Tag: Tata Consumer Products

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IOCL Posts Net Profit of Rs 12,967Cr in Q2 – Top Indian Market Updates

Indian Oil

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

IOCL Q2 Results: Net profit at ₹12,967 crore

Indian Oil Corporation Ltd (IOCL) reported a net profit of ₹12,967 crore for the quarter ended September (Q2 FY24). IOCL posted a net loss of ₹272 crore in the same quarter last year. Its revenue from operations fell 11% YoY to ₹2.02 lakh crore in Q2 FY24. EBITDA stood at ₹21,313 crore. The company’s board has declared a dividend of ₹5 per equity share.

Read more here.

India’s fiscal deficit for April-Sept at ₹7.02 lakh crore

According to Government data, India’s fiscal deficit for the first six months of this financial year (FY24) stood at ₹7.02 lakh crore, or 39.3% of annual estimates. It was ₹6.19 lakh crore during the corresponding period of last year (FY23). The fiscal deficit for April-September 2022 was 37.3% of the target for 2022-23.

A fiscal deficit is the difference between the government’s income and expenditure. It is an indication of the total borrowings needed by the Centre.

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L&T Q2 Results: Net profit rises 45% YoY to ₹3,223 crore

Larsen & Toubro Ltd (L&T) reported a 45% YoY increase in net profit to ₹3,223 crore for the quarter ended September (Q2 FY24). Its consolidated revenue grew 19% YoY to ₹51,024 crore during the same period. EBITDA stood at ₹5,632 crore. Total expenses for the quarter rose marginally to ₹1,012 crore. The company received orders worth ₹89,153 crore at the group level during the quarter, up 72% YoY.

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Zee, Sony merger energised as SAT lifts ban on Punit Goenka

The Securities Appellate Tribunal (SAT) overturned a regulatory ban on Punit Goenka that prevented him from holding a directorship or top managerial role in a listed entity. Punit Goenka is the managing director and chief executive of Zee Entertainment Enterprises Ltd (ZEEL). SAT’s ruling has potentially hastened ZEEL’s proposed merger with Culver Max Entertainment (Sony Pictures).

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GAIL Q2 Results: Net profit rises 56% YoY to ₹2,404 crore

GAIL Ltd reported a 56% YoY increase in standalone net profit to ₹2,404.89 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 1.25% YoY to ₹31,822 crore during the same period. EBITDA stood at ₹3,492 crore, up 43.5% YoY. The company’s petrochemical segment reported a loss of ₹161 crore in the quarter, compared to a loss of ₹346 crore last year.

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L&T wins ultra-mega contract in the Middle East

Larsen & Toubro Ltd (L&T) has secured the Letter of Intent (LoI) for an “ultra-mega” onshore project (worth more than ₹15,000 crores) from a prestigious client in the Middle East. The company also secured LoI for another “ultra-mega” project in the Middle East for a gas compression plant. L&T will engineer, procure and construct the gas processing plant consisting of inlet separation facilities, booster compression system and other works.

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Tata Consumer Q2 Results: Net profit rises 3% YoY to ₹338 crore

Tata Consumer Products Ltd reported a 3% YoY increase in net profit to ₹338 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 11% YoY to ₹3,734 crore during the same period. Consolidated EBITDA stood at ₹569 crore, up 30% YoY. 

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SBI Card, Reliance to launch lifestyle-focused credit card

SBI Card has partnered with Reliance Retail to launch the Reliance SBI Card credit card. Customers shopping at Reliance Retail’s fashion & lifestyle, grocery, consumer electronics, pharma, furniture, and jewellery stores will get rewards and benefits by using the Reliance SBI Card. The card is made out of recycled plastic and has been introduced on the RuPay platform.

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Zydus Lifesciences acquires LiqMeds Group for ₹690 crore

Zydus Lifesciences has acquired UK-based LiqMeds Group, which specialises in oral liquid products, for GBP 68 million (₹690 crores) in an all-cash deal. The pharma company will pay an upfront consideration of GBP 68 million and yearly earn-outs until 2026 depending on the achievement of certain agreed milestones towards the acquisition of the LiqMeds Group of companies. The acquisition is expected to be completed within a period of 10 working days from the date of execution.

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Adani Total Gas Q2 Results: Net profit rises 8% YoY to ₹173 crore

Adani Total Gas Ltd (ATGL) reported an 8% YoY rise in net profit of ₹173 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell 1% YoY to ₹1,179 crore during the same period. The share of profit from joint ventures reduced considerably to ₹5.7 crore in Q2, compared with ₹21 crore a year ago. 

Read more here.

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Market News Top 10 News

Vedanta Approves NCD Issue Worth Rs2,500Cr – Top Indian Market Updates

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

Vedanta approves issue of NCDs worth ₹2,500Cr

Vedanta’s board has approved raising to ₹2,500 crore through the issue of secured, unrated, unlisted, redeemable non-convertible debentures (NCDs). The company will issue 2.5 lakh NCDs with a face value of ₹1 lakh each. The issue will be done on a private placement basis. The NCDs could be issued in one or more tranches. Vedanta mentioned that this proposal is part of its routine refinancing that is undertaken in the ordinary course of business.

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JSW in talks with LG Energy Solution to make EV batteries

According to a report from Reuters, JSW is in early-stage talks with LG Energy Solution (LGES) for jointly manufacturing batteries in India. JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage. The move comes as the company presses ahead with plans to build electric vehicles locally.

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Adani Group forms JV to redevelop Dharavi slums

Adani Group’s property unit has formed a joint venture (JV) with Mumbai’s slum rehabilitation authority to redevelop the Dharavi. This is a key step towards rebuilding one of Asia’s biggest slums that is mixed in legal controversy. A spokesperson from Adani Group confirmed the formation of a new entity— Dharavi Redevelopment Project Pvt Ltd. This is a significant development as Adani faces an ongoing legal challenge from a rival bidder, Dubai-based SecLink Technologies Corp.

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Trucap Finance, HDFC Bank commence co-lending partnership for MSME business

HDFC Bank and TruCap Finance Ltd (TRU) have entered into a co-lending partnership. TRU will leverage its Lending-as-a-Service (LaaS) model to offer quality credit solutions to underserved borrowers. HDFC Bank and TRU will jointly offer MSME business loans and Gold Loans to borrowers predominantly in non-urban locations. TruCap Finance (TRU) is a non-banking finance company dealing in gold and business loans.

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Tata Consumer close to acquiring Ching’s Secret

Tata Consumer Products Ltd (TCPL) has emerged as the frontrunner to acquire Capital Foods Pvt Ltd at a valuation of ₹5,500 crore. Capital Foods is the maker of condiments, food products and ingredients under the Ching’s Secret and Smith & Jones brands. TCPL will first acquire 65-70% of the company from its three investors, with a pathway to acquire the rest in different phases.

Read more here.

ABB India to provide power to Samskip’s hydrogen-fueled container vessels

ABB India Ltd has secured an order from Netherlands-based global logistics company Samskip to provide a comprehensive power distribution system for two new-built short-sea container ships. The vessels will be among the world’s first of their kind to use hydrogen as a fuel. As part of its services, ABB will deliver Samskip with the new, compact version of the ABB Onboard DC Grid power distribution system to ensure optimal use of energy on board.

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IndiGo, British Airways enter into new codeshare partnership

IndiGo and British Airways have signed a codeshare agreement to further boost connections between India and the UK. Through this partnership, British Airways will add its code to a couple of destinations across IndiGo’s network which would allow customers to enjoy improved connectivity between India and the UK for travel from October 12. 

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BPCL issues corporate guarantee for $200 million loan availed by a subsidiary

Bharat Petroleum Corp Ltd (BPCL) has turned guarantor for a $200 million loan (~₹1,661 crore) availed by its step-down subsidiary. The company has issued a corporate guarantee in relation to the three-year term loan facility proposed to be availed by BPRL International BV through the State Bank of India, DIFC Branch. BPRL International is a wholly-owned subsidiary of Bharat PetroResources Ltd (BPRL), which is a subsidiary of BPCL.

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Bullishness Confirmed in Nifty!  – Post-Market Analysis

NIFTY started the day at 19,598 with a small gap-down of 12 points. After an initial fall of 50 points to 19,550 levels, the index made a strong uptrend rally of nearly 200 points to 19,750 levels. Nifty closed at 19,727, up by 116 points or 0.59%.

Nifty chart Sept 7 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 44,418. The index moved up nearly 350 points till 44,700 zones, took rejection, and fell till the opening levels. But then, similar to Nifty, BNF also showed bullishness and rose to 44,900. BNF closed at 44,878, up by 469 points or 1.06%.

Bank Nifty chart Sept 7 - post-market analysis | marketfeed

All indices except Nifty FMCG (-0.4%) and Nifty Pharma (-0.32%) closed flat-to-green. Nifty Realty (+1.48%) moved up the most.

Major Asian markets closed up to 1.3% in the red. European markets are currently trading mixed.

Today’s Moves

Coal India (+7.1%) was NIFTY50’s top gainer. The stock hit over a four-year high of ₹274.75.

Cochin Shipyard (+20%) hit a 52-week high of ₹1,146.15 on the back of a strong business outlook.

Other defence stocks like Mazagon Dock Shipbuilders (+9.5%) and Paras Defence (+4.08%) closed with strong gains today. 

Tata Consumer (-2.3%) was NIFTY50’s top loser. Yesterday, the FMCG company denied reports that it was in talks to buy a stake in Indian snack food chain Haldiram’s.

GSFC (-7.3%) fell sharply today.

Brightcom Group (-5.04%) fell for the eleventh consecutive session. The stock has been in a free fall as the company battles an investigation regarding the impairment of assets worth ₹868 crore via its international subsidiaries.

Markets Ahead

We knew about the importance of 19,600 levels in Nifty and talked about how if this level was crossed, we could expect a turnaround in the markets. And we witnessed this in both Nifty and Bank Nifty today.

Now, we could consider buying during dips in Nifty. In Bank Nifty, focus on the 45,000 round level. If it holds, it’s important to watch for the resistance level to be crossed for confirmation in the banking index as well.

Nifty: The major resistance level has been broken and the index gave a breakout. Now, the important support for Nifty will be the 19,620-640 zone. A breakdown from there can give us targets of 19,560 and 19,500. The immediate resistance to watch out for will be 19,740. A breakout from this level will take the index to 19,780 and 19,840 levels.

Bank Nifty: Reversal levels and important round level resistance is at 45,000. If there’s a breakout from 45,000, we could consider a buy-on-dips strategy with a target of 45,120 and 45,370 levels. The immediate support level to watch out for is 44,550-600. A breakdown from there can give us targets of 44,200 and 44,000.

Thursdays are now dedicated to Nifty expiry. As a result, the open interest (OI) per strike has doubled. Today, there were an astonishing 10 lakh open contracts. This surge is because Bank Nifty traders have shifted their positions to Nifty after closing their positions in Bank Nifty expiry on Wednesday.

When a large number of contracts go into trouble, it can trigger a rapid short-covering rally. This is precisely what happened today. The low volatility (low Vix) market today created problems for non-directional option sellers as call premiums surged 10 to 20 times within a short period in the second half of the day. This forced all call sellers to book losses. On the other hand, it was a favourable day for directional traders who accurately predicted the upside and held their positions until the end.

How did expiry day trading go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

Axis Bank Posts 40% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 40% YoY to ₹5,797 crore

Axis Bank reported a 40% year-on-year (YoY) increase in consolidated net profit of ₹5,797 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 27% YoY to ₹11,959 crore during the same period. The bank’s operating profit grew 50% YoY to ₹8,814 crore. The gross non-performing assets (GNPA) ratio declined by 80 basis points to 1.96% in Q1 FY24.

Read more here.

M&M acquires 3.53% stake in RBL Bank for ₹417 crore

Mahindra & Mahindra has acquired a 3.53% stake in RBL Bank Ltd for ₹417 crore. The automaker said it will consider further investment subject to regulatory approval and required procedures, but won’t acquire more than a 9.9% stake. While the exact date of the transaction remains unclear, RBL Bank had not mentioned M&M in its June shareholding data.

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Tech Mahindra Q1 Results: Net profit falls 39% YoY to ₹693 crore

Tech Mahindra reported a 39% YoY decline in consolidated net profit to ₹693 crore for the quarter ended June (Q1 FY24); missing street estimates. Its consolidated revenue rose 4% YoY to ₹13,159 crore during the same period. EBITDA fell 29% YoY to ₹1,338 crore in Q1. The new deal wins in the June quarter more than halved to $359 million.

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Embassy Office Parks REIT expects to lease 6 million sq ft of office space in FY24

Embassy Office Parks REIT expects to lease 6 million sq. ft. of office space in FY24, despite global financial turmoil and corporates reassessing their real estate portfolio. The company leased 1.1 million sq. ft. across 22 deals, encompassing 4 lakh sq. ft. of new leases and pre-leasing of 4.48 lakh sq. ft., at premium rates to market rents. In Q1 FY24, Embassy REIT achieved a net operating income (NOI) of ₹738 crores, marking a 9% YoY growth.

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Cipla Q1 Results: Net profit rises 45% YoY to ₹996 crore

Cipla Ltd reported a 45% YoY increase in consolidated net profit to ₹996 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations stood at ₹6,329 crore during the same period, up 18% YoY. EBITDA grew 31% YoY to ₹1,494.02 crore in Q1. The 12% growth in its Indian business was led by growth across branded prescription, trade generics, and consumer health.

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BHEL synchronises 660 MW Unit-2 of Maitree thermal power project

Bharat Heavy Electricals Ltd has synchronised 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh. Synchronisation of a thermal power plant means the beginning of electricity supply through the main grid at prescribed parameters. Maitree STPP is being set up by BHEL for the Bangladesh-India Friendship Power Company (BIFPCL).

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Dr Reddy’s Labs Q1 Results: Net profit rises 18% to ₹1,405 crore

Dr Reddy’s Labs reported an 18.2% YoY increase in consolidated net profit to ₹1,405 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations rose 29% YoY to ₹6,758 crore during the same period. The growth in the consolidated revenue of Dr Reddy’s was primarily on account of new product launches, continued momentum in existing products, and favourable forex rates movement.

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Shree Cement to invest ₹7,000 crore on capacity expansion

Shree Cement said it will invest ₹7,000 crore for capacity expansion in the next phase of capacity augmentation. The company will invest in setting up a clinker capacity of 3.65 million tonnes in Pali, Rajasthan. It will also invest in a cement capacity of 6 million tonnes at Pali, Rajasthan and Etah, Uttar Pradesh.

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Tata Consumer Q1 Results: Net profit rises 30% YoY to ₹359 crore

Tata Consumer Products Ltd reported a 30% YoY increase in consolidated net profit to ₹359  crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 12% YoY to ₹3,741 crore during the same period.  The revenue growth is mainly driven by a strong 16% uptick in India Business, 3% in international business, and 5% in non-branded business. EBITDA stood at ₹547 crore in Q1, up 19% YoY.

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Tata Motors to convert DVR shares to ordinary shares

The board of Tata Motors approved the cancellation of its entire DVR or ‘A’ ordinary shares. Holders of the DVR will get seven ordinary shares for every 10 DVRs held. This marks a premium of 23% over the previous day’s close of the DVR shares and a 30% discount to Tata Motors’ ordinary shares. The proposed scheme to cancel DVR shares will lead to a reduction in Tata Motor’s outstanding equity shares by 4.2%.

To learn more about DVR shares, click here.

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Bajaj Finance Q1 Results: Net profit rises 32% YoY to ₹3,437 crore

Bajaj Finance reported a 32.4% YoY increase in consolidated net profit to ₹3,437 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 35% YoY to ₹12,498 crore during the same period. Net interest income (NII) for the quarter increased by 26% YoY to ₹8,398 crore. The company’s assets under management (AUM) as of June 30 stood at ₹2.70 lakh crore, up 32% from the year-ago period.

Read more here.

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

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

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

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

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

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

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

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

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

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

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

Read more here.

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Titan’s Net Profit Falls 4% in Q3 – Top Indian Market Updates

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

Titan Q3 Results: Net profit falls 4% YoY to ₹951 crore

Titan Ltd reported a 4% YoY decline in net profit to ₹951 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 11% YoY to ₹10,444 crore during the same period. ​​The company’s jewellery business registered a total income of ₹9,518 crore in Q3, up 11% YoY. Titan’s eye care segment registered a 12% YoY growth in total income to ₹174 crore in Q3.

Read more here.

Mahindra Electric Mobility merges with parent Mahindra & Mahindra

Mahindra Electric Mobility Ltd (MEML) has officially merged into the parent company, Mahindra and Mahindra Ltd (M&M). The merger received final approval from the National Company Law Tribunal (NCLT) on January 13. With this merger, M&M aims to synergise electric vehicle (EV) development, manufacturing, and sales operations.

Read more here.

HDFC Q3 Results: Net profit rises 13% YoY to ₹3,691 crore

HDFC Ltd reported a 13% YoY increase in net profit to ₹3,691 crore for the quarter ended December (Q3 FY23). The mortgage lender’s revenue from operations grew 29% YoY to ₹15,230 crore during the same period. Income from interest stood at ₹14,457 crore in Q3, up 30% YoY. Dividend income more than doubled to ₹482 crore in Q3.

Read more here.

Reliance Retail begins accepting govt’s digital rupee for sales

Reliance Retail has started accepting retail payments via the Indian government’s Digital Rupee across its stores in the country. The company launched the first in-store acceptance of the RBI-created and blockchain-based Central Bank Digital Currency (CBDC) at its gourmet food store Freshpik. The CBDC is the digital version of fiat money that will co-exist will hard cash.

Read more here.

Dabur India Q3 Results: Net profit falls 5% YoY to ₹476 crore

Dabur India Ltd reported a 5.4% YoY decline in consolidated net profit to ₹476 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.4% YoY to ₹3,043.2 crore during the same period. Dabur’s homecare business registered a strong 18% YoY growth in Q3. The company said it is facing many adverse conditions in the rural markets due to inflationary pressures.   

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Bharti Airtel completes merger of Nettle Infrastructure, Telesonic Networks

Bharti Airtel Ltd has completed the merger of its wholly-owned subsidiaries Nettle Infrastructure Investments Ltd and Telesonic Networks Ltd. Around 30,000 non-convertible debentures (NCDs) of the face value of ₹10,00,000 each (aggregating to ₹3,000 crore) and 17,500 listed commercial papers of 5,00,000 each (aggregating to ₹875 crore) issued by Telesonic will also be transferred to Bharti Airtel.

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SBI gave loans worth ₹21,000 crore to Adani Group firms: Report

According to a Bloomberg report, India’s largest public lender State Bank of India (SBI_ has given loans of as much as ₹21,000 crore to Adani Group firms. SBI’s exposure includes $200 million from Adani’s overseas units. Reuters reported that the Reserve Bank of India had asked public sector banks for details of their exposure to the Adani Group of companies. Adani Group firms’ stocks lost a combined market capitalisation of over ₹8.2 lakh crore in the past week due to a scathing report by US-based short seller firm Hindenburg Research. 

Read more here.

Apollo Tyres Q3 Results: Net profit rises 30% YoY to ₹292 crore

Apollo Tyres Ltd reported a 30% YoY increase in consolidated net profit to ₹292 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 13% YoY to ₹6,423 crore during the same period. Input costs eased to some extent in the past quarter, which helped the tyre manufacturer improve margins.

Read more here.

Tata Consumer Q3 Results: Net profit rises 26% YoY to ₹364 crore

Tata Consumer Products reported a 26% YoY increase in consolidated net profit to ₹364.43 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 8.3% YoY to ₹3,474.5 crore during the same period. The FMCG company’s EBITDA stood at ₹458 crore, down 2% YoY. The coffee business recorded revenue growth of 34% YoY, while its India foods business registered a 29% revenue growth in Q3.

Read more here.

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ICICI Bank, Axis Bank to Acquire Stake in IOCL’s JV – Top Indian Market Updates

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

ICICI Bank, Axis Bank to acquire stake in IOCL’s JV

ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.

Read more here.

Tata Consumer to buy Bisleri International for ₹7,000Cr: Report

According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.

Read more here.

Canara Bank launches Electronic Bank Guarantee with NeSL

Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.

Read more here.

Bajaj Electricals partners with Cultinno to kick off innovation challenge

Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation

Read more here.

USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant

The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.

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Coal stock at thermal power plants may reach 45 MT by March-end

The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.

Read more here.

Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’

Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest. 

Read more here.

Sonata Software secures multi-year deal from Global Cloud Xchange

Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.

Read more here.

L&T Construction secures order from Greenko Group

Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).

Read more here.

Laurus Labs to acquire 26% stake in Ethan Energy

Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.

FDI equity inflows fall 24% YoY in Q2: DPIIT

Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT). 

Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.

Read more here.

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Asian Paints Posts 31% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Asian Paints Q2 Results: Net profit rises 31% YoY to ₹783 crore

Asian Paints Ltd reported a 31.3% YoY increase in consolidated net profit to ₹782.71 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19% YoY to ₹8,457.6 crore during the same period. EBITDA stood at ₹1,227.7 crore in Q2, up 36% YoY. The company’s board has approved an interim dividend of ₹4.4 per share.

Asian Paints will invest ₹2,100 crore to set up a facility to manufacture Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM). VAE is a key constituent to manufacturing environmentally friendly paints, and VAM is a key input to making VAE.

Read more here.

Coal import to be stopped by 2024: Pralhad Joshi

Union Coal Minister Pralhad Joshi said the import of coal, which has declined considerably, will be stopped by 2024. The minister said commercial coal mine auction, which was institutionalised by the present government, has made the auctioning process totally transparent. According to Joshi, coal production in the current financial year (FY23) is expected to touch 900 million tonnes.

Read more here.

Axis Bank Q2 Results: Net profit rises 70% YoY to ₹5,330 crore

Axis Bank reported a 70% YoY (or 29% QoQ) increase in net profit to ₹5,330 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 31% YoY to ₹10,360 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 2.5% in Q2, compared to 2.76% in Q1. Provisions fell 68% YoY to ₹549.78 crore in Q2 FY23.

Read more here.

Bajaj Finance Q2 Results: Net profit rises 88% YoY to ₹2,781 crore

Bajaj Finance reported an 88% YoY increase in net profit to ₹2,781 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 31% YoY to ₹7,001 crore during the same period. The assets under management (AUM) stood at ₹2,18,366 crore in Q2, up 31% YoY. The gross non-performing assets ratio (GNPA) improved to 1.17% in Q2, compared to 2.45% in Q1. 

Read more here.

SEBI clears govt proposal to turn Vodafone Idea dues into equity: Report

As per a Reuters report, the Securities & Exchange Board of India (SEBI) has approved the government’s proposal to convert Vodafone Idea’s dues of over $1.92 billion to equity. Last year, the central government approved a rescue package for debt-strapped telecom companies that allowed them to convert interest on deferred adjusted gross revenues (AGRs) owed to the government into equity. 

Vi’s board is scheduled to meet on October 21 to consider the issuance of debentures convertible into equity shares on a preferential basis to a vendor.

Read more here.

Tata Consumer Q2 Results: Net profit rises 22% YoY to ₹328 crore

Tata Consumer Products Ltd reported a 22% YoY increase in net profit to ₹327.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 11% YoY to ₹3,363.1 crore during the same period. The FMCG company’s expenses stood at ₹3,021.9 crore in Q2, up12% YoY. Revenue from its India business grew 9.2% YoY to ₹2,159.9 crore.

Read more here.

Adani Transmissions secures ₹1,300 crore deal from Mumbai’s BEST

Adani Transmission Ltd has secured a deal worth ₹1,300 crore to install and maintain 10.80 lakh smart meters for BEST Undertaking. The Brihanmumbai Electric Supply and Transport (BEST) Undertaking is a state-run utility that serves consumers in the island city exclusively. The current contract involves installing the smart meters over 30 months and maintaining them for the following 90 months.

Read more here.

Dixon Tech Q2 Results: Net profit rises 23% YoY to ₹77 crore

Dixon Technologies Ltd reported a 23.11% YoY increase in consolidated net profit to ₹77.12 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 37.91% YoY to ₹3,866.77 crore during the same period. Total expenses stood at ₹3,766.54 crore in Q2, up 38.24% YoY. Revenue from its consumer electronics business stood at ₹1,500.7 crore, while revenue from lighting products stood at ₹290.4 crore.

Read more here.

Glenmark Pharma launches drug for diabetic patients with comorbidities

Glenmark Pharmaceuticals Ltd has launched a fixed-dose combination for the treatment of diabetes for patients with comorbidities (more than one disease or medical condition). The Mumbai-based drug maker has become the first company to launch Teneligliptin (20mg) + Dapagliflozin (5mg/10mg) fixed-dose combination to treat Type-2 diabetes in adult patients. The new drug is marketed under the Zita D brand.

Read more here.

IEX Q2 Results: Net profit falls 7% YoY to ₹71 crore

Indian Energy Exchange (IEX) reported a 7% YoY decline in consolidated net profit to ₹71 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 13% YoY to ₹95 crore during the same period. EBITDA stood at ₹78.9 crore in Q2, down 17% YoY.

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RBI Hikes Key Lending Rate to 4.4% – Top Indian Market News

RBI hikes key lending rate to 4.4%

The Reserve Bank of India (RBI) has raised its key lending rate (repo rate) by 40 basis points (bps) to 4.40% with immediate effect. RBI Governor Shaktikanta Das said the decision was taken in view of rising inflation, geopolitical tensions, and high crude oil prices, which have impacted the Indian economy.

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Kotak Mahindra Bank Q4 Results: Net profit rises 65% YoY to Rs 2,767 crore 

Kotak Mahindra Bank reported a 65% YoY increase in net profit to Rs 2,767 crore for the quarter ended March (Q4 FY22). Its net interest income rose 18% YoY to Rs 4,521 crore during the same period. The gross non-performing assets ratio stood at 2.34% in Q4 FY22, compared to 2.71% in Q3 FY22. The bank’s board has declared a dividend of Rs 1.10 per share.

Read more here.

UPL acquires new naturally-derived fungicide

UPL Limited has acquired OptiCHOS, a naturally-derived fungicide, for its natural plant protection (NPP) business unit. The NPP portfolio houses natural and biologically derived agricultural inputs and technologies. UPL will identify potential markets for OptiCHOS and launch registration & approval processes to make the product available to farmers.

Read more here.

Tata Consumer Q4 Results: Net profit jumps 303% YoY to Rs 217 crore

Tata Consumer Products Ltd reported a 303.6% YoY jump in consolidated net profit to Rs 217 crore for the quarter ended March (Q4 FY22). Net profit fell 17.92% when compared to the previous quarter. Its revenue from operations grew 4.54% YoY to Rs 3,175.41 crore during the same period. EBITDA stood at Rs 444 crore in Q4, up 47% YoY. The FMCG major’s board has declared a final dividend of Rs 6.05 per share.

Tata Power Renewables commissions 120 MW solar project in Gujarat

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 120 MW solar project in Masenka, Gujarat. TPREL is a wholly-owned subsidiary of Tata Power. The project will produce 3.05 lakh MWh annually for Gujarat Government (GUVNL) and reduce up to 1.03 lakh tonnes of carbon dioxide annually.

Read more here.

Havells India Q4 Results: Net profit rises 16% YoY to Rs 352 crore

Havells India Ltd reported a 16% YoY (or 15.20% QoQ) increase in consolidated net profit to Rs 352.48 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 33% YoY (or 22% QoQ) to Rs 4,426 crore during the same period. EBITDA stood at Rs 519 crore in Q4, up 2% YoY. Havells India’s board has declared a dividend of Rs 4.5 per share.

Alembic Pharma arm gets final USFDA approval for generic fever blisters drug

Aleor Dermaceuticals, a subsidiary of Alembic Pharmaceuticals, has received final approval from the US Food & Drug Administration (USFDA) for its generic Docosanol cream. The drug is used for the treatment of cold sore/fever blisters on the face or lips. According to IQVIA data, Docosanol cream had an estimated market size of $60 million for the 12 months ended December 2021.

Read more here.

Adani Green Energy Q4 Results: Net profit rises 16% YoY to Rs 121 crore

Adani Green Energy Ltd (AGEL) reported a 16% YoY increase in net profit to Rs 121 crore for the quarter ended March (Q4 FY22). Its total income rose 46.6% YoY to Rs 1,587 crore during the same period. AGEL, the world’s largest solar power developer, aims to build 45 gigawatts (GW) of renewable capacity by 2030.

LIC IPO subscribed 67% on first day of bidding 

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 0.67 times (or 67%) on the first day of bidding. Retail investors have subscribed 0.6 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 0.27 times and 0.33 times, respectively, against their reserved portions. LIC policyholders have subscribed 1.99 times the portion reserved for them.

To learn more about the IPO, click here.

ABB India Q1 Results: Net profit jumps 164% YoY to Rs 373 crore

ABB India Ltd reported a 163.9% YoY jump in net profit to Rs 373 crore for the quarter ended March (Q1 CY22). The company follows the January-December financial year cycle. Its net profit rose 98.2% when compared to the previous quarter. The company’s total income grew 19.16% YoY to Rs 2,005.62 crore during the same period. ABB India develops, sells products and system solutions to industries, channel partners, and original equipment manufacturers in India.

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Axis Bank Acquires Citi India’s Retail Assets for $1.6B – Top Indian Market News

Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of the consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management, and consumer loans. It also includes the sale of the consumer business of Citi’s non-banking financial company (NBFC), Citicorp Finance (India) Ltd.

Read more here.

Reliance Jio lost 93 lakh subscribers in Jan 2022; Airtel gains 7.14 lakh subscribers

As per the latest subscriber data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio lost 93.32 lakh subscribers in January 2022. Vodafone Idea lost 3.7 lakh subscribers during the same month. Meanwhile, Bharti Airtel gained 7.14 lakh subscribers in Jan. Reliance Jio held the largest market share at 35.49%, followed by Bharti Airtel (31.13%) and Vodafone Idea (23.15%).

Read more here.

Sundaram Fasteners wins incentive approval under PLI scheme

Sundaram Fasteners Ltd (SFL) has qualified for incentives from the Ministry of Heavy Industries for its proposed investments in making powertrain sub-assemblies for electric vehicles (EVs) and internal combustion engine (ICE) vehicles. Companies selected for incentives under this scheme will get 8-11% of the determined sales value. SFL will set aside Rs 350 crore to make advanced automotive tech components for EVs and ICE vehicles.

Read more here.

Sun Pharma signs licensing pact with Lundbeck to launch anti-depressant pill

Sun Pharmaceutical Industries Ltd has entered into an exclusive patent licensing agreement with Danish drugmaker Lundbeck to market and distribute its version of antidepressant medication Vortioxetine in India. The drug will be marketed under the brand name Vortidiftm. The product is approved in over 80 countries, including the US, EU, Canada, and Australia.

Read more here.

CCI raids offices of CEAT, Apollo Tyres: Report

As per a Reuters report, the Competition Commission of India (CCI) raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres and CEAT, in a case of suspected competition law violations. The report said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

Read more here.

BHEL secures order for compressor package from Iraq

Bharat Heavy Electricals Ltd (BHEL) has won an order for a compressor package from Iraq. The order was placed by Northern Refineries Company (NRC), a company owned by the Ministry of Oil, Iraq. It includes the design, engineering, manufacturing, and supply of an electric motor-driven recycle gas centrifugal compressor.

Read more here.

Godrej Properties to develop a 9-acre project in Pune

Godrej Properties Ltd (GPL) has acquired a 9-acre land parcel in the residential micro-market of Pimpri-​Chinchwad in Pune. The development will primarily be for a group housing project. The project will have a developable potential of around 1.7 million sq. ft. of saleable area. Based on current business assumptions, it has an estimated revenue potential of ~Rs 1,400 crore.

Read more here.

Tata Consumer Products to merge Tata Coffee business with itself

Tata Consumer Products Ltd (TCPL) has announced the merger of all businesses of Tata Coffee Ltd (TCL) with itself. This is part of a reorganization plan in line with TCPL’s strategic priority of unlocking synergies and efficiencies. Initially, the plantation business of TCL will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL). Then, the remaining business of TCL (extraction and branded coffee business) will be merged with TCPL.

Read more here.

Dilip Buildcon emerges lowest bidder for road project worth Rs 1,589 crore

The National Highways Authority of India (NHAI) has declared Dilip Buildcon Ltd as the lowest (L-1) bidder for a road project in Karnataka. The scope of the project includes the development of a six-lane access controlled greenfield highway from Maradgi S Andola to Baswantpur section of NH-150C. The bid project cost for the 65.50 km long project is Rs 1,589 crore. 

In other news, G R Infroprojects Ltd has received a Letter of Award (LoA) from NHAI for five new road projects worth ~Rs 5770 crore.

Read more here.

HDFC Bank, Shoppers Stop launch co-branded credit cards

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 80 lakh ‘First Citizen’ customers of Shoppers Stop along with HDFC Bank customers. HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next 2-3 years. 

Read more here.

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UPL Approves Rs 1,100 crore Share Buyback Plan – Top Indian Market News

UPL approves Rs 1,100 crore share buyback plan

The Board of Directors of UPL Limited has approved a proposal to buy back equity shares worth Rs 1,100 crore. The company will buy back 1.26 crore equity shares (or 1.65% of the total paid-up capital) at Rs 875 per share through the open market. The maximum buyback price represents a 26.85% premium to Wednesday’s closing price.

Read more here.

India’s manufacturing PMI rises to 54.9 in February

India’s manufacturing activity recovered in February after decelerating to a four-month low in January. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.9 in Feb 2022, compared to 54 in January. Output levels and new orders expanded at a stronger pace last month. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

Read more here. 

Dalmia Bharat consolidates its India refractory businesses under single entity

Dalmia-OCL, the refractory business of the Dalmia Bharat Group, announced the merger of all its domestic businesses into a single consolidated entity— Dalmia Bharat Refractories Ltd (DBRL). Dalmia Refractories Ltd, Dalmia Cement Bharat Ltd – Refractory Unit, and GSB India will transition into DBRL. The consolidation is aimed at strengthening DBRL’s financial standing, increasing its investment capabilities, and expanding its talent base.

Read more here.

TCS secures deal from CEMEX for digital transformation project

Mexico-based CEMEX has selected Tata Consultancy Services (TCS) to accelerate its digital transformation and improve employee experience for more than 40,000 people worldwide. TCS will help drive CEMEX’s global ‘Working Smarter’ initiative that aims to adapt to evolving market needs and improve business agility. The IT firm will work closely with CEMEX over the next seven years to achieve its vision with a digitally-enabled smart workplace.

Read more here.

Infosys onboards 12 lakh people for its digital learning initiative

IT services firm Infosys Ltd has onboarded 12 lakh people for Infosys Springboard, its flagship digital reskilling program. Infosys Springboard has partnered with over 700 educational institutions and departments of the State Governments of Karnataka, Maharashtra, and Uttar Pradesh to realise this vision. This move will help Infosys make sustained progress on its commitment to digitally reskill more than 1 crore people by 2025.

Read more here.

Tata Consumer Products looks to ramp up workforce by 8-10%

Tata Consumer Products Lyd is looking to ramp up its workforce by 8-10% this year. The FMCG company currently has around 3,300 employees on its rolls. It will be ramping up talent across functions, including marketing, digital and technology, sourcing, and commercial areas of business.

Read more here.

HCL Tech opens Center of Excellence with IBM

HCL Technologies Ltd has opened a Center of Excellence (CoE) with US-based multinational technology corporation IBM. The CoE will help communication service providers modernize their network infrastructure and simplify operations. The center is a virtual hub to develop offerings designed to help clients in the telecom industry to transform their network.

Read more here.

Religare Enterprises to create war chest for new business ventures

Religare Enterprises Ltd (REL) is setting up a war chest (or a reserve of funds) for venturing into new businesses. The financial services provider has announced plans to enter new strategic sectors, including asset reconstruction, alternate investment funds, and insurance broking. REL also said it has become debt-free by repaying Rs 185.5 crore that it owed to its subsidiary Religare Finvest Ltd.

Read more here.

Maruti Suzuki records marginal rise in production in Feb

Maruti Suzuki India Ltd reported a marginal increase in production in February 2022. The automaker reported total production of 1,69,692 units in February, compared to 1,68,180 units in the same month last year. Its passenger vehicle production stood at Rs 1,65,672 units, compared to 1,65,783 units in February last year. The shortage of electric components has a minor impact on production.

Read more here.

Petrol, diesel price hikes likely to restart from next week

Petrol and diesel price hikes are likely to resume after state elections get over next week. Fuel rates could see a hike of up to Rs 9 per litre to bridge the gap created by international crude oil prices surging past $100 a barrel. Global crude oil prices shot above $110 per barrel for the first time since mid-2014. This is due to fears that oil and gas supplies from Russia could be disrupted due to its ongoing conflict with Ukraine and retaliatory sanctions.

Read more here.

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RIL Reports 43% YoY Rise in Net Profit in Q2 – Top Indian Market News

Reliance Industries Q2 Results: Net profit rises 43% YoY to Rs 13,680 crore

Reliance Industries Ltd (RIL) reported a 43% YoY increase in net profit to Rs 13,680 crore for the quarter ended September (Q2 FY22). Net profit increased by 11% compared to the previous quarter. Its revenue from operations rose 49% YoY (or 21% QoQ) to Rs 1.74 lakh crore during the same period. The company posted a record quarterly consolidated operating profit of Rs 30,283 crore, an growth of 30% YoY.

 Jio Platforms reported a net profit of Rs 3,728 crore in Q2, up 23% YoY. Its revenue from operations rose ~7% YoY (or 4.4% QoQ) to Rs 19,777 crore.

Read more here.

Tata Consumer Q2 Results: Net profit rises 4% YoY to Rs 268 crore

Tata Consumer Products Ltd (TCPL) reported a 4.2% YoY increase in consolidated net profit to Rs 268.04 crore for the quarter ended September (Q2 FY22). Net profit increased by 44.77% compared to the previous quarter. Its revenue from operations rose 9.1% YoY to Rs 3,033.1 crore during the same period. TCPL’s revenue growth in Q2 was aided by a 14% YoY rise in the India beverages segment and a 23% YoY rise in the India foods business.

Read more here. 

Adani Green’s subsidiary secures 450 MW wind energy project

Adani Renewable Energy Holding Fifteen Ltd (AREHFL) has received a Letter of Award (LOA) for setting up a 450 megawatt (MW) wind energy project. AREHFL is a subsidiary of Adani Green Energy Ltd (AGEL). The fixed tariff for this project capacity is Rs 2.70 per kilowatt-hour (kWh) for 25 years. With this, AGEL has a total renewable energy project portfolio of 20,284 MWac capacity

Read more here.

HDFC Life Q2 Results: Net profit falls 16% YoY to Rs 276 crore

HDFC Life Insurance reported a 16% YoY decline in consolidated net profit to Rs 275.91 crore for the quarter ended September (Q2 FY22). Its total income rose 24.6% YoY to Rs 20,478.46 crore during the same period. HDFC Life’s net premium income (NPI) stood at Rs 11,445.33 crore in Q2 FY22, compared to Rs 10,056.71 crore in Q1 FY21.

Read more here.

RBI announces scale-based regulatory framework for NBFCs

The Reserve Bank of India (RBI) has introduced a revised scale-based regulatory framework for non-banking financial companies (NBFCs). The framework encompasses different aspects of regulation of NBFCs, including capital requirements, governance standards, and prudential regulation. There will also be a ceiling of Rs 1 crore per borrower for financing subscription to an Initial Public Offer (IPO). It will be effective from October 1, 2022.

Read more here.

PVR Q2 Results: Net loss at Rs 153 crore

PVR Limited reported a consolidated net loss of Rs 153.13 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 184.06 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 120.32 crore in Q2 FY22. PVR’s total expenses rose 18.31% YoY to Rs 460.68 crore during the same period.

Read more here.

Hindustan Zinc Q2 Results: Net profit rises 4% YoY to Rs 2,017 crore

Hindustan Zinc Ltd (HZL) reported a 3.9% YoY increase in net profit to Rs 2,017 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 7.6% YoY to Rs 5,958 crore during the same period. The company’s total expenses increased by 4.2% YoY to Rs 3,571 crore in Q2. HZL said it is progressing well on its Environmental, Social, and Governance (ESG) journey and has committed to Net Zero emissions by 2050.  

Read more here.

Federal Bank Q2 Results: Net profit rises nearly 50% YoY to Rs 460 crore

Federal Bank reported a nearly 50% YoY increase in net profit to Rs 460.26 crore for the quarter ended September (Q2 FY22). Net profit rose ~25% compared to the previous quarter. Its net interest income (NII) rose 7% YoY to Rs 1,479.4 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.24% in Q2, compared to 3.50% in the previous quarter. Provisions declined by 53.9% YoY (or 54.8% QoQ) to Rs 245 crore in the July-Sept quarter of FY22. 

Read more here. 

Paytm gets SEBI approval for Rs 16,600 crore IPO

One97 Communications, the parent company of fintech platform Paytm, has received approval from market regulator SEBI to launch its Rs 16,600 initial public offering (IPO). The IPO comprises a fresh issue of shares of up to Rs 8,300 crore and an offer for sale (OFS) of up to Rs 8,300 crore. The proceeds from the IPO will be used to strengthen Paytm’s payment ecosystem and for new business initiatives and acquisitions.

In other news, FSN E-Commerce Ventures will open its IPO on October 28 (next Thursday). The company runs Nykaa, an online marketplace for beauty and wellness products. The price band of the IPO is fixed at Rs 1,085-1,125 per share. 

Read more here.

Tata Elxsi Q2 Results: Net profit rises 59% YoY to Rs 125 crore

Tata Elxsi Ltd reported a 58.9% YoY increase in net profit to Rs 125.33 crore for the quarter ended September (Q2 FY22). Net profit increased 10.55% compared to the previous quarter. The IT company’s revenue from operations rose 38.4% YoY (or 6.6% QoQ) to Rs 595.3 crore during the same period. 

Yes Bank Q2 Results: Net profit rises 74% YoY to Rs 225 crore

Yes Bank reported a 74.3% YoY increase in net profit to Rs 225 crore for the quarter ended September (Q2 FY22). Net profit increased ~9% compared to the previous quarter. Its net interest income (NII) fell 23.4% YoY to Rs 1,512 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 15% in Q2, compared to 15.6% in the previous quarter. Provisions declined by 65% YoY to Rs 377 crore in the July-Sept quarter of FY22. 

Read more here.