Tag: Sun Pharma

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M&M’s Net Profit Rises 34% in Q3 – Top Indian Market Updates

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

M&M Q3 Results: Net profit rises 34% YoY to ₹2,676 crore

Mahindra & Mahindra Ltd reported a 34.6% YoY increase in consolidated net profit to ₹2,676.56 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29.7% YoY to ₹30,620 crore during the same period. EBITDA stood at ₹2,814 crore in Q3, up 41% YoY. The company sold 1.76 lakh vehicles in the December quarter, up 45% YoY.

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GAIL signs advance pricing agreement with CBDT

GAIL (India) Ltd has signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The gas utility firm has contracts with US suppliers to buy 5.8 million tonnes per annum of liquefied natural gas (LNG). GAIL is the first public sector undertaking (PSU) in the oil & gas sector in India to sign the APA.

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Lupin Q3 Results: Net profit falls 72% YoY to ₹153 crore

Lupin reported a 72% YoY decline in net profit to ₹153 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 3.8% YoY to ₹4,322 crore during the same period. Sales in the US have improved on the back of new product launches and a brand acquisition made in Q3.

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Sun Pharma gets USFDA nod to market generic medication

Sun Pharmaceutical Industries Ltd’s subsidiary has received final approval from the US Food & Drug Administration (USFDA) for the generic Lenalidomide capsules in multiple strengths. In 2021, US-based Celgene Corporation granted Sun Pharma a license to manufacture and sell an unlimited quantity of generic lenalidomide capsules in the US beginning January 31, 2026.

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BHEL Q3 Results: Net profit jumps 55% YoY to ₹42 crore

Bharat Heavy Electricals Ltd (BHEL) reported a 55% YoY increase in net profit to ₹42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹5,263 crore during the same period. Revenue from the power segment came in at ₹3,992 crore, 7% higher. Total expenses were almost flat at ₹5,320 crore in Q3.

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Hindalco leases 50,000 sq. ft. office space in Blackstone’s Mumbai tower

Hindalco Industries Ltd has picked up an entire floor spread over 50,000 sq. ft. office space in Blackstone Group entity Nucleus Office Parks’ commercial complex One International Center in Mumbai’s business district Lower Parel on a long-term lease of five years. The company is looking to consolidate its various offices and also expand the capacity in the new office ensuring ease of connectivity for their employees.

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Assam govt signs Petroleum Exploration Licenses deeds for 2 OALP blocks with Oil India

The Assam government has signed Petroleum Exploration Licenses deeds for two Open Acreage Licensing Program (OALP) blocks with Oil India Ltd (OIL). OIL will invest around ₹12 crore in these projects and will start seismic surveys from February 2023. This is the first time in oil history to start exploration for Crude oil and Natural Gas in the northern bank of Brahmaputra in lower Assam.

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India’s first hydrogen combustion engine tech for heavy-duty trucks unveiled by RIL

Reliance Industries Ltd (RIL) unveiled India’s first Hydrogen Internal Combustion Engine technology solution for heavy-duty trucks. RIL and its vehicle partner Ashok Leyland developed the technology under its Net carbon Zero vision. The first engines run with this tech were tested in early 2022. RIL is also planning to create an end-to-end Hydrogen ecosystem for mobility

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Info Edge Q3 Results: Net loss at ₹116 crore

Info Edge (India) Ltd reported a net loss of ₹116 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹4,601 crore in Q3 FY22. Its revenue from operations rose 40% YoY to ₹589 crore in Q3 FY23. Standalone EBITDA stood at ₹217 crore, up 79% YoY.

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Adani Enterprises FPO Fully Subscribed on Final Day – Top Indian Market Updates

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

Adani Enterprises FPO fully subscribed on final day

The follow-on public offering (FPO) of Adani Enterprises Ltd secured bids for 50.85 million shares against an offer size of 45.5 million shares (representing a 1.12 times subscription) on the final day of bidding. Non-institutional investors (NIIs) put in bids for over three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. The FPO received a muted response from retail investors.

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India’s GDP growth to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government, India’s economic growth is forecast to be 6.5% in FY24, compared to 7% in the current financial year (FY23). The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, IMF, and RBI. Meanwhile, the govt has achieved 48% of its disinvestment target of ₹65,000 crore for FY23 as of Jan 18.

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IOCL Q3 Results: Net profit falls 92% YoY to ₹442 crore

Indian Oil Corporation Ltd (IOCL) reported a 92% YoY decline in net profit to ₹442 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 22.7% YoY to ₹2.04 lakh crore during the same period. Total expenses increased 20.18% YoY to ₹2.29 lakh crore in Q3. Domestic sales volume rose by 10.22% YoY to 23.17 million metric tonnes (MMT), while export sales fell 27.71% YoY to 1.135 MMT.

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Lupin gets tentative USFDA approval for DETAF tablets

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its new drug application Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets. DETAF is used to manage HIV infections and will be available for supplies to low and middle-income countries. The product will be manufactured at Lupin’s facility in Nagpur. 

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UPL Q3 Results: Net profit rises 16% YoY to ₹1,087 crore

UPL Limited reported a 16% YoY decline in consolidated net profit to ₹1,087 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 21% YoY to ₹13,679 crore during the same period. EBITDA stood at ₹3,305 crore in Q3, up 14% YoY. In India, UPL saw healthy growth driven by strong traction in its seeds business, while the crop protection business saw flat growth.

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Godrej Properties buys 89-acre land parcel in Khalapur

Godrej Properties Ltd has entered into an agreement for the outright purchase of an 89-acre land parcel in the Khalapur locality of Maharashtra’s Raigad district. The plot is estimated to have a development potential of around 1.9 million sq ft of saleable area consisting primarily of residential plotted development. It is in proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune.

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Sun Pharma Q3 Results: Net profit rises 5% YoY to ₹2,166 crore

Sun Pharmaceutical Industries Ltd reported a 5% YoY increase in consolidated net profit to ₹2,166 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 14% YoY to ₹11,241 crore during the same period. Sun Pharma’s board has also declared an interim dividend of ₹7.50 per share. 

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Hindustan Zinc to invest $1 billion to replace diesel-run mining vehicles with EVs

Hindustan Zinc Ltd (HZL) will invest $1 billion to convert around 900 diesel-run mining vehicles into battery-operated ones over the next five years. The company is steadily switching to electric vehicles for its underground mine operations. With the help of Finnish technology company Normet Group Oy, HZL has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry.

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Godrej Consumer Q3 Results: Net profit rises 3.5% YoY to ₹546 crore

Godrej Consumer Products Ltd reported a 3.5% YoY increase in consolidated net profit to ₹546.34 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 9% YoY to ₹3,598.92 crore during the same period. Its India business sales grew by 11% YoY to ₹1,975 crore and volumes rose 3% YoY. 

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Income Tax Department conducts survey action against Cipla: Report

As per a CNBC-TV18 report, the Income Tax Department has carried out a survey action against drug major Cipla Ltd. The department is conducting the surprise action to check the balance sheets and other business documents of the pharma company as part of an alleged tax evasion investigation. 

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India’s core sector growth at 3-month high of 7.4% in Dec

Production of eight infrastructure sectors rose at a three-month high of 7.4% in December 2022, compared to 4.1% in Dec 2021. The production of coal rose by 11.5%, fertiliser by 7.3%, steel by 9.2%, and electricity by 10% in Dec 2022 compared to a year ago. Crude oil production declined by 1.2% YoY in December 2022.

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Bajaj Finserv’s Net Profit Rises 42% YoY in Q3 – Top Indian Market Updates

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

Bajaj Finserv Q3 Results: Net profit rises 42% YoY to ₹1,782 crore

Bajaj Finserv reported a 42% YoY increase in consolidated net profit to ₹1,782 crore for the quarter ended December (Q3 FY23). Its total income rose 23% YoY to ₹17,620 crore during the same period. Among its subsidiaries, Bajaj Finance recorded the highest ever quarterly consolidated quarterly profit of ₹2,973 crore in Q3. Meanwhile, Bajaj Allianz General Insurance Company (BAGIC) saw its profit fall 9% YoY to ₹278 crore.

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Sun Pharma acquires three brands to strengthen its anti-inflammatory portfolio

Sun Pharmaceutical Industries Ltd has acquired three brands— Disperzyme, Disperzyme -CD, and Phlogam— from Mumbai-based Aksigen Hospital Care. The acquisition of these brands will strengthen Sun Pharma’s anti-inflammatory drug portfolio. The three brands are approved by the Drugs Controller General of India (DCGI). Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company.  

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Tech Mahindra Q3 Results: Net profit falls 5% YoY to ₹1,296 crore

Tech Mahindra Ltd reported a 5% YoY decline in consolidated net profit to ₹1,296.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹13,734.6 crore during the same period. EBITDA stood at ₹2,144 crore in Q3, down 4.1% YoY. Net new deal wins for the quarter was $795 million, higher than $716 million a quarter ago and $704 million a year ago.

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Adani Group fails to answer 62 of our 88 questions: Hindenburg Research

After Adani Group denied all claims over the weekend, Hindenburg Research said the group had failed to specifically answer 62 out of the 88 questions that the firm had posed to the group. The research firm also claims that its report highlights numerous irregularities and connections between suspected offshore stock parking entities and Adani Promoters and raised key questions about whether promoter holdings were fully disclosed.

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Laurus Labs Q3 Results: Net profit rises 32% YoY to ₹203 crore

Laurus Labs reported a 32% YoY increase in net profit to ₹203 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 50.16% YoY to ₹1,544.82 crore during the same period. Total expenses rose 52.7% YoY to ₹1,268.4 crore in Q3. EBITDA stood at ₹404 crore in Q3, up 39% YoY. 

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ITC inaugurates ₹450 crore food manufacturing, logistics facility in Telangana

Telangana Minister for IT and Industries K T Rama Rao inaugurated FMCG major ITC Ltd’s state-of-the-art Integrated Food Manufacturing and Logistics Facility at Medak. Spread over nearly 59 acres of land, the food processing facility with a built-up area of 6.5 lakh sq. ft. entails an initial investment outlay of ₹450 crore. ITC said the new unit will create large-scale livelihoods across sustainable agri-value chains.

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PNB Q3 Results: Net profit falls 44% YoY to ₹628 crore

Punjab National Bank (PNB) reported a 44% YoY decline in net profit to ₹628.88 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 17.6% YoY to ₹9,179.4 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 12.88% in Q3 FY22 to 9.80% in Q3 FY23. Provisions increased 40% YoY to ₹4,713 crore in Q3 FY23.

[NII is the difference between the interest income a bank receives from lending activities and the interest it pays depositors.]

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GAIL Q3 Results: Net profit falls 93% YoY to ₹246 crore

GAIL (India) Ltd reported a 93% YoY decline in net profit to ₹246 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 37% YoY to ₹35,380 crore during the same period. The company recorded a natural gas marketing loss of ₹86.02 crore, compared to a profit of ₹1,750 crore a year ago.

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Adani Enterprises will postpone expansion plan if the FPO fails: CFO

Adani Enterprises Ltd will postpone its growth and expansion program for the next 6-9 months if its ₹20,000-crore follow-on public offer (FPO) does not go through, said Adani group Chief Financial Officer Jugeshinder Singh. In a fresh response to the questions raised by Hindenburg Research, Adani Group said the research firm is an ‘unethical’ short seller and it published the report to manipulate and depress the stock price and create a false market.

In other news, Abu Dhabi-based International Holding Company PJSC has subscribed to Adani Enterprises’ FPO by investing ~$400 million.

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L&T Q3 Results: Net profit rises 24% YoY to ₹2,553 crore

Larsen & Toubro Ltd reported a 24% YoY increase in consolidated net profit to ₹2,553 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 17% YoY to ₹46,390 crore during the same period. The company received orders worth ₹60,710 crore at the group level during Q3. The infrastructure projects segment secured order inflows of ₹32,530 crore, recording a growth of 28% YoY.

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Tata Motors Posts First Quarterly Profit in 2 Years – Top Indian Market Updates

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

Tata Motors Q3 Results: Net profit at ₹2,957 crore

Tata Motors Ltd reported a consolidated net profit of ₹2,957.71 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹1,516 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 22.5% YoY to ₹88,488.59 in Q3 FY23. The automaker’s EBITDA stood at ₹9,900 crore, up 11% YoY. Jaguar Land Rover’s revenue rose 28% YoY to £6 billion (~₹60,250 crore) in Q3.

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Adani Group stocks lose up to 10% after Hindenburg reveals short positions

Investment research firm Hindenburg Research published a report stating that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. Hindenburg said key listed companies in the group had substantial debt, which has put the entire group on an uncertain financial footing. The firm holds short positions in companies owned by billionaire Gautam Adani. Shares of Adani Group stocks fell up to 10% today after the news broke out.

Adani Group’s Chief Financial Officer, Jugeshinder Singh, said in a statement that the company was shocked by the report, calling it a “malicious combination of selective misinformation and stale, baseless and discredited allegations.”

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Hero MotoCorp commences deliveries of electric scooter VIDA in Delhi

Hero MotoCorp has commenced deliveries of its electric scooter VIDA V1 in Delhi after having started the process in Bengaluru and Jaipur. The company is planning a rapid expansion of its sales and charging network across multiple cities coinciding with the start of the sales process. Hero MotoCorp launched VIDA V1 in October last year in two variants— Pro and Plus.

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Sun Pharma launches phenobarbital sodium injection in US

Sun Pharmaceutical Industries Ltd launched its phenobarbital sodium injection, SEZABY, in the US. SEZABY is the first and only product approved by the US Food & Drug Administration (USFDA) for the treatment of neonatal seizures in term and preterm infants. Neonatal seizures are bursts of electrical activity in a newborn’s brain that can be a sign of brain conditions or injuries.  

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Bajaj Auto Q3 Results: Net profit rises 23% YoY to ₹1,491 crore

Bajaj Auto Ltd reported a 23% YoY increase in net profit to 1,491.42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.3% YoY to ₹9,315.14 crore during the same period. EBITDA rose by a sharp 29.4% YoY to Rs 1,777 crore in Q3. The revenue growth was moderate due to a sharp fall in exports, which offset the double-digit growth in domestic business.

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Vi launches rural retail touchpoints

Vodafone Idea (Vi) has launched nearly 1,100 new format physical touchpoints under the name “Vi Shops” across Tier 3 markets in 18 Indian states. The telecom operator aims to protect its rural consumer base, which is increasingly emerging as a significant target of rivals Reliance Jio and Bharti Airtel. The new retail touchpoints will deliver a uniform experience to Vi’s local customers and enable quick support.

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Dr. Reddy’s Labs Q3 Results: Net profit rises 77% YoY to ₹1,247 crore

Dr. Reddy’s Laboratories Ltd reported a 77% YoY increase in net profit to ₹1,247 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 27% YoY to ₹6,770 crore during the same period. EBITDA grew 14.3% YoY to ₹1,407.56 crore in Q3. Revenues in the global generics segment stood at ₹5,924.1 crore, up 33% YoY.

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Happiest Minds acquires Madurai-based IT services firm SMI for ₹111 crore

Happiest Minds Technologies Ltd has acquired a 100% stake in Madurai-based Sri Mookambika Infosolutions (SMI) for ₹111 crore. With 400-plus offshore-based employees, SMI has an annual run rate in revenues of $9 million. SMI provides product engineering services to its US customers around enterprise applications & integrations, digital data platform services, and mobility services.

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DLF Q3 Results: Net profit rises 36% YoY to ₹519 crore

DLF Limited reported a 36% YoY increase in consolidated net profit to ₹519.21 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.5% YoY to ₹1,494.8  crore during the same period. EBITDA was down 8.5% YoY to ₹477.2 crore in Q3. The realty company’s expenses in the quarter fell almost 5% YoY to ₹1,151.62 crore.

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Atul Auto Forays Into EV Market – Top Indian Market Updates

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

Atul Auto launches two electric three-wheelers

Three-wheeler maker Atul Auto has entered the electric vehicle (EV) space by launching two models at the Auto Expo 2023. Atul Greentech Pvt. Ltd (AGPL), a subsidiary of Atul Auto, launched Mobili (a passenger vehicle) and cargo variant Energie. Both Mobili and Energie are built with industry-leading technology, telematics, and Battery Management Systems (BMS).

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Dr. Reddy’s Labs partners with Theranica for marketing wearable Nerivio in India

Israeli digital therapeutics company Theranica has announced a strategic license and supply agreement with Dr. Reddy’s Laboratories Ltd., for the exclusive marketing and distribution of its FDA-approved Nerivio in India. Nerivio is a wearable migraine treatment that stimulates the body’s pain receptors to relieve acute and chronic migraine pain. The agreement includes licensing fees for exclusive rights to market Nerivio in India.

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Govt to invite bids for Concor privatisation this month

The government will invite Expressions of Interest (EoIs) or preliminary bids for privatising Container Corporation of India (Concor) in January. In Nov 2019, the Union Cabinet approved the strategic sale of a 30.8% stake (along with management control) in Concor. The government will retain a 24% stake post-sell-off but without any veto powers.

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Reliance Jio launches 5G in Uttarakhand

Reliance Jio has launched its True 5G services in Uttarakhand. Jio consumers in Dehradun can avail of the Jio Welcome Offer, which includes unlimited data at up to 1 Gbps+ speed at no extra cost. Apart from the existing investment of Rs 4,950 crore, Jio will additionally invest over ₹650 crore in the deployment of a standalone 5G network in the state.

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IEX’s ₹98 crore share buyback opens today

Indian Energy Exchange’s (IEX) share buyback program worth ₹98 crore opened on Wednesday. The company will buyback 49 lakh equity shares (of a face value of ₹1 each) at a maximum price of ₹200 per share. The share buyback will close on July 10. IEX is India’s first power exchange that provides an automated trading platform for electricity and renewable energy certificates.

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USFDA issues warning letter to Sun Pharma’s Halol unit

The US Food & Drug Administration (USFDA) has issued a warning letter to Sun Pharmaceuticals, specifying violations of norms in its manufacturing facility at Halol, Gujarat. The drug regulator noted that Sun Pharma failed to establish and follow appropriate written procedures. The procedures have been designed to prevent microbiological contamination of drug products. The Halol unit was placed under import alert on Dec 7, 2022.

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Oil refiners hope for ₹50,000 crore cash compensation from govt on fuel price freeze: Report

According to a CNBC-TV18 report, state-run oil marketing companies (OMCs) like HPCL, BPCL, and Indian Oil Corporation are seeking compensation of up to ₹50,000 crore to cover up for the losses they have incurred due to the freeze in fuel prices. The OMCs are demanding this compensation to make up for the losses incurred in the first half of the current financial year (H1 FY23). 

As an immediate measure, companies are of the view that diesel prices can be hiked by ₹2-3 per litre.

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Commercial loan origination volumes decline 4.3% in FY22: Report

According to a report from Crif High Mark (a credit information company), commercial lending origination volumes declined by 4.3% YoY to 22.2 lakh loans in the COVID-affected FY22. Loan originations in terms of value jumped 73% to ₹66.49 lakh crore. The average ticket sizes for commercial loans across lenders witnessed a huge spike during the year, with state-owned lenders reporting the number at ₹3.34 crore in FY22.

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Reliance Communications’ committee of creditors to meet on Thursday

The Committee of Creditors (CoC) of bankrupt Reliance Communications will meet on Thursday as part of a long-standing insolvency process. RCom, which housed Anil Ambani’s telecom business, has been undergoing corporate insolvency resolution for over four and a half years. The company was sent to the bankruptcy courts in May 2018 and started the insolvency process under the Insolvency & Bankruptcy Code (IBC) in 2019.

Indian banks, vendors, and creditors have claimed ₹86,000 crore in dues from RCom.

Read more here.

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India Achieves 166GW of Renewable Energy Capacity Till Oct – Top Indian Market Updates

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

India achieves 166GW of renewable energy capacity till October

India has achieved 165.94 gigawatts (GW) of renewable energy capacity till October, compared to the target of 175GW by the end of 2022. A capacity of 76.13 GW (of renewables) is under various stages of implementation. A 36.44 GW capacity is under various stages of bidding. The Ministry of New & Renewable Energy is working towards achieving 500 GW of installed electricity capacity from non-fossil sources by 2030.

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USFDA lists Sun Pharma’s Halol unit under ‘import alert’

The US Food & Drug Administration (USFDA) has placed Sun Pharmaceuticals Ltd’s Halol unit under ‘import alert’. All future shipments of products manufactured at this facility are subject to refusal of admission to the US market until it becomes compliant with Current Good Manufacturing Practice (CGMP) standards. The USFDA has excluded 14 products from this import alert subject to certain conditions.

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JSPL acquires debt-ridden Monnet Power for ₹410 crore

Jindal Steel & Power Ltd (JSPL) has acquired debt-ridden Monnet Power for ₹410 crore through the insolvency route. The transaction for the Odisha-based 1,050-megawatt power asset was completed on Wednesday. The new asset will provide power to JSP’s steel plant in Angul (Odisha).

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HUL to acquire stake in Oziva and Wellbeing Nutrition

Hindustan Unilever Ltd (HUL) will invest in Zywie Ventures and Nutritionalab to enter the ₹30,000 crore health & wellness market. Zywie Ventures sells plant-based supplements under the Oziva brand, while Nutritionalab sells nutritional products under “Wellbeing Nutrition”. HUL will acquire a 51% equity stake in Oziva for ₹264 crore in the first round. The company will also buy a 19.8% equity stake in Wellbeing Nutrition for about ₹70 crore.

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IndusInd Bank signs co-lending pact with SV Credit Line

IndusInd Bank has partnered with SV Credit Line for a co-lending agreement for a ₹500 crore loan exclusively to women borrowers. The agreement will help rural women access affordable loans that can be used for a wide range of economic activities like agriculture, animal husbandry, trading, and local manufacturing. SV Credit Line lends only to women customers. It has a customer base of 3.5 lakh across 10 states and 130 districts.

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Power deficit declines from 2% in April to 0.1% in October

The power deficit (or the gap between electricity required and supplied) has fallen from 2% in April to 0.1% in October 2022. The data showed that the deficit was 2,752 million units (units) in April this year, which came down to 124 MU in October. The Compound Annual Growth Rate (CAGR) for electrical energy requirements from 2021-22 to 2026-27 is 6.67% and for peak electricity demand is 6.42%.

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Reliance, Ashok Leyland in talks for engines running on hydrogen

According to an Economic Times (ET) report, Reliance Industries Ltd (RIL) is in advanced talks with Hinduja Group’s Ashok Leyland Ltd (ALL) for the development and supply chain of hydrogen-powered engines. ALL will retrofit an existing fleet of 45,000 trucks with fuel-cell engines so that these vehicles can use green hydrogen instead of diesel. RIL has contracted these trucks to ferry refined products and other marketing goods.

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Protests against Adani port called off, construction resumes at Vizhinjam

Protesters have called off a 130-day-long agitation against the Vizhjinjam seaport for now. The Adani Group resumed construction of the seaport on Thursday, with trucks full of material rolling into the project site. APSEZ will prioritize completing the construction of the 2,960-meter-long breakwater, of which around 1,400 metres have already been completed.

Several fishermen have demanded an end to the construction work and have asked authorities to conduct a coastal impact study in connection with the multi-crore project.

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TCS partners with Barclays to help specially-abled children

Tata Consultancy Services (TCS) and Barclays in India have expanded their partnership to help children with neuro-muscular disabilities become self-reliant. TCS will bring its Virtual Habilitation (VHAB) solution to Bal Kalyan Sanstha in Pune. VHAB is a digital assistive solution that improves the physiotherapy regimen for children with locomotor disabilities due to cerebral palsy or autism. Barclays will provide hardware and equipment support for the project.

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Kalyan Jewellers plans to add 52 showrooms in 2023

Kalyan Jewellers plans to expand its retail footprint by over 30% in the next calendar year by adding 52 showrooms. The expansion will mainly focus on the non-South region, which currently contributes 35% to its Indian business. This project will be fuelled by franchisees. The company operates on Franchise Owned Company Operated (FOCO) model.

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Reliance Jio’s ‘True 5G’ Goes Live in Delhi-NCR – Top Indian Market Updates

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

Reliance Jio’s ‘True 5G’ goes live in Delhi-NCR

Reliance Jio has become the only operator to provide True-5G services across the entire Delhi-NCR region. The network will be present across all important localities and areas, including residential areas, hospitals, schools, colleges, tech parks, and government buildings. Jio users in Delhi-NCR can opt for the Jio Welcome Offer, which offers unlimited data at up to 1 Gbps+ speeds.

Read more here.

Jet Airways to cut employees’ salaries by up to 50%,

The Jalan-Kalrock Consortium (JKC), the owners of Jet Airways, has temporarily reduced the salaries of some employees by up to 50%. They have also placed some employees on leave without pay effective Dec 1. This is part of a host of measures to conserve the airline’s cash, even as the clash between employees and owners continues over unpaid dues.

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Sun Pharma gets USFDA approval for drug to treat neonatal seizures

Sun Pharmaceutical Industries Ltd has received approval from the US Food & Drug Administration (USFDA) for SEZABY, a formulation used for the treatment of neonatal seizures. The drug is expected to be available in the US in the fourth quarter of FY23. Sun Pharma Advanced Research Company (SPARC) recently licensed SEZABY to Sun Pharma, under which SPARC is eligible to receive a milestone payment.

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Welspun Corp to acquire 70% debt of Sintex BAPL: Report

Welspun Corp Ltd (WCL) is set to acquire over 70% of the debts of KKR-backed Sintex BAPL. WCL seeks to take control of the plastic products maker, which is currently undergoing insolvency proceedings. Avenue Capital-backed Asset Reconstruction Company of India and Welspun Corp have been acquiring Sintex BAPL’s loans from lenders since the beginning of FY23.

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Federal Bank partners with JCB India to finance heavy equipment buyers

Federal Bank has partnered with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio. Under the arrangement, Federal Bank will be the preferred finance partner of the construction equipment manufacturer. JCB India’s customers can avail loans from the lender at competitive interest rates.

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USFDA completes inspection of Bajaj Healthcare’s API facility

The USFDA has completed the pre-approval inspection of Bajaj Healthcare Ltd’s Vadodara-based Active Pharmaceutical Ingredients (API) facility with zero observations. This was the first-ever pre-approved inspection of the said API facility. The US drug regulator inspected the facility from November 14-17. Established in 1993, Bajaj Healthcare is a leading manufacturer of APIs, intermediates, and formulations.

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Bharat Electronics signs licensing agreement with DRDO

Bharat Electronics Ltd (BEL) has signed a licensing agreement with the Combat Aircraft Systems Development & Integration Centre (CASDIC), DRDO, for the transfer of technology of Digital Radar Warning Receiver. The state-of-the-art airborne Electronic Warfare system provides versatile situational awareness to a fighter platform in a dense signal scenario.

In other news, BEL has signed a Joint Development Agreement (JDA) with the Indian Institute of Technology Madras (IITM) for cooperation in the field of Quantum Science and Technology.

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Blackstone files DRHP for Nexus Select Trust retail REIT IPO

Global asset manager Blackstone filed a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) of Nexus Select Trust (NST). NST is India’s first retail real estate investment trust or REIT. Blackstone is the sole sponsor of the REIT. It intends to raise at least $500 million through the public issue next year. To learn more about REITs, click here.

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Kolte-Patil Developers, 2 other settle case with SEBI

Kolte-Patil Developers Ltd (KPDL) and two others have settled a case pertaining to the alleged violations of listing and disclosure rules with markets regulator SEBI. They have paid over ₹63 lakh towards the settlement amount. KPDL made wrong disclosures of Related Party Transactions on three occasions in two half-yearly disclosures of FY19 and FY20.

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Tata Motors Posts ₹944Cr Net Loss in Q2 – Top Indian Market Updates

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

Tata Motors Q2 Results: Net loss narrows at ₹944 crore

Tata Motors Ltd reported a consolidated net loss of ₹944.61 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹4,441.57 crore in Q2 FY22. Its revenue from operations rose 29.7% YoY to ₹79,611 crore in Q2 FY23. The automaker’s domestic commercial vehicles business registered a 19% YoY growth in sales. The passenger vehicle (PV) business continued its strong momentum with wholesales at 1.42 units in Q2, up 69% YoY.  

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Adani Ports to acquire 49.38% stake in Indian Oiltanking for ₹1,050 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) has entered into a definitive agreement to acquire Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd (IOTL). IOTL is one of India’s largest operators of liquid storage facilities. This agreement also includes the acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a subsidiary of IOTL.

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BEML Q2 Results: Net profit rises 52% YoY to ₹16.26 crore

State-owned BEML reported a 52.5% year-on-year (YoY) rise in consolidated net profit to ₹16.26 crore for the quarter ended Sept (Q2 FY23). Its total income fell 20.4% YoY to ₹806.11 crore during the same period. Total expenses stood at ₹789.84 crore in Q2, down 21% YoY. BEML manufactures a variety of heavy equipment for earth moving, transport, and mining.

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Sun Pharma signs pact with SPARC to commercialise medication in US

Sun Pharmaceutical Industries has signed a licensing agreement with Sun Pharma Advanced Research Company (SPARC) to commercialise benzyl alcohol and propylene glycol-free phenobarbital sodium powder for injection in the US market. The drug is used to treat neonatal seizures. Under the terms of the license agreement, Sun Pharma will pay SPARC an upfront payment of $10 million.

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Barbeque Nation Q2 Results: Net profit jumps 143% YoY to ₹7 crore

Barbeque Nation Hospitality Ltd reported a 143% YoY jump in consolidated net profit to ₹7.1 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 40.3% YoY to ₹310 crore during the same period. The growth in Q2 was supported by improvement in the dine-in business. Both Toscano and BARQ’s international businesses posted robust performance.

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TVS Motor signs pact with Amazon India to scale up EV deployment

TVS Motor Company has signed an agreement with Amazon India to scale up electric vehicle (EV) deployment and strengthen their commitment to achieving net-zero carbon. As part of this collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries. The two entities will examine EV use cases for various Amazon business groups for its network and logistical requirements.

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Godrej Properties Q2 Results: Net profit rises 54% YoY to ₹55 crore

Godrej Properties Ltd reported a 54% YoY increase in consolidated net profit to ₹55 crore for the quarter ended Sept (Q2 FY23). Its total income rose 13% YoY to ₹327 crore during the same period. The real estate developer witnessed total bookings worth ₹2,409 crore and a total booking volume of 2.71 million sq. ft in Q2. It launched four new projects and phases across three cities.

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Tata Power RE to set up 150 MW solar project in Solapur

Tata Power Renewable Energy Ltd (TREPL) has received a Letter of Award from the Maharashtra State Electricity Distribution Corp Ltd (MESDCL) to set up a 150 MW solar project in Solapur. The company secured the order through tariff-based competitive bidding followed by an e-reverse auction. With this order, the total renewables capacity of TPREL has reached 5,786 megawatts (MW).

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CCI Clears Axis Bank-Citi Deal – Top Indian Market Updates

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

CCI clears Axis Bank-Citi deal

The Competition Commission of India (CCI) has approved Axis Bank’s proposed acquisition of Citi’s consumer business in India. Under the Rs 12,325 crore deal, the bank would take over Citi’s credit card, personal loans, and wealth management businesses. In March 2022, Axis Bank and Citi signed a definitive agreement for the deal, which is likely to be completed by September 2024. This acquisition will help Axis Bank gain access to 30 lakh new customers.

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L&T Q1 Results: Net profit rises 45% YoY to Rs 1,702 crore

Larsen & Toubro Ltd (L&T) reported a 44.93% YoY increase in consolidated net profit to Rs 1,702.07 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 22.2% YoY to Rs 35,853.2 crore during the same period. L&T secured orders worth Rs 41,805 crore at the group level in Q1, registering a growth of 57% YoY. The group’s infrastructure project segment received order inflows of Rs 18,343 crore, up 66% YoY.

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Sun Pharma expands tie-up with Cassiopea for acne cream to six countries

Sun Pharmaceutical Industries Ltd has expanded the scope of its partnership with Italy-based Cassiopea regarding a medication to treat acne. It has signed licensing and supply agreements for WINLEVI (clascoterone) cream 1% for six countries. Sun Pharma will receive the exclusive right to develop and commercialise WINLEVI in Japan, Australia, New Zealand, Brazil, Mexico, and Russia.

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Bajaj Auto Q1 Results: Net profit rises 11% YoY to Rs 1,173 crore

Bajaj Auto Ltd reported a 10.5% YoY increase in net profit to Rs 1,173 crore for the quarter ended June (Q1 FY23). Net profit declined by 20% when compared to the previous quarter. Its revenue from operations grew 8% YoY to Rs 7,386 crore during the same period. EBITDA stood at Rs 8,324 crore in Q1, up 8% YoY. Bajaj Auto’s sales volumes fell 7% YoY (or 4% QoQ) to 9,33,646 units.

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123 GW of solar capacity either commissioned or in pipeline: Govt

India has commissioned 57.71 gigawatts (GW) of solar capacity, while another 48.71 GW has been in the pipeline since June-end. Minister of State for New & Renewable Energy Bhagwanth Khuba said a solar energy capacity of 123.11 GW has either been commissioned or is in the pipeline. The government aims to achieve 100 GW solar power capacity by December 2022. Meanwhile, renewable energy projects of 60.66 GW capacity are under various stages of implementation.

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Tata Power Q1 Results: Net profit rises 90% YoY to Rs 883 crore 

Tata Power Company Ltd reported a 90% YoY increase in consolidated net profit to Rs 883.54 crore for the quarter ended June (Q1 FY23). Its total income grew 42% YoY to Rs 14,638.78 crore during the same period. The company’s total expenses stood at Rs 14,660.14 crore in Q1, up 54% YoY. Tata Power plans a consolidated capital expenditure (capex) of Rs 14,000 crore in FY23, including a Rs 10,000 crore investment in the renewables sector.

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Tata Motors partners with Indian Bank to provide retail car loans

Tata Motors Ltd has signed a pact with Indian Bank to facilitate financing for its passenger vehicle (PV) customers as the festive season approaches. The lender will provide customised car loans from its 5,700+ branches across India for Tata Motors’ passenger vehicle range. Customers can obtain car loans at interest rates starting at 7.8% with an option to avail of up to 90% financing of the PVs. 

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Ujjivan SFB Q1 Results: Net profit at Rs 203 crore

Ujjivan Small Finance Bank (SFB) reported a net profit of Rs 203 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 233 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) grew 56% YoY to Rs 600 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.51% in Q1 FY23, compared to 9.79% in Q1 FY22. The bank’s retail deposits rose 65% YoY to Rs 10,761 crore in Q1 FY23.

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Wipro bags five-year contract from Nokia for digital transformation

Wipro Limited has signed a new five-year contract with Finnish telecom equipment maker Nokia for digital transformation. The IT major will deliver global business services in support of Nokia’s renewed operating model. It will focus on process optimisation and enhanced user & customer experience across order management, supply chain, finance, and accounting operations.

Asian Paints Q1 Results: Net profit rises 80% YoY to Rs 1,036 crore

Asian Paints Ltd reported an 80.39% YoY increase in consolidated net profit to Rs 1,036.03 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 55% YoY to Rs 8,578.88 crore during the same period. The company’s total expenses stood at Rs 7,287.84 crore, up 48.9% YoY. The domestic decorative business experienced good consumer demand and recorded stellar revenue growth in Q1.

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GAIL to Invest ₹6,000 crore in Renewables in Next 3 Years – Top Indian Market News

GAIL to invest Rs 6,000 crore in renewables in next three years

GAIL India Ltd has announced plans to invest Rs 6,000 crore in renewable energy over the next three years. The investment can go up by an additional Rs 20,000 crore by 2030, said Manoj Jain— Chairman and MD. GAIL has outlined an overall capital expenditure (capex) plan of up to Rs 40,000 crore in the next five years.

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Sun Pharma Q4 Results: Net loss at Rs 2,277 crore

Sun Pharmaceutical Industries Ltd (SPIL) reported a consolidated net loss of Rs 2,277 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 894 crore in the corresponding quarter last year. Its revenue from operations rose 11% YoY to Rs 9,386.1 crore in Q4 FY22. ​​The pharma company faced a one-time loss of Rs 3,935.7 crore due to antitrust payments and other lawsuit settlements in the US. SPIL’s board has declared a final dividend of Rs 3 per share.

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Tata Motors signs MoU for potential acquisition of Ford India’s Sanand plant

Tata Passenger Electric Mobility Ltd (TPEML) has signed a Memorandum of Understanding (MoU) with Ford India Pvt Ltd and the Government of Gujarat for the potential acquisition of Ford’s vehicle manufacturing facility in Sanand. The proposed MoU includes the purchase of land & buildings, vehicle manufacturing plant, machinery and equipment, and transfer of all eligible employees of the unit. TPEML is a subsidiary of Tata Motors.

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LIC Q4 Results: Net profit falls 18% YoY to Rs 2,409 crore

Life Insurance Corporation of India (LIC) reported a 17.41% YoY decline in consolidated net profit to Rs 2,409.39 crore for the quarter ended March (Q4 FY22). Its net premium income (NPI) rose 17.8% YoY to Rs 1.44 lakh crore during the same period. Income from investments stood at Rs 67,855.59 crore in Q4, compared to Rs 67,684.27 crore in the year-ago quarter. LIC’s board declared a dividend of Rs 1.5 per share.

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Jubilant Foodworks Q4 Results: Net profit falls 9% YoY to Rs 96 crore

Jubilant Foodworks Ltd (JFL) reported an 8.8% YoY decline in consolidated net profit to Rs 96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.3% YoY to Rs 1,175.97 crore during the same period. Total expenses increased 13.7% YoY to Rs 1,038.27 crore. JFL opened 80 new Domino’s Pizza restaurants in Q4. The company’s board declared a dividend of Rs 1.2 per share. 

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L&T secures order for Chennai Metro Rail Project

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) for the Chennai Metro Rail Project. The scope of the order involves the construction of an elevated viaduct of ~10 km, including an elevated ramp and 10 elevated metro stations. This metro rail package is to be constructed in 35 months.

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IRCTC Q4 Results: Net profit doubles to Rs 213.78 crore

Indian Railway Catering & Tourism Corp (IRCTC) reported a 105.99% YoY jump in net profit to Rs 213.78 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 103.95% YoY to Rs 690.96 crore during the same period. Revenue from internet ticketing stood at Rs 292.82 crore, up 38.11% YoY. IRCTC’s board has declared a final dividend of Rs 1.5 per share.

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Aditya Birla Sun Life AMC partners with BentallGreenOak to form credit investment vehicle

Aditya Birla Sun Life AMC Ltd (ABSLAMC) has partnered with BentallGreenOak to form a structured credit investment vehicle. This investment vehicle will target structured debt investments in post-approval real estate projects, primarily in Tier-1 metropolitan locations. The collaboration brings together two established investment managers with extensive track records in both the domestic and international markets.

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Natco Pharma Q4 Results: Net loss at Rs 50.5 crore

Natco Pharma Ltd reported a consolidated net loss of Rs 50.5 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 53 crore in the corresponding quarter last year. Its revenue from operations rose 80.13% YoY to Rs 596.8 crore in Q4 FY22. ​​The loss in the fourth quarter was primarily due to inventory value write-off and provision of estimated credit losses.

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JSW Steel’s Net Profit Falls 20% YoY to Rs 3,343 crore in Q4 – Top Indian Market News

A crane operator lifts up a finished steel coil at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, January 30, 2020. REUTERS/Wolfgang Rattay/Files

JSW Steel Q4 Results: Net profit falls 20% YoY to Rs 3,343 crore

JSW Steel Ltd reported a 20.2% YoY decline in consolidated net profit to Rs 3,343 crore for the quarter ended March (Q4 FY22). Its total income rose 73% YoY to Rs 47,128 crore during the same period. Expenses surged 98.9% YoY to Rs 41,282 crore in Q4. The company recorded an exceptional loss of Rs 741 crore. JSW Steel’s board has declared a final dividend of Rs 17.35 per share.

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Sun Pharma acquires Uractiv portfolio from Fiterman Pharma in Romania

Sun Pharmaceutical Industries Ltd’s subsidiary, S.C. Terapia, has acquired the Uractive portfolio from Fiterman Pharma in Romania. The portfolio comprises food supplements including minerals, vitamins, cosmetics, and medical devices used for maintaining urinary tract health. Uractiv is a leading brand in its category in Romania, with a portfolio of 12 stock-keeping units (SKUs) having annualised revenues of approximately $8.7 million.

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Nykaa Q4 Results: Net profit falls 49% YoY to Rs 8.56 crore

FSN E-Commerce Ventures (Nykaa) reported a 49% YoY decline in consolidated net profit to Rs 8.56 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 31% YoY to Rs 973.32 crore during the same period. The gross merchandise value (GMV) grew 45% YoY to Rs 179.8 crore in Q4.

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RIL, Jindal Group, HPCL-Mittal Energy in race to buy JBF Petro

Reliance Industries Ltd (RIL), an HPCL-Lakshmi Mittal joint venture, two Jindal Group firms, and three other entities have reportedly shown interest in acquiring bankrupt JBF Petrochemicals. JBF Petro manufactures purified terephthalic acid— a raw material for polyester fibre and PET raisin (used to make jars and bottles for mineral water, carbonated soft drinks). The company has an outstanding debt of Rs 4,700 crore.

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GAIL Q4 Results: Net profit rises 41% YoY to Rs 2,683 crore

GAIL Limited reported a 40.6% YoY increase in net profit to Rs 2,683.11 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 73.4% YoY to Rs 26,968.21 crore during the same period. The cost of materials consumed jumped 207.4% YoY to Rs 3,171.4 crore in Q4. GAIL’s board declared a final dividend of ₹1 per share.

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Siemens’ board approves transfer of LDA biz to Siemens AG arm for Rs 440 crore

Siemens Ltd’s board has approved the sale of its Large Drivers Application (LDA) business to a subsidiary of Siemens AG for Rs 440 crore. The business will be transferred to Siemens Large Drives India Pvt. Ltd. (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG). The LDA segment recorded a revenue of Rs 443 crore and an operating profit of Rs 25 crore in FY21.

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Ruchi Soya Q4 Results: Net profit falls 25% YoY to Rs 234 crore

Ruchi Soya Industries Ltd reported a 25.4% YoY decline in net profit to Rs 234.43 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 37.72% YoY to Rs 6,663.72 crore during the same period. The foods product segment registered a 15% increase in sales over the previous quarter. The company’s board has declared a dividend of Rs 5 per share.

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Adani Enterprises’ arm to acquire 50% stake in General Aeronautics

Adani Defence Systems and Technologies Ltd (ADSTL) will acquire a 50% stake in Bengaluru-based General Aeronautics Pvt Ltd. ADSTL is a wholly-owned subsidiary of Adani Enterprises Ltd. General Aeronautics is an end-to-end agri platform solution provider. It provides robotic drones and drone-based solutions for crop protection, yield monitoring, precision-farming, etc.

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SJVN signs pact to supply 200 MW solar power to discoms in Bihar

SJVN Limited has signed a power purchase agreement (PPA) for the supply of 200 megawatts (MW) from its solar power projects in Bihar to state discoms. The company has bagged this project at a tariff of Rs 3.11 per unit through Open Competitive Tariff Bidding organised by Bihar Renewable Energy Development Agency (BREDA). The project is scheduled to be commissioned by November, 2023.

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ITC’s Net Profit Rises 12% YoY in Q4 – Top Indian Market NEws

itc

ITC Q4 Results: Net profit rises 12% YoY to Rs 4,190 crore

ITC Limited reported an 11.8% YoY increase in net profit to Rs 4,190.96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 16,426 crore during the same period. Revenue from ITC’s cigarette business grew 9.96% YoY to Rs 6,443.37 crore in Q4. Non-cigarette FMCG revenue stood at Rs 4,141.97 crore, up 12.32% YoY. ITC’s board has declared a final dividend of Rs 6.25 per share.

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Ruchi Soya to acquire Patanjali’s food retail business for Rs 690 crore

Ruchi Soya Industries Ltd (RSIL) will acquire Patanjali Ayurved’s food retail business for Rs 690 crore. The business comprises of 21 major products, including ghee, honey, spices, juices, and atta. The company will also get manufacturing plants located at Padartha (Uttarakhand) and Newasa (Maharashtra). RSIL’s board has also approved the change in the name of the firm to Patanjali Foods Ltd.

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Route Mobile Q4 Results: Net profit rises 29% YoY to Rs 45.68 crore

Route Mobile Ltd reported a 29.15% YoY increase in consolidated net profit to Rs 45.68 crore for the quarter ended March (Q4 FY22). Net profit rose 2.61% when compared to the previous quarter. Its total income grew 75.35% YoY (or 11.80% QoQ) to Rs 634.48 crore during the same period. Route Mobile’s board has declared a final dividend of Rs 2 per share.

Sun Pharma to launch first-in-class oral lipid-lowering drug in India

Sun Pharmaceutical Industries Ltd is planning to launch an oral drug, Bempedoic Acid, to reduce low-density lipoprotein (LDL) cholesterol. The pharma company will launch the drug under the brand name Brillo. The drug is indicated for people who have an inherited genetic disorder that causes high cholesterol levels or established heart disease where cholesterol levels remain high.

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ABFRL Q4 Results: Net profit at Rs 43.6 crore

Aditya Birla Fashion & Retail Ltd (ABFRL) reported a consolidated net profit of Rs 43.59 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 137.64 crore in the corresponding quarter last year (Q4 FY21). Its total income grew 25.57% YoY to Rs 2,309.55 crore during the same period. EBITDA stood at Rs 401 crore in Q4, up 58% YoY.

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TVS Motor launches electric scooter iQube

TVS Motor Company Ltd rolled out its latest electric scooter, iQube, equipped with a host of features, including a best-in-class range of 140 km on a single charge. The Chennai-based company has unveiled three variants of the electric scooter. It will have a seven-inch touchscreen, voice assist, iQube Alexa skillset, and Bluetooth connectivity. TVS iQube and TVS iQube S will be available at Rs 98,564 and Rs 1,08,690, respectively.

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IGL Q4 Results: Net profit rises 9% YoY to Rs 361 crore

Indraprastha Gas Ltd (IGL) reported a 9% YoY increase in net profit to Rs 361.6 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 54.9% YoY to Rs 2,649.77 crore during the same period. EBITDA rose 2% YoY to Rs 500 crore in Q4. Total volumes grew 14% YoY to 697 million standard cubic meters (mscm) in Q4. IGL’s board has declared a dividend of Rs 5.5 per share.

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Manappuram Finance Q4 Results: Net profit falls 44% YoY to Rs 261 crore

Manappuram Finance Ltd reported a 44% YoY decline in net profit to Rs 261 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) fell 10.2% YoY to Rs 986.5 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid to depositors.] The gold loan financier’s assets under management (AUM) stood at Rs 30,300 crore in Q4, up 11.2% YoY.

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Union Cabinet amends biofuels policy, advances ethanol blending target to 2025-26

The Union Cabinet approved advancing the target of blending 20% ethanol in petrol by five years to 2025-26. Currently, ~10% of ethanol is blended in petrol. The Cabinet has also approved a proposal to allow more feedstocks for the production of biofuels. These decisions will help India cut its reliance on oil imports.

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