PLI Archives

Cabinet approves Rs 6,322 crore PLI scheme for specialty steel

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for specialty steel. Incentives worth Rs 6,322 crore will be provided to eligible manufacturers over five years. The scheme is expected to bring in investments of approximately Rs 40,000 crore and capacity addition of 25 million tonnes (MT). It will cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, electrical steel, etc. The PLI scheme for the steel sector will enhance exports and minimize dependence on imports of high-end steel in India.

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Hindustan Unilever Q1 Results: Net profit rises 9.6% to Rs 2,061 crore

Hindustan Unilever Ltd (HUL) reported a 9.6% YoY jump in standalone net profit to Rs 2,061 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 13% YoY to Rs 11,915 crore during the same period. EBITDA grew 7.7% YoY to Rs 2,847 crore in Q1. HUL registered a 12% YoY rise in domestic consumer growth during the quarter. The company’s revenue growth in Q1 was mainly led by double-digit growth of its foods & refreshments and personal care segments.

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UltraTech Cement Q1 Results: Net profit jumps two-fold to Rs 1,703 crore

UltraTech Cement Ltd reported a 114.4% YoY jump in consolidated net profit to Rs 1,703 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4.09% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 11,829 crore during the same period. The company’s sales volume stood at 21.53 million metric tonnes (MMT), a growth of 47% YoY.

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Adani Ports to raise $500 million through dollar bonds

Adani Ports & Special Economic Zone (APSEZ) aims to raise at least $500 million (~Rs 3,720 crore) on offshore debt through dollar bonds. The proceeds will be used to repay existing debt, meet capital expenditure requirements, and for general corporate purposes of the company’s subsidiaries in India and Sri Lanka. Axis Bank, Barclays, Bank of America, and Citi are advising the company on the fundraisal.

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Bajaj Auto Q1 Results: Net profit more than doubles to Rs 1,061 crore

Bajaj Auto Ltd reported a 101.2% YoY jump in standalone net profit to Rs 1,061.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.3% when compared to the previous quarter. Its revenue from operations rose 139.88% YoY to Rs 7,386 crore during the same period. Bajaj Auto sold nearly 3.42 lakh units of motorcycles and commanded a market share of 19.7% in Q1. The company announced the formation of a wholly-owned subsidiary to venture into the electric mobility segment.

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Tata Power to transfer 100% stake held in Trust Energy Resources to Tata Power International

Tata Power Company Ltd has signed a share purchase agreement (SPA) with Tata Power International Pte. Ltd (TPIPL) for the sale of 100% equity shares held in Trust Energy Resources (TERPL) for $285.64 million (~Rs 2,125 crore). Both TPIPL and TERPL are wholly-owned subsidiaries of Tata Power. The transaction is likely to be completed in the next two to three weeks.

IEX Q1 Results: Net profit rises 49% YoY to Rs 62.8 crore

Indian Energy Exchange (IEX) reported a 49.23% YoY increase in consolidated net profit to Rs 62.81 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.1% when compared to the previous quarter. Its total income rose 26.86% YoY (or 2.5% QoQ) to Rs 102.87 crore during the same period. IEX’s board has declared a final dividend of Rs 1.5 per share for the financial year 2020-21 (FY21). You can learn more about IEX’s operations here.

TCS partners with Dutch Open Golf Tournament

Tata Consultancy Services (TCS) has announced a new partnership with the Dutch Open Golf Tournament, one of Europe’s most innovative and sustainable golf events. The IT company will leverage its expertise in digital technologies to help the Dutch Open enrich the participant and spectator experience. The Dutch Open 2021 will take place from September 16 to 19 at the Bernardus Golf court in Cromvoirt.

In other news, Kerala’s Industries Minister P. Rajeev confirmed that Kerala Industrial Infrastructure Development Corp (KINFRA) will sign a Memorandum of Understanding (MoU) with TCS for Rs 1,350 crore in two phases.

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IndiaMART InterMESH Q1 Results: Net profit rises 18% YoY to Rs 88 crore

IndiaMART InterMESH Ltd reported an 18.62% YoY increase in consolidated net profit to Rs 87.9 crore for the quarter ended June (Q1 FY22). Net profit increased by 57.81% when compared to the previous quarter. Its total income rose 12.9% YoY (or 11% QoQ) to Rs 211 crore during the same period. The e-commerce company’s board has announced a final dividend of Rs 15 per share for the financial year ended March 31, 2021 (FY21).

Wipro partners with ServiceNow to offer FieldX for enhanced after-sales services

Wipro has launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution build on ServiceNow’s Now Platform. Manufacturing firms can use the solution to enhance their after-sales customer service operations and reduce costs. FieldX integrates the customer service and field-service management capabilities of the Now Platform with Wipro’s Internet of Things (IoT) and Augmented Reality (AR) platforms.

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CSB Bank Q1 Results: Net profit rises 14% YoY to Rs 61 crore

CSB Bank reported a 13.89% YoY increase in consolidated net profit to Rs 61 crore for the quarter ended June (Q1 FY22). Net profit has increased by 42.2% when compared to the previous quarter. Its total income rose 15% YoY to Rs 571.53 crore during the same period. Its gross non-performing assets (GNPA) ratio rose to 4.88% in Q1 FY22, compared to 3.51% in Q1 FY21.

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RBI keeps policy rates unchanged; projects GDP growth at 10.5% in FY 2021-22

The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to keep the repo rate unchanged at 4%. The reverse repo rate will remain unchanged at 3.35%. The MPC has projected gross domestic product (GDP) to grow at a rate of 10.5% for the financial year 2021-22. RBI Governor Shaktikanta Das said that outlook on India’s growth has improved significantly. He stated that the manufacturing, infrastructure, and services sectors are showing impressive growth.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks]

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M&M Q3 Results: Net profit rises 40% YoY to Rs 531 crore

Mahindra & Mahindra (including Mahindra Vehicle Manufacturers) reported a 40% YoY increase in net profit to Rs 530.9 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 14,056.5 crore during the same period. M&M’s total vehicle sales declined by 7% YoY to 1.55 lakh units. Tractor sales rose 20% YoY to 97,420 units.

The carmaker estimates it will incur a one-time loss of Rs 1,210.48 crore on its South Korean unit, Ssangyong Motor, which has filed for bankruptcy. M&M said it may not be able to complete the majority stake sale in Ssangyong by February 28 as planned earlier.

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HAL, Rolls-Royce expand partnership in India

Hindustan Aeronautics Ltd (HAL) and Rolls-Royce have agreed to expand their partnership in India for collaboration in two significant areas. This includes expanding the supply chain for both Civil and Defence Aerospace and establishing an authorized maintenance centre for Adour Mk871 engines to support Rolls-Royce’s global customers. Both companies will build on their partnership of over 60 years, wherein Rolls-Royce engines have been ‘Made in India’ and supported by HAL under license from Rolls-Royce.

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Punjab National Bank Q3 Results: Net profit at Rs 506 crore

Punjab National Bank (PNB) reported a net profit of Rs 506 crore for the quarter ended December (Q3). It had posted a net loss of Rs 492.28 crore in the corresponding quarter last year. The bank’s net interest income (NII) grew 90% YoY to Rs 8,313 crore in Q3 FY21. PNB’s gross non-performing assets (GNPAs) reduced to 12.99% in Q3, compared to 13.43% in Q2 FY21.

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Cadila Health Q3 Results: Net profit rises 41% YoY to Rs 527 crore

Cadila Healthcare Ltd reported a 41% YoY increase in consolidated net profit to Rs 527.2 crore for the quarter ended December (Q3). Its consolidated revenue rose 4.3% YoY to Rs 3,795.6 crore during the same period. The company’s business in India (including health formulations business and consumer wellness business) grew 20% YoY to Rs 1,643 crore in Q3.

Cadila Healthcare has received approval to start Phase-III clinical trials of its Covid-19 vaccine ZyCoV-D in India. The vaccine will be tested across 60 locations in 30,000 healthy adult volunteers.

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Expenditure Finance Committee approves PLI proposal for LEDs, ACs

The Expenditure Finance Committee has approved the proposal of the Ministry of Commerce and Industry for providing incentives to ACs and LED lights under the production linked incentive (PLI) scheme. In November 2020, the Union Cabinet had approved Rs 6,238-crore outlay for these two sectors under the PLI scheme. This would help boost domestic manufacturing in the country.

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Sundaram Finance Q3 Results: Net profit rises 45% YoY to Rs 242 crore

Sundaram Finance Ltd reported a 45% YoY increase in net profit to Rs 242 crore for the quarter ended December (Q3). Its total income rose 7% YoY to Rs 1,045 crore during the same period. The company’s assets under management (AUM) stood at Rs 31,226 crore in Q3, compared to Rs 30,502 crore in the corresponding quarter last year (Q3 FY20).

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Alkem Lab Q3 Results: Net profit rises 18% YoY to Rs 450 crore

Alkem Laboratories reported an 18.06% YoY increase in consolidated net profit to Rs 450.96 crore for the quarter ended December (Q3). The pharma company’s revenue rose 6.24% YoY to Rs 2,318.05 crore during the same period. Alkem Lab’s board has declared an interim dividend of Rs 25 per share.

Natco Pharma receives registration approval for Chlorantraniliprole

Natco Pharma Ltd has received registration approval from the Central Insecticide Board & Registration Committee for Chlorantraniliprole (CTPR). CTPR is an active ingredient used in pest management products. Natco would be the first indigenous manufacturer of this technical product. The company hopes to bring products based on CTPR shortly that would be affordable and accessible to farmers across India.

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Jubilant Life Q3 Results: Net profit rises 52% YoY to Rs 310 crore

Jubilant Life Sciences reported a 52.39% YoY increase in consolidated net profit to Rs 309.93 crore for the quarter ended December (Q3). Its revenue rose 16.63% YoY to Rs 1,743.63 crore during the same period. Jubilant Life Sciences is a pharmaceutical company based in Noida.