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Maruti Suzuki’s Net Profit Doubles in Q3 – Top Indian Market Updates

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

Maruti Suzuki Q3 Results: Net profit jumps two-fold to ₹2,351 crore

Maruti Suzuki India Ltd reported a 132% YoY jump in consolidated net profit to ₹2,351.3 crore for the quarter ended December (Q3 FY23). Its net sales rose 25.51% YoY to ₹27,849.2 crore during the same period. The carmaker sold a total of 4,65,911 vehicles in Q3. However, the shortage of electronic components impacted production by about 46,000 vehicles. 

Read more here.

EaseMyTrip acquires majority stake in hotel booking marketplace cheQin

EaseMyTrip has acquired a 55% majority stake in cheQin, a real-time marketplace that allows travellers to bargain possibilities with hoteliers. The bargaining algorithm of cheQin brings in the top five lowest offers by hoteliers. The company can use the cheQin application to give hoteliers access to real-time booking requests and the ability to take control of their own bookings.

Read more here.

TVS Motor Company Q3 Results: Net profit rises 22% YoY to ₹353 crore

TVS Motor Company Ltd reported a 22.5% YoY increase in net profit to ₹353 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14.7% YoY to ₹6,545.42 crore during the same period. EBITDA rose 16% YoY to ₹659 crore in Q3. The company has also declared an interim dividend of ₹5 per share.

Read more here.

IndiGo launches its ‘Super 6E’ with special offerings on 14 international routes

IndiGo has launched its ‘Super 6E’ fares on fourteen new routes, effective January 20, 2023. With these additions, IndiGo now offers Super 6E fares on flights to 23 international destinations. In May 2022, IndiGo launched an exclusive fare category called “Super 6E”, which will provide special services like extra 10 kg baggage, free seat selection, reduced cancellation fee, and in-flight meals.

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HDFC AMC Q3 Results: Net profit rises 3% YoY to ₹369.5 crore

HDFC Asset Management Company (AMC) reported a 3% YoY increase in net profit to ₹369.5 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹559.6 crore during the same period. Its operating profit from the core asset management business was flat at ₹397.4 crore. The company said it had a market share of 12.8% of the individual monthly average assets under management (AUM) in the industry.

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Granules India gets USFDA approval for Amphetamine capsules

Granules India has received approval from the US Food & Drug Administration (USFDA) for an abbreviated new drug application (ANDA) filed by its US subsidiary for Amphetamine capsules. Mixed salts of Amphetamine ER Capsules are used to treat attention deficit hyperactivity disorder (ADHD). The current annual US market for Amphetamine mixed salts ER capsules is approximately $1.56 billion.

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PNB Housing Finance Q3 Results: Net profit rises 43% YoY to ₹269 crore

PNB Housing Finance reported a 43% YoY increase in net profit to ₹269 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 67% YoY to ₹734 crore during the same period. The total loan book increased from Rs 57,845 crore in Q3 FY22 to ₹58,034 crore in Q3 FY23. The gross non-performing assets (GNPA) ratio improved from 6.06% in Q3 FY22 to ₹4.87% in Q3 FY23.

[NII is the difference between the interest income a bank earns from its lending activities and the interest it pays depositors.]

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BPCL to set up 1 GW renewable energy plant in Rajasthan

Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan. The nation’s second-largest state oil refiner is gradually changing its path to achieving a net zero emission target by 2040. It plans to expand its renewable portfolio to reach 1 GW of generating capacity by 2025 and 10 GW by 2040. BPCL plans to offer electric vehicle charging stations at around 7,000 petrol pumps over the next 5 years.

Read more here.

SBI Cards Q3 Results: Net profit rises 32% YoY to ₹509 crore

SBI Cards & Payment Services Ltd reported a 32% YoY increase in net profit to ₹509 crore for the quarter ended December (Q3 FY23). Its interest income rose 26% YoY to ₹1,609  crore during the same period. Total income stood at ₹3,656 crore in Q3, up 16% YoY. Impairment and bad losses of the company fell 15% YoY to ₹533 crore in Q3

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Delhivery secures contract to manage pan-India supply chain for air cooler business from Godrej

Delhivery Ltd has secured a contract from Godrej Appliances for managing its end-to-end supply chain of the air cooler business across India. The company will implement its integrated warehousing & distribution solution to increase market penetration of Godrej air coolers. The two companies have also jointly opened a warehouse in Ghaziabad, Uttar Pradesh.

Read more here.

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SBI Reports 55% YoY Rise in Net Profit in Q1 – Top Indian Market News

State Bank of India Q1 Results: Net profit rises 55% YoY to Rs 6,504 crore

State Bank of India (SBI) reported a 55.2% YoY increase in net profit to Rs 6,504 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 3.7% YoY to Rs 27,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 5.32% in Q1, compared to 4.98% in the previous quarter. Domestic retail loans rose 16.5% YoY to Rs 8.72 lakh crore. SBI’s total provisions fell 19.6% YoY to Rs 10,051.96 crore in the April-June quarter of FY22.

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India’s services PMI contracts for third consecutive month

India’s services sector remained in the contraction territory for the third straight month in July. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 45.4 in July, compared to 41.2 in June. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. Business activity, new orders, and employment declined further due to local restrictions amidst the Covid-19 pandemic.

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Titan Q1 Results: Net profit at Rs 61 crore

Titan Company Ltd reported a standalone net profit of Rs 61 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 270 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 74.5% YoY to Rs 3,249 crore during the same period. Titan’s jewellery segment posted a 108% YoY increase in total sales to Rs 2,467 crore in Q1.

Read more here. 

Britannia invests Rs 130 crore in capacity building; to hike prices

Britannia Industries Ltd announced that it has invested Rs 130 crore for capacity building in the current financial year (FY22). The FMCG company is also eyeing a greater revenue share from its e-commerce segment, which currently contributes ~2%. Britannia will gradually undertake a price hike of its products to offset the sharp rise in input costs amidst uncertainty arising out of the Covid-19 pandemic.

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Adani Green Energy Q1 Results: Net profit jumps nearly 10-fold to Rs 219 crore

Adani Green Energy Ltd (AGEL) reported an 895.45% YoY jump in consolidated net profit to Rs 219 crore for the quarter ended June (Q1 FY22). Net profit has jumped 110.5% when compared to the previous quarter. Its total income rose 22.8% YoY to Rs 1,079 crore during the same period. Total sale of electricity grew 48% YoY to Rs 2,054 million units in Q1.

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CCI approves Carlyle’s proposed Rs 4,000 crore investment in PNB Housing Finance

The Competition Commission of India (CCI) has approved the Carlyle Group-led Rs 4,000 crore equity investment transaction in PNB Housing Finance Ltd. However, the Securities and Appellate Tribunal (SAT) is yet to pronounce its verdict on the valuation controversy that the deal ran into recently. In May 2021, Carlyle Group and other investors had announced plans to infuse Rs 4,000 crore into PNB Housing through preferential allotment of equity shares and warrants. Market regulator SEBI had intervened and asked PNB Housing Finance not to go ahead with the deal until it undertakes valuation of its shares by an independent agency.

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Godrej Consumer Products Q1 Results: Net profit rises 5% YoY to Rs 413 crore

Godrej Consumer Products Ltd (GCPL) reported a 4.75% YoY increase in consolidated net profit to Rs 413.66 crore for the quarter ended June (Q1 FY22). Net profit has increased by 13.07% when compared to the previous quarter. Its revenue from operations rose 23.87% YoY to Rs 2,862.83 crore during the same period. GCPL’s expenses grew 21.53% YoY to S 2,372.65 crore in Q1. 

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Kumar Mangalam Birla steps down as Non-Executive Chairman of Vodafone Idea

Vodafone Idea (Vi) has informed that Kumar Mangalam Birla will step down as Non-Executive Director and Non-Executive Chairman of the board with effect from close of business hours on August 4, 2021. The company’s board has elected telecom veteran Himanshu Kapania as a Non-Executive Chairman. Last month, Birla had written a letter to the Indian Government in which he offered to hand over his stake in Vi to any public sector entity, considering the “looming crisis” that the telecom operator is going through. Shares of Vi fell over 16% today.

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Bosch Q1 Results: Net profit at Rs 260 crore

Bosch Limited reported a consolidated net profit of Rs 260.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 121.5 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 483 crore in the previous quarter (Q4 FY21). The automotive component manufacturer’s total revenue jumped 146.4% YoY to Rs 2,443 crore in Q1 FY22. EBITDA stood at Rs 306.6 crore in Q1, compared to an operating loss of Rs 102.5 crore in the year-ago period.

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HPCL Q1 Results: Net profit falls 11% YoY to Rs 2,004 crore

Hindustan Petroleum Corp Ltd (HPCL) reported an 11.04% YoY decline in consolidated net profit to Rs 2,003.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 34.5% when compared to the previous quarter. Its total income rose 66.9% YoY to Rs 77,980.15 crore during the same period.

Apollo Tyres Q1 Results: Net profit at Rs 128 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 127.78 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 134.58 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 55.5% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 59% YoY to Rs 4,584 crore in Q1 FY21.

Read more here.

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Union Cabinet Approves Rs 14,775 crore for Fertiliser Subsidies – Top Indian Market News

Union Cabinet approves additional Rs 14,775 crore for fertiliser subsidies

The Union Cabinet has approved the proposal of the Department of Fertilizers for fixation of ‘Nutrient Based Subsidy Rates’ for Phosphatic and Potassic (P&K) Fertilizers for the financial year 2021-22. The subsidy rate on Di-ammonium Phosphate (DAP) fertilisers has been hiked by Rs 700 per bag. The government will spend an additional amount of Rs 14,775 crore to increase subsidy support. This is to cushion the impact of the surge in global prices of commodities on farmers amid the crucial Kharif sowing season. 

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RITES Q4 Results: Net profit declines 1.6% YoY to Rs 141 crore

Rail India Technical & Economic Service (RITES) reported a 1.65% YoY decline in consolidated net profit to Rs 141.55 crore for the quarter ended March (Q4). Its revenue from operations rose 11.4% YoY to Rs 635.87 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 29.8% YoY to Rs 444.21 crore. The company’s board has declared a final dividend of Rs 4 per share. RITES is a leading player in the transport consultancy and engineering sector in India.

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LTI to acquire digital engineering firm Cuelogic for $8.4 million

Larsen & Toubro Infotech (LTI) Ltd has signed a definitive agreement to acquire Pune-based Cuelogic Technologies, a digital engineering and outsourced product development company. Cuelogic primarily focuses on developing cloud-native web and mobile applications and runs innovations lab as a service for its clients in the US and India. LTI will acquire the firm for $8.4 million (~Rs 61.5 crore). This is LTI’s seventh acquisition since it got listed in 2016.

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CESC Q4 Results: Net profit rises 15.5% YoY to Rs 423 crore

Calcutta Electric Supply Corporation (CESC) reported a 15.57% YoY increase in consolidated net profit to Rs 423 crore for the quarter ended March (Q4). Net profit has increased by 28.9% when compared to the previous quarter. Its total income rose 10% YoY (or 6% QoQ) to Rs 3,003 crore during the same period. CESC’s board has approved a proposal for a sub-division of equity shares. One equity share of the nominal value of Rs 10 each will be sub-divided into 10 equity shares of a nominal value of Re 1 each.

Dr. Reddy’s ordered to pay $46.25 million to Hatchtech

The International Centre for Dispute Resolution has ordered a subsidiary of Dr. Reddy’s Laboratories to pay $46.25 million (~Rs 340 crore) to Australia-based Hatchtech Pty. The subsidiary had signed an asset purchase agreement for a skin treatment lotion with Hatchtech in 2015. In July 2020, the subsidiary received approval from the US Food & Drug Administration (USFDA) for Xeglyze (abametapir) lotion. The approval triggered a contractual pre-commercialisation milestone payment of $20 million to Hatchtech Pty.

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Wipro partners with Exaware to upgrade 5G technology

Wipro Limited has entered into a strategic partnership with Israel-based Exaware, a provider of Open Network routing solutions. Through this partnership, both companies will develop advanced engineering solutions to support innovation in the networking industry, streamline 5G technology upgrades, and pave the way to 6G compatibility. Wipro and Exaware will develop engineering products, which will enable communication service providers to select different hardware and software vendors.

Alembic Pharma JV gets USFDA approval for testosterone topical solution

Aleor Dermaceuticals, a joint venture (JV) firm of Alembic Pharmaceuticals, has received final approval from the US Food & Drug Administration (USFDA) for Testosterone Topical Solution. The drug is used for treating testosterone deficiency. According to IQVIA data, Testosterone Topical Solution USP (30 mg per pump actuation) has an estimated market size of $21 million (~Rs 154 crore) for the 12 months ended March 2021. 

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Nureca Q4 Results: Net profit rises 63.45% YoY to Rs 3.89 crore

Nureca Limited reported a 63.45% YoY increase in consolidated net profit to Rs 3.89 crore for the quarter ended March (Q4). Net profit has declined by 38.25% when compared to the previous quarter. Its revenue from operations declined by 3.40% YoY to Rs 31.84 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 625% YoY to Rs 46.37 crore. The company’s board has recommended a final dividend of Rs 2 per share. Nureca is a business-to-consumer (B2C) firm that deals in home healthcare and wellness products.

Read more here.

PNB Housing Finance says pricing for Rs 4,000 crore deal in line with market practice

PNB Housing Finance said the pricing of its proposed issuance of shares to investors (led by the Carlyle Group) was based on the “market practice” followed by listed companies and is in compliance with the applicable laws. On June 12, it was reported that market regulator SEBI would scrutinise the Rs 4,000 crore share sale after SES (a proxy advisory firm) pointed out that the deal is unfair to the company’s minority shareholders. 

In May 2021, PNB Housing Finance announced that it will raise Rs 4,000 crore from large investors led by existing stakeholder Carlyle Group, by issuing preference shares and warrants. These securities are priced at Rs 390 per share.

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KPIT Technologies receives NCLT approval for scheme of merger

The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the scheme of merger by absorption of Impact Automotive Solutions with KPIT Technologies Ltd and their respective shareholders. Impact Automotive was a wholly-owned subsidiary of KPIT Tech. Pune-based KPIT Technologies is a leading provider of software solutions for automotive companies.

Read more here.

IPO Updates: 

Shyam Metalics 

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 121.43 times on the final day of bidding. The portion reserved for retail investors was subscribed 11.64 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 339.98 times and that of qualified institutional buyers (QIBs) 155.71 times. You can learn more about the IPO here. 

Sona BLW Precision Forgings 

The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 2.28 times on the final day of bidding. The portion reserved for retail investors was subscribed 1.58 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 39% and that of qualified institutional buyers (QIBs) 3.46 times. You can learn more about the IPO here.

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 1.4 times on the first day of bidding. The portion reserved for retail investors was subscribed 2.73 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 14% and that of qualified institutional buyers (QIBs) 2%.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 27% on the first day of bidding. The portion reserved for retail investors was subscribed 100%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2% and that of qualified institutional buyers (QIBs) 14%.

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Adani Group Enters Into Cement Business – Top Indian Market News

Adani Group enters into cement business; incorporates Adani Cement

The Adani Group, which has a strong presence in the ports, airports, power, gas distribution, and other businesses, is all set to enter the cement sector in India. Adani Enterprises announced that it has incorporated a new wholly-owned subsidiary, Adani Cement, with an authorized share capital of Rs 10 lakh and paid-up capital of Rs 5 lakh. The new subsidiary will operate as a manufacturer, producer, and processor of all types of cement. This development is likely to cause some disruption in the highly competitive Indian cement industry.

Read more here.

SEBI looks into Rs 4,000 deal between PNB Housing Finance, Carlyle

PNB Housing Finance Ltd’s Rs 4,000 crore deal with US-based private equity firm Carlyle Group has come under the scanner of the Securities and Exchange Board of India (SEBI). The development comes after proxy advisory firm Stakeholders Empowerment Services (SES) red-flagged the deal structure. In a report, SES stated that the deal was an abuse of minority shareholder rights and questioned why PNB willingly surrendered its control over its housing finance arm to the Carlyle Group without extracting a fair compensation control premium.

Read more here.

J K Cement Q4 Results: Net profit rises 32% YoY to Rs 216 crore

J K Cement Ltd reported a 32.76% YoY increase in consolidated net profit to Rs 215.91 crore for the quarter ended March (Q4). Net profit has declined by 1.58% when compared to the previous quarter. Its total income rose 37.84% YoY to Rs 2,168.18 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 44.14% YoY to Rs 709.71 crore. The cement manufacturer’s board has recommended a dividend of Rs 15 per share.

India’s fuel demand slips to nine-month low in May

India’s fuel demand fell to its lowest level in nine months in May 2021 as restrictions to curb the second wave of Covid-19 infections affected mobility and muted economic activity. Total fuel demand fell 11.3% to 15.1 million tonnes (MT) in May, compared to April. Petrol consumption in May declined by 16% to 1.99 MT over the previous month. Diesel sales declined by 17% to 5.53 MT when compared to April. The data was released by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Oil.

Read more here.

Indian Hume Pipe Q4 Results: Net profit rises 51.7% YoY to Rs 38 crore

Indian Hume Pipe Company reported a 51.74% YoY increase in net profit to Rs 38.45 crore for the quarter ended March (Q4). Net profit has jumped 767.95% when compared to the previous quarter. Its total income rose 20.8% YoY (or 70.5% QoQ) to Rs 481.03 crore during the same period. However, net profit for the financial year 2020-21 (FY21) declined by 42.78% YoY to Rs 42 crore. The concrete pipe manufacturing company’s board has recommended a dividend of Rs 2 per share.

Read more here.

Info Edge acquires Bengaluru-based Zwayam Digital

Info Edge India Ltd has entered into an agreement to acquire 100% share capital of Zwayam Digital Pvt Ltd. The Bengaluru-based firm operates Zwayam, an artificial intelligence (AI) and machine learning-powered recruitment management software platform. It helps enterprises streamline and automate their entire recruitment workflow from sourcing to onboarding. Info Edge’s Managing Director said this acquisition will complement the company’s current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market.

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BPCL seeks exemption from open offer for listed joint ventures

Bharat Petroleum Corporation Ltd (BPCL) has written to market regulator SEBI, seeking an exemption to the regulation that its new owner would have to make an open offer to minority shareholders of two companies which it is a promoter of— Petronet LNG and Indraprastha Gas Ltd (IGL). BPCL holds a 12.5% stake in Petronet LNG and a 22.5% stake in IGL and is a promoter for both companies. This means that potential buyers of BPCL would be required to make an open offer for the two promoter firms, which would cost them more.

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VRL Logistics Q4 Results: Net profit declines 6.5% QoQ to Rs 37.16 crore 

VRL Logistics Ltd reported a 6.5% quarter-on-quarter (QoQ) decline in net profit to Rs 37.16 crore for the quarter ended March 2021 (Q4 FY21). Net profit has jumped 1,644% when compared to the corresponding quarter last year (Q4 FY20). Its total income rose 6% QoQ (or 20.54% YoY) to Rs 603.02 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 50% YoY to Rs 45.06 crore. The company’s board has recommended a dividend of Rs 4 per share.

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Inox Leisure allots Rs 96.77 lakh shares to QIBs at Rs 310 per share

The Board of Directors of Inox Leisure Ltd has approved the issue and allotment of 96.77 lakh equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 310 per share. The issue price is a ~5% discount to Friday’s closing price. The QIP was opened on June 8 and closed on June 11. Thus, the multiplex operator has raised Rs 300 crore via the QIP.

Anupam Rasayan Q4 Results: Net profit jumps 113% YoY to Rs 22 crore

Anupam Rasayan India Ltd reported a 113.29% YoY jump in consolidated net profit to Rs 22.14 crore for the quarter ended March (Q4). Net profit has increased by 2.31% when compared to the previous quarter. Its total income rose 65.9% YoY (or 44.63% QoQ) to Rs 274.16 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 32.12% YoY to Rs 70.29 crore. The Board of Directors of the specialty chemicals manufacturer has recommended a dividend of Rs 0.5 per share.

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India’s GDP Grows 1.6% in Q4; Contracts 7.3% in FY21 – Top Indian Market News

India’s GDP grows 1.6% in Q4; contracts 7.3% in FY21

India’s Gross Domestic Product (GDP) for the January-March quarter (Q4 FY21) grew by 1.6%, as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). This indicates that an economic recovery was well underway before the second wave of the Covid-19 pandemic struck the country. The GDP contracted by 7.3% for the entire financial year 2020-21. The Gross Value Added (GVA), which is a more accurate way of assessing the actual economic growth, contracted by 6.2% in FY21.

The agricultural sector grew 3.1%, while the manufacturing sector grew by 6.9% in Q4 FY21. The mining sector contracted by 5.7% during the quarter, and the financial services sector grew 5.4%.

Read more here.

Aurobindo Pharma Q4 Results: Net profit falls 7% YoY to Rs 801 crore

Aurobindo Pharma Ltd reported a 7.2% YoY decline in consolidated net profit to Rs 801 crore for the quarter ended March. Net profit has declined by 72.8% when compared to the previous quarter. Its revenue from operations fell 2.5% YoY to Rs 6,001.5 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 47% YoY to Rs 5,333.83 crore. 

Read more here.

PNB Housing Finance to raise Rs 4,000 crore from multiple entities

The Board of Directors of PNB Housing Finance has approved fundraising of up to Rs 4,000 crore via the issue of shares and warrants to multiple investors. Pluto Investments, an affiliated entity of private equity fund Carlyle, will invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants at Rs 390 per share. Existing shareholders of the company and funds managed by Ares SSG and General Atlantic are also participating in the capital raise.

Read more here.

Man Industries Q4 Results: Net profit rises 106% YoY to Rs 25.86 crore

Man Industries (India) Ltd reported a 106.88% YoY increase in consolidated net profit to Rs 25.86 crore for the quarter ended March (Q4). Net profit has declined by 15.4% when compared to the previous quarter. Its revenue from operations declined by 20.76% YoY to Rs 540.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.7% YoY to Rs 100.85 crore during the same period. The company’s board has declared a final dividend of Rs 2 per share. Man Industries is a leading manufacturer and exporter of large diameter carbon steel line pipes.

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TVS Motors expands in Iraq, launches two new products

TVS Motor Company said it will launch two new products in Iraq as part of its expansion plan in the country. It had opened a new showroom with sales, service, and spares support in Baghdad. The company will launch its commuter motorcycle TVS StaR HLX 140 5 Gear and three-wheeler TVS King Deluxe Plus in Iraq. The new retail outlet has been set up with distribution partner Ritaj International General Trade LLC, which has been distributing TVS Motors’ products since 2017.

Read more here.

Magma Fincorp Q4 Results: Net loss at Rs 626 crore

Magma Fincorp Ltd reported a net loss of Rs 626 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 35 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations declined by 17% YoY to Rs 446 crore in Q4 FY21. The company cleaned its balance sheet by writing off all default account beyond the 90 days past dues in the SME lending business and beyond 180 days past dues in the vehicle finance business.

Magma Fincorp has appointed Adar Poonawalla as its chairman and will soon be rebranded as a Poonawalla Group company.

Read more here.

Intellect Design Arena partners with CWB to enhance payment service technology for business owners

Intellect Design Arena announced that Canadian Western Bank (CWB) has partnered with Intellect Global Transaction Banking (iGTB). The partnership aims to enable more efficient payment capabilities and opportunities to meet the evolving needs of Candian business owners. The solution is architected on a cloud-enabled technology for the high availability and scalability needed for a payments platform. 

Shilpa Medicare Q4 Results: Net profit declines 78% YoY to Rs 7.83 crore

Shilpa Medicare reported a 77.35% YoY decline in consolidated net profit to Rs 7.83 crore for the quarter ended March (Q4). Net profit has increased by 2.10% when compared to the previous quarter. Its revenue from operations declined 5.44% YoY to Rs 208.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 5.36% YoY to Rs 147.78 crore. The pharma company’s board has declared a dividend of Rs 1.10 per share.

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J Kumar Infraprojects secures Rs 1,307.88 crore order from MMRDA

J Kumar Infraprojects Ltd has secured an order worth Rs 1,307.88 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The order is for part design and construction of balance works of the Mumbai Metro Rail project. J Kumar Infraprojects is engaged in construction activities in India. It executes contracts of various infrastructure projects, including transportation engineering, irrigation projects, civil construction, etc.

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Kolte-Patil Developers Q4 Results: Net profit at Rs 21 crore

Kolte-Patil Developers Ltd reported a consolidated net profit of Rs 20.9 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 2.18 crore in the corresponding quarter last year (Q4 FY20). The revenue from operations rose 33.52% YoY to Rs 296.08 crore in Q4 FY21. The company’s sales volumes increased by 27.1% YoY to 0.85 million sq. ft. This has been the best-ever sales quarter in the last six years, both in terms of volume and value.

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RBI clarifies on 2018 cryptocurrency circular, asks banks to carry out customer due diligence

The Reserve Bank of India (RBI) has clarified that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies, as it had been set aside by the Supreme Court in March 2020. The RBI asked banks to continue to carry out the necessary customer due diligence process in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), and obligations of regulated entities under Prevention of Money Laundering Act.

Recently, several large private and public sector lenders had cited the RBI’s 2018 notice to caution customers from dealing in digital currencies and deny services of certain cryptocurrency exchanges.

 

Read more here.

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MTAR Technologies IPO Subscribed 200.8 Times on Final Day of Bidding – Top Indian Market News

MTAR Technologies IPO subscribed 200.8 times on final day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 200.79 times on the second day of bidding. The issue received bids for 145.79 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 28.4 times. The portion set aside for non-institutional investors (NIIs) was subscribed 650.7 times and that for qualified institutional buyers (QIBs) 165 times.

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Kotak Mahindra Bank divests 10% stake in ECA Trading Services to its subsidiary

Kotak Mahindra Bank has divested 10% stake in ECA Trading Services to its wholly-owned subsidiary, Kotak Securities, for Rs 1.98 crore. A total of 1.09 crore equity shares were sold to the subsidiary at Rs 10 per share. The divestment was done to comply with the prudential limit set by the Reserve Bank of India (RBI) on investment in a non-financial services entity.

On Thursday, Kotak Mahindra Bank signed a Memorandum of Understanding (MoU) with the Indian Army. The private sector lender will now handle the salary accounts of Indian Army personnel.

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PNB Housing Finance, Yes Bank enters into co-lending partnership

PNB Housing Finance and Yes Bank have entered into a strategic co-lending agreement to offer customised retail loans for homebuyers at competitive interest rates. The Delhi-based housing finance company will serve customers through the entire loan lifecycle including sourcing, documentation, and collection with an information-sharing arrangement with Yes Bank. Both companies will jointly do due diligence and co-originate the loan at an agreed ratio. 

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Tejas Network secures order from Mexico-based GigNet

GigNet, a Mexico-based digital infrastructure company, has selected Tejas Networks Limited’s optical networking and broadband access products for their high-capacity fiber-optic network expansion in the Cancun region of Mexico. Tejas Networks will supply its full range of last-mile access products to support the rapid growth of GigNet’s Smart Communities business segment for planned developments across the region.

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Lenders agree to JSW Steel’s terms for buying Bhushan Power: Report

As per a report from BloombergQuint, the lenders to Bhushan Power & Steel Ltd (BPSL) have agreed to the terms set by JSW Steel for purchasing the assets of insolvent BPSL. A majority of the financial creditors on Friday voted in favour of accepting JSW Steel’s Rs 19,350-crore offer for the sale. The report further states that the deal will be closed by the end of March.

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Dilip Buildcon receives LoA for two HAM projects in Karnataka

Dilip Buildcon Limited has received the Letter of Acceptance (LoA) for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore in Karnataka. The scope of the first project involves four laning of the Bangalore to Malur section of Bangalore-Chennai Expressway. The second project is for four-laning the Malur to Bangarpet section of Bangalore-Chennai Expressway. Both projects are to be completed within 24 months.

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Sun Pharma’s subsidiary to acquire Australia-based WRS Bioproducts

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries will acquire 4.28 lakh equity shares (or 12.5% stake) of Australia-based WRS Bioproducts. The consideration to be paid for acquiring the stake will be AUD 2 million (~Rs 11.21 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia. Sun Pharma expects to complete the acquisition by March 15, 2021.

PVR opens new six-screen property in Mysuru

Multiplex operator PVR Limited announced the launch of a new six-screen property in Mysuru, Karnataka. The latest PVR Cinemas in Mysuru spreads across an area of 32,240 sq feet and can accommodate a total of 1,078 audiences. PVR said the new property features advanced cinematic technological solutions that offer a holistic movie-going experience. With this opening, PVR now operates 844 screens at 177 properties in 71 cities across India and Sri Lanka.

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Shilpa Medicare gets USFDA approval for Apremilast Tablets

Shilpa Medicare has received tentative approval from the US Food and Drug Administration (USFDA) for Apremilast Tablets- 10 mg, 20 mg, and 30 mg. The tablets are indicated for the treatment of psoriatic arthritis. According to IQVIA MAT 2020 data, the US market for Apremilast Tablets is approximately $2.4 billion (~Rs 17,541 crore). 

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Coal India declares second interim dividend of Rs 5 per share

The Board of Directors of Coal India Limited (CIL) has approved the payment of a second interim dividend for the financial year 2020-21 of Rs 5 per share. The record date for the same has been fixed as March 16. The date of payment of the interim dividend is March 24. CIL has also revised its capital expenditure (capex) plans to Rs 13,000 crore from Rs 10,000 crore after the government asked the company to push expenditure to spur demand in the post-lockdown period.  

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