Tag: Tech Mahindra

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Axis Bank’s Net Profit Rises 91% YoY in Q1 – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 91% YoY to Rs 4,125 crore

Axis Bank reported a 91% YoY increase in net profit to Rs 4,125 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 21% YoY to Rs 9,384 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 2.76% in Q1 FY23, compared to 2.82% in Q4 FY22. The bank’s fee income rose 34% YoY to Rs 3,576 crore in Q1.

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L&T to sell 8 roads, transmission project to Edelweiss fund for Rs 7,000 crore

Larsen & Toubro Ltd (L&T) will sell eight operational road assets and a power transmission project to Edelweiss Infrastructure Yield Plus, a fund managed by Edelweiss Alternative Asset Advisors. The enterprise value of the assets stands at Rs 7,000 crore. The latest move is part of L&T’s asset-light strategy of exiting several non-core assets. The deal is awaiting regulatory approvals from the National Highways Authority of India (NHAI) and market regulator SEBI.

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Tech Mahindra Q1 Results: Net profit falls 16% YoY to Rs 1,132 crore

Tech Mahindra Ltd reported a 16.4% YoY decline in consolidated net profit to Rs 1,132 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 24.6% YoY to Rs 12,708 crore during the same period. EBITDA stood at Rs 1,880 crore, up 0.2% YoY. The IT company secured new deals worth $803 million in Q1, a decline of 1.5% YoY or 20.5% QoQ. Tech Mahindra will invest in new and emerging technologies to deliver differentiated offerings.  

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Natco Pharma’s partner gets USFDA nod for prostate cancer treatment drug

Natco Pharma Ltd’s partner Breckenridge Pharmaceutical Inc has received approval from the US Food & Drug Administration (USFDA) for generic Cabazitaxel intravenous powder. The drug is used to treat prostate cancer. As per IQVIA data, the generic version of the drug generated annual sales of $303 million (~Rs 2,417 crore) during the 12 months ended May 2022. 

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Tata Steel Q1 Results: Net profit falls 13% YoY to Rs 7,765 crore

Tata Steel Ltd reported a 12.8% YoY (or 20.4% QoQ) decline in consolidated net profit to Rs 7,764.96 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 18.6% YoY to Rs 63,430 crore during the same period. The company produced 7.74 million tonnes (MT) of steel during the quarter, registering a decline of 1.8% YoY. The performance in Q1 was impacted by higher pet coke prices, which led to higher operating costs.

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Intellect Design Arena’s arm secures order from Mineral Development Bank

Myanmar-based Mineral Development Bank has chosen Intellect Global Consumer Banking’s (iGCB) Intellect Digital Core to transform its banking solutions. The bank aims to open 15 branches this year. The digital transformation will provide the bank with a platform to innovate faster than its competitors. iGCB is the consumer banking arm of Intellect Design Arena Ltd, a global leader in financial technology for the banking and insurance sectors.

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HDFC Securities partners with Equitas SFB to offer Demat, trading services

HDFC Securities has partnered with Equitas Small Finance Bank (SFB) to provide its clients with Demat account and broking investment services. With this partnership, Equitas SFB will offer its customers a “3-in-1″ account for accessing the services of HDFC Securities. All customers can now open their Demat, trading accounts for buying and selling shares and trading in futures, options, and even currencies.

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IEX Q1 Results: Net profit rises 10% YoY to Rs 69 crore

Indian Energy Exchange (IEX) reported a 10.05% YoY increase in consolidated net profit to Rs 69.12 crore for the quarter ended June (Q1 FY23). Net profit fell 21.7% when compared to the previous quarter. Its total income rose 10.2% YoY to Rs 113.4 crore during the same period. EBITDA stood at Rs 81 crore in Q1, up 8% YoY.

Govt sets target to raise share of natural gas in energy mix to 15% by 2030

The Indian government has set a target to raise the share of natural gas in the total energy mix from 6.3% currently to 15% by 2030. Initiatives have been taken to expand the National Gas Grid from 21,715 km to about 33,500 km. Several Liquefied Natural Gas (LNG) terminals will also be established across the country. The govt will also allow marketing and pricing freedom to gas produced from high pressure/high-temperature areas, deep water & ultra-deepwater, and coal seams.

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Macrotech Developers Q1 Results: Net profit rises 68% YoY to Rs 271 crore 

Macrotech Developers Ltd (Lodha Group) reported a 68.75% YoY increase in consolidated net profit to Rs 271.26 crore for the quarter ended June (Q1 FY23). Its total income grew 52.9% YoY to Rs 2,675.78 crore during the same period. The company reduced its net debt by Rs 450 crore to Rs 8,856 crore in Q1. 

The real estate company expects to enter into alliances to undertake joint development projects with a combined gross development value of Rs 15,000 crore in the current financial year (FY23).

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SBI Posts 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 41% YoY to Rs 9,113 crore

State Bank of India (SBI) reported a 41.27% YoY increase in net profit to Rs 9,113.52 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 15.26% YoY to Rs 31,198 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 3.97% in Q4 FY22, compared to 4.5% in Q3 FY22. SBI’s board has declared a dividend of Rs 7.10 per share.

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Maruti Suzuki to invest Rs 11,000 crore in first phase at Sonipat

Maruti Suzuki India Ltd will invest Rs 11,000 crore to make the first phase of its new manufacturing facility at Sonipat (Haryana) operational. The facility could emerge as the largest production base for the company in India. The first plant will have a manufacturing capacity of 2.5 lakh vehicles per annum. It is expected to be commissioned within 2025.

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Tech Mahindra Q4 Results: Net profit rises 39% YoY to Rs 1,506 crore

Tech Mahindra Ltd reported a 39.2% YoY (or 10% QoQ) increase in consolidated net profit to Rs 1,506 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24.5% YoY (or 5.8% QoQ) to Rs 12,116 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. Tech Mahindra’s board has declared a final dividend of Rs 15 per share.

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Zydus Lifesciences launches drug for treating bad cholesterol

Zydus Lifesciences Ltd has launched its Bempedoic acid drug under the ‘Bemdac’ brand. The drug offers a new line of treatment for patients suffering from uncontrolled levels of bad cholesterol, despite lifestyle modifications. Low-density lipoprotein cholesterol (LDL-c) increases the chances of health problems such as heart attack or stroke.

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Eicher Motors Q4 Results: Net profit rises 16% YoY to Rs 610 crore

Eicher Motors Ltd reported a 15.96% YoY increase in consolidated net profit to Rs 610.14 crore for the quarter ended March (Q4 FY22). Net profit rose 34% when compared to the previous quarter. Its revenue from operations grew 8.6% YoY (or 11% QoQ) to Rs 3,193.32 crore during the same period. The automaker’s board has declared a dividend of Rs 21 per share.

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L&T secures order from Rajasthan govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Rajasthan government for executing a parallel carrier system to the Rajiv Gandhi Lined Canal. The project will serve the water demands of the districts of Jodhpur, Pali, and Barmer. It will also supply raw water to Delhi Mumbai Industrial Corridor and Rajasthan State Industrial Development Investment Corporation Ltd (RIICO).

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HAL Q4 Results: Net profit rises 91% YoY to Rs 3,105 crore

Hindustan Aeronautics Ltd (HAL) reported a 90.8% YoY increase in consolidated net profit to Rs 3,105.17 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 6.4% YoY to Rs 11,561.1 crore during the same period. EBITDA stood at Rs 2,499.7 crore in Q4, down 7.9% YoY. Total expenses rose 11.1% YoY to Rs 9,061.3 crore.

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Patel Engineering secures contract worth Rs 2,461 for Kwar HE Project

Patel Engineering Ltd has bagged a contract worth Rs 2,461 crore for constructing a diversion tunnel, concrete gravity dam, pressure shafts, underground powerhouse, and tailrace tunnel for the Kwar HE Project in Jammu & Kashmir. The project aims to harness the vast hydro potential of the Chenab river.

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Bandhan Bank Q4 Results: Net profit jumps 1,747% YoY to Rs 1,902.3 crore

Bandhan Bank reported a 1,747% YoY jump in net profit to Rs 1,902.3 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 44.6% YoY to Rs 2,539.8 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.46% in Q4 FY22, compared to 6.81% in Q4 FY21. Provisions stood at Rs 4.7 crore in Q4 FY22, down 99.7% YoY.

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Escorts Q4 Results: Net profit falls 28% YoY to Rs 190 crore

Escorts Limited reported a 28.42% YoY decline in consolidated net profit to Rs 189.98 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 15.7% YoY to Rs 1,878.51 crore during the same period. Tractor volumes fell 32.8% YoY to 21,985 units in Q4. Construction equipment sales stood at 1,286 units, down 19.8% YoY. The company’s board has declared a final dividend of Rs 7 per share.

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Future Retail to Take Action to Reverse RIL’s Store Takeovers – Top Indian Market News

Will act to reverse store takeovers by Reliance: Future Retail

Future Retail Ltd (FRL) accused Reliance Industries Ltd (RIL) of forcefully taking over stores and asserted that it did not hand over any of its retail units to the conglomerate. FRL’s board is committed to taking necessary action to seek value adjustments and reversal of RIL’s takeover of its stores.

Last month, RIL took over the operations of ~950 stores of FRL and offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments.

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Torrent Power to acquire 51% stake in power distribution utility of Dadra & Nagar Haveli

Torrent Power Ltd (TPL) has signed agreements to acquire a 51% stake in Dadra & Nagar Haveli and Daman & Diu (DNH & DD) Power Distribution Corporation Ltd. This acquisition will strengthen TPL’s position as the leading power distribution company in India. It will now have a presence in 12 cities spread across 3 states and 1 Union Territory. With the addition of DNH & DD, TPL will distribute nearly 24 billion units of electricity per annum to over 3.85 million customers.

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L&T Technology Services establishes Digital Twin Practice in collaboration with Microsoft & Bentley Systems

L&T Technology Services Ltd (LTTS) has launched a next-generation IoT-based engineering practice on Digital Twins for the manufacturing and industrial sectors. LTTS has partnered with Microsoft and Bentley Systems to establish a Center of Excellence (CoE) that will address and accelerate the Digital Twin requirements of new-age manufacturing companies. 

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Shyam Metalics’ board approves Rs 990 crore capex plans

Shyam Metalics & Energy Ltd’s (SMEL) board has approved a proposal to allocate Rs 990 crore as capital expenditure (capex) to expand manufacturing capacities. The company aims to expand its capacity by 2.85 million tonnes per annum (MTPA) as it enters FY23. The increased aggregate capacity will now be 14.5 MTPA. SMEL has also commissioned an alumnium-foil-making plant with an annual capacity of 40,000 tonnes. 

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Singapore Exchange selects TCS as strategic partner for NSE IFSC-SGX Connect

Singapore Exchange (SGX) has selected the TCS BaNCS platform to power the NSE IFSC-SGX Connect (Gift Connect) for trade execution and clearing of NIFTY products on behalf of its members globally. SGX has set up SGX India Connect IFSC Pvt Ltd (a special purpose vehicle) at Gujarat International Finance Tec-City. The exchange aims to enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants. 

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Tata Power partners with Battery Smart to install EV charging stations in Delhi

Tata Power Delhi Distribution Ltd has partnered with Battery Smart, a battery-swapping network for electric vehicles (EVs), to open Swap Stations for two-and-three wheelers across North Delhi in 2022. By creating a vast network of Swap Points across Delhi, both companies are supporting the state government’s ‘Switch Delhi’ campaign. 

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Tata Communications, Formula 1 announce multi-year strategic collaboration

Tata Communications Ltd (TCL) and Formula 1 have announced a multi-year strategic collaboration. TCL will return to the sport of racing as the Official Broadcast Connectivity Provider of Formula 1. The company will provide global end-to-end managed network services for video contribution. It will also deliver and enhance the global fan experience.

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Tech Mahindra partners with Cisco to modernize 5G infra 

Tech Mahindra Ltd has announced a collaboration with Cisco to modernize 5G infrastructure with a routed optical networking solution. The partnership aims to simplify internet transport networks by using optical and routing technologies to converge service over an Internet Protocol (IP) infra. The combined synergies of both companies will enable an end-to-end value proposition for service providers to reduce complexity in their networks.

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Piramal Capital ties up with IMGC to offer home loans

Piramal Capital & Housing Finance Ltd (PCHFL) has partnered with India Mortgage Guarantee Corporation (IMGC) to offer home loans ranging from Rs 5-75 lakh to salaried and non-salaried customers. Under this arrangement, IMGC will provide guarantee on a part of the loan so that it is secured in case of a default. PCHFL aims to generate 10-12% of its business from the partnership by the end of FY23.

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Oil India’s board approves Rs 6,555 crore investment for Numaligarh petrochemical project

Oil India Ltd’s board has approved an investment of Rs 6,555 crore in its subsidiary, Numaligarh Refinery. The capital will be allocated for implementing a petrochemical project (a polypropylene unit and associated facilities) at the refinery. The board has also approved the formation of a joint venture (JV) between Assam Gas and Oil India. The JV will take over three geographical areas offered by Petroleum and Natural Gas Regulatory Board under the 11th round of city gas distribution bidding.

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UltraTech Cement Posts 8% YoY Rise in Net Profit in Q3 – Top Indian Market News

Ultratech

UltraTech Cement Q3 Results: Net profit rises 8% YoY to Rs 1,708 crore

UltraTech Cement Ltd reported a 7.8% YoY increase in consolidated net profit to Rs 1,708 crore for the quarter ended December (Q3 FY22). Net profit increased 31% when compared to the previous quarter. Its revenue from operations rose 5.89% YoY (or 8% QoQ) to Rs 12,985 crore during the same period. The company’s domestic cement sales volumes grew 13.2% YoY in Q3.

The cement manufacturer has approved a capital expenditure of Rs 965 crore for capacity expansion at Birla White from 6.5 lakh tonnes per annum (LTPA) to 12.53 LTPA.

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Tata Power Renewable Energy commissions 100 MW solar projects in Uttar Pradesh

Tata Power Renewable Energy Ltd (TPREL) has commissioned two solar power projects of 50 megawatts (MW) each in Uttar Pradesh. The plants are expected to generate more than 221.26 million units annually. A Power Purchase Agreement (PPA) was signed between TPREL and Uttar Pradesh Power Corporation Ltd (UPPCL) for these two projects. The plants at Prayagraj and Banda will reduce 1.77 lakh tonnes of carbon emission annually.

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L&T dispatches critical reactors to US for renewable diesel project ahead of schedule

Larsen & Toubro’s (L&T) heavy engineering arm has flagged off five critical renewable diesel reactors to Diamond Green Diesel (DGD) two weeks ahead of the contractual delivery date. DGD is North America’s largest renewable diesel producer. L&T is executing three such green diesel projects for US and European clients at its fully integrated, digitally-enabled heavy engineering complex located at Hazira, Gujarat.

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HFCL Q3 Results: Net profit falls 5% YoY to Rs 78 crore

HFCL Ltd reported a 5% YoY decline in consolidated net profit to Rs 81 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 5% YoY to Rs 1,215 crore during the same period. EBITDA stood at Rs 174 crore, up 4% YoY. The company has raised Rs 600 crore via a qualified institutional placement (QIP). The amount will be utilised to build network solution capabilities to tap the upcoming opportunities in the telecom and defence sectors.

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Tech Mahindra acquires European firm CTC for Rs 2,628 crore

Tech Mahindra has announced the acquisition of a 100% stake in Europe-based Com tec Co IT (CTC) for €310 million (~Rs 2,628 crore). The company is also investing €20 million for acquiring 25% ownership in two IT platforms (SWFT and Surance) of CTC. Tech Mahindra stated that the acquisitions will strengthen its digital engineering and insurance technology businesses.

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Ajmera Realty to invest Rs 900 crore to develop residential project in Mumbai

Ajmera Realty & Infra India Ltd has announced plans to invest Rs 900 crore to develop a residential project as part of its 100-acre master layout in Wadala, Mumbai. The financing of the project will be supported through a mix of internal accruals, a construction finance loan from HDFC, and sales advances. The project is estimated to drive a sales value of Rs 1,500 crore. It will comprise 540 residential apartments across two wings.

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Bajaj Auto to set up third EV plant in Aurangabad

Bajaj Auto Ltd will set up its third electric vehicle (EV) plant in Aurangabad, Maharashtra. The company had earlier announced the rollout of its new EV two-wheeler plant in Pune, where it will be spending Rs 300 crore to manufacture the new electric scooter Chetak. Reports indicate that the new facility in Aurangabad will manufacture a range of electric three-wheelers.

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Bhansali Engineering Q3 Results: Net profit falls 44% YoY to Rs 75 crore

Bhansali Engineering Polymers Ltd (BEPL) reported a 44.4% YoY decline in consolidated net profit to Rs 75.71 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 17% YoY to Rs 341.52 crore during the same period. Total expenses rose 7% YoY to Rs 246.34 crore in Q3. BEPL has declared an interim dividend of Rs 1 per share. 

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KEC International secures orders worth Rs 1,112 crore

KEC International Ltd has secured new orders worth Rs 1,112 crores across its various businesses. The company’s transmission & distribution (T&D) business secured orders for T&D projects in the Middle East and the Americas. Its civil business segment has received orders for infrastructure works in the water pipeline and urban infra segments in India. KEC International’s cable business has bagged orders from India and overseas.  

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Sonata Software Q3 Results: Net profit rises 81% YoY to Rs 97 crore

Sonata Software Ltd reported an 81.5% YoY increase in consolidated net profit to Rs 97.67 crore for the quarter ended December (Q3 FY22). Net profit rose 7% when compared to the previous quarter. Its revenue from operations rose 33% YoY (or 93% QoQ) to Rs 1,858.02 crore during the same period. EBITDA grew 29% YoY to Rs 146.9 crore in Q3. Sonata Software provides IT consulting, product engineering services, and application development solutions. 

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Angel One Q3 Results: Net profit jumps 125% YoY to Rs 164 crore

Angel One reported a 125% YoY jump in consolidated net profit to Rs 164 crore for the quarter ended December (Q3 FY22). Net profit rose 23% when compared to the previous quarter. Its revenue from operations rose 95% YoY (or 13% QoQ) to Rs 597 crore during the same period. EBITDA stood at Rs 234 crore in Q3, up 121% YoY. Angel One has declared an interim dividend of Rs 7 per share.

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TCS Reports 12% YoY Rise in Net Profit in Q3 – Top Indian Market News

TCS Q3 Results: Net profit rises 12% YoY to Rs 9,769 crore

Tata Consultancy Services (TCS) reported a 12.3% YoY increase in consolidated net profit to Rs 9,769 crore for the quarter ended December (Q3 FY22). Net profit increased 2% when compared to the previous quarter. Its revenue from operations rose 16.3% YoY to Rs 48,885 crore during the same period. The IT major has declared an interim dividend of Rs 7 per share. TCS has also announced a share buyback at Rs 4,500 per share, a 16.6% premium over the last traded stock price.

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Retail inflation surges to 5-month high of 5.59% in Dec

India’s retail inflation, as measured by the Consumer Price Index (CPI), surged to a five-month high of 5.59% in December. CPI stood at 4.91% in November. Food inflation increased to 4.05% in December, compared to 1.87% in the previous month.

Meanwhile, India’s Index of Industrial Production (IIP) witnessed a 1.4% year-on-year (YoY) growth in November. The power sector saw a growth of 2.1% YoY to 147.9 in November, while the manufacturing sector saw a rise of 0.9% to 129.6.

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Vodafone Idea, Tata Teleservices will not become PSUs: Govt

The Telecom Ministry announced that Vodafone Idea (Vi), Tata Teleservices, and Tata Teleservices (Maharashtra) Ltd (TTML) will not become public sector undertakings (PSUs) after their interest payable on dues are converted into government equity. The companies will continue to run as professionally managed private telecom operators. The government will hold a 35.8% stake in Vi and 9.5% stake in TTML post conversion.

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Infosys Q3 Results: Net profit rises 12% YoY to Rs 5,809 crore

Infosys Ltd reported an 11.8% YoY increase in consolidated net profit to Rs 5,809 crore for the quarter ended December (Q3 FY22). Net profit increased 7% when compared to the previous quarter. Its revenue from operations rose 22.9% YoY (or 8% QoQ) to Rs 31,867 crore during the same period. Infosys secured large deals worth $2.53 billion (~Rs 18,690 crore) in Q3. 

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Kalpataru Power raises Rs 200 crore via NCD issue

Kalpataru Power Transmission Ltd has raised Rs 200 crore through the issuance of non-convertible debentures (NCDs). The company has allotted 2,000 NCDs of the face value of Rs 10 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of BSE.

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Wipro Q3 Results: Net profit at Rs 2,969 crore

Wipro Ltd reported a 0.03% YoY (or 1.3% QoQ) increase in net profit to Rs 2,969 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 29.6% YoY (or 3.3% QoQ) to Rs 20,313 crore during the same period. Revenue from its IT services business stood at $2,639.7 million, an increase of 27.5% YoY and 2.3% QoQ. Wipro declared an interim dividend of Rs 1 per share. 

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L&T’s subsidiary secures two mega offshore contracts from overseas client

A consortium led by L&T Hydrocarbon Engineering (LTHE) has secured two mega offshore orders worth over Rs 7,000 crore from an overseas client. The scope of work comprises engineering, procurement, and construction (EPC) for new facilities and integration with existing installations. LTHE is currently executing several domestic and international offshore projects. 

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Tech Mahindra partners with Nokia for 5G-based solutions for enterprises

Tech Mahindra has partnered with telecom gear maker Nokia to deploy 5G-based solutions for business organisations. Under this partnership, Tech Mahindra will leverage Nokia’s private wireless digital automation cloud (DAC) solution for customers and facilitate in automating 5G private wireless network management on a cloud computing system. Nokia DAC will also enable access to other network management and operations solutions and integration with the third-party applications in the network. 

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Kolte-Patil Developers’ sales volume rises 56% in Q3

Kolte-Patil Developers Ltd reported a 56% YoY increase in sales volume to 0.86 million sq. ft. for the quarter ended December (Q3 FY22). Sales volume rose 28% when compared to the previous quarter. The total sales value stood at Rs 561 crore in Q3, a growth of 77% YoY and 31% QoQ. The company is set to expand its portfolio of projects with several launches lined up across key micro-markets in Pune, Mumbai, and Bengaluru.

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HeidelbergCement India commissions plant for use of alternate fuels at Narsingarh Clinker unit

HeidelbergCement India Ltd has commissioned a state-of-the-art facility to substitute part of the fossil fuels with alternate fuels (AF) in cement production. The AF receiving, storage, and feeding system was built at Narsingarh Clinker Unit at an investment of Rs 16 crore. The project will reduce the company’s carbon footprint by reducing the consumption of conventional fossil fuels.

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Quiklyz to offer range of EVs for leasing, subscription

Mahindra Finance’s Quiklyz will offer the widest range of electric vehicles (EVs) for leasing and subscription to potential customers. Quiklyz is a vehicle leasing and subscription platform that offers convenience, flexibility, and choice to customers across Indian cities. It currently has the largest portfolio of EVs on the subscription platform.

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Tech Mahindra to Acquire 100% Stake in Allyis Group – Top Indian Market News

Tech Mahindra to acquire 100% stake in Allyis India, Green Investments

Tech Mahindra Ltd has approved a proposal for the acquisition of a 100% stake in Allyis India and Green Investments. The total consideration for the acquisition is $125 million (~Rs 929 crore). Allyis offers technology consulting and managed services that help organizations reduce costs and improve performance. The target entity is headquartered in Seattle, USA, and has more than 660 employees. 

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GST Council defers hike on textiles from 5% to 12%

The Goods and Services Tax (GST) Council has decided to defer the rate hike on textiles from 5% to 12%. The issue will be reviewed at the next meeting in February 2022. Various states had opposed the increase in the tax, citing higher compliance costs for the unorganised sector and micro, small, & medium enterprises (MSMEs). They have also claimed that it will make the ‘poor man’s clothing expensive’.

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SBI to acquire 10% stake in India International Clearing Corporation

State Bank of India (SBI) will acquire a nearly 10% stake in India International Clearing Corporation (IICC). IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services. It clears and settles index and single stock derivatives, currency derivatives, and debt securities. SBI is expected to acquire a 9.95% stake, subject to a maximum investment of Rs 34.03 crore.

Read more here. 

Cadila Healthcare’s US arm gets USFDA approval to market Pimavanserin capsule

Zydus Pharmaceuticals (USA) Inc. has received tentative approval from the US Food & Drug Administration (USFDA) to market generic Pimavanserin capsules. The drug is used to treat hallucinations and delusions associated with Parkinson’s disease psychosis. It will be manufactured at Cadila Healthcare’s formulation manufacturing facility at Special Economic Zone (SEZ), Ahmedabad.

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FMCG distributors in Maharashtra to boycott HUL products from Jan 1

The Maharashtra Consumer Products Distributors Federation has decided to stop supplying Hindustan Unilever Ltd’s (HUL) kissan range of products from January 1 due to the company’s “refusal to engage with them on their concerns”. A section of bulk dealers and stockists warned of halting the supply of the HUL’s products over better terms offered to large and online peers. HUL said it remains committed to ensuring that distributors earn a fair return on investments. 

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CBI conducts raids at official and residential premises of Dilip Buildcon

A Central Investigation Bureau (CBI) team on Friday conducted raids at officials and residential premises of Dilip Buildcon Ltd (DBL) in Bhopal. The action came after CBI caught an executive director of the company three days ago while trying to give a bribe of Rs 20 lakh to an official of the National Highway Authority of India (NHAI). A senior CBI officer confirmed that five persons, including the Regional Officer of NHAI Bangalore and three officials of DBL, have been arrested.

IDFC First Bank board approves merger with promoter entities

The Board of Directors of IDFC First Bank has favoured the merger of IDFC and IDFC Financial Holding (promoter group) with the bank. The bank’s board has constituted and authorised a Capital Raise and Corporate Restructuring Committee to work on the terms of the proposed merger, including finalising the scheme, valuation, and hiring advisors. IDFC Financial Holding Company Ltd (IDFC FHCL) holds a 36.52% stake in the bank as of September 2021, while IDFC Holds a 100% stake in IDFC FHCL.

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PB Fintech to invest up to Rs 1,000 crore in two subsidiaries

PB Fintech Ltd has approved an investment of up to Rs 700 crore in subsidiary Policybazaar Insurance Brokers Private Ltd during FY22 and FY23. It has also approved an investment of up to Rs 299.99 crore in subsidiary Paisabazaar Marketing and Consulting Private Ltd. The investments will allow both the companies to strengthen their financial health and meet general operating expenses.

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Government sets up multiple task forces for 6G development

The Department of Telecommunications (DoT) has formed as many as six academia-driven task forces under the Technology Innovation Group (TIG) on sixth-generation or 6G technology. DoT mandated immediate deliverables by March 31, 2022, including mapping of 6G activities and capabilities worldwide and a white paper on India’s competencies, including research and pre-standardisation activities.

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Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

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Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

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Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

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JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

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SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

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TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

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CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

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Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

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CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

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Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

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Manufacturing PMI Rises to 53.7 in September – Top Indian Market News

Manufacturing PMI rises to 53.7 in September 

India’s manufacturing activity expanded for the third straight month in September. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.7 in September, compared with 52.3 in August. Companies benefited from strengthening demand conditions amid the easing of Covid-19 restrictions. However, the increase in fuel, raw material, and transportation prices pushed the overall rate of input cost inflation to a five-month high. 

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

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Auto sales data for September 2021: Highlights

Maruti Suzuki India posted a 34% month-on-month (MoM) decline in total sales to 86,380 units in September 2021. The fall in sales is mainly due to the global semiconductor shortage. Sales from its utility vehicle segment and exports fell 43% and 14.8%, respectively.  

Tata Motors Ltd registered an 8.16% MoM decline in passenger vehicle sales to 25,370 units in September. The automaker’s commercial vehicle sales increased 11.6% MoM to 33,258 units. Overall domestic sales rose 9.16% MoM to 59,156 units. 

Mahindra & Mahindra’s auto segment posted total sales of 28,112 units in September, a decline of 8% over August. M&M’s farm equipment segment posted an 89% rise in sales to 40,331 units.   

Bajaj Auto Ltd posted a 7.7% MoM increase in total sales to 4,02,021 units. Meanwhile, Escorts posted a 54.8% MoM rise in tractor sales to 8,816 units in September.

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Natco Pharma launches Everolimus tablets in the US

Natco Pharma Ltd’s marketing partner, Breckenridge Pharmaceutical Inc., has launched Everolimus tablets 10mg in the US market. The drug is indicated for the treatment of certain types of cancers, tumors, and seizures. According to industry sales data, the generic version of the drug generated annual sales of $392 million (~Rs 2,905 crore) during the twelve months ended July 2021.

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Ipca Labs’ US arm acquires further 20% stake in Bayshore Pharma

Ipca Pharmaceuticals Inc., USA has acquired an additional 20% share capital of New Jersey-based Bayshore Pharmaceuticals LLC. The consideration paid for acquiring the stake is $1.2 million (~Rs 8.90 crore). With this acquisition, Bayshore Pharma is now a wholly-owned subsidiary of lpca Pharmaceuticals Inc, USA. The company will continue to commercialise registered generic drug products in the US market through Bayshore.

IEX power market grows 59% in September

Indian Energy Exchange (IEX) traded 8,997 mega unit (MU) electricity volume in September 2021, achieving a 59% YoY growth. The electricity market registered a 57% YoY growth in volumes to 25,857 MU for the quarter ended September (Q2 FY22). The day-ahead market traded 6,418 MU volume in September, with the average monthly price at Rs 4.4 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 193 MU during the same month, recording 81% YoY growth.

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NMDC targets 47 MT iron ore production in FY22

NMDC Limited is aiming to achieve 47 million tonnes (MT) of iron ore production during the current financial year (FY22). The state-owned company will also spend Rs 3,720 crore on capital expenditure. NMDC’s total production in September 2021 stood at 2.69 million tonnes, compared to 1.83 MT in September 2020. Its sales increased by 29% YoY to 2.73 MT in September 2021.

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VST Tillers Tractors signs pact with US-based Zimeno

VST Tillers Tractors Ltd (VTTL) has entered into a master service agreement with US-based Zimeno, Inc to develop an integrated tractor powertrain for Zimeno’s electric tractor. VTTL is a leading farm mechanisation player in India, with a dominant market share in the power tiller segment (54% as of FY21). The company also has a market share of 10% in the compact tractor segment.

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Ambuja Cements begins commercial production at Marwar plant

Ambuja Cements Ltd has commenced commercial production of clinker and cement at its Marwar greenfield plant in Nagaur, Rajasthan. The investment for this project is around Rs 2,350 crore. The plant will increase Ambuja Cement’s clinker capacity by 3 million tonnes per annum (MTPA) and cement sales by 5 MTPA. The plant has a Waste Heat Recovery System (WHRS) that converts waste heat derived during the production process into energy.

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Oyo files DRHP to raise over Rs 8,000 crore via IPO

Hotel-booking startup Oyo Hotels & Homes has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 8,430 crore ($1.1 billion) via an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 7,000 crore and an offer for sale (OFS) of Rs 1,430 crore. According to CB Insights, the startup was last valued at ~$9 billion (~Rs 66,720 crore), making it India’s third most valuable startup. The company is expected to list on the Indian stock exchanges by early next year.

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Tech Mahindra to acquire Germany-based BERIS consulting GmbH

Tech Mahindra GmbH will acquire a 100% stake in BERIS consulting GmbH for a cash consideration of €7 million (~Rs 60.2 crore). BERIS is headquartered in Wolfsburg, Germany, and has about 125+ employees. The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry.

Read more here.

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Tech Mahindra Reports 39% YoY Rise in Net Profit in Q1 – Top Indian Market News

Tech Mahindra Q1 Results: Net profit rises 39% YoY to Rs 1,353 crore

Tech Mahindra Ltd reported a 39.17% YoY increase in net profit to Rs 1,353.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 25.13% when compared to the previous quarter. Its revenue from operations rose 11.98% YoY to Rs 10,197.6 crore during the same period. In dollar terms, revenue grew 14.6% YoY (or 3.9% QoQ) to $1,384 million. Tech Mahindra secured deals worth $815 million (~Rs 6050 crore) during the April-June quarter.

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PVR Q1 Results: Net loss at Rs 220 crore

PVR Limited reported a consolidated net loss of Rs 219.4 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 225.7 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 367% YoY to Rs 59.4 crore in Q1 FY22. The Covid-19 pandemic continues to adversely impact the company’s operations and financial performance. During the current financial year, PVR had availed additional borrowing of Rs 200 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 scheme of the Indian government.

JSW Energy signs agreement with Australian firm to produce green hydrogen

JSW Energy Ltd has entered into a framework agreement with Australia-based Fortescue Future Industries (FFI) for potential projects related to the production of green hydrogen. The companies will assess the potential of green hydrogen for green steel manufacturing, hydrogen mobility, green ammonia, and other industrial applications in India. FFI is the renewable energy and industry company of Fortescue Metals Group.

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Colgate-Palmolive Q1 Results: Net profit rises 18% YoY to Rs 233 crore

Colgate-Palmolive Ltd reported an 18% YoY increase in net profit to Rs 233.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 1,157.8 crore during the same period. The company’s expenses on advertising and promotional activities grew 40.6% YoY (or 7.6% QoQ) in Q1. EBITDA increased by 15% YoY to Rs 350 crore.

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IFC acquires 5% stake in Federal Bank for Rs 916 crore

IFC and two investment funds managed by IFC Asset Management Company (AMC) have acquired a 4.99% stake in Federal Bank for Rs 916 crore. The investment will support Federal Bank’s commitment to environmental, social, and governance (ESG) standards. It will also strengthen the lender’s Tier-1 capital adequacy ratio (CAR) and expand its micro, small, & medium enterprises (MSME) and climate finance portfolios. International Finance Corporation (IFC) is an arm of the World Bank Group.

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TVS Motor Q1 Results: Net loss at Rs 15 crore

TVS Motor Company Ltd reported a consolidated net loss of Rs 15 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 183 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 310 crore in Q4 FY21. Total income jumped 141% YoY to Rs 4,692 crore in Q1 FY22. TVS Motor Company’s total two-wheeler and three-wheeler sales (including exports) increased by ~146% YoY to 6.58 lakh units during the same period.

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Tata Teleservices partners with Zoom to offer communications solutions to enterprises

Tata Teleservices Ltd has partnered with Zoom Video Communications Inc. to offer scalable and secure video communications solutions to enterprises. The company will provide Zoom’s platform services such as Zoom Meetings and Zoom Webinars primarily to small and medium enterprises (SMEs). The partnership will benefit industry segments such as Banking, Financial Services, and Insurance (BFSI), IT-enabled businesses, and education with unified communications solutions backed by Tata Teleservices’ support.

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Jyothy Labs Q1 Results: Net profit falls 20% YoY to Rs 40 crore

Jyothy Labs Ltd reported a 20% YoY decline in consolidated net profit to Rs 40 crore for the quarter ended June (Q1 FY22). Net profit has increased by 48% when compared to the previous quarter. The FMCG company’s revenue from operations rose 21% YoY (or 6% QoQ) to Rs 525 crore during the same period. Jyothy Labs’ fabric care segment posted a sales growth of 27.5% YoY, while its dishwashing segment grew 22% YoY in Q1.

Bharti Airtel loses 46.1 lakh subscribers in May; Jio adds 35.5 lakh subscribers.

Bharti Airtel lost a staggering 46.13 lakh wireless subscribers in May 2021, while Reliance Jio added 35.54 lakh subscribers. Meanwhile, Vodafone Idea’s subscriber base declined by 42.8 lakh users during the same month. Jio, Bharti Airtel, and Vodafone Idea had a subscriber base of 43.12 crore, 34.9 crore, and 27.7 crore, respectively, at the end of May. India’s overall mobile subscriber figure fell by 62.7 lakh to 117.6 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Laurus Labs Q1 Results: Net profit rises 40% YoY to Rs 241 crore

Laurus Labs Limited reported a 40% YoY increase in consolidated net profit to Rs 241 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 31.3% YoY to Rs 1,279 crore during the same period. The company’s synthesis business registered a strong growth of 95% YoY, with ongoing commercial supplies for four products. Hyderabad-based Laurus Labs is a leading research and development (R&D) driven fully integrated pharmaceutical and biotech company.

Glenmark Life Sciences IPO subscribed 44 times on final day of bidding 

The Rs 1,513.6 crore IPO of Glenmark Life Sciences was subscribed 44.17 times on the final day of bidding. Retail investors have subscribed 14.63 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 122.54 times and 36.97 times, respectively, against their reserved portions. 

Meanwhile, the Rs 731 crore IPO of Rolex Rings Ltd was subscribed 9.26 times on the second day of bidding. Retail investors have subscribed 15.89 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 5.85 times and 23%, respectively, against their reserved portions. You can learn more about the IPO here. 

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Tata Motors to Deliver 15 Hydrogen-Powered Buses to IOC – Top Indian Market News

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

Tata Motors to deliver 15 hydrogen-powered buses to Indian Oil Corp

Tata Motors has secured an order for 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses from Indian Oil Corporation Limited (IOCL). All 15 buses will be delivered within 144 weeks from the date of signing of the Memorandum of Understanding (MoU). The automaker will also collaborate with IOCL to undertake research & development (R&D) projects and collectively study the potential of fuel cell technology for commercial vehicles. 

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NBCC Q4 Results: Net profit at Rs 83 crore

NBCC (India) Limited reported a consolidated net profit of Rs 83.30 crore for the quarter ended March 2021 (Q4 FY21). It posted a net profit of Rs 83.77 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 2.09% YoY to Rs 2,706.80 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) jumped 136.5% YoY to Rs 236.24 crore. The construction company’s board has recommended a final dividend of Rs 0.47 per share.

In other news, NBCC has secured a project worth Rs 206 crore from Odisha Hydro Power Corporation Ltd. 

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AstraZeneca partners with Docon to digitalise 1,000 clinics across India

AstraZeneca Pharma India Ltd has signed an agreement with Bengaluru-based health-tech startup, Docon Technologies, for digitising 1,000 clinics across India. Docon will equip clinics with customised Electronic Medical Record (EMR) systems, which enable clinicians to access complete patient history. As part of the pilot phase, around 200 clinics across Tier 1 and Tier 2 towns have been upgraded.

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Ircon International Q4 Results: Net profit rises 47% YoY to Rs 170 crore

Ircon International reported a 47.69% YoY increase in consolidated net profit to Rs 170.43 crore for the quarter ended March (Q4). Its revenue from operations rose 29.27% YoY to Rs 2,421.65 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 19.4% YoY to Rs 391.06 crore. Ircon International is an engineering and construction company that specializes in transport infrastructure. It is a wholly-owned subsidiary of the Indian Railways.

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Lupin receives USFDA approval for HIV drug under PEPFAR

Lupin Limited has received approval from the US Food & Drug Administration (USFDA) for Dolutegravir, Lamivudine, and Tenofovir Disoproxil Fumarate (TLD) tablets, along with an antiretroviral fixed-dose combination. It is indicated for the treatment of HIV in adults and pediatric patients. The approval has been given under the US President’s Emergency Plan for AIDS Relief (PEPFAR). The product will be manufactured at Lupin’s facility in Nagpur, Maharashtra. 

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Tech Mahindra partners with TAC Security for enterprise security solutions

Tech Mahindra Ltd has partnered with TAC Security to enable next-generation enterprise security for customers globally. US-based TAC Security is a risk and vulnerability management firm. The partnership will leverage artificial intelligence (AI) and user-friendly analytics to measure, prioritise, and mitigate vulnerabilities across the entire IT stack. They will help safeguard clients’ applications and infrastructure against cyber threats.

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Hatsun Agro expands dairy products portfolio; to sell paneer under ‘Arokya’ brand

Hatsun Agro Product Ltd has expanded its products portfolio by introducing paneer under the ‘Arokya’ brand. It will initially be sold in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Goa, Maharashtra, and Pondicherry. The company stated that Arokya Paneer is made using fresh milk sourced directly from farmers and natural lemon. The product is available in a 200-gram pack and is priced at Rs 100. Hatsun Agro is a leading private sector dairy company based in Chennai.

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Sunteck Realty Q4 Results: Net profit jumps 215% YoY to Rs 10.4 crore

Sunteck Realty Ltd reported a 215.94% YoY jump in consolidated net profit to Rs 10.40 crore for the quarter ended March (Q4). Net profit has declined by 55.35% when compared to the previous quarter. Its total income rose 113.52% YoY to Rs 194.67 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 43.35% YoY to Rs 41.94 crore. The company’s board has recommended a final dividend of Rs 1.5 per share. 

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Promoters of Macrotech Developers repay debt of Rs 1,596 crore owed to company

Macrotech Developers announced that its promoters have repaid the entire debt owed by them to the company. The promoters owed a sum of Rs 1,596 crore as of March 31, 2021. Of this, a sum of Rs 400 crore was repaid on April 29, 2021. The balance of Rs 1,196 crore, along with interest accrued, was repaid today (June 30). Macrotech Developers further said it targets a significant reduction in net debt to Rs 10,000 crore by the end of the current financial year (FY22). It will also focus on a capital-light growth strategy around affordable and mid-income housing and digital infrastructure.

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EID Parry Q4 Results: Net loss at Rs 6.34 crore

EID Parry (India) reported a consolidated net loss of Rs 6.34 crore for the quarter ended March 2021 (Q4 FY21). It had reported a net profit of Rs 157.23 crore in the corresponding quarter last year (Q4 FY20). Its total income declined by 7.8% YoY to Rs 3,928.52 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 4.38% YoY to Rs 447.37 crore. EID Parry is engaged in the manufacturing and marketing of sugar, bio-pesticides, and nutraceuticals.

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Finance Ministry Announces Rs 6.28 lakh crore Stimulus Package – Top Indian Market News

Finance Ministry announces relief measures for sectors impacted by Covid-19

Union Finance Minister Nirmala Sitharaman has announced a Rs 6.28 lakh crore stimulus package to boost Covid-affected sectors. An amount of Rs 23,220 crore will be set aside for the expansion of medical infrastructure for one year. Once issuance resumes, five lakh tourist visas will be issued free of charge. This incentive will cost the government around Rs 100 crore. 

The Finance Ministry also announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors. Under this scheme, around 25 lakh beneficiaries will be able to borrow up to Rs 1.25 lakh through micro-finance institutions (MFIs). The cap of the Emergency Credit Line Guarantee Scheme (ECLGS) will be raised from Rs 3 lakh crore to Rs 4.5 lakh crore. The Centre will also allocate Rs 3.03 lakh crore to revamp state-owned power distribution companies.

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HAL Q4 Results: Net profit rises 31% YoY to Rs 1,622 crore

Hindustan Aeronautics Ltd (HAL) reported a 31.27% YoY increase in consolidated net profit to Rs 1,622.19 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its total income rose 4.38% YoY (or 97% QoQ) to Rs 10,870.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 12.37% YoY to Rs 3,239.46 crore. HAL’s board has recommended a final dividend of Rs 30 per share.

Tata Motors to launch 10 new electric vehicles by 2025

Tata Motors Ltd has announced plans to roll out 10 new battery electric vehicles (BEVs) in its domestic portfolio by 2025. Going ahead, the automaker plans to drive its business model towards sustainable mobility. The company is also exploring opportunities to invest in lithium cell manufacturing in India and Europe. This is to establish a proper supply chain for its zero-emission vehicles in the coming decade. Tata Motors will also leverage its resources to set up a wide network of charging infrastructure in India. 

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NALCO Q4 Results: Net profit jumps 830% YoY to Rs 935 crore

National Aluminium Company Ltd (NALCO) reported an 830.99% YoY jump in consolidated net profit to Rs 935.74 crore for the quarter ended March (Q4). Net profit has increased by 290.36% when compared to the previous quarter. Its total income rose 40.75% YoY (or 19% QoQ) to Rs 2,874.47 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 853.8% YoY to Rs 1,299.41 crore.

Power Mech Projects secures order worth Rs 9,300 crore from Coal India

Power Mech Projects Ltd has received an order worth Rs 9,294 crore for a mine development and operation (MDO) project from Central Coalfields Ltd (CCL), a subsidiary of Coal India. The contract consists of mine infrastructure development, extraction of coking coal, processing, crushing, and transportation of coal to a washery of CCL. The project has been awarded to a consortium of Power Mech Projects and AMR India. Interestingly, the market cap of Power Mech Projects is less than Rs 1,000 crore.

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Tech Mahindra to acquire US-based Brainscale

Tech Mahindra Ltd, through its wholly-owned subsidiary Tech Mahindra (Americas) Inc., will acquire a 100% stake in US-based Brainscale. The cost of the acquisition is $28.8 million (~Rs 214 crore). Brainscale is a cloud-focused company that has expertise in cloud consulting, application development, and data analytics. This acquisition will help Tech Mahindra drive the growth of its cloud-related IT services in the North American market.

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KIOCL gets in-principle approval for mining in Devadari mines

The Union Ministry of Environment, Forests, and Climate Change has given Stage-I approval for the diverting 401.57 hectares of forest land at Devadari Hill Range in Ballari district (Karnataka) for iron ore and manganese ore mining by KIOCL Limited. The contract is for a period of 50 years. The Stage-II clearance is likely to be received by the end of the current financial year. Mining operations are expected to commence in 2022-23 (FY23).

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Commercial Bank of Kuwait selects TCS’ BaNCS for treasury solutions

The Commercial Bank of Kuwait (CBK) has selected Tata Consultancy Services (TCS) Ltd’s ‘BaNCS for Treasury’ solution to manage risks, enhance asset class coverage, and drive future growth. The solution will help CBK offer a wider range of cash and derivative treasury products and integrate various trading and messaging platforms. It will also help CBK offer extensive accounting and reporting capabilities and manage cash and positions in real-time.

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NLC India Q4 Results: Net profit rises 52% YoY to Rs 756 crore

NLC India reported a 51.9% YoY increase in consolidated net profit to Rs 756.83 crore for the quarter ended March (Q4). Its revenue from operations declined by 7.4% YoY to Rs 2,839.55 crore during the same period. The revenue from the lignite mining segment declined by 24.88% YoY to Rs 1,258.93 crore in Q4. Net profit for the financial year 2020-21 (FY21) declined by 7.4% YoY to Rs 1,345.44 crore. NLC India’s board has recommended a final dividend of Rs 1.5 per share. NLC India is a state-owned company engaged in fossil fuel mining and thermal power generation.

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Emami hikes stake in male grooming startup The Man Company

Emami Limited has increased its stake in Helios Lifestyle from 33.09% to 45.96%. Helios Lifestyle is a direct-to-consumer startup that sells male grooming products under The Man Company brand. It offers a wide range of premium men’s grooming products under the bath and body, beard management, shaving, and perfumes category. FMCG firm Emami said this investment was in line with its strategy of leveraging emerging online opportunities brought about by rapid digitisation. This transaction makes Emami the largest shareholder in Helios Lifestyle.

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Tech Mahindra’s Net Profit Declines 17.4% QoQ in Q4 – Top Indian Market News

Tech Mahindra Q4 Results: Net profit declines 17.4% QoQ to 1,081 crore

Tech Mahindra reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 1,081 crore for the quarter ended March (Q4). Net profit is up 34.6% on a year-on-year (YoY) basis. The IT firm’s revenue rose 0.9% QoQ to Rs 9,730 crore during the same period. Its total contract value (TCV) during the quarter more than doubled to $1 billion (~Rs 7,480 crore), compared with $455 million in Q3 FY21. Tech Mahindra has also announced the acquisition of US-based Eventus Solutions Group for $44 million. The company’s board has approved a final dividend of Rs 30 per share.

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Reliance, BP start production from second deepwater gas field in KG-D6 block

Reliance Industries Ltd (RIL) and UK-based BP Plc have started production from their second new deepwater gas field in the KG-D6 block on the east coast of India. The Satellite Cluster field will produce gas from four reservoirs utilising a total of five wells. It is expected to reach gas production of up to 6 million standard cubic meters per day. RIL is the operator of the KG-D6 block with a 66.67% participating interest, while BP holds 33.33%.

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HDFC Life Q4 Results: Net profit rises 2% YoY to Rs 317 crore

HDFC Life Insurance Company Ltd reported a 2% YoY increase in standalone net profit to Rs 317.94 crore for the quarter ended March (Q4). Its net premium income (NPI) rose 23% YoY to Rs 12,868 crore during the same period. HDFC Life sold around 9.8 lakh new individual policies during the quarter, registering a growth of 10% YoY. The company’s board has recommended a final dividend of Rs 2.02 per share.

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Mindtree partners with US-based Duck Creek Technologies

Mindtree Limited has partnered with US-based Duck Creek Technologies to improve customer experience for UPC Insurance customers through the implementation of Software-as-a-Service (SaaS)-based core systems. The services include policy, billing, claims, data insights, and insurance technology solutions. Multiple applications will be consolidated on a single integrated platform using OnDemand— DuckCreek’s solution for the property and casualty (P&C) insurance industry.

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SBI Cards Q4 Results: Net profit jumps 110% YoY to Rs 175 crore

SBI Cards and Payment Services Ltd reported a 110% YoY increase in net profit to Rs 175 crore for the quarter ended March (Q4). Total income fell to Rs 2,468 crore during the same period, compared with Rs 2,510 crore in Q4 FY20. Interest income stood at Rs 1,072 crore, and income from fees and services increased 16% YoY to Rs 1,114 crore in Q4 FY21. Gross non-performing assets (NPAs) stood at 4.99% of gross advances, compared to 2.01% in Q4 FY20. 

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Natco seeks emergency approval to launch Covid-19 drug Molnupiravir in India

Natco Pharma Limited has applied to the Central Drugs Standard Control Organisation (CDSCO) for approval of Phase-III clinical trial of Molnupiravir Capsules, used for the treatment of Covid-19 patients. The capsule was developed by American pharma major Merck, along with Ridgeback Biotherapeutics. According to pre-clinical data, patients treated with Molnupiravir achieved response within 5 days of therapy— indicating that the duration of treatment with the capsule is short.

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Castrol India Q1 Results: Net profit rises 95% YoY to Rs 243 crore

Castrol India Limited reported a 94.5% YoY increase in net profit to Rs 243.60 crore for the quarter ended March (Q4). Total sales rose 65.5% YoY to Rs 1,138.70 crore during the same period. The company reported healthy cash from operations at Rs 269 crore in Q4 FY21, which is equivalent to 1.1 times of profit after tax. Castrol India manufactures and markets automotive and industrial lubricants, as well as specialty products.

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Power Mech Projects secures contract worth Rs 343 crore

Power Mech Projects Limited has received a Letter of Intent from the Singareni Collieries Company for a contract worth Rs 343.44 crore. The project consists of the operation and maintenance of the 2×660 megawatt (MW) Singareni Thermal Power Plant in Pegadapalli, Telangana. Power Mech Tech operates as an engineering and construction company, which provides erection, testing, and commissioning (ETC) services for power projects.

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Tata Motors expects temporary hit on demand; to calibrate supplies

Tata Motors Limited has adopted a ‘business agility plan’ through which it aims to calibrate and match supplies with retail demand. The automaker will ensure that optimal levels of inventory are maintained with dealers to meet customer demands. It will also be prepared for a rebound in demand once the situation returns to normalcy. Like most other auto companies, Tata Motors is also expecting a temporary disruption in vehicle demand and supply of parts amidst lockdowns imposed due to a surge in Covid-19 cases.

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Biocon Biologics, Viatris receive approval for cancer drug

Biocon Biologics (a subsidiary of Biocon Ltd) has received marketing authorisation approval from the European Commission for Abevmy 100 & 400 mg. The approved drug is a biosimilar of Bevacizumab and was co-developed with Viatris Inc. Abevmy is indicated for the treatment of metastatic colorectal carcinoma, metastatic breast cancer, ovarian, cervical, and renal cancer as part of a specific regimen. 

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DGCA extends fare capping on domestic flights till May 31

The Directorate General of Civil Aviation (DGCA) has decided to extend fare capping on domestic flights till May 31. The aviation authority has also limited flight capacity of domestic flights at 80% of pre-Covid levels. This new move has been done in view of the prevailing Covid-19 situation in the country. Last month, the DGCA had announced that the suspension of international flights has been extended till April 30. However, international scheduled flights may be allowed on selected routes by the concerned authority on a case-to-case basis.

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