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Nifty Closes Near 19,700 After Big Gap-Up! – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day at 19,651 with a gap-up of 208 points. The index formed a 75-point red candle (5-min chart) at opening. Following this, it consolidated within a nearly 30-point range till 1 PM, gave a breakout of the consolidation, and gradually rose to 19,690 levels amidst some volatility. Nifty closed at 19,675, up by 231 points or 1.19%.

Nifty chart November 15 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,398 with a gap-up of 507 points. The index formed a 205-point red candle at opening! Then, it fell sharply to 44,165 levels and consolidated in a 95-point range for the rest of the day. BNF closed at 44,201, up by 310 points or 0.71%.

All indices closed in green. Nifty Realty (+2.95%) and Nifty IT (+2.59%) moved up the most.

Major Asian markets closed well in the green (Japan’s Nikkei rose 2.5%). European markets are currently trading in the green.

Today’s Moves

Eicher Motors (+5.5%) was NIFTY50’s top gainer. The stock continued its strong up-move after the automaker posted better-than-estimated Q2 results.

Network18 (+10%) surged on the back of strong volumes.

Bajaj Finance (-1.86%) was NIFTY50’s top loser. 

Shares of Rajesh Exports (-8.05%) hit a three-year low after the company’s Q2 profit fell 88% YoY to ₹45.3 crore.

Natco Pharma (-4.48%) fell sharply despite the company reporting a 6x jump in net profit to ₹369 crore in Q2.

Markets Ahead

Both Nifty and Bank Nifty have crossed their important resistance levels, indicating a bullish trend.

Nifty: The crucial resistance to monitor is at 19,700. A breakout from this level might lead Nifty to touch 19,850. On the other hand, the immediate support stands at 19,650. If there’s a breakdown from this point, the index might experience a decline to 19,580 and 19,500 eventually. Given the current bullish trend in the markets, considering buying opportunities during each dip could be a strategic approach.

Bank Nifty: The critical support level to keep an eye on is 44,150. If this level is breached, BNF could potentially decline to the gap-filling zone at 43,900. Meanwhile, a breakout from 44,300 (resistance level) could propel BNF upward, reaching 44,300 initially and eventually climbing to 44,500.

There seems to be more space for Nifty to move on the upside than Bank Nifty. So you could take your trades accordingly!

The big gap-up today was influenced by positive global signals, particularly the softer-than-expected inflation data in the US and the UK. This suggests optimism regarding a potential end to the interest rate cycle (bond yields have also come down). Moreover, the decline in India’s CPI inflation further contributed to the improved market sentiment.

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RIL Partners With NVIDIA to Develop AI Infra – Top Indian Market Updates

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

Reliance partners with NVIDIA to develop India’s own AI infra

Reliance Industries is partnering with NVIDIA to develop India’s own large language model. The model will be trained on local languages and tailored for generative artificial intelligence (Al) applications. According to Nvidia, the companies will work together to build Al infrastructure that is “more powerful than the fastest supercomputer in India today”. NVIDIA will provide access to the most advanced NVIDIA GH200 Grace Hopper Superchip and NVIDIA DGX Cloud, an Al supercomputing service in the cloud.

According to a Reuters report, Tata Group is also likely to announce a partnership with NVIDIA for AI.

Read more here.

NTPC Green Energy to develop green hydrogen hub in Tamil Nadu

NTPC Green Energy Ltd (NGEL) has partnered with V O Chidambaranar Port Authority (VOCPA) to develop a green hydrogen hub at Tuticorin in Tamil Nadu. Both entities signed a Memorandum of Understanding (MoU) in this regard. Green hydrogen and its derivatives such as green ammonia and green methanol will be produced at the hub to be built on the land provided by VOCPA.

Read more here.

AU Small Finance partners with Bank Bajaj Allianz Life Insurance to offer insurance products

AU Small Finance Bank (AUSFB) and Bajaj Allianz Life Insurance have entered into a strategic partnership to offer insurance products. The partnership will help AUSFB’s customers gain access to Bajaj Allianz Life’s life insurance products. AUSFB aims to leverage technology-based solutions for its customers through life insurance products offered by Bajaj Allianz Life Insurance.

Read more here.

Oil India plans net zero by 2040

Oil India Ltd aims to invest ₹16,500 crore ($1.98 billion) in clean energy projects to meet its 2040 net zero carbon emissions goal. Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, and Oil & Natural Gas Corp have already announced their net zero goal. Together with Oil India, the six state-run energy companies plan to invest ₹6.38 lakh crore towards reducing carbon emissions.

Read more here.

Natco Pharma sued in US for generic cancer drug

Natco Pharma and other drug makers have been named defendants in an antitrust lawsuit regarding a generic cancer treatment drug in the US. Drug makers including Celgene Corporation, Bristol Myers Squibb, and Breckenridge Pharmaceutical Inc. have been named defendants by Louisiana Health Service & Indemnity Company, D/B/A Blue Cross and Blue Shield of Louisiana and HMO Louisiana Inc. regarding anti-cancer treatment medication Pomalidomide.

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SJVN signs agreement with BBMB to set up 18 MW solar project

SJVN Ltd has signed a 25-year Power Purchase Agreement (PPA) with Bhakra Beas Management Board (BBMB). The PPA is to set up an 18-megawatt (MW) solar power project at an investment of ₹90 crore. SJVN signed the agreement through its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL). The project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab.

Read more here.

Coffee Day Global faces ₹228-crore default allegations

Coffee Day Global Ltd (CDGL) has been facing a legal challenge under Section 7 of the Insolvency and Bankruptcy Code, 2016. CDGL owns and operates the Cafe Coffee Day chain of cafes. The case has been brought by IDBI Trusteeship Services Ltd and filed with the National Company Law Tribunal (NCLT) in Bengaluru. The lawsuit alleges that Coffee Day Global has defaulted on payments totalling ₹228.5 crore.

Read more here.

Titagarh Rail to expand production capacity by year-end

Titagarh Rail Systems plans to raise its production capacity to 1,000 wagons per month by the end of this financial year. Currently, it is operating at a capacity of 600-700 wagons per month. The decision comes as the company continues to secure orders and expand its presence in the domestic (Indian Railways) and export markets.

Read more here.

Angel One to enter into asset management and lending business

Angel One is all set to enter the lending business by the year-end. The company is also planning to get into asset management services. Angel One has been experiencing steady organisational growth in the recent past by adding diversified business verticals into its fold. It also plans to offer a broader spectrum of financial services as part of this growth strategy.

Read more here.

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Nifty to Hit All-Time High Soon? – Post-Market Analysis

NIFTY started the day at 19,774 with a gap-up of 47 points. After an initial down move till yesterday’s closing, the index moved up gradually to 19,870 levels. Nifty closed at 19,819, up by 92 points or 0.47%.

Nifty chart Sept 8 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,953 with a gap-up of 75 points. After consolidating near the opening levels, the index gave a breakout from the important resistance of 45,000 and moved up 400 points to 45,380 levels. BNF closed at 45,156, up by 469 points or 1.06%.

Bank Nifty chart Sept 8 - post-market analysis | marketfeed

All other indices except Nifty Realty (+2.12%), Nifty Auto (+0.67%), and Nifty PSU Bank (+0.32%) closed flat-to-red. Nifty Media (-0.97%) fell the most.

Major Asian markets closed up to 1.3% in the red. European markets are currently trading in the red.

Today’s Moves

Coal India (+2.96%) was NIFTY50’s top gainer. The stock has surged nearly 22% in a week!

Stocks related to the power sector were in high demand today. NTPC (+2.63%), PFC (+12.23%), REC (+10.02%), and Tata Power (+1.95%) moved up.

Sobha (+10.89%) jumped after HDFC Securities said it expects a potential upside of around 66% in the stock over the next 12 months.

Eicher Motors (-0.93%) was NIFTY50’s top loser. 

Natco Pharma (-3.5%) fell after the company was named a defendant in an antitrust lawsuit in the U.S.

Markets Ahead

As discussed earlier, the markets have turned bullish and buy-on-dips can be planned. The targets of 19,840 in Nifty and 45,370 in Bank Nifty were hit, and the bullishness could continue till immediate supports are breached.

Nifty: The index is near a very important resistance zone of 19,850-870. A breakout from this level can take the index to the all-time high (ATH) of 19,990 levels. Now, the important support zone for Nifty will be the previous swing of 19,730 levels. A breakdown from there with a re-test may take the index down to 19,680 and 19,630 levels.

Bank Nifty: The index finally broke out. Now, the immediate support to watch out for will be 45,150. A breakdown from there can take the index down to 45,000 and 44,800 levels. The immediate resistance would be 45,350. A breakout from that level can give us targets of 45,740.

The indices are on a strong uptrend. Many market participants are likely to buy during price dips, aiming to push the markets higher. This strategy is expected to continue until the key breakout levels of 19,640 in Nifty and 45,000 in Bank Nifty are maintained.

Meanwhile, global markets have stabilized today, while the U.S. Dollar appeared to be on its longest winning streak since 2014, thanks to a strong U.S. economy. Investors are anticipating that central banks will keep interest rates unchanged in the next two weeks.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Tata Technologies Files IPO Papers With SEBI – Top Indian Market Updates

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

Tata Technologies files IPO papers with SEBI

Tata Technologies Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch an initial public offering (IPO). The IPO is purely an offer for sale by the promoter Tata Motors and two other existing shareholders. The offer for sale (OFS) is 9.57 crore equity shares, representing approx. 23.60% of its paid-up share capital.

Read more here.

Marksans Pharma gets final USFDA approval for Famotidine tablets

Marksans Pharma Ltd has received final approval from the US Food & Drugs Administration (USFDA) for its generic version of Famotidine tablets. The drug is indicated for the treatment of acid indigestion and heartburn. The product had sales of over $200 million in the US market.

Read more here.

Ajanta Pharma approves Rs 315 crore share buyback

Ajanta Pharma’s board has approved the buyback of 22.1 lakh equity shares of the face value of Rs 2 each through the tender offer route. The number of shares to be bought back represents 2.59% of the total number of equity shares of the company. Ajanta Pharma will carry out the buyback of shares at Rs 1,425 per share.

Read more here.

Natco Pharma launches additional strengths of Revlimid in US

Natco Pharma Ltd has launched additional strengths for its generic Lenalidomide capsules in the US market. The drug is used in the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). The launch has been done through its marketing partner Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries.

Read more here.

Automakers record best-ever dispatches in Feb: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), Indian automakers dispatched nearly 2.92 lakh passenger vehicles, up 11% YoY. This is the highest-ever dispatches for the month of Feb so far. The total two-wheeler wholesale dispatches rose 8% YoY to 11,29,661 units in Feb. Three-wheeler sales surged 86% YoY to 50,382 units.

Read more here.

Bank of Baroda board approves 49% stake divestment in BFSL

Bank of Baroda’s board has approved up to 49% divestment in subsidiary BoB Financial Solutions Ltd (BFSL). The bank currently holds 100% of the total equity share capital of BFSL. It will now issue Expression of Interests (EOIs) to suitable investors/strategic partners. Established in 1994, BFSL caters to the needs of a rapidly growing credit card industry.

Read more here.

India’s fuel demand hits at least 24-year high in Feb

India’s fuel demand hit its highest level in at least 24 years in February, according to govt data. Consumption of fuel rose more than 5% YoY to 4.82 million barrels per day last month. The strength highlights a combination of profitable refining from record Russian crude imports in February, total utilization for primary distillation across India and robust domestic consumption.

Read more here.

India’s industrial production rises 5.2% in January

India’s industrial production index (IIP) rose to 5.2% in January 2023, compared to 4.3% print in the previous month. This is mainly due to the good performance of the power, mining and manufacturing sectors. In January, growth in the mining sector stood at 8.8%, compared to 9.8% in December 2022. Manufacturing output stood at 3.7% (2.6% in Dec 2022) and electricity growth came in at 12.7% (compared to 10.4% in Dec).

Read more here.

India’s forex reserves increase, snapping four-week losing streak

India’s foreign exchange reserves rose for the first time in five weeks and stood at $562.40 billion as of the week ended March 3, according to the Reserve Bank of India (RBI). The reserves increased by $1.46 billion at the end of last week after falling by a total of $15.8 billion in the previous four weeks. It stood at $560.94 billion in the week to Feb 24.

Read more here.

Tata Power RE signs PPA with TPDDL for 510 MW hybrid plant

Tata Power Renewable Energy has signed an agreement with Tata Power Delhi Distribution Ltd (TPDDL) to supply electricity from its 510 MW solar-wind hybrid project. It is one of the largest hybrid projects in India, with the capacity bifurcation of 170 MW solar & 340 MW wind power. The project will save an average of 1540 MUs (million units) of CO2 emissions annually for TPDDL.

Read more here.

Airtel’s ARPU to rise 3% post jump in base prepaid rates: CLSA

Bharti Airtel’s recent decision to increase base prepaid rates by 57% in 19 markets is estimated to immediately boost its average revenue per user (ARPU) by 3% to Rs 199 according to analyst & brokerage group CLSA. Airtel’s tariffs across plans are already 25-57% higher than Vi and Reliance Jio. 

Read more here.

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CPI Inflation Spikes to 6.52% in Jan – Top Indian Market Updates

inflation - market updates | marketfeed

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

CPI inflation spikes to three-month high of 6.52% in Jan

India’s Consumer Price Index (CPI) or retail inflation rose to a three-month high at 6.52% in January 2023. The retail inflation rate had eased down to 5.72% in December. Food inflation surged from 4.19% in Dec to 5.94% in Jan. The inflation rate for fuel & light declined marginally from 10.97% to 10.84% in Jan.

Read more here.

Nykaa Q3 Results: Net profit falls 68% YoY to ₹9 crore

FSN E-Commerce Ventures (Nykaa) reported a 68% YoY decline in consolidated net profit to ₹9 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 33% YoY to ₹1,462 crore during the same period. The company’s expenses stood at ₹1,455 crore in Q3, up 36% YoY. The gross merchandise value (GMV) grew 37% YoY to ₹2,796 crore.

Read more here.

Natco Pharma submits application with USFDA for generic cancer drug

Natco Pharma has submitted a new application with the US Food & Drug Administration (USFDA) for marketing authorisation of the generic version of Olaparib tablets. The drug is used to treat certain forms of ovarian, breast, pancreatic, and prostate cancers. Olaparib tablets are marketed in the US by AstraZeneca under the Lynparza brand.

Read more here.

Godrej Industries Q3 Results: Net profit jumps 117% YoY to ₹314 crore

Godrej Industries Ltd reported a 117% YoY jump in consolidated net profit to ₹314.58 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 9.3% YoY to ₹3,514.61 crore during the same period. Total expenses grew 8.12% YoY to ₹3,795.10 crore in Q3. EBITDA rose 53.9% YoY to ₹373.2 crore.

Read more here.

Vodafone Idea in talks to refinance ₹3,000-4,000 crore of loans

According to an Economic Times report, Vodafone Idea (Vi) has started fresh talks with key lenders, including State Bank of India, Punjab National Bank, and HDFC Bank, to refinance loans worth ₹3,000-4,000 crore. Refinancing some debt will help free up cash for Vi. The telco urgently needs to pay substantial vendor dues to tower companies like Indus Towers and network equipment makers such as Ericsson and Nokia.

Read more here.

Gujarat Gas Q3 Results: Net profit jumps 204% YoY to ₹371 crore

Gujarat Gas Ltd reported a 204% YoY jump in net profit to ₹371.26 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 27% YoY to ₹121.93 crore during the same period. Total expenses stood at ₹3,355.87 in Q3, down 34.4% YoY. The company added close to 48,600 new domestic customers and 228 commercial customers in Q3.

Read more here.

Adani Group cuts revenue growth target, capex

The Adani Group has halved its revenue growth target and aims to scale down fresh capital expenditure. This move comes days after US-based short seller Hindenburg Research published a negative report on the conglomerate. The group will now aim for revenue growth of 15% to 20% for at least the next financial year (FY24), down from the 40% growth originally targeted.

In other news, Adani Group has pledged additional shares in favour of SBICAP Trustee (a subsidiary of SBI) as the group companies are required to maintain 140% collateral security coverage as per one of the conditions relating to an existing loan. 

Read more here.

Balkrishna Industries Q3 Results: Net profit falls 68% YoY to ₹108 crore

Balkrishna Industries Ltd reported a 68% YoY decline in consolidated net profit to ₹108.38 crore for the quarter ended December (Q3 FY23). The tyre manufacturer’s revenue from operations rose 6% YoY to ₹2,165.57 crore during the same period. EBITDA stood at ₹314.26 crore in Q3, down 44% YoY. The company’s shares fell 11% today.

Read more here.

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Jet Airways Relaunch Faces Delays – Top Indian Market Updates

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

Jet Airways facing more delays: CEO Sanjiv Kapoor

Jet Airways Ltd’s potential new owners, the Jalan-Kalrock consortium, have been trying to relaunch operations this month. However, the airline faces more delays due to unresolved negotiations between the management and engine makers on more favourable terms in its proposed leasing contracts. 

“We will start operations in a planned and phased manner and share details of our fleet, customer value proposition, and business model when we open for sale,” said CEO Sanjiv Kapoor.

Read more here.

AGEL commissions 325 MW wind power project in Madhya Pradesh

Adani Green Energy Ltd (AGEL) has commissioned a 325 megawatts (MW) wind energy plant in Dhar, Madhya Pradesh. The plant has two 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) at a tariff of Rs 2.83 per kilowatt hour (kwh). The Adani Group will manage the newly commissioned plant via its ‘Energy Network Operation Centre’ platform.

Read more here.

NARCL to buy 18 distressed accounts totalling ₹39,921 crore by Oct 1: Report

As per an ET Now report, the National Asset Reconstruction Company of India Ltd (NARCL) is preparing to acquire 18 distressed accounts worth ₹39,921 crore by October 31. The bad bank informed lenders that it has created two lists– Phase 1 comprised eight accounts with a debt of ₹16,744 crore. Phase 2 has 10 accounts with a debt of ₹18,177 crore.

Read more here.

Welspun Corp secures order for pipeline project in the US

Welspun Corp has secured a significant order for a carbon capture pipeline project in the United States. The company will supply 785 miles (1,256 km) or 100,000 MT of high-frequency induction welding pipes. The pipes for the order will be produced at the company’s manufacturing plant in Little Rock, Arkansas, and executed in FY23-24.

Read more here.

Delhi HC allows Natco Pharma to launch Chlorantraniliprole

The Delhi High Court has allowed Natco Pharma to launch Chlorantraniliprole (CTPR) and its formulations through its non-infringing process. CTPR technical is formulated into broad-spectrum insecticides for pest management on a wide range of crops. Natco Pharma estimates the current market size of products containing CTPR in India to be over ₹2,000 crore.

Read more here.

Hatsun Agro Products’ board approves rights issue of ₹400 crore

The Board of Directors of Hatsun Agro Products Ltd has approved the proposal for a rights issue aggregating to ₹400 crore. The issue will be available for all existing shareholders. The eligible shareholders will be determined on the record date, which the company will announce in due course. 

Read more here.

Olectra secures order to supply 123 e-buses to Thane Municipal Transport Undertaking

A consortium formed by Olectra Greentech and EVEY Trans has secured an order for 123 electric buses from the Thane Municipal Transport Undertaking. EVEY Trans will procure these e-buses from Olectra Genentech and deliver them in nine months. Meanwhile, Olectra will maintain the buses during the contract period of 15 years. The total value of the order is ₹185 crore.

Read more here.

Dixon Tech signs deal with Ibahn for advanced lighting technology

Dixon Technologies (India) Ltd has entered into a binding term sheet with Delhi-based Ibahn Illumination, whereby Ibahn has agreed to transfer its cutting-edge technologies of smart lighting solutions. Ibahn’s BLE Mesh Smart Lighting (app, firmware, hardware, and cloud-hosted database) provides consumers with Wi-Fi-based technology solutions for its lighting products.

Read more here.

PSP Projects secures work orders worth ₹167 crore

PSP Projects Ltd has secured orders worth ₹167.35 crore in the industrial, precast and residential segments. This includes a major order to construct Phase 2 of a Noodle Factory from a repeat client. With receipt of the above orders, the total order inflow for FY2022-23 till date amounts to ₹1,511.58 crore.

Read more here.

SEBI introduces framework to prevent misuse of clients’ securities by brokers

The Securities & Exchange Board of India (SEBI) has introduced a new framework that will prevent the misuse of clients’ securities and funds by their stock brokers. Under the framework, depositories need to validate the transfer instruction for pay-in of securities from client Demat accounts to trading member pool accounts against obligations received from the clearing corporations.

In other news, SEBI is looking to boost surveillance of social media and other platforms through a web intelligence tool. Using data analytics, the tool will help to investigate violations of various securities laws by individuals, groups, and other entities.

Read more here.

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Axis Bank’s Net Profit Rises 91% YoY in Q1 – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 91% YoY to Rs 4,125 crore

Axis Bank reported a 91% YoY increase in net profit to Rs 4,125 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 21% YoY to Rs 9,384 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 2.76% in Q1 FY23, compared to 2.82% in Q4 FY22. The bank’s fee income rose 34% YoY to Rs 3,576 crore in Q1.

Read more here.

L&T to sell 8 roads, transmission project to Edelweiss fund for Rs 7,000 crore

Larsen & Toubro Ltd (L&T) will sell eight operational road assets and a power transmission project to Edelweiss Infrastructure Yield Plus, a fund managed by Edelweiss Alternative Asset Advisors. The enterprise value of the assets stands at Rs 7,000 crore. The latest move is part of L&T’s asset-light strategy of exiting several non-core assets. The deal is awaiting regulatory approvals from the National Highways Authority of India (NHAI) and market regulator SEBI.

Read more here.

Tech Mahindra Q1 Results: Net profit falls 16% YoY to Rs 1,132 crore

Tech Mahindra Ltd reported a 16.4% YoY decline in consolidated net profit to Rs 1,132 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 24.6% YoY to Rs 12,708 crore during the same period. EBITDA stood at Rs 1,880 crore, up 0.2% YoY. The IT company secured new deals worth $803 million in Q1, a decline of 1.5% YoY or 20.5% QoQ. Tech Mahindra will invest in new and emerging technologies to deliver differentiated offerings.  

Read more here.

Natco Pharma’s partner gets USFDA nod for prostate cancer treatment drug

Natco Pharma Ltd’s partner Breckenridge Pharmaceutical Inc has received approval from the US Food & Drug Administration (USFDA) for generic Cabazitaxel intravenous powder. The drug is used to treat prostate cancer. As per IQVIA data, the generic version of the drug generated annual sales of $303 million (~Rs 2,417 crore) during the 12 months ended May 2022. 

Read more here.

Tata Steel Q1 Results: Net profit falls 13% YoY to Rs 7,765 crore

Tata Steel Ltd reported a 12.8% YoY (or 20.4% QoQ) decline in consolidated net profit to Rs 7,764.96 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 18.6% YoY to Rs 63,430 crore during the same period. The company produced 7.74 million tonnes (MT) of steel during the quarter, registering a decline of 1.8% YoY. The performance in Q1 was impacted by higher pet coke prices, which led to higher operating costs.

Read more here.

Intellect Design Arena’s arm secures order from Mineral Development Bank

Myanmar-based Mineral Development Bank has chosen Intellect Global Consumer Banking’s (iGCB) Intellect Digital Core to transform its banking solutions. The bank aims to open 15 branches this year. The digital transformation will provide the bank with a platform to innovate faster than its competitors. iGCB is the consumer banking arm of Intellect Design Arena Ltd, a global leader in financial technology for the banking and insurance sectors.

Read more here.

HDFC Securities partners with Equitas SFB to offer Demat, trading services

HDFC Securities has partnered with Equitas Small Finance Bank (SFB) to provide its clients with Demat account and broking investment services. With this partnership, Equitas SFB will offer its customers a “3-in-1″ account for accessing the services of HDFC Securities. All customers can now open their Demat, trading accounts for buying and selling shares and trading in futures, options, and even currencies.

Read more here.

IEX Q1 Results: Net profit rises 10% YoY to Rs 69 crore

Indian Energy Exchange (IEX) reported a 10.05% YoY increase in consolidated net profit to Rs 69.12 crore for the quarter ended June (Q1 FY23). Net profit fell 21.7% when compared to the previous quarter. Its total income rose 10.2% YoY to Rs 113.4 crore during the same period. EBITDA stood at Rs 81 crore in Q1, up 8% YoY.

Govt sets target to raise share of natural gas in energy mix to 15% by 2030

The Indian government has set a target to raise the share of natural gas in the total energy mix from 6.3% currently to 15% by 2030. Initiatives have been taken to expand the National Gas Grid from 21,715 km to about 33,500 km. Several Liquefied Natural Gas (LNG) terminals will also be established across the country. The govt will also allow marketing and pricing freedom to gas produced from high pressure/high-temperature areas, deep water & ultra-deepwater, and coal seams.

Read more here.

Macrotech Developers Q1 Results: Net profit rises 68% YoY to Rs 271 crore 

Macrotech Developers Ltd (Lodha Group) reported a 68.75% YoY increase in consolidated net profit to Rs 271.26 crore for the quarter ended June (Q1 FY23). Its total income grew 52.9% YoY to Rs 2,675.78 crore during the same period. The company reduced its net debt by Rs 450 crore to Rs 8,856 crore in Q1. 

The real estate company expects to enter into alliances to undertake joint development projects with a combined gross development value of Rs 15,000 crore in the current financial year (FY23).

Read more here.

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Manufacturing PMI at 54.6 in May – Top Indian Market Updates

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

Manufacturing PMI expands in May despite high inflation rate

India’s manufacturing activity expanded in May and sustained strong growth despite historically high inflation. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.6 in May 2022, compared to 54.7 in April. Factory output was boosted by a jump in international orders, which was at the highest level in over 11 years. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

Read more here.

Auto sales data for May 2022: Highlights  

Maruti Suzuki India posted a 7.14% month-on-month (MoM) increase in total sales to 1,61,413 units in May 2022. Sales of its compact vehicle segment rose 12% MoM to 85,355 units. Exports rose 47% to 27,191 units.

Tata Motors Ltd registered a 3.1% MoM increase in total sales to 74,755 units in May. The automaker’s commercial vehicle sales rose 5.13% MoM to 31,414 units. Overall passenger vehicle wholesales rose 4.2% MoM to 43,341 units.

Mahindra & Mahindra’s auto segment posted total sales of 53,726 units in May, an increase of 15.44% MoM. M&M’s farm equipment segment posted a 12.74% YoY decline in sales to 35,722 units. 

Bajaj Auto posted an 11.23% MoM fall in total sales to 2,75,868 units in May.  

Read more here.

VA Tech Wabag gets €18 million order from Korea’s DL E&C in Russia

VA Tech Wabag Ltd has secured an order worth €18 million (~Rs 149 crore) from Korea’s DL E&C CO for a water treatment package for a EuroChem methanol production facility in Kingisepp, Russia. This order includes the design & supply, installation, and commissioning of a water treatment plant, scheduled to be completed in 15 months. The project will employ softening, ultrafiltration, and reverse osmosis technologies to treat brine water which will be reused as processed water in the facility.

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Natco Pharma launches first generic version of Nexavar tablets in US

Natco Pharma Ltd announced the launch of the first generic version of Nexavar (Sorafenib) tablets in the US market. The product will be launched by Natco Pharma’s Hyderabad-based commercial partner, Viatris. Nexavar registered sales of $69.7 million for the year ending December 2021 as per IQVIA data.

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Aditya Birla Group launches digital venture TMRW

Aditya Birla Group has announced the launch of its new direct-to-customer (D2C) entity– TMRW, which will acquire and incubate 30 brands over the next three years. The digital venture will also enable multiple founders to operate within a synergistic platform. TMRW will also tap into the capabilities and networks of the Aditya Birla Group and Aditya Birla Fashion and Lifestyle ecosystems.

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Yes Bank shortlists JC Flowers as its ARC partner: Report

As per a CNBC-TV18 report, Yes Bank has shortlisted US-based private equity firm JC Flowers as its joint venture (JV) partner for its proposed asset reconstruction company (ARC). It is the second attempt by the bank to set up its own ARC after the Reserve Bank of India (RBI) turned down its earlier proposal in March 2021. As per the latest proposal, Yes Bank would hold a minority 20% stake in the proposed ARC. The remaining 80% stake would be held by its foreign JV partner.  

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Vodafone Idea launches AdTech platform Vi Ads

Telecom operator Vodafone Idea announced the launch of its ad-tech platform Vi Ads. The artificial intelligence/machine learning (AI/ML) driven Adtech platform will provide marketers a return on investment (ROI)-focussed programmatic media buying platform. Vi Ads will enable marketers to engage with the operator’s over 243 million subscribers through multiple channels.

IT dept conducts searches in premises linked to Embassy Group

The Income Tax (IT) Department has conducted searches across premises linked to real estate developer Embassy Group in Bangalore, Gurgaon, and Mumbai for alleged tax evasion. The searches have been reportedly conducted across ~50 offices of Embassy Group and its affiliates.

The IT Dept is also searching premises of Indiabulls Real Estate in Mumbai’s Bandra-Kurla Complex (BKC) and Gurgaon area in the backdrop of its upcoming merger with Embassy.

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GAIL to Invest ₹6,000 crore in Renewables in Next 3 Years – Top Indian Market News

GAIL to invest Rs 6,000 crore in renewables in next three years

GAIL India Ltd has announced plans to invest Rs 6,000 crore in renewable energy over the next three years. The investment can go up by an additional Rs 20,000 crore by 2030, said Manoj Jain— Chairman and MD. GAIL has outlined an overall capital expenditure (capex) plan of up to Rs 40,000 crore in the next five years.

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Sun Pharma Q4 Results: Net loss at Rs 2,277 crore

Sun Pharmaceutical Industries Ltd (SPIL) reported a consolidated net loss of Rs 2,277 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 894 crore in the corresponding quarter last year. Its revenue from operations rose 11% YoY to Rs 9,386.1 crore in Q4 FY22. ​​The pharma company faced a one-time loss of Rs 3,935.7 crore due to antitrust payments and other lawsuit settlements in the US. SPIL’s board has declared a final dividend of Rs 3 per share.

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Tata Motors signs MoU for potential acquisition of Ford India’s Sanand plant

Tata Passenger Electric Mobility Ltd (TPEML) has signed a Memorandum of Understanding (MoU) with Ford India Pvt Ltd and the Government of Gujarat for the potential acquisition of Ford’s vehicle manufacturing facility in Sanand. The proposed MoU includes the purchase of land & buildings, vehicle manufacturing plant, machinery and equipment, and transfer of all eligible employees of the unit. TPEML is a subsidiary of Tata Motors.

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LIC Q4 Results: Net profit falls 18% YoY to Rs 2,409 crore

Life Insurance Corporation of India (LIC) reported a 17.41% YoY decline in consolidated net profit to Rs 2,409.39 crore for the quarter ended March (Q4 FY22). Its net premium income (NPI) rose 17.8% YoY to Rs 1.44 lakh crore during the same period. Income from investments stood at Rs 67,855.59 crore in Q4, compared to Rs 67,684.27 crore in the year-ago quarter. LIC’s board declared a dividend of Rs 1.5 per share.

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Jubilant Foodworks Q4 Results: Net profit falls 9% YoY to Rs 96 crore

Jubilant Foodworks Ltd (JFL) reported an 8.8% YoY decline in consolidated net profit to Rs 96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.3% YoY to Rs 1,175.97 crore during the same period. Total expenses increased 13.7% YoY to Rs 1,038.27 crore. JFL opened 80 new Domino’s Pizza restaurants in Q4. The company’s board declared a dividend of Rs 1.2 per share. 

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L&T secures order for Chennai Metro Rail Project

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) for the Chennai Metro Rail Project. The scope of the order involves the construction of an elevated viaduct of ~10 km, including an elevated ramp and 10 elevated metro stations. This metro rail package is to be constructed in 35 months.

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IRCTC Q4 Results: Net profit doubles to Rs 213.78 crore

Indian Railway Catering & Tourism Corp (IRCTC) reported a 105.99% YoY jump in net profit to Rs 213.78 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 103.95% YoY to Rs 690.96 crore during the same period. Revenue from internet ticketing stood at Rs 292.82 crore, up 38.11% YoY. IRCTC’s board has declared a final dividend of Rs 1.5 per share.

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Aditya Birla Sun Life AMC partners with BentallGreenOak to form credit investment vehicle

Aditya Birla Sun Life AMC Ltd (ABSLAMC) has partnered with BentallGreenOak to form a structured credit investment vehicle. This investment vehicle will target structured debt investments in post-approval real estate projects, primarily in Tier-1 metropolitan locations. The collaboration brings together two established investment managers with extensive track records in both the domestic and international markets.

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Natco Pharma Q4 Results: Net loss at Rs 50.5 crore

Natco Pharma Ltd reported a consolidated net loss of Rs 50.5 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 53 crore in the corresponding quarter last year. Its revenue from operations rose 80.13% YoY to Rs 596.8 crore in Q4 FY22. ​​The loss in the fourth quarter was primarily due to inventory value write-off and provision of estimated credit losses.

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SpiceJet Settles Dispute With Credit Suisse – Top Indian Market News

SpiceJet settles dispute with Credit Suisse

SpiceJet Ltd has signed and concluded the settlement, consent term with Credit Suisse in a pending dispute. The settlement involves payment of a certain amount upfront and the balance amount over a mutually agreed timeline. The airline had already provided a bank guarantee of $5 million under the direction of the Madras High Court in the matter. It claimed that there are no adverse financial liabilities on the company.

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Adani Ports Q4 Results: Net profit falls 22% YoY to Rs 1,033 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 21.78% YoY decline in consolidated net profit to Rs 1,033 crore for the quarter ended March (Q4 FY22). Its total income rose 8.5% YoY to Rs 4,418 crore during the same period. APSEZ achieved a total cargo volume of 312 million metric tonnes (MMT) in Q4, registering a growth of 26% YoY. 

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J&J, Momenta files patent infringement lawsuit against Natco Pharma

Johnson & Johnson and Momenta Pharmaceuticals have filed a patent infringement lawsuit against Natco Pharma Ltd and its marketing partner Mylan Pharma in the US. The lawsuit alleges infringement of two old patents associated with Glatiramer Acetate injection (used to treat relapsing forms of multiple sclerosis in adults). Natco Pharma and Mylan said they will strongly defend this “meritless” suit.

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IndiGo Q4 Results: Net loss widens to Rs 1,682 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,682 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 1,147.2 crore in Q4 FY21 and a net profit of Rs 130 crore in Q3 FY22. The revenue from operations rose 29% YoY to Rs 8,020.74 crore in Q4 FY22. The airline’s fuel expenses surged 68.2% YoY to Rs 3,220.6 crore in Q4.

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Lupin to resize portfolio, slash costs in US biz

Lupin Ltd, which is struggling to grow sales in the US market, is planning to exit low-margin generic products and reduce cash burn through monetisation of various assets and specialty product capabilities. CEO Vinita Gupta said the company had already exited a few products filed from its Somerset facility in New Jersey. It has also identified 15-20 more products to exit.

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Reliance Jio using drones for tower surveillance, upkeep ahead of 5G rollouts

Telecom giant Reliance Jio is using drones to run a pilot project around tower surveillance and upkeep across India. It plans to use the technology to survey sites and plan the next wave of tower rollouts for its upcoming 5G network deployments. The drones will be used to check the health of towers and Jio’s assets deployed on them. This move will help the telco drive time and cost efficiencies. 

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NHPC Q4 Results: Net profit rises 6% YoY to Rs 467 crore

NHPC Limited reported a 5.61% YoY increase in consolidated net profit to Rs 467.15 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.05% YoY to Rs 1,674.31 crore during the same period. Total expenses rose 11.88% YoY to Rs 1,583.96 crore. NHPC’s board has declared a dividend of Rs 0.5 per share. 

The state-owned company’s board has also approved a proposal to raise debt up to Rs 6,300 crore in FY 2022-23.

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KPIT Tech to acquire vehicle diagnostics specialists SOMIT Solutions

KPIT Technologies Ltd announced the acquisition of SOMIT Solutions, a cloud-based vehicle diagnostics specialist. The total consideration for 100% shareholding will not exceed 7.68 million pounds (~Rs 74.45 crore). The acquisition complements KPIT’s aftersales diagnostics platform and strengthens its positioning to cater to the multi-billion automotive aftersales industry.

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Coal India Q4 Results: Net profit rises 46% YoY to Rs 6,693 crore

Coal India Ltd (CIL) reported a 45.91% YoY increase in consolidated net profit to Rs 6,692.94 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.5% YoY to Rs 32,706.77 crore during the same period. The company produced 209 million tonnes (MT) of coal in Q4 FY22, compared to 203.42 MT in Q4 FY21. CIL’s board has declared a dividend of Rs 3 per share. 

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HUL’s Net Profit Rises 17% YoY in Q3 – Top Indian Market News

HUL Q3 Results: Net profit rises 17% YoY to Rs 2,243 crore

Hindustan Unilever Ltd reported a 16.76% YoY increase in net profit to Rs 2,243 crore for the quarter ended December (Q3 FY22). Net profit rose 5% when compared to the previous quarter. Its revenue from operations rose 10.23% YoY to Rs 13,183 crore during the same period. EBITDA stood at Rs 3,279 crore, up 15% YoY. HUL’s home care segment grew 23% YoY, while its beauty & personal care segment grew 7% YoY in Q3. 

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Asian Paints Q3 Results: Net profit falls 18% YoY to Rs 1,016  crore

Asian Paints Ltd reported an 18% YoY decline in consolidated net profit to Rs 1,015.69 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 25.6% YoY to Rs 8,527.24 crore during the same period. The rise in raw input costs offset the benefits of price hikes. The company’s paint business grew 25.4% YoY to Rs 8,319.4 crore. Its domestic decorative business registered an 18% volume growth in Q3.

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Delhi HC restrains HFCL for manufacturing multitube cable as STL claims patent

The Delhi High Court has restrained Himachal Futuristic Communications Ltd (HFCL) and its subsidiaries for allegedly manufacturing and selling optic fibre cable based on Sterlite Technologies Ltd’s (STL) multitube technology in a patent infringement case. HFCL has initiated required legal actions to get the restrain order vacated and also for the cancellation of the subject patent.

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Cyient Q3 Results: Net profit rises 38% YoY to Rs 132 crore

Cyient Ltd reported a 38% YoY increase in net profit to Rs 131.8 crore for the quarter ended December (Q3 FY22). Net profit rose 13.84% when compared to the previous quarter. Its revenue from operations rose 13.3% YoY (or 6.5% QoQ) to Rs 1,183.4 crore during the same period. The digital solutions company registered a 5% QoQ increase in EBITDA to Rs 163.2 crore in Q3.

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Natco Pharma signs pact with MPP to sell Molnupiravir capsules

Natco Pharma Ltd has signed a non-exclusive license agreement with the Medicines Patent Pool (MPP), Switzerland, to manufacture and sell Molnupiravir capsules. The capsules will be sold under the brand name MOLNUNAT for treatment of Covid-19 infection in patients who have a high risk of progression of the disease, including hospitalisation or death. 

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Havells Q3 Results: Net profit falls 12% YoY to Rs 305 crore

Havells India Ltd reported a 12.6% YoY decline in consolidated net profit to Rs 305.82 crore for the quarter ended December (Q3 FY22). Net profit rose 1.13% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,664.2 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 13.4% YoY at Rs 440 crore.

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Vedanta to create $10 billion fund to bid for BPCL stake, other assets

Vedanta Resources Ltd plans to create a $10 billion (~Rs 74,395 crore) fund to bid for assets, including the Indian government’s stake in Bharat Petroleum Corp Ltd (BPCL). The government is seeking to privatise state-run BPCL by selling its ~53% stake in the firm (worth over $6 billion). The fund will be made up of its own resources and outside investment. Vedanta may also finance the BPCL acquisition through debt.

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Bajaj Finserv Q3 Results: Net profit falls 3% YoY to Rs 1,256 crore

Bajaj Finserv Ltd reported a 2.63% YoY decline in consolidated net profit to Rs 1,256 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 10.21% YoY to Rs 17,589 crore during the same period. The company’s expenses increased by 29% YoY to Rs 899 crore in Q3. Bajaj Finserv’s assets under management (AUM) grew 26% YoY to Rs 1,81,250 crore.

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Larsen &Toubro dispatches coke drums to Mexico

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has dispatched six of the world’s largest coke drums, weighing 658 tonnes, each to Mexico. The drums were manufactured at L&T’s state-of-the-art Heavy Engineering Complex located at Hazira near Surat. It will be used for a refinery project by PTI Infraestructura de Desarrollo, a subsidiary of the Mexico’s state-owned oil company PEMEX (Petróleos Mexicanos).

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Independent directors of PTC Financial Services resign citing governance issues

All three independent directors of PTC Financial Services Ltd resigned on Wednesday, citing corporate governance lapses. They have flagged serious concerns on the conduct of the management of PFS India Ltd (the parent company), led by managing director and CEO Pawan Singh. They also referred to the issues regarding a Rs 125 crore-bridge loan given to NSL Nagapatnam Power and Infratech Pvt Ltd, besides alleging that no action has been taken on certain corporate governance issues.

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PNB Housing Q3 Results: Net profit falls 19% YoY to Rs 188 crore

PNB Housing Finance Ltd reported a 19% YoY decline in net profit to Rs 188 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) fell 26% YoY to Rs 439 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.64% in Q3 FY22, compared to 5.94% in Q2 FY22.

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Wholesale Inflation Rises to 14.23% in November – Top Indian Market News

Wholesale inflation rises to 14.23% in November

Wholesale price inflation (WPI) surged to a 12-year high of 14.23% in November, compared to 12.54% in October. The WPI inflation has been in double digits for the past 8 months. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, crude petroleum, natural gas, chemicals products, and food. Inflation in the fuel and power basket was higher at 39.81% in November, as against 37.18% in October.

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ABFRL to buy exclusive rights to sell, distribute Reebok in India

Aditya Birla Fashion & Retail Ltd (ABFRL) has signed a long-term licensing agreement with US-based Authentic Brands Group to distribute and sell Reebok products in India and other Southeast Asian countries. The deal signals ABFRL’s entry into India’s sports and activewear segment. The company will sell Reebok products through wholesale and e-commerce.

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Nykaa to invest Rs 100 crore over 2-3 years to expand retail footprint

Nykaa has set aside almost Rs 100 crore of capital expenditure over 2-3 years, said Group CFO Arvind Agarwal. The company plans to expand its retail footprint as it believes in an omnichannel strategy. He further stated that Nykaa’s ambition is to be in the top 100 cities in the country, which would mean 250-300 stores within the next 3 years. They are also investing in fulfillment centres, including large mechanised and tech-driven warehouses.

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Adani Green signs pact with SECI to supply 4,667 MW solar project

Adani Green Energy Ltd (AGEL) has signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 megawatts (MW) of green power. This is the world’s largest-ever green power purchase agreement (PPA). AGEL has a total portfolio of 20.3 gigawatts (GW), including operational and under-construction projects. The Adani Group has committed to a $50-70 billion investment in the renewables space.

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Glenmark’s subsidiary enters pact with Almirall for novel drug to treat autoimmune diseases

Ichnos Sciences, a subsidiary of Glenmark Pharmaceuticals, has entered into an exclusive agreement with Spain-based Almirall to out-license its novel monoclonal antibody therapy ISB 880. The drug is used in the treatment of autoimmune diseases. As per the agreement, Ichnos will receive an upfront payment of €20.8 million (~Rs 178.5 crore). It will also obtain additional development & commercial milestone payments and royalties based upon future global sales.

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L&T Infotech opens new delivery center in Hyderabad

Larsen & Toubro Infotech (LTI) has expanded its operations in Hyderabad by setting up a new facility in the city. The 1.1 lakh sq. ft. state-of-the-art delivery center is designed and equipped to house over 3,000 employees. The centre will focus on delivering digital, data, and cloud solutions to global clients.

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Lupin receives EIR from USFDA for its manufacturing site in Goa

Lupin Ltd has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Goa manufacturing facility. This indicates that the pharma company is probably closer to resolving the drug regulator’s warning letter. EIR means the closure of inspection. USFDA inspected the facility in September 2021 and issued 7 observations, which were mostly related to the investigation of out-of-specification (OOS) drug productions. 

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Orion Corp selects Infosys to transform ERP, planning platforms

Finland-based pharma company Orion Corporation has selected Infosys Ltd to transform its enterprise resource planning (ERP) and planning platforms. The IT major will also enhance Orion’s employee experience and drive business value realisation. Infosys will adopt standardised best SAP practices to enable end-to-end visibility across Orion’s operations and reduce business costs.

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Natco Pharma proposes to acquire Dash Pharmaceuticals

Natco Pharma Ltd has announced plans to acquire Dash Pharmaceuticals LLC, subject to the satisfactory completion of due diligence and execution of definitive agreements. US-based Dash Pharma is a front-end pharmaceutical sales, marketing, and distribution entity. This acquisition provides Natco with a front-end to engage with its customers directly in the US, which is the largest pharmaceutical market in the world.

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Bharti Airtel partners with Capgemini to bring 5G-based solutions for Indian enterprises

Bharti Airtel has partnered with French IT company Capgemini to bring 5G-based enterprise-grade solutions to the Indian market. Under this partnership, both firms will bring together their experience in 5G solutions and system integration capabilities to develop a range of India-focused use cases. Two 5G use cases (smart health and remote assistance) have already been deployed by Capgemini at Bharti Airtel’s 5G lab.

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L&T Construction secures order for buildings, factory business

Larsen & Toubro’s construction arm has received a large order for its buildings and factories business from the Odisha government to construct clinical blocks and allied infrastructure for a hospital in Cuttack. The duration of the engineering, procurement, and construction (EPC) project is 30 months. The project involves the construction of four clinical blocks comprising composite structural systems and other ancillary buildings.

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