Tag: Titan

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HDFC Bank to Raise up to Rs 50,000 crore via Bonds – Top Indian Market News

HDFC Bank to raise up to Rs 50,000 crore via bonds

HDFC Bank’s board will consider a proposal for raising up to Rs 50,000 crore over the next 12 months. The bank aims to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier-I capital), Tier-II Capital Bonds, and Long Term Bonds (Financing of Infrastructure and Affordable Housing). The board is scheduled to meet on April 16 to consider and approve the financial results for the March quarter (Q4) and FY 2021-22.

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L&T’s building & factories biz secures ‘significant’ orders

Larsen & Toubro Ltd’s (L&T) building and factories business has received significant orders (in the range of Rs 1,000-2,500 crore) from prestigious clients. The health segment of the business has secured an order from the Government of Telangana to construct a 1,750-bed super specialty hospital at Warangal. The project also involves constructing a configuration of the basement and other ancillary buildings.

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Titan reports muted sales in Q4

Titan Company Ltd said it finished the March quarter (Q4 FY22) on a satisfactory note, despite partial Omicron-led lockdowns and other disruptions. The company’s jewellery division reported a 4% YoY decline in revenue during Q4. Revenue from the watches and wearables segment grew 12% YoY. Meanwhile, Titan’s eyecare division recorded 5% YoY growth, while other businesses saw a 23% rise in revenue. 

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Maruti Suzuki to hike vehicle prices this month

Maruti Suzuki India Ltd (MSIL) plans to hike the prices of different models in April due to rising input costs. The automaker did not disclose the quantum of the proposed price hike. It has already hiked vehicle prices by nearly 8.8% from January 2021 to March 2022 due to the constant increase in input costs.

In other news, MSIL has recalled 19,731 units of its EECO model to inspect and rectify incorrect marking of wheel rim size.

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Actis nearing a deal to buy road assets worth $400 million from Welspun Group: Report

According to a Bloomberg report, UK-based Actis is nearing a deal to acquire a portfolio of road assets from Welspun Group for nearly $400 million (~Rs 3,032 crore). The buyout firm is in advanced talks for the assets and is set to beat out several rival bidders. The deal could give Welspun’s road portfolio an enterprise value of about $1.2 billion.

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HAL, Israel Aerospace Industries sign pact for MMTT aircraft

Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi-mission tanker transport (MMTT) aircraft in India. Under this pact, HAL will convert pre-owned civil aircraft into air-refueling aircraft with cargo and transport capabilities. This move aims to provide India’s defence ecosystem with new capabilities and cost-effective solutions in the market.

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Union Bank to invest Rs 1,000 crore to upgrade IT infrastructure

Union Bank will invest Rs 1,000 crore in upgrading its information technology (IT) platforms in the current financial year. It aims to generate revenue from digital channels and save costs. The state-owned bank launched its super app named UnionNxt today. The main thrust of its digital initiatives is to empower customers with smarter ways of banking across all segments.

In other news, Union Bank’s MD Rajkiran Rai G said the lender will transfer 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company (bad bank) by the end of April.

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Equitas SFB gross advances rise 15%, deposits up 16% in FY22

Equitas Small Finance Bank’s (SFB) gross advances witnessed a 15% YoY growth on a provisional basis to Rs 20,648 crore in FY22. Total deposits grew by 16% YoY to Rs 18,951 crore in FY22, compared to Rs 16,392 crore in FY21. The bank’s CASA (current account & savings account) deposits rose 76% YoY to Rs 9,855 crore in FY22. Equitas SFB saw an all-around improvement in performance in the previous quarter (Q4 FY22) as well.

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JSW Steel successfully bids for Ajgaon iron ore block mining license

The Directorate of Geology and Mining, Maharashtra, has declared JSW Steel Ltd as a
“preferred bidder” for a composite licence of an unexplored iron ore mine (Ajgaon Iron Ore Block) in Sindhudurg district. JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe.

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Vodafone Idea launches Vi Jobs & Education for job seekers

Vodafone Idea has partnered with Apna, Enguru, and Pariksha platforms to provide over 26 crore customers access to curated job search and exam preparation facilities targeted at Indian youth. The telecom operator has launched Vi Jobs & Education on the Vi App to increase customer stickiness with the brand by offering services to its large prepaid customer base. The platform offers free priority access to India’s most prominent job listings.

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IEX reports 38% YoY rise in trade volumes in FY22

Indian Energy Exchange (IEX) registered a 38% YoY growth in trade volumes at 1,02,035 million units (MUs) in the financial year 2021-22. IEX achieved 9,605 MU volume in March, recording a growth of 16% YoY. The volume comprises 8,702 MU in the conventional power market, 392 MU in the green power market, and 511 MU in the renewable energy certificates market.

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Market News Top 10 News

RBI Bars Paytm Payments Bank From Onboarding New Customers – Top Indian Market News

RBI bars Paytm Payments Bank from onboarding new customers

Reserve Bank of India (RBI) has directed Paytm Payments Bank (PPB) to stop onboarding new customers with immediate effect. The central bank has cited serious supervisory concerns observed in the bank. RBI has also directed PPB to appoint an audit firm to conduct a comprehensive audit of its IT system.

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Titan Company’s arm to acquire 17.5% stake in Great Heights Inc for $20 million

TCL North America Inc (TCLNA), a subsidiary of Titan Company Ltd, has signed a pact to acquire 17.5% voting rights in US-based Great Heights Inc for $20 million (~Rs 152 crore). This strategic investment will provide Titan a close view of the fast-growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand Clean Origin.

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Automobile dispatches fall 23% YoY in Feb: SIAM

Automobile dispatches from factories to dealerships across India declined 23% YoY in February as various supply-side challenges continued to impact demand. This includes the global semiconductor shortage and rise in vehicle prices due to the implementation of new regulations. Wholesales of domestic passenger vehicles, two-wheelers, and three-wheelers fell to 13,28,027 units in Feb 2022. The figure stood at 17,35,909 units in Feb 2021.

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Punjab & Sind Bank to acquire 2% stake in NARCL for Rs 55 crore

Punjab & Sind Bank Ltd has entered into an agreement to acquire a 2% stake in National Asset Reconstruction Company Ltd (NARCL or bad bank) for Rs 55 crore. The equity investment will be done in tranches. The first investment of Rs 28.18 crore is expected to be completed by March 31, 2022. NARCL was incorporated in July 2021 to act as a bad bank for the quick resolution of bad assets (NPAs) of banks. 

In other news, ICICI Bank has announced plans to acquire a 5% stake in NARCL for Rs 137.5 crore.

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Strides Pharma gets USFDA approval for Colchicine tablets

Strides Pharma Global Singapore (SPGS) has received approval from the US Food & Drug Administration (USFDA) to market Colchicine tablets. The drug is used to treat and prevent gout (a common form of arthritis). According to IQVIA MAT January 2022 data, Colchicine tablets had annual sales of $85 million. SPGS is a step-down wholly-owned subsidiary of Strides Pharma Science Ltd.

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DB Realty-led company gets LoA for Mumbai project

DBS Realty, a partnership firm of DB Realty Ltd, has received a Letter of Acceptance (LoA) from the Municipal Corporation of Greater Mumbai (MCGM) to construct 4,000 tenements. The project includes the construction, completion, and handing over of tenements of carpet area 27.88 metres to MCGM. DBS Realty will receive land Transferable Development Rights (TDR) and construction TDR of 1.56 million square feet. It will also get premium per tenement at Rs 39.60 lakh, aggregating to Rs 1,584 crore.

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G R Infra emergest lowest bidder for project in Madhya Pradesh

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a project in Rajgarh Special Economic Zone (SEZ), Madhya Pradesh. The order includes the establishment of a transmission system for evacuation of power from RE Projects in Rajgarh SEZ (2500 MW). The project is on a build, own, operate, and maintain (BOOM) basis.

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Vedanta, Welspun, 29 others in race to acquire Mittal Corp

Vedanta Ltd, Welspun Corp, and Jindal Stainless Ltd are among 29 applicants that have shown interest in acquiring distressed steel company Mittal Corp. Mittal Corp is currently undergoing insolvency proceedings and is among 15 shortlisted companies to be transferred to a bad bank. To increase participation, the resolution professional may either invite Expression of Interests (EoIs) again or extend the deadline. 

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IIP growth recovers to 1.3% in January

India’s Index of Industrial Production (IIP) grew 1.3% year-on-year (YoY) in January 2022. It had fallen to a 10-month low of 0.4% in December 2021. Industrial output clocked a growth of 13.7% for April 2021-January 2022, compared to a contraction of 12% in April 2020-Jan 2021. Manufacturing growth grew 1.1% in January 2022, compared to a 0.9% contraction in Jan 2021.

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Market News Top 10 News

Maruti Suzuki’s Net Profit Falls 65% YoY in Q2 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q2 Results: Net profit falls 65% YoY to Rs 475 crore

Maruti Suzuki India reported a 65.35% YoY decline in net profit to Rs 475.3 crore for the quarter ended September (Q2 FY22). Net profit fell 7.8% compared to the previous quarter. The automaker’s net sales fell 9.09% YoY to Rs 19,297.8 crore during the same period. EBITDA stood at Rs 855 crore in Q2, down 56% YoY. Maruti Suzuki’s results were impacted by adverse commodity prices and lower sales volume due to global semiconductor shortages, leading to lower capacity utilization.

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Adani Ports Q2 Results: Net profit falls 31% YoY to Rs 951 crore

Adani Ports & Special Economic Zone (APSEZ) reported a 31.4% YoY decline in consolidated net profit to Rs 951.7 crore for the quarter ended September (Q2 FY22). Net profit fell 27% compared to the previous quarter. Its revenue from operations rose 21.7% YoY to Rs 3,532.4 crore during the same period. The company’s cargo volumes declined 9.7% QoQ to 68.3 million metric tonnes (MMT) in Q2.

In other news, APSEZ has abandoned plans to build a container terminal in Myanmar. The company is expected to fully exit the investment in the conflict-ridden south Asian nation between March and June 2022.

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IndusInd Bank Q2 Results: Net profit rises 73% YoY to Rs 1,147 crore

IndusInd Bank reported a 73% YoY increase in consolidated net profit to Rs 1,146.73 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 11.6% YoY to Rs 3,658 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.77% in Q2, compared to 2.88% in the previous quarter. Provisions fell 7.5% YoY to Rs 1703.36 crore in Q2.

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Dabur to enter diaper market, to take on P&G and Unicharm

Dabur India Ltd will enter the diapers segment in India as part of a strategy to expand its baby care portfolio that has products including shampoo, soaps, oil, and talc. The company will compete with Procter & Gamble (P&G) and Unicharm, which together control over 80% of the overall market. Dabur said its ‘Dabur Baby Super Pants’ with insta–absorb technology will help get 50% more absorption compared to other diapers. The product will be initially launched on Flipkart.

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Titan Q2 Results: Net profit jumps four-fold YoY to Rs 641 crore

Titan Company Ltd reported a 270% YoY jump in consolidated net profit to Rs 641 crore for the quarter ended September (Q2 FY22). Its net sales rose 75% YoY to Rs 7,243 crore during the same period. Titan’s jewellery division registered an income of Rs 6,106 crore, a growth of 77% YoY. The Watches and Wearables business recorded a 72% YoY growth in income to Rs 687 crore in Q2.

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Kotak Mahindra, Axis, and Indusind Bank submit bids to buy Citi’s consumer business in India: Report

According to a report from the Economic Times, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank have made binding offers to buy Citi’s consumer business in India, valued at ~$2 billion. The US-based bank under CEO Jane Fraser is looking to exit consumer banking in 13 countries, including India. Citi is expected to start bilateral negotiations and announce a formal winner in the next 1-2 months. None of the bidders have offered stocks and have submitted all-cash bids.

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L&T Q2 Results: Net profit falls 67% YoY to Rs 1,819 crore

Larsen & Toubro (L&T) Ltd reported a 67% YoY decline in consolidated net profit to Rs 1,819.45 crore for the quarter ended September (Q2 FY22). Net profit increased 54.9% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 18.5% QoQ) to Rs 34,773 crore during the same period. L&T secures orders worth Rs 42,140 crore in Q2, up 50% YoY. 

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Bajaj Auto Q2 Results: Net profit rises 12% YoY to Rs 1,275 crore

Bajaj Auto Ltd reported a 12% YoY increase in net profit to Rs 1,274.6 crore for the quarter ended September (Q2 FY22). Net profit increased 20.1% compared to the previous quarter. Its revenue from operations rose 22% YoY (or 19% QoQ) to Rs 8,762.2 crore during the same period. EBITDA stood at Rs 1,434 crore in Q2, a growth of 10% YoY.

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United Spirits Q2 Results: Net profit jumps two-fold YoY to Rs 286 crore

United Spirits reported over two-fold YoY jump in consolidated net profit to Rs 286.4 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 9.3% YoY to Rs 8,208.8 crore during the same period. Total expenses stood at Rs 7,822.9 crore in Q2, an increase of 6.52% YoY. United Spirits is an Indian alcoholic beverages company operated by UK-based Diageo.

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SBI Life Q2 Results: Net profit falls 18% YoY to Rs 247 crore

SBI Life Insurance Company reported a 17.71 YoY decline in net profit to Rs 246.62 crore for the quarter ended September (Q2 FY22). Net profit increased 11% compared to the previous quarter. Its net premium income (NPI) rose 12.45% YoY to Rs 14,660 crore crore during the same period. The company’s assets under management (AUM) rose 31% YoY to Rs 2,44,180 crore in Q2.

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Editorial

Titan Company Limited, The New Hot Stock

Titan Company Limited, a subsidiary of the Tata Group, has been in the news for the past few days. It is this very company that helped ace investor Rakesh Jhunjhunwala make Rs 900 crore in a single day. In this piece, we dive down into what makes Titan so unique.

Why Is It In The News?

On October 7, 2021, Titan’s shares prices rocketed in a matter of minutes from the time the market opened. The company’s share price rallied 10% in a day. On the same day, ace investor Rakesh Jhunjhunwala earned Rs 1,125 crore in total from two of Tata’s firms. One being Titan, the other one being Tata Motors Ltd. The sudden spurt came in light of Titan Company’s announcement of solid growth in Q2 FY22, suggesting a strong recovery in demand. The company has not officially announced its results for the quarter yet. 

Titan’s update mentions that its Jewellery business grew by 78% over a year’s time. Its jewelry business brand, Caratlane, walked on the same lines and grew by 95% over a year. Additionally, the revenue for its Watches & Wearables business grew by 73%, EyeWear business by 74%, and other business by a staggering 121% over a year. Its other businesses include its flagship saree company, Taneira, and its perfume and accessories brand SKINN.

Source: Titan Official Website

Titan Engineering and Automation Limited (TEAL) had a subdued quarterly performance due to delays in execution and shipments. This was primarily caused by semiconductor shortages and logistics & travel restrictions, which are expected to ease in the second half of the financial year.

Where Does Titan Stand In The Future?

In the post-COVID-19 bull run, many stocks beat the benchmark NIFTY 50 index in terms of growth, and Titan wasn’t one of them. The company gained exceptional traction after it announced its last quarterly results. As we head into the festive season and recover from the financial setbacks of the COVID-19 pandemic, demand for jewellery and luxury goods has pumped. While Q2 isn’t exactly the season for jewellery sales, most shops were not operational in the previous quarter (Q1 FY22) and last year as well. This led to a massive ‘pent-up’ demand. Pent-up demand is a sudden increase in demand for a particular product after a brief period of subdued spending. Another example of pent-up demand is the increase in flight and hotel booking as a part of ‘revenge travel’, as travel restrictions were lifted gradually across the country. 

Titan’s share price has appreciated ~88% over a year, ~50% over the last six months, and ~36% over the last quarter. Titan’s market cap crossed Rs 2 lakh crore after the 10% rally, making it the only Tata Group company after Tata Consultancy Services (TCS) to do so. 

A close look at the 5-year chart of Titan Company suggests that the company has provided consistent returns for value investors. The share price hasn’t witnessed much volatility for quite some time.

If you are thinking of investing in Titan, then you need to keep a few things in mind. While the official quarterly financial results for Q2 FY22 haven’t been announced, the stock might face a strong correction if it fails to run on the lines of the current company update. Despite a certainty of strong Q2 results, any ‘unpleasant’ aspect of the quarterly result might impact the share price. Secondly, while the company has witnessed a very strong financial growth in the last five years, the stock seems best suited for value investors than traders due to its low volatility and consistent returns.  

What are your views on Titan Company Ltd? Let us know in the comments section of the marketfeed app.

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SBI Reports 55% YoY Rise in Net Profit in Q1 – Top Indian Market News

State Bank of India Q1 Results: Net profit rises 55% YoY to Rs 6,504 crore

State Bank of India (SBI) reported a 55.2% YoY increase in net profit to Rs 6,504 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 3.7% YoY to Rs 27,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 5.32% in Q1, compared to 4.98% in the previous quarter. Domestic retail loans rose 16.5% YoY to Rs 8.72 lakh crore. SBI’s total provisions fell 19.6% YoY to Rs 10,051.96 crore in the April-June quarter of FY22.

Read more here.

India’s services PMI contracts for third consecutive month

India’s services sector remained in the contraction territory for the third straight month in July. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 45.4 in July, compared to 41.2 in June. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. Business activity, new orders, and employment declined further due to local restrictions amidst the Covid-19 pandemic.

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Titan Q1 Results: Net profit at Rs 61 crore

Titan Company Ltd reported a standalone net profit of Rs 61 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 270 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 74.5% YoY to Rs 3,249 crore during the same period. Titan’s jewellery segment posted a 108% YoY increase in total sales to Rs 2,467 crore in Q1.

Read more here. 

Britannia invests Rs 130 crore in capacity building; to hike prices

Britannia Industries Ltd announced that it has invested Rs 130 crore for capacity building in the current financial year (FY22). The FMCG company is also eyeing a greater revenue share from its e-commerce segment, which currently contributes ~2%. Britannia will gradually undertake a price hike of its products to offset the sharp rise in input costs amidst uncertainty arising out of the Covid-19 pandemic.

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Adani Green Energy Q1 Results: Net profit jumps nearly 10-fold to Rs 219 crore

Adani Green Energy Ltd (AGEL) reported an 895.45% YoY jump in consolidated net profit to Rs 219 crore for the quarter ended June (Q1 FY22). Net profit has jumped 110.5% when compared to the previous quarter. Its total income rose 22.8% YoY to Rs 1,079 crore during the same period. Total sale of electricity grew 48% YoY to Rs 2,054 million units in Q1.

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CCI approves Carlyle’s proposed Rs 4,000 crore investment in PNB Housing Finance

The Competition Commission of India (CCI) has approved the Carlyle Group-led Rs 4,000 crore equity investment transaction in PNB Housing Finance Ltd. However, the Securities and Appellate Tribunal (SAT) is yet to pronounce its verdict on the valuation controversy that the deal ran into recently. In May 2021, Carlyle Group and other investors had announced plans to infuse Rs 4,000 crore into PNB Housing through preferential allotment of equity shares and warrants. Market regulator SEBI had intervened and asked PNB Housing Finance not to go ahead with the deal until it undertakes valuation of its shares by an independent agency.

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Godrej Consumer Products Q1 Results: Net profit rises 5% YoY to Rs 413 crore

Godrej Consumer Products Ltd (GCPL) reported a 4.75% YoY increase in consolidated net profit to Rs 413.66 crore for the quarter ended June (Q1 FY22). Net profit has increased by 13.07% when compared to the previous quarter. Its revenue from operations rose 23.87% YoY to Rs 2,862.83 crore during the same period. GCPL’s expenses grew 21.53% YoY to S 2,372.65 crore in Q1. 

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Kumar Mangalam Birla steps down as Non-Executive Chairman of Vodafone Idea

Vodafone Idea (Vi) has informed that Kumar Mangalam Birla will step down as Non-Executive Director and Non-Executive Chairman of the board with effect from close of business hours on August 4, 2021. The company’s board has elected telecom veteran Himanshu Kapania as a Non-Executive Chairman. Last month, Birla had written a letter to the Indian Government in which he offered to hand over his stake in Vi to any public sector entity, considering the “looming crisis” that the telecom operator is going through. Shares of Vi fell over 16% today.

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Bosch Q1 Results: Net profit at Rs 260 crore

Bosch Limited reported a consolidated net profit of Rs 260.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 121.5 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 483 crore in the previous quarter (Q4 FY21). The automotive component manufacturer’s total revenue jumped 146.4% YoY to Rs 2,443 crore in Q1 FY22. EBITDA stood at Rs 306.6 crore in Q1, compared to an operating loss of Rs 102.5 crore in the year-ago period.

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HPCL Q1 Results: Net profit falls 11% YoY to Rs 2,004 crore

Hindustan Petroleum Corp Ltd (HPCL) reported an 11.04% YoY decline in consolidated net profit to Rs 2,003.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 34.5% when compared to the previous quarter. Its total income rose 66.9% YoY to Rs 77,980.15 crore during the same period.

Apollo Tyres Q1 Results: Net profit at Rs 128 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 127.78 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 134.58 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 55.5% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 59% YoY to Rs 4,584 crore in Q1 FY21.

Read more here.

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HUL Reports 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

Hindustan Unilever Q4 Results: Net profit rises 41% YoY to Rs 2,143 crore

Hindustan Unilever Ltd (HUL) reported a 41% year-on-year (YoY) increase in net profit to Rs 2,143 crore for the quarter ended March (Q4). Its revenue rose 35% YoY to Rs 11,947 crore during the same period. The FMCG firm saw strong demand for its food and refreshments portfolio (up 36% YoY) and recovery in categories such as fabric wash. HUL’s volume growth stood at 16% in Q4. The company’s board has proposed a final dividend of Rs 17 per share.

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Tata gets CCI approval to acquire 64.3% stake in BigBasket

The Competition Commission of India (CCI) has approved Tata Digital’s proposal of acquiring up to 64.3% stake in Supermarket Grocery Supplies Pvt Ltd (SGS), the business-to-business (B2B) arm of BigBasket. The transaction will include a mix of primary and secondary share purchases. Through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts, which operates BigBasket’s online retail business. This would give Tata control over both wholesale and retail business units. [Tata Digital is a wholly-owned subsidiary of Tata Sons]

Read more here.

Bajaj Auto Q4 Results: Net profit rises 2% YoY to Rs 1,332 crore

Bajaj Auto Limited reported a 2% YoY increase in standalone net profit to Rs 1,332 crore for the quarter ended March (Q4). Its revenue rose 26% YoY to Rs 8,596 crore during the same period. The company’s total vehicle sales increased 18% YoY to 11.69 lakh units in Q4. Bajaj Auto’s overall share for motorcycles sold in domestic and international markets (amongst Indian manufacturers) stood at 27.6% in FY21. The auto major’s board has announced a final dividend of Rs 140 per share.

Read more here.

Inox Leisure Q4 Results: Net loss at Rs 94 crore

Inox Leisure Limited reported a consolidated net loss of Rs 93.69 crore for the quarter ended March (Q4). The multiplex chain operator had posted a net loss of Rs 82.15 crore in the corresponding period last year (Q4 FY20). Revenue from operations declined 75.66% YoY to Rs 90.44 crore in Q4 FY21. The resurgence of Covid-19 cases has emerged as a major cause of concern for the company. Inox Leisure currently operates 648 screens across 153 multiplexes in 69 cities.

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IndiaMART Q4 Results: Net profit rises 26% YoY to Rs 55.7 crore

IndiaMART InterMESH Ltd reported a 26% YoY increase in consolidated net profit to Rs 55.7 crore for the quarter ended March (Q4). Its revenue rose 5.64% YoY to Rs 179.70 crore during the same period. The B2B firm’s consolidated net profit has increased by 89.82% YoY to Rs 279.80 crore for the financial year ended March 31, 2021 (FY21). The company’s board has proposed a final dividend of Rs 15 per share.

In other news, IndiaMART InterMESH (through its subsidiary Tradezeal Online) will acquire a 26% stake in Gurugram-based Shipway Technology for Rs 18.2 crore. The company will also acquire a 3.02% stake in Kolkata-based Truckhall for Rs 1.33 crore.

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Route Mobile to acquire AI firm Phonon Communications for Rs 29 crore

Route Mobile Limited has signed definitive agreements to acquire Artificial Intelligence (AI) platform provider Phonon Communications Pvt Ltd for Rs 29 crore. This acquisition will help Route Mobile to offer automation and contact center solutions at scale to enterprises globally. Phonon offers a complete suite of conversational AI-driven contact center solutions with integration on cloud platforms such as AWS, Azure, and Google Cloud.

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Laurus Labs Q4 Results: Net profit rises 170% YoY to Rs 297 crore

Laurus Labs Limited reported a 170% YoY jump in consolidated net profit to Rs 297 crore for the quarter ended March (Q4). Its revenue from operations rose 68% YoY to Rs 1,412 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 286% YoY to Rs 984 crore. Laurus Labs’ formulations and API businesses have delivered robust growth throughout the year. The pharma company’s board has announced an interim dividend of Rs 0.80 per share.

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Wipro partners with Citrix, Hewlett Packard to accelerate remote working solutions

Wipro Limited has strengthened its alliance with Citrix and Hewlett Packard Enterprise (HPE) to launch a robust solution that will accelerate remote working and bring modernisation into workspaces. The solution offers a seamless framework to enable a unified experience for enterprises. It will be delivered through a pay-per-use model that is subscription-based, agile, elastic, and offer a consistent cloud experience.

Read more here. 

Ambuja Cements Q1 Results: Net profit rises 66% YoY to Rs 665 crore

Ambuja Cements reported a 66.6% YoY increase in standalone net profit to Rs 665 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Net sales rose 30% YoY to Rs 3,579 crore during the same period. The cement maker’s sales volume grew 24.48% YoY to 7.17 million tonnes in Q1. To compensate for the impact of rising fuel and raw material costs, Ambuja Cements had launched operational efficiency programs, along with logistics efficiencies such as direct dispatches.

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Exide Industries Q4 Results: Net profit rises 30% YoY to Rs 321 crore

Exide Industries Limited reported a 29.54% YoY increase in consolidated net profit to Rs 321.87 crore for the quarter ended March (Q4). Its revenue rose 31.32% YoY to Rs 4,562.86 crore during the same period. The company has posted strong growth in both automotive and industrial segments. For the financial year ended March 31, 2021 (FY21), the battery manufacturer’s net profit has increased by 4.27% YoY to Rs 809.90 crore.

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Titan Q4 Results: Net profit rises 48% YoY to Rs 529 crore

Titan Company Ltd reported a 48% YoY increase in net profit to Rs 529 crore for the quarter ended March (Q4). Revenue from operations rose 61% YoY to Rs 4,429 crore during the same period. The jewellery segment posted a revenue of Rs 6,397 crores (excluding gold bullion sales), compared to Rs 3,754 crores in Q4 FY20. Its eyewear business registered an 18% YoY growth in revenues to Rs 127 crores. Titan’s board has announced a dividend of Rs 4 per share.

Read more here.

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Eicher Motors’ Q3 Profit Rises by 7% YoY to Rs 533 crore – Top Indian Market News

Eicher Motors Q3 Results: Net profit rises 7% YoY to Rs 533 crore

Eicher Motors Ltd reported a 7% YoY increase in net profit to Rs 533 crore for the quarter ended December (Q3 FY21). Its revenue jumped 19% YoY to Rs 2,828 crore during the same period. Sales for Royal Enfield increased by 5% to nearly 2 lakh units in this quarter. Even though both revenue and profits have increased, their operating margin has witnessed a marginal decline from 25% to 24%.

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Price Bands in Airfares to be discontinued in the airline industry

Union Aviation Minister, Hardeep Singh Puri, stated today that the price bands will be removed once the flight services reach pre-Covid-19 levels. Due to the pandemic and limited seats, the government placed floor and ceiling prices on airfares. It was done so that the airlines cannot charge hefty amounts from the customers due to restrictions on operating capacity. In May, when flights started to operate, there were only 30,000 passengers. The latest figure of Monday shows about 2,87,000 passengers.

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Hindalco Q3 Results: Net profit rises 76% YoY to Rs 340 crore

Aditya Birla group company Hindalco declared a 76% YoY rise in net profit to Rs 340 crore for the quarter ended December (Q3). Its revenue increased by 11% YoY to Rs 11,351 crore from Rs 10,230 crore. The company’s Aluminium division saw its operating income grow by 26%. Another good news for the company came as their margin increased from 12.6% to 15.8%

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SpiceJet Q3 Results: Net Loss of Rs 67 crore reported

Low-cost airline, SpiceJet, declared a standalone net loss of Rs 66.77 crore for Q3 FY21. In the same quarter last year, SpiceJet announced a net profit of Rs 78.16 crore. On a positive side, their net loss has decreased on a quarterly basis. In the second quarter, they reported a net loss of Rs 108.53 crore. This recovery can be attributed to the increase in demand in the passenger business. 

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Titan Q3 Results: Net profit falls by 11% to Rs 419 crore

Titan reported an increase of 17.4% in revenue to Rs 7,287 crore for the quarter ended December (Q3). Even after improved revenues, their net profits fell by 10.9% to Rs 419 crore. In the same quarter last year, their net profits recorded were Rs 470 crore. Their operating margin remained flat at 11.8%. Sales in the jewellery segment accounted for almost 90% of the total revenue. 

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IRB Infra to raise Rs 2,220 crore via NCDs

IRB Infrastructure Developers has entered into a definitive agreement with India Toll Roads. In this agreement, they will be raising Rs 2,220 crore by issuing non-convertible debentures (NCDs). The fund accumulated will be used to repay existing loans of up to Rs 1,600 crore. The rest of the amount will be utilized to meet capex requirements and general corporate purposes. 

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GAIL Q3 Results: Net profit rises 18.9% YoY to Rs 1,487.3 crore

GAIL India reported a 18.9% YoY increase in standalone net profit to Rs 1,487.3 crore for the quarter ended December (Q3). Its revenue fell by 13% YoY to Rs 15,454 crore during the same period. Even after a fall in top line, their profit numbers increased due to lower tax cost and margin expansion. Taxes paid in Q3FY21 fell to Rs 380.4 crore from Rs 621 crore in the corresponding period.

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Polyplex Q3 Results: Net profit increased by 81%, a dividend of Rs 100 per share announced

Polyplex Corporation declared a special dividend of Rs 100 per share after strong performance in the third quarter of FY21. Its consolidated net profit jumped by 81% (YoY) to Rs 224.73 crore in the December quarter. Revenue from operations also rose by 13.3% (YoY) to Rs 1,237 crore. The shares of the company skyrocketed by 17% to Rs 880 in intra-day trade. The record date of this dividend is 19th February, 2021.

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Bank of India Q3 Results: Net profit rises five times to Rs 541 crore

Bank of India declared a net profit of Rs 541 crore for the quarter ended December (Q3). Net interest income fell by 9.2% (YoY) to Rs 3,740 crore. Net interest Margin (NIM) stood at 2.81% as on 31st December 2020. It was 3.45% during the same period last year. The bank’s deposits increased by 18.24% (YoY) to Rs 5,36,171 crore. Gross NPAs fell to Rs 54,997 crore as compared to Rs 61,731 crore in the same quarter previous year.

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ABB India Q4 Results: Net profit falls by 4% to Rs 62 crore

ABB India declared a net profit of Rs 62 crore which is 4% lower than what is reported in the same quarter last year. The company follows January to December financial year. The total revenue also declined to Rs 1,701 crore from Rs 1,953 crore on a year-on-year basis. The Board of Directors of the company have recommended a dividend of Rs 5 per share.

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L&T reports 45% YoY decline in net profit – Top Indian Market News

L&T reports 45% YoY decline in net profit

Larsen & Toubro (L&T) reported a 44.73% year-on-year (YoY) decline in consolidated net profit at Rs 1,410.29 crore, for the quarter ended September (Q2). The company’s revenue from operations has declined by 12.15% YoY to Rs 31,034.74 crore, during the same period. L&T’s Board of Directors has approved a special dividend of Rs 18 per share.

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SBI signs $1 billion loan agreement with Japan Bank for International Cooperation

State Bank of India (SBI) has signed a loan agreement of $1 billion (~Rs 7,403 crore) with the Japan Bank of International Cooperation (JBIC). The loan will provide funds for manufacturers, suppliers, and dealers of Japanese automobiles in India. JBIC is a public financial institution and export credit agency, that promotes the overseas development of Japanese resources.

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Axis Bank Q2 Results: Net Profit at Rs 1,682 crore

Axis Bank Limited has reported a net profit of Rs 1,682.67 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 20% YoY to Rs 7,326.07 crore, during the same period. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Marico Q2 Results: 8% YoY rise in Net Profit

Marico Limited reported a 7.9% year-on-year (YoY) increase in consolidated net profit at Rs 273 crore, for the quarter ended September (Q2). The FMCG firm’s revenue from operations increased by 8.74% YoY to Rs 1,989 crore, during the same period. The company has stated that it had gained a strong growth in domestic sales in Q2.

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Flipkart-Aditya Birla Fashion proposed deal violates FDI policy: CAIT

The Confederation of All India Traders (CAIT) has raised objections over the proposed deal between Aditya Birla Fashion & Retail and Flipkart. CAIT has alleged that the deal violates the Government’s foreign direct investment (FDI) policy. According to the deal, Aditya Birla Fashion has plans to raise Rs 1,500 crore by issuing a 7.8% stake to Walmart-owned Flipkart Group.

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Tata Elxsi secures global services deal from Aesculap AG

Tata Elxsi has been selected as the global engineering services partner by Aesculap AG. It has opened a dedicated Global Engineering Center (GEC) for Aesculap AG, as part of its strategic multi-year engagement. Aesculap AG is owned by Germany-based B. Braun, one of the world’s leading manufacturers of medical devices. 

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Piramal Enterprises Q2 Results: 14% YoY increase in net profit

Piramal Enterprises Limited reported a 13.95% year-on-year (YoY) increase in consolidated net profit at Rs 628.31 crore, for the quarter ended September (Q2). The company’s consolidated revenue from operations stood at Rs 3,301.84 crore, during the same period. The company has stated that these results have been achieved through strong sales in the pharma segment.

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TCS selected as strategic partner for Belgium-based AG

Tata Consultancy Services (TCS), on Wednesday, announced that it has been selected as a strategic partner by Belgium-based insurance company, AG. TCS would help to improve AG’s digital channels and modernize its IT systems. The global Innovation ecosystem and experience of TCS will be used to upgrade AG’s insurance services.

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Titan reports 38% YoY decline in net profit to Rs 199 crore

Titan Company Ltd. has reported a 37.8% year-on-year (YoY) decline in standalone net profit to Rs 199 crore, for the quarter ended September (Q2). The watch and jewellery maker has posted a 1.72% YoY decline in total income at Rs 4,389 crore, during the same period. The share price of Titan saw a fall of 1.12%, and closed at Rs 1,218 on the NSE today.

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RBL Bank Q2 Results: Profit rises 165% YoY to Rs 144 crore

RBL Bank Limited reported a 165% year-on-year (YoY) increase in net profit to Rs 144.2 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 7.3% YoY to Rs 932.1 crore, during the same period. The share price of RBL Bank saw a rise of 2.48%, and closed at Rs 179.50 on the NSE today.

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