Tag: Titan

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Market News Top 10 News

Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

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

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

Read more here.

Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

Read more here.

RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

Read more here.

Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

Read more here.

L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

Read more here.

MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

Read more here.

Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

Read more here.

IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

Read more here.

Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

Read more here.

Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

Read more here.

MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

Read more here.

Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

Read more here.

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Market News Top 10 News

Bajaj Finance’s Net Profit Rises 28% YoY in Q2 – Top Indian Market Updates

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

Bajaj Finance Q2 Results: Net profit rises 28% YoY to ₹3,551 crore

Bajaj Finance Ltd reported a 28% YoY increase in consolidated net profit to ₹3,551 crore for the quarter ended September (Q2 FY24). Total revenue from operations grew 34% YoY to ₹13,378.26 crore during the same period. Net Interest Income (NII) rose 26% YoY to ₹8,059 crore. The gross non-performing assets (NPAs or bad loans) rose from 2.46% in Q2 FY23 to 2.51% in Q2 FY24.

Read more here.

L&T Tech Q2 Results: Net profit rises 5% YoY to ₹315 crore

Larsen & Toubro Tech reported a 5% YoY rise in net profit to ₹315 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹300 crore in Q2 last year. Its revenue from operations rose 5% YoY to ₹2,387 crore during the same period. The company’s board also declared a dividend of ₹17 per equity share. 

Read more here.

Titan to raise ₹2,500 crore via NCDs

Titan Company Ltd’s board has approved the proposal to raise funds through multiple avenues, with a fundraising target of up to ₹2,500 crore. The proposal is to issue rated, listed, redeemable, and unsecured non-convertible debentures (NCDs) on a private placement basis. Additionally, the board has approved availing long-term unsecured loans of ₹1,000 crore.

Read more here.

Dabur gets GST tax demand notice of ₹321 crore

Dabur India Ltd has received a notice to pay Goods and Services Tax (GST) of ₹321 crore along with interest and penalty. The company said that there will be no impact on the financial, operation or other activities of the company due to this intimation of tax being payable. 

Read more here.

TRF signs pact to sell Sri Lankan subsidiary

TRF Ltd is planning to sell its Sri Lankan subsidiary, Dutch Lanka Trailer Manufacturers Ltd, to United Motors Lanka Plc at a valuation of ₹19 crore. TRF Singapore Pte Ltd and a wholly-owned subsidiary of TRF Ltd have signed a share purchase agreement to sell its entire stake in the Sri Lankan subsidiary. 

Read more here.

Indian govt to divest up to 7% in HUDCO

The Department of Investment and Public Asset Management (DIPAM) announced that the Indian government will divest up to 7% equity in Housing and Urban Development Corporation Ltd (HUDCO) through an offer for sale (OFS). The offering includes a base size of 3.5% and an additional 3.5% greenshoe option, providing flexibility to meet investor demand.

Read more here.

Ajmera Realty secures residential redevelopment project in Mumbai

Ajmera Realty secured the redevelopment project of a housing society in Versova, Mumbai. The project will primarily comprise 3 BHK residential apartments and is estimated to generate sales of around ₹360 crore. The emerging area, benefitting from redevelopment efforts and convenient metro access, is poised for substantial growth in both demand and property values.

Read more here.

Bajaj Finance to acquire up to 26% stake in Pennant Technologies

Bajaj Finance Ltd has entered into a binding term sheet to acquire up to 26% stake in Pennant Technologies Pvt. Ltd. The consideration for this acquisition will be ₹267.5 crore and will be paid entirely in cash. Bajaj Finance will acquire 5,71,268 Compulsorily Convertible Preference Shares (CCPS) of the face value of ₹100 each and another 4,22,738 equity shares from promoters and existing shareholders of Pennant Technologies.

Read more here.

IT Dept moves Bombay High Court against Mahindra & Mahindra

The Income Tax Department (IT) has filed an appeal before the Bombay High Court against an Income Tax Tribunal order that gave relief to Mahindra & Mahindra (M&M) in a ₹194.73 crore tax dispute. M&M received an intimation from the Principal Commissioner of Income Tax-2, informing of the appeal under the provisions of Section 260A of the Income Tax Act, 1961. The appeal is against reliefs provided on various disallowances and additions made by the IT Department.

Read more here.

CCI approves IDFC’s merger plan with IDFC First Bank

The Competition Commission of India (CCI) has approved the merger plan of IDFC with IDFC First Bank. The merger plan is still subject to clearances from the Stock Exchanges, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), and National Company Law Tribunal (NCLT). The proposal also needs approval from shareholders and creditors.

Read more here.

Maruti Suzuki to issue shares worth ₹12,800Cr to Suzuki

Maruti Suzuki has received board approval to acquire 100% equity capital of Suzuki Motor Gujarat (SMG) from parent company Suzuki Motor Corporation (SMC). The acquisition will be executed through a share purchase agreement, with Maruti Suzuki issuing shares to SMC as consideration. Suzuki Motor Gujarat will later become a wholly-owned subsidiary of Maruti Suzuki.

Read more here.

Coal India, partners to invest ₹3,095 crore in fertiliser JV

According to a Reuters report, Coal India, GAIL, and Rashtriya Chemicals & Fertilizers (RCF) will invest ₹3,095 crore in their fertiliser joint venture in Odisha. GAIL and RCF will put in 17.3 billion rupees, while Coal India will invest 13.64 billion rupees in Talcher Fertilizers to maintain their current stakeholding. Each of the three firms holds a 31.85% stake in Talcher Fertilizers.

Read more here.

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Daily Market Feed Post Market Analysis

Sellers Trapped! Bullish Monthly Expiry? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,637 with a gap-down of 27 points. The index initially fell nearly 100 points till 19,550 levels in an hour. Then, the markets reversed with strength, recovering nearly 175 points from the day’s low to 19,730 levels. Nifty closed at 19,716, up by 51 points or 0.26%.

Nifty chart - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,465 with a gap-down of 160 points. After consolidating initially, the index gave a sharp fall of 300 points to 44,180 levels. Then, similar to Nifty, BNF gave a strong upward rally of 500 points till 44,700 levels. BNF closed at 44,588, down by 36 points or 0.08%.

Bank Nifty chart - post-market analysis | marketfeed

All other indices except Nifty Finserv (-0.13%) closed flat-to-green. Nifty Pharma (+1.19%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-red.

Today’s Moves

L&T (+1.8%) was NIFTY50’s top gainer. The company’s ₹10,000 crore share buyback plan was subscribed over 7 times.

ITI Ltd (+7.13%) moved up on the back of strong volumes. The stock has rallied nearly 70% in September after the company said it successfully developed branded laptops and micro PCs under the name ‘Smaash’.

Senco Gold (+14%) surged after Ambit Capital said it’s bullish on the company’s expansion prospects in East India.

Titan Company (-1.47%) was NIFTY50’s top loser.

Vedanta (-6.7%) fell sharply to hit a 14-month low after ratings agency Moody’s downgraded the corporate family rating of parent Vedanta Resources Ltd.

Markets Ahead

Markets reversed with a lot of strength from the lows (with help from Reliance and ITC). But it’s currently taking resistance from important levels (23% Fibonacci levels from the top).

Nifty: The important resistance to watch out for is 19,740, which is also the 23% rejection level. A breakout from this level could give us targets of 19,790 and 19,840. Meanwhile, immediate support for Nifty is near 19,680 levels. A breakdown from there can give us targets of 19,630 and 19,560.

Bank Nifty: The index faces an important resistance near 44,700 levels, which is also the 23% fib level. A breakout from 44,700 could give us targets of 44,800 and 44,900. The immediate support is near 44,500 round levels, and a breakdown from here will give us targets of 44,320 and 44,200.

Being monthly expiry tomorrow, if there is a gap-down, major indices could fall further down. If there’s a gap-up, they could be volatile and bullish.

As per reports, concerns about global interest rates and high crude oil prices are being balanced by positive domestic factors like expected economic growth and the potential for good corporate earnings.

What levels are you watching out for monthly expiry tomorrow? 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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Daily Market Feed Pre Market Report

Can NIFTY Stay Above Supports? – Pre-Market Analysis Report

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

Stocks

Jio Financial Services will get listed on the market today. Intraday trading is restricted for the stock for 10 days, and it will have a circuit limit of 5%. The share price is expected to be around ₹300.

Titan acquired an additional 27.18% equity stake in CaratLane from its founder and his family members, for Rs 4,621 crore in cash. This will take their shareholding to more than 98%.

M&M announced a proactive inspection of certain wiring and spring parts in XUV models. Inspection and rectification will be carried out for free.

KEC International has secured new orders worth Rs 1,007 crore across its various businesses.

What Happened on Friday?

NIFTY started the day at 19,301 with a small gap-down. The index tried moving up but fell to 19,250 levels. There was good buying and a failed breakout after 2 PM. Nifty closed at 19,310, down by 55 points or 0.28% 

BANK NIFTY started the day at 43,724 with a gap-down of 166 points. The index mostly consolidated throughout the day between 43,770 and 43,960 levels with a negative bias. BANK NIFTY closed at 43,851, down by 40 points or 0.09%. 

U.S. markets closed flat. The European markets closed in the red.

What to Expect Today?

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,320.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 19,240, 19,200 and 19,130. We can expect resistances at 19,360, 19,438, 19,560 and 19,620.

BANK NIFTY has supports at 43,680 and 43,540 and 43,470. Resistances are at 43,960, 44,100 and 44,277.

NIFTY has the highest call OI build-up at 19,400. The highest put OI build-up is at 19,300. PCR is at 0.83.

BANK NIFTY has the high call OI build-up at 44,000. The highest put OI build-up is also at 43,500. PCR is at 0.77.

Foreign Institutional Investors net-sold shares worth Rs -339 crores. Domestic Institutional Investors net-bought worth Rs 267 crores.

INDIA VIX is at 12.14. 

I was looking for this week’s direction from the market on Friday. Our market moved down till the important support of 19,240 then easily bounced up. The 1-day chart confirms that it is a good buying zone.

The market is weak with NIFTY closing at the worst level since 30 June.

Friday gave a trend of a consolidation week, keeping this as the current expectation of the week. 

But we will be keeping strict stop losses on the lower side, to prevent damage from a fall. Again, keep in mind that we are near very important support in NIFTY. 

BANK NIFTY is trapped in a very wide consolidation zone around June ranges. Expect some volatile up and down movements within them!

Today’s expectation is a flat opening followed by selling till 19,240 again. From here, expecting buying to kick in and keep the market stable.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Daily Market Feed Pre Market Report

NIFTY Back to Consolidation Zone. SBI Results Out Today – Pre-Market Analysis Report

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

Stocks

Bharti Airtel registered a profit of Rs 1,612.5 crore for Q1, falling 46.4% QoQ impacted by a one-time foreign exchange loss of Rs 3,416 crore.

Eicher Motors has registered its highest-ever quarterly revenue, EBITDA and profit. Profit shot up 50.4% year-on-year to Rs 918.3 crore

Paytm has recorded merchant payment volumes at Rs 1.47 lakh crore for July 2023, growing 39% YoY. The loan distribution business is growing at 148% YoY.

LIC Housing Finance registered a 43% YoY growth in profit at Rs 1,323.7 crore for the quarter, beating estimates.

Hindalco Industries has won the bid to mine the Meenakshi West coal mine in Odisha.

Titan reported a 4% fall in net profit at Rs 753 crores. Margins of the company fell.

Indigo reported a net profit of Rs 3,090 crore, beating street estimates. Revenue jumped up 30% YoY.

HPCL reported a net profit of Rs 6,765.5 crore for Q1, v/s net loss of Rs 8,557.12 crore last year. It is still lower than expected as margins fell.

Major results today: State Bank of India, M&M, Britannia Industries, Shipping Corp, IDFC, Devyani International

What Happened Yesterday?

NIFTY started the day at 19,463 with a gap-down of 62 points. Initially, the index tried moving up, but 19,500 now turned into resistance. Failing to break the level, a crash without a retracement to 19,300 was seen. NIFTY closed at 19,381, down by 144 points or 0.74%. 

BANK NIFTY started the day at 44,862 with a gap-down of 132 points. It tried moving above 45,000 but found resistance. A fall of 750 points was seen after which BANK NIFTY closed at 44,513, down by 482 points or 1.07%. 

What to Expect Today?

US markets closed in the red. The European markets also closed in the red.

The Asian markets are trading mixed.

The U.S. Futures are trading slightly in the green.

GIFT NIFTY is trading slightly in the green at 19,486.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 19,300, 19,240 and 19,200. We can expect resistances at 19,438, 19,513, and 19,566.

BANK NIFTY has supports at 44,280, 44,150 and 44,000. Resistances are at 44,600, 44,900 and 45,229.

NIFTY has the highest call OI build-up at 19,500 and 20,000. The highest put OI build-up is at 19,400 and 19,200. 

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 45,500. 

Foreign Institutional Investors net-sold shares worth Rs -317 crores. Domestic Institutional Investors net-bough worth Rs 1729 crores.

INDIA VIX cooled 9% to 11.18.

The international markets did not show strength or a bounce back yesterday, even though NIFTY held on strong till noon. But just after noon, the 19,400 level was broken and another quick 100-point fall was seen. A bounce is what we expected but breaking important levels meant more fall.

NIFTY has now fallen 3% from its all-time high.

Support was taken at the level of 19,300 which was the level from early July in NIFTY. Bank NIFTY has reached back to early June consolidation levels.

You can expect consolidation from these zones with a very low chance of falling below 19,000. A quick rally back to all-time highs is not expected unless triggered by huge FII buying.

Otherwise, expecting a trading range of 19,100-19,650 for this week which will change according to market conditions.

Watch out for SBI volatility around the results, this may create some buzz!

We will be entering our new Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Daily Market Feed Pre Market Report

U.S. Markets also Fall. NIFTY to Open Flat – Pre-Market Analysis Report

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

Stocks

JSW Steel signed a joint-venture deal with Japan’s JFE Steel to produce cold-rolled silicon steel. The project cost is Rs 5,500 crore and will be financed by a mix of equity and debt.

Vedanta’s promoter group Twin Star Holdings is looking to sell a 4.3% stake via a block trade, for at least Rs 4,136 crore. 16 crore shares are being sold at a floor price of Rs 258.5/share, at a discount of 5% on Wednesday’s closing price.

Both houses of Parliament have cleared the Amendment Bill which opens up mining of deep-seated minerals like lithium mining to private players. 

Sheela Foam approved raising up to Rs 1,200 crore via Qualified Institutional Placement, and another Rs 600 crore via bonds.

Hindalco Industries has won the bid to mine the Meenakshi West coal mine in Odisha.

Titan reported a 4% fall in net profit at Rs 753 crores. Margins of the company fell.

Indigo reported a net profit of Rs 3,090 crore, beating street estimates. Revenue jumped up 30% YoY.

HPCL reported a net profit of Rs 6,765.5 crore for Q1, v/s net loss of Rs 8,557.12 crore last year. It is still lower than expected as margins fell.

Major results today: Adani Enterprises, Adani Power, Bharti Airtel, Dabur 

What to Expect Today?

NIFTY started the day at 19,655 with a gap-down. It moved down from the first candle while respecting technical supports. After touching a day-low of 19,423, the index bounced 100 points. NIFTY closed at 19,526, down by 207 points or 1.05%.

BANK NIFTY started the day at 45,234 near an important zone. The index continued to fall, and went till near 44,700 levels. BANK NIFTY closed at 4,995, down by 596 points or 1.31%. 

US markets closed in the red, with NASDAQ down 2%. The European markets closed in the red.

The Asian markets are mostly trading in the red.

The U.S. Futures are trading in the green.

GIFT NIFTY is trading slightly in the green at 19,515.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 19,513,19400 and 19,300. We can expect resistances at 19,566, 19,617, 19,658 and 19,760.

BANK NIFTY has supports at 44,900, 44,730 and, 44,600. Resistances are at 45,229, 45,472 and 45,635.

NIFTY has the highest call OI build-up at 19,800 and 19,600. The highest put OI build-up is at 19,500 and 19,400. PCR is at 0.56.

BANK NIFTY has the highest call OI build-up at 46,000. The highest put OI build-up is at 45,000. PCR is at 0.57. 

Foreign Institutional Investors net-sold shares worth Rs -1877 crores. Domestic Institutional Investors net-sold worth -2 crores.

INDIA VIX jumped 9% to 11.27.

Yesterday’s big news was the U.S. credit rating downgrade by Fitch. This resulted in our market falling more than 1%.

When the U.S. markets opened, it looked like it would not fall much but eventually fell more than 1%.

Our market was driven by the news, added to the rolling away of aggressive put sellers at 19,700 and 19,600.

Watch out for Adani Enterprises’ results today.

NIFTY has treated it as the correction it was waiting for but still held strong over 19,500. Bank Nifty however fell into the previous consolidation zone in the daily charts.

With it being the monthly expiry, do have a watch out for volatility carried on from yesterday. If the international markets stabilise, we may see an upward towards the second half with the aggressive sellers at 19,600 rolling away!

We will be trading Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

IndiGo Posts Rs 3,091Cr Profit in Q1 – Top Indian Market Updates

indigo

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

IndiGo Q1 Results: Net profit at ₹3,091 crore

InterGlobe Aviation (IndiGo) reported a consolidated net profit of ₹3,091 crore for the quarter ended June (Q1 FY24); beating street estimates. This is the highest-ever quarterly net profit reported by the budget carrier. The airline posted a loss of ₹1,064 crore in Q1 FY23. Its revenue from operations rose 30% YoY to ₹16,683 crore during the same period. IndiGo’s passenger ticket revenues were at Rs 14,996 crore, up 31% YoY.

Read more here.

Carlyle to acquire 5.91% stake in SpiceJet at Rs 48 per share

SpiceJet Ltd has sought shareholder approval to issue a 5.91% stake in the low-cost airline to Carlyle Aviation Partners (CAP). CAP is the aircraft financing unit of global private equity giant Carlyle Group. The company will also issue equity shares of 20% to promoter Ajay Singh (the airline’s CEO) at ₹10 per share.

Read more here.

Titan Q1 Results: Net profit falls 2% YoY to ₹777 crore

Titan reported a 2% YoY decline in net profit of ₹777 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 19% YoY to ₹10,306 crore during the same period. The company’s jewellery segment posted revenue of ₹9,070 corre in Q1, up 19% YoY. Titan’s watches and wearables business recorded a total income of ₹890 crore, up 13% YoY.

Read more here.

Tata Power RE signs PPAs with MSEDCL for solar projects

Tata Power Renewable Energy Limited (TPREL) has signed two power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for commissioning two solar power projects. Located in Maharashtra, these projects of 200 MW and 150 MW will play a crucial role in fulfilling the state’s renewable energy target.

Read more here.

Gujarat Gas Q1 Results: Net profit falls 43% YoY to ₹216 crore

Gujarat Gas reported a 43% YoY fall in consolidated net profit to ₹216 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 26% YoY to ₹3,923.7 crore during the same period. EBITDA fell 36% YoY to ₹388 crore in Q1. Its total gas sales volume for the quarter stood at 9.22 million metric standard cubic meters per day (mmscmd), compared to 8.86 mmscmd in Q1 FY23.

Read more here.

Ambuja-ACC is frontrunner to acquire Sanghi Cements

Adani Group’s Ambuja-ACC has emerged as the frontrunner to acquire Sanghi Cements after deal negotiations moved forward over the past week. The group has come close to the expected enterprise value of ₹6000 crore that Sanghi Cement’s promoters have demanded as consideration for the sale of the company.

Read more here.

Sula Vineyards receives excise duty notice of ₹116 crore from Maharashtra govt

Sula Vineyards Ltd (SVL) has received an excise duty notice of ₹116 crore from the Maharashtra excise department. This comes after the minister (State Excise Revenue) vacated the interim stay granted on the demand notice issued by the Nashik collector for recovery of excise duty from SVL. Sula Vineyards has been recognised as the market leader across wine variants, including red, white, and sparkling wines.

Read more here.

Ambuja Cements Q1 Results: Net profit rises 31% YoY to ₹1,135 crore

Ambuja Cements reported a 31% YoY rise in consolidated net profit to ₹1,135 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 9% YoY to ₹8,713 crore during the same period. The company’s EBITDA stood at ₹948.8 crore in Q1, up 38% YoY. Its total sales volume rose 23% YoY to ₹9.1 million tonnes (MT).

Read more here.

Brookfield India REIT raises ₹2,305 crore via sale of units

Brookfield India Real Estate Trust has raised ₹2,305 crore by selling units to institutional investors on a private placement basis. The firm will mainly use this fund for the acquisition of two assets in Gurugram and Mumbai. The company has approved the allotment of 9.13 crore units to 64 successful eligible institutional investors at the issue price of ₹252.50 per unit.

To learn more about REITs, click here.

Read more here.

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Market News Top 10 News

Titan’s Net Profit Rises 50% YoY to Rs 734Cr in Q4 – Top Indian Market Updates

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

Titan Q4 Results: Net profit rises 50% YoY to Rs 734 crore

Titan reported a 50% YoY increase in net profit to Rs 734 crore for Q4 FY23. Its total revenue rose 33% YoY to Rs 9,704 crore during the quarter. EBITDA stood at Rs 1,044 crore in Q4 FY23, up 33% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

Read more here.

ED searches premises linked to Manappuram Finance

The Enforcement Directorate (ED) is carrying out searches at multiple locations on premises linked to Manappuram Finance Ltd in Thrissur, Kerala. Searches are also carried out at the headquarters and residence of promoter VP Nandakumar on allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of the Reserve Bank of India (RBI). They are also suspected of doing large-scale cash transactions without following KYC norms. 


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JSW Steel USA Ohio to invest USD 145 mn to upgrade operations

JSW Steel’s US subsidiary, JSW Steel USA Ohio Inc., plans to invest $145 million to enhance its manufacturing operations in Mingo Junction, Ohio. The move aims to meet the demand for high-quality steel products melted and manufactured in the US. These new projects are expected to be completed & commissioned in FY26.

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Adani Wilmar Q4 Results: Net profit falls 60% YoY to Rs 94 crore

Adani Wilmar reported a 60% YoY fall in consolidated net profit to Rs 94 crore for Q4 FY23. Operating revenue stood at Rs 13,872 crore, down 7% YoY. EBITDA fell 30% YoY to Rs 2,407 crore from Rs 3,425 crore in Q4FY22. Meanwhile, the company crossed 5 million metric tonnes of sales during FY23.

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Tata Chem Q4 Results: Profit rises 62% YoY to Rs 709 crore

Tata Chemicals reported a 62% YoY increase in net profit at Rs 709 crore for Q4 FY23. Total revenue stood at Rs 4,407 crore, a 26.6% increase from Q4 FY22. EBITDA rose 47% YoY to Rs 965 crore in Q4FY22. The company’s board approved a dividend of Rs 17.5 per equity share.

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Godrej Consumer to consider raising Rs 5,000 crore via NCDs

Godrej Consumer is planning to raise up to Rs 5,000 crore through non-convertible debentures (NCDs), with the proposal set to be considered by its board next week. The board will also approve the company’s audited financial results for the quarter and financial year ending March 31, 2023, on May 10.

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MRF Q4 Results: Net profit jumps 161% YoY to Rs 410 crore

MRF reported a 161% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue for the quarter increased 10.1% YoY to Rs 5,725 crore. EBITDA rose 60% YoY to Rs 843 crore. The company’s board announced a dividend of Rs 169 per share.

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NTPC Group’s total installed capacity touches 72,304 MW

NTPC Ltd has achieved an installed capacity of 72,304 MW after the addition of unit 1 of the Maitree Super Thermal Power Plant (MSTPP) in Bangladesh. This marks the first overseas capacity addition for NTPC, which executed the project in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd (BIFPCL), a foreign joint venture company.

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Gravita India’s subsidiary secures long-term loan of 34 million euros

Gravita India’s step-down subsidiary Gravita Netherlands BV has secured a long-term loan of 34 million euros from two European developmental financial institutions in the form of an ESG (environmental, social and governance) loan. The loan is guaranteed by parent company Gravita India and enables the subsidiary’s offshore businesses to gain financial independence for their capex and working capital requirements.

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Strides Pharma partners with Orbicular to develop nasal sprays

Strides Pharma Science Ltd. has formed a partnership with Orbicular Pharmaceutical Technologies to jointly develop four nasal sprays for global markets with a combined market size of over $400 million. The products will be manufactured at Strides Pharma’s facility in Chestnut Ridge, New York, which has comprehensive capabilities for nasal spray manufacturing, including for controlled substances.

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India’s coal production rises 22.6% in 5 years to 893.08 MT in FY23

India’s coal production has registered a growth of about 23% in the last five years to 893.08 million tonnes (MT) in FY23. In the last five years, the production of Coal India Limited (CIL) has increased from 606.89 MT in FY19 to 703.21 MT, registering a growth of 15.9%. Contribution from captive and other mines to the total coal output also increased to 122.72 MT in FY23, up 113.7%.

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

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

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

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

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Mahindra Electric Mobility merges with parent Mahindra & Mahindra

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

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

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

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Reliance Retail begins accepting govt’s digital rupee for sales

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

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

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

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Bharti Airtel completes merger of Nettle Infrastructure, Telesonic Networks

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

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

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

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

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

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

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

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IndiGo’s Net Loss Widens to ₹1,583Cr in Q2 – Top Indian Market Updates

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

IndiGo Q2 Results: Net loss widens to ₹1,583 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of ₹1,583 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,435.6 crore in Q2 FY22. The company’s revenue from operations rose 122.8% YoY to ₹12,496.6 crore in Q2 FY23. The number of passengers increased by 75.9% YoY to 1.97 crore. IndiGo’s passenger ticket revenues stood at ₹11,110.4 crore, an increase of 135.6%.

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Maruti Suzuki lines up over ₹7,000 crore capex for current fiscal: CFO

Maruti Suzuki India Ltd plans to invest over ₹7,000 crore this year (FY23) on various initiatives, including the construction work of its new plant in Haryana and new model launches, said Chief Financial Officer (CFO) Ajay Seth. The new plant is expected to be operational by 2025, with an installed production capacity of 2.5 lakh units in the first phase. MSIL will also invest in other areas like research & development, regular maintenance, etc.

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TVS Motor Company Q2 Results: Net profit rises 47% YoY to ₹407 crore

TVS Motor Company Ltd reported a 46.8% year-on-year (YoY) increase in net profit to ₹407.47 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28.4% YoY to ₹7,219.18 crore during the same period. The company posted total sales of 10.27 lakh units in Q2, up 12% YoY. Operating EBITDA grew 31% YoY to ₹737 crore in Q2.

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Kalpataru Power secures orders worth ₹1,290 crore

Kalpataru Power Transmission Ltd (KPTL) has secured orders worth ₹1,290 crore across various business verticals. The transmission and distribution (T&D) orders will help the company consolidate its presence in key T&D markets like the Middle East and Latin America. KPTL’s total order intake year till date in FY23 is around ₹6,890 crore,

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GAIL Q2 Results: Net profit falls 46% YoY to ₹1,537 crore

GAIL (India) Ltd reported a 46% YoY decline in net profit to ₹1,573.07 crore in Q2 FY23. The company had to slash petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies. Its revenue from operations rose 79% YoY to ₹38,390.89 crore during the same period. Profits from the gas transmission business also fell 32% YoY to ₹709.59 crore.

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Lupin gets USFDA approval for generic oral contraceptive pill

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market Drospirenone tablets in the US market. The drug is used in birth control pills to prevent pregnancy and in menopausal hormone therapy. As per IQVIA MAT data, Drospirenone tablets had estimated annual sales of $141 million in the US market during the 12 months ended Sept 2022.

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Titan Q2 Results: Net profit rises 34% YoY to ₹857 crore

Titan Company Ltd reported a 34% YoY increase in net profit to ₹857 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY to ₹8,730 crore during the same period. The jewellery business posted an 18% YoY growth in revenue to ₹7,2013 crore in Q2. Revenue from its watches & wearables segment stood at ₹829 crore, up 21% YoY.

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India’s forex reserves record biggest weekly gains in more than a year

India’s foreign exchange (forex) reserves jumped to $531.081 billion in the week ending October 28, 2022, making it the biggest weekly gain in more than a year. All indicators in reserves witnessed an upside in the latest week with foreign currency assets outperforming. The forex reserves had fallen to their lowest level since July 2020 to $524.52 billion for the week ending Oct 21.

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Cipla Q2 Results: Net profit rises 11% YoY to ₹789 crore

Cipla Ltd reported an 11% YoY increase in consolidated net profit to ₹788.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 5.57% YoY to ₹5,828.54 crore during the same period. Revenue from Cipla’s pharma segment stood at ₹5,690.68 crore in Q2, up 5.11% YoY.

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Marico Q2 Results: Net profit falls 3% YoY to ₹301

Marico Ltd reported a 3% YoY decline in net profit to ₹301 crore in Q2 FY23. The FMCG company’s revenue from operations rose 3% YoY to ₹2,496 crore during the same period. EBITDA stood at ₹433 crore in Q2, up 2.4% YoY. Domestic revenues rose 1% YoY to ₹1,896 crore. Price hikes in hair oils and premium personal care portfolios were more than offset by price cuts in Parachute coconut oil and Saffola oils.

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RBI Raises Repo Rate by 50 bps to 5.4% – Top Indian Market Updates

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

RBI raises repo rate by 50 bps to 5.4%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has raised the repo rate by 50 basis points to 5.4% to bring down inflation in the country. “The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth,” said RBI governor Shaktikanta Das. The RBI has retained its gross domestic product (GDP) forecast for FY23 at 7.2%.

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

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Titan Q1 Results: Net profit jumps 13x YoY to Rs 793 crore

Titan Company Ltd reported a 1200% YoY jump in net profit to Rs 793 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 175.8% YoY to Rs 8,961 crore during the same period. Its jewellery business posted an income of Rs 7,600 crore in Q1, up 208% YoY. Income from Titan’s watches & wearables segment grew 169% YoY to Rs 785 crore.

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Havells India launches innovative range of ‘Signia’ switches

Havells India Ltd unveiled its innovative range of ‘Crabtree Signia’ switches in Kochi. The range comprises of two categories: smart and luxury switches (Signia Smart and Signia Grande). They are equipped with high-end aesthetics and technology. It was designed in-house at Havells India’s research & development (R&D) center.

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M&M Q1 Results: Net profit at Rs 2,360.7 crore

Mahindra & Mahindra Ltd (M&M) reported a consolidated net profit of Rs 2,360.7 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 331.74 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 48.2% YoY to Rs 28,412.38 crore in Q1 FY23. M&M sold 1,49,803 vehicles during the quarter, registering a growth of 74% YoY. 

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HDFC raises $1.1 billion ‘social loan’ for financing affordable housing segment

Housing Development Finance Corp (HDFC) Ltd has raised $1.1 billion (~Rs 8,700 crore) from investors under the ‘Syndicated Social Loan Facility’ to cater to the affordable housing segment. The company has raised the amount via external commercial borrowings (ECBs). Proceeds from the social loan would go towards financing affordable housing loans across India.

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UCO Bank Q1 Results: Net profit rises 22% YoY to Rs 123.6 crore

UCO Bank reported a 22% YoY increase in net profit to Rs 123.61 crore from the quarter ended June (Q1 FY23). Its net interest income (NII) rose 12.96% YoY to Rs 1,649.54 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 7.42% in Q1 FY23, compared to 9.37% in Q1 FY22. Provisions fell 78% YoY to Rs 246.83 crore in Q1 FY23.

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Alkem Labs Q1 Results: Net profit falls 73% YoY to Rs 127 crore

Alkem Laboratories Ltd reported a 72.7% YoY decline in consolidated net profit to Rs 127.64 crore for the quarter ended June (Q1 FY23). Its revenue from operations fell 5.67% YoY to Rs 2,576.38 crore during the same period. International sales declined by 3.8% YoY to Rs 760.4 crore in Q1. EBITDA stood at Rs 203 crore, down 66% YoY.

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NTPC partners with Ohmium, Spirare Energy to generate green hydrogen

US-based Ohmium International, Inc., is partnering with Spirare Energy to generate green hydrogen at the NTPC Energy Technology Research Alliance (NETRA) campus. Spirare Energy will manage the engineering, procurement, and construction (EPC) of the project, while Ohmium will provide the hydrogen electrolyzers. NTPC, the largest power utility in India, set up NETRA in 2009.

In other news, NTPC has commissioned the full capacity of the 296 megawatts (MW) Fatehgarh solar power project in Rajasthan.

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Nykaa Q1 Results: Net profit rises 33% YoY to Rs 4.5 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 33.4% YoY rise in consolidated net profit to Rs 4.55 crore for the quarter ended June (Q1 FY23). However, net profit declined by 47.6% when compared to the previous quarter. Its revenue from operations rose 40.5% YoY to Rs 1,148.42 crore during the same period. Nykaa’s gross merchandise volume (GMV) stood at Rs 2,155.8 crore in Q1, up 47% YoY.

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SJVN secures 200 MW solar project worth Rs 1,200 crore in Maharashtra

SJVN Ltd has secured a 200 MW solar project in an e-reverse auction by Maharashtra State Electricity Distribution Company Ltd (MSEDCL). This ground-mounted solar project will be developed by SJVN anywhere in Maharashtra through an EPC contract. The tentative cost for the development of this project is Rs 1,200 crore.

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Titan’s Net Profit Falls 7% in Q4 – Top Indian Market News

Titan Q4 Results: Net profit falls 7% YoY to Rs 491 crore 

Titan Company Ltd reported a 7.2% YoY decline in net profit to Rs 491 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 3.46% YoY to Rs 6,749 crore during the same period. Titan’s jewellery business posted a 4% YoY decline in revenue to Rs 6,132 crore in Q4. Revenue from its watches & wearables segment stood at Rs 622 crore, up 12% YoY. The eyecare business registered a 6% YoY growth in revenue to Rs 134 crore. Titan’s board has declared a dividend of Rs 7.5 per share.

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L&T Finance explores exiting realty projects lending business

L&T Finance Ltd is exploring inorganic structures to exit the real estate projects lending business. It may also consider reducing its exposure in the segment by partnering with other financiers. The company is also looking to partner with dedicated funds to create a platform that will commit funds to infrastructure projects. This move will help L&T Finance eventually bring down its loan book in the segment.

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Godrej Properties Q4 Results: Net profit at Rs 260 crore

Godrej Properties Ltd (GPL) reported a consolidated net profit of Rs 260.47 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 191.57 crore in the corresponding quarter last year (Q4 FY21). Its total income jumped 164.3% YoY to Rs 1,522.57 crore in Q4 FY22. GPL is likely to add at least ten new residential projects across India to its existing development portfolio in FY23. 

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Adani Wilmar acquires Kohinoor rice

Adani Wilmar Ltd (AWL) has strengthened its presence in the food segment with the acquisition of Kohinoor rice. AWL will get exclusive rights over the brand ‘Kohinoor’ basmati rice along with ‘Ready to Cook’, ‘Ready to Eat’ curries, and meals portfolio under the Kohinoor brand umbrella in India. The company is looking to cement its presence in the staples segment, which contributes ~11% to its overall revenue.

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Adani Green gets shareholders’ nod for Rs 3,850 crore investment by Green Energy Investment Holding RSC

Adani Green Energy Ltd (AGEL) has received shareholders’ approval for the issuance of over two crore shares worth ~Rs 3,850 crore on a preferential basis to Green Energy Investment Holding RSC Ltd (GEIH RSC). IHC Capital Holding LLC is the current principal shareholder of GEIH RSC. The deal is a part of UAE-based International Holding Company’s (IHC) $2 billion investment in three Adani Group companies.

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Zydus Lifesciences gets USFDA approval for generic version of Bortezomib

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) to market its generic version of Bortezomib injection. The drug is used to treat certain types of cancers like multiple myeloma and mantle cell lymphoma. As per IQVIA data, the injection had a market size of $1.172 billion in the US during the twelve months ended March 2022.

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Newgen Software Q4 Results: Net profit rises 9% YoY to Rs 57 crore

Newgen Software Ltd reported an 8.8% YoY (or 20% QoQ) increase in consolidated net profit to Rs 57.4 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 15.7% YoY to Rs 231.42 crore during the same period. The company’s board has approved the merger of Gurugram-based Number Theory Software Pvt. Ltd with itself.

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RailTel Corp secures order worth Rs 97.6 crore

RailTel Corporation of India Ltd has secured a work order worth Rs 97.64 crore from Madhya Pradesh State Electronics Development Corporation Ltd. The company will act as a System Integrator for the expansion of a data centre and the establishment of a Disaster Recovery Cente. RailTel provides broadband, telecom, and multimedia networks & services in India and internationally.

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Ramkrishna Forgings Q4 Results: Net profit jumps 147% YoY to Rs 83.93 crore

Ramkrishna Forgings Ltd reported a 147.6% YoY (or 85% QoQ) jump in consolidated net profit to Rs 83.93 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 718.72 crore during the same period. The company’s board has declared a final dividend of Rs 0.2 per share.

Tata Steel Q4 Results: Net profit rises 46% YoY to Rs 9,756 crore

Tata Steel Ltd reported a 46.83% YoY (or 2% QoQ) increase in net profit to Rs 9,756.2 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.6% YoY to Rs 69,323.5 crore during the same period. EBITDA stood at Rs 15,029 crore in Q4, up 6% YoY. The company’s board has announced a stock split in the ratio 10:1. [One equity share of the company having a face value of Rs 10 each will be split into 10 equity shares of the face value of Rs 1 each.]

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