Tag: PVR

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Wipro’s Net Profit Rises 12% YoY to Rs 2,870Cr in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: PAT rises 12% YoY to Rs 2,870 crore

Wipro reported a 12% YoY rise in consolidated net profit to ₹2,870 crore for the quarter ended June (Q1 FY24). The company’s operating revenue stood at ₹22,831 crore, up 6% YoY. Wipro’s IT services operating margin for the quarter was at 16%, up 1.12% YoY. However, revenue in constant currency (CC) terms declined nearly 3% sequentially in the quarter.

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Granules India’s Gagillapur facility gets clearance certificate from the USFDA

Granules India Ltd has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). The company’s Gagillapur facility in Hyderabad received the EIR. Granules uses this facility to manufacture finished dosages and Pharmaceutical Formulation Intermediates (PFIs). In January, USFDA inspected the Gagillapur facility of Granules India as part of a pre-approval inspection (PAI) and issued three observations. It responded to the USFDA’s observations within the stipulated period.

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Samvardhana Motherson completes acquisition of 51% in Saddles Intl

Samvardhana Motherson International Ltd has completed the acquisition of a 51% stake in Saddles International Automotive & Aviation Interiors Private Ltd (SIAAIPL). SIAAIPL is engaged in the manufacturing of premium upholstery for passenger vehicles. In January this year, Samvardhana Motherson International announced that it was acquiring a majority stake in SIAAIPL for ₹207 crore.

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Federal Bank Q1 results: Net profit rises 42% to Rs 854 crore

Federal Bank reported a 42% YoY rise in net profit to ₹854 crore in Q1 FY24. The bank had reported a net profit of ₹600.7 crore in Q1 last financial year. The net interest income (NII) for the quarter rose 20% YoY to ₹1,919 crore from ₹1,605 crore in Q1 FY23. The bank’s gross non-performing asset (NPA) stood at ₹4,434.8 crore as against ₹4,183.8 crore in Q4 FY23, up 2.38%. Net NPA was also up 0.69% to ₹1,274.6 crore in Q1.

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Ramco Cements to sell entire stake in Lynk Logistics to Swiggy’s parent

Ramco Cements’ board has approved the sale of its entire equity stake in Lynk Logistics to Bundl Technologies Pvt. Ltd. Lynk Logistics operates the food delivery platform Swiggy. Ramco Cements will sell 49.95 crore shares in Lynk Logistics to Bundl, as approved in its board meeting. In exchange, Ramco will subscribe to 24.18 lakh Compulsory Convertible Preference Shares (CCPS) of Swiggy’s parent company. 

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HDFC Bank onboards 1 lakh customers, 1.7 lakh merchants on CBDC platform

HDFC Bank has onboarded over 1 lakh customers and 1.7 lakh merchants under the Central Bank digital currency (CBDC) pilot programme. The bank also announced the launch of a UPI QR code interoperable with India’s sovereign digital currency. With this, HDFC Bank has become one of the first banks in the country to complete the integration process. The interoperable UPI QR code allows HDFC Bank’s onboarded merchants to accept customer payments in Digital Rupee currency.

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L&T supplies various components for Chandrayaan-3

Larsen & Toubro (L&T) has supplied various components for India’s moon mission Chandrayaan-3. Parts like “middle segment and nozzle bucket flange” were manufactured at its facility in Powai. Components like ground and flight umbilical plates were from the company’s aerospace manufacturing facility at Coimbatore. L&T delivered all these subsystems ahead of schedule. Additionally, L&T is involved in the production of a range of hardware for Chandrayaan-1 and 2, Gaganyaan and Mangalyaan missions of ISRO.

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USFDA issues Form-483 with two observations for Lupin’s Nagpur plant

Lupin’s Nagpur oral solid dosage facility has received Form 483 with two observations from the US FDA. Form 483 is issued to a firm’s management if there are violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. The FDA Form 483 notifies the company’s management of objectionable conditions. The US FDA inspected the facility from July 3 To July 11, 2023.

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Godrej Properties emerged as the highest bidder for two land parcels in Gurgaon

Godrej Properties has emerged as the highest bidder for two luxury group housing plots in Golf Course Road micro-market, Gurugram. The two prime projects spread over 2.76 acres and 5.15 acres will have a combined estimated revenue potential of approximately ₹3,100 crore. The average rate for plots in this market is around ₹100 crore per acre. Golf Course Road is an established micro-market renowned for its upscale residential and commercial developments.

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PVR cuts prices on food & beverage

PVR Inox has introduced two new offers on snacks and drinks, claiming it is an “unbeatable price”. The announcement comes after a journalist highlighted the bill of an average-sized popcorn and Pepsi at a PVR cinema hall. The company has introduced the new offers in response to the widespread criticism regarding the exorbitant prices of snacks at its multiplexes.

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SpiceJet’s Net Profit Jumps 161% YoY in Q3 – Top Indian Market Updates

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

SpiceJet Q3 Results: Net profit jumps 161% YoY to ₹110 crore

SpiceJet Ltd reported a 161% YoY jump in consolidated net profit to ₹110 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2.4% YoY to ₹2,317 crore in Q3. The average domestic load factor stood at 91% in Q3, the highest among all airlines in India. 

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NSE subsidiary launches India’s first Municipal Bond Index

NSE Indices Ltd, a subsidiary of the National Stock Exchange (NSE) has launched the country’s first-ever municipal bond index. The index will track the performance of municipal bonds issued by Indian municipal corporations. At present, the index consists of 28 municipal bonds issued by 10 issuers. All of the present constituents have a credit rating in the AA category.

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PVR opens Lucknow’s biggest 11-screen Superplex

PVR has opened 11 screen multiplex at Lulu Mall in Lucknow, Uttar Pradesh. The 11-screen Superplex will strengthen the company’s foothold in Uttar Pradesh with 158 screens in 32 properties and consolidate the nearly-merged entity’s presence in North India with 438 screens in 100 properties. With this launch, PVR-Inox now operates the largest multiplex network with 1,653 screens at 355 properties in 113 cities.

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Vodafone Idea’s bank loans fall 43% in Q3

Vodafone Idea’s dues to banks and financial institutions fell almost 43% YoY to ₹13,190 crore for the quarter ended December 2022 (Q3 FY23). Its trade payables-reflecting arrears to vendors such as tower firm Indus Towers and network gear supplier Nokia rose around 5.3% in the same period to ₹14,728.6 crore. Vi is now prioritising only payments essential for the continuation of its operations.

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Reliance Retail opens first freestanding Gap store in Mumbai

Reliance Retail announced the opening of the first freestanding Gap store in Mumbai. A freestanding store is a store on the street and not in a mall or a shopping centre. Through its partnership with Gap, Reliance Retail said it would bring Gap’s shopping experience to customers across India through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

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ABB to invest ₹1,000 crore to expand manufacturing base in India

ABB India plans to expand the number of manufacturing facilities in India and will invest around Rs 1,000 crore over the next five years for the same. The company inaugurated its new factory in Nashik today, doubling its Gas Insulated Switchgear (GIS) production capacity. It will serve customers across various industries, including power distribution, smart cities, data centers, transport, etc.

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Relief for ZEEL as NCLAT stays insolvency proceedings

The National Company Law Appellate Tribunal (NCLAT) today stayed insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). On Wednesday, the National Company Law Tribunal (NCLT) admitted an insolvency plea against ZEEL by private sector lender IndusInd Bank. The matter pertains to a default of ₹83 crore by Siti Networks, a sister company owned by Essel Group (or Zee Group).

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Alkem Labs arm Enzene launches adalimumab biosimilar in India

Enzene Biosciences, a subsidiary of Alkem Laboratories, has begun commercial supplies of adalimumab biosimilar. The drug is used for treating autoimmune diseases like rheumatoid arthritis and ankylosis spondylitis. This is Enzene’s fourth biosimilar launch in the last eighteen months.

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GAIL Looks to Buy 26% Stake in US LNG Export Plant – Top Indian Market Updates

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

GAIL looks to buy 26% stake in a US LNG export plant

State-owned GAIL (India) Ltd has released an Expression of Interest (EoI) to acquire up to 26% in a US-based LNG plant or a proposed facility that will be commissioned by 2027 amid a rising fuel demand. The company is also focused on sourcing 1 million tonnes of LNG a year from the same facility for 15 years starting 2026. GAIL already has two long-term contracts for supply from LNG export plants.

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IndiGo looking to start flights to many international destinations: CEO

IndiGo is looking to start flights to Nairobi, Jakarta, and some central Asian destinations as the carrier focuses on internationalisation, said Chief Executive Officer (CEO) Pieter Elbers. He asserted that there is a lot of growth ahead in the Indian market that “justifies multiple airlines”. IndiGo, which has more than 300 planes in its fleet, currently operates to 76 domestic and 26 international destinations.

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Glenmark Pharma receives 2nd tentative approval from USFDA for generic diabetes tablets

Glenmark Pharmaceuticals Ltd’s US subsidiary has received the second tentative approval from the US Food & Drug Administration (USFDA) for Saxagliptin tablets. The drug is used to control blood sugar levels and treat type 2 diabetes mellitus. The USFDA issues a tentative approval letter to an applicant before the final approval of the generic drug product until all patent or exclusivity issues are resolved.

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Lupin receives USFDA’s establishment inspection report for its Nagpur facility

Pharmaceuticals firm Lupin Ltd has received the establishment inspection report from the US Food & Drug Administration (USFDA) for its new injectable facility located in Nagpur. The establishment inspection report (EIR) was issued after the last inspection of the facility conducted from October 17-29, 2022. 

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Coromandel International develops nanotechnology-based fertilizer

Agriculture solutions provider Coromandel International Ltd has developed a nanotechnology-based fertilizer (Nano DAP) from its research & development centre at the Indian Institute of Technology, Bombay. The company has been conducting extensive field studies on product efficacy, biosafety, and toxicity for the launch of Nano DAP in different agro-climatic zones with various agricultural universities.

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BEML signs multiple MoUs during Aero India 2023

BEML has signed a Memorandum of Understanding (MoU) with Bharat Electronics Ltd for joint development and production of missile modules, airframes, and other mechanical systems for some upcoming missile programs. The company has also entered into an MoU with the Indian Navy for the development of customised storage and handling system for various types of ammunition.

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SC refuses to accept Centre’s suggestion in sealed cover in Adani-Hindenburg issue

The Supreme Court said it will not accept the sealed-cover suggestion by the Centre to form an expert committee to examine the report by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. A bench headed by Chief Justice of India D Y Chandrachud said, “we will select the experts and maintain full transparency”.

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PVR opens 8-screen multiplex in Indore

PVR announced the opening of an eight-screen multiplex at Phoenix Citadel Mall in Indore, Madhya Pradesh. The company now operates 299 screens in 70 properties across 25 cities in central India. Meanwhile, today (Feb 17) is the record date in the merger process whereby the shareholders of Inox Leisure will receive three shares of PVR for every ten shares of Inox Leisure.

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Max Estates to develop 2.4 million square feet of residential space in Gurugram

Max Ventures & Industries Ltd’s (MaxVIL) real-estate arm has entered the residential real estate market in Gurugram through a joint development agreement. The plot has a development potential of 2.4 million square feet and a gross development value of over ₹3,200 crore. The land parcel measures 11.8 acres and is located in Sector 36A, Gurugram.

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HUL’s Profit Rises 12% YoY in Q3 – Top Indian Market Updates

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

HUL Q3 Results: Net profit rises 12% YoY to ₹2,505 crore

Hindustan Unilever Ltd (HUL) reported an 11.6% year-on-year (YoY) increase in net profit to ₹2,505 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 16% YoY to ₹14,986 crore during the same period. This revenue growth was largely driven by Beauty & Personal Care (up 10%) and Home Care segments (up 32%). HUL said its royalty and central services fees to Unilever Plc will increase from 2.65% to 3.45% over three years.

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BHEL secures ₹300 crore order to modernise 2 units at Ukai plant

Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹300 crore to renovate and modernise (R&M) steam turbines at Ukai thermal power station in Gujarat. BHEL is also the Original Equipment Manufacturer (OEM) of these turbine sets, which have been successfully operating for nearly 40 years. BHEL will not only extend the life and reliability of the two units at the plant but will also improve the efficiency levels of the turbines.

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AU Small Finance Bank Q3 Results: Net profit rises 30% YoY to ₹392 crore

AU Small Finance Bank (SFB) reported a 30% YoY increase in net profit to ₹392.82 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 41% YoY to ₹1,153 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.6% in Q3 FY22 to 1.81% in Q3 FY23. The bank’s operating profit stood at ₹555 crore in Q3 FY23, up 21.17% YoY.

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Maharashtra govt. approves M&M’s proposal to set up ₹10,000Cr EV plant in Pune

The Maharashtra govt. has approved Mahindra & Mahindra’s proposal to set up a ₹10,000-crore electric vehicle (EV) plant in Pune under the state’s industrial promotion scheme for EVs. The automaker will make this investment over 7-8 years for setting up the manufacturing facility, development, and production of its upcoming Born Electric Vehicles (BEVs). These models will include the e-SUVs under M&M’s iconic brand XUV.

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Havells India Q3 Results: Net profit falls 7% YoY to ₹283 crore

Havells India Ltd reported a 7.2% YoY decline in net profit to ₹283.54 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 12.8% YoY to ₹4,119.71 crore during the same period. Revenue from the cable business stood at ₹1,412 crore in Q3, up 17% YoY. The company’s board has declared an interim dividend of ₹3 per share.

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Alembic Pharma gets tentative USFDA approval for blood cancer treatment drug 

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Acalabrutinib Capsules. The capsule is used to treat mantle cell lymphoma (MCL) in adults who have received at least one previous treatment for their cancer. MCL is a type of blood cancer that affects white blood cells. As per IQVIA data, Acalabrutinib Capsules had an estimated market size of $1.5 billion in the US for the 12 months ended Sept 2022.

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L&T Tech Services Q3 Results: Net profit rises 22% YoY to ₹303 crore

L&T Technology Services Ltd reported a 22% YoY increase in net profit to ₹303.6 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 21.4% YoY to ₹2,048.6 crore during the same period. LTTS had 5 deal wins above $10M in total contract value (TCV). Airbus named the company as a strategic partner during the quarter.

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PVR Q3 Results: Net profit at ₹16 crore

Multiplex operator PVR Limited reported a net profit of ₹16.15 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹10.18 crore in the corresponding quarter last year (Q3 FY22). PVR’s revenue from operations rose 53.17% YoY to ₹940.69 crore in Q3 FY23. The company witnessed a sharp bounce back in profits on the back of strong content performance (high-grossing movies).

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Bombardier selects TCS as strategic partner for faster digital transformation

Canadian aerospace manufacturer Bombardier has selected Tata Consultancy Services (TCS) as a strategic partner to accelerate its digital transformation and drive innovation. TCS will help Bombardier drive its organisation-wide IT and digital transformation that aims to enhance agility. It will modernise the aviation leader’s legacy systems that support its engineering, manufacturing, aftermarket services, and defence activities.

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Asian Paints Q3 Results: Net profit rises 6% YoY to ₹1,073 crore

Asian Paints reported a 6% YoY increase in consolidated net profit to ₹1,073 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 1.3% YoY to ₹8,636.74 crore during the same period. The extended monsoon in October affected retail sales during the peak festival season, but demand picked up in November and December. International sales increased 2.1% YoY to ₹778.82 crore in Q3.

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Sun Pharma to acquire US-based Concert for $576 million

Sun Pharmaceutical Industries Ltd will acquire U.S.-based Concert Pharmaceuticals for $576 million to gain access to an experimental drug for treating patchy baldness. Concert’s lead candidate, deuruxolitinib, is being evaluated as a treatment for the autoimmune condition alopecia areata, which results in patchy hair loss.

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PVR Reports ₹71 crore Loss in Q2 – Top Indian Market Updates

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

PVR Q2 Results: Net loss at ₹71 crore

PVR Ltd reported a net loss of ₹71.23 crore for the quarter ended September (Q2 FY23). It posted a net loss of ₹153.3 crore in the corresponding quarter last year (Q2 FY22). The multiplex operator’s revenue from operations jumped 5x YoY to ₹686 crore in Q2 FY23. EBITDA rose 95.85% YoY to ₹170 crore. PVR’s total expenses stood at ₹813.33 crore in Q2, up 76.4% YoY.

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Biocon signs pact with Yoshindo to commercialise two biosimilar assets

Biocon Biologics has entered into a strategic out-licensing agreement with Japanese pharma company Yoshindo Inc. for commercialising bUstekinumab and bDenosumab (two of its biosimilar assets) in the Japanese market. As part of the agreement, Yoshindo will get exclusive commercialisation rights for the two biosimilars in Japan for an addressable market opportunity of over $700 million. Biocon Biologics is a subsidiary of pharma major Biocon Ltd.

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Snowman Logistics launches 5PL operations in India

Snowman Logistics Ltd has launched Fifth-Party Logistics or 5PL services in India. It is the first company to introduce this service in the cold chain logistics and supply chain management sector in India. Snowman Logistics will now provide distribution and consolidation services (including sourcing on behalf of customers) along with the existing range of 3PL services of transportation and warehousing.

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Craftsman Automation Q2 Results: Net profit rises 25% YoY to ₹62 crore

Craftsman Automation Ltd reported a 25% YoY increase in consolidated net profit to ₹62.48 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 35.97% YoY to ₹776.24 crore during the same period. The company’s revenue from the automotive powertrain segment rose 29.46% YoY to ₹378.18 crore, while sales from aluminium products segment stood at ₹196.34 crore, up 39.53% YoY. 

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JSW Steel, Smartex to explore low-emission steel production

JSW Steel Ltd has signed a Memorandum of Understanding (MoU) with Smartex to explore low-emission steel production aiming at decarbonisation of the steel sector in India. The two companies will explore the potential to promote innovation and turnkey approaches— from financing to technology availability and market access.

Smartex has launched the Financing Steel Decarbonisation (FSD) initiative. They aim to create a $1 billion Steel Decarbonisation Fund (SDF) and an eco-system to support steel industry decarbonization. 

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ACC Q3 Results: Net loss at ₹87.35 crore

ACC Limited reported a consolidated net loss of ₹87.35 crore for the quarter ended Sept (Q3 CY22). The cement maker follows the January-December financial year cycle. It posted a net profit of ₹450 crore in the corresponding quarter last year (Q3 CY21). Net sales stood at ₹3,910 crore in Q3 CY22, up 7% YoY. Total expenses rose 30% YoY to ₹4,162 crore during the same period.

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Ericsson partners with Jio to build 5G standalone network

Telecom gear maker Ericsson on Monday announced a long-term strategic 5G contract with Reliance Jio to roll out a 5G standalone (SA) network in India. This is the first partnership between Jio and Ericsson for radio access network deployment in the country. Jio’s standalone 5G network deployment modernises the network infrastructure to deliver a transformative 5G experience to consumers and enterprises.

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Zydus Lifesciences gets USFDA approval for two generic drugs

Zydus Lifesciences Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market its generic versions of Valbenazine capsules and Roflumilast tablets. Valbenazine capsules are indicated for the treatment of tardive dyskinesia (uncontrolled movement of face or tongue). Roflumilast tablets are used for reducing the risk of chronic obstructive pulmonary disease.

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Bank of Maharashtra Q2 Results: Net profit doubles to ₹535 crore

Bank of Maharashtra reported a 103% YoY jump in net profit to ₹535 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 26% YoY to ₹1,887 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 3.4% in Q2, compared to 3.74% in Q1. Provisions fell 42% YoY to ₹532 crore in Q2 FY23.

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Sunteck Realty’s pre-sales up 24% in Q2

Realty developer Sunteck Realty Ltd reported a 24% year-on-year (YoY) growth in its pre-sales at ₹337 crore in Q2 FY23. Total collections for the quarter rose 60% YoY to ₹331 crore. The company acquired a land parcel spread over 7.25 acres in Mira Road’s Beverly Park locality (Mumbai) in Q2. Sunteck Realty’s total pre-sales performance in the first half of the financial year (H1 FY23) stood at ₹670 crore, up 49% YoY.

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PVR to Invest ₹350cr for 100 New Screens in FY23 – Top Indian Market Updates

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

PVR to invest ₹350 crore for 100 new screens in FY23

PVR Limited will invest up to ₹350 crore to open 100 new screens in the current financial year (FY23). The investments will be funded by cash balances from internal accruals and also by some debt. The company expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business. 

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DLF to develop luxury project in Gurgaon; targets ₹1800 crore sale

DLF Limited will develop a new luxury housing project in DLF5, Gurugram, with an estimated sales realisation of ₹1,700-1,800 crore. It will comprise 292 residences in a total developable area of 8.5 lakh square feet. The company has focused on many low-rise luxury developments and has sold floors worth ₹3,000 crore in 20 months.

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Mahindra Lifespace eyes society redevelopment projects in Mumbai

Mahindra Lifespace Developers Ltd (MLDL) expects to secure two society redevelopment projects in Mumbai in FY23. The company is also looking to develop data centres as part of its expansion plans. MLDL aims to develop build-to-suit industrial and warehousing space in its existing large integrated industrial parks and may also look at housing for senior citizens.

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Tata Group to halve number of listed companies to boost competitive strength

The Tata Group has commenced plans to halve the number of listed companies in the conglomerate from 29 to ~15 in the coming months to focus on investing in fewer but bigger entities that can compete well in the marketplace. They are speeding up its simplification and synergising strategy to better focus on growth & scale and improve cashflows in the larger companies. Last week, the group initiated the process of consolidating its steel business by merging seven subsidiaries into Tata Steel.

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Tata Motors to invest ₹2,000 crore per annum on CV business

Tata Motors Ltd plans to continue investing up to ₹2,000 crore per annum in its commercial vehicle (CV) business to launch new models. The company is also looking to transition to cleaner mobility through vehicles powered by CNG and other alternative fuel options. It expects CNG models to account for nearly 40% in intermediate & light commercial vehicles and 20% in small CVs going ahead.

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HAL sets up ₹208 crore rocket engine manufacturing facility

Hindustan Aeronautics Ltd (HAL) has set up a ₹208 crore Integrated Cryogenic Engine Manufacturing Facility (ICMF) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (ISRO). Set up over an area of 4,500 square metres, the facility will house over 70 hi-tech equipment and testing facilities for manufacturing cryogenic and semi-cryogenic engines of Indian rockets.

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Samsung, Axis Bank launch co-branded card

Samsung and Axis Bank have launched a new co-branded credit card in India. The credit card will be powered by Visa and comes with a host of benefits such as cashback and reward points. It offers 10% cashback across all Samsung products (smartphones, tablets, TVs, ACs) and services around the year. The two entities have also partnered with key partner merchants such as BigBasket, Myntra, Tata 1mg, and Zomato.

Read more here.

Mahindra Logistics to acquire Rivigo’s B2B express business

Mahindra Logistics Ltd (MLL) has reached an agreement to acquire Rivigo Services Pvt. Ltd’s (RSPL) business-to-business (B2B) express business. MLL will take over the customers, team, assets, and technology platform of the B2B express business. RSPL will continue to own its truck fleet and the rights to the full truckload (FTL) operations.

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BSE gets final SEBI approval to launch electronic gold receipts

BSE Ltd has received final approval from the Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform. The exchange conducted several mock trading in the test environment for its members to facilitate trading in EGRs. EGRs will go a long way in building a transparent channel for gold trade on a national institutionalised platform.

To learn more about EGRs, click here.

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Equity Mutual Fund Inflows Hit 10-Month Low in August – Top Indian Market Updates

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

Equity mutual fund inflows hit 10-month low in August

Data released by the Association of Mutual Funds in India (AMFI) showed that Inflows into equity mutual funds fell 31% YoY to ₹6,119.58 crore in August. Investors continued to withdraw money amidst rising interest rates and high inflation. The monthly Systematic Investment Plan (SIP) contribution stood at ₹12,693.45 crore in August, an all-time high. 

The mutual fund industry’s net assets under management (AUM) hit an all-time high of ₹39.33 lakh crore in August, increasing 7% YoY.

Read more here.

Govt clears PLI incentive of ₹53 crore for Dixon Tech

Dixon Technologies Ltd has become the first producer of mobile phones to get approval for the disbursement of incentives under the government’s Production-Linked Incentive (PLI) scheme. The company will be eligible to receive ~₹53 crore for the first quarter of operation between October to December 2021 as an incentive on incremental sales. The incentive amount will be disbursed in the next few days.

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India considers new coal imports as energy supply concern grows

Energy officials in India are considering whether further coal imports may be needed to avoid any power supply crunch. Stockpiles of coal at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days’ supply. This is well below the required levels of more than three weeks. Coal helps produce about 70% of India’s electricity.

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PVR to seek approval from shareholders, creditors on Oct 11 for merger with INOX

PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for its merger with INOX Leisure. The two entities announced the merger plan in March 2022, and the merged company will be called PVR Inox. However, the branding of existing screens will continue as PVR and INOX. The boards of both companies decided that the shareholders of INOX Leisure would receive 3 stocks of PVR for every 10 stocks of Inox they hold.

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Zydus Lifesciences secures rights to market MonoFerric injection in India, Nepal

Zydus Lifesciences Ltd has secured rights to market MonoFerric injection in India and Nepal from Denmark-based Pharmacosmos A/S. The drug is used to treat iron deficiency in adult patients when oral iron preparations are ineffective. MonoFerric is available in over 30 countries (including the US and Europe), and over 28 million doses have been administered since launch.

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Tata Group in talks to join an elite club of iPhone makers

Tata Group is in talks with Wistron Corp, a Taiwanese supplier to Apple Inc., to establish an electronics manufacturing joint venture as they seek to assemble iPhones in India. As per reports, Tata Group wants to tap Wistron Corp’s expertise in product development, supply chain, and assembly. If successful, the pact could make Tata the first Indian company to build iPhones.

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Lupin gets USFDA approval for generic used to cleanse colon

Lupin Ltd has launched the generic version of Suprep Bowel Prep Kit Oral Solution in the US after getting approval from the US Food & Drug Administration (USFDA). The drug is used for cleansing the colon as a preparation for colonoscopy. As per IQVIA MAT data, RLD Suprep Bowel Prep Kit had estimated sales of $202 million in the U.S during the 12 months ended July 2022. 

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Ashok Leyland signs pact with UK-based Libertine for powertrain technology

Ashok Leyland Ltd has signed an agreement with UK-based Libertine Holdings to evaluate the use of Libertine’s technology platform for its commercial vehicle (CV) powertrains. Libertine is a developer of clean and fuel-flexible linear generator technology (LGT). Under the terms of the agreement, Ashok Leyland will explore the scope for LGT product development and demonstration within its CV portfolio.

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PI Industries looks to buy promoter stake in Granules India: Report

As per a report by ET NOW, PI Industries is looking to acquire a promoter stake in Granules India. “Initial discussions between the two companies have already taken place,” the report said. The promoters of Granules India have a 42% stake in the pharma company valued at ₹3,200 crore.

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PVR Reports First Profit After Two Years – Top Indian Market Updates

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

PVR Q1 Results: Net profit at Rs 68 crore

PVR Limited reported its first net profit after two Covid-hit years at Rs 68.3 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 142 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. PVR has revived its capital expenditure plans and is on track to open a total of 125 new screens during FY23.

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Ashok Leyland signs pact with Adani Capital

Ashok Leyland Ltd has entered into a strategic partnership with Adani Capital to offer customised financial solutions for its customers in the small & light commercial vehicle (LCV) segments. Adani Capital will cater to the customers’ needs through commercial vehicle loans with easy monthly repayment plans. The automaker’s LCV range comes with advanced and innovative technology that offers best-in-class mileage, comfort, and load carrying ability.

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IDBI Bank Q1 Results: Net profit rises 25% YoY to Rs 756 crore

IDBI Bank reported a 25% YoY increase in net profit to Rs 756 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) declined by 1% YoY to Rs 2,488 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 19.9% in Q1 FY23, compared to 20.16% in the previous quarter (Q4 FY22). Provisions fell 48% YoY to Rs 956 crore in Q1.

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Zydus gets USFDA approval to market Norepinephrine Bitartrate Injection

Zydus Lifesciences Ltd has received approval from the US Food & Drug Administration (USFDA) to market Norepinephrine Bitartrate Injection in the American market. The drug is used to restore blood pressure in adult patients with acute hypotensive state. It will be produced at the pharma group’s topical injectable manufacturing facility at Jarod, Gujarat.

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IndusInd Bank partners with EazyDiner to launch co-branded credit card

IndusInd Bank has partnered with EazyDiner (a restaurant discovery & reservation platform) to launch a co-branded credit card. The collaboration aims to enhance the customer dining experience. Benefits include a complimentary EazyDiner Prime membership and an additional 25% discount up to Rs 1,000 every time a customer pays on the EazyDiner app. 

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Hindustan Zinc Q1 Results: Net profit rises 56% YoY to Rs 3,092 crore

Hindustan Zinc Ltd (HZL) reported a 55.9% YoY (or 5.6% QoQ) increase in consolidated net profit to Rs 3,092 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 43.7% YoY to Rs 9,387 crore during the same period. EBITDA stood at Rs 5,278 crore in Q1, up 48.3% YoY. Zinc LME prices and zinc metal sales increased 34.2% YoY and 10.2% YoY, respectively. 

HZL’s board has approved a proposal to form a wholly-owned subsidiary to set up a fertiliser plant with a capacity of five lakh tonnes per annum.

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PNC Infratech signs concession agreements for two projects worth Rs 1,623 crore

PNC Infratech Ltd has signed concession agreements with the National Highways Authority of India (NHAI) for two road projects for a total cost of Rs 1,623 crore. The first project consists of four-laning the NH-530B from Mathura Bypass to Gaju Village in Uttar Pradesh. The second project pertains to four laning of NH 530B from Gaju Village to Devinagar Bypass in UP.

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RBL Bank Q1 Results: Net profit at Rs 201 crore

RBL Bank reported a net profit of Rs 201.2 crore for the quarter ended June (Q1 FY23). The lender had posted a net loss of Rs 459 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. The gross non-performing assets (GNPA) ratio stood at 4.08% in Q1 FY23, compared to 4.4% in the previous quarter (Q4 FY22). Provisions fell sharply by 81% YoY to Rs 253 crore in Q1.

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Emami acquires 30% stake in pet-care startup Cannis Lupus Services

Emami Limited has acquired a 30% stake in pet-care startup Cannis Lupus Services India in an all-cash deal. The FMCG firm will roll out a range of natural, ayurvedic, and chemical-free products for pets and scale up the business with Cannis Lupus’ expertise. Under the brand ‘Fur Ball Story’, Cannis Lupus will focus on an ayurvedic range of solutions for common and recurrent ailments in pets, especially dogs.

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Tube Investments secures majority stake in Moshine Electronics

Tube Investments of India (TII) is diversifying into the electronics and components segment by acquiring a 76% equity stake in Moshine Electronics Pvt Ltd. Moonshine primarily manufactures camera modules for mobile phones. The acquisition will be through the secondary purchase of shares for a total consideration of ~Rs 8.64 crore.

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PVR Plans to Open 125 Screens in FY23 – Top Indian Market Updates

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

PVR plans to open 125 screens in FY23 

PVR Limited expects the movie exhibition industry to bounce back “dynamically” in FY23 and plans to open around 125 screens during the year. The multiplex operator expects business to grow in the coming quarters, supported by the growth in the average ticket price (ATP) and spend per head (SPH) already witnessed in Q3 & Q4 FY 2021-22.

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Airtel Payments Bank partners with Axis Bank to digitize last-mile cash collection

Airtel Payments Bank has partnered with Axis Bank to digitise the cash collection system in India’s Tier-III cities and semi-urban regions. The payments bank will leverage the extensive reach of its digital-led neighborhood banking model to support Axis Bank with the digitization of last-mile cash collections. This partnership will help Axis Bank build operational efficiencies in the cash management process.

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Steel prices likely to go up again from July 1 on high input cost: JSPL MD

Steel prices are expected to rise from July due to high input costs, said Jindal Steel & Power Ltd (JSPL) Managing Director V R Sharma. “The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 by primary players mainly on account of higher input costs,” he said. Secondary steel makers have already increased the price of rebars by Rs 2,000 to Rs 55,000 per tonne in the last four days.

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Minda Industries acquires 5.2% stake in FRIWO for €15 million

Minda Industries Ltd (MIL) has acquired a 5.24% stake in Germany-based FRIWO AG by investing 14.99 million euros. FRIWO AG designs, develops, and manufactures power supply systems, chargers, and motor control units. It is a public listed company, and its principal place of business is in Ostbevern, Germany.

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Tata Steel to spend Rs 1,200 crore on new tech development over 4 years

Tata Steel Ltd has announced plans to invest Rs 1,200 crore in new technology development over the next 3-4 years. In the new materials business, the steel maker has been focusing on graphene, which can be mixed with plastic and recycled like brand-new products. Tata Steel has signed a pact with Digital University Kerala and the Centre for Materials for Electronics Technologies (C-MET) to establish the first graphene research and innovation centre in India.

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Hindalco to acquire 26% stake in Cleanwin Energy SIX

Hindalco Industries Ltd will acquire a 26% stake in renewable energy generation company Cleanwin Energy SIX in an all-cash deal worth Rs 71.5 lakh. The proposed deal is part of Hindalco’s approach to reducing energy costs through open access to renewable energy generators. Cleanwin Energy was established in December 2021 with the intention of producing 5 MW of wind power.

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Al Faisal Holding selects Ramco Systems to enhance its HR and payroll systems

Qatar-based Al Faisal Holding has chosen to implement Ramco Systems’ Global Payroll & HR Solution to streamline and automate its HR and payroll operations. It will also implement Ramco’s facial recognition-based time & attendance system for real-time tracking of the employees. 

Innova Captab files DRHP for IPO with SEBI

Innova Captab Ltd has filed a Draft Red Herring Prospectus (DRHP) with markets regulator SEBI to raise ~Rs 900 crore through an Initial Public Offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore. It also includes an Offer For Sale (OFS) of 96 lakh equity shares by promoters and other shareholders. Innova Captab provides research, product development, and manufacturing services to Indian pharma firms.

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Allied Digital Services secures contract worth Rs 49 crore

Allied Digital Services Ltd (ADSL) has received a Letter of Intent (LoI) for an order worth Rs 49 crore for the Solapur Smart City project. The scope of the project entails the setting up of a city communication network, command control center, and city-wide surveillance system. ADSL will also establish intelligent traffic management systems across the city.

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Coal India Exploring Green Mining Tech – Top Indian Market Updates

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

Coal India exploring green mining technologies

Coal India Ltd is exploring the deployment of green mining technologies in its mines to minimise adverse environmental impact. The company aims to ramp up its underground (UG) production four-fold to 100 million tonnes (MTs) by FY 2030. UG output is environmentally clean, minimally invasive on land degradation, and society friendly. Around 70% of India’s coal reserves are favourable for UG mining.

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PVR launches its first multiplex in Patiala

PVR Limited launched its first multiplex in Patiala, Punjab. The new multiplex is located on the Rajpura Highway, with a total seating capacity of 621 people. The company now has 63 screens in 12 properties in Punjab. In FY23, PVR launched 858 screens at 174 properties in 75 cities (India and Sri Lanka). 

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Reliance considering buying out Revlon in US: Report

According to an ET Now report, Reliance Industries Ltd (RIL) may buy out Revlon Inc., days after the cosmetics giant filed for bankruptcy. The New York-based multinational company deals in cosmetics, skincare, fragrance, and personal care. Revlon failed to keep pace with changing tastes, and sales have fallen sharply over the past few years. It has been losing market share to big rivals like Procter & Gamble and newcomer cosmetic lines.

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Jio adds 16.8 lakh subscribers in April; Bharti Airtel gains 8.1 lakh users

Reliance Jio Infocomm gained 16.8 lakh mobile subscribers in April 2022, taking its total user base to 40.5 crore. Bharti Airtel added 8.1 lakh users, and its total mobile subscriber count rose to 36.11 crore. Vodafone Idea lost nearly 15.7 lakh mobile subscribers during April. Data from the Telecom Regulatory Authority of India (TRAI) showed that India’s total wireless subscribers count increased marginally to 114.3 crore at the end of April 2022.

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Delhivery announces ‘guaranteed’ same-day delivery across 15 cities in India

Delhivery Ltd has launched its ‘guaranteed’ same-day delivery (SDD) service in 15 cities across India. This new service will allow direct-to-consumer (D2C) brands to deliver their webstore orders on the day the order is received. Delhivery will partner with brands and identify fast-moving Stock Keeping Units (SKUs). These units will be stocked in warehouses within a city, close to the end consumer.

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HUL, Wipro Enterprises get HC relief in case against USV

The Bombay High Court (HC) has restrained USV Pvt Ltd, the Indian distributor of German skincare brand Sebamed, from “disparaging” or “infringing” the brands owned by Hindustan Unilever Ltd (HUL) and Wipro Enterprises Pvt Ltd in any manner. In January 2021, HUL approached the HC, seeking its intervention to restrain USV from running ads that allegedly defamed its Lux, Pears, and Dove brands. Wipro Enterprises also petitioned the court on similar grounds with regard to its Santoor brand.

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Aster DM to open 550-bed super specialty hospital in Trivandrum

Aster DM Healthcare Ltd has launched a 550-bed super-specialty hospital in Trivandrum, Kerala. The company will invest around Rs 500 crore for the entire project, with the first phase having a capacity of 350 beds. Phase-1 is expected to be operational by FY26. This would be the company’s 7th hospital in Kerala and the 16th in India.

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HDFC Life to raise up to Rs 350 crore debt capital via bonds

HDFC Life Insurance Company’s board has approved a proposal to raise up to Rs 350 crore through the issuance of 3,500 non-convertible debentures (NCDs). The bonds will carry a coupon rate of 8.2% per annum. It will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Deltatech Gaming files DRHP for Rs 550 crore IPO

Deltatech Gaming Ltd., a digitally native, technology-led gaming platform, has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 550 crore through an Initial Public Offering. The IPO comprises a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale of Rs 250 crore by Delta Corp Ltd (promoter).

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UPL Posts 29% YoY Rise in Q4 Net Profit – Top Indian Market News

UPL Q4 Results: Net profit rises 29% YoY to Rs 1,379 crore

UPL Ltd reported a 29% YoY increase in consolidated net profit to Rs 1,379 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24% YoY to Rs 15,860 crore during the same period. The chemical manufacturer’s EBITDA stood at Rs 3,591 crore in Q4, up 26% YoY. UPL’s board has declared a dividend of Rs 10 per share.

UPL has settled a case with SEBI pertaining to the alleged failure to modify the terms of appointment of the auditor of its subsidiary. It has paid Rs 19.5 lakh towards settlement charges.

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Vodafone Idea partners with SonyLIV to boost content offerings

Vodafone Idea (Vi) has partnered with SonyLIV to offer premium content services. SonyLIV is the video streaming platform from Sony Pictures Networks India. Vi has introduced a new add-on recharge of Rs 82, which will provide a free mobile-only subscription of SonyLIV Premium for 28 days and an added data benefit of 4GB with 14-day validity.

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PVR Q4 Results: Net loss at Rs 105.5 crore

PVR Limited reported a consolidated net loss of Rs 105.49 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 289.21 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations jumped nearly three-fold to Rs 537.14 crore in Q4 FY22. The multiplex chain operator’s total expenses stood at Rs 731.17 crore, up 43.91% YoY.

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L&T secures order from Jharkhand govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Government of Jharkhand. The project aims to provide water to irrigate 22,283 hectares of culturable command area (CCA) in Dumka district by pumping water from the Sidheshwari river. The scope of the order includes survey, design, and construction of a barrage across the river.

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Suven Pharma Q4 Results: Net profit rises 11% YoY to Rs 92 crore

Suven Pharmaceuticals Ltd reported a 10.3% YoY increase in consolidated net profit to Rs 91.66 crore for the quarter ended March (Q4 FY22). Net profit fell 42.7% when compared to the previous quarter. Its revenue from operations rose 40.54% YoY to Rs 364 crore during the same period. The pharma company’s board has declared an interim dividend of ₹1 per share.

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Can Fin Homes clarifies on possible RBI probe into fraud detection

Can Fin Homes Ltd offered clarification on a possible Reserve Bank of India (RBI) probe into the detection of fraud in 37 accounts, saying it has not received any such information from the regulator. Earlier today, a media report claimed that RBI may launch a probe into the detection of fraudulent accounts in Can Fin Homes. The company further said the report is factually incorrect and that it is unaware of its source.

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HCL Tech to acquire digital banking firm Confinale

HCL Technologies UK has signed a definitive agreement to acquire Switzerland-based Confinale AG, a digital banking and wealth management consulting specialist. With this acquisition, HCL Tech will expand its footprint in the global wealth management market. Confinale has one of the largest pools of Avaloq-certified specialists in Europe. It works with leading banks and wealth advisors. 

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LIC IPO subscribed 2.94 times on final day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 2.94 times on the final day of bidding. Retail investors have subscribed 1.98 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2.91 times and 2.83 times, respectively, against their reserved portions. LIC policyholders have subscribed 6.09 times the portion reserved for them. 

Aarti Drugs Q4 Results: Net profit rises 7% YoY to Rs 55 crore

Aarti Drugs Ltd reported a 7.14% YoY increase in consolidated net profit to Rs 55.34 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its revenue from operations rose 38.4% YoY to Rs 694.27 crore during the same period. The pharma company’s total expenses stood at Rs 626.73 crore in Q4, up 43.2% YoY.

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SRF Q4 Results: Net profit rises 59% YoY to Rs 

SRF Limited reported a 59% YoY increase in consolidated net profit to Rs 605.65 crore for the quarter ended March (Q4 FY22). Net profit rose 19.8% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 3,549 crore during the same period. The company’s chemicals business posted a revenue of Rs 1,572 crore in Q4, up 36% YoY. 

SRF’s board has approved a project to set up dedicated facilities to produce key specialty products at its Dahej plant at an estimated cost of Rs 115 crore. They have also approved a project for capacity expansion at the Dahej plant at an approx. cost of Rs 30 crore.

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Maruti Suzuki Reports 58% YoY Rise in Q4 Net Profit – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q4 Results: Net profit rises 58% YoY to Rs 1,839 crore 

Maruti Suzuki India Ltd (MSIL) reported a 58% YoY increase in net profit to Rs 1,839 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 25,514 crore during the same period. The automaker sold 4,88,830 vehicles in Q4, registering a 0.7% YoY decline. Lower sales promotion costs helped MSIL outweigh the impact of high raw material costs and global semiconductor shortages.

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IRDAI hikes exposure limit for insurers in BFSI sector to 30%

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to have exposure to financial and insurance activities up to 30% of their investment assets. This move will give insurance companies more flexibility to invest and could help improve returns. IRDAI has also proposed rationalisation and standardised administration of group health policies.

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IndusInd Bank Q4 Results: Net profit rises 55% YoY to Rs 1,361  crore

IndusInd Bank reported a 55.3% YoY increase in consolidated net profit to Rs 1,361 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 13% YoY (or 5% QoQ) to Rs 7,860 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The bank’s provisions and contingencies declined by 21.5% YoY to Rs 1,464 crore in Q4.

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UltraTech Cement Q4 Results: Net profit rises 47% YoY to Rs 2,614 crore

UltraTech Cement Ltd reported a 47% YoY increase in net profit to Rs 2,613.75 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 9.45% YoY to Rs 15,767.28 crore during the same period. Sales volumes fell 0.3% YoY to 27.69 million tonnes (MT) in Q4. The cement manufacturer’s board has declared a dividend of Rs 38 per equity share. 

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IDBI Bank privatisation process on: DIPAM Secretary

DIPAM Secretary Tuhin Kanta Pandey said IDBI Bank’s privatisation process is on, and the quantum of stake sale will be decided after the roadshow is complete. The government may decide to sell its entire stake in one go or in tranches depending on the investors’ response. The Indian government holds a 45.48% stake in the bank, while LIC holds a 49.24% stake.

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Wipro Q4 Results: Net profit rises 4% YoY to Rs 3,092 crore

Wipro Limited reported a 4% YoY increase in consolidated net profit to Rs 3,092 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 28% YoY to Rs 20,860 crore during the same period. The IT company closed 37 large deals resulting in a total contract value (TCV) of over $2.3 billion in FY22.

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Tata Motors unveils Avinya concept EV

Tata Motors has unveiled a new electric SUV Concept named “Avinya” based on its latest Pure EV third-generation architecture. The concept promises more than 500 km range on a single charge cycle. It could come with dual electric motors, each powering one axle and sending power to all four wheels. The automaker aims to introduce the new EV by 2025.

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SBI Cards Q4 Results: Net profit jumps 231% YoY to Rs 581 crore

SBI Cards & Payment Services Ltd reported a 231% YoY jump in consolidated net profit to Rs 581 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.91% YoY to Rs 2,319 crore during the same period. Earnings before credit costs increased by 25% YoY to Rs 1,172 crore in Q4. Total operating costs stood at Rs 1,577 crore, up 23% YoY.

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PVR to bring opera-inspired auditorium concept Oma Cinema to India

PVR Cinemas has entered into an exclusive partnership with Oma Cinemas to roll out opera house-inspired cinemas in India. Oma Cinemas is a premium auditorium concept created by noted French architect Pierre Chican. Its unique tiered balconies (or pods) provide viewers with a sociable cinema experience while enjoying a perfect view of the screen.

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Varroc Engineering to sell Europe, Americas 4-wheeler lighting business for $631 million

Varroc Engineering Ltd will sell its four-wheeler lighting system operations in the Americas and Europe to France’s Compagnie Plastic Omnium for $630.96 million. The company will continue to operate its China joint venture and its other businesses in countries such as Italy, Vietnam, Poland, and Romania. The divestment is part of its strategy to focus on the two-wheeler sector globally and electric vehicle product lines.