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GIFT NIFTY in Red ahead of Key Data – Pre-Market Analysis Report

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

Stocks

Godrej Consumer reported a consolidated profit of Rs 318.8 crore for the quarter, falling 7.6% YoY due to one-time costs.

Tata Chemicals reported a profit of Rs 523 crore for Q1, falling 11.8% YoY due to lower margins.

RailTel received a work order for monetisation of a city network infrastructure on revenue sharing model. The estimated total revenue from the contract is Rs 70 crore over 10 years.

PB Fintech (Policybazaar) reduced its losses to Rs 12 crore for Q1, compared to a loss of Rs 204 crore last year.

Sobha registered a profit of Rs 12.05 crore for the quarter, growing 165% over the year-ago period despite a fall in operating performance.

Major results today: Coal India, Hindalco Industries, Adani Ports, Oil India, Prestige Estates Projects

What to Expect Today?

NIFTY started the day at 19,559, with a small gap-up. Support was taken around Friday’s high, but started moving up by noon. NIFTY closed the day at 19,597, up by 80 points or 0.41%. 

BANK NIFTY started the day at 44,934 and had a consolidation day. It was the narrowest trading zone since June 28 for the index. BANK NIFTY closed the day at 44,837, down by 42 points or 0.09%. 

US markets closed in the green. The European markets closed flat.

The Asian markets are trading mixed, as they wait for China’s inflation data tomorrow.

The U.S. Futures are trading flat.

GIFT NIFTY is trading slightly in the red at 19,646.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,566, 19,530 and 19,438. We can expect resistances at 19,617, 19,658, and 19,720. PCR is at 1.08. Heavy put selling was seen yesterday.

BANK NIFTY has supports at 44,600, 44,277 and 44,000. Resistances are at 45,229, 45,472, and 45,635. PCR is at 0.71.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400.

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.

Foreign Institutional Investors net-sold shares worth Rs 1,892 crores. Domestic Institutional Investors net-bough worth Rs 1,080 crores.

INDIA VIX jumped 5% to 11.10.

U.S. markets have moved up overnight, ahead of the country’s inflation data on Thursday night. This comes even after Fed members said further interest rate hikes would be necessary, and the bond market is ready for a breakout.

NIFTY technicals and options data indicate bullishness for the week, while Bank Nifty does not. 

For FINNIFTY, I will be selling 19,900-20,200 to start off the day. If premiums are higher, even further away strikes will be looked at.

It is interesting to see that our market might open flat even with U.S. 1% in the green. Bank Nifty option sellers will be happy, as there was heavy call writing yesterday.

Speaking of this, do be aware that there are 3 lakh+ contracts at the 45k call strike. This would be a very tough resistance to break and will turn into a support once broken.

Do be aware that on Thursday morning 10 AM, RBI will be having its policy meeting where the expectation is for interest rates to remain unchanged.

So till then, markets are most likely to trade in a range.

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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Tata Chem’s Net Profit Falls 12% YoY to Rs 523Cr in Q1 – Top Indian Market Updates

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

Tata Chemicals Q1 Results: Net profit falls 12% YoY to ₹523 crore

Tata Chemicals Ltd reported an 11.8% YoY decline in net profit to ₹523 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹593 crore in Q1 last year. Its consolidated revenue from operations stood at ₹4,218 crore, up 5.6% YoY. EBITDA increased 2.8% YoY to ₹1,043 crore in Q1. As on 30 June 2023, consolidated gross debt dropped to ₹5,873 crore, as compared to ₹6,296 crore as of March 31, 2023.

Read more here.

Adani Energy Solutions gets financial closure for $1B project

Adani Energy Solutions Ltd (AESL) announced financial closure for its $1 -billion green high voltage direct current (HVDC) link project. It will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city while supporting its rising electricity demand. The 80 km multi-faceted project’s construction work for this link will begin in October this year. The credit facility is part of the $700 million revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio.

Read more here.

Reliance plans crude unit maintenance at Jamnagar complex

Reliance Industries Ltd plans to shut down a crude unit and some secondary units for maintenance in September-October. The crude units at its 704,000 barrels per day (bpd) export-focused plant will be shut down for 3-4 weeks. Reliance is the operator of the world’s biggest refining complex which houses two plants with a combined capacity of about 1.4 million barrels per day. The shutdown of units would curtail Reliance’s crude imports and may push up gasoline margins.

Read more here.

USFDA issues Form-483 with zero observations for Solara Active’s Cuddalore facility

The US Food & Drug Administration (USFDA) has issued Form-483 with zero observations for Solara Active’s Cuddalore facility in Tamil Nadu. The US FDA inspected the facility between July 31 and August 4, 2023. The inspection established that the facility is in an “Acceptable State of Compliance” with Zero Form 483 inspectional observations from the Agency. With this successful inspection outcome, the current inspection classification of the Cuddalore site shall be reinstated to NAI (No Action Indicated).

Read more here.

GCPL Q1 Results: Net profit falls 8% YoY to ₹319 crore

Godrej Consumer Products (GCPL) reported a 7.6% YoY fall in net profit to ₹318.8 crore for Q1 FY24. Its revenue from operations rose 10.4% YoY to ₹3,448.9 crore during the same period. EBITDA stood at ₹642.8 crore, up 23.4% YoY. The company’s India business sales grew by 9% YoY led by volume growth of 12%. 

Read more here.

Star Health and Allied Insurance enters into tie-up with Standard Chartered Bank

Star Health and Allied Insurance announced its collaboration with Standard Chartered Bank to enhance its distribution network. After this collaboration, Star Health will make its health insurance products readily accessible to customers via Standard Chartered Bank’s extensive distribution network. The insurance company hopes that with 100 branches spread across 42 cities, the bank will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.

Read more here.

Gland Pharma Q1 Results: Net profit falls to ₹194 crore

Gland Pharma reported a 15.3% YoY fall in net profit to ₹194.1 crore for the June quarter (Q1 FY24). Net profit stood at ₹229.1 crore in Q1 FY23. However, total revenue rose 41.1% YoY to ₹1,208.7 crore during the same period. EBITDA stood at ₹294 crore, up 8.9% YoY. EBITDA margin stood at 24.3% in the reporting quarter as compared to 31.5% in the corresponding period in the previous fiscal. 

Read more here.

EaseMyTrip board approves raising ₹149 cr on a preferential basis

EaseMyTrip’s board has approved raising up to ₹149 crore through a preferential issue of equity shares. The company’s board has also approved the issuance of 3.37 crore preferential shares at ₹44.32 per share. This is at a discount of 9.5% to today’s closing price of ₹40.10. Recently, Easy Trip Planners Ltd had announced plans to acquire a 51% stake in Guideline Travels Holidays India Private Ltd, Dook Travels Private Ltd, and Tripshope Travel Technologies Private Ltd.

Read more here.

Apraava Energy inks pacts with REC, PFC to get Rs 9,120 cr finance for its projects

Apraava Energy has inked initial pacts with REC Ltd and Power Finance Corporation (PFC) to get finance of ₹9,120 crore. The funding is for wind, transmission, and advanced metering projects in the country. The signing of MoUs took place as part of the Green Finance Summit organised by REC. The summit was on the sidelines of the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023, in Goa.

Read more here.

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Market News Top 10 News

ZEEL’s Net Loss at Rs 196Cr in Q4 – Top Indian Market Updates

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

ZEEL Q4 Results: Net loss at Rs 196 crore

Zee Entertainment Enterprises Ltd reported a net loss of Rs 196 crore for the quarter ended March (Q4 FY23). The company posted a net profit of Rs 181 crore in Q4 FY22. Its revenue also declined 9% YoY to Rs 2,112 crore during Q4 FY23. EBITDA stood at Rs 152 crore, down 69% YoY. The company’s operating profit was hit by the advertising spending slowdown, investment in ZEE5, movie launches, and sports.

Read more here.

Reliance completes acquisition of Lotus Chocolate

Reliance’s Reliance Consumer Products (RCPL) acquired a 51% stake in Lotus Chocolate Company Ltd for Rs 74 crore. They also subscribed to non-cumulative redeemable preference shares of Lotus for Rs 25 crore. RCPL gained sole control of the company on May 24, 2023, after completing the open offer under SEBI Takeover Regulations.

Read more here.

Biocon Biologics may raise additional equity of $300 million in FY24

Biocon Biologics plans to raise an additional $300 million in equity by the end of FY24 to reduce the debt incurred from the $3.3 billion acquisition of Viatris’ biosimilar business. The funds would provide flexibility for business development and asset in-licensing. While preferring clean private equity investments, Biocon Biologics remains open to structured investment deals with assured returns.

Read more here.

Wipro Chairman Rishad Premji takes a 50% compensation cut

Wipro’s Chairman Rishad Premji has taken a nearly 50% reduction in his remuneration for the financial year ended March 2023 after the IT firm cut employees’ variable pay. He will receive a total compensation of $951,353, which is almost half of his remuneration from the previous financial year. This marks the first reduction in his compensation since the pandemic, after a 31% cut previously.

Read more here.

Page Industries Q4 Results: Net profit falls 59% YoY to Rs 78 crore

Page Industries reported a 59% YoY decline in net profit to Rs 78 crore in Q4 FY23. Its operating revenue also declined 13% YoY to Rs 1,111 crore during the same quarter. EBITDA stood at Rs 134 crore, down by 50% YoY. The company’s board has declared a dividend of Rs 60 per equity share.

Read more here.

Titagarh Wagons rebrands as Titagarh Rail Systems

Titagarh Wagons has undergone a major transformation and is rebranded as Titagarh Rail Systems. The new name reflects the company’s expanded focus on various rail-related activities, including wagon manufacturing, rail infrastructure development, and modernization. The company has also merged its shipbuilding segment with the freight rail system segment. This strategic rebranding has received a positive market response.

Read more here.

Bharat Dynamics Q4 Results: Net profit falls 42% YoY to Rs 153 crore

Bharat Dynamics reported a 42% YoY fall in net profit to Rs 153 crore in Q4 FY23. Its revenue declined 41% YoY to Rs 797 crore during the same quarter. EBITDA stood at Rs 182 crore, down 52% YoY. Delays in the receipt of certain electronic components and explosives due to the ongoing Russia-Ukraine war affected the performance during FY23.

Read more here.

Granules India hit by IT security breach

Granules India has reported an information technology security breach and stated that it is currently investigating the incident. The affected IT assets have been isolated, and the company is taking necessary actions to address the breach. The containment and remediation measures are being carried out in a controlled manner. The company will bear the expenses related to the incident and subsequent remediation efforts.

Read more here.

Tata Chemicals cuts soda ash prices by 3.5% to the lowest level in 15 months

Tata Chemicals has once again cut soda ash prices, reducing them to the lowest level in 15 months. It has cut the price of light soda ash from Rs 35,100 per million tonnes (MT) to Rs 33,900 per MT. The price cut has been undertaken in Andhra Pradesh, Telangana, Karnataka, Maharashtra, Bihar, Jharkhand, and Chhattisgarh. Soda ash is one of the most highly consumed inorganic materials on the planet with nearly half of the global production of the compound being used in glass manufacturing.

Read more here.

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Market News Top 10 News

Titan’s Net Profit Rises 50% YoY to Rs 734Cr in Q4 – Top Indian Market Updates

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

Titan Q4 Results: Net profit rises 50% YoY to Rs 734 crore

Titan reported a 50% YoY increase in net profit to Rs 734 crore for Q4 FY23. Its total revenue rose 33% YoY to Rs 9,704 crore during the quarter. EBITDA stood at Rs 1,044 crore in Q4 FY23, up 33% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

Read more here.

ED searches premises linked to Manappuram Finance

The Enforcement Directorate (ED) is carrying out searches at multiple locations on premises linked to Manappuram Finance Ltd in Thrissur, Kerala. Searches are also carried out at the headquarters and residence of promoter VP Nandakumar on allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of the Reserve Bank of India (RBI). They are also suspected of doing large-scale cash transactions without following KYC norms. 


Read more here.

JSW Steel USA Ohio to invest USD 145 mn to upgrade operations

JSW Steel’s US subsidiary, JSW Steel USA Ohio Inc., plans to invest $145 million to enhance its manufacturing operations in Mingo Junction, Ohio. The move aims to meet the demand for high-quality steel products melted and manufactured in the US. These new projects are expected to be completed & commissioned in FY26.

Read more here.

Adani Wilmar Q4 Results: Net profit falls 60% YoY to Rs 94 crore

Adani Wilmar reported a 60% YoY fall in consolidated net profit to Rs 94 crore for Q4 FY23. Operating revenue stood at Rs 13,872 crore, down 7% YoY. EBITDA fell 30% YoY to Rs 2,407 crore from Rs 3,425 crore in Q4FY22. Meanwhile, the company crossed 5 million metric tonnes of sales during FY23.

Read more here.

Tata Chem Q4 Results: Profit rises 62% YoY to Rs 709 crore

Tata Chemicals reported a 62% YoY increase in net profit at Rs 709 crore for Q4 FY23. Total revenue stood at Rs 4,407 crore, a 26.6% increase from Q4 FY22. EBITDA rose 47% YoY to Rs 965 crore in Q4FY22. The company’s board approved a dividend of Rs 17.5 per equity share.

Read more here.

Godrej Consumer to consider raising Rs 5,000 crore via NCDs

Godrej Consumer is planning to raise up to Rs 5,000 crore through non-convertible debentures (NCDs), with the proposal set to be considered by its board next week. The board will also approve the company’s audited financial results for the quarter and financial year ending March 31, 2023, on May 10.

Read more here.

MRF Q4 Results: Net profit jumps 161% YoY to Rs 410 crore

MRF reported a 161% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue for the quarter increased 10.1% YoY to Rs 5,725 crore. EBITDA rose 60% YoY to Rs 843 crore. The company’s board announced a dividend of Rs 169 per share.

Read more here.

NTPC Group’s total installed capacity touches 72,304 MW

NTPC Ltd has achieved an installed capacity of 72,304 MW after the addition of unit 1 of the Maitree Super Thermal Power Plant (MSTPP) in Bangladesh. This marks the first overseas capacity addition for NTPC, which executed the project in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd (BIFPCL), a foreign joint venture company.

Read more here.

Gravita India’s subsidiary secures long-term loan of 34 million euros

Gravita India’s step-down subsidiary Gravita Netherlands BV has secured a long-term loan of 34 million euros from two European developmental financial institutions in the form of an ESG (environmental, social and governance) loan. The loan is guaranteed by parent company Gravita India and enables the subsidiary’s offshore businesses to gain financial independence for their capex and working capital requirements.

Read more here.

Strides Pharma partners with Orbicular to develop nasal sprays

Strides Pharma Science Ltd. has formed a partnership with Orbicular Pharmaceutical Technologies to jointly develop four nasal sprays for global markets with a combined market size of over $400 million. The products will be manufactured at Strides Pharma’s facility in Chestnut Ridge, New York, which has comprehensive capabilities for nasal spray manufacturing, including for controlled substances.

Read more here.

India’s coal production rises 22.6% in 5 years to 893.08 MT in FY23

India’s coal production has registered a growth of about 23% in the last five years to 893.08 million tonnes (MT) in FY23. In the last five years, the production of Coal India Limited (CIL) has increased from 606.89 MT in FY19 to 703.21 MT, registering a growth of 15.9%. Contribution from captive and other mines to the total coal output also increased to 122.72 MT in FY23, up 113.7%.

Read more here.

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Market News Top 10 News

Tata Chemicals Posts 3-fold Jump in Q2 Net Profit – Top Indian Market Updates

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

Tata Chemicals Q2 Results: Net profit jumps 3-fold YoY to ₹628 crore

Tata Chemicals Ltd reported a nearly three-fold year-on-year (YoY) jump in consolidated net profit to ₹628 crore for the quarter ended Sept (Q2 FY23). Its total income rose 39.62% YoY to ₹4,299 crore during the same period. Expenses stood at ₹3,623 crore in Q2, up 29.16% YoY.

Read more here.

India’s textiles sector eyeing $100-billion exports in 5-6 years: Piyush Goyal

India’s textiles sector aims to hit $100 billion in exports in 5-6 years, said Union minister Piyush Goyal. This would take the industry’s combined domestic and international economic value to $250 billion. Outbound shipments from India’s textiles segment stood at around $42 billion in 2021-22.

Read more here.

V-Guard Q2 Results: Net profit falls 26% YoY to ₹43.6 crore

V-Guard Industries Ltd reported a 26.5% YoY decline in consolidated net profit to ₹43.66 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 8.67% YoY to ₹986.14 crore during the same period. The company’s total expenses stood at ₹93,026 crore in Q2, up 12.51% YoY. V-Guard’s revenue from the electronics segment rose 8.7% YoY to ₹227.36 crore.

Read more here.

Alembic Pharma gets USFDA approval for Paclitaxel injection

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Paclitaxel injection. The drug is indicated as subsequent therapy for the treatment of advanced carcinoma (cancer) of the ovary. It is also used in the treatment of breast cancer. As per IQVIA data, Paclitaxel injection had an estimated market size of ~₹215 crore for the 12 months ended June 30, 2022.

Read more here.

Tamilnad Mercantile Bank Q2 Results: Net profit rises 37% YoY to ₹262 crore

Tamilnad Mercantile Bank reported a 37% YoY increase in net profit to ₹262 crore for the quarter ended Sept (Q2 FY23). Its total income grew 3.6% YoY to ₹1,141 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 1.7% in Q2 FY23, compared to 3.31% in Q2 FY22.

Read more here.

Kinetic Green partners with IndusInd Bank for financing scheme for EVs

Kinetic Green Energy & Power Solutions has partnered with IndusInd Bank to offer easy and affordable financing for customers for their range of electric two-wheelers at dealerships across India. Under the scheme, customers will get up to 100% loan to value (LTV) at lucrative interest rates for flexible tenures. The loan deal will enable financing options for both salaried and self-employed customers. 

Read more here.

IIFL Finance Q2 Results: Net profit rises 36% YoY to ₹397 crore

IIFL Finance reported a 36% YoY increase in consolidated net profit to ₹397 crore for the quarter ended Sept (Q2 FY23). Its total income rose 19.7% YoY to ₹2,051.44 crore during the same period. The company’s assets under management stood at ₹55,302 crore in Q2. The gross non-performing assets ratio (GNPA) improved to 2.4% in Q2 FY23, compared to 2.6% in Q1 FY23.

Read more here.

JSW Steel’s US unit raises $182 million debt to upgrade Texas plant

JSW Steel’s US unit has raised $182 million (~₹1,497 crore) in long-term debt from Italy’s Intesa Sanpaolo and Banco BPM to upgrade its plate mill in Baytown, Texas. Three Italian firms will supply about $100 million worth of equipment like cutting line, rolling mill, grinding machine, and water treatment system for upgrading the facility. Of the total financing, $70 million is covered under a guarantee provided by the Italian government to promote exports.

Read more here.

BEL Q2 Results: Net profit flat at ₹611 crore

Bharat Electronics Ltd (BEL) reported a net profit of ₹611 crore in Q1 FY23, compared to a profit of ₹612.6 crore in Q2 FY22. Its revenue from operations rose 7.6% YoY to ₹3,896.2 crore during the same period. Total expenses stood at ₹3,195.98 crore in Q2, up 10.26% YoY. As of Oct 1, 2022, BEL’s total order book stood at ₹52,795 crore.

Read more here.

IHCL installs 224 EV charging stations at 92 properties

Indian Hotels Company Ltd (IHCL) has installed over 224 electric vehicle (EV) charging stations at 92 of its properties across India in collaboration with Tata Power. These charging points are present across various Taj, SeleQtions, Vivanta, Ginger, and ama Stays & Trails properties.

Read more here.

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Market News Top 10 News

Zomato to Acquire Blinkit for Rs 4,447 crore – Top Indian Market Updates

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

Zomato to acquire Blinkit for Rs 4,447 crore

Zomato Ltd’s board has approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore in an all-stock deal. The food delivery firm already holds a more than 9% stake in Blinkit. This acquisition will help Zomato broaden its offerings and fuel its instant grocery delivery play. In March, Zomato had extended a lifeline to cash-strapped Blinkit through a loan of $150 million to its parent company Grofers India Pvt Ltd (GIPL).

Read more here.

Canara Bank to raise up to Rs 9,000 crore via bonds

Canara Bank’s board has approved a proposal to raise up to Rs 9,000 crore via debt instruments. The lender will raise up to Rs 5,500 crore through Basel-III compliant additional tier I bonds and Rs 3,500 crore via Basel-III compliant additional tier-II bonds during FY 2022-23. The proposal is subject to market conditions and necessary approvals.

Read more here.

Raymond aims to be net debt-free company in next 3 years

Raymond Ltd aims to be a net debt-free company in the next three years. According to its latest annual report, the company is focused on liquidity management through cost reduction initiatives and working capital optimisation. For the financial year ended March 31, 2022 (FY22), Raymond’s net debt has been reduced to Rs 1,088 crore. Net debt stood at Rs 1,416 crore in FY21 and Rs 1,859 crore in FY20.

Read more here.

Tata Chemicals Europe opens UK’s largest carbon capture plant

Tata Chemicals Europe (TCE) has officially opened the UK’s first industrial-scale carbon capture and usage plant. The move signals a key milestone in the race to meet UK’s net-zero targets. TCE completed the £20 million investment for the plant in northwest England. The company claims it can now manufacture one of the world’s lowest carbon footprint sodium bicarbonate and sodium carbonate products. These chemicals are used to make a wide array of everyday items seen in many households.

Read more here.

NTPC declares commercial operation of 92 MW floating solar capacity in Kerala

NTPC Ltd has started commercial operations of the last part capacity of 35 megawatts (MW) out of 92 MW Kayamkulam Floating Solar PV Project at Kayamkulam, Kerala. Spread over a 480-acre reservoir, this floating solar project will generate electricity from more than 3 lakh solar PV modules. NTPC’s total installed renewable energy capacity has now crossed the 2 gigawatts (GW) mark.

Read more here.

Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech

Tata Steel Mining Ltd (TSML) has completed the acquisition of the remaining 10% stake in Rohit Ferro-Tech (RFT) for Rs 20 crore. On April 12, Tata Steel’s subsidiary (TSML) completed the acquisition of a 90% stake in RFT as per the approved resolution plan under the Insolvency and Bankruptcy Code 2016. TSML’s investment in RFT was made through a combination of equity of Rs 10 crore and an inter-corporate loan of Rs 607.12 crore.

Read more here.

Suven Life Sciences to raise up to Rs 400 crore via rights issue

Suven Life Sciences Ltd’s board has approved a proposal to raise up to Rs 400 crore via a rights issue. The company’s board has also approved an increase in the authorised share capital from Rs 20 crore divided into 20 crore equity shares of Re 1 each into Rs 30 crore divided into 30 crore equity shares of Re 1 each and consequential alteration in its Memorandum of Association.

Read more here.

Vodafone Idea opts to pay Rs 8,837 crore dues in six annual installments

Vodafone Idea Ltd (VIL) has opted to pay adjusted gross revenue (AGR) related dues amounting to Rs 8,837 crore for FY18 and FY19 in six equal annual installments starting March 31, 2026. The Department of Telecommunications (DoT) recently offered the option in addition to its support package for the telecom industry announced in 2021.

Read more here.

Dr. Reddy’s Labs acquires branded, generic injectables from Eton Pharma

Dr. Reddy’s Laboratories has acquired a portfolio of branded and generic injectable products from US-based Eton Pharmaceuticals Inc. Under the terms of the agreement, Dr Reddy’s acquired the portfolio for an upfront payment of ~$5 million in cash, plus contingent payments of up to $45 million. These products had a total addressable market value of $174 million as of April 2022 in the US.

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Market News Top 10 News

Asian Paints to Invest Rs 960 crore to Expand Gujarat Unit – Top Indian Market News

Asian Paints to invest Rs 960 crore to expand Gujarat unit

Asian Paints Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Gujarat, commencing the proposed expansion of manufacturing capacity at its Ankleshwar unit at a total investment of about Rs 960 crore. The manufacturing capacity of paint will go up from 1.3 lakh kilolitres (KL) to 2.5 lakh KL, and resins and emulsions from 32,000 metric tonnes (MT) to 85,000 MT. The capacity expansion will be completed over the next 2-3 years.

Read more here.

Paytm Payments Bank launches transit cards for metro, bus travel

Paytm Payments Bank Ltd announced the launch of the Paytm Transit Card. The card will take care of users’ everyday needs— from travel in metro, railways, state-owned bus services, toll & parking charges to payments at offline merchant stores, online shopping, and more. The card also enables the withdrawal of money from ATMs. The first phase of the rollout is being launched in collaboration with Hyderabad Metro Rail, Ahmedabad Metro, and the Delhi Airport Express Line.

Read more here.

Man Infra to develop luxury residential project in Tardeo, Mumbai

MICL Properties LLP, a subsidiary of Man Infraconstruction Ltd, is jointly developing an ultra-luxurious residential high-rise tower at Tardeo, Mumbai. The project is expected to generate approximately Rs 3,000 crore over the next 4-5 years. This landmark project will be one of the tallest residential structures in India, with a proposed height of more than 250 meters.

Read more here.

Tata Chemicals in talks to acquire battery business of UK-based Johnson Matthey: Report

According to reports, Tata Chemicals Ltd is in discussions with London-based Johnson Matthey Plc to buy the company’s battery materials business. A deal for the battery materials unit could fetch $500-700 million. The deal will help group company Tata Motors expand its range of electric vehicles (EVs) and secure a cost advantage over rival carmakers in the EV space, as none of them have in-house battery materials manufacturing ability.

Read more here.

Shakti Pumps’ board approves setting up of EV subsidiary

The Board of Directors of Shakti Pumps India Ltd has approved the incorporation of a wholly-owned subsidiary to conduct business in electric vehicle (EV) motors, EV chargers, and EV controllers. Shakti Pumps is a leading manufacturer of submersible pumps for domestic, industrial, horticultural, and agricultural use.

RBI supersedes the board of Reliance Capital, to start resolution process

The Reserve Bank of India (RBI) has superseded the Board of Directors of struggling Reliance Capital Ltd. RBI has also decided to approach the National Company Law Tribunal (NCLT) to kickstart the resolution process. The central bank’s move comes after Reliance Capital defaulted on multiple repayment obligations to its creditors and due to serious corporate governance issues. The non-bank lender fell onto hard times in the aftermath of the collapse of IL&FS in September 2018.

Read more here.

SBI and Capri Global Capital signs MoU to accelerate MSME lending 

State Bank of India (SBI) has entered into a co-lending arrangement with Capri Global Capital Ltd to boost lending to micro, small, and medium enterprises (MSME). This association will offer strategic and customized financing solutions to the underserved MSMEs of India in line with RBI guidelines.

Read more here.

RIL denies any intent to bid for UK telecom group BT

Reliance Industries Ltd (RIL) categorically denied any intent to bid for the UK telecom group, BT (formerly British Telecom). The company dismissed a report titled `Reliance mulling bid for UK’s telco BT Group’ as “completely speculative and baseless”. Reliance’s shares, which rose as much as 3.6% earlier in the day, closed 1.2% higher at Rs 2,441.50.

Read more here.

Ather Energy to set up its 2nd manufacturing facility at Hosur

Hero MotoCorp-backed Ather Energy plans to set up its second manufacturing facility, which will expand its capacity from 1.2 lakh units at present to 4 lakh units. The new facility will come up at Hosur, Tamil Nadu, to cater to the growing demand for its e-two-wheelers 450 X and 450 Plus. Apart from EV manufacturing, the new facility will also focus on lithium-ion batteries, a key focus area for Ather Energy.

Read more here.

LIC gets RBI approval to increase stake in Kotak Mahindra Bank

Life Insurance Corporation (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in Kotak Mahindra Bank to 9.99%. Currently, LIC holds a 4.96% stake in the private lender. The approval of the central bank is valid for one year.

Read more here.

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Editorial

Why You Should Look Into Chemical Companies for the Long Term

India is one of the fastest-growing markets for all types of chemical products. As per recent estimates, our country ranks sixth in the world in chemical sales and contributes 3% to the global chemical industry! Numerous companies thrive in this sector, which makes it highly competitive. The shares of leading chemical manufacturers have surged multifold over the past year. In this article, learn more about the Indian chemical industry and its growth prospects.

India’s Chemical Industry – An Overview

The chemical industry of India is extremely diversified and covers more than 80,000 commercial products. They can be broadly classified into:

  • Bulk chemicals – Produced in large quantities to meet the ever-growing demand across various industries. Examples include ammonia, sulfuric acid, and sodium hydroxide. 
  • Specialty chemicals – Used as ingredients in finished products and to improve manufacturing processes. It constitutes ~21% of the total chemicals market in India.
  • Agrochemicals – Chemical products or pesticides used in agriculture. India is the fourth-largest producer of agrochemicals after the US, Japan, and China. 
  • Petrochemicals – The chemicals obtained from petroleum by refining. Products made from petrochemicals include plastics, paints, soaps, detergents, synthetic fibers, and drugs.
  • Polymers – Natural and synthetic polymers touch almost every aspect of modern life. Some notable examples include textile fibres, pharma products, auto parts, coatings, toys, bottles, etc. India is the third-largest consumer of polymers in the world.
  • Fertilizers – Supplied to crops to increase their productivity. 

Our country ranks ninth in export and sixth in import of chemicals (excluding pharmaceutical products) globally. The demand for our chemical products is expected to grow at a CAGR of 9% during 2020-25. Moreover, India accounts for ~16% of the world’s production of dyestuffs and dye intermediates. 

Factors that Drive Growth in the Chemical Industry

  • There has been a surge in demand from end-user industries such as agriculture, food processing, home care, and pharmaceuticals. To cater to the rising demand, Indian chemical companies spend ~1% of their revenue on research and development (R&D) activities. There is significant export potential for agrochemicals and personal/home care products as well.
  • The Central and state governments are accepting investment applications in the chemical sector, which will help boost manufacturing and employment. As per estimates, the Indian chemical and petrochemicals sector will receive investments of nearly Rs 8 lakh crore by 2025. 
  • Also, the government allows 100% foreign direct investment (FDI) under the automatic route in the chemicals sector (except in the case of certain hazardous chemicals). A large number of foreign institutional investors (FIIs) have picked up stakes in prominent chemical manufacturers. Moreover, the rising environmental concerns and strict government actions have taken the focus away from China (the world’s largest producer of chemicals). One must always keep a close watch on Chinese policy changes while tracking the chemical industry.
  • In May 2021, the Union Cabinet approved a PLI scheme for the National Programme on Advanced Chemistry Cell Battery Storage. The scheme outlay of Rs 18,100 crore is intended to establish 50 gigawatt-hour (GWh) of advanced cell chemistry and 5 GWh of niche advanced cell chemistry capacity. The Centre also has plans to introduce a production-linked incentive (PLI) scheme to promote the domestic manufacturing and exports of agrochemicals. 
  • The government has started various initiatives such as mandating BIS-like certification for imported chemicals. This move will help prevent the dumping of cheap and substandard chemicals into the country. 
  • The Finance Ministry has allocated Rs 233.14 crore under the Union Budget 2021-22 to the Department of Chemicals & Petrochemicals for various development activities. This will help improve efficiency and rural penetration. 

The Way Ahead

As per a report from India Brand Equity Foundation (IBEF), the Indian chemical industry stood at $178 billion in 2019. It is estimated to reach $304 billion by 2025, registering an annual growth rate of 9.3%. Moreover, the specialty chemicals sector is expected to increase at a CAGR of 12.4% to $64 billion within the next four years. No wonder there are a large number of players in this industry!

Tata Chemicals, Laxmi Organic Industries, Navin Fluorine International, Vinati Organics, Aarti Industries, Alkyl Amines, PI Industries, UPL, Deepak Nitrate, Clean Science and Technology are some of the leading players in India’s chemical sector. Back in May 2021, marketfeed had prepared a detailed analysis on the fertilizer and agrochemicals companies in our country. You can read it here. 

The companies mentioned above are focusing extensively on enhanced R&D capabilities to launch new and improved offerings. Indian chemical companies perform relatively well due to highly qualified/skilled manpower and low-cost manufacturing capabilities. Amidst the Covid-19 pandemic and anti-China sentiments, India is well-suited to take advantage of supply chain disruptions. Currently, companies are also focusing on green chemistry and sustainability to reduce the impact of chemicals on the environment and human health. The future of the chemical sector is bright indeed.

What are your views on the Indian chemical industry? Which are the chemical companies you have invested in? Let us know in the comments section of the marketfeed app.

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Manufacturing PMI Remains Steady in April – Top Indian Market News

Manufacturing PMI remains steady in April

Manufacturing activity in India remained steady in April despite the devastating surge in Covid-19 cases amidst the second wave. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.5 in April, compared with 55.4 in March. This is the eighth straight month that PMI has remained in the expansion zone. Consumer goods were the strongest-performing category in April, followed by capital goods and intermediate goods. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Kotak Mahindra Bank Q4 Results: Net profit rises 33% YoY to Rs 1,682 crore

Kotak Mahindra Bank reported a 33% YoY increase in net profit to Rs 1,682 crore for the quarter ended March (Q4). Net interest income (NII) rose 8% YoY to Rs 3,843 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell 3.25% in Q4, compared with 3.27% in the preceding quarter (Q3 FY21). Kotak Bank’s total deposits rose 6.5% YoY to Rs 2.8 lakh crore in Q4.

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Natco Pharma gets emergency use approval for Baricitinib tablets for Covid-19 treatment

Natco Pharma has received emergency use approval for Barcitinib tablets from the Central Drugs Standard Control Organization (CDSCO). Baricitinib is used in combination with Remdesivir for the treatment of Covid-19 positive patients. Natco will be requesting a Compulsory License based on emergency use in light of the serious public health emergency across India due to the Covid-19 pandemic. The pharma company will launch the product within a week.

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IDBI Bank Q4 Results: Net profit jumps 278% YoY to Rs 512 crore

IDBI Bank reported a 278% YoY jump in net profit to Rs 512 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 35%. Net interest income (NII) rose 38% YoY to Rs 3,240 crore during the same period. The gross non-performing assets (NPAs) ratio stood at 22.37%, compared with 24.33% in Q3 FY21. IDBI Bank’s total deposits have increased by 4% YoY to Rs 2.3 lakh crore in FY21.

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NMDC reports 124% YoY jump in iron ore sales in April

NMDC Limited reported a 124% YoY increase in iron ore sales to 3.09 million tonnes (MT) in April 2021. The state-owned miner had posted iron ore sales of 1.38 MT during the corresponding month last year. The company’s iron ore production jumped 74% YoY to 3.13 MT in April 2021. On a quarterly basis, iron ore production has declined 31.5%, while sales fell 24.26%. 

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Godrej Properties Q4 Results: Net loss at Rs 192 crore

Godrej Properties Limited (GPL) reported a net loss of Rs 191.62 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 102 crore in the corresponding period last year (Q4 FY20). The company’s revenue declined 60% YoY to Rs 508 crore in Q4 FY21. The real estate developer recorded its highest-ever quarterly collection of Rs 2,041 crore and a net operating cash flow of Rs 785 crore in Q4. Total booking value increased by 10% YoY to Rs 2,632 crore.

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JSW Energy’s subsidiary signs PPA with SECI for supply of 540 MW wind energy

JSW Renew Energy, a wholly-owned subsidiary of JSW Future Energy Ltd, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for the supply of 540 MW from a total blended wind capacity of 810 MW. This PPA marks JSW Energy’s entry into the wind or blended wind energy generation segment. In September 2020, JSW Future Energy had received Letter of Awards (LoAs) for a total blended wind capacity of 810 MW in respect to the tariff-based competitive bids invited by SECI for setting up 2,500 MW Inter-State Transmission System (ISTS)-connected blended wind power projects.

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SBI Life Q4 Results: Net profit at Rs 532 crore

SBI Life Insurance Company reported a flat net profit of Rs 532 crore for the quarter ended March (Q4). It had posted a net profit of Rs 531 crore in the corresponding period last year (Q4 FY20). Net premium income (NPI) rose 31% YoY to Rs 15,556 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 2% YoY to Rs 1,456 crore. The company’s board has declared an interim dividend of Rs 2.5 per share.

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Varun Beverages Q1 Results: Net profit jumps 127% YoY to Rs  136 crore

Varun Beverages Limited (VBL) reported a 127.7% YoY increase in consolidated net profit to Rs 136.76 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 33.7% YoY to Rs 2,240.89 crore during the same period. Total sales volume grew 32.8% YoY to 15.1 crore cases in Q1 CY21. VBL’s board has announced a bonus issue in the ratio 1:2. [This means that one additional share will be issued for every two shares held by a shareholder of the company]

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Tata Chemicals Q4 Results: Net profit falls sharply to Rs 11.77 crore

Tata Chemicals Limited reported a 99.8% YoY (or 93% QoQ) decline in consolidated net profit to Rs 11.77 crore for the quarter ended March (Q4). Its total revenue rose 10.85% YoY to Rs 2,636 crore during the same period. The company’s basic chemistry products segment posted a 5.6% YoY growth, while the specialty chemicals segment saw a growth of 38% YoY. Tata Chemicals’ board has announced a dividend of Rs 10 per share.

Motherson Sumi’s subsidiary completes acquisition of Bombardier’s electric wiring business

Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of Bombardier’s electric wiring business (which is based in Mexico). The acquisition was done by MSSL’s Mexican subsidiary— Motherson Rolling Stock Division (MRS). The assets and activities at Bombardier’s manufacturing site at Huehuetoca, Mexico (BT Ensambles México) have now been taken over by MRS.

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Tata Elxsi Reports 39% YoY Rise in Net Profit – Top Indian Market News

Tata Elxsi Q3 Results: Net profit rises 39% YoY to Rs 105 crore

Tata Elxsi Ltd reported a 39.49% year-on-year (YoY) increase in net profit to Rs 105.2 crore, for the quarter ended December (Q3). This is the highest-ever quarterly profit achieved by the IT company. The firm’s revenue showed a growth of 12.67% YoY to Rs 477.10 crore. The robust growth in top-line revenue was largely led by Tata Elxsi’s design-led technology services.

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Tesla in talks with 5 state governments to begin India operations: Report

As per a report from CNBC-TV18, Tesla is exploring the possibility of setting up manufacturing, R&D centres in India. The report states that Tesla is actively consulting Centre and state governments and is in the process of carrying out a location search for setting up operations. The electric vehicle (EV) manufacturing giant has hired a global consulting firm for the same. The state governments of Maharashtra, Gujarat, Andhra Pradesh, Karnataka, and Tamil Nadu have held talks with Tesla.

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CCI finalises investigation report on complaints against Maruti Suzuki

The investigation wing of the Competition Commission of India (CCI) has submitted its report on complaints against Maruti Suzuki for final consideration. The report says that Maruti does not allow dealers to pass on discounts to consumers. It found that the company created a lack of competition between dealers and even sent decoy customers to ensure that they do not give out discounts. Maruti Suzuki would penalize dealers if they were found to be passing on discounts.

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SpiceJet signs MoU with Brussels Airport for transporting Covid-19 vaccines

SpiceJet Ltd has signed a Memorandum of Understanding (MoU) with Belgium’s Brussels Airport for providing seamless transportation of Covid-19 vaccines. As part of the agreement, Brussels Airport would assist SpiceJet with respect to slots, networking, and contracts for the speedy delivery of vaccines. Brussels Airport will be the airlines’ first flight point for Europe.

SpiceJet, on Tuesday, carried India’s first consignment of Serum Institute’s ‘Covishield’ consisting of 34 boxes and weighing 1,088 kilograms from Pune to Delhi. The first consignment of the Covishield vaccine was dispatched from SII in the early hours of Tuesday. India will launch its nationwide vaccination drive on January 16.

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PVR to launch QIP in February to raise Rs 800 crore: Report

As per a report from CNBC-TV18, PVR is planning to launch a qualified institutional placement (QIP) by February to raise about Rs 800 crore. The report states that PVR’s Board of Directors has already approved this fundraise. PVR will use the funds to acquire independent multiplexes. Axis Capital and Kotak Investment Banking have been appointed as advisers to take this transaction forward.

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L&T Infotech expands global alliance with IBM

Larsen & Toubro Infotech (LTI) said that it would expand its global alliance with IBM to help businesses transform their operations through hybrid cloud adoption. LTI will help clients migrate and modernize core business applications by leveraging IBM Cloud offerings. Under this agreement, L&T Infotech and IBM plan to establish an innovation center in Bengaluru in 2021. 

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Karnataka Bank Q3 Results: Net profit rises 10% YoY to Rs 135 crore

Karnataka Bank Ltd reported a 10% rise in net profit at Rs 135.38 crore for the quarter ended December (Q3), as compared to Rs 123.14 crore in the year-ago period. The bank’s net interest income (NII) increased by 21% YoY to Rs 614 crore in Q3. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The aggregate provision against the likely impact of Covid-19 as of December 31, 2020, stood at Rs 148 crore.

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Tata Chemicals in advanced talks to acquire Archean’s industrial salt unit: Report

As per a report from BloombergQuint, Tata Chemicals Ltd is in advanced talks to acquire the industrial salt unit of Archean Group that could value the business at Rs 450 crore ($61 million) at a minimum. The report states that the board of Tata Chemicals is set to discuss the potential offer later this month. The Archean unit makes industrial salt used as an intermediary in the manufacturing of products such as detergents, textile dyes, plastics, and glass. It has a production capacity of 3 million metric tonnes. 

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IndiGo plans to add flights connecting 7 more cities

InterGlobe Aviation Ltd (IndiGo) announced that it plans to start new flights connecting Leh, Darbhanga, Agra, Kurnool, Bareilly, Durgapur, and Rajkot from February onwards. The low-cost carrier currently connects 61 domestic cities, and the addition of these new stations will take the number to 68. IndiGo will secure all regulatory approvals, and specific flight schedules will be announced as these approvals are received.

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Mahindra Lifespace Developers partners with SBI for faster home loan approvals, discounts

Mahindra Lifespace Developers Ltd has signed an MoU with State Bank of India (SBI) for faster home loan approvals, as well as to offer special discounts to customers and employees of both companies. The agreement also includes co-promotional activities and outreach initiatives. Mahindra Lifespace’s development footprint spans 25.1 million sq ft of completed, ongoing, and forthcoming residential projects across 7 Indian cities.

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RPP Infra Projects JV bags order worth Rs 232 crore

RPP-RK JV has received a new work order for Rs 231.77 crore from Highways Department for Chennai-Kanyakumari Industrial Corridor Projects. RPP Infra Projects Ltd holds a 60% share in the JV firm. The company has to execute these orders within 24 months. With this work order, the company is on its way to achieving an order book of Rs 2,000 crore.

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