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Dr Reddy’s Labs Profit Jumps 890% YoY to Rs 960Cr in Q4 – Top Indian Market Updates

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

Dr Reddy’s Labs Q4 Results: Net profit jumps 890% YoY to Rs 960 crore

Dr Reddy’s Labs reported an 890% YoY jump in consolidated net profit to Rs 960 crore for Q4 FY23. Its operating revenue rose 15.28% YoY to Rs 5,843 crore during the same quarter. EBITDA also rose 26% YoY to Rs 1,631 crore. The company’s board has recommended a final dividend of Rs 40 per equity share.

Read more here.

SEBI grants final approval for proposed change in control of HDFC AMC

HDFC Bank has received final approval from the Securities and Exchange Board of India (SEBI) for the proposed change in control of HDFC Asset Management Company (AMC). This approval clears the path for the merger of HDFC into HDFC Bank, which is expected to be completed by the third quarter of the next fiscal year.

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Kolte Patil adds new residential projects in Pune worth Rs 1,300 cr

Kolte-Patil Developers has announced two residential projects in Pune with a combined revenue potential of Rs 1,300 crore. The projects span 1.9 million square feet, including a 5-acre land acquisition in Wagholi with a development potential of 7.5 lakh square feet (Rs 400 crore revenue) and a joint venture at NIBM Road with an 11.5 lakh square feet potential (Rs 900 crore revenue).

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L&T Q4 Results: Net profit jumps 10% YoY to Rs 3,987 crore

Larsen & Toubro reported a 10% YoY increase in consolidated net profit to Rs 3,987 crore for Q4 FY23. Its operating revenue rose 10.4% YoY to Rs 58,335 crore during the same quarter. EBITDA stood at Rs 6,833 crore, up 5% YoY. The company’s board has recommended a final dividend of Rs 24 per equity share.

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Godrej Consumer Q4 Results: Net profit rises 25% YoY to Rs 452 crore

Godrej Consumer Products Ltd reported a 25% YoY increase in net profit to Rs 452 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 3,200 crore during the quarter. EBITDA stood at Rs 641 crore, down 37% from Q4 FY22. During the quarter, the company’s India business revenue grew 11.5% YoY to Rs 1,823 crore.

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Pidilite Industries forays into the paint industry with Haisha

Pidilite Industries has introduced a range of decorative paints in certain regions, entering the competitive paint market. The paint brand has been named ‘Haisha’. The decision to enter the crowded market was driven by input from Pidilite’s dealers, as well as the company’s existing distribution advantage and familiarity with the category.

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ONGC to get dividends instead of oil from Russia’s Sakhalin-1 field

ONGC is no longer receiving its share of oil from Russia’s Sakhalin-1 field, but it will still receive dividends from the field. A new company formed by Russia now sells all the oil from Sakhalin-1, whereas ONGC used to sell its share independently. ONGC retains a 20% stake in the new operator and will receive dividends based on its ownership. The field is currently producing approximately 200,000 barrels per day.

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Sanofi’s board approves demerger of its consumer healthcare business

Sanofi India’s board has approved the demerger of its consumer healthcare business into a separate entity. The demerger is yet to receive approval from shareholders and regulators. After the demerger is completed, Sanofi will retain a 60.4% stake in both entities and SIL shareholders will receive 1:1 SCHIL equity shares of Rs 10 each for their existing shares.

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JSW Infrastructure files for IPO

JSW Infrastructure has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for an initial public offering (IPO). The company aims to raise Rs 2,800 crore from the IPO, which will be utilized for debt repayment and capacity expansion. JSW Infrastructure is India’s second-largest commercial port operator based on cargo handling capacity in Fiscal 2022.

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BASF Q4 Results: Net profit falls 45% to 82 crore

BASF has reported a 45% YoY fall in net profit to Rs 82.39 crore for Q4 FY23. Its operating revenue also fell 3.25% YoY to Rs 3,249 crore during the same quarter. EBITDA fell 48% YoY to Rs 91.5 crore in the quarter compared to Rs 175.8 crore in Q4FY22.

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Canara Bank to spin off its credit card vertical into a separate subsidiary

Canara Bank is set to spin off its credit card vertical into a separate subsidiary. It has also started preparing a roadmap for the listing of its life insurance and fund management businesses. The bank is taking steps to expand low-cost deposits, thus helping improve margins and profitability. At present, it has 6.5 lakh credit card customers with Rs 1,100 crore in outstanding portfolio.

Read more here.

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HAL Registers Rs 26,500 cr Revenue for FY23- Top Indian Market Updates

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

HAL registers Rs 26,500 crore revenue for FY23

Hindustan Aeronautics Ltd has registered its highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for FY2022-23, up 8% YoY. The order book of the Bengaluru-headquartered company stood at around Rs 82,000 crore at the end of March 2023. The cash flow of the company has improved substantially with payments of around Rs 25,000 crore received from various Defence customers.

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Larsen & Toubro secures multiple EPC projects in domestic market

Larsen & Toubro’s power transmission & distribution (PT&D) business has secured multiple significant orders (in the range of ~Rs 1,000-1,500 crore) in the domestic market. The company will establish 765kV and 400kV gas-insulated substations to serve as pooling substations at the RE zone of Khavda Renewable Energy park in Gujarat’s Kutch region.

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Sanofi looks to spin off its consumer business in India: Report

As per an Economic Times report, French drugmaker Sanofi has initiated a process to turn its consumer healthcare business in India into a listed entity through a demerger. The unit’s products include leading anti-allergy brands such as Allegra and Avil, pain management drug Combiflam, and Vitamin D brand Depura. The business posted revenue of Rs 1,000-1,250 crore in CY22.

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Va Tech Vabag secures Rs 4,400 cr seawater desalination project in Tamil Nadu

Va Tech Wabag has secured a Rs 4,400 crore seawater reverse osmosis project in Tamil Nadu. After completion, it would be the largest sea-water desalination project in the South East Asia region. The project will enhance the water security for Chennai through a stable source of drinking water.

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Bandhan Bank adds 50 new branches to its network

Bandhan Bank has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh. The private sector lender also plans to introduce new products and increase the width of services in the next financial year (FY24).

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IDBI Bank gets NCLT approval to set off accumulated losses of Rs 45,396 crore

IDBI Bank has received approval from the National Company Law Tribunal (NCLT) to set off its accumulated losses worth Rs 45,396 crore by reducing its share capital. The bank plans to utilize the balance of Rs 50,719.75 crore in its Securities Premium account to offset the losses. The Central government and the Life Insurance Corporation of India are currently in the process of selling their stake in the bank.

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Coal India exceeds annual output target of 700 mn tonnes for first time in 17 years

Coal India Ltd (CIL) has exceeded its annual production target of 700 million tonnes (MT) for the first time in 17 years. It produced an estimated 703.4 MT in the financial year ended March 2023 (FY23). This marks a 13% increase from the previous year and the highest annual production volume in the company’s history. CIL is targeting a production of 780 MT in the upcoming financial year (FY24) to meet the increasing demand from India’s power utilities.

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ZEEL enters into a one-time settlement with Standard Chartered Bank for credit facility availed by Siti Networks

Zee Entertainment Enterprises Ltd (ZEEL) has reached a one-time settlement agreement with Standard Chartered Bank for a loan taken by Siti Networks, a subsidiary of the Essel Group. The bank had provided credit facilities to Siti Networks that were secured by a Debt Service Reserve Account (DSRA) support and undertaking from ZEEL. While the amount has not been disclosed, the settlement will resolve any outstanding issues related to the loan.

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RVNL secures road project worth Rs 720.67 crore

Rail Vikas Nigam Limited (RVNL) has been declared the lowest bidder for a project worth Rs 720.67 crore by the National Highway Authority of India (NHAI). The project involves the construction of a 7.192-kilometre-long six-lane elevated Kona expressway in West Bengal. 

Meanwhile, RVNL’s joint venture with Metrowagonmash & Locomotive Electronic System has received an order from the Ministry of Railways for manufacturing Vande Bharat Trainsets. The contract involves the supply of 200 trainsets, with a cost per set of Rs 120 crore.

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Reliance Jio, Bharti Airtel gain subscribers in Jan

Reliance Jio Infocomm and Bharti Airtel gained 16.5 lakh and 12.8 lakh mobile users, respectively, in January 2023. Jio and Bharti Airtel’s user bases jumped to 42.6 crore and 36.8 crore, respectively. Meanwhile, Vi lost nearly 13.6 lakh mobile users in January, further shrinking its user base to 23.9 crore. 

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Tech Mahindra and YIT Corp Enters into Strategic Partnership

Tech Mahindra has entered into a strategic partnership with Finland-based YIT Corporation to drive its business transformation. As per the partnership, Tech Mahindra will provide a significant part of YIT’s IT services and consolidate the current services to one dedicated supplier. The IT company will also optimise YIT’s business processes through automated IT operations.

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BEL secures export orders worth $52 million

Bharat Electronics Limited (BEL) has received export orders worth $52 million in March. This includes communication equipment, electronics assembly, micro modules and mechanical parts for various customers from France, Israel, and the US. Yesterday, the Ministry of Defence signed 10 contracts worth ₹5,498 crore with BEL for the three armed forces.

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Bajaj Finance Reports 80% YoY Rise in Q4 Net Profit – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q4 Results: Net profit rises 80% YoY to Rs 2,420 crore

Bajaj Finance Ltd reported an 80% YoY (or 14% QoQ) increase in net profit to Rs 2,419.5 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 30% YoY to Rs 6,068 crore during the same period. The company’s assets under management (AUM) increased by 29% YoY to Rs 1.97 lakh crore. Its deposit book grew 19% YoY to Rs 30,800 crore in Q4 FY22. Bajaj Finance has declared a dividend of Rs 20 per share.

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RIL, Ta’ziz sign shareholder agreement for Ruwais chemicals project

Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC (Ta’ziz) have signed the formal shareholder agreement for the Ta’ziz EDC & PVC project. The joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC), and Polyvinyl Chloride (PVC) production facility, with a total investment of ~$2 billion. The project aims to strengthen domestic supply chains in the UAE.

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L&T to partner with IIT Bombay for green hydrogen tech development

Larsen & Toubro (L&T) has partnered with the Indian Institute of Technology-Bombay to jointly pursue research and development work in the green hydrogen value chain. L&T’s engineering expertise, product scale-up, commercialization know-how, and IIT Bombay’s cutting-edge research in hydrogen technologies will help this partnership accomplish its goals. They aim to create scalable and cost-effective solutions in the green hydrogen space.

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Sanofi India Q1 Results: Net profit rises 63% YoY to Rs 238 crore

Sanofi India Ltd reported a 63.4% YoY increase in net profit to Rs 238.4 crore for the quarter ended March (Q1 CY22). The pharma company follows the January-December financial year cycle. Its revenue from operations fell 2.5% YoY to Rs 707 crore during the same period. EBITDA stood at Rs 194.5 crore, up 2.7% YoY.

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Amazon to continue arbitration against Future Group in Singapore: Report

According to an ET report, Amazon will go ahead with its arbitration proceedings against the Future Group in Singapore. It will raise the issue of the Indian group allegedly alienating its retail assets in favour of Reliance Industries (RIL). The Singapore International Arbitration Centre (SIAC) is likely to resume hearing the Amazon-Future Group dispute in the first or second week of May.

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Adani Group in advanced talks to acquire Holcim business in India: Report

As per reports, the Adani Group is in advanced talks to buy Holcim’s cement business in India. The group could sign a deal to acquire a controlling stake in Ambuja Cements Ltd from Switzerland-based Holcim (the world’s largest cement maker). Currently, Holcim holds a 63.1% stake in Ambuja. 

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Airtel Payments Bank partners with IndusInd Bank to offer FD facility to customers

Airtel Payments Bank has partnered with IndusInd Bank to offer fixed deposits for its customers. Users can open FDs starting from Rs 500 up to Rs 1.9 lakh in a few minutes through a digital process on the Airtel Thanks mobile app. Savings account customers will get a yearly interest rate of up to 6.5% and senior citizens will get an additional 0.5% on all FDs.

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Atul Q4 Results: Net profit falls 22% YoY to Rs 136 crore

Atul Limited reported a 22.16% YoY decline in consolidated net profit to Rs 136.26 crore for the quarter ended March (Q4 FY22). Net profit fell 12.3% when compared to the previous quarter. The chemical manufacturer’s total income rose 22.75% YoY (or 0.6% QoQ) to Rs 1,392.64 crore during the same period. EBITDA stood at Rs 205.2 crore, down 19.35% YoY. Atul Ltd’s board has declared a dividend of Rs 25 per share.

HAL signs deal with BEL to make IRST system for Su-30 MKI jets

Hindustan Aeronautics Ltd (HAL) and Bharat Electronics Ltd (BEL) signed a contract for the co-development and production of the Long Range Dual Band Infra-Red Search and Track System (IRST) for Sukhoi Su-30 MKI jets. The proposed IRST system will be a high-end strategic technology product in the field of defence avionics. It will enhance the Indian Air Force’s air superiority. 

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Tata Teleservices Q4 Results: Net loss at Rs 280 crore

Tata Teleservices (Maharashtra) Ltd reported a net loss of Rs 280.62 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 288.3 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue from operations rose 2.8% YoY to Rs 272.78 crore in Q4 FY22. Tata Teleservices is a broadband, telecommunications, and cloud service provider based in Mumbai. 

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LIC IPO to open on May 4; price band set at Rs 902-949 per share

Life Insurance Corporation (LIC) has fixed a price band of Rs 902-949 per share for its Rs 21,000-crore initial public offering (IPO). There is a discount of Rs 60 for policyholders and a Rs 45 discount for employees. The IPO will open for anchor investors on May 2 and for other investors from May 4-9. The Indian government is looking to sell a 3.5% stake in the state-owned insurance company. 

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Wipro to acquire 100% stake in Rizing for $540 million

Wipro Limited will acquire a 100% stake in US-based Rizing Intermediate Holdings for $540 million (~Rs 4,135 crore). The IT major aims to scale up its systems, applications & products (SAP) consulting capabilities through this acquisition. The transaction is expected to be completed before the quarter ending June 30 (Q1 FY23).

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AU Small Finance Bank Q4 Results: Net profit jumps 105% YoY to Rs 346 crore

AU Small Finance Bank (SFB) reported a 105% YoY (or 16% QoQ) increase in net profit to Rs 346 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 43% YoY to Rs 937 crore during the same period. AU SFB’s board has declared a dividend of ₹1 per share. They have also recommended a bonus issue of one equity share for every one share held. 

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ITC to Acquire 16% Stake in D2C Brand Mother Sparsh – Top Indian Market News

itc

ITC to acquire 16% stake in D2C brand Mother Sparsh

ITC Limited has announced plans to acquire a 16% stake in Mother Sparsh for Rs 20 crore through a share subscription agreement. Mother Sparsh is a direct-to-consumer (D2C) Ayurvedic and natural personal care brand that focuses on mother and baby care segments. ITC said the acquisition will enable access to the fast-growing D2C space in the ‘personal care’ category, which has been identified by the company as an area of interest. 

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Tata Group in talks to set up $300 million semiconductor assembly unit: Report

According to reports, Tata Group is in talks with three states to invest up to $300 million (~Rs 2,245 crore) to set up a semiconductor assembly and test unit. The group is holding talks with the governments of Tamil Nadu, Karnataka, and Telangana and scouting for land for the outsourced semiconductor assembly and test (OSAT) plant. An OSAT plant assembles and tests foundry-made silicon wafers, turning them into finished semiconductor chips. 

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IRCON emerges lowest bidder in 2 projects worth Rs 1,500 crore

Ircon International Ltd has emerged as the lowest bidder for the construction of an eight-lane access-controlled expressway in the Shirsad-Akloli section of Vadodara-Mumbai Expressway in Maharashtra. The project, floated by the National Highways Authority of India (NHAI), is valued at ~Rs 1,124 crore. IRCON has also emerged as the lowest bidder for the supply, installation, testing, and commissioning of Track Works of Standard Gauge for Chennai Metro Rail Ltd. The value of the project is Rs 337.61 crore.

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Sanofi India to divest Soframycin, Sofradex brands for Rs 125 crore

Pharma major Sonafi India will divest its Soframycin and Sofradex brands to Encube Ehticals for a total consideration of Rs 125 crores. Upon completion of the transaction, Encube would acquire the right to sell and distribute the two skin ailment creams in India and Sri Lanka. The company’s board has also approved the transfer of the unregistered Intellectual Property (IP) and product inventory to Encube.

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Aurionpro Solutions to acquire majority stake in Toshi Automatic Systems

Aurionpro Solutions Ltd has announced plans to acquire a majority stake (51%) in Toshi Automatic Systems Pvt Ltd (TASPL). The acquisition will allow Aurionpro to further consolidate its position as the only integrated player in the Automatic Fare Collection (AFC) & transit solutions space in India. Uttar Pradesh-based TASPL is an innovator with products and solutions in industrial, public safety, mass transit segments.

Apollo Hospitals, Amazon in talks for pharmacy business partnership: Report

Online retail giant Amazon is reportedly in talks with Apollo Hospitals for a partnership in its pharmacy business, Apollo HealthCo. Apollo Hospitals is looking to sell up to a 20% stake in its pharmacy subsidiary and wants to raise around $500 million (~Rs 3,744 crore). The subsidiary is making strategic moves to expand its online sales and working towards being a dominant omnichannel player.

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CDSL becomes first depository to open 5 crore active Demat accounts

Central Depository Services (India) Limited (CDSL) has become the first depository to hold more than five crore active Demat accounts. CDSL is India’s leading and only listed depository. It provides convenient, dependable, and secure depository services at an affordable cost to all market participants. To learn more about CDSL, click here.

Vedanta promoters pledge shares to raise Rs 6,000 crore

Holding companies of Vedanta Ltd have raised $800 million (~Rs 6,000 crore) by pledging shares in the company. Promoter group firms pledged 242.26 crore shares or a 65.18% stake in Vedanta in three facility agreements to raise funds. The firm is evaluating all options including demergers, spin-offs, and strategic partnerships as part of a complete overhaul of its corporate structure. It is also looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities.

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NTPC Renewable Energy signs PPA for 325 MW solar projects

NTPC Renewable Energy has signed a Power Purchase Agreement (PPA) and other project agreements with Indian Railways, Madhya Pradesh Power Management Company, and Reva Ultra Mega Solar Ltd (RUMSL) for 325 megawatts (MW) solar projects. The projects will be installed in RUMSL at Shajapur Solar Park in Madhya Pradesh

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Maruti Suzuki Reports 62% QoQ Fall in Net Profit in Q1 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q1 Results: Net profit at Rs 441 crore

Maruti Suzuki India Ltd reported a standalone net profit of Rs 440.8 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62% when compared to the previous quarter. It had posted a net loss of Rs 249 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations fell 26% QoQ to Rs 17,770 crore in Q1 FY22. The automaker posted a 25% QoQ decline in total sales to 3.53 lakh units during the April-June quarter.

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Yes Bank, Indiabulls Housing Finance sign co-lending agreement

Yes Bank has entered into a co-lending agreement with Indiabulls Housing Finance for home loans. The partnership aims at integrating capabilities to provide an efficient and seamless experience to retail home loan customers. The Reserve Bank of India’s co-lending framework provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

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Nestle India Q2 Results: Net profit rises 11% YoY to Rs 539 crore

Nestle India Ltd reported an 11% YoY increase in net profit of Rs 538.6 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,476 crore during the same period. Nestle’s domestic sales grew 13.7% YoY, while export revenues grew 17.7% YoY in Q2 CY21. The company’s board has approved the sale of a 20% stake in Sahyadri Agro due to a change in business conditions. 

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IDBI Bank Q1 Results: Net profit jumps four-fold to Rs 603 crore

IDBI Bank reported a 318% YoY jump in standalone net profit of Rs 603.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 41.4% YoY to Rs 2,506 crore during the same period. The gross non-performing assets (GNPA) ratio declined to 22.71% in Q1 FY22, compared to 26.81% in Q1 FY21. IDBI Bank’s provisions for bad loans and contingencies rose 97.2% YoY to Rs 1,751.80 crore in the April-June quarter of FY22.

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Shilpa Medicare gets WHO approval for Tenofovir Disoproxil Fumarate

Shilpa Medicare has received approval from the World Health Organisation for Tenofovir Disoproxil Fumarate. The drug is used to treat chronic Hepatitis B and prevent and treat HIV AIDS. Shilpa Medicare is a leading manufacturer of Active Pharmaceutical Ingredients (APIs), intermediaries, and formulations in India.

Coforge Q1 Results: Net profit rises 55% YoY to Rs 124 crore

Coforge Limited reported a 54.7% YoY increase in consolidated net profit to Rs 123.6 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 38.3% YoY to Rs 1,461.6 crore during the same period. The IT company’s total order book executable over the next 12 months rose 38.7% YoY to $645 million as of June 30, 2021. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

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Sanofi India sells nutraceuticals business to Universal Natruscience for Rs 587 crore

The Board of Directors of Sanofi India Ltd has approved the sale and transfer of its nutraceuticals business to Universal Nutriscience Pvt Ltd for Rs 587 crore. Universal Nutriscience is a strategic partnership between Kedaara Capital (a private equity firm) and Universal Medicare (a nutraceuticals company). Sanofi India’s nutraceuticals business comprises 16 brands and 30 stock-keeping units (SKUs) 

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SRF Q1 Results: Net profit jumps 123% YoY to Rs 395 crore

SRF Limited reported a 123% YoY jump in consolidated net profit to Rs 395 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its revenue from operations rose 75% YoY to Rs 2,699 crore during the same period. The company’s chemical business posted a 59% increase in revenue to Rs 1,114 crore in Q1. SRF’s board has declared an interim dividend of Rs 12 per share.

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Welspun India Q1 Results: Net profit jumps 343% YoY jump to 217.53 crore

Welspun India Ltd reported a 343.12% YoY jump in consolidated net profit to Rs 217.53 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its total income rose 83.15% YoY (or 2.47% QoQ) to Rs 217.53 crore during the same period. Welspun India is a multinational conglomerate based in Mumbai. Its crore industries include steel, energy, and textiles.

Mahanagar Gas Q1 Results: Net profit jumps 351% YoY to Rs 204 crore

Mahanagar Gas Ltd (MGL) reported a 351% YoY jump in consolidated net profit to Rs 204.08 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4% when compared to the previous quarter. Its revenue from operations rose 140% YoY (it fell 14% QoQ) to Rs 615.49 crore during the same period. MGL posted a 22.5% QoQ decline in CNG sales to 141.11 million standard cubic meters (MSCM) in Q1. Total gas sales fell 17% QoQ to 2.398 MSCM per day.