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UltraTech Cement’s Profit Falls 36% YoY to Rs 1,666 crore – Top Indian Market Updates

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

UltraTech Cement Q4 Results: Profit falls 36% YoY to Rs 1,666 crore

UltraTech Cement reported a 36% YoY fall in net profit to Rs 1,666 crore for Q4 FY23. However, its revenue from operations rose 18% YoY to 18,562 crore during the same period. The company’s  EBITDA for the quarter stood at Rs 3,444 crore, up 9% YoY. The company’s board has recommended a dividend of Rs 38 per equity share.

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India’s core sector output grows 3.6% in March

India’s core sector output grew 3.6% YoY in March 2023, down from 6% growth in the previous month. The production of coal, fertilizers, steel, natural gas, and refinery products increased during the month. The Eight Core Industries account for 40.27% of the weight of items included in the Index of Industrial Production (IIP).

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Laurus Labs Q4 Results: Profit falls 56% YoY to Rs 103 crore

Laurus Labs reported a 56% YoY fall in net profit at Rs 103 crore for Q4 FY23. Total revenue stood at Rs 1,381 crore, a 3.1% decline from Q4 FY22. EBITDA fell 28% YoY to Rs 285.6 crore, and EBITDA margin stood at 20.7% in Q4 FY23. The company’s board approved a second interim dividend of Rs 1.20 per equity share of Rs 2 each.

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Adani pays back $200 million Holcim debt, seeks loan extension

Adani Cement Industries has pre-paid $200 million from the $1 billion mezzanine loan it took from global banks to fund the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. The pre-payment will help Adani seek an extension of the debt taken to fund the acquisition by three years.

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DLF Cyber City Developers buys 26.43% stake in Suncloud Solar

DLF Cyber City Developers Ltd (DCCDL) has acquired a 26.43% stake in Suncloud Solar Private Ltd for Rs 8.41 crore. The acquisition was made through one of its wholly-owned subsidiaries, DLF Info City Chennai Ltd. Suncloud Solar is a special-purpose vehicle of Cleantech Solar India OA 2 Pte. Ltd., and it is responsible for the construction, operation, and maintenance of a captive generating plant.

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Star Health Q4 Results: Net profit at Rs 619 crore

Star Health and Allied Insurance reported a net profit of Rs 619 crore for Q4 FY23, in contrast to a loss of Rs 1,041 crore in Q4 FY22. The gross written premium (GWP) for Q4 FY23 was Rs 12,952 crore, a 13% YoY increase. The operating expense to GWP ratio was 15.9% in FY23, and the company’s solvency ratio was 2.14x, higher than the minimum regulatory requirement of 1.5x.

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Thermax bags Rs 271 crore order for mechanical balance of plant works

Thermax has received an order worth Rs 271.50 crore from India’s largest private sector oil refinery for mechanical balance of plant (MBoP) works for the captive power plant at their new oil-to-chemical (O2C) facility in western India. The captive power plant is expected to meet the incremental power demand of upcoming projects at the customer’s premise as part of the O2C expansion and the establishment of a mega factory.

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PI Industries announces twin acquisitions in Pharma API, CDMO space

PI Industries Ltd has acquired Therachem Research Medilab LLC’s Indian subsidiaries and assets in the US for $50 million. Its subsidiary, PI Health Sciences Ltd, signed the definitive documents, and up to $25 million has been committed in performance-linked pay-outs over the next six years. The acquisition will allow PI Industries to enter the pharma API and CDMO spaces.

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CarTrade Tech Q4 Results: Profit at Rs 17.5 crore, revenue grows 19% YoY

CarTrade Tech reported a consolidated net profit of Rs 17.49 crore for Q4 FY23 compared to a net loss of Rs 21.39 crore in Q4 FY22. The revenue for the quarter grew by 19% YoY to Rs 116.6 crore. The adjusted EBITDA for Q4 FY23 was Rs 39.83 crore. CarTrade Tech received 34 million average monthly unique visitors for Q4 FY23, of which 86% were organic.

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India’s forex reserves fall $2.17 billion to $584.25 billion

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves decreased by $2.165 billion to $584.248 billion as of April 21, 2023. The country’s forex reserves had risen to a nine-month high of $586.412 billion the previous week. The dip was largely attributed to a decrease in foreign currency assets, which fell by $2.146 billion to $514.489 billion.

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Mankind Pharma IPO subscribed 15.32 times

The ₹4,326-crore initial public offering (IPO) of Mankind Pharma was subscribed 15.32 times on the final day of bidding. The shares of the Delhi-based pharmaceutical and healthcare products maker are expected to list on the leading stock exchanges BSE and NSE on May 9, 2023.

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NOTE: The Indian markets will be closed on Monday (May 1) on account of Maharashtra Day.

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Equity Mutual Fund Inflows Hit 10-Month Low in August – Top Indian Market Updates

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

Equity mutual fund inflows hit 10-month low in August

Data released by the Association of Mutual Funds in India (AMFI) showed that Inflows into equity mutual funds fell 31% YoY to ₹6,119.58 crore in August. Investors continued to withdraw money amidst rising interest rates and high inflation. The monthly Systematic Investment Plan (SIP) contribution stood at ₹12,693.45 crore in August, an all-time high. 

The mutual fund industry’s net assets under management (AUM) hit an all-time high of ₹39.33 lakh crore in August, increasing 7% YoY.

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Govt clears PLI incentive of ₹53 crore for Dixon Tech

Dixon Technologies Ltd has become the first producer of mobile phones to get approval for the disbursement of incentives under the government’s Production-Linked Incentive (PLI) scheme. The company will be eligible to receive ~₹53 crore for the first quarter of operation between October to December 2021 as an incentive on incremental sales. The incentive amount will be disbursed in the next few days.

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India considers new coal imports as energy supply concern grows

Energy officials in India are considering whether further coal imports may be needed to avoid any power supply crunch. Stockpiles of coal at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days’ supply. This is well below the required levels of more than three weeks. Coal helps produce about 70% of India’s electricity.

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PVR to seek approval from shareholders, creditors on Oct 11 for merger with INOX

PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for its merger with INOX Leisure. The two entities announced the merger plan in March 2022, and the merged company will be called PVR Inox. However, the branding of existing screens will continue as PVR and INOX. The boards of both companies decided that the shareholders of INOX Leisure would receive 3 stocks of PVR for every 10 stocks of Inox they hold.

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Zydus Lifesciences secures rights to market MonoFerric injection in India, Nepal

Zydus Lifesciences Ltd has secured rights to market MonoFerric injection in India and Nepal from Denmark-based Pharmacosmos A/S. The drug is used to treat iron deficiency in adult patients when oral iron preparations are ineffective. MonoFerric is available in over 30 countries (including the US and Europe), and over 28 million doses have been administered since launch.

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Tata Group in talks to join an elite club of iPhone makers

Tata Group is in talks with Wistron Corp, a Taiwanese supplier to Apple Inc., to establish an electronics manufacturing joint venture as they seek to assemble iPhones in India. As per reports, Tata Group wants to tap Wistron Corp’s expertise in product development, supply chain, and assembly. If successful, the pact could make Tata the first Indian company to build iPhones.

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Lupin gets USFDA approval for generic used to cleanse colon

Lupin Ltd has launched the generic version of Suprep Bowel Prep Kit Oral Solution in the US after getting approval from the US Food & Drug Administration (USFDA). The drug is used for cleansing the colon as a preparation for colonoscopy. As per IQVIA MAT data, RLD Suprep Bowel Prep Kit had estimated sales of $202 million in the U.S during the 12 months ended July 2022. 

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Ashok Leyland signs pact with UK-based Libertine for powertrain technology

Ashok Leyland Ltd has signed an agreement with UK-based Libertine Holdings to evaluate the use of Libertine’s technology platform for its commercial vehicle (CV) powertrains. Libertine is a developer of clean and fuel-flexible linear generator technology (LGT). Under the terms of the agreement, Ashok Leyland will explore the scope for LGT product development and demonstration within its CV portfolio.

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PI Industries looks to buy promoter stake in Granules India: Report

As per a report by ET NOW, PI Industries is looking to acquire a promoter stake in Granules India. “Initial discussions between the two companies have already taken place,” the report said. The promoters of Granules India have a 42% stake in the pharma company valued at ₹3,200 crore.

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Tata Motors to Invest Rs 28,900 crore in JLR, Domestic Biz in FY22 – Top Indian Market News

Tata Motors to invest Rs 28,900 crore in JLR, domestic business in FY22

Tata Motors has announced plans to invest Rs 28,900 crore mostly for its British arm Jaguar Land Rover (JLR) and domestic business in the current financial year (FY22). The company is also looking to raise capital separately for its electric vehicle (EV) business. It is aiming for 25% sales from the EV segment in the medium to long term. Tata Motors had earlier announced that it will be launching at least 10 EV models before 2025. The automaker will also launch an EV platform for the last-mile commercial vehicles segment. They are investing in the development of hydrogen fuel cell vehicles as well. 

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NTPC Q1 Results: Net profit rises 18% YoY to Rs 3,411 crore 

NTPC Limited reported an 18% YoY increase in consolidated net profit to Rs 3,411.56 crore for the quarter ended June (Q1 FY22). Net profit has declined by 24.9% when compared to the previous quarter. Its revenue from operations rose 14% YoY to Rs 29,888.02 crore during the same period. The company’s gross power generation increased to 71.74 billion units (BU) in Q1 FY22, compared to 60.18 BU in Q1 FY21. NTPC’s board has approved a proposal to raise up to Rs 18,000 crore through the issuance of non-convertible debentures.

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Torrent Power to acquire 50-MW solar power plant from Lightsource India

Torrent Power Ltd has signed a share purchase agreement with Lighsource India and Lightsource Energy (India) for the acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1. The special purpose vehicle (SPV) operates a 50 megawatt (MW) solar power plant in Maharashtra. It has a long-term Power Purchase Agreement with Solar Energy Corporation of India (SECI) for full capacity for a period of 25 years. The estimated enterprise value for this acquisition is ~Rs 317 crore.

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IDFC First Bank Q1 Results: Net loss at Rs 630 crore

IDFC First Bank reported a net loss of Rs 630 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 93.55 crore in Q1 FY21 and Rs 127.81 crore in Q4 FY21 (previous quarter). The bank’s net interest income (NII) rose 25% YoY to Rs 2,185 crore in Q1 FY22. The gross non-performing assets (GNPA) ratio stood at Rs 4.61% in Q1 FY22, compared to 4.15% in the previous quarter. IDFC First Bank had created additional Covid-19 provisions of Rs 350 crore in Q1, taking the total Covid-19 provision pool to Rs 725 crore. 

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CDSL Q1 Results: Net profit rises 37% YoY to Rs 64 crore

Central Depository Services Ltd (CDSL) reported a 37% YoY increase in consolidated net profit to Rs 64 crore for the quarter ended June (Q1 FY22). Net profit has increased by 23% when compared to the previous quarter. Its total income rose 51% YoY to Rs 130 crore during the same period. CDSL maintains and services ~3.9 crore demat accounts of investors or beneficial owners across India.

PI Industries Q1 Results: Net profit rises 29% YoY to Rs 187 crore

PI Industries Ltd reported a 28.6% YoY increase in consolidated net profit to Rs 187.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 4.12% when compared to the previous quarter. Its total income rose 14.3% YoY to Rs 1,221.5 crore during the same period. PI Industries has entered into a business transfer agreement with Ind Swift Laboratories Ltd (ISLL) and certain promoters of ISLL for the acquisition of its API business division for Rs 1,530 crore.

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Krsnaa Diagnostics to launch IPO on August 4: price band fixed at Rs 933-954 per share

Krsnaa Diagnostics Ltd will launch its initial public offering (IPO) on August 4. The company has fixed a price band of Rs 933-954 per share for its public issue. The IPO consists of a fresh issue of shares aggregating to Rs 400 crore and an offer for sale (OFS) of up to 85.3 lakh shares. The proceeds from the issue will be used for establishing diagnostics centers in Punjab, Haryana, Karnataka, and Maharashtra. A part of the proceeds will also be used to repay debt.

Meanwhile, Devyani International will also launch its IPO on August 4. It is the largest franchisee of KFC, Pizza Hut, and Costa Coffee in India. The company has fixed a price band of Rs 86-90 per share for its IPO.

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Relaxo Footwear Q1 Results: Net profit rises 27.8% YoY to Rs 30.96 crore

Relaxo Footwears Ltd reported a 27.8% YoY increase in net profit to Rs 30.96 crore for the quarter ended June (Q1 FY22). Net profit has declined by 69.7% when compared to the previous quarter. Its revenue from operations rose 36.7% YoY to Rs 497.13 crore during the same period. The company’s expenses increased by 36.67% YoY to Rs 462.15 crore in Q1. Relaxo Footwears’ operations were severely disrupted during April and May due to localised lockdowns across geographies.

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Rain Industries Q1 Results: Net profit jumps 786% YoY to Rs 235.29 crore

Rain Industries Ltd reported a 786.8% YoY jump in consolidated net profit to Rs 235.29 crore for the quarter ended June (Q1 FY22). Net profit has increased by 14.07% when compared to the previous quarter. Its total income rose 54.17% YoY (or 20.64% QoQ) to Rs 3,680.59 crore during the same period. Rain Industries is a leading manufacturer of calcined petroleum coke, coal tar pitch, and other high-quality basic and specialty chemicals. 

Britannia Q1 Results: Net profit declines 29% YoY to Rs 387 crore

Britannia Industries Ltd reported a 28.7% YoY decline in consolidated net profit to Rs 387 crore for the quarter ended June (Q1 FY22). Its revenue from operation declined by 0.5% YoY (increased by 8.7% QoQ) to Rs 3,403.5 crore during the same period. EBITDA declined by 22.8% YoY to Rs 553.8 crore in Q1.

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