Tag: tata steel

Categories
Market News Top 10 News

India’s GDP Likely to Grow at 18.5% in Q1, says SBI Report – Top Indian Market News

India’s GDP likely to grow at 18.5% in April-June quarter: SBI Report

India’s gross domestic product (GDP) is expected to grow at 18.5% in the April-June quarter (Q1 FY22) due to a low base effect, said SBI in its Ecowrap research report. However, this projection is lower than the 21.4% growth projected by the Reserve Bank of India (RBI). The report further states that corporate results announced so far indicate that there is a substantial recovery in corporate gross value added (GVA) EBIDTA in Q1 FY22.

State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.

Read more here.

SC grants relief to Bharti Airtel in Videocon AGR dues case

The Supreme Court has granted relief to Bharti Airtel by restraining the Department of Telecommunications (DoT) from encashing the telecom company’s bank guarantees worth Rs 1,376 crores for 3 weeks for non-payment of Adjusted Gross Revenue (AGR) dues owed by bankrupt Videocon. Further, Bharti Airtel was allowed to move the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to seek protection from payment of Videocon AGR dues.

Read more here.

Wipro to hire 400 people for new delivery centre in Arkansas

Wipro Ltd announced that it will open a new delivery centre in Sherwood, Arkansas (US). The IT major expects to hire up to 400 employees for the centre in the next two years. The company will invest approximately $3 million (~Rs 22.2 crore) to transform a 70,000 square-foot facility at Landers Road into a customer service centre. The delivery centre will provide operational services to Wipro’s clients across industry verticals.    

Read more here.

Power Finance Corp signs MoU with NHPC to lend funds for development of hydro projects

Power Finance Corporation Ltd (PFC) has signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects. The signing of the MoU will further boost the long-standing association between the two companies and facilitate knowledge and technology transfer. The partnership will also work towards contributing to India’s sustainable development initiatives. 

Read more here.

Bajaj Finserv gets SEBI approval for mutual fund business

The Securities and Exchange Board of India (SEBI) has given its in-principal approval to Bajaj Finserv Ltd for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC). According to reports, Bajaj Finserv plans to offer all financial services and deliver seamlessly through an app-based platform. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

Read more here.

Tata Steel signs MoU with Mitsui OSK Lines to develop eco-friendly shipping line

Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL) to develop and deploy environment-friendly shipping solutions. Japan-based Mitsui OSK Lines is a global marine transport group. The objective of the agreement is to reduce greenhouse gas emissions in the ocean transportation of raw materials for the production of steel. This move is in line with Tata Steel’s larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain.

Read more here.

Tata Power’s arm commissions 150 MW solar project in Rajasthan

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 150 megawatt (MW) solar power project in Loharki, Rajasthan. The project is expected to generate more than 350 million units (MUs) of power annually and is spread across 756 acres of land. TPREL is a wholly-owned subsidiary of Tata Power. With the commissioning of this project, the total renewables installed capacity of Tata Power will be 2,947 MW.

Read more here.

Infosys signs three-year contract with UCAS

Infosys Ltd has signed a new minimum three-year contract with UCAS, the admissions service for UK higher education. As part of the new agreement, Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organizations. UCAS and Infosys have been engaged in a technology partnership since 2015.

Read more here.

ABB India expands capacity for LV motors in Faridabad plant

ABB India has expanded manufacturing capacity for Low Voltage (LV) motors at its Faridabad facility in Haryana, powered by renewable energy. The expansion will increase the company’s plant capacity by more than 20% and will further strengthen its presence in the region and global markets. The new line will develop energy-efficient motors up to 55 kilowatts (kW) for customers operating in different industrial segments such as water & wastewater, cement, metals and mining, etc. 

Read more here.

Reliance plans to unveil super app adding Just Dial offerings: Report

According to a report from ET, Reliance Industries Ltd (RIL) is planning to create a super app by integrating the offerings of local search engine Just Dial, as it aims to become the number one player in the e-commerce space. The one-stop super app is likely to be a marketplace of services and offerings, delivered via in-house technology and through third-party integrations. Last month, Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in JustDial for Rs 3,497 crore. You can read more about it here.

Read more here.

Categories
Market News Top 10 News

Taliban Disrupts India-Afghanistan Trade – Top Indian Market News

Taliban Halts India-Afghanistan Trade

Federation of Indian Export Organisation (FIEO) has said that the Taliban has disrupted its import-export with India. Afghanistan’s trade with India takes place through a transit route in Pakistan. Since the Taliban has stopped the movement of cargo across Pakistan, it means that trade with India also stands disrupted. According to FIEO, India can see a rise in the prices of dry fruits since it imports close to 85% of them from Afghanistan. 

Read more here.

India Ratings cuts FY22 GDP forecast to 9.4% from 9.6%

India Ratings has cut its FY22 GDP  growth estimate for India to 9.4 percent from 9.6 percent. “While COVID 1.0 was mainly in urban areas, COVID 2.0 spread to rural areas as well. Going by the pace of vaccination, it is now almost certain that India will not be able to vaccinate its entire adult population by 31 December 2021. With the ebbing of COVID 2.0, several high-frequency indicators are showing a faster rebound than expected. Kharif sowing is indicating a significant pick-up with the revival of southwest monsoon.” said the report by India Ratings.

Read more here.

Aarti Industries approves demerger with Aarti Pharma Labs.

Listed-company Aarti Industries has approved a demerger of Aarti Industries from Aarti Pharmalabs, said a stock exchange filing. The company has announced that each shareholder is likely to get 1 share of Aarti Pharmalabs for every four shares of Aarti Industries they own. 

Read more here.

RBI issues new guidelines for bank lockers

The Reserve Bank of India has announced a fresh set of guidelines for bank lockers, safe custody, and article facilities. The rule laid down by the central bank shall come into effect from January 1, 2022. You can check out the official notification by the RBI over here.

Read more here.

Emcure Pharmaceuticals files for IPO

Emcure Pharmaceuticals, a Pune-based pharmaceutical company has filed its Draft Red Herring Prospectus(DHRP) with SEBI for its IPO. The company is expected to raise Rs 4500 crore through its IPO, issuing fresh equity shares worth Rs 1100 crores and an Offer For Sale(OFS) of 18,168,356 equity shares. According to a CRISIL report, Emcure is the 12th largest pharmaceutical company in India and is the leader in gynecology, blood-related, and HIV antivirals therapeutic areas, based on sales in India in the FY2021.

Read more here.

UAE Bars Indigo Flights for Flying Passenger Without RT-PCR

United Arab Emirates has banned all Indigo flights arriving from India till August 24, 2021. since the company has floated the mandatory RT-PCR test required at the departure airport. According to UAE norms, passengers arriving from India are required to take an RTPCR 6 hours prior to departure. 

Read more here.

Tata Steel announces Rs 270 crore annual bonus For Employees

Tata Steel will pay a total of Rs 270.28 crore in annual bonuses to its eligible employees for the Accounting Year 2020-21. Tata Steel has signed a Memorandum of Settlement yesterday with the Tata Workers’ Union for the payment of its annual bonuses.

Read more here.

Vodafone-Idea Says It Has Fully Paid License Fees Dues For The Quarter Amidst Stir

Vodafone-Idea has confirmed that it has fully paid license fees dues for the quarter. A TOI report on Wednesday stated that the struggling telecom carrier had failed to clear its pending license fees worth Rs 150 crore for the April-June quarter. 

Read more here.

Categories
Market News Top 10 News

Tata Steel Commissions First Steel Recycling Unit in Rohtak – Top Indian Market News

Tata Steel commissions first steel recycling unit in Rohtak

Tata Steel Ltd has commissioned a 0.5 million tonnes per annum (MTPA) steel recycling plant at Rohtak, Haryana. The plant has been set up in collaboration with Aarti Green Tec as a Build, Own, and Operate (BOO) partner. The first-of-a-kind facility is equipped with modern and mechanised equipment such as shredder, baler, and material handler. The scrap will be procured from sources such as end-of-life vehicles, obsolete households, construction & demolition, industries, through an app called FerroHaat.

Read more here.

Pizza Hut partners with HUL to add Kwality Wall’s ice cream, desserts to menu

Pizza Hut has partnered with Hindustan Unilever Ltd to add the FMCG firm’s Kwality Wall’s ice cream and desserts to its dine-in, delivery, and takeaway menu. With this partnership, Pizza Hut expects to increase its average order value by 10% for orders that have Kwality Wall’s ice cream and desserts. Pizza Hut has become the first-ever quick service restaurant (QSR) chain to offer ice creams and desserts across its owned and aggregator platforms.

Read more here.

Subex secures five-year contract from Dhiraagu

Subex Ltd has secured a five-year contract from Dhiraagu to implement an integrated revenue assurance and fraud management (iRAFM) solution. Dhiraagu is a leading telecom operator in the Maldives. Through the deployment, Dhiraagu will upgrade its systems and consolidate its standalone assurance functions to better equip itself for the 5G era. Subex is expected to help replace the operator’s existing systems with new and advanced software to improve their processes and enhance customer experience.

Read more here.

Bharat Forge to enter EV space with 2-wheelers and 3-wheelers

Bharat Forge Limited is set to enter the electric vehicle (EV) space with two-wheelers and three-wheelers in the current financial year (FY22). The launch will further highlight how companies are rushing to tap the upcoming and thriving EV market. Tork Motors, an associate company of Bharat Forge, has met the subsidy requirements specified for Phase 2 of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II). Bharat Forge is a leading manufacturer of forged and machined components in India.

Cabinet approves Rs 11,040 crore scheme to reduce edible oil import dependency

The Union Cabinet has approved the launch of a new mission to boost palm oil production, the National Mission on Edible Oils— Oil Palm (NMEO-OP), with an outlay of Rs 11,040 crore. The scheme aims to reduce India’s dependence on imported edible oil. The central scheme will have a special focus on the north-eastern region and the Andaman and Nicobar Islands. The new scheme aims to have an additional area of 6.5 lakh hectares under oil palm by FY26.

Read more here.

Telecos, vendors, chipmakers term 5Gi as risky technology

Bharti Airtel, Vodafone Idea, and top smartphone makers and chipset vendors have termed the Indian 5G standard, 5Gi, as a risky technology. Their consistent persuasion to conduct an objective and holistic assessment of the standard within the Telecommunications Standards Development Society India (TSDSI) was met with outright rejection. In their joint submission to the Department of Telecommunications (DoT), leading telecom companies and chipset makers have urged the Telecommunication Engineering Center (TEC) to conduct theoretical verification and field-level validation of performance gains of the 5Gi standard.

Read more here.

Tejas Networks clarifies on reports of its business exposure in Afghanistan

Tejas Networks Ltd has issued a statement in which the company clarified on reports of having business exposure in crisis-hit Afghanistan, where the Taliban has taken control of the country’s capital Kabul. The company stated that there are no customer orders from Afganistan that are pending execution. There are also no outstanding receivables from customers in the country. Further, Tejas Networks said it has no employees located in the region.

Read more here.

Tega Industries files DRHP for IPO

Mining company Tega Industries has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The company is expected to raise around Rs 700-750 crore through the IPO. The issue will entirely consist of an offer for sale (OFS) of up to 13.66 lakh equity shares (of the face value of Rs 10 each) by promoters and existing shareholders. Kolkata-based Tega Industries is part of MM Group of Companies. It provides customised solutions to the mining, bulk mineral handling, and slurry transportation industries.

Read more here.

Categories
Market News Top 10 News

Tata Steel Reports 34% QoQ Rise in Net Profit in Q1 – Top Indian Market News

Tata Steel Q1 Results: Net profit at Rs 8,907 crore

Tata Steel Ltd reported a consolidated net profit of Rs 8,907 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 4,416 crore in Q1 FY21 and a net profit of Rs 6,644 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 109.5% YoY to Rs 53,372 crore in Q1 FY22. The company posted its highest-ever EBITDA of Rs 16,185 crore during the quarter, registering a growth of 25.7 times YoY (or 13.3% QoQ). Tata Steel’s crude steel production rose 54.8% YoY to 4.63 million tonnes (MT) in Q1.

Read more here.

Bharat Forge Q1 Results: Net profit at Rs 153 crore

Bharat Forge Ltd reported a consolidated net profit of Rs 153.7 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 125.8 crore in Q1 FY21 and a net profit of Rs 208.6 crore in Q4 FY21. Its revenue from operations rose 82.6% YoY (or 1.2% QoQ) to Rs 2,107.7 crore in Q1 FY22. EBITDA stood at Rs 454.6 crore during the same period, recording a growth of 20.7% quarter-on-quarter (QoQ). Bharat Forge completed the acquisition of Sanghvi Forgings for Rs 77.06 crore in Q1.

Read more here.

Tata Power Solar secures Rs 386 crore contract in Leh

Tata Power Solar has secured a contract worth Rs 386 crore to build a 50 megawatt (MW) solar photovoltaic (PV) plant with a 50 MWh battery energy storage system (BESS) project at Phyang village in Leh, Ladakh. The commercial operation date for this project is set for March 2023.  This will be India’s first co-located large-scale BESS solution as well as the first large-scale solar PV project in the union territory of Ladakh. Tata Power Solar is a wholly-owned subsidiary of Tata Power Company Ltd. 

Read more here.

IRCTC Q1 Results: Net profit at Rs 82 crore

Indian Railway Catering & Tourism Corp Ltd (IRCTC) reported a net profit of Rs 82.5 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 24.6 crore in Q1 FY21 and a net profit of Rs 103.7 crore in Q4 FY21. Its revenue from operations rose 85.4% YoY to Rs 243 crore in Q1 FY22. IRCTC’s board has approved the proposal for the split of 1 share at a face value of Rs 10 each into 5 shares at a face value of Rs 2 each (1:5 ratio).

Read more here.

BPCL Q1 Results: Net profit declines 28% YoY to Rs 1,502 crore

Bharat Petroleum Corp Ltd (BPCL) reported a 27.6% YoY decline in net profit to Rs 1,501.6 crore for the quarter ended June (Q1 FY22). Net profit has declined by 87.4% when compared to the previous quarter. Its revenue from operations rose 77% YoY to Rs 89,687 crore during the same period. BPCL’s gross refining margin stood at $4.12 per barrel in Q1 FY22, compared to $0.39 per barrel in Q1 FY21.

Read more here.

CCI directs Grasim Industries to cease, desist from unfair business practices

The Competition Commission of India (CCI) has directed Grasim Industries to cease and desist from indulging in unfair business practices after it found that the company had abused its dominant position with respect to the supply of certain staple fibre. CCI said Grasim had been charging discriminatory prices for the staple fibre. In a regulatory filing dated August 9, Grasim Industries said, “While the company is yet to receive certified copy of the said order (from CCI), it believes that on merits it has sufficient grounds for an appeal”.

Read more here.

Eicher Motors Q1 Results: Net profit at Rs 237 crore

Eicher Motors Ltd reported a consolidated net profit of Rs 237.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 55.2 crore in Q1 FY21. Net profit has declined by 55% when compared to the previous quarter (Q4 FY21). Its revenue from operations jumped 141% YoY (but declined by 33% QoQ) to Rs 1,974.3 crore in Q1 FY22. The company’s sales declined by 40% QoQ to Rs 1.24 lakh unit in the April-June quarter of FY22.

Read more here.

Natco Pharma Q1 Results: Net profit declines 39% YoY to Rs 75 crore

Natco Pharma Ltd reported a 38.9% YoY decline in consolidated net profit to Rs 75 crore for the quarter ended June (Q1 FY22). Net profit has increased by 41.5% when compared to the previous quarter. Its total income declined by 26.6% YoY (but increased by 18.7% QoQ) to Rs 427.3 crore during the same period. The pharma company’s board has recommended an interim dividend of Rs 2 per share.

Read more here.

Hero MotoCorp Q1 Results: Net profit jumps 498% YoY to Rs 365 crore

Hero MotoCorp Ltd reported a 498% YoY jump in net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has declined by 58% when compared to the previous quarter. Its revenue from operations rose 85% YoY (but declined by 37% QoQ) to Rs 5,487 crore during the same period. The motorcycle maker’s total sales declined by 35% QoQ to 10.24 lakh units in the April-June quarter of FY22.

Read more here.

PFC Q1 Results: Net profit rises 28% YoY to Rs 4,554 crore

Power Finance Corporation (PFC) reported a 28% YoY increase in net profit to Rs 4,554 crore for the quarter ended June (Q1 FY22). Its total income rose 12% YoY to Rs 18,973.93 crore during the same period. PFC’s board has approved an interim dividend of Rs 2.25 per share. State-owned PFC is the financial backbone of the Indian power sector.

Read more here.

Categories
Market News Top 10 News

HCL Tech Reports 9% YoY Rise in Net Profit in Q1 – Top Indian Market News

HCL Tech Q1 Results: Net profit rises 9% YoY to Rs 3,213 crore

HCL Technologies Ltd reported a 9.4% year-on-year (YoY) increase in consolidated net profit to Rs 3,213 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12.5% YoY to Rs 20,068 crore during the same period. The total contract value (TCV) of new deals stood at $1,664 million in Q1, an increase of 37% YoY. HCL Tech’s attrition rate for IT services declined from 14.6% in Q1 FY21 to 11.8% in Q1 FY22. The IT company’s board has declared an interim dividend of Rs 6 per share. 

Read more here. 

SC reserves order on Bharti Airtel, Vodafone Idea’s pleas in AGR case

The Supreme Court (SC) reserved its order on Bharti Airtel and Vodafone Idea’s pleas seeking correction of errors in adjusted gross revenue (AGR) demands. The SC stated that recalculation of AGR dues will not be allowed. The telecom operators had sought the correction in AGR demand, citing errors in the Department of Telecommunications’ (DoT) calculation of dues. You can learn more about the entire telecom AGR saga here.

Read more here.

ACC Q2 Results: Net profit jumps two-fold to Rs 569 crore

ACC Limited reported a 110% YoY jump in consolidated net profit to Rs 569.45 crore for the quarter ended June (Q2 CY21). The cement maker follows the January-December financial year cycle. Its revenue from operations rose 49.29% YoY to Rs 3,884.94 crore during the same period. Total cement volumes rose 43.7% YoY to 6.84 million tonnes (MT) in Q2. Revenue from its cement business increased by 43.9% YoY to Rs 3,672.31 crore.

Read more here.

HDFC Life Q1 Results: Net profit declines 33% YoY to Rs 302 crore

HDFC Life Insurance Company Ltd reported a 33% YoY decline in standalone net profit to Rs 302 crore for the quarter ended June (Q1 FY22). Its total premium rose 31% YoY to Rs 7,656 crore during the same period. The fall in profit was due to higher claim payout and higher provisions to mitigate the impact of the Covid-19 pandemic. HDFC Life paid over 70,000 claims in Q1. The gross and net claims provided amounted to Rs 1,598 crore and Rs 956 crore, respectively.

Read more here.

L&T Construction secures contracts under various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The power transmission and distribution business has won an order to construct a 220 kilovolt (kV) transmission line in Ladakh. It has also received an order to design, supply, construct, test, and commission a 132/11kV substation with associated cable works in Dubai city. L&T’s factory business has secured an order from a leading cement manufacturer to construct a 1.8 million tonne per annum (MTPA) grinding unit in Dolvi, Maharashtra.

Read more here. 

Centre to collect Rs 70,000 crore from asset monetisation of PowerGrid, NTPC, REC over five years

According to a report from ET Now, the Central government is likely to collect Rs 70,000 crore through monetisation of assets of state-owned power giants such as Power Grid, NTPC, and REC in the next five years. Around 50% of funds are likely to be utilised for boosting state transmission and power distribution infrastructure. Central public sector enterprises (CPSEs) will join hands with state power distribution companies (discoms) through joint venture agreements for support.  

Read more here.

Tatva Chintan IPO subscribed 15 times on second day of bidding 

The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 15.05 times on the second day of bidding. The IPO received bids for 4.90 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 23.74 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 12.21 times and 1.97 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

Indian Bank Q1 Results: Net profit jumps multifold to Rs 1,182 crore

Indian Bank reported a 220% YoY jump in net profit to Rs 1,182 crore for the quarter ended June (Q1 FY22). Net profit has declined 31% when compared to the previous quarter. Its Net Interest Income (NII) rose 3% YoY to Rs 3,994 crore during the same period. [NII is the difference between the interest income a bank earns on its lending activities and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio stood at 9.69% in Q1 FY22, compared to 10.9% in Q1 FY21. 

Read more here. 

GTPL Hathway Q1 Results: Net profit rises 16% YoY to Rs 47 crore

GTPL Hathway Ltd reported a 16.1% YoY increase in consolidated net profit to Rs 47.46 crore for the quarter ended June (Q1). Net profit has declined by 16.5% when compared to the previous quarter. Its revenue from operations rose 21.46% YoY to Rs 601.77 crore during the same period. GTPL Hathway is a leading provider of cable television and broadband services. The company serves customers in ~800 cities across 12 states in India.

Tata Steel Mining and Jindal Stainless signs MoU for joint mining operations

Tata Steel Mining and Jindal Stainless have signed a Memorandum of Understanding (MoU) to jointly unearth the Chrome Ore locked up in the boundary between their mines at Sukinda (Odisha). It would help in the conservation of chromite ore, which otherwise would have been left unmined forever. The companies have initiated steps to get necessary approvals from the concerned authorities before jointly starting mining operations.

Read more here.

NAM India Q1 Results: Net profit rises 16% YoY to Rs 182 crore

Nippon Life India Asset Management Ltd (NAM India) reported a 16% YoY increase in net profit to Rs 181.54 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.8% when compared to the previous quarter. Its total income rose 10% YoY to Rs 369.18 crore during the same period. The average quarterly assets under management (AUM) rose 33% to Rs 2.40 lakh crore in Q1.

Read more here.

Categories
Market News Top 10 News

Avenue Supermarts Reports 31% Rise in Revenue in Q1 – Top Indian Market News

Avenue Supermarts reports 31% YoY rise in revenue in Q1

Avenue Supermarts Ltd reported a 31.27% YoY increase in standalone revenue to Rs 5,031.75 crore for the quarter ended June 2021 (Q1 FY22). It had posted a revenue of Rs 3,833.23 crore in the corresponding quarter last year (Q1 FY21). The total number of stores at the end of June 30, 2021, stood at 238. Avenue Supermarts owns and operates the chain of ‘D-Mart’ supermarkets across India.

Read more here.

Zomato gets SEBI approval for Rs 8,250 crore IPO

Food delivery platform Zomato has received approval from the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth Rs 7,500 crore and an offer for sale (OFS) by Info Edge India Ltd worth Rs 750 crore. Zomato aims to use Rs 5,625 crore of the net proceeds of the IPO towards funding organic and inorganic growth initiatives. According to reports, the company plans to launch its IPO by mid-July.

Read more here.

Lumax Auto to set up joint venture with Alpine Co. for electric parts

Lumax Auto Technologies Ltd has signed a joint venture (JV) agreement with Japan-based Alpine Co. Ltd. The parties have agreed to establish a 50:50 joint venture in India to manufacture and sell electronic devices and components, as well as software related to the automotive industry. Lumax Auto Technologies is a leading manufacturer of shifters, telematics, antennas, two-wheeler chassis, seat structures, etc.

Read more here.

Tata Steel transfers stake in HSMS, TSAML to subsidiary companies

Tata Steel Ltd has announced the transferring of its 26% stake in Himalaya Steel Mill Services Pvt Ltd to Tata Steel Utilities and Infrastructure Services Ltd (TSUISL) for an undisclosed amount. The company has also transferred its 100% stake in Tata Steel & Advanced Materials Ltd (TSAML) to another subsidiary company— Tata Steel Downstream Products Ltd (TSDPL).

Read more here.

Gujarat Industries restores Unit-2 of Surat plant

Gujarat Industries Power Company Ltd (GIPCL) announced the restoration of Unit-2 (125 megawatts) of its Surat Lignite Power Plant (SLPP) situated at Surat, Gujarat. The company operates a 4×125 MW power plant at SLPP. GIPCL had declared forced shutdown at Unit-2 of SLPP from December 16, 2020, due to a major technical snag in economizer beams. The beams have been replaced, and maintenance works at the plant have been completed.

Read more here.

CSB Bank’s deposits grow 14%, advances up 24% in Q1

CSB Bank Ltd reported a 14.17% YoY increase in total deposits to Rs 18,652.80 crore for the quarter ended June 2021 (Q1 FY22). The current and savings account (CASA) deposits grew 7.95% YoY to Rs 6,171.71 crore in Q1. Gross advances rose 23.71% YoY to Rs 14,146 crore during the same period. CSB Bank’s advances against gold and gold jewellery rose 46.16% YoY to Rs 5,617.68 crore at the end of the April-June quarter.

Read more here.

Bharat Dynamics to set up test facility in Vishakhapatnam

Bharat Dynamics Ltd (BDL) will set up a first-of-its-kind environmental test facility (ETF) in Vishakhapatnam. Vice Admiral Biswajit Dasgupta, Chief of Staff, Eastern Naval Command, laid the foundation stone for establishing the ETF at the Vishakhapatnam unit of BDL. The ETF will consist of vibration testing, thermal chamber, and walking chamber for a whole torpedo (underwater missile).

Read more here.

HCL announces multi-year agreement with Fiskars Group

HCL Technologies has announced a multi-year agreement with Finland-based Fiskars Group. The IT company will accelerate Fiskars Group’s digital journey through applications and infrastructure modernisation. HCL Tech will standardise Fiskars’ IT and business processes, drive operating model transformation, and increase overall digital maturity. Fiskars Oyj Abp manufactures and markets consumer products across Europe, the Americas, and the Asia Pacific.

Read more here.

Bharat Biotech’s Covaxin 77.8% effective against symptomatic Covid-19

Bharat Biotech said the final efficacy analysis of Covaxin shows that it is 77.8% effective against symptomatic Covid-19. The vaccine offers 65.2% protection against the emerging Delta variant. Covaxin was also found to be 93.4% effective against severe cases of symptomatic Covid-19. The Phase-3 clinical trial was an event-driven analysis of 130 symptomatic Covid-19 cases (reported at least two weeks after the second dose) conducted at 25 sites across India. The data from the trials are yet to be peer-reviewed.

Read more here.

Categories
Market News Top 10 News

Aarti Drugs Reports 12% YoY Decline in Net Profit in Q4 – Top Indian Market News

Aarti Drugs Q4 Results: Net profit declines 12% YoY to Rs 51.6 crore

Aarti Drugs reported a 12% year-on-year (YoY) decline in consolidated net profit to Rs 51.6 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter (Q3 FY21). The drugmaker’s net sales rose 11.6% YoY to Rs 501.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 98.3% YoY to Rs 280.41 crore. Net sales have grown by 19.3% YoY to Rs 2,154.78 crore in FY21.

Read more here.

Kesoram Industries Q4 Results: Net profit at Rs 96.4 crore

Kesoram Industries reported a consolidated net profit of Rs 96.41 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 82.17 crore in the corresponding quarter a year ago (Q4 FY20). Net profit has jumped 80.5% when compared to the previous quarter (Q3 FY21). Revenue from operations rose to Rs 861.56 crore in Q4 FY21, compared with Rs 532.49 crore in the year-ago period. The company’s board has approved fundraising of up to Rs 600 crore, including a rights issue of Rs 200 crore. The funds will be utilised to repay debts.

Read more here.

Zensar Technologies to acquire US-based digital engineering firm M3bi

Zensar Technologies has signed definitive agreements to acquire M3bi, a US-based data engineering and digital engineering firm, for $30.6 million (~Rs 224 crore). The company will acquire the entire share capital of M3bi Private Ltd (M3bi India), while its wholly-owned subsidiary— Zensar Technologies Inc (USA) will acquire the entire share capital of M3bi LLC. This move will enhance Zensar Tech’s capabilities in the field of business intelligence and analytics, data warehousing & big data.

Read more here.

Pfizer likely to sell 50 million doses to India by Q3: Report

According to a report from the Times of India, drug manufacturer Pfizer is likely to sell 50 million doses of its Covid-19 vaccine to the Indian government by the third quarter of this year. The report states that the Centre is in ‘high-level’ discussions with Pfizer, which is proceeding in a successful direction. A recent study revealed that the Pfizer-BioNTech vaccine appeared to work against highly transmissible variants of Covid-19. 

Read more here.

Trident Q4 Results: Net profit rises 90.5% YoY to Rs 76.45 crore

Trident Limited reported a 90.5% YoY increase in consolidated net profit to Rs 76.45 crore for the quarter ended March (Q4). Net profit has declined by 31.8% when compared to the previous quarter (Q3 FY21). Its total revenue rose 35.69% YoY to Rs 1,344.95 crore during the same period. The company’s board has recommended a final dividend of Rs 0.36 per share.

Read more here.

Tata Steel approves conversion of 56.02 lakh partly-paid up shares

The Board of Directors of Tata Steel has approved the conversion of 56.02 lakh partly paid-up equity shares (Rs 2.504 paid-up) of the face value of Rs 10 each to fully paid-up equity shares of the face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money includes the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share.

Read more here.

You can learn more about partly paid-up shares here.

Kirloskar Industries Q4 Results: Net profit rises 73% YoY to Rs 67.49

Kirloskar Industries reported a 73.72% YoY increase in consolidated net profit to Rs 67.49 crore for the quarter ended March (Q4). Its revenue from operations rose 63.5% YoY to Rs 750.82 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 70.8% YoY to Rs 163.79 crore. The Board of Directors of Kirloskar Industries has recommended a dividend of Rs 10 per share. The company’s board has also approved an investment of up to Rs 15 crore in its wholly-owned subsidiary— Wellness Space Developers Ltd.

Read more here.

PNB closes QIP issue at 5% discount to floor price

Punjab National Bank (PNB) has closed its qualified institutional placement (QIP) offering with ~5% discount to the floor price of the issue. Equity capital was raised at Rs 33.75 per share, as against the floor price of Rs 35.53 per share fixed earlier by PNB. The bank has not revealed the actual amount it has raised through this QIP. PNB was looking to raise Rs 1,800 crore, including an option to retain oversubscription up to Rs 600 crore.

Read more here.

Geojit Financial Services Q4 Results: Net profit rises 94% YoY to Rs 36 crore

Geojit Financial Services Ltd reported a 94.08% YoY rise in consolidated net profit to Rs 36.39 crore for the quarter ended March (Q4). Net profit rose 18.8% when compared to the previous quarter (Q3 FY21). Its revenue from operations rose 47% YoY to Rs 121.38 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 161.8% YoY to Rs 123.16 crore. The company’s board has recommended a final dividend of Rs 2 per share.

Read more here.

Quick Heal Tech Q4 Results: Net profit jumps 195% QoQ to Rs 39.7 crore

Quick Heal Technologies reported a 195% quarter-on-quarter (QoQ) jump in consolidated net profit to Rs 39.72 crore for the quarter ended March (Q4). Its revenue from operations rose 50% QoQ to Rs 105 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 43.77% YoY to Rs 106.98 crore. The company’s board has recommended a final dividend of Rs 4 per share.

IRB InvIT’s Q4 distribution stands at Rs 2.5 per unit

IRB Infrastructure Investment Trust (InvIT) announced that it will be distributing Rs 2.5 per unit for Q4 FY21. This takes the overall distribution to unitholders to Rs 8.5 per unit for the financial year 2020-21. IRB InvIT owns, operates, and maintains a portfolio of toll road concessions in India. Its gross income for Q4 stood at Rs 334 crore, compared with Rs 316 crore in the corresponding period last year (Q4 FY20).

Devyani International files DRHP for Rs 1,400 crore IPO

Devyani International has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,400 crore through an initial public offering (IPO). The company is the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India. The IPO comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of up to 12.53 crore equity shares by promoters.

Read more here.

Categories
Market News Top 10 News

RBI Governor Announces Measures to Battle Second Wave Impact – Top Indian Market News

rbi

RBI Governor announces relief measures to battle second wave impact

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a set of relief measures to help stakeholders battle the impact of the second wave of Covid-19 infections in the country. The RBI has opened an on-tap liquidity window of Rs 50,000 crore to ramp up Covid-19 related healthcare infrastructure and services. Under the scheme, banks can provide fresh lending support to vaccine manufacturers, suppliers of vaccines and priority medical devices, hospitals, logistics firms, etc. The Governor has also announced loan restructuring facilities for individuals, small businesses, and micro, small & medium enterprises (MSMEs) who have been adversely affected by the pandemic.

Read more here.

Adani Enterprises Q4 Results: Net profit jumps 282% YoY to Rs 234 crore

Adani Enterprises Ltd (AEL) reported a 282.2% year-on-year (YoY) jump in consolidated net profit to Rs 233.95 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 21%. Profit for the quarter was impacted by a one-time exceptional loss of Rs 179 crore. Its total revenue stood at Rs 13,688.95 crore during the same period, compared with Rs 13,698 crore in Q4 FY20. The company’s board has recommended a final dividend of Re 1 per share.

Read more here.

Cabinet approves strategic divestment of IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment, along with the transfer of management control in IDBI Bank. The extent of respective shareholding to be divested by the Government of India (GoI) and Life Insurance Corporation (LIC) will be decided at the time of structuring of the transaction, in consultation with the RBI. Currently, GoI owns 45.48% equity in IDBI Bank, while LIC holds 49.24%.

Read more here.

Tata Steel Q4 Results: Net profit at Rs 6,644 crore

Tata Steel Limited reported a 79.7% quarter-on-quarter (QoQ) increase in net profit to Rs 6,644 crore for the quarter ended March (Q4). Revenue rose 19% QoQ to Rs 49,977 crore during the same period. Hot-rolled coil prices rose 16.7% during the quarter to Rs 54,856 per tonne. Tata Steel’s consolidated sales volumes rose 0.43% QoQ to 4.67 million tonnes. The company’s board has approved a dividend of Rs 25 per share.

Read more here.

SRF Q4 Results: Net profit rises 96% YoY to Rs 381 crore

SRF Limited reported a 96% YoY increase in consolidated net profit to Rs 381 crore for the quarter ended March (Q4). Its revenue from operations rose 40% YoY to Rs 2,608 crore during the same period. SRF’s chemical segment posted a 31% YoY increase in revenue to Rs 1,153 crore. Its packaging films segment reported a 63% YoY increase in revenue to Rs 980 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 31% YoY to Rs 1,198 crore. 

SRF’s board has approved the setting up of a multi-purpose plant at Dahej (Gujarat) at an approximate cost of Rs 375 crore.

Read more here.

Alembic Pharma gets USFDA approval for ophthalmic solution

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic solution. The drug is indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension who are insufficiently responsive to beta-blockers. According to IQVIA data, the product had sales of approximately $80 million (~Rs 590 crore) for the 12 months ended December 2020.

Read more here.

CEAT Q4 Results: Net profit jumps three-fold to Rs 153 crore

CEAT Limited reported a three-fold (195%) YoY increase in net profit to Rs 153 crore for the quarter ended March (Q4). The tyre company’s revenue rose 45% YoY to Rs 2,290 crore during the same period. CEAT introduced better inventory efficiency measures to compensate for the rise in raw material costs. The company’s board has approved an investment of Rs 1,205 crore to expand capabilities in the truck and bus radial (TBR) segment. CEAT has also announced a final dividend of Rs 18 per share.

Read more here.

Wipro partners with Transcell Oncologics to transform vaccine safety assessment strategies

Wipro Limited has partnered with Hyderabad-based Transcell Oncologics to transform vaccine safety assessment strategies using artificial intelligence (AI). The partnership combines Transcell’s innovative stem cell technology with the advanced AI capabilities of Wipro HOLMES. This will enable customers to improve the safety of global vaccine immunization programs.

Kirloskar Ferrous Q4 Results: Net profit jumps 135% YoY to Rs 135 crore

Kirloskar Ferrous Industries reported a 135.4% YoY jump in net profit to Rs 135.33 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 27%. Its revenue from operations rose 67% YoY to Rs 748.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 168% YoY to Rs 302.11 crore. The company’s board has declared a final dividend of Rs 3 per share.

Read more here.

Hikal signs multi-year agreement with a global pharma company

Hikal Limited has signed a multi-year contract with a leading global pharmaceutical company. The contract includes the development and supply of a portfolio of niche Active Pharmaceutical Ingredients (APIs) over a period of 10 years. Hikal and its customer will jointly invest in its plant in Panoli (Gujarat) to set up a multipurpose manufacturing asset to produce the APIs. Commercial supplies will commence after the successful development and plant commercialisation, which is estimated to be from FY 2023-24 onwards.

Read more here.

Craftsman Automation Q4 Results: Net profit rises 8.7% QoQ to Rs 47.28 crore

Craftsman Automation Ltd reported an 8.74% quarter-on-quarter (QoQ) increase in net profit to Rs 47.28 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 1,064.5%. Its revenue from operations rose 9.47% QoQ to Rs 540.12 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 143% YoY to Rs 97.36 crore.

Adani Green Energy Q4 Results: Net profit rises 8.25% YoY to Rs 105 crore

Adani Green Energy Limited (AGEL) reported an 8.25% YoY increase in consolidated net profit to Rs 105 crore for the quarter ended March (Q4). On a quarterly basis, net profit has jumped 138.6%. Its total revenue from operations rose 50.5% YoY to Rs 1,082 crore during the same period. AGEL’s revenue from power supply rose 15% YoY to Rs 690 crore. The company added 925 megawatt (MW) of operational capacity in FY21.

Read more here.

Categories
Editorial

Reasons Behind the Rise in Steel Prices in India

steel sector

Steel prices in India and across the globe have been rising exponentially since July 2020. After surging ~55% in the previous financial year (FY21), it was confirmed that major Indian steel players had hiked rates by a further 10% in April alone. A Rs 4,000 per tonne hike has taken domestic prices of hot-rolled coil (a steel product) to a 13-year high of around Rs 60,000 per tonne. While companies such as JSW Steel, SAIL, Tata Steel, and Jindal Steel & Power continue to benefit from higher prices, other sectors of our economy face huge difficulties.

What could be the reasons behind the surge in steel prices? Let us find out.

Why are Steel Prices Rising?

China Cuts Import Tariffs on Steel to Zero

Last week, China announced the suspension of import taxes on steel. This is part of the country’s multi-year campaign to use market pressures to force its steel manufacturers to shrink and become more energy-efficient and profitable. Thus, it is in line with China’s ongoing drive to reduce steel capacity. Duties on crude steel, pig iron, and recycled steel will be suspended from May 1 onwards. 

China has also removed a rebate (partial refund or tax relief) of 13% on the value-added tax (VAT) it offered on exports of 146 steel items. The rebate is now applicable on 28% of Chinese steel exports as compared to 98% earlier. These rebates would force Chinese steelmakers to concentrate on domestic markets and not produce extensively for overseas markets. This would lead to a general increase in global steel prices (as China produces more than 50% of the world’s steel).

On the other hand, Chinese export prices would no longer be the lowest in the world. It would also reduce the competitive pressure on suppliers particularly in the Asia Pacific region, including Japan, South Korea, Taiwan, Vietnam, and India.

Was China Hoarding Steel?

China had been the largest producer of steel for more than a decade and was known for dumping its steel products across the globe. It produces more than half of the world’s steel. Due to discounted prices, major foreign steelmakers found it very difficult to compete with their Chinese counterparts. 

Despite this, China had turned into a net importer of steel almost a year ago. Even when their steel plants were operating at 90% capacity in June 2020, the country began importing large quantities of steel. Through a well-defined fiscal and monetary stimulus package, China shifted its focus on creating demand and promoting development activities. Do bear in mind that this was during a period when other nations had been under strict lockdowns amidst the outbreak of the Covid-19 pandemic. As a result of these policies, China was able to control the global demand and supply of steel and thereby control prices.

Other Factors

Global steel prices have also skyrocketed due to a steep increase in the prices of iron ore. The decline in iron ore exports from countries such as Australia and Brazil had led to a surge in its prices. At the same time, the iron and steel industry has been witnessing strong growth in demand from China, India, Europe, and the United States. The reduction in global Covid-19 cases and strong vaccination drives have allowed economic activities to resume. However, the magnitude of this increase in demand is much greater than the supply. 

In the Indian context, steel companies had just started ramping up their production capacities in the last few months. There had been a greater demand for steel from the real estate and infrastructure sectors. Due to the surge in Covid-19 cases and the devastating impact associated with it, steelmakers (including JSW Steel, Jindal Steel & Power) have now reduced production to ramp up their supply of medical oxygen to hospitals.

The Impact of Rising Steel Prices

  • The Indian automobile sector has been heavily impacted due to the surge in steel prices and other essential metals. The rise in input costs had affected their operating profits and revenues. We saw that companies such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and others had raised the prices of their vehicles in January 2021. Major automakers had to introduce a further hike in rates on select models in April as well. 
  • The real estate and infrastructure sectors will also be affected in the long term as steel and cement prices keep increasing at a rapid pace.
  • The rise in steel prices has also lead to an increase in inflation in India. This is on account of a considerable rise in inflation in the manufacturing sector. According to industry experts, steel prices are expected to remain at elevated levels in 2021 due to high demand. Major companies such as JSW Steel have stated that domestic steel prices are still much below the international rates. The rates are very likely to go up further in the coming months.

Stocks Benefiting from Rising Steel Rates

Over the past few months, we have been witnessing a significant rally in steel stocks due to the prospects of better margins. The shares of Steel Authority of India Ltd (SAIL), Tata Steel, and Jindal Steel & Power Ltd (JSPL) have surged by more than 65% so far since January 2021. JSW Steel has rallied by 85% during the same period. Tata Steel has crossed an important mark of Rs 1,000 and is rising further every day. 

Indian steelmakers are likely to show significant growth in EBITDA in their upcoming financial results. The policy changes introduced by China were well received by investors last week. A further hike in steel products is expected in May, and thus, we could see a potential upside in these stocks. 

However, with the prevailing Covid-19 situation in India, the steel industry is unsure whether it can ramp up production to meet the requirements of the automobile, construction, and other sectors. With most states in India imposing restrictions or lockdowns, production is most likely to be impacted. Let us look forward to seeing how the situation unfolds in the weeks to come.

Categories
Market News Top 10 News

ICICI Bank Reports 260% YoY Jump in Net Profit in Q4 – Top Indian Market News

ICICI Bank Q4 Results: Net profit rises 260% YoY to Rs 4,402 crore

ICICI Bank reported a 260% year-on-year (YoY) jump in net profit to Rs 4,402.6 crore for the quarter ended March (Q4). Net interest income (NII) rose 16.8% YoY to Rs 10,431 crore during the same period. The bank’s gross non-performing assets (NPA) ratio stood at 4.96% in Q4, as compared with 5.42% in Q3 FY21. Provisions during the quarter declined by 51.7% YoY to Rs 2,883.47 crore. ICICI Bank’s board has recommended a final dividend of Rs 2 per share.

Read more here.

Govt waives customs duty on import of Covid-19 vaccines, oxygen for 3 months

The Central Government, on Saturday, decided to waive basic customs duty and health cess on import of oxygen and oxygen-related equipment for three months. Customs duty on import of Covid-19 vaccines will also be exempted for the same time period. The decision was taken during a high-level meeting chaired by PM Narendra Modi to review steps to boost oxygen availability in India. PM Modi stressed that all ministries and departments need to work in synergy to improve the availability of oxygen and medical supplies.

Read more here.

Tata Steel approves conversion of 73,888 partly paid-up shares into fully paid-up shares

The Board of Directors of Tata Steel Limited has approved the conversion of 73,888 partly paid-up equity shares of face value of Rs 10 each (Rs 2.504 paid-up) into fully paid-up equity shares of face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money comprises the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share. To know more about partly paid-up shares, click here.

Read more here.

ITC partners with Linde India to import cryogenic containers

ITC Limited has announced a partnership with Linde India to air-freight 24 cryogenic ISO containers of 20 tonnes each from Asian countries to help with the transportation of medical oxygen to hospitals. The FMCG firm will also airlift a large number of oxygen concentrators for distribution. ITC’s paperboards unit in Bhadrachalam (Telangana) has commenced the supply of oxygen to neighbouring areas. India has been witnessing a sharp increase in the demand for medical oxygen due to the surge in Covid-19 cases.

Read more here.

TV ad volumes in January-March highest since 2018: BARC

According to data from the Broadcast Audience Research Council (BARC), television advertising volumes in January-March 2021 witnessed the highest growth since 2018. TV ad volumes on news channels grew by 25% during the same period. Ad volume growth in general entertainment channels (GECs) rose 21%, while those in movies increased by 23%. Advertising rates are back to pre-Covid levels for categories such as sports (due to IPL) and GECs. 

Read more here.

Tata Consumer’s Rs 100-crore tea packaging unit in Odisha to start production soon

Tata Consumer Products Ltd announced that its Rs 100 crore tea packaging unit in Gopalpur Industrial Park in Odisha will commence commercial production soon. The unit has an annual production capacity of 60 million kilograms. It will be operated by Amalgamated Plantations, an associate company of Tata Consumer Products. The unit has been constructed over an area of 16 acres at the Tata Steel Special Economic Zone.

Read more here.

Reliance Industries to offload 11.61% stake in Hathway Cable

Reliance Industries Ltd (RIL) will offload an 11.61% stake in Hathway Cable & Datacom Limited through an offer for sale (OFS) to comply with market regulator SEBI’s minimum public holding norms. Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings, who are the promoters of Hathway Cable & Datacom, will sell 20.54 crore shares (or 11.61% stake) at a floor price of Rs 21.50 per share. The OFS will open for non-retail investors on April 26 (Monday) and for retail investors on April 27. 

Read more here.

Dhampur Sugar Mills Q4 Results: Net profit declines 12% YoY to Rs 91 crore

Dhampur Sugar Mills Limited reported a 12.16% YoY decline in net profit to Rs 91.44 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 66.92%. Total revenue from operations fell 1.32% YoY to Rs 1,078.29 crore during the same period. Net profit has increased by 5.86% YoY to Rs 229.19 crore for the financial year ended March 31, 2021 (FY21).

Rajratan Global Wire Q4 Results: Net profit rises 282% YoY to Rs 23.21 crore

Rajratan Global Wire reported a 282.37% YoY jump in consolidated net profit to Rs 23.21 crore for the quarter ended March (Q4). Its revenue from operations rose 47.33% YoY to Rs 183.65 crore during the same period. Net profit has increased by 60.81% YoY to Rs 53.13 crore for the financial year ended March 31, 2021 (FY21). The company has declared a final dividend of Rs 8 per share. Rajratan Global Wire is a leading manufacturer of high carbon steel wire in India. 

Read more here.

Categories
Market News Top 10 News

ICICI Securities’ Net Profit Jumps Two-Fold in Q4 – Top Indian Market News

ICICI Securities Q4 Results: Net profit jumps two-fold to Rs 329 crore

ICICI Securities Limited reported over a two-fold year-on-year (YoY) increase in net profit to Rs 329 crore for the quarter ended March (Q4). Its revenue jumped 53% YoY to Rs 739 crore during the same period. The revenue growth was supported by a strong performance of equities and allied operations. The company’s private wealth management and investment banking businesses also showed significant growth. ICICI Securities has declared a final dividend of Rs 13.5 per share.

Read more here.

Hero MotoCorp partners with Gogoro with focus on electric mobility

Hero MotoCorp Limited has announced a strategic partnership with Taiwan-based Gogoro Inc. to accelerate the shift to electric mobility in India. The companies will establish a battery swapping joint venture (JV) to bring Gogoro’s industry-leading battery swapping platform to India. The partnership will also focus on electric vehicle (EV) development to launch Hero-branded, powered by Gogoro network vehicles to the market.

Read more here.

KEC International secures orders worth Rs 1,245 crore

KEC International Limited has secured new orders worth Rs 1,245 crore across various business segments. Its transmission & distribution business has secured orders worth Rs 629 crore in India, Middle East, Africa, and the Americas. The company’s railways business has secured orders worth Rs 446 crore, and civil business has won orders of Rs 107 crore for infrastructure works in the defence and industrial segments in India. With these orders, the total order inflow for FY 2020-21 stands at Rs 11,876 crore.

Read more here.

Phillips Carbon Black Q4 Results: Net profit rises 75% YoY to Rs 128 crore

Phillips Carbon Black Limited reported a 75.55% YoY increase in consolidated net profit to Rs 127.73 crore for the quarter ended March (Q4). Its revenue rose 23.75% YoY to Rs 866.73 crore during the same period. The company’s carbon black segment posted a 24.77% YoY increase in revenue to Rs 848.28 crore. Kolkata-based Phillips Carbon Black is the largest carbon black manufacturer in India. [Carbon black is used as a reinforcing agent in tires. It is also used for printing and as a coating for electric wires]

Read more here.

Merger of TV18 Broadcast, Hathway Cable, Den Networks with Network18 Media cancelled

Den Networks Limited said it has decided not to proceed with the composite scheme of arrangement in which TV18 Broadcast, Hathway Cable & Datacom, and Den Networks were to merge into Network18 Media & Investments. The company said the shareholders are aware that the scheme was filed with both NSE and BSE for their no-objection letter. On February 17, 2020, Reliance Industries Ltd (RIL) had announced the consolidation of its all media and distribution businesses under one umbrella brand ‘Network18’.

Read more here.

Tejas Networks Q4 Results: Net profit at Rs 33 crore

Tejas Networks Limited reported a net profit of Rs 33.55 crore for the quarter ended March (Q4). It had posted a net loss of Rs 126.53 crore in the corresponding period last year. Revenue from operations rose over 269% YoY to Rs 201.55 crore in Q4 FY21. The company posted a 35% YoY increase in total revenue to Rs 526.60 crore and a net profit of Rs 37.54 (against a net loss of Rs 237.12 crore) for the financial year ended March 31, 2021. 

Read more here.

Indiabulls Housing Finance enters into co-lending partnership with HDFC

Indiabulls Housing Finance Limited (IHFL) has entered into a strategic co-lending partnership with HDFC Limited to offer housing loans to homebuyers at competitive rates. IHFL will originate retail home loans as per jointly drawn-up credit policy and retain 20% of the loan in its books, and 80% will be on HDFC’s books. IHFL will service the loan account throughout the life cycle of the loan. Technology-led co-lending will help IHFL to offer a convenient and seamless experience to its customers. It will also help the company to expand its presence in Tier-3 and Tier-4 cities in India.

Read more here.

5Paisa Capital Q4 Results: Net profit at Rs 6.21 crore

5Paisa Capital Limited reported a consolidated net profit of Rs 6.21 crore for the quarter ended March (Q4). The company had posted a net loss of Rs 1.76 crore in the corresponding period last year. Total revenue from operations rose 41% year-on-year (YoY) to Rs 49.9 crore in Q4 FY21. 5 onboarded more than 2 lakh new clients during the quarter, taking the total number of registered clients to 13.5 lakh.

Read more here.

Tata Steel, HSBC execute a blockchain-enabled paperless trade transaction

Tata Steel Limited and HSBC (an investment banking company) have executed a blockchain-enabled, paperless trade transaction of export of steel by Tata Steel (India) to UAE-based Universal Tube & Plastic Industries. The end-to-end paperless trade transaction was done through a collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

Read more here.

Vaccine updates: States to get Covishield vaccine at Rs 400; Covaxin shows 78% efficacy in Phase-3 interim analysis 

The Serum Institute of India (SII) announced that state governments will get the Covishield vaccine at Rs 400 a dose and private hospitals at Rs 600. The price for the central government stays at Rs 150 per dose. SII will address the limited capacity of scaling up vaccine production within the next two months. According to a PTI report, Covishield comprises more than 90% of the 12.76 crore Covid-19 vaccines administered in India so far.

Bharat Biotech said its Covid-19 vaccine, Covaxin, demonstrated overall interim clinical efficacy of 78% in Phase-3 trials. The efficacy against severe Covid-19 disease was 100%. The Hyderabad-based biotechnology company has announced plans to produce up to 3 crore vaccines next month.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Rises to 8-Year High of 7.39% in March – Top Indian Market News

WPI Inflation rises to 8-year high of 7.39% in March

According to data released by the Ministry of Commerce & Industry, wholesale inflation in India rose to an 8-year high of 7.39% in March. The Wholesale Price Index (WPI) stood at 4.17% in February and 2.51% in January. The prices of crude oil, petroleum products, and basic metals increased substantially in March, as compared to the corresponding month last year. The food articles segment witnessed a 3.24% rise last month. 

Read more here.

Wipro Q4 Results: Net profit rises 28% YoY to Rs 2,972.3 crore

Wipro Limited reported a 27.78% year-on-year (YoY) increase in consolidated net profit to Rs 2,972.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased marginally by 0.14%. The IT company’s revenue from operations rose 3.4% YoY to Rs 16,245.4 crore during the same period. The firm had closed 12 large deals during the quarter with a total contract value of $1.4 billion (~Rs 10,511 crore). Wipro expects revenues from its IT services to grow 2-4% on a sequential basis in the June quarter (Q1).

Read more here.

L&T secures contracts worth upto Rs 2,500 crore in Q4

Larsen & Toubro (L&T) Limited said it has bagged significant orders (in the range of Rs 1,000-2,500 crore) in the quarter ended March (Q4). L&T Heavy Engineering secured an order for 12 steam generators for a 3×700 megawatt electrical (MWe) pressurised heavy water reactor. In the area of refinery, petrochemicals, and oil & gas, L&T Heavy Engineering received a critical reactor system package order for Indian Oil Corporation’s petrochemical project.

Read more here.

Tata Steel unveils multi-million-pound plan for tube making site in UK

Tata Steel Limited unveiled its transformation plans for a steel tube-making site in East Midlands, United Kingdom. Work has commenced at the 150-acre site at Corby, which produces vital steel tube products for sports stadiums, skyscrapers, hospitals, and renewable green energy schemes around the world. Under the transformation plans, manufacturing processes on the site will be brought closer together as part of a 25-million pound scheme.

Read more here.

Tinplate Company Q4 Results: Net profit rises 107% YoY to Rs 56 crore

Tinplate Company of India reported a 107.04% YoY jump in standalone net profit to Rs 56.15 crore for the quarter ended March (Q4). Its revenue from operations rose 59.82% YoY to Rs 754.97 crore during the same period. The company’s board has recommended a dividend of Rs 2 per share. Tinplate Company manufactures various grades of electrolytic tinplates, tin-free steel sheets, and full hard cold rolled sheets used for metal packaging. It is a subsidiary of Tata Steel.

Read more here.

Mahindra fails to find buyer for SsangYong Motor; falls in court receivership

The Seoul Bankruptcy Court has put SsangYong Motor under court receivership after its parent company, Mahindra & Mahindra, failed to find a buyer for the insolvent firm. SsangYong had defaulted on a loan payment worth ~Rs 680 crore on December 21, 2020, following which it applied for court receivership. However, the company was given three months to secure funds after saying it was in talks with US-based HAAH Automotive. SsangYong is expected to submit a rehabilitation plan to the court in June 2021.

Read more here.

NMDC raises lump ore price by Rs 1,100 per tonne

NMDC Limited said it has hiked prices of iron ore with effect from April 14, 2021. The prices of lump ore were increased by 18.80% (or Rs 1,100) to Rs 6,950 per tonne. The prices of iron ore fines jumped 10.96% to Rs 5,060 per tonne. State-owned NMDC is the largest iron ore producer in India. The company presently produces around 35 million tonnes of iron ore from 3 mechanised mines.

Read more here.

GE Power India to acquire 50% stake in NTPC GE Power Services

The Board of Directors of GE Power India Ltd has approved the acquisition of a 50% stake in NTPC GE Power Services Pvt Limited. The cost of the acquisition is Rs 7.2 crore. GE Power would enter into renovation and modernization of thermal power plants and partner with state-owned NTPC Limited. This investment and joint venture (JV) with NTPC is expected to strengthen GE Power’s portfolio and open avenues for expanded scope of business for future projects.

Read more here.

RBL Bank partners with Mastercard to offer first-of-a-kind payment functionality

RBL Bank has entered into a partnership with Mastercard to launch a mobile-based consumer-friendly payment solution— the Pay by Bank App, a first-of-its-kind payment functionality in India. The bank’s account holders can enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants that accept contactless and online payments.

Read more here.

IL&FS addresses debt of Rs 43,000 crore so far

IL&FS said it has addressed aggregate group debt of Rs 43,000 crore till date through the sale of assets and other cash receivables. The crisis-ridden company has also increased the debt recovery target to Rs 61,000 crore. The increased estimate represents the resolution of nearly 62% of overall fund-based and non-fund-based group debt of ~Rs 99,000 crore as of October 2018. IL&FS collapsed around August 2018 when it started defaulting on bonds that came due to investors. 

Read more here.