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Reliance AGM 2023: Highlights – Top Indian Market Updates

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

Reliance AGM 2023: Highlights

Reliance Industries Chairman Mukesh Ambani made a range of important announcements, spanning from Jio True 5G to Jio Smart Home Services and changes in the company’s board structure, during the 46th Annual General Meeting (AGM) of the company.

Jio Bharat Launch: Mukesh Ambani announced the introduction of the affordable Jio Bharat smartphone at just ₹999.

Jio AirFiber Launch: Jio AirFiber will be launched on the occasion of Ganesh Chaturthi, on September 19.

Smart Home: JioHome is a mobile app that enables you to navigate on your television connected to the Jio Set-top Box.

Changes in Reliance Board: Mukesh Ambani confirmed that he will continue as Chairman and Managing Director for the upcoming five years. Nita Ambani has resigned from RIL’s board. Isha, Akash, and Anant Ambani joined the company’s board.

Reliance Retail: Ambani welcomed the Qatar Investment Authority as a valued investor in Reliance Retail, who invested $ 1 billion for a 1% equity stake. This investment values Reliance Retail at ₹8.28 lakh crore.

Jio Financial Services to enter the insurance space.

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SEBI’s probe faults Adani group on disclosure rules

An investigation of the Adani Group by the Securities and Exchange Board of India (SEBI) has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds. SEBI launched the inquiry after U.S.-based Hindenburg Research raised governance concerns around the Adani Group. The conglomerate had denied wrongdoing in January. The Supreme Court, which is overseeing SEBI’s investigation of the Adani Group, will hear the matter on Tuesday.

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Reliance Retail to take Campa brand global

Reliance Retail will take its Campa brand global, starting with Asia and Africa. Campa, which competes with global cola makers Coca-Cola and PepsiCo in India, will be the first homegrown cola to be taken overseas. In April, Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail Ventures, entered into a strategic partnership with beverage can and filling company Ceylon Beverages to co-pack and manufacture Campa soft drinks.

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Schaeffler India to fully acquire Koovers for Rs 142.4 crore

Schaeffler India Ltd will fully acquire KRSV Innovative Auto Solutions Pvt Ltd for ₹142.4 crore. Bengaluru-based KRSV Innovative Auto Solutions (which operates under the brand Koovers) offers spare parts solutions to Indian aftermarket workshops via a B2B e-commerce platform. The transaction would be completed in the third quarter of CY 2023, subject to customary closing conditions. 

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BPCL to spend $18.16 bn in oil, green energy over 5 years

Bharat Petroleum Corp plans to invest $18.16 billion over five years to grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net zero goal. The company has set a planned capex outlay of around $18.16 billion in the next five years, which will enable it to create long-term value for our stakeholders while preserving our planet for future generations.

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Sterlite Power bags green energy transmission project in Rajasthan

Sterlite Power has secured a green energy transmission order for Rajasthan Phase-III (20GW). The project includes the construction of a 350km 765Kv electricity transmission corridor. The project has three integral components — a 350 km 765kV transmission corridor connecting the renewable energy zone of Fatehgarh III to the substation at Beawar, construction of a 3000 MVA 765/400kV Substation at Beawar and the construction of two LILO lines, covering approximately 120 km.

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TVS Motors to invest Rs 3,900 crore to boost green portfolio

TVS Motors will invest ₹3,900 crore over the next four to five years to boost its green portfolio. The company is eyeing a larger share of business from global and electrics. The company counts broadening its relationship with BMW as one of the key pillars of its future vision. It will also aggressively pursue new product launches individually and also through its acquisitions, such as British motorcycle brand Norton Motorcycles, which it purchased in 2020 as well as the Swiss E-Mobility Group (SEMG).

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Patel Engineering, JV bag Rs 3,637 crore contract from NHPC

Patel Engineering Ltd (PEL) along with its joint venture (JV) partner have bagged a ₹3,637 crore order from NHPC in Arunachal Pradesh. PEL’s share in the contract is ₹1,818.56 crore. The partnership will be a 50:50 one and the contract includes the construction of headrace tunnels including intake, pressure shafts, penstocks, powerhouse and transformer cavern.

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Glenmark recalls 1,200 bottles of generic hypertension drug in the US

According to the US Food & Drug Administration (USFDA), Glenmark Pharmaceuticals is recalling 1,200 bottles of a generic drug, used to treat high blood pressure, in the American market due to a manufacturing issue. The New Jersey-based arm of the drug firm is recalling 1,200 bottles of Trandolapril and Verapamil Hydrochloride extended-release tablets. The affected lot has been manufactured at the pharma company’s Goa plant.

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Venus Remedies gets marketing approval for anticoagulant drug in Saudi Arabia

Venus Remedies has received approval to market Enoxaparin in pre-filled syringes in Saudi Arabia. The drug is used to prevent blood clots. The company has received the marketing approval Venus Remedies Ltd has an annual capacity for producing more than 50 lakh units of Enoxaparin. The company sold enoxaparin syringes estimated to be worth USD 7.8 billion in 2021. The market is expected to grow to USD 13.1 billion by 2031 at a 10-year compound annual growth rate (CAGR) of 5.4%.

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India’s Services PMI Declines to 61.1 in May From 62.0 in April – Top Indian Market Updates

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

India’s services PMI declines to 61.1 in May from 62.0 in April

India’s service sector Purchasing Managers’ Index (PMI) declined slightly to 61.2 in May from 62 in April. However, the sector continued to expand due to robust demand despite high inflationary pressures. This marks the longest expansion streak in nearly 12 years, with the index remaining above the 50-mark which signifies growth for 22 consecutive months. The services sector contributes over 50% to India’s GDP.

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TCS receives 10-year contract for the teachers’ pension scheme in England and Wales

Tata Consultancy Services (TCS) has been chosen by the Department for Education (DfE) in the UK. The contract is to administer and enhance the customer experience of the ‘Teachers’ Pension Scheme’, the country’s second-largest public sector pension scheme. With a long-term contract of 10 years, TCS will utilize its core banking software suite, TCS BaNCS, to manage the pension scheme, which covers over 2 million members in England and Wales.

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Tata Power Renewable commissions 110-MW solar project for Kerala electricity board

Tata Power’s subsidiary Tata Power Renewable Energy Limited (TPREL) has successfully commissioned a 110-MW solar power project in Bikaner, Rajasthan. The project will provide power to the Kerala State Electricity Board (KSEB). Despite challenges like difficult land topography, extreme weather conditions, and adverse geopolitical circumstances, the project was completed within a remarkable period of 7 months. It utilized 2,59,272 mono-bifacial PERC half-cell modules.

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Suzlon crosses 20 GW installed windmills capacity worldwide

Suzlon has achieved a significant milestone by surpassing 20 GW of installed capacity worldwide. Through the deployment of 12,467 wind turbines across 17 countries, spanning six continents, Suzlon solidifies its position as a major player in the global wind energy landscape. The company, which has been instrumental in developing India’s wind energy sector since 1995, continues the vision of its late founder Tulsi Tanti.

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Dr Reddy’s rheumatoid arthritis drug meets all endpoints in Phase 1 study

Dr Reddy’s Laboratories has announced the successful Phase-I study of its Tocilizumab Biosimilar candidate, ‘DRL_TC’. The study evaluated its effectiveness in treating moderate-to-severe active rheumatoid arthritis and compared it to reference products. The results showed equivalence and similarity in pharmacodynamic parameters, safety, and immunogenicity. Dr Reddy’s had previously completed a successful phase I study of the biosimilar candidate administered subcutaneously.

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Patel Engineering secures Rs 519.5 crore project from CIDCO

Patel Engineering Ltd has secured a new project worth Rs 519.5 crore. The City and Industrial Development Corporation (CIDCO) awarded the company a letter of acceptance (LoA) for the construction of a 6.7 km water tunnel in Maharashtra. The project, which includes associated works, will be executed solely by Patel Engineering within a timeframe of 60 months.

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Lupin launches Darunavir tablets used in controlling HIV infections

Lupin Ltd has introduced Darunavir tablets, used to manage HIV infection, in the US market. The newly launched drug is a generic version of Janssen Products’ Prezista tablets. According to IQVIA data, Darunavir tablets had an estimated annual sales of $308 million in the US for the 12 months ending March 2023.

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Nava’s Zambia subsidiary discharges all overdue loan instalments

Nava Ltd announced that its Zambian subsidiary, Maamba Collieries Ltd. (MCL), has successfully paid off all overdue loan installments. As a result, the company’s overall liabilities have reduced from $483 million in December 2022 to $206 million. MCL has also been meeting its regular debt service requirement since March 2023. Following this achievement, MCL plans to engage with lenders in future discussions, building on the positive progress made.

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Bharat Petroleum starts pilot to test ED7 blend fuel

Bharat Petroleum Corp Ltd (BPCL) has launched a pilot program in partnership with Ashok Leyland and Hero Mototcorp to test the effectiveness of the ED7 fuel blend. The blend, consisting of 93% diesel and 7% ethanol, aims to revolutionize India’s biofuel economy and establish a more stable energy mix. Ashok Leyland conducted laboratory trials on their engines using the ED7 fuel. BPCL’s initiative aligns with India’s goal of reducing import bills and promoting a cleaner, greener future.

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Greaves Finance introduces ‘evfin’ platform for EV financing

Greaves Cotton Ltd’s subsidiary Greaves Finance Ltd has launched “evfin,” a financial platform aimed at transforming the landscape of electric vehicle (EV) financing. With a projected compound annual growth rate (CAGR) of 49% from 2022 to 2030, the domestic EV market is expected to reach an annual sales volume of one crore units by 2030. 

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Adani Ent’s Net Profit Jumps 137% YoY to Rs 722Cr in Q4 – Top Indian Market Updates

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

Adani Enterprises Q4 Results: Net profit jumps 137% YoY to Rs 722 crore

Adani Enterprises reported a 137% YoY increase in net profit to Rs 722.48 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 31,346 crore during the quarter. EBITDA stood at Rs 3,586 crore, up 183% YoY. The company’s board has approved a dividend of Rs 1.2 per equity share.

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Reliance Industries’ shareholders, creditors approve demerger of financial services arm

Reliance Industries’ shareholders and creditors have approved the demerger of its financial services unit with nearly 100% of the votes cast in favour. The unit will be renamed Jio Financial Services. Shareholders of Reliance Industries will receive one share of the demerged entity for every one share held in Reliance Industries. Shares of Jio Financial Services will be listed on both BSE and NSE after demerger.

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HDFC Q4 Results: Net profit jumps 20% YoY to Rs 4,426 crore

HDFC reported a 20% YoY jump in net profit to Rs 4,426 crore for Q4 FY23. Its total operating revenue rose 35.6% YoY to Rs 16,679.43 crore during the quarter. The bank’s Net Interest Income (NII) stood at Rs 5,321 crore, up 16% YoY. The bank’s board has approved a dividend of Rs 44 per equity share.

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Adani Ports sells coastal international terminals in Myanmar for $30 million

Adani Ports & Special Economic Zone Ltd (ASPEZ) has sold its Myanmar coastal international terminals to Solar Energy for $30 million. Solar Energy will pay the amount to APSEZ within three business days after completing compliance. Once APSEZ receives the transaction value, the equity transfer will occur and its exit will be concluded.

In other news, APSEZ handled 32.3 million tonnes of total cargo in April 2023, a YoY growth of 12.8%.

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Tata Power Q4 Results: Net profit jumps 48% YoY to Rs 939 crore

Tata Power reported a 48% YoY increase in net profit to Rs 939 crore for Q4 FY23. Its revenue increased 6% YoY to Rs 12,755 crore from Rs 12,085 crore during the same period. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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Patel Engineering JV bags orders worth Rs 1,310 crore

Patel Engineering and its Joint Venture (JV) partners have been awarded EPC Turnkey Basis projects worth Rs 1,310 crore. These projects are the Tumkur Branch Canal (Package III) Micro Irrigation Project from Visvesvaraya Jala Nigama and the Sher Micro Irrigation Project from the Water Resources Department of Madhya Pradesh.

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Vehicle registrations declines by 4% in April

Vehicle registrations in India declined by 4% to 1,724,935 units in April, with retail sales of two-wheelers down 7.3% and of passenger vehicles down 1.35%. According to data from the Federation of Automotive Dealers Associations (FADA), the decline was due to the shift to BSVI norms, untimely rains and advanced purchases in March ahead of an anticipated price rise.

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TVS Motor Q4 Results: Net profit jumps 49% YoY to Rs 410 crore

TVS Motor reported a 49% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue increased 19.4% YoY to Rs 6,605 crore during the quarter. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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G R Infraprojects secures highway project in UP

G R Infraprojects has won a bid for a highway project in Kausambi, Uttar Pradesh, with a bid of Rs 737.17 crore. The project involves constructing a 38.2 km section of NH-731A with paved shoulders. It is expected to be completed within 730 days, with an operation period of 15 years from the commercial operation date.

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Zydus Lifesciences gets final approval from USFDA to manufacture ulcer drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Sucralfate Tablets. The drug is used to treat and prevent ulcers in the intestines. The drug will be manufactured at Zydus Lifesciences’ topical manufacturing facility in Special Economic Zone, Ahmedabad.

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IGL signs MoU with ACME Cleantech to jointly supply GreenHydrogen, set up infrastructure

Indraprastha Gas Ltd (IGL) has signed a Memorandum of Understanding (MoU) with Acme Cleantech Solutions Pvt Ltd (ACME) to explore potential business opportunities for Green Hydrogen. IGL and ACME will explore opportunities to set up hydrogen generation plants, including electrolysers. They will also blend green hydrogen into IGL’s existing pipeline networks supplying gas to households, industries, and commercial setups, and CNG for vehicles.

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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.

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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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Viacom18 to Stream IPL for Free – Top Indian Market Updates

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

Viacom18 to stream IPL for free after paying $2.7 billion

Viacom18 will stream Indian Premier League cricket games for free using its exclusive rights to one of the world’s most-watched sporting events. Viacom18 Media Pvt., the joint venture between Paramount Global and Mukesh Ambani’s Reliance Industries Ltd., licensed the IPL streaming rights last year for $2.7 billion (~₹23,700 crore). The company’s executives have estimated that an audience of over 55 crore will watch the weeks-long IPL games.

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Biocon raises $129 million from Kotak to fund biosimilars deal

Kotak Mahindra Group’s asset management arm is set to invest $129 million (₹1,070 crore) in Biocon Ltd to help it fund its acquisition of Viatris Inc’s biosimilars business. Biocon Biologics completed the $3.34-billion acquisition of U.S.-based Viatris’s biosimilars business in late November. At the time, the company paid $2 billion in cash to Viatris and issued convertible preference shares worth $1 billion to fund the deal.

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Patel Engineering bags projects worth Rs 1,026 crore

Patel Engineering has bagged a water tunnel and an irrigation project totalling Rs 1,026 crore in Maharashtra and Karnataka. With the latest contract, the company’s total order book has increased to Rs 18,600 crore. The first project includes the design and construction of a long treated water tunnel in Raigad district of Maharashtra.

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Adani firm repays Rs 1,500 cr to SBI Mutual Fund, Aditya Birla Sun Life

Adani Group paid Rs 1,000 crore to SBI Mutual Fund and Rs 500 crore to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on Monday. SBI MF had an exposure of around Rs 1,000 crore to Adani Group, which has been repaid on maturity. With this payment, SBI MF has no further exposure to the Adani Group.

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HDFC Bank signs deal with Lulu Exchange to enhance cross-border payments

HDFC Bank and UAE-based Lulu Exchange have signed a Memorandum of Understanding (MoU) to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region. As Phase 1 of the partnership, it launched a digital inward remittance service called ‘RemitNow2India’. This will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC’s digital banking channels

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Bankruptcy court admits Zee Entertainment under the insolvency resolution process

The Mumbai bench of the National Company Law Tribunal (NCLT) admitted Zee Entertainment Enterprises Ltd. (ZEEL) and Siti Network Ltd under the Corporate Insolvency Resolution Process (CIRP). The development is likely to cause issues with ZEEL’s merger with Culver Max Entertainment (Sony). IndusInd Bank had approached the tribunal against ZEEL seeking payment of default of over Rs 89 crore.

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Wipro freshers’ salary cut: IT union NITES files complaint with labour ministry

Pune-based labour union Nascent Information Technology Employees Senate (NITES) has filed a complaint against Wipro Ltd with the central labour ministry alleging “unethical reduction” in salary offers of more than 4,000 candidates. The offer has been made to all ‘Velocity’ graduates of the 2022-23 batch. ‘Velocity’ is a skilling and training program undertaken by Wipro Elite candidates (₹3.5 LPA) to be eligible for the Turbo package (₹6.5 LPA) after they go through some skill upgradation courses.

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SBI allows BHIM-based real-time payment with Singapore

State Bank of India announced a partnership with PayNow, the online payment system of Singapore for cross-border payments. The facility is offered through SBI’s BHIM SBIPay mobile application and the linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using the UPI ID. The inward bilateral remittance between the two countries was around $949 million in 2021.

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FDI equity inflows decline 15% to $36.75 billion in Apr-Dec FY23

Foreign direct investment (FDI) into India declined by 15% YoY to $36.75 billion during the April-December of FY23, according to the latest Department for Promotion of Industry and Internal Trade data. The computer software and hardware sector attracted the highest inflows of $8 billion during the same period. Singapore emerged as the top investor with a $13 billion FDI.

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SBI Posts 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 41% YoY to Rs 9,113 crore

State Bank of India (SBI) reported a 41.27% YoY increase in net profit to Rs 9,113.52 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 15.26% YoY to Rs 31,198 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 3.97% in Q4 FY22, compared to 4.5% in Q3 FY22. SBI’s board has declared a dividend of Rs 7.10 per share.

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Maruti Suzuki to invest Rs 11,000 crore in first phase at Sonipat

Maruti Suzuki India Ltd will invest Rs 11,000 crore to make the first phase of its new manufacturing facility at Sonipat (Haryana) operational. The facility could emerge as the largest production base for the company in India. The first plant will have a manufacturing capacity of 2.5 lakh vehicles per annum. It is expected to be commissioned within 2025.

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Tech Mahindra Q4 Results: Net profit rises 39% YoY to Rs 1,506 crore

Tech Mahindra Ltd reported a 39.2% YoY (or 10% QoQ) increase in consolidated net profit to Rs 1,506 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24.5% YoY (or 5.8% QoQ) to Rs 12,116 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. Tech Mahindra’s board has declared a final dividend of Rs 15 per share.

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Zydus Lifesciences launches drug for treating bad cholesterol

Zydus Lifesciences Ltd has launched its Bempedoic acid drug under the ‘Bemdac’ brand. The drug offers a new line of treatment for patients suffering from uncontrolled levels of bad cholesterol, despite lifestyle modifications. Low-density lipoprotein cholesterol (LDL-c) increases the chances of health problems such as heart attack or stroke.

Read more here.

Eicher Motors Q4 Results: Net profit rises 16% YoY to Rs 610 crore

Eicher Motors Ltd reported a 15.96% YoY increase in consolidated net profit to Rs 610.14 crore for the quarter ended March (Q4 FY22). Net profit rose 34% when compared to the previous quarter. Its revenue from operations grew 8.6% YoY (or 11% QoQ) to Rs 3,193.32 crore during the same period. The automaker’s board has declared a dividend of Rs 21 per share.

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L&T secures order from Rajasthan govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Rajasthan government for executing a parallel carrier system to the Rajiv Gandhi Lined Canal. The project will serve the water demands of the districts of Jodhpur, Pali, and Barmer. It will also supply raw water to Delhi Mumbai Industrial Corridor and Rajasthan State Industrial Development Investment Corporation Ltd (RIICO).

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HAL Q4 Results: Net profit rises 91% YoY to Rs 3,105 crore

Hindustan Aeronautics Ltd (HAL) reported a 90.8% YoY increase in consolidated net profit to Rs 3,105.17 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 6.4% YoY to Rs 11,561.1 crore during the same period. EBITDA stood at Rs 2,499.7 crore in Q4, down 7.9% YoY. Total expenses rose 11.1% YoY to Rs 9,061.3 crore.

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Patel Engineering secures contract worth Rs 2,461 for Kwar HE Project

Patel Engineering Ltd has bagged a contract worth Rs 2,461 crore for constructing a diversion tunnel, concrete gravity dam, pressure shafts, underground powerhouse, and tailrace tunnel for the Kwar HE Project in Jammu & Kashmir. The project aims to harness the vast hydro potential of the Chenab river.

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Bandhan Bank Q4 Results: Net profit jumps 1,747% YoY to Rs 1,902.3 crore

Bandhan Bank reported a 1,747% YoY jump in net profit to Rs 1,902.3 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 44.6% YoY to Rs 2,539.8 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.46% in Q4 FY22, compared to 6.81% in Q4 FY21. Provisions stood at Rs 4.7 crore in Q4 FY22, down 99.7% YoY.

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Escorts Q4 Results: Net profit falls 28% YoY to Rs 190 crore

Escorts Limited reported a 28.42% YoY decline in consolidated net profit to Rs 189.98 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 15.7% YoY to Rs 1,878.51 crore during the same period. Tractor volumes fell 32.8% YoY to 21,985 units in Q4. Construction equipment sales stood at 1,286 units, down 19.8% YoY. The company’s board has declared a final dividend of Rs 7 per share.

Read more here.

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Coal India’s Supplies to Power Sector Rise 14% – Top Indian Market News

Coal India’s supplies to power sector rise 14% amid surging demand

Coal India Ltd (CIL) has increased supplies to coal-based electricity generating plants by 14.2% in the first half of April. The company’s supplies have hit 1.6 million tonnes per day (MTPA) during this period. However, soaring power demand due to hotter-than-normal summer seems to have exceeded the upsurge in supplies. CIL is coordinating with the ministries of coal, power, and railways to build up stocks at power plants. 

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Amazon, Reliance, Sony competing for IPL broadcast rights: Report

Amazon.com, Inc., The Walt Disney Co., and Reliance Industries Ltd are among those that have signaled an intention to bid for the broadcast rights of the Indian Premier League (IPL). Sony Group Corp, Zee Entertainment Enterprises Ltd, and fantasy-sports platform Dream11 have also purchased bid-related documents from the Board of Control for Cricket in India (BCCI). The BCCI will be conducting the online auction from June 12 onwards.

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IndiGo, Qatar Airways reactivate codeshare partnership

Qatar Airways and IndiGo are reactivating their codeshare partnership following India’s decision to resume regular international passenger flights from March 27. In a codeshare partnership, each carrier on its distribution system can sell seats of other’s flights. As part of this expanded code-share agreement, Qatar Airways will place its marketing code on IndiGo-operated flights between Doha and Delhi, Mumbai, & Hyderabad, starting from April 25.

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L&T secures orders for its water & effluent treatment business

Larsen & Toubro Construction’s international arm has secured a contract for its water & effluent treatment business to construct and commission water supply schemes for various towns in Tanzania. The project will be funded by the EXIM Bank of India. The company has also received add-on domestic orders from the Uttar Pradesh State Water & Sanitation Mission to implement various rural water supply projects.

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Ajmera Realty targets sales value realisation of Rs 5,000 crore in the next 3-5 years

Ajmera Realty & Infra India Ltd expects to clock in sales worth Rs 5,000 crore in the next 3-5 years from its existing projects and future launches. The company also announced plans to launch six projects in the current and the next financial year with a revenue potential of Rs 4,000 crore. The funding for these new projects will be via a mix of internal accruals, bank funding, and sales advances.

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TCS expands multi-year partnership deal with IRONMAN Group Oceania 

Tata Consultancy Services (TCS) has expanded its partnership with The IRONMAN Group Oceania in a multi-year deal for Sun-Herald City2Surf, the world’s largest fun run. The IT firm will continue to power the official event app, enhancing the fun run experience with live results tracking and leader board data. It will also include custom City2Surf selfie frames and a personalised race-ready checklist.

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Patel Engineering secures contract worth Rs 419 crore from MCGM

Patel Engineering has bagged a contract worth Rs 419.70 crore from the Municipal Corporation of Greater Mumbai (MCGM). The scope of the contract involves the construction of a tunnel from Powai to Ghatkopar high-level reservoir and further up to Ghatkopar low-level reservoir. The work is scheduled to be completed in 51 months as per the contract terms.

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Reliance Jio loses 36 lakh subscribers in Feb, Bharti Airtel adds 15 lakh: TRAI 

Reliance Jio lost 36.6 lakh subscribers in February 2022, taking its total customer base to 40.27 crore. Bharti Airtel gained 15.91 lakh subscribers in Feb, while Vodafone Idea (Vi) lost 15.32 lakh subscribers. Airtel and Vi’s total customer count stood at 35.8 crore and 26.35 crore, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Reliance Brands to acquire 51% stake in Abu Jani Sandeep Khosla

Reliance Brands Ltd (RBL) has signed a definitive agreement to acquire a 51% majority stake in couturiers Abu Jani Sandeep Khosla (AJSK). AJSK currently has three other labels— ASAL by Abu Sandeep (a formal, occasion & wedding wear, womenswear label) GULABO, and MARD (a formal and occasion wear men’s label). RBL is a subsidiary of Reliance Retail Ventures Ltd.

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Market News Top 10 News

HDFC to Raise up to Rs 6,000 crore via Bonds – Top Indian Market News

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HDFC plans to raise up to Rs 6,000 crore via bonds

Housing Development Finance Corp (HDFC) will raise up to Rs 6,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The NCDs will have a base issue size of Rs 3,000 crore, with an option to retain oversubscription of Rs 3,000 crore (greenshoe option). The object of the issue is to augment/boost its long-term resources. The proceeds from the issue will be utilised for financing or refinancing the housing finance business requirements of HDFC.

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EaseMyTrip, InterGlobe Tech Quotient announces $10 million deal to boost expansion

EaseMyTrip has signed an agreement with InterGlobe Technology Quotient (ITQ) to provide seamless access to ITQ’s travel commerce platform– Travelport (1G). The deal is worth $10 million (~Rs 73.85 crore) as advance revenue from ITQ. “Our agreement along with the commitment to innovate and offer cutting-edge technologies will bring greater developments for both companies in the future”, said Sandeep Dwivedi, COO at ITQ. ITQ is a strategic business unit of InterGlobe Enterprises and connects nearly 2 lakh agency terminals.

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RIL to acquire stake in Google-backed Glance InMobi: Report

According to a report from Mint, Reliance Industries Ltd (RIL) is in talks to buy a stake in Indian mobile content provider Glance InMobi Pte. RIL is reportedly considering an investment of $300 million (~Rs 2,215 crore) in the unicorn (billion-dollar startup). Glance InMobi is backed by Alphabet Inc.’s Google. The company pushes curated news and entertainment content onto phone lock screens and runs a short video app. 

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IndusInd Bank partners with Vistara to launch co-branded credit card

Full-service carrier Vistara has partnered with IndusInd Bank to launch a co-branded credit card— Club Vistara IndusInd Bank Explorer. The credit card will offer various benefits such as complimentary business class tickets, membership of the airline’s frequent flyer program, and lounge access. Other benefits include rescheduling fee waivers on direct booking of Vistara flights, luxury gift vouchers, complimentary movie tickets, and dining vouchers.

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Centre launches second auction attempt for 11 coal mines

The Centre has announced the launch of the second attempt of the auction process for 11 coal mines for commercial mining. These are the mines that were offered in the first auction attempt launched in March 2021 and had fetched single bids. Out of the 11 coal mines on offer, six are fully explored and five are partially explored. The auction for these mines will be held online through a transparent two-stage process based on percentage revenue share.

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Nucleus Software’s offline retail payment product passes RBI’s Regulatory Sandbox

The Reserve Bank of India (RBI) has successfully evaluated Nucleus Software Exports’ offline retail payment product, PaySe, under the cohort of Regulatory Sandbox with “Retail Payment” as its theme. PaySe is an online and offline digital payment solution that has been designed to make banking services more accessible in remote geographies. Regulatory Sandbox refers to live testing of new products or services in a controlled regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of testing.

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Patel Engineering secures order for 500 MW Teesta-VI hydro power project

Patel Engineering Ltd (PEL) has secured a civil work order worth Rs 1,251 crore for the 500 MW Teesta-VI hydro-power project in Sikkim from Lanco Teesta Hydro Power Ltd, a subsidiary of state-run NHPC. The project is located in South Sikkim District. Mumbai-based PEL has a strong presence in tunnels and underground works for hydroelectric and dam projects. 

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Piramal Enterprises to raise Rs 400 crore via NCDs

The Board of Directors of Piramal Enterprises Ltd has approved a proposal to raise up to Rs 400 crore via non-convertible debentures (NCDs). The company will issue secured, rated, listed, redeemable NCDs worth up to Rs 200 crore along with an option to retain oversubscription of up to Rs 200 crore on a private placement basis. The NCDs will be listed on the Wholesale Debt Segment and Capital Market Segment of BSE and NSE and carry a coupon rate of 8% per annum.

Adani Enterprises’ arm signs pact with April Moon Retail to operate duty-free outlets in airports

Adani Airport Holdings (AAHL) has signed a share subscription agreement with April Moon Retail Pvt Ltd (AMRPL) and existing shareholders to operate duty-free outlets in airports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. The company will acquire a 74% stake in AMRPL for Rs 7.40 lakh

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