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Nifty Falls Sharply Amid Israel-Palestine Conflict! – Post-Market Analysis

NIFTY started the day at 19,539 with a gap-down of 114 points. The index fell to 19,480 initially and gave a sharp recovery of nearly 110 points. However, Nifty couldn’t sustain the up-move and fell gradually to near the day’s low again. Nifty closed at 19,512, down by 141 points or 0.72%.

Nifty chart October 9 - post-market analysis

BANK NIFTY (BNF) started the day at 44,057 with a gap-down of 302 points. After opening, the index fell another 315 points to the support zones of 43,800 levels. Then, BNF moved up sharply till the opening levels, couldn’t sustain the up-move, and eventually fell to give a negative closing at 43,886, down by 474 points or 1.07%.

Bank Nifty chart October 9 - post-market analysis

All indices closed in red. Nifty PSU Bank (-3.09%) and Nifty Metal (-1.4%) fell the most.

Major Asian markets closed mixed. France’s CAC40 and Germany’s DAX are currently trading in the red, while the UK’s FTSE100 is trading in the green.

Today’s Moves

Dr Reddy’s Labs (+1.29%) was NIFTY50’s top gainer.

Oil India (+5.24%) rallied to an 8-year high of ₹318.4 as crude oil prices soared amid the Israel-Hamas war.

TCS (+0.47%) hit a 52-week high of ₹3,679 after the IT major said it plans to consider a share buyback on Oct 11.

Adani Ports (-4.89%) was NIFTY50’s top loser. The company, which runs Haifa Port in Israel, said it is ‘fully alert’ regarding the situation at the port and taking measures to ensure the safety of its employees. 

PSU banking stocks Bank of Maharashtra (-6.6%), UCO Bank  (-6.5%), IOB (-6.31%), Central Bank (-6.3%), PSB (5.8%) and others fell sharply today.

Markets Ahead

The Indian market is under selling pressure due to global negativity. Nifty has taken rejection from the 38% Fibonacci levels, and BNF at its 23% Fib level. India Vix shot up by 10%, which indicates that volatility and bearishness would continue.

Nifty: The important support to watch out for is today’s low of 19,480. A breakdown from there could take the index down to 19,445 and 19,400. The immediate resistance for Nifty is near 19,540, and a breakout may give us targets of 19,580 and 19,640 levels.

Bank Nifty: The important support for BNF is near the 43,800 zone. A breakdown from there could give us a target of 43,550 levels. The immediate resistance to watch is near 44,000 levels. A breakout from here may take the markets up to 44,200 and 44,300 levels.

A rise in Vix indicates bearishness. So look for breakdowns in case of directional trades!

The Israel-Hamas war has led to heightened geopolitical risks. Oil prices have increased due to fears of disruption in the West Asia region. Market analysts expect bond yields to go up and stock markets to fall if the war continues.

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

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WPI Inflation Rises to -0.52% in August – Top Indian Market Updates

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

WPI inflation rises to -0.52% in August

India’s wholesale inflation remained in the negative territory for the fifth month in a row in August. The wholesale price index (WPI)-based inflation increased slightly to -0.52% in August, compared to -1.36% in July. This continued decline in wholesale prices can be attributed to the comparison with a higher base period. It is also mainly due to a fall in prices of mineral oils, basic metals, chemicals, textiles, and food products compared to the same month last year

Read more here.

Oil India to invest ₹25,000 crore for net zero by 2040

Oil India Ltd plans to invest ₹25,000 crore in clean energy projects that will help it achieve a net zero carbon emission goal by 2040. The company’s net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas. It also consists of setting up renewable electricity generation capacity, building green hydrogen plants, and constructing biogas & ethanol plants.

Read more here.

Tata Motors to set up separate sales network for EVs

Tata Motors is planning to create a distinct sales network for its electric passenger vehicles (EVs) in the current financial year (FY24). The move aims to offer a specialised experience to customers opting for eco-friendly models. Tata Motors recently unveiled updated versions of its Nexon EV and Nexon with an internal combustion engine.

Read more here.

Maruti Suzuki partners with Indian Bank to provide financing solutions

Maruti Suzuki India Ltd has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements.

Read more here.

DGCA raises concerns with P&W about issues in IndiGo plane engines

Following engine failure incidents with IndiGo aircraft, the Directorate General of Civil Aviation (DGCA) has asked Pratt & Whitney (P&W) to issue a service bulletin in the next 60 days with the fleet management action plan. IndiGo’s fleet of A320 planes is powered by P&W engines. A total of 11 engines were impacted due to the high-pressure turbine (HPT) hub issues, which were flagged by the engine maker in July.

Read more here.

Hamleys opens first store in Italy

Reliance Brands-owned Hamleys has opened its first exclusive retail store in Italy, in collaboration with franchisee GIOCHI PREZIOSI S.P.A (GP). GP holds the exclusive rights to operate Hamleys outlets throughout Italy. In 2019, Reliance Brands (a subsidiary of Reliance Industries) acquired the British toy retailer for approx. ₹620 crore then.

Read more here.

Paper industry revenue may dip 8-10% in FY24: Crisil

As per rating agency Crisil, Indian paper manufacturers’ revenue may decline 8-10% in FY24 despite gains in volume, as the average realisations are likely to soften on lower raw material prices and intense competition. The industry’s total volume is expected to rise 5-7% in FY24, similar to the last financial year. The operating margin will remain healthy at 18-19%, ensuring a stable cash flow generation.

Read more here.

Axis Finance approaches NCLAT against NCLT approval of Zee-Sony merger

Axis Finance has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) approval of the Zee-Sony merger. This comes just over a month after the NCLT’s Mumbai bench approved the merger on August 10 by dismissing all applications against it.

Read more here.

India’s air traffic rose 22% in August

According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 124.23 lakh passengers in August, a rise of 22.8% compared to July. IndiGo continued to hold the largest market share at 63.3%, followed by Air India and Vistara with a 9.8% share each. 

Read more here.

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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.

Read more here.

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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SBI’s Digital Rupee Now Linked to UPI – Top Indian Market Updates

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

SBI’s digital rupee now linked to UPI

State Bank of India (SBI) has made the NPCI’s UPI system interoperable with its digital rupee (e₹) as part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) programme. The SBI digital rupee will now be accessible through the ‘eRupee by SBI’ application. Users can scan any merchant UPI QR code for swift and secure transactions. SBI was among the first few banks to participate in the RBI’s retail digital e-rupee project in December 2022.

Read more here.

Vi clears 10% statutory dues for Q1

According to a Times of India (TOI) report, Vodafone Idea (Vi) cleared nearly 10% of the statutory dues needed to pay to the Department of Telecom (DoT) for the April-June quarter. The company has also assured DoT to pay the remaining amount by the end of September. Vi had to pay a license fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

Read more here.

Oil India board okays Rs 1,738-crore equity investment in NEGDL

Oil India Ltd (OIL) has received board approval for its equity investment in its joint venture (JV) company, the North East Gas Distribution Company Ltd (NEGDCL). The JV is in partnership with Assam Gas Company Ltd (AGCL). OIL’s board approved an investment of up to ₹1,738 crore. This strategic investment aligns with Oil India’s 49% shareholding in NEGDCL, as it takes a substantial step forward in the execution of city gas distribution (CGD) projects.

Read more here.

BHEL bags order for India’s largest multipurpose hydropower project

Bharat Heavy Electricals Ltd (BHEL) has secured an order for electro-mechanical works for the 2,880-MW Dibang multipurpose project in Arunachal Pradesh. This is India’s largest-capacity hydropower project. The order was received from the National Hydroelectric Power Corporation (NHPC). This order involves a 12×240 MW hydropower project situated in Roing, in the Lower Dibang Valley district of Arunachal Pradesh.

Read more here.

Indian Bank partners with IBM to deploy compute infrastructure

Indian Bank has partnered with IBM to deploy new front-end banking applications and provide the bank with safe computing infrastructure. With this partnership, Indian Bank wants to consolidate its Front Branch Servers for better manageability and availability at both Data Centres (DC) and Disaster Recovery (DR) centres in Mumbai and Chennai.

Read more here.

Sundaram Home Finance plans to enter affordable home loan segment

Sundaram Home Finance (SHF) is planning to enter the affordable home loan segment, which is growing fast in sync with the government’s “housing for all” goal. The company will focus on Tier-2 and Tier 3 towns for its diversification into the affordable housing segment. Sundaram Home Finance had ₹11,200 crore of assets under management at the end of March 2023. SHF is a wholly-owned subsidiary of Sundaram Finance.

Read more here.

EFC India starts 65,000 sq ft co-working centre in Noida

EFC (I) Ltd has entered into the Delhi-NCR market with the start of a new centre in Noida comprising 65,000 square feet of area. The new centre will house brands, including Tata Capital and Virtuous Transactional Analyst, among others. EFC will itself occupy 25,000 square feet of office space. Delhi NCR has been among the top three national markets in office leasing.

Read more here.

IndiGo, Air India to set up leasing units at GIFT City

IndiGo and Air India will set up leasing arms at GIFT City, Gujarat. The government’s plan of projecting India as a hub of aircraft leasing will get a big boost with this move. IndiGo has around 1,000 aircraft in its order book. It will set up a leasing unit for financing its aircraft by investing ₹30 crore. The airline will also issue a corporate guarantee of up to $996 million for payment obligation of the company.

Read more here.

Muthoot FinCorp launches Rs 400 crore in NCDs in bid for capital growth

Muthoot FinCorp Ltd has unveiled its 16th series of secured, redeemable, non-convertible debentures (NCDs). The issue aims to raise a corpus of ₹400 crore. This offering falls within the company’s shelf limit of ₹1,100 crore, signaling its intent to tap into the investment market effectively. The inaugural tranche of ₹100 crore, which includes a green shoe option of ₹300 crore, forms the “Tranche I Issue.” This offering opened to the public on Sept 1, 2023, and will remain accessible until Sept 14, 2023.

Read more here.

India seeks asset valuer for strategic divestment of IDBI Bank

The Indian government has initiated the process of appointing an asset valuer for the strategic divestment of IDBI Bank. The move is part of its ongoing efforts to optimise its stake in the financial institution. The selected asset valuer will play a crucial role in determining the fair value of IDBI Bank’s assets and liabilities.

Read more here.

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U.S. Market Recovers. NIFTY to Open Strong – Pre-Market Analysis Report

The U.S. market fell yesterday as a reaction to Moody’s rating agency downgrading the outlook on 10 banks in the country.

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

Stocks

Coal India reported a fall in consolidated profit of 10.1% on-year to Rs 7,941.4 crore, but still beating street estimates.

Oil India reported a standalone profit of Rs 1,613.4 crore, down 9.78% YoY.

Prestige Estates reported consolidated profit at Rs 267 crore, up 30.3% YoY despite lower revenue.

Aarti Industries reported a 48.5% YoY fall in consolidated profit at Rs 70 crore, as revenues also fell.

Major results today: Tata Power, ZEEL, Trent, Sula Vineyards, IRCTC, Kalyan, Berger Paints.

What to Expect Today?

NIFTY started the day at 19,630, with a small gap-up. But a quick fall was seen. Support was taken at yesterday’s low and a small bounce was seen. NIFTY closed the day at 19,570, down by 26 points or 0.13%. 

BANK NIFTY started the day at 44,926 and had another day of consolidation. It tried to break out in the morning but took resistance at Friday’s high. BANK NIFTY closed the day at 44,964, up by 127 points or 0.28%. 

The U.S. markets closed in the red but recovered heavily from day-lows. The European markets closed in the red.

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the green at 19,601.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,566, 19,530 and 19,438. We can expect resistances at 19,617, 19,658, and 19,720. PCR is at 0.82.

BANK NIFTY has supports at 44,794, 44,600, 44,277 and 44,000. Resistances are at 45,229, 45,472, and 45,635. PCR is at 0.84.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,500. PCR is at 0.82.

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is also at 45,000. Interesting to see the high straddle buildup at this level. PCR is at 0.84.

Foreign Institutional Investors net-sold shares worth Rs -711 crores. Domestic Institutional Investors net-bought worth Rs 537 crores.

INDIA VIX jumped 2% up to 11.32.

U.S. markets had an amazing recovery through the day, even though they still closed in the red. It went from 1.3% in the red to just 0.45% in red.

NIFTY technicals indicate consolidation with a bearish bias. There are once again heavy call sellers in the market.

The 45,000 strike is turning into a straddle for Bank Nifty with a high pu selling yesterday. This means that an up move in Bank Nifty will NOT immediately trigger short-covering moves, it would take some time.

China’s inflation is down 0.3% YoY with disappointing trade data. Global markets look unreactive to the news.

Just two more trading sessions to expiry and surely it will be a dhamaka. Tomorrow, we have both RBI policy meeting and U.S. inflation data coming out.

I expect markets to trade inside our ranges for today like FinNifty yesterday. Do keep in mind the supports and resistances marked above for further levels in case of big moves.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Adani Enterprises’ Net Profit Rises 44% YoY to Rs 674Cr in Q1- Top Indian Market Updates

adani

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

Adani Ent Q1 Results: Net profit rises 44% YoY to ₹674 crore

Adani Enterprises reported a 44% YoY rise in consolidated net profit to ₹674 crore for the quarter ended June (Q1 FY24). However, its revenue from operations fell 38% YoY to ₹25,438 crore during the same period. The company’s EBITDA stood at ₹2,896 crore in Q1, up 47% YoY. The revenue fall is attributed to the correction in coal prices.

Read more here.

Zydus Lifesciences gets USFDA nod for generic arthritis treatment drug

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) for its generic Indomethacin suppositories. The approved drug is indicated for moderate to severe rheumatoid arthritis. According to IQVIA MAT April 2023 data, generic versions of the drug had annual sales of approximately USD 95 million in the US.

Read more here.

Zomato Q1 Results: Net profit at ₹2 crore

Zomato reported a consolidated net profit of ₹2 crore for Q1 FY24. The company posted a net loss of ₹186 crore in Q1 last year. Its revenue from operations rose 71% YoY to ₹2,416 crore during the same period. The consolidated adjusted EBITDA stood at ₹12 crore, versus a loss of ₹152 crore in Q1FY23.

Read more here.

Ambuja-ACC reaches agreement to buy Sanghi Cements

Adani Group’s Ambuja-ACC has reached an agreement to acquire Sanghi Cements after deal negotiations moved forward over the course of the past week and the Adani group companies proposed better acquisition terms and speedy deal closure. Ambuja Cements will acquire 56.74% shares of Sanghi Industries Limited at an enterprise value of ₹5000 crore.

Read more here.

Sun Pharma Q1 Results: Net profit falls 2% YoY to ₹2,023 crore

Sun Pharma reported a 2% YoY fall in consolidated net profit to ₹2,023 crore in Q1 FY24, missing estimates. However, its operating revenue increased 11% YoY to ₹11,941 crore. EBITDA stood at ₹3,332 crore, up 15.5% YoY. The fall in the net profit was partly due to certain one-time charges totalling ₹323 crore. The company also incurred a one-time transitional cost of ₹51 crore on the relocation of Alchemee operations from California to New York.

Read more here.

Oil India is now Maharatna, OVL is Navratna

The central government has upgraded the petroleum sector central public sector enterprise (CPSE) Oil India Ltd (OIL) to Maharatna, taking the number of Maharatnas to 13. OIL has an annual turnover of ₹41,039 crore and a net profit of ₹9,854 crore. The government has also upgraded ONGC Videsh Ltd (OVL) as Navratra, taking the number of Navratnas to 14.

Read more here.

Bharti Airtel Q1 Results: Net profit at ₹216 crore

Bharti Airtel reported a net profit of ₹1,612.5 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹1,607 crore in Q1 FY23. Total revenue rose 14.1% YoY to ₹37,440 crore during the same period. EBITDA rose 18.9% YoY to ₹19,746 crore in Q1. Average Revenue Per User (ARPU) for the quarter stood at ₹200, compared to ₹183 in Q1 of FY23.

Read more here.

Eicher Motors Q1 Results: Net profit jumps 50% YoY to ₹918 crore

Eicher Motors reported a 50.38% YoY increase in net profit to ₹918 crore for Q1 FY24; beating street estimates. Its revenue from operations rose 17.33% YoY to ₹3,986.37 crore during the same period. EBITDA stood at ₹1,021 crore, up 22.8% YoY. Earlier, the company had reported a 32% YoY rise in its monthly sales in July at 55,555 units of motorcycles. The international business recorded a de-growth of 22%.

Read more here.

LT Foods’ organic business arm starts new facility in Uganda

LT Foods’ subsidiary Nature Bio Foods has started a new facility in Uganda, Africa. The new facility will procure and process soyabean meals and help in the expansion of the product portfolio, including chia seeds, sesame seeds and sorghum. The plant will have a production capacity of 10,000 tonnes in the first year and aims to scale it up to 18,000 tonnes by 2024.

Read more here.

Dabur Q1 Results: Net profit rises 5% YoY to ₹464 crore

Dabur India reported a 5% YoY increase in net profit to ₹464 crore for the quarter ended June. Its revenue from operations rose 11% YoY to ₹3,130 crore during the same period. Consolidated EBITDA stood at ₹600 crore with margins at 19.3%. Dabur’s international business reported 20.6% growth in constant currency terms.

Read more here.

Kalyan Jewellers to open 11 new stores in August

Kalyan Jewellers will launch 11 new stores across the country in August. This will expand its footprint across destinations while India is seeing an increased shift towards the organised jewellery market. With this expansion, the company will surpass 200 stores globally. The upcoming showrooms will be launched in Patna, Nawada, Sitamarhi, and Arrah in Bihar, Faridabad and Panipat in Haryana, Anand in Gujarat, Dehradun in Uttarakhand, Jabalpur in Madhya Pradesh, and Chembur in Mumbai.

Read more here.

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M&M’s Net Profit Rises 34% in Q3 – Top Indian Market Updates

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

M&M Q3 Results: Net profit rises 34% YoY to ₹2,676 crore

Mahindra & Mahindra Ltd reported a 34.6% YoY increase in consolidated net profit to ₹2,676.56 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29.7% YoY to ₹30,620 crore during the same period. EBITDA stood at ₹2,814 crore in Q3, up 41% YoY. The company sold 1.76 lakh vehicles in the December quarter, up 45% YoY.

Read more here.

GAIL signs advance pricing agreement with CBDT

GAIL (India) Ltd has signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The gas utility firm has contracts with US suppliers to buy 5.8 million tonnes per annum of liquefied natural gas (LNG). GAIL is the first public sector undertaking (PSU) in the oil & gas sector in India to sign the APA.

Read more here.

Lupin Q3 Results: Net profit falls 72% YoY to ₹153 crore

Lupin reported a 72% YoY decline in net profit to ₹153 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 3.8% YoY to ₹4,322 crore during the same period. Sales in the US have improved on the back of new product launches and a brand acquisition made in Q3.

Read more here.

Sun Pharma gets USFDA nod to market generic medication

Sun Pharmaceutical Industries Ltd’s subsidiary has received final approval from the US Food & Drug Administration (USFDA) for the generic Lenalidomide capsules in multiple strengths. In 2021, US-based Celgene Corporation granted Sun Pharma a license to manufacture and sell an unlimited quantity of generic lenalidomide capsules in the US beginning January 31, 2026.

Read more here.

BHEL Q3 Results: Net profit jumps 55% YoY to ₹42 crore

Bharat Heavy Electricals Ltd (BHEL) reported a 55% YoY increase in net profit to ₹42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹5,263 crore during the same period. Revenue from the power segment came in at ₹3,992 crore, 7% higher. Total expenses were almost flat at ₹5,320 crore in Q3.

Read more here.

Hindalco leases 50,000 sq. ft. office space in Blackstone’s Mumbai tower

Hindalco Industries Ltd has picked up an entire floor spread over 50,000 sq. ft. office space in Blackstone Group entity Nucleus Office Parks’ commercial complex One International Center in Mumbai’s business district Lower Parel on a long-term lease of five years. The company is looking to consolidate its various offices and also expand the capacity in the new office ensuring ease of connectivity for their employees.

Read more here.

Assam govt signs Petroleum Exploration Licenses deeds for 2 OALP blocks with Oil India

The Assam government has signed Petroleum Exploration Licenses deeds for two Open Acreage Licensing Program (OALP) blocks with Oil India Ltd (OIL). OIL will invest around ₹12 crore in these projects and will start seismic surveys from February 2023. This is the first time in oil history to start exploration for Crude oil and Natural Gas in the northern bank of Brahmaputra in lower Assam.

Read more here.

India’s first hydrogen combustion engine tech for heavy-duty trucks unveiled by RIL

Reliance Industries Ltd (RIL) unveiled India’s first Hydrogen Internal Combustion Engine technology solution for heavy-duty trucks. RIL and its vehicle partner Ashok Leyland developed the technology under its Net carbon Zero vision. The first engines run with this tech were tested in early 2022. RIL is also planning to create an end-to-end Hydrogen ecosystem for mobility

Read more here.

Info Edge Q3 Results: Net loss at ₹116 crore

Info Edge (India) Ltd reported a net loss of ₹116 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹4,601 crore in Q3 FY22. Its revenue from operations rose 40% YoY to ₹589 crore in Q3 FY23. Standalone EBITDA stood at ₹217 crore, up 79% YoY.

Read more here.

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Bharti Airtel Launches Wynk Studio – Top Indian Market Updates

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

Bharti Airtel launches Wynk Studio to support independent artists

Bharti Airtel Ltd has launched Wynk Studio, a music distribution ecosystem for independent artists. The studio enables artists to launch and monetise their music. The company has earmarked Rs 100 crore to promote local talent and launch 5,000 independent artists. At present, Wynk Studio has onboarded 130 artists from India, Singapore, and the United States.

Read more here.

Aurobindo Pharma Q1 Results: Net profit falls 32% YoY to Rs 521 crore

Aurobindo Pharma Ltd reported a 32% YoY decline in consolidated net profit to Rs 521 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 9% YoY to Rs 6,236 crore during the same period. EBITDA stood at Rs 935 crore in Q1, down 22% YoY. The company’s Active Pharmaceutical Ingredients (API) business grew 12% YoY to Rs 907 crore. 

Read more here.

Ashok Leyland’s EV arm partners with Chalo to deploy 5,000 EV buses

Ashok Leyland’s EV subsidiary, Switch Mobility, has partnered with Chalo (an app-based public transport operator) to supply over 5,000 electric buses over three years. Switch Mobility will manufacture the buses, while its sister company OHM Mobility will operate them in partnership with Chalo. The electric buses will be deployed across metros and major cities.

Read more here.

Jet Airways Q1 Results: Net loss at Rs 390 crore

Jet Airways reported a net loss of Rs 390.1 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 129 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations fell 83% YoY to Rs 12.53 crore in Q1 FY23. It has started the process of hiring pilots for Airbus’ A320 aircraft and Boeing’s 737NG and 737Max planes. They intend to recommence commercial operations in the current quarter (Q2 FY23).

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NMDC hikes lump ore rate to Rs 4,100 per tonne; fines at Rs 2,910

NMDC Ltd has hiked prices of lump ore by Rs 200 per tonne and fines by Rs 100 per tonne with immediate effect. It fixed the prices of lump ore at Rs 4,100 per tonne and fines at Rs 2,910 per tonne. NMDC is India’s largest producer and seller of iron ore. It contributes around 17% to the country’s annual iron ore output.

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Bata India Q1 Results: Net profit rises 72% YoY to Rs 119 crore

Bata India Ltd reported a 71.82% YoY increase in consolidated net profit to Rs 119.37 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 253% YoY to Rs 943 crore during the same period. Footfalls across retail outlets and sales through digital channels saw significant growth. Bata India opened more than 20 new franchise stores in Q1, taking the total number to over 320.

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Go Fashion plans to open 120-130 stores every year

Go Fashion (India) Ltd is pushing ahead with its plan to strengthen its footprint across geographies by adding about 120-130 stores every year. The company saw a five-fold YoY jump in total revenue to Rs 165.2 crore for the quarter ended June (Q1 FY23). It posted a net profit of Rs 24.4 crore in Q1 FY23, compared to a loss of Rs 19 crore in Q1 FY22. Go Fashion has been continually adding new products across all its bottom-wear categories.

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Wonderla Holidays Q1 Results: Net profit at Rs 64 crore

Wonderla Holidays reported a net profit of Rs 64.38 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 13.25 crore in Q1 FY22 and a net profit of Rs 8.51 crore in the previous quarter (Q4 FY22). Its revenue from operations surged to Rs 149.42 crore in Q1 FY23, compared to a revenue of Rs 4.35 crore in Q1 FY22 and Rs 57.69 crore in Q4 FY22. 

The company aims to focus on leveraging digital marketing, scaling content, consistent park activities, and innovative rides in the coming years.

Read more here.

Syrma SGS Technology’s IPO to open tomorrow

Chennai-based engineering and design company Syrma SGS Technology will launch its Rs 840 crore initial public offering (IPO) on Friday. The issue will be sold in the price band of Rs 209-220 and would be a mix of fresh issue (Rs 766 crore) and an offer for sale (Rs 74 crore). The IPO will conclude on August 18.

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Trent Q1 Results: Net profit at Rs 115 crore

Trent Limited reported a consolidated net profit of Rs 114.93 crore for the quarter ended June (Q1 FY23). The retail firm had posted a net loss of Rs 138.29 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped over three-fold YoY to Rs 1,803.15 crore in Q1 FY23. Total expenses stood at Rs 1,734.28 crore, up 157% YoY.

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TCS secures order from Five Star Bank

Tata Consultancy Services (TCS) has partnered with Five Star Bank (a subsidiary of US-based Financial Institutions, Inc.) to offer its Customer Intelligence & Insights (CI&I) analytics platform. TCS will leverage the AI-powered CI&I platform’s real-time contextual engagement capabilities to help the bank gain insights to avoid attrition blind spots and drive omnichannel customer personalisation.

Read more here.

Oil India Q1 Results: Net profit jumps 3x to Rs 1,555 crore

Oil India Ltd (OIL) reported a 3x jump in net profit to Rs 1,555.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 98% YoY to Rs 5,967.55 crore during the same period. OIL realised an average crude price of $112.73 per barrel in Q1 FY23, compared to $67.15 per barrel in Q1 FY22. 

Read more here.

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Editorial

India’s Top Upstream & Downstream Oil Companies: An Analysis

The oil and gas industry is one of the eight core industries in India. It has a powerful influence on all vital sections of our economy. Based on their operations and position in the supply chain for crude oil and its products, oil companies can be mainly divided into two: Upstream & Downstream. From exploration and production of oil to refinement and distribution, these companies play a crucial role in India’s economic growth.

In this article, learn about the major upstream and downstream oil companies of India.

What are Upstream Oil Companies?

The upstream segment is responsible for finding and producing crude oil and natural gas. This includes searching for potential oil fields, drilling exploratory wells, and examining whether they have the potential to deliver a sizable amount of oil. The companies involved in this segment also recover crude oil and natural gas to the surface. Such entities are also known as Exploration and Production (E&P) companies. They are heavily dependent on research and development (R&D) activities. The members of E&P companies include geologists, scientists, engineers, and seismic experts.

Modern oil exploration relies on geological surveys conducted using electronic equipment and artificial intelligence (AI). Mechanical drilling and fracking equipment has become more advanced and efficient over the past few years.

Oil & Natural Gas Corporation (ONGC)

Oil and Natural Gas Corporation (ONGC) Ltd is the largest producer of crude oil and natural gas in India. Its operations are primarily centered around the extraction of oil. The company accounts for ~71% of India’s total crude oil production. 

ONGC operates nearly 105 oil drilling rigs and 74 workover (portable) rigs. It owns more than 11,000 km of oil pipelines across India. Downstream oil companies such as Indian Oil Corp. (IOCL), BPCL, and HPCL use the crude extracted by ONGC as their raw material.

The Government of India (GoI) holds a majority stake (60.4%) in the company. ONGC comes under the administrative control of the Ministry of Petroleum & Natural Gas. You can learn more about the energy giant here.

Oil India Limited (OIL)

State-owned Oil India Ltd explores, develops, and produces crude oil and natural gas in India and internationally. The company operates 1,157 kilometers of cross-country crude oil pipelines. It also owns 13 drilling rigs, 14 work-over rigs, and 10 crude oil pumping stations in Assam, West Bengal, and Bihar.

OIL has participating interests in New Exploration Licensing Policy (NELP) blocks in Mahanadi Offshore, Mumbai Deepwater, and Krishna Godavari Deepwater. It is also involved in various offshore projects in Libya, the United States, Nigeria, Sudan, Venezuela, etc.

Reliance Industries Ltd

Reliance Petroleum, a subsidiary of RIL, is one of the major private players in the Indian upstream oil market. It operates two prominent oil rigs in the Bay of Bengal— Dhirubhai Deepwater (DD) KG-1 and DD KG-2. Reliance Industries also owns the largest refinery in the world— the Jamnagar oil refinery. It has the capacity to produce 1.97 lakh cubic meters of crude oil every day!

Larsen & Toubro Ltd

The leading engineering and construction company works on several projects that deal with the extraction of oil and its processing. L&T also offers critical equipment and systems for oil & gas projects. The company’s hydrocarbon business caters to the entire hydrocarbon value chain, including oil & gas processing, petroleum refining, chemicals & petrochemicals.

BP Plc

BP Plc is a British multinational oil and gas company headquartered in London. In 2020, the company formed an Indian joint venture (JV) with Reliance Industries Ltd. Operating under the “Jio-bp” brand, the JV aims to become a leading player in India’s fuel and mobility markets.

What are Downstream Oil Companies?

Downstream oil companies are involved in the refining, manufacturing, and marketing of petroleum products. This segment consists of oil refineries, petrochemical plants, and fuel distributors/retailers. They offer products such as petrol, diesel, natural gas, jet fuel, synthetic rubber, plastics, pesticides, pharmaceutical ingredients, and much more. Thus, downstream oil companies oversee the critical final steps of refining and converting crude oil into final products, which are then sold to end-consumers.

Indian Oil Corporation Ltd (IOCL)

IOCL is engaged in the refining, transportation, research & development, and marketing of petroleum products in India. Its products include petrol, diesel, lubricants, greases, aviation fuel, industrial fuels, and marine oils. The state-owned company operates 11 refineries across India, ~15,000 km of crude oil & gas pipelines, and 7 foreign subsidiaries. IOCL holds a 32% market share in the downstream oil industry.

Hindustan Petroleum Corporation Ltd (HPCL)

HPCL, a subsidiary of ONGC Ltd, refines and markets petroleum products in India and across the globe. The company offers petrol, diesel, kerosene, liquefied petroleum gas (LPG), naphtha lubricants, greases, and aviation turbine fuel. It also markets and exports bitumen, jet and marine fuel, marine lubes. 

As of March 2021, HPCL’s operating network consisted of 18,634 retail outlets, 6,192 LPG distributors, 46 aviation service facilities, and 41 oil & gas terminals. The company owns two refineries in Mumbai and Visakhapatnam. HPCL has secured a market share of 25% in the downstream oil sector.

Bharat Petroleum Corporation Ltd (BPCL)

BPCL refines crude oil and markets petroleum products in India. It has a network of ~15,402 fuel stations that sell petrol, diesel, automotive liquefied petroleum gas (LPG), and compressed natural gas. The company also offers automotive engine oils, gear oils, greases, and jet fuel to airlines. BPCL operates oil refineries in Mumbai, Bina (Madhya Pradesh), Numaligarh, and Kochi. They operate 2,241 km of multi-product pipelines. 

BPCL has a ~24% market share in India’s downstream oil sector.

The Way Ahead

Global crude oil prices have touched the roof amidst Russia’s invasion of Ukraine. There is a notable surge in demand, and the supply chains have broken. The oil market will face its biggest supply crisis in decades until the Organization of Petroleum Exporting Countries (OPEC) boosts production. A further increase in oil prices can push prices of essential commodities to higher levels.

Meanwhile, OPEC has projected that India’s demand for oil will double from current levels to ~11 million barrels per day by 2045. Due to the increasing demand for petroleum products, the Indian government has introduced various policies and subsidies to support upstream and downstream oil companies. It has even allowed 100% foreign direct investment (FDI) in upstream and private sector refining projects.

However, most oil companies mentioned above are now making a slow transition to renewable energy options. Crude oil, hydrocarbon, natural gas, and other fossil fuels are limited in nature. Such resources have been depleting rapidly in recent years. In the future, there will be a time when oil becomes scarce. India has pledged to decrease the carbon emission concentration in its GDP by 33%-35% by 2030 from the levels of 2005. The government also aims to double the country’s consumption of renewable energy to 20% by 2025.

Large oil companies are investing heavily in green energy projects and electric charging infrastructure to help India achieve these ambitious targets. Let us look forward to seeing how they execute their strategic plans.

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Market News Top 10 News

Oil India to Set Up Green Hydrogen Plant in Assam – Top Indian Market News

Oil India to set up green hydrogen plant in Assam

Oil India Ltd (OIL) has announced plans to set up a plant to manufacture green hydrogen at its Jorhat oilfield in Assam. The hydrogen generated from the plant will be blended with natural gas using existing infrastructure. Hydrogen, being the cleanest form of energy, is the latest focus area across the globe to meet rising energy needs. Green hydrogen is derived from water electrolysis, using renewable energy such as solar or wind.

Read more here.

RBL Bank’s financial health stable, no reason for depositors to worry: RBI

The Reserve Bank of India (RBI) said that RBL Bank’s financial health remains stable, and there was no reason for depositors and other stakeholders to react to speculative reports. It further added that the bank was well capitalised, and its financial position remains ‘satisfactory’.

RBL Bank’s shares fell ~23% intraday on Monday after a series of developments over the weekend confused investors. In two separate regulatory statements, the bank said that RBI has appointed chief general manager Yogesh Dayal to its board as an additional director and that RBL Bank’s chief executive officer Vishwavir Ahuja will go on immediate leave. 

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HDFC Bank partners with IPPB to deliver banking services in semi-urban, rural areas

HDFC Bank has partnered with India Post Payments Bank (IPPB) to offer its services to the unbanked and underserved segments in semi-urban and rural areas. A Memorandum of Understanding (MoU) was signed between the two entities to cater to the majority of over 4.7 crore customer base of IPPB. This partnership will help HDFC Bank expand its customer outreach to the last mile.

Read more here.

HFCL gets ‘Trusted Source’ recognition from NSCS

The National Security Council Secretariat (NSCS) has recognised HFCL Ltd as a trusted source on matters of national security and strategic interest. With this tag, HFCL joins a premium league of companies and has become a trusted source for all Indian telecom service providers (TSPs) for their active network products and infrastructure.

Read more here.

IndusInd Bank ties up with NPCI to simplify cross border remittances via UPI

IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) to facilitate real-time cross-border money transfers by using UPI IDs of beneficiaries. With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for cross-border payments or NRI remittances. The bank plans to add more partners in various other countries for cross-border payments via UPI in the near future.

Read more here.

Tata Group’s growth strategy to be based on digital, energy, supply chain, and health themes: N Chandrasekaran

Tata Group’s future growth strategy will be based on four themes: digital, new energy, supply chain resilience, and health, said Chairman N Chandrasekaran. In a new year message to employees, he said that the group is becoming simpler and financially stronger than it has been in a long time. He further said that Tata Group has made good progress in addressing carbon footprint and positioning its companies to benefit from revolutionary new technologies.

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Mahindra Holidays & Resorts to add over 300 rooms by March 

Mahindra Holidays & Resorts Ltd (MHRL) plans to add over 300 rooms by March 2022 to take the overall inventory to 4,500 keys. This move is part of the planned Rs 1,200 crore capital investment to add over 1,000 rooms in the next three years ending FY24. MHRL operates under the flagship Club Mahindra brand of membership-only resorts. It operates 78 properties (offering 4,197 keys) and has been clocking about 80% occupancy in the third quarter of FY22.

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Ashoka Buildcon arm signs share purchase agreements worth Rs 1,337 crore with Galaxy Investments

Ashoka Concessions Ltd (ACL) has entered into share subscription and share purchase agreements with Galaxy Investments II Pte. Ltd for sale of the entire share capital of several of its subsidiaries. The aggregate consideration received for the sales is Rs 1,337 crore. The transactions are subject to the completion of certain conditions, including approval of the lenders of the respective subsidiaries and the National Highway Authority of India. ACL is a material subsidiary of Ashoka Buidcon Ltd.

Adani Group to start exporting coal from controversial Australian mine

The Adani Group’s Carmichael coal mine in Australia will begin exporting coal after battling a seven-year campaign by climate activists and defying a global push away from fossil fuels.  The group is preparing to export high-quality, low sulphur coal and is due to begin shipping before the end of the year. The Carmichael mine will be a vital source of supply for importers such as power plants in India.

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Paras Defence secures DRDO contract for border surveillance tech

Defence Research Development Organization (DRDO) has selected Paras Defence & Space Technologies Ltd (PDSTL) as one of the companies for handing over the technology of border surveillance systems. This technology has been transferred by a licensing agreement for the Transfer of Technology (ToT) for border surveillance systems entered between PDSTL, Instruments Research & Development Establishment (IRDE), and DRDO. This system will provide all-weather surveillance for day and night monitoring of the border areas.

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Market News Top 10 News

OIL Reports 111% YoY Jump in Net Profit in Q2 – Top Indian Market News

crude oil prices

Oil India Q2 Results: Net profit jumps 111% YoY to Rs 504.46 crore

Oil India Limited (OIL) reported a 111% YoY jump in net profit to Rs 504.46 crore for the quarter ended September (Q2 FY22). Its turnover rose 52.8% YoY to Rs 3,311.18 crore during the same period. EBITDA stood at Rs 1,290.99 crore in Q2, an increase of 50.9% YoY. Crude oil price realisation for Q2 FY22 rose to $71.35 per barrel, compared to $42.74 per barrel in the corresponding period last year. OIL’s board has recommended an interim dividend of Rs 3.5 per share.

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Bank of Baroda Q2 Results: Net profit rises 24% YoY to Rs 2,088 crore

Bank of Baroda reported a 24.4% YoY increase in net profit to Rs 2,087.9 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 2.11% YoY to Rs 7,566 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 8.11% in Q2, compared to 8.9% in the previous quarter. The bank’s provisions fell 2% YoY to Rs 2,754 crore.

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LTTS partners with Microsoft to offer industrial Io-based smart solutions

L&T Technology Services Ltd (LTTS) has partnered with Microsoft Corp. to offer its Energy & Sustainability Manager (ESM) solution on Microsoft Azure to digitally transform and create sustainable factories of the future. LTTS’ ESM is a comprehensive compliance and standard-driven solution that tracks energy losses across plants. It helps to reduce wastage sustainably throughout a business and provides visibility into utilities and plant equipment.

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Berger Paints Q2 Results: Net profit falls 1% YoY to Rs 219 crore

Berger Paints Ltd reported a 1% YoY decline in consolidated net profit to Rs 219.21 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 27.68% YoY to Rs 2,225.01 crore during the same period. The paint manufacturer’s total expenses stood at Rs 1,939.59 crore in Q2, an increase of 31.7% YoY.

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DLF to add 2.3 million sq. ft. in retail portfolio

DLF Limited will add 2.3 million square feet to its existing 4.2 million sq. ft. of retail portfolio with six new properties as part of its expansion plans. The realty company is introducing a new line of growth with the introduction of premium neighborhood plazas in Gurugram, Chennai, and Delhi. In addition to this, DLF Retail will be entering the Goa market with Patto Plaza, a 0.3 million sq. ft. premium offering at one of the most prime localities in the city. 

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Alembic Pharma Q2 Results: Net profit falls 50% YoY to Rs 169 crore

Alembic Pharmaceuticals Ltd reported a 50% YoY decline in net profit to Rs 169.29 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 11% YoY to Rs 1,292.32 crore during the same period. The US generics business posted a 40% YoY fall in sales to Rs 348 crore in Q2. Revenue from its domestic formulations business stood at Rs 509 crore, registering a growth of 23% YoY. 

Read more here. 

UCO Bank enters co-lending agreement with Aadhar Housing Finance

UCO Bank has entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates. The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society. The co-lending framework of the Reserve Bank of India (RBI) provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

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Cadila Healthcare gets USFDA approval for pre-surgery injection

Cadila Healthcare has received final approval from the US Food & Drug Administration (USFDA) for Glycopyrrolate injection. The drug is used before surgery to decrease the volume of secretions from the mouth, lungs, and stomach. It will be manufactured at the group’s injectables manufacturing facility at CHL-Jarod, near Vadodara in Gujarat.

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Cabinet approves ethanol price hike by up to Rs 1.4 per litre for blending in petrol

The Union Cabinet has hiked the price of ethanol extracted from sugarcane for blending in petrol by up to Rs 1.47 per litre for the 2021-22 marketing year, starting December. It is part of the government’s target to achieve 20% doping by 2025. Higher mixing of ethanol in petrol will help India cut its oil import bill and also benefit sugar cane farmers and sugar mills.

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Bharti Airtel, Oracle enter into a data centre and cloud deal in India

Bharti Airtel and Oracle have extended their partnership to support the growth of India’s digital economy by bringing a range of industry-leading cloud solutions to more than 10 lakh enterprise customers. Oracle will expand its India West (Mumbai) region capacity with Nxtra by Airtel to support the increasing demand for cloud services in India. Nxtra by Airtel operates India’s largest data centre network of 10 hyper data centres and 120 edge data centres.

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Market News Top 10 News

Info Edge Reports 157% YoY Jump in Net Profit in Q4 – Top Indian Market News

Info Edge Q4 Results: Net profit jumps 157% YoY to Rs 306 crore

Info Edge (India) Ltd reported a 157.11% YoY increase in consolidated net profit to Rs 306.22 crore for the quarter ended March (Q4). Net profit has declined by 54.9% when compared to the previous quarter. Its revenue from operations rose 9.48% YoY to Rs 296.53 crore during the same period. The total billings growth in Naukri India and 99acres rose 26% YoY and 41.5% YoY, respectively in Q4. Net profit for the financial year ended March 31, 2021 (FY21) jumped 692.16% YoY to Rs 1,407.08 crore.

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Kiri Industries’ 37.57% stake in DyStar valued at $481.60 million

The Singapore International Commercial Court (SICC) has confirmed that the final value of Kiri Industries Ltd’s 37.57% stake in DyStar Global Holdings stands at $481.60 million (~Rs 3,570 crore). Kiri Industries had filed a minority oppression suit against Senda International Capital regarding its minority stake held in DyStar. Following the suit, SICC had directed Senda to buy out Kiri’s minority stake held in DyStar. [Ahmedabad-based Kiri Industries is a leading manufacturer and exporter of dyes and chemicals.]

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Bharti Airtel, TCS announce partnership to build 5G networks in India

Bharti Airtel Ltd has announced a strategic partnership with Tata Consultancy Services (TCS) for implementing 5G network solutions for India. The Tata Group has developed a state-of-the-art O-RAN-based Radio & Non-Standalone (NSA)/Standalone (SA) Core and has integrated an indigenous telecom stack. Bharti Airtel will pilot and deploy this indigenous solution during its 5G rollout. The pilot will begin in January 2022 as per guidelines formulated by the Government of India (GoI).

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Oil India Q4 Results: Net profit declines 8% YoY to Rs 848 crore

Oil India Limited (OIL) reported an 8% YoY decline in net profit to Rs 847.56 crore for the quarter ended March (Q4). Its revenue from operations rose 9% YoY to Rs 3,909.61 crore during the same period. The company received $59.80 for every barrel of crude oil in Q4 FY21, compared to $5.18 per barrel in Q4 FY20. Crude oil production for the financial year 2020-21 declined by 5.42% YoY to 2.964 million tonnes (MT). Oil India’s board has recommended a final dividend of Rs 1.5 per share.

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Maruti Suzuki to hike car prices in Q2 amid rise in input costs

Maruti Suzuki India said it plans to hike the prices of its cars in the July-September (Q2 FY21) quarter due to an increase in input costs. The price hike will vary across different models. The model-wise updated price list will be disclosed soon. In April, the automaker had announced a weighted average price increase of 1.6% in ex-showroom prices (Delhi) across models.

Read more here.

Route Mobile announces technology partnership with Truecaller

Route Mobile Limited has announced a technology partnership with caller ID platform Truecaller. As part of the partnership, Route Mobile will provide enhanced business identification services to enterprises for building a trustworthy business communication ecosystem. With Truecaller Verified Business Caller ID and configuration capabilities, Route Mobile will empower enterprises to increase their customer outreach and improve response rates. 

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HBL Power Q4 Results: Net profit rises 36% YoY to Rs 9.6 crore

HBL Power Systems Ltd reported a 36.44% YoY increase in consolidated net profit to Rs 9.66 crore for the quarter ended March (Q4). Net profit has increased by 15.97% when compared to the previous quarter. Its total income rose 12% YoY (or 28.12% QoQ) to Rs 302.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 47.75% YoY to Rs 12.31 crore. The company’s board has approved a dividend of Rs 0.35 per share. HBL Power Systems is a leading battery and power systems company based in Hyderabad.

JSW Cement forays into ready mix concrete business

JSW Cement Ltd has announced its entry into the ready mix concrete (RMC) business under the brand name ‘JSW Concrete’. The company has set up its first commercial RMC unit in Chembur, Mumbai. This facility has a capacity of 2×60 cubic meters per hour, and will service the concrete requirements of construction projects in Central & South Mumbai. This is part of JSW Cement’s strategy to offer the entire range of building material products to its customers. The firm has plans to expand the RMC business to other locations.

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Cadila and Bayer to extend JV partnership for three years

Cadila Healthcare and Bayer (South East Asia) have decided to extend the operations of their joint venture (JV) by three years, with effect from June 2021. The companies had entered into an agreement in January 2011 to set up a JV, Bayer Zydus Pharma, for the sales and marketing of pharma products in India. Bayer Zydus Pharma will continue to operate in core therapies, including cardiovascular diseases, diabetes, women’s health, etc.

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Dish TV to raise up to Rs 1,000 crore via rights issue

The Board of Directors of Dish TV India has approved a proposal of raising up to Rs 1,000 crore through a rights issue in one or more tranches (rounds). The company will issue fully paid-up equity shares at Rs 10 per share (including a premium of Rs 9 per share) to eligible shareholders. The DTH service provider’s fundraising plan is subject to regulatory approvals.

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CCI approves Heineken’s additional equity stake acquisition in UBL

The Competition Commission of India (CCI) has approved Heineken International B.V’s proposed acquisition of an additional equity stake in United Breweries Ltd (UBL). The CCI added that the acquisition is subject to the outcome of certain court proceedings. Heineken International BV is an investment holding company. It is a direct and indirect shareholder for all non-Dutch companies that form part of the Heineken Group.

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Bharat Dynamics Q4 Results: Net profit falls 15.9% YoY to Rs 260 crore

Bharat Dynamics Ltd (BDL) reported a 15.9% YoY decline in standalone net profit to Rs 260.36 crore for the quarter ended March (Q4). Its revenue from operations fell 21.9% YoY to Rs 1,106.10 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 51.8% YoY to Rs 257.76 crore. The company’s board has approved a dividend of Rs 0.65 per share. BDL is a leading manufacturer of ammunition and missile systems.

Read more here.