Tag: Tech Mahindra

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Govt Receives Rs 3,636Cr Dividend from IOCL – Top Indian Market Updates

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

Centre receives ₹3,636Cr dividend from IOCL

According to the secretary of the Department of Investment and Public Asset Management (DIPAM), the Central Government has received ₹3,636 crore from Indian Oil Corporation of India Ltd as a dividend tranche. Additionally, it received received about ₹23 crore from RailTel Corporation of India Ltd. 

Read more here.

IOC corners more than a third of D6 gas in latest Reliance auction

Indian Oil Corporation (IOC) has cornered more than a third of the natural gas that Reliance Industries Ltd and its partner BP offered in the latest auction of the KG-D6 gas. IOC got 1.45 million standard cubic meters per day out of the 4 mmscmd of gas auctioned last week. Reliance and BP last week auctioned 4 mmscmd of gas from the Krishna Godavari basin block starting December 1, 2023.

Read more here.

Jubilant Foodworks to acquire majority stake in DP Eurasia

Jubilant Foodworks Ltd announced plans to acquire an additional 51.1% stake in DP Eurasia NV.  DP Eurasia NV is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia. The acquisition will be carried out through a subsidiary, with a proposed consideration of up to EUR 73.36 million (approximately ₹670 crore).

Read more here.

Tata Motors launches registered vehicle scrapping facility in Punjab

Tata Motors has launched a registered vehicle scrapping facility (RVSF) in Punjab, which will be the company’s fourth such unit. The facility, developed by Tata Motors’ partner Dada Trading Company, can safely disassemble 12,000 end-of-life vehicles annually. The facility, which operates both passenger and commercial vehicles, is part of the company’s commitment to eco-friendly initiatives.

Read more here.

Tata Power Renewable Energy secures 200 MW FDRE project

Tata Power Renewable Energy Ltd (TPREL) secured a 200 MW firm and dispatchable renewable energy (FDRE) project from SJVN Ltd. The project, providing round-the-clock power, aligns with power distribution company’s renewable purchase obligation and energy storage obligation. The financial details of the order haven’t been disclosed yet.

Read more here.

Apollo launches India’s first pediatric health assessment on chronic, lifestyle diseases in children

Apollo Hospitals has launched an industry-first pediatric ProHealth Programme to combat the increasing trend of non-communicable diseases (NCDs) among children and adolescents. The Pediatric ProHealth Programme curates tests to assess the child based on his or her family history and age group and also conducts routine tests. 

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PCBL to acquire Aquapharm Chemicals for ₹3,800 crore

Philips Carbon Black (PCBL) approved the acquisition of Aquapharm Chemicals Private Limited for an aggregate of ₹3,800 crore. The proposed transaction shall be financed through a mix of internal accruals and external funds raised by the company and/or its affiliates/associates. The acquisition of ACPL marks the company’s foray into global speciality segments of water treatment chemicals and oil & gas chemicals.

Read more here.

China’s Alipay to sell its 3.4% stake in Zomato for nearly $400 million

According to Reuters, Alipay plans to sell its 3.4% stake in food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. Bank of America and Morgan Stanley are advisers on the deal.

Read more here.

Sale of Aster DM’s GCC business likely to be announced soon

Aster DM Healthcare is on the verge of announcing the sale of its Gulf Cooperation Council (GCC) region business. Fajr Capital, in collaboration with key promoters, is expected to acquire the business in a landmark deal expected to be valued at $1 billion. Aster DM Healthcare has entrusted the task of overseeing the sale of its GCC business to independent directors. This decision is aimed at avoiding any potential conflicts of interest during the sale process.

Read more here.

Amazon signs partnerships with HDFC Securities, TCS and Tech Mahindra 

Amazon Web Services (AWS) has partnered with HDFC Securities, Tata Consultancy Services (TCS) and Tech Mahindra during its annual tech conference, Re: Invent. HDFC Securities Ltd has built its latest trading app, HDFC Sky, on the AWS cloud platform. The TCS partnership includes a generative AI practice with AWS that it hopes will aid businesses in making good on opportunities. Tech Mahindra has partnered with AWS to build a sports cloud platform.

Read more here.

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Axis Bank Posts 10% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Axis Bank Q2 Results: Net profit rises 10% YoY to ₹5,863 crore

Axis Bank reported a 10% YoY increase in net profit to ₹5,863.56 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 18.8% YoY to ₹12,315 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 1.96% in Q2 FY23 to 1.73% in Q2 FY24. 

Read more here.

IOCL starts producing ‘reference’ petrol, diesel

Indian Oil Corporation Ltd (IOCL) has begun producing specialised ‘reference’ petrol and diesel that are used for testing automobiles. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India.

Read more here.

Tech Mahindra Q2 Results: Net profit falls 28% YoY to ₹505 crore

Tech Mahindra reported a 28.1% YoY decline in net profit to ₹505.3 crore for the quarter ended September (Q2 FY24). The IT company’s revenue fell 2.25% YoY to ₹12,863.9 crore during the same period. Earnings before interest & tax (EBIT) stood at ₹457.1 crore, down 48.7% YoY. Tech Mahindra’s board has declared a dividend of ₹12 per share.

Read more here.

TVS Motor extends ties with ION Mobility

TVS Motor Company is extending its partnership with Singapore-based tech startup ION Mobility to enter Indonesia’s sports scooter segment. The entry will be through Project Dynamo, ION Mobility’s conceptual adaptation of TVS Motor’s premium flagship crossover electric two-wheeler TVS X.

Read more here.

Network18 Q2 Results: Net loss at ₹61 crore

Network18 Media & Investments Ltd reported a net loss of ₹61 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹34.5 crore in Q2 FY23. Its revenue from operations rose 20.4% YoY to ₹1,865.5 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY. Total expenses were up 38.61% YoY to ₹2,206.77 crore.

Read more here.

GMR Airports, affiliates to buy 11% extra stake in Hyderabad airport

GMR Airports Infrastructure Ltd and its affiliates will buy an additional 11% stake in GMR Hyderabad International Airport Ltd (GHIAL) from Malaysia Airports Holding Berhad’s unit. The deal is likely to be completed within 135 days from the date of execution of the agreement. GMR Airports currently holds a 63% stake in GHIAL. The acquisition will raise its stake to 74%.

Read more here.

Vi Business launches IoT in collaboration with C-DOT

Vodafone Idea’s enterprise arm Vi Business has launched the Internet of Things (IoT) lab-as-a-service through the telco’s collaboration with the Centre for Development of Telematics (C-DOT). The Vi C-DOT IoT lab is equipped to test 175+ scenarios that include network & functional testing, field testing, application testing, and compatibility testing.

Read more here.

Jubilant FoodWorks Q2 Results: Net profit falls 26% YoY to ₹97.2 crore

Jubilant FoodWorks reported a 26% YoY decline in net profit to ₹97.2 crore for the quarter ended September (Q2 FY24). The company’s revenue rose 5.2% YoY to ₹1,301.49 crore during the same period. This growth was driven by Domino’s delivery channel sales, which increased by 7.9%. Jubilant FoodWorks opened 60 new outlets across various brands in Q2.

Read more here.

Hinduja Group eyes $35-40 billion valuation in BFSI business

Hinduja Group is betting big on the Banking, Financial Services, and Insurance (BFSI) sector, targeting to have a value creation of $35-40 billion in the next 5-7 years by adding more verticals to fill up the gaps. The group is also looking at the mobility and energy sectors as the growth driver for the next decade.

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Cabinet approves NPK fertiliser subsidy for 2023-24 rabi season

The Union Cabinet has approved a ₹22,303-crore subsidy for phosphatic and potassic (P&K) fertilisers and the nutrient-based subsidy (NBS) rates for nitrogen, phosphorus and potassium (NPK) fertilisers for the 2023-24 Rabi season amid falling international prices. The subsidy on P&K fertilizers will be based on approved rates to ensure adequate availability and affordable prices for farmers.

Read more here.

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Daily Market Feed Post Market Analysis

Calm Nifty Weekly Expiry! IT Stocks Fall – Post-Market Analysis

NIFTY started the day at 19,822 with a small gap-up of 11 points. Right from opening, the index moved in a 75-point range between 19,770 and 19,845. Nifty closed at 19,794, down by 17 points or 0.09%.

Nifty chart October 12 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,571 with a gap-up of 55 points. Throughout the day, the index consolidated in just a 110-point range between 44,550 and 44,660. BNF closed at 44,599, up by 82 points or 0.18%.

Bank Nifty chart October 12 - post-market analysis | marketfeed

All indices except Nifty IT (-1.67%) and Nifty Realty (-0.18%) closed flat-to-green. Nifty Media (+3.02%) moved up the most.

Major Asian markets closed up to 1.8% in the green. European markets are currently trading in the green.

Today’s Moves

Coal India (+1.7%) was NIFTY50’s top gainer. The company said a three-day strike called by five central trade unions has been deferred.

Aster DM Healthcare (4.9%) surged over 9% following reports that private equity firms BPEA EQT and Ontario Teachers’ Pension Plan Board have shown interest in acquiring the company’s assets, including its India business.

MMTC (+19.95%) rose sharply following the Central Govt’s nod to royalty rates of 3% each for lithium and niobium and 1% for Rare Earth Elements (REEs).

Tech Mahindra (-2.72%) was NIFTY50’s top loser. 

All stocks in Nifty IT fell after the Q2 results reported by TCS yesterday were weaker than analysts’ estimates. 

Laxmi Organics (-5.7%) fell sharply after rallying over 11% yesterday.

Markets Ahead

Major indices held the upper levels and consolidated in a small range today. A breakout or a breakdown from these zones can give us good directional moves.

Nifty: The immediate support in the index is near 19,780. Meanwhile, the immediate resistance to watch out for is the 19,880 level. A breakout from there could take Nifty up to 19,945 and 20,000 levels eventually.

Bank Nifty: The immediate support is near 44,400. A breakdown from this level might take the index down to 44,180 and 44,080. On the other hand, 44,750 is the immediate resistance to watch out. A breakout from there may give us targets of 45,000 and 45,100.

How was Nifty expiry day? Are you in net profit or loss? Let us know in the comments section below!

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

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Nifty Falls 275 Points on Monthly Expiry! IT Stocks Decline – Post-Market Analysis

NIFTY started the day flat at 19,761 with a gap-up of 45 points. Initially, the index fell 90 points to 19,670 levels, made a double-bottom, rose 80 points to 19,750 levels, and took rejection. Then, it gave a sharp fall of nearly 260 points till 19,490. Nifty closed at 19,523, down by 192 points or 0.98%.

Nifty chart Sept 28 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,700 with a gap-up of 112 points. Similar to Nifty, BNF gave a sharp fall of 200 points till the round levels of 44,500 initially, made a double-bottom, shot up 200 points till the day’s high, and took resistance. Then, the index fell gradually to 44,250 levels– a fall of 500 points! BNF closed at 44,300, down by 287 points or 0.64%.

Bank Nifty chart Sept 28 - post-market analysis | marketfeed

All other indices closed in the red. Nifty IT (-2.19%) and Nifty FMCG (-1.9%) fell the most!

Major Asian markets closed mixed. European markets are currently trading mixed.

Today’s Moves

Larsen & Toubro (+1.52%) was NIFTY50’s top gainer. The stock hit a 52-week high of ₹3,050.5 after brokerage firm UBS increased its price target for L&T from ₹3,040 to ₹3,600 per share.

MCX (+8.24%) surged after the company confirmed that it will implement a new web-based Commodity Derivatives Platform (CDP) next week.

CE Info Systems (+7.4%) jumped up to 11% on the back of strong volumes. The stock hit a 52-week high of ₹2,108.95 today.

Tech Mahindra (-4.59%) was NIFTY50’s top loser.

IT stocks LTI Mindtree (-3.16%), Wipro (-2.48%), Infosys (-1.88%), TCS (-1.46%), and others fell sharply.

Shares of HAL have split in the ratio of 1:2. The shares, which had a face value of ₹10 before Sept 28, have halved and are trading at a face value of ₹5 each now.

Berger Paints (-5.6%) fell after Kotak Institutional Equities downgraded the stock to ‘Sell’, citing weak demand and rising competition.

Markets Ahead

Markets are taking rejections from the high levels. As discussed in the post-market report yesterday, the 23% Fibonacci levels acted as good resistance. The indices continued the fall and hit our targets: 19,560 in Nifty and 44,300 in Bank Nifty.

Both indices are still under a sell-on-rise structure.

Nifty: The immediate support for Nifty is near the 19,500 round levels. A breakdown from there could take the index down to 19,400 levels. The important resistance to watch out for is the 19,560-600 levels. A breakout from these levels may give us targets of 19,700-740. 

Bank Nifty: The immediate support for BNF is near 44,200 levels. A breakdown could give us targets of 44,000. The index has an important resistance near 44,500 levels. A breakout from there can give us targets of 44,700-750.

Every rise is being sold. So wait for vital reversal levels to be crossed for confirmation of a trend reversal and option buying trades.

As per reports, the increased selling activity by foreign institutional investors (FIIs) is one of the main factors contributing to high volatility in the Indian market. FIIs have sold shares worth nearly ₹12,475 crore in September! The US Federal Reserve’s hawkish stance on interest rates has added to the market’s anxiety.

How was monthly expiry trading today? Did you trade in Nifty or Bank Nifty (or both)? Let us know in the comments below!

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Post Market Analysis

Nifty Closes Flat Again! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,682. The index consolidated within a 60-point range throughout the day between 19,640 and 19,700. Nifty closed at 19,664, down by 9.85 points or 0.05%.

Nifty chart Sept 26 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 44,722 with a small gap-down of 43 points. The index consolidated in a 130-point range with a bearish bias— moving in a channel. BNF closed at 44,624, down by 141 points or 0.32%.

Bank Nifty chart Sept 26 - post-market analysis | marketfeed

All indices except Nifty FMCG (+0.52%), Nifty Auto (+0.35%), Nifty Metal (+0.31%), and Nifty Realty (+0.31%) closed in the red. Nifty Media (-0.86%) fell the most.

Major Asian markets closed up to 1.4% in the red. European markets are currently trading in the red.

Today’s Moves

Eicher Motors (+2.61%) was NIFTY50’s top gainer.  Brokerage firm Jefferies maintained its ‘Buy’ rating on the stock while raising its price target from ₹4,000 to ₹4,150. 

Cochin Shipyard (+11.07%) surged on the back of strong volumes. Defence stocks Garden Reach Shipbuilders and MTAR Tech gained up to 14%. 

As per a report from ICRA, private sector firms are likely to get defence contracts worth ₹60,000 crore in FY25.

Shares of Vodafone Idea (+6.98%) closed at a 20-month high.  The company’s shares have been rising since it announced a 50% payment of its license fees and spectrum usage charge (SUC) dues for the March quarter.

Tech Mahindra (-1.3%) was NIFTY50’s top loser. 

Indiabulls Real Estate (-3.46%) fell after Creditcorp Investment Advisors sold 30.95 lakh shares of the company in a bulk deal.

Markets Ahead

Markets continued to stay at lower levels, and no signs of strength were seen. Two consecutive Doji candles have been formed in the major indices. And depending on the highs and lows getting breached, we can expect the indices to move further in that direction.

Nifty: The current support to watch out for is near 19,630 levels. A breakdown from here could give us a target of 19,500. The important resistance is near the 19,700 levels, and a breakout from there may give us a target of 19,800 on the upside.

Bank Nifty: The immediate support to look out for is near 44,600. A breakdown from this level can give us a target of 44,300. On the other hand, a major resistance for BNF is near 44,800. A breakout from this round level can give us a target of 45,000 and 45,200

It was a relatively easy FIN NIFTY expiry for non-directional option sellers as the markets consolidated. However, option buyers might have had a bad day because of the quick moves in both directions.

The overall sentiment in the Indian markets remains weak as investors exercise caution in the wake of weak global cues and increased selling activity by FIIs.

How did FIN NIFTY expiry go? Let us know in the comments section!

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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).

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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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Market News Top 10 News

Wipro’s Net Profit Falls in Q4 – Top Indian Market Updates

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

Wipro Q4 Results: Profit falls 0.4% YoY to Rs 3,074 crore

Wipro Ltd reported a 0.4% YoY fall in consolidated net profit to Rs 3,074 crore for Q4 FY23. Its revenue from operations rose 11% YoY to 23,190 crore during the same period. Revenue from IT Services rose 4% YoY to $2,823 million in Q4. Total order wins for the fourth quarter was up 29% YoY to $4.1 billion.

The IT company’s board has approved a buyback of shares through the tender offer at Rs 445 per share. Wipro will buy back nearly 26.9 crore shares from shareholders.

Read more here.

Hinduja sole bidder for Reliance Capital with ₹9,650 cr offer 

IndusInd International Holdings (part of the Hinduja Group) was the sole bidder for Reliance Capital in a bankruptcy auction, offering ₹9,650 crore in upfront cash. Other potential bidders, Torrent Investments and Oaktree Capital, did not submit bids despite indicating earlier that they would participate. The auction process ended with no counteroffers. Hinduja’s offer represents a 41% recovery for lenders.

Read more here.

Tech Mahindra Q4 Results: Net profit falls 25.8% YoY to Rs 1,118 crore

Tech Mahindra reported a 25.8% YoY decline in consolidated net profit to Rs 1,118 crore and an operating revenue of Rs 13,718 crore, up 13.2% YoY, for Q4 FY23. EBITDA declined 3.2% YoY to Rs 2,021 crore. The company’s board has approved a dividend of Rs 32 per share.

Read more here.

Axis Bank Q4 Results: Net loss at Rs 5,728 crore

Axis Bank reported a loss of 5,278 crore for Q4 FY23 due to the acquisition of Citi India’s retail consumer business. The bank’s net interest income (NII) rose 33.1% YoY to Rs 11,742.2 crore. The gross non-performing asset (GNPA) ratio improved to 2.02% in Q4 FY23, compared to 2.3% in Q3 FY23. The board has recommended a dividend of Rs 1 per share.

Read more here.

GCPL signs pact to buy Raymond Consumer Care’s FMCG business

Godrej Consumer Products Ltd (GCPL) has signed an agreement to acquire Raymond’s Consumer Care business for Rs 2,825 crore in cash. The acquisition is expected to be completed by May 10, 2023. It will help increase GCPL’s presence in the male grooming space and foray into the sexual wellness category. The deal includes the trademarks of Park Avenue (for FMCG), KS, KamaSutra, and Premium through a slump sale.

Read more here.

LTI Mindtree Q4 Results: Profit growth flat at Rs 1,114 crore

LTIMindtree reported a net profit of Rs 1,114 crore for Q4 FY23, which is flat compared with the same period last year. Revenue from operations rose 22% YoY to Rs 8,691 crore in Q4 FY23. Its order inflow for the quarter came in at $1.35 billion. The company’s board has recommended a final dividend of Rs 40 per equity share.

Read more here.

MGL to expand into CBG, LNG & EV segments 

Mahanagar Gas Ltd (MGL) plans to diversify its portfolio beyond the city gas distribution (CGD) business and enter the compressed biogas (CBG) segment, electric vehicles market, equipment manufacturing for CGD companies, and retailing LNG as fuel for long-haul transportation. The move is aimed at expanding its business and reducing its dependence on CGD.

Read more here.

Dilip Buildcon wins order worth Rs 1300 crore from NHAI

Dilip Buildcon’s two wholly owned subsidiaries have executed a concession agreement worth Rs 1,373.6 crore with the National Highways Authority of India (NHAI). The agreement includes two projects for building highways in Andhra Pradesh worth Rs 599.5 crore and Rs 774.10 crore. The company has committed to completing the projects within 24 months and operating them for 15 years.

Read more here.

IOCL signs pact with Tesla Power USA to provide automotive batteries

Indian Oil has formed a strategic alliance with Tesla Power USA to provide automotive batteries at fuel stations in India. Tesla Power batteries will initially be available at select Indian Oil fuel stations in the National Capital Region (NCR) and subsequently in other states. The partnership aims to bring convenience to customers and leverage Indian Oil’s extensive network of 36,000 petrol pumps.

Read more here.

Reliance JV signs content streaming deal with Warner Bros

Reliance’s Viacom18 has signed a deal with Warner Bros Discovery to bring the latter’s content onto its streaming platform JioCinema, in a move to compete with rivals such as Netflix and Amazon. As per the deal, HBO Original, Max Original and Warner Bros. Television series will premiere on JioCinema on the same day as the US. The development comes almost a month after all HBO content left its long-time home Disney+ Hotstar.

Read more here.

Bharti Airtel’s 5G service now available in 3,000 cities

Bharti Airtel’s 5G service is now accessible to customers in 3,000 cities and towns across India. The telecom company is steadily expanding its 5G coverage and adding 30-40 new cities to its 5G roadmap every day. After Jio, Airtel also launched unlimited 5G data for its customers.

Read more here.

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Market News Top 10 News

HAL Registers Rs 26,500 cr Revenue for FY23- Top Indian Market Updates

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

HAL registers Rs 26,500 crore revenue for FY23

Hindustan Aeronautics Ltd has registered its highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for FY2022-23, up 8% YoY. The order book of the Bengaluru-headquartered company stood at around Rs 82,000 crore at the end of March 2023. The cash flow of the company has improved substantially with payments of around Rs 25,000 crore received from various Defence customers.

Read more here.

Larsen & Toubro secures multiple EPC projects in domestic market

Larsen & Toubro’s power transmission & distribution (PT&D) business has secured multiple significant orders (in the range of ~Rs 1,000-1,500 crore) in the domestic market. The company will establish 765kV and 400kV gas-insulated substations to serve as pooling substations at the RE zone of Khavda Renewable Energy park in Gujarat’s Kutch region.

Read more here.

Sanofi looks to spin off its consumer business in India: Report

As per an Economic Times report, French drugmaker Sanofi has initiated a process to turn its consumer healthcare business in India into a listed entity through a demerger. The unit’s products include leading anti-allergy brands such as Allegra and Avil, pain management drug Combiflam, and Vitamin D brand Depura. The business posted revenue of Rs 1,000-1,250 crore in CY22.

Read more here.

Va Tech Vabag secures Rs 4,400 cr seawater desalination project in Tamil Nadu

Va Tech Wabag has secured a Rs 4,400 crore seawater reverse osmosis project in Tamil Nadu. After completion, it would be the largest sea-water desalination project in the South East Asia region. The project will enhance the water security for Chennai through a stable source of drinking water.

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Bandhan Bank adds 50 new branches to its network

Bandhan Bank has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh. The private sector lender also plans to introduce new products and increase the width of services in the next financial year (FY24).

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IDBI Bank gets NCLT approval to set off accumulated losses of Rs 45,396 crore

IDBI Bank has received approval from the National Company Law Tribunal (NCLT) to set off its accumulated losses worth Rs 45,396 crore by reducing its share capital. The bank plans to utilize the balance of Rs 50,719.75 crore in its Securities Premium account to offset the losses. The Central government and the Life Insurance Corporation of India are currently in the process of selling their stake in the bank.

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Coal India exceeds annual output target of 700 mn tonnes for first time in 17 years

Coal India Ltd (CIL) has exceeded its annual production target of 700 million tonnes (MT) for the first time in 17 years. It produced an estimated 703.4 MT in the financial year ended March 2023 (FY23). This marks a 13% increase from the previous year and the highest annual production volume in the company’s history. CIL is targeting a production of 780 MT in the upcoming financial year (FY24) to meet the increasing demand from India’s power utilities.

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ZEEL enters into a one-time settlement with Standard Chartered Bank for credit facility availed by Siti Networks

Zee Entertainment Enterprises Ltd (ZEEL) has reached a one-time settlement agreement with Standard Chartered Bank for a loan taken by Siti Networks, a subsidiary of the Essel Group. The bank had provided credit facilities to Siti Networks that were secured by a Debt Service Reserve Account (DSRA) support and undertaking from ZEEL. While the amount has not been disclosed, the settlement will resolve any outstanding issues related to the loan.

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RVNL secures road project worth Rs 720.67 crore

Rail Vikas Nigam Limited (RVNL) has been declared the lowest bidder for a project worth Rs 720.67 crore by the National Highway Authority of India (NHAI). The project involves the construction of a 7.192-kilometre-long six-lane elevated Kona expressway in West Bengal. 

Meanwhile, RVNL’s joint venture with Metrowagonmash & Locomotive Electronic System has received an order from the Ministry of Railways for manufacturing Vande Bharat Trainsets. The contract involves the supply of 200 trainsets, with a cost per set of Rs 120 crore.

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Reliance Jio, Bharti Airtel gain subscribers in Jan

Reliance Jio Infocomm and Bharti Airtel gained 16.5 lakh and 12.8 lakh mobile users, respectively, in January 2023. Jio and Bharti Airtel’s user bases jumped to 42.6 crore and 36.8 crore, respectively. Meanwhile, Vi lost nearly 13.6 lakh mobile users in January, further shrinking its user base to 23.9 crore. 

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Tech Mahindra and YIT Corp Enters into Strategic Partnership

Tech Mahindra has entered into a strategic partnership with Finland-based YIT Corporation to drive its business transformation. As per the partnership, Tech Mahindra will provide a significant part of YIT’s IT services and consolidate the current services to one dedicated supplier. The IT company will also optimise YIT’s business processes through automated IT operations.

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BEL secures export orders worth $52 million

Bharat Electronics Limited (BEL) has received export orders worth $52 million in March. This includes communication equipment, electronics assembly, micro modules and mechanical parts for various customers from France, Israel, and the US. Yesterday, the Ministry of Defence signed 10 contracts worth ₹5,498 crore with BEL for the three armed forces.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Tata Group, SIA to Merge Air India With Vistara by 2024 – Top Indian Market Updates

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

Tata Group, SIA to merge Air India with Vistara by 2024

Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara. SIA will secure a 25.1% stake in the merged entity at an investment of ₹2,058.5 crore. This 25.1% stake will be in an enlarged Air India Group, which will have Air India, Vistara, AirAsia India, and Air India Express. The merger of all airlines is estimated to be completed by March 2024.

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Britannia Industries to form JV with Bel SA

Britannia Industries Ltd has signed a joint venture (JV) agreement with France-based Bel SA and Britannia Dairy Pvt Ltd (BDPL) to develop, manufacture, and sell cheese products in India and other markets. As a part of the JV, Britannia Industries will sell a 49% stake in BDPL to Bel SA for ₹262 crore. It will then infuse an additional ₹215 crore in the joint venture.

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Tata Motors partners with IndusInd Bank to boost EV adoption

Tata Motors has partnered with IndusInd Bank to offer exclusive electric vehicle (EV) financing to the automaker’s dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This move is part of Tata Motors’ mission to increase EV adoption in India. 

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Cipla launches injection for prostate cancer in the US

Cipla Ltd announced the launch of Leuprolide Acetate Injection Depot in the US market. The drug is used to treat advanced prostate cancer. It is also indicated for endometriosis and is used with other medication to treat anemia caused by uterine fibroids. According to IQVIA data, LUPRON DEPOT had sales of approximately $197 million in the US for the 12 months ended September 2022.

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Gland Pharma acquires French CDMO Cenexi for €120 million

Gland Pharma’s Singapore subsidiary, Gland Pharma International PTE, will acquire France-based contract development & manufacturing organisation (CDMO) Cenexi Group for €120 million (~₹1,012 crore). The acquisition will give Gland Pharma a foothold in the European CDMO market. Cenexi has a presence across four manufacturing sites in Europe, which include three sites in France and one site in Belgium.

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ICICI Bank launches digital lending solution iLens

ICICI Bank announced the launch of a digital lending solution called ‘iLens’. It allows customers to secure housing loans digitally with hassle-free onboarding via paperless login, uploading documents, instant sanctions, and disbursement of loans. ICICI Bank Lending Solutions (iLens) is powered by the TCS Lending Platform. The bank also plans to offer personal loans, auto loans, and credit cards through this platform.

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Lupin launches generic version of COPD treatment drug

Lupin Ltd announced the launch of a generic version of Formoterol Fumarate Inhalation Solution in the US market. The drug is used to treat chronic obstructive pulmonary disease (COPD). According to IQVIA MAT data, the product had estimated annual sales of $268 million for the 12 months ended Sept 2022.

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Tech Mahindra signs pact with Axiata Group to develop 5G enterprise solutions

Tech Mahindra has signed a Memorandum of Understanding (MoU) with Axiata Group Berhad to co-develop and market 5G enterprise solutions across Malaysia, Sri Lanka, Bangladesh, Nepal, and Cambodia. The two entities aim to develop new-age and cost-effective 5G solutions across the manufacturing, oil & gas, and smart cities & services industries.

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Biocon completes acquisition of Viatris’s biosimilar business

Biocon Biologics has completed the acquisition of the $3.34 billion Viatris’ global biosimilars business. The company has issued Compulsorily Convertible Preference Shares (CCPS) in the company valued at $1 billion (equivalent to an equity stake of ~12.9%) and made an upfront cash payment of $2 billion to Viatris. Biocon Biologics is a subsidiary of Biocon Ltd.

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ONGC gas price to be capped at $6.5 for five years

A government-appointed gas price review panel has recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. Oil & Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum price of $4 per million British thermal units (Btu) and a ceiling price of $6.5 per million Btu, compared to the current rate of $8.57.

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India’s Manufacturing PMI Rises to 55.3 in Oct – Top Indian Market Updates

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

India’s manufacturing PMI rises to 55.3 in Oct

India’s manufacturing sector activity remained resilient in October, led by strong growth in factory orders and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in October 2022, compared to 55.1 in Sept. Job creation grew at the fastest pace in three years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

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Auto sales data for October 2022: Highlights 

Maruti Suzuki India Ltd posted a 21% year-on-year (YoY) increase in total sales to 1.67 lakh units in October 2022. Sales from its utility vehicle segment rose 14.4% YoY to 30,971 units. Exports fell 4.1% YoY to 20,448 units.

Tata Motors Ltd registered a 33% YoY increase in passenger vehicle sales to 45,423 units in Oct. The automaker’s commercial vehicle sales fell 2% YoY to 32,912 units. Overall domestic sales rose 17% YoY to 76,537 units. 

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,298 units in Oct, up 60% YoY. M&M’s tractor segment posted an 11% YoY increase in sales to 51,994 units.  

TVS Motor Company posted a 10.9% YoY increase in total sales to 3.44 lakh units. Meanwhile, Hero MotoCorp posted a 17% YoY decline in total sales to 4.54 lakh units in October. 

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Adani Ports Q2 Results: Net profit rises 69% YoY to ₹1,677.48 crore

Adani Ports & Special Economic Zone Ltd reported a 68.5% YoY increase in consolidated net profit to ₹1,677.48 crore in Q2 FY23. Its revenue from operations rose 33% YoY to ₹5,210.8 crore during the same period. The company’s cargo volumes grew 15% YoY to ₹86.6 million metric tonnes (MMT) in Q2.

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PNB Housing Finance expects 40% jump in disbursals this fiscal: MD & CEO

The domestic housing finance sector is now witnessing robust demand after the pandemic, and PNB Housing Finance expects strong growth of 40% in disbursals in FY23, said the company’s MD & CEO Girish Kousgi. “With the real estate boom coupled with economic activity in the country and a high shortage of housing, opportunity is still very high. All these things put together, I feel that the demand is robust,” he said.

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Voltas Q2 Results: Net loss at ₹7.41 crore

Voltas Ltd reported a consolidated net loss of ₹7.41 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹104 crore in Q2 FY22. The company’s revenue from operations rose 6% YoY to ₹1,768 crore during the same period. Voltas incurred a one-off expense of ₹106 crore as an overseas customer terminated a contract.

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NCC secures orders worth ₹1,056 crore in Oct

NCC Limited received two new orders worth ₹1,056 crore (exclusive of GST) in October from State Government agencies. These orders pertain to the company’s Water and Environment Division. NCC develops and builds residential & commercial properties, industrial facilities, public buildings, roads, and civil engineering structures across India.

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Tech Mahindra Q2 Results: Net profit falls 4% YoY to ₹1,285 crore

Tech Mahindra reported a 4% YoY decline in consolidated net profit to ₹1,285.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹13,129 crore during the same period. The IT firm secured deals worth $712 million in Q2, a decline of 10.7% from the previous quarter. Tech Mahindra’s board has declared a special dividend of ₹18 per share.

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SEBI fines 21 entities in Sunstar Realty Development case

The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹1.05 crore on 21 entities for manipulating the share price of Sunstar Realty Development Ltd (SRDL). SEBI conducted an investigation of SRDL’s stock from June 2015 to March 2016 to ascertain whether there were any violations of the Prohibition of Fraudulent & Unfair Trade Practices rules.

In other news, SEBI barred fugitive businessman Mehul Choksi from the securities markets for 10 years. It also imposed a fine of ₹5 crore on him for indulging in fraudulent trading in the shares of Gitanjali Gems Ltd.

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PNB Q2 Results: Net profit falls 63% YoY to ₹411 crore

Punjab National Bank reported a 63% YoY decline in net profit to ₹411 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 30.2% YoY to ₹8,271 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 13.36% in Q2 FY22 to 10.48% in Q2 FY23. Provisions for bad loans stood at ₹3,555.98 crore in Q2 FY23, up 32% YoY.

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UPL Q2 Results: Net profit rises 28% YoY to ₹814 crore

UPL Ltd reported a 28.4% YoY increase in consolidated net profit to ₹1,285.4 crore in Q2 FY23. Its revenue from operations rose 18.4% YoY to ₹12,507 crore during the same period. EBITDA stood at ₹2,768 crore in Q2, up 35% YoY. UPL saw revenue in Latin America, North America, and India grow by 20-24% YoY, but growth in Europe was muted at 1%.

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Nykaa Q2 Results: Net profit jumps 344% YoY to ₹5.2 crore

FSN E-Commerce Ventures (Nykaa) reported a 344% YoY jump in consolidated net profit to ₹5.2 crore in Q2 FY23. Its revenue from operations rose 39% YoY to ₹1,230.8 crore during the same period. The lifestyle retailer’s gross merchandise value or GMV rose 45% YoY to Rs 2,345.7 crore in Q2.

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Tata Motors’ Net Loss Widens in Q1 – Top Indian Market Updates

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

Tata Motors Q1 Results: Net loss widens to Rs 4,951 crore

Tata Motors reported a consolidated net loss of Rs 4,950.97 crore for the quarter ended June (Q1 FY23). The automaker had posted a net loss of Rs 4,450.12 crore in Q1 FY22 and a loss of Rs 992.05 crore in Q4 FY22. Its revenue from operations fell 8.3% YoY to Rs 71,934 crore in Q1 FY23. The sharp increase in losses is primarily due to inflation, lockdowns in China, chip supply issues, and volatile commodity prices. 

Sales of passenger vehicles surged 101.7% YoY to 1,30,351 units in Q1 FY23, while commercial vehicle sales jumped 104.1% YoY to 95,900 units.

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Govt received bids worth Rs1.49 lakh crore in spectrum sale

The Indian Government has raised Rs 1,49,454 crore from the auction of 5G spectrum at the end of day two, said telecom minister Ashwini Vaishnav. The sale will most likely end on Thursday. On day one, the govt received around Rs 1.45 lakh crore, driven by the 700 MHz band, which saw bidding for the first time. Reliance Jio, Bharti Airtel, and Vodafone Idea have bid for mid and high-end airways to launch 5G services.

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Bajaj Finance Q1 Results: Net profit jumps 159% YoY to Rs 2,596 crore

Bajaj Finance Ltd reported a 159% YoY jump in consolidated net profit to Rs 2,596 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 48% YoY to Rs 6,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.25% in Q1 FY23, compared to 2.96% in Q1 FY22. The company’s total assets under management stood at Rs 2,04,018 crore in Q1 FY23, up 28% YoY.

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DGCA orders SpiceJet to cut flights by half for safety

The Directorate General of Civil Aviation (DGCA) has ordered SpiceJet Ltd to operate only 50% of its flights for eight weeks after an unusually high number of safety incidents involving the airline. SpiceJet said this order would not have any impact on its flights in the lean travel season and flights won’t be cancelled. During these eight weeks, the airline would be subjected to DGCA’s “enhanced surveillance”.

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Maruti Suzuki Q1 Results: Net profit jumps 118% YoY to Rs 1,036 crore 

Maruti Suzuki India Ltd (MSIL) reported a 118% YoY jump in consolidated net profit to Rs 1,036 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 49% YoY to Rs 26,499.8 crore during the same period. The automaker sold 4,67,931 units in Q1, up 32.3% YoY. MSIL also reported its highest ever exports at 69,437 units. A shortage of electronic components in Q1 resulted in the non-production of nearly 51,000 vehicles.

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Dr. Reddy’s Labs launches cancer treatment injection Bortezomib in the US

Dr. Reddy’s Laboratories Ltd has announced the launch of Bortezomib for Injection (3.5 mg per 10 ml single-dose vial) in the U.S. market. The injection is indicated for the treatment of adult patients with multiple myeloma and mantle cell lymphoma (cancer). As per IQVIA data, the generic version of the drug had sales of approx. $1.2 billion in the U.S market during the 12 months ended May 2022.

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Dixon Tech Q1 Results: Net profit jumps 152% YoY to Rs 45 crore

Dixon Technologies Ltd reported a 152% YoY jump in consolidated net profit to Rs 45.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 52.89% YoY to Rs 2,855.07 crore during the same period. Total expenses stood at Rs 2,793.44 crore in Q1, up 51.52% YoY.

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Tech Mahindra, Genesys to license imagery data for Google Street View in India

Google has announced a partnership with Tech Mahindra Ltd and mapping firm Genesys International to launch the Street View product of Google Maps in India. The US-based tech major will license imagery data for Street View from Tech Mahindra and Genesys and won’t own the data itself. The product will be available in Bengaluru, Chennai, Delhi, Mumbai, and six other cities from today.

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Bharat Forge’s arm partners with Talgo for manufacturing high-speed trains

BF Infrastructure (a subsidiary of Bharat Forge Ltd) has partnered with Talgo India to set up a joint venture (JV) that will engage in the manufacturing of high-speed passenger trains. The JV is expected to address future large business opportunities in the Indian Railways sector. It will also tap the upcoming domestic requirements in the field. Talgo is a wholly owned subsidiary of Spain-based high-speed passenger train manufacturer Patentes Talgo.

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Laurus Labs Q1 Results: Net profit rises 4% YoY to Rs 251 crore

Laurus Labs reported a 4% YoY (or 9% QoQ) increase in net profit to Rs 251 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 20% YoY to Rs 1,539 crore during the same period. The pharma company’s operating profit was up 15% YoY to Rs 454 crore in Q1. The active pharmaceutical ingredients (API) business reported a revenue of Rs 583 crore, up 6% YoY.

Read more here.