persistent systems Archives

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

IndusInd Bank Q3 Results: Net profit rises 58% YoY to ₹1,963 crore

IndusInd Bank reported a 58% year-on-year (YoY) increase in net profit to ₹1,963.64 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 18% YoY to ₹4,495 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.48% in Q3 FY22 to 2.06% in Q3 FY23. The bank’s provisions declined 36% YoY to ₹1,065 crore in Q3 FY23.

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AGEL subsidiary to acquire 50% stake in Essel Saurya Urja Company of Rajasthan

Adani Renewable Energy Holding Two Ltd will acquire a 50% equity stake in Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL) from Essel Infraprojects for ₹15 crore. The Government of Rajasthan will continue to hold the remaining 50% stake in ESUCRL. ESUCRL owns and operates a solar park with 750 megawatts (MW) capacity in Rajasthan.

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Persistent Systems Q3 Results: Net profit rises 35% YoY to ₹238 crore

Persistent Systems Ltd reported a 35% YoY increase in net profit to ₹237.9 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 45.4% YoY to ₹2,169.3 crore during the same period. Total expenses stood at ₹1,849.6 crore in Q3, up 43.83% YoY. The IT firm’s board has approved an interim dividend of ₹28 per share.

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Hindalco Industries looking to raise ₹700 crore via NCDs

Hindalco Industries Ltd announced the public issue of non-convertible debentures (NCDs) worth ₹700 crore. The company will allot 70,000 rated, listed, unsecured, redeemable, NCDs of ₹1 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Rallis India Q3 Results: Net profit falls 43% YoY to ₹22.6 crore

Rallis India reported a 43% YoY decline in net profit to ₹22.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 0.4% YoY to ₹630.9 crore during the same period. EBITDA fell nearly 21% YoY to ₹53.3 crore in Q3. Tata Group-owned Rallis India is a chemical manufacturing company.

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Cipla launches testing device for non-communicable and infectious diseases

Cipla Ltd announced the launch of Cippoint, a point-of-care testing device that offers a wide range of testing parameters such as diabetes, thyroid function, cardiac markers, and other health conditions. The device will allow healthcare professionals to get test results in 3-15 minutes. With the launch, the pharma company looks to bridge the current gap in the diagnostic ecosystem in India by providing reliable and accurate tests at affordable prices.

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RVNL emerges as lowest bidder for 2 projects

The consortium of Rail Vikas Nigam Ltd (RVNL) and Siemens India has emerged as the lowest bidders for two projects. RVNL will supply, test, and commission the power supply receiving & distribution system for Surat Metro Rail Project Phase-I. The consortium also emerged as the lowest bidder for similar work for Ahmedabad Metro Rail Project Phase-II. The cost of the first project would be ₹673.80 crore, and the second project ₹384.30 crore.

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Jubilant FoodWorks brings US chicken brand Popeyes to Chennai

Jubilant FoodWorks Ltd has opened its first restaurant of the American fried chicken brand Popeyes in Chennai. The company inaugurated its first restaurant in Bengaluru, which was followed by rapid expansion to 12 restaurants across the city in less than a year. In Chennai, Popeyes would welcome guests at its first restaurant from January 20 onwards at the Phoenix Marketcity Mall.

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India’s coal production target at more than 1 billion tonnes for FY24: Govt

The Central government has set a coal production target of more than one billion tonnes (BT) for the next financial year (FY24). State-owned Coal India Ltd (CIL) has been given the task to produce 780 million tonnes (MT) of coal, followed by 75 MT for Singareni Collieries Company Ltd (SCCL) and 162 MT for captive and commercial mines. A total of 290 mines are operational in CIL, out of which 97 mines produce more than 1 MT per year.

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EID Parry commissions 120 KLPD distillery at Andhra Pradesh unit

EID Parry (India) Ltd has commenced commercial operations at the new 120-kilo litre per day (KLPD) distillery at its sugar unit in Sankili, Andhra Pradesh. The company’s Sankili sugar unit has the flexibility to operate with multiple feedstocks— molasses, cane juice, and syrup/grain based. The Indian Government has announced an Ethanol Blending Program of 20% by 2025, and EID Parry intends to avail this opportunity by increasing its entry into Ethanol production.

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SBI Q4 Results: Net profit rises 80% YoY to Rs 6,451 crore

State Bank of India (SBI) reported an 80.14% year-on-year (YoY) increase in standalone net profit to Rs 6450.75 crore for the quarter ended March (Q4). Net interest income (NII) rose 19% YoY to Rs 27,067 crore during the same period. [NII is the difference between the interest income a bank receives on loans, and the interest it pays to depositors] The gross non-performing assets (GNPA) ratio rose to 4.98% in Q4, compared with 4.77% in Q3. Provisions declined by 18.11% YoY to Rs 11,051 crore during the quarter. SBI’s board has declared a dividend of Rs 4 per share.

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India’s gas output rises 23% in April as RIL-BP fields start production

India’s natural gas production increased by 22.7% in April, after Reliance Industries Ltd (RIL) and UK-based BP Plc ramped up output from their eastern offshore KG-D6 block. Our country produced 2.65 billion cubic meters (bcm) of natural gas in April, compared with 2.16 bcm in the same month last year. Crude oil production declined by 2% YoY to 2.49 million tonnes in April, as state-owned ONGC and Oil India Ltd produced less. The data was released by the Ministry of Petroleum and Natural Gas.

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JSW Steel Q4 Results: Net profit rises 56.5% QoQ to Rs 4,198 crore

JSW Steel Limited reported a 56.5% quarter-on-quarter (QoQ) rise in consolidated net profit to Rs 4,198 crore for the quarter ended March (Q4 FY21). Net profit has jumped 1,717% YoY. Its revenue from operations rose 51% YoY to Rs 26,934 crore during the same period. The steelmaker’s exports grew 3.8% QoQ. JSW Steel’s board has announced a final dividend of Rs 6.5 per share. The company has also approved new projects that entail a capital expenditure of Rs 25,115 crore, spread between FY22 and FY24.

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SJVN secures 75 MW solar project in Uttar Pradesh

SJVN Limited has secured a 75 megawatt (MW) grid-connected solar project in Jalaun, Uttar Pradesh through tariff-based competitive bidding. The power generated from the project will be procured by Uttar Pradesh New and Renewable Development Agency (UPNEDA) for 25 years at Rs 2.68 per kilowatt-hour (KWh). SJVN is a joint venture between the Government of India (GoI) and the Himachal Pradesh government.

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Hindalco Q4 Results: Net profit jumps 189% YoY to Rs 1,928 crore

Hindalco Industries reported a 189% YoY jump in consolidated net profit to Rs 1,928 crore for the quarter ended March (Q4). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 38% YoY to Rs 40,507 crore during the same period. The company’s India business posted a 72% YoY growth in revenue to Rs 653 crore in Q4. This was aided by higher volume growth, better product mix, and lower input costs. Hindalco’s board has declared a final dividend of Rs 3 per share.

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Antony Waste Handling Cell receives C&T contract from Jhansi Smart City

AG Enviro Infra Projects, a subsidiary of Antony Waste Handling Cell Ltd, has received a Letter of Intent (IoT) from Jhansi Smart City Ltd for door-to-door Collection and Transportation (C&T) of solid waste. The C&T contract is worth Rs 21 crore and is applicable for a period of five years. It involves the collection of solid waste from points such as households, commercial shops, and bulk waste generators.

Shree Cement Q4 Results: Net profit rises 49% YoY to Rs 798 crore

Shree Cement Ltd reported a 48.98% YoY (or 26.5% QoQ) increase in consolidated net profit to Rs 798.43 crore for the quarter ended March (Q4). Its revenue from operations rose 23.12% YoY to Rs 4,204.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 48.83% YoY to Rs 2,285.87 crore. Shree Cement’s board has recommended a final dividend of Rs 60 per share.

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IndiGo selects CFM’s engines to power 310 A320neo family aircraft

InterGlobe Aviation (IndiGo) has selected CFM International LEAP-1A engines to power its fleet of 310 new Airbus A320neo, A321neo, and A321XLR aircraft. The airline has ordered 620 new installed engines and associated spare engines. The agreement with CFM also includes long-term, multi-year service contracts. The new agreement will help IndiGo secure LEAP-1A engines and service agreements for its A320neo family aircraft from 2023 onwards.

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Persistent Systems to acquire assets of Sureline Systems for $2.5 million

Persistent Systems Ltd has entered into an agreement to acquire select contracts, intellectual property, assets, and employees of Sureline Systems for $2.5 million (~Rs 18.20 crore). The acquisition is expected to strengthen Persistent Systems’ cloud transformation offering and solutions by reducing cloud migration costs. Based in California and Pune, Sureline Systems provides cloud migration and disaster recovery solutions.

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Dr. Lal PathLabs Q4 Results: Net profit jumps 156% YoY to Rs 83 crore

Dr. Lal PathLabs Ltd reported a 156% YoY jump in net profit to Rs 83.4 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 42% YoY to Rs 431 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 30% YoY to Rs 290.8 crore. The company’s board has declared a final dividend of Rs 8 per share.

South Indian Bank Q4 Results: Net profit at Rs 6.79 crore

South Indian Bank reported a net profit of Rs 6.79 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 143.69 crore in the corresponding quarter last year (Q4 FY20). Total income declined by 10.4% YoY to Rs 2,098.25 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio rose to 6.97% as of March 31, 2021 (FY21), compared with 4.98% in FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 41% YoY to Rs 61.9 crore.

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