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India’s Manufacturing PMI Hits 3-Month High in August – Top Indian Market Updates

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

India’s manufacturing PMI hits 3-month high in August

India’s manufacturing sector expanded significantly in August 2023, reaching a 3-month high. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.6 in August, compared to 57.7 in July. The expansion in manufacturing activity was supported by the rise in new orders last month.

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

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Auto sales data for August 2023: Highlights  

Maruti Suzuki India posted a 14.5% year-on-year (YoY) increase in total sale sales to 1.89 lakh units in August 2023. Sales of its mini & compact vehicle segment fell 9.7% YoY to 84,660 units. Exports rose 14.6% YoY to 24,614 units.

Tata Motors Ltd registered a 3% YoY fall in passenger vehicle sales to 45,933 units in August. The automaker’s total commercial vehicle sales rose by 1.9% YoY to 32,077 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 37,270 units in August, an increase of 25% YoY. Tractor sales are up 1% at 21,676 units. However, its tractor exports fell 26% YoY 1,029 units. 

TVS Motor Company’s total two-wheeler sales stood at 3.32 lakh units in August, up 5% YoY. Meanwhile, Bajaj Auto’s total sales fell 15% YoY to 3.42 lakh units.

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India’s GST revenue rises to Rs 1.59 lakh crore in August, up 11% YoY

India’s Goods and Services Tax (GST) revenue increased 11% YoY in August 2023. The month saw a collection of ₹1,59,069 crore in gross GST revenue, highlighting the steady economic recovery and tax compliance. Central GST (CGST) accounted for ₹28,328 crore, while State GST (SGST) amounted to ₹35,794 crore. Integrated GST (IGST) collections stood at ₹83,251 crore.

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Bajaj Auto’s finance subsidiary secures RBI’s NBFC licence

Bajaj Auto Ltd’s wholly-owned subsidiary Bajaj Auto Consumer Finance Ltd has received a licence from the Reserve Bank of India (RBI). The license is to launch a non-banking finance company (NBFC). However, Bajaj Auto Consumer Finance Ltd can’t accept public deposits from the public. The company’s core objective is to offer financing solutions exclusively for vehicles manufactured or endorsed by Bajaj Auto and its associated entities.

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Muthoot Finance hikes stake to 59% in microfinance subsidiary for ₹43 crore

Muthoot Finance Ltd has acquired an additional 2.05% stake in its subsidiary Belstar Microfinance Ltd in a cash deal of ₹43 crore. Following the acquisition, Muthoot’s total shareholding in the Tamil Nadu-based microfinance company has increased from 56.97% to 59.02%. In 2017, Muthoot Finance acquired a 53% stake in Belstar as part of its diversification strategy. 

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PVR Inox breaks box office collection record in August

PVR Inox posted the highest-ever monthly admissions and Box Office (BO) month of all time in August 2023. The company recorded a gross box office revenue of  ₹532 crore. In the previous month, the multiplex achieved a footfall of nearly 190 lakh. This was driven by Hindi films, including Gadar 2, OMG2, and Dreamgirl 2. Jailer, Rocky aur Rani ki Prem Kahani, and Hollywood’s Oppenheimer also added to the achievement.

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Reliance launches ‘Campa Cricket’ ahead of marquee tournaments like World Cup

Amid the ongoing men’s cricket tournament Asia Cup and the upcoming Men’s ODI cricket World Cup, Reliance Consumer Products Ltd (RCPL) has launched a cricket-themed drink, Campa Cricket. In a move to expand its beverage portfolio, the company plans to launch in several states, including Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, Maharashtra, West Bengal and Uttar Pradesh.

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Coal India output grows 13% to 52.3 MT in Aug

Coal India Ltd (CIL) posted a 13.2% growth in its output at 52.3 million tonnes (MT) in August 2023, compared to 46.2 MT in the year-ago month. The supplies rose to 59 MT in August, registering a rise of 15.3%. In FY2023-24 so far, the company produced 281.5 MT, posting an 11.1% year-on-year growth.

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BSE share buyback price raised to ₹1,080 per share

BSE’s board approved an increase in the offer price for its proposed share buyback and also fixed the record date for the same. The share buyback price has been increased to ₹1,080 per share from ₹816 per share earlier. BSE’s board also fixed the record date for the proposed share buyback at September 14, 2023. The buyback is payable in cash for an aggregate maximum amount not exceeding ₹374 crore.

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Tata Motors to Hike Prices of Passenger Vehicles – Top Indian Market Updates

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

Tata Motors to hike prices of passenger vehicles next month

Tata Motors will increase the prices of its passenger vehicles from May 1 to partially offset the increase in input costs. The weighted average increase will be 0.6% depending on the variant and model. This will be the second price hike by the automaker for its passenger vehicles after it initiated an average hike of 1.2% in February. 

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NTPC to add more coal plants

NTPC Ltd plans to build more coal plants this year to meet the country’s growing energy demand, despite long-term decarbonization targets. The company is expected to award construction orders for approx 4.5 gigawatts of coal-fired capacity across 3 sites where it already operates power plants. NTPC also plans to increase its coal output from its own mines by 48% compared to the previous year.

In other news, NTPC is planning to raise funds through an initial public offering (IPO) for its green energy unit, NTPC Green Energy Ltd (NGEL), in FY23.

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Zee Music inks multi-year global deals with YouTube, Meta

Zee Music Company (ZMC) has renewed its licensing agreement with YouTube and Meta, signing a three-year partnership with YouTube and a two-year partnership with Meta. This allows users to continue using Zee Music Company’s extensive catalogue of over 11,000 songs to create social experiences across YouTube, Facebook, and Instagram. Zee Music Company has already achieved over 290 billion views across its YouTube channels. ZMC is a subsidiary of Zee Entertainment Enterprises Ltd (ZEEL).

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India’s forex reserves rise to $584.75 billion

India’s foreign exchange (forex) reserves increased by $6.30 billion to $584.75 billion for the week ended April 7, after declining by $329 million in the previous reporting week. The foreign currency assets increased by $4.74 billion to $514.431 billion for the week ended April 7. Gold reserves also rose by $1.49 billion to $46.69 billion. The country’s reserve position with the IMF also went up by $13 million to $5.17 billion in the reporting week. 

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Muthoot Finance completes pre-payment of External Commercial Borrowings of $225 million

Muthoot Finance said it completed the pre-payment of External Commercial Borrowings (ECB) of $225 million on April 13. ECBs are commercial loans widely used by eligible resident entities who raise ECBs from recognised non-resident entities. Last week, the Kochi-headquartered company declared an interim dividend of Rs 22 per share for FY23. Muthoot Finance is an Indian financial corporation and the largest gold loan NBFC in India.

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SBI keeps lending rates unchanged across tenures

State Bank of India (SBI) will keep the lending rates unchanged across tenures, effective April 15, 2023. Its 1-year Marginal Cost of Funds based Lending Rate (MCLR) remains unchanged at 8.50%. The MCLR is the minimum lending rate below which a bank is not permitted to lend. In February, SBI hiked its lending rates by 10 basis points (bps) across tenures.

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Bodhi Tree cuts planned investment in Reliance JV Viacom18 by 70% to Rs 4,306 crore

Bodhi Tree has reduced its planned investment in Reliance Industries’ broadcast venture Viacom18 by 70% and will now pump in Rs 4,306 crore. In April 2022, Reliance Industries said that Qatar Investment Authority-backed Bodhi Tree would spend Rs 13,500 crore out of a planned Rs 15,145 crore investment in Viacom18. Bodhi Tree is a joint venture between James Murdoch and a former Star India executive.

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NSE to introduce WTI crude oil, natural gas futures contracts from May 15

National Stock Exchange (NSE) will launch futures contracts on underlying WTI crude oil and natural gas in the commodity derivatives segment from May 15. This comes after the exchange received approval from markets regulator SEBI to launch the rupee-denominated Nymex WTI crude oil and natural gas futures contracts in its commodity derivatives segment. These contracts will expand NSE’s product offering in the energy basket and its overall commodity segment.

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Vi showcases anti-phishing solution to TRAI, RBI & SEBI

Vodafone Idea (Vi) became the first telecom operator to showcase its anti-phishing solution to the Telecom Regulatory Authority of India (TRAI), the Reserve Bank of India, and the Securities & Exchange Board of India. The operator showed an accuracy rate of over 99%. This means that its artificial intelligence (AI)-based solution (developed by Tanla Platforms) is stopping phishing attempts through SMSes most of the time. 

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Jio Platforms to Acquire Mimosa Networks – Top Indian Market Updates

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

Jio Platforms to acquire Mimosa Networks for $60mn

Jio Platforms (a subsidiary of Reliance Industries) will buy US-based communications equipment maker Mimosa Networks for $60 million to strengthen its 5G and broadband services. Mimosa’s portfolio includes point-to-point and point-to-multi-point products based on WiFi 5 and the newer WiFi 6E technologies. The deal comes at a time when most countries are looking to move away from Chinese technology.

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Axis Bank, ITC to offer rural lending products to farmers in remote regions

Axis Bank has partnered with ITC Limited to offer the bank’s lending products and services to farmers who are a part of ITC’s agriculture ecosystem. The deal will enable Axis Bank to cater to the financial requirements of the unserved and under-served farmers based in remote regions of India.

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Muthoot Finance announces extension of NPS services to domestic, NRI customers

Muthoot Finance announced the extension of its National Pension Scheme (NPS) services to both domestic and NRI customers through its website and the iMuthoot app. With this move, the company aims to provide customers with an additional avenue for long-term retirement planning as well as benefit them with a tax concession of up to ₹50,000 under subsection 80 CCD (1B).

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Godrej Agrovet signs pact with AP govt to set up edible oils refining plant at ₹100 crore

Godrej Agrovet Ltd has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh govt on the sidelines of the Andhra Pradesh Global Investors Summit (APGIS) 2023. As a part of the MoU, the company’s oil palm business will make an estimated investment of Rs 100 crore to set up a manufacturing facility for an edible oil refinery and solvent extraction plant.

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Alembic Pharma gets USFDA approval to market generic antidepressant drug

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration to market Brexpiprazole tablets in the American market. The drug is used to treat major depressive disorders and schizophrenia. According to IQVIA data, Brexpiprazole tablets have an estimated market size of $1.6 billion for the 12 months ended December 2022.

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Reliance launches iconic beverage brand Campa

Reliance Consumer Products Ltd (RCPL) announced the launch of the iconic beverage brand Campa. RCPL is the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL). The Campa portfolio will initially include Campa Cola, Campa Lemon and Campa Orange in the sparkling beverage category.

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Glenmark, Cediprof announce exclusive distribution agreement in US

Glenmark Pharmaceuticals Ltd (GPL) has entered into an exclusive agreement with Cediprof Inc. for the supply and distribution of a generic drug indicated for the treatment of attention deficit hyperactivity disorder (ADHD). GPL expects to commence distribution of the product in the US during the second half of 2023.

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Shoppers Stop signs pact with Japan’s Shiseido to sell NARS cosmetics in India

Japan-based Shiseido Asia Pacific signed a strategic distribution partnership agreement with Global SS Beauty Brands (a subsidiary of Shoppers Stop) to expand its brand footprint in India. Shiseido is one of the top 5 manufacturers of cosmetics in the world. Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics, in the second half of 2023 in key cities in India.

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Adani Group to Invest Over $100 billion in Next Decade – Top Indian Market Updates

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

Adani Group to invest over $100 billion in next decade

The Adani Group will invest more than $100 billion in the next decade, said Chairman Gautam Adani at the Forbes Global CEO Conference in Singapore. Nearly 70% of this investment will be in the energy transition space. The group will add 45 gigawatts of hybrid renewable power generation capacity and build 3 giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.

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Torrent Pharma to acquire Curatio Health for $245 million

Torrent Pharmaceuticals Ltd will acquire skincare major Curatio Health Care (I) for ₹2,000 crores. Following the Curatio deal, Torrent Pharma will be among the top 10 companies in the dermatology segment in India. Sequoia Capital-backed Curatio has a portfolio of over 50 brands that are marketed in India.

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Reliance Retail launches first outlet of ‘Reliance Centro’

Reliance Retail Ventures Ltd announced the launch of its fashion & lifestyle departmental store “Reliance Centro” in Vasant Kunj, Delhi. Centro’s core offerings are curated to make it a one-stop fashion destination for mid-premium segment customers. The store offers categories including apparel, footwear, cosmetics, lingerie, sportswear, and accessories with over 300 Indian and international brands.

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Axis Bank eyes general insurance space: MD

Axis Bank MD & CEO Amitabh Chaudhry indicated that the lender may be interested in investing in a general insurance company if a good opportunity comes up. Under Chaudhry’s leadership, Axis Bank has been expanding its footprint in the financial sector space as it aims to challenge bigger rivals like SBI, HDFC Bank, and ICICI Bank to become a one-stop service provider.

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BHEL secures order for 2×660 MW Talcher Thermal Power Project Stage-III

Bharat Heavy Electricals Ltd (BHEL) has received a prestigious order for setting up the 2×660 megawatts (MW) Talcher Thermal Power Project Stage-III from NTPC Ltd. State-owned NTPC is investing ₹11,843.75 crore for this project. BHEL is an Indian government-owned engineering and manufacturing enterprise based in New Delhi, India. 

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid Corporation of India Ltd’s (PGCIL) board has approved an investment of ₹327.71 crore for the transmission project line in Gujarat. PGCIL will link its pooling station with Reliance Industries Ltd’s Jamnagar oil refinery in Gujarat. The scheduled commissioning date is September 2023.

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Muthoot Finance signs MoU with Lulu International Exchange for ease of money transfer

Muthoot Finance has signed a Memorandum of Understanding (MoU) with UAE-based Lulu International Exchange to work as its collection partner. Through this partnership, Muthoot Fiance aims to drive convenience and ease of money transfer for over four lakh NRIs in the UAE region whose relatives have availed gold loans back home. NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE. 

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HFCL secures orders worth ₹202 crore

HFCL Ltd has secured orders worth ₹202.6 crore from three customers. The company has received a purchase order of ₹167.60 crore from Reliance Retail and Reliance Projects & Property Management Services for the supply of optical fibre cables (OFC). It has also bagged an order of ₹35 crore from one of its overseas customers for the supply of OFCs and related accessories. 

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India’s inclusion into key government bond index pushed back to next year: Report

As per a Reuters report, Indian government bonds will likely only be included in the JPMorgan emerging market global index early next year as the govt. still needs to address various operational issues. Investors had expected a decision on this could come this month when operators meet to review the composition of the index and after Russia’s exit earlier this year. The rupee turned lower and bond yields rose after news of the delay in inclusion. 

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Tata Power to Set Up Mega Solar Project in TN – Top Indian Market Updates

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

Tata Power to invest Rs 3,000 crore to set up mega solar plant in Tamil Nadu

Tata Power Ltd has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest ~Rs 3,000 crores in a new 4 gigawatt (GW) solar cell and 4 GW solar module manufacturing plant in Tirunelveli, Tamil Nadu. The investment in the plant will be made over 16 months and will create over 2,000 employment opportunities. The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state.

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APSEZ cargo handling grows 8% to record 90 MT in Q1

Adani Ports and Special Economic Zone Ltd (APSEZ) handled the highest-ever cargo in a quarter at 90.89 million metric tonnes (MMT) during the April-June period (Q1) of FY23, registering a growth of 8% YoY. In June alone, the company handled the highest ever monthly cargo of 31.88 MT, registering a 12% YoY growth. Mundra (21%), Hazira (16%), Kattupalli & Ennore combined (38%), and Dahej (70%) are the key ports that helped drive this monthly volume growth.

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Muthoot Finance gets RBI approval to open 150 new branches across India

Muthoot Finance Ltd has received approval from the Reserve Bank of India (RBI) to open 150 new branches across India. It will help the company expand its customer base and assist new customers with gold loan finance and other services. Muthoot Finance plans to carry out branch expansion across South and North India. This expansion will also aid in creating employment opportunities in the sector.

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AU Small Finance Bank’s loans grow 42 % YoY in Q1 

AU Small Finance Bank (SFB) posted a 42% year-on-year (YoY) and 5% QoQ growth in credit to Rs 49,366 crore in the quarter ended June (Q1 FY23). Loan disbursements jumped 345% YoY to Rs 8,445 crore during the same period. The lender’s total deposits grew by 48% YoY (or 4% QoQ) to Rs 54,631 lakh crore in Q1.

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Tata Motors plans to sell five lakh cars in FY23

Tata Motors Ltd has announced plans to sell five lakh cars in the current financial year (FY23). Chairman N Chandrasekaran also expressed confidence that electric vehicle (EV) sales will cross one lakh units by the next fiscal year. The automaker aims to expand the product portfolio to 10 EVs by 2025 and expects the share of EVs in total sales to rise to 25% in the next five years.

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Va Tech Wabag secures order worth Rs 430 crore from Reliance Industries

Va Tech Wabag Ltd has secured a Rs 430 crore order from Reliance Industries Ltd for establishing a desalination plant at Jamnagar. The scope of work includes the design, engineering, procurement, construction, and commissioning of the seawater reverse osmosis (SWRO) plant. This plant is scheduled to be completed over a 21-month period.  

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NTPC power generation rises 22% YoY in Q1 

NTPC Limited reported a 22% YoY growth in power generation at 104.4 billion units (BU) in the April-June quarter (Q1 FY22). The company posted a 29% YoY rise in power generation at 34.8 BU during June 2022, compared to 26.9 BU in June 2021. NTPC has also become India’s first energy company to declare its energy compact goals as part of the UN High-level Dialogue on Energy (HLDE).

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RBI imposes Rs 1.05 crore penalty on Kotak Mahindra Bank

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.05 crore on Kotak Mahindra Bank. The penalty can be attributed to non-compliance with the Banking Regulation Act, 1949, and directions on ‘Customer Protection– Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, and ‘Loans and Advances– Statutory and Other Restrictions’. 

In other news, RBI has imposed a penalty of Rs 1 crore on IndusInd Bank for non-compliant with certain Know Your Customer (KYC) norms.

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Adani Enterprises declared lowest bidder in CIL import tender

Adani Enterprises Ltd has emerged as the lowest bidder in Coal India Ltd’s first coal import tender. The company quoted Rs 4,033 crore for the supply of 2.416 million tonnes (MT) of coal on a freight-on-road (FOR) basis. The imported coal will go to seven state-generating companies and 19 private power plants.

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ONGC Offers Stake in KG Block to Foreign Firms – Top Indian Market News

ONGC market updates | marketfeed

ONGC offers stake in KG block to foreign firms

Oil & Natural Gas Corporation (ONGC) is offering foreign companies a stake in its ultra deepsea gas discovery and a high-pressure, high-temperature block in the KG basin. The company is seeking technology partners and service providers for the development of the Deen Dayal West (DDW) block and the ultra-deep discoveries in Cluster-III of its KG-D5 area. Expressions of Interest (EoIs) have been invited by June 16, as per the tender floated by ONGC.

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Colgate-Palmolive India Q4 Results: Net profit rises 3% YoY to Rs 324 crore

Colgate-Palmolive India Ltd (CPIL) reported a 2.8% YoY increase in net profit to Rs 323.57 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 1.4% YoY to Rs 1,293.35 crore during the same period. The oral care company’s total expenses increased by 1.2% YoY to Rs 871.85 crore in Q4. CPIL became a Rs 5,000 crore turnover company in FY22.

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Aurobindo Pharma’s arm gets USFDA approval for cancer drug

Eugia Pharma Specialties Ltd, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Pemetrexed injection. The drug is used in combination with other chemotherapy medications as the first treatment for a certain type of non-small cell lung cancer. As per IQVIA data, the product had an estimated market size of $1,272 million for the fiscal year ended March 31, 2022.

Read more here.

Hindalco Q4 Results: Net profit doubles to Rs 3,851 crore

Hindalco Industries Ltd reported a 2x increase in consolidated net profit to Rs 3,851 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 55,764 crore during the same period. EBITDA stood at Rs 7,597 crore in Q4, up 30% YoY. Hindalco’s aluminium sales grew 2% YoY at 336-kilo tonnes (KT) in Q4.

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RailTel, Esri India signs pact to offer cloud-based GIS solutions

RailTel Corporation of India Ltd has signed a Memorandum of Understanding (MoU) to provide cloud-based geographic information system (GIS) solutions to government-sector customers. Esri India has already developed the ‘Indo ArcGIS’ suite for government customers, which will now be available on RailTel Cloud. The suit includes industry-specific solution products for disaster management, land records, electric utility management, etc.

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IT Dept raids 34-40 premises of Asian Granito India

As per reports, Income Tax Dept officials have carried out searches at around 35-40 locations of Ahmedabad-based Asian Granito India Ltd. The raids were conducted a day after the ceramic wall and floor tile manufacturing company reported excellent financial performance in FY22. It had also announced plans to set up three state-of-the-art manufacturing facilities in value-added luxury surfaces and bathware segments at Morbi, Gujarat.

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Muthoot Finance Q4 Results: Net profit falls 4% YoY to Rs 960 crore

Muthoot Finance Ltd reported a 3.6% YoY decline in net profit to Rs 960 crore for the quarter ended March (Q4 FY22). Its total income fell 5% YoY to Rs 2,678.37 crore during the same period. Interest income fell 5.3% YoY to Rs 2,640.95 crore in Q4. The company’s consolidated assets under management (AUM) stood at Rs 64,494 crore, registering a growth of 11% YoY. 

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UPL announces supply agreement for Bayer’s Spirotetramat

UPL announced a new supply agreement for Spirotetramat, an insecticide developed by Bayer CropScience Ltd for integrated pest control. Through this long-term global data access and supply agreement, UPL will use its expertise in insecticides and global research & development network to register and distribute new differentiated solutions containing Spirotetramat.

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Kirloskar Industries Q4 Results: Net profit falls 99% YoY to Rs 0.12 crore

Kirloskar Industries Ltd reported a 99.82% YoY decline in consolidated net profit to Rs 0.12 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.16% YoY to Rs 1,037.36 crore during the same period. The company manufactures and sells iron castings in India. 

SEBI exempts govt from open offer for Vi

The Securities & Exchange Board of India (SEBI) has exempted the government from making an open offer to the shareholders of Vodafone Idea (Vi). The exemption is for the government’s proposed acquisition of over 33% stake in Vi as part of the telecom relief package. SEBI said the government has been exempted from such an offer since the sole purpose of the purchase of stake is saving the larger public interest.

Read more here.

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SC Rules in Favour of Amazon in Case Against Future Retail – Top Indian Market News

Supreme Court rules in favour of Amazon, restrains Reliance-Future Retail merger

The Supreme Court has ruled in favor of Amazon.com, Inc in its dispute with Future Retail Ltd (FRL). The e-commerce giant had filed a plea against the Rs 24,713 crore deal for the merger of Future Retail with Reliance Retail. Today, the SC stated that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules is valid and enforceable under Indian laws.

Amazon and Future Group had been locked in legal battles over the deal, with the US firm accusing FRL of violating pre-existing contracts when it sold its assets to rival Reliance Industries. 

Read more here.

Tata Power Q1 Results: Net profit rises 74% YoY to Rs 465 crore

Tata Power Company Ltd reported a 74% year-on-year (YoY) increase in consolidated net profit to Rs 465.69 crore for the quarter ended June (Q1 FY22). Net profit has declined by 3% when compared to the previous quarter. Its revenue from operations rose 47% YoY to Rs 9,831 crore during the same period. EBITDA stood at Rs 2,365 crore, an increase of 16% YoY. Tata Power aims to scale up its renewable portfolio from the current 4 gigawatts (GW) to 15 GW by 2025 and to 25 GW by 2030. 

Read more here.

RBI keeps policy rates unchanged, GDP growth target retained at 9.5% in FY22

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance as long as necessary to support growth and mitigate the impact of the Covid-19 pandemic. RBI has projected real GDP growth at 9.5% for the current financial year (FY22).

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks]

Read more here. 

M&M and MVML Q1 Results: Net profit jumps 23 times to Rs 934 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a 23 times YoY jump in combined net profit to Rs 934 crore for the quarter ended June (Q1 FY22). Net profit stood at Rs 163 crore in the previous quarter (Q4 FY21). The combined revenue from operations jumped 110 YoY to Rs 11,763 crore in Q1 FY22. Its farm equipment business posted its highest-ever operating profit of Rs 1,081 crore and revenues of Rs 5,319 crore in Q1. 

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

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Hindalco Q1 Results: Net profit rises 45% QoQ to Rs 2,787 crore

Hindalco Industries reported a 44.55% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 2,878 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 709 crore in the corresponding quarter last year (Q1 FY21). Hindalco’s total income rose 61.95% YoY (or 2.3% QoQ) to Rs 41,625 crore in the April-June quarter of FY22. EBITDA increased by 188% YoY (or 16% QoQ) to Rs 6,790 crore in Q1.

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Strides Pharma Science Q1 Results: Net loss at Rs 209 crore

Strides Pharma Science Ltd reported a consolidated net loss of Rs 209 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 101.84 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations declined by 11.9% YoY to Rs 588.36 crore in Q1 FY22.

The wholly-owned subsidiaries of Strides Pharma Science have entered into definitive agreements to acquire Endo International plc’s manufacturing facility at Chestnut Ridge, New York, for $24 million (~Rs 178 crore).

Read more here. 

Muthoot Finance Q1 Results: Net profit rises 14% YoY to Rs 979 crore

Muthoot Finance Ltd reported a 14% YoY increase in consolidated net profit to Rs 979 crore for the quarter ended June (Q1). Its revenue from operations rose 13.5% YoY to Rs 2,955.83 crore during the same period. The NBFC’s assets under management (AUM) rose 25% YoY to Rs 58,135 crore in Q1. Its interest income increased by 15.4% YoY to Rs 2,918.31 crore in the April-June quarter of FY22.

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Voltas Q1 Results: Net profit rises 50% YoY to Rs 122 crore

Voltas Ltd reported a 49.7% YoY increase in consolidated net profit to Rs 122.44 crore for the quarter ended June (Q1 FY22). Net profit has declined by 48% when compared to the previous quarter. Its total income rose 36.34% YoY to Rs 1,860.17 crore during the same period. Total expenses stood at Rs 1,661.53 crore, up 33.44% YoY in Q1. Revenue from its unitary cooling products segment grew 18.7% YoY to Rs 963.11 crore.

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Berger Paints Q1 Results: Net profit jumps multi-fold to Rs 140 crore

Berger Paints India Ltd reported an 811.74% YoY jump in consolidated net profit to Rs 140.59 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.6% when compared to the previous quarter.  Its revenue from operations rose 93.22% YoY to Rs 1,798.5 crore during the same period. The company’s total expenses grew 80.2% YoY to Rs 1,624.36 crore in Q1.

SAIL Q1 Results: Net profit at Rs 3,897 crore

Steel Authority of India Ltd (SAIL) reported a consolidated net profit of Rs 3,897.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,226.47 crore in the corresponding quarter last year (Q1 FY21). Net profit has increased by 12.3% when compared to the previous quarter. Its total income jumped 122% YoY to Rs 20,754.75 crore in Q1 FY22. EBITDA stood at Rs 6,567 crore during the same period, compared to a loss of Rs 400 crore in Q1 FY21.

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PVR Reports Net Loss of Rs 289 crore in Q4 – Top Indian Market News

PVR Q4 Results: Net loss at Rs 289 crore

PVR Limited reported a consolidated net loss of Rs 289.12 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 74.49 crore in the corresponding quarter last year (Q4 FY20). The multiplex operator’s total income declined by 60.2% YoY (or 17.76% QoQ) to Rs 263.26 crore in Q4 FY21. PVR has posted a net loss of Rs 747.79 crore for the financial year ended March 31, 2021 (FY21). This is compared to a net profit of Rs 27.30 crore in FY20. With the resurgence of Covid-19 cases since April 2021, PVR has been taking all necessary measures to manage costs and preserve liquidity. 

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Adani Green’s subsidiary commissions 150-MW wind power project in Gujarat

Adani Wind Energy Kutchh Three has commissioned a 150 megawatt (MW) wind power project in Kutchh, Gujarat. The company is a subsidiary of Adani Green Energy Ltd (AGEL). The project has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at 2.82 per kilowatt-hour for 25 years. With the successful commission of this project, AGEL’s total operational renewable capacity has increased to 5,070 MW. This is the company’s 6th project to be commissioned ahead of schedule over the past 12 months.

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Motherson Sumi Q4 Results: Net profit jumps 289% YoY to Rs 714 crore

Motherson Sumi Systems Ltd reported a 289% YoY jump in consolidated net profit to Rs 713.6 crore for the quarter ended March (Q4). Net profit has declined by 10.62% when compared to the previous quarter. Its revenue from operations rose 17.6% YoY to Rs 16,971.9 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 11% YoY to Rs 1,039.13 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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Phoenix Mills, GIC to set up investment platform in India

Phoenix Mills Ltd (PML) and Singapore’s sovereign wealth fund GIC have entered into a strategic partnership to establish a $733 million (~Rs 5,300 crore) investment platform for retail-led mixed-use assets in India. GIC will acquire a minority stake (26.4%) in the portfolio of PML’s projects that are under development in Mumbai and Pune. The assets comprise 3.4 million sq. ft. of leasable retail and office space.

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Muthoot Finance Q4 Results: Net profit rises 22% YoY to Rs 995 crore

Muthoot Finance reported a 22.14% YoY increase in standalone net profit to Rs 995.66 crore for the quarter ended March (Q4). Its net interest income (NII) rose 15.7% YoY to Rs 1,829.5 crore during the same period. The company’s loan assets grew 26% YoY to Rs 52,622.3 crore as of March 31, 2021. Its total assets under management (AUM) rose 26% YoY to Rs 52,622 crore in FY21. Net profit for the financial year 2020-21 (FY21) increased by 23.32% YoY to Rs 3,722.18 crore. Muthoot Finance’s board has declared a dividend of Rs 20 per share.

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Tata Power Solar secures order worth Rs 686 crore from NTPC

Tata Power Solar, a wholly-owned subsidiary of Tata Power Ltd, has received a Letter of Award (LoA) from state-owned NTPC Ltd to build 210 megawatt peak (MWp) of solar PV projects. The scope of work includes transmission, engineering, procurement, installation, and commissioning of solar projects at an NTPC project site in Gujarat. The total order value of the projects is Rs 686 crore. The commission deadline has been set as November 2022.

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Route Mobile to develop A2P messaging platform for EITC-du

Route Mobile has announced a partnership with Emirates Integrated Telecommunications Company (EITC)- du, by offering a turnkey solution using its Smart Messaging Hub. This platform will enable du to launch a scalable revenue-generating messaging platform for the application-to-person (A2P) wholesale transit business. Route Mobile will oversee the infrastructure, technology, gateway connectivity, and day-to-day operations of the platform for du as a managed service.

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Wipro partners with Finastra to help digitalise banks in the Asia-Pacific

Wipro Limited and UK-based software vendor Finastra have announced a partnership to aid digital transformation of corporate banks in the Asia-Pacific region. The companies will create a unique offering that combines Wipro’s services catalogue with Finastra’s front-to-back finance and cash management solutions. The partnership will help banks transition quickly and enable them to meet client needs in a faster and more agile manner. 

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USFDA accepts Lupin’s application for Pegfilgrastim biosimilar

Lupin Limited announced that the US Food & Drug Administration (USFDA) has accepted the Biologics License Application (BLA) for its proposed biosimilar to Neulasta (Pegfilgrastim). According to IQVIA data, Pegfilgrastim had an estimated annual sales of $3.66 billion (~Rs 26,710 crore) in the US for the 12 months ended December 2020. Pegfilgrastim is used to prevent neutropenia or the lack of certain white blood cells in patients receiving chemotherapy.

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MTAR Technologies Q4 Results: Net profit jumps 103% YoY to Rs 18 crore

MTAR Technologies reported a 103.04% YoY increase in consolidated net profit to Rs 18.01 crore for the quarter ended March (Q4). Net profit has jumped 103.39% when compared to the previous quarter. Its revenue from operations rose 12.27% YoY to Rs 69.16 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 47.09% YoY to Rs 46.07 crore. The company’s board has recommended a dividend of Rs 3 per share.

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Rossari Biotech to acquire Unitop Chemicals for Rs 421 crore

Rossari Biotech Ltd has announced plans to acquire a 100% stake in Mumbai-based Unitop Chemicals Pvt Ltd for Rs 421 crore. Unitop Chemicals is a supplier of surfactants, emulsifiers, and specialty chemicals. It has three manufacturing sites in India with a total capacity of 86,000 metric tonnes per annum (MTPA). Rossari Biotech stated that 65% of the equity share capital of Unitop will be acquired upon the closure of the transaction. The remaining 35% will be acquired over the next two years. 

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Jubilant Foodworks To Buy Stake In Master Franchisee Of Domino’s Pizza – Top Indian Market News

Jubilant Foodworks to acquire stake in master franchisee of Domino’s Pizza in 4 countries

Jubilant Foodworks Ltd will acquire Fides Food Systems Coöperatief U.A., Netherlands—the beneficial owner of 32.81% of equity shares in DP Eurasia—in an all-cash deal amounting to nearly £24.8 million (~Rs 252 crore). The stake will be acquired through its subsidiary, Jubilant Foodworks Netherlands B.V. DP Eurasia is the master franchisee of Domino’s Pizza in four countries- Turkey, Russia, Azerbaijan, and Georgia.

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Marico launches instant noodles under Saffola brand

Marico Limited has announced its entry into the instant noodles segment with the launch of ‘Saffola Oodles’. With this launch, the FMCG major said it is looking to strengthen its presence in the healthy, ready-to-cook snacking category under the Saffola brand. Saffola Oodles will be launched through e-commerce channels and will be available on Saffola Stores, Amazon, BigBasket, and Flipkart.

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Muthoot Finance plans to raise Rs 6,000 crore through bonds

Muthoot Finance said its board has approved a proposal to raise up to Rs 6,000 crore by issuing non-convertible debentures (NCDs). The funds would be raised through a private placement of redeemable NCDs, which will be issued in one or more tranches.

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Dr Reddy’s initiates process for emergency use approval of Sputnik V vaccine in India

Dr Reddy’s Laboratories has initiated the process with the Drugs Controller General of India (DCGI) for emergency use authorisation of Sputnik V vaccine in India. The pharma company will present the safety profile of Phase-2 study and interim data of Phase-3 study, which is expected to be completed by February 21. Sputnik V has demonstrated an efficacy rate of 91.6% in an interim analysis of Phase-3 clinical trials conducted in Russia.

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Ashok Leyland commences production of buses at new plant in Vijayawada

Ashok Leyland has started the commercial production of buses at its new plant, located in Vijayawada, Andhra Pradesh. The production facility has the capacity to manufacture 4,800 buses every year. The new plant is a complete green facility, with rooftop solar panels and battery-operated vehicles for in-plant movement.

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Board of Savita Oil Technologies approves buyback plan

The Board of Directors of Savita Oil Technologies Ltd has approved the buyback of up to 2.51 lakh fully paid-up equity shares (of the face value of Rs 10 each) at Rs 1,400 per share. The total buyback size is Rs 35.14 crore. Savita Oil Technologies is a leading petroleum specialities company based in Mumbai.

Aurobindo Pharma gets USFDA approval for generic Droxidopa capsules

Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Droxidopa capsules. The capsules are indicated for the treatment of orthostatic dizziness and lightheadedness in patients with symptomatic neurogenic orthostatic hypotension (low blood pressure). According to IQVIA data, the approved product has an estimated market size of $352 million (~Rs 2,552 crore) for the twelve months ended December 2020. 

Pharma companies Lupin and Zydus Cadila have also received final approval from the USFDA for marketing Droxidopa capsules.

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Steel Strips Wheels receives orders worth €53,000 from Europe

Steel Strips Wheels Ltd (SSWL) has received export orders worth over €53,000 (~ Rs 46.62 lakh) from Europe. This includes an order of nearly 5,000 wheels for the EU Caravan market. The orders will be executed in April 2021 from the company’s plant in Chennai. SSWL is a leading manufacturer of steel wheel rims for various segments of the automobile industry. 

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V-Guard Industries promoter sells shares worth Rs 90 crore to fund social cause

Kochouseph Chittilappilly, the promoter and ex-chairman of V-Guard Industries, has sold 40 lakh shares in the company worth Rs 90 crore to fund social causes. He has raised funds for a signature project under K Chittilappilly Foundation (KCF), which aims to assist entrepreneurs who face shortage of funds to scale up their businesses.

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Adani Ports’ Q3 Profit Rises 16% YoY to Rs 1,576 crore – Top Indian Market News

adani ports and sez

Adani Ports Q3 Results: Net profit rises 16% YoY to Rs 1,576 crore

Adani Ports & Special Economic Zone (APSEZ) Ltd reported a 16.22% YoY increase in consolidated net profit to Rs 1,576.53 crore for the quarter ended December (Q3). Its consolidated revenue rose 12% YoY to Rs 4,274.79 crore during the same period. APSEZ’s overall cargo volume surged 37% YoY to 76 million metric tonnes (MMT) in Q3. The revenue from port operations increased by 35% YoY, while its logistics business grew by 8% YoY during the October-December period.

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GAIL acquires IEX’s 5% stake in Indian Gas Exchange

State-owned GAIL (India) Ltd has acquired a 5% stake in Indian Gas Exchange (IGX) from its parent company, Indian Energy Exchange (IEX). It has been reported that 36.93 lakh equity shares of IGX have been sold to GAIL for a cash consideration of Rs 3.69 crore. IEX stated that the partnership between IGX and GAIL will add robust value addition in the development of gas markets in India.

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Muthoot Finance Q3 Results: Net profit rises 17% YoY to Rs 1,006 crore

Muthoot Finance reported a 17% YoY increase in consolidated net profit to Rs 1,006.6 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 3,000.78 crore during the same period. The company’s consolidated loan assets grew by 28% YoY to Rs 55,800 crore during the nine months of 2020-21. Muthoot Finance said that its active customer base crossed 50 lakh. 

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HFCL partners with Qualcomm for development of Wi-Fi 6 products

HFCL Limited has partnered with US-based Qualcomm Technologies for the development of Wi-Fi 6 products. WiFi 6 is the next generation of WiFi, which is compatible and complementary to 5G networks. HFCL said it is eyeing to increase its WiFi segment revenue by threefold to Rs 450 crore over the next 3 years. The company will market the co-developed products worldwide after necessary trials under its IO brand.

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Berger Paints Q3 Results: Net profit rises 51% YoY to Rs 275 crore

Berger Paints India Ltd reported a 51.2% YoY increase in consolidated net profit to Rs 274.98 crore for the quarter ended December (Q3). Its revenue from operations rose 25% YoY to Rs 2,118.2 crore during the same period. The company has witnessed a consistent pick-up in demand for its high-margin decorative paints business. 

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Tata Steel Q3 Results: Net profit at Rs 3,989 crore

Tata Steel Limited reported a consolidated net profit of Rs 3,989 crore for the quarter ended December (Q3). It had posted a net loss of Rs 1,228 crore in the corresponding quarter last year. The company’s revenue rose 11.5% YoY to Rs 39,594 crore in Q3 FY21. The company’s performance in Q3 was driven by higher prices, better product mix, lower exports, and operating efficiency initiatives.

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IOB Q3 Results: Net profit at Rs 213 crore

Indian Overseas Bank (IOB) reported a net profit of Rs 213 crore for the quarter ended December. The bank has posted a net loss of Rs 6,075 crore in the corresponding quarter last year. Net interest income (NII) rose 19% YoY to Rs 1,522 crore in Q3 FY21. IOB’s gross non-performing assets (GNPA) ratio declined to 12.19%, compared with 17.12% in Q3 FY20.

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Bharat Electronics secures order worth Rs 1,000 crore from Ministry of Defence

Bharat Electronics Ltd has signed a contract with the Ministry of Defence for the procurement of Software Defined Radio Tactical (SDR-Tac). The estimated contract value is Rs 1,000 crore. SDR-Tac is a radio system primarily used in ships. BEL will deliver the product to the Indian Navy within three years.

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Mahanagar Gas Q3 Results: Net profit rises 16% YoY to Rs 217 crore

Mahanagar Gas Ltd (MGL) reported a 16.8% YoY increase in net profit to Rs 217.2 crore for the quarter ended December (Q3). Its revenue rose 10.4% YoY to Rs 666.4 crore during the same period. MGL has increased the price of CNG by Rs 1.50 per kg and that of domestic PNG (cooking gas) by 95 paise per unit in Mumbai. The company’s board has declared an interim dividend of Rs 9 per share.

Indoco Remedies Q3 Results: Net profit jumps 169% YoY to Rs 25 crore

Indoco Remedies reported a 169.2% YoY increase in consolidated net profit to Rs 25.1 crore for the quarter ended December (Q3). The company’s consolidated revenue rose 17.2% YoY to Rs 332.3 crore during the same period. Revenue from its international business registered a strong growth of 73% YoY in Q3. Indoco Remedies is a Mumbai-based research-oriented pharma company that has a presence in over 55 countries.

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BPCL to sell 61.6% stake in Numaligarh refinery by March-end

Bharat Petroleum Corporation Ltd (BPCL) said it plans to complete its 61.65% stake sale in Numaligarh Refinery (NRL) to Oil India Limited and the Government of Assam by March 31. The transaction is subject to government approvals. The sale of NRL is considered to be the first step towards the disinvestment of BPCL. In the nation’s biggest privatisation till date, the Central government will sell its entire 52.98% stake in BPCL.

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NBCC’s subsidiary secures project worth Rs 1,800 crore

NBCC (India) Ltd announced that its subsidiary, HSCC Limited, has secured a project for the upgradation of district hospitals and medical colleges in 12 districts of Rajasthan. The agreement was signed between HSCC and the Medical Education Department, Government of Rajasthan. The total cost of the project is estimated at Rs 1,800 crore.

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Kerala Moves SC Against Leasing Out TVM Airport to Adani – Top Indian Market News

Kerala moves SC against leasing out TVM airport to Adani Group

The Kerala Government moved the Supreme Court seeking a stay on the Centre’s decision to lease out the Thiruvananthapuram International Airport to Adani Enterprises Ltd. Adani had won the rights for the operations of the airport in an auction held in August. The petition filed by Kerala in the apex court argues that Adani Group does not have prior experience in the field and is therefore unfit. The petition also claims that the decision goes against “public opinion”. 

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RBI rejects Muthoot Finance’s proposal to buy IDBI Mutual Fund

Muthoot Finance, on Tuesday, announced that the Reserve Bank of India has rejected its proposed acquisition of IDBI Mutual Fund. The company’s request for a no-objection certificate was not accepted by the RBI. The central bank stated that “the activity of sponsoring a Mutual Fund or owning an Asset Management Company is not in accordance with the activity of an operating NBFC”.

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Karvy Stock Broking expelled from NSE’s membership, declared as defaulter

The National Stock Exchange (NSE) has scrapped Karvy Stock Broking Ltd. from its membership and declared it as a defaulter. The move was taken as the broker failed to comply with NSE guidelines. In November 2019, Karvy had transferred securities worth Rs 2,300 crore into its account by misusing the power of attorney given by its clients. 

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Maruti Suzuki extends vehicle subscription service to 4 new cities

Maruti Suzuki Ltd. announced that it will be extending its subscription services to Mumbai, Chennai, Ahmedabad, and Gandhinagar. The Maruti Subscribe program was launched four months ago, and will now operate in a total of 8 cities. India’s largest automaker has plans to expand its subscription service to 40-60 cities by 2023.

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Goa government issues demand notice to JSW Steel to pay Rs 156 crore

The Goa government has issued a demand notice to JSW Steel Limited to pay Rs 156.34 crore for the transportation of coal. The company has to pay the amount towards the Goa Rural Improvement and Welfare Cess within 15 days. The notice said that the company representative may face punishment with imprisonment of two years or a fine of Rs 25,000 if the cess is not paid.

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Gayatri Projects receives Rs 208 crore arbitral award

Gayatri Projects Ltd. said that it has received Rs 208 crore under the Government of India scheme of monetisation of ‘under litigation arbitral award’ against bank guarantees. The company, along with its joint venture (JV) partner, had been awarded an arbitration claim worth Rs 703 crore (including interests) for its road project in Nagaland. The construction company has now received 75% of the claim.

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Infibeam Avenues collaborates with Bank Muscat for digital payment services

Infibeam Avenues has tied up with Bank Muscat to offer payment processing services. The company is set to offer next-generation payment processing services under the flagship brand CCAvenue to merchants in Oman’s e-commerce sector. Infibeam has also expanded its operations to the UAE, Saudi Arabia, and the US this year.

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SpiceJet launches mobile testing lab in Delhi

SpiceJet Limited has launched a mobile testing laboratory to conduct Covid-19 tests in Delhi. The lab will conduct tests at Rs 499 and can process up to 3000 test reports per day. SpiceHealth (an initiative of SpiceJet) has tied up with GeneStore to establish diagnostic testing facilities across the country as a ‘Make in India’ initiative.

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Adani Ports ranked 14th in Dow Jones EM Index

Adani Ports & Special Economic Zone Ltd. has been ranked 14th in the global transportation and infrastructure sector of the Dow Jones Sustainability Emerging Markets Index 2020. The index is based on long-term environment, social & economic, and governance criteria. APSEZ said that it has ranked in the top 20 of every single dimension of the three criteria.

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Tata Group to infuse $50 million into AirAsia India: Report

As per a report from Mint, the Tata Group is planning to invest $50 million (~Rs 370 crores) as emergency funding in the loss-making AirAsia India. The report states that fund infusion will be through a mix of debt and equity instruments. Thus, Tata Group’s stake in AirAsia India Ltd will go beyond the current 51%. Last week, Malaysia-based AirAsia Group said it was reviewing its India operations run in partnership with Tata Group. It had also indicated a possible exit from the country. 

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Infosys wins contract from Mongolia-based XacBank

EdgeVerve Systems, a wholly-owned subsidiary of Infosys Ltd., has bagged a contract from Mongolia-based XacBank. Infosys Finacle’s core banking, treasury, and corporate banking solutions will be used to accelerate the bank’s digital transformation. The partnership will help XacBank to standardize business processes, simplify enterprise architecture, and offer tailored services.

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Adani Ports’ Net Profit Rises 32% YoY – Top Indian Market News

Adani Ports Q2 Results: Net Profit rises 32% YoY to Rs 1,394 crore

Adani Ports & Special Economic Zone Ltd. reported a 31.57% year-on-year increase in consolidated net profit at Rs 1,393.69 crore, for the quarter ended September (Q2). The revenue from operations increased by 3% YoY to Rs 2,902.52 crore, during the same period. The company has stated that its market share in India’s overall cargo has increased to 24%, as compared to 21% in Q1 of the current financial year.

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Vedanta, Hindalco win in commercial coal mine auctions

Vedanta Ltd. and Hindalco Industries Ltd. are among the first private companies chosen to operate coal mines in India. The Government had allocated 38 coal mines in the country for auction to the private sector. Vedanta Ltd has placed the winning bid for the Radikapur West Coal Block in Odisha. Hindalco has won the right to operate the Chakla Coal Block in Jharkhand.

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PVR Q2 Results: Net Loss stands at Rs 184 crore

PVR Limited reported a consolidated net loss of Rs 184 crore, for the quarter ended September (Q2). The consolidated revenue of the multiplex operator was at Rs 40.4 crore, during the same period. PVR has stated that most of its theatres have reopened, under the Unlock 5.0 guidelines. They are optimistic for a gradual improvement in revenues over the next few months.

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Ajanta Pharma Q2 Results: Net Profit up by 45% YoY

Ajanta Pharma Limited reported a 45% year-on-year (YoY) increase in net profit at Rs 170 crore, for the quarter ended September (Q2). The company’s revenue has increased by 11% YoY to Rs 715 crore, during the same period. The Board of Directors of Ajanta Pharma has approved an interim dividend of Rs 9.50 per share. They have also announced a share buyback of 7.35 lakh equity shares, at a price of Rs 1,850 per share.

Sun Pharma Q2 Results: Net Profit jumps 70% YoY to Rs 1,813 crore

Sun Pharmaceutical Industries Ltd. reported a 70.4% year-on-year (YoY) increase in consolidated net profit to Rs 1,813 crore, for the quarter ended September. The drug firm’s consolidated revenue from operations has increased by 5.3% YoY to Rs 8,553 crore, during the same period. The share price of Sun Pharma saw a rise of 3.85%, and closed at Rs 487.45 on the NSE today.

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Muthoot Finance Q2 Results: Net profit rises 2.5% to Rs 931 crore

Muthoot Finance Ltd. reported a 2.5% year-on-year (YoY) increase in consolidated net profit at Rs 930.81 crore, for the quarter ended September (Q2). The company has posted a 17.4% YoY increase in total income to Rs 2,824.19 crore, during the same period. The non-banking financial company has also recorded its highest-ever quarter-on-quarter (QoQ) growth in its gold loan portfolio.

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TCS partners with B3i to launch solutions for insurance industry

Tata Consultancy Services (TCS) has partnered with B3i Services AG to design, develop, and launch ecosystem innovations for the insurance industry. The partnership will be aimed at providing solutions to improve the digital systems of insurers, brokers, and industry service providers. B3i is an industry-led blockchain initiative that is owned by 20 insurance companies around the world.

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Dabur Q2 Results: Net Profit rises 20% YoY to Rs 483 crore

Dabur India Ltd. reported a 20.6% year-on-year (YoY) increase in consolidated net profit to Rs 482.86 crore, for the quarter ended September (Q2). The company’s consolidated revenue has increased by 14% YoY to Rs 2,516.04 crore, during the same period. The e-commerce business of Dabur grew by 200% YoY in Q2.

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PNB to raise Rs 7,000 crore through QIP in December

Punjab National Bank (PNB), on Tuesday, said it is planning to raise Rs 7,000 crore through qualified institutional placement (QIP) of shares by December 2020. QIP is a method that allows listed companies to raise capital from domestic markets through the issue of equity shares or any other securities. This is part of PNB’s overall plan to raise capital worth Rs 14,000 crore during the current financial year.

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Godrej Properties Q2 Results: Net Profit declines 77% YoY to Rs 7 crore

Godrej Properties Ltd. reported a 77% year-on-year (YoY) decline in consolidated net profit at Rs 7 crore, for the quarter ended September (Q2). The real-estate company posted a 36% YoY decline in total income at Rs 238 crore, during the same period. The company has stated that construction activity has resumed across its sites, with a high increase in the workforce.

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Meghmani Finechem expands Caustic Soda Plant 

Meghmani Finechem is expanding production at its existing Caustic Soda Plant from 2.94 lakh tonnes per annum (TPA) to 4 lakh TPA. The company is also upgrading the Captive Power Plant capacity to 123 MW (megawatts) at its production site in Gujarat. The total cost of these projects is estimated at Rs 230 crore. Meghmani Finechem is a material subsidiary of Meghmani Organics Ltd.

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