textile sector Archives

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

Tata Chemicals Q2 Results: Net profit jumps 3-fold YoY to ₹628 crore

Tata Chemicals Ltd reported a nearly three-fold year-on-year (YoY) jump in consolidated net profit to ₹628 crore for the quarter ended Sept (Q2 FY23). Its total income rose 39.62% YoY to ₹4,299 crore during the same period. Expenses stood at ₹3,623 crore in Q2, up 29.16% YoY.

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India’s textiles sector eyeing $100-billion exports in 5-6 years: Piyush Goyal

India’s textiles sector aims to hit $100 billion in exports in 5-6 years, said Union minister Piyush Goyal. This would take the industry’s combined domestic and international economic value to $250 billion. Outbound shipments from India’s textiles segment stood at around $42 billion in 2021-22.

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V-Guard Q2 Results: Net profit falls 26% YoY to ₹43.6 crore

V-Guard Industries Ltd reported a 26.5% YoY decline in consolidated net profit to ₹43.66 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 8.67% YoY to ₹986.14 crore during the same period. The company’s total expenses stood at ₹93,026 crore in Q2, up 12.51% YoY. V-Guard’s revenue from the electronics segment rose 8.7% YoY to ₹227.36 crore.

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Alembic Pharma gets USFDA approval for Paclitaxel injection

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Paclitaxel injection. The drug is indicated as subsequent therapy for the treatment of advanced carcinoma (cancer) of the ovary. It is also used in the treatment of breast cancer. As per IQVIA data, Paclitaxel injection had an estimated market size of ~₹215 crore for the 12 months ended June 30, 2022.

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Tamilnad Mercantile Bank Q2 Results: Net profit rises 37% YoY to ₹262 crore

Tamilnad Mercantile Bank reported a 37% YoY increase in net profit to ₹262 crore for the quarter ended Sept (Q2 FY23). Its total income grew 3.6% YoY to ₹1,141 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 1.7% in Q2 FY23, compared to 3.31% in Q2 FY22.

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Kinetic Green partners with IndusInd Bank for financing scheme for EVs

Kinetic Green Energy & Power Solutions has partnered with IndusInd Bank to offer easy and affordable financing for customers for their range of electric two-wheelers at dealerships across India. Under the scheme, customers will get up to 100% loan to value (LTV) at lucrative interest rates for flexible tenures. The loan deal will enable financing options for both salaried and self-employed customers.

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IIFL Finance Q2 Results: Net profit rises 36% YoY to ₹397 crore

IIFL Finance reported a 36% YoY increase in consolidated net profit to ₹397 crore for the quarter ended Sept (Q2 FY23). Its total income rose 19.7% YoY to ₹2,051.44 crore during the same period. The company’s assets under management stood at ₹55,302 crore in Q2. The gross non-performing assets ratio (GNPA) improved to 2.4% in Q2 FY23, compared to 2.6% in Q1 FY23.

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JSW Steel’s US unit raises $182 million debt to upgrade Texas plant

JSW Steel’s US unit has raised $182 million (~₹1,497 crore) in long-term debt from Italy’s Intesa Sanpaolo and Banco BPM to upgrade its plate mill in Baytown, Texas. Three Italian firms will supply about $100 million worth of equipment like cutting line, rolling mill, grinding machine, and water treatment system for upgrading the facility. Of the total financing, $70 million is covered under a guarantee provided by the Italian government to promote exports.

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BEL Q2 Results: Net profit flat at ₹611 crore

Bharat Electronics Ltd (BEL) reported a net profit of ₹611 crore in Q1 FY23, compared to a profit of ₹612.6 crore in Q2 FY22. Its revenue from operations rose 7.6% YoY to ₹3,896.2 crore during the same period. Total expenses stood at ₹3,195.98 crore in Q2, up 10.26% YoY. As of Oct 1, 2022, BEL’s total order book stood at ₹52,795 crore.

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IHCL installs 224 EV charging stations at 92 properties

Indian Hotels Company Ltd (IHCL) has installed over 224 electric vehicle (EV) charging stations at 92 of its properties across India in collaboration with Tata Power. These charging points are present across various Taj, SeleQtions, Vivanta, Ginger, and ama Stays & Trails properties.

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Cabinet approves scheme for setting up 7 mega textile parks

The Union Cabinet has approved the setting up of seven textile parks under the Prime Minister Mega Integrated Textile Region and Apparel (PM-MITRA) scheme with a total outlay of Rs 4,445 crore over five years. The scheme will help in setting up world-class industrial infrastructure that will attract cutting-edge technology and boost foreign direct investment (FDI) in the textile sector. PM-MITRA will offer an opportunity to create an integrated textile value chain right from spinning, weaving, dyeing, and printing to garment manufacturing at one location.

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SBI extends contract with TCS for 5 years

Tata Consultancy Services (TCS) has extended its partnership with State Bank of India (SBI) for another five years to drive innovation and tech solutions. As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate across core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. The IT firm will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.

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SAIL’s Rourkela Steel Plant registers best-ever H1 production in key areas

Rourkela Steel Plant has registered its “best-ever” production performance for the April-September period (H1 FY22) in three key segments: hot metal, crude steel, and saleable steel. The plant produced 21.01 lakh tonnes of hot metal, 19.53 lakh tonnes of crude steel, and 17.72 lakh tonnes of saleable steel during H1. The figures are a significant improvement of 42.9%, 38%, and 37.8%, respectively, over H1 of the previous financial year. Rourkela Steel Plant is a unit of Steel Authority of India Ltd (SAIL).

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Equitas Small Finance Bank launches ASBA facility

Equitas Small Finance Bank has announced the launch of the ASBA facility on its Internet Banking, Mobile Banking, and UPI interface for its customers. Applications Supported by Blocked Amount (ASBA) is a process developed by market regulator SEBI for applying to IPOs and Follow on Public Offers (FPOs). With the ASBA facility, customers can avail the benefit of high savings account interest until the date of allotment of shares.

Tata Power partners with renewable energy AI firm BluWave-ai

Tata Power has signed a three-year commercial agreement with BluWave-ai to operationalise artificial intelligence (AI) in day-to-day power distribution in Mumbai. Canada-based BluWave-ai is the world’s first renewable energy AI company. The agreement was signed after a successful trial project, in which Tata Power evaluated the performance of BluWave-ai’s cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations.

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Tata Steel reports 3% YoY growth in crude steel production

Tata Steel India crude steel production grew 2% quarter-on-quarter (QoQ) and 3% year-on-year (YoY) to 4.73 million tonnes (MT) in Q2 FY22. The company’s Europe devision recorded a 4% QoQ decline in steel production to 2.56 MT in Q2. Despite seasonal weakness, overall delivery volumes grew 12% QoQ on the back of economic recovery after the second wave of the Covid-19 pandemic.

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ZEEL moves NCLAT against NCLT order on Invesco’s plea for EGM

Zee Entertainment Enterprises Ltd (ZEEL) has approached National Company Law Appellate Tribunal (NCLAT) against National Company Law Tribunal’s (NCLT) order that asked it to file a reply to a petition filed by Invesco and OFI Global China by Thursday. On Tuesday, NCLT asked ZEEL to file a response by October 7 in a case filed by its major shareholders, who want the company to call an Extraordinary General Meeting (EGM). To learn more about the boardroom battle at ZEEL, click here.

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Dept of Revenue selects CAMS as Central Record Keeping Agency for NPS

The Department of Revenue has selected Computer Age Management Solutions (CAMS) as a Central Record Keeping Agency (CRA) for the National Pension Scheme (NPS). The company has received permission to use Aadhaar-based eKYC services as Authentication User Agency (AUA). CAMS is a mutual fund transfer agency, which provides services for investors, distributors, asset management companies, and demat account holders in India.

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Govt notifies 100% FDI in telecom under automatic route

The Centre has notified its decision to permit 100% foreign direct investment (FDI) under automatic route in the telecom services sector. Any non-resident entity can invest in India, subject to the FDI Policy (except in those sectors or activities which are prohibited). Only 49% FDI was allowed through the automatic route till now, and anything beyond that needed to be through the government route.

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Nazara Technologies raises Rs 315 crore from marquee investors

Nazara Technologies’ board has approved a preferential allotment of fresh equity to raise Rs 315.3 crores from marquee institutional investors. The company will issue 14.29 lakh equity shares of the face value of Rs 4 each at Rs 2,206 per equity share. The marquee investors include Gamnat Pte Ltd and Ahmedabad-based Plutus Wealth Management.

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