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Adani Wilmar Slashes Edible Oil Prices – Top Indian Market Updates

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

Adani Wilmar cuts edible oil prices by Rs 30 per litre

Adani Wilmar Ltd has announced a reduction in cooking oil prices by up to Rs 30 per litre amidst a fall in global prices. The price of Adani Wilmar’s Fortune soyabean oil has been revised from Rs 195 per litre to Rs 165 per litre. The sunflower oil rate has been reduced from Rs 210 per litre to Rs 199 per litre. The move comes after the Indian government had slashed import duties by 5.5% and asked manufacturers to pass it on to consumers.

Read more here.

JSW Steel collaborates with BCG to work on decarbonisation goals

JSW Steel Ltd has partnered with US-based Boston Consulting Group (BCG) to meet its decarbonisation goals. The steelmaker has an ambitious target of reducing its carbon emission by 42% YoY by 2029-30 (compared to the base year 2005). This collaboration will focus on applying digital and analytics to track, measure, and enhance JSW Steel’s environmental performance.

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Bank of Maharashtra Q1 Results: Net profit doubles to Rs 452 crore

Bank of Maharashtra reported a 117% YoY jump in net profit to Rs 451.9 crore for the quarter ended June (Q1 FY23). Total income fell 0.5% YoY to Rs 3,774.32 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.74% in Q1 FY23, compared to 6.35% in Q1 FY22. Provisions fell 27% YoY to Rs 548.41 crore.

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Jio puts in highest EMD at Rs 14,000 crore for 5G spectrum sale

Reliance Jio Infocomm, Bharti Airtel, Adani Data Networks, and Vodafone Idea (Vi) have put in earnest money deposits (EMDs) of Rs 14,000 crore, Rs 5,500 crore, Rs 100 crore, and Rs 2,200 crore, respectively. The EMDs are part of applications that the applicants filed to the Department of Telecommunications (DoT) to participate in the upcoming 5G spectrum sale, starting July 26.

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Hindalco partners with Israel’s Phinergy to develop aluminium-air batteries for EVs in India

Hindalco Ltd has signed a Memorandum of Understanding (MoU) with Israel-based metal-air battery technology pioneer Phinergy to develop and pilot the production of aluminium (Al) plates for aluminium-air batteries in India. In an aluminium-air battery, energy is released when Al reacts with oxygen in ambient air to produce aluminium hydroxide. Due to its lightweight and high energy density, such a battery becomes ideal for electric vehicles (EVs).

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Cyient partners with Honeywell to make cloud-connected cockpit system

Cyient Ltd has partnered with Honeywell to manufacture the aviation industry’s first cloud-connected cockpit system— The Honeywell Anthem. It will be driven by a versatile software platform that can be modified for every type of aircraft, including passenger & cargo planes, business jets, and helicopters. The proposed flight deck will have an intuitive interface modeled after smart devices, powered by good connectivity.

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Jindal Stainless to supply 3,500 tonnes stainless steel for railway link tunnel project

Jindal Stainless Ltd will supply 3,500 tonnes stainless steel for the Indian Railway’s Udhampur-Srinagar-Baramulla Railway Link (USBRL) tunnel project. This will be the first-ever application of stainless steel cable trays in an Indian railway project. The USBRL tunnel project is a 272 km-long railway link between Jammu and Kashmir. It will provide an all-weather and reliable connectivity between the two cities.

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Zydus Lifesciences gets USFDA approval to market generic antifungal medication

Zydus Lifesciences Ltd’s subsidiary has received approval from the US Food & Drug Administration (USFDA) to market antifungal Efinaconazole Topical solution. The pharma group will produce the drug at its topical manufacturing facility in Ahmedabad. As per IQVIA MAT May 2022 data, the generic version of the drug had annual sales of $292 million in the US.

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HCL Technologies wins multi-year deal from DSM

HCL Technologies Ltd has signed a multi-year deal to drive the modernization of the core IT business systems of Dutch health and nutrition multinational DSM. The company will implement IT service delivery solutions for approximately 18,000 end users across 200 sites in more than 50 countries. HCL’s Fenix 2.0 digital execution framework will drive transformation at scale across DSM’s business units and product lines.

Read more here.

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Mukesh Ambani Resigns as Director of Reliance Jio – Top Indian Market Updates

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

Mukesh Ambani resigns as director of Reliance Jio

Mukesh Ambani has resigned from the board of his group’s telecom arm, Reliance Jio Infocomm Ltd. He has handed over the reins of the company to his elder son Akash. In a stock exchange filing, Reliance Jio said its board has “approved the appointment of Akash M Ambani, non-executive director, as chairman of the Board of Directors of the company.”

Read more here.

Tata Steel to ramp up Neelachal Ispat Nigam’s operation to 1.1 MTPA within a year

Tata Steel Ltd (TSL) Chairman N Chandrasekaran said the company will boost the operation of Neelachal Ispat Nigam Ltd (NINL) to a rated capacity of 1.1 million tonnes per annum (MTPA) within the next year. In January 2022, Tata Steel Long Products (a subsidiary of TSL) won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel is expected to complete the acquisition by the end of Q1 FY23.

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Ruchi Soya Industries changes name to Patanjali Foods Ltd

Edible oil manufacturer Ruchi Soya Industries Ltd (RSIL) announced that the company’s name has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. Last month, Patanjali Ayurved sold its food retail business to RSIL for Rs 690 crore. The move was part of its strategy to focus on the non-food, traditional medicine, and wellness business.

Read more here.

Indiabulls Real Estate guilty of profiteering Rs 6.46 crore

The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate Ltd (IREL) guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers after the introduction of GST. The concerned project, named Sierra-Vizag, is situated in Visakhapatnam. The NAA has directed IREL to pass on the profiteered amount to homebuyers within 3 months, along with interest.

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LTTS launches engineering design centre in France

L&T Technology Services Ltd. (LTTS) has launched an engineering design centre in Toulouse, France. The centre will initially focus on developing cutting-edge solutions for the aerospace and defence industries. LTTS also plans to hire over 100 engineers for the centre in the next two years.

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Tata Motors to increase prices of commercial vehicles from July 1

Tata Motors Ltd. has announced a price hike of 1.5-2.5% for its range of commercial vehicles (CVs), effective from July 1. The percentage of hike will depend on the individual model and variant. “The steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike,” the automaker said in a statement.

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India Cements acquires 100% stakes in Springway Mining

India Cements Ltd has acquired the entire paid-up equity and preference share capital of Springway Mining Private Ltd for Rs 182.89 crore. Springway Mining was in the process of setting up a cement plant in Madhya Pradesh. 

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Glenmark Pharma acquires OTC drugs from Wockhardt

Glenmark Pharma’s US subsidiary has acquired a portfolio of approved over-the-counter (OTC) abbreviated new drug applications (ANDAs) from Wockhardt. The move is part of the pharma company’s strategy to expand its US OTC portfolio. Glenmark Pharma’s current portfolio consists of 175 products authorized for distribution in the US and 48 ANDAs pending approval with the US Food & Drug Administration (USFDA).

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Infosys secures order from Global Express

Australia-based Global Express has selected Infosys Ltd to separate the technology landscape after its divestment from Toll Holdings. The IT major will leverage the blueprints and tools from Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey. Infosys will also migrate Global Express’ applications and services to a sustainable and energy-efficient data centre and public cloud on AWS.

Read more here.

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SpiceJet Settles Dispute With Credit Suisse – Top Indian Market News

SpiceJet settles dispute with Credit Suisse

SpiceJet Ltd has signed and concluded the settlement, consent term with Credit Suisse in a pending dispute. The settlement involves payment of a certain amount upfront and the balance amount over a mutually agreed timeline. The airline had already provided a bank guarantee of $5 million under the direction of the Madras High Court in the matter. It claimed that there are no adverse financial liabilities on the company.

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Adani Ports Q4 Results: Net profit falls 22% YoY to Rs 1,033 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 21.78% YoY decline in consolidated net profit to Rs 1,033 crore for the quarter ended March (Q4 FY22). Its total income rose 8.5% YoY to Rs 4,418 crore during the same period. APSEZ achieved a total cargo volume of 312 million metric tonnes (MMT) in Q4, registering a growth of 26% YoY. 

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J&J, Momenta files patent infringement lawsuit against Natco Pharma

Johnson & Johnson and Momenta Pharmaceuticals have filed a patent infringement lawsuit against Natco Pharma Ltd and its marketing partner Mylan Pharma in the US. The lawsuit alleges infringement of two old patents associated with Glatiramer Acetate injection (used to treat relapsing forms of multiple sclerosis in adults). Natco Pharma and Mylan said they will strongly defend this “meritless” suit.

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IndiGo Q4 Results: Net loss widens to Rs 1,682 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,682 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 1,147.2 crore in Q4 FY21 and a net profit of Rs 130 crore in Q3 FY22. The revenue from operations rose 29% YoY to Rs 8,020.74 crore in Q4 FY22. The airline’s fuel expenses surged 68.2% YoY to Rs 3,220.6 crore in Q4.

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Lupin to resize portfolio, slash costs in US biz

Lupin Ltd, which is struggling to grow sales in the US market, is planning to exit low-margin generic products and reduce cash burn through monetisation of various assets and specialty product capabilities. CEO Vinita Gupta said the company had already exited a few products filed from its Somerset facility in New Jersey. It has also identified 15-20 more products to exit.

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Reliance Jio using drones for tower surveillance, upkeep ahead of 5G rollouts

Telecom giant Reliance Jio is using drones to run a pilot project around tower surveillance and upkeep across India. It plans to use the technology to survey sites and plan the next wave of tower rollouts for its upcoming 5G network deployments. The drones will be used to check the health of towers and Jio’s assets deployed on them. This move will help the telco drive time and cost efficiencies. 

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NHPC Q4 Results: Net profit rises 6% YoY to Rs 467 crore

NHPC Limited reported a 5.61% YoY increase in consolidated net profit to Rs 467.15 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.05% YoY to Rs 1,674.31 crore during the same period. Total expenses rose 11.88% YoY to Rs 1,583.96 crore. NHPC’s board has declared a dividend of Rs 0.5 per share. 

The state-owned company’s board has also approved a proposal to raise debt up to Rs 6,300 crore in FY 2022-23.

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KPIT Tech to acquire vehicle diagnostics specialists SOMIT Solutions

KPIT Technologies Ltd announced the acquisition of SOMIT Solutions, a cloud-based vehicle diagnostics specialist. The total consideration for 100% shareholding will not exceed 7.68 million pounds (~Rs 74.45 crore). The acquisition complements KPIT’s aftersales diagnostics platform and strengthens its positioning to cater to the multi-billion automotive aftersales industry.

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Coal India Q4 Results: Net profit rises 46% YoY to Rs 6,693 crore

Coal India Ltd (CIL) reported a 45.91% YoY increase in consolidated net profit to Rs 6,692.94 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.5% YoY to Rs 32,706.77 crore during the same period. The company produced 209 million tonnes (MT) of coal in Q4 FY22, compared to 203.42 MT in Q4 FY21. CIL’s board has declared a dividend of Rs 3 per share. 

Read more here.

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Indian Oil Acquires 4.93% Stake in IGX – Top Indian Market News

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

Indian Oil Corp acquires 4.93% stake in IGX

Indian Oil Corporation (IOC) has acquired a 4.93% stake in Indian Gas Exchange (IGX). At face value, the acquisition will cost IOC Rs 3.7 crore. IGX is India’s first automated national-level gas exchange. It ensures transparent price discovery in natural gas and facilitates the growth of natural gas in India’s energy basket.

In other news, the Board of Directors of IOC has approved an investment of Rs 9,028 crore for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana. The pipeline will have a capacity to transport 17.5 million tonnes (MT) of imported crude oil per annum from the Gujarat port to IOC’s refinery in Haryana.

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NTPC plans to have 35 GW of renewable energy capacity by 2027

NTPC Ltd has announced plans to have total renewable energy (RE) capacity of 35 gigawatts (GW) by 2027. The company expects to generate 10 billion units of green energy by 2022-23. The state-owned power giant has 2,095.5 megawatts (MW) of RE capacity, including solar, wind, and hydro energy. Its RE generation in April-November 2021 stands at 4,089.64 million units.

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Piramal Pharma invests Rs 102 crore for minority stake in Yapan Bio

Piramal Pharma Ltd (PPL) has invested Rs 101.77 crore in Hyderabad-based Yapan Bio to augment the capabilities of its contract development and manufacturing organisation (CDMO) business. PPL will hold a 27.78% stake in Yapan Bio. The investment will allow Piramal Pharma to strengthen its CDMO business by broadening its service offerings.

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Exide Industries to set up li-ion cell manufacturing plant

Exide Industries Ltd has announced plans to set up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. The company also plans to apply for the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries. This scheme will facilitate the reduction of import dependence of ACC batteries. It will also reduce the prices of batteries used in electric vehicles.

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Yes Bank board approves raising up to Rs 10,000 crore

The Board of Directors of Yes Bank has approved raising funds up to Rs 10,000 crore through various instruments. The funds would be raised via the issue of equity shares, depository receipts, convertible bonds, debentures, or warrants. The fundraising is subject to necessary approvals from shareholders and regulators.

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Inox Wind secures 150 MW wind project from NTPC Renewable Energy

Inox Wind Ltd has secured a 150 megawatt (MW) wind power project from NTPC Renewable Energy Ltd. The project will help NTPC achieve its target of having over 60 GW renewable energy capacity, constituting ~50% of the company’s overall power generation capacity by 2032. The project will be executed on a turnkey basis at Dayapar site in Kutch district, Gujarat. It is scheduled to be commissioned by April 2023.

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RBI appoints CSB Bank to undertake banking business of central, state governments

The Reserve Bank of India (RBI) has empanelled CSB Bank as an ‘agency bank’ to undertake the general banking business of central and state governments. CSB Bank is now authorised to enter into agreements with central and state government departments for handling tax collections, pension payments, collection of stamp duty, etc. It will also enable the bank to handle a broad range of transactions related to goods & services tax (GST), property tax, and value-added tax.

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Shilpa Medica launches chronic constipation drug

Shilpa Medicare Ltd has announced the launch of ‘Prucalshil’ (Prucalopride), a chronic constipation drug for adults. Prucalopride is used for symptomatic treatment of chronic constipation in adults at times when laxatives fail to provide adequate relief. The launch of Prucalshil will help Shilpa Medicare to build its gastro portfolio. Going forward, the pharma company aims to add more products to its gastro basket.

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SBI acquires minority stake in JSW Cement for Rs 100 crore

State Bank of India (SBI) has acquired a minority stake in JSW Cement Ltd at an investment of Rs 100 crore via compulsorily convertible preference shares (CCPS). The conversion of such CCPS into common equity will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering. This capital infusion will support the JSW Cement’s capacity expansion from the current 14 million tonnes per annum (MTPA) to 25 MTPA

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Jio adds 17.6 lakh mobile users in October; Airtel, Vi lose subscribers: TRAI

Reliance Jio Infocomm gained 17.6 lakh mobile subscribers in October. Jio’s total subscriber base rose to 42.65 crore during the same month. Bharti Airtel lost 4.89 lakh users, taking its overall mobile user base to 35.39 crore at the end of October. Vodafone Idea (Vi) lost 9.64 lakh subscribers in October and its user base shrunk to 26.9 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here. 

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Tata Motors to Hike Prices of CVs by 2.5% From Jan – Top Indian Market News

Tata Motors to hike prices of CVs by 2.5% from Jan 2022

Tata Motors Ltd will hike the prices of its commercial vehicles (CV) by ~2.5% from January 1, 2022. The price increment will be effective across the following segments: medium & heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), small CVs, and buses. The increase in the costs of commodities and raw materials (aluminium, steel, semiconductors, and essential metals) has forced the automaker to incite an increment in price.

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Reliance Jio conducts trial of connected drones on its 5G network

Reliance Jio has conducted successful trials of connected drones on its indigenous 5G network. The trial involved a precision command and control of drones over 5G using a fleet management system running on the cloud. It performed tasks such as image recognition, track-and-trace, discrete payload pickup & delivery, video imagery, and real-time drone control. Jio has developed its own homegrown 5G stack, which it plans to export abroad after testing its competence on a pan-India scale.

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Tata Power signs MoU with IIT Madras to collaborate on R&D, training, tech solutions

Tata Power has signed a Memorandum of Understanding (MoU) with IIT Madras to collaborate on research & development (R&D), consultancy, advocacy, training, and technology solutions. As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology. The agreement also includes campus recruitment opportunities for postgraduate students of IIT Madras.

Read more here. 

Godrej Properties partners with TDI Group for luxury housing project in Delhi

Godrej Properties Ltd has entered into a joint venture (JV) with TDI Group to build a luxury housing project at Connaught Place in Central Delhi. The project would have a development potential of about 1.25 lakh square feet saleable area. This will be the realty company’s third project in Delhi.

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IEX electricity volume up 54% YoY to 9,477 MU in November

Indian Energy Exchange (IEX) traded 9,477 million units (MU) of electricity in November 2021, achieving a 54% YoY (or 3.4% QoQ) growth. The traded volumes of the day-ahead market fell 3% YoY to 4,719 MU in November, with the average monthly price at Rs 3.1 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 302.7 MU during the same month, registering a 23.4% YoY growth.

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Ramkrishna Forgings secures order worth Rs 72 crore

Ramkrishna Forgings Ltd has received a domestic order worth Rs 72 crore from an Indian automaker in the medium & heavy commercial vehicles (MHCV) segment.  The order has to be executed over a period of four years. The company has built a strong and diverse customer base in India and is now looking to strengthen its presence and gain market share. 

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Toyota Kirloskar Motor partners with Karnataka Bank for financing solutions

Toyota Kirloskar Motor (TKM) has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The finance options at competitive interest rates will be available to customers (including those covered under priority sector schemes) for purchasing Toyota vehicles for private and commercial use.

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GSS Infotech acquires Polimeraas for Rs 250 crore

GSS Infotech Ltd has acquired a 100% stake in farm-to-store company Polimeraas for Rs 250 crore in a stock and cash deal. Polimeraas operates 75 stores across Hyderabad and Bangalore, with an average footfall of 21,000 per store per month. The company deals with procurement, distribution, and sale of agricultural products, processed food, and other home consumables. GSS Infotech is an IT company specialising in application development, e-commerce & cloud, security, and remote infrastructure management.

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Indo Count Industries to acquire home textile business of GHCL

Indo Count Industries Ltd (ICIL) has entered into a Business Transfer Agreement (BTA) with GHCL Ltd for the acquisition of its home textile business at Vapi, Gujarat. The company has also signed an Asset Transfer Agreement (ATA) for the acquisition of specified assets of GHCL’s US subsidiary. The cost of the acquisition is Rs 576 crore. ICIL is a leading manufacturer and exporter of home textiles.

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Vodafone Idea in talks with vendors for sourcing 5G gear

As per reports, Vodafone Idea (Vi) has initiated talks with several local & international telecom vendors and system integrators to explore gear sourcing options for its 5G network. The company aims to negate potential cost implications that sourcing from traditional European vendors Nokia and Ericsson may have in the absence of competition. Vi’s rivals Reliance Jio and Bharti Airtel have either developed their own 5G stack or have entered strategic partnerships to jointly build the network technology in India with non-traditional companies.

Read more here.

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Bharti Airtel Hikes Prepaid Tariffs by up to 25% – Top Indian Market News

Bharti Airtel hikes prepaid tariffs by up to 25%

Telecom operator Bharti Airtel Ltd will raise prepaid tariff rates by up to 25% with effect from November 26. In a notification to the exchanges, the company said that the decision was taken “to provide a reasonable return on capital for a financially healthy business model.” Bharti Airtel aims to enhance its average revenue per user (ARPU) while also bringing about substantial investments as it plans to roll out its 5G network in the country.

Read more here. 

Heranba Industries starts production at new unit in Gujarat

Heranba Industries Ltd has commenced commercial production at its new Unit-IV facility situated at Gujarat Industrial Development Corp (GIDC) in Vapi, Gujarat. The company expects the new production facility to generate revenue of Rs 100 crore per annum. The production capacity and capacity utilisation of the new Unit-IV will be 1,200 million tonnes per annum (MTPA) at maximum capacity. 

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BEL secures biggest export order from Airbus under Govt’s C295 aircraft program

Airbus has signed a deal with Bharat Electronics Ltd (BEL) under the Indian government’s C295 aircraft programme to manufacture and supply Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS). The contract is in line with the ‘Make in India’ policy and is the biggest export order received by BEL till date. The export order is worth $93.15 million (~Rs 690 crore).

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Cars24 partners with Poonawalla Fincorp for consumer financing

Cars24, an e-commerce platform for pre-owned vehicles, and Poonawalla Fincorp Ltd (PFL) have announced a strategic partnership for consumer financing on vehicles bought from Cars24. Under this partnership, PFL will fulfill consumer loans originating through Cars24. According to Cars24 co-founder Ruchit Agarwal, consumer financing penetration in the used cars industry is only at ~20%, and there is a huge market opportunity waiting to be tapped.

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Triveni Engineering partners with GEAE Tech to manufacture gas turbine components

Triveni Engineering & Industries Ltd (TEIL) has signed a 10-year deal with US-based GEAE Technology to locally manufacture certain components for its LM2500 gas turbine, which powers many of the Indian Navy’s vessels. As part of the deal, Triveni will manufacture the gas turbine’s base frame, enclosure, lubricating oil skid, and supply other source-controlled accessories. TEIL is a market leader in engineered-to-order turbo high-speed gears and gearboxes.

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IRCON emerges lowest bidder for railway projects in Sri Lanka, Bangladesh

Ircon International Ltd has emerged as the lowest bidder for projects by Sri Lanka Railways and Bangladesh Railways. The first project (worth Rs 114 crore) was floated by Sri Lanka’s Ministry of Transport Services Management for the design, installation, and commissioning of a signalling system from Maho Junction to Anuradhapura. The second project (worth Rs 24 crore) was floated by the Ministry of Railways, Bangladesh, for the construction of signalling and telecommunication systems.

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Domestic air traffic grows by 27.15% in October: DGCA

Domestic air passenger traffic saw a 27.15% growth during the festive season in October, following a decline in Covid-19 cases and higher vaccination rates. Around 8.99 million passengers took to the skies in October, compared to 7.07 million in September. IndiGo carried 4.81 million passengers last month, securing a market share of 53.5%. SpiceJet carried 0.81 million passengers during October, registering a 9% market share. The data was released by the Directorate General of Civil Aviation (DGCA).

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KPI Global Infra secures repeat order from Surat-based Devika Fibres

KPI Global Infrastructure Ltd has secured a repeat order from Surat-based Devika Fibres (an existing client) for executing a solar power project of 5.20 MWdc capacity under the Captive Power Producer (CPP) segment of the company. Gujarat-based KPI Global Infra develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer.

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IEX resumes trading of renewable energy certificates

Indian Energy Exchange (IEX) will resume trading of renewable energy certificates (RECs) with effect from November 24, 2021, after a gap of almost 16 months. A REC is a market-based instrument that promotes renewable sources of energy and the development of the electricity market. One REC is created when one megawatt-hour of electricity is generated from an eligible renewable energy source.

Read more here.

Jio loses 1.9 crore users, Airtel adds 2.74 lakh subscribers in September: TRAI

Reliance Jio lost around 1.9 crore wireless subscribers in September 2021, while Bharti Airtel added 2.74 lakh subscribers. Vodafone Idea lost 10.7 lakh wireless subscribers in the same month, shedding customers for the 11th straight month. Bharti Airtel gained a 0.08% market share of wireless subscribers, while Jio’s user base declined 4.29% in September. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here.

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Editorial

Reliance Q2 Results: A Quick & Easy Analysis

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

Digital Services 

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

All figures except EBITDA Margin in Rs crore

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

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

Reliance Retail  

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

All figures except EBITDA Margin in Rs crore

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

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

Oil-to-Chemical (O2C) 

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

Figures in Rs crore

To Sum Up 

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

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

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

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

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Market News Top 10 News

Jio Adds 65 lakh Subscribers, Vi Loses 14 lakh in July – Top Indian Market News

Reliance Jio adds 65 lakh subscribers in July, Vodafone Idea loses 14 lakh

Reliance Jio Infocomm added 65.1 lakh wireless subscribers in July 2021, taking its gross user base to 44.32 crore. Bharti Airtel gained 19.4 lakh subscribers, while Vodafone Idea (Vi) lost 14.3 lakh subscribers in July. Jio consolidated its leadership in rural India by adding 34.8 lakh subscribers in rural markets. Vodafone Idea and Bharti Airtel lost 9.9 lakh and 4.1 lakh subscribers, respectively, in rural markets. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Jio and Airtel have widened customer market shares to 37.34% and 29.83%, respectively, in July. 

Read more here.

Tejas Networks secures optical network expansion deal from Bharti Airtel

Bharti Airtel has selected Tejas Networks to enhance its optical network capacity in key metropolitan markets. The telecom gear maker will supply, install, and support its optical transmission products for extending Bharti Airtel’s optical networks towards the edge, supporting 5G backhaul, business-to-business (B2B) services, and broadband applications. The order given to Tejas Networks will enable Bharti Airtel to deliver a world-class experience to its customers.

Read more here.

BPCL, SBI Card launch co-branded RuPay contactless credit card

Bharat Petroleum Corp Ltd (BPCL) and SBI Cards and Payment Services have launched a co-branded RuPay contactless credit card. The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps. It will also offer a 1% fuel surcharge waiver on every transaction up to Rs 4,000, translating to a 4.25% value back. Cardholders will also get accelerated savings on other categories of spends, including groceries, departmental stores, dining, and movies.

Read more here.

JBM Auto gets orders for 500 CNG, electric buses from various states

JBM Auto Ltd has secured orders for supplying 500 compressed natural gas (CNG) and electric buses from various state governments. The company has received orders for BS-VI CNG buses from Delhi Integrated Multi-Modal Transit System Ltd. It will also supply electric buses to Bengaluru Metropolitan Transport Corp (BMTC). These orders will be executed in the current financial year (FY22).  

Read more here.

CAMS, KFin Tech launches new platform for mutual fund transactions

Computer Age Management Services (CAMS) and KFin Technologies have launched MFCentral, a one-stop platform for all mutual fund investors. The platform minimises the need to visit the websites of multiple mutual fund houses to access your portfolio, statements, service requests, and investments. MFCentral will offer digital access to investor lifecycle engagement with the entire mutual fund industry under one roof. 

Read more here.

Adani Airports signs pact with Flamingo, Mumbai Travel Retail to operate duty-free outlets in airports and seaports

Adani Airport Holdings Ltd (AAHL) has entered into a strategic partnership with Flemingo Travel Retail Pvt Ltd. and Mumbai Travel Retail Pvt Ltd (MTRPL) to operate duty-free outlets in airports and seaports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. Under this partnership, AAHL will subscribe to 28.49 lakh equity shares (of the face value of Rs 10 each), constituting 74% of the total share capital of MTRPL, for an aggregate investment of Rs 2.85 crore.

Read more here.

G R Infra secures road project worth Rs 927 crore in Punjab

G R Infraprojects Ltd has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Punjab. The order consists of the development of the six-lane Amritsar-Bathinda Greenfield section of NH-7S4A as part of the Amritsar-Jamnagar Economic Corridor in Punjab. The bid project cost is Rs 927 crore, while the first-year operation and maintenance cost is Rs 3.87 crore.

RIL denies reports of JBF Industries acquisition

Reliance Industries Ltd (RIL) has denied reports of a takeover of stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC). RIL clarified that no negotiations are taking place for the takeover of JBF Industries and its assets. A news site had reported earlier that RIL is likely to acquire JBF and that bankers had sought takeover bids in July. The report further stated that CFM ARC is believed to have put in a Rs 825 crore bid for the company that owes Rs 2,116 crore to its lenders.

Read more here.

Ahluwalia Contracts secures order worth Rs 58.8 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of Infosys Regional Office Building for Software Development Block (SDB) at Kolkata. The order is worth Rs 58.8 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,198.66 crore.

HCL Tech selects RISE with SAP to modernise digital estate

HCL Technologies Ltd has selected RISE with SAP offering to further modernise its enterprise digital landscape. As an SAP strategic partner, HCL will help its clients by leveraging their combined experience in the industry cloud transformation space. Germany-based SAP and HCL will deploy the full stack framework for RISE with SAP along with HCLCloudSmart suite of industry cloud solutions to drive cost-effective modernization of business processes for enterprises worldwide. 

Read more here.

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Adani Ports Reports 72% YoY Rise in Net Profit in Q1 – Top Indian Market News

adani ports and sez

Adani Ports Q1 Results: Net profit rises 72% YoY to Rs 1,307 crore

Adani Ports & Special Economic Zone (APSEZ) reported a 72% YoY increase in consolidated net profit to Rs 1,307 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.5% when compared to the previous quarter. Its revenue from operations rose 99% YoY (or 26% QoQ) to Rs 4,557 crore during the same period. Cargo volumes increased by 83% YoY to Rs 75.7 million tonnes (MT) in Q1. The revenue from its ports business rose 75% YoY to Rs 3,339 crore during the April-June quarter.

Read more here.

Union Bank of Philippines selects Infosys Finacle’s digital banking solution suite

Infosys Finacle announced that the Union Bank of Philippines (UBP) will migrate from an on-premise deployment to the state-of-the-art Finacle Digital Banking Solution Suite on Cloud. Over 8 million customer accounts will be considered for migration to the new software-as-a-service (SaaS) platform. Infosys Finacle is a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys Limited.

Today, Infosys Limited became the fourth Indian firm to hit Rs 7 lakh crore in market capitalization. Its shares have surged over 72% in the past year.

Read more here.

Bharti Airtel Q1 Results: Net profit falls 63% QoQ to Rs 284 crore

Bharti Airtel Ltd reported a 62.7% quarter-on-quarter (QoQ) decline in net profit to Rs 284 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 15,933 crore in Q1 FY21 due to one-time provisioning for AGR dues. Its revenue from operations rose 4.3% QoQ to Rs 26,854 crore in Q1 FY22. Bharti Airtel’s average revenue per user (ARPU) stood at Rs 146 during the same period, compared to Rs 145 in the previous quarter. 

Read more here.

Dabur Q1 Results: Net profit rises 28% YoY to Rs 438 crore

Dabur India Ltd reported a 28% YoY increase in net profit to Rs 438 crore for the quarter ended June (Q1 FY22). Net profit has increased by 15.7% when compared to the previous quarter. Its revenue from operations rose 31.9% YoY (or 11.8% QoQ) to Rs 2,611.5 crore during the same period. The FMCG company posted a 34.4% YoY increase in volume growth in Q1. EBITDA increased 32.5% YoY to Rs 552 crore during the April-June quarter of FY22.

Read more here.

MG Motor partners with Reliance Jio for IoT solutions for upcoming SUV

MG Motor India has partnered with Reliance Jio to power its mid-sized SUV with Jio Internet of Things (IoT) solutions. Under the partnership, Jio’s 4G network will provide high-speed, in-car connectivity to customers of MG’s upcoming mid-sized SUV in metro cities as well as in small towns and rural areas. Jio’s eSIM, IoT, and streaming solutions will enable MG users to access real-time connectivity, infotainment, and telematics.

Read more here.

Tata Consumer Q1 Results: Net profit declines 43% YoY to Rs 185 crore

Tata Consumer Products Ltd reported a 43.48% YoY decline in consolidated net profit to Rs 185.15 crore for the quarter ended June (Q1 FY22). However, net profit has jumped 243.51% when compared to the previous quarter. Its total income rose 10.55% YoY to Rs 3,036.47 crore during the same period. EBITDA fell 17% YoY to Rs 398 crore in Q1.

SJVN hydropower plants record highest ever monthly generation in July

SJVN Limited’s Nathpa Jhakri Hydro Power Station has achieved its highest-ever monthly power generation of 1216.56 million units on July 31, 2021. Its previous record stood at 1213.10 million units. The company’s Rampur Hydro Power Station generated 335.90 million units of power in July, surpassing its previous record of 333.69 MU. India’s power generation companies are currently benefiting from the surge in electricity demand.

Read more here.

Inox Leisure Q1 Results: Net loss at Rs 122 crore

Inox Leisure reported a consolidated net loss of Rs 122.28 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.64 crore in the corresponding period last year (Q1 FY22). Its total income stood at Rs 25.50 crore in Q1 FY22, compared to Rs 2.97 crore in Q1 FY21. The second wave of the Covid-19 pandemic resulted in the closure of cinemas, which severely affected its revenues. Inox Leisure operates 153 multiplexes with 648 screens in 69 cities across the country.

Read more here.

Nykaa files DRHP to raise funds via IPO

Nykaa, an e-commerce startup for beauty products, has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). FSN E-Commerce Ventures (the parent company) is looking to raise Rs 525 crore through a fresh issue of shares. The IPO also consists of an offer for sale (OFS) by existing shareholders and promoters. The company will utilise the net proceeds from the IPO to open new retail stores and reduce debt.

Read more here.

Indian Overseas Bank Q1 Results: Net profit jumps 170% YoY to Rs 327 crore

Indian Overseas Bank (IOB) reported a 170% YoY jump in net profit to Rs 327 crore for the quarter ended June (Q1 FY22). Net profit has declined by 6.6% when compared to the previous quarter. Its total income declined by 1.5% YoY to Rs 5,234 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 11.48% in Q1 FY22, compared to 11.69% in Q1 FY21. IOB’s provisions for bad loans and contingencies fell 11% YoY to Rs 970 crore in the April-June quarter of FY22.

Read more here.

Alkyl Amines Q1 Results: Net profit rises 48% YoY to Rs 78.5 crore

Alkyl Amines Ltd reported a 48.6% YoY increase in net profit to Rs 78.5 crore for the quarter ended June (Q1 FY22). Net profit has declined by 15.1% when compared to the previous quarter. Its revenue from operations rose 60% YoY to Rs 391.8 crore during the same period. Mumbai-based Alkyl Amines is a leading manufacturer of specialty chemicals.

Read more here.

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Editorial

Reliance AGM: As it Happened

The 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) was held to provide an overview of the company’s future goals. Reliance, as a company, does not need any introduction. It has to be one of the most common stocks for the Indian market participants. The AGM has always been a big event for the company. 

Many companies have their AGMs but it is always more special when it comes to Mukesh Ambani’s corporation. Just as expected, the market was in a mood to play its volatile game as the AGM continued to impress a few and disappoint some others. 

Here are the major takeaways you can take away from this big meeting.

The much-awaited Aramco Deal update

Mukesh Ambani is known to fulfil his promises, sometimes even before his own commitment. I believe the memory of him turning the company net debt-free much before his promised schedule will be popping up in your mind. In contrast, the Saudi Aramco deal has taken ages to reach its conclusion. The chairman said that “substantial progress” has taken place in their potential deal with Aramco. He also stated that the deal might get completed during this year (FY22). 

This will allow one of the biggest energy companies in the world to invest in Reliance’s oil-to-chemical business which seems to be struggling when compared to the company’s other arms. To back his statements in front of shareholders, Yasir Al-Rumayya, chairman of Saudi Aramco and the governor of the Public Investment Fund, was included in the RIL board as an independent director.

Google and Jio working very closely 

A new smartphone has come from the house of Jio and it has been developed with the aid of the US tech giant Google. The smartphone will be launched on September 10 for the Indian market. Apart from this, the two companies are getting involved in a cloud partnership that will help Jio with tech solutions. This will be a huge step in the future not only because Google is an established player but also because 5G consumer offerings services will be highly boosted with this. 

The JioPhone Next might be a low-cost smartphone that can be affordable to the poor people of the country as well. Jio used this methodology in 2016-17 and we all know how bad all its competitors were hit. Maybe a repeat is on the cards? Even at a lower price, this smartphone is expected to have an entire suite of applications from Google, Jio, Android Play Store.

Green Energy is coming soon!

We at Marketfeed have been telling you that Reliance might be moving towards a green energy solution in the future. And, it feels great to be on the right side! Do read our article published in October 2020: Reliance to exit Oil & Gas Industry in Near Future?

Reliance has declared huge intentions in this AGM. They are going to build four Giga factories to manufacture and integrate all components of an end-to-end renewables energy ecosystem. The four factories include a solar photovoltaic module factory, electrolyser factory, fuel cell factory and energy storage battery factory.

For this, they are willing to invest a humongous sum of Rs 70,000 crore within three years. Green energy is not new to the world. Many countries are already utilizing it on a huge scale. However, India is lagging and this gives an extensive scope of growth to the companies that venture into this sector. 

Brace yourself for 5G

We talked about how the Jio phone caused havoc among the mobile manufacturing companies a few years earlier. The main cause behind that was the launch of 4G technology. Now, we are moving ahead to 5G and Reliance is again trying to get the first-mover advantage. There have been two consecutive AGMs where the Ambanis have talked about 5G. 

When this technology will come to the floor in our nation is yet to be told but they are confident that they will be the one leading this change. They have already tested Jio 5G solutions and it gave them a speed of excess of 1 GBPS. They also announced that not only a new 5G smartphone is under process but also a full range of other devices with 5G connectivity is under development.

The success will be driven by the Retail segment

Reliance Retail is going to be a giant in the future and we have absolutely no doubts about that. 

There is a lot of background work going on with Reliance Retail which is not gathering a lot of attention right now. They are bolstering their relations with small stores on a ground level. This will provide huge uplift to their business in the future. Their partnership with Kirana stores saw 3 lakh shops added across 150 cities last year which was heavily impacted due to Covid-19. After adding 1,500 stores across India, their total count has reached 12,711.

They have set up a goal of adding one crore Kirana partners over the next three years. Highly Ambitious? Yes, but if achieved, Reliance Retail will fly really high. The company has announced that they will be setting up technology and innovation centres to increase their offerings to different customer groups. They still aspire to acquire a few more companies after adding the likes of Netmeds and Zivame under their umbrella.

Way Ahead

Reliance has a huge opportunity in the future. They are carrying large investments and this can reap great benefits in the long term. Green Energy, Jio and Retail will be their drivers but what about their prominent oil business? Saudi Aramco deal looks to be the only savour of their oil to chemical business but Reliance is no more just an energy company. 

The stock has seen some heavy profit booking in Reliance in the last two days. But none of that takes away the great scope of growth they have. If you are a long-term investor in Reliance, don’t be demotivated by the recent fall. If everything happens as per their plan, Mukesh Ambani & co. will play a big role in India’s development.

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Vedanta Reports 95% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Vedanta Q4 Results: Net profit rises 95% QoQ to Rs 6,432 crore

Vedanta Limited reported a 95% quarter-on-quarter (QoQ) increase in net profit to Rs 6,432 crore for the quarter ended March (Q4). Its net sales rose 24% QoQ to Rs 28,206 crore during the same period. This revenue growth was aided by a rise in volumes of its aluminium, zinc, and iron ore businesses. Operating margins fell to 32%, compared with 34% in the preceding quarter (Q3 FY21). Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 17% to Rs 9,037 crore.

Read more here.

Piramal Enterprises Q4 Results: Net loss at Rs 510 crore

Piramal Enterprise Ltd reported a consolidated net loss of Rs 510 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,702 crore in the corresponding period last year. The company’s revenue rose to Rs 3,402 crore in Q4 FY21, compared with Rs 3,341 crore in Q4 FY20. In the last two years, the company’s net debt has reduced by 45% to Rs 24,968 crore. The board of Piramal Enterprises has recommended a dividend of Rs 33 per share.

Read more here.

HCC-KEC JV secures order worth Rs 1,147 crore from Chennai Metro Rail

Hindustan Construction Company (HCC), in a joint venture (JV) with KEC International Ltd, has secured a contract worth Rs 1,147 crore from Chennai Metro Rail. The order includes the construction of a 7.96 km elevated viaduct and 9 elevated stations on Corridor 4 of Phase-II of the Chennai Metro. The scope of work involves civil, architectural, plumbing & drainage, and temporary services. HCC holds a 51% stake in the JV, while KEC International holds 49% stake.

Read more here.

Lupin Q4 Results: Net profit rises 18% YoY to Rs 460 crore

Lupin Limited reported an 18% YoY increase in consolidated net profit to Rs 460 crore for the quarter ended March (Q4 FY21). On a quarterly basis, net profit has risen by 5%. Its revenue from operations declined by 1.6% YoY to Rs 3,783 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 1,216 crore. The company had posted a net loss of Rs 269 crore in the previous financial year (FY20). Lupin’s board has recommended a dividend of Rs 6.5 per share. 

Read more here.

Happiest Minds Q4 Results: Net profit falls 14% QoQ to Rs 36 crore

Happiest Minds reported a 14.5% quarter-on-quarter (QoQ) decline in net profit Rs 36.05 crore for the quarter ended March (Q4 FY21). Net profit has jumped 580% when compared to the corresponding period last year. The IT firm’s revenue declined 14.5% QoQ (up 18.4% YoY) to Rs 220.7 crore during the same period. In US Dollar terms, revenues for the March quarter grew 15.4% QoQ and 18% YoY to $30.2 million. The company added 23 clients during Q4, taking the total number of clients to 173 as of March 31, 2021. The board of Happiest Minds has recommended a final dividend of Rs 3 per share.

Read more here.

Reliance Jio tops in 4G download speed, Vodafone in upload speed in April: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio has topped the 4G speed chart in April 2021 with a data download rate of 20.1 megabits per second (Mbps). Vodafone was ahead of others in upload speed at 6.7 Mbps. Jio has almost three times higher download speed compared to Vodafone. The average speed is computed by TRAI based on the data it collects across India with the help of its MySpeed application on a real-time basis.

Read more here.

Pidilite Industries Q4 Results: Net profit rises 96% YoY to Rs 307 crore

Pidilite Industries reported a 96.4% YoY increase in consolidated net profit to Rs 307.44 crore for the quarter ended March (Q4). Its sales revenue rose 44.7% YoY to Rs 2,235.52 crore during the same period. Pidilite’s Consumer and Bazaar (C&B) segment posted a 45% YoY volume growth during the quarter. For the financial year ended March 31, 2021 (FY21), net profit rose 0.4% YoY to Rs 1,126.13 crore. The company’s board has announced a dividend of Rs 8.5 per share.

Read more here.

SBI Cards, Apollo Hospital, 3 Adani Group stocks enter MSCI India index

According to a release by index provider MSCI, Adani Enterprises, Adani Total Gas, and Adani Transmission have entered the MSCI India Domestic Index. SBI Cards and Payment Services and Apollo Hospital have also entered the leading index, which is being tracked widely by global investors. Zee Entertainment Enterprises has been deleted from the MSCI India index. All changes will be implemented as of May 27, 2021. According to Edelweiss Securities, India is expected to see a net inflow of $350 million from Foreign Institutional Investors (FIIs) following the adjustments made by MSCI in its global standard indices.

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IEX Q4 Results: Net profit rises 33% YoY to Rs 60.85 crore

Indian Energy Exchange (IEX) reported a 33% YoY increase in consolidated net profit to Rs 60.85 crore for the quarter ended March (Q4). Its total income rose to Rs 100.33 crore, compared with Rs 79.59 crore in the corresponding period last year (Q4 FY20). For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 205.43 crore. This is compared with a net profit of Rs 175.71 crore in FY20.

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Vinati Organics Q4 Results: Net profit declines 5% YoY to Rs 70.85 crore

Vinati Organics Limited reported a 5.06% YoY decline in net profit to Rs 70.85 crore for the quarter ended March (Q4). Its revenue from operations rose 14.03% YoY to Rs 279.77 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 19.32% YoY to Rs 269.32 crore. The company’s board has approved a final dividend of Rs 6 per share. Vinati Organics is a leading specialty chemicals company based in Mumbai.

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Eli Lilly signs licensing agreements with Torrent Pharma, Dr Reddy’s for Covid-19 drug

US-based drug firm Eli Lilly and Company has signed voluntary licensing agreements with Torrent Pharma, Dr Reddy’s Laboratories, and MSN Laboratories to expand the availability of Covid-19 drug Baricitinib in India. The drug is used in combination with Remdesivir for the treatment of Covid-19 patients with severe symptoms. On Monday, Eli Lilly had issued voluntary licenses to Cipla, Lupin, and Sun Pharma to manufacture and sell Baricitinib. This will enable the Indian pharma companies to use their existing distribution systems to ensure that the essential drug is accessible across the country.

Read more here.

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Market News Top 10 News

HDFC Bank Reports 18% YoY Rise in Net Profit in Q4 – Top Indian Market News

HDFC Bank Q4 Results: Net profit rises 18% YoY to Rs 8,186 crore

HDFC Bank reported an 18.2% year-on-year (YoY) rise in standalone net profit to Rs 8,186.5 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 6.5%. Net interest income (NII) increased by 12.6% YoY to Rs 17,120 crore during the same period. The bank’s gross non-performing assets (NPAs) ratio stood at 1.32% in Q4, compared to 1.38% in the October-December quarter (Q3). Total deposits grew 16.3% YoY to Rs 13.35 lakh crore. 

Read more here.

Glenmark Pharma’s subsidiary files paperwork for IPO with SEBI

Glenmark Life Sciences Limited (GLSL) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). GLSL is a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited. The IPO will consist of a fresh issue of shares worth Rs 1,160 crore and an offer for sale (OFS) of up to 73.05 lakh shares. 

Read more here.

ICICI Lombard Q4 Results: Net profit rises 22% YoY to Rs 345.68 crore

ICICI Lombard General Insurance Company Ltd reported a 22.6% YoY increase in net profit to Rs 345.68 crore for the quarter ended March (Q4). Total revenue rose 22.4% YoY to Rs 3,489.39 crore during the same period. Its gross direct premium income (GDPI) rose 9.4% YoY to Rs 3,478 crore in Q4 FY21. The company’s board has proposed a final dividend of Rs 4 per share.

Read more here.

Adani Green Energy secures 15 MWac solar power project in Gujarat

Adani Renewable Energy Holding Fifteen Ltd (AREHFifteenL) has secured an order to establish a 150 MWac (megawatt, alternating current) solar power project in Gujarat. AREHFifteenL is a wholly-owned subsidiary of Adani Green Energy Limited (AGEL). The fixed tariff for this project capacity is Rs 2.22 per kilowatt-hour (kWh) for a period of 25 years. The project is expected to be commissioned by Q3 of FY 2022-23.

Read more here.

India’s pharma exports grew 18% to $24.4 billion in FY21

According to the Pharmaceuticals Export Promotion Council of India, pharma exports increased by 18% year-on-year (YoY) to $24.44 billion (~Rs 1.82 lakh crore) during the financial year 2020-21. The figure stood at $20.58 billion in FY20. Exports grew by 48.5% YoY to $2.3 billion in March, the highest ever in FY21. Country-wise exports to the US, Canada, and Mexico have recorded a growth of 12.6%, 30%, and 21.4%, respectively.

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DoT allocates 4G spectrum to Reliance Jio, Bharti Airtel

The Department of Telecommunications (DoT) has completed the process of allocating spectrum to successful bidders of the auctions conducted in March. Reliance Jio Infocomm has paid Rs 2,149.59 crore for its share of airwaves, while Bharti Airtel has deposited Rs 157.38 crore. Thus, the government has received Rs 2,306.97 crore from the telecom spectrum auctions so far.

Read more here. 

Coforge Limited’s board approves issue of NCDs for Rs 340 crore

The Board of Directors of Coforge Limited has approved the issuance of up to 3,400 listed, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each— aggregating to Rs 340 crore. The NCDs will be issued on a private placement basis. Coforge is a leading global IT solutions provider based in Noida.

Indiamart’s subsidiary to acquire 22% stake in Truckhall

Tradezeal Online Private Limited, a wholly-owned subsidiary of Indiamart Intermesh Limited, will acquire a 22% stake in Kolkata-based TruckHall Pvt Ltd. The total cost of the acquisition is Rs 9.68 crore. TruckHall is engaged in the business of creating an online marketplace and software development for the logistics industry. This investment is in line with Indiamart Group’s long-term objective of offering various Software-as-a-Service (SaaS)-based solutions for businesses.

Prestige Estates acquires stake in partnership firms with land parcels in North Bengaluru

Prestige Estates Projects Limited said it has acquired a 45% stake in Century Megacity and a 55% stake in Century Landmark. Century Megacity is a partnership firm that holds land parcels in North Bangalore, which will be developed into an office space soon. Century Landmark is also a partnership firm holding land parcels in North Bangalore, which will be developed into a commercial space in the near future. 

Read more here.