Tag: Sun Pharma

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Daily Market Feed Post Market Analysis

Bulls Take Over Bank Nifty? Nifty Closes Flat Amidst Choppiness – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,404. After an initial 60-point fall in the first 5 minutes, the index attempted to recover but didn’t succeed, and fell sharply below the day’s low. Then, Nifty moved down to 19,330 levels, took support there, and moved up back up— breaching the opening levels and the day’s high. Nifty closed at 19,406, down by 5 points or 0.03%.

Nifty chart November 7 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,598. Right after the market opened, the index quickly fell more than 200 points to 43,380 levels. It then made a temporary recovery before again falling to 43,280. Then, the index shot up nearly 520 points to reach the resistance zone of 43,800! BNF closed at 43,737, up by 118 points or 0.27%.

All indices except Nifty Realty (-1.34%), Nifty Media (-0.64%), and Nifty Auto (-0.18%), closed flat-to-green.

Major Asian markets closed in the red. European markets are currently trading up to 1% in the red.

Today’s Moves

Sun Pharma (+1.82%) was NIFTY50’s top gainer. Some brokerages have upgraded the stock after the company posted strong Q2 results.

Trent (+8.54%) surged today after reporting an 189% YoY jump in net profit to ₹228 crore in Q2.

Shares of Jyothy Labs (+8.69%) rallied after the FMCG company’s net profit rose 59.1% YoY to ₹103.98 crore in Q2, while revenue was up 11.09% YoY.

Hero MotoCorp (-1.16%) was NIFTY50’s top loser. 

Sobha (-3.68%) fell sharply after the realty firm’s net profit fell 22% YoY to ₹15 crore in Q2 FY24; missing analysts’ estimates.

SEBI has revoked the securities market ban against entities in Lux Industries Ltd’s (-2.4%) insider trading case.

Markets Ahead

Remember when we were talking about the rise in India VIX and the chance of a retracement/pullback? Well, we saw a similar structure in the market today. With the earlier resistance levels now acting as supports, the major indices have moved up with strength, especially Bank Nifty.

Nifty: It’s crucial to keep an eye on the significant resistance at 19,400. If the index manages to break out from that level, it could potentially climb towards the round level of 19,500. On the other hand, there’s strong support for the index at 19,380 levels. If it falls below this point, we might see a decline towards 19,320 and 19,250 levels.

Bank Nifty: The resistance to look for in Bank Nifty is clearly the 43,800-900 zone. If the index manages to surpass these levels, it might make its way up to the round figures of 44,000 and 44,100. Meanwhile, the support to look out for is near 43,600 (the previous swing level). If the index falls below this point, it could potentially slide down to 43,400 and 43,200 levels.

Bank Nifty is testing important breakdown levels (as shown in the chart below). So, a breakout will confirm the change in the trend.

The Indian stock market faced resistance at higher levels and broke its 3-day winning streak today. Negative global news came in as Chinese exports fell more than expected, indicating that global trade is slowing down.

How was FIN NIFTY expiry today? Are you in net profit/loss? Let us know in the comments section below!

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Manufacturing PMI Slips to 55.5 in October – Top Indian Market Updates

market updates | marketfeed

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

Manufacturing PMI falls to 8-month low of 55.5 in October

India’s manufacturing activity slipped to the lowest level in eight months in October 2023. The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 55.5 in October, compared to 57.5 in September. There was a slower increase in total new orders, production, exports, buying levels and stocks of purchases last month. Hiring activity and business confidence slipped to a five-month low.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Sun Pharma Q2 Results: Net profit rises 5% YoY to ₹2,375.5 crore

Sun Pharmaceutical Industries Ltd reported a 5% year-on-year (YoY) increase in consolidated net profit to ₹2,375.5 crore for the quarter ended September (Q2 FY24).. Its revenue from operations rose 11% YoY to ₹12,192 during the same period. EBITDA stood at ₹3,179.3 crore in Q2, up 8% YoY. The pharma company posted an 11% YoY growth in India formulations sales to ₹3,842.5 crore.

Read more here.

Fino Payments Bank likely to apply for SFB license by year-end: MD

Fino Payments Bank is likely to apply for the small finance bank (SFB) license by the end of this year, managing director Rishi Gupta said. The bank has nearly ₹600 crore of net worth while the minimum capital requirement for small finance banks is pegged at ₹200 crore. Reserve Bank of India allows non-corporate payments banks to apply for a small finance bank license after completing five years of business.

Read more here.

JK Tyre Q2 Results: Net profit jumps 401% YoY to ₹248 crore

 JK Tyre and Industries Ltd reported a 401% YoY jump in net profit to ₹248.6 crore for the quarter ended September (Q2 FY24). Its revenue grew 4% YoY to ₹3,905 crore during the same period. EBITDA stood at ₹597 crore in Q2, up from ₹305 crore during the same period last year. The tyre maker also approved an investment of ₹1,025 crore for expanding its manufacturing capacity.

Read more here.

Q2 GDP number will surprise on the upside: RBI Governor

India’s growth momentum remains strong and the second-quarter gross domestic product (GDP) growth number is expected to surprise on the upside, said Reserve Bank of India Governor Shaktikanta Das. The GDP growth figure for the July-September quarter (Q2) will be released on November 30 by the National Statistical Office (NSO). GDP growth rose to a four-quarter high of 7.8% in April-June.

The RBI has projected GDP growth at 6.5% for FY24 and 6.5% for Q2.

Read more here.

Ambuja Cements Q2 Results: Net profit jumps 9-fold YoY to ₹792.96 crore

Ambuja Cements reported a nine-fold YoY jump in consolidated net profit to ₹792.96 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 4.1% YoY to ₹7,423.95 crore during the same period. EBITDA stood at ₹1,302 crore in Q2 FY24, compared to ₹975 crore in Q2 FY23. 

Read more here.

SpiceJet inducts five Boeing 737 aircraft

SpiceJet has inducted five leased Boeing 737s (including three 737 Max aircraft) into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services. SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations. Its fleet is a mix of aircraft, including Boeing 737 Max, Boeing 700 and Q400s.

Read more here.

Adani Wilmar Q2 Results: Net loss at ₹131 crore

Adani Wilmar reported a net loss of ₹131 crore for the quarter ended September 2023 (Q2 FY24). This included a one-time loss of ₹53.5 crore. The company had posted a net profit of ₹48.76 crore in Q2 FY23. Its revenue from operations fell 13% YoY to ₹12,267.15 crore in Q2 FY24. EBITDA stood at ₹144 crore, down 43% YoY. 

Read more here.

Tata Motors gets PLI certificate in 4-wheeled goods vehicle category

The Automotive Research Association of India (ARAI) awarded Tata Motors with India’s first auto Production-Linked Incentive (PLI) certificate in the N1 category, specifically on four-wheeled goods vehicles. The primary objective of the PLI scheme is to improve efforts in localising production and stimulate exports within the automotive industry.

Read more here.

Auto sales data for October 2022: Highlights  

Maruti Suzuki India posted a 19% year-on-year (YoY) increase in total sales to 1.99 lakh units in October 2022. Sales of its compact vehicle segment fell 3.4% YoY to 98,621 units. Exports rose 7.4% YoY to 21,951 units.

Tata Motors Ltd registered a 6% YoY increase in total sales to 80,825 units in October. The automaker’s commercial vehicle sales rose 4% YoY to 34,317 units. Overall passenger vehicle sales rose 7% YoY to 48,637 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 43,708 units in October, an increase of 35% YoY. M&M’s tractor sales fell 3% YoY to 50,460 units. 

Bajaj Auto posted a 19% YoY increase in total sales to 4.08 lakh units in October. Meanwhile, TVS Motor Company’s total sales stood at 3.44 lakh units in Oct, up 22% YoY.

Read more here.

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Daily Market Feed Post Market Analysis

Bearishness Continues. Trending Weekly Expiry For Nifty? – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day at 19,064 with a small gap-down of 15 points. After opening, the index fell more than 120 points intraday in a channel pattern. Nifty closed at 18,989, down by 90 points or 0.47%.

Nifty chart November 1 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,694 with a gap-down of 150 points. Throughout the day, the index consolidated in a 180-point range between 42,600 and 42,780 levels. BNF closed at 42,700, down by 145 points or 0.34%.

Bank Nifty chart November 1 - post-market analysis | marketfeed

All indices except Nifty Realty (+1.5%), Nifty Media (+0.88%), Nifty Pharma (+0.35%), and Nifty PSU Bank (+0.32%) closed in the red. Nifty Metal (-1.4%) fell the most.

Major Asian markets closed flat-to-green (Japan’s Nikkei rose 2.4%). European markets are currently trading mixed.

Today’s Moves

Sun Pharma (+2.54%) was NIFTY50’s top gainer. The company posted a 5% year-on-year (YoY) rise in net profit to ₹2,375.51 crore in Q2; beating estimates.

Shares of Blue Star (+5.6%) moved up after the company reported robust Q2 results, aided by a strong order book and a rise in demand for air conditioners.

Vodafone Idea (+8.02%) hit a 21-month high of ₹13.54 on hopes of equity infusion by December.

Adani Enterprises (-3.3%) was NIFTY50’s top loser. 

Jindal Steel (-7.69%) fell sharply despite posting good Q2 results yesterday.

Markets Ahead

As discussed yesterday, the rise in India Vix, overall selling pressure, and rejection from Fibonacci levels, along with a flat opening, pulled the markets down.

Nifty: The immediate resistance to watch out for in Nifty is 19,030. The index has important support at 18,940 levels. If the index breaches the resistance on the upside, the index could move up to 19,100 and 19,140 levels. But if there’s a flat opening tomorrow and the movement continues, 18,940 may be the first target, followed by 18,850 levels.

Bank Nifty: The index is now in a clear range. A breakout from this range of 42,760 might take the index up to 43,000 and 43,350 levels. Meanwhile, a breakdown from 42,600 may take the index down to 42,400 and 42,150.

As it was the weekly Bank Nifty expiry today, option sellers would’ve found it quite easy since the index consolidated. Option scalpers also had decent opportunities as the index was volatile within a range.

Meanwhile, RBI governor Shaktikanta Das said that GDP growth for the second quarter of FY24 is likely to surpass expectations based on early indicators. RBI had projected a GDP growth of 6.5% for Q2, which aligns with the full-year growth forecast for FY24.

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Adani Green Posts 149% YoY Jump in Net Profit in Q2 – Top Indian Market Updates

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

Adani Green Q2 Results: Net profit jumps 149% YoY to ₹372 crore

Adani Green Energy Ltd (AGEL) reported a 149% year-on-year (YoY) jump in net profit to ₹372 crore for the quarter ended September (Q2 FY24). AGEL’s consolidated net revenue rose 40% YoY to ₹2,220 crore during the same period. EBITDA stood at ₹1,699 crore, up 96.2% YoY.

Read more here.

Sun Pharma to market Zydus’ novel anti-CKD drug Desidustat

Sun Pharmaceutical Industries Ltd has entered into a licensing agreement with Zydus Lifesciences to co-market the latter’s drug Desidustat in India. The drug is used to treat anaemia associated with Chronic Kidney Disease (CKD). Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India. Sun Pharma will market the drug under the brand name RYTSTAT.

Read more here.

Marico Q2 Results: Net profit rises 17% YoY to ₹353 crore

Marico Ltd reported a 17% YoY increase in consolidated net profit to ₹353 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined marginally to ₹2,476 crore during the same period. EBITDA stood at ₹497 crore, up 14.7% YoY. The company’s board declared a dividend of ₹3 per equity share.

Read more here.

Tata Motors wins Singur plant arbitration

Tata Motors Ltd secured an arbitral award amounting to ₹765.78 crores and interest as compensation for their investment in the now-defunct Singur plant. The automaker won the arbitrations against the West Bengal Industrial Development Corporation Ltd (WBIDC), the nodal agency of the West Bengal government’s Industry, Commerce & Enterprises Department. The scrapped Singur plant was initially intended for the production of the Tata Nano. 

Read more here.

DLF Q2 Results: Net profit rises 31% YoY to ₹623 crore

DLF Ltd reported a 31% YoY increase in net profit to ₹623 crore for the quarter ended September (Q2 FY24). Its revenue from operations grew 4% YoY to ₹1,348 crore during the same period. EBITDA stood at ₹462 crore, up 6% YoY. Total expenses for the quarter rose marginally to ₹1,012 crore.

Read more here.

No payments pending for Russian oil imports: BPCL

According to Bharat Petroleum Corp’s (BPCL) head of finance, Ramakrishna Gupta, said the company has cleared all payments for Russian oil purchases. The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan. He also added that BPCL was processing Russian oil at the maximum “potential level” at its three plants, averaging about 30-40% of overall crude intake.

Read more here.

TVS Motor Q2 Results: Net profit rises 32% YoY to ₹537 crore

TVS Motor Company reported a 32% YoY increase in net profit to ₹536.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 13% YoY to ₹8,145 crore during the same period. EBITDA stood at ₹900 crore, up 22% YoY. The overall two-wheeler and three-wheeler sales (including exports) grew by 5% YoY to 10.74 lakh units in Q2.

Read more here.

DGGI probes GCPL’s acquisition of Raymond’s consumer goods business

The Directorate General of GST Intelligence (DGGI) is probing Godrej Consumer Products Ltd’s (GCPL)  acquisition of Raymond’s consumer goods business. GST authorities have asked Raymond Consumer Care Ltd (RCCL) to explain why GST should not be levied on the transaction amount. GCPL acquired the FMCG business, along with the Park Avenue, KS, KamaSutra and Premium trademarks, through a slump sale in April 2023 for ₹2,825 crore.

Read more here.

AU Small Finance Bank to acquire Fincare Small Finance Bank 

AU Small Finance Bank (SFB) is all set to acquire Fincare Small Finance Bank in an all-share deal and merge it with itself, subject to regulatory approvals. As per the agreement between the two, shareholders of Fincare SFB shall receive 579 equity shares of AU SFB for every 2,000 shares held. The merger would be effective from February 1, 2024.

Read more here.

Sri Lankan government renews Lanka IOC’s petroleum licence for 20 years

The Sri Lankan government has renewed the petroleum products licence granted to Lanka IOC for another 20 years. Lanka IOC is a subsidiary of Indian Oil Corporation Ltd (IOCL). The licence originally issued in 2003 was to expire in January 2024. The renewed license will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044.

Read more here.

Macrotech Developers to launch housing projects worth ₹12,000Cr by March

Macrotech Developers Ltd (Lodha) plans to launch housing projects worth ₹12,000 crore by March 2024 to tap strong consumer demand for quality homes from branded players. The company also said it would easily achieve the ₹14,500 crore sales booking target fixed for the current financial year as against ₹12,070 crore in the previous year. Lodha has already achieved sales bookings of ₹6,890 crore during the first six months of FY24.

Read more here.

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RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% for the fourth consecutive period since May 2023 to control inflation. However, retail inflation stood at 6.83% in August. The GDP growth forecast for FY24 was retained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%. RBI will also consider bond sales via Open Market Operations (OMO) to manage liquidity.

Read more here.

Kalyan Jewellers to launch 33 more showrooms before Diwali

Kalyan Jewellers plans to open 33 new showrooms in India before Diwali. The company will unveil showrooms in Kalyan and Candere formats across the country. It launched 13 showrooms across non-south markets during Q2FY24. Additionally, the company signed six letters of intent (LoIs) for the first set of pilot franchised showrooms in the south region.

Read more here.

Sun Pharma files new drug application with USFDA

The US Food & Drug Administration (USFDA) has accepted Sun Pharma’s drug application for deuruxolitinib. The drug is an investigational oral drug for the treatment of adults with moderate to severe alopecia areata. The application is based on two pivotal Phase III trials which included over 1,200 patients across more than 135 clinical trial sites.

Read more here.

JK Cement signs agreement with Vakrangee to access rural, semi-urban markets

Vakrangee has formed a strategic partnership with JK Cement for lead generation and facilitation of the sale of grey cement products. The sale of the products will be through Vakrangee’s Kendra network. Vakrangee Kendras represents an exclusive branded format of outlets that offer a wide array of financial products and services.

Read more here.

ONGC approves strategies to enhance OPaL’s financial position

Oil & Natural Gas Corporation Ltd’s (ONGC) board of directors has approved a series of strategic measures aimed at strengthening the financial position of ONGC Petro additions Ltd (OPaL). The company has extended its support for compulsorily convertible debentures (CCDs) issued by OPaL, amounting to ₹5,615 crore. The extension ensures the continuity of CCDs beyond their current maturity period. OPaL is a joint venture (JV) of ONGC, GAIL and GSPC.

Read more here.

Angel One’s client base grew 47% YoY in September

Angel One Ltd reported a 47% YoY growth in its total client base in September and Q2FY24. The growth was aided by a significant rise in new customer acquisition. The company’s client base rose from 1.63 crore in August to 1.7 crore in September, up 4.4% month-on-month (MoM). Its gross client acquisition jumped 98% YoY during the quarter.

Read more here.

TCS to consider share buyback on October 11

Tata Consultancy Services Ltd (TCS) will consider a proposal for the buyback of equity shares on October 11. The company will consider its September quarter earnings and an interim dividend (if any) on the same day. TCS had carried out a share buyback worth ₹18,000 crore in 2022, when it repurchased 4 crore shares at ₹4,500 per share.

Read more here.

Som Distilleries launches QIP to raise funds

Som Distilleries and Breweries Ltd is planning to raise funds through a qualified institutional placement (QIP). It will raise up to ₹350 crore through public or private offerings or the QIP route. The company set the floor price for its QIP at ₹349.24 per share, a 9% discount to Thursday’s closing price of ₹381.55. QIP is a mode of resource raising available for listed firms to mobilise funds from the domestic market.

Read more here.

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Daily Market Feed Pre Market Report

Volatile FINNIFTY Expiry? – Pre-Market Analysis Report

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

Stocks

Sun Pharmaceutical said it expects high single-digit revenue growth for FY24.

NBCC India bagged a work order worth Rs 66.32 crore from the Indian Medical Association, for IMA House Delhi.

Indiabulls Housing Finance has repaid Rs 1,112.5 crore of bonds, which was availed in August 2013. 

What Happened Yesterday?

NIFTY started the day at 19,298 with a small gap-up of 32 points. After initial consolidation, it broke the day-high afternoon and moved up. But Reliance AGM pulled it back down, and NIFTY closed at 19,306, up by 40 points or 0.21%.

BANK NIFTY started the day flat at 44,253. The index showed strength contributed by HDFC Bank and moved up 400+ points from the intraday low of 44,200. BANK NIFTY closed at 44,494, up by 263 points or 0.6%. 

U.S. markets closed in the green The European markets also closed in green.

What to Expect Today?

The Asian markets are trading in the green.

The U.S. Futures are trading slightly in the green.

GIFT NIFTY is trading slightly flat at 19,342.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 19,240, 19,200 and 19,120. We can expect resistances at 19,360 19,400 and 19,500.

BANK NIFTY has supports at 44,277, 44,150 and 43,950. Resistances are at 44,520, 44,600 and 44,800.

FINNIFTY has supports at 19,700, 19,620 and 19,550. Resistances are at 19,800, 19,850 and 19,900.

NIFTY has the highest call OI build-up at 19,500. The highest put OI build-up is at 19,300. PCR is at 0.85.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is also at 44,000. PCR is at 1.06.

FINNIFTY has the highest call OI buildup at 19,900. There is high put OI buildup at 19,700. PCR is at 1.08.

Foreign Institutional Investors net-sold shares worth Rs 1,392 crores. Domestic Institutional Investors net-bought worth Rs 1,264 crores for the week.

INDIA VIX is higher, at 12.39, the highest closing since May. 

Reliance AGM created volatility in the stock, as expected. But what was unexpected was the solo show by HDFC Bank which took up Bank Nifty consistently throughout the day.

August has been a very happening month, just look at BANK NIFTY’s 2,000+ point trading range to understand. And now as we move into the last few days of August, I am expecting more volatility. 

Now when we look at BANK NIFTY, both HDFC Bank and Kotak Bank are trying to bounce back after recent falls. Important buy levels are currently being respected and contributing to moves in the market.

So for this FINNIFTY expiry today, I am expecting a trading range of 19,600-20,000. Only if the premiums are too low, you can look at closer strikes with strict SLs in place.

I am expecting FIIs to return to the market this afternoon and push it higher, if European markets continue to be in the green. Watching for a breakout in the major indices.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Adani Enterprises’ Net Profit Rises 44% YoY to Rs 674Cr in Q1- Top Indian Market Updates

adani

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

Adani Ent Q1 Results: Net profit rises 44% YoY to ₹674 crore

Adani Enterprises reported a 44% YoY rise in consolidated net profit to ₹674 crore for the quarter ended June (Q1 FY24). However, its revenue from operations fell 38% YoY to ₹25,438 crore during the same period. The company’s EBITDA stood at ₹2,896 crore in Q1, up 47% YoY. The revenue fall is attributed to the correction in coal prices.

Read more here.

Zydus Lifesciences gets USFDA nod for generic arthritis treatment drug

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) for its generic Indomethacin suppositories. The approved drug is indicated for moderate to severe rheumatoid arthritis. According to IQVIA MAT April 2023 data, generic versions of the drug had annual sales of approximately USD 95 million in the US.

Read more here.

Zomato Q1 Results: Net profit at ₹2 crore

Zomato reported a consolidated net profit of ₹2 crore for Q1 FY24. The company posted a net loss of ₹186 crore in Q1 last year. Its revenue from operations rose 71% YoY to ₹2,416 crore during the same period. The consolidated adjusted EBITDA stood at ₹12 crore, versus a loss of ₹152 crore in Q1FY23.

Read more here.

Ambuja-ACC reaches agreement to buy Sanghi Cements

Adani Group’s Ambuja-ACC has reached an agreement to acquire Sanghi Cements after deal negotiations moved forward over the course of the past week and the Adani group companies proposed better acquisition terms and speedy deal closure. Ambuja Cements will acquire 56.74% shares of Sanghi Industries Limited at an enterprise value of ₹5000 crore.

Read more here.

Sun Pharma Q1 Results: Net profit falls 2% YoY to ₹2,023 crore

Sun Pharma reported a 2% YoY fall in consolidated net profit to ₹2,023 crore in Q1 FY24, missing estimates. However, its operating revenue increased 11% YoY to ₹11,941 crore. EBITDA stood at ₹3,332 crore, up 15.5% YoY. The fall in the net profit was partly due to certain one-time charges totalling ₹323 crore. The company also incurred a one-time transitional cost of ₹51 crore on the relocation of Alchemee operations from California to New York.

Read more here.

Oil India is now Maharatna, OVL is Navratna

The central government has upgraded the petroleum sector central public sector enterprise (CPSE) Oil India Ltd (OIL) to Maharatna, taking the number of Maharatnas to 13. OIL has an annual turnover of ₹41,039 crore and a net profit of ₹9,854 crore. The government has also upgraded ONGC Videsh Ltd (OVL) as Navratra, taking the number of Navratnas to 14.

Read more here.

Bharti Airtel Q1 Results: Net profit at ₹216 crore

Bharti Airtel reported a net profit of ₹1,612.5 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹1,607 crore in Q1 FY23. Total revenue rose 14.1% YoY to ₹37,440 crore during the same period. EBITDA rose 18.9% YoY to ₹19,746 crore in Q1. Average Revenue Per User (ARPU) for the quarter stood at ₹200, compared to ₹183 in Q1 of FY23.

Read more here.

Eicher Motors Q1 Results: Net profit jumps 50% YoY to ₹918 crore

Eicher Motors reported a 50.38% YoY increase in net profit to ₹918 crore for Q1 FY24; beating street estimates. Its revenue from operations rose 17.33% YoY to ₹3,986.37 crore during the same period. EBITDA stood at ₹1,021 crore, up 22.8% YoY. Earlier, the company had reported a 32% YoY rise in its monthly sales in July at 55,555 units of motorcycles. The international business recorded a de-growth of 22%.

Read more here.

LT Foods’ organic business arm starts new facility in Uganda

LT Foods’ subsidiary Nature Bio Foods has started a new facility in Uganda, Africa. The new facility will procure and process soyabean meals and help in the expansion of the product portfolio, including chia seeds, sesame seeds and sorghum. The plant will have a production capacity of 10,000 tonnes in the first year and aims to scale it up to 18,000 tonnes by 2024.

Read more here.

Dabur Q1 Results: Net profit rises 5% YoY to ₹464 crore

Dabur India reported a 5% YoY increase in net profit to ₹464 crore for the quarter ended June. Its revenue from operations rose 11% YoY to ₹3,130 crore during the same period. Consolidated EBITDA stood at ₹600 crore with margins at 19.3%. Dabur’s international business reported 20.6% growth in constant currency terms.

Read more here.

Kalyan Jewellers to open 11 new stores in August

Kalyan Jewellers will launch 11 new stores across the country in August. This will expand its footprint across destinations while India is seeing an increased shift towards the organised jewellery market. With this expansion, the company will surpass 200 stores globally. The upcoming showrooms will be launched in Patna, Nawada, Sitamarhi, and Arrah in Bihar, Faridabad and Panipat in Haryana, Anand in Gujarat, Dehradun in Uttarakhand, Jabalpur in Madhya Pradesh, and Chembur in Mumbai.

Read more here.

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Adani Ports’ Net Profit Rises 5% YoY to Rs 1,159Cr in Q4 – Top Indian Market Updates

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

Adani Ports Q4 Results: Net profit rises 5% YoY to Rs 1,159 crore

Adani Ports reported a 5% YoY increase in consolidated net profit to Rs 1,159 crore for the quarter ended March (Q4 FY23). Its consolidated revenue rose 40% YoY to Rs 5,797 crore during Q4 FY23. EBITDA stood at Rs 3,270.7 crore, up 59% YoY. The company’s board has recommended a dividend of Rs 5 per equity share.

Read more here.

Inox Wind receives 150 MW order from NTPC Renewable Energy

Inox Wind secures a 150 MW wind power project order from NTPC Renewable Energy. The project will be located in Gujarat and Inox Wind will supply and install Wind Turbine Generators, as well as handle operation and maintenance services. This brings Inox Wind’s total orders from NTPC to 550 MW. The addition will expand Inox Wind’s O&M fleet and contribute to overall profitability.

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India’s growth momentum likely to be sustained in FY24: RBI

India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, the Reserve Bank of India (RBI) said in its Annual Report 2022-23. The central bank added that the economy will be supported by sound macroeconomic policies, softer commodity prices, a robust financial sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains.

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Jubilant Pharmova’s Canada unit gets OAI status

Jubilant Pharmova’s Canadian unit gets Official Action Indicated (OAI) status from the US Food & Drug Administration (USFDA). The USFDA might not approve applications or supplements for Jubilant Pharmova’s Montreal facility. The regulator inspected the facility in February 2023 and found objectionable conditions. Jubilant HollisterStier, a subsidiary of Jubilant Pharmova, is working with the USFDA to address the observations within the given timeframe.

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Mankind Pharma Q4 Results: Net profit jumps 50% YoY to Rs 285 crore

Mankind Pharma reported a 50% YoY increase in consolidated net profit to Rs 285 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 19% YoY to Rs 2,053 crore during Q4 FY23. For FY23, the company reported an 11% fall in consolidated net profit to Rs 1,282 crore, despite a 12.4% growth in revenue to Rs 8,749 crore.

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Triveni to expand capacity of its existing plants

Triveni Engineering & Industries will invest Rs 85 crore in expanding its sugar business. The company plans to increase the capacity of its sugar unit in Uttar Pradesh by 2,000 tonnes of cane per day, raising it from 7,000 Tonnes of Cane per Day (TCD) to 9,000 TCD. This expansion will bring the company’s total crushing capacity to 63,000 TCD according to the company.

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Sun Pharma signs pact with Philogen to commercialise skin cancer drug

Sun Pharma has partnered with Philogen SpA to commercialize an under-development skin cancer drug called Nidlegy in Europe, Australia, and New Zealand. Nidlegy, currently in Phase III clinical trials, is being developed by Philogen for the treatment of melanoma and non-melanoma skin cancers. Sun Pharma will hold exclusive rights to commercialize the product and will share post-commercialization economics with Philogen in a 50:50 ratio.

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Apollo Hospitals Q4 Results: Net profit jumps 50% YoY to Rs 146 crore

Apollo Hospitals reported a 50% YoY increase in net profit to Rs 146 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 21% YoY to Rs 4,303 crore during Q4 FY23. EBITDA stood at Rs 488 crore, up 5% YoY. The company’s board has recommended a dividend of Rs 9 per equity share.

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Prestige Estates acquires DB Group’s balance stake in 2 Mumbai projects for Rs 1,176 crore

Prestige Estates Projects has acquired the remaining stake in two projects located in Mumbai’s Bandra-Kurla Complex (BKC) and Mahalaxmi locality from DB Group. The total cost of the acquisitions amounts to over Rs 1,176 crore. The projects are expected to be completed within the next 3-4 years. These strategic acquisitions will allow Prestige Estates Projects to strengthen its ownership in these prime assets and significantly enhance the value of its annuity rental portfolio.

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V-Guard Q4 Results: Net profit falls 41% YoY to Rs 53 crore

V-Guard Industries reported a 41% YoY fall in consolidated net profit to Rs 52.73 crore in Q4 FY23. However, its operating revenue rose 7% YoY to Rs 1,140 crore during Q4 FY23. EBITDA stood at Rs 99 crore, down 12% YoY. The company’s board has announced a dividend of Rs 1.3 per equity share.

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Shriram Properties reports highest-ever sales volumes of in FY23

Shriram Properties Ltd (SPL) has reported the highest-ever sales volumes of 4.02 million sq. ft (msf) in FY23 with sales value reaching a new high of Rs 1,846 crore, up 25% YoY, supported by higher volumes, better realisation, change in product mix and the impact of seven launches. Gross collections stood firm at Rs 1,200 crore. SPL completed seven projects with an aggregate development area of 3.8 msf during the year.

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Patanjali Foods Q4 Results: Net profit rises 13% YoY to Rs 264 crore

Patanjali Foods Ltd reported a 13% YoY rise in standalone net profit to Rs 264 crore in Q4 FY23. The profit stood at Rs 234 crore in the same period last year. Its operating revenue also rose 18% YoY to Rs 7,873 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 6 per equity share.

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M&M’s Net Profit Rises 22% YoY to Rs 1,549Cr in Q4 – Top Indian Market Updates

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

M&M Q4 Results: Net profit jumps 22% YoY to Rs 1,549 crore

Mahindra & Mahindra Ltd reported a 22% YoY rise in standalone net profit to Rs 1,549 crore for the quarter ended March (Q4 FY23). Its revenue also rose 31% YoY to Rs 22,571 crore during Q4 FY23. EBITDA stood at Rs 2,797 crore, up 12.4% YoY. The company’s board has announced a dividend of Rs 16.25 per equity share.

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Adani Wilmar enters whole wheat market in India

Adani Wilmar has entered the whole wheat market with its Fortune brand, offering a range of wheat varieties. The company aims to cater to selective households that prefer specific wheat varieties, ensuring superior quality and variety assurance. Adani Wilmar intends to expand its presence in high-value metro markets like New Delhi, Mumbai, Pune, Surat, and Ahmedabad, aiming to increase its market share.

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Forex reserves fall $6.1 billion to $593.48 billion

According to the Reserve Bank India (RBI), India’s foreign exchange reserves fell  $6.052 billion to $593.477 billion as on May 19, 2023. Gold reserves fell by $1.227 billion to $45.127 billion while Special Drawing Rights (SDRs) fell by $137 million to $18.276 billion. The country’s total Foreign Currency Assets (FCA) also fell by $4.654 billion to $524.945 billion.

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Reliance enters into partnership with General Mills for western snacks

Reliance Retail’s FMCG subsidiary Reliance Consumer Products Ltd (RCPL) has entered into a partnership with General Mills to enter the western snacks category. As part of the agreement, Reliance will introduce the global corn chips brand Alan’s Bugles in India, owned by General Mills. This move will position Reliance Consumer as a competitor to brands like Lays, Bingo, Balaji Wafers, and other players in the western snacks market.

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Sun Pharma Q4 Results: Net profit at Rs 1,984 crore

Sun Pharma reported a consolidated net profit of Rs 1,984.5 crore in Q4 FY23. The company reported a net loss of Rs 2,277 crore in the same period last year. Its revenue rose 12% YoY to Rs 10,726 crore during the same quarter. EBITDA stood at Rs 2,802 crore, up 19.7% YoY. The company’s board has approved a dividend of Rs 4 per equity share.

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Adani Green commissions 130 MW wind power plant in Kutchh

Adani Green’s subsidiary Adani Wind Energy Kutchh Five Ltd has commissioned a 130 MW wind power plant at Kutchh in Gujarat. The plant has a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at a rate of Rs. 2.83 per kWh. The plant will be managed by Adani Green Energy Ltd’s (AGEL) Energy Network Operation Centre (ENOC) platform.

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Grasim Q4 Results: Net profit falls 89% YoY to Rs 94 crore

Grasim reported an 89% YoY fall in standalone net profit to Rs 93.5 crore in Q4 FY23. However, its operating revenue rose 4.2% YoY to Rs 6,645.8 crore during the same quarter. EBITDA stood at Rs 426 crore, down 43.4% YoY. The company’s board has announced a dividend of Rs 10 per equity share.

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NCLAT sets aside NCLT order on Zee-Sony merger

In a relief to Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribuna (NCLT) order, which directed NSE and BSE to reconsider their approval for the ZEEL-Sony merger. A two-member NCLAT bench observed that the order passed by the Mumbai bench of NCLT was against the “principle of natural justice” as it did not grant any opportunity to ZEEL to respond over the issue of Shirpur Gold Refinery, an Essel Group firm.

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SAIL Q4 Results: Net profit falls 50% YoY to Rs 1,160 crore

Steel Authority of India Ltd (SAIL) reported a 50% YoY decline in consolidated net profit to Rs 1,159.2 crore for the quarter ended March (Q4 FY23). Its revenue also fell 5.6% YoY to Rs 29,416.39 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 0.50 per equity share.

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Mphasis to partner with Kore.ai

Mphasis has announced a strategic partnership with Kore.ai. The collaboration aims to enhance customer experience management and employee engagement for enterprise clients. Through the use of virtual assistants and intelligent virtual assistants (IVA), businesses in various sectors such as retail, banking, travel, insurance, and healthcare can interact more efficiently with customers. Kore.ai’s platform offers a wide range of services in multiple languages and deployment options for different enterprise businesses.

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Tata Steel’s Profit Falls 82% YoY to Rs 1,705Cr in Q4 – Top Indian Market Updates

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

Tata Steel Q4 Results: Profit falls 82% YoY to Rs 1,705 crore

Tata Steel reported an 82% YoY fall in consolidated net profit to Rs 1,705 crore for Q4 FY23. Its revenue from operations also fell 9% YoY to Rs 62,961 crore during the same period. EBITDA stood at Rs 7,225 crore in Q4 FY23, compared to Rs 5,174 crore in Q4 FY22. The company’s board has recommended a dividend of Rs 3.6 per equity share.

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Auto sales data for April 2023: Highlights  

Maruti Suzuki India posted a 6.5% year-on-year (YoY) increase in wholesale sales to 1.61 lakh units in April 2023. Sales of its mini & compact vehicle segment rose 16.7% YoY to 89,045. Exports fell 7.8% YoY to 16,941 units.

Tata Motors Ltd registered a 13% YoY increase in passenger vehicle sales to 47,107 units in April. The automaker’s commercial vehicle sales declined by 6% YoY to 6,984 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 34,698 units in April, an increase of 54% YoY. M&M’s tractor sales fell 11% YoY to 36,405 units. 

TVS Motor Company’s total sales stood at 3.06 lakh units in April, up 4% YoY. Meanwhile, Bajaj Auto’s sales rose 11% YoY to 2.8 lakh units.

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NMDC iron ore output rises 11.42% to 3.51 MT in April

NMDC Ltd reported an 11.42% rise in its iron ore production of 3.51 million tonnes (MT) in April 2023. It produced 3.15 MT of iron ore in the same month last year. The state-owned company is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

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Adani Total Gas Q4 Results: Profit rises 21% YoY to Rs 98 crore

Adani Total Gas reported a 21% YoY increase in consolidated net profit at Rs 98 crore for Q4 FY23. Operating revenue stood at Rs 1,197 crore, a 12% increase from Q4 FY22. ATGL’s operating profit rose 45% to Rs 205 crore. The company’s board approved a dividend of Rs 0.25 per equity share.

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Suzlon secures 69.3 MW wind energy project from Juniper Green Energy

Suzlon has secured an order from Juniper Green Energy to develop a 69.3 megawatts (MW) wind power project. The project is located in Surendra Nagar district in Gujarat and is expected to be commissioned in 2024. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning.

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USFDA halts Sun Pharma’s trials on dermatological drug

The US Food & Drug Administration (FDA) has asked Sun Pharmaceutical Industries Ltd to halt tests on one dose of an experimental dermatological drug due to the potential of blood clots. The FDA has also said that patients with alopecia areata (an autoimmune condition that results in patchy hair loss) on the 12 mg dose of deuruxolitinib should discontinue its use.

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Ambuja Cements Q4 Results: Net profit rose 2% YoY to Rs 502 crore

Ambuja Cements reported a 1.6% YoY rise in standalone net profit to Rs 502 crore for Q4 FY23. Operating revenue stood at Rs 4,256 crore, an 8% increase from Q4 FY22. EBITDA for the quarter stood at Rs 788 crore, compared to Rs 793 crore in Q4 FY22. The company’s board approved a dividend of Rs 2.5 per equity share.

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Varun Beverages Q4 Results: Net Profit rises 69% YoY to Rs 429 crore

Varun Beverages reported a 69% YoY increase in consolidated net profit to Rs 429 crore for Q4 FY23. Its operating revenue for the quarter increased 37.8% YoY to Rs 3,952 crore. EBITDA rose 50.3% YoY to Rs 798 crore. The company’s board also announced a 1:2 stock split subject to the approval of shareholders.

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Minda Corp to acquire additional 8.8% stake in Pricol

Minda Corporation has filed an application with the Competition Commission of India (CCI) to increase its stake in Pricol Ltd. to 24.5%. It had acquired 15.7% of Pricol’s equity earlier this year, but stated that it was only a financial investment with no special rights. As of December last year, Pricol was a debt-free company and even had free cash flow worth Rs 112.2 crore as of financial year 2022.

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India’s unemployment rate surges to 4-month high in April

India’s unemployment rate rose to 8.11% in April from 7.8% in March, the highest since December. Urban unemployment increased from 8.51% to 9.81% in the same period, while in rural areas, it fell marginally from 7.47% a month ago to 7.34% in April. India’s labour force increased by 25.5 million people to 467.6 million in April, possibly due to an “increase in optimism about finding employment.”

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Bajaj Auto’s Net Profit Falls 2% to Rs 1,433Cr in Q4 – Top Indian Market Updates

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

Bajaj Auto Q4 Results: Net profit falls 2% YoY to Rs 1,433 crore

Bajaj Auto reported a 2% YoY decline in net profit to Rs 1,433 crore and an operating revenue of Rs 8,905 crore, up 11.7% YoY, for Q4 FY23. EBITDA rose 25.7% YoY to Rs 1,716.6 crore during the quarter. EBITDA margin stood at 19.3%, compared to 17.1% in Q4 FY22. The company’s board recommended a dividend of Rs 140 per share.

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Zydus Lifesciences gets USFDA approval to market Metronidazole Topical cream in US

Zydus Lifesciences has received the final approval from the US Food and Drug Administration (USFDA) for manufacturing and marketing Metronidazole Topical cream in the US. According to IQVIA data, the cream had sales of $25m in the US in the 12 months ended February 2023. Zydus’ Topical manufacturing facility in Ahmedabad will manufacture the product.

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HDFC AMC Q4 Results: Net profit jumps 10% YoY to Rs 376 crore

HDFC Asset Management Company Ltd (HDFC AMC) reported a 10% YoY increase in net profit to Rs 376.2 crore and a 5% rise in revenue to Rs 541 crore for Q4 FY23. The company’s Quarterly Average Assets Under Management (QAAUM) for Q4 was Rs 4.49 lakh crore, compared to Rs 4.32 lakh crore for the same period last year. The company’s board has recommended a dividend of Rs 48 per share.

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Tata Consumer Q4 Results: Net profit rises 23% YoY to Rs 268 crore

Tata Consumer Products reported a net profit of Rs 268 crore for Q4 FY23 compared to the loss of Rs 217 crore in Q4 FY22. The revenue from operations rose 14% YoY to Rs 3,619 crore. The company’s profit before exceptional items and tax also increased 13% YoY to Rs 456 crore led by strong growth in the India branded business. The board has recommended a final dividend of Rs 8.45 per equity share. 

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L&T Construction bags orders in the range of Rs 1,000-2,500 crore in India and overseas

Larsen and Toubro’s (L&T) Power Transmission & Distribution (PT&D) business has secured significant orders in India and overseas. L&T has won a power supply system order for the second phase of Chennai Metro and an order to supply, construct, test and commission a 132kV substation in the United Arab Emirates. The company aims to reduce Aggregate Technical & Commercial losses at a pan-India level through the latest bagged order under the Reforms-based Results-linked Distribution Sector Scheme (RDSS).

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Anupam Rasayan signs long-term supply contract worth Rs 380 crore

Anupam Rasayan has signed a Letter of Intent (LoI) worth $46 million (Rs 380 crore) with a major American multinational corporation to supply a new-age specialty chemical intermediate for the next five years. The company expects its share of revenues from the US to significantly increase in the coming years. The product will be manufactured in its upcoming multipurpose manufacturing facilities and is being produced in India for the first time.

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Sun Pharma launches novel therapy CEQUA for dry eye disease in India

Sun Pharmaceutical Industries Ltd has launched its ophthalmology treatment CEQUA in the Indian market to treat Dry Eye Disease (DED). The treatment is being released by one of its wholly-owned subsidiaries using nanomicellar (NCELL) technology. CEQUA is the first DED treatment in India and has already been launched in the United States and other geographies as part of Sun Pharma’s specialty portfolio of drugs.

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Serum Institute to double investment in Biocon Biologics to $300 million

Serum Life Sciences will make an additional equity investment of $150 million in Biocon Biologics (BBL), a subsidiary of Biocon. It had invested $150 million in Biocon Biologics in November 2022, and this additional investment will be made through the conversion of the $150 million loan provided to Biocon Pharma into equity in BBL. The total aggregate equity investment of SILS in BBL will now amount to $300 million.

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AU SFB Q4 Results: Net profit rises 23% YoY to Rs 425 crore

AU Small Finance Bank has reported a 23% YoY increase in net profit to Rs 425 crore. The Net Interest Income (NII) also increased 37% YoY to Rs 4,425 for Q4 FY23. The bank’s total income rose 34% YoY to Rs 9,240 crore. The gross non-performing assets ratio fell to 1.7% from 1.98% in Q4 FY22. The bank’s board proposed a 10% dividend of Rs 1 per equity share for Q4 FY23. 

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HDFC to Raise Rs 57,000 crore via NCDs – Top Indian Market Updates

hdfc

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

HDFC to raise Rs 57,000 crore through non-convertible debentures

HDFC Ltd’s board has approved raising funds through non-convertible debentures (NCDs) in various rounds aggregating to Rs 57,000 crore. The decision was taken since the outstanding borrowings of HDFC are approx. Rs 5.70 lakh crore, and it would need to borrow further for its business purposes till the effective date of the merger. It is expected that HDFC Ltd would merge with its subsidiary HDFC Bank by the third quarter of the next financial year.

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IDFC First Bank partners with Crunchfish to demonstrate offline retail payments

IDFC First Bank has partnered with Sweden-based Crunchfish to pilot a project to demonstrate offline retail payments. The bank is set to be a part of RBI’s pilot project to enable offline payments. A unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI’s Regulatory Sandbox Program.

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Sun Pharma eyes revenue hit due to ransomware attack

Sun Pharmaceutical Industries is set to take a hit on its revenues due to containment measures taken by the company after a ransomware attack earlier this month affected its business operations. A ransomware group has claimed responsibility for an ‘IT security incident’ at Sun Pharma, whose effect included a breach of certain file systems and the theft of certain company data and personal data.

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CIRP initiated in cases of DHFL, ABG Shipyard, Bhushan Power & Steel

Corporate insolvency resolution process (CIRP) was initiated in the cases of DHFL, ABG Shipyard and Bhushan Power and Steel (BPSL) and resolution plans were approved in cases of DHFL and BPSL. The amount realisable to creditors for DHFL and BPSL is Rs 37,167 crore and Rs 19,895 crore, respectively. 

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L&T’s power transmission and distribution business wins large orders

Larsen & Toubro Ltd’s (L&T) power transmission and distribution (T&D) business has secured orders (in the range of Rs 2,500-5,000 crore) in India and overseas. One of the orders is related to establishing over 365 km of 765kV double circuit transmission lines to enable the transfer of power from Rajasthan to Gujarat. The company will also implement an Advanced Distribution Management System (ADMS) in the Greater Mumbai area.

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HDFC Mutual Fund files for India’s first Sovereign Green Bond MF

HDFC Asset Management Co. Ltd., investment manager of HDFC Mutual Fund (HDFC MF), has filed for India’s first target maturity funds tracking Sovereign Green Bonds (SGrBs). SGrBs are bonds issued by the Government of India (GoI) whose proceeds will be deployed in public sector projects that help reduce the carbon intensity of the economy.

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Indian Oil, BPCL exceed their capex targets this year

Indian Oil Corp Ltd (IOCL) and Bharat Petroleum Corp Ltd (BPCL) have exceeded their capital expenditure targets for the current financial year. During April-February, IOCL spent Rs 31,800 crore against the full year’s capex target of Rs 28,550 crore, while BPCL spent Rs 10,280 crore, crossing its target of Rs 10,000 crore. IOCL has been spending heavily on refinery & petrochemical expansion, enhancing natural gas infrastructure, marketing, and establishing new pipelines.

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Lupin gets USFDA approval for Valbenazine Capsules

Lupin Ltd has received tentative approval from US Food & Drug Administration (USFDA) for Valbenazine Capsules. The drug is used to treat involuntary movements of the face, tongue or other body parts. As per IQVIA data, Valbenazine capsules had estimated annual sales of $1,235 million in the US for the 12 months ended Dec 2022.

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Nelco opposes telecom operators’ stance on spectrum sharing

Satellite communications service provider Nelco has opposed telecom operators’ stance on spectrum sharing and said that spectrum should be used only for the purposes it is assigned. Submitting counter comments to the telecom regulator’s consultation paper, the company and industry body SatCom Industry Association (SIA) India argued that the satcom spectrum is limited and hence sharing it with telcos would hamper the growth of the satcom sector.

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S&P keeps India’s economic growth forecast unchanged at 6% in FY24

S&P Global Ratings kept its forecast for India’s economic growth unchanged at 6% in the next financial year (FY24), before rising to 6.9% in the following year. It sees India’s gross domestic product (GDP) likely growing by 7% in the current financial year (FY23). S&P expected the Reserve Bank of India to raise its already high policy rate further following a recent upside surprise to inflation.

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