Here are some of the major updates that could move the markets today:
Stocks
Godrej Consumer reported a consolidated profit of Rs 318.8 crore for the quarter, falling 7.6% YoY due to one-time costs.
Tata Chemicals reported a profit of Rs 523 crore for Q1, falling 11.8% YoY due to lower margins.
RailTel received a work order for monetisation of a city network infrastructure on revenue sharing model. The estimated total revenue from the contract is Rs 70 crore over 10 years.
PB Fintech (Policybazaar) reduced its losses to Rs 12 crore for Q1, compared to a loss of Rs 204 crore last year.
Sobha registered a profit of Rs 12.05 crore for the quarter, growing 165% over the year-ago period despite a fall in operating performance.
Major results today: Coal India, Hindalco Industries, Adani Ports, Oil India, Prestige Estates Projects
What to Expect Today?
NIFTY started the day at 19,559, with a small gap-up. Support was taken around Friday’s high, but started moving up by noon. NIFTY closed the day at 19,597, up by 80 points or 0.41%.
BANK NIFTY started the day at 44,934 and had a consolidation day. It was the narrowest trading zone since June 28 for the index. BANK NIFTY closed the day at 44,837, down by 42 points or 0.09%.
US markets closed in the green.The European markets closed flat.
The Asian markets are trading mixed, as they wait for China’s inflation data tomorrow.
The U.S. Futures are trading flat.
GIFT NIFTY is trading slightly in the red at 19,646.
All the factors combined indicate a flat to gap-down opening in the market.
NIFTY has supports at 19,566, 19,530 and 19,438. We can expect resistances at 19,617, 19,658, and 19,720. PCR is at 1.08. Heavy put selling was seen yesterday.
BANK NIFTY has supports at 44,600, 44,277 and 44,000. Resistances are at 45,229, 45,472, and 45,635. PCR is at 0.71.
NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400.
BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.
U.S. markets have moved up overnight, ahead of the country’s inflation data on Thursday night. This comes even after Fed members said further interest rate hikes would be necessary, and the bond market is ready for a breakout.
NIFTY technicals and options data indicate bullishness for the week, while Bank Nifty does not.
For FINNIFTY, I will be selling 19,900-20,200 to start off the day. If premiums are higher, even further away strikes will be looked at.
It is interesting to see that our market might open flat even with U.S. 1% in the green. Bank Nifty option sellers will be happy, as there was heavy call writing yesterday.
Speaking of this, do be aware that there are 3 lakh+ contracts at the 45k call strike. This would be a very tough resistance to break and will turn into a support once broken.
Do be aware that on Thursday morning 10 AM, RBI will be having its policy meeting where the expectation is for interest rates to remain unchanged.
So till then, markets are most likely to trade in a range.
Follow along with Smart Money(NIFTY) and Piggy Bank(BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!
Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!
Here are some of the major updates that could move the markets tomorrow:
ICICI Securities to consider delisting
ICICI Securities will hold a board meeting on Thursday, June 29, to consider a proposal of delisting its equity shares. The company’s parent, ICICI Bank, will also hold a similar board meeting for the proposal. As per the March quarter shareholding pattern, ICICI Bank holds a 74.85% stake in its broking subsidiary.
Adani Power commissions Unit-2 of thermal power plant in Jharkhand
Adani Power’s subsidiary Adani Power Jharkhand Ltd (APJL) has commissioned Unit 2 of the 800 MW power project in Godda, Jharkhand. The project is part of the 2×800 MW Ultra-supercritical power project of APJL. The company will export the entire power generated from the project to Bangladesh through dedicated 400 kV transmission lines. The power project achieved commercial operations on June 25, 2023.
L&T Finance plans to sell its wholesale book to banks, NBFCs
L&T Finance Holdings plans to sell its wholesale loan book to interested banks, NBFCs, and funds. The company also plans to repay or refinance its existing wholesale loan book. The move comes as the company aims to become a 100% retail finance company. As of March 31, 2023, the wholesale book of the company was 25% of the total loan book (₹19,840 crore).
TCS bags deal to transform customer experience for European policyholders
Tata Consultancy Services (TCS) has partnered with Standard Life International DAC to transform its operating model and enhance the customer experience for its European policyholders. The partnership will use the TCS Digital Platform for Life and Pensions to create a more seamless and digital experience for customers. The two organisations have plans to replicate this successful model in other European markets.
Ajanta Pharma’s Gujarat plant gets zero observations from USFDA
Ajanta Pharma’s Dahej formulation facility received no observations from the US Food & Drugs Administration (USFDA) inspection. The formulation facility was inspected by the USFDA team between June 19-23, 2023. No Form 483 was issued to the company, meaning that there were no observations regarding the quality of the facility or the products manufactured there. In September 2022, the USFDA inspected this facility and issued two observations on that particular plant that manufactures formulations.
RailTel secures order worth ₹294 crore from Tamil Nadu government
RailTel Corporation of India has secured a work order worth ₹294.37 crore from Tamil Nadu State Marketing Corporation (TASMAC). The order is for implementing an integrated solution that will help end-to-end computerization and connectivity of core and support functions of the domestic entity for five years.
L&T’s power transmission arm bags orders in India, overseas
Larsen & Toubro (L&T)’s power transmission and distribution business has secured new orders in India and abroad. The company won two orders in the Middle East for upgrading electrical networks in large industrial facilities. It also won an order to build a transmission line in Andhra Pradesh. The order is worth approximately ₹1,000-2,500 crore.
Godrej Properties acquires 15 acres land in Gurugram to develop premium residential apartments
Godrej Properties has acquired nearly 15 acres of land in Gurugram, Haryana, to develop premium residential apartments. The project will offer approximately 1.6 million square feet of premium residential development with exceptional lifestyle amenities. The deal value has not been disclosed.
Infosys signs $454 mn deal with Danske Bank to boost digital transformation
Denmark-based Danske Bank has selected Infosys as a partner to accelerate its digital transformation. The deal is valued at $454 million for five years, with an option to renew for one additional year for a maximum of three times. The partnership will focus on developing customer-facing digital solutions and modernizing Danske Bank’s technology infrastructure.
NMDC plans $61 million investment in first gold block
NMDC plans to invest around ₹500 crore ($61 million) in its first foray into gold mining. The company is “on track” to secure a lease for the Chigargunta-Bisanatham gold block in Andhra Pradesh. The block has estimated gold reserves of around 1.83 million tonnes, containing 5.15 grams of gold per tonne.
The initial public offer (IPO) of Cyient DLM Limited will open tomorrow, on 27th June 2023. The public issue worth is ₹592 crores and will be open for bidding till 30th June 2023. The price band for the issue is between ₹250 and ₹265 per equity share. Cyient DLM is a supplier to global OEMs (original equipment manufacturers) in the aerospace, defence, medical technology, and industrial sectors.
Here are some of the major updates that could move the markets tomorrow:
L&T secures multiple contracts worth over Rs 7,000 crore in Middle East
Larsen & Toubro (L&T) has secured multiple contracts worth more than Rs 7,000 crore in the Middle East region. The scope of work comprises engineering, procurement, construction and installation for various new offshore facilities and integration with the existing installation. L&T is engaged in EPC projects and hi-tech manufacturing and services. It operates in over 50 countries.
Bank of Maharashtra (BoM) posted a credit growth of 29.59% YoY to Rs 1.75 lakh crore for the March quarter (Q4 FY23). The outstanding credit was Rs 1.35 lakh crore at the end of March 31, 2022. The lender registered a 21.28% growth in total business to cross a milestone of Rs 4 lakh crore.
Coal India aims to supply 610 MT coal to power plants in FY24
Coal India Ltd (CIL) is aiming to supply 610 million tonnes of coal to power plants in the current financial year (FY24). The company supplied a record 586.6 million tonnes (MT) of dry fuel to coal-fired power plants in FY23. CIL said it is gearing itself to meet the rising demand on the back of adequate coal stocks at its pitheads and increased production in the first quarter of FY24.
India Grid commissions its first battery energy storage system in Maharashtra
India Grid Trust has commissioned its first battery energy storage system (BESS) project coupled with its solar panels at the Dhule substation in Maharashtra. The project will meet the substation’s auxiliary consumption requirement. IndiGrid is the first infrastructure investment trust (InvIT) in the Indian power sector.
Bandhan Bank’s total deposits rise 12.% in Q4 FY23
Bandhan Bank’s total deposits in the fourth quarter of FY23 stood at Rs 1,08,069 crore, registering a rise of 12.2% year-on-year (YoY). Loans and advances during the quarter stood at Rs 1,09,112 crore, reflecting a growth of 9.8% YoY. The Kolkata-based bank’s current account, savings account (CASA) in Q4 stood at Rs 42,471 crore, up 6% YoY.
Adani Ports & Special Economic Zone Ltd (APSEZ) handled 32 million metric tonnes (MMT) of total cargo in March 2023, registering a growth of 9.5% YoY. With 339 million tonnes in FY23 (April 2022 to March 2023), APSEZ recorded its largest port cargo volumes ever. The overall container volumes handled by APSEZ in India rose 5% YoY to 6.6 million twenty-foot equivalent units (TEUs).
Consumer demand steady in Q4, expect double-digit volume growth: GCPL
Godrej Consumer Products Ltd (GCPL) said consumer demand remained “steady” through the March quarter (Q4) and the FMCG sector is expected to witness a gradual recovery in growth rates. The company expects to deliver double-digit volume and value growth. Overall, the growth was broad-based and led by double-digit volume and value growth in both Home Care and Personal Care.
Mahindra Lifespaces JV enters into lease pact with Mitsubishi Electric
Mahindra Lifespace Developers Ltd’s joint venture company Mahindra Industrial Park Chennai Ltd. has executed a lease agreement with Mitsubishi Electric India Ltd. for ~52 acres of land at its industrial cluster in Chennai – Origins by Mahindra. Mitsubishi Electric will set up a manufacturing plant in the area.
RailTel bags orders worth Rs 115 crore from the Bihar govt and NIC
RailTel Corporation of India Ltd. has secured orders worth Rs 115 crore from the Government of Bihar and the National Informatics Centre (NIC). The company will implement and manage internet connectivity, Wi-Fi system, and smart classes in government engineering colleges and polytechnic institutes in Bihar. It will also install, test and commission 4 Mbps lease line connectivity for 19 sites for NIC.
Here are some of the major updates that could move the markets tomorrow:
Govt to sell up to 3.5% stake in Hindustan Aeronautics
The Indian government is planning to sell up to 3.5% stake in Hindustan Aeronautics Ltd (HAL). The stake sale would be valued at ₹28.6 lakh crore, based on a floor price of Rs 2,450 per share. According to the latest shareholding pattern, the govt holds a 75.15% stake in the public sector aerospace and defence company. HAL’s current market cap stands at Rs 87,800 crore.
IOC to invest Rs 61,077 crore in petrochemical complex at Paradip
Indian Oil Corporation Ltd (IOCL) will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha. This mega project will be the largest-ever investment of Indian Oil at a single location. This is part of IOCL’s transition plan, including boosting petrochemical intensity to help protect against volatility.
India’s 2022/23 iron ore exports to hit 5-year low
India’s iron ore exports are set to fall 24% to a five-year low in the current financial year (FY23) as an export tax imposed last May stalled shipments. The country is likely to export about 20 million tonnes (MT) of iron ore in 2022/23, down from 26.3 MT last year. In May 2022, the government imposed a 50% export tax on low-grade iron ore lumps and fines and a 45% export duty on pellets to meet rising local demand.
Hero MotoCorp to hike prices by up to 2% from April
Hero MotoCorp Ltd will increase prices of its model range by around 2% from next month to offset the impact of rising production costs in order to conform to stricter emission norms. The company will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023. The Indian automobile industry is currently working to make its products meet the second phase of Bharat Stage Emission Standards 4 (BS-VI).
KEC International bags orders worth Rs 1,560 crore from PowerGrid
KEC International has secured new orders worth Rs 1,560 crore from Power Grid Corporation of India Ltd (PGCIL). This includes a 765 kV transmission line, a 765/400 kV AIS substation, and 765 kV GIS substations. With this order, the company’s year-to-date (YTD) order intake stands at an all-time high of over Rs 21,000 crore, a substantial growth of 30% YoY.
RailTel wins order worth Rs 35 crore to establish data centres
RailTel Corporation of India has secured a Rs 34.91 crore contract from Madhya Pradesh State Electronics Development Corporation for the expansion and setting up of data centres. The work order includes the expansion of the existing State Data Centre (SOC) and the establishment of a Disaster Recovery (DR) Center. The contract will be executed over five years.
HPCL plans to set up its third LPG cavern in Gujarat
Hindustan Petroleum Corporation (HPCL) is planning to set up its third Liquefied Petroleum Gas (LPG) underground storage facility (or cavern) in India. The facility will be set up in Vadodara, Gujarat, with a capacity to store 60,000 tonnes of LPG. HPCL plans to spend up to Rs 1000 crore to set up the cavern.
Power Finance Corporation to get Rs 165 cr loan from JBIC
Power Finance Corporation (PFC) has signed a pact with Japan Bank for International Cooperation (JBIC) for a project loan of JPY 2.65 billion (~Rs 165 crore). Under this facility, JBIC has proposed to finance some of PFC’s projects that ensure the effective reduction of greenhouse gas emissions and conservation of the global environment.
IFC invests Rs 240 crore in JK Tyre for 5.6% stake
International Finance Corporation (IFC) will invest around Rs 240 crore in JK Tyre & Industries Ltd. As part of the deal, IFC will receive a 5.6% stake in JK Tyres through the issue of compulsorily convertible debentures (CCDs) on a preferential basis. The investment will help JK Tyres become a “green company” with sustainable use of energy & natural resources.
Reliance Consumer Products (RCP) announced the expansion of its packaged goods portfolio, including soaps, hygiene, laundry and home care products. It has set up direct competition with established players such as Hindustan Unilever (HUL), Reckitt Benckiser and Procter & Gamble (P&G). RCP is the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL).
Here are some of the major updates that could move the markets tomorrow:
Cabinet approves ₹19,744 crore for National Green Hydrogen Mission
The Union Cabinet has approved provisions of the National Green Hydrogen Mission. It has sanctioned ₹19,744 crore for implementation of the project. The mission aims to provide direct incentives for manufacturing green hydrogen and generating hydrogen from green power sources. Incentives will also be given for manufacturing electrolysers in India for five years.
Adani plans to focus on digital expansion in 2023: Report
According to a Times of India report, Adani Group’s chairman Gautam Adani has been planning to roll out enterprise 5G services and consumer apps this year. He will be focusing on building AI-ML (artificial intelligence & machine learning) & industrial cloud capabilities and expanding data centres. Rolling out its 5G services and business-to-consumer (B2C) apps to digitally onboard millions of customers will be the company’s priority in 2023.
Switch Mobility, JBM Auto, PMI Electro Mobility win e-bus contracts from Centre
Ashok Leyland’s Switch Mobility, JBM Auto, and PMI Electro Mobility have emerged as the lowest bidders for a $362.24 million (~₹3,000 crore) tender floated by state-run Convergence Energy Services Ltd (CESL). Switch Mobility will supply 2,600 electric buses in three states, JBM Auto 1,781 e-buses in three states, and PMI Electro quoted the lowest for the supply of 2,080 electric buses in two states.
The Magicbricks’ PropIndex report for the quarter ended Dec (Q3 FY22) said the aggregate residential demand (indicated by searches) increased 19% YoY led by major cities such as Mumbai with a 52.1% rise, Noida 35.8%, Gurgaon 34.5%, Delhi 14.8% and Bengaluru with 33% growth. The average property rates increased 13.9% YoY, and the cumulative supply (indicated by listings) grew 2.7% YoY.
Vedanta Ltd’s total aluminum production declined by 2% YoY to 5.66 lakh tonne in the three months ended December 2022. Alumina production at Lanjigarh refinery in Odisha FELL 6% YoY and 2% from the previous quarter to 4.43 lakh tonne due to maintenance activities in calciners. Total production of finished steel was at 3.06 lakh tonne in Q3, down by 13% YoY.
RailTel to monetise Wi-Fi footfalls in rail stations, eyes ₹250 crore revenue in 5 years
RailTel Corporation of India Ltd has initiated a Wi-Fi monetisation project covering more than 6,100 railway stations across India where a public Wi-Fi network has already been made available by the company. The company has signed a five-year agreement with three partners— 3i Infotech Ltd, Forensics Intelligence Surveillance & Security Technologies Private Ltd, and Yellow Inc for the project.
RBI lifts restrictions imposed on Mahindra Finance
Reserve Bank of India has lifted restrictions on Mahindra & Mahindra Financial Services Limited on loan recovery via third-party services. On September 22, 2022, RBI directed the company to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. The company was allowed to carry out recovery or repossession activities through its own employees.
NTPC’s power generation jumps 11% to 254 BU in April-December 2022
NTPC Ltd has reported an 11.6% year-on-year (YoY) growth in power generation during the April-December period in FY23. The state-owned company generated 295.4 billion (BU) of power during the period. The coal-based thermal power plants of the company utilised 73.7 percent of their capacity, a jump from 68.5 percent utilisation in the year-ago period. NTPC also commissioned India’s first green hydrogen blending project on Tuesday.
Here are some of the major updates that could move the markets tomorrow:
Jio-bp to set up charging network for M&M’s upcoming e-SUVs launches
Jio-bp said it will set up a charging network for Mahindra & Mahindra’s upcoming electric SUV launches. Starting with 16 cities, Jio-bp will install DC fast chargers at M&M’s dealership network and workshops across India. M&M launched its first all-electric SUV, the XUV400, at Mahindra Research Valley in Chennai earlier this month. Jio-bp is a fuels & mobility joint venture between Reliance Industries Ltd (RIL) and UK-based bp.
Sobha achieves highest-ever quarterly sales value in Q2
Sobha Ltd achieved its highest-ever quarterly sales value of ₹1,164 crore during the Sept quarter (Q2 FY23), up 13% YoY. In terms of volume, total sales fell 0.89% YoY to 1.35 million sq. ft. during the same period. Total average price realization improved to ₹8,709 per square feet in Q2, registering a growth of 14% YoY.
Sobha has launched three new residential projects— two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sq. ft.
India to offer 26 blocks for producing oil, gas in mega offshore bid round
The Directorate General of Hydrocarbons said the Indian government will offer 26 blocks or areas for finding and producing oil & gas in a mega offshore bid round. Out of the 26 blocks, 15 areas are in ultra-deepwater, 8 in the shallow sea, and 3 blocks are onland. Around 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round.
Power Grid acquires SPV to build transmission project
Power Grid Corporation of India has acquired 100% equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and northeastern regions. The consideration paid for the acquisition was ₹7.04 crore, including 50,000 equity shares and assets & liabilities of the company. The SPV is yet to start commercial operations.
JSW Neo Energy to develop 126 MW Chhatru hydel project in Himachal Pradesh
JSW Neo Energy (a subsidiary of JSW Energy Ltd) has received a Letter of Intent from the Himachal Pradesh government for developing the 126 megawatts (MW) Chhatru hydro-power plant. JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and to achieve carbon neutrality by 2050. It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%.
Marksans Pharma to acquire Teva’s manufacturing site in Goa
Marksans Pharma has entered into an agreement with Israeli drugmaker Teva to acquire its manufacturing site in Goa on a slump sale basis. The Mumbai-based company has agreed to retain the site employees with existing terms of employment. Marksans Pharma has also entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations.
L&T Construction wins order under its water and effluent treatment business
Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the Government of Odisha to execute irrigation projects. The scope of work includes the execution of 23 lift irrigation schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers.
NMDC signs pact with RailTel for ICT and digital solutions
NMDC and RailTel Corporation of India have entered into an agreement covering the information & communications technology (ICT) and digital transformation services of NMDC at its corporate offices and mining complexes. This partnership will focus on the optimal utilization of resources and build mineral accountability. RailTel will provide consultancy, project management, and execution services to enhance NMDC’s efficiency and transparency.
G M Breweries Q2 Results: Net profit rises 4% YoY to ₹22 crore
G M Breweries Ltd reported a 3.8% YoY (or 40.4% QoQ) increase in net profit to ₹22.69 crore for the quarter ended September (Q2 FY23). The company’s revenue from operations rose 22.35% YoY to ₹141.86 crore during the same period. Total expenses stood at ₹532.60 crore in Q2, up 26.11% YoY. G M Breweries manufactures country liquor (CL) and Indian-made foreign liquor (IMFL).
Dr Reddy’s Labs’ plant gets World Economic Forum recognition
The World Economic Forum has recognised Dr. Reddy’s Laboratories Ltd’s largest manufacturing facility in Bachupally, Hyderabad, as part of its Global Lighthouse Network. Lighthouses are factories leading the way in Fourth Industrial Revolution technologies to drive impact in productivity, workforce engagement, sustainability, and supply chain resilience.
Oil & Natural Gas Corporation (ONGC) is offering foreign companies a stake in its ultra deepsea gas discovery and a high-pressure, high-temperature block in the KG basin. The company is seeking technology partners and service providers for the development of the Deen Dayal West (DDW) block and the ultra-deep discoveries in Cluster-III of its KG-D5 area. Expressions of Interest (EoIs) have been invited by June 16, as per the tender floated by ONGC.
Colgate-Palmolive India Q4 Results: Net profit rises 3% YoY to Rs 324 crore
Colgate-Palmolive India Ltd (CPIL) reported a 2.8% YoY increase in net profit to Rs 323.57 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 1.4% YoY to Rs 1,293.35 crore during the same period. The oral care company’s total expenses increased by 1.2% YoY to Rs 871.85 crore in Q4. CPIL became a Rs 5,000 crore turnover company in FY22.
Aurobindo Pharma’s arm gets USFDA approval for cancer drug
Eugia Pharma Specialties Ltd, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Pemetrexed injection. The drug is used in combination with other chemotherapy medications as the first treatment for a certain type of non-small cell lung cancer. As per IQVIA data, the product had an estimated market size of $1,272 million for the fiscal year ended March 31, 2022.
Hindalco Q4 Results: Net profit doubles to Rs 3,851 crore
Hindalco Industries Ltd reported a 2x increase in consolidated net profit to Rs 3,851 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 55,764 crore during the same period. EBITDA stood at Rs 7,597 crore in Q4, up 30% YoY. Hindalco’s aluminium sales grew 2% YoY at 336-kilo tonnes (KT) in Q4.
RailTel, Esri India signs pact to offer cloud-based GIS solutions
RailTel Corporation of India Ltd has signed a Memorandum of Understanding (MoU) to provide cloud-based geographic information system (GIS) solutions to government-sector customers. Esri India has already developed the ‘Indo ArcGIS’ suite for government customers, which will now be available on RailTel Cloud. The suit includes industry-specific solution products for disaster management, land records, electric utility management, etc.
IT Dept raids 34-40 premises of Asian Granito India
As per reports, Income Tax Dept officials have carried out searches at around 35-40 locations of Ahmedabad-based Asian Granito India Ltd. The raids were conducted a day after the ceramic wall and floor tile manufacturing company reported excellent financial performance in FY22. It had also announced plans to set up three state-of-the-art manufacturing facilities in value-added luxury surfaces and bathware segments at Morbi, Gujarat.
Muthoot Finance Q4 Results: Net profit falls 4% YoY to Rs 960 crore
Muthoot Finance Ltd reported a 3.6% YoY decline in net profit to Rs 960 crore for the quarter ended March (Q4 FY22). Its total income fell 5% YoY to Rs 2,678.37 crore during the same period. Interest income fell 5.3% YoY to Rs 2,640.95 crore in Q4. The company’s consolidated assets under management (AUM) stood at Rs 64,494 crore, registering a growth of 11% YoY.
UPL announces supply agreement for Bayer’s Spirotetramat
UPL announced a new supply agreement for Spirotetramat, an insecticide developed by Bayer CropScience Ltd for integrated pest control. Through this long-term global data access and supply agreement, UPL will use its expertise in insecticides and global research & development network to register and distribute new differentiated solutions containing Spirotetramat.
Kirloskar Industries Q4 Results: Net profit falls 99% YoY to Rs 0.12 crore
Kirloskar Industries Ltd reported a 99.82% YoY decline in consolidated net profit to Rs 0.12 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.16% YoY to Rs 1,037.36 crore during the same period. The company manufactures and sells iron castings in India.
SEBI exempts govt from open offer for Vi
The Securities & Exchange Board of India (SEBI) has exempted the government from making an open offer to the shareholders of Vodafone Idea (Vi). The exemption is for the government’s proposed acquisition of over 33% stake in Vi as part of the telecom relief package. SEBI said the government has been exempted from such an offer since the sole purpose of the purchase of stake is saving the larger public interest.
Titan Q4 Results: Net profit falls 7% YoY to Rs 491 crore
Titan Company Ltd reported a 7.2% YoY decline in net profit to Rs 491 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 3.46% YoY to Rs 6,749 crore during the same period. Titan’s jewellery business posted a 4% YoY decline in revenue to Rs 6,132 crore in Q4. Revenue from its watches & wearables segment stood at Rs 622 crore, up 12% YoY. The eyecare business registered a 6% YoY growth in revenue to Rs 134 crore. Titan’s board has declared a dividend of Rs 7.5 per share.
L&T Finance explores exiting realty projects lending business
L&T Finance Ltd is exploring inorganic structures to exit the real estate projects lending business. It may also consider reducing its exposure in the segment by partnering with other financiers. The company is also looking to partner with dedicated funds to create a platform that will commit funds to infrastructure projects. This move will help L&T Finance eventually bring down its loan book in the segment.
Godrej Properties Q4 Results: Net profit at Rs 260 crore
Godrej Properties Ltd (GPL) reported a consolidated net profit of Rs 260.47 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 191.57 crore in the corresponding quarter last year (Q4 FY21). Its total income jumped 164.3% YoY to Rs 1,522.57 crore in Q4 FY22. GPL is likely to add at least ten new residential projects across India to its existing development portfolio in FY23.
Adani Wilmar Ltd (AWL) has strengthened its presence in the food segment with the acquisition of Kohinoor rice. AWL will get exclusive rights over the brand ‘Kohinoor’ basmati rice along with ‘Ready to Cook’, ‘Ready to Eat’ curries, and meals portfolio under the Kohinoor brand umbrella in India. The company is looking to cement its presence in the staples segment, which contributes ~11% to its overall revenue.
Adani Green gets shareholders’ nod for Rs 3,850 crore investment by Green Energy Investment Holding RSC
Adani Green Energy Ltd (AGEL) has received shareholders’ approval for the issuance of over two crore shares worth ~Rs 3,850 crore on a preferential basis to Green Energy Investment Holding RSC Ltd (GEIH RSC). IHC Capital Holding LLC is the current principal shareholder of GEIH RSC. The deal is a part of UAE-based International Holding Company’s (IHC) $2 billion investment in three Adani Group companies.
Zydus Lifesciences gets USFDA approval for generic version of Bortezomib
Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) to market its generic version of Bortezomib injection. The drug is used to treat certain types of cancers like multiple myeloma and mantle cell lymphoma. As per IQVIA data, the injection had a market size of $1.172 billion in the US during the twelve months ended March 2022.
Newgen Software Q4 Results: Net profit rises 9% YoY to Rs 57 crore
Newgen Software Ltd reported an 8.8% YoY (or 20% QoQ) increase in consolidated net profit to Rs 57.4 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 15.7% YoY to Rs 231.42 crore during the same period. The company’s board has approved the merger of Gurugram-based Number Theory Software Pvt. Ltd with itself.
RailTel Corporation of India Ltd has secured a work order worth Rs 97.64 crore from Madhya Pradesh State Electronics Development Corporation Ltd. The company will act as a System Integrator for the expansion of a data centre and the establishment of a Disaster Recovery Cente. RailTel provides broadband, telecom, and multimedia networks & services in India and internationally.
Ramkrishna Forgings Q4 Results: Net profit jumps 147% YoY to Rs 83.93 crore
Ramkrishna Forgings Ltd reported a 147.6% YoY (or 85% QoQ) jump in consolidated net profit to Rs 83.93 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 718.72 crore during the same period. The company’s board has declared a final dividend of Rs 0.2 per share.
Tata Steel Q4 Results: Net profit rises 46% YoY to Rs 9,756 crore
Tata Steel Ltd reported a 46.83% YoY (or 2% QoQ) increase in net profit to Rs 9,756.2 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.6% YoY to Rs 69,323.5 crore during the same period. EBITDA stood at Rs 15,029 crore in Q4, up 6% YoY. The company’s board has announced a stock split in the ratio 10:1. [One equity share of the company having a face value of Rs 10 each will be split into 10 equity shares of the face value of Rs 1 each.]
L&T secures third order for Mumbai-Ahmedabad bullet train project
Larsen & Toubro (L&T) has secured a third order for the Mumbai-Ahmedabad High Speed Rail from the National High Speed Rail Corporation Ltd (NHSRCL). The order includes the design and construction of civil & building works for a double-line high-speed railway of a length of 8.198 km. It also includes the construction of the major station of Vadodara and other key civil structures.
Axis Bank issues first Letter of Credit on dedicated govt-backed platform
Axis Bank issued the banking industry’s first Letter of Credit (LC) on the Secured Logistics Document Exchange (SLDE), a government-backed blockchain-enabled platform. The deal involved ArcelorMittal Nippon and the bank’s client Lalit Pipes & Pipes Ltd (LPPL). Axis Bank released an LC on behalf of LPPL, which required such a non-fund-based credit line for a business transaction with ArcelorMittal Nippon Steel India.
Anupam Rasayan signs LoI worth $95 million with MNC firm
Anupam Rasayan India Ltd (ARIL) has signed a Letter of Intent (LoI) worth $95 million (~Rs 700 crore) with a multinational crop protection firm for the supply of a new life science-related active ingredient. The company will enter into a long-term contract to supply this specialty chemical product for the next five years. This LoI further expands ARIL’s high-value product portfolio with major global players.
Adani Power Ltd (APL) and Gujarat Urja Vikas Nigam Ltd (GUVNL) have reached an out-of-court settlement on a dispute pertaining to the termination of a power purchase agreement. APL has agreed to forego a compensation claim worth Rs 11,000 crore against the electricity distribution company (discom). The two companies will now work out a new tariff for the generation and supply of the 1,000-MW electricity based on domestic coal.
GTPL Hathway partners with Aprecomm to optimize WiFi connections with AI
GTPL Hathway Ltd will remotely optimize its residential Wi-Fi connections using Artificial Intelligence (AI) in partnership with Aprecomm. The partnership would help GTPL bring down customer issue resolution time and enhance the experience of more than 7 lakh connected broadband households. Aprecomm’s AI Engine will allow GTPL to convert its household connections to AI-enabled smart WiFi access points.
Edelweiss partners with Indian Bank for co-lending to priority sector
Edelweiss Financial Services and ECL Finance announced a strategic co-lending partnership with Indian Bank for priority sector lending. The lenders recently signed a Memorandum of Understanding (MoU) to expand the portfolio of lending products available to the target customers, thereby increasing access to credit. Agriculture, micro-enterprises, and advances to weaker sections of society are amongst the categories that form the priority segment of lending.
Alembic Pharma gets USFDA approval for Dronedarone tablets
Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Dronedarone Tablets. The drug is indicated to reduce the risk of hospitalization for atrial fibrillation in patients in sinus rhythm. According to IQVIA data, Dronedarone tablets had an estimated market size of $500 million (~Rs 3,705 crore) for the twelve months ended September 2021.
RailTel declares interim dividend of Rs 1.75 per share
RailTel Corporation of India has declared an interim dividend of Rs 1.75 per share for the financial year 2021-22. The company has fixed January 21 as the record date for the payment of the interim dividend. The total payout of the dividend is approximately Rs 56 crore. RailTel is one of the largest telecom infrastructure providers in the country, with a pan-India optic fibre network covering several towns, cities, and rural areas.
JBM Auto acquires 51% stake in JBM Green Energy Systems
JBM Auto Ltd has acquired the majority stake (51%) in JBM Green Energy Systems Pvt Ltd (JBM GESPL) and JBM EV Industries Pvt Ltd (JBM EIPL) through a subsidiary, JBM Electric Vehicles Private Ltd. JBM GESPL and JBM EIPL have now become indirect subsidiary companies of JBM Auto. The company has announced plans to commission an end-to-end e-mobility ecosystem completely localised in India.
SJVN gets category ‘I’ licence for inter-state trading of electricity across India
The Central Electricity Regulatory Commission (CERC) has given category ‘I’ licence to SJVN Ltd for inter-state power trading across India. According to the CERC order, no objections were received on the petition of SJVN for grant of a category ‘I’ licence for inter-state trading in electricity. State-owned SJVN Ltd is engaged in hydroelectric power generation and transmission.
As Amazon founder Jeff Bezos said, “21st century is going to be the Indian century”. Our country is striving towards becoming a global hub for the manufacturing and services sectors. With the help of various government initiatives, the Indian manufacturing sector could grow into a $ 1 trillion market by 2025. To achieve this goal, raw materials and finished goods need to be transported extensively across India. This is where the world’s 4th largest railway network comes in— the Indian Railways.
In this editorial, we shall analyse the key stocks that may benefit from the advancement of the Indian railway ecosystem.
IRFC
Indian Railway Finance Corporation (IRFC) is the financing arm of the Indian Railways (IR). The company raises capital by issuing bonds to banks and financial institutions. The Indian Railways approaches IRFC whenever it requires capital for new or existing projects. In the financial year 2021, the lender has provided 67% of the total capital outlay of IR.
The key metric used to track IRFC’s performance is Net Interest Income (NII). It is the difference between the interest received from borrowings and the interest paid to depositors. The lender reported a 43% YoY growth in NII from Rs 2,747 crore in FY20 to Rs 3,943 crore in FY21. Interestingly, IRFC has no bad loans or Non-Performing Assets (NPAs) in its books. The company is essentially lending to the government, which means that default risks are minimal.
The lender reported a 17% increase in total revenue to Rs 15,770 crore in FY21, compared to Rs 13,421 crore in FY20. Net profit increased 38% year-on-year (YoY) to Rs 4,416 crore in FY21. IRFC’s revenue has grown at a Compounded Annual Growth Rate (CAGR) of 11.7% over the past five years. Profit has grown at a 5-year CAGR of 36.4%, which defines the efficiency of the lender. The company’s Assets Under Management (AUM) stands at Rs 3,66,155 crore. It has grown at a 5-year CAGR of 18%.
IRFC’s return on equity (ROE) can be considered decent compared to similar financial institutions.
IRCON & RVNL
Indian Railway Construction Company Limited (IRCON) and Rail Vikas Nigam Limited (RVNL) are the two infrastructure wings of the Indian Railways. They undertake projects such as the construction of new rail lines, gauge conversion, railway electrification, major bridges, etc.
IRCON was incorporated in 1976 by the Central government. Other than railway projects, the company also undertakes general infra projects like highway construction, flyovers, signalling, and telecom. IRCON has an order book worth Rs 34,312 crore, out of which Rs 32,605 crore (~95%) are of railway projects. The company also has exposure in 21 countries, which covers 4.5% of its total order book.
IRCON’s profit after tax (PAT) margin has been declining and was recorded at 7.1% in FY21. The company’s revenue has been increasing over the years, but profits have not grown at the same pace.
Meanwhile, RVNL is relatively a new company. To overcome the lag in infrastructure progress in the railway sector, the government incorporated RVNL in 2002 (as part of the National Rail Vikas Yojana). The company undertakes operations and maintenance services of different rail projects.
We can see that RVNL’s revenue has consistently increased over the years. It has posted a 5-year CAGR of 20.3%. PAT has underperformed the growth rate of revenue, resulting in a CAGR of 15.7% over the past 5 years. RVNL’s PAT margin declined to 5.8% in FY21, compared to 7.3% in FY17.
Both IRCON and RVNL have registered a decline in profit margins over the past few years, meaning that the railway infrastructure is a low-margin business. However, these companies can benefit from the government’s target of 100% electrification of broad gauges by the end of 2023.
RailTel Corporation
RailTel Corporation of India is a telecom infrastructure provider that has an optic fibre network along railway tracks, covering 67,415 km across 7,321 stations. The company is well-diversified in its business operations.
National Long Distance (NLD) is the license for a telecom player to communicate over a long-distance network. The competitors in this segment are BSNL, Bharti Airtel, Reliance Jio, and Vodafone Idea (Vi).
Internet Service Provider (ISP)– RailTel offers internet and broadband services to banks, educational institutions, and government departments. Railnet is a special intranet connecting every zonal, divisional, sub-divisional office with the headquarters.
Infrastructure Providers Category-1 (IP-1) is the authorization given by the Department of Telecommunication through which the company can monetise its towers, bandwidth, and optic-fibre systems.
RailTel is also planning to leverage its expertise in communication networks to foray into new spaces. The company aims to digitalise 125 railway hospitals and 650 health units of the Indian Railways to create a Hospital Management Information System. It is also working on web-based administration systems for government departments and educational institutions.
Coming to RailTel’s financial performance, the firm reported a 20% YoY growth in total revenue to Rs 1,411 crore in FY21. PAT margin of the company has declined from 14% in FY17 to 10% in FY21.
IRCTC
Indian Railway Catering And Tourism Corporation Ltd (IRCTC) is the services wing of the Indian Railways. The company has direct business operations with end customers (B2C). Let us look at its business verticals:
The Covid-19 pandemic has severely impacted the company’s operations. While analysing the revenue split-up in FY20 (pre-Covid period), the catering segment contributed the largest share of the revenue. However, the vertical contributes only 16% to the Earnings Before Interest & Tax (EBIT). The internet ticketing vertical of the player has contributed 74% to EBIT.
IRCTC’s Internet Ticketing service has the highest profit margin. From 69% in FY19, it has increased to 78% in FY21. It means that for every Rs 100 the company earns as revenue through this segment, they are able to keep Rs 78 as profit. This makes it one of the most profitable businesses in the industry.
Conclusion
Apart from the companies mentioned above, there are other firms that contribute to different wings of Indian Railways. BEML, Titagarh Wagons, and Texmaco are some of the engineering companies that help build coaches, locomotives, engines, etc. However, these are small-cap companies whose financial performances have been poor.
Stock
Govt/Promoter Holding
Market cap
1-year return
IRCTC
67%
Largecap
210%
RVNL
78%
Midcap
103.5%
IRCON
73%
Smallcap
19.95%
Railtel
72%
Smallcap
21.33%
IRFC
86%
Midcap
1.4%
Rail stocks performance
Investing in stocks related to railways has a reliable advantage. These companies conduct normal businesses, but their audience is different from others. Catering to the railway sector makes them monopolistic.
Have you included rail stocks in your portfolio? Let us know through the comment section of the marketfeed mobile app.
The Directorate General of Civil Aviation (DGCA) has allowed Boeing 737 MAX aircraft to fly in Indian airspace again— after carrying out necessary safety modifications. The air safety regulator had banned Boeing 737 MAX operations in India in March 2019 after two fatal accidents. Meanwhile, SpiceJet expects B757 MAX jets in its fleet to return to service at the end of September 2021, following a settlement with aircraft leasing company Avolon.
Nearly 175 countries have allowed the B737 MAX to return to service following a safety ban, with 30 airlines already restarting their MAX aircraft services.
Reliance Life Sciences seeks approval for Phase-I trial of its Covid-19 vaccine: Report
According to a report from ET, Reliance Life Sciences has applied for regulatory approval to begin early-stage human trials of its Covid-19 vaccine candidate. The Subject Expert Committee (SEC) of India’s drug regulator will review the application at a meeting on Thursday. The aim of Phase I clinical trials is to obtain reliable information on the safety, tolerability, and mechanism of action of drugs to determine the maximum tolerated dose (MTD). Reliance Life Sciences is a subsidiary of Reliance Industries Ltd.
Standard Bank selects TCS BaNCS Cloud for digital claims transformation
Tata Consultancy Services (TCS) announced that Standard Bank’s short-term insurance business in South Africa has selected the TCS BaNCS Cloud for Insurance platform to power its digital claims transformation. TCS BaNCS Cloud for Insurance will be offered on a Software-as-a-Service (SaaS) model on AWS Cloud. It will help the insurer coordinate more than 60 products spread across four claims administration platforms, enabling faster and accurate claims processing.
Affle India board stock split in 1:5 ratio
The Board of Directors of Affle India Ltd has approved a stock split (sub-division of equity shares) in the ratio of 1:5. One equity share of the face value of Rs 10 each will be split into 5 equity shares of the face value of Rs 2 each. Affle India has fixed October 8, 2021, as the record date for the stock split. The stock split is subject to the approval of shareholders. A stock split helps boost the stock’s liquidity, particularly among retail investors.
Wockhardt partners with Jemincare for novel respiratory antibiotic Nafithromycin
Wockhardt Bio AG has partnered with China-based Jiangxi Jemincare Group Co. for the development and commercialisation of its novel respiratory antibiotic Nafithromycin in China, Hong Kong, Macau, and Taiwan. The drug is used for the treatment of community-acquired bacterial pneumonia and other respiratory tract infections. Under the terms of the agreement, Jemincare will be responsible for the exclusive development and commercialisation of Nafithromycin in the select markets.
RailTel launches AI-based attendance for 48,000 government schools in Assam
RailTel Corporation of India Ltd has deployed an Artificial Intelligence (AI)-based attendance system for 48,000 government schools across Assam. The state-owned company has configured and customised the system for capturing attendance across the elementary, secondary, and higher secondary schools across all 33 districts of Assam. The total project value for RailTel is Rs 19.20 crore, out of which Rs 12 crore is a one-time cost being released post completion of the project.
Carborundum Universal to acquire 67.94% stake in PLUSS
Carborundum Universal Ltd (CUMI) has entered into definitive agreements for acquiring a controlling stake in PLUSS Advanced Technologies Pvt Ltd. PLUSS is a specialty materials research and manufacturing company based in Gurugram. CUMI will acquire equity shares equivalent to 67.94% of the issued and paid-up share capital of PLUSS by October 31. The acquisition will aggregate to Rs 115 crore and will be funded through internal accruals. CUMI is a material sciences engineering solutions provider and is part of the Murugappa Group.
Thermax secures boiler package order worth Rs 293 crore
Thermax Babcock & Wilcox Energy Solutions (TBWES) has secured a Rs 293 crore boiler package contract from a refinery and petrochemical complex in western India. TBWES is a wholly-owned subsidiary of Thermax Ltd. The scope of the order includes design, manufacturing, installation, erection, commissioning, and testing of 3x oil and gas-fired boilers. Pune-based Thermax is a leading energy and environment solutions provider.
Wipro partners with DataRobot to deliver Scalable Enterprise AI solutions
Wipro Ltd has announced a global strategic partnership with US-based DataRobot, Inc., a leader in Augmented Intelligence. The partnership will deliver Augmented Intelligence (AI) at scale to help customers become AI-driven enterprises and accelerate their business impact. DataRobot’s Augmented Intelligence platform complements Wipro’s expertise in enterprise AI. The collaboration will help accelerate the execution of AI strategy and ensure quicker ‘data to value’ for businesses.
Marksans Pharma gets USFDA approval for pain killer drug
Marksans Pharma Ltd has received approval from the US Food & Drug Administration (USFDA) for Acetaminophen Extended-Release Tablets USP, 650 mg. The drug is used as a pain reliever and fever reducer. Marksans will manufacture the products at its USFDA approved solid oral dosage facility located in Goa.
GAIL Q4 Results: Net profit rises 28% QoQ to Rs 1908 crore
GAIL (India) Limited reported a 28% quarter-on-quarter (QoQ) increase in net profit to Rs 1907.7 crore for the quarter ended March (Q4). Its revenue from operations rose 0.6% QoQ to Rs 15,548.1 crore during the same period. Revenue from the petrochemicals and natural gas segments rose 14.5% and 0.7%, respectively, over the previous quarter. Net margins increased to 16%, compared with 12.4% in Q3 FY21. Net profit for the financial year 2020-21 (FY21) declined by 26% YoY to Rs 4,890.18 crore.
Dr Reddy’s partners with Rockwell for Sputnik V rollout in India
Dr Reddys Laboratories has entered into a strategic partnership with Rockwell Industries to provide WHO-certified Covid-19 vaccine freezers for the storage of Sputnik V vaccines across India. On May 14, Dr Reddy’s had announced a limited pilot soft launch of Sputnik V in India, ahead of the commercial launch in June. Rockwell will provide end-to-end logistics and after-sales service support for vaccine freezers across the country. The freezers play a critical role in the safety of the vaccine and its potency.
Cabinet allocates 5 MHz spectrum for Indian Railways to improve communication
The Union Cabinet has allocated a 5 MHz spectrum in the 700 MHz band to the Indian Railways to boost hi-speed radio communication. The Centre will spend around Rs 25,000 crore in the next 5 years for signal modernization and 5G spectrum implementation in Railways. Long Term Evolution (LTE) for Indian Railways will enable secure and reliable voice, video, and data communication services for better safety.
In other news, the Cabinet has approved an increase in minimum support prices (MSP) for Kharif crops. The Cabinet Committee on Economic Affairs has also approved the revival of Ramagundam Fertilizers & Chemicals Ltd (RFCL) to boost local production of gas-based urea. RFCL is a joint venture (JV) company of National Fertilizers Ltd and Engineers India Ltd.
Varroc Engineering signs MoU with Candera GmbH for integrating HMI technology
Varroc Engineering Ltd has signed a Memorandum of Understanding (MoU) with Candera GmbH for a strategic association to integrate the Human Machine Interface (HMI) technology in Varroc’s thin-film-transistor (TFT) instrument cluster. As per the MoU, Varroc will develop the hardware and base software of the product. Austria-based Candera will provide software solutions for HMI. The TFT cluster provides an array of features such as navigation, Bluetooth connectivity, and mobile phone synchronization.
Petronet LNG Q4 Results: Net profit rises 71% YoY to Rs 638 crore
Petronet LNG reported a 70.9% YoY increase in consolidated net profit to Rs 637.92 crore for the quarter ended March (Q4). Net profit has declined by 27.7% when compared to the previous quarter. Its revenue from operations declined by 11.6% YoY to Rs 7,575.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 8.7% YoY to Rs 2,939.23 crore. Petronet LNG’s board has recommended a final dividend of Rs 3.5 per share.
The company has announced plans to invest $2.6 billion (~Rs 18,960 crore) over the next five years to expand local infrastructure. Its head of finance stated that investing in overseas projects is ‘not lucrative’ in the current liquefied natural gas (LNG) surplus market.
Sterlite Tech signs fibre network expansion deal with Vocus Group
Sterlite Technologies Ltd (STL) has signed a partnership with Australia-based Vocus Group to expand its fibre network in the country. Under the agreement, STL will supply its ‘Opticonn’ solutions to the Australian fibre and network solutions provider. The Opticonn offerings include a range of optical fibre and cable products, optical interconnect, and pre-connectorised kits. This deal will enable STL to strengthen its presence in the Australian market and help network creators to deploy high-capacity networks nationwide.
Bajaj Healthcare Q4 Results: Net profit rises 70% YoY to Rs 21.28 crore
Bajaj Healthcare Ltd reported a 69.5% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4). Net profit has declined by 19.45% when compared to the previous quarter. Its revenue from operations rose 11.54% YoY to Rs 132.18 crore during the same period. Bajaj Healthcare’s board has recommended a final dividend of Rs 0.5 per share and a special dividend of Rs 0.5 per share.
Ramco Systems launches AI-based Self Explaining Payslip
Ramco Systems Ltd announced the launch of Self Explaining Payslip, an AI-based service that lets employees seek explanations of their compensation and payslip component. It helps employees receive prompt and personalized responses to their payroll queries. The Self Explaining Payslip eases employee experience through proactive notifications across payslip availability, tax declarations, and salary analytics. Ramco Systems is a software and services provider based in Chennai.
Star Cement Q4 Results: Net profit rises 4.72% YoY to Rs 62 crore
Star Cement Limited reported a 4.72% YoY increase in standalone net profit to Rs 62.11 crore for the quarter ended March (Q4). Net profit has jumped 195% when compared to the previous quarter. Its revenue from operations rose 12.35% YoY to Rs 589.86 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined 28.09% YoY to Rs 157.27 crore.
Net inflows into equity MFs rise to 14-month high in May
Net inflows into equity and equity-linked schemes jumped nearly threefold over the preceding month to Rs 10,083 crore in May 2021. This is the highest inflow since March 2020. Large-cap, mid-cap, and small-cap funds witnessed net inflows for the third straight month. A net outflow of Rs 44,512 crore was seen in debt funds in May, compared to an inflow of Rs 1 lakh crore in April. The data was released by the Association of Mutual Funds in India (AMFI).
Indian Metals Q4 Results: Net profit at Rs 65.4 crore
Indian Metals and Ferro Alloys Ltd reported a consolidated net profit of Rs 65.4 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 51.94 crore in the corresponding quarter last year (Q4 FY20). Total income rose 54.31% YoY (or 36.7% QoQ) to Rs 587.95 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 350.5% YoY to Rs 166.55 crore. The company’s board has recommended a dividend of Rs 7 per share.
