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

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

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

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

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

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

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Samvardhana Motherson completes acquisition of 51% in Saddles Intl

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

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

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

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

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

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

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

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L&T supplies various components for Chandrayaan-3

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

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

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

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

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

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PVR cuts prices on food & beverage

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

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SBI’s Net Profit Jumps 83% YoY to Rs 16,695cr in Q4 – Top Indian Market Updates

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

SBI Q4 Results: Net profit rises 83% YoY to Rs 16,695 crore

State Bank of India (SBI) reported an 83% YoY increase in standalone net profit to Rs 16,695 crore for the quarter ended March (Q4 FY23). Net Interest Income (NII) stood at Rs 40,393 crore, up 29% YoY. The gross non-performing assets (NPA) ratio fell from 3.14% in Q4 FY22 to 2.78% in Q4 FY23. The bank’s board has declared a dividend of Rs 11.3 per equity share.

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India’s coal production up 8.5% to 73 MT in April

According to the Ministry of Coal, India’s coal production increased by 8.5% to 73.14 million tonnes (MT) in April 2023, compared to 67.20 MT in April 2022. This accounted for 94.89% of the production target set for April 2023. Coal India and its subsidiaries contributed 57.57 MT to the overall production, marking a 7.67% growth from April 2022.

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ITC Q4 Results: Net profit rises 23% YoY to Rs 5,175 crore

ITC reported a 23% YoY increase in consolidated net profit to Rs 5,175 crore in Q4 FY23. Its operating revenue rose 7% YoY to Rs 19,058 crore during the same quarter. EBITDA stood at Rs 6,209 crore, up 18.9% YoY in Q4 FY23. The company’s board has recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share.

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Zydus Lifesciences Q4 Results: Net profit falls 25% YoY to Rs 297 crore

Zydus Lifesciences reported a 25% YoY decline in consolidated net profit to Rs 296.6 crore in Q4 FY23. However, its consolidated total revenue rose 32% YoY to Rs 5,011 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The company’s board has recommended a final dividend of Rs 6 per equity share.

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Vedanta to free up cash and raise funds as it nears $500 million bond maturity

According to a Bloomberg report, Vedanta Group seeks to raise funds and generate cash as its $500 million bond matures. The board of Vedanta Ltd. is considering a dividend payout, while the conglomerate is in talks with banks for a potential $500 million raise. Vedanta Resources Ltd. relies on funds from its subsidiaries to reduce debt after a failed zinc mining unit sale.

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Ramco Cements Q4 Results: Net profit rises 23% YoY to Rs 152 crore

Ramco Cements reported a 22.6% YoY increase in net profit to Rs 152 crore in Q4 FY23. Its revenue increased by 50.2% YoY to Rs 2,568 crore during the same quarter. EBITDA stood at Rs 412 crore, up 39.5% YoY in Q4. 

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Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network

One97 Communications Ltd’s Paytm has collaborated with NPCI and SBI Card to launch the Paytm SBI Card on the RuPay network. Customers who join will receive privileges worth up to Rs 75,000, including a complimentary Paytm First Membership with OTT platform access and flight ticket discounts through the Paytm app. Cardholders also get other cashback offers on various transactions.

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Godrej Agrovet and SBI launch finance offering for oil palm farmers

Godrej Agrovet’s Oil Palm Business has collaborated with SBI to launch a finance offering for oil palm farmers. The product aims to support farmers by providing loans for setting up micro-irrigation facilities, implementing fencing arrangements for protection against cattle grazing, and improving tube wells on their oil palm farms. This initiative aims to enhance Fresh Fruit Bunches (FFB) productivity, acting as a catalyst for oil palm growth.

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GAIL shuts Ratnagiri LNG terminal till September, cuts imports

GAIL (India) Ltd has temporarily halted LNG imports at its Ratnagiri plant in Maharashtra since mid-May. The facility is shut down annually during the monsoon season due to operational challenges caused by rain and high tides. A breakwater is currently under construction and is expected to be completed next year, eliminating the need for seasonal shutdowns. GAIL’s last LNG cargo was received on May 11 at the Dabhol port.

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Oriana Power commissions 2.7 MW solar project at IOCL refinery in Haryana

Oriana Power has successfully commissioned a 2.7 MW solar project at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. The project was completed within a record time of three months and is specifically for Indian Synthetic Rubber Private Ltd (ISRPL), a joint venture between IOCL and Trimurti Holding Corporation. This marks the successful establishment of a single rooftop solar power plant at the IOCL refinery.

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Pfizer suspends sale of some popular products due to technical issues

Pfizer Ltd has halted the sale and use of its bacterial infection products in India due to technical issues at a contract manufacturing site. The company has requested a temporary suspension of Magzex, Zosyn, Magnamycin injections, and Magnex forte supplies. Stockists and distributors have been instructed to refrain from selling, distributing, or using the products until further notice from Pfizer.

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Bharti Airtel’s Net Profit Rises 91% YoY in Q3 – Top Indian Market Updates

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

Bharti Airtel Q3 Results: Net profit rises 91% YoY to ₹1,588 crore

Bharti Airtel Ltd reported a 91% YoY increase in consolidated net profit to ₹1,588.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹35,804 crore during the same period. The telecom major’s average revenue per user (ARPU) increased from ₹163 in Q3 FY22 to ₹193 in Q3 FY23.

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Adani Group planning independent review

Adani Group is considering an independent evaluation of issues relating to legal compliance, related party transactions, and internal controls following a U.S. short-seller’s critical report on its businesses. On Jan 24, Hindenburg Research alleged that the group had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt. On Monday, Adani Group said it would pre-pay $1.11 billion of loans on shares.

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Adani Green Energy Q3 Results: Net profit jumps 110% YoY to ₹103 crore

Adani Green Energy Ltd (AGEL) reported a 110% YoY jump in consolidated net profit to ₹103 crore for the quarter ended December (Q3 FY23). The total income grew 53% YoY to ₹2,258 crore during the same period. Revenue from power supply increased 29% YoY to ₹1,260 crore in Q3.

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Jio launches 5G services in 10 more cities

Reliance Jio launched its True 5G services across 10 cities across eight states— Andhra Pradesh, Chhattisgarh, Odisha, Punjab, Rajasthan, Telangana, Uttar Pradesh, and Uttarakhand, with the total count of cities rising to 236. Jio users in these cities will be invited to the Jio Welcome Offer to experience unlimited data at up to 1 Gbps speeds at no additional cost.

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Hero MotoCorp Q3 Results: Net profit rises 4% YoY to ₹711 crore

Hero MotoCorp Ltd reported a 4% YoY increase in net profit to ₹711.06 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹8,031 crore during the same period. The two-wheeler maker sold 12.40 lakh units in Q3, down 4% YoY. The company’s board has approved an interim dividend of ₹65 per share.

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Dhampur Sugar completes expansion of distillery capacity at Uttar Pradesh unit

Dhampur Sugar Mills Ltd has completed the expansion work at its Dhampur unit in the Bijnor district of Uttar Pradesh. The sugar producer has completed the expansion of distillery capacity by 130 kilo-litres per day (KLPD) on “C” heavy molasses. With the setting up of a new distillery unit, the distillery capacity will go up to 350 KLPD. The new capacity was commissioned on February 5.

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Ambuja Cement Q3 Results: Net profit rises 46% YoY to ₹369 crore

Ambuja Cement Ltd reported a 46% YoY increase in net profit to ₹368.99 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 10% YoY to ₹4,128.52 crore during the same period. EBITDA grew 9.8% YoY to ₹626 crore in Q3. The company’s sales volume grew from 7.2 million tonnes per annum (MTPA) in Q3 FY22 to 7.7 MTPA in Q3 FY23.

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Blue Star detects cyber attack at certain locations

Air conditioning and commercial refrigeration firm Blue Star Ltd had detected a cyber-attack at certain locations. However, it has not found any material impact on the operations of the company due to this incident. Blue Star said all critical operational systems are functioning. But as a precautionary measure, restricted access and preventive checks have been put in place for employee and customer-facing portals & touchpoints.

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Ramco Cements Q3 Results: Net profit falls 32% YoY to ₹51 crore

Ramco Cements Ltd reported a 31.9% YoY decline in consolidated net profit to ₹51.21 crore for the quarter ended December (Q3 FY23). Its total income rose 29.6% YoY to ₹2,020.37 crore during the same period. The company’s cement sales volume grew 19% YoY to 3.57 million tonnes (MT) in Q3. Total expenses in the quarter stood at ₹1,925.61 crore, up 32.94% YoY. 

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Tata Motors Launches India’s Cheapest Electric Car – Top Indian Market Updates

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

Tata Motors launches Tiago EV at ₹8.49 lakhs

Tata Motors launched its new and cheapest electric vehicle car, the Tiago EV, at an introductory price of ₹8.49 lakh. The hatchback comes with two battery options. The 24kWh battery offers a range of 315 km on a full charge, while the 19.2kWh battery is expected to deliver a range of 250 km. The automaker will offer eight years or 1,60,000 kms warranty on battery and motor.

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Godrej Properties acquires seven-acre land in Bengaluru

Godrej Properties Ltd has acquired a 7-acre land parcel in Indiranagar extension in Bengaluru. The plot has a total development potential of around 6 lakh sq. ft. and an estimated booking value potential of ₹750 crore. The company is planning to develop the plot as a premium residential project comprising apartments of various configurations.

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L&T Construction to build new medical college in Assam

Larsen & Toubro Ltd’s construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the State Government of Assam. The company will construct a new medical college and hospital at Golaghat, Assam. The facility will include a 430-bed teaching hospital, academic block, private ward, hostel, and residential facilities. The total built-up area will be 9.44 lakh square feet.

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Vi to lose access to towers if it fails to clear dues: Indus Towers

Vodafone Idea (Vi) risks losing access to Indus Towers’ mobile towers from November 2022 if it fails to clear its dues. On Monday, Indus Towers held a board meeting to discuss the company’s mounting trade receivables. It reportedly issued a “strongly-worded” letter to Vi, directing the telecom company to pay 100% of monthly dues. Vodafone Idea’s total tower dues exceed ₹10,000 crore.

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Airtel Payments Bank to install 1.5 lakh micro ATMs in FY23

Airtel Payments Bank has started rolling out 1.5 lakh micro ATMs in a phased manner across Tier 2 cities and semi-urban regions to facilitate cash withdrawal for customers. The bank will gradually expand its service to cover more banking points in a phased manner. It is now integrated with the National Payments Corporation of India’s National Financial Switch (NFS) to facilitate micro ATM transactions.

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Ramco Cements commissions cement plant in AP

Ramco Cements Ltd has commissioned its fifth integrated cement plant at Kolumigundla, Andhra Pradesh, at a cost of ₹3,000 crore. The plant has a clinkerisation capacity of 2.25 million tonnes per annum. The plant is capable of manufacturing various types of cement as per the specifications of the Bureau of Indian Standards (BIS). The unit will provide jobs to over 1,000 people.

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Union Cabinet approves 3-month extension for PMGKAY

The Central government announced the extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for another three months till December 2022. The PMGKAY was launched in March 2020 to provide free 5kg foodgrains per person per month to about 80 crore beneficiaries covered under the National Food Security Act (NFSA). The extension for three months will cost ₹44,700 crore, said Union Minister Anurag Thakur.

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Indian fertilizer companies sign MoU with Canada’s Canpotex

Coromandel International, Chambal Fertilizers, and Indian Potash Ltd have signed a Memorandum of Understanding (MoU) with Canada-based Canpotex. This MoU will help reduce supply & price volatility and ensure a stable long-term supply of potash fertilizer to India.  Canpotex will supply up to 15 lakh metric tonnes of potash annually for three years to these Indian three companies. 

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Edelweiss Financial Services to raise up to ₹400 crore

Edelweiss Financial Services (EFSL) has announced plans to raise up to ₹400 crore through a public issue of bonds next week. The base issue size is ₹200 crore with an option to retain oversubscription up to ₹200 crore. EFSL will issue secured redeemable non-convertible debentures (NCDs) of the face value of ₹1,000 each. The issue opens on October 3 and closes on October 17.

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Krsnaa Diagnostics enters B2C segment

Krsnaa Diagnostics is set to enter the business-to-consumer (B2C) segment with a chain of 600 diagnostic centres across India. The company’s entry into the B2C space is likely to change the industry dynamics on pricing. It offers imaging and pathological tests at discounts of 45-60% and 40–80% to the market rates, respectively.

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Divi’s Labs Reports 78% YoY Rise in Net Profit in Q4 – Top Indian Market News

Divi’s Labs Q4 Results: Net profit rises 78% YoY to Rs 895 crore

Divi’s Laboratories Ltd reported a 78.2% YoY increase in consolidated net profit to Rs 894.64 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.83% YoY to Rs 2,518.44 crore during the same period. EBITDA stood at Rs 1,104.4 crore in Q4, up 54% YoY. The pharma company’s board has declared a dividend of Rs 30 per share.

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Tata Motors, Tata Power to install 7 MWp solar rooftop expansion project in Pune

Tata Power and Tata Motors will co-develop a 7 megawatt-power (MWp) solar rooftop project at the automaker’s passenger vehicle plant at Chikhali, Pune. The installation is expected to generate 23 million units (MUs) of electricity, mitigating 5.23 lakh tonnes of carbon dioxide. It is the third phase of a joint 17 MWp on-site solar project developed by the two companies.

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Expectations of higher rates ‘a no brainer’: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank wants to raise interest rates in the next few meetings. The expectation of higher rates is a ‘no brainer.’ RBI will also release a new inflation forecast in its June meeting. It aims to bring down liquidity in a calibrated and phased manner.

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GIC in talks to acquire a stake in ABFRL worth Rs 2,330 crore: Report

As per reports, Singapore’s sovereign wealth fund GIC is in talks to buy a stake in Aditya Birla Fashion & Retail (ABFRL) worth $300 million (~Rs 2,330 crore). ABFRL’s board will meet on May 24 to discuss the proposal. Funds raised will be used for scaling growth as the retail sector bounces back after the Covid-19 pandemic. ABFRL has been strengthening its fashion portfolio over the last two years by acquiring premium labels and needs funds to boost its digital platforms for direct-to-consumer sales.

Tata Steel, JSW Steel, others crash as Indian govt imposes 15% export duty on steel

The Nifty Metal index crashed 8% as Tata Steel, JSW Steel, NMDC, and SAIL hit fresh 52-week lows on Monday. The fall in steel stocks came after the government imposed an export duty of 15% on steel for the second time after 2008. To increase domestic availability, the duty on exports of iron ore was hiked up to 50% and a few steel intermediaries to 15%. 

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HDFC Bank, Retailio to launch co-branded credit cards for chemists, pharmacies

HDFC Bank has partnered with RetailIo to launch a new range of co-branded credit cards targeted at chemists and pharmacies in the merchant segment. Retailio is India’s largest business-to-business (B2B) pharma marketplace. The collaboration is likely to cover over 1.4 lakh merchants in the first phase of its roll-out. It will also be available to over 1 lakh customers of Retailio from their existing merchant base and new customers.

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BEL Q4 Results: Net profit falls 15.6% YoY to Rs 1,154 crore

Bharat Electronics Ltd (BEL) reported a 15.6% YoY decline in consolidated net profit to Rs 1,154.2 crore for the quarter ended March (Q4 FY22). Net profit rose 93.7% when compared to the previous quarter. Its revenue from operations fell 8% YoY to Rs 6,211 crore during the same period. EBITDA stood at Rs 1,449 crore in Q4, down 21% YoY. BEL’s board has approved a dividend of Rs 1.5 per share.

Marico acquires majority stake in True Elements

Marico Limited has acquired a 54% stake in HW Wellness Solutions through primary infusion and secondary buy-outs. HW Wellness Solutions owns the True Elements brand, which sells healthy breakfast items and snacks. The acquisition of the digital-first brand will help Marico to expand its total addressable market in the healthy foods segment.

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Ramco Cements Q4 Results: Net profit falls 45% YoY to Rs 118 crore

The Ramco Cements Ltd reported a 45.2% YoY decline in consolidated net profit to Rs 118.27 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.94% YoY to Rs 1,722.68 crore during the same period. Total expenses rose 20.34% YoY to Rs 1,559.77 crore in Q4. The cement manufacturer’s board has declared a dividend of Rs 3 per share.

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Zomato Q4 Results: Net loss widens to Rs 360 crore

Zomato Limited reported a consolidated net loss of Rs 359.7 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 134.2 crore in the corresponding quarter last year (Q4 FY21). Revenue from operations rose 75% YoY to Rs 1,211.8 crore in Q4 FY22. Zomato launched operations in 300+ new cities during the same period.

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Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

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Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

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Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

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JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

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SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

Read more here. 

TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

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CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

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Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

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CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

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Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

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Dr Reddy’s Reports 1% YoY Fall in Net Profit in Q1 – Top Indian Market News

Dr Reddy’s Labs Q1 Results: Net profit declines 1% YoY to Rs 571 crore

Dr Reddy’s Laboratories Ltd reported a 1% year-on-year (YoY) decline in consolidated net profit to Rs 571 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 11% YoY to Rs 4,919 crore during the same period. The figures are below the street/analysts’ estimates. The sales revenue from its India operations rose 69% YoY to Rs 1,060 crore in Q1.

In a statement, the pharma company said it has commenced investigation on an anonymous complaint that healthcare professionals in Ukraine and few other markets were provided with improper payments (bribes) on behalf of the company. Dr Reddy’s Labs has also been subpoenaed by the US Securities Exchange Commission to hand over certain documents. If found guilty, the company could face civil or criminal action under US anti-corruption laws.

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Adani Ports raises $750 million via long-term bonds

Adani Ports and Special Economic Zone Ltd (APSEZ) has raised $750 million (~Rs 5,590 crore) from overseas investors through the issuance of bonds. The coupon rates for the 10.5-year and 20-year dual-tranche bonds were fixed at 3.8% and 5%, respectively. APSEZ will use the net proceeds to repay existing debt, meet capital expenditure requirements, and for general corporate purposes.

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IndusInd Bank Q1 Results: Net profit doubles to Rs 1,016 crore

IndusInd Bank reported a 99% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.7% when compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 3,563.7 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 2.88% in Q1 FY22, compared to 2.67% in the previous quarter (Q4 FY21).

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Tata Communications launches IZO™ Financial Cloud platform in India

Tata Communications has announced the launch of ‘IZO™ Financial Cloud’, a purpose-built community cloud platform. It enables next-gen digital transformation for the Banking, Financial Services, and Insurance (BFSI) sector. The platform is customised to meet the stringent data privacy, protection compliance, and security guidelines defined by India’s regulators. 

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Dixon Tech Q1 Results: Net profit jumps 1,035% YoY to Rs 18 crore

Dixon Technologies reported a 1,035% YoY jump in consolidated net profit to Rs 18.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 59% when compared to the previous quarter. Its revenue from operations rose 261% YoY to Rs 1,867 crore during the same period. The company’s operating profit jumped 182% YoY to Rs 48.3 crore in Q1. The strong performance in the April-June quarter was aided by an extremely weak base in the year-ago period Q1 FY21 (due to Covid-induced lockdowns). You can learn more about Dixon Tech here.

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IndiGo Q1 Results: Net loss at Rs 3,174 crore

InterGlobe Aviation (IndiGo) reported a net loss of Rs 3,174.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 2,844.3 crore in the corresponding quarter last year (Q1 FY21). The airlines’ revenue from operations jumped 292% YoY to Rs 3,006.9 crore in Q1 FY22. Its total expenses rose 59% YoY to Rs 6,344 crore during the same period. 

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Glenmark Life Sciences IPO subscribed 2.78 times on first day of bidding

The Rs 1,514.6 crore initial public offering (IPO) of Glenmark Life Sciences Ltd was subscribed 2.78 times on the first day of bidding. Retail investors have subscribed 5.17 times against their reserved portion. The portion reserved for Non Institutional investors (NIIs) was subscribed 86%. To learn more about the IPO, click here.

UCO Bank Q1 Results: Net profit jumps over 4-fold to Rs 102 crore

UCO Bank reported a 374.5% YoY jump in consolidated net profit to Rs 101.8 crore for the quarter ended June (Q1 FY22). Net profit has increased by 27% when compared to the previous quarter. Its net interest income (NII) fell 2.5% YoY to Rs 3,569.57 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 9.37% in Q1 FY22, compared to 14.38% in Q1 FY21.

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IRB Infra completes Rs 381.63 crore fundraise in IRB InvIT

IRB Infrastructure Developers Ltd has completed total fundraising of Rs 381.63 crore, along with an investment of Rs 194.63 crore, in IRB Infrastructure Investment Trust. The InvIT is jointly owned by IRB Infra and Singapore-based GIC Affiliates with 51% and 49% shareholding, respectively. The funds raised will be utilised towards the capital requirements for under-construction projects.

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Ramco Cements Q1 Results: Net profit rises 46% YoY to Rs 171 crore 

The Ramco Cements Ltd reported a 46.32% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.6% when compared to the previous quarter. Its revenue from operations rose 17.75% YoY to Rs 1,205.08 crore during the same period. Chennai-based Ramco Cements is a leading manufacturer of cement, mix concrete and dry mortar products.

Torrent Pharma Q1 Results: Net profit rises 3% YoY to Rs 330 crore

Torrent Pharmaceuticals Ltd reported a 2.8% YoY increase in consolidated net profit to Rs 330 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.85% when compared to the previous quarter. Its total income rose 5.53% YoY (or 10.02% QoQ) to Rs 2,174 crore during the same period. The revenue from its India operations grew 18% YoY to Rs 1,093 crore in Q1.

Read more here.

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Grasim Reports 13% YoY Rise in Net Profit in Q4 – Top Indian Market News

Grasim Q4 Results: Net profit rises 13% YoY to Rs 2,616 crore

Grasim Industries reported a 13.3% YoY increase in consolidated net profit to Rs 2,616.64 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 24,398.92 crore during the same period. The company’s viscose (rayon fabric) business posted a 9% YoY growth to Rs 2,583.4 crore. Revenue from the cement business (UltraTech Cement) rose 32.72% YoY to Rs 14,405 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit grew 5.24% YoY to Rs 6,986.70 crore. The board of Grasim Industries has declared a total dividend of Rs 9 per share.

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Zydus Cadila launches breast cancer treatment drug Ujvira

Zydus Cadila announced the launch of Trastuzumab Emtansine, an antibody-drug conjugate (ADC) biosimilar and a highly effective drug for treating both early and advanced HER2 positive breast cancer, under the brand name ‘Ujvira’. HER2 positive breast cancer is considered an aggressive form and constitutes 20-25% of all breast cancers. The drug is being offered at a cheaper rate of Rs 32,495 for a 100 mg vial. 

Read more here.

Ramco Cements Q4 Results: Net profit rises 51% YoY to Rs 216 crore

Ramco Cements Ltd reported a 51.08% YoY increase in consolidated net profit to Rs 216.16 crore for the quarter ended March (Q4). Net profit has risen by 4.57% when compared to the previous quarter. Its revenue from operations rose 17.51% YoY to Rs 1,623.71 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 29.71% YoY to Rs 783.64 crore.

Salasar Techno secures order worth Rs 238 crore from PGCIL

Salasar Techno Engineering Ltd has secured an order worth Rs 238.65 crore from Power Grid Corporation of India Ltd (PGCIL). The order consists of the construction of a 201-km transmission line network and four new power substations in Arunachal Pradesh. Salasar Techno is a leading provider of customized steel fabrication and infrastructure solutions in India. 

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India Cements Q4 Results: Net profit at Rs 44 crore

India Cements reported a consolidated net profit of Rs 43.97 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 11.76 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 25% YoY to Rs 1,472.45 crore in Q4 FY21. The company’s cement volumes rose 13% YoY to 28.90 lakh tonnes during the same quarter. The board of India Cements has approved a dividend of Rs 1 per share.

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Glenmark Pharma gets USFDA approval for Icatibant injection

Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Icatibant injection. The injection is indicated for the treatment of acute attacks of hereditary angioedema (swelling of the skin) in adults 18 years of age and older. According to IQVIA data, the generic version of the injection had sales of approximately $223.4 million (~Rs 1,628 crore) for the 12 months ended March 2021.

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Barbeque Nation Q4 Results: Net profit at Rs 6 crore

Barbeque Nation Hospitality Ltd reported a consolidated net profit of Rs 6.1 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 27 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 19% YoY to Rs 226 crore in Q4 FY21. The company opened one new store during the quarter and is planning to expand its network by opening 20 new stores in the current financial year (FY22). Revenue from its deliveries segment jumped ~470% YoY to Rs 28 crore in Q4 FY21.

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Bharti Airtel deploys 11.2MHz spectrum in 1800Mhz band across Karnataka

Bharti Airtel has deployed an additional 11.2MHz spectrum in the 1800MHz band, along with network software tools, across Karnataka to strengthen high-speed data capacity. These network software tools include pre-5G Massive, 4G Advanced, and Carrier Aggregation, which are used to step up high-speed network capacity and coverage. The telecom company has also deployed 5MHz in the 1800Mhz band across Tamil Nadu to boost capacity.

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Balaji Amines Q4 Results: Net profit jumps 174% YoY to Rs 84.50 crore

Balaji Amines Ltd reported a 174.17% YoY jump in consolidated net profit to Rs 84.50 crore for the quarter ended March (Q4). Net profit has increased by 12.7% when compared to the previous quarter. Its revenue from operations rose 60.46% YoY to Rs 414.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 127.28% YoY to Rs 258.03 crore. The company’s board has recommended a dividend of Rs 4 per share. Balaji Amines is a leading chemicals manufacturing company based in Maharashtra.

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Kellton Tech Solutions secures contract to build advanced NFT marketplace

Kellton Tech Solutions Ltd has secured a contract to build a cutting-edge Non-Fungible Tokens (NFT) marketplace using new digital technologies (including blockchain). The advanced NFT marketplace will create exceptional user experiences while buying, selling, and auctioning digital artifacts in the form of tokens. This technology infrastructure would offer higher security, efficiency, and performance. Kellton Tech is an IT and outsourcing company based in Hyderabad.

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Poly Medicure Q4 Results: Net profit rises 71% YoY to Rs 38 crore

Poly Medicure reported a 71.48% YoY increase in consolidated net profit to Rs 38.84 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 24.29% YoY to Rs 212.95 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 41.72% YoY to Rs 135.87 crore. The company’s board has recommended a dividend of Rs 2.5 per share.

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RDIF, Panacea Biotec launch production of Sputnik V vaccine in India

The Russian Direct Investment Fund (RDIF) and drug firm Panacea Biotec announced the launch of production of the Sputnik V Covid-19 vaccine in India. The first batch of the vaccine produced at Panacea Biotec’s facilities at Baddi (Himachal Pradesh) will be shipped to the Gamaleya Center in Moscow for quality control. In April 2021, RDIF and Panacea agreed to locally produce 100 million doses of Sputnik V vaccine per year.

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Retail Inflation Rises to 5.03% in February – Top Indian Market News

Retail inflation rises to 5.03% in February; IIP contracts 1.6% in January 

India’s retail inflation rose to its highest level in three months in February amidst a hike in food and fuel prices. Retail inflation (measured by the Consumer Price Index) stood at 5.03% in February, compared to 4.06% in January. Food inflation jumped to 3.87% last month. The increase in crude oil prices could lead to a further rise in inflation.

The Index of Industrial Production (IIP) contracted by 1.6% in January, due to a decline in manufacturing and mining output. The IIP had grown 2.2% in January 2020. The manufacturing sector saw a contraction of 2% last month, while mining output declined by 3.7%. [IIP is an index that tracks manufacturing activity of different sectors of an economy]

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Govt approves 33 API applications under PLI scheme

The government has approved a total of 33 applications with a committed investment of Rs 5,082.65 crore under the Production Linked Incentive (PLI) scheme for Active Pharmaceutical Ingredients (APIs). The disbursal of PLI by the government will be up to a maximum amount of Rs 5,440 crore over a period of 6 years. This will help reduce the import dependence on critical bulk drugs.

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Anupam Rasayan IPO subscribed 1.29 times on first day of bidding

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 1.29 times on the first day of bidding. The issue received bids for 1.25 crore equity shares against an offer size of 97.01 lakh shares. The portion reserved for retail investors was subscribed 2.58 times and that of employees 30%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9%.

To know more about the IPO, click here.

SBI Cards to raise Rs 2,000 crore through debentures

SBI Cards and Payment Services Ltd said its Board of Directors has approved the proposal to raise up to Rs 2,000 crore through the issuance of non-convertible debentures (NCDs). The NCDs will bear a coupon rate of 5.9% per annum and will mature on February 23, 2024. It will be listed on the Wholesale Debt Market Segment of the Bombay Stock Exchange (BSE).

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Hatsun Agro Products to set up dairy plant in Andhra Pradesh

The Board of Directors of Hatsun Agro Product has approved the proposal of setting up a dairy plant in Northern Andhra Pradesh. The company had earlier announced plans of setting up a dairy plant in Odisha. Hatsun Agro’s board has also approved the proposal of working with Italy-based SOL Group to explore the possibility of using liquid nitrogen as a refrigerant fuel to transport its milk and milk products.

Tata Group seeks CCI approval to acquire 64.3% stake in BigBasket

Tata Digital Ltd, a wholly-owned unit of Tata Sons, has filed an application with the Competition Commission of Inida (CCI) to acquire a majority stake in online grocery seller- BigBasket. As per the filing, Tata Digital will acquire 64.3% stake of BigBasket from Supermarket Grocery Supplies Pvt Ltd. The deal, if approved, would put Tata in direct competition with Amazon, Walmart’s Flipkart, etc.

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JSPL’s steel output rises 18% YoY to 6.53 lakh tonnes in February

Jindal Steel and Power Ltd (JSPL) reported an 18% YoY increase in its crude steel output to 6.53 lakh tonnes in February 2021. It had produced 5.54 lakh tonnes of steel in February 2020. The company’s sales rose 14% YoY to 5.45 lakh tonnes last month. JSPL’s exports accounted for 26% of the total sales volume.

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Ramco Cements, Bharat Dynamics, PFC declare interim dividends

Ramco Cements Limited said its board has declared an interim dividend of Rs 3 per share for the current financial year (FY 2020-21). The record date for the payment of the interim dividend is March 23, 2021.

Bharat Dynamics Ltd’s board has declared an interim dividend of Rs 6.70 per share for the financial year 2020-21. The company has fixed March 20, 2021, as the record date for the payment of the interim dividend.

Power Finance Corporation (PFC) has declared an interim dividend of Rs 8 per share. The record date has been fixed as March 22, 2021.

PNC Infratech’s subsidiary secures order worth Rs 1,412 crore from NHAI

PNC Infratech announced that its subsidiary, PNC Meerut Haridwar Highways, has secured an order worth Rs 1,412 crore from the National Highways Authority of India (NHAI). The project involves four laning of the Meeru-Naziabad section of NH-119 in the state of Uttar Pradesh.

Board of India Glycols approves transfer of BioEO business to IGL Green Chemicals

The Board of Directors of India Glycols Ltd has approved the transfer of its BioEO (speciality chemicals) business to its wholly-owned subsidiary- IGL Green Chemicals. The company has also formed a 51:49 joint venture (JV) with Swiss chemicals major Clariant AG to manufacture and market renewable ethylene oxide (EO) derivative products. EO derivatives have multiple industrial and consumer applications ranging from freezing agents and coolants for automobile engines to cosmetics.

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Bharti Airtel Reports Net Profit of Rs 854 crore in Q3 – Top Indian Market News

Bharti Airtel Q3 Results: Net profit at Rs 854 crore

Bharti Airtel reported a consolidated net profit of Rs 853.6 crore for the quarter ended December (Q3). It has posted a net loss of Rs 763.2 crore in the corresponding quarter last year. The telecom operator’s revenue grew 6% quarter-on-quarter (QoQ) to Rs 26,517 crore in Q3 FY21. Bharti Airtel’s average revenue per user (ARPU) stood at Rs 166 crore in Q3, compared to Rs 162 in Q2 FY21. The company added 1.2 crore 4G subscribers during the quarter to take its tally to 16.2 crore subscribers.

Bharti Airtel said it will raise up to Rs 7,500 crore through debt instruments such as debentures and bonds in one or more tranches. The fundraising has been announced as the telecom sector prepares for the upcoming spectrum auction in March and the rollout of 5G wireless service later this year.

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Govt formally seals Rs 48,000 crore deal to procure 83 Tejas jets from HAL

The Defence Ministry has awarded a Rs 48,000 crore contract to Hindustan Aeronautics Limited (HAL) to supply 83 LCA (light combat aircraft) Mk-1A jets to the Indian Air Force. The first Mk-1A aircraft will be delivered to the air force in three years, and the rest will be supplied by 2030. The deal for the 83 Mk-1A jets will take the total number of Tejas variants ordered to 123. Tejas (which is manufactured by HAL) is a single-engine and highly agile multi-role supersonic fighter aircraft capable of operating in high-threat air environments. 

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Jubilant FoodWorks Q3 Results: Net profit rises 22% YoY to Rs 123 crore

Jubilant FoodWorks Ltd reported a 21.71% YoY increase in consolidated net profit to Rs 123.91 crore for the quarter ended December (Q3). Its revenue from operations declined by 0.19% YoY to Rs 1,069 crore during the same period. The company stated that it has seen complete revenue recovery and strong improvement in margins. Jubilant FoodWorks expanded its network by opening 57 stores in Q3. 

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Hero MotoCorp sets up separate vertical for Harley Davidson distribution

Hero Motocrop Ltd on Wednesday announced that it will set up a separate vertical to drive its new business of Harley-Davidson products and merchandise distribution. The two-wheeler manufacturer has on-boarded 11 existing Harley-Davidson dealers in key geographies across the country. The company commenced wholesale dispatches of Harley products to the dealers on January 18. 

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Ramco Cements Q3 Results: Net profit at Rs 201 crore

Ramco Cements Ltd reported a standalone net profit of Rs 201.35 crore for the quarter ended December (Q3). It had posted a net profit of Rs 94.80 crore in the corresponding quarter last year. Its revenue stood at Rs 202.86 crore in Q3, compared with Rs 95.57 crore during the corresponding quarter last year (Q3 FY20). The company’s cement sales volume for the October-December quarter slipped to 26.14 lakh tonne, as against 28.44 lakh tonne in Q3 FY20.

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Maruti Suzuki partners with ALD Automotive India for subscription program

Maruti Suzuki India Ltd has partnered with ALD Automotive India for its subscription program for individual customers. ALD Automotive is the leasing and fleet management business line of Paris-based Société Générale Group. Maruti Suzuki has also expanded its subscription programme to customers in Kochi. Customers can pay an all-inclusive monthly subscription charge starting at Rs 12,513 for WagonR and Rs 13,324 for Ignis in Kochi (including taxes) for a tenure of 48 months. 

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Adani Enterprises Q3 Results: Net profit declines 10% YoY to Rs 343 crore

Adani Enterprises Ltd reported a 10.39% YoY decline in consolidated net profit to Rs 343.17 crore for the quarter ended December (Q3). Its consolidated revenue rose 6% YoY to Rs 11,788 crore during the same period. Mining and solar manufacturing revenues were up 13% and 29%, respectively, in Q3.

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SEBI bars Future Group CEO Kishore Biyani from securities market for 1 year

The Securities and Exchange Board of India (SEBI) has barred Future Group CEO Kishore Biyani from accessing the securities market for a period of 1 year in a case pertaining to alleged insider trading between March and April 2017. Biyani has also been barred from buying, selling, or dealing in securities of Future Retail for 2 years. SEBI announced its decision after a probe into the use of unpublished price sensitive information to trade in Future Retail.

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Ujjivan SFB Q3 Results: Net loss at Rs 279 crore

Ujjivan Small Finance Bank reported a net loss of Rs 279 crore for the quarter ended December (Q3). It had posted a net profit of Rs 90 crore in the corresponding quarter last year. The bank’s provisions increased to Rs 584 crore, compared to Rs 31 crore in Q3 FY20. Ujjivan SFB’s gross non-performing assets (NPAs) ratio remained stable at 1%, compared to 0.9% in Q3 FY20.

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Adani Total Gas Q3 Results: Net profit rises 27% YoY to Rs 145 crore

Adani Total Gas Ltd reported a 26.7% YoY increase in net profit to Rs 145.87 crore for the quarter ended December (Q3). Its revenue rose 1.42% YoY to Rs 496 crore during the same period. The company commissioned 17 new CNG stations in Q3, taking the tally to 151 stations. PNG home connections increased to 4.75 lakh, with 10,346 new connections during the October-December quarter.

Adani Total Gas has reached a three-year deal to import liquefied natural gas (LNG) from French major Total’s assets. The gas is being procured by Adani Total Private Ltd for sale in India to the company’s domestic and industrial customers.

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Venky’s Q3 Results: Net profit at Rs 106 crore

Venky’s (India) Ltd reported a net profit of Rs 106.5 crore for the quarter ended December (Q3). It had posted a net loss of Rs 5.86 crore in the corresponding quarter last year. The company’s revenue rose 5.8% YoY to Rs 931.68 crore in Q3 FY21. Venky’s poultry and poultry products segment recorded a growth of over 11% YoY, while its animal health products segment grew by ~10% YoY.