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Which are the Highest Dividend Paying Stocks in India?

A dividend is a payment made by a company to its shareholders out of its earnings or accumulated profits. Listed companies usually pay dividends in cash and are an additional source of income for shareholders. They also issue dividends as additional shares of stock or other forms of property. Dividends serve as a way for companies to reward shareholders for their investments. However, companies are not legally bound to pay dividends. All companies can choose to issue dividends at their own discretion. In this article, we will examine the top dividend-paying stocks in India.

Why Should You Invest in Dividend Paying Stocks?

Passive Income

Dividends can be an excellent source of passive income. Passive income refers to earnings that require minimal effort or ongoing involvement of the investor. Dividend payments fit this definition because once you invest in dividend-paying stocks, you can receive regular income without actively working for it.

Regular Cash Flow

Dividend payments are often made quarterly or annually. This regularity provides a predictable income stream. Additionally, since companies pay dividends in cash, there will be a regular cash flow.

Increased Total Return

Dividend income can contribute to the total return of an investment. Total return refers to an investment’s overall profit or loss over a specific period. It considers both capital appreciation and any other income from the investment, such as dividends. When you reinvest dividends in the company’s shares, it can supercharge the total return through compounding.

Cushioning Market Volatility

Dividend-paying stocks can act as a cushion during market downturns. Even if the stock price temporarily declines, investors still receive dividend payments, which can help offset potential losses. This dividend income can provide stability to your portfolio and reduce the impact of market volatility.

Indicator of Financial Health

Companies that consistently pay dividends often exhibit stability and predictability in their financial performance. These companies are typically well-established, generate steady profits, and have a history of sharing their earnings with shareholders. Dividend payments can reassure investors of the company’s financial health and stability.

Factors to Consider Before Investing in Dividend-paying Companies

Not all companies that pay dividends are good. Before choosing a company to invest in, you should consider different factors. A few of them are listed below:

Dividend History

A company that has paid consistent dividends over the years tends to continue paying dividends in the future. Examine the company’s dividend payment history. Look for companies with a history of paying dividends consistently over a significant period. Consider whether the dividends have been maintained or increased over time. A stable or growing dividend history indicates the company’s commitment to rewarding shareholders.

Dividend Yield Ratio

The dividend yield ratio of a share is the ratio of the annual dividend per share to the share’s market price. It evaluates the dividend amount relative to the stock price. A higher dividend yield may indicate a potentially attractive income-generating opportunity. However, the dividend yield ratio is dynamic, as the value ratio changes with the stock price. It is essential to compare the yield with industry peers and assess its sustainability.

Dividend Payout Ratio

The dividend payout ratio represents the proportion of earnings paid out as dividends. A lower payout ratio indicates that the company retains a sizeable portion of its earnings for reinvestment or future growth, which can be positive for long-term stability. On the other hand, a high payout ratio may indicate that the company is distributing a significant portion of its profits, potentially limiting its ability to invest in growth opportunities or withstand economic downturns.

Payout Ratio = Dividends Per Share/Earnings Per Share × 100

Payout Ratio = Dividends per share/Free Cash Flow Per Share × 100

Company’s Financial Health

Look into the company’s financial health by reviewing its financial statements, including revenue growth, profitability, debt levels, and cash flow. A company with robust financials and a healthy balance sheet holds a solid position to sustain and potentially increase dividend payments.

Growth Prospects

Consider the company’s growth prospects and future earnings potential. While dividends provide income, assessing whether the company can grow its earnings over time is essential. Sustainable dividend payments often align with a company’s ability to generate consistent profits and reinvest in its business for future growth.

Economic and Market Conditions

Evaluate the broader economic and market conditions. Some industries, such as utilities or consumer staples, tend to have more stable cash flows. They are better positioned to maintain dividend payments during economic downturns. Consider the impact of economic factors, interest rates, and market volatility on the company’s ability to sustain its dividend payments.

Valuation

Assess the company’s valuation relative to its peers and its historical valuation. A company with an attractive valuation may provide an opportunity for capital appreciation in addition to dividend income. However, be cautious of excessively high dividend yields that may signal 

underlying risks.

Best Highest Dividend Paying Stocks In India

Given below are a few of the best highest-dividend paying stocks in India:

No.NameSector
1InfosysInformation Technology
2Hindustan UnileverFMCG
3ITCFMCG
4Oil & Natural Gas CorpEnergy
5HDFC BankFinancial

Infosys Ltd

Infosys Ltd is engaged in consulting, technology, outsourcing, and next-generation digital services. The IT company’s core services include application management services, proprietary application development services, independent validation solutions, product engineering & management, infrastructure management services, traditional enterprise application implementation, and support & integration services. Its products and platforms include Finacle, Panaya, Skava, and LEAP.

The company offers services to enterprises in the financial services & insurance, manufacturing, retail, consumer goods, logistics, energy, communication, telecom, and media sectors. Infosys has grown into the 2nd largest information technology company in India behind TCS.

Infosys - Highest Dividend Paying Stock

Hindustan Unilever Ltd

Hindustan Unilever Ltd is a consumer staples company. It manufactures and sells food, home care, personal care, and refreshment products in India and internationally. The company operates through Home Care, Beauty & Personal Care, Foods & Refreshments, and other segments. 

The Home Care segment engages in detergent bars and powders, detergent liquids, scourers, water business, purifiers business, etc. The Beauty & Personal Care segment provides oral, skin, and hair care products; soaps, deodorants, talcum powder, color cosmetics, salon services, etc. The Foods & Refreshment segment sells fruit-based products, soups, tea, coffee, health food drinks, ice-creams, and frozen desserts. 

The company is also involved in job work, real estate, and discharge trust activities. Hindustan Unilever is a subsidiary of Unilever Plc.

Hindustan Unilever - Dividend paying stock

ITC Ltd

ITC Ltd is a consumer staples company. The company operates through four segments: FMCG (fast-moving consumer goods), Hotels, Paperboards, Paper and Packaging, and Agri-Business. 

Cigarettes, branded packaged foods, education & stationery products, personal care products, safety matches, agarbattis, and apparel forms its FMCG business. The company operates a chain of over 100 hotels across India. Its Agri Business segment includes agri commodities such as soya, spices, coffee, and leaf tobacco. ITC owns and operates brands such as Aashirvaad, Bingo!, Candyman, Fiama, Vivel, Classmate, Superia, Engage, Mangaldeep, Aim, and Homelites.

ITC also offers information technology services and branded residences. 

ITC - highest dividend paying stock

Oil & Natural Gas Corporation Ltd

Oil and Natural Gas Corporation (ONGC) Ltd is the largest producer of crude oil and natural gas in India. The primary activities of the company include exploration, development, and production of crude oil, natural gas, and value-added products. ONGC has two business segments— Exploration and Production and Refining and Marketing. 

ONGC contributes nearly 71% to India’s total production of crude oil. The crude extracted by the company is used as raw material by downstream companies such as Indian Oil Corp. (IOCL), BPCL, and HPCL. Moreover, ONGC contributes ~63% to the total gas production in our country.

Mangalore Refinery and Petrochemicals Ltd, ONGC Videsh Ltd, and Petronet MHB Ltd are its subsidiaries.

ONGC - Highest Dividend Paying Stock

HDFC Bank

HDFC Bank Ltd is the largest private sector bank in India. It offers a comprehensive range of banking and financial services, including retail banking, wholesale banking, and treasury operations. The company is also the market leader in the credit card business in India. As of 31 March 2023, the bank’s distribution network was at 7,821 branches across 3,203 cities.

HDFC Bank - Dividend Stocks in India

In conclusion, investing in dividend-paying stocks can create additional income, supercharging long-term wealth creation. While investing, it is crucial to look beyond the absolute dividend values and consider other factors such as payout ratios. This investing style is best suitable for people who need regular cash flow!

Disclaimer: The stocks mentioned in the article are solely for educational purposes. Please do your own research before investing.

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Reliance in Talks for $2 Billion Loan – Top Indian Market Updates

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

Reliance in talks for $2 billion loan to fuel expansion

According to a Bloomberg report, Reliance Industries Ltd is in discussions with lenders to secure a foreign-currency loan of up to $2 billion. The company plans to utilise India’s dedicated external commercial borrowing route to obtain the loan. The maturity period of the facility is expected to be between 3-5 years, with the funds intended for capital expenditure and refinancing an existing loan set to mature in September. Notable lenders involved in the talks include Bank of America Corp, Citigroup Inc, and Standard Chartered Plc.

Read more here.

India’s goods trade deficit hits a 5-month high in May

According to government data, India’s trade deficit for May FY23 narrowed to $10.35 billion, compared to $12.20 billion in the same period in FY22. The trade deficit declined 35.41% for April and May combined. However, the merchandise trade deficit widened to $22.1 billion in May from $15.2 billion in the previous month. This is primarily due to a surge in goods imports, which reached a five-month high.

Read more here.

Godrej Properties to buy land for a luxury residential project in Kolkata

Godrej Properties Ltd has acquired a 7.44-acre land parcel in the premium residential locality of New Alipore, Kolkata, from West Bengal Housing Infrastructure Development Corporation Ltd. The land has a developable potential of approximately 9.8 lakh square feet, with an estimated revenue potential of nearly Rs 1,200 crore. This marks Godrej Properties’ second luxury development in the city.

Read more here.

Cochin Shipyard wins Rs 580 crore order for cargo vessels

Cochin Shipyard’s subsidiary Udupi Cochin Shipyard Limited (UCSL) has secured an international order from Norway-based Wilson Shipowning AS. The order is for the design and construction of six new-generation diesel-electric 3800 DWT general cargo vessels. The contract includes an option for an additional eight vessels. Wilson Ship Management AS is one of the largest short-sea fleet operators in Europe, with a fleet of around 130 vessels.

Read more here.

Titagarh Wagons-BHEL consortium signs ₹24,000 crore contract with Indian railways

A consortium of Titagarh Rail Systems Ltd (TRSL) and Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹24,000 crore from Indian Railways to manufacture and supply 80 Vande Bharat sleeper trains. They are responsible for manufacturing fully assembled trains by 2029 and maintaining them for 35 years. The trains’ final assembly, testing, and commissioning will occur at the Indian Railway facilities in Chennai. Each train will consist of 16 coaches, accommodating over 880 passengers.

Read more here.

Dilip Buildcon Completes Highway Upgrade Project

Dilip Buildcon has announced the completion of the Chandikhole-Bhadrak Section of National Highway 5 (NH5) in Odisha. The project involved the rehabilitation and upgrade of the highway to a six-lane highway. The subsidiary, DBL Chandikhole Bhadrak Highways Ltd, executed the Rs 1,522 crore project under the hybrid-annuity model as part of the National Highways Development Project Phase V.

Read more here.

TVS Motor Company sells 43.54% stake in Emerald Haven Realty

TVS Motor Company Ltd has announced the sale of its entire stake of 43.54% in Emerald Haven Realty Ltd. The company sold its holding of 11.12 crore equity shares on June 14, 2023.

In other news, the Indian Navy has partnered with TVS Motor Company for a motorcycle expedition in Ladakh as part of the ‘Azadi ka Amrit Mahotsav’ celebrations.

Read more here.

Jindal Stainless signs deal with Germany’s Dassault Systemes 

Jindal Stainless Ltd (JSL) has entered into a partnership with Germany-based Dassault Systemes to enhance its production and operational functions at its Hisar and Jajpur units. The agreement aims to strengthen JSL’s production planning, scheduling, and execution processes by leveraging Dassault Systemes’ expertise. With the recent merger and capacity expansion, JSL seeks to seamlessly manage end-to-end production and operations between its facilities in Hisar, Haryana, and Jajpur, Odisha.

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Ashok Leyland partners with Aidrivers for autonomous electric terminal trucks

Ashok Leyland has partnered with Aidrivers to manufacture autonomous electric terminal trucks. This collaboration aims to address the port industry’s requirements for net-zero emissions. By combining their expertise, both companies will work towards sustainable autonomous transportation in ports. The initial fleet of vehicles will be manufactured at Ashok Leyland’s facilities. The fleet is projected to be operational for terminal operations by early next year.

Read more here.

ONGC signs MoU with IndianOil for petrochemicals

ONGC has partnered with Indian Oil Corporation (IOC) to explore opportunities in the petrochemicals sector. The Memorandum of Understanding (MoU) aims to investigate downstream prospects, including greenfield projects and acquisitions, in the petrochemical industry. ONGC already operates two downstream petrochemical plants through its subsidiaries.

Read more here.

Tata Steel, Germany’s SMS group to explore low carbon steel-making technology

Tata Steel has partnered with Germany’s SMS group to collaborate on the development of a low-carbon steelmaking process. Under a Memorandum of Understanding (MoU), the two companies will engage in technical discussions and take steps towards conducting a Joint Industrial Demonstration of the EASyMelt technology, created by SMS group. Tata Steel plans to demonstrate at its Jamshedpur plant’s E Blast Furnace, aiming to achieve a CO2 emission reduction of over 50% compared to the furnace’s current operation.

Read more here.

Coal stock grows 44% to over 110 MT

The Ministry of Coal has reported that the total coal stock has increased by 44% YoY to 110.58 million tonnes (MT) . This significant rise in coal stock demonstrates the commitment to ensuring an abundant supply of this essential fuel, which is crucial for electricity generation. The current stockpile at mines, thermal power plants, and in transit has substantially increased compared to the stock of 76.67 MT on the same day last year, emphasizing the improved availability of coal resources.

Read more here.

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Torrent Power’s Net Profit at Rs 484Cr in Q4 – Top Indian Market Updates

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

Torrent Power Q4 Results: Net profit at Rs 484 crore

Torrent Power reported a consolidated net profit of Rs 483.93 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 487 crore last year. However, its total revenue rose 60% YoY to Rs 6,133 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 4 per equity share.

The board also approved a proposal to issue non-convertible debentures worth up to Rs 3,000 crore in one or more tranches by way of private placement.

Read more here.

Baring EQT set to buy HDFC’s education loan unit for up to $1.5 billion

Baring Private Equity Asia EQT plans to purchase HDFC’s education loan unit, Credila Financial Services, for approximately $1.3-1.5 billion. ChrysCapital and Baring have formed a consortium for the transaction. HDFC will retain a 10% stake in the company and may sell it within the next two years. An official announcement is expected by the end of June before HDFC and HDFC Bank’s merger.

Read more here.

ICICI Bank to raise stake in ICICI Lombard

ICICI Bank has decided to raise its stake in ICICI Lombard, the general insurance joint venture with Lombard. With this transaction, its ownership will increase beyond 50%, officially making ICICI Lombard a subsidiary. The Board of Directors approved the increase, with ICICI Bank purchasing 2.5% of the shares. As of March 2023, ICICI Bank’s stake in ICICI Lombard was 48.02%.

Read more here.

RVNL Q4 Results: Net profit falls 5% YoY to Rs 359 crore

Rail Vikas Nigam Ltd (RVNL) reported a 5% YoY fall in consolidated net profit to Rs 359.3 crore in Q4 FY23. Its operating revenue fell 11% YoY to Rs 5,719 crore during Q4 FY23. EBITDA stood at Rs 374.4 crore, down 8.3% YoY. The company’s board has announced a dividend of Rs 0.36 per equity share.

Read more here.

Viacom18 signs multi-year content deal with NBC Universal

Reliance’s Viacom18 has entered into a multi-year content agreement with NBCUniversal (NBCU) to enhance its premium content library. Through this partnership, JioCinema will gain access to a vast collection of NBCU films and TV series for distribution in India. The content offering includes titles from various entities under NBCU, such as Universal Television, UCP, Universal International Studios, DreamWorks Animation, Universal Pictures, and more.

Read more here.

Federal Bank picks investment banks for Rs 4,000 crore fundraising

Federal Bank has chosen Kotak Mahindra Capital, Axis Capital, BofA Securities, and JP Morgan as advisors for its plan to raise up to Rs 4,000 crore. The capital raise aims to support retail growth and inorganic activities and may be executed through debt, equity, or a combination of both.

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Adani Transmission & Adani Total Gas to be removed from MSCI Global Standard Index

Adani Transmission and Adani Total Gas will be removed from the MSCI Global Standard Index. This is due to changes in MSCI’s index calculation regarding free float market cap. The removal is anticipated to trigger outflows of $189 million for Adani Transmission and $167 million for Adani Total Gas. MSCI’s rejig is expected to see the inclusion of stocks like Max Healthcare Institute, Hindustan Aeronautics (HAL) and Sona BLW Precision Forgings.

In other news, the Adani Group unveiled a new multimedia advertising campaign highlighting the conglomerate’s emphasis on infrastructure development.

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ONGC to invest Rs 1 lakh cr in energy transition, targets net-zero by 2038

ONGC has announced plans to invest Rs 1 lakh crore by 2030 on energy transition projects. The company aims to achieve net zero carbon emissions by 2038. It also plans to increase its electricity generation from renewable sources from 189 MW to 1 GW by 2030. ONGC is also exploring opportunities in offshore wind farms and the establishment of a 1 million tonne per annum green ammonia plant in Mangalore.

Read more here.

BPCL partners with BARC to scale up alkaline electrolyzer tech for green hydrogen production

Bharat Petroleum Corporation Ltd (BPCL) is collaborating with the Bhabha Atomic Research Centre (BARC) to develop a 1 MW electrolyzer manufacturing capacity in India by 2025. The research and development division of BPCL is focusing on scaling up alkaline electrolyzer technology for green hydrogen production. The company intends to involve a third party in establishing the electrolyzer manufacturing facility, and the resulting alkaline electrolyzers are expected to be 20-30% cheaper than the current market rate of approx. $800 per kW.

Read more here.

Maruti Suzuki expects production loss in Q1

Maruti Suzuki India expects continuing production loss in the first quarter due to the shortage of electronic components, with relief anticipated in July-September. The company has been facing a shortage of chips for a while, which has impacted its supplies to cater to the market demand. In FY23, the automaker lost 1.7 lakh units due to chip shortage. It has an order backlog of over 4 lakh units, with Ertiga leading the pack with close to 1 lakh bookings.

Read more here.

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BPCL’s Net Profit Jumps 168% YoY to Rs 6,870Cr in Q4 – Top Indian Market Updates

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

BPCL Q4 Results: Net profit rises 168% YoY to Rs 6,870 crore

BPCL reported a 168% YoY increase in consolidated net profit to Rs 6,780 crore in Q4 FY23. Its operating revenue increased by 8% YoY to Rs 1.33 lakh crore during the same quarter. The company’s board has recommended a dividend of Rs 4 per equity share.

Read more here.

Aditya Birla Fashion Q4 Results: Net loss at Rs 187 crore

Aditya Birla Fashion & Retail (ABFRL) reported a consolidated net loss of Rs 187 crore for the quarter ended March (Q4 FY23). The company had posted a net profit of Rs 43.6 crore in the year-ago period. However, its operating revenue rose 26% YoY to Rs 2,880 crore during Q4 FY23. EBITDA stood at Rs 193 crore, down 48% YoY.

Read more here.

Domestic crude oil production falls by 4% in April

According to the Oil Ministry, domestic crude oil production fell 4% YoY in April. Natural gas output also declined by 3% YoY. India imported $1.4 billion worth of natural gas in April compared to $1.3 billion in the year-ago period. Crude oil imports dropped to $10.8 billion in April from $16.8 billion in April last year on lower volumes and prices.

Read more here.

Indiabulls Housing Finance Q4 Results: Net profit falls 14% YoY to Rs 262.6 crore

Indiabulls Housing Finance Ltd reported a 14.4% YoY decline in net profit to Rs 262.6 crore in Q4 FY23. Its Net Interest Income for the quarter stood at Rs 733.6 crore, up 13.5% YoY. Its consolidated operating revenue fell 5.2% YoY to Rs 2,075 crore during the same quarter. The NBFC’s gross non-performing assets (GNPA) ratio stood at 3.71% and Net NPAs at 2.48%.

Read more here.

Oil India, ONGC in talks for 50% stake in $3.4 bn Kenya oilfield

ONGC Videsh has partnered with Oil India Ltd (OIL) to potentially acquire a 50% stake in Tullow Oil Plc’s oilfield project in Kenya. The company has replaced Indian Oil Corp (IOC) as the partner. However, they now face competition from Chinese energy giant Sinopec, which entered the deal due to delays in finalizing the agreement on the Indian side. ONGC Videsh had originally intended to buy half of the stakes held by Tullow, Africa Oil Corp, and TotalEnergies SE in the Lokichar oilfield.

Read more here.

HFCL receives purchase orders up to Rs 222 crore for supply of OFC

HFCL Ltd and its subsidiary HTL Ltd have secured a purchase order worth up to Rs 222 crore. The order includes the supply of optical fiber cables (OFC) and point-to-point unlicensed band radios (UBRs). The purchase orders are from Reliance Projects & Property Management Services Ltd for OFC supply worth Rs 179.24 crore, and from Reliance Jio Infocomm Limited for indigenous 700 MBPs and 1GBPS UBRs worth Rs 42.71 crore.

Read more here.

Suzlon bags significant order from Serentica Renewables

Suzlon has received an order from Serentica Renewables for its 3 MW wind turbines. The order includes 68 wind turbine generators with Hybrid Lattice Tubular towers, each rated at 3 MW. The turbines will be installed for Serentica’s 204 MW wind power project in Koppal, Karnataka. The project is scheduled for commissioning in early 2024. 

Read more here.

TCS receives Rs 15,000 crore advance order from BSNL for 4G deployment

Tata Consultancy Services (TCS) has secured an advance purchase order (APO) worth over Rs 15,000 crore from BSNL for the deployment of a 4G network across India. The consortium led by TCS includes C-DoT and Tejas Networks. BSNL faced challenges in launching 4G services, including the cancellation of a previous tender in 2020.

Read more here.

JSW Steel, JFE Steel signs pact to set up electrical steel manufacturing JV in India

JSW Steel has entered into a preliminary agreement with JFE Steel to form a 50:50 joint venture for setting up a cold rolled grain-oriented (CRGO) electrical steel manufacturing unit in India. The proposed facility in Vijayanagar, Karnataka, will have the capability to produce a complete range of CRGO products. JSW Steel stated that this venture will be the first in India to manufacture CRGO products through the entire chain of manufacturing processes.

Read more here.

Som Distilleries signs pact with Carlsberg India

Som Distilleries has formed a strategic partnership with Carlsberg India for their plant in Odisha. The collaboration aims to utilize the combined strengths and resources of both companies to improve the manufacturing and distribution of premium beverages in the Odisha region. Carlsberg is a multinational brewer based in Denmark.

Read more here.

BLS International secures visa outsourcing contract from Spanish govt for another term

BLS International Services Ltd has secured a contract for visa application outsourcing from the Spanish government for the second consecutive time. The contract, awarded by the Ministry of Foreign Affairs, European Union, and Cooperation (MAEUEC) of Spain, includes multiple regions worldwide. BLS will provide additional services such as SMS notifications, courier services, mobile biometrics, and premium lounge facilities as part of the agreement.

Read more here.

L&T Construction’s business unit wins orders in Saudi Arabia, India

Larsen and Toubro (L&T) Ltd’s power transmission and distribution (PT&D) business has secured large EPC (engineering, procurement & construction) orders in India and overseas. The PT&D business has obtained two orders in Saudi Arabia to establish 380kV overhead power transmission lines connecting cities along the Red Sea coast. These projects involve the construction of 400 kilometers of transmission lines to meet the increasing demand in industrial and tourism hubs.

Read more here.

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PVR Inox’s Net Loss at Rs 333 crore in Q4 – Top Indian Market Updates

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

PVR Inox Q4 Results: Net loss at Rs 333 crore

PVR Inox reported a net loss of Rs 333 crore for the quarter ended March 2023 (Q4 FY23), compared to a net profit of Rs 16.1 crore in Q4FY22. However, its operating revenue jumped 113% YoY to Rs 1,143 crore during the same quarter. EBITDA stood at Rs 285 crore in Q4FY23. This is the company’s first quarterly results after its merger with Inox.

Read more here.

WPI inflation falls to -0.92% in April

Wholesale price-based inflation, WPI declined to -0.92% in April on an annual basis from 1.34 % in March. Primary articles inflation slowed to 1.60%, and fuel & power inflation reduced to 0.93 % in April. Inflation in manufactured products declined to -2.42 % in April from -0.77 % in March.

Read more here.

Berger Paints Q4 Results: Net profit falls 16% YoY to Rs 186 crore

Berger Paints reported a 16% YoY fall in net profit to Rs 185.7 crore for the quarter ended Q4 FY23. Its revenue jumped 12% YoY to Rs 2,443.6 crore during the same quarter. EBITDA also rose 6% to Rs 368 crore during the quarter. The company’s board has recommended a dividend of Rs 3.2 per equity share.

Read more here.

SpiceJet subsidiary SpiceXpress to get USD 100 million from UK group

SpiceJet’s subsidiary, SpiceXpress and Logistics, will receive a $100 million investment from a UK-based group, SRAM & MRAM Group. This investment comes as SpiceJet faces financial difficulties and an insolvency plea from an aircraft lessor. The investment from SRAM & MRAM Group is part of a Memorandum of Understanding (MoU) following a debt restructuring agreement between SpiceJet and aircraft lessor Carlyle Aviation Partner, which acquired a stake in SpiceXpress at an expected future valuation of $1.5 billion.

Read more here.

Hikal receives zero observations from USFDA for Gujarat unit

Hikal announced that its Panoli unit in Gujarat, India, received a favorable inspection outcome from the US Food &  Drug Administration (USFDA) with no observations. This marks the third successful inspection at the facility, enabling Hikal to manufacture advanced intermediates and key starting materials.

Read more here.

Kalyan Jewellers Q4 Results: Net profit falls 1.6% YoY to Rs 71 crore

Kalyan Jewellers reported a 1.6% YoY decline in net profit to Rs 71 crore for Q4 FY23. However, its consolidated revenue rose 18.4% YoY to Rs 3,381 crore during the same quarter. EBITDA also rose 17.5% YoY to Rs 256.7 crore. The company’s board has recommended a final dividend of Rs 0.5 per equity share.

Read more here.

UltraTech Cement commissions factory in Rajasthan capable of 0.8 MT annual output

UltraTech Cement has commissioned a 0.8 MTPA brownfield cement factory in Neem Ka Thana, Rajasthan, through its subsidiary UltraTech Nathdwara Cement. With this addition, their grey cement capacity in Rajasthan reaches 17.05 MTPA, and their total grey cement manufacturing capacity in India is now 129.95 MTPA.

Read more here.

Vedanta appoints Sonal Shrivastava as CFO from June 1

Vedanta Ltd has announced the appointment of Sonal Shrivastava as its chief financial officer (CFO), effective from June 1. Shrivastava previously served as the CFO for Asia Pacific, Middle East, and Africa operations at the Holcim group. In her new role, she will lead Vedanta’s financial strategy, overseeing accounting, tax, treasury, investor relations, financial planning, analytics, and driving digitalization and profitability.

Read more here.

NTPC to start feasibility study for 130-MW floating solar power plant in Tripura

NTPC Ltd is set to conduct a feasibility study for a 130-MW floating solar power plant on Dumbur Lake in Tripura’s Gomati district. The Tripura Renewable Energy Development Agency (TREDA) signed a Memorandum of Understanding (MoU) with NTPC to conduct the feasibility study. The study will assess the required waterbody area, identify transfer stations, and obtain forest clearance. The study is estimated to cost Rs 450 crore and is expected to be completed in a few months.

Read more here.

ONGC arm raises $500m in foreign currency loan

ONGC’s overseas subsidiary ONGC Videsh has secured a $500 million foreign currency loan from a consortium of banks including DBS, Bank of Baroda, and State Bank of India. The syndicated loan has a tenure of five years, is denominated in dollars, and is supported by ONGC’s guarantee. The funds raised through the loan will be used to repay $500 million in bonds that recently matured.

Read more here.

PSP Projects bags order worth over Rs 317 cr

PSP Projects has secured a contract worth Rs 317.13 crore from Gujarat’s Narmada, Water Resources, Water Supply, and Kalpsar Department. The project involves developing the Dharoi Dam region into a sustainable tourist and pilgrimage destination, including infrastructure, roads, and an adventure water sports arena. The company aims to complete the project within 18 months.

Read more here.

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Asian Paints’ Profit Rises 45% YoY to Rs 1,234Cr in Q4 – Top Indian Market Updates

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

Asian Paints Q4 Results: Net profit jumps 45% YoY to Rs 1,234 crore

Asian Paints reported a 45% YoY increase in consolidated net profit to Rs 1,234 crore for Q4 FY23. Its operating revenue rose 11% YoY to Rs 8,787 crore during the same quarter. EBITDA also rose 29% YoY to Rs 1,865 crore. The company’s board has recommended a final dividend of Rs 21.25 per equity share.

Read more here.

IT dept conducts raids at Mankind Pharma’s office in New Delhi

According to a CNBC-TV18 report, India’s Income Tax department has conducted searches at Mankind Pharma’s office in New Delhi over allegations of tax evasion. Company premises and plants in Delhi and nearby locations are being covered and documents are being checked apart from the questioning of company executives as part of the searches launched early in the morning. 

Read more here.

Eicher Motors Q4 Results: Net profit jumps 48% YoY to Rs 905 crore

Eicher Motors reported a 48% YoY increase in consolidated net profit to Rs 905 crore for Q4 FY23. Its operating revenue rose 19% YoY to Rs 3,804 crore during the same quarter. EBITDA stood at Rs 934 crore, up 235 YoY from Q4 FY22. The company’s board has recommended a final dividend of Rs 37 per equity share.

Read more here.

SpiceJet to revive grounded fleet with $50 million ECLGS funds

SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals. The company is actively engaging with investors to raise funds and put itself back on track. In April, Credit Suisse moved the Supreme Court, filing a contempt petition against SpiceJet over allegations that the airline had failed to pay dues that were part of a settlement.

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South Indian Bank Q4 Results: Net profit jumps 22.7% YoY to Rs 333.9 crore

South Indian Bank reported a 22.7% YoY increase in net profit to Rs 333.9 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 857 crore, up 43.4% YoY. Its gross NPA stood at 5.14%, while net NPA is at 1.86%. The bank’s board has recommended a final dividend of Rs 0.3 per equity share.

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L&T plans to exit asset-heavy businesses

Larsen & Toubro Ltd plans to exit asset-heavy businesses to eliminate losses. The company sees opportunities in renewable power, particularly in Saudi Arabia, where solar projects are gaining momentum. This will generate cash and improve working capital efficiency. The Middle East as a whole is investing in renewable energy, providing further potential for growth.

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Dr Lal Pathabs Q4 Results: Net profit falls 7.5% YoY to Rs 56.7 crore

Dr Lal Pathlabs reported a 7.5% YoY decline in consolidated net profit to Rs 56.7 crore for Q4 FY23. However, its operating revenue rose 1.13% YoY to Rs 491 crore during the same quarter. EBITDA was also down 4.5% YoY to Rs 116 crore. The company’s board has approved a final dividend of Rs 6 per equity share.

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ABB India expands production footprint of drives portfolio in India

​​ABB India is expanding its production capacity at the Peenya factory in Bengaluru to include a new line for variable speed drive modules. This expansion will enable the production of drives ranging from 75 kW to 250 kW, serving various industrial sectors. ABB’s variable speed drives are used to optimize energy efficiency and performance by controlling the speed of electric motors.

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Hindustan Copper to consider raising funds via QIP, NCD issue

Hindustan Copper Ltd plans to raise funds through a qualified institutional placement (QIP) issue. The board of directors will meet on May 19 to consider issuing equity shares through QIP, with a total value of 97 million shares. They will also seek approval to offer non-convertible debentures or bonds worth Rs 500 crore through private placement. 

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Aditya Birla Capital to raise Rs 3,000 crore via equity, debt funding

Aditya Birla Capital’s board has approved plans to raise Rs 3,000 crore through a combination of equity and debt routes in one or multiple tranches. The funds will be raised through public or private offerings (including qualified institutional placements) as permitted by applicable laws. The funds will be utilised for meeting funding requirements and growth objectives of the company.

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Three Adani firms to consider raising up to Rs 40,000 crore: Report

As per a Bloomberg report, three Adani Group companies are considering fundraising of up to $5 billion (~Rs 40,000 crore). Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd may raise between $3 billion and $5 billion to boost their businesses. The boards of the three firms are meeting on Saturday to consider raising funds via the sale of shares or other securities.

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ONGC discovers oil, gas in Arabian Sea blocks

ONGC has announced the discovery of two oil and gas reserves, named ‘Amrit’ and ‘Moonga,’ in the Mumbai offshore region. The company had acquired the blocks under the Open Acreage Licensing Policy (OALP). Based on the available data, ONGC will determine if additional wells need to be drilled for further exploration and appraisal.

Read more here.

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Dr Reddy’s Labs Profit Jumps 890% YoY to Rs 960Cr in Q4 – Top Indian Market Updates

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

Dr Reddy’s Labs Q4 Results: Net profit jumps 890% YoY to Rs 960 crore

Dr Reddy’s Labs reported an 890% YoY jump in consolidated net profit to Rs 960 crore for Q4 FY23. Its operating revenue rose 15.28% YoY to Rs 5,843 crore during the same quarter. EBITDA also rose 26% YoY to Rs 1,631 crore. The company’s board has recommended a final dividend of Rs 40 per equity share.

Read more here.

SEBI grants final approval for proposed change in control of HDFC AMC

HDFC Bank has received final approval from the Securities and Exchange Board of India (SEBI) for the proposed change in control of HDFC Asset Management Company (AMC). This approval clears the path for the merger of HDFC into HDFC Bank, which is expected to be completed by the third quarter of the next fiscal year.

Read more here.

Kolte Patil adds new residential projects in Pune worth Rs 1,300 cr

Kolte-Patil Developers has announced two residential projects in Pune with a combined revenue potential of Rs 1,300 crore. The projects span 1.9 million square feet, including a 5-acre land acquisition in Wagholi with a development potential of 7.5 lakh square feet (Rs 400 crore revenue) and a joint venture at NIBM Road with an 11.5 lakh square feet potential (Rs 900 crore revenue).

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L&T Q4 Results: Net profit jumps 10% YoY to Rs 3,987 crore

Larsen & Toubro reported a 10% YoY increase in consolidated net profit to Rs 3,987 crore for Q4 FY23. Its operating revenue rose 10.4% YoY to Rs 58,335 crore during the same quarter. EBITDA stood at Rs 6,833 crore, up 5% YoY. The company’s board has recommended a final dividend of Rs 24 per equity share.

Read more here.

Godrej Consumer Q4 Results: Net profit rises 25% YoY to Rs 452 crore

Godrej Consumer Products Ltd reported a 25% YoY increase in net profit to Rs 452 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 3,200 crore during the quarter. EBITDA stood at Rs 641 crore, down 37% from Q4 FY22. During the quarter, the company’s India business revenue grew 11.5% YoY to Rs 1,823 crore.

Read more here.

Pidilite Industries forays into the paint industry with Haisha

Pidilite Industries has introduced a range of decorative paints in certain regions, entering the competitive paint market. The paint brand has been named ‘Haisha’. The decision to enter the crowded market was driven by input from Pidilite’s dealers, as well as the company’s existing distribution advantage and familiarity with the category.

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ONGC to get dividends instead of oil from Russia’s Sakhalin-1 field

ONGC is no longer receiving its share of oil from Russia’s Sakhalin-1 field, but it will still receive dividends from the field. A new company formed by Russia now sells all the oil from Sakhalin-1, whereas ONGC used to sell its share independently. ONGC retains a 20% stake in the new operator and will receive dividends based on its ownership. The field is currently producing approximately 200,000 barrels per day.

Read more here.

Sanofi’s board approves demerger of its consumer healthcare business

Sanofi India’s board has approved the demerger of its consumer healthcare business into a separate entity. The demerger is yet to receive approval from shareholders and regulators. After the demerger is completed, Sanofi will retain a 60.4% stake in both entities and SIL shareholders will receive 1:1 SCHIL equity shares of Rs 10 each for their existing shares.

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JSW Infrastructure files for IPO

JSW Infrastructure has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for an initial public offering (IPO). The company aims to raise Rs 2,800 crore from the IPO, which will be utilized for debt repayment and capacity expansion. JSW Infrastructure is India’s second-largest commercial port operator based on cargo handling capacity in Fiscal 2022.

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BASF Q4 Results: Net profit falls 45% to 82 crore

BASF has reported a 45% YoY fall in net profit to Rs 82.39 crore for Q4 FY23. Its operating revenue also fell 3.25% YoY to Rs 3,249 crore during the same quarter. EBITDA fell 48% YoY to Rs 91.5 crore in the quarter compared to Rs 175.8 crore in Q4FY22.

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Canara Bank to spin off its credit card vertical into a separate subsidiary

Canara Bank is set to spin off its credit card vertical into a separate subsidiary. It has also started preparing a roadmap for the listing of its life insurance and fund management businesses. The bank is taking steps to expand low-cost deposits, thus helping improve margins and profitability. At present, it has 6.5 lakh credit card customers with Rs 1,100 crore in outstanding portfolio.

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Maruti Suzuki’s Net Profit Jumps 43% YoY to Rs 2,624cr – Top Indian Market Updates

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

Maruti Suzuki Q4 Results: Net profit jumps 43% YoY to Rs 2,624 crore

Maruti Suzuki reported a 43% YoY increase in net profit to Rs 2,624 crore and an operating revenue of Rs 32,048 crore, up 20% YoY, for Q4 FY23. The company sold a total of 514,927 vehicles in Q4 and sales in the domestic market stood at 4,50,208 units, up 7.1% over Q4FY22. The company’s board has approved a dividend of Rs 90 per share.

Read more here.

Patel Engineering JV bags irrigation projects worth Rs 841 crores

Patel Engineering Joint Venture (JV) has secured irrigation projects worth Rs 841 crore in Maharashtra. The JV received a Letter of Award (LoA) for the Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 01 and 02 from the Water Resources Department. The EPC contracts are valued at Rs 841 crore and are to be executed within 36 months. Patel Engineering’s share in the projects is Rs 451.28 crore.

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Bajaj Finance Q4 Results: PAT jumps 30% YoY to Rs 3,158 

Bajaj Finance reported a 30% YoY increase in consolidated net profit to Rs 3,158 crore for Q4 FY23. The company’s net interest income (NII) rose 28% YoY to Rs 7,771 crore. New loans grew by 20% to 7.56 million and assets under management rose 29% to Rs 2.47 lakh crore. The gross non-performing assets (NPAs) and net NPAs declined during the quarter at 0.94% and 0.34%, respectively. The board has recommended a dividend of Rs 30 per share.

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KPI Green commissions 26.1-MW wind-solar hybrid power project in Gujarat

KPI Green Energy has commissioned a 26.1 MW wind-solar hybrid power project in Bhavnagar, Gujarat. The project comprises 16.1 MW wind and 10 MW solar capacity. It was established under the Gujarat Wind-Solar Hybrid Power Policy 2018, and power purchase agreements have been made with commercial and industrial clients.

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KEC International bags orders worth  ₹ 1,017 crore

KEC International won new orders worth Rs 1,017 crore in various segments. The transmission and distribution (T&D) business secured an order for a 765 kV transmission line from a private developer in India, while the civil business received orders for industrial and residential projects. The company’s cable business secured orders for the supply of various types of cables in India and overseas.

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ONGC plans to invest Rs 1 lakh crore by 2030 to boost petchem capacity

Oil & Natural Gas Corp (ONGC) plans to invest Rs 1 lakh crore by 2030 to double the combined petrochemicals capacity of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and joint venture ONGC Petro additions Ltd (OPaL) to 8 million metric tonnes per annum. The plan will involve the construction of two mega projects on the east and west coast that will either directly use crude to produce chemicals or take other feedstocks.

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Dalmia Bharat executes definitive agreements with JAL to acquire cement assets

Dalmia Bharat has executed definitive agreements with Jaiprakash Associates Ltd (JAL) to acquire JAL’s cement assets for an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore. The acquisition will be subject to various clearances and approvals related to JP Super plant and mines. Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, will acquire JP Super Cement Plant in Uttar Pradesh.

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HDFC Life Q4 Results: Profit growth flat at Rs 359 crore

HDFC Life Insurance reported a net profit of Rs 359 crore for Q4 FY23, which is flat compared with the same period last year. However, net profit for the quarter rose 14% from Q3 FY23. The net premium income stood at Rs 19,426 crore, up 36% YoY. The first-year premium income for the quarter rose 73% to Rs 4,467 crore. The company’s board has recommended a final dividend of Rs 1.90 per equity share.

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Union Bank to raise funds up to Rs 10,100 crore via QIPs and Bonds

Union Bank of India is planning to raise up to Rs 10,100 crore in capital via public issue, Basel III compliant Additional Tier 1 (AT1) bonds, and Tier 2 bonds. The capital will be raised in tranches of up to Rs 8,000 crore through public issue, rights issue, and private placements, including Qualified Institutions Placements (QIPs). The remaining Rs 2,100 crore will be raised through Basel III compliant AT1 and/or Tier 2 bonds, including foreign currency-denominated bonds.

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ONGC to Invest USD 7 Billion to Boost Output – Top Indian Market Updates

ONGC market updates | marketfeed

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

ONGC to invest $7 billion to boost output

Oil & Natural Gas Corp (ONGC) will invest $7 billion (~Rs 57,500 crore) over the next 3-4 years to reverse the decline in oil and gas production. The majority of ONGC’s fields are old and have experienced a natural decline, but the company is heavily investing in technology to raise recovery and tap isolated reservoirs. Up to 24 field development, enhanced oil recovery (EOR), and improved oil recovery (IOR) projects are currently in progress that will help to reverse the declining trend in oil and gas production. 

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WagonR, Alto K10 score low safety rating in Global NCAP crash test

Maruti Suzuki’s popular models, WagonR and Alto K10, have received one- and two-star safety ratings for adult occupant protection, respectively, from vehicle safety group Global NCAP after conducting crash tests. Both models scored zero stars for child occupant protection. The automaker claimed that its vehicles meet India’s crash safety regulations, which are almost similar to the standards in Europe and are duly tested and certified by the Indian govt.

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HDFC Bank records loan growth of 17% at end of March

HDFC Bank reported a 16.9% increase in credit growth at Rs 16 lakh crore at the end of the March quarter. The bank’s outstanding credit was Rs 13.6 lakh crore at the end of March 31, 2022. The bank’s deposits grew around 20.8% YoY to Rs 18.83 lakh crore as of March 31, 2023. Domestic retail loans grew by around 21%, while commercial and rural banking loans grew 30% YoY.

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Vedanta produces record aluminium, high refined metal in FY23

Vedanta Ltd’s aluminium production reached its highest-ever level of 22.91 lakh tonnes in 2022-23, up slightly from 22.68 lakh tonnes in FY22. Meanwhile, its high refined metal production increased by 7% to 10.32 lakh tonnes in FY23. The company also recorded a 22% YoY increase in zinc production from its international business to 2.73 lakh tonnes.

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Adani Group JV in talks for first offshore loan since Hindenburg

An Adani Group joint venture (JV) with EdgeConneX is in talks with several banks for a loan of about $220 million. This would be the group’s first offshore borrowing since it was targeted by short-seller Hindenburg Research. The loan would be used by data center provider AdaniConneX Private Ltd. for capital expenditure. The loan may be signed in the coming weeks.

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Bank of Baroda stops clearing payment for above-cap Russian oil: Report

As per an Economic Times report, Bank of Baroda has stopped clearing payments for Russian oil sold above the $60 per barrel price cap set by the West, which could accelerate the shift to a rupee trade mechanism. Some Indian refiners have been paying in United Arab Emirates dirham currency for Russian low-sulphur crude priced above the $60 a barrel cap using Bank of Baroda. 

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India’s GDP growth to slow down to 6.3 % in FY24: World Bank

The World Bank has revised its forecast for India’s GDP growth in FY24 to 6.3 %, down from its earlier forecast of 6.6 % in December 2022. The slower consumption growth and challenging external conditions are expected to constrain India’s GDP growth. The Indian government’s consumption is also projected to grow slower due to the withdrawal of pandemic-related fiscal support measures. 

The World Bank’s latest India Development Update notes that the Indian economy continues to show strong resilience to external shocks.

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India cuts windfall tax on crude production to nil

The Indian govt has cut all windfall tax on crude oil from 3,500 rupees ($42.56) per tonne effective from Tuesday. The windfall tax on diesel was cut to Rs 0.50 per litre from Rs 1 previously. As of April 4, only diesel carries a windfall tax while crude. Aviation Turbine Fuel (ATF) and petrol will not attract any such levies.

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Hero MotoCorp, Zero Partner For Premium Electric Motorcycles – Top Indian Market Updates

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

Hero MotoCorp to partner with Zero Motorcycle for premium electric motorcycles

Hero MotoCorp have reached an agreement with California-based Zero Motorcycles to co-develop premium electric motorcycles. The companies intend to combine the expertise of Zero in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp. In Sept 2022, the board of Hero MotoCorp approved an equity investment of up to $60 million in Zero Motorcycles.

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Olectra Greentech bags order for 550 e-buses from TSRTC

Olectra Greentech Ltd has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC). The order is to supply 50 standard-floor 12-metre intercity coach e-buses and 500 low-floor 12-metre intracity e-buses. The 50 intercity coach e-buses will ply between Hyderabad in Telangana and Vijayawada in Andhra Pradesh.

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NTPC records 12% growth in electricity generation in April-Feb

NTPC Ltd has registered nearly 12% YoY growth in electricity generation to 364.2 billion units in the April-February period of FY23. The company’s captive coal production stood at 2.6 million metric tonnes (MMT) and despatch at 2.5 MMT, registering a growth of 80% and 87%, respectively. NTPC continues to demonstrate an increasing trend in coal production from its captive mines. 

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Auto components industry to grow 10-15% in FY24: ACMA

India’s auto components industry is expected to grow by around 10-15% in FY24, said the Automotive Component Manufacturers Association of India (ACMA). This growth will be driven by both domestic and export market demand despite fears of a recession in major markets of the US and Europe. Going forward, the industry is expected to gain from the transition to electric vehicles (EVs) in the developed markets in the West.

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Allcargo Logistics to acquire its partners’ contract logistics business

Allcargo Logistics plans to buy out the contract logistics business of its joint venture partner CCI Integrated Logistics and sell it to the customs clearance segment as a means of consolidating its business. The company bought a controlling stake in CCI in 2016 and subsequently formed the joint venture Avvashya CCI. It now holds over 61% stake and will buy the remaining 38.87% stake from its partners for ₹145 crore.

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Max Estates completes office complex in Noida at ₹420 crore cost

Max Estates has completed an office complex (Max Square) in Noida at a total development cost of ₹420 crore. The company is expecting an annual rental income of about ₹60-70 crore from this project. New York Life Insurance Company has co-invested in this project and holds a 49% stake. Max Estates is part of Max Group’s listed entity Max Ventures & Industries Ltd (MaxVIL).

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Vehicle sales grow 16% in February 2023: FADA

A report from the Federation of Automobile Dealers Associations of India (FADA) revealed that the total registrations across all segments rose 16% year-on-year (YoY) to 17,75,424 in Feb 2023. Total commercial vehicle retail sales in February grew 17% YoY to 79,027 units. Tractor sales rose 14% YoY to 68,988 units last month.

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Domino’s becomes first QSR brand to achieve 20-min guaranteed delivery in Bengaluru

Jubilant FoodWorks Ltd announced the launch of a 20-minute delivery guarantee for Domino’s Pizza in Bengaluru. The fast-food chain now guarantees delivery of fresh and hot pizzas to customers’ doorsteps within just 20 minutes of placing the order. The service will be available across 170 Domino’s Pizza stores across the city. 

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ONGC signs pact with TotalEnergies for exploration of deep-water blocks

Oil and Natural Gas Corp (ONGC) has signed an agreement with French major TotalEnergies for the exploration of deep-water blocks. The decision comes as the country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports. India is the world’s third-biggest oil importer & consumer of oil, and ships over 85% of its oil overseas. 

Read more here.

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ONGC to Invest $2 Billion in Mumbai Offshore – Top Indian Market Updates

ONGC market updates | marketfeed

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

ONGC to invest $2 billion in Mumbai offshore to raise oil, gas output

Oil & Natural Gas Corporation (ONGC) is set to invest over $2 billion (₹16,500 crore) to drill a record 103 wells on its main gas-bearing asset in the Arabia Sea. The company plans to add 100 million tonnes to its overall production. ONGC has three main assets off the west coast– Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22.

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NSE gets SEBI approval to launch Social Stock Exchange as separate segment

The National Stock Exchange (NSE) has received final approval from the Securities & Exchange Board of India (Sebi) to set up a Social Stock Exchange (SSE) as a separate segment of the NSE. The SSE aims to provide a new avenue for social enterprises to finance social initiatives, give them visibility, and increase transparency in fund mobilization and utilisation by social enterprises.

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ZEEL CEO challenges NCLT’s insolvency order before NCLAT

Zee Entertainment Enterprises Limited (ZEEL) MD & CEO Punit Goenka has moved the National Company Law Appellate Tribunal (NCLAT) seeking relief from the order passed by the National Company Law Tribunal (NCLT). The NCLT allowed IndusInd Bank’s plea to admit ZEEL under the Corporate Insolvency Resolution Process (CIRP) on Wednesday. The NCLAT hears appeals against the orders passed by NCLT.

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Tata Motors seeks investors for stake in EV business

Tata Motors has begun discussions with sovereign wealth funds and private equity investors such as UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company to sell a significant minority stake in its EV division. Tata Motors plans to raise up to $1 billion through the equity sale and will use the bulk of proceeds to retire a part of its outstanding debt.

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Jio-BP to sell bio-CNG, compressed biogas

Jio-bp will shortly begin retailing compressed biogas (CBG) and bio-CNG (B-CNG), both of which can be used in place of compressed natural gas in CNG-powered vehicles. The company will retail CBG and B-CNG at its outlets in western India initially and later expand to other outlets. Jio-bp is a fuel retail joint venture between Reliance Industries and British oil major BP. 

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Domestic oil demand growth to fall to 5% in FY24: Govt forecast

Domestic oil demand growth will slow to 5% in 2023-24 after a scorching expansion of nearly 10% in this financial year, said the Petroleum Planning and Analysis Cell (PPAC). India will consume 233.8 million metric tonnes (MMT) of refined products in 2023-24, compared to the estimated consumption of 222.9 MMT in the current financial year (FY23) according to the forecast.

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ZEEL, Jio TV extend content partnership for two years

Zee Entertainment Enterprises Ltd (ZEEL) has renewed its content partnership with Jio Platforms-owned live TV aggregation app Jio TV for two more years. ZEEL’s suite of over 60 SD and HD channels will continue to be available on the Jio TV app. The company also distributes news broadcaster Zee Media’s channels. 

Read more here.

Adani Group invests $442 million in cash-strapped Sri Lanka

Sri Lanka’s Board of Investment has approved the commissioning of two wind power plants by Adani Green Energy Limited for a total of $442 million. According to Reuters, Adani Group officials are in Colombo to evaluate future projects, including a $700 million port terminal at Sri Lanka’s largest port. 

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Infosys partners with Microsoft to accelerate enterprise cloud transformation

Infosys Ltd will partner with global tech giant Microsoft to accelerate the adoption of cloud solutions across the globe. The partnership will see Infosys onboard its set of cloud services, solutions, and platforms for enterprises to Microsoft’s various cloud-based platforms like Microsoft Azure. Microsoft’s cloud clients will also be able to take advantage of the Infosys Cobalt suite of solutions.

Read more here.

Thales picks L&T Technology Services for 5G-driven connectivity solutions

French IT major Thales has selected L&T Engineering Services Ltd. (LTTS) to offer 5 G-driven next-gen connectivity solutions for urban railway operators in collaboration with Qualcomm Technologies. The solution leverages LTTS’ chip-to-cloud expertise as well as a technology portfolio of connected IoT devices and 5G small cells based on Qualcomm Technologies.

Read more here.

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Retail Inflation Eases to 5.72% in Dec – Top Indian Market Updates

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

Retail inflation eases to 5.72% in December

India’s retail inflation, measured by the Consumer Price Index (CPI), eased to a one-year low of 5.72% in December 2022. CPI stood at 5.88% in November and 6.77% in October 2022. Food inflation came in at 4.19% in December, compared to 4.67% in Nov. Inflation in the fuel & light segment was 10.97% last month.

Factory output, measured by the Index of Industrial Production (IIP), rose to a five-month high of 7.1% in Nov 2022. IIP had contracted (-)4% in Oct.

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Infosys Q3 Results: Net profit rises 13% YoY to ₹6,586 crore

Infosys Ltd reported a 13.4% year-on-year (YoY) increase in consolidated net profit to ₹6,586 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 20.2% YoY to ₹38,318 crore during the same period. It won deals worth $3.3 billion in Q3, the strongest in the last eight quarters. Infosys added 1,627 employees during the quarter.

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Jio launches True 5G services in Ujjain

Reliance Jio has set up its 5G services in Ujjain, Madhya Pradesh. With the launch, Jio has now become the first and the only operator in MP to launch 5G services across all prominent large cities in the state, including Bhopal, Indore, Gwalior, and Jabalpur. Users will be able to enjoy Unlimited 5G Data with up to 1 Gbps+ speed at no additional cost.

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HCL Tech Q3 Results: Net profit rises 19% YoY to ₹4,096 crore

HCL Technologies Ltd reported a 19% YoY (or 17% QoQ) increase in consolidated net profit to ₹4,096 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.5% YoY to ₹26,700 crore during the same period. The total contract value of new deal wins stood at $2.35 billion, up 10% YoY. HCL Tech’s board has approved an interim dividend of ₹10 per equity share. 

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NCLT grants approval to PVR-Inox merger scheme

The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the scheme of arrangement between cinema chains PVR and Inox Leisure. Once the NCLT issues the detailed order copy, the two companies will file it with regulatory authorities like the Registrar of Companies (RoC) and stock exchanges. The allotment of shares is likely to be completed in the next few weeks.

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ONGC to rely more on advanced tech: Sushma Rawat

Oil & Natural Gas Corporation (ONGC) will increase reliance on advanced technologies and tech-savvy younger minds to boost chances of making major discoveries, said Sushma Rawat (ONGC’s exploration chief). The company will acquire more exploration acreage and bring in new technologies to enhance the quality of seismic surveys and data interpretation. 

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Zydus Lifesciences gets final USFDA approval for Brexpiprazole tablets

Zydus Worldwide DMCC (a subsidiary of Zydus Lifesciences Ltd) has received final approval from the US Food & Drug Administration (USFDA) to market Brexpiprazole tablets. Brexpiprazole is an antipsychotic drug used along with antidepressants to treat major mental conditions like depression and schizophrenia. The drug will be manufactured at the group’s formulation facility at Ahmedabad Special Economic Zone (SEZ), Gujarat.

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Apax Partners likely to sell 4.63% shares in Shriram Finance via block deal: Report

According to a CNBC-TV18 report, private equity fund Apax Partners is planning to sell its shares in Shriram Finance Ltd via a block deal tomorrow. APAX’s subsidiary, Dynasty Acquisition, would sell up to 1.73 crore shares or 4.63% stake in the non-banking finance company (NBFC). The size of this deal is ₹2,250 crore.

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SEBI allows exchanges to launch multiple contracts in same commodity

The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to launch multiple contracts in the same commodity to encourage broader participation of investors in the commodity derivatives market. Exchanges have been demanding multiple contracts on a single commodity to ensure that all market players across the value chain are catered to. Currently, all commodities (except gold, silver, and precious metals) have a single contract, which limits investors’ and traders’ participation.

Read more here.