Tag: rbi monetary policy

RBI Cuts FY23 GDP Forecast to 7.2% – Top Indian Market News

Post author By marketfeed Team
Post date April 8, 2022

RBI keeps policy rates unchanged; cuts FY23 GDP forecast to 7.2%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance to support growth and keep inflation within the target of 2-6%. RBI has projected real GDP growth of 7.2% for the current financial year (FY23), which is lower than its earlier estimate of 7.8%.

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RBI imposes penalties on Axis Bank, IDBI Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs 93 lakh on Axis Bank. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines, and “levy of penal charges for non-maintenance of minimum balances in savings bank accounts”. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank for similar violations.

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JSW Steel’s combined crude steel output grows 37% YoY in Q4

JSW Steel Ltd reported a 37% YoY increase in combined crude steel production at 5.98 million tonnes (MT) for the quarter ended March (Q4 FY22). The capacity utilisation of existing operations at the standalone level improved from 94% in Q3 to 98% in Q4. During the entire FY 2021-22, JSW Steel posted a 38% YoY growth in combined steel production to 21.47 MT.

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Tax collections soar to a record Rs 27.07 lakh crore in FY22

India’s tax collections soared to a record high of Rs 27.07 lakh crore in FY22 as mop-up from income and other direct taxes as well as indirect taxes jumped. Gross tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 compares with the Budget estimate of Rs 22.17 lakh crore. While direct taxes showed a 49% growth, indirect tax collections were up 30% in FY22.

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Abu Dhabi’s IHC to invest $2 billion in 3 Adani Group firms

Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion (~Rs 15,180 crore) as primary capital in three Adani portfolio companies– Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL). IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL, and Rs 7,700 crore in AEL. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening the balance sheet, and for general corporate purposes.

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Sterling and Wilson RE’s loss narrows in Q4

Sterling and Wilson Renewable Energy Ltd (SWREL) posted a loss of Rs 126.61 crore for the quarter ended March 2022 (Q4 FY22). It had reported a loss of Rs 344.80 crore in the corresponding period last year. The company’s revenue fell by 21.5% YoY to Rs 1,071 crore during the same quarter. SWREL reported a net loss of Rs 909.46 crore in FY22, compared to a loss of Rs 285.38 crore in FY21.

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Indoco Remedies gets USFDA approval for Lacosamide injection

Indoco Remedies Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lacosamide Injection. The drug is used for the prevention and control of seizures. It is an anti-epileptic drug. According to IQVIA data, the generic version of the drug had annual sales of $43.8 million, growing at 25%.

V-Guard Industries bets on consumer durables, expansion outside south India

V-Guard Industries is betting big on its consumer durables and kitchen appliances division as well as increasing its operations outside south India. The company will open four new factories over the next 12 months– two in Hyderabad and one each in Vapi and Uttarakhand. This will help increase the share of in-house manufacturing in its product portfolio. V-Guard has invested about Rs 200 crore in its manufacturing & distribution expansion and will be investing Rs 180-200 crore more.

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Govt returns bank guarantees worth Rs 15,000 crore to Vodafone Idea

The Department of Telecommunication (DoT) has returned bank guarantees worth Rs 15,000 crore to Vodafone Idea (Vi). It is in line with last year’s telecom reforms package, which reduced bank guarantee requirements for licence fees and spectrum dues. The Rs 15,000 crore bank guarantee pertains to spectrum auctions between 2012-’16. The DoT has also released bank guarantees worth Rs 7,000 crore to Bharti Airtel.

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Equity mutual fund inflows rise 44% in March: AMFI

Net inflows into equity and equity-linked schemes increased 44% over the previous month to Rs 28,463.5 crore in March. Multi-cap funds witnessed the highest investments among all categories, while small caps saw the least. Monthly contributions into systematic investment plans (SIPs) recovered to hit an all-time high of Rs 12,327.9 crore in March. That data was released by the Association of Mutual Funds in India (AMFI).

Read more here.

Tags Adani Group, AMFI, axis bank, indoco remedies, JSW Steel, rbi monetary policy, sterling and wilson solar, vguard, Vodafone Idea

Editorial

RBI Monetary Policy Committee Meeting: Major Highlights

Post author By Cherian Varghese
Post date April 8, 2022

The Reserve Bank of India’s six-member Monetary Policy Committee (MPC) held its first meeting of the new financial year (FY23). Here are the key takeaways from RBI Governor Shaktikantha Das’ conference held today:

The MPC has decided to keep the repo rate unchanged at 4% for the eleventh consecutive time. Repo rate is the interest rate at which a central bank (like RBI) lends money to all the other banks in the country.

The committee has also decided to keep the reverse repo rate unchanged at 3.35%. Reverse repo rate is the interest rate at which commercial banks lend money to the central bank.

The RBI Governor said the MPC had voted unanimously to maintain the accommodative stance. It means the central bank is prepared to inject more money into the economy to boost growth.

The RBI will focus on withdrawal of the accommodative stance to ensure that inflation remains within the target of 2-6%. It aims to withdraw excess liquidity over a multi-year period.

The RBI has restored the Liquidity Adjustment Facility (LAF) corridor with standing facilities— one to absorb liquidity and the other to inject liquidity. The Standing Deposit Facility (SDF) rate will be 3.75% to reduce/absorb excess liquidity. The Marginal Standing Facility (MSF) rate stands at 4.25% to pump more money into the economy.

Meanwhile, the RBI has cut India’s real gross domestic product (GDP) growth projection to 7.2% for FY23. It had earlier projected GDP growth at 7.8%.

The consumer price inflation (CPI) for FY23 is projected at 5.7% (from the earlier projection of 4.5%). The break-up of projected inflation is as follows:

The effect of Russia’s invasion of Ukraine has added to the rise in inflation. It has also caused a downside pressure on economic growth. However, Domestic economic activity continues to show recovery even as contact-intensive services remain below pre-pandemic levels. Investment activities may gain traction with improved business confidence, credit growth, and favorable financing conditions. The economy is supported comfortably by large foreign exchange (forex) reserves.

Tags Editorial, GDP growth, inflation, MPC, RBI, rbi monetary policy, repo rate

Market News Top 10 News

SC Rules in Favour of Amazon in Case Against Future Retail – Top Indian Market News

Post author By marketfeed Team
Post date August 6, 2021

Supreme Court rules in favour of Amazon, restrains Reliance-Future Retail merger

The Supreme Court has ruled in favor of Amazon.com, Inc in its dispute with Future Retail Ltd (FRL). The e-commerce giant had filed a plea against the Rs 24,713 crore deal for the merger of Future Retail with Reliance Retail. Today, the SC stated that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules is valid and enforceable under Indian laws.

Amazon and Future Group had been locked in legal battles over the deal, with the US firm accusing FRL of violating pre-existing contracts when it sold its assets to rival Reliance Industries.

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Tata Power Q1 Results: Net profit rises 74% YoY to Rs 465 crore

Tata Power Company Ltd reported a 74% year-on-year (YoY) increase in consolidated net profit to Rs 465.69 crore for the quarter ended June (Q1 FY22). Net profit has declined by 3% when compared to the previous quarter. Its revenue from operations rose 47% YoY to Rs 9,831 crore during the same period. EBITDA stood at Rs 2,365 crore, an increase of 16% YoY. Tata Power aims to scale up its renewable portfolio from the current 4 gigawatts (GW) to 15 GW by 2025 and to 25 GW by 2030.

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RBI keeps policy rates unchanged, GDP growth target retained at 9.5% in FY22

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance as long as necessary to support growth and mitigate the impact of the Covid-19 pandemic. RBI has projected real GDP growth at 9.5% for the current financial year (FY22).

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks]

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M&M and MVML Q1 Results: Net profit jumps 23 times to Rs 934 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a 23 times YoY jump in combined net profit to Rs 934 crore for the quarter ended June (Q1 FY22). Net profit stood at Rs 163 crore in the previous quarter (Q4 FY21). The combined revenue from operations jumped 110 YoY to Rs 11,763 crore in Q1 FY22. Its farm equipment business posted its highest-ever operating profit of Rs 1,081 crore and revenues of Rs 5,319 crore in Q1.

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

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Hindalco Q1 Results: Net profit rises 45% QoQ to Rs 2,787 crore

Hindalco Industries reported a 44.55% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 2,878 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 709 crore in the corresponding quarter last year (Q1 FY21). Hindalco’s total income rose 61.95% YoY (or 2.3% QoQ) to Rs 41,625 crore in the April-June quarter of FY22. EBITDA increased by 188% YoY (or 16% QoQ) to Rs 6,790 crore in Q1.

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Strides Pharma Science Q1 Results: Net loss at Rs 209 crore

Strides Pharma Science Ltd reported a consolidated net loss of Rs 209 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 101.84 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations declined by 11.9% YoY to Rs 588.36 crore in Q1 FY22.

The wholly-owned subsidiaries of Strides Pharma Science have entered into definitive agreements to acquire Endo International plc’s manufacturing facility at Chestnut Ridge, New York, for $24 million (~Rs 178 crore).

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Muthoot Finance Q1 Results: Net profit rises 14% YoY to Rs 979 crore

Muthoot Finance Ltd reported a 14% YoY increase in consolidated net profit to Rs 979 crore for the quarter ended June (Q1). Its revenue from operations rose 13.5% YoY to Rs 2,955.83 crore during the same period. The NBFC’s assets under management (AUM) rose 25% YoY to Rs 58,135 crore in Q1. Its interest income increased by 15.4% YoY to Rs 2,918.31 crore in the April-June quarter of FY22.

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Voltas Q1 Results: Net profit rises 50% YoY to Rs 122 crore

Voltas Ltd reported a 49.7% YoY increase in consolidated net profit to Rs 122.44 crore for the quarter ended June (Q1 FY22). Net profit has declined by 48% when compared to the previous quarter. Its total income rose 36.34% YoY to Rs 1,860.17 crore during the same period. Total expenses stood at Rs 1,661.53 crore, up 33.44% YoY in Q1. Revenue from its unitary cooling products segment grew 18.7% YoY to Rs 963.11 crore.

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Berger Paints Q1 Results: Net profit jumps multi-fold to Rs 140 crore

Berger Paints India Ltd reported an 811.74% YoY jump in consolidated net profit to Rs 140.59 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.6% when compared to the previous quarter. Its revenue from operations rose 93.22% YoY to Rs 1,798.5 crore during the same period. The company’s total expenses grew 80.2% YoY to Rs 1,624.36 crore in Q1.

SAIL Q1 Results: Net profit at Rs 3,897 crore

Steel Authority of India Ltd (SAIL) reported a consolidated net profit of Rs 3,897.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,226.47 crore in the corresponding quarter last year (Q1 FY21). Net profit has increased by 12.3% when compared to the previous quarter. Its total income jumped 122% YoY to Rs 20,754.75 crore in Q1 FY22. EBITDA stood at Rs 6,567 crore during the same period, compared to a loss of Rs 400 crore in Q1 FY21.

Tags amazon reliance war, berger paints, Hindalco, Mahindra and Mahindra, muthoot finance, rbi monetary policy, reliance, strides pharma

Market News Top 10 News

RBI Keeps Policy Rates Unchanged; Cuts FY22 GDP Forecast to 9.5% – Top Indian Market News

Post author By marketfeed Team
Post date June 4, 2021

RBI keeps policy rates unchanged, cuts FY22 GDP growth to 9.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance as long as necessary to support growth and keep inflation within the target. RBI has projected real GDP growth of 9.5% for the current financial year (FY22), which is lower than its earlier estimate of 10.5%. The central bank will create a special liquidity window of Rs 15,000 crore to support the hotel, tourism, and aviation sectors.

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Bharat Forge Q4 Results: Net profit at Rs 212 crore

Bharat Forge Limited reported a consolidated net profit of Rs 212.12 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 68.59 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 16.36% YoY to Rs 2,082.85 crore in Q4 FY21. Bharat Forge reported a net loss of Rs 126.97 crore for the financial year 2020-21 (FY21). This is compared to a net profit of Rs 349.25 crore in FY20. The company’s board has recommended a final dividend of Rs 2 per share.

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Tata Consumer enters premium coffee market; launches ‘Sonnets by Tata Coffee’

Tata Consumer Products Ltd (TCPL) has entered the premium roast and ground coffee segment with the launch of ‘Sonnets by Tata Coffee’. Through this brand, TCPL is targeting customers who seek a special coffee experience. They will provide microlot coffees that are limited edition offerings and are processed distinctively on the estates. Sonnets is sourced from Tata Coffee’s plantations in South India. TCPL is also entering the direct-to-consumer space in the coffee segment as it would be sold online only.

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Jubilant Pharmova Q4 Results: Net profit declines 17% YoY to Rs 214 crore

Jubilant Pharmova Ltd reported a 17.89% YoY decline in consolidated net profit to Rs 213.90 crore for the quarter ended March (Q4). Net profit has declined by 30.98% when compared to the previous quarter. Its revenue from operations rose 3.63% YoY to Rs 1,551.69 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.94% YoY to Rs 835.87 crore. The pharma company’s board has recommended a dividend of Rs 5 per share.

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Glenmark Pharma gets USFDA approval for Theophylline tablets

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Theophylline extended-release (ER) tablets. The drug is used to prevent and treat wheezing, shortness of breath, and chest tightness caused by asthma, chronic bronchitis, and other lung diseases. According to IQVIA data, Theophylline ER tablets had achieved annual sales of ~$47.8 million (~Rs 348.5 crore) for the 12 months ended April 2021.

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RailTel Corp secures order worth Rs 120 crore from Bharat Coking Coal

RailTel Corporation of India has secured an order worth Rs 119.72 crore from Bharat Coking Coal Ltd (BCCL). The work order is for the implementation of MPLS-VPN services along with miscellaneous services at 340 locations of BCCL for a period of five years. RailTel is a Mini Ratna PSU and a leading neutral telecom infrastructure provider. It has a pan-India optic fibre network on exclusive right of way along railway lines.

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Bank of India Q4 Results: Net profit at Rs 250 crore

Bank of India reported a standalone net profit of Rs 250.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 3,571.41 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) declined by 29% YoY to Rs 2,936 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 13.77%, compared with 14.78% in the year-ago period. The bank’s net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 2,160.3 crore, compared to a net loss of Rs 2956.89 crore in FY20.

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Tesla to start testing Model 3 in India from July-August

According to a report from CNBC-TV 18, Tesla is looking to bring Model 3 to India for testing by July or August. Tesla’s Model 3 is its most affordable and largest selling product in the world. The report further states that backend work to get the product ready for sale before the end of the year is currently underway. The cars will be brought in for testing, Automotive Research of India (ARAI) approvals, and for other regulatory compliances. Tesla will come up with company-owned showrooms in Mumbai, Bangalore, and Delhi, while it may explore a franchise-based model for its workshops in the country.

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MOIL Q4 Results: Net profit rises 125% QoQ to Rs 116 crore

MOIL Limited reported a 125.83% quarter-on-quarter (QoQ) increase in net profit to Rs 116.03 crore for the quarter ended March (Q4). Net profit has jumped 761% when compared to the corresponding quarter last year. The mining company’s total income rose 67.7% QoQ (or 70.19% YoY) to Rs 481.56 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 28.84% YoY to Rs 176.63 crore. MOIL’s board has recommended a final dividend of Rs 4.9 per share.

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Jai Corp Q4 Results: Net profit jumps 415% YoY to Rs 14 crore

Jai Corp Limited reported a 415% YoY jump in consolidated net profit to Rs 14.08 crore for the quarter ended March 2021 (Q4). Net profit has declined by 80.48% when compared to the previous quarter. Its revenue from operations rose 17.55% YoY to Rs 137.74 crore in Q4 FY21. The company’s board has proposed a dividend of Rs 0.50 per share. Jai Corp is primarily engaged in the plastic processing business in India. It also produces, processes, and trades in steel products.

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NIIT Q4 Results: Net profit at Rs 46.5 crore

NIIT Limited reported a net profit of Rs 46.5 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 0.6 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 30% YoY to Rs 275.5 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 89% YoY to Rs 143.66 crore. NIIT’s board has recommended a dividend of Rs 2.5 per share.

Read more here.

Tags Bank of India, bharat forge, glenmark pharma, Jai Corp, jubilant pharmova, MOIL, RailTel, rbi monetary policy, Tata Consumer Products, tesla india

Market News Top 10 News

RBI Keeps Repo Rate Unchanged at 4% – Top Indian Market News

Post author By marketfeed Team
Post date April 7, 2021

RBI keeps repo rate unchanged at 4%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. This is the fifth time in a row that the rates have been kept on hold. RBI Governor Shaktikanta Das said the central bank will maintain its ‘accommodative’ stance as long as required to sustain growth on a durable basis. The RBI sees real GDP growth at 10.5% for the current financial year.

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Cabinet approves PLI scheme for ACs, LEDs

The Union Cabinet, on Wednesday, approved a production-linked incentive (PLI) scheme for air conditioners and LED lights (also known as white goods). The government will disburse Rs 6,238 crore over the next five years towards this scheme. A separate PLI scheme for high-efficiency solar photovoltaic (PV) modules has also been approved, with an outlay of Rs 4,500 crore. The solar PLI scheme will lead to an annual addition of around 10,000 MW in the country’s manufacturing capacity.

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Dixon Tech to form JV with Bharti Enterprises for making telecom products

Dixon Technologies (India) Ltd has signed a pact with Bharti Enterprises to form a joint venture (JV) for availing the government’s production-linked incentive (PLI) on manufacturing of telecom and networking products. The new firm will manufacture products such as modems, routers, set-top boxes, internet-of-things (IoT) devices, etc. As per the agreement, Dixon Tech will hold a 74% stake in the JV, while the remaining 26% will be owned by Bharti Enterprises.

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IDFC First Bank raises Rs 3,000 crore via QIP issue

IDFC First Bank said it has successfully raised Rs 3,000 crore through a qualified institutional placement (QIP). The lender’s Board of Directors has approved the allotment of 52.31 crore equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 57.25 per share. The bank intends to utilize the proceeds from the issue to enhance its capital adequacy ratio (to meet regulatory requirements) and for other general corporate purposes.

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Tata Power Solar doubles manufacturing capacity to 1,100 MW

Tata Power Solar, a wholly-owned subsidiary of Tata Power, has doubled its manufacturing capacity of cells and modules to 1,100 MW at its Bengaluru facility. The expansion was based on the significant increase in demand for the company’s solar modules, as well as the expected rise in demand due to the government’s Atmanirbhar Bharat initiative. Tata Power Solar’s manufacturing plant in Bengaluru is India’s premier integrated cell and module manufacturing facility that meets the highest industry standards.

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RailTel Corp secures work orders worth Rs 34.37 crore

RailTel Corporation of India said it has received work orders worth Rs 34.37 crore from two clients. The company has secured an order worth Rs 22.38 crore from the Controller General of Defence Accounts (CGDA) for setting up a network operation centre. Railtel has also received an order worth Rs 11.99 crore from Axom Sabra Siksha Abhiyan Mission for the deployment of artificial intelligence (AI)-based identification system for capturing attendance and management of Student Database Management Information System (SDMIS).

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Bharti Airtel launches 5G-ready IoT platform to drive enterprise business

Bharti Airtel has launched a 5G-ready Internet of Things (IoT) platform with the capability to connect and manage a large number of devices and applications. The telecom company is targeting the automobile, manufacturing, banking, financial services, and insurance (BFSI) utility, and industry 4.0 (Fourth Industrial Revolution) verticals to drive growth for its IoT platform and the IoT business as a whole.

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Cholamandalam Finance joins Zerodha, Ujjivan, Airpay to apply for NUE license

Cholamandalam Investment & Finance Company announced that it is one of the companies participating in a consortium of Vishwakarma Payments that has applied for a New Umbrella Entity (NUE) license for retail payments with RBI. FSS, Zoho, Zerodha, RazorPay, Ujjivan, and Airpay are also part of the Vishwakarma Payments consortium. This consortium expects to focus on building an agile platform for seamless digital payments.

Read more here.

To know more about NUEs, click here.

Dr Reddy’s launches Sapropterin Dihydrochloride powder in US

Dr. Reddy’s Laboratories announced the launch of Sapropterin Dihydrochloride powder for oral solution (100 mg) in the US market. It is a therapeutic equivalent generic version of Kuvan powder approved by the US Food and Drug Administration (USFDA). Sapropterin dihydrochloride is a phenylalanine hydroxylase activator indicated to reduce blood phenylalanine (Phe) levels in adult and pediatric patients one month of age and older with hyperphenylalaninemia (HPA).

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Rajesh Exports secures order worth Rs 745 crore from Germany

Rajesh Exports Limited has bagged an order for its designer range of gold jewellery from Germany. The total value of the export order is Rs 745 crore. The order is to be completed by July 2021. The company will be executing the order from its manufacturing facilities spread across India. Bengaluru-based Rajesh Exports is a gold retailer that refines, designs, and sells gold and jewelry.

Read more here.

Tags Bharti Airtel, cholafin, dixon technologies, dr reddys, idfc first bank, PLI scheme, RailTel, rajesh exports, rbi monetary policy, Tata Power

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RBI Keeps Policy Rates Unchanged; Projects GDP Growth at 10.5% in FY22 – Top Indian Market News

Post author By marketfeed Team
Post date February 5, 2021

RBI keeps policy rates unchanged; projects GDP growth at 10.5% in FY 2021-22

The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to keep the repo rate unchanged at 4%. The reverse repo rate will remain unchanged at 3.35%. The MPC has projected gross domestic product (GDP) to grow at a rate of 10.5% for the financial year 2021-22. RBI Governor Shaktikanta Das said that outlook on India’s growth has improved significantly. He stated that the manufacturing, infrastructure, and services sectors are showing impressive growth.

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M&M Q3 Results: Net profit rises 40% YoY to Rs 531 crore

Mahindra & Mahindra (including Mahindra Vehicle Manufacturers) reported a 40% YoY increase in net profit to Rs 530.9 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 14,056.5 crore during the same period. M&M’s total vehicle sales declined by 7% YoY to 1.55 lakh units. Tractor sales rose 20% YoY to 97,420 units.

The carmaker estimates it will incur a one-time loss of Rs 1,210.48 crore on its South Korean unit, Ssangyong Motor, which has filed for bankruptcy. M&M said it may not be able to complete the majority stake sale in Ssangyong by February 28 as planned earlier.

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HAL, Rolls-Royce expand partnership in India

Hindustan Aeronautics Ltd (HAL) and Rolls-Royce have agreed to expand their partnership in India for collaboration in two significant areas. This includes expanding the supply chain for both Civil and Defence Aerospace and establishing an authorized maintenance centre for Adour Mk871 engines to support Rolls-Royce’s global customers. Both companies will build on their partnership of over 60 years, wherein Rolls-Royce engines have been ‘Made in India’ and supported by HAL under license from Rolls-Royce.

Read more here.

Punjab National Bank Q3 Results: Net profit at Rs 506 crore

Punjab National Bank (PNB) reported a net profit of Rs 506 crore for the quarter ended December (Q3). It had posted a net loss of Rs 492.28 crore in the corresponding quarter last year. The bank’s net interest income (NII) grew 90% YoY to Rs 8,313 crore in Q3 FY21. PNB’s gross non-performing assets (GNPAs) reduced to 12.99% in Q3, compared to 13.43% in Q2 FY21.

Read more here.

Cadila Health Q3 Results: Net profit rises 41% YoY to Rs 527 crore

Cadila Healthcare Ltd reported a 41% YoY increase in consolidated net profit to Rs 527.2 crore for the quarter ended December (Q3). Its consolidated revenue rose 4.3% YoY to Rs 3,795.6 crore during the same period. The company’s business in India (including health formulations business and consumer wellness business) grew 20% YoY to Rs 1,643 crore in Q3.

Cadila Healthcare has received approval to start Phase-III clinical trials of its Covid-19 vaccine ZyCoV-D in India. The vaccine will be tested across 60 locations in 30,000 healthy adult volunteers.

Read more here.

Expenditure Finance Committee approves PLI proposal for LEDs, ACs

The Expenditure Finance Committee has approved the proposal of the Ministry of Commerce and Industry for providing incentives to ACs and LED lights under the production linked incentive (PLI) scheme. In November 2020, the Union Cabinet had approved Rs 6,238-crore outlay for these two sectors under the PLI scheme. This would help boost domestic manufacturing in the country.

Read more here.

Sundaram Finance Q3 Results: Net profit rises 45% YoY to Rs 242 crore

Sundaram Finance Ltd reported a 45% YoY increase in net profit to Rs 242 crore for the quarter ended December (Q3). Its total income rose 7% YoY to Rs 1,045 crore during the same period. The company’s assets under management (AUM) stood at Rs 31,226 crore in Q3, compared to Rs 30,502 crore in the corresponding quarter last year (Q3 FY20).

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Alkem Lab Q3 Results: Net profit rises 18% YoY to Rs 450 crore

Alkem Laboratories reported an 18.06% YoY increase in consolidated net profit to Rs 450.96 crore for the quarter ended December (Q3). The pharma company’s revenue rose 6.24% YoY to Rs 2,318.05 crore during the same period. Alkem Lab’s board has declared an interim dividend of Rs 25 per share.

Natco Pharma receives registration approval for Chlorantraniliprole

Natco Pharma Ltd has received registration approval from the Central Insecticide Board & Registration Committee for Chlorantraniliprole (CTPR). CTPR is an active ingredient used in pest management products. Natco would be the first indigenous manufacturer of this technical product. The company hopes to bring products based on CTPR shortly that would be affordable and accessible to farmers across India.

Read more here.

Jubilant Life Q3 Results: Net profit rises 52% YoY to Rs 310 crore

Jubilant Life Sciences reported a 52.39% YoY increase in consolidated net profit to Rs 309.93 crore for the quarter ended December (Q3). Its revenue rose 16.63% YoY to Rs 1,743.63 crore during the same period. Jubilant Life Sciences is a pharmaceutical company based in Noida.

Tags alkem lab, cadila health, HAL, Mahindra and Mahindra, natco pharma, PLI, PNB, rbi monetary policy, sundaram finance

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RBI Keeps Repo Rate Unchanged at 4% – Top Indian Market News

Post author By marketfeed Team
Post date December 4, 2020

RBI keeps Repo Rate unchanged at 4%; raises GDP projection for FY21

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. This is the third time in a row that the rates have been kept on hold. The RBI expects the GDP to contract 7.5% in the year ending March 2021. Thus, it has revised its earlier expectation of a 9.5% contraction. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 6.8% in Q3 and 5.8% in Q4.

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Covid-19 vaccination drive to begin soon after scientists’ approval: PM Modi

Prime Minister Narendra Modi, on Friday, said that India will begin its Covid-19 vaccination programme after experts give the necessary approvals. He was addressing an all-party meeting to discuss the Covid-19 pandemic situation in India. PM Modi said, “experts believe that the wait for a Covid-19 vaccine will not be long and it may be ready in a few weeks”. He also stated that the Centre and state governments are conducting discussions to fix the price of the vaccine in India.

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Sensex crosses 45,000 mark for first time as RBI revises GDP target to -7.5%

The BSE Sensex crossed the 45,000 points mark for the first time on Friday, after the RBI announced its optimistic stance on India’s economy. The RBI revised the real GDP growth projection for FY21 from -9.5 to -7.5. Shaktikanta Das, the RBI Governor, also stated that the central bank expects the economy to record positive growth in the second half of the current financial year.

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Zydus Cadila gets DGCI approval for Phase-3 clinical trials with biological therapy

Zydus Cadila has received approval from the Drugs Controller General of India (DGCI) to start Phase-3 clinical trials with its biological therapy ‘PegiHep’ in Covid-19 patients. The company had completed Phase-2 clinical trials with PegiHep last month. The Phase-3 trials will commence in December and will be conducted on 250 patients across 20-25 centres in India.

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DBS Bank India gets Rs 2,500 crore capital support from parent company

DBS Bank India Ltd (DBIL) has received a capital infusion of Rs 2,500 crore from DBS Bank Ltd, Singapore, to support its amalgamation with Lakshmi Vilas Bank (LVB). The scheme of amalgamation came into effect on November 27, 2020. The lender stated that the amalgamation provides stability and better prospects to LVB’s depositors, customers, and employees, after a period of uncertainty.

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Govt extends NMDC’s Donimalai iron ore lease after two-year suspension

The Government of India has signed an agreement with the Government of Karnataka and the Ministry of Steel to extend the Donimalai iron ore lease. NMDC stated that this decision by the government has been taken in a situation when steel companies are facing a shortage in the supply of iron ore. NMDC’s Donimalai had remained non-operational since 2018 after NMDC and the Karnataka Government got into a legal battle over the asset.

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RBI raises limit for contactless card transactions to Rs 5,000 from Jan 1

The Reserve Bank of India (RBI) has proposed to increase the limit for contactless transactions from Rs 2,000 to Rs 5,000 from January 1, 2021. This covers contactless and recurring payments through debit and credit cards, prepaid instruments, wallets, and the Unified Payments Interface. This move is to expand the adoption of digital payments in a safe and secure manner.

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Tata Power gets letter of intent for 2 Odisha discoms

Tata Power Ltd announced that it has received the Letter of Intent (LoI) for Odisha’s WESCO and SOUTHCO power distribution utilities (discoms). The LoI has been issued by the Odisha Electricity Regulatory Commission (OERC). The license enables Tata Power to serve the consumers of the western and southern part of Odisha with a geographical spread of more than 47,000 sq km each. The license period for the two distribution utilities will be 25 years.

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Burger King India IPO subscribed 157 times on final day of bidding

The Rs 810 crore initial public offering (IPO) of Burger King India was subscribed 157 times on the final day of bidding. This makes it the second most successful IPO of 2020, after Mazagon Dock Shipbuilders. The allotment status will be announced on December 9, and the shares will be listed on the stock exchanges on December 14.

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SAIL crude steel output grows by 7% in November

Steel Authority of India Ltd (SAIL) said that its crude steel production rose by 7% to 1.417 million tonnes (MT) during November. The company had produced 1.328 MT of crude steel in November 2019. SAIL stated that it has taken a number of initiatives towards increasing its sales in both domestic as well as export markets.

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JSW Steel offers Rs 450 crore to close deal with Bhushan Power: Report

As per a report from CNBC-TV18, JSW Steel has proposed to raise its offer by Rs 400-450 crore for Bhushan Power and Steel Ltd (BPSL), in a bid to close the acquisition at the earliest. The report states that JSW Steel wants to close the deal as soon as possible to take the benefit of rising steel prices. The company had initially offered Rs 19,350 crore for BPSL under the bankruptcy process and was declared the highest bidder almost a year back.

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Tags burger king, JSW Steel, PM Modi, rbi monetary policy, sail, sensex, Tata Power, Zydus Cadila