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India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

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

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IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

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Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

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PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

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India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

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JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

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Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

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NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

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Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

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TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

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IndusInd Bank’s Net Profit Rises 57% YoY in Q2 – Top Indian Market Updates

Indusind Bank

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

IndusInd Bank Q2 Results: Net profit rises 57% YoY to ₹1,805 crore

IndusInd Bank reported a 57.3% YoY increase in net profit to ₹1,805.2 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 18% YoY to ₹4,302 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 2.11% in Q2, compared to 2.35% in Q1. Provisions fell 33% YoY to ₹1,141 crore in Q2 FY23.

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BEL signs MoU with Triton to manufacture hydrogen fuel cells

Bharat Electronics Ltd has signed a Memorandum of Understanding (MoU) with US-based Triton Electric Vehicle (TEV) to manufacture of hydrogen fuel cells. BEL will manufacture the cells using the technology transfer from TEV. This would also help to meet the requirements of the Indian market and mutually agreed-upon export markets.

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Nestle India Q3 Results: Net profit rises 8% YoY to ₹668 crore

Nestle India Ltd reported an 8.3% YoY increase in net profit to ₹668.34 crore for the quarter ended Sept (Q3 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations rose 18.24% YoY to ₹4,591 crore during the same period. E-commerce contributed 7.2% to the quarterly sales. Nestle India’s board has declared an interim dividend of ₹120 per share.

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Bharat Forge, General Atomics to develop Li-Ion battery system

Bharat Forge Ltd has signed an agreement with US-based technology major General Atomics to collaborate and develop a Lithium-Ion battery system for the Indian Navy. The two entities have also agreed to partner in the area of permanent magnet motors. The pact was signed on the sidelines of the DefExpo in Gandhinagar, Gujarat. 

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UltraTech Cement Q2 Results: Net profit falls 42% YoY to ₹758 crore

UltraTech Cement reported a 42% YoY decline in consolidated net profit to ₹758.7 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 15.61% YoY to ₹13,892.69 crore during the same period. The cement manufacturer’s total expenses stood at ₹12,934.27 crore in Q2, up 26.68% YoY. Total sales volume rose 7% YoY to 23.10 million metric tonnes (MMT).

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REC, PFC to provide ₹8,520 crore finance for 1,320 MW thermal power plant at Buxar

State-owned REC Ltd and Power Finance Corporation (PFC) have signed a pact to provide ₹8,520.92 crore to SJVN Thermal Pvt Ltd to set up a 1,320 megawatts (MW) thermal power plant at Buxar (UP). The total estimated project cost is ₹12,172.74 crore, with a debt requirement of ₹8,520.92 crore. REC and PFC will finance the total debt requirement.

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INOX Leisure Q2 Results: Net loss at ₹40 crore

INOX Leisure Ltd reported a consolidated net loss of ₹40.37 crore for the quarter ended Sept (Q2 FY23). The multiplex operator posted a net loss of ₹87.66 crore in Q2 FY22. Its revenue from operations jumped 688% YoY to ₹374.12 crore in Q2 FY23. Total expenses stood at ₹434.24 crore in Q2, up 155% YoY. The company plans to add 11 properties and 47 screens in the current financial year (FY23).

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Reliance Retail partners with 50+ traditional sweets makers

Reliance Retail Ventures Ltd has entered distribution partnerships with over 50 regional sweets makers across India to distribute, mass produce, modernise packaging, and develop traditional Indian sweets with extended shelf life. These packaged mithais will be placed at all Reliance grocery stores such as Smart Bazaar, Smart, and other grocery formats. It will also be available on Reliance Retail’s e-commerce platform JioMart.

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Havells India Q2 Results: Net profit falls 38% YoY to ₹187 crore

Havells India reported a 38% YoY decline in net profit to ₹187 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14% YoY to ₹3,679 crore during the same period. The company’s revenue from its cable business rose 18.8% YoY to ₹1,359 crore in Q2. EBITDA stood at ₹286 crore, down 36% YoY

MakeMyTrip, Goibibo, OYO fined ₹392 crore by CCI for unfair business practices

The Competition Commission of India (CCI) had slapped penalties totaling ₹392 crore on online travel firms MakeMyTrip-Goibibo (MMT-Go) and hospitality services provider OYO for unfair business practices. It was alleged that MMT-Go imposed a price parity in their agreements with hotel partners.

Under such pacts, hotel partners are not allowed to sell their rooms on any other platform or on their own online portal at a price below the price at which it is being offered on the two entities’ platforms.

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India’s GDP Likely to Grow at 18.5% in Q1, says SBI Report – Top Indian Market News

India’s GDP likely to grow at 18.5% in April-June quarter: SBI Report

India’s gross domestic product (GDP) is expected to grow at 18.5% in the April-June quarter (Q1 FY22) due to a low base effect, said SBI in its Ecowrap research report. However, this projection is lower than the 21.4% growth projected by the Reserve Bank of India (RBI). The report further states that corporate results announced so far indicate that there is a substantial recovery in corporate gross value added (GVA) EBIDTA in Q1 FY22.

State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.

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SC grants relief to Bharti Airtel in Videocon AGR dues case

The Supreme Court has granted relief to Bharti Airtel by restraining the Department of Telecommunications (DoT) from encashing the telecom company’s bank guarantees worth Rs 1,376 crores for 3 weeks for non-payment of Adjusted Gross Revenue (AGR) dues owed by bankrupt Videocon. Further, Bharti Airtel was allowed to move the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to seek protection from payment of Videocon AGR dues.

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Wipro to hire 400 people for new delivery centre in Arkansas

Wipro Ltd announced that it will open a new delivery centre in Sherwood, Arkansas (US). The IT major expects to hire up to 400 employees for the centre in the next two years. The company will invest approximately $3 million (~Rs 22.2 crore) to transform a 70,000 square-foot facility at Landers Road into a customer service centre. The delivery centre will provide operational services to Wipro’s clients across industry verticals.    

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Power Finance Corp signs MoU with NHPC to lend funds for development of hydro projects

Power Finance Corporation Ltd (PFC) has signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects. The signing of the MoU will further boost the long-standing association between the two companies and facilitate knowledge and technology transfer. The partnership will also work towards contributing to India’s sustainable development initiatives. 

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Bajaj Finserv gets SEBI approval for mutual fund business

The Securities and Exchange Board of India (SEBI) has given its in-principal approval to Bajaj Finserv Ltd for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC). According to reports, Bajaj Finserv plans to offer all financial services and deliver seamlessly through an app-based platform. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

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Tata Steel signs MoU with Mitsui OSK Lines to develop eco-friendly shipping line

Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL) to develop and deploy environment-friendly shipping solutions. Japan-based Mitsui OSK Lines is a global marine transport group. The objective of the agreement is to reduce greenhouse gas emissions in the ocean transportation of raw materials for the production of steel. This move is in line with Tata Steel’s larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain.

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Tata Power’s arm commissions 150 MW solar project in Rajasthan

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 150 megawatt (MW) solar power project in Loharki, Rajasthan. The project is expected to generate more than 350 million units (MUs) of power annually and is spread across 756 acres of land. TPREL is a wholly-owned subsidiary of Tata Power. With the commissioning of this project, the total renewables installed capacity of Tata Power will be 2,947 MW.

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Infosys signs three-year contract with UCAS

Infosys Ltd has signed a new minimum three-year contract with UCAS, the admissions service for UK higher education. As part of the new agreement, Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organizations. UCAS and Infosys have been engaged in a technology partnership since 2015.

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ABB India expands capacity for LV motors in Faridabad plant

ABB India has expanded manufacturing capacity for Low Voltage (LV) motors at its Faridabad facility in Haryana, powered by renewable energy. The expansion will increase the company’s plant capacity by more than 20% and will further strengthen its presence in the region and global markets. The new line will develop energy-efficient motors up to 55 kilowatts (kW) for customers operating in different industrial segments such as water & wastewater, cement, metals and mining, etc. 

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Reliance plans to unveil super app adding Just Dial offerings: Report

According to a report from ET, Reliance Industries Ltd (RIL) is planning to create a super app by integrating the offerings of local search engine Just Dial, as it aims to become the number one player in the e-commerce space. The one-stop super app is likely to be a marketplace of services and offerings, delivered via in-house technology and through third-party integrations. Last month, Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in JustDial for Rs 3,497 crore. You can read more about it here.

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