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Markets Holding Key Levels! Bearish Bank Nifty Expiry? – Post-Market Analysis

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NIFTY started the day at 19,622 with a small gap-down of 16 points. Right after opening, the index fell 140 points to 19,480 levels. It later consolidated in a nearly 70-point range throughout the day. Nifty closed at 19,528, down by 109 points or 0.56%.

Nifty chart Oct 3 - post-market analysis

BANK NIFTY (BNF) started the day flat at 44,566. After the flat opening, the index fell sharply by 320 points to 44,240 levels. It later consolidated within a 170-point range. BNF closed at 44,399, down by 185 points or 0.42%.

Bank Nifty chart Oct 3 - post-market analysis

All indices except Nifty PSU Bank (+2.38%), Nifty Media (+1%), and Nifty Realty (+0.46%) closed in the red. Nifty Auto (-1.2%) fell the most. 

Major Asian markets closed flat-to-red. UK’s FTSE100 is currently trading in the green, while Germany’s DAX and France’s CAC40 are in the red.

Today’s Moves

Bajaj Finance (+2.01%) was NIFTY50’s top gainer.

Metro Brands (+12.36%) surged and hit a fresh 52-week high of ₹1,298. The stock is up nearly 160% from its IPO price.

Ujjivan Small Finance Bank (+9.06%) jumped today. The company’s board will convene next month for the proposed scheme of amalgamation with its holding company, Ujjivan Financial Services Ltd.

ONGC (-3.78%) was NIFTY50’s top loser. Stocks of oil companies were under pressure after the Ministry of Petroleum & Natural Gas hiked domestic natural gas prices by 7% as of Sept. 30.

Delta Corp (-4.1%) fell sharply after the 28% Goods & Service Tax (GST) on online gaming came into effect on October 1. 

Markets Ahead

Markets moved in the same channel as discussed in our previous post-market report. Nifty and Bank Nifty are holding their important support zones. But clearly, there’s selling pressure in the markets, and we can see that every uptick is being sold into.

Nifty: The next important support for Nifty is 19,480. A breakdown from this level may give us targets of 19,400 and 19,350. The immediate resistance will be 19,560-600 levels. Meanwhile, a major hurdle on the upside is 19,740 levels. A breakout from there could give us targets of 19,800 and 19,860.

Bank Nifty: The immediate support in Bank Nifty is near the low of the channel near 44,300 levels. A breakdown from there could give us targets of 44,240, 44,180, and 44,000 eventually. The immediate resistance to watch out for is the round level of 44,500.

Being Bank Nifty expiry tomorrow, the index may give a directional movement after today’s consolidation. So watch out for the key support and resistance levels to trade accordingly.

As per market experts, rising U.S. bond yields and strength in the U.S. Dollar are prompting FIIs to pull funds from the market! 

What levels are you watching out for BNF expiry tomorrow? Let us know in the comments below!

Do tune in to The Stock Market Show at 7 PM on our YouTube channel!

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RBI Hikes Repo Rate by 25 bps to 6.5% – Top Indian Market Updates

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

RBI hikes repo rate by 25 bps to 6.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) increased the repo rate by 25 basis points (bps) to 6.5%. The MPC has raised the key rate by 250 bps since May 2022. The real GDP growth for 2023-24 is projected at 6.4%. The RBI has hinted at more interest rate hikes to curb rising inflation. 

Read more here.

Shree Cement Q3 Results: Net profit falls 44% YoY to ₹277 crore

Shree Cement reported a 44% YoY decline in net profit to ₹277 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 15% YoY to ₹4,069 crore during the same period. EBITDA stood at ₹869 crore in Q3, down 7% YoY. Its total volume rose 23% YoY to 8.03 million tonnes. The cement manufacturer’s board has declared an interim dividend of ₹45 per share.

Read more here.

Bharti Airtel partners with Vultr to offer cloud solutions for enterprise clients

Bharti Airtel has announced a strategic partnership with Vultr to offer cloud solutions to enterprise customers. The partnership will open up a suite of solutions including cloud computing and infrastructure services to India’s digital ecosystem. Vultr will help the telco’s enterprise customers to gain global reach and cost-performance advantage to build, test and run demanding cloud workloads.

Read more here.

Adani Power Q3 Results: Net profit falls 96% YoY to ₹9 crore

Adani Power Ltd reported a 96% YoY decline in consolidated net profit to ₹8.7 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 44.8% YoY to ₹7,764.4 crore during the same period. EBITDA stood at ₹1,469.7 crore in Q3, down 17% YoY.

Read more here.

UK govt offers counter-package to Tata Steel for Port Talbot plant

The UK government has offered a counter-package to Tata Steel Ltd against its proposal seeking a financial package to execute its decarbonisation plans for its plant in Port Talbot. Tata Steel owns the UK’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans.

Read more here.

Adani Wilmar Q3 Results: Net profit rises 16% YoY to ₹246 crore

Adani Wilmar reported a 16% YoY increase in net profit to ₹246.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 7.4% YoY to ₹15,438 crore during the same period. EBITDA rose 20.2% YoY to ₹605.3 crore in Q3. The standalone volume grew by 17% YoY to 1.41 million MT.

Read more here.

Ujjivan Small Finance Bank launches app to ease banking access for ‘digitally challenged’

Ujjivan Small Finance Bank launched ‘Hello Ujjivan’, a mobile banking application with voice, visual, and vernacular-enabled features to provide banking access to individuals who have limited reading and writing skills. Customers can speak to the app in their native language to perform banking transactions and access services such as paying loan EMIs, opening FD and RD accounts, transferring funds, checking account balances, and updating passbooks.

Read more here.

Jio-bp rolls out E20 blended petrol

Fuels and mobility entity Jio-bp announced the roll-out of E20 blended petrol (20% ethanol and 80% of fossil-based fuel). Customers with E20 petrol-compatible vehicles will be able to opt for this fuel at select Jio-bp outlets, and the offering will soon be expanded across the network. Operating under ‘Jio-bp’, Reliance BP Mobility Ltd (RBML) is an Indian fuels & mobility joint venture between Reliance Industries and UK-based bp.

Read more here.

TCS secures $700-million deal from UK insurance services provider

Tata Consultancy Services (TCS) has announced an expansion of its long-standing partnership with Phoenix Group (the UK’s largest long-term savings and retirement provider) through a contract valued at over £600 million (~₹6,000 crore).  TCS will digitally transform Phoenix’s ReAssure business, including its administration services. This will be one of the largest deals for the IT company in the coming quarter.

Read more here.

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Coal India’s Net Profit Jumps 106% YoY to ₹6,044Cr in Q2 – Top Indian Market Updates

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

Coal India Q2 Results: Net profit jumps 106% YoY to ₹6,044 crore

Coal India Ltd (CIL) reported a 106% year-on-year (YoY) jump in consolidated net profit to ₹6,043.55 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28% YoY to ₹29,838 crore during the same period. CIL’s total expenses stood at ₹23,770 crore in Q2, up 16.3% YoY. The company’s board has declared an interim dividend of ₹15 per share.

Read more here.

Vehicle sales rises over 47% in October: FADA

A report by the Federation of Automobile Dealers’ Association (FADA) revealed that retail sales of vehicles in India rose 47.62% YoY to 20.94 lakh units in October 2022. Sales were higher by 8.32% compared to the pre-covid month of October 2019. Retail sales of two-wheelers rose 51% YoY to 15.71 lakh units, while that of commercial vehicles rose 25.4% to 74,443 units last month.

Read more here.

Divi’s Labs Q2 Results: Net profit falls 19% YoY to ₹494 crore

Divi’s Laboratories Ltd reported an 18.6% YoY decline in consolidated net profit to ₹493.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 6.7% YoY to ₹1,854.54 crore during the same period. The pharma company’s EBITDA stood at ₹621 crore in Q2, down 24% YoY. Total expenses rose 5.81% YoY to ₹1,319.4 crore.

Read more here.

Voltas to invest ₹1,000 crore for capacity expansion

Voltas will invest over ₹1,000 crore to expand its manufacturing capacity and establish a new plant near Chennai, said MD Pradeep Bakshi. Meanwhile, the proposed ₹500-crore compressor plant in partnership with China’s Highly International is yet to receive government clearance. The investments will help Voltas ensure its leadership status in ACs and commercial refrigeration.

Read more here.

Ujjivan SFB Q2 Results: Net profit at ₹294 crore

Ujjivan Small Finance Bank (SFB) reported a net profit of ₹294 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹274 crore in Q2 FY22. The company’s total income rose 63% YoY to ₹1,139.83 crore in Q2 FY23. The bank registered strong disbursements at ₹4,866 crore in Q2, up 56% YoY.

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Brookfield India REIT leases over 3.06 lakh sq ft office space in Q2

Brookfield India Real Estate Trust has leased over 3.06 lakh sq. ft. office space in the second quarter, taking its total leasing to over 6 lakh sq. ft. in the first half of FY23 as the demand for office spaces continues to rise. It has also signed an expansion option of 16,000 sq. ft. in its property Candor Tech Space N1. The REIT has increased its adjusted net operating income by 48% YoY ₹241.3 crore in Q2.

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CEAT Q2 Results: Net profit falls 81% YoY to ₹7.8 crore

Ceat Ltd reported an 81% YoY decline in net profit to ₹7.83 crore in Q2 FY23, mainly due to higher input costs. Its revenue from operations rose 18% YoY to ₹2,894 crore during the same period. The tyre manufacturer’s total expenses stood at ₹2,864 crore in Q2, up 19.3% YoY. EBITDA fell 7.8% YoY to ₹202 crore.

Read more here.

30 IndiGo aircraft grounded due to supply chain disruptions

Nearly 30 IndiGo aircraft have been grounded due to supply chain disruptions. The airline is evaluating wet leasing of planes and other options to boost operations. The company said it is actively engaged with various partners to work on mitigation measures that would ensure the continuity of its network and operations. At the end of September, the IndiGo had 279 aircraft in its fleet.

Read more here.

Jio and Airtel add 3,500 5G sites per week in ramp up

Reliance Jio and Bharti Airtel are adding around 3,500 sites per week cumulatively, as they ramp up their 5G network rollout. Both telcos are set to further scale up site additions to 9,000-10,000 per week combined in the coming 3-4 months as equipment becomes easily available with more domestic production of radios. While Reliance Jio plans to cover the entire country with 5G by December 2023, Bharti Airtel aims to do so by March 2024.

Read more here.

PB Fintech Q2 Results: Net loss narrows to ₹187 crore

PB Fintech Ltd (Policybazaar) reported a net loss of ₹197 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹204.4 crore in Q2 FY22. The company’s revenue from operation jumped 105% YoY to ₹573.47 crore in Q2 FY23. Insurance premiums stood at ₹2,545 crore in Q2, up 79% YoY. The company delivered 34% growth in health insurance premiums and 29% in life insurance new business premiums.

Read more here.

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World Bank Cuts India’s GDP Growth Forecast for FY23 – Top Indian Market Updates

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

World Bank cuts India’s GDP growth forecast to 6.5% for FY23

The World Bank cut its FY 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India to 6.5% from an earlier estimate of 7.5%. It has warned that spillovers from Russia’s invasion of Ukraine and global monetary tightening will weigh on the economic outlook. The World Bank said private investment growth is likely to decline due to economic uncertainty and higher financing costs. Slowing global demand will impact India’s exports as well.

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Nykaa enters into strategic alliance with Apparel Group to enter GCC market

Nykaa has entered a strategic alliance with Dubai-based fashion & lifestyle retail conglomerate Apparel Group to expand in Gulf countries. The two companies will work together to build a multi-brand beauty retail business in Gulf Cooperation Council (GCC) nations. Nykaa expects stronger demand for its products in the current quarter after a subdued season where inflationary pressures dented consumer spending.

Read more here.

Mahindra Lifespaces forms JV with Actis for industrial, logistics real estate

Mahindra Lifespace Developers Ltd has entered into an agreement with UK-based Actis to establish a joint venture (JV) platform for developing industrial and logistics real estate facilities across India. The total investment in the business over the initial years is estimated to be ₹2,200 crore. Up to 100 acres of land with ready infrastructure in two Mahindra World Cities have been identified as seed sites to be bought and developed by the JV.

Read more here.

Ujjivan SFB records 44% jump in loan book in Sept

Ujjivan Small Finance Bank (SFB) reported a 44% YoY growth in gross loan book at ₹20,938 crore at the end of September 2022. This was driven by micro, affordable housing, and individual borrowings. Deposits rose 45% YoY to ₹20,389 crore, driven by strong momentum in retail deposits, which were up 71% YoY.

Read more here.

Petrol, diesel price freeze in India likely to be extended due to OPEC output cut

The six-month-long freeze in the price of petrol and diesel will be extended after international oil prices rose on the announcement of deep production cuts by OPEC+. The top oil-producing nations have agreed to cut production by two million barrels per day to boost recovery in oil prices that had dropped to pre-Ukraine war levels.

This is bad news for India as a fall in oil prices in recent weeks had helped the govt bring down its import bill and limit losses that state-owned fuel retailers were incurring on selling petrol and diesel.

Read more here.

L&T’s construction arm bags significant orders from auto major

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ~₹1,000-2,500 crore) from a leading automobile major to construct a state-of-the-art manufacturing facility in Haryana. The scope of the order involves the design and execution of civil, structural, and architectural works. The company has also won an order to construct a police reserve campus in Guwahati from the Public Works Department (PWD), Assam.

Read more here.

HFCL partners with Qualcomm to develop 5G small cells

HFCL has partnered with Qualcomm Technologies Inc., for HFCL’s design and development of 5G Outdoor Small Cell products. The investment in 5G small cells will enable faster rollout of 5G networks, improved 5G user experience, and more efficient utilization of the 5G spectrum. HFCL’s 5G Outdoor Small Cell supports both 5G Non-Standalone (NSA) and Standalone (SA) modes.

Read more here.

Bharti Airtel launches 5G Plus in 8 cities

Bharti Airtel has launched 5G Plus in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur, and Varanasi. Airtel 5G Plus will run on a technology that will ensure that all 5G smartphones in India seamlessly work on the Airtel network. The company claims to deliver high speeds and super-fast call connections. Customers who have 5G smartphones can enjoy Airtel 5G Plus on their existing data plans until the rollout is more widespread.

Read more here.

NTPC partners with GE Gas Power for hydrogen co-firing in gas turbines

NTPC Ltd has signed a Memorandum of Understanding (MoU) with GE Gas Power to explore the feasibility of hydrogen co-firing blended with natural gas in GE’s 9E gas turbines installed at NTPC’s Kawas gas power plant in Gujarat. The two companies will explore the pathways to reduce carbon dioxide emissions from the plant and further implementation at scale across NTPC’s installed units in India. 

Read more here.

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CCI Clears Axis Bank-Citi Deal – Top Indian Market Updates

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

CCI clears Axis Bank-Citi deal

The Competition Commission of India (CCI) has approved Axis Bank’s proposed acquisition of Citi’s consumer business in India. Under the Rs 12,325 crore deal, the bank would take over Citi’s credit card, personal loans, and wealth management businesses. In March 2022, Axis Bank and Citi signed a definitive agreement for the deal, which is likely to be completed by September 2024. This acquisition will help Axis Bank gain access to 30 lakh new customers.

Read more here.

L&T Q1 Results: Net profit rises 45% YoY to Rs 1,702 crore

Larsen & Toubro Ltd (L&T) reported a 44.93% YoY increase in consolidated net profit to Rs 1,702.07 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 22.2% YoY to Rs 35,853.2 crore during the same period. L&T secured orders worth Rs 41,805 crore at the group level in Q1, registering a growth of 57% YoY. The group’s infrastructure project segment received order inflows of Rs 18,343 crore, up 66% YoY.

Read more here.

Sun Pharma expands tie-up with Cassiopea for acne cream to six countries

Sun Pharmaceutical Industries Ltd has expanded the scope of its partnership with Italy-based Cassiopea regarding a medication to treat acne. It has signed licensing and supply agreements for WINLEVI (clascoterone) cream 1% for six countries. Sun Pharma will receive the exclusive right to develop and commercialise WINLEVI in Japan, Australia, New Zealand, Brazil, Mexico, and Russia.

Read more here.

Bajaj Auto Q1 Results: Net profit rises 11% YoY to Rs 1,173 crore

Bajaj Auto Ltd reported a 10.5% YoY increase in net profit to Rs 1,173 crore for the quarter ended June (Q1 FY23). Net profit declined by 20% when compared to the previous quarter. Its revenue from operations grew 8% YoY to Rs 7,386 crore during the same period. EBITDA stood at Rs 8,324 crore in Q1, up 8% YoY. Bajaj Auto’s sales volumes fell 7% YoY (or 4% QoQ) to 9,33,646 units.

Read more here.

123 GW of solar capacity either commissioned or in pipeline: Govt

India has commissioned 57.71 gigawatts (GW) of solar capacity, while another 48.71 GW has been in the pipeline since June-end. Minister of State for New & Renewable Energy Bhagwanth Khuba said a solar energy capacity of 123.11 GW has either been commissioned or is in the pipeline. The government aims to achieve 100 GW solar power capacity by December 2022. Meanwhile, renewable energy projects of 60.66 GW capacity are under various stages of implementation.

Read more here.

Tata Power Q1 Results: Net profit rises 90% YoY to Rs 883 crore 

Tata Power Company Ltd reported a 90% YoY increase in consolidated net profit to Rs 883.54 crore for the quarter ended June (Q1 FY23). Its total income grew 42% YoY to Rs 14,638.78 crore during the same period. The company’s total expenses stood at Rs 14,660.14 crore in Q1, up 54% YoY. Tata Power plans a consolidated capital expenditure (capex) of Rs 14,000 crore in FY23, including a Rs 10,000 crore investment in the renewables sector.

Read more here.

Tata Motors partners with Indian Bank to provide retail car loans

Tata Motors Ltd has signed a pact with Indian Bank to facilitate financing for its passenger vehicle (PV) customers as the festive season approaches. The lender will provide customised car loans from its 5,700+ branches across India for Tata Motors’ passenger vehicle range. Customers can obtain car loans at interest rates starting at 7.8% with an option to avail of up to 90% financing of the PVs. 

Read more here.

Ujjivan SFB Q1 Results: Net profit at Rs 203 crore

Ujjivan Small Finance Bank (SFB) reported a net profit of Rs 203 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 233 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) grew 56% YoY to Rs 600 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.51% in Q1 FY23, compared to 9.79% in Q1 FY22. The bank’s retail deposits rose 65% YoY to Rs 10,761 crore in Q1 FY23.

Read more here.

Wipro bags five-year contract from Nokia for digital transformation

Wipro Limited has signed a new five-year contract with Finnish telecom equipment maker Nokia for digital transformation. The IT major will deliver global business services in support of Nokia’s renewed operating model. It will focus on process optimisation and enhanced user & customer experience across order management, supply chain, finance, and accounting operations.

Asian Paints Q1 Results: Net profit rises 80% YoY to Rs 1,036 crore

Asian Paints Ltd reported an 80.39% YoY increase in consolidated net profit to Rs 1,036.03 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 55% YoY to Rs 8,578.88 crore during the same period. The company’s total expenses stood at Rs 7,287.84 crore, up 48.9% YoY. The domestic decorative business experienced good consumer demand and recorded stellar revenue growth in Q1.

Read more here.

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RBI Raises Repo Rate to 4.9% – Top Indian Market Updates

rbi

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

RBI raises repo rate to 4.9%

The Reserve Bank of India (RBI) has raised its key repo rate by 50 basis points (bps) to 4.90% to curb the rising inflation in our country. It is the second hike by the RBI in two months and is expected to hike borrowing costs for corporates and individuals. The government has entrusted RBI to ensure that retail inflation remains at 4%, with a margin of 2% on either side. 

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

Read more here.

Ramkrishna Forgings secures order worth Rs 115 crore

Ramkrishna Forgings Ltd (RFL) has received an export order worth Rs 115 crore from a European Tier-1 supplier for a new differential housing case business. This order win will provide a boost to RFL’s geographical diversification strategy and strengthen its European order book. RFL supplies rolled, forged, and machined products.

Read more here.

India’s coal production rises 34% YoY to 71.3 MT in May

India registered a 33.8% YoY increase in coal production to 71.30 million tonnes (MT) in May. Out of the top 37 coal-producing mines, 23 produced at more than 100% capacity. The performance of 10 mines stood between 80-100%. Coal-based power generation declined by 3.82% YoY to 98,609 million units (MUs) in May.

Read more here.

Yes Bank to seek another term for CEO, restructure board

Yes Bank will seek shareholder approval for another three-year term for CEO Prashant Kumar and reconstitute the board by adding five new members. Three board members, including chairman and former AIG executive Sunil Mehta, will leave the bank. All three members were appointed by a government notification under a special scheme of restructuring after the bank nearly collapsed due to its failure to raise capital in March 2020.

Read more here.

Wipro, TCS to work at IBM’s Kochi centre to co-create AI-based automation tech

Tata Consultancy Services (TCS) and Wipro will work at IBM’s new automation innovation centre in Kochi to develop artificial intelligence (AI)-based solutions. The new centre will allow IBM and its ecosystem partners to build automation solutions through their lifecycle— product design, engineering, and support. It will help clients in the areas of business automation, Artificial intelligence for IT Operations (AIOps), and integration.

Read more here.

Tata Power Solar commissions 450 MW project in Rajasthan

Tata Power Solar has commissioned a 450 megawatt (MW) capacity solar plant for Brookfield Renewable India in Rajasthan. The project will produce over 800 gigawatt-hour (GWh) of clean energy annually and help reduce up to 600,000 tons of annual CO2 emissions. With the commissioning of this project, the company’s total utility-scale solar project portfolio touches 9.7 gigawatt-peak (GWp).

Read more here.

BLS International’s arm to acquire Zero Mass

BLS E-services Pvt. Ltd (BEPL) will acquire a 100% stake in Zero Mass Pvt. Ltd (ZMPL) for Rs 120 crore. ZMPL undertakes business correspondent services for various banks for last-mile connectivity. BEPL is a wholly-owned subsidiary of BLS International Services, a trusted global tech-enabled services partner for governments and citizens.

Read more here.

Ujjivan SFB’s board to raise Rs 1,500 crore via NCDs

Ujjivan Small Finance Bank Ltd’s board has approved a proposal to raise up to Rs 1,500 crore through the issue of non-convertible debentures (NCDs). The issue will be on a private placement basis in one or more tranches (rounds).

Lupin gets USFDA approval for cystic fibrosis drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Ivacaftor tablets in the U.S. The drug is used to treat cystic fibrosis (a disorder that damages the lungs, digestive tract, and other organs). As per IQVIA March 2022 data, Ivacaftor tablets had estimated annual sales of $109 million in the US.

Read more here.

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Retail Inflation Spikes to 7.79% in April – Top Indian Market News

Retail inflation spikes to 7.79% in April

India’s retail inflation, measured by the Consumer Price Index (CPI), surged to an eight-year high of 7.79% in April. Retail inflation stood at 6.95% in March. This is the fourth consecutive month that CPI data has breached the Reserve Bank of India’s (RBI) upper margin of 6%. Inflation in the food basket spiked in April to 8.38%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1.9% in March. IIP had surged 24.2% in March 2021 (due to a low base).

Read more here.

Tata Motors Q4 Results: Net loss at Rs 1,033 crore

Tata Motors Ltd reported a consolidated net loss of Rs 1,032.84 crore for the quarter ended March (Q4 FY22). The automaker has posted a net loss of Rs 1,516.14 crore in Q3 FY22 and a loss of Rs 7,605.4 crore in Q4 FY21. Its revenue from operations fell 11.5% YoY to Rs 78,439 crore in Q4 FY22. Jaguar Land Rover (JLR) posted revenue of £4.8 billion in the March quarter, up 1% QoQ.

Read more here.

IndiGo, Air France-KLM implement codeshare agreement

Air France-KLM and IndiGo have implemented a codeshare agreement, allowing each airline to sell seats on other’s flights. Under this pact, Air France and KLM will offer their passengers access to 30 new Indian cities. IndiGo will be able to sell seats on the European airline group’s flights on more than 300 routes. From their hubs in Paris and Amsterdam, Air France-KLM will operate flights to Delhi, Mumbai, Chennai, and Bengaluru.

Read more here.

L&T Q4 Results: Net profit rises 10% YoY to Rs 3,620 crore

Larsen & Toubro Ltd reported a 10% YoY increase in net profit to Rs 3,621 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 10% YoY to Rs 52,851 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. L&T’s board has declared a final dividend of Rs 1.75 per share.

Read more here.

BIAL partners with Kotak Mahindra Bank, Phi Commerce to facilitate one-stop payment solution

Bangalore International Airport Ltd (BIAL) has partnered with Kotak Mahindra Bank and Phi Commerce to facilitate a one-stop omnichannel payment solution at Kempegowda International Airport. The solution will enable a secure, scalable, and unified payment experience. It will power business-to-business (B2B) and business-to-consumer (B2C) payments across online and offline channels.

Read more here.

RBL Q4 Results: Net profit jumps 162% YoY to Rs 197 crore

RBL Bank Ltd reported a 162.7% YoY jump in net profit to Rs 197.83 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 24.9% YoY to Rs 1,131.4 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 4.4% in Q4 FY22, compared to 4.84% in Q3 FY22. Provisions fell 36% YoY to Rs 400.67 crore in Q4 FY22.

Read more here.

Dalmia Cement to invest Rs 2,600 crore in Tamil Nadu

Dalmia Cement (Bharat) Ltd has drawn up a Rs 2,600-crore investment plan spread over the next four years to take up expansion of its existing facilities and also set up new manufacturing units in Tamil Nadu. The company will set up two greenfield grinding units with a capacity of producing two million tonnes per annum each.

Read more here.

Ujjivan SFB Q4 Results: Net profit falls 7% YoY to Rs 126.5 crore

Ujjivan Small Finance Bank reported a 7% YoY decline in net profit to Rs 126.5 crore for the quarter ended March (Q4 FY22). Its total income rose 25% YoY to Rs 920 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.34% in Q4 FY22, compared to 7.1% in Q4 FY21.

Read more here.

Reliance Jio adds 12.6 lakh subscribers in March; Bharti Airtel adds 22.5 lakh: TRAI

Reliance Jio added 12.6 lakh subscribers in March 2022. Bharti Airtel gained 22.5 lakh subscribers in March, while Vodafone Idea (Vi) lost 28.1 lakh subscribers. Jio continued to have the largest market share at 35.37%. Bharti Airtel and Vodafone Idea’s market shares stood at 31.55% and 22.83%, respectively, in March. The data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here.

Apollo Tyres Q4 Results: Net profit falls 61% YoY to Rs 113 crore

Apollo Tyres Ltd reported a 61% YoY decline in consolidated net profit to Rs 113 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 5,578 crore during the same period. EBITDA stood at Rs 626 crore in Q4, down 23% YoY. The tyre manufacturer’s board has declared a dividend of Rs 3.25 per share.

Kalpataru Power Transmission, subsidiaries secure orders worth Rs 4,474 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have bagged new orders worth Rs 4,474 crore. KPTL received orders from India and international markets in the power transmission business of Rs 1,957 crore. The company secured oil and gas pipeline projects in India and the Middle East worth Rs 169 crore. Its subsidiary, JMC Projects (India) Ltd, bagged water supply projects of Rs 2,193 crore in India.

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IMF Retains India’s Growth Forecast for 2021 at 9.5% – Top Indian Market News

IMF retains India’s growth forecast for 2021 at 9.5%

The International Monetary Fund (IMF) has retained India’s gross domestic product (GDP) growth forecasts at 9.5% in 2021 and 8.5% for 2022. However, IMF has lowered its projection for global growth this year as supply disruptions impacted growth outlook for advanced economies, and pandemic dynamics have worsened in low-income economies. It projects world economic growth at 5.9% for 2021. 

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Tata Power Solar secures orders worth Rs 538 crore from EESL

Tata Power Solar has received a Letter of Award (LoA) from state-run Energy Efficiency Services Ltd (EESL) to build 100 megawatt (MW) distributed ground-mounted solar projects in Maharashtra. The total order value of the projects is Rs 538 crore. The commissioning date of the solar projects is set for 12 months. The utility-scale order book of Tata Power Solar now stands at nearly 4 gigawatt capacity with a value of Rs 9,264 crore.

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PSP Projects declared lowest bidder for housing project in Uttar Pradesh

PSP Projects Ltd has emerged as the lowest (L-1) bidder for a government residential project in Uttar Pradesh. The bid value of the project is Rs 238.7 crore. PSP Projects is a multidisciplinary construction company that offers a diversified range of construction and allied services across industrial, institutional, and residential projects in India. To learn more about the company, click here.

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L&T Construction secures significant orders for various businesses

Larsen & Toubro’s (L&T) construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. In the metallurgical and material handling (MMH) business, the company has secured an order to set up a coke oven, by-product, and coke dry quenching plants. The buildings and factories business has won an order from a ‘prestigious client’ for the construction of office space at Hyderabad with an approximate built-up area of 20 lakh sq. ft.

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CONCOR’s physical volumes handled rises 11% YoY in Q2

Container Corporation of India’s (CONCOR) total physical volumes handled increased by 10.74% YoY to 9,80,757 twenty-foot equivalent units (TEUs) in Q2 FY22. However, physical volumes have declined by 1.11% compared to the previous quarter. Domestic physical volumes rose 33.68% YoY to 1,88,332 TEUs. Meanwhile, export-import (EXIM) physical volumes improved by 6.4% YoY to 7,92,425 TEUs during the same period.

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BLS International to process Brazilian visas in India

The Embassy of Brazil in India has authorised BLS International Services Ltd to process visa applications. The company will accept visa applications from centres in Delhi and Mumbai. BLS will initiate Brazil visa processing, along with several convenience services such as photocopy, courier, and form filling. BLS International Services is a global services partner for governments and citizens in the domain of visa, passport, consular, and e-governance services.

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Govt grants “Maharatna” status to Power Finance Corporation

The government has granted the ”Maharatna” status to state-owned Power Finance Corporation (PFC). This move will give the company greater operational and financial autonomy. The board of a Maharatna enterprise can make equity investments to undertake financial joint ventures and subsidiaries, undertake mergers and acquisitions in India and abroad. PFC is the largest infrastructure finance company dedicated to the power sector under the administrative control of the Ministry of Power.

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Bhansali Engineering Q2 Results: Net profit jumps 248% YoY to Rs 123.66 crore

Bhansali Engineering Polymers reported a 248.3% YoY jump in consolidated net profit to Rs 123.66 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 59.8% when compared to the previous quarter. Its total income rose by 22.21% YoY (or 59.76% QoQ) to Rs 378.30 crore during the same period. The company’s board has declared an interim dividend of Rs 1 per share.

TPG Rise Climate, ADQ to invest $1 billion in Tata Motors’ new EV unit

Tata Motors said it will be creating a new electric vehicles (EV) subsidiary that will require over Rs 16,000 crore of investment over the next five years. TPG Rise Climate and Abu Dhabi’s ADQ will be investing $1 billion (~Rs 7,500 crore) for an 11-15% stake in this subsidiary. The investment will value the subsidiary (TML EVCo) at ~$9.1 billion. The company will be asset-light, and all the investment will be going towards creating intellectual property such as new vehicle designs and EV platforms.

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Ujjivan SFB’s total deposits grow 31% YoY to Rs 14,090 crore in Q2

Ujjivan Small Finance Bank reported a 31% YoY growth in total deposits to Rs 14,090 crore in Q2 FY22. The bank’s disbursements jumped 114% YoY (or 138% QoQ) to Rs 3,122 crore during the same period. The gross loan book stood at Rs 14,508 crore at the end of the July-Sept quarter, up 4% YoY and 3% quarter-on-quarter (QoQ). Retail deposits saw a 38% YoY and 12% QoQ growth to Rs 7,270 crore in Q2 FY22.

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Factory output surges 11.9% in August

India’s Index of Industrial Production (IIP) grew by 11.9% in August 2021. This is an increase of 0.4% from July. IIP grew on the back of a low base last year when factory output was -7.6% in August 2020. The manufacturing sector, which constitutes 77.63% of the IIP, grew 9.7% in August. The mining sector output rose 23.6% in August, while power generation increased 16%.

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Zydus Cadila’s ZyCoV-D Gets Emergency Use Approval in India – Top Indian Market News

Zydus Cadila’s ZyCoV-D gets emergency use authorisation in India

The Subject Expert Committee (SEC) of Central Drugs Standard Control Organisation (CDSCO) has recommended the Emergency Use Authorization (EUA) for Zydus Cadila’s Covid-19 vaccine, ZyCoV-D, in India. The three-dose vaccine is applied using a needle-free system known as Tropis, which can also lead to a significant reduction in any kind of side effects. ZyCoV-D has an efficacy rate of 66.6% in a late-stage trial of more than 28,000 volunteers nationwide.

In other news, Zydus Pharmaceuticals Inc. (a subsidiary of Zydus Cadila) has signed a pact with Italy-based CHEMI SpA to launch a generic drug used in the treatment of Deep Vein Thrombosis (blood clot formed in deep veins of the body). 

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Ujjivan founder flags asset quality, attrition concerns as CEO resigns

A day after Nitin Chugh resigned as CEO of Ujjivan Small Finance Bank, Samit Ghosh (the founder of Ujjivan Financial Services) highlighted two major concerns at the bank. The extent of provisions against bank loans over the last year and the high attrition rate (the rate at which people leave) at various levels were concerning. Ujjivan SFB’s board will undertake a review of the bank’s loan book to identify accounts where further provisioning is needed. The bank’s gross non-performing assets (GNPA) ratio jumped from 7.1% in Q4 FY21 to 9.8% in Q1 FY22.

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TTK Prestige to commence normal operations at Khardi unit

TTK Prestige Ltd announced that a long-term settlement has been reached with the permanent workmen at its manufacturing unit at Khardi, Maharashtra. The company’s management had declared a lock-out at the unit on November 17, 2020. Under the new settlement, the workmen have agreed not to indulge in disruptive activities henceforth and have also accepted improved productivity norms. Normalised manufacturing operations are expected to commence on August 23, 2021.

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Ashoka Buildcon secures 1,500 MW solar parks project in Madhya Pradesh

Ashoka Buildcon Ltd has secured an order for a 1,500 megawatt (MW) solar parks project in Madhya Pradesh from Rewa Ultra Mega Solar. The accepted contract price of the project is Rs 186.11 crore. Ashoka Buildcon is a leading construction engineering company based in Nashik, Maharashtra.

SpiceJet launches 14 new domestic flights

SpiceJet Ltd has launched 14 new flights, including 12 industry-first non-stop flights. It will be the first airline to connect Bhavnagar-Delhi, Bhavnagar-Surat, Gwalior-Jaipur, Kishangarh (Ajmer)-Mumbai, Pune-Tirupati, and Varanasi-Dehradun. The airline also plans to launch a non-stop flight connecting Bhavnagar (Gujarat) with Mumbai.

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Natco Pharma faces setback in US patent litigation

A US District Court has ruled against Natco Pharma and its partner Alvogen in patent litigation related to Chicago-based AbbVie’s Pharmacyclics LLC’s Imbruvica. The court upheld Pharmacyclics LLC and Johnson & Johnson’s Janssen Biotech’s four patents related to Imbruvica. AbbVie’s Pharmacyclics owns the patents and markets the drug with Janssen Biotech. Imbruvica is used to treat certain blood cancers.

In 2018, Natco Pharma and Alvogen had filed an Abbreviated New Drug Application (ANDA) for a generic version of Imbruvica.

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Facebook India launches ‘Small Business Loans Initiative’ for SMBs across 200 cities

Facebook India has launched the ‘Small Business Loans Initiative’ to help small and medium businesses (SMBs) that advertise on the social media platform to get quick access to credit through independent lending partners. India is the first Facebook country where this program is getting rolled out. The initiative is open to registered businesses across 200 towns and cities across India. The interest range for these loans is pre-defined between 17-20% per annum.

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Steel Strip Wheels secures export orders worth Rs 81 crore

Steel Strip Wheels Ltd (SSWL) has secured an export order valued at close to $11 million (~Rs 81 crore) from Western Hemisphere. SSWL will complete the execution of the orders by December 2021 from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.

Adani Total Gas to acquire 50% stake in Smartmeters Technologies

Adani Total Gas has executed a Share Subscription and Shareholders’ Agreement (SSSA) with Gujarat State Export Corp Ltd (GSEC) and Smartmeters Technologies Pvt Ltd (SMTPL) to acquire a 50% stake in SMTPL. The acquisition is expected to be completed by September 2021. Gujarat-based SMTPL is a manufacturer of gas meters with end-to-end solutions and services.

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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.

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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.