Tag: PNB Housing Finance

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HAL, GE Aerospace to Produce Fighter Jet Engines for IAF – Top Indian Market Updates

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

GE Aerospace signs pact with HAL to produce F414 fighter jet engines for IAF

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Association (MoU) with GE Aerospace to manufacture fighter jet engines for the Indian Air Force (IAF). The agreement aims to bolster defence collaboration between the two nations. It encompasses the possibility of joint production in India of GE Aerospace’s F414 engines, pending export authorization from the US government.

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Fortis Healthcare sells hospital to Kauvery for Rs 152 crore

Fortis Healthcare Ltd has announced the sale of its hospital operations in Vadapalani, Chennai. Sri Kauvery Medical Care (India) Ltd will acquire the business for a sum of ₹152 crore in an all-cash deal. The transaction is expected to be finalised by the end of July 2023, pending the fulfilment of specific conditions outlined in the agreement. The hospital became operational in October 2020.

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Thermax subsidiary commissions wind-solar hybrid captive power plant in Gujarat

Thermax Ltd’s subsidiary First Energy Private Limited (FEPL) has successfully inaugurated a cutting-edge wind-solar hybrid captive power plant in Gujarat, India. The facility has a total capacity of 45.80 MW. It harnesses 24.3 MW from wind energy and 21.50 MW from solar energy, enabling a significant reduction of approximately 1,11,700 tonnes of carbon emissions each year.

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MM Forgings to spend upto ₹750 crore in EV business

MM Forgings plans to invest between ₹500-750 crore in the next five years in its EV business. The company’s foray into the EV sector aligns with its commitment to innovation and adaptability. MM Forgings plans to leverage its existing expertise in forging and machining to manufacture components for electric vehicles. This strategic expansion will not only enable the company to diversify its product portfolio but also contribute to the ongoing sustainability efforts within the automotive industry.

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PNB Housing Finance to consider fundraise upto Rs 5,000 cr via NCDs

PNB Housing Finance’s board has arranged a meeting on June 22 to discuss and finalize the issuance of Non-Convertible Debentures (NCDs) worth up to Rs 5,000 crore through private placement. The company specialises in providing various loans to retail customers, such as individual home loans, loans against property, non-resident property loans, and more. 

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Venus Remedies gets approval for marketing meropenem drug in Spain

Venus Remedies Ltd has obtained regulatory approval to market its popular generic product, Meropenem, in Spain. Meropenem is used to treat skin and abdominal infections. The company received clearance to sell Meropenem through its German subsidiary. Venus Remedies aims to capture a 10% market share in Spain’s meropenem market, which is valued at approximately $6.34 million in Europe.

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RVNL emerges lowest bidder for two orders worth ₹280 crore

Rail Vikas Nigam Ltd. (RVNL) has emerged as the lowest (L1) bidder for two packages offered by the Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Ltd. (MPPKVVCL) in Jabalpur. The combined value of these two orders amounts to ₹280 crore. The first order entails the supply, installation, testing, and commissioning of new 11 KV lines and LT lines on AB cable in the Chhatarpur circle of MPPKVVCL.

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L&T partners with DRDO for AIP systems for Indian Navy submarines

Larsen & Toubro (L&T) has entered into a contract with the Defense Research and Development Organization (DRDO) to develop two Air Independent Propulsion (AIP) system modules for the Indian Navy’s Kalvari class submarines. AIP technology enables non-nuclear submarines to operate without relying on atmospheric oxygen. L&T’s involvement in the realisation of AIP modules will enhance the capabilities of these submarines in terms of extended underwater endurance and stealth operations.

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Glenmark Pharma’s manufacturing facility in North Carolina gets USFDA warning letter

Glenmark Pharmaceuticals’ manufacturing facility in Monroe, North Carolina, USA, has received a warning letter from the US Food & Drug Administration (USFDA). However, this development will not affect the current revenue generated from the plant as the company has not been selling any products from the site since August 2021. As a result, the warning letter will not have any impact on the company’s existing revenues.

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LTIMindtree launches generative AI platform

LTIMindtree has launched Canvas.ai, a powerful generative AI platform tailored for enterprises. Canvas.ai expedites the journey from concept to value for businesses. The platform enables organizations to quickly initiate and expand their generative AI capabilities. It incorporates a well-structured framework and robust governance measures, ensuring the proper management of proprietary and industry-specific data while prioritizing ethical use, sustainability, privacy, and security.

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IT Dept Conducts Survey Action at 5 Locations of Shree Cement – Top Indian Market Updates

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

IT department conducts survey action at five locations of Shree Cement in Rajasthan

According to a CNBC-TV18 report, the Income Tax department has conducted survey action at five locations of Shree Cement Ltd. in Rajasthan. A survey action of the Income Tax department is an investigative procedure carried out to ascertain the actual income earned by a taxpayer for a financial year. Shree Cement’s shares fell as much as 2.7% on the news, posting its biggest intraday percentage decline since May 24.

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PNB Housing Finance plans a comeback in corporate lending business

PNB Housing Finance is planning a cautious comeback in the corporate lending segment after consciously reducing its portfolio over the last few years. The mortgage lender is planning to resume business in construction finance for residential projects in the second half of the financial year, returning with lessons from past experience. The lender wishes to be selective in corporate lending with a restricted loan size of up to Rs 125 crore.

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Reliance gets RBI nod to retain extra $2 billion from lenders

Reliance Industries Ltd (RIL) has received the Reserve Bank of India’s (RBI) permission to retain $2 billion over and above the $3 billion it had raised last financial year (FY23) in what was the largest syndicated loan facility in years. RIL had sought RBI’s permission to retain the amount as it was collected above the limits mandated by the central bank. With more than 30 banks participating, the loan syndication was completed at the end of March.

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RIL expands ‘Independence’ FMCG brand to North India

Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail Ventures Ltd (RRVL), announced the expansion of its consumer packaged goods brand ‘Independence’ to North India. RRVL will sell its FMCG products ranging from staples to processed foods and other daily essentials to Punjab, Haryana, Delhi NCR, Uttar Pradesh, Uttarakhand, and Bihar. The company said it provides locally developed, quality products at affordable prices to Indian consumers.

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Lupin receives US FDA approval for generic drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) for Tiotropium Bromide inhalation powder. The drug prevents wheezing, shortness of breath, coughing, and chest tightness in chronic obstructive pulmonary disease patients. As per IQVIA MAT March 2023, the drug had an estimated annual sales of $1,264 million (~₹10,400 crore) in the US. 

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SpiceJet finalises settlement with lessor Nordic Aviation Capital

According to a Reuters report, SpiceJet has entered into a settlement agreement with Nordic Aviation Capital (NAC), a major lessor for its Q400 aircraft. The settlement agreement between the two entities settles all past liabilities for the Q400s leased by NAC to SpiceJet. The airline presently operates five Q400 aircraft from NAC in its fleet. After this agreement, Spicejet will be inducting three additional Q400 aircraft from NAC back into its fleet.

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LIC reduces stake in NMDC to 9.6%

Life Insurance Corporation of India (LIC)  reduced its stake in NMDC Ltd by 2% between March 14, 2023, and June 20, 2023. The state-owned insurer sold over 6.06 crore shares or 2.07% in NMDC at an average price of Rs 107.59 a share via open market sale. LIC currently holds a 9.6% stake in the iron ore producer.

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Piramal Enterprises sells entire 8.34% stake in Shriram Finance

Piramal Enterprises has sold its entire 8.34% stake in Shriram Finance Ltd to third-party investors via a block deal. At least 3.12 crore shares of Shriram Finance changed hands in a large trade. The shares offloaded by the NBFC company are worth Rs 3.1 crore. Share prices of both Piramal Enterprises and Shriram Finance rallied higher today.

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India’s Manufacturing PMI Rises to 55.3 in Oct – Top Indian Market Updates

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

India’s manufacturing PMI rises to 55.3 in Oct

India’s manufacturing sector activity remained resilient in October, led by strong growth in factory orders and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in October 2022, compared to 55.1 in Sept. Job creation grew at the fastest pace in three years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

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Auto sales data for October 2022: Highlights 

Maruti Suzuki India Ltd posted a 21% year-on-year (YoY) increase in total sales to 1.67 lakh units in October 2022. Sales from its utility vehicle segment rose 14.4% YoY to 30,971 units. Exports fell 4.1% YoY to 20,448 units.

Tata Motors Ltd registered a 33% YoY increase in passenger vehicle sales to 45,423 units in Oct. The automaker’s commercial vehicle sales fell 2% YoY to 32,912 units. Overall domestic sales rose 17% YoY to 76,537 units. 

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,298 units in Oct, up 60% YoY. M&M’s tractor segment posted an 11% YoY increase in sales to 51,994 units.  

TVS Motor Company posted a 10.9% YoY increase in total sales to 3.44 lakh units. Meanwhile, Hero MotoCorp posted a 17% YoY decline in total sales to 4.54 lakh units in October. 

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Adani Ports Q2 Results: Net profit rises 69% YoY to ₹1,677.48 crore

Adani Ports & Special Economic Zone Ltd reported a 68.5% YoY increase in consolidated net profit to ₹1,677.48 crore in Q2 FY23. Its revenue from operations rose 33% YoY to ₹5,210.8 crore during the same period. The company’s cargo volumes grew 15% YoY to ₹86.6 million metric tonnes (MMT) in Q2.

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PNB Housing Finance expects 40% jump in disbursals this fiscal: MD & CEO

The domestic housing finance sector is now witnessing robust demand after the pandemic, and PNB Housing Finance expects strong growth of 40% in disbursals in FY23, said the company’s MD & CEO Girish Kousgi. “With the real estate boom coupled with economic activity in the country and a high shortage of housing, opportunity is still very high. All these things put together, I feel that the demand is robust,” he said.

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Voltas Q2 Results: Net loss at ₹7.41 crore

Voltas Ltd reported a consolidated net loss of ₹7.41 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹104 crore in Q2 FY22. The company’s revenue from operations rose 6% YoY to ₹1,768 crore during the same period. Voltas incurred a one-off expense of ₹106 crore as an overseas customer terminated a contract.

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NCC secures orders worth ₹1,056 crore in Oct

NCC Limited received two new orders worth ₹1,056 crore (exclusive of GST) in October from State Government agencies. These orders pertain to the company’s Water and Environment Division. NCC develops and builds residential & commercial properties, industrial facilities, public buildings, roads, and civil engineering structures across India.

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Tech Mahindra Q2 Results: Net profit falls 4% YoY to ₹1,285 crore

Tech Mahindra reported a 4% YoY decline in consolidated net profit to ₹1,285.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹13,129 crore during the same period. The IT firm secured deals worth $712 million in Q2, a decline of 10.7% from the previous quarter. Tech Mahindra’s board has declared a special dividend of ₹18 per share.

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SEBI fines 21 entities in Sunstar Realty Development case

The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹1.05 crore on 21 entities for manipulating the share price of Sunstar Realty Development Ltd (SRDL). SEBI conducted an investigation of SRDL’s stock from June 2015 to March 2016 to ascertain whether there were any violations of the Prohibition of Fraudulent & Unfair Trade Practices rules.

In other news, SEBI barred fugitive businessman Mehul Choksi from the securities markets for 10 years. It also imposed a fine of ₹5 crore on him for indulging in fraudulent trading in the shares of Gitanjali Gems Ltd.

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PNB Q2 Results: Net profit falls 63% YoY to ₹411 crore

Punjab National Bank reported a 63% YoY decline in net profit to ₹411 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 30.2% YoY to ₹8,271 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 13.36% in Q2 FY22 to 10.48% in Q2 FY23. Provisions for bad loans stood at ₹3,555.98 crore in Q2 FY23, up 32% YoY.

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UPL Q2 Results: Net profit rises 28% YoY to ₹814 crore

UPL Ltd reported a 28.4% YoY increase in consolidated net profit to ₹1,285.4 crore in Q2 FY23. Its revenue from operations rose 18.4% YoY to ₹12,507 crore during the same period. EBITDA stood at ₹2,768 crore in Q2, up 35% YoY. UPL saw revenue in Latin America, North America, and India grow by 20-24% YoY, but growth in Europe was muted at 1%.

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Nykaa Q2 Results: Net profit jumps 344% YoY to ₹5.2 crore

FSN E-Commerce Ventures (Nykaa) reported a 344% YoY jump in consolidated net profit to ₹5.2 crore in Q2 FY23. Its revenue from operations rose 39% YoY to ₹1,230.8 crore during the same period. The lifestyle retailer’s gross merchandise value or GMV rose 45% YoY to Rs 2,345.7 crore in Q2.

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5G Spectrum Auction Likely In Early June – Top Indian Market News

5G Spectrum Auction Likely In Early June: Ashwini Vaishnav

The government is planning to hold a 5G spectrum auction in early June, as per telecom minister Ashwini Vaishnav. The minister stated that the Department of Telecom is on track to meet its deadlines and that the process to solve industry concerns about spectrum price is underway. TRAI has seconded a massive auction proposal worth over Rs 7.5 lakh crore for over 1 lakh megahertz spectrum, in case the government allocates it for 30 years and Rs 5.07 lakh crore if it is for 20 years. 

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Canada-based Sagen picks a 31% stake in India Mortgage Guarantee Corporation.

Sagen, a Brookefield subsidiary and Canadian mortgage insurer, is acquiring a 31% share in India Mortgage Guarantee Corporation (IMGC). The deal’s value was not disclosed, and it would be completed subject to legislative and regulatory approvals. According to a public statement, IMGC will use the new funds to expand its business and improve its operational and technological capabilities. IMGC was set up in 2008 as India’s first mortgage guarantee company(MGC). The company has since received investment from  National Housing Bank, International Finance Corp (IFC), Asian Development Bank, and Enact Holdings Inc.

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P&G Hygiene and Health Care Q3 Results: Profit Up 4.6% to Rs 102.85 crore.

Procter & Gamble Hygiene and Health Care Ltd recorded a 4.59% increase in net profit to Rs 102.85 crore in the third quarter ended March 2022Rs 98.33 crore last year. Revenue from operations increased by 28.11% to Rs 973.26 crore, up from Rs 759.66 crore the previous year. Total expenses were up 28.36% at Rs 828.19 crore, against Rs 645.18 crore in the previous year. 

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SBI Life Q4 Results: Profit advances 26% YoY to Rs 672 crore

SBI Life Insurance recorded a 26.27% year-on-year (YoY) increase in net profit to Rs 672.15 crore, from Rs 532.30 crore the previous quarter.  Net premium income increased by 12% year on year to Rs 17,433.77 crore, up from Rs 15,555.74 crore the previous quarter. In the quarter under review, total income increased by 2.5% to Rs 21,427.88 crore, up from Rs 20,896.70 crore the previous year.

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Vedanta Q4 Results: Profit declines 10% to Rs 5,799 crore YoY

For the current quarter Q4FY22, Vedanta recorded a 4.8% year-on-year (YoY) reduction in net profit standing at Rs 7,261 crore. The business had a net profit of Rs 7,629 crore in the same period the previous year. Revenue from operations increased by 41.14% to Rs 39,342 crore, up from Rs 27,874 crore in the previous quarter.

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TVS ties up with Bike-Taxi Platform Rapido

TVS Motor Company and Rapido, a bike-taxi platform, have established a strategic partnership. Both TVS and Rapido signed a memorandum of understanding (MoU) to allow them to capitalize on their synergies in the mobility industry. The partnership will cover both two-wheelers and three-wheelers in both ICE and EV segments. 

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Viacom18 to get an investment worth ~$2 billion

Viacom 18 Media Private Limited is an Indian joint venture between Reliance-owned TV18 and US-based media company Paramount Global. Viacom18 will receive a Rs 13,500 crore ($1.8 billion) investment from Bodhi Tree Systems – run by James Murdoch and Uday Shankar, a former head of Walt Disney India. Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries, will invest another Rs 1,645 crore. Paramount Global shall continue to be a shareholder and supply its premium global content to Viacom18.

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World Bank approves $47 million for India’s Mission Karmayog

The World Bank Board of Executive Directors approved a $47 million project today to support the Government of India’s Mission Karmayogi, a national program to build civil service capacity, said the bank in a statement. 

Mission Karmayogi is a program aimed to modernize thinking and approach, improve human resource management practices in the government, and improve the skillset of the millions of civil servants across the country. 

There are nearly 18 million civil servants employed across India, with approximately two-thirds at the state government and local authority levels. While India has steadily improved its performance over the past decade, through the implementation of Mission Karmayogi the Government aims to make the country’s civil service force more future-ready and capable of meeting twenty-first-century challenges, the statement further said. 

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PNB Housing Finance Q4 Results: Net Profit up 34% to Rs 170 crore

PNB Housing Finance report a 34% rise in consolidated net profit at Rs 170 crore compared with Rs 127 crore, the previous year. This was the case even as sales declined 18.52% YoY to Rs 6195.93 crore. Net Interest Income declined 37% QoQ to Rs Rs 377 crore compared to Rs 593 crore. While Gross NPA stood at 7.61% of loan assets while the net NPA ratio stood at 4.49%.

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Tata Power to set up 5,000 EV charging points across Maharashtra

Tata Power has partnered with Maharashtra’s National Real Estate Development Council (NAREDCO) to install up to 5,000 electric vehicle charging outlets across the developer properties of NAREDCO’s members. The two have signed a Memorandum of Understanding(MoU). Through Tata Power’s EZ Charge mobile app, EV owners across members’ properties will enjoy 24×7 vehicle charging, monitoring, and e-payments services.

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