Tag: Q2 Results

Categories
Market News Top 10 News

Manufacturing PMI Slips to 55.5 in October – Top Indian Market Updates

market updates | marketfeed

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

Manufacturing PMI falls to 8-month low of 55.5 in October

India’s manufacturing activity slipped to the lowest level in eight months in October 2023. The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 55.5 in October, compared to 57.5 in September. There was a slower increase in total new orders, production, exports, buying levels and stocks of purchases last month. Hiring activity and business confidence slipped to a five-month low.

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

Read more here.

Sun Pharma Q2 Results: Net profit rises 5% YoY to ₹2,375.5 crore

Sun Pharmaceutical Industries Ltd reported a 5% year-on-year (YoY) increase in consolidated net profit to ₹2,375.5 crore for the quarter ended September (Q2 FY24).. Its revenue from operations rose 11% YoY to ₹12,192 during the same period. EBITDA stood at ₹3,179.3 crore in Q2, up 8% YoY. The pharma company posted an 11% YoY growth in India formulations sales to ₹3,842.5 crore.

Read more here.

Fino Payments Bank likely to apply for SFB license by year-end: MD

Fino Payments Bank is likely to apply for the small finance bank (SFB) license by the end of this year, managing director Rishi Gupta said. The bank has nearly ₹600 crore of net worth while the minimum capital requirement for small finance banks is pegged at ₹200 crore. Reserve Bank of India allows non-corporate payments banks to apply for a small finance bank license after completing five years of business.

Read more here.

JK Tyre Q2 Results: Net profit jumps 401% YoY to ₹248 crore

 JK Tyre and Industries Ltd reported a 401% YoY jump in net profit to ₹248.6 crore for the quarter ended September (Q2 FY24). Its revenue grew 4% YoY to ₹3,905 crore during the same period. EBITDA stood at ₹597 crore in Q2, up from ₹305 crore during the same period last year. The tyre maker also approved an investment of ₹1,025 crore for expanding its manufacturing capacity.

Read more here.

Q2 GDP number will surprise on the upside: RBI Governor

India’s growth momentum remains strong and the second-quarter gross domestic product (GDP) growth number is expected to surprise on the upside, said Reserve Bank of India Governor Shaktikanta Das. The GDP growth figure for the July-September quarter (Q2) will be released on November 30 by the National Statistical Office (NSO). GDP growth rose to a four-quarter high of 7.8% in April-June.

The RBI has projected GDP growth at 6.5% for FY24 and 6.5% for Q2.

Read more here.

Ambuja Cements Q2 Results: Net profit jumps 9-fold YoY to ₹792.96 crore

Ambuja Cements reported a nine-fold YoY jump in consolidated net profit to ₹792.96 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 4.1% YoY to ₹7,423.95 crore during the same period. EBITDA stood at ₹1,302 crore in Q2 FY24, compared to ₹975 crore in Q2 FY23. 

Read more here.

SpiceJet inducts five Boeing 737 aircraft

SpiceJet has inducted five leased Boeing 737s (including three 737 Max aircraft) into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services. SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations. Its fleet is a mix of aircraft, including Boeing 737 Max, Boeing 700 and Q400s.

Read more here.

Adani Wilmar Q2 Results: Net loss at ₹131 crore

Adani Wilmar reported a net loss of ₹131 crore for the quarter ended September 2023 (Q2 FY24). This included a one-time loss of ₹53.5 crore. The company had posted a net profit of ₹48.76 crore in Q2 FY23. Its revenue from operations fell 13% YoY to ₹12,267.15 crore in Q2 FY24. EBITDA stood at ₹144 crore, down 43% YoY. 

Read more here.

Tata Motors gets PLI certificate in 4-wheeled goods vehicle category

The Automotive Research Association of India (ARAI) awarded Tata Motors with India’s first auto Production-Linked Incentive (PLI) certificate in the N1 category, specifically on four-wheeled goods vehicles. The primary objective of the PLI scheme is to improve efforts in localising production and stimulate exports within the automotive industry.

Read more here.

Auto sales data for October 2022: Highlights  

Maruti Suzuki India posted a 19% year-on-year (YoY) increase in total sales to 1.99 lakh units in October 2022. Sales of its compact vehicle segment fell 3.4% YoY to 98,621 units. Exports rose 7.4% YoY to 21,951 units.

Tata Motors Ltd registered a 6% YoY increase in total sales to 80,825 units in October. The automaker’s commercial vehicle sales rose 4% YoY to 34,317 units. Overall passenger vehicle sales rose 7% YoY to 48,637 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 43,708 units in October, an increase of 35% YoY. M&M’s tractor sales fell 3% YoY to 50,460 units. 

Bajaj Auto posted a 19% YoY increase in total sales to 4.08 lakh units in October. Meanwhile, TVS Motor Company’s total sales stood at 3.44 lakh units in Oct, up 22% YoY.

Read more here.

Categories
Market News Top 10 News

IndiGo’s Net Loss Widens to ₹1,583Cr in Q2 – Top Indian Market Updates

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

IndiGo Q2 Results: Net loss widens to ₹1,583 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of ₹1,583 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,435.6 crore in Q2 FY22. The company’s revenue from operations rose 122.8% YoY to ₹12,496.6 crore in Q2 FY23. The number of passengers increased by 75.9% YoY to 1.97 crore. IndiGo’s passenger ticket revenues stood at ₹11,110.4 crore, an increase of 135.6%.

Read more here.

Maruti Suzuki lines up over ₹7,000 crore capex for current fiscal: CFO

Maruti Suzuki India Ltd plans to invest over ₹7,000 crore this year (FY23) on various initiatives, including the construction work of its new plant in Haryana and new model launches, said Chief Financial Officer (CFO) Ajay Seth. The new plant is expected to be operational by 2025, with an installed production capacity of 2.5 lakh units in the first phase. MSIL will also invest in other areas like research & development, regular maintenance, etc.

Read more here.

TVS Motor Company Q2 Results: Net profit rises 47% YoY to ₹407 crore

TVS Motor Company Ltd reported a 46.8% year-on-year (YoY) increase in net profit to ₹407.47 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28.4% YoY to ₹7,219.18 crore during the same period. The company posted total sales of 10.27 lakh units in Q2, up 12% YoY. Operating EBITDA grew 31% YoY to ₹737 crore in Q2.

Read more here.

Kalpataru Power secures orders worth ₹1,290 crore

Kalpataru Power Transmission Ltd (KPTL) has secured orders worth ₹1,290 crore across various business verticals. The transmission and distribution (T&D) orders will help the company consolidate its presence in key T&D markets like the Middle East and Latin America. KPTL’s total order intake year till date in FY23 is around ₹6,890 crore,

Read more here.

GAIL Q2 Results: Net profit falls 46% YoY to ₹1,537 crore

GAIL (India) Ltd reported a 46% YoY decline in net profit to ₹1,573.07 crore in Q2 FY23. The company had to slash petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies. Its revenue from operations rose 79% YoY to ₹38,390.89 crore during the same period. Profits from the gas transmission business also fell 32% YoY to ₹709.59 crore.

Read more here.

Lupin gets USFDA approval for generic oral contraceptive pill

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market Drospirenone tablets in the US market. The drug is used in birth control pills to prevent pregnancy and in menopausal hormone therapy. As per IQVIA MAT data, Drospirenone tablets had estimated annual sales of $141 million in the US market during the 12 months ended Sept 2022.

Read more here.

Titan Q2 Results: Net profit rises 34% YoY to ₹857 crore

Titan Company Ltd reported a 34% YoY increase in net profit to ₹857 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY to ₹8,730 crore during the same period. The jewellery business posted an 18% YoY growth in revenue to ₹7,2013 crore in Q2. Revenue from its watches & wearables segment stood at ₹829 crore, up 21% YoY.

Read more here.

India’s forex reserves record biggest weekly gains in more than a year

India’s foreign exchange (forex) reserves jumped to $531.081 billion in the week ending October 28, 2022, making it the biggest weekly gain in more than a year. All indicators in reserves witnessed an upside in the latest week with foreign currency assets outperforming. The forex reserves had fallen to their lowest level since July 2020 to $524.52 billion for the week ending Oct 21.

Read more here.

Cipla Q2 Results: Net profit rises 11% YoY to ₹789 crore

Cipla Ltd reported an 11% YoY increase in consolidated net profit to ₹788.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 5.57% YoY to ₹5,828.54 crore during the same period. Revenue from Cipla’s pharma segment stood at ₹5,690.68 crore in Q2, up 5.11% YoY.

Read more here.

Marico Q2 Results: Net profit falls 3% YoY to ₹301

Marico Ltd reported a 3% YoY decline in net profit to ₹301 crore in Q2 FY23. The FMCG company’s revenue from operations rose 3% YoY to ₹2,496 crore during the same period. EBITDA stood at ₹433 crore in Q2, up 2.4% YoY. Domestic revenues rose 1% YoY to ₹1,896 crore. Price hikes in hair oils and premium personal care portfolios were more than offset by price cuts in Parachute coconut oil and Saffola oils.

Read more here.

Categories
Market News Top 10 News

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

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

India’s manufacturing PMI rises to 55.3 in Oct

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

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

Read more here.

Auto sales data for October 2022: Highlights 

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

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

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Voltas Q2 Results: Net loss at ₹7.41 crore

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

Read more here.

NCC secures orders worth ₹1,056 crore in Oct

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

Read more here.

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

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

Read more here.

SEBI fines 21 entities in Sunstar Realty Development case

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Categories
Editorial

Federal Bank’s Stellar Q2 Performance: Analysis

Federal Bank declared its financial results for the July-September quarter (Q2 FY22) on October 22. There was high demand for the stock in Dalal Street on the same day and surged ~8%. During the same period, ace investor Rakesh Jhunjhunwala added 2 crore shares of Federal Bank (~1% of the total equity share capital) to his portfolio. Currently, his holding value in the bank is ~Rs 750 crore.

In this article, let us analyse the recent financial performance of the bank and compare it with that of its peers.

Federal Bank’s Q2 Results

The bank’s Net Interest Income (NII) increased 7% year-on-year (YoY) and 4% quarter-on-quarter (QoQ) to Rs 1,479 crore in Q2. NII is the difference between the interest income received on loans and the interest paid to depositors. Meanwhile, Net Interest Margin (NIM) improved to 3.2%. For every Rs 100 issued as a loan, the lender can generate Rs 3.2 as an income after paying interest on deposits.

The net profit of the bank increased 49% YoY and 25% QoQ to Rs 460 crore. The increase in profits can be attributed to increasing NII and a decrease in the provisions made for bad loans.

Net Non-Performing Assets (NNPAs) are the loans given out by the lender that fails to generate interest. Thus, if the bank does not manage the NPA wisely, it can eat up the profits of the bank.

Here, we can see the trend of Net NPA. Even though the current position is greater than that of the previous year, its decline across the previous quarters is a good sign. Federal Bank has an NNPA of 1.12%, meaning that for every Rs 100 given out as a loan, Rs 1.12 turns as NPA.

Comparison with Peers

For any sector, analysing a company along with its peers gives us a clear picture. Let us compare and analyse Federal Bank with the top-performing banks in India.

Net Interest Margin

Net Interest Margin (NIM) is a measure of a bank’s net interest income (NII) to its assets. A higher NIM is always appreciable. 

Although Federal Bank has a lower NIM, the metric increasing over the quarters is a good sign.

Non Performing Assets 

A loan becomes a Non-Performing Asset (NPA) when it fails to generate income for the bank. Net NPA shows the percentage of money given out as a loan that cannot be retrieved by a bank. Thus, a very low NPA is preferable for a bank.

Federal Bank has higher NPAs than its peers. Fortunately, the decline of bad loans across the years is a good sign. Even though the other banks have reported higher NPAs over the previous quarters, Federal Bank was able to reduce the same. 

CASA Ratio

Current Account – Saving Account (CASA) are deposits that provide relatively low interest. If a bank has a high CASA Ratio, it means that the bank’s expenses are low. If a bank has a lower CASA ratio, expenses will be high and it will affect Net Interest Margin (NIM).

Federal Bank has a CASA Ratio of 36%. It means that for every Rs 100 deposited in an account, only Rs 36 belongs to CASA. Here, the CASA of Federal Bank is relatively lower compared to other banks. Therefore, picking up CASA is essential for the lender to gain a better income.

Valuation

For investors, it is always a key strategy to buy a stock when it is cheaply available. Let us look at one of the valuation ratios— the price to Earnings (PE) ratio.

As we can see, Federal Bank has a very low PE ratio compared to industry leaders. A PE ratio of 11 says that investors are ready to pay Rs 11 for every Rs 1 generated as profit by the company. PE stands at above 20 for every other bank, which makes Federal Bank cheaply available.

Conclusion

Federal Bank is a midcap stock with a market capitalization of Rs ~22,000 crore. We have compared the lender with the top-performing large-cap banks for our analysis. Hence, we can state that the bank has a long way to go in certain metrics. 

In the past year, the stock has outperformed the BANKNIFTY index by ~34%. The recent quarter results have beaten all street estimates and various brokerage houses have given a major upside for the stock.

Looking at the financial performance, a decreasing NPA and an increasing CASA will unlock better profitability for the bank.

Federal Bank is a professionally run company with no promoters. The 3-year extension of Mr. Shyam Srinivasan as MD & CEO of the bank by the Reserve Bank of India (RBI) will ensure that current operations and future projects will be given more focus and importance.

Have you added Federal Bank to your portfolio? Let us know in the comment section of the marketfeed mobile app.

Categories
Editorial

Reliance Q2 Results: A Quick & Easy Analysis

India’s largest company by market capitalization, Reliance Industries Ltd (RIL), has declared its second-quarter results for FY22. The conglomerate reported total revenue from operations of Rs 1,74,104 crore, an increase of 50% year-on-year (YoY). RIL’s net profit increased by a massive 43% YoY (or 11% QoQ) to Rs 13,680 crore. The figures have beaten all street estimates. In today’s article, we discuss how RIL and its various segments have performed in Q2 FY22.

Digital Services 

Jio Platforms Ltd reported total revenue of Rs 19,777 crore in Q2, compared to Rs 18,952 crore reported in the previous quarter. The net profit witnessed a 23.5% YoY (or 0.6% QoQ) increase to Rs 3,728 crore. There was a net decline in Jio’s customer base by 11.1 million due to the impact of the Covid-19 pandemic on low-end customers. Many users were unable to recharge due to financial difficulties. As of September 2021, the total customer base stood at 429.5 million users. Average Revenue Per User (ARPU) grew sequentially from Rs 138.4 to Rs 143.6 in this quarter. 

All figures except EBITDA Margin in Rs crore

There has been an improvement in subscriber mix and increased customer engagement levels. Total data traffic during the quarter increased by 51% YoY to reach 2,300 crore gigabytes (GB). The Covid-19 pandemic has forced most of us to get on digital platforms. Jio Fibre has over 4 million connected premises now. Also, JioMeet is now used extensively for conducting online meetings by many large enterprises, healthcare companies, and government institutions. 

Reliance Jio has maintained its top position in the 4G speed chart with a 20.9 Mbps average download speed in September 2021. The company is working with tech giant Google to make JioPhone Next (a highly affordable smartphone) available in time for the Diwali festive season.

Reliance Retail  

The retail segment of RIL was one of the hardest hit in the previous financial year due to nationwide lockdowns. But as restrictions have eased and vaccination rates are up, Reliance Retail has delivered a strong performance in Q2. The segment poised a 74% YoY growth in net profit to Rs 1,695 crore in Q2 FY22. Its revenue increased by 10.5% YoY (or 17.8% QoQ) to Rs 45,426 crore. 

All figures except EBITDA Margin in Rs crore

RIL’s retail business recorded higher store operating days at 89% in Q2, compared to 61% in the previous quarter. Meanwhile, footfalls (number of people entering shops) recovered to 78% of pre-Covid levels. The Fashion & Lifestyle business delivered record performance with the highest ever quarterly revenues. Consumer electronics and grocery divisions maintained strong growth momentum during the quarter. JioMart’s reach has extended to 249 cities with the launch of new stores and fulfillment centers.  

During the quarter, 813 new stores were launched, taking the total count to 13,635. Reliance Retail also commissioned 86 warehouses and fulfillment centres across an area of 2.5 million sq ft. to improve its service capabilities. They acquired Milkbasket (a subscription-based grocery delivery platform) and Portico (a home styling solutions brand). Reliance Retail Ventures Ltd’s (RRVL) acquisition of JustDial will add value to its merchant partners. You may have also come across reports of RRVL entering into a master franchise agreement with US-based 7-Eleven Inc. to launch convenience stores across India.

Oil-to-Chemical (O2C) 

The Oil-to-Chemical arm of Reliance performed well as a result of improved realisation on the back of an increase in oil prices and higher volumes. The segment posted a 58% YoY (or 16.7% QoQ) increase in revenue to Rs 1,20,475 crore in Q2. Earnings before Interest, Tax Depreciation, and Amortization (EBITDA) rose 44% YoY to Rs 12,720 crore. Last quarter, this number was at Rs 12,231 crore. The surge in the global demand for refining and petrochemical products has also aided growth in this segment.

Figures in Rs crore

To Sum Up 

RIL’s other segments such as Oil & Gas and Media had performed exceedingly well in the July-Sept quarter of FY22. Revenue of the Oil & Gas segment jumped 363.1% YoY to Rs 1,644 crore due to a 23% rise in production in Q2. Meanwhile, the media vertical’s revenue rose 31% YoY to Rs 1,387 crore, aided by a good recovery in advertisement sales. 

The sharp recovery in the retail segment, along with sustained growth in the O2C and digital services business has helped RIL post better-than-expected results. Reliance Retail’s rapid expansion of both physical stores and digital offerings has resulted in healthy growth of revenues and margins. Jio continues to hold a top position in 4G coverage and availability. The company has kickstarted 5G field trials at various locations. RIL continues to focus on green energy initiatives through strategic partnerships with multiple firms. 

“I am pleased that Reliance has posted a strong performance in 2QFY22. This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies,” said Mukesh Ambani, Chairman and Managing Director at RIL.

You can find RIL’s media release for its Q2 results here. What are your opinions on Reliance Industries? Do you think that they will grow even faster in the coming quarters? Let us know in the comments section of the marketfeed app.

Categories
Editorial

Varun Beverages: Q2 2021 Result Analysis

Varun Beverages is the company that bottles drinks on behalf of PEPSICO. Drinks like Pepsi, Tropicana, Mountain Dew, 7Up, Lipton Ice Tea, Aquafina, or Gatorade are names we have all heard. Varun Beverages has come out with a stellar performance for the April-June quarter of 2021, right after the second wave of COVID-19 retracted. [The company follows the January-December financial year cycle]

In this piece, we cover the business model of Varun Beverages, its performance this quarter, and what lies ahead for the company. 

About Varun Beverages Limited (VBL)

Established in 1995, VBL is the largest bottler of PepsiCo drinks outside the US. Till 2019, PepsiCo had partnered with VBL in its bottling and distribution till it completely handed over the bottling business to VBL. As of now, VBL looks after the manufacturing of the sweeteners as well as the bottling of its products. Apart from India, VBL also operates in Sri Lanka, Zambia, Zimbabwe, and Morocco. 

VBL has a robust supply chain with 90+ depots, 2,500+ owned vehicles, 1,500+ primary distributors all across India, Nepal, and Sri Lanka.

India’s consumption of soft drinks is 44 bottles per capita, whereas, for countries like the United States, the per-capita consumption is 1,496 bottles. India, a country with 1.3 billion people, has a larger market to penetrate that can surpass that of the United States. Varun Beverages is looking to expand into the Indian rural and semi-urban areas where the market penetration is less. 

VBL’s product segments include – Carbonated Soft Drinks (CSD), Juice, and Water. Following is the sales volume breakup for the quarter ended June 30:

Segment% of Revenue
Carbonated Soft Drinks (CSD)78%
Non-carbonated Beverages 7% 
Packaged Drinking Water 15%

Q2 CY21 Results: The Finances

.Jun-2021Mar-2021QoQ%Jun-2020YoY%
Revenue2,507.52,246.611.61%1,642.852.63%
Net Profit308.2129.3138.42%140.8118.9%
All Amount In Indian Rupee Crore

VBL registered total revenue of Rs 2,507 crore in Q2 CY21. This was an 11.61% growth from last quarter (QoQ) and a 52.63% growth since one year (YoY). 

  • The company saw a three-digit growth in profit numbers. Profit was up by 138.42% QoQ and 118.9% (YoY) to Rs 308.2 crore.
  •  Total expenses up by 40.4% (YoY) at Rs 2,087.79 crore in Q2 CY21 versus Rs 1,486.49 crore in the same quarter of 2020.
  • The company has announced an interim dividend of Rs 2.50 per equity share for the financial year 2021 on equity shares of the nominal value of Rs 10 each.

What Lies Ahead

The repayment of debt as well as the lower average cost of borrowing translated into a reduction in finance costs during the quarter. The company was able to reduce its debt by more than Rs 600 crore from March 31, 2020, to March 31, 2021.

Apart from handling North and East regions, VBL took over the operations of the South and West regions in Feb 2019. One year later, the COVID-19 pandemic hit the world and the company couldn’t utilize the potential of the new acquisition. 

Right when sales volume had picked up in Q4 2020, the second wave hit the country as well as the sales volume of the company. Unlike the first wave, the supply chain wasn’t much of a problem. The situation isn’t as bad as last time since lockdowns were localized this time. Later on, the sales picked up the lockdown eased in June 2021.  

From the earnings call of the company, the following factors could possibly drive growth in the next quarter:

  • As lockdowns gradually subside and COVID-19 cases decline, sales are likely to go up. 
  • Growing refrigeration facilities in rural/semi-rural areas.
  • Increased volumes in Southern and Western regions
  • Volumes recovering in international business.

After the results, the share price of VBL closed ~4% above the previous day’s close. The company has given a return of ~60% over the past one year. Have you invested in VBL? If not, do you plan to invest?. You can let us know in the comment section in the marketfeed app.

Categories
Market News Top 10 News

TCS Q3 Net Profit Rises 7% YoY – Top Indian Market News

TCS Q3 Results: Net profit rises 7% YoY to Rs 8,701 crore

Tata Consultancy Services (TCS) reported a 7.18% YoY increase in net profit to Rs 8,701 crore for the quarter ended December (Q3). The IT major had posted a profit of Rs 8,118 crore in Q3 of the previous financial year. Its revenue rose 5% YoY to Rs 42,015 crore in Q3 FY21. The company said it has benefited from greater demand for its cloud services during the Covid-19 pandemic. TCS has announced an interim dividend of Rs 6 per share, for which the record date is January 16 and the payment date is February 3.

Read more here.

SAIL reports 9% growth in crude steel production

Steel Authority of India Ltd (SAIL) reported a 9% YoY growth in crude steel production for the December quarter (Q3) of FY21 at 4.37 million tonnes (mt), as against a production of 4 mt during the same period last year. The state-owned company’s sales volume registered a growth of 5.6% YoY during the Q3 of FY 21, at 4.32 million tonnes. SAIL stated that it had reduced net debt from a peak of Rs 52,290 crore as of April 30, 2020, to Rs 44,308 crore on December 31, 2020.

Read more here.

Phoenix Mills sees healthy demand recovery in Q3

Phoenix Mills reported a 192% quarter-on-quarter (QoQ) growth in consumption across its retail portfolio in Q3 FY21, which came to around Rs 1,370 crore. The company’s retail collections saw an improvement to approximately Rs 260 crore in Q3. In the residential category, the developer sold 14 units with an aggregate sales value of approximately Rs 74 crore.

Read more here.

Empowered Group of Secretaries recommends cabinet note on 5 PLI sectors: Report

According to a report from CNBC-TV18, the Empowered Group of Secretaries (EGoS) has recommended a cabinet note on five production linked incentive (PLI) sectors. The sectors include Advanced Chemistry Cell Battery, Telecom & Networking Goods, Pharmaceutical Drugs, Technical Textiles, and Automobiles & Auto components.

EGoS has suggested that ministries should be careful in the identification of the base year and examination of incremental production and incentive. It has further recommended to bring in a uniform approval process for choosing a beneficiary company under the PLI scheme.

Read more here.

Om Metals Infra emerges lowest bidder for Punjab-based project

Om Metals Infraprojects Ltd was declared the lowest bidder in competitive bidding for a tender value of about Rs 621 crore, floated by the Punjab Government. The tender is for constructing two powerhouses and part of the hydel channel of Shahpurkandi Dam Project on EPC mode. Om Metals is an engineering, procurement, and construction (EPC) company that focuses on water, irrigation, and hydroelectric projects.

Read more here. 

Shalby Q3 Results: Net profit rises 106% YoY to Rs 16 crore

Shalby Ltd reported a 106.38% YoY increase in consolidated net profit to Rs 16.82 crore for the quarter ended December (Q3). The company had reported a net profit of Rs 8.15 crore in Q3 of the previous financial year. Shalby’s revenue increased by 9.11% YoY to Rs 131.80 crore in Q3 FY21. Shalby Ltd operates a chain of multispeciality hospitals in India.

Mahindra & Mahindra hikes prices of personal, commercial vehicles by 1.9%

Mahindra & Mahindra (M&M) Ltd announced a hike in prices of its range of personal and commercial vehicles by around 1.9%. The automaker stated that it will raise prices by Rs 4,500-Rs 40,000, depending on the model and variant. M&M said the price increase was necessitated due to an unprecedented increase in commodity prices and various other input costs over the past many months.

Read more here.

Himatsingka Seide enters into licensing agreement with Disney for European region

Himatsingka Seide Ltd has entered into a licensing agreement with The Walt Disney Company for the European region. The license will give Himatsingka the rights to design, develop, manufacture, and distribute a broad range of home textile products inspired by Disney’s archives and characters from all its franchises including Disney, Marvel, Pixar, and Lucas. Himatsingka will distribute an extensive range of licensed home textile products across the United Kingdom, Germany, France, Italy, Spain, and South Africa.

Read more here.

SBI, IOCL launch contactless RuPay debit card

State Bank of India (SBI) and Indian Oil Corporation Ltd (IOCL) announced the launch of a co-branded contactless Rupay debit card. The features of the card include 6 reward points for Rs 200 spent at an Indian Oil fuel station every time and loyalty points worth 0.75% against the purchase of fuel. Customers can earn and redeem reward points by spending on dining, movies, grocery, and utility bills. Transactions up to Rs 5,000 can be paid for with a tap through the contactless card.

Read more here.

J B Chemicals receives USFDA approval for generic antihistamine

J B Chemicals & Pharmaceuticals Ltd announced that it has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Loratadine tablets. The tablets are used for treating allergic rhinitis caused by pollen and upper respiratory tract allergy. The company said it expects to commercialize this product by Q1 of the next financial year (FY 2021-2022).

Read more here.

Categories
Market News Top 10 News

Tata Steel’s Net Profit Falls 60% YoY – Top Indian Market News

Tata Steel Q2 Results: Net Profit falls 60% YoY to Rs 1,635 crore

Tata Steel Ltd. reported a 60% year-on-year (YoY) decline in consolidated net profit to Rs 1,635 crore, for the quarter ended September (Q2). The company’s revenue increased by 7% YoY to Rs 37,154 crore, during the same period. Tata Steel has stated that it has been able to ramp up capacity utilization and achieve highest-ever sales in Q2, despite the ongoing Covid-19 pandemic.

India’s fuel demand posts first annual growth since February

India’s fuel demand posted its first yearly increase since February, as the demand for diesel saw a quick recovery ahead of the festive season. The total demand for petroleum products rose by 2.5% YoY in October, to reach 17.77 million tonnes. The consumption of both petrol and diesel has reached pre-Covid levels. 

Read more here.

India to receive 100 million AstraZeneca vaccine shots by December

Serum Institute of India (SII) is increasing the production of the AstraZeneca-Oxford University Covid-19 vaccine. The company has stated that it is aiming to keep 100 million vaccine doses ready by December 2020. Adar Poonawalla, the CEO of SII, has said that his company may receive authorization for emergency use if the vaccine proves to be effective.

Read more here.

Inox Leisure raises Rs 250 crore from QIP

Inox Leisure Limited has raised Rs 250 crore through a qualified institutional placement (QIP). The company has allocated 9.8 million shares to eligible institutional buyers at Rs 255 per share. The funds raised through QIP would be utilized by Inox to meet capital expenditure requirements for on-going and future projects.

Read more here.

HAL Q2 Results: Net Profit declines marginally to Rs 615 crore

Hindustan Aeronautics Ltd. reported a 1.1% YoY decline in consolidated net profit to Rs 615 crore, for the quarter ended September (Q2). The consolidated revenue from operations increased by 41% YoY to Rs 4,854 crore, during the same period. Bangalore-based HAL is a state-owned aerospace and defense company.

Read more here.

Shoppers Stop to launch rights issue on November 27

Shoppers Stop Ltd. has stated that its Board of Directors has approved the raising of Rs 300 crore, through a rights issue. A rights issue is an issue of shares offered at a special price by a company to its existing shareholders, in proportion to their holding of old shares. The company has stated that the issue will be priced at Rs 140 per share. The issue will open on November 27, and close on December 31.

Read more here.

Future Retail Q2 Results: Net Loss stands at Rs 692 crore

Future Retail Limited reported a consolidated net loss of Rs 692.36 crore, for the quarter ended September (Q2). The retail firm’s consolidated revenue from operations declined by Rs 73.86% YoY to Rs 165.08 crore, during the same period. The company has stated that the Covid-19 pandemic has had a significant impact on its business operations.

Read more here.

Oil India makes natural gas discovery in Assam

Oil India Limited, on Friday, announced that it has made a natural gas discovery at a well drilled in Tinsukia, Assam. The company has stated that this discovery will open up new areas for further oil and gas exploration in Assam. Oil India is the nation’s second-largest oil producer and a majority of its operations are concentrated in the north-east. 

Read more here.

RBL Bank raises Rs 1,566 crore from Baring, ICICI Prudential

RBL Bank, on Friday, announced that it has raised Rs 1,566 crore in fresh capital through a preferential allotment of shares. The shares have been allotted to firms such as Baring Private Equity Asia and ICICI Prudential. RBL Bank has stated that it intends to invest in newer products like affordable housing loans. This would help to strengthen the bank’s presence in the semi-urban and rural markets.

Read more here.

Graphite India Q2 Results: Net Loss at Rs 41 crore

Graphite India Ltd. reported a consolidated net loss of Rs 41 crore, for the quarter ended September (Q2). The company’s revenue declined by 45% YoY to Rs 485 crore, during the same period. Graphite India is a leading manufacturer of carbon and graphite speciality products.

Read more here.

Apex Frozen Foods Q2 Results: Net Profit rises 15% YoY to Rs 25 crore

Apex Frozen Foods Ltd. reported a 14.91% YoY increase in net profit to Rs 25 crore, for the quarter ended September (Q2). The company’s sales declined by 2.64% YoY to Rs 262.24 crore, during the same period. Apex Frozen Foods is a prime exporter of shelf-stable quality agriculture products in India.

Categories
Market News Top 10 News

Finance Ministry Announces New Stimulus Package – Top Indian Market News

Finance Ministry unveils 12 new stimulus measures through Atmanirbhar Bharat 3.0

The Finance Ministry has announced a series of new measures to provide a further boost to India’s Covid-hit economy. The size of the stimulus package has been estimated at Rs 2.65 lakh crore. The Atmanirbhar Bharat 3.0 has focussed on sectors such as real estate and infrastructure. It has also introduced various steps to increase job opportunities in our country.

Read more here.

Cold storage chain ready for Covid-19 vaccine: Apollo Hospitals CEO

Suneeta Reddy, the CEO of Apollo Hospitals, has stated that the company is ready for the administration of the Covid-19 vaccine in India. She has said that Apollo has the necessary cold storage chain in place for the vaccine. They have also trained about 10,000 people to administer the vaccine.

Read more here.

Retail inflation rises 7.61% in October: Govt data

The growth rate of India’s retail inflation, which is measured by the Consumer Price Index (CPI), had increased to 7.61% in October. The CPI for September was reported at 7.27%. On a separate notice, it was stated that the Index of Industrial Production (IIP) had posted a growth of 0.2% YoY to 123.2 in September. The IIP measures India’s factory output. The two sets of data were released by the Ministry of Statistics & Programme Implementation.

Read more here.

Cochin Shipyard Q2 Results: Net Profit falls 48% YoY to Rs 107 crore

Cochin Shipyard Ltd. reported a 48% year-on-year (YoY) decline in net profit to Rs 107.16 crore, for the quarter ended September (Q2). The company’s revenue declined by 32.43% YoY to Rs 657.40 crore, during the same period. The shipbuilding company has stated that its main sales activities have not recovered to pre-Covid levels.

Read more here.

Eicher Motors Q2 Results: Net Profit declines 40% YoY to Rs 343 crore

Eicher Motors Ltd. reported a 40% YoY decline in consolidated net profit to Rs 343 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 2.65% YoY to Rs 2,143 crore, during the same period. Eicher Motors has stated that its sales of Royal Enfield motorcycles and commercial vehicles had fallen sharply, as compared to Q2 of the previous financial year.

Read more here.

Grasim sells fertilizer business to Indorama for Rs 2,649 crore

Grasim Industries has sold 100% stake in its fertilizer business- Indo Gulf Fertilizers (IGF), to Singapore-based Indorama Corporation Ltd. IGF is engaged in manufacturing and trading of urea and other agriculture inputs in India. The total value of the sale has been estimated at Rs 2,649 crore. The transaction is subject to necessary regulatory approvals.

Read more here.

Natco Pharma Q2 Results: Net Profit rises 73% YoY to Rs 204 crore

Natco Pharma Ltd. reported a 72.23% year-on-year (YoY) increase in consolidated net profit to Rs 203.9 crore, for the quarter ended September (Q2). The drug company’s consolidated revenue stood at Rs 827.9 crore, during the same period. The Board of Directors of Natco Pharma has approved an interim dividend of Rs 2 per share.

Read more here.

Advanced Enzymes Q2 Results: Net Profit rises 21% YoY to Rs 38 crore

Advanced Enzymes Technologies Ltd. reported a 21% YoY increase in net profit to Rs 38.56 crore, for the quarter ended September (Q2). The company’s revenue increased by 8.03% YoY to Rs 120.39 crore, during the same period. The research-driven company has stated that a majority of the revenue came from its healthcare segment. Its performance had not been adversely affected by the Covid-19 pandemic.

Read more here.

India imposes anti-dumping duty on clear float glass imports from Malaysia

India has imposed an anti-dumping duty on clear float glass from Malaysia for five years. The main aim of this duty is to protect the domestic industry from cheap imports. This was announced after a recommendation was made by the Directorate General of Trade Remedies (DGTR). Clear float glass is a material used in the automobile and refrigeration industries.

Read more here.

Jubilant Foodworks Q2 Results: Net Profit rises 4% YoY to Rs 76 crore

Jubilant Foodworks Ltd. reported a 3.82% YoY increase in consolidated net profit to Rs 75.77 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 18.20% YoY to Rs 816.32 crore, during the same period. The group had to close down 105 stores in Q2 FY21. Jubilant Foodworks is the master franchisee of Domino’s Pizza in India.

Read more here.

Categories
Market News Top 10 News

Cabinet Approves PLI Scheme Worth Rs 2 lakh crore for 10 Sectors – Top Indian Market News

Cabinet approves PLI scheme worth Rs 2 lakh crore for 10 sectors

The Union Cabinet has approved Production Linked Incentive (PLI) scheme worth up to Rs 2 lakh crore for 10 key sectors, for the next 5 years. The scheme will provide a boost to India’s manufacturing capabilities and improve exports. The sectors that will get the benefit of the PLI scheme include telecom, automobile, pharmaceuticals, electronic products, and speciality steel.

Read more here.

Aurobindo Pharma Q2 Results: Net Profit rises 25% YoY to Rs 805 crore

Aurobindo Pharma Ltd. reported a 25% year-on-year (YoY) increase in net profit to Rs 805 crore, for the quarter ended September (Q2). The drug-maker posted a 15% YoY increase in revenue to Rs 6,377 crore, during the same period. Before the results were declared, the share price of Auro Pharma jumped 7.02% and closed at Rs 814.45 on the NSE today.

Coal India Q2 Results: Net Profit falls 16% YoY to Rs 2,948 crore

Coal India Limited reported a 16.31% year-on-year (YoY) decline in consolidated net profit to Rs 2,948.12 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 3.78% YoY to Rs 21,153.07 crore, during the same period. The Board of Directors of Coal India has approved an interim dividend of Rs 7.50 per share. 

Read more here.

SpiceJet Q2 Results: Net Loss narrows to Rs 113 crore

SpiceJet Limited reported that its net loss has reduced to Rs 112.59 crore, for the quarter ended September (Q2). The company had posted a loss of Rs 462.58 crore in Q2 of the previous financial year. The airline’s total revenue from operations declined by 62.92% YoY to Rs 1,054.98 crore in Q2 FY21. SpiceJet has stated that they are focusing on further expansion of its cargo business.

Read more here.

Passenger vehicle wholesale up 14% in October: SIAM

The total domestic sale of passenger vehicles in India increased by 14.19% YoY to 3,10,294 units in October. The sale of two-wheelers was up by 17% YoY to 20 lakh units, during the same month. The data has been compiled by the Society of Indian Automobile Manufacturers (SIAM).

Read more here.

Godrej Industries Q2 Results: Net Profit declines 45% YoY to Rs 205 crore

Godrej Industries Ltd. reported a 44.84% year-on-year (YoY) decline in consolidated net profit to Rs 205.33 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 9.22% YoY to Rs 2,386.29 crore, during the same period. The company has posted a sharp rebound from Q1, but are yet to recover to pre-Covid levels.

Read more here.

L&T Construction wins RRTS order in Uttar Pradesh

The construction arm of Larsen & Toubro (L&T) has secured significant contracts, including a Regional Rapid Transit System (RRTS) order in Uttar Pradesh. L&T would provide its services to execute the new high-speed rail project in the Delhi-Ghaziabad-Meerut Corridor. The company’s Power Transmission & Distribution segment has won a set of orders in the international market as well.

Read more here.

KPIT Technologies wins strategic deal with BMW Group

The share price of KPIT Technologies jumped 8% on Wednesday after it won a strategic large deal with BMW Group. The automotive software company will provide its services to design and enhance BMW’s combined charging electronics program. The deal with BMW will be spread across 5 years.

Read more here.

Indiabulls Housing Q2 Results: Net Profit falls 54% YoY to Rs 323 crore

Indiabulls Housing Finance Ltd. reported a 54% year-on-year (YoY) decline in consolidated net profit to Rs 323.20 crore, for the quarter ended September (Q2). The company’s total income declined by 25.9% YoY to Rs 2,581 crore, during the same period. The Haryana-based mortgage lender has also stated that they are back on track to disburse Rs 1,000 crore through a co-lending model in 2020-21.

Read more here.

LIC Housing Finance Q2 Results: Net Profit rises 3% YoY to Rs 790 crore

LIC Housing Finance Ltd. reported a 3% year-on-year (YoY) increase in net profit to Rs 789.67 crore, for the quarter ended September (Q2). The company’s total income grew marginally to Rs 4,987.64 crore, during the same period. The company, promoted by the country’s largest insurer LIC, is mainly engaged in providing loans for the purchase or construction of residential houses.

Read more here.

Categories
Market News Top 10 News

Tata Power Reports 10% YoY Rise in Net Profit – Top Indian Market News

Tata Power Q2 Results: Net Profit rises 10% YoY to Rs 371 crore

Tata Power Ltd. reported a 10% year-on-year (YoY) increase in consolidated net profit to Rs 370.9 crore, for the quarter ended September (Q2). The company’s consolidated revenue increased by 15% YoY to Rs 8,413 crore, during the same period. Tata Power has stated that the rise in revenue was mainly due to a higher solar EPC (engineering, procurement, and construction) income.

Read more here.

ITC steps up game in India’s chocolate market with a dozen launches

ITC Limited is planning to achieve a bigger share in the Rs 11,000-crore chocolate segment in India, with over a dozen launches in the category during the festive season. The company has announced plans to give customers a differentiated experience and make a profitable business out of its chocolate segment. On 9th November, ITC had also announced the launch of around 70 products in the non-cigarettes fast-moving consumer goods (FMCG) space.

Read more here.

M&M Q2 Results: Net Profit falls 3% YoY to Rs 1,311 crore

Mahindra & Mahindra Ltd. reported a 3% year-on-year (YoY) decline in consolidated net profit to Rs 1,311 crore, for the quarter ended September (Q2). The company’s revenue increased by 6% YoY to Rs 11,590 crore, during the same period. M&M has stated that it has posted a strong performance in tractor sales, and its operations have nearly recovered to pre-Covid levels.

Read more here.

Gland Pharma IPO subscribed 8.6% on second day of bidding

Gland Pharma’s initial public offering (IPO) has been subscribed 8.6% on the second day of bidding. The IPO is worth Rs 6,480 crore. It has been reported that the company has received bids for 26.93 lakh equity shares against the IPO size of 3.02 crore equity shares. The issue will close on November 11.

Read more here.

Godfrey Phillips India Q2 Results: Net Profit declines 9% YoY to Rs 103 crore

Godfrey Phillips India Ltd. reported a 9.23% year-on-year (YoY) decline in consolidated net profit to Rs 103.06 crore, for the quarter ended September (Q2). The total revenue from operations increased by 9.05% YoY to Rs 822.21 crore, during the same period. In a separate filing, the company stood behind its MD Bina Modi and called off allegations of illegality in her appointment. The allegations had been put forth by the company’s director Ruchir Modi.

Read more here.

Tata Communications secures order from De Tune

Tata Communications Ltd. has partnered with De Tune, a global industry-leading media and entertainment company. The telecommunications company would provide media network and cloud support to De Tune’s next-generation broadcast viewing experience for live events. With the help of Tata, De Tune can now transmit media content from simultaneous event locations to its studio in Los Angeles.

Hindalco Q2 Results: Net Profit falls 60% YoY to Rs 387 crore

Hindalco Industries Ltd. reported a 60% year-on-year (YoY) decline in consolidated net profit to Rs 387 crore, for the quarter ended September (Q2). The company’s consolidated net sales increased by 5.3% YoY to Rs 31,237 crore, during the same period. Hindalco has stated that its aluminum and copper businesses have seen a sharp demand recovery to pre-Covid levels.

Read more here.

Wipro wins five-year contract from ThoughtSpot

Wipro Limited announced that it has won a five-year contract for software engineering services from ThoughtSpot. As per the agreement, Wipro will improve ThoughSpot’s Search and Analytics platform to help scale future development. US-based ThoughtSpot is an Artificial Intelligence-driven analytics platform.

Raymond Q2 Results: Net Loss stands at Rs 136 crore

Raymond Ltd. reported a net loss of Rs 136 crore, for the quarter ended September (Q2). The textile firm had posted a net profit of Rs 86 crore in Q2 of the previous financial year. The company’s revenue declined by 64.2% YoY to Rs 674.21 crore in Q2 FY21.

Read more here.

GAIL Q2 Results: Net Profit declines 8.5% YoY to Rs 1,068 crore

GAIL (India) Limited reported an 8.5% year-on-year (YoY) decline in net profit to Rs 1,068.16 crore, for the quarter ended September (Q2). The company’s revenue declined by 24.3% YoY to Rs 13,809.86 crore, during the same period. The Board of Directors of GAIL has approved a plan to raise Rs 10,000 crore through different forms of borrowings.

Read more here.

TTK Prestige Q2 Results: Net Profit falls 19% YoY to Rs 65 crore

TTK Prestige Ltd. reported an 18.54% year-on-year (YoY) decline in consolidated net profit to Rs 65.44 crore, for the quarter ended September (Q2). The kitchen appliances firm posted a 5.17% YoY increase in total income to Rs 644.22 crore, during the same period. The company’s board has announced an interim dividend of Rs 20 per share.

Read more here.

Categories
Market News Top 10 News

Pfizer’s Covid-19 Vaccine 90% Effective in Phase 3 – Top Indian Market News

Covid-19 vaccine 90% effective in Phase-3 trial: Pfizer

Pfizer, the US-based pharmaceutical firm, has stated that its vaccine was 90% effective in preventing Covid-19 infections in ongoing Phase-3 trials. The vaccine candidate is jointly developed by Pfizer and BioNTech. Pfizer has also stated that it expects to supply up to 50 million vaccine doses globally in 2020.

Read more here.

RBI lifts restrictions on Equitas Small Finance Bank after listing of shares

Equitas Holdings Ltd. has stated that the Reserve Bank of India has lifted the restrictions that were imposed on Equitas Small Finance Bank (ESFB) in September 2019. RBI had restricted ESFB from opening new branches and froze the remuneration of its MD & CEO. The restrictions were removed after ESFB got listed on the stock exchanges earlier this month.

Read more here.

Balkrishna Industries Q2 Results: Net Profit rises 16% YoY to Rs 339 crore

Balkrishna Industries Ltd. reported a 16.7% year-on-year (YoY) increase in net profit to Rs 339.5 crore, for the quarter ended September (Q2). The company posted a 36% YoY increase in sales volume to 61,224 million tonnes, during the same period. The board has declared an interim dividend of Rs 4 per share.

Read more here.

Happiest Minds partners with AutonomIQ to create connected ecosystem

Happiest Minds Technologies has partnered with AutonomIQ, a cloud platform that uses AI and machine learning for testing solutions. The partnership will be aimed at accelerating the enterprise digital transformation journey using autonomous testing capabilities. The companies will also help to create pre-built solutions to help customers generate value in really short periods. 

Read more here.

L&T Finance Holdings gets approval to raise Rs 3,000 crore via rights issue

The Board of Directors of L&T Finance Holdings has approved a plan to raise Rs 3,000 crore through a rights issue. A rights issue is a method used by a company to raise additional capital, by offering more of its shares to the current shareholders. The company has stated that the details of the rights issue, including price and entitlement ratio, will be determined in due course.

Read more here.

Blue Star receives Rs 128 crore order from Wistron Infocomm

Blue Star, on Monday, announced that it has bagged a Rs 128 crore order from Wistron Infocomm. The order is to create a mechanical electrical and plumbing (MEP) structure for Wistron’s factory expansion project. Wistron Infocomm is a Taiwan-based contract manufacturer of electronic goods for companies such as Apple.

Read more here.

Board of Granules India approves incorporation of subsidiary in Hyderabad

The Board of Directors of Granules India has approved to incorporate a wholly-owned subsidiary of the company in Hyderabad. The company has plans to build a green field facility for its formulations business. The share price of Granules India Ltd. saw a rise of 4.24%, and closed at Rs 387 on the NSE today.

Read more here.

Jindal Saw Q2 Results: Net Profit falls 74% YoY to Rs 78 crore

Jindal Saw Ltd. reported a 74% year-on-year (YoY) decline in net profit to Rs 78.2 crore, for the quarter ended September (Q2). The company’s revenue declined by 11.5% YoY to Rs 2,374.32 crore, during the same period. Jindal Saw has stated that its sales have seen a sharp rebound, after the steel business was negatively impacted due to Covid-19.

Read more here.

Parag Milk Foods Q2 Results: Profit declines 44% YoY to Rs 16 crore

Parag Milk Foods Ltd. reported a 44.19% year-on-year (YoY) decline in profit after tax to Rs 15.9 crore, for the quarter ended September (Q2). Its revenue declined by 22.16% YoY to Rs 498.23 crore, during the same period. The company has stated that revenues had fallen due to a slowdown in its Hotel, Restaurants, and Catering segment.

Read more here

Lumax Industries Q2 Results: Net Profit falls 63% YoY to Rs 7 crore

Lumax Industries Ltd. reported a 63.99% year-on-year (YoY) decline in net profit to Rs 7.23 crore, for the quarter ended September (Q2). The company’s revenue declined by 7.39% YoY to Rs 397.35 crore, during the same period. Lumax is a leading manufacturer and supplier of automotive components and systems in India.

Read more here.

NLC India Q2 Results: Net Profit jumps 400% YoY to Rs 43 crore

NLC India Limited reported a 400% year-on-year (YoY) increase in net profit to Rs 43 crore, for the quarter ended September (Q2). The company’s revenue increased by 78% YoY to Rs 396 crore, during the same period. The board has declared an interim dividend of Rs 1.5 per share. NLC India is a Government-owned company in the fossil fuel mining sector.