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IRCTC Posts 30% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

IRCTC Q2 Results: Net profit rises 30% YoY to ₹295 crore

Indian Railway Catering and Tourism Corporation (IRCTC) reported a 30% YoY rise in net profit to ₹295 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 23% YoY to ₹995 crore during the same period. EBITDA stood at ₹366 crore, up 20% YoY in Q2. The company’s board approved a dividend of ₹2.5 per share.

Read more here.

L&T arm secures significant orders in Odisha, MP

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured orders in the range of ₹1000-2500 crore from the Governments of Odisha and Madhya Pradesh. The order from the Water Resources Department, Government of Odisha, is to execute mega lift irrigation projects. L&T will also execute Pressurized Piped Lift Irrigation Projects to irrigate about 34,942 hectares of culturable command area in Dewas, Madhya Pradesh.

Read more here.

Devyani International Q2 Results: Net profit falls 43% YoY to ₹33 crore

Devyani International Ltd reported a 43% YoY fall in consolidated net profit to ₹33.35 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 9.64% YoY to ₹819.47 crore during the same period. EBITDA stood at ₹158.8 crore in Q2. Devyani International operates KFC outlets in India.

Read more here.

Voltas denies report on considering sale of home appliance biz

Voltas denied reports claiming that the Tata Group is considering selling its home appliance business. Earlier today, Bloomberg reported that Tata Group is considering selling the home appliance operation of Voltas Ltd. Voltas is separately taking up the matter with Bloomberg to issue a necessary clarification.

Read more here.

Zydus Lifesciences Q2 Results: Net profit rises 53% YoY to ₹801 crore

Zydus Lifesciences Ltd reported a 53% YoY increase in net profit to ₹801 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 9.1% YoY to ₹4,369 crore during the same period. EBITDA stood at ₹1,146 crore, up 40.6% YoY.  The pharma company’s India sales rose 4.8% YoY to ₹1,769 crore in Q2 FY24.

Read more here.

JSW, Vedanta’s ₹10,000 cr investment in cement plants in Punjab stuck in red tape

JSW Group and Vedanta’s joint investment in Talwandi Sabo Power Plant (TSPL) to set up cement plants in Punjab are awaiting approval from the state government. TSPL plans to set up cement manufacturing plants in Punjab with an overall investment of around ₹10,000 crore. TSPL has plans to set up multiple cement plants next to its existing power plant in the Mansa district of Punjab. One of these plants will be set up by the JSW group.

Read more here.

Power Grid Q2 Results: Net profit rises 5% YoY to ₹3,834 crore

Power Grid Ltd reported a 5% YoY rise in net profit of ₹3,834 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell marginally by 0.5% YoY to ₹10,419.41 crore during the same period. EBITDA stood at ₹9,207.32 crore, up 4% YoY. Its board recommended a dividend of ₹4 per equity share.

Read more here.

Glenmark gets USFDA approval for generic drug used to treat mental disorder

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fluphenazine Hydrochloride tablets. The drug is used to treat certain types of mental disorders. According to IQVIA data, the drug’s equivalent had annual sales of approximately $18.1 million in the 12 months ended September 2023.

Read more here.

Trent Q2 Results: Net profit jumps 3x YoY to ₹228 crore

Trent Ltd reported an 189% YoY jump in consolidated net profit of ₹228.06 crore for the quarter ended September (Q2 FY24). Its total income rose 51.4% YoY to ₹3,062.47 crore during the same period. Total expenses stood at ₹2,773.52 crore in Q2 FY24, compared to 1,899.49 crore in Q2 FY23.

Read more here.

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Daily Market Feed Pre Market Report

Sideways Trend in NIFTY for the Weekly Expiry? – Pre-Market Analysis Report

sideways trends - pre-market report

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

Stocks

Power Grid has successfully commissioned assets under the government’s North Eastern Region Strengthening Scheme-VI.

Paytm’s investor Antfin has offloaded 6.53 crore equity shares or a 10.3% stake to promoter Vijay Shekhar Sharma. This makes the founder & CEO, the biggest shareholder at 19.3%.

Aurobindo Pharma is launching an HIV triple combination product for children in low and middle-income countries, under a licence from a U.K. pharma company.

Reports suggest that the govt plans to sell shares of IRFC through an offer for sale (OFS).

What Happened Yesterday?

NIFTY started the day at 19,369 with a gap-down of 65 points. It started moving up after the initial red candles and tried to break yesterday’s high. NIFTY closed at 19,465, up by 30 points or 0.16% 

BANK NIFTY started the day at 43,726 with a gap-down of 364 points. The index faced strong rejection from the 44k zone when trying to move back up. BANK NIFTY closed at 43,946, down by 144 points or 0.33%. 

US markets closed in the red. The European markets closed mixed.

What to Expect Today?

The Asian markets are trading in the red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the red at 19,394.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,400, 19,360, 19,300 and 19,240. We can expect resistances at 19,438, 19,560 and 19,620.

BANK NIFTY has supports at 43,960, 43,840, 43,750 and 43,680. Resistances are at 44,277,  44,520, and 44,800.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,300. PCR is at 1.05.

BANK NIFTY has the high call OI build-up at 44,000 and 44,500. The highest put OI build-up is at 43,800. PCR is at 0.82.

Foreign Institutional Investors net-sold shares worth Rs 722 crores. Domestic Institutional Investors net-bought worth Rs 2,406 crores.

INDIA VIX is at 12.12, the first time since May. The VIX in the U.S. market is also up.

The U.S. market continued to move down yesterday night after Fed Minutes once again confirmed a high chance of more rate hikes. The Fed also sees no recession in the 2023 forecast.

NIFTY respected all our major levels yesterday. And with the last 2 day candles, NIFTY is at the same level as Friday’s close. So till now for the week, NIFTY has had consolidation.

With today’s gap-down expected at 19,400, we should have a watch out for 19,300 as the first support. I would wait for the initial few candles before taking a position. Watch out for BANK NIFTY’s 43,680 level as well.

For the 3rd weekly expiry in the August series, let us hope the market will trade between 43,500-44,100 in BANK NIFTY and 19,250-19,550 on NIFTY.

And do remember, since it is an expiry day you can expect some volatility. So keep your eyes on the major levels and watch out for big candles!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app or our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Daily Market Feed Post Market Analysis

Nifty Closes Below 19,750. IT Stocks Gain – Post-Market Analysis

NIFTY started the day at 19,784 with a small gap-up of 30 points. Initially, the index moved up to the round levels of 19,800, took rejection, and fell to breach the important support zone of 19,750. Then, it went down to 19,700 levels and strong buying kicked in. The index mostly consolidated within the 19,700 and 19,800 zones today. Nifty closed at 19,733, down by 20 points or 0.1%. 

BANK NIFTY (BNF) started the day at 45,740 with a gap-up of 88 points. After initial consolidation, the index faced selling pressure. BNF fell below the 45,600 support zone and came down to 45,470 zones (which was the previous day’s swing). It then bounced back, but 45,600 acted as resistance. BNF closed at 45,592, down by 58 points or 0.13%. 

All indices except Nifty IT (+1.2%), Nifty Metal (+0.18%), and Nifty Pharma (+0.06%) closed in the red. Nifty Realty (-1.7%) fell the most. 

Major Asian markets closed mixed. European markets are currently trading in the red.

Today’s Moves

Coal India (+4.8%) was NIFTY50’s top gainer. The company posted a 13.4% YoY growth in coal production at 53.6 million tonnes (MT) in July.

NCLAT has listed IDBI’s (+8.6%) appeal against ZEEL for a hearing tomorrow.

TechM (+2.5%), LTTS (+3.18%), HCL Tech (+1.95%), TCS (+0.9%), and other IT stocks showed strong gains.

PowerGrid (-5.3%) was NIFTY50’s top loser. The company posted disappointing Q1 results and announced a 1:3 bonus issue.

Kei Industries (-6.5%) crashed to 8% after reporting a 17% YoY rise in net profit to ₹121.4 crore in Q1.

DLF (-3.3%) fell after promoters sold stake worth ₹1,086 crore in the real estate company.

Hero MotoCorp (-3.1%) fell sharply after the Enforcement Directorate conducted raids at the residence of the company’s chairman Pawan Munjal.

Markets Ahead

After the buying seen yesterday, our markets seem stuck in a range. A breakout or breakdown from these levels can give us good moves.

Nifty: The index is currently facing rejection from 19,750 levels, which could act as the first resistance. If that level is crossed, we can expect the index to move to 19,840 levels. If the index falls below 19,750, a round level target of 19,700 could act as strong support. And if 19,700 is breached, we can expect Nifty to fall to 19,600 as well.

Bank Nifty: BNF is looking weaker than Nifty. 45,600 is acting as a strong resistance. If the index stays below this level, we can expect targets of 45,470 (today’s low) and 45,300. If there’s a breakout on the upside, we can expect a target of 45,800 and the round levels of 46,000 eventually.

Nifty Finserv moved in a range today. So it was an easy expiry for non-directional option sellers.

Meanwhile, the S&P Global Purchasing Managers’ Index (PMI) fell marginally to 57.7 in July from 57.8 in June. The rates of output and new order expansion remained slightly lower than in June. However, companies continued to grow their workforce and purchasing activities in response to these developments.

How was FIN NIFTY expiry? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

GQG Partners, Others Invest Nearly $1 Billion in Adani Group – Top Indian Market Updates

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

GQG Partners, others invest nearly $1 billion in Adani Group stocks

US-based investment firm GQG Partners and other investors have bought close to $1 billion (₹8,200 crore) of additional stakes in Adani Group companies. GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (₹13,600 crore). The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (₹9,600 crore).

Read more here.

BPCL to raise Rs 18,000 crore via rights issue

The board of Bharat Petroleum Corporation Ltd (BPCL) has approved a proposal to raise up to Rs 18,000 crore through a rights issue. The company will raise the capital by issuing equity shares to eligible shareholders on a rights basis. The record date for the issue will be notified later. The capital infusion is for achieving energy transition, net zero, and energy security objectives.

Read more here.

BEML wins orders worth Rs 385 crore

BEML has secured an order from Bharat Dynamics and Bharat Electronics Ltd for the supply of High Mobility Vehicles (HMV). The total contract value is ₹385 crore. BEML manufactures a wide range of heavy earthmoving equipment, with 50% sales from the mining and construction industry, 23% revenues from vehicles supply for defence forces, and 27% sales contributed by the rail and metro segments.

Read more here.

Power Grid board approves 3 investment proposals worth Rs 389 crore

Power Grid Corporation of India Ltd’s (PGCIL) board has approved three investment proposals worth ₹389 crore. The first proposal is for a change in scope for the establishment of a dedicated telecom network for the National Transmission Asset Management Centre at a cost of ₹164.38 crore. The second proposal is for the western region expansion scheme at an estimated cost of ₹115.09 crore. The third is for the Information & Communications Technology augmentation at Navsari at an estimated cost of ₹109.47 crore.

Read more here.

Adani Power’s Jharkhand plant commences supply to Bangladesh

Adani Power has started exporting power to Bangladesh from its 1,600 megawatts (MW) plant in Godda, Jharkhand. The company’s subsidiary, Adani Power Jharkhand Ltd (APJL), has achieved the commercial operations date of its second unit of 2×800 MW Godda ultra-supercritical thermal power plant. It completed the reliability run test, including commercial operation tests of the second unit of Godda power plant, on June 25.

Read more here.

HDFC, Tomorrow Capital makes strategic investment in Bonito Designs

Housing Development Finance Corporation (HDFC), Tomorrow Capital, and a few high-net-worth individuals (HNIs) have invested ₹40 crore in interior design firm Bonito Designs. Bonito Designs is backed by Lodha Ventures and has a valuation of ₹650 crore. This strategic alliance with HDFC is expected to help the company deepen its presence in Mumbai and Bengaluru.

Read more here.

Thermax plans entry into renewable power, electrolyser production

Thermax Ltd is planning to make a full-fledged entry into renewable power generation, electrolyzer manufacturing, and green hydrogen generation projects over the coming years. The move comes as the company seeks to meet the needs of customers transitioning to cleaner fuels. Thermax has set up open access-based renewable energy projects for commercial and industrial corporates in Gujarat, Tamil Nadu, and Maharashtra. It has around 250 MW of renewable projects at various stages of development.

Read more here.

Reliance Jio acquires 30.4 lakh new subscribers in April

Reliance Jio continued its dominance over the Indian telecom space as it added 30.4 lakh subscribers in April 2023, as per data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel saw an addition of 76,328 users in April, compared with 10.4 lakh in March. Meanwhile, Vodafone Idea lost 29.9 lakh in April 2023, compared to 12.1 lakh in March.

Read more here.

Tata Sons challenge Rs 1,500cr tax claim on Docomo settlement

According to an ET report, Tata Sons has disputed a ₹1,500-crore ($183 million) tax demand on its $1.27-billion settlement in 2017 with NTT Docomo over a now-defunct telecom joint venture. The Directorate General of GST Intelligence (DGGI), which had raised the tax claim, has now moved the Bombay High Court seeking a three-month extension for the next hearing on a petition filed by Tata Sons challenging the tax demand.

Read more here.

Bandhan Bank triples number of branches to 1,500 in <8 years

Bandhan Bank has tripled the number of its branches in nearly eight years of operations, totalling 1,500 at present. The lender has a network of 6,000 banking outlets across the country. The Kolkata-based bank started operations with 501 branches on August 2015. Presently, it is spread across 34 states and UTs.

Read more here.

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Adani Group to Invest Over $100 billion in Next Decade – Top Indian Market Updates

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

Adani Group to invest over $100 billion in next decade

The Adani Group will invest more than $100 billion in the next decade, said Chairman Gautam Adani at the Forbes Global CEO Conference in Singapore. Nearly 70% of this investment will be in the energy transition space. The group will add 45 gigawatts of hybrid renewable power generation capacity and build 3 giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.

Read more here.

Torrent Pharma to acquire Curatio Health for $245 million

Torrent Pharmaceuticals Ltd will acquire skincare major Curatio Health Care (I) for ₹2,000 crores. Following the Curatio deal, Torrent Pharma will be among the top 10 companies in the dermatology segment in India. Sequoia Capital-backed Curatio has a portfolio of over 50 brands that are marketed in India.

Read more here.

Reliance Retail launches first outlet of ‘Reliance Centro’

Reliance Retail Ventures Ltd announced the launch of its fashion & lifestyle departmental store “Reliance Centro” in Vasant Kunj, Delhi. Centro’s core offerings are curated to make it a one-stop fashion destination for mid-premium segment customers. The store offers categories including apparel, footwear, cosmetics, lingerie, sportswear, and accessories with over 300 Indian and international brands.

Read more here.

Axis Bank eyes general insurance space: MD

Axis Bank MD & CEO Amitabh Chaudhry indicated that the lender may be interested in investing in a general insurance company if a good opportunity comes up. Under Chaudhry’s leadership, Axis Bank has been expanding its footprint in the financial sector space as it aims to challenge bigger rivals like SBI, HDFC Bank, and ICICI Bank to become a one-stop service provider.

Read more here.

BHEL secures order for 2×660 MW Talcher Thermal Power Project Stage-III

Bharat Heavy Electricals Ltd (BHEL) has received a prestigious order for setting up the 2×660 megawatts (MW) Talcher Thermal Power Project Stage-III from NTPC Ltd. State-owned NTPC is investing ₹11,843.75 crore for this project. BHEL is an Indian government-owned engineering and manufacturing enterprise based in New Delhi, India. 

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid Corporation of India Ltd’s (PGCIL) board has approved an investment of ₹327.71 crore for the transmission project line in Gujarat. PGCIL will link its pooling station with Reliance Industries Ltd’s Jamnagar oil refinery in Gujarat. The scheduled commissioning date is September 2023.

Read more here.

Muthoot Finance signs MoU with Lulu International Exchange for ease of money transfer

Muthoot Finance has signed a Memorandum of Understanding (MoU) with UAE-based Lulu International Exchange to work as its collection partner. Through this partnership, Muthoot Fiance aims to drive convenience and ease of money transfer for over four lakh NRIs in the UAE region whose relatives have availed gold loans back home. NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE. 

Read more here.

HFCL secures orders worth ₹202 crore

HFCL Ltd has secured orders worth ₹202.6 crore from three customers. The company has received a purchase order of ₹167.60 crore from Reliance Retail and Reliance Projects & Property Management Services for the supply of optical fibre cables (OFC). It has also bagged an order of ₹35 crore from one of its overseas customers for the supply of OFCs and related accessories. 

Read more here.

India’s inclusion into key government bond index pushed back to next year: Report

As per a Reuters report, Indian government bonds will likely only be included in the JPMorgan emerging market global index early next year as the govt. still needs to address various operational issues. Investors had expected a decision on this could come this month when operators meet to review the composition of the index and after Russia’s exit earlier this year. The rupee turned lower and bond yields rose after news of the delay in inclusion. 

Read more here.

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IOCL Eyes Net Zero Carbon Emissions by 2046 – Top Indian Market Updates

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

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

Indian Oil Corp eyes net zero carbon emissions by 2046

Indian Oil Corporation Ltd (IOCL) aims to achieve net zero carbon emissions by 2046. The company has prepared a roadmap to achieve net zero Scope 1 and 2 emissions (relating to emissions from crude refining and energy consumption). IOCL is also targeting to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen.

Read more here.

HDFC Bank to acquire 9.94% stake in Go Digit Life Insurance

HDFC Bank plans to acquire a 9.94% stake in Go Digit Life Insurance Ltd, a company backed by Canada-based Fairfax Group. The bank has proposed an investment of Rs 49.9-69.9 crore (in two rounds) by subscribing to equity shares of the company. Go Digit Life Insurance is awaiting a certificate of registration by the Insurance Regulatory & Development Authority of India (IRDAI) to begin operations.

Read more here.

PSP Projects secures new orders worth ₹247 crore

PSP Projects Ltd has secured contracts worth ₹247.35 crore from the Precast and Government segments. The total order inflow for the financial year 2022-23 (FY23) to date amounts to Rs 1,344.24 crore. PSP Projects is one of the prominent contractors offering a diversified range of construction and allied services. It focuses on industrial, institutional, government, and residential projects.

Read more here.

Hero Electric, Jio-bp partner for two-wheeler EV adoption

Hero Electric has announced a partnership with Jio-bp to provide EV charging solutions. The electric scooter maker’s customers will get access to Jio-bp’s charging and battery swapping infrastructure. Both entities will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience. Jio-bp is a joint venture between Reliance Industries Ltd and British oil giant BP 

Read more here.

REC’s subsidiary hands over project-specific SPV to PowerGrid

REC’s wholly-owned subsidiary, REC Power Development & Consultancy Ltd. (RECPDCL), has handed over the project-specific Special Purpose Vehicle (SPV) formed for the construction of a transmission project (Neemuch Transmission Ltd) to Power Grid Corporation of India Ltd. Power Grid emerged as the successful bidder of the Inter-State Transmission Project of the Ministry of Power, Government of India.

Nelco signs pact with Intelsat to offer in-flight connectivity in India’s airspace

US-based Intelsat has signed a commercial agreement with Nelco Ltd to offer inflight connectivity services in Indian skies. The agreement will benefit Intelsat’s airline partners and flyers as they will get end-to-end broadband coverage on domestic and international aircraft flying across the country. Intelsat joins companies such as Reliance Jio, Bharti Airtel, and Vi that have received prior approvals from the Indian govt to offer internet services on-board flights.

Read more here.

Indian Hotels looks at greenfield, brownfield opportunities in Gujarat

Indian Hotels Company Ltd (IHCL) is looking at growth opportunities in greenfield and brownfield projects to strengthen its footprint in Gujarat. The company is also looking at new commercial hubs like Bharuch and Vapi, wildlife destinations, and pilgrimages in the state. IHCL, which recently opened 111-room Ginger and 175-key Vivanta in Ahmedabad, has 19 properties in Gujarat. 

Read more here.

Listed private non-finance companies report 41% sales growth in Q1 FY23: RBI

A Reserve Bank of India (RBI) report stated that listed private non-financial companies recorded a 41% sales growth during the first quarter of FY23. The manufacturing segment posted sales growth of 41.6%, driven by broad-based demand expansion across industries due to volume and price effects. Sales growth of information technology (IT) firms stood at 21.3% in Q1 FY23.

Read more here.

Lupin, I’rom signs licensing pact for Denosumab biosimilar in Japan

Lupin Ltd has entered into an exclusive licensing agreement with Japan-based I’rom Group Co. Ltd. The two entities will conduct clinical trials, register, distribute and market biosimilar Denosumab in Japan. Denosumab is used for the treatment of postmenopausal women with osteoporosis (bones becoming fragile) at high risk of fracture. It is also used to prevent skeletal-related events in patients with bone metastases.

Read more here.

IGX to start LNG trade from October

The Indian Gas Exchange (IGX) is planning to start trade in liquefied natural gas (LNG) from October to help last-mile areas unconnected with pipelines get access to natural gas. Liquid gas will now be arranged at terminals. Buyers can take in LNG tankers to far-away locations (200-300 km) that are not yet connected with pipelines.

Read more here.

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HCL Tech Reports 9% YoY Rise in Net Profit in Q1 – Top Indian Market News

HCL Tech Q1 Results: Net profit rises 9% YoY to Rs 3,213 crore

HCL Technologies Ltd reported a 9.4% year-on-year (YoY) increase in consolidated net profit to Rs 3,213 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12.5% YoY to Rs 20,068 crore during the same period. The total contract value (TCV) of new deals stood at $1,664 million in Q1, an increase of 37% YoY. HCL Tech’s attrition rate for IT services declined from 14.6% in Q1 FY21 to 11.8% in Q1 FY22. The IT company’s board has declared an interim dividend of Rs 6 per share. 

Read more here. 

SC reserves order on Bharti Airtel, Vodafone Idea’s pleas in AGR case

The Supreme Court (SC) reserved its order on Bharti Airtel and Vodafone Idea’s pleas seeking correction of errors in adjusted gross revenue (AGR) demands. The SC stated that recalculation of AGR dues will not be allowed. The telecom operators had sought the correction in AGR demand, citing errors in the Department of Telecommunications’ (DoT) calculation of dues. You can learn more about the entire telecom AGR saga here.

Read more here.

ACC Q2 Results: Net profit jumps two-fold to Rs 569 crore

ACC Limited reported a 110% YoY jump in consolidated net profit to Rs 569.45 crore for the quarter ended June (Q2 CY21). The cement maker follows the January-December financial year cycle. Its revenue from operations rose 49.29% YoY to Rs 3,884.94 crore during the same period. Total cement volumes rose 43.7% YoY to 6.84 million tonnes (MT) in Q2. Revenue from its cement business increased by 43.9% YoY to Rs 3,672.31 crore.

Read more here.

HDFC Life Q1 Results: Net profit declines 33% YoY to Rs 302 crore

HDFC Life Insurance Company Ltd reported a 33% YoY decline in standalone net profit to Rs 302 crore for the quarter ended June (Q1 FY22). Its total premium rose 31% YoY to Rs 7,656 crore during the same period. The fall in profit was due to higher claim payout and higher provisions to mitigate the impact of the Covid-19 pandemic. HDFC Life paid over 70,000 claims in Q1. The gross and net claims provided amounted to Rs 1,598 crore and Rs 956 crore, respectively.

Read more here.

L&T Construction secures contracts under various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The power transmission and distribution business has won an order to construct a 220 kilovolt (kV) transmission line in Ladakh. It has also received an order to design, supply, construct, test, and commission a 132/11kV substation with associated cable works in Dubai city. L&T’s factory business has secured an order from a leading cement manufacturer to construct a 1.8 million tonne per annum (MTPA) grinding unit in Dolvi, Maharashtra.

Read more here. 

Centre to collect Rs 70,000 crore from asset monetisation of PowerGrid, NTPC, REC over five years

According to a report from ET Now, the Central government is likely to collect Rs 70,000 crore through monetisation of assets of state-owned power giants such as Power Grid, NTPC, and REC in the next five years. Around 50% of funds are likely to be utilised for boosting state transmission and power distribution infrastructure. Central public sector enterprises (CPSEs) will join hands with state power distribution companies (discoms) through joint venture agreements for support.  

Read more here.

Tatva Chintan IPO subscribed 15 times on second day of bidding 

The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 15.05 times on the second day of bidding. The IPO received bids for 4.90 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 23.74 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 12.21 times and 1.97 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

Indian Bank Q1 Results: Net profit jumps multifold to Rs 1,182 crore

Indian Bank reported a 220% YoY jump in net profit to Rs 1,182 crore for the quarter ended June (Q1 FY22). Net profit has declined 31% when compared to the previous quarter. Its Net Interest Income (NII) rose 3% YoY to Rs 3,994 crore during the same period. [NII is the difference between the interest income a bank earns on its lending activities and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio stood at 9.69% in Q1 FY22, compared to 10.9% in Q1 FY21. 

Read more here. 

GTPL Hathway Q1 Results: Net profit rises 16% YoY to Rs 47 crore

GTPL Hathway Ltd reported a 16.1% YoY increase in consolidated net profit to Rs 47.46 crore for the quarter ended June (Q1). Net profit has declined by 16.5% when compared to the previous quarter. Its revenue from operations rose 21.46% YoY to Rs 601.77 crore during the same period. GTPL Hathway is a leading provider of cable television and broadband services. The company serves customers in ~800 cities across 12 states in India.

Tata Steel Mining and Jindal Stainless signs MoU for joint mining operations

Tata Steel Mining and Jindal Stainless have signed a Memorandum of Understanding (MoU) to jointly unearth the Chrome Ore locked up in the boundary between their mines at Sukinda (Odisha). It would help in the conservation of chromite ore, which otherwise would have been left unmined forever. The companies have initiated steps to get necessary approvals from the concerned authorities before jointly starting mining operations.

Read more here.

NAM India Q1 Results: Net profit rises 16% YoY to Rs 182 crore

Nippon Life India Asset Management Ltd (NAM India) reported a 16% YoY increase in net profit to Rs 181.54 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.8% when compared to the previous quarter. Its total income rose 10% YoY to Rs 369.18 crore during the same period. The average quarterly assets under management (AUM) rose 33% to Rs 2.40 lakh crore in Q1.

Read more here.

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SC Rules in Favour of Tata Group, Sets Aside NCLAT Order – Top Indian Market News

Supreme Court upholds Tata Sons’ decision to sack Cyrus Mistry as chairman

The Supreme Court (SC) on Friday upheld the Tata Group’s decision to sack Cyrus Mistry as chairman of the group.  A three-judge bench of SC, led by CJI Justice S A Bobde, set aside the National Company Law Appellate Tribunal (NCLAT) order that had reinstated Mistry on Tata Sons’ board and had termed current Chairman N Chandrasekaran’s appointment as ”illegal”. The SC also refused to entertain Shapoorji Pallonji Group’s plea for fair compensation of their equity shares in Tata Sons. 

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JSW Steel pays Rs 19,350 to complete acquisition of Bhushan Power & Steel

JSW Steel, on Friday, paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd (BPSL) towards implementation of the resolution plan for acquiring the insolvent company. With this move, Sajjan Jindal-led JSW Steel has closed the acquisition of BPSL. This marks JSW Steel’s entry into mineral-rich eastern India, which has so far been dominated by Steel Authority of India Ltd (SAIL) and Tata Steel.

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Bajaj Auto, Pierer Mobility to strengthen e-mobility cooperation

Bajaj Auto Limited said it is strengthening its strategic cooperation with Pierer Mobility AG for developing electric products in the two-wheeler sector. Both companies have decided to jointly explore zero tailpipe emissions, low maintenance, and long-lasting benefits of light electric vehicles (EVs) in urban settings and dense metropolitan areas. The first of these electric two-wheelers are set to hit the market in 2022.

Read more here. 

Barbeque Nation IPO subscribed 5.98 times on final day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 5.98 times on the final day of bidding. The IPO has received bids for 2.99 crore equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 13.13 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 3.1 times and that of qualified institutional buyers (QIBs) 5.11 times.

Godrej Properties sells over 275 flats worth Rs 475 crore at housing project in Noida

Godrej Properties Ltd said it has sold around 275 residences worth Rs 475 crore within one day at the launch of its housing project, Godrej Woods, in Noida. Located in Sector 43, Godrej Woods offers homes set amidst a lush green development with over 600 trees. The realty firm claims to have added 17 projects across five cities in the National Capital Region (NCR). Out of this, six projects have already been delivered.

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M&M board approves consolidation of Mahindra Electric Mobility

The Board of Directors of Mahindra & Mahindra Ltd has granted in-principle approval for the consolidation of Mahindra Electric Mobility Ltd (MEML) into the company. The consolidation will categorize electric vehicle (EV) operations into two focused verticals— Last-Mile Mobility and Electric Vehicle Tech Centre. M&M said simplifying the structure will drive improvements through innovation, execution excellence, efficiencies, and economies of scale.

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Tata Motors signs MoU with SBI for financing light commercial vehicles

Tata Motors has signed a three-year Memorandum of Understanding (MoU) with State Bank of India (SBI) to offer financial assistance for the purchase of the company’s range of small and light commercial vehicles. The collaboration with SBI will allow Tata Motors’ commercial vehicle (CV) customers to avail of loans in a hassle-free manner as well as access SBI’s unique technology-laden offerings.

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Power Grid acquires Bikaner-II Bhiwadi Transco from PFC

Power Grid Corporation of India said it has acquired Bikaner-II Bhiwadi Transco Ltd (BBTL), from Power Finance Corporation (PFC). BBTL is the special purpose vehicle (SPV) to establish a transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan. The transmission company was acquired for an aggregate value of about Rs 20.50 crore, including 10,000 equity shares at Rs 10 per share, along with its assets and liabilities.

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Confidence Petroleum signs agreement with GAIL Gas to set up CNG stations in Bengaluru

Confidence Petroleum India Ltd has signed an agreement with GAIL Gas for setting up 100 compressed natural gas (CNG) stations in Bengaluru. The CNG stations will be set up on a Build-Operate (BO) basis over the next three years. This will significantly improve the accessibility of CNG auto fuel for cars, autorickshaws, buses, and heavy vehicles of Bengaluru.

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Prestige Estates acquires 50% stake in JV partnership with DB Realty

Prestige Estate Projects, through its subsidiary- Prestige Falcon Realty Ventures, has invested through capital account contribution in Turf Estate Joint Venture LLP as a new partner with an equal share of profit/losses with DB Realty. The joint venture (JV) firm aims to develop a 2.6 million sq. ft. commercial project in Worli, Mumbai. The project would consist of two office towers.

Read more here.

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Govt to Establish National Bank for Infra Investments – Top Indian Market News

Govt in the process of setting up National Infra Bank: Finance Minister

Union Finance Minister, Nirmala Sitharaman, said that the government is in the process of setting up a national bank for funding infrastructure investments. She stated that creating institutional structures, big thrust on monetising assets, and enhancing the share of capital expenditure in central and state budgets were three concrete steps taken by the government for building infrastructure. The minister is expected to introduce the National Bank for Financing Infrastructure and Development Bill, 2021, in Parliament next week. 

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Bharti Airtel to acquire 7.48% stake in Sandhya Hydro

Bharti Airtel Ltd said it will acquire 17.43 lakh equity shares (or 7.48% stake) in Sandhya Hydro Power Project Balargha. The cost of the acquisition is Rs 1.74 crore. Sandhya Hydro owns and operates a small hydro project of 9 megawatt (plus 10% continuous overload) in Kullu district, Himachal Pradesh. It is a subsidiary of Continuum Energy, Singapore.

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Adani Green Energy to acquire 50 MW solar asset from SkyPower Global

Adani Green Energy has signed definitive agreements with Toronto-based SkyPower Global to acquire a 100% stake in a special purpose vehicle (SPV) that owns a 50 megawatt (MW) operating solar asset in Telangana. The cost of the acquisition is based on the enterprise value of Rs 317 crore. The SPV, Surajkiran Renewable Resources, was commissioned in October 2017. It has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana at Rs 5.37 per kilowatt-hour (kWh). 

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Power Grid to acquire 74% stake in Jaypee Powergrid for Rs 351.64 crore

Power Grid Corporation of India Ltd (PGCIL) has signed an agreement with Jaiprakash Power Ventures Ltd (JPVL) to acquire 74% stake in Japyee Powergrid Ltd (JPL) for Rs 351.64 crore. JPL is a joint venture (JV) between Power Grid and JPVL. After the acquisition, JPL will become a wholly-owned subsidiary of PGCIL. The transmission JV has a 214 km transmission link to supply electricity from the Karcham-Wangtoo hydropower project in Himachal Pradesh to Himachal Pradesh, Haryana, Punjab, Uttar Pradesh, and Rajasthan

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Failure at NSE clearing arm led to February outage: RBI

The Reserve Bank of India (RBI) said that shutting down of the system at NSE Clearing Limited (NCL) had led to the day-long trading blackout in the stock exchange on February 24, 2021. NCL is responsible for the clearing and settlement of all trades executed on the NSE, as well as risk management functions. “The major issue faced on Feb 24th was the ineffectiveness of inter-operability because of the shutting down of NCL”, said RBI in its State of the Economy bulletin. Another failure was the inability to switch NSE’s operations to the disaster recovery site.

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Barbeque Nation Hospitality IPO to open on March 24; price band fixed at Rs 498-500 per share

Barbeque Nation Hospitality Ltd will open its initial public offering (IPO) on March 24. The price band for the IPO has been fixed at Rs 498 – Rs 500 per share. The IPO comprises a fresh issue of shares worth Rs 180 crore and an offer for sale (OFS) of 54.57 lakh equity shares by existing shareholders. Net proceeds aggregating up to Rs 54.62 crore will be used for setting up 26 new Barbeque Nation Restaurants during financial years 2022 and 2023. 

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India’s crude oil processing hit 4-month low in February

India’s crude oil processing fell to its lowest level in four months in February 2021. According to provisional data released by the government, crude oil processing in February declined by 8.8% year-on-year (YoY) to 4.87 million barrels per day. On a monthly basis, crude oil throughput fell by 5.6%. Fuel consumption in the country also fell to a five-month low last month as higher retail prices affected demand.

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Future Group to challenge Delhi HC order on Biyani over RIL deal: Report

As per a report from Mint, the Future Group has decided to challenge the Delhi High Court (HC) order directing detention of its founder Kishore Biyani and attachment of his assets, while restraining the debt-ridden group from taking any step towards its proposed Rs 24,713 crore asset sale deal with Reliance Industries Ltd (RIL). The report states that an appeal challenging the order may be filed on Monday or Tuesday. On March 18, a single-judge bench of the Delhi HC ordered Future Retail not to go ahead with its deal with RIL, as it had willfully violated Singapore International Arbitration Centre’s emergency order.

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Govt receives Rs 747 crore from GAIL’s share buyback

The Central government has received Rs 747 crore from share buyback by GAIL (India) Ltd, said DIPAM Secretary Tuhin Kanta Pandey. The total share buyback size was Rs 1,046 crore. The government’s current holding in the company stands at 51.45%. To meet revenue targets, the Centre wants public sector undertakings (PSUs) to either meet their targets for capital expenditure or reward its shareholders in the form of dividends or share buybacks.

Read more here.

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Cabinet Approves PLI Scheme Worth Rs 12,195 crore for Telecom Sector – Top Indian Market News

Cabinet approves PLI scheme worth Rs 12,195 crore for telecom sector

The Union Cabinet has approved a production-linked incentive (PLI) scheme worth Rs 12,195 crore for telecom and network equipment manufacturing. The scheme will cover core transmission equipment, 4G/5G next-generation radio access network and wireless equipment. It will also cover customer premise equipment (CPE), Internet of Things (IoT) access devices, and enterprise equipment such as switches and routers. The PLI scheme on telecom products will be implemented from April 1, 2021.

The government expects that the scheme will lead to enhanced production of more than Rs 2,44,200 crore of telecom equipment in India and exports worth Rs 1,95,360 crore. The latest PLI scheme is also expected to create 40,000 new jobs and generate around Rs 17,000 crore worth of tax revenue in the next 5 years.

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Bharti Airtel to acquire 20% stake from Warburg Pincus in its DTH arm for Rs 3,126 crore

Bharti Airtel Limited said it will acquire Warburg Pincus affiliate’s 20% equity stake in its DTH arm- Bharti Telemedia- for Rs 3,126 crore. The telecom company will issue 3.6 crore equity shares at Rs 600 per share and pay up to Rs 1,037.8 crore in cash to acquire the stake. The transaction is a part of Bharti Airtel’s strategy to align the shareholding of its customer-facing products, services, and businesses under the same holding group. 

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Power Grid declared successful bidder under TBCB for two projects

Power Grid Corporation of India has been declared as the successful bidder under Tariff Based Competitive Bidding (TBCB) to establish two projects on a build, own, and maintain basis. The first project includes the establishment of a 765kV D/C transmission line and associated substation extension works in Rajasthan and Uttar Pradesh. The second project includes the establishment of a 400/220kV Substation and substation extension works in Rajasthan.

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KEC International secures orders worth Rs 1,681 crore

KEC International Ltd has received orders worth Rs 1,681 crore across its various business segments. The company’s transmission & distribution (T&D) business has secured orders of Rs 1,287 crore for T&D projects from Power Grid Corporation (PGCIL) and other customers in India, SAARC, and the Americas. Its civil business has received an order of Rs 254 crore for infrastructure works in the water pipeline segment in India.

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GMM Pfaudler acquires majority stake in Pfaudler Group

GMM Pfauder announced that it has completed the transaction to acquire a majority stake of its parent company, the Pfaudler Group, from private equity firm Deutsche Beteiligungs AG Fund VI. With this acquisition, GMM has become the ultimate holding company of the Pfaudler Group. The entire business of Pfaudler will be consolidated into GMM. The combined revenue of the entity is estimated to be around Rs 2,000 crore.

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Dish TV India, promoters settle cases of alleged disclosure lapses

Dish TV India Limited and its promoters—  Direct Media Distribution Ventures Pvt Ltd (DMDVPL) and World Crest Advisors (WCA) LLP— have settled cases with SEBI regarding alleged disclosure lapses. The concerned entities have paid nearly Rs 45 lakh as settlement charges.

In other news, Dish TV India’s board has approved the raising of Rs 1,000 crore through the issue of securities. 

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Phillips Carbon Black commissions two specialty black lines in Gujarat

Phillips Carbon Black Ltd announced that it has commissioned two specialty black lines at Palej, Gujarat. The black lines will enable the production of a wide range of specialty black products totaling about 32,000 metric tonnes per annum (MTPA) to cater to the growing needs of its customers. [Carbon black is used as a reinforcing agent in tires. It is also used for printing, as coating for electric wires, etc]

Nureca IPO subscribed 40 times on final day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Ltd was subscribed 39.93 times on the final day of bidding. The issue has received bids for 5.59 crore equity shares, as against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 166.65 times, while that of employees was subscribed 4.82 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 31.59 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 3.1 times.

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Finolex Cables launches RPVC conduits and fittings

Finolex Cables has launched a new range of RPVC (Rigid Polyvinyl Chloride) conduits and fittings. [A conduit is a tube used to protect and route electrical wiring in a building or structure] The conduits are made of high-impact-resistant materials, which make them safe to use across varied environmental conditions. It will be manufactured at the company’s Goa plant. Finolex will also offer commonly used fittings such as junction boxes, bends, and inspection bends.

Read more here.

RailTel IPO subscribed 6.65 times on second day of bidding

The Rs 819-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 6.65 times on the second day of bidding. The issue has received bids for 40.64 crore equity shares, as against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 10.54 times, while that of employees was subscribed 1.85 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 2.63 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 2.96 times.

To know more about the IPO, click here. 

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Vodafone Idea’s Q3 Net Loss Narrows to Rs 4,532 crore – Top Indian Market News

Vodafone Idea Q3 Results: Net loss at Rs 4,532 crore

Vodafone Idea Ltd (Vi) reported a consolidated net loss of Rs 4,532.4 crore for the quarter ended December (Q3). It had posted a net loss of Rs 7,218.5 crore in the corresponding quarter last year. The company’s revenue grew 1% YoY to Rs 10,894 crore during the same period. Vi saw a one-time net gain of Rs 1,696.5 crore in Q3, which includes gains made on the sale of its stake in Indus Towers. The telecom operator’s average revenue per user (ARPU) improved to Rs 121, compared to Rs 119 in the previous quarter (Q2 FY21).

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ONGC Q3 Results: Net profit falls 67% YoY to Rs 1,378 crore

Oil and Natural Gas Corporation (ONGC) reported a 67.4% YoY decline in net profit to Rs 1,378 crore for the quarter ended December (Q3). Its revenue fell 28% YoY to Rs 17,024 crore during the same period. ONGC’s crude oil production during the quarter declined 3.3% YoY, while gas output declined 6% YoY. The company’s board has declared an interim dividend of Rs 1.75 per share.

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Power Grid to acquire 74% stake of Jaiprakash Power in JV

Power Grid Corporation said its board has approved a proposal to acquire 74% stake of the joint venture partner in Jaypee POWERGRID Ltd (JPL). JPL is a joint venture between Power Grid and Jaiprakash Power Ventures Ltd. The company said the acquisition would be completed within the current fiscal year.

Amara Raja Batteries Q3 Results: Net profit rises 18% YoY to Rs 194 crore

Amara Raja Batteries Ltd (ARBL) reported a 17.98% YoY jump in consolidated net profit to Rs 193.69 crore for the quarter ended December (Q3). Its revenue from operations rose 12.18% YoY to Rs 1,960.43 crore during the same period. The company has announced plans to set up a greenfield lead recycling unit with a capacity of 1 lakh tonnes. This would help ARBL to comply with recycling standards while adopting advanced technology in the most eco-friendly manner. ARBL’s board has approved an interim dividend of Rs 5 per share.

Read more here.

Ircon International Q3 Results: Net profit rises 35% YoY to Rs 103 crore

Ircon International Ltd reported a 35% YoY increase in net profit to Rs 103 crore for the quarter ended December (Q3). Its revenue from operations rose 29% YoY to Rs 1,244 crore during the same period. Ircon announced it has secured new orders worth around Rs 3,983 crore in the current financial year (Q4 FY21).

Godrej Industries to diversify into housing finance business

Godrej Industries Ltd announced that Godrej Housing Finance Ltd (GHFL) has recently obtained a license to operate as a Housing Finance Company. GHFL is owned by the Godrej Family through Anamudi Real Estates LLP. To pursue the opportunity in the housing finance business, the Board of Godrej Industries has approved the proposal of acquiring shares of GHFL from Anamudi. 

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Prabhat Dairy Q3 Results: Net profit declines 14% YoY to Rs 8 crore

Prabhat Dairy reported a 14.17% YoY decline in net profit to Rs 8.78 crore for the quarter ended December (Q3). Its total revenue declined 53% YoY to Rs 102.89 crore during the same period. Prabhat Dairy is an integrated milk and dairy products company in Maharashtra, catering to institutional and retail customers.

IRFC Q3 Results: Net profit rises 15% YoY to Rs 1,046 crore

Indian Railway Finance Corporation (IRFC) reported a 15.4% YoY increase in net profit to Rs 1,046.74 crore for the quarter ended December (Q3). Its total revenue rose 8.01% YoY to Rs 3,932.46 crore during the same period. On February 12, IRFC listed its $750 million (~Rs 5,444 crore) medium-term note on India International Exchange’s (India INX) debt listing platform. The issue is part of the company’s $4-billion (~Rs 29,000 crore) global medium-term note programme.

Delta Corp Q3 Results: Net profit at Rs 1.25 crore

Delta Corp Ltd reported a net profit of Rs 1.25 crore for the quarter ended December (Q3). It had posted a net profit of 55.07 crore in the corresponding quarter last year. The gaming and hospitality company’s revenue declined 39.58% YoY to Rs 128.93 crore in Q3 FY21.

Sadbhav Engineering Q3 Results: Net profit loss at Rs 24.32 crore

Sadbhav Engineering Ltd reported a consolidated net loss of Rs 24.32 crore in the quarter ended December (Q3). It had posted a net loss of Rs 69.79 crore in the corresponding quarter last year. The company’s total revenue rose 2.12% YoY to Rs 695.76 crore in Q3 FY21. Sadbhav Engineering is a civil engineering construction company based in Gujarat.

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ICICI Bank’s Q3 Profit Rises 19% YoY to Rs 4,940 crore – Top Indian Market News

ICICI Bank Q3 Results: Net profit rises 19% YoY to Rs 4,940 crore

ICICI Bank Ltd reported a 19% YoY increase in net profit to Rs 4,939.6 crore for the quarter ended December (Q3). Net interest income (NII) rose 16% YoY to Rs 9,912 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The bank’s gross non-performing asset (NPA) ratio stood at 3.38%, compared with 5.17% in Q2 FY21. ICICI Bank’s total provisions increased by 31% YoY to Rs 2,741.72 crore in Q3.

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L&T Finance Holdings to open rights issue on Feb 1

L&T Finance Holdings announced that its Rs 2,998.61 crore rights issue will open on February 1, 2021. [A rights issue is an invitation to existing shareholders to purchase additional new shares in the company] The company will issue up to 46.13 crore equity shares for cash, at Rs 65 per equity share (including a premium of Rs 55 per share). The funds raised through the issue will be used to repay certain commercial papers issued by the company and for infusing funds into its subsidiary. 

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Shree Cement Q3 Results: Net profit jumps 102% YoY to Rs 626 crore

Shree Cement Ltd reported a 102% YoY increase in net profit to Rs 626.2 crore for the quarter ended December (Q3). Its revenue rose 16.2% YoY to Rs 3,309.4 crore during the same period. The company has benefited from the pick-up in sales volumes and a strong pricing environment.

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Happiest Minds acquires US-based Pimcore Global Services

Happiest Minds Technologies Ltd said it will acquire US-based Pimcore Global Services (PGS) for $8.25 million (~Rs 60 crore). PGS is a digital e-commerce and data management solutions company. Happiest Minds stated that the acquisition will further strengthen its offerings and leadership in the digital transformation space. The deal is subject to customary closing conditions and is expected to close in the quarter ended March 31, 2021 (Q4).

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SAIL Q3 Results: Net profit at Rs 1,468 crore

Steel Authority of India Ltd (SAIL) reported a net profit of Rs 1,468.20 crore for the quarter ended December (Q3). It had posted a net loss of Rs 343.57 crore in the corresponding quarter last year. The company’s revenue rose 20% YoY to Rs 19,835 crore during the same period. Total sales including domestic and exports grew 1% YoY to 4.15 million tonnes. SAIL has declared an interim dividend of Rs 1 per share.

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Power Grid secures two power transmission projects in Rajasthan

Power Grid Corporation of India has been declared as the successful bidder under tariff-based competitive bidding (TBCB) to establish two power transmission projects in Rajasthan. The projects include the establishment of a new 400/220kV Substation, 400kV D/C transmission lines, and associated Substation extension works in Rajasthan.

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Unichem Labs Q3 Results: Net profit at Rs 23 crore

Unichem Laboratories Ltd reported a consolidated net profit of Rs 23.56 crore for the quarter ended December (Q3). The pharma company had posted a net loss of Rs 14.60 crore in the corresponding quarter last year. Its revenue rose 18.72% YoY to Rs 326.28 crore in Q3 FY21.

NSE adds 5 stocks in F&O segment from March series

The National Stock Exchange (NSE) has announced the inclusion of five securities in the futures and options (F&O) segment from the March series. Alkem Laboratories, AU Small Finance Bank, Deepak Nitrite, Indian Railway Catering & Tourism Corporation (IRCTC), and Nippon Life India Asset Management will come under the F&O segment, effective from February 26. These securities have been added to the F&O segment based on the stock selection criteria prescribed by market regulator SEBI.

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Zen Technologies Q3 Results: Net profit declines 77% YoY to Rs 2.32 crore

Zen Technologies Ltd reported a 77.32% YoY decline in net profit to Rs 2.32 crore for the quarter ended December (Q3). Its revenue declined 49.77% YoY to Rs 16.57 crore during the same period. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

Relaxo Footwears Q3 Results: Net profit jumps 67% YoY to Rs 90 crore

Relaxo Footwears Ltd reported a 67% YoY increase in net profit to Rs 90 crore for the quarter ended December (Q3). Its revenue rose 12% YoY to Rs 672 crore during the same period. Total expense during the quarter increased by 4.7% YoY to Rs 555.10 crore. Relaxo Footwears is engaged in the production of Hawaii slippers, lightweight slippers, canvas shoes, PVC footwear, etc.

Read more here.