 7,500 crore to upgrade its Jio telecom network and invest Rs 3,000 crore in its retail business.

Read more here.

Mindtree Q3 Results: Net profit rises 34% YoY to Rs 437 crore

Mindtree Ltd reported a 34% YoY increase in consolidated net profit to Rs 437.5 crore for the quarter ended December (Q3 FY22). Net profit increased 9.7% when compared to the previous quarter. Its revenue from operations rose 36% YoY (or 6% QoQ) to Rs 2,750 crore during the same period. The IT major’s order book stood at $358 million (~Rs 2,645 crore) in Q3, up 14.6% YoY. 

Read more here.

TVS Motor partners with Swiggy to strengthen electric commercial mobility segment

TVS Motor Company Ltd has signed a pact with delivery platform Swiggy to strengthen the electric commercial mobility segment. The partnership highlights the two-wheeler maker’s commitment to strengthen electrification across diverse mobility segments and align with Swiggy’s efforts to enable the adoption of EVs in its delivery fleet. The entities will test the implementation of TVS Motor’s EV for food delivery and other on-demand services of Swiggy.

Read more here.

NCLAT admits Amazon’s plea against CCI order on Future Coupons

The National Company Law Appellate Tribunal (NCLAT) has admitted Amazon’s plea challenging the Competition Commission of India’s (CCI) order, which had suspended its earlier approval of the e-commerce giant’s investment in Future Coupons. NCLAT also issued notices to CCI and Future Group and refused to give any interim relief. The next hearing will be on February 2.

Read more here.

Adani Group signs MoU with POSCO to set up integrated steel mill in Gujarat

The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with South Korea-based steel company POSCO to develop and establish an integrated steel mill in Mundra, Gujarat. Around $5 billion (~Rs 37,000 crore) will be earmarked for the project. POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements 

Read more here.

Equitas Small Finance Bank’s gross advances rise 13% YoY in Q3

Equitas Small Finance Bank’s (SFB) gross advances increased 13% year-on-year (YoY) to Rs 19,642 crore for the quarter ended December (Q3 FY22). Gross advances rose 3% compared to the previous quarter. Total deposits grew 13% YoY to Rs 17,884 crore during the same period. The current account savings account (CASA) stood at Rs 9,085 crore in Q3, up 129% YoY or 11% QoQ.

Read more here.

Aditya Birla Money Q3 Results: Net profit rises 52% YoY to Rs 6.4 crore

Aditya Birla Money Ltd reported a 53.8% YoY increase in net profit to Rs 6.46 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.53% YoY (or 4% QoQ) to Rs 60.27 crore during the same period. EBITDA stood at Rs 16.9 crore in Q3, up 32% YoY and 5% QoQ.

Vodafone Idea partners with Ciena to upgrade its national backbone network

Vodafone Idea (Vi) has revamped its national backbone network in partnership with US-based telecom equipment manufacturer Ciena to prepare for its 5G network rollout. Vi has deployed Ciena’s 6500 packet-optical platform for high-speed network services. With this deployment, the telecom operator will maximise fiber capacity and network efficiencies to prepare for 5G. Vi has also partnered with technology and ecosystem players to develop various 5G use cases relevant for Indian enterprises and consumers. 

Read more here.

GTPL Hathway Q3 Results: Net profit rises 21% YoY to Rs 54.6 crore

GTPL Hathway Ltd reported a 20.83% YoY increase in consolidated net profit to Rs 54.6 crore for the quarter ended December (Q3 FY22). Net profit increased 27% when compared to the previous quarter. Its revenue from operations declined by 7.42% YoY to Rs 599.13 crore during the same period. EBITDA stood at Rs 133 crore in Q3, down 5% YoY and 1% QoQ. GTPL Hathway provides digital television cable, satellite, wired Internet, movies on demand, and broadband services across India.

Tata Motors global wholesales rise 2% YoY to 2.85 lakh units in Q3

Tata Motors Ltd reported a 2% YoY increase in group global wholesales (including Jaguar Land Rover) to 2,85,445 units for the quarter ended December (Q3 FY22). Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q3 stood at 1,02,772 units, a growth of 14%. The global wholesales of passenger vehicles fell 3% YoY to 1,82,763 units during the same period. Jaguar Land Rover sold 83,110 vehicles globally in Q3.

Read more here.

Categories
Market News Top 10 News

Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

Read more here.

Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

Read more here.

Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

Read more here.

JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

Read more here.

SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

Read more here. 

TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

Read more here.

CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

Read more here. 

Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

Read more here.

CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

Read more here.

Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

Read more here.

Categories
Market News Top 10 News

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.

Read more here.

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. 

Read more here.

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. 

Read more here.

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. 

Read more here.

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.

Read more here.

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. 

Read more here.

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.  

Read more here.

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.

Read more here.

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. 

Read more here.