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Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

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

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

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Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

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RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

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Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

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L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

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MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

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Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

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IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

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Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

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Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

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MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

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Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

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RBI Stops Bank of Baroda From Adding Users to Mobile App – Top Indian Market Updates

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

RBI stops Bank of Baroda from adding customers to its mobile app

The Reserve Bank of India (RBI) has directed Bank of Baroda to stop adding customers to its mobile application, bob World. The ban is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. In July, Al Jazeera reported that Bank of Baroda officials had linked bank accounts to unrelated mobile numbers to achieve stiff targets to get customers to join the app.

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Tata Power partners with Bridgestone to install EV chargers

Bridgestone India has partnered with Tata Power to install electric vehicle (EV) chargers for four-wheelers at its dealerships across India. Tata Power will install 25/30 kilowatt-hour (Kwh) capacity DC fast chargers. The chargers are capable of charging a four-wheeler within one hour and will allow 20-24 vehicles to be charged in a day. It will be operational 24×7.

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Adani Group’s $3.5 billion Ambuja loan moves ahead

A consortium of banks that had engaged in discussions to provide Adani Group with a $3.5 billion loan for refinancing the debt taken to acquire Ambuja Cements Ltd has now obtained internal approval for this loan. The banks will provide approximately $250 million each toward the syndicated loan. Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are part of a larger consortium of banks.

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India’s crude steel output grows to 70 MT in April-Sept

India’s crude steel production rose 14.7% YoY from 61.06 million tonnes (MT) to 69.65 MT during the April-September period of FY24. The increase in production was mainly due to improved capacity utilisation rates and the ramping up of capacities by key Indian steel players. The domestic consumption of finished steel also rose 14.77 YoY to 63.99 MT from 55.75 MT in FY24.

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Godrej Properties to sell 14 acres of land in Gurugram

Godrej Properties is in advanced talks with Hero Realty to sell a 14-acre land parcel in Gurugram for around ₹730 crore. The real estate developer bought the land in Sector 89 around two years ago from a local land-aggregating company. The deal is said to be at an advanced stage and both parties have agreed on the transaction.

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NSDL to acquire office space in BKC from IDFC Bank

National Securities Depository Ltd (NSDL) has acquired a 68,000 sqft office space from IDFC First Bank in Mumbai’s Bandra-Kurla Complex (BKC) for approx. ₹198 crore. The property will serve as NSDL’s new headquarters and is expected to be ready by January-February 2024. The decision is part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower in Mumbai.

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SpiceJet and Celestial Aviation in advanced stages of settlement

SpiceJet Ltd and aircraft lessor Celestial Aviation Services Ltd are in advanced stages of settlement over a default of $29.9 million for nine aircraft. The National Company Law Tribunal (NCLT) has deferred the matter to November 7. SpiceJet is facing insolvency proceedings from two other aircraft lessors and an engine lessor. The airline has argued against the maintainability of these petitions.

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L&T Construction secures significant order from Rajasthan govt

Larsen and Toubro Ltd’s (L&T) construction arm has secured an order (worth ~₹1000-2500 crore) from the Rajasthan Government’s public health and engineering department. The engineering, procurement and construction order is to build a water supply project in the Chittorgarh district of Rajasthan for 648 villages from the Chambal River. This order marks L&T’s fourth order in this month so far.

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Sterlite Technologies’s subsidiary launches generative AI platform

Sterlite Technologies’ subsidiary, STL Digital, has launched a generative AI platform, Alnnov. The generative AI services, frameworks, methodologies and solutions are designed for enterprises to accelerate Generative AI-led innovation and adoption. The platform will accelerate the generative AI-led adoption as well as innovation for modern enterprises.

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Mazagon Dock signs Letter of Intent for 10 multi-purpose hybrid power vessels

Mazagon Dock Shipbuilders Ltd (MDL) has signed a Letter of Intent (LoI) with a European client. The LoI is to construct six firm units and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices of these vessels will be finalised at the time of signing the official contract.

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Dr Reddy’s subsidiary faces antitrust lawsuit in US over Revlimid patents

Dr Reddy’s Laboratories Ltd’s wholly-owned subsidiary, Dr Reddy’s Laboratories Inc., has been named as a defendant in a recently filed lawsuit in the US. The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal & state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation.

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Puravankara’s sale bookings rises 102% YoY in Q2

Puravankara Ltd’s sale bookings rose 102% YoY to ₹1,600 crore in Q2 FY24 from ₹791 crore in Q1. The company’s sale bookings in value terms rose 89% YoY to 2.01 million square feet in Q2. It stood at 1.07 million in Q2 FY23. Average sales realisation also increased 7% to ₹7,947 per sq ft from ₹7,396 per sq ft last year.


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JPMorgan to Add India to Emerging-Markets Bond Index – Top Indian Market Updates

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

JPMorgan to add India to its emerging-markets bond index in June 2024

According to a Bloomberg report, JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index. This event could drive $25-30 billion of foreign inflows to the nation’s debt market. The decision is the latest sign of India’s growing appeal to international investors as the country’s economic growth outpaces peers, its geopolitical influence grows, and companies (including Apple Inc.) look for alternatives to China. 

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Sterlite Power acquires Beawar Transmission

Sterlite Power has acquired Beawar Transmission Ltd for developing an electricity transmission project in Rajasthan. Beawar Transmission is a Special Purpose Vehicle (SPV) of REC Power Development & Consultancy Ltd. The firm was awarded to Sterlite Power through tariff-based competitive bidding in August. The company did not share the financial details of the acquisition.

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Lupin to acquire 5 drug brands from Menarini

Lupin Ltd has signed an agreement to acquire five drug brands from Italian firm Menarini for ₹101 crore. The company will acquire five legacy brands catering to gastroenterology, urology and anti-infective segments. The brands are Piclin (Picosulphate Sodium), Menoctyl (Otilonium Bromide), Sucramal O (Sucralfate + Oxetacaine), Pyridium (Phenazopyridine) and Distaclor (Cefaclor).

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Sunteck Realty, IFC to develop affordable housing projects

Sunteck Realty and IFC have set up a joint platform to invest up to ₹750 crore to develop 4-6 affordable housing projects in the Mumbai Metropolitan Region (MMR). IFC is a member of the World Bank and the largest global development institution focused on the private sector in emerging markets. The investment will be towards the development of nearly 12,000 housing units across 4-6 green housing projects within the MMR.

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SpiceJet to pay $1M every month for next 6 months to Credit Suisse

Supreme Court has ordered SpiceJet’s Chairman Ajay Singh to pay $1 million every month for the next six months to Credit Suisse. The monthly payment includes $500,000 towards arrears of $3 million and regular instalments. The order is in line with SpiceJet’s payment proposal. After six months of payments, Spicejet has to pay regular instalments of $5,00,000 to Credit Suisse.

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Suzlon Group secures 29.4 MW wind capacity order from BrightNight

Suzlon Group has secured a new order to install 29.4 MW wind capacity from BrightNight in Maharashtra. The capacity is a part of BrightNight’s 100 MW wind-solar hybrid project in Osmanabad in Maharashtra. Suzlon will install 14 units of S120 -140m wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each. The project is expected to be commissioned in phases, beginning April 2024.

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Lemon Tree Hotels expands presence in Himachal Pradesh

Lemon Tree Hotels Ltd unveiled its latest property, Lemon Tree Hotel, Mcleodganj. This marks the group’s third foray in the state of Himachal Pradesh. The Himachal property is the 95th Lemon Tree hotel, with the brand having a presence not just in India but across the world. With this, the company is steadily approaching the century mark.

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IT Dept conducts searches at premises of Lux Industries

The Income Tax Department has initiated a series of raids on Lux Industries following allegations of tax evasion exceeding ₹200 crore. These raids are currently underway across various cities, with a primary focus on locations associated with Lux Industries in Kolkata. High-ranking officials’ residences and offices are also covered in the operations.

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Ambuja Cement incorporates new subsidiaries

Ambuja Cements has incorporated three new wholly-owned subsidiaries. Two of the newly incorporated subsidiaries are in the cement business, and the other is for owning and leasing aircraft. LOTIS IFSC Pvt. Ltd will be involved in owning and leasing aircraft. The subsidiary has been incorporated with an authorised capital of ₹1.7 crore in GIFT City, Gandhinagar. The other two subsidiaries incorporated are named Ambuja Concrete North Pvt. Ltd. and Ambuja Concrete West Pvt. Ltd.

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Reliance AGM 2023: Highlights – Top Indian Market Updates

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

Reliance AGM 2023: Highlights

Reliance Industries Chairman Mukesh Ambani made a range of important announcements, spanning from Jio True 5G to Jio Smart Home Services and changes in the company’s board structure, during the 46th Annual General Meeting (AGM) of the company.

Jio Bharat Launch: Mukesh Ambani announced the introduction of the affordable Jio Bharat smartphone at just ₹999.

Jio AirFiber Launch: Jio AirFiber will be launched on the occasion of Ganesh Chaturthi, on September 19.

Smart Home: JioHome is a mobile app that enables you to navigate on your television connected to the Jio Set-top Box.

Changes in Reliance Board: Mukesh Ambani confirmed that he will continue as Chairman and Managing Director for the upcoming five years. Nita Ambani has resigned from RIL’s board. Isha, Akash, and Anant Ambani joined the company’s board.

Reliance Retail: Ambani welcomed the Qatar Investment Authority as a valued investor in Reliance Retail, who invested $ 1 billion for a 1% equity stake. This investment values Reliance Retail at ₹8.28 lakh crore.

Jio Financial Services to enter the insurance space.

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SEBI’s probe faults Adani group on disclosure rules

An investigation of the Adani Group by the Securities and Exchange Board of India (SEBI) has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds. SEBI launched the inquiry after U.S.-based Hindenburg Research raised governance concerns around the Adani Group. The conglomerate had denied wrongdoing in January. The Supreme Court, which is overseeing SEBI’s investigation of the Adani Group, will hear the matter on Tuesday.

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Reliance Retail to take Campa brand global

Reliance Retail will take its Campa brand global, starting with Asia and Africa. Campa, which competes with global cola makers Coca-Cola and PepsiCo in India, will be the first homegrown cola to be taken overseas. In April, Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail Ventures, entered into a strategic partnership with beverage can and filling company Ceylon Beverages to co-pack and manufacture Campa soft drinks.

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Schaeffler India to fully acquire Koovers for Rs 142.4 crore

Schaeffler India Ltd will fully acquire KRSV Innovative Auto Solutions Pvt Ltd for ₹142.4 crore. Bengaluru-based KRSV Innovative Auto Solutions (which operates under the brand Koovers) offers spare parts solutions to Indian aftermarket workshops via a B2B e-commerce platform. The transaction would be completed in the third quarter of CY 2023, subject to customary closing conditions. 

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BPCL to spend $18.16 bn in oil, green energy over 5 years

Bharat Petroleum Corp plans to invest $18.16 billion over five years to grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net zero goal. The company has set a planned capex outlay of around $18.16 billion in the next five years, which will enable it to create long-term value for our stakeholders while preserving our planet for future generations.

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Sterlite Power bags green energy transmission project in Rajasthan

Sterlite Power has secured a green energy transmission order for Rajasthan Phase-III (20GW). The project includes the construction of a 350km 765Kv electricity transmission corridor. The project has three integral components — a 350 km 765kV transmission corridor connecting the renewable energy zone of Fatehgarh III to the substation at Beawar, construction of a 3000 MVA 765/400kV Substation at Beawar and the construction of two LILO lines, covering approximately 120 km.

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TVS Motors to invest Rs 3,900 crore to boost green portfolio

TVS Motors will invest ₹3,900 crore over the next four to five years to boost its green portfolio. The company is eyeing a larger share of business from global and electrics. The company counts broadening its relationship with BMW as one of the key pillars of its future vision. It will also aggressively pursue new product launches individually and also through its acquisitions, such as British motorcycle brand Norton Motorcycles, which it purchased in 2020 as well as the Swiss E-Mobility Group (SEMG).

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Patel Engineering, JV bag Rs 3,637 crore contract from NHPC

Patel Engineering Ltd (PEL) along with its joint venture (JV) partner have bagged a ₹3,637 crore order from NHPC in Arunachal Pradesh. PEL’s share in the contract is ₹1,818.56 crore. The partnership will be a 50:50 one and the contract includes the construction of headrace tunnels including intake, pressure shafts, penstocks, powerhouse and transformer cavern.

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Glenmark recalls 1,200 bottles of generic hypertension drug in the US

According to the US Food & Drug Administration (USFDA), Glenmark Pharmaceuticals is recalling 1,200 bottles of a generic drug, used to treat high blood pressure, in the American market due to a manufacturing issue. The New Jersey-based arm of the drug firm is recalling 1,200 bottles of Trandolapril and Verapamil Hydrochloride extended-release tablets. The affected lot has been manufactured at the pharma company’s Goa plant.

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Venus Remedies gets marketing approval for anticoagulant drug in Saudi Arabia

Venus Remedies has received approval to market Enoxaparin in pre-filled syringes in Saudi Arabia. The drug is used to prevent blood clots. The company has received the marketing approval Venus Remedies Ltd has an annual capacity for producing more than 50 lakh units of Enoxaparin. The company sold enoxaparin syringes estimated to be worth USD 7.8 billion in 2021. The market is expected to grow to USD 13.1 billion by 2031 at a 10-year compound annual growth rate (CAGR) of 5.4%.

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SpiceJet to Transfer Cargo Business to SpiceXpress – Top Indian Market News

SpiceJet seeks shareholders’ approval to hive off cargo, logistics business

SpiceJet Ltd has sought permission from its shareholders to transfer its cargo and logistics business to its subsidiary, SpiceXpress. All related assets and liabilities, including trademark, licenses, franchises, customer contracts, and distribution network will be transferred on a slump sale basis to SpiceXpress. The airline has also sought shareholders’ approval to raise up to Rs 2,500 crore through the issuance of shares via a Qualified Institutional Placement (QIP).

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RBI partially lifts technology-ban on HDFC Bank: Report

According to a report from CNBC-TV18, the Reserve Bank of India (RBI) has partially lifted the technology ban on HDFC Bank with effect from August 17. The central bank has allowed HDFC Bank to source new credit cards. However, the ban on digital launches will continue for the time being. In December 2020, the RBI had banned India’s largest private-sector lender from selling new credit cards and also launching new digital services due to a series of network outages.

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RBI introduces Financial Inclusion Index

The Reserve Bank of India (RBI) has introduced the Financial Inclusion (FI) index to capture the extent of financial inclusion in the country. The FI-Index has been conceptualised as a comprehensive index, incorporating details of the banking, investments, insurance, postal, and pension sectors in consultation with the government and respective sectoral regulators. This was part of the announcements made in RBI’s first bi-monthly monetary policy in April 2021.

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Dixon Tech to manufacture smartphones for Orbic in India

US-based smartphone maker Orbic has partnered with Dixon Technologies to manufacture its smartphones in India. The new Orbic Myra 5G UW will be the first 5G millimeter-wave (mmWave) product to be produced in India for export to the US. The smartphones will be manufactured at Dixon Tech’s facility in Noida. Dixon is one of the 14 local and global companies that has received approval from the Ministry of Electronics and IT under the Production Linked Incentive (PLI) scheme for IT hardware manufacturing.

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Sterlite Power Transmission files DRHP for Rs 1,250 crore IPO

Sterlite Power Transmission Ltd (SPTL) has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise ~Rs 1,250 crore via an IPO. SPTL is promoted by mining magnate Anil Agarwal and Twin Star Overseas. The company manufactures power products and is in the business of power transmission. The proceeds from the IPO will be used to repay or prepay certain borrowings availed by the company and Khargone Transmission Ltd (KTL).

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Dilip Buildcon gets financial closure of NHAI road project in Gujarat

Dhrol Bhadra Highways, a subsidiary of Dilip Buildcon Ltd, has received a financial closure letter from the National Highways Authority of India (NHAI) for a road project in Gujarat. The project consists of four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya section of NH-151A on a design, build, operate, and transfer (DBOT) basis. The bid project cost is Rs 882 crore.

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Caplin Point’s subsidiary gets approval from Brazil’s ANVISA

Caplin Steriles has received approval from Brazil’s National Health Surveillance Agency ANVISA for its sterile injectable manufacturing site near Chennai, Tamil Nadu. The approval grants the company access to register and market its products in Brazil, the largest pharmaceutical market in Latin America. Caplin Steriles is a subsidiary of Caplin Point Laboratories Ltd.

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Canara Bank opens Rs 2,500 crore QIP; floor price set at Rs 155.58 per share

Canara Bank has launched a Qualified Institutional Placement (QIP) of equity shares to raise ~Rs 2,500 crore. The lender’s Board of Directors has approved a floor price of Rs 155.58 per equity share for the QIP. The Capital Planning Process Committee of Canara Bank’s board will meet on August 23, 2021, to consider the issue price for the equity shares and the number of shares to be allotted to Qualified Institutional Buyers (QIBs).

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Zydus Cadila gets USFDA approval for cancer drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers. It works by slowing or stopping the growth of cancer cells. The drug will be manufactured at the pharma company’s formulation manufacturing facility at the SEZ, Ahmedabad.

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SBI Cards raises Rs 500 crore by issuing bonds

SBI Cards and Payment Services Ltd has raised Rs 500 crore by issuing bonds on a private placement basis. The company’s Stakeholders’ Relationship & Customer Experience Committee has approved the allotment of 5,000 fixed-rate, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, aggregating to Rs 500 crore. SBI Cards will offer a coupon rate of 5.7% per annum on the bonds.

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RailTel Corp secures two orders worth Rs 39 crore

RailTel Corporation of India Ltd has received two works of tunnel communication of Central Railway from Indian Railways. The total anticipated project cost of the work is Rs 38.83 crore. The order has to be completed within 12 months. RailTel is an Information and Communications Technology (ICT) company. It is a wholly-owned subsidiary of the Government of India and is run by the Ministry of Railways.

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