Tag: torrent pharma

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Disney to Sign Multibillion-Dollar Deal With Reliance – Top Indian Market Updates

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

Disney to sign multibillion-dollar deal with Reliance Industries

Reliance Industries Ltd (RIL) is set to acquire Walt Disney Co’s (WDC) India operations in a cash and stock deal. WDC may sell a controlling stake in the Disney Star business, which it values at around $10 billion (~₹83.1 crore). RIL views the assets at between $7 billion to $ 8 billion. The acquisition could be announced as early as next month as some of Reliance’s media units merged into Disney Star.

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Torrent Pharma Q2 Results: Net profit rises 24% YoY to ₹386 crore

Torrent Pharma posted a 24% YoY increase in net profit to ₹386 crore for the quarter ended September (Q2 FY24); beating street estimates. The pharma company posted a net profit of ₹312 crore in Q2 last year. Its total revenue rose 16.1% YoY to ₹2,660 crore in Q2 FY24. EBITDA stood at ₹825 crore, up 36.2% YoY.

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Lupin gets USFDA nod to market generic antifungal tablets

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market its generic Fluconazole tablets. The drug is used to treat fungal infections. The product will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh. According to IQVIA MAT July 2023 data, the drug had an estimated annual sales of $43 million in the US.

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Mahindra Holidays Q2 Results: Net profit falls 48% YoY to ₹21 crore

Mahindra Holidays & Resorts India Ltd (MHRIL) reported a 48% YoY decline in net profit to ₹21 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹40.9 crore in the same period a year ago. Its total revenue rose 10% YoY to ₹655 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY.

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ONGC wins bid to acquire PTC’s wind power unit for ₹925 cr

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for ₹925 crore as part of its renewable energy portfolio expansion. ONGC already has 189 MW of renewable energy capacity and aims to reach 10 GW by 2030. The acquisition, which has a renewable energy portfolio of 288.8 MW, is subject to the approval of PTC’s shareholders.

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Consumer court asks ICICI Bank to pay ₹77,000 for denying reward points

ICICI Bank has been instructed by the District Consumer Disputes Grievance Redressal Commission to pay ₹77,000 to a man from Chennai. The payment is compensation for the denial of reward points by the bank. The bank will pay ₹41,691 in reward points and an additional ₹35,000 for the deficiency in service, compensation for mental agony, and mental agony. 

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Adani Power close to taking over Coastal Energen for ₹3,440 crore

Adani Power won a bid to take over bankrupt power company Coastal Energen for ₹3,440 crore. The interest in Coastal Energen (which is undergoing corporate insolvency) is mainly because it is among a few operational power plants for sale. Jindal Power, who also bid for the company, quit the auction.

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IPCA Labs’ Ratlam facility gets favourable FDA classification

The USFDA has classified IPCA Laboratories Ltd’s’ Ratlam facility as ‘Voluntary Action Indicated’ (VAI) in its Establishment Inspection Report (EIR). A VAI is generally issued when the response from a plant to certain observations appears satisfactory to the regulator. The facility manufactures Active Pharma Ingredients (APIs). VAI is the second-best classification that a plant can get from the USFDA.

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Aurobindo Pharma’s arm gets USFDA nod for testosterone cypionate injection

Aurobindo Pharma’s wholly-owned subsidiary, Eugia Pharma Specialties, has received the final approval from USFDA to manufacture and market the testosterone cypionate injection. This is bioequivalent and therapeutically equivalent to the reference listed drug, depo-testosterone injection. According to IQVIA data, the approved product has an estimated market size of $226.8 million for the 12 months ending August 2023.

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BSE revises F&O turnover charges from Nov 1

Bombay Stock Exchange (BSE) has revised transaction charges in the equity derivatives segment, with effect from November 1, 2023. According to a BSE notice, these changes will primarily be levied on S&P BSE Sensex Options, particularly the nearest or immediate expiry contracts. The new transaction fee structure is based on the incremental billable monthly turnover (premium value).

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Adani Ports incorporates new subsidiary

Adani Ports & Special Economic Zone Ltd (APSEZL) has incorporated a wholly-owned subsidiary company, “Udanvat Leasing IFSC Limited.” It is involved in the business of owning and leasing aircraft. The new company is situated in GIFT City, Gandhinagar, and is yet to commence operations.

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Tata Motors to Hike CV Prices by 3% in Oct – Top Indian Market Updates

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

Tata Motors to hike commercial vehicles prices by 3% in Oct

Tata Motors will raise the prices of its commercial vehicles (CVs) by up to 3%, its third hike in 2023, to offset the residual impact of past input costs. The price hike, effective Oct. 1, will be applicable across its range of CVs. The automaker previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

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SBI launches digital opening of NRE/NRO account setup via YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process.

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Petromin Corporation signs 3 agreements with HPCL to invest $700 million

Petromin Corporation KSA will invest $700 million in partnership with Hindustan Petroleum Corporation Ltd (HPCL) in three strategic areas. It will invest around $100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. Petromin will also invest around $100 million to install and operate up to 5,000 electric vehicle charging units at HPCL-operated stations throughout India.

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NTPC mining arm to explore battery minerals overseas

According to a Reuters report, NTPC’s mining arm will explore overseas sourcing of battery minerals such as lithium, cobalt and nickel. India has been pursuing pacts with other countries to secure key minerals in resource-rich countries such as Australia, Argentina and Chile. The country aims to be a net zero emitter of greenhouse gases by 2070.

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Torrent Pharma looks to partner with CVC Capital to fund Cipla purchase

Torrent Pharmaceuticals Ltd is in advanced negotiations with CVC Capital Partners to form a consortium and raise at least $1.2-$1.5 billion. The fundraise is for its proposed acquisition of Cipla. Torrent is also engaged with Brookfield to raise $1-1.2 billion in mezzanine debt. The company’s founders, the Sudhir and Samir Mehta family, are seeking to dilute equity and create a non-disposable undertaking (NDU) using their shares as collateral for loans.

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India’s net direct tax collections rise over 23% to ₹8.65 lakh crore

According to the Income Tax department, India’s net direct tax collections grew 23.51% to ₹8,65,117 crore till September 16, 2023, in the current financial year (FY24). The provisional figures show net collection figure for the corresponding period in FY23 was ₹7,00,416 crore. This surge can be attributed to a balanced mix of Corporation Tax (CIT) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT).

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India’s trade deficit widens to $24.16 billion in August

India’s trade deficit in August 2023 surged 17% month-on-month to $24.16 billion. The trade deficit in July stood at $20.67 billion. This rise can be attributed to an 11% increase in goods imports, whereas exports only experienced a modest 6.9% growth during the same period. [Trade deficit is the difference that arises when the amount of imports by a country exceeds its exports.] 

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VA Tech WABAG signs pact with Al Jomaih Energy and Water

VA Tech WABAG Ltd signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East. The companies examining collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

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Sona BLW Precision concerns over auto workers’ strike in US

Sona BLW Precision Forgings Ltd informed of a strike at the plants of three of its key clients in the United States. United Auto Workers (UAW) in the US went on strike at some of the plants of three original equipment manufacturers (OEMs) on September 15, 2023. The company added that it supplies to these three OEMs in the US, directly or indirectly.

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HFCL secures ₹1,015 crore order from Madhya Pradesh govt

HFCL secured a ₹1,015 crore order from the Madhya Pradesh Jal Nigam for providing engineering, procurement and construction (EPC) services. The order involves a provision for laying optical fibre cables on critical routes and execution of a multi-village drinking water supply network in the Sheopur district of the state. The project will be executed by the company in 24 months in collaboration with Khilari Infrastructure Pvt. Ltd.

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Reliance Retail Launches Yousta Brand – Top Indian Market Updates

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

Reliance Retail launches youth-centric fashion brand ‘Yousta’

Reliance Retail has launched its youth-centric fashion brand ‘Yousta’. It also opened its first store in Sarath City Mall, Hyderabad. The Yousta range is also available on e-commerce platforms Ajio and JioMart. The new brand boasts of having contemporary tech-enabled store layouts while promising high-fashion at affordable prices targeted at young consumers.

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Reliance Jio, Bharti Airtel add 36 lakh subscribers in June

Reliance Jio added the highest number of wireless subscribers in June 2023, while financially struggling Vodafone Idea continued to lose ground. Jio added 22.7 lakh subscribers in June, taking its total subscriber tally to 43.9 crore. Bharti Airtel added 14.1 lakh subscribers, and its total wireless subscriber base stood at 37.4 crore. Vodafone Idea lost 13 lakh subscribers during June, and its total subscriber base shrank to 22.9 crore. 

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Dutch group threatens lawsuit over Tata Steel pollution

FrisseWind.nu foundation (representing at least 1,400 people) took the first steps toward a lawsuit against Tata Steel, alleging it is responsible for pollution near Amsterdam that has caused illnesses for residents. Tata Steel’s massive plant at the mouth of the IJ River has come under increasing fire from residents and health authorities, who accuse it of being the main source of contamination in the air, soil and water.

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Hindustan Zinc to ramp up zinc production to 1.5 MT

Hindustan Zinc Ltd (HZL) chairperson Priya Agarwal Hebbar said that the company will ramp up production of zinc to 1.5 million tonnes (MT). HZL is the second largest zinc-lead miner in the world after Swiss firm Glencore and the fourth largest zinc-lead smelter globally. It has now also broken into the top 10 list of silver producers in the world.

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Tata Power partners with Zoomcar to promote EV adoption

Tata Power EV Charging Solutions has partnered with car-sharing platform Zoomcar to promote electric vehicle adoption. The collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform. It will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers.

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USFDA issues ‘EIR’ for Torrent Pharma’s manufacturing facility

The US Food & Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Dahej, Gujarat. EIR means the closure of inspection. The drug regulator had conducted a re-inspection of the site in May this year from May 17-25 and issued Form 483 with 2 observations.

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SBI attracts top distressed asset buyers’ interest for bad loans: Report

According to an ET report, several global and local distressed asset investors are considering buying some of State Bank of India’s (SBI) bad loans put up for sale in the financial year that began in April. Earlier this month, SBI identified a list of 331 non-performing assets with a combined outstanding value of ₹96,000 crore. Investors that have expressed interest include New York-based Cerberus Capital Management LP and Hong Kong-headquartered SC Lowy.

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AntFin plans to sell 2.27 crore shares of Paytm

Chinese fintech giant Ant Financial is looking to offload a 3.6% stake or 2.27 crore shares in digital payments firm Paytm through block deals on August 25. Citigroup has been appointed as the broker for the deal. The transaction’s floor price has been established at ₹880 per share.

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Tata Comm plans to raise ₹1,750cr via NCDs

Tata Communications plans to raise ₹1,750 crore through the issuance of non-convertible debentures (NCDs). The date of allotment of NCDs is August 29, and they will mature after three years of the allotment date. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange.

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Gujarat Ambuja Exports gets GPCB approval for new plant

Gujarat Ambuja Exports Ltd (GAEL) has received clearance from the Gujarat Pollution Control Board (GPCB) to set up a greenfield corn-wet milling plant at Himmatnagar, Gujarat. The proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). GAEL is one of India’s leading manufacturers and exporters of cotton yarn, maize starch, liquid glucose, etc. 

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HDFC Bank’s asset quality continues to be stable: Official

Asset quality of the HDFC Bank continues to be stable even as many of its peers are facing challenges, said the bank’s head for payments business and consumer finance Parag Rao. He added that the bank is witnessing “good traction” on the Unified Payments Interface (UPI) for credit cards. Rao did not share the exact number of NPAs (bad loans) from the credit card business, but added that the number is half of that of its nearest competition.

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Adani Ports’ Net Profit Rises 83% YoY to Rs 2,115Cr in Q1- Top Indian Market Updates

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

Adani Ports Q1 Results: Net profit rises 83% YoY to ₹2,115 crore

Adani Ports & Special Economic Zone Ltd reported an 83% YoY jump in consolidated net profit to ₹2,115 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹6,248 crore, up 24% YoY. EBITDA increased 80% YoY to ₹3,765 crore in Q1. The company recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in the first quarter, reflecting a 12% YoY jump.

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Tata Power to develop 2,800 MW hydro storage projects

Tata Power Ltd has entered into an agreement with the Government of Maharashtra. The agreement is for developing pumped hydro storage projects having a total capacity of 2800 MW. The company signed a Memorandum of Understanding (MoU) with the Maharashtra Government proposing a total investment worth approximately ₹13,000 crore. The pumped hydro storage projects are targeted to aid not just Maharashtra but also the country’s clean energy landscape.

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Coal India Q1 Results: Net profit falls 10% YoY to ₹7,941 crore

Coal India reported a 10% YoY fall in consolidated net profit to ₹7,941 crore for the June quarter (Q1 FY24). Revenue from operations rose 3% YoY to ₹35,983 crore during the same period. On a sequential basis, net profit rose 44% from ₹5,528 crore reported in the preceding March quarter, while revenue dropped 6% QoQ. EBITDA stood at ₹10,513 crore, down 14.5% YoY.

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TCS partners with govt to transform GeM platform

Tata Consultancy Services (TCS) has been selected as a strategic partner by the Indian Government to transform the Government e-Marketplace (GeM) into a state-of-the-art public procurement platform with enhanced transparency, efficiency, and inclusivity. The GeM platform provides an end-to-end online marketplace for central and state government bodies, including public sector undertakings, for the procurement of common-use goods and services transparently and efficiently. TCS will design and build a new modern solution leveraging new technologies while maintaining the current platform.

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Hindalco Q1 Results: Net profit falls 40% YoY to ₹2,454 crore

Hindalco reported a 40.4% YoY fall in consolidated net profit to ₹2,454 crore for Q1 FY24. Its revenue from operations fell 9% YoY to ₹52,991 crore during the same period. Consolidated EBITDA stood at ₹5,714 crore, down 32% YoY. The operating profit margin contracted by 375 basis points to 10.78%.

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Hero MotoCorp halts booking for India-made Harley Davidson

Hero MotoCorp Ltd halted bookings for its India-made Harley-Davidson motorcycle. The company has received 25,597 bookings for the Harley-Davidson X440 to date. The booking window, which opened on July 4, has now been closed, and the new booking window will be announced soon. Hero MotoCorp said it will start production of the Harley-Davidson X440 in September 2023 and commence customer deliveries from October onwards.

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Torrent Pharma Q1 Results: Net profit rises 7% YoY to ₹378 crore

Torrent Pharma reported a 7% YoY rise in net profit to ₹378 crore for the June quarter (Q1 FY24). Net profit stood at ₹354 crore in Q1 FY23. Revenue also rose 10% YoY to ₹2,591 crore during the same period. EBITDA stood at ₹791 crore, up 11% YoY. The R&D spend rose 6% YoY to ₹129 crore in the second quarter. 

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Godrej Consumer to invest ₹900 crore to set up manufacturing plants

Godrej Consumer Products Ltd (GCPL) on Monday announced that its board has approved a capital expenditure of ₹900 crore. The capital expenditure is for setting up new manufacturing sites in Tamil Nadu and Madhya Pradesh. This is being done to cater to the growing customer demand as well as consolidate the manufacturing footprint. GCPL’s board took the decision at a board meeting held on August 7. The company will fund the project through a mix of internal accruals and debt.

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Adani Enterprises Posts Rs 820Cr Profit in Q3 – Top Indian Market Updates

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

Adani Ent Q3 Results: Net profit at ₹820 crore

Adani Enterprises reported a consolidated net profit of ₹820 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹11.63 crore in Q3 FY22. Its revenue from operations rose 42% YoY to ₹26,612.23 crore in Q3 FY23. The company’s mining business sales rose nearly 3 times to ₹2,044 crore. The airports business also saw revenue doubling to ₹1,733 crore.

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Tata Group’s Air India to acquire 250 aircraft from Airbus

Tata Sons has signed a Letter of Intent (LoI) to acquire 250 aircraft from European manufacturer Airbus. Air India will buy 40 wide-body A350 planes (used for ultra-long flights) and 210 narrow-body aircraft. The airline is likely to add almost 50 aircraft by the end of FY24, which will increase its capacity by about 50%.

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Grasim Q3 Results: Net profit rises 44% YoY to ₹2,516 crore

Grasim Industries Ltd reported a 44% YoY increase in consolidated net profit to ₹2,516 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 17% YoY to ₹28,638 crore during the same period. Revenue from the chemicals business stood at ₹2,582 crore in Q3, up 10% YoY.

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ICICI Bank signs MoU with European bank BNP Paribas

ICICI Bank signed a Memorandum of Understanding (MoU) with a European bank BNP Paribas to cater to the banking needs of European corporates operating in India and Indian companies in the European Union. The MoU will establish a framework of partnership between the two banks for providing financial services to corporate customers operating in the India–Europe corridor.

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Eicher Motors Q3 Results: Net profit rises 62% YoY to ₹741 crore

Eicher Motors Ltd reported a 62% YoY increase in consolidated net profit to ₹741 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29% YoY to ₹3,721 crore during the same period. The company’s EBITDA stood at ₹857 crore in Q3, up 48% YoY. Total sales during the same period rose 48% YoY to 6.16 lakh units.

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USFDA to not take any regulatory action on Aurobindo Pharma Telangana unit

Aurobindo Pharma Ltd said the US Food & Drug Administration (USFDA) has concluded the inspection of one of its manufacturing facilities with voluntary action indicated (VAI) in its Establishment Inspection Report (EIR). VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’. The unit is an active pharmaceutical ingredients (API) and intermediates facility located in Telangana.

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ITC expects to sell more than ₹2,000-cr worth raw tobacco to BAT in FY24

ITC Limited is projecting to export up to ₹2,335 crore of raw tobacco to British American Tobacco (BAT) in the next financial year (FY24), a 17% increase from the estimated shipments in FY23. The company said it would seek shareholder approval for the plan since it is a related-party transaction. ITC is an associate company of Tobacco Manufacturers (India), which is a subsidiary of BAT, making both related parties.

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Torrent Pharma enters OTC segment with calcium supplement

Torrent Pharmaceuticals has forayed into the over-the-counter (OTC) segment in India with Shelcal 500, a calcium supplement brand. The calcium is sourced from natural ingredients like oyster shells, having good absorption/bioavailability in the body. With Shelcal’s entry into OTC, Torrent Pharma believes the brand will become the largest calcium supplement brand in India.

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Siemens Q1 Results: Net profit rises 85% YoY to ₹462 crore

Siemens Ltd reported an 85% YoY increase in consolidated net profit to ₹462.7 crore for the quarter ended December. The company follows the October-Sept financial year cycle. Its revenue from operations rose 13% YoY to ₹3,550 crore during the same period. EBITDA stood at ₹600 crore in Q1, up 64.8% YoY.

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M&M to Invest ₹10,000Cr to Set Up EV Manufacturing Plant – Top Indian Market Updates

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

M&M to invest ₹10,000 crore to set up EV manufacturing plant in Pune

Mahindra & Mahindra (M&M) will invest ₹10,000 crore to set up an electric vehicle (EV) manufacturing plant in Pune, Maharashtra. The automaker has received approval to make the investment from Maharashtra Government’s industrial promotion scheme for EVs. The investment will be made over 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs).

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HDFC Bank acquires 7.75% stake in Mintoak for ₹31.1 crore

HDFC Bank has acquired a minority stake (7.75%) in Mintoak Innovations Pvt. Ltd for ₹31.1 crore. Mintoak is a fintech start-up that provides a payments-led platform. It offers value-added services to merchants to engage with their customers and for acquirers to enhance their engagement with merchants. The deal is expected to be completed by January 31, 2023.

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Bank of Baroda proposes to sell its majority stake in Nainital Bank

Bank of Baroda (BoB) plans to sell its majority stake in Nainital Bank. The bank’s board of directors has approved the divestment of its majority shareholding in Nainital Bank Ltd (NBL) and authorised the issuance of an advertisement inviting Expressions of Interest (EOI) through a Preliminary Information Memorandum (PIM) from interested parties. BoB currently holds a 98.57% equity share capital of NBL.

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NTPC crosses 1 GW annual capacity mark in renewable energy segment in FY23

NTPC Ltd has crossed 1 gigawatt (GW) annual capacity in the renewable energy (RE) segment by adding 1,075 megawatts (MW) of renewable energy capacity in the current financial year (FY23). The company’s total non-fossil capacity has reached 9.41%. With this, NTPC’s standalone installed and commercial capacity has become 58,041.27 MW. The group installed and commercial capacity of NTPC has become 70,656.27 MW.

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IL&FS resolves debt of ₹56,943 crore; reduces number of entities to 101

IL&FS has resolved its debt of up to ₹56,943 crore by September 30, 2022, through monetization of various assets and reduced the number of entities to 101 from 302. The company, which defaulted on its loan repayment for the first time in September 2018, had to pay back its lenders over ₹90,000 crore at that time. The new board of IL&FS has initiated various measures to reduce debts, which included asset monetisation, debt restructuring, cost optimisation, and liquidity management.

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IRCTC’s revenue ‘reduced drastically’ in 2020-21 due to Covid-related restrictions: Govt

IRCTC’s revenue “reduced drastically” by almost 64% during 2020-21, compared to 2019-20 due to Covid-related travel restrictions, said Railway Minister Ashwini Vaishnaw. He added that the revenue increased gradually after the situation normalised. IRCTC earned ₹2,342.41 crore, which went down to ₹861.64 crore during the Covid-affected 2020-21. In 2021-22, the company earned ₹1,952.30 crore.

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Torrent Pharma partners with Boehringer Ingelheim to co-market diabetes meds

Torrent Pharmaceuticals Ltd has entered into an alliance with Boehringer Ingelheim to co-market medicines used to treat diabetes and cardiovascular diseases. Both companies entered into a partnership for the sales and co-marketing of Empagliflozin and its combinations. This partnership aims to address the dual challenges of type-2 diabetes and heart failure in India.

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NTPC to sell stake in green energy business: Report 

According to reports, NTPC Ltd aims to sell a 20% stake in its green energy business this fiscal year, expecting to raise up to ₹3000 crores ($363.97 million). The deal marks the first green transaction by an Indian state company. It has drawn interest from investors, such as Canada Pension Plan Investment Board (CPPIB), Malaysia’s Petronas, and Brookfield.

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JB Pharma acquires rosuvastatin brand from Glenmark for ₹314 crore

JB Pharma has acquired cardiac brand Razel (rosuvastatin) from Glenmark Pharma for the India and Nepal region for ₹314 crores. The acquisition will be funded through long-term debt and internal accruals. Razel ranks among the top 10 brands in India in the rosuvastatin molecule category, with combined sales of ₹66.1 crore as of the year-ended October 2022 as per IQVIA data.

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RIL to Commission New Gas Condensate Field by Year-End – Top Indian Market Updates

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

RIL to commission new gas condensate field by year-end

Reliance Industries Ltd (RIL) will commission its deepwater MJ gas condensate field in the Bay of Bengal block KG-D6 by year-end, boosting natural gas output to 30% of India’s total. MJ is the third and last of a set of discoveries that RIL and its British partner bp are developing in the eastern offshore block. The two will use a floating production system in the Bay of Bengal to start production at the deepest gas discovery in the KG-D6 block.

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Torrent Pharma Q2 Results: Net profit falls 1.3% YoY to ₹312 crore

Torrent Pharmaceuticals Ltd reported a 1.3% year-on-year (YoY) decline in consolidated net profit to ₹312 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.2% YoY to ₹2,291 crore during the same period. EBITDA stood at ₹694 crore in Q2, down 2% YoY. The company’s revenue from the Indian market grew 13% YoY to ₹1,224 crore in Q2.

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Reliance Retail to expand biz in affordable toy segment via Rowan brand

Reliance Retail Ventures Ltd is expanding its business in the fast-growing toy sector through its brand Rowan to operate in the affordable segment with a smaller shop size. The company has been running its toy distribution business through Rowan. It has now brought the homegrown brand to the front end by opening its first exclusive brand outlet (EBO) at Gurugram in NCR in the previous quarter with a store size of 1,400 sq feet.

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Embassy REIT to invest ₹2,200 cr in next 4 years to develop new office buildings

Embassy Office Parks REIT will invest around Rs 2,200 crore in the next four years to develop premium workspaces. The company sees tremendous growth potential in the office market despite global recessionary concerns. CEO Vikaash Khdloya said the office demand would remain strong as large global companies want to open offices in India because of the high availability of a cost-efficient talent pool and cheap rentals for premium workspaces.

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CDSL Q2 Results: Net profit falls 7% YoY to ₹80 crore

Central Depository Services Ltd (CDSL) reported a 7% YoY decline in consolidated net profit to ₹80 crore for the quarter ended Sept (Q2 FY23). Its total income grew 3% YoY to ₹170 crore during the same period. Nearly 48 lakh Demat accounts were opened during Q2. CDSL facilitates holding & transacting in securities in electronic form and settlement of trades on stock exchanges.

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Tata Steel’s Dutch arm to supply green steel to Ford

Tata Steel Nederland has signed an agreement with automaker Ford to supply “green” steel after 2030. The company plans to start producing green steel (steel made without using fossil fuels) in 2030 at its plant in Ijmuiden, Netherlands. The Memorandum of Understanding signed between Tata and Ford of Europe does not compel Ford to buy a specified amount of steel at a specified price.

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BSE launches Electronic Gold Receipts

BSE Limited has launched Electronic Gold Receipt (EGR) on its platform, a move that will help in efficient and transparent price discovery of gold. It introduced two new products of 995 and 999 purity during the Muhurat Trading session on Diwali. Trading in EGRs will be in multiples of 1 gram and deliveries in multiples of 10 grams and 100 grams.

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Piramal Pharma to invest funds into expansion, acquisitions

Piramal Pharma Ltd will focus on scaling up its operations and margin growth through a combination of organic expansion and acquisitions in the areas of contract development & manufacturing services (CDMO) and complex generics. The company will invest ₹1,200 crore in antibody-drug conjugate capacity in the UK over the next 12-18 months. It is also looking to increase capacity at its Riverview unit in the US for active pharmaceutical ingredients (APIs).

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Maruti Suzuki Reports 48% YoY Fall in Net Profit in Q3 – 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 Q3 Results: Net profit falls 48% YoY to Rs 1,011 crore

Maruti Suzuki India Ltd (MSIL) reported a 47.9% YoY decline in net profit to Rs 1,011 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 1% YoY to Rs 23,246 crore during the same period. The global chip shortage and high commodity costs continued to affect the automaker’s sales. EBITDA stood at Rs 1,559 crore, down 30% YoY. MSIL’s total sales fell 13% YoY to 4.3 lakh units in Q3.

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BPCL to invest Rs 10,000 crore in six new city gas licenses

Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 10,000 crore over the next five years to set up city gas distribution networks in cities for which it secured licenses in the latest bidding round of the Petroleum and Natural Gas Regulatory Board (PNGRB). The company won licenses to retail CNG to automobiles and piped natural gas (PNG) for cooking purposes in the bid-out of six geographical areas.

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Cipla Q3 Results: Net profit falls 2.6% YoY to Rs 729 crore

Cipla Limited reported a 2.61% YoY decline in consolidated net profit to Rs 728.6 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 5,478.86 crore during the same period. The pharma company’s EBITDA stood at Rs 1,231 crore, up 5.7% YoY. Its India business registered a 13% YoY growth in sales to Rs 2,518 crore in Q3.

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TCS selected as launch partner for Microsoft Cloud for Retail

Tata Consultancy Services (TCS) announced that it is now a partner for the newly-launched Microsoft Cloud for Retail. TCS will help retail clients leverage Microsoft Cloud for Retail to accelerate their growth and transformation journeys. Microsoft Cloud for Retail is an industry-specific cloud that brings together various Microsoft technologies. It connects experiences across the end-to-end shopper journey with integrated and intelligent capabilities.

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Pidilite Industries Q3 Results: Net profit falls 20% YoY to Rs 359 crore

Pidilite Industries Ltd reported a 19.5% YoY decline in consolidated net profit to Rs 359.24 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 24% YoY to Rs 2,850.72 crore during the same period. The company’s total expenses stood at Rs 2,372.9 crore in Q3, up 37.98% YoY. Gross margins were affected due to high input costs. Pidilite Industries is a leading manufacturer of adhesives & sealants, construction chemicals, and craftsmen products.

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Sterlite Tech secures Rs 170 crore deal from Power Grid

Sterlite Technologies Ltd (STL) has secured a deal worth ~Rs 170 crore for building a unified network management system (UNMS) for Power Grid Corporation of India Ltd (PGCIL). STL will fulfill PGCIL’s requirement for high-performance and integrated network management systems across their regional communications networks. PGCIL owns and operates 90% of India’s interstate and inter-regional electric power transmission network.

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United Spirits Q3 Results: Net profit rises 27% YoY to Rs 291 crore

United Spirits Ltd reported a 26.6% YoY increase in consolidated net profit to Rs 291.1 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 7.6% YoY to Rs 8,854.5 crore during the same period. The company’s total expenses stood at Rs 8,463.8 crore in Q3, up 6.5% YoY. A healthy operating cash flow has enabled the liquor maker to achieve a debt-free status as of December 31, 2021.

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Torrent Pharma Q3 Results: Net profit falls 16% YoY to Rs 249 crore

Torrent Pharmaceuticals Ltd reported a 16% YoY decline in consolidated net profit to Rs 249 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 5.7% YoY to Rs 2,108 crore during the same period. The pharma company’s EBITDA stood at Rs 538 crore, up 11.4% YoY. Its US segment revenues fell 20% YoY to Rs 235 crore in Q3, while its India segment revenues rose 15% YoY to Rs 1,072 crore. 

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SRF Q3 Results: Net profit rises 56% YoY to Rs 506 crore

SRF Limited reported a 56% YoY increase in consolidated net profit to Rs 506 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 56% YoY to Rs 3,346 crore during the same period. Revenue from its chemical business grew 58% YoY to Rs 1,428 crore in Q3. The operating profit of the chemical business stood at Rs 419 crore, up 121% YoY. SRF’s board has approved an interim dividend of Rs 4.75 per share.

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Federal Bank Q3 Results: Net profit rises 29% YoY to Rs 522 crore

Federal Bank reported a 29% YoY increase in net profit to Rs 521.7 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 7.1% YoY to Rs 1,538.9 crore during the same period. [NII is the difference between the interest earned on loans and the interest paid on deposits.] The gross non-performing assets (GNPA) ratio stood at 3.06% in Q3 FY22, compared to 3.24 crore in Q2 FY22. Provisions fell 48.3% YoY to Rs 213.98 crore in Q3 FY22.

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Akasa Air plans to commence domestic operations by late May

Rakesh Jhunjhunwala-backed airline Akasa Air is aiming to start flights in late May or early June after getting its first Boeing 737 MAX aircraft in April. The low-cost airline is looking to own and operate 18 planes in its fleet by the end of March 2023. Akasa Air will initially have services from metros to Tier II and III cities.

Read more here.

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Kotak Mahindra Bank’s Net Profit Falls 7% YoY in Q2 – Top Indian Market News

Kotak Mahindra Bank Q2 Results: Net profit falls 7% YoY to Rs 2,032 crore

Kotak Mahindra Bank reported a 7% YoY decline in net profit to Rs 2,032 crore for the quarter ended September (Q2 FY22). Net profit rose 24% compared to the previous quarter. Its net interest income (NII) rose 3% YoY to Rs 4,021 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 3.19% in Q2, compared to 3.56% in the previous quarter. The figures have beaten street estimates.  

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Reliance BP Mobility launches first mobility station in Navi Mumbai

Reliance BP Mobility Ltd (RBML) launched its first Jio-bp branded mobility station at Navde in Navi Mumbai. RBML is the fuel and mobility joint venture (JV) between Reliance Industries Ltd (RIL) and UK-based energy company bp. The JV operates fuel retail stations and is in the process of rebranding around 1,400 fuel pumps. Jio-bp Mobility Stations will offer additivised fuel, which forms a protective layer on critical engine parts to keep the engines clean.

Read more here.

Bajaj Finance Q2 Result: Net profit rises 53% YoY to Rs 1,481 crore

Bajaj Finance reported a 53.5% YoY increase in consolidated net profit to Rs 1,481 crore for the quarter ended September (Q2 FY22). Net profit rose 48% compared to the previous quarter. Its net interest income (NII) rose 28% YoY to Rs 5,335 crore during the same period. The company’s gross non-performing assets (GNPA) ratio stood at 2.45% in Q2, compared to 2.96% in the previous quarter. Bajaj Finance’s assets under management (AUM) stood at Rs 1,66,937 crore in Q2, an growth of 22% YoY.

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HG Infra secures order worth Rs 2,297 crore from NHAI

HG Infra Engineering has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for projects worth Rs 2,297 crore. The first project is for the development of six lanes in the Kaliagura-Baunsaguar section of NH-130-CD road under the Raipur- Visakhapatnam Economics Corridor.  The second project is for the development of six lanes in the Baunsaguar-Baraja section of NH-130-CD road.

Read more here. 

Axis Bank Q2 Results: Net profit rises 86% YoY to Rs 3,133 crore

Axis Bank reported an 86% YoY increase in net profit to Rs 3,133 crore for the quarter ended September (Q2 FY22). Net profit rose 45% compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 7,901 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.53% in Q2, compared to 3.85% in the previous quarter. Provisions fell sharply by 60% YoY (or 47.5% QoQ) to Rs 1,735.09 crore. The figures are slightly above street estimates.

Read more here. 

Motherson Sumi and Marelli extend cooperation in India

Motherson Sumi Systems Ltd (MSSL) has announced the extension of its cooperation with Germany-based Marelli Automotive Lighting for a new tool room in India. This will be the first-of-its-kind tool room dedicated to specific lighting applications. The toolroom will be an extension of the existing joint venture (JV) company— Marelli Motherson Automotive Lighting India Pvt Ltd. The 50:50 JV was established in 2008 to address the Indian exterior lighting market.

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Ambuja Cement Q3 Results: Net profit at Rs 441 crore

Ambuja Cements’ net profit remained flat at Rs 441 crore for the quarter ended September (Q3 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,193 crore during the same period. EBITDA stood at Rs 703 crore, up 3.2% YoY. Total operating costs rose 16.7% YoY to Rs 2,534 crore in Q2.

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Bombay HC bars Invesco from calling EGM

The Bombay High Court has granted an interim injunction against Invesco, the largest shareholder of Zee Entertainment Enterprise Ltd (ZEEL). The court has restrained Invesco from going ahead with the demand of an Extraordinary General Meeting (EGM) to remove ZEEL MD and CEO Punit Goenka. The high court reserved its order on the issue last week after ZEEL informed the court that it did not want to hold an EGM of shareholders as requested by Invesco.

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Cipla Q2 Results: Net profit rises 8% You to Rs 712 crore

Cipla Ltd reported a 7.58% YoY increase in consolidated net profit to Rs 712 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 10.3% YoY to Rs 5,485.84 crore during the same period. EBITDA stood at Rs 1,226 crore, an increase of 4% YoY. The pharma company’s North America revenues grew 2% YoY to $142 million (~Rs 1,065 crore) in Q2.

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IRB Infra Q2 Results: Net profit at Rs 42 crore

IRB Infrastructure Developers reported a consolidated net profit of Rs 42.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 19.6 crore in the corresponding quarter last year (Q2 FY21). Net profit fell 41% compared to the previous quarter. Its total income rose 28.7% YoY to Rs 1,504.44 crore in Q2 FY22. EBITDA stood at Rs 718 crore, up 29% YoY or 3% QoQ.

The company has announced plans to raise ~Rs 5,347 crore via a preferential allotment of equity shares to Spain-based infrastructure group Ferrovial S.A. and Singapore state investor GIC.

Torrent Pharma Q2 Results: Net profit rises 2% YoY to Rs 316 crore

Torrent Pharmaceuticals reported a 1.98% YoY increase in consolidated net profit to Rs 316 crore for the quarter ended September (Q2 FY22). Net profit declined by 4% compared to the previous quarter. The pharma company’s net sales rose 6% YoY to Rs 2,103 crore during the same period. Its domestic revenues stood at Rs 1,087 crore in Q2, an increase of 13% YoY.

Read more here.

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Market News Top 10 News

Tata Motors Reports Net Loss of Rs 7,605 crore in Q4 – Top Indian Market News

Tata Motors Q4 Results: Net loss at Rs 7,605 crore

Tata Motors reported a consolidated net loss of Rs 7,605.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 9,894.3 crore in the corresponding quarter last year (Q4 FY20) and a net profit of Rs 2,906.45 crore in Q3 FY21. The automaker’s consolidated revenues rose 42% YoY to Rs 88,728 crore in Q4 FY21. The company’s exceptional loss related to Jaguar Land Rover (JLR) stood at nearly Rs 14,000 crore during the quarter. Its India business posted a 106% YoY jump in revenues to Rs 20,046 crore in Q4. 

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L&T Infotech signs digital banking deal with Hoist Finance

L&T Infotech (LTI) has entered into a strategic engagement with Sweden-based Hoist Finance AB to provide banking-as-a-service for performing loans segment through its digital banking platform. The platform will enable Hoist Finance to be more scalable and ensure faster on-boarding of new asset classes across regions. LTI’s digital banking platform provides agility and higher security at a lower total cost of ownership.

Read more here.

Canara Bank Q4 Results: Net profit at Rs 1,011 crore

Canara Bank reported a net profit of Rs 1,011 crore for the quarter ended March (Q4). It had posted a net loss of Rs 3,259 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 68.4% YoY to Rs 5,589 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio stood at 8.93%, compared with 7.46% in the previous quarter (Q3 FY21). The bank’s provisions and contingencies declined to Rs 4,134 crore in Q4, compared with Rs 4,325 crore in the October-December quarter (Q3).

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Praj Industries develops technology to produce bio-bitumen based on lignin

Praj Industries announced that it has developed a technology to produce bio-bitumen based on lignin. The Netherlands-based Circular Biobased Delta has approved the company’s samples processed from Purified Lignin, as a part of their flagship CHAPLIN program. Lignin is one of the co-products resulting from 2nd generation ethanol plants, paper making, and also from compressed biogas plants. Bitumen is a black viscous mixture of hydrocarbons used in road construction and roofing.

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Jyothy Labs Q4 Results: Net profit rises 3% YoY to Rs 27 crore

Jyothy Labs reported a 2.59% YoY increase in consolidated net profit to Rs 27.28 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 495.11 crore during the same period. The FMCG firm incurred an exceptional expense of Rs 23.5 crore in Q4. The Managing Director of Jyothy Labs said they have been witnessing good traction across segments and are aligned to achieve higher growth. The company’s board has recommended a final dividend of Rs 4 per share.

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Majesco partners with Infosys to accelerate digital transformation for insurers

Majesco and Infosys have announced a strategic collaboration through which they will work to help joint customers accelerate their digital transformation journey. Infosys’ insurance domain and digital capabilities combined with Majesco’s cloud-based next-generation suite of solutions will accelerate growth and innovation for the insurance industry. Through this partnership, the companies will enable insurers to unlock new opportunities, address the demand for personalised customer experiences, and ensure digital adoption across the insurance business value chain.

Torrent Pharma Q4 Results: Net profit rises 3% YoY to Rs 324 crore

Torrent Pharmaceuticals reported a 3.18% YoY increase in consolidated net profit to Rs 324 crore. Its total revenue rose 0.15% YoY to Rs 1,915 crore during the same period. The pharma company’s India revenues grew 10% YoY to Rs 992 crore, while revenues from the US market declined 30% YoY to Rs 269 crore. The company’s board has recommended a final dividend of Rs 15 per share. Its board has also approved the raising of up to Rs 5,000 crore through the issuance of equity shares, convertible debentures, or via qualified institutional placement (QIP) or any other mode. 

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Ujjivan SFB Q4 Results: Net profit rises 86% YoY to Rs 136 crore

Ujjivan Small Finance Bank reported an 86.59% YoY increase in net profit to Rs 136.49 crore for the quarter ended March (Q4). Its total operating income declined 16.22% YoY to Rs 617.85 crore during the same period. Total deposits grew 22% YoY to Rs 13,136 crore. The gross non-performing assets (GNPA) ratio stood at 7.1%, compared with 1% in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 97.6% YoY to Rs 8.30 crore.

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Abbott India Q4 Results: Net profit rises 37% YoY to Rs 152 crore

Abbott India reported a 37.4% YoY increase in net profit to Rs 152.47 crore for the quarter ended March (Q4). Net profit has declined by 13.93% when compared with the previous quarter. Its revenue from operations rose 14% YoY to Rs 1,095.54 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 16.49% YoY to Rs 690.69 crore. The drugmaker’s board has recommended a final dividend of Rs 120 per share and a special dividend of Rs 155 per share.

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CCI approves acquisiton of additional 25% stake of Krishnapatnam Port by Adani Ports

The Competition Commission of India (CCI) has approved the proposed acquisition of an additional 25% shareholding of Krishnapatnam Port by Adani Ports and Special Economic Zone Ltd (APSEZ). The cost of acquisition of the 25% stake from Vishwa Samudra Holdings will be Rs 2,800 crore. After the successful completion of the acquisition, Krishnapatnam Port will become a wholly-owned subsidiary of APSEZ. The all-weather, deep water port has a multi-cargo facility with an annual capacity of 64 million tonnes.

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Route Mobile Q4 Results: Net profit jumps 161% YoY to Rs 35 crore

Route Mobile reported a 161.81% YoY jump in consolidated net profit to Rs 35.37 crore for the quarter ended March (Q4). Net profit has declined by 6.9% when compared to the previous quarter. Its revenue rose 36.38% YoY to Rs 362.44 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 128.8% YoY to Rs 133.32 crore. The company’s board has recommended a dividend of Rs 2 per share. Route Mobile is a leading cloud communications platform provider based in Mumbai.