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Bharti Airtel’s Net Profit Rises 50% YoY to Rs 3,006Cr in Q4 – Top Indian Market Updates

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

Bharti Airtel Q4 Results: Net Profit rises 50% YoY to Rs 3,006 crore

Bharti Airtel reported a 50% YoY increase in consolidated net profit to Rs 3,006 crore for Q4 FY23. Its consolidated revenue jumped 14.3% YoY to Rs 36,009 crore during the same quarter. EBITDA stood at Rs 18,807 crore, up 18% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 4 per equity share.

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BPCL board approves Rs 49,000 crore capex for ethylene cracker project at Bina refinery

Bharat Petroleum Corporation Ltd (BPCL) has received board approval for several projects. These include an ethylene cracker project at Bina Refinery, expansion of the refinery, and downstream petrochemical plants. Additionally, the company will set up two 50 MW wind power plants costing approximately Rs 978 crore for captive consumption, one at the Bina refinery and another at the Mumbai refinery.

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SGX Nifty to be known as GIFT Nifty from July 3

According to a circular from Singapore Exchange, SGX Nifty will be known as GIFT Nifty from July 3, 2023. All SGX orders will be completely transferred to Gift City, NSE IFSC Exchange for matching and the facility would be the sole trading location for SGX Nifty derivatives as of July 3.

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Sona Comstar partners with UK’s Equipmake to make electric powertrains in India

Sona BLW Precision Forgings Ltd has signed an agreement with UK-based Equipmake to produce electric powertrains for cars, buses, and commercial vehicles in India and other markets. The licensing agreement allows Sona Comstar, a subsidiary of Sona BLW, to manufacture and sell EV powertrains, subsystems, and components based on Equipmake’s patented spoke motor and inverter technology.

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Bank of Baroda Q4 Results: Net profit jumps 168% YoY to Rs 4,775 crore

Bank of Baroda reported a 168% YoY jump in standalone net profit to Rs 4,775 crore for Q4 FY23. Its Net Interest Income (NII) jumped 33.8% YoY to Rs 11,525 crore during the same quarter. Gross NPA and Net NPA stood at 3.79% and 0.89% respectively. The bank’s board has recommended a dividend of Rs 5.5 per equity share.

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Eveready Industries cuts direct distributors to 1,000

Eveready Industries India Ltd has implemented a network revamp strategy to improve efficiency. The company’s direct distributors have been reduced from 5,000 to 1,000. The changes extend not only to the organization but also to the channel structures, focusing on a more streamlined and efficient distribution network.

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Bank of Baroda made a provision of Rs 500 crore against GoFirst exposure

Bank of Baroda has made a provisioning of Rs 500 crore against its exposure to financially troubled airline Go First, which has been granted bankruptcy protection preventing the repossession of its planes by lessors. The bankruptcy filing of Go First lists Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank among its financial creditors, with a total owed amount of Rs 6,521 crore.

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IOCL Q4 Results: Net profit jumps 52% YoY to Rs 10,841 crore

Indian Oil Corp Ltd reported a 52% YoY jump in consolidated net profit to Rs 10,841 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 2.3 Lakh crore during the quarter. The company’s board has recommended a final dividend of Rs 3 per equity share.

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SPML Infra lenders start Rs 2,000-crore debt sale based on anchor bid from NARCL

Lenders led by the State Bank of India (SBI) have initiated the sale of SPML Infrastructure’s debt worth over Rs 2,000 crore based on an anchor bid by the government-backed National Asset Reconstruction Company Limited (NARCL). The debt offered for sale includes fund-based and non-fund-based loans, optionally convertible debentures, and carries a security value of Rs 1,203 crore. The six banks, including SBI, Canara Bank, ICICI Bank, PNB, BOB, and Union Bank of India, are collectively selling the debt.

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INOX Air Products investing Rs 1,300 cr to set up air separation units at Tata Steel’s Dhenkanal plant

INOX Air Products will invest Rs 1,300 crore to establish two air separation units (ASUs) with a daily capacity of 1,800 tonnes each at Tata Steel’s plant in Dhenkanal, Odisha. The ASUs will produce industrial gases such as oxygen, nitrogen, and argon, which are vital for the steel manufacturing process. The project is expected to be operational by March 2025, and the partnership agreement covers 20 years for the supply of gases.

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Chalet signs franchise agreement with IHCL for Delhi airport hotel

Chalet Hotels Ltd’s subsidiary Chalet Airport Hotel Private Limited has entered into a franchise agreement with Indian Hotels Company Limited (IHCL), backed by the Tata Group. The agreement is for a new luxury hotel at Terminal 3 of Indira Gandhi International Airport in New Delhi. The hotel will be under the Taj brand and will feature 400 rooms and dining and conferencing facilities.

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Bharti Airtel Pays Rs 8,312 crore for 5G Spectrum – Top Indian Market Updates

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

Bharti Airtel pays Rs 8,312.4 crore to DoT for 5G spectrum

Bharati Airtel Ltd has paid Rs 8,312.4 crore to the Department of Telecommunications (DoT) towards dues for spectrum acquired in the recently concluded 5G auctions. With this payment, the telco has paid four years of 2022 spectrum dues upfront. 

The upfront payment, the moratorium on spectrum dues, and AGR-related payments for four years will free up future cash flows and allow Bharti Airtel to dedicate resources to concentrate on the 5G rollout.

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India’s oil demand to rise 7.7% in 2023: OPEC

As per an OPEC report, India’s demand for petroleum products like petrol and diesel will grow by 7.73% in 2023, the fastest pace in the world. The country’s demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023. India is the world’s third largest oil importing and consuming nation behind the United States and China.

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Sona Comstar partners with Israeli startup Drive to develop new tech in smart mobility

Sona Blw Precision Forgings Ltd (Sona Comstar) has partnered with Israel-based startup Drive to develop and commercialise new technologies in the smart mobility space. The partnership will give Sona Comstar access to Drive’s new testing, evaluation, and development centre. As an innovation-hub partner, the company can participate in Drive’s startup commercialisation program FastLane.

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Kalpataru Power moves court in Paris to enforce Rwanda Energy arbitration award

Kalpataru Power Transmission Ltd (KPTL) has approached the Judicial Court of Paris to seek enforcement of an arbitration award of over $32 million (~Rs 240 crore) against Rwanda Energy Group (REG). KPTL had entered into a contract with REG in November 2013 to install and commission a 220 kilovolt (KV) power transmission network connecting the Democratic Republic of Congo and Rwanda. A dispute arose when REG refused to pay KPTL for price adjustment.

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UPL signs pact with Oro Agri for co-distribution of ‘Orange Oil’

UPL Ltd has partnered with US-based Oro Agri for the co-distribution and development of Orange Oil, a bio-solution effective against a variety of pests and illnesses. The company will co-distribute the bio-protection formulation starting in 2023. While UPL will leverage its global distribution network to explore new markets and expand its client base, Oro Agri will continue to supply current customers directly.

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Ashok Leyland announces merger of Hinduja Leyland Finance with NXTDIGITAL

Ashok Leyland Ltd has announced the merger of non-banking financial company (NBFC) Hinduja Leyland Finance (HLF) with NXT DIGITAL. The move will help integrate business operations, ensure efficiency in cash management, and formulate integrated operational and marketing strategies. The share exchange ratio for the merger will entail 23 shares of NXTDIGITAL to be allocated for every 10 shares of Leyland Finance held. 

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India’s 10-year bond yield drops 10 basis points

Indian government bond yields declined on Wednesday, with the benchmark 10-year yield crashing 10 basis points (bps), following a sharp fall in global oil prices that could further lower the inflation trajectory. The benchmark 10-year govt bond yield was at 7.1966% as of 10:25 AM today. It had fallen to 7.1947% earlier in the day, after closing at 7.2894% on Friday. Global oil prices dropped, with the benchmark Brent crude contract declining to its lowest level in six months on Tuesday.

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Jio adds 42.2 lakh subscribers in June; Bharti Airtel gains 7.9 lakh users 

Reliance Jio Infocomm gained 42.23 lakh mobile subscribers in June 2022, taking its total user base to 41.3 crore. Bharti Airtel added 7.93 lakh users, and its total mobile subscriber count rose to 36.29 crore. Vodafone Idea lost nearly 18.01 lakh mobile subscribers during June. India’s total wireless subscribers count increased marginally to 114.73 crore at the end of June 2022. 

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M&M in talks with different states to set up EV production site

Mahindra & Mahindra has initiated talks with various state governments in India to set up manufacturing infrastructure for its upcoming range of electric sports utility vehicles (SUVs). It will evaluate incentives offered by different state governments before finalising a strategy for the production of these EVs. The automaker has lined up five new electric SUVs. The first four are expected to hit the roads between December 2024 and 2026.

Read more here.

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Adani Power’s Net Profit Jumps Multifold to Rs 4,645 crore in Q4 – Top Indian Market News

Adani Power Q4 Results: Net profit jumps multifold to Rs 4,645 crore

Adani Power Ltd reported a multifold jump in net profit to Rs 4,645.47 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 13.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 93% YoY to Rs 13,308 crore during the same period. EBITDA stood at Rs 7,942 crore in Q4, up 271% YoY. 

In Q4, Adani Power Rajasthan received nearly Rs 3,000-4,000 crore towards domestic coal shortfall claims, along with carrying cost and late payment surcharge from Rajasthan DISCOMs under a Supreme Court order.

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M&M partners with J&K Bank to offer tractor, farm equipment loans

Mahindra & Mahindra (M&M) Ltd has partnered with Jammu & Kashmir Bank to offer loans for tractors and farm machinery. J&K Bank will provide financing to prospective customers of M&M branded tractors and farm machinery via its branches. They also aim to offer improved access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest farm equipment to boost their yields

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Welspun Corp secures order worth Rs 706 crore from IOCL

Welspun Corp Ltd (WCL) has received an order worth Rs 706 crore from Indian Oil Corporation Ltd (IOCL) of approximately 48,000 million tonnes (MT). The order includes setting up a crude oil pipeline system with a capacity of 17.5 million tonnes per annum (MTPA) from Mundra in Gujarat to Panipat Refinery in Haryana. WCL is one of the largest welded line people manufacturers in India.

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Marico Q4 Results: Net profit rises 13% YoY to Rs 257 crore

Marico Limited reported a 13.21% YoY increase in consolidated net profit to Rs 257 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 7.4% YoY to Rs 2,161 crore during the same period. Total expenses grew 7.13% YoY to Rs 1,863 crore in Q4. Revenue from the domestic market stood at Rs 1,654 crore, up 5.08% YoY. 

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Sona Comstar partners with C-Motive Tech to develop electrostatic drive motors

Sona Comstar has partnered with US-based startup C-Motive Technologies to develop electrostatic drive motors for electric vehicle (EV) applications. The startup uses electrostatic forces to build motors through a series of multiplicative gains in mechanical, electrical, and electrochemical innovations. Sona Comstar will also participate in C-Motive’s latest financing round.

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CAMS Q4 Results: Net profit rises 23% YoY to Rs 74 crore

Computer Age Management Services (CAMS) Ltd reported a 23% YoY increase in net profit to Rs 73.84 crore for the quarter ended March (Q4 FY22). Net profit fell 4.5% when compared to the previous quarter. Its revenue rose 22% YoY to Rs 243.18 crore during the same period. CAMS acts as a registrar and transfer agent to mutual funds.

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L&T secures contract for bullet train project

Larsen & Toubro (L&T) Ltd’s construction arm has secured a large contract (in the range of Rs 2,500-5,000 crore) from the National High-Speed Rail Corporation Ltd (NHSRCL). The order involves the construction of 116 route km of the high-speed ballastless track works for Mumbai-Ahmedabad High-Speed Rail (MAHSR) project. Upon completion, this slab track system will enable trains to travel at a speed of 320 kilometers per hour.

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Firstsource Solutions Q4 Results: Net profit jumps 183% YoY to Rs 132.4 crore

Firstsource Solutions Ltd (FSL) reported a 183% YoY jump in consolidated net profit to Rs 132.39 crore for the quarter ended March (Q4 FY22). Net profit fell 2.26% when compared to the previous quarter. Its total income rose 5.6% YoY (or 5.43% QoQ) to Rs 1,543.54 crore during the same period. FSL is a business process management company headquartered in Mumbai.

Dabur Q4 Results: Net profit falls 22% YoY to Rs 294 crore

Dabur India Ltd reported a 22% YoY decline in consolidated net profit to Rs 294.34 crore for the quarter ended March (Q4 FY22). The FMCG major’s revenue from operations rose 7.7% YoY to Rs 2,517.81 crore during the same period. EBITDA stood at Rs 453.6 crore in Q4, up 2.5% YoY. Dabur India’s board has declared a final dividend of Rs 2.7 crore.

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Tata Power Solar bags Rs 5,500 cr order from SJVN

Tata Power Solar has secured India’s largest solar engineering procurement and construction (EPC) order for a 1 gigawatt (GW) project worth Rs 5,500 crore from state-owned SJVN Ltd. Covering 5,000 acres of land in Rajasthan, this project aims at reducing around 22,87,128 kg of carbon emission. It is expected to generate ~2,500 million units (MU) annually.

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Infosys Reports 11.8% YoY Rise in Net Profit in Q2 – Top Indian Market News

Infosys Q2 Results: Net profit rises 11.8% YoY to Rs 5,421 crore

Infosys Ltd reported an 11.8% YoY increase in consolidated net profit to Rs 5,421 crore for the quarter ended Sept (Q2 FY22). Net profit rose 4.35% when compared to the previous quarter. Its revenue from operations rose 20.5% YoY (or 6.1% QoQ) to Rs 29,602 crore during the same period. Digital revenues stood at 56.1% of total revenues, reporting year-on-year constant currency growth of 42.4%. The IT major’s board has declared an interim dividend of Rs 15 per share.  

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Tata Motors partners with Endress+Hauser Flowtec to deploy e-buses for employees

Tata Motors has partnered with Endress+Hauser Flowtec India Pvt. Ltd (EHFI) to deploy electric buses for employee transportation. The automaker has delivered two units of 9-metre 34-seater AC electric buses and a DC fast charger for green employee mobility from its facility in Aurangabad. The electric buses were flagged off at EHFI’s facility in Aurangabad. EHFI is a global leader in measurement instrumentation, services, and solutions for industrial process engineering.

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Wipro Q2 Results: Net profit rises 18.8% YoY to Rs 2,930 crore

Wipro Limited reported an 18.86% YoY increase in consolidated net profit to Rs 2,930.7 crore for the quarter ended Sept (Q2 FY22). However, net profit declined by 9.62% when compared to the previous quarter. Its revenue from operations rose 7.7% QoQ to Rs 19,667.4 crore during the same period. Wipro expects revenues to grow 2-4% in constant currency terms in the December quarter (Q3 FY22).

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UltraTech Cement commissions 1.2 MTPA of cement capacity

Ultratech Cement Ltd announced the commissioning of cement capacity of 1.2 million tonnes per annum (MTPA) in October 2021. The cement major’s Patliputra Cement Works in Bihar added a cement capacity of 0.6 MTPA, taking its total capacity to 2.5 MTPA. Dankuni Cement Works in West Bengal increased cement capacity by 0.6 MTPA, taking its total capacity to 2.2 MTPA. This additional capacity will help Ultratech Cement service the fast-growing cement demand in the eastern markets and increase its blended cement ratio.

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Hero MotoCorp partners with Gilera Motors to expand operations in Argentina

Hero MotoCorp has partnered with Gilera Motors Argentina to reinvigorate and expand its operations in one of the key markets in South America. This move is in line with its aggressive global business strategy. As part of the agreement, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina. It will also make new investments in operations to drive business growth.

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Mindtree Q2 Results: Net profit rises 57% YoY to Rs 398.9 crore

Mindtree reported a 57.23% YoY increase in consolidated net profit to Rs 398.9 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 16.16% when compared to the previous quarter. The IT company’s revenue from operations rose 34.3% YoY (or 13% QoQ) to Rs 2,586 crore during the same period. Mindtree’s board has declared an interim dividend of Rs 10 per share.

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Invesco reveals merger talks between ZEEL and Reliance Industries

Invesco, the single largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), said it had tried to facilitate a possible deal between Reliance Industries Ltd and the company but refuted claims it had pushed for the transaction at a lower valuation. The latest statement from Invesco comes a day after ZEEL CEO Punit Goenka told the company’s board that Invesco had come with a proposal in February for a merger with certain entities owned by a large Indian group with an inflated valuation of at least Rs 10,000 crore. Invesco and ZEEL are locked in a legal battle over the former’s demand for holding an Extraordinary General Meeting (EGM).

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Piramal-Bain Capital fund IndiaRF invests Rs 310 crore in Primacy Industries

India Resurgence Fund (IndiaRF), a joint venture between Piramal Enterprises Ltd and Bain Capital Credit, has invested Rs 310 crore in Primacy Industries Ltd. The investment proceeds will be used towards strengthening the balance sheet of Primacy and providing fresh capital to fuel its growth plans. Primacy Industries is a fast-growing contracting business for fragrance-based consumer products in the air-care, personal care, and health & hygiene categories.

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Sona Comstar partners with NASSCOM to boost digital skills of employees

Sona Comstar has partnered with FutureSkills Prime– a MeitY-NASSCOM Digital Skilling Initiative to upskill its workforce in cutting-edge digital technologies with industry-relevant and government-recognized curriculum-based courses. FutureSkills Prime is the first-of-its-kind public-private cooperation between the Ministry of Electronics and Information Technology (MeitY) and NASSCOM to create a digital skilling ecosystem for India’s citizens. 

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