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Ambani Says Indian Economy to Hit $40 Trillion by 2047 – Top Indian Market Updates

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

Mukesh Ambani says Indian economy to grow 13-fold to $40 trillion by 2047

Reliance Industries Ltd’s Mukesh Ambani said India is likely to become a $40 trillion economy by 2047— a 13-fold jump from its current size. “Three game-changing revolutions will govern India’s growth in the decades ahead: the clean energy revolution, the bio-energy revolution and the digital revolution,” he added. Ambani said India will witness an unprecedented explosion in economic growth and opportunities.

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Bharti Airtel’s Nxtra starts construction of its largest data centre in Kolkata

Nxtra Data, a subsidiary of Bharti Airtel Ltd, has started the construction of its new hyper-scale data centre in Kolkata. The company will invest ₹600 crore in the development of the facility. The data centre will serve the markets of east & north-east regions in India and the SAARC countries and fulfil the growing needs of enterprises and global cloud players.

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Jio adds 7.24 lakh subscribers in Sept, Bharti Airtel gains 4.12 lakh: TRAI

Reliance Jio Infocomm added 7.24 lakh wireless subscribers in September 2022, taking its total user count to 42.68 crore. Bharti Airtel gained 4.12 lakh subscribers in Sept, and its total subscriber count increased to 22.50 crore. Meanwhile, Vodafone Idea (Vi) lost 40.11 lakh subscribers, and its total user count declined to 12.32 crore. India’s total mobile subscriber base fell by 36 lakh in September.

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Steel Strip Wheels to establish EV joint venture with Redler Tech

Steel Strip Wheels Ltd (SSWL) has signed an agreement to form a joint venture (JV) with Israel-based Redler Technologies for the development, manufacturing, and sales of motion controllers for electric vehicles in India. The association will synergise SSWL’s manufacturing capability, large consumer access, and strong Indian presence with Redler Tech’s access to advanced technology.

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Bajaj Finance raises deposit rates for third time in 3 months

Non-banking finance company (NBFC) Bajaj Finance has raised deposit rates for the third time in three months to boost liabilities. It has raised fixed deposit rates by up to 25 basis points for tenures between 12-23 months. Several lenders like State Bank of India, HDFC, and Ujjivan Small Finance Bank raised deposit rates multiple times since April when the Reserve Bank of India started rising interest rates to curb inflation.

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Glenmark Pharma signs settlement pact with Pfizer for cancer drug

Glenmark Pharmaceuticals Ltd has entered into a settlement agreement with Pfizer Inc regarding Axitinib Tablets. The product is the generic version of Pfizer’s Inlyta tablets, used to treat kidney cancer. According to IQVIA data, Inlyta tablets achieved annual sales of around $644.5 million for the 12 months ended September 2022.

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India’s domestic air traffic rises 27% in October: DGCA

Data released by the Directorate General of Civil Aviation (DGCA) showed that Indian airlines carried 1.14 crore passengers in October 2022, up 27% YoY. Domestic air traffic rose 10% compared to the previous month. IndiGo’s market share fell from 58% in Sept to 56.7% in October. SpiceJet and Akasa Air had a market share of 7.3% and 1.4%, respectively, in Oct.

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Dr. Reddy’s Labs to face antitrust litigation in US

An antitrust litigation was filed against several generic pharmaceutical companies, including Dr. Reddy’s Laboratories Ltd, Celgene, and Bristol Myers Squibb in the US. A complaint was filed on Nov 18, 2022, in the District of New Jersey, and the pharma companies have been named defendants. The complaint alleges that the defendants improperly restrained competition and maintained a shared monopoly in the sale of the Revlimid brand through their respective settlements of patent litigation.

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Vedanta declares third interim dividend of ₹17.5 per share

Vedanta Ltd’s board approved the third interim dividend of ₹17.5 per share for the financial year 2022-23. The dividend will amount to ₹6,505 crore. The company has fixed November 30, 2022, as the record date for the dividend. Vedanta paid its first interim dividend of ₹31.5 per equity share in May 2022 and the second interim dividend of ₹19.5 per share to shareholders in July.

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Bharti Airtel to Reduce Debt, Fuel Growth With Rs 21,000 crore Fund Raise – Top Indian Market News

Bharti Airtel to reduce debt, fuel growth with Rs 21,000 crore capital raise

Bharti Airtel founder-chairman Sunil Mittal said the telecom operator aims to improve its access to growth capital and reduce debt leverage. He said the company has been “loaded with extraordinary debt” and will not shy away from raising tariffs. During an investor call, Sunil Mittal also said that he remains committed to the idea of monetisation of assets at an appropriate time. The remarks come a day after Bharti Airtel’s board approved a plan to raise Rs 21,000 crore by selling shares to existing shareholders, ahead of the rollout of its 5G network.

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NTPC to ramp up coal stock and production from captive mines

NTPC Ltd said it is arranging for coal at its power projects where fuel stocks are low and increasing production from its captive coal mines to help meet the surge in electricity demand. This move comes against the backdrop of India stopping coal supplies for a week to plants having more than 15 days’ stock to free up ~1.77 lakh tonnes of fossil fuel to be redistributed to power plants having low stocks. Coal stocks have depleted at thermal power plants primarily due to an increase in demand for electricity and lower generation by hydropower plants.

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SSWL signs pact with Tata Steel Long Products to supply round bars

Steel Strips Wheels Ltd (SSWL) has signed an agreement with Tata Steel Long Products (TSLP) to supply round bars of various grades for a period of 3 years. These products will target automotive customers in India. According to SSWL, the deal has a supply potential of 50,000 tonnes of rolled round bars per annum. TSLP, a subsidiary of Tata Steel, manufactures high alloy steel for the auto sector and wire rope industry.

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Maruti Suzuki to hike prices of all models in September

Maruti Suzuki India Ltd announced that it will raise prices across its range of vehicles in September to offset the increase in input costs. This will be the third price hike by the company in the current financial year (FY22). “Over the past year, the cost of the company’s vehicles continue to be adversely impacted due to increase in various input costs. Hence, it has become imperative to pass on some impact of the additional cost to the customers through a price rise” said Maruti Suzuki in a filing. 

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Granules India gets Health Canada approval to market arthritis tablets

Granules India Ltd has received marketing approval from Health Canada for Acetaminophen Extended-Release (ER) tablets OTC, 650mg. It is used for the treatment of Arthritis pain. The drug will be manufactured at the company’s facility in Gagillapur, Hyderabad. Now, Granules India has a total of two Abbreviated New Drug Submission (ANDS) approvals from Health Canada.

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L&T Construction secures multiple contracts across various business segments

L&T Construction has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The buildings and factories business has received an order to construct multilevel parking and an advocates chamber for the High Court at Allahabad with a built-up area of ~20 lakh square feet. Its power transmission and distribution business has bagged an order for the construction of a substation in Saudi Arabia. L&T’s smart world and communication business has secured a smart city project at Moradabad, Uttar Pradesh. 

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Anupam Rasayan secures deal worth Rs 135 crore from Japanese firm

Anupam Rasayan India Ltd (ARIL) has received and signed a Letter of Intent (LoI) worth Rs 135 crore with a Japanese multinational chemical company for supplying a life sciences-related specialty chemical product. The company will enter into a long-term contract with the Japanese firm to supply the product for the next 4 years. ARIL is one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India.

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KNR Construction to dilute stake in 3 highways projects to Cube Highways

The Board of Directors of KNR Constructions Ltd has approved the dilution of its entire stake in three wholly-owned subsidiary highway companies to Cube Highways and Infrastructure III Pte. Ltd and affiliates. The company will dilute its stake in KNR Shankarampet Projects, KNR Srirangam Infra, and KNR Tirumala Infra. The transaction will be based on the share purchase agreements (SPAs) entered into by KNR Constructions and its subsidiaries according to the concession agreement and Ministry of Road Transport and Highways circulars.

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L&T Finance in talks with HSBC to sell its mutual fund business: Report

According to news reports, L&T Finance is in advanced talks with HSBC to sell its mutual fund (MF) arm. In 2020, private equity firm Blackstone was also engaged in talks with L&T Finance to buy its MF business for Rs 3,200 crore. However, the deal did not materialise as market regulator SEBI did not give its approval due to the nature of the deal. SEBI does not favour private equity firms owning a majority stake in mutual funds due to their short-term nature. L&T Finance aims to sell its mutual fund arm to monetise its non-core businesses.

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CCI Imposes Rs 200 crore Penalty on Maruti Suzuki – 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."

CCI imposes Rs 200 crore penalty on Maruti Suzuki over dealer discount policy

The Competition Commission of India (CCI) has imposed a penalty of Rs 200 crore on Maruti Suzuki India Ltd for indulging in anti-competitive practices by restricting discounts offered by its dealers. It was revealed that the automaker had employed mystery shopping agencies to ensure no additional discount was offered to customers by its dealerships. 

In 2019, CCI launched an investigation into the allegations that Maruti Suzuki forced its dealers to limit their discounts. An order based on the investigation was released today (August 23), in which the CCI directed Maruti Suzuki to ‘cease and desist’ from indulging in such practices and asked the company to deposit the fine within 60 days.

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Infosys CEO meets FM Sitharaman amid persistent tech issues with IT portal 

Union Finance Minister Nirmala Sitharaman met with Infosys CEO Salil Parekh to discuss the critical issue of persistent glitches in the new Income Tax (IT) portal. Since June 8, taxpayers using the e-portal have faced technical glitches, errors, and challenges in accessing it or several functions within the website. According to reports, the FM has demanded that the issues faced by taxpayers on the current functionalities of the IT portal should be resolved by Infosys within September 15, 2021. 

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Jio adds 54 lakh subscribers in June; Vodafone Idea loses 43 lakh subscribers

Reliance Jio Infocomm and Bharti Airtel added 54.6 lakh and 38.12 lakh wireless subscribers, respectively, in June 2021. Jio’s total subscriber base rose to 43.6 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.2 crore at the end of June. Meanwhile, Vodafone Idea (Vi) lost 42.8 lakh subscribers in June, and its user base shrunk to 27.3 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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HDFC Bank partners with Paytm to offer digital banking services

HDFC Bank has entered into a strategic partnership with Paytm to expand its suite of digital banking services offered to individuals and merchants. The companies will build payment gateway and point-of-sale (PoS) solutions for merchants. Paytm and HDFC Bank will also launch a co-branded PoS product in the retail segment, which Paytm will have the option to offer to its own customer base. They will also look to offer credit products such as Paytm’s Buy Now-Pay Later solution Paytm Postpaid, Eazy EMI, and Flexi Pay.

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HCL Tech signs contract with Munich Re for digital workplace services in 40 countries

HCL Technologies Ltd has signed a contract with Germany-based insurer Munich Re to create a next-generation digital workplace for its workforce. The IT major will modernize and standardize workplace services for more than 16,000 employees across 40 countries. HCL Tech will adopt a “glocal” strategy to support Munich Re’s global workforce in multiple languages from near-shore locations.

Read more here. 

SSWL signs MoU with Western Hemisphere for $105 million deal

Steel Strips Wheels Ltd (SSWL) has signed a Memorandum of Understanding (MoU) with Western Hemisphere for an order worth nearly $105 million (~Rs 778 crore). The order includes the supply of steel and aluminium wheels for a minimum period of three years. The supplies of steel wheels will begin from SSWL’s Chennai and Dappar plants by September 2021. Supplies of aluminium wheels from its Mehsana plant will commence from the end of December 2021.

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Indian Hotels to raise Rs 3,000 crore via rights issue to meet financing needs

The Board of Directors of Indian Hotels Company Ltd (IHCL) has approved a proposal to raise Rs 3,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for capital expenditure, growth plans, and debt repayment. IHCL’s board has also approved the formation of a Committee of Directors to decide the terms and conditions of the rights issue, including details of the issue price, record date, etc. Mumbai-based IHCL is the parent company of Taj Hotels.

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Eicher Motors reappoints Siddhartha Lal as Managing Director

Amidst a tussle over remuneration, the Board of Directors of Eicher Motors Ltd has decided to re-appoint Siddhartha Lal as Managing Director (MD) with effect from May 1, 2021. As per reports, Lal’s reappointment as MD was voted down earlier by the shareholders over a 10% hike in his salary proposed amid the Covid-19 pandemic— when the revenue and profit growth of the company has been slow. Eicher Motors’ board will now go back to shareholders for approval through a postal ballot.

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RattanIndia Enterprises forms subsidiary for drone business in India

RattanIndia Enterprises will incorporate a wholly-owned subsidiary to kickstart its Unmanned Aerial Vehicle (UAV) drone business operations in India. The company had recently announced a strategic investment in the US-based urban drone logistics platform Matternet. Drone systems have a wide variety of commercial and industrial applications in healthcare and e-commerce logistics, infrastructure monitoring, agriculture, weather monitoring, surveying, etc.

Read more here.

Centre announces Rs 6 lakh crore National Monetisation Plan

The Central government has announced a Rs 6 lakh crore National Monetisation Plan (NMP) for monetising infrastructure assets across key sectors. The plan would cover a wide range of sectors, including road and railway assets, airports, power transmission lines, and gas pipelines. FM Nirmala Sitharaman stated that the assets would not be sold to the private sector but will only be given to them for their better utilisation. 

NMP is in line with Prime Minister Narendra Modi’s strategic divestment policy, under which the state will retain its presence in only a few identified sectors and the rest will be privatized. 

Read more here.

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Zydus Cadila’s ZyCoV-D Gets Emergency Use Approval in India – Top Indian Market News

Zydus Cadila’s ZyCoV-D gets emergency use authorisation in India

The Subject Expert Committee (SEC) of Central Drugs Standard Control Organisation (CDSCO) has recommended the Emergency Use Authorization (EUA) for Zydus Cadila’s Covid-19 vaccine, ZyCoV-D, in India. The three-dose vaccine is applied using a needle-free system known as Tropis, which can also lead to a significant reduction in any kind of side effects. ZyCoV-D has an efficacy rate of 66.6% in a late-stage trial of more than 28,000 volunteers nationwide.

In other news, Zydus Pharmaceuticals Inc. (a subsidiary of Zydus Cadila) has signed a pact with Italy-based CHEMI SpA to launch a generic drug used in the treatment of Deep Vein Thrombosis (blood clot formed in deep veins of the body). 

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Ujjivan founder flags asset quality, attrition concerns as CEO resigns

A day after Nitin Chugh resigned as CEO of Ujjivan Small Finance Bank, Samit Ghosh (the founder of Ujjivan Financial Services) highlighted two major concerns at the bank. The extent of provisions against bank loans over the last year and the high attrition rate (the rate at which people leave) at various levels were concerning. Ujjivan SFB’s board will undertake a review of the bank’s loan book to identify accounts where further provisioning is needed. The bank’s gross non-performing assets (GNPA) ratio jumped from 7.1% in Q4 FY21 to 9.8% in Q1 FY22.

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TTK Prestige to commence normal operations at Khardi unit

TTK Prestige Ltd announced that a long-term settlement has been reached with the permanent workmen at its manufacturing unit at Khardi, Maharashtra. The company’s management had declared a lock-out at the unit on November 17, 2020. Under the new settlement, the workmen have agreed not to indulge in disruptive activities henceforth and have also accepted improved productivity norms. Normalised manufacturing operations are expected to commence on August 23, 2021.

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Ashoka Buildcon secures 1,500 MW solar parks project in Madhya Pradesh

Ashoka Buildcon Ltd has secured an order for a 1,500 megawatt (MW) solar parks project in Madhya Pradesh from Rewa Ultra Mega Solar. The accepted contract price of the project is Rs 186.11 crore. Ashoka Buildcon is a leading construction engineering company based in Nashik, Maharashtra.

SpiceJet launches 14 new domestic flights

SpiceJet Ltd has launched 14 new flights, including 12 industry-first non-stop flights. It will be the first airline to connect Bhavnagar-Delhi, Bhavnagar-Surat, Gwalior-Jaipur, Kishangarh (Ajmer)-Mumbai, Pune-Tirupati, and Varanasi-Dehradun. The airline also plans to launch a non-stop flight connecting Bhavnagar (Gujarat) with Mumbai.

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Natco Pharma faces setback in US patent litigation

A US District Court has ruled against Natco Pharma and its partner Alvogen in patent litigation related to Chicago-based AbbVie’s Pharmacyclics LLC’s Imbruvica. The court upheld Pharmacyclics LLC and Johnson & Johnson’s Janssen Biotech’s four patents related to Imbruvica. AbbVie’s Pharmacyclics owns the patents and markets the drug with Janssen Biotech. Imbruvica is used to treat certain blood cancers.

In 2018, Natco Pharma and Alvogen had filed an Abbreviated New Drug Application (ANDA) for a generic version of Imbruvica.

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Facebook India launches ‘Small Business Loans Initiative’ for SMBs across 200 cities

Facebook India has launched the ‘Small Business Loans Initiative’ to help small and medium businesses (SMBs) that advertise on the social media platform to get quick access to credit through independent lending partners. India is the first Facebook country where this program is getting rolled out. The initiative is open to registered businesses across 200 towns and cities across India. The interest range for these loans is pre-defined between 17-20% per annum.

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Steel Strip Wheels secures export orders worth Rs 81 crore

Steel Strip Wheels Ltd (SSWL) has secured an export order valued at close to $11 million (~Rs 81 crore) from Western Hemisphere. SSWL will complete the execution of the orders by December 2021 from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.

Adani Total Gas to acquire 50% stake in Smartmeters Technologies

Adani Total Gas has executed a Share Subscription and Shareholders’ Agreement (SSSA) with Gujarat State Export Corp Ltd (GSEC) and Smartmeters Technologies Pvt Ltd (SMTPL) to acquire a 50% stake in SMTPL. The acquisition is expected to be completed by September 2021. Gujarat-based SMTPL is a manufacturer of gas meters with end-to-end solutions and services.

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MobiKwik Files DRHP For Rs 1,900 crore IPO – Top Indian Market News

MobiKwik files DRHP for Rs 1,900 crore IPO

Digital payments firm MobiKwik has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,900 crore via an initial public offering (IPO). The IPO consists of a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of up to Rs 400 crore. The company will use the IPO proceeds for funding organic and inorganic growth initiatives. One MobiKwik Systems Ltd was previously valued at $700 million (~Rs 5,200 crore) when it raised $20 million from Abu Dhabi Investment Authority (ADIA) in June 2021.

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SJVN signs pact with Investment Board of Nepal to develop 679 MW hydroelectric project

SJVN Limited has signed a pact with the Investment Board of Nepal to develop a 679 megawatt (MW) Lower Arun Hydro Electric Project in eastern Nepal. The estimated cost of the project is $1.3 billion (~Rs 9,700 crore). This will be the second-largest foreign investment project to be undertaken by India. SJVN is required to complete a detailed report on the hydroelectric project and submit it for approval at the board within two years. The project will be developed under a build, own, operate, and transfer (BOOT) model.

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Steel Strips Wheels Q1 Results: Net profit at Rs 51.08 crore

Steel Strips Wheels Ltd reported a standalone net profit of Rs 51.08 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 38.09 crore in the corresponding quarter last year (Q1 FY21). The company’s revenue from operations jumped 463.9% YoY to Rs 678.13 crore in Q1 FY22. Steel Strips Wheels is a leading manufacturer of automotive steel and alloy wheels. 

Cyient to support HMLR to centralise, digitise local land charges records

Her Majesty’s Land Registry has selected Cyient Limited to support its Local Land Charges (LLC) Programme. HMLR is a non-ministerial department of the Government of the United Kingdom. It registers the ownership of land and property across England and Wales. The LLC program aims to digitise and migrate millions of separately held local land charge records from local authorities into a centralized digital register. Cyient will own the entire process and provide a central management information platform.

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Ashoka Buildcon secures project worth Rs 726 crore from NHAI

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an engineering, procurement, and construction (EPC) project from the National Highways Authority of India (NHAI). The order consists of six-laning of the Memmadpur (Ambala)-Banur (IT City Chowk) -Kharar (Chandigarh) corridor in Punjab on EPC mode. The total value of the project is Rs 726 crore.

Ola Electric signs pact with Bank of Baroda to raise $100 million in long-term debt

Ola Electric Pvt Ltd has signed a long-term debt financing agreement with Bank of Baroda to raise $100 million (~Rs 744 crore). The 10-year debt of $100 million will be utilised for the funding and financial closure of Phase-1 of its electric two-wheeler factory in Hosur, Tamil Nadu. The company is setting up Ola Futurefactory, a global manufacturing hub for its electric two-wheelers. In December 2020, Ola said it would invest Rs 2,400 crore for Phase-1 of the factory.

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TCS partners with Converge to enhance customer experience

Tata Consultancy Services (TCS) has partnered with Converge ICT Solutions Inc. to help them enhance customer experience for their fast-growing subscriber base. TCS’ digital services platform will help the Philippines-based broadband provider speed up product innovation and personalise customer engagement. The IT company will help Converge reduce complexity in operations and enable faster service delivery.

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ABB commissions modernisation project for BGPPL

ABB India Limited has completed the commissioning of the Induction xP Plus Profiler system on PM3 at Bilt Graphic Paper Products Ltd (BGPPL), Ballarpur (Maharashtra). The world-class domain expertise of ABB’s team helped them seamlessly deliver the modernisation project. The new Induction xP Plus is the best-in-class cross direction (CD) caliper profile control that achieves maximum induction heating in the shortest time possible. It offers reduced product variability and rapid corrections to sheet finishing profiles. 

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HFCL Q1 Results: Net profit jumps 316% YoY to Rs 87 crore

HFCL Limited reported a 316.4% YoY jump in consolidated net profit to Rs 87.82 crore for the quarter ended June (Q1 FY22). Net profit has increased by 3.73% when compared to the previous quarter. Its revenue from operations rose 72.47% YoY to Rs 1,206.87 crore during the same period. HFCL is a leading manufacturer of telecom products in India.

FDC launches Favipiravir oral suspension to treat Covid-19 in India

FDC Limited has announced the launch of an oral suspension of Favipiravir to treat mild to moderate cases of Covid-19 in India. The drug will be available at all retail medical outlets and hospital pharmacies across India. The pharma company said it is offering the best efficacy and convenience to patients. It has focused its efforts on making the process of Covid-19 treatment hassle-free 

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Vodafone Idea loses 18 lakh subscribers in April

After posting two straight months of subscriber growth, Vodafone Idea (Vi) lost 18.1 lakh subscribers in April 2021. Meanwhile, Reliance Jio added 48 lakh subscribers during the same month. Bharti Airtel registered a net addition of 5.17 lakh subscribers. Jio’s market share in the wireless category rose to 36.15% in April. Bharti Airtel and Vi’s market share stood at 29.83% and 23.93%, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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HDFC Reports 42% YoY Rise in Net Profit in Q4 – Top Indian Market News

hdfc

HDFC Q4 Results: Net profit rises 42% YoY to Rs 3,180 crore

Housing Development Finance Corporation (HDFC) reported a 42% YoY increase in net profit to Rs 3,180 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 8.7%. Net interest income (NII) rose 14% YoY to Rs 4,065 crore during the same period. The gross non-performing assets (NPAs) ratio stood at Rs 1.98%, compared with 1.91% in Q3 FY21. HDFC’s board has approved a dividend of Rs 23 per share. The board has also approved fundraising of up to Rs 1.25 lakh crore by issuing non-convertible debentures on a private placement basis.

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Dabur Q4 Results: Net profit rises 34% YoY to Rs 378 crore

Dabur India Ltd reported a 34.4% YoY increase in consolidated net profit to Rs 378 crore for the quarter ended March (Q4). The FMCG firm’s revenue from operations rose 25.3% YoY to Rs 2,337 crore during the same period. Its India FMCG business grew 28.3% and posted best-ever volume growth of 25.4% in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 17.2% YoY to Rs 1,693 crore. Dabur India’s board has proposed a final dividend of Rs 3 per share.

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JSW Steel signs pact with JFE Steel Corp to establish JV in India

JSW Steel has signed a Memorandum of Understanding (MoU) with Japan-based JFE Steel Corporation to conduct a feasibility study to establish a grain-oriented electrical steel sheet manufacturing and sales joint venture (JV) company in India. Grain-oriented electrical steel is an important material used in the production of energy-efficient transformers and high-performance generators. The companies plan to complete the study within the current financial year and take appropriate steps to set up the JV company.

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Steel Strips Q4 Results: Net profit at Rs 44.5 crore

Steel Strips Wheels Ltd reported a net profit of Rs 44.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 5.25 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has increased by 54% in Q4 FY21. Revenue from operations rose 80.81% YoY to Rs 699.87 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 110% YoY to Rs 49.25 crore. The company’s board has declared a final dividend of Rs 2 per share.

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Tata Motors to hike prices of passenger vehicles from May 8

Tata Motors Ltd said it will increase the prices of its passenger cars by an average of 1.8%, depending on the model and variant, from May 8. This is to partially offset the rise in input costs. The surge in prices of commodities such as steel and precious metals has forced the automaker to hike prices. Tata Motors will also extend price protection for customers who have booked vehicles on or before May 7.

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Kansai Nerolac Paints Q4 Results: Net profit rises 89% YoY to Rs 124 crore

Kansai Nerolac Paints Ltd reported an 89.14% YoY increase in consolidated net profit to Rs 123.62 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 39%. Its total revenue rose 35.14% YoY to Rs 1,459.57 crore during the same period. The company’s profit margins improved from 6.22% in Q4 FY20 to 8.51% in Q4 FY21. Kansai Nerolac Paints’ board has recommended a final dividend of Rs 4 per share.

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Godrej Agrovet Q4 Results: Net profit declines 24% You to Rs 56 crore

Godrej Agrovet Ltd reported a 24.12% YoY decline in net profit to Rs 56.59 crore for the quarter ended March (Q4). Its revenue fell 10.4% YoY to Rs 1,472.39 crore during the same period. The company’s poultry and processed foods business grew 22% YoY to Rs 139 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 2.47% YoY to Rs 313.74 crore. Godrej Agrovet’s board has declared a final dividend of Rs 8 per share.

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GE Shipping Company Q4 Results: Net profit at Rs 49 crore

Great Eastern Shipping Company reported a net profit of Rs 49.01 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50.68 crore in the corresponding period last year. On a quarterly basis, net profit has fallen by 72% in Q4 FY21. Revenue from operations declined by 26.68% YoY to Rs 739.95 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 343.43% YoY to Rs 918.52 crore. GE Shipping Company’s board has announced a final dividend of Rs 9 per share.

The company’s board has also approved fundraising of up to Rs 1,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.

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RailTel secures order worth Rs 11.99 crore from Cotton Corp

RailTel Corporation of India has received a work order from Cotton Corporation of India for hiring on-cloud Data Centre hosting for hardware and software, along with the migration of Oracle EBS and other applications. The total cost for the five years contract period is Rs 11.99 crore.