Tag: Reliance Retail

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Adani Energy’s Net Profit Rises 34% YoY in Q2 – Top Indian Market Updates

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

Adani Energy Q2 Results: Net profit rises 34% YoY to ₹276 crore

Adani Energy Solutions Ltd reported a 34% YoY rise in net profit to ₹276 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13% YoY to ₹3,674 crore during the same period. EBITDA stood at ₹1,368 crore, up 10% YoY. Other income for the quarter stood at ₹93 crore, compared to ₹125 crore a year ago.

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Reliance Jio introduces new onboard diagnostics device

Reliance Jio has introduced a new onboard diagnostics (OBD) device called JioMotive that can transform any car into a smart vehicle. The pocket-size device is easy to install and simply needs to be plugged into the car’s OBD port, commonly found under the dashboard. By using an e-SIM, the device connects to the Jio network, eliminating the need for a separate SIM card or data plan.

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Nykaa Q2 Results: Net profit rises 50% YoY to ₹7.8 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 50% YoY increase in net profit to ₹7.8 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations increased 22% YoY to ₹1,231 crore during the same period. EBITDA stood at ₹80.6 crore, up 32% YoY. The gross merchandise value (GMV) rose 25% YoY to ₹2,943 crore in Q2.

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Reliance Retail ramps up Smart Bazaar stores in small towns

Reliance Retail Ventures Ltd (RRVL) is opening more Smart Bazaar stores in towns with a population of up to 50,000 to meet growing demand. RRVL is the retail unit of Reliance Industries. It is the largest grocery retailer in the country that operates stores in multiple formats – Smart Superstore, Smart Point, Smart Bazaar, Fresh Signature, Freshpik and 7-Eleven.

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Adani Group in talks to exit JV with Wilmar

Adani Group is in talks with multiple multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar Ltd. The conglomerate is expecting $2.5-3 billion for the stake in the joint venture with Wilmar International, which also owns 43.97% of the company. Adani Wilmar owns the Fortune brand of edible oils and packaged groceries.

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Divi’s Labs Q2 Results: Net profit falls 29% YoY to ₹348 crore

Divi’s Labs Ltd reported a 29% YoY fall in net profit to ₹348 crore for the quarter ended September 2023 (Q2 FY24); missing street estimates. The pharma company’s revenue rose 3% YoY to ₹1,909 crore during the same period. Consolidated EBITDA stood at ₹479 crore in Q2.

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L&T arm secures airport project in Andhra Pradesh

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured an order to construct the greenfield Bhogapuram International Airport project in Andhra Pradesh. The contract is worth approximately ₹2,500-5,000 crore. The project will initially be developed to handle 6 million passengers per annum (MPA), and the capacity will be further enhanced to 12 MPA.

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Varun Beverages Q3 Results: Net profit rises 32% YoY to ₹501 crore

Varun Beverages Ltd (VBL) reported a 32% YoY rise in consolidated net profit of ₹501 crore for the quarter ended September (Q3 CY23). The company follows the January-December financial year cycle. Its revenue from operations grew 22% YoY to ₹3,871 crore during the same period. EBITDA stood at ₹882 crore, up 26% YoY. VBL is PepsiCo’s second-largest franchisee outside the US.

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Bata to retail Nine West shoes, accessories in India

Bata India will sell shoes and accessories of US-based lifestyle brand Nine West through its retail stores. The company’s board has approved a licensing and manufacturing deal with Authentic Brands Group for their world-renowned lifestyle brand, Nine West. Bata India will have rights to manufacture, market and distribute Nine West shoes and accessories, across India through its stores.

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Adani Ports to Buy Back up to Rs 1,620Cr of 2024 Bond – Top Indian Market Updates

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

Adani Ports to buy back up to ₹1,620Cr of 2024 bond

Adani Ports & Special Economic Zone (SEZ) commenced a cash tender offer for up to $195 million (~₹1,620 crore) to partly prepay its near-term debt maturities. The company started a buyback programme of some debt securities in April to prepay part of its near-term loans due in 2024. The tender offer is to buy the outstanding 3.375% senior notes due in 2024 for up to $195 million in cash. 

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Bank of Maharashtra fails to attract buyers for loans to Asian Hotels

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North) at the auction held on Tuesday. Asian Hotels (North) operates the five-star property Hyatt Regency (Delhi). According to the auction notice from the bank, it had set a reserve price of ₹330 crore as against the outstanding dues of ₹ 324 crore.

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Dixon Tech signs manufacturing agreement with Xiaomi

Dixon Technologies Ltd’s subsidiary, Padget Electronics Pvt Ltd, has entered into an agreement with Xiaomi to manufacture smartphones and other related products. The manufacturing will take place at Padget’s manufacturing facility in Noida. The deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing. 

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NMDC’s China exports hindered by logistics

According to a Reuters report, NMDC is unable to export low-grade iron ore to China due to logistics issues. The company did not immediately reply to a Reuters email seeking comments. There is a severe shortage of rakes to move the ore anywhere in the country which is affecting exports. China imports around 80% of India’s overall shipments.

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Apollo acquires under-development hospital asset from Future Oncology in Kolkata

Apollo Hospitals has acquired a partially built hospital in Sonarpur, Kolkata, from Future Oncology Hospital and Research Centre for ₹102 crore in an all-cash deal. The acquired hospital has a total capacity of 325 beds. The acquisition is being fully funded through internal accruals by Apollo Multi Speciality Hospitals, a wholly-owned subsidiary of Apollo Hospitals.

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ADIA looks to invent $600 million into RIL’s retail business

According to an Economic Times report, Abu Dhabi Investment Authority (ADIA) is looking to buy an additional stake in Reliance Retail. ADIA is seeking to invest $600 million into Reliance Retail at valuations that significantly exceed those during an earlier concluded fundraising round three years ago. 

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Tata Power Renewable Energy to set up 41 MW captive solar plant for TP Solar

Tata Power Renewable Energy Ltd (TPREL) will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu. The plant is for TP Solar’s new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL is a subsidiary of Tata Power.

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Glenmark signs agreement to market Cosmo Pharma’s acne cream in Europe, South Africa

Glenmark Specialty SA (GSSA) has signed distribution and licence agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne. The company will market and distribute Winlevi in Europe and South Africa. Glenmark Speciality SA will receive exclusive rights from Cosmo’s subsidiary to commercialise Winlevi in 15 EU countries and South Africa. GSSA is a subsidiary of Glenmark Pharma.

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Aditya Birla Capital gets ₹750 crore investment in subsidiary

Aditya Birla Capital Ltd (ABCL) announced investment in its wholly-owned subsidiary. The company is making an investment of around ₹750 crore on a rights basis in the equity shares of Aditya Birla Finance Ltd (ABFL). ABCL is investing in ABFL to meet its growth and funding requirements and improve its leverage ratio.

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TCS Partners With JLR’s Digital Unit – Top Indian Market Updates

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

TCS partners with JLR’s digital unit to drive ‘future-ready’ tech architecture

Tata Consultancy Services (TCS) has announced a landmark partnership with the digital unit of Jaguar Land Rover (JLR). The partnership aims to drive transformation, simplification, and effective management of JLR’s digital assets. The deal is valued at £800 million (`₹8,340 crore). TCS will provide application, development & maintenance, enterprise infrastructure management, cloud migration, cybersecurity, and data services at JLR.

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REC raised $1.15 billion in August from 6 banks

REC Ltd raised $1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans will be utilised to fund power, infrastructure and logistics sector projects as permitted under the external commercial borrowing (ECB) guidelines of the Reserve Bank of India. The funds have been raised under REC’s Market Borrowing Programme of ₹1.20 lakh crore for 2023-24.

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Consumer court orders ITC to pay Rs 1 lakh to man who found one biscuit less in a packet

A consumer court has directed ITC Ltd to pay ₹1 lakh in compensation to a consumer who found one biscuit less in a packet. The consumer accused the FMCG company of deceptive practices after he claimed that he found only 15 biscuits in a packet that was supposed to contain 16. In its ruling, the consumer court found ITC guilty of engaging in “unfair trade practices” and ordered it to cease selling the particular batch of biscuits in question. 

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Ather Energy raises Rs 900 crore from Hero MotoCorp, GIC via rights issue

Ather Energy has raised ₹900 crore ($108.27 million) from its shareholders Hero MotoCorp and Singapore’s GIC through a rights issue. The company plans to use the funds for new product launches and expand its charging infrastructure and retail network. Ather witnessed sound growth in FY23, with the company’s revenue jumping 4.4 times to ₹1,783 crore from ₹408 crore in FY22. The EV firm also increased its retail footprint by 4x to 130 stores from 30 stores last year.

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Tata Steel partners with ABB India to reduce carbon footprint in steel-making

ABB India and Tata Steel will jointly work on technologies for reducing the carbon footprint of steel production. Tata Steel has a medium-term target to reduce carbon emissions to less than two tonnes of Co2 per tonne of crude steel in its Indian operations by 2025. Under the agreement, the two companies will focus on system-level assessments of Tata Steel’s manufacturing plants and production facilities.

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lndiaRF to acquire API, CRAMS business of Ind-Swift Labs

IndiaRF will acquire the active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) business of Ind-Swift Labs. The acquisition is for a consideration of ₹1,650 crore. IndiaRF is an India-focused investment platform promoted by Piramal Enterprises and Bain Capital. The company will use the money to restructure its existing debt.

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Adani Total Gas wins work order from Ahmedabad Municipal Corporation

Adani Total Gas has received a work order from the Ahmedabad Municipal Corporation (AMC). The work order pertains to the design, build, finance and operations of a 500 tonnes per day (TPD) capacity of a Bio-CNG plant. The company will execute the order on a Public Private Partnership (PPP) model at Pirana or Gyaspur in Ahmedabad.

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Reliance Retail acquires 51% stake in Ed-a-Mamma

Reliance Retail Ventures Ltd. (RRVL) has partnered with Ed-a-Mamma, an eco-conscious clothing brand founded by Bollywood actress Alia Bhatt. RRVL acquired a majority stake of 51% in the company. The joint venture is poised to reshape the landscape of children’s fashion and maternity wear. With this partnership, Ed-a-Mamma will explore fresh domains, including personal care and baby furniture.

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HCL Tech wins Elders deal

Australian agribusiness company Elders has selected HCL Technologies to accelerate digital transformation across its business operations. Under the multi-year partnership, HCL Tech will provide managed IT services and a diverse portfolio of IT capabilities. The IT major will also be responsible for application development & management, digital workplace capabilities, infrastructure, cybersecurity, and data management for Elders.

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Reliance Retail Launches Yousta Brand – Top Indian Market Updates

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

Reliance Retail launches youth-centric fashion brand ‘Yousta’

Reliance Retail has launched its youth-centric fashion brand ‘Yousta’. It also opened its first store in Sarath City Mall, Hyderabad. The Yousta range is also available on e-commerce platforms Ajio and JioMart. The new brand boasts of having contemporary tech-enabled store layouts while promising high-fashion at affordable prices targeted at young consumers.

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Reliance Jio, Bharti Airtel add 36 lakh subscribers in June

Reliance Jio added the highest number of wireless subscribers in June 2023, while financially struggling Vodafone Idea continued to lose ground. Jio added 22.7 lakh subscribers in June, taking its total subscriber tally to 43.9 crore. Bharti Airtel added 14.1 lakh subscribers, and its total wireless subscriber base stood at 37.4 crore. Vodafone Idea lost 13 lakh subscribers during June, and its total subscriber base shrank to 22.9 crore. 

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Dutch group threatens lawsuit over Tata Steel pollution

FrisseWind.nu foundation (representing at least 1,400 people) took the first steps toward a lawsuit against Tata Steel, alleging it is responsible for pollution near Amsterdam that has caused illnesses for residents. Tata Steel’s massive plant at the mouth of the IJ River has come under increasing fire from residents and health authorities, who accuse it of being the main source of contamination in the air, soil and water.

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Hindustan Zinc to ramp up zinc production to 1.5 MT

Hindustan Zinc Ltd (HZL) chairperson Priya Agarwal Hebbar said that the company will ramp up production of zinc to 1.5 million tonnes (MT). HZL is the second largest zinc-lead miner in the world after Swiss firm Glencore and the fourth largest zinc-lead smelter globally. It has now also broken into the top 10 list of silver producers in the world.

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Tata Power partners with Zoomcar to promote EV adoption

Tata Power EV Charging Solutions has partnered with car-sharing platform Zoomcar to promote electric vehicle adoption. The collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform. It will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers.

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USFDA issues ‘EIR’ for Torrent Pharma’s manufacturing facility

The US Food & Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Dahej, Gujarat. EIR means the closure of inspection. The drug regulator had conducted a re-inspection of the site in May this year from May 17-25 and issued Form 483 with 2 observations.

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SBI attracts top distressed asset buyers’ interest for bad loans: Report

According to an ET report, several global and local distressed asset investors are considering buying some of State Bank of India’s (SBI) bad loans put up for sale in the financial year that began in April. Earlier this month, SBI identified a list of 331 non-performing assets with a combined outstanding value of ₹96,000 crore. Investors that have expressed interest include New York-based Cerberus Capital Management LP and Hong Kong-headquartered SC Lowy.

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AntFin plans to sell 2.27 crore shares of Paytm

Chinese fintech giant Ant Financial is looking to offload a 3.6% stake or 2.27 crore shares in digital payments firm Paytm through block deals on August 25. Citigroup has been appointed as the broker for the deal. The transaction’s floor price has been established at ₹880 per share.

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Tata Comm plans to raise ₹1,750cr via NCDs

Tata Communications plans to raise ₹1,750 crore through the issuance of non-convertible debentures (NCDs). The date of allotment of NCDs is August 29, and they will mature after three years of the allotment date. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange.

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Gujarat Ambuja Exports gets GPCB approval for new plant

Gujarat Ambuja Exports Ltd (GAEL) has received clearance from the Gujarat Pollution Control Board (GPCB) to set up a greenfield corn-wet milling plant at Himmatnagar, Gujarat. The proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). GAEL is one of India’s leading manufacturers and exporters of cotton yarn, maize starch, liquid glucose, etc. 

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HDFC Bank’s asset quality continues to be stable: Official

Asset quality of the HDFC Bank continues to be stable even as many of its peers are facing challenges, said the bank’s head for payments business and consumer finance Parag Rao. He added that the bank is witnessing “good traction” on the Unified Payments Interface (UPI) for credit cards. Rao did not share the exact number of NPAs (bad loans) from the credit card business, but added that the number is half of that of its nearest competition.

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Indian Oil Corp to Consider Fundraising via Rights Issue – Top Indian Market Updates

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

Indian Oil board to consider fundraising via rights issue

Indian Oil Corporation Ltd’s (IOCL) board of directors will consider fundraising plans through a rights issue of equity shares.  The proposed rights issue is seen as strengthening its capex spending and the credibility of its emission-reduction plans. IOC’s rights issue, if considered, will be subject to various statutory approvals as may be required.

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Olectra Greentech receives electric bus order worth Rs 10,000 crore

A consortium of Olectra Greentech and Evey Trans Private Ltd secured a Letter of Intent for supplying electric buses from Maharashtra State Road Transport Corporation (MSRTC). The order involves the supply, operation and maintenance of 5,150 electric buses. The value of the supply is approximately ₹10,000 crore for Olectra, and the nature of the contract is a ‘Gross Cost Contract’ basis. The contract period is 12 years.

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Samvardhana Motherson to acquire 100% stake in Rollon Hydraulics for Rs 103 crore

Samvardhana Motherson International Ltd (SAMIL) will acquire a 100% stake in Rollon Hydraulics Private Ltd for ₹103 crore. Rollon is engaged in manufacturing, assembly, and supply of high precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off-highway segment from its two facilities based out of Bengaluru. The target business will be housed under SAMIL’s precision metals and modules division.

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TVS Motor launches modern-retro motorcycle TVS RONIN in Indonesia

TVS Motor Company Ltd has entered into the premium lifestyle segment with the launch of TVS RONIN for its customers in Indonesia. TVS RONIN is the first ‘modern-retro’ motorcycle from TVS Motor Company. It will be available in Indonesia in two variants — TVS RONIN SS (single tone single channel ABS), and TVS RONIN TD (Triple tone dual channel ABS). It will be available in select TVS Motor outlets across the country starting July 2023.

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Cipla’s US subsidiary recalls some of its inhalers due to container defect

Cipla’s subsidiary Cipla USA has made a voluntary nationwide recall of six batches of its inhaler Albuterol Sulfated. The company recalled it due to a container defect by Cipla USA. The recalled batches were manufactured in November 2021 with an expiry date of November 2023. Cipla made the recall after a market complaint on one of the inhalers, where leakage was observed through the inhaler valve.

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RIL, Adani Total Gas planning plants for compressed biogas

Reliance Industries (RIL) and Adani Total Gas (ATGL) are planning to set up 10 compressed biogas (CBG) plants each, across the country. These plants will be of up to 30 million tonnes per annum capacity. Five plants will be set in the next five years. The rest would come up later. The companies would invest up to ₹2500 crore each in setting up these plants.

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Intellect Design Arena loses contract with government e-marketplace

Intellect Design Arena’s contract with the Government e-Marketplace (GeM) got terminated due to lower prices quoted by competitors. Since 2017, Intellect Design Arena has been helping the government develop the GeM platform, which is critical for all public procurements of goods and services by the Central government departments and ministries. The competitor quoted nearly 48% lower than the indicative pricing by the Government.

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Defence Ministry to procure 2 upgraded Dornier aircraft from HAL for Rs 459 crore

The Ministry of Defence (MoD) and Hindustan Aeronautics Ltd (HAL) have signed a contract for the procurement of two Dornier aircraft for the Indian Coast Guard (ICG) for ₹458.87 crore. The contract includes an associated engineering support package and the aircraft will be procured under the Buy Indian Category. The aircraft will be fitted with several advanced equipment, namely a glass cockpit, maritime patrol radar, electro-optic infra-red device, and mission management system, among others.

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Jaiprakash Associates defaults on Rs 4,044 crore loans

Jaiprakash Associates has defaulted on loans worth ₹4,044 crore, including principal and interest. The company on June 30th defaulted on repayments of a principal amount of ₹1,660 crore and interest of ₹2,384 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).

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Viacom18 acquires media rights of USA’s Major League Cricket tournament

Reliance’s Viacom18’s sports network and Major League Cricket (MLC) have inked a media rights agreement that would see the tournament’s debut edition airing exclusively on the company’s Sports18 channel and the JioCinema app in India. The event will start on July 13, when the Texas Super Kings play the Los Angeles Knight Riders at Grand Prairie Stadium outside of Dallas, Texas.

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Reliance Retail board approves equity capital reduction plan

RlL’s subsidiary Reliance Retail Ltd’s board of directors has approved a proposal to reduce the equity share capital. Also, the company will pay ₹1,362 per share, determined based on the valuation obtained from two reputed independent registered valuers, which will be paid towards the capital reduction. Upon reduction, Reliance Retail shares held by such shareholders will stand cancelled and extinguished.

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M&M’s Net Profit Rises 22% YoY to Rs 1,549Cr in Q4 – Top Indian Market Updates

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

M&M Q4 Results: Net profit jumps 22% YoY to Rs 1,549 crore

Mahindra & Mahindra Ltd reported a 22% YoY rise in standalone net profit to Rs 1,549 crore for the quarter ended March (Q4 FY23). Its revenue also rose 31% YoY to Rs 22,571 crore during Q4 FY23. EBITDA stood at Rs 2,797 crore, up 12.4% YoY. The company’s board has announced a dividend of Rs 16.25 per equity share.

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Adani Wilmar enters whole wheat market in India

Adani Wilmar has entered the whole wheat market with its Fortune brand, offering a range of wheat varieties. The company aims to cater to selective households that prefer specific wheat varieties, ensuring superior quality and variety assurance. Adani Wilmar intends to expand its presence in high-value metro markets like New Delhi, Mumbai, Pune, Surat, and Ahmedabad, aiming to increase its market share.

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Forex reserves fall $6.1 billion to $593.48 billion

According to the Reserve Bank India (RBI), India’s foreign exchange reserves fell  $6.052 billion to $593.477 billion as on May 19, 2023. Gold reserves fell by $1.227 billion to $45.127 billion while Special Drawing Rights (SDRs) fell by $137 million to $18.276 billion. The country’s total Foreign Currency Assets (FCA) also fell by $4.654 billion to $524.945 billion.

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Reliance enters into partnership with General Mills for western snacks

Reliance Retail’s FMCG subsidiary Reliance Consumer Products Ltd (RCPL) has entered into a partnership with General Mills to enter the western snacks category. As part of the agreement, Reliance will introduce the global corn chips brand Alan’s Bugles in India, owned by General Mills. This move will position Reliance Consumer as a competitor to brands like Lays, Bingo, Balaji Wafers, and other players in the western snacks market.

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Sun Pharma Q4 Results: Net profit at Rs 1,984 crore

Sun Pharma reported a consolidated net profit of Rs 1,984.5 crore in Q4 FY23. The company reported a net loss of Rs 2,277 crore in the same period last year. Its revenue rose 12% YoY to Rs 10,726 crore during the same quarter. EBITDA stood at Rs 2,802 crore, up 19.7% YoY. The company’s board has approved a dividend of Rs 4 per equity share.

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Adani Green commissions 130 MW wind power plant in Kutchh

Adani Green’s subsidiary Adani Wind Energy Kutchh Five Ltd has commissioned a 130 MW wind power plant at Kutchh in Gujarat. The plant has a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at a rate of Rs. 2.83 per kWh. The plant will be managed by Adani Green Energy Ltd’s (AGEL) Energy Network Operation Centre (ENOC) platform.

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Grasim Q4 Results: Net profit falls 89% YoY to Rs 94 crore

Grasim reported an 89% YoY fall in standalone net profit to Rs 93.5 crore in Q4 FY23. However, its operating revenue rose 4.2% YoY to Rs 6,645.8 crore during the same quarter. EBITDA stood at Rs 426 crore, down 43.4% YoY. The company’s board has announced a dividend of Rs 10 per equity share.

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NCLAT sets aside NCLT order on Zee-Sony merger

In a relief to Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribuna (NCLT) order, which directed NSE and BSE to reconsider their approval for the ZEEL-Sony merger. A two-member NCLAT bench observed that the order passed by the Mumbai bench of NCLT was against the “principle of natural justice” as it did not grant any opportunity to ZEEL to respond over the issue of Shirpur Gold Refinery, an Essel Group firm.

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SAIL Q4 Results: Net profit falls 50% YoY to Rs 1,160 crore

Steel Authority of India Ltd (SAIL) reported a 50% YoY decline in consolidated net profit to Rs 1,159.2 crore for the quarter ended March (Q4 FY23). Its revenue also fell 5.6% YoY to Rs 29,416.39 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 0.50 per equity share.

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Mphasis to partner with Kore.ai

Mphasis has announced a strategic partnership with Kore.ai. The collaboration aims to enhance customer experience management and employee engagement for enterprise clients. Through the use of virtual assistants and intelligent virtual assistants (IVA), businesses in various sectors such as retail, banking, travel, insurance, and healthcare can interact more efficiently with customers. Kore.ai’s platform offers a wide range of services in multiple languages and deployment options for different enterprise businesses.

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SpiceJet’s Net Profit Jumps 161% YoY in Q3 – Top Indian Market Updates

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

SpiceJet Q3 Results: Net profit jumps 161% YoY to ₹110 crore

SpiceJet Ltd reported a 161% YoY jump in consolidated net profit to ₹110 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2.4% YoY to ₹2,317 crore in Q3. The average domestic load factor stood at 91% in Q3, the highest among all airlines in India. 

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NSE subsidiary launches India’s first Municipal Bond Index

NSE Indices Ltd, a subsidiary of the National Stock Exchange (NSE) has launched the country’s first-ever municipal bond index. The index will track the performance of municipal bonds issued by Indian municipal corporations. At present, the index consists of 28 municipal bonds issued by 10 issuers. All of the present constituents have a credit rating in the AA category.

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PVR opens Lucknow’s biggest 11-screen Superplex

PVR has opened 11 screen multiplex at Lulu Mall in Lucknow, Uttar Pradesh. The 11-screen Superplex will strengthen the company’s foothold in Uttar Pradesh with 158 screens in 32 properties and consolidate the nearly-merged entity’s presence in North India with 438 screens in 100 properties. With this launch, PVR-Inox now operates the largest multiplex network with 1,653 screens at 355 properties in 113 cities.

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Vodafone Idea’s bank loans fall 43% in Q3

Vodafone Idea’s dues to banks and financial institutions fell almost 43% YoY to ₹13,190 crore for the quarter ended December 2022 (Q3 FY23). Its trade payables-reflecting arrears to vendors such as tower firm Indus Towers and network gear supplier Nokia rose around 5.3% in the same period to ₹14,728.6 crore. Vi is now prioritising only payments essential for the continuation of its operations.

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Reliance Retail opens first freestanding Gap store in Mumbai

Reliance Retail announced the opening of the first freestanding Gap store in Mumbai. A freestanding store is a store on the street and not in a mall or a shopping centre. Through its partnership with Gap, Reliance Retail said it would bring Gap’s shopping experience to customers across India through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

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ABB to invest ₹1,000 crore to expand manufacturing base in India

ABB India plans to expand the number of manufacturing facilities in India and will invest around Rs 1,000 crore over the next five years for the same. The company inaugurated its new factory in Nashik today, doubling its Gas Insulated Switchgear (GIS) production capacity. It will serve customers across various industries, including power distribution, smart cities, data centers, transport, etc.

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Relief for ZEEL as NCLAT stays insolvency proceedings

The National Company Law Appellate Tribunal (NCLAT) today stayed insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). On Wednesday, the National Company Law Tribunal (NCLT) admitted an insolvency plea against ZEEL by private sector lender IndusInd Bank. The matter pertains to a default of ₹83 crore by Siti Networks, a sister company owned by Essel Group (or Zee Group).

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Alkem Labs arm Enzene launches adalimumab biosimilar in India

Enzene Biosciences, a subsidiary of Alkem Laboratories, has begun commercial supplies of adalimumab biosimilar. The drug is used for treating autoimmune diseases like rheumatoid arthritis and ankylosis spondylitis. This is Enzene’s fourth biosimilar launch in the last eighteen months.

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Titan’s Net Profit Falls 4% in Q3 – Top Indian Market Updates

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

Titan Q3 Results: Net profit falls 4% YoY to ₹951 crore

Titan Ltd reported a 4% YoY decline in net profit to ₹951 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 11% YoY to ₹10,444 crore during the same period. ​​The company’s jewellery business registered a total income of ₹9,518 crore in Q3, up 11% YoY. Titan’s eye care segment registered a 12% YoY growth in total income to ₹174 crore in Q3.

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Mahindra Electric Mobility merges with parent Mahindra & Mahindra

Mahindra Electric Mobility Ltd (MEML) has officially merged into the parent company, Mahindra and Mahindra Ltd (M&M). The merger received final approval from the National Company Law Tribunal (NCLT) on January 13. With this merger, M&M aims to synergise electric vehicle (EV) development, manufacturing, and sales operations.

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HDFC Q3 Results: Net profit rises 13% YoY to ₹3,691 crore

HDFC Ltd reported a 13% YoY increase in net profit to ₹3,691 crore for the quarter ended December (Q3 FY23). The mortgage lender’s revenue from operations grew 29% YoY to ₹15,230 crore during the same period. Income from interest stood at ₹14,457 crore in Q3, up 30% YoY. Dividend income more than doubled to ₹482 crore in Q3.

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Reliance Retail begins accepting govt’s digital rupee for sales

Reliance Retail has started accepting retail payments via the Indian government’s Digital Rupee across its stores in the country. The company launched the first in-store acceptance of the RBI-created and blockchain-based Central Bank Digital Currency (CBDC) at its gourmet food store Freshpik. The CBDC is the digital version of fiat money that will co-exist will hard cash.

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Dabur India Q3 Results: Net profit falls 5% YoY to ₹476 crore

Dabur India Ltd reported a 5.4% YoY decline in consolidated net profit to ₹476 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.4% YoY to ₹3,043.2 crore during the same period. Dabur’s homecare business registered a strong 18% YoY growth in Q3. The company said it is facing many adverse conditions in the rural markets due to inflationary pressures.   

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Bharti Airtel completes merger of Nettle Infrastructure, Telesonic Networks

Bharti Airtel Ltd has completed the merger of its wholly-owned subsidiaries Nettle Infrastructure Investments Ltd and Telesonic Networks Ltd. Around 30,000 non-convertible debentures (NCDs) of the face value of ₹10,00,000 each (aggregating to ₹3,000 crore) and 17,500 listed commercial papers of 5,00,000 each (aggregating to ₹875 crore) issued by Telesonic will also be transferred to Bharti Airtel.

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SBI gave loans worth ₹21,000 crore to Adani Group firms: Report

According to a Bloomberg report, India’s largest public lender State Bank of India (SBI_ has given loans of as much as ₹21,000 crore to Adani Group firms. SBI’s exposure includes $200 million from Adani’s overseas units. Reuters reported that the Reserve Bank of India had asked public sector banks for details of their exposure to the Adani Group of companies. Adani Group firms’ stocks lost a combined market capitalisation of over ₹8.2 lakh crore in the past week due to a scathing report by US-based short seller firm Hindenburg Research. 

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Apollo Tyres Q3 Results: Net profit rises 30% YoY to ₹292 crore

Apollo Tyres Ltd reported a 30% YoY increase in consolidated net profit to ₹292 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 13% YoY to ₹6,423 crore during the same period. Input costs eased to some extent in the past quarter, which helped the tyre manufacturer improve margins.

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Tata Consumer Q3 Results: Net profit rises 26% YoY to ₹364 crore

Tata Consumer Products reported a 26% YoY increase in consolidated net profit to ₹364.43 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 8.3% YoY to ₹3,474.5 crore during the same period. The FMCG company’s EBITDA stood at ₹458 crore, down 2% YoY. The coffee business recorded revenue growth of 34% YoY, while its India foods business registered a 29% revenue growth in Q3.

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Market News Top 10 News

Jio to Provide Managed Services for IOCL for 5 years – Top Indian Market Updates

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

IOCL selects Jio’s managed network services for its petrol pumps

Indian Oil Corp Ltd (IOCL) has selected the enterprise arm of Reliance Jio Infocomm, JioBusiness, to deploy and manage Software Defined Wide Area Network (SD-WAN) solutions across its 7,200 retail outlets for five years. Jio’s SD-WAN solutions will be used to power IOCL’s retail automation and critical business processes. This includes payment processing, daily price updates, remote desktop protocol (RDP) software, and network monitoring.

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Maruti Suzuki signs 5-year pact with Kamarajar port for PV exports

Maruti Suzuki India Ltd (MSIL) has signed a five-year pact with Kamarajar Port Ltd in Chennai for exporting its passenger vehicles (PVs) to international markets. Under this agreement, Kamarajar Port will be used to export cars to Africa, the Middle East, Latin America, ASEAN, Oceania, and SAARC regions. A car-cum-general cargo berth has been developed and commissioned by Kamarajar Port for handling automobile units.

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JK Cement buys controlling stake in Acro Paints for ₹153 crore

JK Paints & Coatings, a wholly-owned subsidiary of JK Cement Ltd, has acquired a controlling stake in Acro Paints for ₹153 crore. Acro Paints is a leading manufacturer of architectural, high-performance paints and coatings in north India. This acquisition is a step towards fast-tracking JK Cement’s entry into the paints segment, expanding its product offerings, and potentially foraying into new markets.

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Reliance Retail acquires Metro AG’s India business for ₹2,850 crore

Reliance Retail Ventures Ltd (RRVL) has signed definitive agreements to acquire a 100% equity stake in Metro Cash and Carry India Pvt. Ltd, which operates under the ‘Metro India’ brand, for ₹2,850 crore. Through this acquisition, RRVL will get access to a network of Metro India stores located in prime locations across key cities, a large base of registered kiranas & institutional customers, and a strong supplier network.

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Viacom18 acquires media rights to Olympic Games 2024 for $31 million

Viacom18 Media has secured exclusive media rights to broadcast the Olympic Games Paris 2024 in the Indian subcontinent. It has also bagged the non-exclusive rights to the Winter Youth Olympic Games in Gangwon 2024. According to reports, Viacom18 is believed to have paid roughly $31 million (~₹256.6 crore) to secure the rights. The company will provide multi-platform coverage of the games and ensure free-to-air television coverage within the region.

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Tata Communications to acquire US-based Switch Enterprises for ₹486 crore

Tata Communications Ltd will acquire New York-based end-to-end live video production company The Switch Enterprises (TSE) in an all-cash deal for ₹486 crore. With both companies coming together, Tata Communications will support TSE’s customers with global reach to over 190 countries and territories. Meanwhile, TSE will bring live production capabilities to help organisations produce high-quality immersive content faster and more efficiently.

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Jio deposits ₹3,720 crore in SBI escrow account to buy Reliance Infratel: Report

As per an Economic Times report, Reliance Jio has deposited ₹3,720 crore in an SBI escrow account, marking another step towards completing the acquisition of Reliance Infratel Ltd (RITL). RITL is the tower business of Reliance Communications, which is under an insolvency process. 

In November 2022, the National Company Law Tribunal (NCLT) in Mumbai approved the acquisition of RITL by Reliance Project & Property Management Services Ltd (RP&PMSL), a subsidiary of Reliance Jio that looks into the tower business.

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CIL can pursue overseas acquisition of coal mines after detailed study of blocks: Parliamentary Panel

The Standing Committee on Coal, Mines, and Steel said Coal India Ltd (CIL) can still pursue the overseas acquisition of mines after a detailed study and analysis of the blocks, especially for low ash coking coal. The committee is of the view that this will not only reduce the import of fossil fuels but also open new avenues of mining abroad. 

[In 2009, CIL had acquired prospecting licences for coal blocks in Mozambique through one of its wholly-owned subsidiaries. However, it was found that the quality of coal in the allocated blocks was inferior and extraction was commercially unviable.]

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NTPC, GE Power signs pact to enable more usage of low carbon fuel in plants

NTPC and GE Power India Ltd have signed a Memorandum of Understanding (MoU) to reduce the amount of coal used in power plants and replace it with low-carbon fuels like methanol, agriculture waste, biomass, and ammonia. The two entities will also develop, test, and demonstrate technologies that allow total co-firing with lower carbon fuels in coal-fired power plants.

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Market News Top 10 News

Wipro Secures Multi-million Dollar Deal From Mazda – Top Indian Market Updates

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

Wipro secures multi-million dollar deal from Mazda

Mazda Motor Logistics Europe has selected Wipro Ltd for a five-year, multi-million dollar managed services contract for its entire application landscape. The partnership will help industrialize Mazda IT, digitize processes, and infuse tools to drive automation. Mazda is currently transforming itself into a more centralized organization with standardized business capabilities to reduce costs.

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KPTL wins new orders worth ₹1,397 crore in India, abroad

Kalpataru Power Transmission Ltd (KPTL) has secured new orders in India and overseas markets worth ₹1,397 crore in the transmission and distribution (T&D) segment. With these new orders, the year-to-date (YTD) FY23 order intake has reached ₹15,784 crores at a consolidated level.

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Ramkrishna Forgings to buy up to 51% stake in TSUYO

Ramkrishna Forgings Ltd’s (RFL) board has approved a proposal to acquire up to 51% stake in TSUYO Manufacturing. This proposed investment will help TSUYO enhance its product portfolio and expand its facilities for manufacturing motors, controllers, e-axles, and differentials. The acquisition will significantly improve RFL’s capabilities and expand its market share in the evolving EV segment.

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Indian Renewable Energy Development Agency to lend ₹4,444 crore to SJVN Green Energy

Indian Renewable Energy Development Agency (IREDA) has signed a loan pact with SJVN Green Energy Ltd (SGEL) for financing ₹4,444.71 crore for its 1,000 megawatts (MW) solar power project at Bikaner, Rajasthan. SGEL is a subsidiary of SJVN Ltd. The IREDA-funded project will connect to the 400/220 KV substation Bikaner-II (near Bikaner).

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Reliance Retail arm launches FMCG brand ‘Independence’ in Gujarat

Reliance Consumer Products, the FMCG arm of Reliance Retail, announced the launch of its made-for-India consumer packaged goods brand ‘Independence’ in Gujarat. The company will sell products ranging from staples to processed foods and other daily essentials. The company plans to step up the launch to cover FMCG retailers across Gujarat in the coming months.

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IDBI Bank approaches bankruptcy court against Zee Entertainment Enterprises

IDBI Bank has filed an insolvency resolution petition against Zee Entertainment Enterprises Ltd (ZEEL) for the default of over ₹149 crore. The bank, claiming to be a financial creditor, filed the petition before the Mumbai bench of the National Company Law Tribunal (NCLT). The development comes at a time when ZEEL is in the process of a merger with Sony Pictures Network India (SPN).

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Air Senegal picks RateGain for accurate and real-time intelligence

Senegal’s national carrier Air Senegal has selected RateGain Travel Technologies Ltd’s product ‘AirGain’ for real-time market insights. The product will enable Air Senegal to track movements on all important routes 80% faster to stay on top of market changes and give the most competitive offer to its customers. It will help the airline’s revenue managers adapt to the post-pandemic world by offering critical market insights and making the right pricing decisions.

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L&T wins two orders for its hydrocarbon business

L&T Energy Hydrocarbon (LTEH) has secured two significant orders (in the range of ~₹1,000-2,500 crore) for its asset management and AdVENT business verticals. It has received a five-year contract for integrated operations and maintenance of the upstream oil & gas processing facility at Rageshwari gas terminal. They have also received an order for the construction of a hydrogen generation unit (HGU) from Matheson Tri Gas, Inc.

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Hinduja Global Solutions to consider share buyback on Monday

Hinduja Global Solutions’ board will meet on December 19 to consider a share buyback. Earlier in January 2022, the company said as the sale of its healthcare business has enhanced free reserves substantially, the allowable limit of the share buyback can be about ₹1,000 crore.

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Raw sugar hits near 6-year high on lack of Indian supplies

Raw sugar futures on Intercontinental Exchange Inc hit their highest in nearly six years as flows from #2 exporter India declined. Mills in India are reportedly producing almost no raw sugar at the moment because white sugar is currently more lucrative (profitable), leaving the market short at a time when top exporter Brazil is in between harvests.

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Market News Top 10 News

RIL to Commission New Gas Condensate Field by Year-End – Top Indian Market Updates

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

RIL to commission new gas condensate field by year-end

Reliance Industries Ltd (RIL) will commission its deepwater MJ gas condensate field in the Bay of Bengal block KG-D6 by year-end, boosting natural gas output to 30% of India’s total. MJ is the third and last of a set of discoveries that RIL and its British partner bp are developing in the eastern offshore block. The two will use a floating production system in the Bay of Bengal to start production at the deepest gas discovery in the KG-D6 block.

Read more here.

Torrent Pharma Q2 Results: Net profit falls 1.3% YoY to ₹312 crore

Torrent Pharmaceuticals Ltd reported a 1.3% year-on-year (YoY) decline in consolidated net profit to ₹312 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.2% YoY to ₹2,291 crore during the same period. EBITDA stood at ₹694 crore in Q2, down 2% YoY. The company’s revenue from the Indian market grew 13% YoY to ₹1,224 crore in Q2.

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Reliance Retail to expand biz in affordable toy segment via Rowan brand

Reliance Retail Ventures Ltd is expanding its business in the fast-growing toy sector through its brand Rowan to operate in the affordable segment with a smaller shop size. The company has been running its toy distribution business through Rowan. It has now brought the homegrown brand to the front end by opening its first exclusive brand outlet (EBO) at Gurugram in NCR in the previous quarter with a store size of 1,400 sq feet.

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Embassy REIT to invest ₹2,200 cr in next 4 years to develop new office buildings

Embassy Office Parks REIT will invest around Rs 2,200 crore in the next four years to develop premium workspaces. The company sees tremendous growth potential in the office market despite global recessionary concerns. CEO Vikaash Khdloya said the office demand would remain strong as large global companies want to open offices in India because of the high availability of a cost-efficient talent pool and cheap rentals for premium workspaces.

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CDSL Q2 Results: Net profit falls 7% YoY to ₹80 crore

Central Depository Services Ltd (CDSL) reported a 7% YoY decline in consolidated net profit to ₹80 crore for the quarter ended Sept (Q2 FY23). Its total income grew 3% YoY to ₹170 crore during the same period. Nearly 48 lakh Demat accounts were opened during Q2. CDSL facilitates holding & transacting in securities in electronic form and settlement of trades on stock exchanges.

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Tata Steel’s Dutch arm to supply green steel to Ford

Tata Steel Nederland has signed an agreement with automaker Ford to supply “green” steel after 2030. The company plans to start producing green steel (steel made without using fossil fuels) in 2030 at its plant in Ijmuiden, Netherlands. The Memorandum of Understanding signed between Tata and Ford of Europe does not compel Ford to buy a specified amount of steel at a specified price.

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BSE launches Electronic Gold Receipts

BSE Limited has launched Electronic Gold Receipt (EGR) on its platform, a move that will help in efficient and transparent price discovery of gold. It introduced two new products of 995 and 999 purity during the Muhurat Trading session on Diwali. Trading in EGRs will be in multiples of 1 gram and deliveries in multiples of 10 grams and 100 grams.

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Piramal Pharma to invest funds into expansion, acquisitions

Piramal Pharma Ltd will focus on scaling up its operations and margin growth through a combination of organic expansion and acquisitions in the areas of contract development & manufacturing services (CDMO) and complex generics. The company will invest ₹1,200 crore in antibody-drug conjugate capacity in the UK over the next 12-18 months. It is also looking to increase capacity at its Riverview unit in the US for active pharmaceutical ingredients (APIs).

Read more here.

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Editorial

Why Did Reliance Shelve its E-Commerce Marketplace Plans?

Reliance Industries Ltd (RIL) is reportedly postponing its plans to launch a standalone e-commerce platform for third-party sellers and compete with Amazon and Flipkart. The company aimed to create a mega online platform for users to buy groceries, clothes, electronics, home, appliances, and more. Meanwhile, thousands of independent sellers have been integrated into its existing platform (JioMart) already. 

In this article, we explain why the Mumbai-based multinational conglomerate decided to halt its plans to develop its e-commerce platform.

Reliance’s Entry Into the E-Commerce Space:

India’s biggest retailer, Reliance Retail Ventures Ltd, has more than 12,000 stores across India. The company expanded its e-commerce operations in recent years with ventures including Ajio, JioMart, and the webstore of Reliance Digital. Ajio, launched in 2016, is Reliance’s fashion e-commerce venture. JioMart (launched in 2019) is the umbrella marketplace for grocery, value fashion, electronics, and a few other categories. The electronics retail chain, Reliance Digital, operates its own app and webstore. 

Despite the bleak conditions of the pandemic, JioMart, Ajio, and Reliance Digital’s webstore performed well when consumers heavily relied on online channels to make purchases. Reliance Retail also hired more than 65,000 people during the pandemic, out of which more than 53,000 were freshers. Reliance attained e-commerce sales of around ₹3,496 crore in 2021, yet it still lags market leaders (and key rivals) Amazon and Flipkart.

RIL’s Further Expansion in E-Commerce 

In order to compete with industry giants Amazon and Flipkart, the Mukesh Ambani-led business is now developing JioMart as a full-fledged marketplace with a strong presence across all categories. According to reports that surfaced in August 2022, RIL was building a separate online marketplace called JioMarket and onboarding third-party sellers to the platform. This would have allowed Reliance to comply with the Indian government’s draft e-commerce policy. Let’s learn what this policy entails:

The policy proposes to ban marketplace operators from having related parties or associated enterprises as sellers on their platforms. The companies or brands associated with e-market organisations will not be listed in their marketplaces. Only third-party sales are to be permitted. The government is promoting “algorithm fairness,” which forbids e-marketplaces from giving certain sellers preferential consideration. Such a policy would ensure that independent sellers receive fair treatment. E-market organisations are also frequently accused of sharing consumer data and purchasing habits with some preferred sellers. Thus, strict laws will be pushed to safeguard consumer rights.

Now, the government has put the proposed e-commerce policy on hold. So Reliance Industries has abandoned its plan to create a separate e-commerce marketplace for third-party sellers. Instead, it has integrated thousands of independent sellers into its prevailing platform, JioMart. 

JioMarket was designed to adhere to the suggested e-commerce policy standards. RIL intends to establish a single platform, JioMart, which it will construct to the scale of Amazon and Flipkart to compete against them. Now that the policy is taking a backseat, it would have been challenging to grow two platforms to fight against these formidable competitors.

The Way Ahead

JioMart has already onboarded more than 15,000 third-party independent sellers and direct-to-consumer (D2C) brands that Reliance Retail had roped in over the last 3-4 months for JioMarket. The total collection on the platform has gone up 80 times as compared to last year’s Diwali. It has also begun a month-long festive sale with discounts comparable to those offered by Amazon and Flipkart, with some undertaken by third-party sellers and D2C brands.  

E-commerce has revolutionised how businesses operate in India. As per an IBEF report, the Indian e-commerce market is predicted to grow by 21.5% to reach $74.8 billion by the end of 2022! Amazon is hailed as the  #1 e-commerce company in India, while Flipkart is neck-to-neck in competition for supremacy. 

Will JioMart face an uphill task to compete with Amazon and Flipkart, or will it give a tough fight to e-commerce giants like Amazon and Flipkart? Let us know your views in the comments section of the marketfeed app!