Tag: Tata Communications

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Jubilant FoodWorks Posts 58% YoY Rise in Net Profit in Q2 – Top Indian Market News

Jubilant FoodWorks Q2 Results: Net profit rises 58% YoY to Rs 121 crore

Jubilant FoodWorks Ltd reported a 58% YoY increase in net profit to Rs 121.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 73% compared to the previous quarter. Its revenue from operations rose 36.6% YoY (or 25% QoQ) to Rs 1,100.7 crore during the same period. Operating profit stood at Rs 290 crore in Q2, an increase of 33% YoY. The company saw a 43% YoY rise in the cost of raw materials to Rs 227 crore in the July-Sept quarter of FY22.

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Honeywell Automation secures Rs 496 crore Bengaluru Safe City project

The Central Govt has selected Honeywell Automation India to lead the Rs 496.57 crore Bengaluru Safe City project under the Nirbhaya Fund. The project was initiated by the Ministry of Home Affairs to create a safe, secure, and empowering environment for women and girls in public places. As part of the contract, Honeywell Automation will install 7,000 cameras across 3,000 locations across Bengaluru. The system will have facial recognition and advanced analytics capabilities. 

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Havells India Q2 Results: Net profit falls 7.2% YoY to Rs 301.6 crore

Havells India reported a 7.2% YoY decline in net profit to Rs 301.6 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 31.4% YoY to Rs 3,221 crore during the same period. EBITDA stood at Rs 443.5 crore in Q2, an increase of 5.3% YoY. The company’s total expenses stood at Rs 2,850.85 crore in Q2 FY22, compared to Rs 2,107.44 in the same period last year (Q2 FY21). Havells India’s board has declared an interim dividend of Rs 3 per share.

Read more here. 

IndusInd Bank launches EMI on debit cards ahead of festive season

IndusInd Bank has launched Equated Monthly Instalments (EMI) facility on debit cards to enable its customers to convert their high-value transactions into easy installments. A debit cardholder of the bank can walk into any participating store and use the new facility by swiping or tapping their debit cards at a merchant point of sale (PoS) terminal. Customers can use also use the debit card EMI feature on online purchases as well. 

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Mastek Q2 Results: Net profit rises 42% YoY to Rs 72.3 crore

Mastek Ltd reported a 42% YoY increase in net profit to Rs 72.29 crore for the quarter ended September (Q2 FY22). Net profit increased 4.31% compared to the previous quarter. Its revenue from operations rose 30% YoY to Rs 553.93 crore during the same period. Mastek’s revenue in dollar terms rose 2.6% QoQ to $72 million. The software company secured deals worth $155.5 million in Q2. 

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Mindtree secures multi-year IT transformation deal from Western Asset

US-based Western Asset has selected Mindtree as a strategic partner to help drive innovation and differentiated experiences. Mindtree will help Western Asset accelerate the transition to a platform-based operating model, automate enterprise systems, and maintain industry-leading best practices for IT services. The IT company will enable Western Asset to create a more flexible operating model that can quickly adapt to changing business needs.

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Tejas Networks Q2 Results: Net profit falls 19% YoY to Rs 3.66 crore

Tejas Networks Ltd reported a 19.21% YoY decline in consolidated net profit to Rs 3.66 crore for the quarter ended September (Q2 FY22). Net profit fell 51.52% compared to the previous quarter. Its revenue from operations rose 57% YoY (or 19.78% QoQ) to Rs 172.78 crore during the same period. Tejas Networks secured orders worth Rs 258 crore in Q2, taking its total order book to Rs 783 crore. 

Jio gains 6.49 lakh subscribers in August, Bharti Airtel adds 1.38 lakh: TRAI

Reliance Jio Infocomm and Bharti Airtel added 6.49 lakh and 1.38 lakh wireless subscribers, respectively, in August 2021. Jio’s total subscriber base rose to 44.4 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.4 crore at the end of August. Meanwhile, Vodafone Idea (Vi) lost 8.33 lakh subscribers in August, and its user base shrunk to 27.1 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

In other news, Vi has accepted the four-year spectrum payment moratorium. It has become the first telco to accept the deferred payment option provided under the telecom relief package. 

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Tata Communications Q2 Results: Net profit rises 10.6% YoY to Rs 425 crore

Tata Communications reported a 10.6% YoY increase in consolidated net profit to Rs 425 crore for the quarter ended September (Q2 FY22). Net profit increased 43.7% compared to the previous quarter. Its revenue from operations fell 5.2% YoY to Rs 4,174 crore during the same period. EBITDA declined by 3.9% YoY to Rs 1,113 crore in Q2. Tata Communications’ data revenue stood at Rs 3,140 crore, a growth of 1.1% QoQ and a decline of 2.2% YoY.  

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L&T Finance Q2 Results: Net profit falls 15% YoY to Rs 224 crore

L&T Finance Holdings (LTFH) reported a 15% YoY decline in consolidated net profit to Rs 224 crore for the quarter ended September (Q2 FY22). Net profit rose 26% compared to the previous quarter. Its revenue from operations fell 10% YoY (or 3% QoQ) to Rs 3,051.82 crore during the same period. LTFH’s total assets under management (AUM) stood at Rs 86,936 crore in Q2 FY22, compared to Rs 98,923 crore in Q2 FY21.

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Hathway Cable Q2 Results: Net profit falls 63% YoY to Rs 19 crore

Hathway Cable & Datacom Ltd reported a 63.59% YoY decline in consolidated net profit to Rs 19.05 crore for the quarter ended September (Q2 FY22). Net profit fell 61% compared to the previous quarter. Its revenue from operations rose 3.85% YoY to Rs 447.87 crore during the same period. The company’s total expenses in the September 2021 quarter stood at Rs 450.75 crore, an increase of 10.5 YoY. 

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Adani Ports Cargo Volumes Rise 24% in Sept – Top Indian Market News

adani ports and sez

Adani Ports cargo volumes rise 24% in September

Adani Ports & Special Economic Zone Ltd (APSEZ) handled total cargo volumes of 23.08 million metric tonnes (MMT) in September 2021, registering a growth of 24% year-on-year (YoY). The company’s container segment grew 18%, other bulk cargo by 22%, coal by 16%, and crude by 9% during the same month. During the first half of the financial year 2021-22, APSEZ handled an overall cargo volume of 160 MMT, which is a growth of 64% YoY.

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CEAT acquires 26% stake in Cleanwin Energy

CEAT Ltd has signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin Energy Five LLP. Cleanwin owns, operates, and maintains a captive wind power generating plant in Maharashtra. The renewable energy unit will supply 5 megawatts (MW) of electricity on a captive basis to CEAT plants in Bhandup and Nashik. The tyre manufacturer will hold a 26% stake in Cleanwin Energy Five.

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Tata Communications, Cisco expand global strategic partnership

Tata Communications has extended its longstanding global strategic partnership with Cisco. The new agreement will empower enterprises with simple and easy to deploy, manage, and analyze IT infrastructure for delivering anywhere, anytime access. Cisco’s Meraki solution will enable Tata Communications to offer cloud-managed Wi-Fi services based on Wi-Fi 6 and Software-Defined Wide Area Network (SD-WAN) services across various industries.

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Man Infra’s board approves issue of bonus shares

The Board of Directors of Man Infraconstruction Ltd has approved the issue of bonus shares in the ratio 1:2. One equity share of the face value of Rs 2 each will be issued for every two equity shares of Rs 2 each held by shareholders of the company. The board has also declared an interim dividend of Rs 1.26 per share for the financial year 2021-22. Man Infra’s board has fixed October 14 as the record date for the interim dividend.

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KPIT Tech to boost investments in software-defined vehicle solutions

KPIT Technologies Ltd will make significant investments in middleware technologies and infrastructure to accelerate clients’ transformation to software-defined vehicles across both passenger and commercial vehicle segments. The company intends to develop and enhance technologies and infrastructure to help original equipment manufacturers (OEMs). It aims to address the emerging challenges through solutions in software integration and architecture consulting to help OEMs accelerate the stitching of diverse components together.

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UPL threatened with criminal probe after South African pollution

According to a report from South Africa’s environment department, UPL Limited illegally stored hazardous chemicals that were released into a residential area and a river system after its warehouse in Durban was looted and set ablaze in July 2021. The report further states that UPL did not have any appropriate permits. A criminal investigation is likely to be initiated on the company and the owners of the land where the warehouse is situated. UPL has denied any wrongdoing and said it was “disappointed” by the release of the report.

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Max Healthcare plans Rs 1,600 crore investment to add 1,000 beds in Gurugram

Max Healthcare Institute Ltd (MHIL) plans to invest ~Rs 1,600 crore to expand its capacity in the National Capital Region (NCR) by adding 1,000 beds over the next 4-6 years in Gurugram. The expansion plan is proposed to be funded by internal accruals, borrowings, and other modes. Two land parcels have been allotted to MHIL by Haryana Shahri Vikas Pradhikaran (HSPV) to set up two hospitals in Gurugram.

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Welspun India partners with Dupont Biomaterials to launch home textile range

Welspun India, in collaboration with DuPont Biomaterials, has launched a new home textile collection. It includes bath towels and bed sheets made with bio-based materials to meet the growing demand for sustainable home textile products. The collaboration brings together cotton and DuPont Sorona fibres to create home textile fabrics. The fabrics used in the new range provide comfort and moisture management.

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JK Lakshmi Cement halts production at Chhattisgarh plant due to strike

JK Lakshmi Cement has suspended production at its plant in Durg, Chhattisgarh, due to a strike called by Chhattisgarh Cement Transport Association. Dispatches from the Durg cement plant have completely stopped. Industry-wide negotiations are being held with the state government, and the company is hopeful of an amicable solution soon. The Durg plant has a production capacity of nearly 2.7 million tonnes per annum (MTPA).

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Divi’s Labs hits record high on Merck’s positive data for Covid-19 drug 

Shares of pharma company Divi’s Laboratories surged 10% today. The stock is in focus as the company is MSD’s authorised manufacturer for Molnupiravir API. As per a planned interim analysis of data from Phase-3 clinical trials by Germany-based Merck, Molnupiravir drug is found to reduce the risk of hospitalisation or death by approximately 50% of those most at risk of contracting Covid-19. The drug also demonstrated consistent efficacy across SARS CoV2 variants Gamma, Delta, and Mu.

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Tata Power to Set Up 250 MW Solar Plant in Maharashtra – Top Indian Market News

Tata Power to set up 250 MW solar power plant in Maharashtra

TP Saurya Ltd (TPSL) has secured a contract from Maharashtra State Power Generation Co. Ltd (MAHAGENCO) to set up a 250 megawatt (MW) grid-connected solar power plant in Maharashtra. TPSL is a wholly-owned subsidiary of Tata Power. The solar project will be commissioned within 15 months from the date of execution of the Power Purchase Agreement (PPA). With this project, the total renewable capacity of Tata Power will reach 4,611 MW.

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HDFC Bank partners with Paytm to launch co-branded credit cards

HDFC Bank has partnered with digital payments app Paytm to launch a comprehensive range of credit cards powered by Visa. The credit cards will be customized to meet the distinct requirements of retail customers, from new-to-credit users to affluent users. It will offer best-in-class rewards and cashback for users. The launch is planned in October to coincide with the festive season to tap into potentially higher consumer demand for credit card offers and EMIs.

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L&T secures order from Petronet LNG for 2 storage tanks

L&T Hydrocarbon Engineering (LTHE) has secured a significant order (in the range of Rs 1,000-2,500 crore) from Petronet LNG. The contract is for the engineering, procurement, construction, and commissioning of two LNG storage tanks of 1.7 lakh cubic meters each for Phase III-B of the Dahej Expansion Project in Gujarat. LTHE is a wholly-owned subsidiary of Larsen & Toubro (L&T).

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Dabur India forays into face wash category under the Vatika brand

Dabur India is strengthening its presence in the personal care segment with the launch of the Dabur Vatika face wash range. The face wash range has been exclusively launched on Flipkart and is priced at Rs 170. The Vatika Face Wash will be available in a 150ml SKU and comes in three variants. Both Dabur and Flipkart have worked closely to understand the emerging trends in the natural ingredient-based face wash category to come up with this new range.

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Coal India signs pact worth Rs 1,880 crore for commercial extraction of coal bed methane

Bharat Coking Coal, a subsidiary of Coal India Ltd, has signed a contract worth Rs 1,880 crore with Prabha Energy for commercial extraction of coal bed methane (CBM). CBM is an unconventional form of natural gas found in coal deposits or coal seams. It will be extracted from Jharia Block-I under the leasehold area of Bharat Coking Coal. Coal India has selected Ranchi-based consultancy firm CMPDI as the principal implementing agency to oversee the project.

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Tata Communications offers ‘pay-as-you-go’ feature on Ethernet network services in India

Tata Communications Ltd has introduced a Bandwidth-on-Demand (BoD) feature on Ethernet network services in India. The feature enables enterprises to self-provision additional capacity on a ‘pay-as-you-go’ model to meet short-term bandwidth needs conveniently through a self-service customer portal. It delivers flexibility, improves the end-user experience, and brings cost-efficiency. The new BoD feature helps customers manage scalable and resilient Data Center (DC) connectivity.

VST Tillers Tractors launches new power tiller and range of brush cutters 

VST Tillers Tractors Ltd has launched a new power tiller— VST 95 DI Ignito for the domestic market. It is a machine used in agricultural fields for cultivation, tillage, sowing, and weeding. The company has also launched brush cutters— VST 226 LD, VST 234 MD, and VST 242 HD for the domestic market. The products were launched for the benefit of the farming community after encouraging results from extensive field trials.

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RPP Infra Projects secures order worth Rs 158 crore

RPP Infra Projects Ltd has received a Letter of Acceptance (LoA) for a new project worth Rs 157.67 crore. The order is for the engineering, procurement, and construction of Bareilly Haat and Handicraft Centre with 1-year defect liability under Smart City Mission. Tamil Nadu-based RPP Infra Projects engages in construction and infrastructure development activities in India, Sri Lanka, and Mauritius.

Adani Ports gets CCI approval to acquire 10.4% stake in Gangavaram Port

The Competition Commission of India (CCI) has approved the acquisition of a 10.4% stake in Gangavaram Port by Adani Ports & Special Economic Zone Ltd (APSEZ). The equity shareholding will be acquired from the Government of Andhra Pradesh. Gangavaram Port owns, develops, and operates a deep-water port at Gangavaram, Andhra Pradesh.

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Vodafone Idea promoters to infuse capital equity into company: Report

According to a report from Fortune India, Vodafone Idea (Vi) may soon see an influx of capital from its promoters. The telecom company is set to receive capital in the form of equity from Vodafone Group and Aditya Birla Group. Vi’s promoters had previously not been willing to infuse additional capital for the debt-ridden company over concerns regarding its stability. With the government’s new relief package, the promoters have more confidence in the long-term standing of the support from the government. 

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HDFC Bank Partners With NSIC to Offer Credit Support to MSMEs – Top Indian Market News

HDFC Bank partners with NSIC to offer credit support to MSMEs

HDFC Bank has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to offer credit support to micro, small, and medium enterprises (MSMEs) across India. The private sector lender will provide MSMEs with schemes to enhance their competitiveness. HDFC Bank will accept loan applications forwarded by NSIC and consider sanctioning loans on a merit basis, as per the lending norms laid down by the bank. The bank’s branches will also extend support to MSMEs in the areas they operate.

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L&T Construction secures order for water effluent treatment business

The construction arm of Larsen & Toubro has secured a significant order (in the range of Rs 1,000-2,500 crore) for its water and effluent treatment business in India. The order is from a state-utility organisation to implement rural water supply projects, providing functional house tap connection under the Jal Jeevan Mission. The scope of the order comprises tube wells, pump houses cum chlorination rooms, overhead tanks, treatment systems, solar plants, rising main and distribution pipeline network, and staff quarters.

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Tata Communications partners with Telekom Malaysia to offer high-speed connectivity in ASEAN

Tata Communications Ltd has partnered with Telekom Malaysia Berhad (TM) to offer stable, high-speed, and reliable connectivity in the Association of Southeast Asian Nations (ASEAN) region. The collaboration will enable service providers, mobile network operators, and internet service providers in the region to address their customers’ growing data connectivity needs by providing access to a global Tier-1 Internet Protocol (IP) network. Sectors such as e-commerce, online entertainment, retail, online banking, and delivery services will get a further boost. 

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ABB commissions drives at Bharat Biotech’s facility for safe manufacturing of Covaxin

ABB India has commissioned its ACS560 drives at Bharat Biotech’s Covaxin manufacturing facility in Hyderabad. The drives will enhance the safety and energy efficiency of the facility. The manufacturing of vaccines is a complex process and needs a clean room environment to deliver the desired output. ABB’s systems control the temperature, humidity, air pressure, and ventilation within a clean room. 

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Birlasoft announces  global, strategic partnership with Freshworks Inc

Birlasoft Ltd has announced a global, strategic partnership with US-based Freshworks Inc. to help enterprises provide enhanced customer experience management solutions. The partnership will focus on developing capabilities and innovative, niche-industry solutions to help enterprises address their transformation challenges and drive value at scale. Birlasoft will expand business capabilities and improve the end-user experience by integrating solutions from partners like Freshworks. 

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Dr Reddy’s launches Minoxidil for treatment of female pattern hair loss

Dr Reddy’s Laboratories Ltd has announced the launch of Minoxidil for the treatment of female pattern hair loss (FPHL). The pharma company will sell the product under the brand name Mintop. The launch follows the first-ever approval of the additional indication by the Central Drugs Standard Control Organization (CDSCO) in India for the use of Minoxidil topical solution USP 2% and 5% for the treatment of FPHL.

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Shoppers Stop partners with Accenture to accelerate digital commerce transformation

Shoppers Stop Ltd has partnered with Accenture to accelerate its digital commerce transformation across multiple retail channels. The retailer of fashion and beauty brands aims to improve profitability and shift more sales to digital channels. Through its partnership with Accenture, Shoppers Stop plans to strengthen its digital platform backed by real-time data and analytics across the value chain— from customer experience and supply chain operations to sales and last-mile delivery.

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CEAT to revamp sales network across India

Tyre manufacturer CEAT has initiated an exercise to revamp its retail sales network to enhance customer experience. The company will refurbish Ceat Shoppes nationwide, which will start with 10 new design stores in metro cities and key markets in the coming months. It also plans to launch an additional 50 stores in the current financial year (FY22). It is targeting 500 exclusive stores by 2023.

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Panacea Biotech supplies second component of Sputnik V in India

Panacea Biotec Ltd has supplied the first shipment of the second component (human adenovirus serotype 5) of the Sputnik V Covid-19 vaccine. The batch will be distributed across India through Dr. Reddy’s Laboratories, a partner of the Russian Direct Investment Fund (RDIF) and Panacea Biotec. Doses of the second component were manufactured at Panacea Biotec’s facility in Himachal Pradesh.

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India must accept cryptos as an asset: Former RBI Deputy Governor

Former RBI Deputy Governor R Gandhi said cryptocurrencies should be treated as an asset or commodity in India and governed by existing laws for exchanges. “Once cryptos are accepted, rules governing commodity exchanges could apply, and the coins could be used to pay for goods and services. Then automatically people can start buying, selling and holding”, he said. The former RBI official was addressing an event organized by the Internet and Mobile Association of India today.

The Narendra Modi government, which had initially proposed a ban on crypto trades, is finalizing regulations for cryptocurrencies. 

Read more here.

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Dr Reddy’s Reports 1% YoY Fall in Net Profit in Q1 – Top Indian Market News

Dr Reddy’s Labs Q1 Results: Net profit declines 1% YoY to Rs 571 crore

Dr Reddy’s Laboratories Ltd reported a 1% year-on-year (YoY) decline in consolidated net profit to Rs 571 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 11% YoY to Rs 4,919 crore during the same period. The figures are below the street/analysts’ estimates. The sales revenue from its India operations rose 69% YoY to Rs 1,060 crore in Q1.

In a statement, the pharma company said it has commenced investigation on an anonymous complaint that healthcare professionals in Ukraine and few other markets were provided with improper payments (bribes) on behalf of the company. Dr Reddy’s Labs has also been subpoenaed by the US Securities Exchange Commission to hand over certain documents. If found guilty, the company could face civil or criminal action under US anti-corruption laws.

Read more here. 

Adani Ports raises $750 million via long-term bonds

Adani Ports and Special Economic Zone Ltd (APSEZ) has raised $750 million (~Rs 5,590 crore) from overseas investors through the issuance of bonds. The coupon rates for the 10.5-year and 20-year dual-tranche bonds were fixed at 3.8% and 5%, respectively. APSEZ will use the net proceeds to repay existing debt, meet capital expenditure requirements, and for general corporate purposes.

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IndusInd Bank Q1 Results: Net profit doubles to Rs 1,016 crore

IndusInd Bank reported a 99% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.7% when compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 3,563.7 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 2.88% in Q1 FY22, compared to 2.67% in the previous quarter (Q4 FY21).

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Tata Communications launches IZO™ Financial Cloud platform in India

Tata Communications has announced the launch of ‘IZO™ Financial Cloud’, a purpose-built community cloud platform. It enables next-gen digital transformation for the Banking, Financial Services, and Insurance (BFSI) sector. The platform is customised to meet the stringent data privacy, protection compliance, and security guidelines defined by India’s regulators. 

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Dixon Tech Q1 Results: Net profit jumps 1,035% YoY to Rs 18 crore

Dixon Technologies reported a 1,035% YoY jump in consolidated net profit to Rs 18.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 59% when compared to the previous quarter. Its revenue from operations rose 261% YoY to Rs 1,867 crore during the same period. The company’s operating profit jumped 182% YoY to Rs 48.3 crore in Q1. The strong performance in the April-June quarter was aided by an extremely weak base in the year-ago period Q1 FY21 (due to Covid-induced lockdowns). You can learn more about Dixon Tech here.

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IndiGo Q1 Results: Net loss at Rs 3,174 crore

InterGlobe Aviation (IndiGo) reported a net loss of Rs 3,174.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 2,844.3 crore in the corresponding quarter last year (Q1 FY21). The airlines’ revenue from operations jumped 292% YoY to Rs 3,006.9 crore in Q1 FY22. Its total expenses rose 59% YoY to Rs 6,344 crore during the same period. 

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Glenmark Life Sciences IPO subscribed 2.78 times on first day of bidding

The Rs 1,514.6 crore initial public offering (IPO) of Glenmark Life Sciences Ltd was subscribed 2.78 times on the first day of bidding. Retail investors have subscribed 5.17 times against their reserved portion. The portion reserved for Non Institutional investors (NIIs) was subscribed 86%. To learn more about the IPO, click here.

UCO Bank Q1 Results: Net profit jumps over 4-fold to Rs 102 crore

UCO Bank reported a 374.5% YoY jump in consolidated net profit to Rs 101.8 crore for the quarter ended June (Q1 FY22). Net profit has increased by 27% when compared to the previous quarter. Its net interest income (NII) fell 2.5% YoY to Rs 3,569.57 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 9.37% in Q1 FY22, compared to 14.38% in Q1 FY21.

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IRB Infra completes Rs 381.63 crore fundraise in IRB InvIT

IRB Infrastructure Developers Ltd has completed total fundraising of Rs 381.63 crore, along with an investment of Rs 194.63 crore, in IRB Infrastructure Investment Trust. The InvIT is jointly owned by IRB Infra and Singapore-based GIC Affiliates with 51% and 49% shareholding, respectively. The funds raised will be utilised towards the capital requirements for under-construction projects.

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Ramco Cements Q1 Results: Net profit rises 46% YoY to Rs 171 crore 

The Ramco Cements Ltd reported a 46.32% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.6% when compared to the previous quarter. Its revenue from operations rose 17.75% YoY to Rs 1,205.08 crore during the same period. Chennai-based Ramco Cements is a leading manufacturer of cement, mix concrete and dry mortar products.

Torrent Pharma Q1 Results: Net profit rises 3% YoY to Rs 330 crore

Torrent Pharmaceuticals Ltd reported a 2.8% YoY increase in consolidated net profit to Rs 330 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.85% when compared to the previous quarter. Its total income rose 5.53% YoY (or 10.02% QoQ) to Rs 2,174 crore during the same period. The revenue from its India operations grew 18% YoY to Rs 1,093 crore in Q1.

Read more here.

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Services PMI Falls to 41.2 in June – Top Indian Market News

India’s services PMI falls to lowest level in 11 months in June

India’s services sector activities fell to their lowest level in 11 months as new businesses and output declined. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 41.2 in June, compared to 46.4 in May. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. International demand for Indian services continued to deteriorate in June, with new export orders falling for the 16th consecutive month.

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Govt to sell up to 7.49% stake in NMDC via OFS on Tuesday

The government will sell up to a 7.49% stake in National Mineral Development Corp (NMDC) through an offer for sale (OFS) on Tuesday (July 6). The Centre will sell its 4% stake (or 11.72 crore equity shares) in NMDC at a floor price of Rs 165 per share. The floor price is set at a nearly 6% discount to Monday’s closing price. The OFS also includes a greenshoe option to sell an additional 3.49% stake (or 10.22 crore shares) of NMDC. After the completion of the OFS, the government’s shareholding in NMDC will reduce to 60.8%.

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MCX signs pact with Europe’s EEX to share expertise on electricity derivative products

Multi Commodity Exchange of India (MCX) has signed a Memorandum of Understanding (MoU) with European Energy Exchange AG (EEX) to share knowledge and expertise on electricity derivative products. The MoU will facilitate cooperation between the two exchanges in areas such as education & training and organising events in the domain of electricity derivatives. EEX is a leading energy exchange in Europe that develops, operates, and connects secure and transparent markets for power and other energy products.

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ITD Cementation secures orders worth Rs 585 crore

ITD Cementation India Ltd has secured two orders worth approximately Rs 585 crore. The first order consists of the development and construction of ‘Dream City Depot’, including electrical and mechanical works, in connection with Phase-1 of the Surat Metro Rail Project. The second order has been received from Military Engineer Services for the construction of an Aero Space Museum at Air Force Station in Palam, Delhi. It also includes the installation of mechanical and electrical systems, a rainwater harvesting system, etc. 

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Tata Communications introduces Virtual Video Assisted Referee solution

Tata Communications Ltd announced the launch of a Virtual Video Assisted Referee (V-VAR) solution. It enables an unlimited number of referees, judges to connect remotely from anywhere across the globe and assess/analyse sporting events. SailGP (a global sailing championship) will be the first sports event to deploy the company’s V-VAR solution. 

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Sales volume in IEX real-time power market jumps 3-fold in June

The sales volume of the real-time power market (RTM) jumped over three-fold year-on-year (YoY) to 1,726 million units (MU) in June 2021 at the Indian Energy Exchange (IEX). RTM allows consumers to buy power just one hour below delivery. IEX traded 7,093 MU of electricity volume in June, registering a 48% YoY growth. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 641 MU last month, recording a 539% YoY growth.

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Heranba Industries gets environmental clearance for Rs 110 crore expansion

Heranba Industries Ltd has received environmental clearance from the Ministry of Environment, Forest, and Climate Change for the expansion of manufacturing capacity at its facility in Gujarat. The expansion plan consists of setting up an additional manufacturing capacity of 24,900 tonnes per annum (TPA) for producing insecticides, fungicides, and pesticide intermediates. The estimated cost for the project is Rs 110 crore.

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Godrej Consumer expects double-digit sales growth in Q1 

Godrej Consumer Products Ltd (GCPL) said it expects strong double-digit growth in sales at the consolidated level for the quarter ended June (Q1 FY22). The demand trends in various categories remained steady across all countries the company operates in. GCPL’s home care segment saw strong sales growth in Q1, led by household insecticides. There was high demand for personal care and hygiene products as well.

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Religare’s shareholders approve Rs 570 crore preferential issue

The shareholders of Religare Enterprises Limited (REL) have approved the preferential issue of fresh equity shares worth Rs 570 crore. The company will allot 5.41 crore equity shares at Rs 105.25 per share to existing shareholders, including Burman Family, Ares SSG Capital, and select marquee investors. Noida-based Religare Enterprises provides broking services for equities, currencies, and commodities. It also offers financial services for small and medium enterprises (SMEs).

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HDFC Bank reports 14% YoY loan growth in Q1

HDFC Bank reported a 14% YoY growth in its loan book to Rs 11.47 lakh crore for the quarter ended June 30 (Q1 FY22). Loan advances grew 1.3% when compared to the previous quarter. The bank’s deposits grew over 13% YoY (or 0.8% QoQ) to Rs 13.4 lakh crore in Q1. Total retail disbursements at the end of Q1 stood at Rs 43,600 crore, a growth of 202% YoY. During the same period, HDFC Bank purchased loans aggregating to Rs 5,489 crore through a direct assignment route under a home loan arrangement with HDFC Limited.  

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SEBI announces new rules to make MIIs pay for technical glitches

Market regulator SEBI has issued a detailed framework for penalising market infrastructure institutions (MIIs) for technical glitches. MIIs include stock exchanges, clearing corporations, and depositories. Under the new framework, MIIs will have to pay Rs 1 lakh per day in case of delay in submission or incomplete submission of root cause analysis (RCA). A comprehensive RCA report needs to be submitted within 21 days of an incident. The failure to timely address a technical glitch will attract Rs 2 lakh per day for the first 15 days.

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Bharat Dynamics Signs Rs 1,188 crore Deal With Defence Ministry – Top Indian Market News

Bharat Dynamics to supply 4,960 Milan-2T missiles to Indian Army

The Ministry of Defence, on Friday, signed a Rs 1,188 crore deal with Bharat Dynamics Ltd (BDL) for the supply of 4,960 Milan 2T Anti-Tank Guided Missiles to the Indian Army. The missiles, having a range of 1,850 metres, can be fired from the ground as well as from vehicle-based launchers. The missiles are being produced by BDL under license from French defence major MBDA Missile Systems.

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Govt sells 10% stake to exit Tata Communications

The Central Government has exited Tata Communications Ltd (TCL) after selling its 10% stake to Tata Sons’ subsidiary Panatone Finvest in an off-market trade. Around 2.85 crore equity shares held by the government were sold to Panatone Finvest. The government has already sold a 16.12% stake in TCL through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs 1,161 per share.

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PNC Infratech’s arm secures order worth Rs 1,412 crore

PNC Infratech said its subsidiary, PNC Meerut Haridwar Highways, has secured a road project from the National Highways Authority of India (NHAI). The project consists of four-laning the Meerut-Nazibabad section of NH-19 in Uttar Pradesh on Hybrid Annuity Mode (HAM). The order is valued at Rs 1,412 crore. The project comes under the Central government’s Bharatmala Pariyojana.

Strides Pharma’s subsidiary partners with RDIF to supply Covid-19 vaccine

Strides Pharma Science Ltd said its biopharmaceutical division, Stelis Biopharma, has partnered with the Russian Direct Investment Fund (RDIF) to supply 200 million doses of the Sputnik V vaccine.  The vaccine demonstrated an efficacy rate of 91.6% against the Covid-19 infection and is now approved for use in over 50 countries. The parties intend to commence supplies from Q3 (July-September) of calendar year 2021. 

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Tata Motors introduces new compact ambulance Magic Express

Tata Motors has launched Magic Express, its first product in the compact ambulance segment, with the promise of easy maneuverability in congested Indian cities. The Magic Express Ambulance is compliant with AIS-125 government norms for the ambulance category. It can seat five attendants, apart from the driver and patient. Tata Motors said that the ambulance is designed to specifically support medical and health-related services, with a focus on the speedy movement of patients that require emergency care. 

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TV advertising volumes rose 21% in Jan-Feb 2021: BARC

According to data released by the Broadcast Audience Research Council (BARC), advertising volumes in January-February 2021 were 21% higher when compared to the same period last year. The report states that FMCG and e-commerce categories grew by 36% and 21%, respectively, during Jan-Feb compared to 2020. TV channels in the movies and music genre saw a spike in ad volumes at 25% and 24%, respectively. 

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HDFC Bank’s MSME book grows 30% YoY to cross Rs 2 lakh crore-mark

HDFC Bank said its Micro, Small, and Medium Enterprises (MSME) loan book grew 30% YoY to cross the Rs 2 lakh crore-mark as of December-end. This growth was driven by the Emergency Credit Line Guarantee Scheme (ECLGS)- a Rs 20 lakh crore package introduced by the Finance Ministry to support the MSME sector amidst the Covid-19 pandemic. HDFC Bank has become the second-largest lender in the MSME segment after the State Bank of India (SBI).

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Aarti Drugs announces Rs 60 crore share buyback plan

Aarti Drugs Limited said its Board of Directors have approved the buyback of up to 6 lakh fully paid-up equity shares (of the face value of Rs 10 each) at Rs 1,000 per share. This represents 0.64% of the total number of equity shares of the firm. The total buyback size is Rs 60 crore. Aarti Drugs’ share buyback price of Rs 1,000 is at a premium of 46% to its closing price of Rs 683 on Thursday. 

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TCS announces salary hikes for all employees

Tata Consultancy Services (TCS), on Friday, announced salary hikes for all its employees. The salary hikes will be effective from April 1, 2021. The IT major had increased salaries by 6-8% in October 2020. With the upcoming hike, around 4.6 lakh TCS employees will get around 12-14% average increment in six months’ time. 

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IPO Updates:

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 2.37 times on the final day of bidding. The portion reserved for retail investors was subscribed 3.09 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.31 times and that of qualified institutional buyers (QIBs) 2.18 times.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 175.46 times on the final day of bidding. The portion reserved for retail investors was subscribed 75.29 times and that of employees 7.55 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 389.89 times and that of QIBs 103.77 times. It has become the second-most subscribed IPO (after MTAR Technologies) so far in 2021.

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Govt to Sell Entire 26.12% Stake in Tata Communications – Top Indian Market News

Govt to sell entire 26.12% stake in Tata Communications

The Indian government will sell its entire 26.12% shareholding in Tata Communications Limited (TCL). It will sell up to 4.59 crore equity shares (forming 16.12% shareholding) of TCL through an offer for sale (OFS) via stock exchanges. The remaining 10% stake will be sold to Tata Son’s investment arm Panatone Finvest Ltd. Tata Sons currently owns 14.1% of TCL, while Panatone Finvest has a 34.8% stake in the company.

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SpiceJet introduces 66 new flights in domestic network

SpiceJet Limited has announced 66 new domestic flights to meet the increasing demand for air travel from smaller cities. This includes five additional non-stop flights from Pune to Darbhanga, Durgapur, Gwalior, Jabalpur, and Varanasi. Kolkata–Darbhanga, Chennai–Jharsuguda, and Nashik-Kolkata flights are among others that will be launched on March 28, 2021. The airline will press its Boeing 737 and Bombardier Q400 aircraft into service on these new routes.

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Dilip Buildcon gets provisional completion certificate for road project in Maharashtra

Dilip Buildcon Limited has received a provisional completion certificate from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The project involved four/six-laning of the Karodi-Telwadi section of NH 211 in Maharashtra under NHDP Phase IV-B on an engineering, procurement, and construction (EPC) mode. The company is entitled to receive a bonus of Rs 5.08 crore for completing the project 30 days before the scheduled completion date.

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Finance Ministry to infuse Rs 14,500 crore in banks under PCA soon: Report

As per reports from multiple sources, the Finance Ministry is likely to infuse Rs 14,500 crore into banks that are under RBI’s Prompt Corrective Action (PCA) framework in the next few days. This will help improve the financial health of stressed public sector banks (PSBs) in the country. Indian Overseas Bank, Central Bank of India, and UCO Bank are currently under the PCA framework. Earlier this week, IDBI Bank was removed from this framework.

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Indian Railway’s freight loading for FY21 surpasses that of last financial year

Indian Railways has surpassed freight loading figures of the previous financial year (FY 2019-20) despite challenges faced due to the Covid-19 pandemic. As per government data, Railways achieved a cumulative freight loading of 1145.68 million tonnes (MT) as of March 11, 2021. The figure stood at 1145.61 MT during the same period last year. The loading of iron and steel, cement, and other goods has increased.

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Bitcoin surges past $60,000 to hit a record high

Bitcoin has crossed the $60,000-mark to hit a new record high on Saturday. The cryptocurrency is benefitting from optimism in financial markets after US President Joe Biden signed the $1.9 trillion Covid-19 relief package. Bitcoin has surged around 1,000% over the past year and has a market value of $1.12 trillion.

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IIFL Finance to close bond issue early on March 18

IIFL Finance Limited said that its bond issue will close on March 18 following better than expected response from investors. The issue of unsecured redeemable non-convertible debentures (NCDs) was scheduled to close on March 23. The NCDs, which offer up to 10.03% yield, have already been subscribed for Rs 468 crore. IIFL Finance is a non-banking financial company backed by the UK-based CDC Group.

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India’s FinTech industry valuation estimated at $150-160 billion by 2025: FICCI-BGG report

According to a report from Boston Consulting Group (BCG) and FICCI, India’s financial technology (FinTech) companies are likely to become three times more valuable in the next five years. The report states that the FinTech sector will reach a valuation of $150-160 billion (~Rs 10.9 lakh crore- Rs 11.6 lakh crore) by 2025. India’s dynamic FinTech industry has over 2,100 companies, of which 67% have been set up over the last 5 years alone.

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India imposes anti-dumping duty on Chinese antibacterial drug

The Indian government has imposed anti-dumping duty in the range of $0.91-$3.27 per kilogram on the Chinese antibacterial drug- Ciprofloxacin. The Directorate General of Trade Remedies (DGTR) had recommended imposing the duty after it found that the drug was being exported to India at a cheaper rate, which resulted in dumping. The anti-dumping duty has been imposed for a period of five years. This will help protect the domestic pharma industry.

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Adani Group, AAI Sign Concession Agreement for 3 Airports – Top Indian Market News

Adani Group signs concession agreement with AAI for Jaipur, Guwahati, TVM airports

Adani Group has signed a concession agreement with the Airports Authority of India (AAI) for operating and maintaining Jaipur, Guwahati, and Thiruvananthapuram airports. The concession period is 50 years from the commercial operation date. The group will now get six months to take over the three airports. Adani Group had emerged as the highest bidder for six AAI airports, namely, Lucknow, Mangalore, Ahmedabad, Jaipur, Guwahati, and Thiruvananthapuram in February 2019.

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Alembic Pharma Q3 Results: Net profit rises 25% YoY to Rs 292 crore

Alembic Pharmaceuticals Ltd reported a 24.92% YoY increase in consolidated net profit to Rs 292.57 crore for the quarter ended December (Q3). The drug firm’s consolidated revenue rose 9% YoY to Rs 1314 crore during the same period. The company’s performance in Q3 was led by strong growth in its India formulation business, which grew 14% YoY to Rs 418 crore. 

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Petrol price touches record high of Rs 85 in Delhi; diesel crosses Rs 75 mark

The price of petrol in Delhi rose by 25 paise on Tuesday, reaching an all-time high of Rs 85.20 per litre. The diesel price has jumped to Rs 75.38 per litre in the national capital. The rates have been hiked for the second consecutive day after remaining unchanged for three days. State-owned fuel retailers– Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)– resumed daily price revision on January 6 after nearly a month-long hiatus. Since then, fuel rates have gone up by Rs 1.49 a litre on petrol and Rs 1.51 in the case of diesel.

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CSB Bank Q3 Results: Net profit rises 88% YoY to Rs 53 crore

Kerala-based CSB Bank reported an 88% YoY increase in net profit to Rs 53 crore for the quarter ended December (Q3). The bank’s net interest income (NII) grew by 61.8% YoY during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] CSB Bank’s overall provisions stood at Rs 111 crore in Q3. The bank has also announced a voluntary retirement scheme (VRS) for its select employees.

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Bank of Maharashtra Q3 Results: Net profit rises 14% YoY to Rs 154 crore

Bank of Maharashtra reported a 14% YoY increase in net profit to Rs 154 crore for the quarter ended December (Q3). The Pune-based lender’s total income rose 3.42% YoY to Rs 3,577 crore. On the asset quality front, the bank recorded improvement with gross non-performing assets (NPAs) falling from 16.77% in Q3 of the previous financial year to 7.69% in Q3 FY21. The bank’s provisions fell by more than 80% YoY to Rs 498 crore in Q3.

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IRFC IPO gets fully subscribed on Day 2

The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC) was fully subscribed on the second day of bidding. The IPO has received bids for 152.6 crore equity shares, against an offer size of over 124.75 crore equity shares. The portion set aside for retail investors witnessed a subscription of 2.33 times and that of employees 27.40 times. The reserved portion of non-institutional investors was subscribed 24.3% and that of qualified institutional buyers 0.16%.

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CEAT Q3 Results: Net profit rises 150% YoY to Rs 132 crore

Ceat Ltd reported a 150% YoY increase in consolidated net profit to Rs 132 crore for the quarter ended December (Q3). The tyre manufacturer’s revenue surged 26% YoY to Rs 2,221 crore during the same period. The company’s strong performance in Q3 was backed by an increase in overall vehicle production. Sales in the after-market segment had also made a strong comeback.

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Tata Communications Q3 Results: Net profit jumps 5-fold to Rs 309 crore

Tata Communications’s net profit jumped 5 times (or 425%) YoY to Rs 309.41 crore for the quarter ended December (Q3). The company’s revenue stood at Rs 4,222.83 crore during the same period. The growth in profits at an operational level was largely due to a fall in network and transmission costs. The firm had also introduced cost-cutting measures in the current financial year. 

Hatsun Agro Q3 Results: Net profit rises 141% YoY to Rs 67 crore

Hatsun Agro Products Ltd reported a 141.2% YoY increase in net profit to Rs 67.3 crore for the quarter ended December (Q3). It had posted a net profit of Rs 28 crore in the corresponding period in FY20. The company’s revenue rose 4.1% YoY to Rs 1,394.6 crore in Q3 FY21. Chennai-based Hatsun Agro is a leading private sector dairy company.

Brigade Group launches 11-acre residential project at Hyderabad

Brigade Group announced the expansion of its footprint in Hyderabad by launching a residential project named ‘Brigade Citadel’. The 11-acre residential project is situated in Hyderabad’s Moti Nagar area. Brigade Citadel comprises of over 1,300 luxurious two and three-bedroom homes which are competitively priced, starting at Rs 75 lakh and Rs 99 lakh, respectively. 

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Man Industries secures order worth Rs 250 crore

Pipe manufacturer Man Industries (India) Ltd announced that it has secured orders worth Rs 250 crore. The orders will be executed over the next 5 months. Man Industries is the flagship company of Man Group and is one of the largest players in longitudinal submerged arc welding (LSAW) pipes, spirally welded pipes, and coating systems.

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