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Titan’s Net Profit Falls 7% in Q4 – Top Indian Market News

Titan Q4 Results: Net profit falls 7% YoY to Rs 491 crore 

Titan Company Ltd reported a 7.2% YoY decline in net profit to Rs 491 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 3.46% YoY to Rs 6,749 crore during the same period. Titan’s jewellery business posted a 4% YoY decline in revenue to Rs 6,132 crore in Q4. Revenue from its watches & wearables segment stood at Rs 622 crore, up 12% YoY. The eyecare business registered a 6% YoY growth in revenue to Rs 134 crore. Titan’s board has declared a dividend of Rs 7.5 per share.

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L&T Finance explores exiting realty projects lending business

L&T Finance Ltd is exploring inorganic structures to exit the real estate projects lending business. It may also consider reducing its exposure in the segment by partnering with other financiers. The company is also looking to partner with dedicated funds to create a platform that will commit funds to infrastructure projects. This move will help L&T Finance eventually bring down its loan book in the segment.

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Godrej Properties Q4 Results: Net profit at Rs 260 crore

Godrej Properties Ltd (GPL) reported a consolidated net profit of Rs 260.47 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 191.57 crore in the corresponding quarter last year (Q4 FY21). Its total income jumped 164.3% YoY to Rs 1,522.57 crore in Q4 FY22. GPL is likely to add at least ten new residential projects across India to its existing development portfolio in FY23. 

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Adani Wilmar acquires Kohinoor rice

Adani Wilmar Ltd (AWL) has strengthened its presence in the food segment with the acquisition of Kohinoor rice. AWL will get exclusive rights over the brand ‘Kohinoor’ basmati rice along with ‘Ready to Cook’, ‘Ready to Eat’ curries, and meals portfolio under the Kohinoor brand umbrella in India. The company is looking to cement its presence in the staples segment, which contributes ~11% to its overall revenue.

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Adani Green gets shareholders’ nod for Rs 3,850 crore investment by Green Energy Investment Holding RSC

Adani Green Energy Ltd (AGEL) has received shareholders’ approval for the issuance of over two crore shares worth ~Rs 3,850 crore on a preferential basis to Green Energy Investment Holding RSC Ltd (GEIH RSC). IHC Capital Holding LLC is the current principal shareholder of GEIH RSC. The deal is a part of UAE-based International Holding Company’s (IHC) $2 billion investment in three Adani Group companies.

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Zydus Lifesciences gets USFDA approval for generic version of Bortezomib

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) to market its generic version of Bortezomib injection. The drug is used to treat certain types of cancers like multiple myeloma and mantle cell lymphoma. As per IQVIA data, the injection had a market size of $1.172 billion in the US during the twelve months ended March 2022.

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Newgen Software Q4 Results: Net profit rises 9% YoY to Rs 57 crore

Newgen Software Ltd reported an 8.8% YoY (or 20% QoQ) increase in consolidated net profit to Rs 57.4 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 15.7% YoY to Rs 231.42 crore during the same period. The company’s board has approved the merger of Gurugram-based Number Theory Software Pvt. Ltd with itself.

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RailTel Corp secures order worth Rs 97.6 crore

RailTel Corporation of India Ltd has secured a work order worth Rs 97.64 crore from Madhya Pradesh State Electronics Development Corporation Ltd. The company will act as a System Integrator for the expansion of a data centre and the establishment of a Disaster Recovery Cente. RailTel provides broadband, telecom, and multimedia networks & services in India and internationally.

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Ramkrishna Forgings Q4 Results: Net profit jumps 147% YoY to Rs 83.93 crore

Ramkrishna Forgings Ltd reported a 147.6% YoY (or 85% QoQ) jump in consolidated net profit to Rs 83.93 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 718.72 crore during the same period. The company’s board has declared a final dividend of Rs 0.2 per share.

Tata Steel Q4 Results: Net profit rises 46% YoY to Rs 9,756 crore

Tata Steel Ltd reported a 46.83% YoY (or 2% QoQ) increase in net profit to Rs 9,756.2 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.6% YoY to Rs 69,323.5 crore during the same period. EBITDA stood at Rs 15,029 crore in Q4, up 6% YoY. The company’s board has announced a stock split in the ratio 10:1. [One equity share of the company having a face value of Rs 10 each will be split into 10 equity shares of the face value of Rs 1 each.]

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Tata Power Solar Secures Contract from NHPC – Top Indian Market News

Tata Power Solar secures contract worth Rs 188 crore from NHPC

State-owned NHPC Ltd has awarded an EPC (engineering procurement, and construction) contract worth Rs 188.19 crore to Tata Power Solar Systems (TPSS) to set up a 40 megawatt (MW) solar power project at Ganjam, Odisha. The contract also includes work of associated 220 KV transmission lines for connectivity at 220 KV OPTCL Transmission System, and comprehensive operation & maintenance (O&M) for 10 years. The power generated from this project will be procured by Grid Corporation of Odisha (GRIDCO) for 25 years. TPSS is a wholly-owned subsidiary of Tata Power Ltd.

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Bajaj Electricals Q4 Results: Net profit at Rs 54 crore

Bajaj Electricals reported a consolidated net profit of Rs 54.26 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 81 lakh in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations declined 3.25% YoY to Rs 1,258.47 crore in Q4 FY21. Revenue from its consumer products segment grew 30.6% YoY to Rs 975 crore. Its EPC segment posted a 48.9% YoY decline in revenue to Rs 283 crore during the quarter.

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Finance Ministry planning stimulus package to support economic growth: Report

According to a report from BloombergQuint, India is preparing a stimulus package for sectors worst affected by the deadly second wave of the Covid-19 pandemic. The Finance Ministry is working on proposals to support the tourism, aviation, and hospitality industries, along with small and medium-sized companies. The report further states that discussions are at an early stage, and no timeline for an announcement has been decided.

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Emami Q4 Results: Net profit jumps over three-fold to Rs 88 crore

Emami Limited reported over three-fold (~275%) YoY jump in consolidated net profit to Rs 87.73 crore for the quarter ended March (Q4). Net profit has declined by 58% when compared to the previous quarter. The FMCG firm’s revenue from operations rose 37.2% YoY to Rs 730.76 crore during the same period. The company’s domestic business grew 44% YoY, while its international business grew 28% YoY in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 50% YoY to Rs 454.7 crore.

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LTI launches Operational Technology Transformation solution with ServiceNow

Larsen & Toubro Infotech (LTI) has launched ServiceNow-based Operational Technology (OT) Management solution for the manufacturing industry. The solution aims to address the latent demand of the industry to have digital workflows for OT Service Management. The solution leverages LTI’s tech and domain expertise and the digital workflow enabling capabilities of US-based software company ServiceNow.

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TVS Srichakra Q4 Results: Net profit rises 44% YoY to Rs 35 crore

TVS Srichakra Ltd reported a 44.75% YoY increase in consolidated net profit to Rs 35 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 39.52% YoY (or 5.11% QoQ) to Rs 601.99 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 10.23% YoY to Rs 73.92 crore. The tyre manufacturer’s board has declared a dividend of Rs 30 per share.

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Everest Organics launches Posaconazole API to treat Black Fungus

Everest Organics Ltd has announced the successful development of Posaconazole API (Active Pharmaceutical Ingredient), which is used for the treatment of Black Fungus. The pharma company is in the advanced stage of commercializing the drug. Posaconazole is a triazole antifungal agent indicated for treating mucormycosis (or Black Fungus) in post-Covid complications.

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Alkem Lab Q4 Results: Net profit rises 27% YoY to Rs 240 crore

Alkem Laboratories Ltd reported a 27.1% YoY increase in consolidated net profit to Rs 239.99 crore for the quarter ended March (Q4). Net profit has declined by ~46% when compared to the previous quarter. Its revenue from operations rose 7% YoY to Rs 2,192.2 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 40.6% YoY to Rs 1,585 crore. The pharma company’s board has declared a final dividend of Rs 5 per share. 

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HCL Tech to provide digital transformation services to McLaren Health Care

HCL Technologies Ltd has been selected by US-based McLaren Health Care to provide digital transformation and enable higher standards of service to members, providers, and employees. The IT company will deliver its services for all 15 McLaren system hospitals located in Michigan and Ohio. HCL’s services would include managing and transforming the digital infrastructure foundation and the core clinical and non-clinical applications using its DRYICE automation framework. 

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Newgen Software Q4 Results: Net profit rises 27% YoY to Rs 53 crore

Newgen Software Technologies reported a 27.15% YoY increase in consolidated net profit to Rs 52.73 crore for the quarter ended March (Q4). Net profit has risen by 49% when compared to the previous quarter. Its revenue from operations rose 4.79% YoY to Rs 199.98 crore during the same period. Subscription revenues grew 10.5% YoY to Rs 52.3 crore in Q4. The company’s board has recommended a final dividend of Rs 3.5 per share.

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Major fire breaks out at HPCL unit in Visakhapatnam

A major fire broke out at the Hindustan Petroleum Corporation Ltd (HPCL) plant in Visakhapatnam, Andhra Pradesh. The fire erupted in the crude distillation unit in the HPCL old terminal. “A fire incident occurred in one of the crude processing units of HPCL’s Visakh Refinery at 3 pm on 25th May 2021. Safety measures and firefighting was activated immediately. The fire has been extinguished. There is no casualty and no risk to public. Other Refinery operations are normal,” HPCL said in a tweet.

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CAMS Q4 Results: Net profit rises 40% YoY to Rs 60 crore

Computer Age Management Services (CAMS) reported a 39.62% YoY increase in consolidated net profit to Rs 60.12 crore for the quarter ended March (Q4). Net profit has increased by 6.5% when compared to the previous quarter. Its total income rose 14.3% YoY to Rs 203.93 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit rose 19.5% YoY to Rs 205.29 crore. The company’s board has declared a dividend of Rs 11.84 per share.

CAMS is a mutual fund transfer agency. It provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.

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Prestige Estates Sells Assets Worth Rs 7,467 crore to Blackstone Group – Top Indian Market News

Prestige Estates sells assets worth Rs 7,467 crore to Blackstone Group

Prestige Estate Properties Ltd has sold assets worth Rs 7,467 crore to investment firm Blackstone Group as part of the first phase of a Rs 9,160 crore deal. Phase-1 of the transaction included the sale of 12 assets comprising of completed retail, office, and hotel properties. With the completion of this transaction, Prestige Estate’s net debt has reduced to Rs 997.5 crore (compared with Rs 8,464.5 crore as of December 31, 2020). Phase-2 of the transaction is expected to be completed by the end of the next quarter.

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Have adequate spectrum to be competitive in market: Vodafone Idea

P Balaji, Chief Regulatory and Corporate Affairs Officer of Vodafone Idea Ltd (VIL), said the company has an adequate spectrum to meet customers’ requirements and to be competitive in the market. He said that VIL had bid for just as much radiowaves as it needed to boost its services and coverage. This commentary comes after several reports stated that VIL may not have acquired large amounts of spectrum in the recent auctions due to financial constraints. Vodafone Idea’s spectrum holding after the recent auction stands at 1,768.60 MHz.

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Kalyan Jewellers IPO to open on March 16; price band fixed at Rs 86-87

Kalyan Jewellers, on Thursday, announced that it will open its initial public offering (IPO) on March 16. The price band of the IPO has been fixed at Rs 86 to Rs 87 per share. The offer size is Rs 1,175 crore, which comprises a fresh issue aggregating to Rs 800 crore and an offer for sale (OFS) of Rs 375 crore. The company will utilise the funds for meeting working capital requirements and for general corporate purposes. The issue will close on March 18.

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JSW Steel’s crude steel production declines 1% YoY in February

JSW Steel Limited reported that its crude steel production declined by 1% year-on-year (YoY) to 13.06 lakh tonnes in February 2021. The average capacity utilisation was 93% last month. The production of flat-rolled products declined 6% YoY to 9.27 lakh tonnes. The production of long-rolled products increased by 10% YoY to 3.4 lakh tonnes during the same period.

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Infosys BPM extends strategic partnership with Newmont Corp

Infosys BPM announced a five-year extension of its strategic collaboration with the world’s largest gold mining company- Newmont Corporation. The company will standardise and digitise delivery models across Newmont’s mining sites. Infosys BPM will leverage its automation, artificial intelligence (AI), and design thinking capabilities to deliver increased value for Newmont. Infosys BPM is the business process management arm of Infosys Limited.

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SpiceJet to offer RT-PCR test for Rs 500 in Mumbai, Delhi

SpiceJet Limited has launched the country’s cheapest Covid RT-PCR testing facility for the general public at Rs 499 through its subsidiary, SpiceHealth. It will also offer the testing facilities at a special price of Rs 299 (which is one-third of the prevailing market rate) to its passengers. In the first phase, SpiceHealth will make its testing facility available in Mumbai and Delhi.

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NMDC declares interim dividend of Rs 7.76 per share

NMDC Limited’s board has approved an interim dividend of Rs 7.76 per share for the financial year 2020-21. The company has fixed March 23, 2021, as the record date for payment of the interim dividend. State-owned NMDC is India’s largest iron ore miner and produces about 35 metric tonnes (MT) of iron ore from its three iron ore complexes in the country.

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Ramco Systems goes live at Nigeria-based Caverton Helicopters

Ramco Systems Limited announced that it has gone live at Caverton Helicopters with its Aviation M&E MRO Suite V5.8, thereby integrating and digitally transforming its business processes. The installed Aviation Suite helps Caverton Helicopters to track transactions, generate flight contract billing, and execute work packages. Caverton Helicopters is a Nigerian aerospace company that serves the West African offshore oil and gas industry.

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Ares SSG Capital completes acquisition of Altico Capital

Hong Kong-based Ares SSG Funds has completed the acquisition of debt-ridden Altico Capital. This buyout marks the first resolution of a defaulting non-banking finance company (NBFC) outside India’s Insolvency and Bankruptcy Code (IBC). State Bank of India (SBI), Bank of Baroda, Yes Bank, ACRE ARC, and Aditya Birla Finance were the main lenders to Altico Capital that have credit exposure. 

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Firms of Rakesh Jhunjunwala, Samir Arora file for mutual fund licenses

Helios Capital Management and Alchemy Capital Management are among four investment firms that have applied for mutual fund licenses with market regulator SEBI within the past 4 months. Singapore-based Helios Capital is founded by Samir Arora, while Alchemy Capital is co-founded by ace investor Rakesh Jhunjunwala. Bajaj Finserv, Capitalmind (Wisemarkets Analytics), Frontline Capital Services, Unifi Capital, and Zerodha Broking are other firms that have applied for mutual fund licenses.

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USTPO grants patent to Newgen Software for invention of advanced binarization process

The United States Patent and Trademark Office (USTPO) has granted a patent to Newgen Software Technologies Ltd for an invention entitled “Image Processing System and Method”. The patent is for a period of 20 years, which starts from March 2018. The invention is an image processing system that binarizes images, which refers to converting colored and grey images to black and white images. The process of binarization is used to reduce image size and to facilitate document analysis.