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Vi’s Net Loss Widens to ₹7,596 crore in Q2 – Top Indian Market Updates

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

Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore

Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.

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Gati to buy out Japanese partner in JV in FY23

Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal. 

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HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore

Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.

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Godrej Properties acquires 50-acre land parcel near Mumbai

Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.

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SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore

SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.

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Bharti Airtel deploys 5G at Bengaluru Airport

Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.

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Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore

Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.

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IIFL Finance aims to triple co-lending to over ₹13,000 crore

IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.

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Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore

Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.

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Alembic Pharma gets USFDA approval for generic injection

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.

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HPCL Q2 Results: Net loss at ₹2,475 crore

Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.

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Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore

Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.

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UPL Posts 29% YoY Rise in Q4 Net Profit – Top Indian Market News

UPL Q4 Results: Net profit rises 29% YoY to Rs 1,379 crore

UPL Ltd reported a 29% YoY increase in consolidated net profit to Rs 1,379 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24% YoY to Rs 15,860 crore during the same period. The chemical manufacturer’s EBITDA stood at Rs 3,591 crore in Q4, up 26% YoY. UPL’s board has declared a dividend of Rs 10 per share.

UPL has settled a case with SEBI pertaining to the alleged failure to modify the terms of appointment of the auditor of its subsidiary. It has paid Rs 19.5 lakh towards settlement charges.

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Vodafone Idea partners with SonyLIV to boost content offerings

Vodafone Idea (Vi) has partnered with SonyLIV to offer premium content services. SonyLIV is the video streaming platform from Sony Pictures Networks India. Vi has introduced a new add-on recharge of Rs 82, which will provide a free mobile-only subscription of SonyLIV Premium for 28 days and an added data benefit of 4GB with 14-day validity.

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PVR Q4 Results: Net loss at Rs 105.5 crore

PVR Limited reported a consolidated net loss of Rs 105.49 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 289.21 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations jumped nearly three-fold to Rs 537.14 crore in Q4 FY22. The multiplex chain operator’s total expenses stood at Rs 731.17 crore, up 43.91% YoY.

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L&T secures order from Jharkhand govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Government of Jharkhand. The project aims to provide water to irrigate 22,283 hectares of culturable command area (CCA) in Dumka district by pumping water from the Sidheshwari river. The scope of the order includes survey, design, and construction of a barrage across the river.

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Suven Pharma Q4 Results: Net profit rises 11% YoY to Rs 92 crore

Suven Pharmaceuticals Ltd reported a 10.3% YoY increase in consolidated net profit to Rs 91.66 crore for the quarter ended March (Q4 FY22). Net profit fell 42.7% when compared to the previous quarter. Its revenue from operations rose 40.54% YoY to Rs 364 crore during the same period. The pharma company’s board has declared an interim dividend of ₹1 per share.

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Can Fin Homes clarifies on possible RBI probe into fraud detection

Can Fin Homes Ltd offered clarification on a possible Reserve Bank of India (RBI) probe into the detection of fraud in 37 accounts, saying it has not received any such information from the regulator. Earlier today, a media report claimed that RBI may launch a probe into the detection of fraudulent accounts in Can Fin Homes. The company further said the report is factually incorrect and that it is unaware of its source.

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HCL Tech to acquire digital banking firm Confinale

HCL Technologies UK has signed a definitive agreement to acquire Switzerland-based Confinale AG, a digital banking and wealth management consulting specialist. With this acquisition, HCL Tech will expand its footprint in the global wealth management market. Confinale has one of the largest pools of Avaloq-certified specialists in Europe. It works with leading banks and wealth advisors. 

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LIC IPO subscribed 2.94 times on final day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 2.94 times on the final day of bidding. Retail investors have subscribed 1.98 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2.91 times and 2.83 times, respectively, against their reserved portions. LIC policyholders have subscribed 6.09 times the portion reserved for them. 

Aarti Drugs Q4 Results: Net profit rises 7% YoY to Rs 55 crore

Aarti Drugs Ltd reported a 7.14% YoY increase in consolidated net profit to Rs 55.34 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its revenue from operations rose 38.4% YoY to Rs 694.27 crore during the same period. The pharma company’s total expenses stood at Rs 626.73 crore in Q4, up 43.2% YoY.

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SRF Q4 Results: Net profit rises 59% YoY to Rs 

SRF Limited reported a 59% YoY increase in consolidated net profit to Rs 605.65 crore for the quarter ended March (Q4 FY22). Net profit rose 19.8% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 3,549 crore during the same period. The company’s chemicals business posted a revenue of Rs 1,572 crore in Q4, up 36% YoY. 

SRF’s board has approved a project to set up dedicated facilities to produce key specialty products at its Dahej plant at an estimated cost of Rs 115 crore. They have also approved a project for capacity expansion at the Dahej plant at an approx. cost of Rs 30 crore.

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Maruti Suzuki Reports 48% YoY Fall in Net Profit in Q3 – 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 Q3 Results: Net profit falls 48% YoY to Rs 1,011 crore

Maruti Suzuki India Ltd (MSIL) reported a 47.9% YoY decline in net profit to Rs 1,011 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 1% YoY to Rs 23,246 crore during the same period. The global chip shortage and high commodity costs continued to affect the automaker’s sales. EBITDA stood at Rs 1,559 crore, down 30% YoY. MSIL’s total sales fell 13% YoY to 4.3 lakh units in Q3.

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BPCL to invest Rs 10,000 crore in six new city gas licenses

Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 10,000 crore over the next five years to set up city gas distribution networks in cities for which it secured licenses in the latest bidding round of the Petroleum and Natural Gas Regulatory Board (PNGRB). The company won licenses to retail CNG to automobiles and piped natural gas (PNG) for cooking purposes in the bid-out of six geographical areas.

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Cipla Q3 Results: Net profit falls 2.6% YoY to Rs 729 crore

Cipla Limited reported a 2.61% YoY decline in consolidated net profit to Rs 728.6 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 5,478.86 crore during the same period. The pharma company’s EBITDA stood at Rs 1,231 crore, up 5.7% YoY. Its India business registered a 13% YoY growth in sales to Rs 2,518 crore in Q3.

Read more here. 

TCS selected as launch partner for Microsoft Cloud for Retail

Tata Consultancy Services (TCS) announced that it is now a partner for the newly-launched Microsoft Cloud for Retail. TCS will help retail clients leverage Microsoft Cloud for Retail to accelerate their growth and transformation journeys. Microsoft Cloud for Retail is an industry-specific cloud that brings together various Microsoft technologies. It connects experiences across the end-to-end shopper journey with integrated and intelligent capabilities.

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Pidilite Industries Q3 Results: Net profit falls 20% YoY to Rs 359 crore

Pidilite Industries Ltd reported a 19.5% YoY decline in consolidated net profit to Rs 359.24 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 24% YoY to Rs 2,850.72 crore during the same period. The company’s total expenses stood at Rs 2,372.9 crore in Q3, up 37.98% YoY. Gross margins were affected due to high input costs. Pidilite Industries is a leading manufacturer of adhesives & sealants, construction chemicals, and craftsmen products.

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Sterlite Tech secures Rs 170 crore deal from Power Grid

Sterlite Technologies Ltd (STL) has secured a deal worth ~Rs 170 crore for building a unified network management system (UNMS) for Power Grid Corporation of India Ltd (PGCIL). STL will fulfill PGCIL’s requirement for high-performance and integrated network management systems across their regional communications networks. PGCIL owns and operates 90% of India’s interstate and inter-regional electric power transmission network.

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United Spirits Q3 Results: Net profit rises 27% YoY to Rs 291 crore

United Spirits Ltd reported a 26.6% YoY increase in consolidated net profit to Rs 291.1 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 7.6% YoY to Rs 8,854.5 crore during the same period. The company’s total expenses stood at Rs 8,463.8 crore in Q3, up 6.5% YoY. A healthy operating cash flow has enabled the liquor maker to achieve a debt-free status as of December 31, 2021.

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Torrent Pharma Q3 Results: Net profit falls 16% YoY to Rs 249 crore

Torrent Pharmaceuticals Ltd reported a 16% YoY decline in consolidated net profit to Rs 249 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 5.7% YoY to Rs 2,108 crore during the same period. The pharma company’s EBITDA stood at Rs 538 crore, up 11.4% YoY. Its US segment revenues fell 20% YoY to Rs 235 crore in Q3, while its India segment revenues rose 15% YoY to Rs 1,072 crore. 

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SRF Q3 Results: Net profit rises 56% YoY to Rs 506 crore

SRF Limited reported a 56% YoY increase in consolidated net profit to Rs 506 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 56% YoY to Rs 3,346 crore during the same period. Revenue from its chemical business grew 58% YoY to Rs 1,428 crore in Q3. The operating profit of the chemical business stood at Rs 419 crore, up 121% YoY. SRF’s board has approved an interim dividend of Rs 4.75 per share.

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Federal Bank Q3 Results: Net profit rises 29% YoY to Rs 522 crore

Federal Bank reported a 29% YoY increase in net profit to Rs 521.7 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 7.1% YoY to Rs 1,538.9 crore during the same period. [NII is the difference between the interest earned on loans and the interest paid on deposits.] The gross non-performing assets (GNPA) ratio stood at 3.06% in Q3 FY22, compared to 3.24 crore in Q2 FY22. Provisions fell 48.3% YoY to Rs 213.98 crore in Q3 FY22.

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Akasa Air plans to commence domestic operations by late May

Rakesh Jhunjhunwala-backed airline Akasa Air is aiming to start flights in late May or early June after getting its first Boeing 737 MAX aircraft in April. The low-cost airline is looking to own and operate 18 planes in its fleet by the end of March 2023. Akasa Air will initially have services from metros to Tier II and III cities.

Read more here.

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Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

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Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

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Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

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JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

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SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

Read more here. 

TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

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CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

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Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

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CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

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Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

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India’s GDP Grows 20.1% in Q1 – Top Indian Market News

India records GDP growth at 20.1% in Q1

India’s gross domestic product (GDP) for the April-June quarter (Q1 FY22) grew 20.1% as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). The sharp rise in Q1 GDP data can be mainly attributed to a low base last year. The economy had contracted by a record (-)24.4% in the corresponding quarter last year (Q1 FY21) due to the impact of the nationwide lockdown that was imposed to curb the spread of the Covid-19 pandemic. The manufacturing sector grew 49.6% YoY, while the construction sector grew at 68.3% YoY in Q1 FY22. 

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Maruti Suzuki cuts Sept production by 60% due to semiconductor shortage

Maruti Suzuki India Ltd expects production at its plants in Haryana and Gujarat to be impacted next month due to a shortage of semiconductors. As per estimates, the total production volume across both states could be around 40% of the normal output. This is the second consecutive monthly production cut seen by the automaker due to the global chip shortage.

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Subex extends partnership with Robi to drive 5G

Subex Ltd has extended its partnership with telecom operator Robi to upgrade its existing integrated revenue assurance and fraud management (iRAFM) system. With this upgrade, Robi will leverage the artificial intelligence and machine learning (AI/ML) capabilities of Subex’s revenue assurance and fraud management solutions to tackle new-age telecom threats in Bangladesh. It will also help Robi deliver a superior customer experience as it looks to provide services built on 5G.

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Exide Industries looks to set up Tesla-style gigafactory

Exide Industries Ltd is looking to set up a Tesla-style gigafactory using the production-linked incentive (PLI) scheme, as it ramps up focus on lithium-ion batteries. The company will finalise details of its advanced chemistry cell battery-making facility once the PLI scheme related to the segment is announced. In May 2021, the Union Cabinet had approved a PLI scheme with an outlay of Rs 18,000 crore to promote the manufacturing, export, and storage of lithium-ion cells essential for developing electric vehicles.

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SRF’s board approves 4:1 bonus issue

The Board of Directors of SRF Limited has approved a bonus issue in the ratio 4:1. The company will issue four bonus shares (of the face value of Rs 10 each) for each equity share held as on the record date. Gurugram-based SRF Limited is a multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates.  

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Ola likely to launch IPO in early 2022

Ride-hailing aggregator Ola is exploring a public offer early next year and is aiming to raise $1 billion (~Rs 7,290 crore). According to reports, investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup, and JP Morgan are working with the company to file preliminary documents for the IPO with market regulator SEBI by October. Ola would be joining a strong pipeline of Indian startups that are ready to tap the IPO market in the coming months.

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Dr Reddy’s launches generic stomach ulcer drug in the US

Dr Reddy’s Laboratories has launched Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules in the US market. It is a therapeutic equivalent generic version of Librax. The drug is indicated to control emotional and somatic factors in gastrointestinal disorders. It is also used as adjunctive therapy in the treatment of peptic ulcers and irritable bowel syndrome. According to IQVIA data, the generic version of the drug had sales of $105.9 million (~Rs 770 crore) in the US for the 12 months ended July 2021.

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No comment on media speculation: Bharti Airtel on report of Google investment

Bharti Airtel said it “receives interests from high-quality investors” for its various businesses and evaluates them. However, it declined to comment on a media report that US software giant Google is likely to make a substantial investment in the company. A recent Times of India (ToI) report had stated that Google is on its way to make investments worth thousands of crores in Bharti Airtel. The telecom operator termed the Google news report as “speculation”. 

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Bank of India raises Rs 2,550 crore via QIP

Bank of India has raised Rs 2,550 crore through a Qualified Institutional Placement (QIP). The lender’s capital issuing committee has approved the issue and allotment of 40.54 crore equity shares to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 62.89 per share. The QIP opened on August 25 and closed on August 30. The bank had targeted to raise up to Rs 3,000 crore through this issue. 

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Mastek partners with fulfillmenttools to deliver Omnichannel Fulfillment Solutions

Mastek Ltd has partnered with Germany-based fulfillmenttools to enable Direct to Stakeholder (D2X) transformation for their joint clients. This partnership will enable their clients to deliver a robust customer experience through a unified D2X process integrating commerce with fulfillment. fulfillmenttools offers an integrated end-to-end platform solution for efficient omnichannel fulfillment. Mumbai-based Mastek is a multinational technology company that offers enterprise-level digital transformation services and software.

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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.

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RBI Governor Announces Measures to Battle Second Wave Impact – Top Indian Market News

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RBI Governor announces relief measures to battle second wave impact

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a set of relief measures to help stakeholders battle the impact of the second wave of Covid-19 infections in the country. The RBI has opened an on-tap liquidity window of Rs 50,000 crore to ramp up Covid-19 related healthcare infrastructure and services. Under the scheme, banks can provide fresh lending support to vaccine manufacturers, suppliers of vaccines and priority medical devices, hospitals, logistics firms, etc. The Governor has also announced loan restructuring facilities for individuals, small businesses, and micro, small & medium enterprises (MSMEs) who have been adversely affected by the pandemic.

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Adani Enterprises Q4 Results: Net profit jumps 282% YoY to Rs 234 crore

Adani Enterprises Ltd (AEL) reported a 282.2% year-on-year (YoY) jump in consolidated net profit to Rs 233.95 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 21%. Profit for the quarter was impacted by a one-time exceptional loss of Rs 179 crore. Its total revenue stood at Rs 13,688.95 crore during the same period, compared with Rs 13,698 crore in Q4 FY20. The company’s board has recommended a final dividend of Re 1 per share.

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Cabinet approves strategic divestment of IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment, along with the transfer of management control in IDBI Bank. The extent of respective shareholding to be divested by the Government of India (GoI) and Life Insurance Corporation (LIC) will be decided at the time of structuring of the transaction, in consultation with the RBI. Currently, GoI owns 45.48% equity in IDBI Bank, while LIC holds 49.24%.

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Tata Steel Q4 Results: Net profit at Rs 6,644 crore

Tata Steel Limited reported a 79.7% quarter-on-quarter (QoQ) increase in net profit to Rs 6,644 crore for the quarter ended March (Q4). Revenue rose 19% QoQ to Rs 49,977 crore during the same period. Hot-rolled coil prices rose 16.7% during the quarter to Rs 54,856 per tonne. Tata Steel’s consolidated sales volumes rose 0.43% QoQ to 4.67 million tonnes. The company’s board has approved a dividend of Rs 25 per share.

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SRF Q4 Results: Net profit rises 96% YoY to Rs 381 crore

SRF Limited reported a 96% YoY increase in consolidated net profit to Rs 381 crore for the quarter ended March (Q4). Its revenue from operations rose 40% YoY to Rs 2,608 crore during the same period. SRF’s chemical segment posted a 31% YoY increase in revenue to Rs 1,153 crore. Its packaging films segment reported a 63% YoY increase in revenue to Rs 980 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 31% YoY to Rs 1,198 crore. 

SRF’s board has approved the setting up of a multi-purpose plant at Dahej (Gujarat) at an approximate cost of Rs 375 crore.

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Alembic Pharma gets USFDA approval for ophthalmic solution

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic solution. The drug is indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension who are insufficiently responsive to beta-blockers. According to IQVIA data, the product had sales of approximately $80 million (~Rs 590 crore) for the 12 months ended December 2020.

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CEAT Q4 Results: Net profit jumps three-fold to Rs 153 crore

CEAT Limited reported a three-fold (195%) YoY increase in net profit to Rs 153 crore for the quarter ended March (Q4). The tyre company’s revenue rose 45% YoY to Rs 2,290 crore during the same period. CEAT introduced better inventory efficiency measures to compensate for the rise in raw material costs. The company’s board has approved an investment of Rs 1,205 crore to expand capabilities in the truck and bus radial (TBR) segment. CEAT has also announced a final dividend of Rs 18 per share.

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Wipro partners with Transcell Oncologics to transform vaccine safety assessment strategies

Wipro Limited has partnered with Hyderabad-based Transcell Oncologics to transform vaccine safety assessment strategies using artificial intelligence (AI). The partnership combines Transcell’s innovative stem cell technology with the advanced AI capabilities of Wipro HOLMES. This will enable customers to improve the safety of global vaccine immunization programs.

Kirloskar Ferrous Q4 Results: Net profit jumps 135% YoY to Rs 135 crore

Kirloskar Ferrous Industries reported a 135.4% YoY jump in net profit to Rs 135.33 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 27%. Its revenue from operations rose 67% YoY to Rs 748.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 168% YoY to Rs 302.11 crore. The company’s board has declared a final dividend of Rs 3 per share.

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Hikal signs multi-year agreement with a global pharma company

Hikal Limited has signed a multi-year contract with a leading global pharmaceutical company. The contract includes the development and supply of a portfolio of niche Active Pharmaceutical Ingredients (APIs) over a period of 10 years. Hikal and its customer will jointly invest in its plant in Panoli (Gujarat) to set up a multipurpose manufacturing asset to produce the APIs. Commercial supplies will commence after the successful development and plant commercialisation, which is estimated to be from FY 2023-24 onwards.

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Craftsman Automation Q4 Results: Net profit rises 8.7% QoQ to Rs 47.28 crore

Craftsman Automation Ltd reported an 8.74% quarter-on-quarter (QoQ) increase in net profit to Rs 47.28 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 1,064.5%. Its revenue from operations rose 9.47% QoQ to Rs 540.12 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 143% YoY to Rs 97.36 crore.

Adani Green Energy Q4 Results: Net profit rises 8.25% YoY to Rs 105 crore

Adani Green Energy Limited (AGEL) reported an 8.25% YoY increase in consolidated net profit to Rs 105 crore for the quarter ended March (Q4). On a quarterly basis, net profit has jumped 138.6%. Its total revenue from operations rose 50.5% YoY to Rs 1,082 crore during the same period. AGEL’s revenue from power supply rose 15% YoY to Rs 690 crore. The company added 925 megawatt (MW) of operational capacity in FY21.

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SBI Reports 52% YoY Jump in Net Profit – Top Indian Market News

SBI Q2 Results: Net Profit jumps 52% YoY to Rs 4,574 crore

State Bank of India (SBI) reported a 51.9% year-on-year (YoY) increase in net profit to Rs 4,574.16 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 14.56% YoY to Rs 28,181.5 crore, during the same period. The share price of SBI Bank saw a rise of 0.37%, and closed at Rs 205.50 on the NSE today.

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Gland Pharma IPO to open on November 9

Hyderabad-based Gland Pharma is set to launch its initial public offering (IPO) on November 9, in order to raise Rs 6,450 crore. The price band for the offer has been fixed at Rs 1,490-1500 per share. The issue will be closed on 11 November. This would be the largest IPO by a pharmaceutical firm in India.

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Adani Enterprises Q2 Results: Profit stands at Rs 436 crore

Adani Enterprises Ltd. reported a consolidated profit of Rs 435.73 crore, for the quarter ended September (Q2). The company had posted a consolidated loss of Rs 10.06 crore in Q2 of the previous financial year. The total income of the company stood at Rs 9,312.14 crore in Q2 FY21.

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India’s services PMI expands for first time in eight months

India’s service sector activity showed great signs of recovery, as the PMI increased from 49.8 in September to 54.1 in October. Economic activity has continued to pick up, as lockdown restrictions have been removed. The IHS Markit Services Purchasing Managers’ Index (Services PMI) is a month-on-month calculation of service activity in a country. A PMI value of more than 50 shows expansion, and a value of less than 50 shows contraction.

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HPCL announces Q2 results and share buyback plan

Hindustan Petroleum Corporation Ltd. (HPCL) reported a 135% year-on-year (YoY) increase in net profit to Rs 2,477.4 crore, for the quarter ended September (Q2). The company’s revenue has declined by 14.9% YoY to Rs 51,773.3 crore, during the same period. HPCL has announced a share buyback worth Rs 2,500 crore, at Rs 250 per share.

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Jyothy Labs Q2 Results: Net Profit rises 12% YoY to Rs 60 crore

Jyothy Labs Ltd. reported a 12.2% year-on-year (YoY) increase in consolidated net profit to Rs 60.13 crore, for the quarter ended September (Q2). The FMCG firm’s total income has increased by 5.86% YoY to Rs 508.51 crore, during the same period. The company has stated that its general trade and e-commerce platform had seen a strong demand in Q2. 

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SBI Cards partners with Paytm to launch co-branded credit cards

SBI Cards has partnered with financial services platform Paytm to launch Paytm-SBI Card co-branded credit cards. The company has stated that these credit cards are equipped with smart features and will provide superior rewards and benefits. The credit card company had earlier reported very weak Q2 earnings, due to the effects of the Covid-19 pandemic.

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United Spirits Q2 Results: Net Profit falls 21% YoY to Rs 125 crore

United Spirits Ltd. reported a 20.62% year-on-year (YoY) decline in consolidated net profit to Rs 125.1 crore, for the quarter ended September (Q2). The company had posted a net profit of Rs 157.6 crore in Q2 of the previous financial year. The revenue from operations has increased by 3.97% YoY to Rs 7,590.4 crore in Q2 FY21.

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SRF Q2 Results: Profit up by 57% YoY to Rs 316 crore

SRF Limited reported a 57% year-on-year (YoY) increase in consolidated net profit to Rs 316 crore, for the quarter ended September (Q2). The manufacturing firm’s consolidated revenue increased by 21% YoY to Rs 2,101 crore, during the same period. The company has stated that its Packaging Films and Special Chemicals businesses have posted a robust performance in Q2.

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Pidilite Q2 Results: Net Profit rises 9.5% YoY to Rs 356 crore

Pidilite Industries Ltd. reported a 9.5% year-on-year (YoY) increase in net profit to Rs 356 crore, for the quarter ended September (Q2). The company’s revenue has increased by 4% YoY to Rs 1,880 crore, during the same period. Pidilite has also confirmed that it has completed the acquisition of Huntsman Group’s Indian subsidiary for Rs 2,100 crore.