Tag: ultratech cement

Categories
Daily Market Feed Post Market Analysis

Volatile Monthly Expiry for Nifty! – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day flat at 20,108 with a small gap-up of 12 points. After opening, the index fell sharply by over 100 points to 20,015 levels. It took support there and bounced back up to 20,150 levels with heavy volatility. Nifty closed at 20,133, up by 36 points or 0.18%.

BANK NIFTY (BNF) started the day at 44,711 with a gap-up of 145 points. After opening, the index fell nearly 500 points to 44,250 levels. Then, it moved in a 200-point range for most part of the day. BNF closed at 44,481, down by 84 points or 0.19%.

Other indices except Nifty PSU Bank (-1.1%) closed flat-to-green. Nifty Pharma (+1.56%) and Nifty Realty (+1.4%) moved up the most.

Major Asian markets closed mostly in the green. European markets are currently trading in the green.

Today’s Moves

UltraTech Cement (+3.1%) was NIFTY50’s top gainer. Yesterday, the company acquired the cement grinding assets of Burnpur Cement Ltd for ₹169.78 crore. 

Tata Technologies made a stellar debut in the stock market today. Its shares listed at ₹1,200 per share, a premium of 140% over its issue price of ₹500 per share.

New India Assurance (+10%) surged on the back of strong volumes.

Adani Ent (-1.59%) was NIFTY50’s top loser. 

Aether Industries (-5.99%) fell sharply for the second day in a row after a fire at the company’s Surat facility left six people dead and one missing.

Markets Ahead

After the strong upward rally, major Indian indices experienced a slight retracement with some volatility today. However, the key support levels remained intact. This indicates that the markets continue to maintain a bullish stance.

Nifty: The major support to monitor is the round levels of 20,000. The immediate support is near 20,100. If there’s a breakdown from this level, the index could decline to 20,000 and further to 19,960 levels. Meanwhile, the resistance to keep an eye on is near the all-time high (ATH) level of 20,200.

Bank Nifty: The index is encountering resistance at the crucial breakdown levels of 44,600, where the cup and handle pattern was also formed. That level has to be taken out for the index to move to 45,000 and 45,500. On the other hand, the immediate support to observe is 44,300. If there’s a breakdown from this level, the index could decline to 44,000 and 43,800 levels.

S&P Global Rating has upgraded India’s GDP growth from 6.0% to 6.4% for FY24. This has brought some optimism to the broad market.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Market News Top 10 News

Foot Locker Set For India Entry – Top Indian Market Updates

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

Foot Locker signs pact with Metro Brands, Nykaa for India entry

American sportswear & footwear retailer Foot Locker has signed a long-term licensing agreement with Metro Brands Ltd (MBL) and Nykaa Fashion for its India entry. MBL will have the rights to own and operate Foot Locker stores within India and sell authorised merchandise in Foot Locker stores. Nykaa Fashion will be the exclusive e-commerce partner, operating Foot Locker’s India website and retailing authorised merchandise.

Read more here.

Aurobindo Pharma gets USFDA approval for HIV drug

Aurobindo Pharma has received approval from the US Food & Drug Administration (USFDA) to market a generic medication used to treat human immunodeficiency virus (HIV-1) infection. The approval is to manufacture and market Darunavir tablets in strengths of 600 mg and 800 mg. As per IQVIA data, the product has an estimated market size of $274.8 million for the 12 months ended October 2023.

Read more here.

ATGL launches green hydrogen blending pilot in Ahmedabad

Adani Total Gas Ltd (ATGL) has started blending green hydrogen in natural gas they sell to households for cooking purposes and industries as fuel in Ahmedabad. ATGL will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers in Ahmedabad. The pilot project is expected to be commissioned by Q1 of the financial year 2024-25.

Read more here.

Adani Power to blend green ammonia with coal at Mundra plant

Adani Power Ltd (APL) will use green ammonia along with conventional fuel coal to run the boiler of 330 megawatts (MW) at its Mundra plant in Gujarat. The quantum of green ammonia will be up to 20% of the total fuel requirement. Adani Power has partnered with IHI and Kowa-Japan for the pilot project. They are also examining its expansion to other APL units and stations.

Read more here.

SBI takes possession of PC Jewellers promoters’ assets

State Bank of India has taken possession of two residential properties owned by PC Jewellers Ltd in New Delhi after the firm and its guarantors failed to repay ₹1,168.90 crore. In a notification, SBI cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of ₹1,267 crore. SBI has already filed a case against PC Jewellers in the National Company Law Tribunal.

Read more here.

UltraTech acquires assets of Burnpur Cement for ₹69.79 crore

UltraTech Cement has acquired the cement grinding assets of Burnpur Cement Ltd in Jharkhand for ₹169.79 crore. The company has acquired 0.54 million tonnes per annum (MTPA) cement grinding assets of Burnpur Cement Ltd at Patratu in Jharkhand. Last year, Punjab National Bank had put up for sale the account of loss-making Burnpur Cement and invited bids from Asset Reconstruction Companies (ARCs) to recover loans outstanding of over ₹50 crore.

Read more here.

Report on Zee-Sony merger risks collapse incorrect: ZEEL

Zee Entertainment Enterprises Ltd (ZEEL) called the news report captioned “Sony-Zee Merger Risks Collapse Over Eleventh-Hour CEO Drama: Report” “factually incorrect.” The report was published by NDTV. ZEEL is continuing to work towards a successful closure of the proposed merger as per the Composite Scheme of Arrangement approved by NCLT, Mumbai Bench.

Read more here.

Fire reported at Aether Industries’ Surat plant

Aether Industries announced a fire incident at its manufacturing site in Surat, Gujarat. The fire caused injuries to about 25 workers and further evaluation of losses and damages is being conducted. However, no casualties had been reported.

Read more here.

SEBI bans 9 entities from the stock market

The Securities & Exchange Board of India (SEBI) has barred nine entities from the securities market for at least two years and directed them to refund Rs 8 crore collected from investors, which they received via unregistered investment advisory services, within three months.  The regulator has also imposed a penalty totalling ₹18 lakh on them and asked them to pay the amount within 45 days.

Read more here.

NSE, BSE grant approval for delisting ICICI Securities shares

ICICI Bank had obtained approval from the National Stock Exchange (NSE) and Bombay Stock Exchange to delist the shares of ICICI Securities. On November 9, the Reserve Bank of India (RBI) granted approval to ICICI Bank, allowing it to establish full ownership of ICICI Securities. On June 26, ICICI Bank disclosed its intention to review a proposal regarding the delisting of ICICI Securities.

Read more here.

Categories
Daily Market Feed Post Market Analysis

Consolidation at the Top! Breakout or Breakdown? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,564 with a gap-up of 36 points. Throughout the day, the index consolidated within just a 55-point range between 19,530 and 19,580 levels. Nifty closed at 19,574, up by 46 points or 0.24%.

Nifty chart September 5 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,625 with a small gap-up of 47 points. Unlike Nifty, Bank Nifty showed weakness today. After making a double top near 44,700 levels, the index fell more than 250 points to 44,400 levels. BNF closed at 44,532, down by 46 points or 0.1%.

Bank Nifty chart September 5 - post-market analysis | marketfeed

All other indices except Nifty Finserv (-0.17%) closed flat-to-green. Nifty Media (+3.19%) moved up the most.

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

Today’s Moves

Apollo Hospital (+3.31%) was NIFTY50’s top gainer. The company launched an ‘enhanced connected care’ program to improve its patient monitoring system. 

MMTC (+20%) hit 20% upper circuit on the back of strong volumes. The stock has rallied 50% in 3 trading sessions.

Raymond (+9.85%) hit a 52-week high of 2,240 today after brokerage firms Jefferies and Motilal Oswal initiated coverage on the stock with a ‘Buy’ rating.

UltraTech Cement (-1.49%) was NIFTY50’s top loser. 

Angel One (-3.75%) fell sharply. The company’s gross client acquisitions rose 64.9% YoY and 19% over last month to 7.3 lakh.

Markets Ahead

Markets are near resistance zones and holding major levels. A breakout on the upside can take the markets further up. And if rejection is taken, the indices can continue the down move with strength.

Nifty: The major resistance level for the index is at 19,600, which is also the Fibonacci rejection level of 50% drawn from the all-time high (ATH) of 19,990 levels. A breakout from 19,600 can confirm the trend reversal, and markets can turn bullish. We could plan to buy on dips, but if Nifty breaks the current support zones of 19,520, the index can again fall to 19,460 and 19,360 levels.

Bank Nifty: The important 50% fib rejection is near 45,000 round levels. But the immediate resistance level to watch out for is 44,800. The immediate support is near 44,400 levels, and a breakdown from there can take the index down to 44,000.

Fin Nifty: Being FINNIFTY expiry today, India Vix was at all-time lows below 11 and option premiums were very low. This created some confusion for option sellers. The index was bearish throughout the day— moving down gradually. As the fall was not quick, the implied volatility (IV) and premiums didn’t spike much, which could have created some trouble for option buyers. But it was a relatively easy expiry for option sellers.

The G20 Summit will kick off on Sept 8 in New Delhi. Leaders representing the world’s 20 major economies will address and seek resolutions for concerns like digital transformation, climate financing, Sustainable Development Goals (SDGs), food security, and other pressing issues.

How did Fin Nifty expiry go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on marketfeed’s YouTube channel!

Categories
Market News Top 10 News

RIL’s Net Profit Falls 11% YoY to ₹16,011Cr in Q1 – Top Indian Market Updates

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

Reliance Industries Q1 Results: Profit falls 11% YoY to Rs 16,011 crore

Reliance Industries (RIL) reported an 11% YoY fall in consolidated net profit to ₹16,011 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also fell 5.3% YoY to ₹2.11 lakh crore during the same period. However, its EBITDA rose 0.25 % to ₹38,093 crore compared to Q1 FY 23. EBITDA stood at ₹37,997 crore in Q1 FY23. The board has recommended a dividend of ₹9 per equity share.

Read more here.

Ramkrishna Forgings to acquire Multitech Auto for Rs 212 crore

Ramkrishna Forgings is set to acquire 100% ownership of Multitech Auto Pvt. Ltd along with its wholly-owned subsidiary Mal Metalliks Pvt. Ltd. The deal is valued at ₹212 crore. The acquisition process is anticipated to conclude within the next six months, subject to obtaining approval from the Adityapur Industrial Area Authority. This strategic acquisition is aimed at facilitating the expansion and growth of Ramkrishna Forgings’ business operations.

Read more here. 

JSW Steel Q1 Results: Net profit rises 179% YoY to ₹2,338 crore

JSW Steel reported a 179% YoY increase in consolidated net profit to ₹2,338 crore for the June quarter (Q1 FY24). The company’s operating revenue for the quarter rose 10.8% YoY to ₹42,213 crore. Additionally, its EBITDA stood at ₹7,046 crore in Q1, up 63.5% YoY.

Read more here.

Jayaswal Neco in talks with funds to refinance its debt of Rs 3,200 crore

Jayaswal Neco Industries is in talks with special situations and private credit funds to refinance a debt of ₹3,200 crore. This high-yield loan is likely to be priced at 18-20%, which will be 600 basis points lower than the current borrowing rate. The company is in talks with funds including Kotak Special Situations Fund and Edelweiss Special Situations Funds.

Read more here.

Vedanta Q1 Results: Net profit falls 40% YoY to ₹2,640 crore

Vedanta reported a 40% YoY increase in consolidated net profit to ₹2,640 crore for the June quarter (Q1 FY24). Its operating revenue also fell 13% YoY to ₹33,342 crore in Q1. Vedanta’s EBITDA stood at ₹6,029 crore, down 38.6% YoY from Q1 FY23.

Read more here.

Lupin unit introduces inhaler for asthma patients in Germany

Lupin has launched a pressurised metered dose inhaler for the treatment of asthma and chronic obstructive pulmonary disease (COPD) in Germany. Lupin’s German subsidiary Hormosan Pharma GmbH introduced Luforbec in the European nation. With a significant portion of the population (5% of adults and 10% of children) currently undergoing asthma treatment, Luforbec aims to provide comprehensive support to patients and healthcare professionals.

Read more here.

UltraTech Cement Q1 results: Net profit rises 7% to ₹1,688 crore

UltraTech Cement reported a 7% YoY rise in consolidated net profit to ₹1,688 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 17% YoY to ₹17,737 crore during the same period. However, its EBITDA fell 1.5% to ₹3,049 crore compared to Q1 FY 23.

Read more here.

DLF to develop a residential project in Mumbai, ties up with Trident Realty

DLF will enter the Mumbai property market with a project in Andheri West. The company will develop around 2.5 million sq ft in the first phase of the project. DLF will allot 9800 equity shares (₹10 face value) at par to Trident Buildtech Pvt Ltd through its subsidiary Pegeen Builders $ Developers Pvt Ltd. Trident realty is already executing projects in Delhi-NCR and Panchkula.

Read more here.

ICICI Securities Q1 Results: Net profit falls 1% YoY to ₹271 crore

ICICI Securities reported a 1% YoY fall in net profit to ₹271 crore for the quarter ended June (Q1 FY24). However, the company’s total revenue rose 18% YoY to ₹934 crore, compared to ₹795 crore in Q1 FY23. The decline in the profit could be attributed to higher expenses, as its total expenses shot up by 33% to ₹570 crore in Q1. 

Read more here.

SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

SJVN Ltd has inked an initial pact with REC Ltd for securing finance of ₹50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power-generating stations based on conventional and renewable sources of energy. Furthermore, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects.

Read more here.

Union Bank to sell 8 NAP accounts worth Rs 3,000 cr to NARCL

Union Bank of India has identified eight troubled accounts worth ₹3,000 crore to be sold to the national bad bank NARCL this fiscal. The bank has more than doubled its net income at ₹3,236 crore in the June 2023 quarter on improved asset quality and recoveries. Union Bank had already sold three accounts worth ₹900 crore last fiscal to the national bad bank at a recovery of 33%.

Read more here.

Power Finance Corporation to lend Rs 2.37 lakh crore to 20 clean energy projects

Power Finance Corporation (PFC) has entered into loan agreements worth more than ₹2.37 lakh crore with 20 companies. These firms include Adani Group, Greenco, ReNew Power, Continuum, Avaada, JBM Auto, Rajasthan Renewable Energy and Megha Engineering & Infrastructure, among others. These agreements are part of the company’s plan to position itself as the focal funding agency for the energy transition.

PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

Read more here.

Categories
Market News Top 10 News

PVR Inox’s Net Loss at Rs 333 crore in Q4 – Top Indian Market Updates

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

PVR Inox Q4 Results: Net loss at Rs 333 crore

PVR Inox reported a net loss of Rs 333 crore for the quarter ended March 2023 (Q4 FY23), compared to a net profit of Rs 16.1 crore in Q4FY22. However, its operating revenue jumped 113% YoY to Rs 1,143 crore during the same quarter. EBITDA stood at Rs 285 crore in Q4FY23. This is the company’s first quarterly results after its merger with Inox.

Read more here.

WPI inflation falls to -0.92% in April

Wholesale price-based inflation, WPI declined to -0.92% in April on an annual basis from 1.34 % in March. Primary articles inflation slowed to 1.60%, and fuel & power inflation reduced to 0.93 % in April. Inflation in manufactured products declined to -2.42 % in April from -0.77 % in March.

Read more here.

Berger Paints Q4 Results: Net profit falls 16% YoY to Rs 186 crore

Berger Paints reported a 16% YoY fall in net profit to Rs 185.7 crore for the quarter ended Q4 FY23. Its revenue jumped 12% YoY to Rs 2,443.6 crore during the same quarter. EBITDA also rose 6% to Rs 368 crore during the quarter. The company’s board has recommended a dividend of Rs 3.2 per equity share.

Read more here.

SpiceJet subsidiary SpiceXpress to get USD 100 million from UK group

SpiceJet’s subsidiary, SpiceXpress and Logistics, will receive a $100 million investment from a UK-based group, SRAM & MRAM Group. This investment comes as SpiceJet faces financial difficulties and an insolvency plea from an aircraft lessor. The investment from SRAM & MRAM Group is part of a Memorandum of Understanding (MoU) following a debt restructuring agreement between SpiceJet and aircraft lessor Carlyle Aviation Partner, which acquired a stake in SpiceXpress at an expected future valuation of $1.5 billion.

Read more here.

Hikal receives zero observations from USFDA for Gujarat unit

Hikal announced that its Panoli unit in Gujarat, India, received a favorable inspection outcome from the US Food &  Drug Administration (USFDA) with no observations. This marks the third successful inspection at the facility, enabling Hikal to manufacture advanced intermediates and key starting materials.

Read more here.

Kalyan Jewellers Q4 Results: Net profit falls 1.6% YoY to Rs 71 crore

Kalyan Jewellers reported a 1.6% YoY decline in net profit to Rs 71 crore for Q4 FY23. However, its consolidated revenue rose 18.4% YoY to Rs 3,381 crore during the same quarter. EBITDA also rose 17.5% YoY to Rs 256.7 crore. The company’s board has recommended a final dividend of Rs 0.5 per equity share.

Read more here.

UltraTech Cement commissions factory in Rajasthan capable of 0.8 MT annual output

UltraTech Cement has commissioned a 0.8 MTPA brownfield cement factory in Neem Ka Thana, Rajasthan, through its subsidiary UltraTech Nathdwara Cement. With this addition, their grey cement capacity in Rajasthan reaches 17.05 MTPA, and their total grey cement manufacturing capacity in India is now 129.95 MTPA.

Read more here.

Vedanta appoints Sonal Shrivastava as CFO from June 1

Vedanta Ltd has announced the appointment of Sonal Shrivastava as its chief financial officer (CFO), effective from June 1. Shrivastava previously served as the CFO for Asia Pacific, Middle East, and Africa operations at the Holcim group. In her new role, she will lead Vedanta’s financial strategy, overseeing accounting, tax, treasury, investor relations, financial planning, analytics, and driving digitalization and profitability.

Read more here.

NTPC to start feasibility study for 130-MW floating solar power plant in Tripura

NTPC Ltd is set to conduct a feasibility study for a 130-MW floating solar power plant on Dumbur Lake in Tripura’s Gomati district. The Tripura Renewable Energy Development Agency (TREDA) signed a Memorandum of Understanding (MoU) with NTPC to conduct the feasibility study. The study will assess the required waterbody area, identify transfer stations, and obtain forest clearance. The study is estimated to cost Rs 450 crore and is expected to be completed in a few months.

Read more here.

ONGC arm raises $500m in foreign currency loan

ONGC’s overseas subsidiary ONGC Videsh has secured a $500 million foreign currency loan from a consortium of banks including DBS, Bank of Baroda, and State Bank of India. The syndicated loan has a tenure of five years, is denominated in dollars, and is supported by ONGC’s guarantee. The funds raised through the loan will be used to repay $500 million in bonds that recently matured.

Read more here.

PSP Projects bags order worth over Rs 317 cr

PSP Projects has secured a contract worth Rs 317.13 crore from Gujarat’s Narmada, Water Resources, Water Supply, and Kalpsar Department. The project involves developing the Dharoi Dam region into a sustainable tourist and pilgrimage destination, including infrastructure, roads, and an adventure water sports arena. The company aims to complete the project within 18 months.

Read more here.

Categories
Market News Top 10 News

UltraTech Cement’s Profit Falls 36% YoY to Rs 1,666 crore – Top Indian Market Updates

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

UltraTech Cement Q4 Results: Profit falls 36% YoY to Rs 1,666 crore

UltraTech Cement reported a 36% YoY fall in net profit to Rs 1,666 crore for Q4 FY23. However, its revenue from operations rose 18% YoY to 18,562 crore during the same period. The company’s  EBITDA for the quarter stood at Rs 3,444 crore, up 9% YoY. The company’s board has recommended a dividend of Rs 38 per equity share.

Read more here.

India’s core sector output grows 3.6% in March

India’s core sector output grew 3.6% YoY in March 2023, down from 6% growth in the previous month. The production of coal, fertilizers, steel, natural gas, and refinery products increased during the month. The Eight Core Industries account for 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Read more here.

Laurus Labs Q4 Results: Profit falls 56% YoY to Rs 103 crore

Laurus Labs reported a 56% YoY fall in net profit at Rs 103 crore for Q4 FY23. Total revenue stood at Rs 1,381 crore, a 3.1% decline from Q4 FY22. EBITDA fell 28% YoY to Rs 285.6 crore, and EBITDA margin stood at 20.7% in Q4 FY23. The company’s board approved a second interim dividend of Rs 1.20 per equity share of Rs 2 each.

Read more here.

Adani pays back $200 million Holcim debt, seeks loan extension

Adani Cement Industries has pre-paid $200 million from the $1 billion mezzanine loan it took from global banks to fund the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. The pre-payment will help Adani seek an extension of the debt taken to fund the acquisition by three years.

Read more here.

DLF Cyber City Developers buys 26.43% stake in Suncloud Solar

DLF Cyber City Developers Ltd (DCCDL) has acquired a 26.43% stake in Suncloud Solar Private Ltd for Rs 8.41 crore. The acquisition was made through one of its wholly-owned subsidiaries, DLF Info City Chennai Ltd. Suncloud Solar is a special-purpose vehicle of Cleantech Solar India OA 2 Pte. Ltd., and it is responsible for the construction, operation, and maintenance of a captive generating plant.

Read more here.

Star Health Q4 Results: Net profit at Rs 619 crore

Star Health and Allied Insurance reported a net profit of Rs 619 crore for Q4 FY23, in contrast to a loss of Rs 1,041 crore in Q4 FY22. The gross written premium (GWP) for Q4 FY23 was Rs 12,952 crore, a 13% YoY increase. The operating expense to GWP ratio was 15.9% in FY23, and the company’s solvency ratio was 2.14x, higher than the minimum regulatory requirement of 1.5x.

Read more here.

Thermax bags Rs 271 crore order for mechanical balance of plant works

Thermax has received an order worth Rs 271.50 crore from India’s largest private sector oil refinery for mechanical balance of plant (MBoP) works for the captive power plant at their new oil-to-chemical (O2C) facility in western India. The captive power plant is expected to meet the incremental power demand of upcoming projects at the customer’s premise as part of the O2C expansion and the establishment of a mega factory.

Read more here.

PI Industries announces twin acquisitions in Pharma API, CDMO space

PI Industries Ltd has acquired Therachem Research Medilab LLC’s Indian subsidiaries and assets in the US for $50 million. Its subsidiary, PI Health Sciences Ltd, signed the definitive documents, and up to $25 million has been committed in performance-linked pay-outs over the next six years. The acquisition will allow PI Industries to enter the pharma API and CDMO spaces.

Read more here.

CarTrade Tech Q4 Results: Profit at Rs 17.5 crore, revenue grows 19% YoY

CarTrade Tech reported a consolidated net profit of Rs 17.49 crore for Q4 FY23 compared to a net loss of Rs 21.39 crore in Q4 FY22. The revenue for the quarter grew by 19% YoY to Rs 116.6 crore. The adjusted EBITDA for Q4 FY23 was Rs 39.83 crore. CarTrade Tech received 34 million average monthly unique visitors for Q4 FY23, of which 86% were organic.

Read more here.

India’s forex reserves fall $2.17 billion to $584.25 billion

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves decreased by $2.165 billion to $584.248 billion as of April 21, 2023. The country’s forex reserves had risen to a nine-month high of $586.412 billion the previous week. The dip was largely attributed to a decrease in foreign currency assets, which fell by $2.146 billion to $514.489 billion.

Read more here.

Mankind Pharma IPO subscribed 15.32 times

The ₹4,326-crore initial public offering (IPO) of Mankind Pharma was subscribed 15.32 times on the final day of bidding. The shares of the Delhi-based pharmaceutical and healthcare products maker are expected to list on the leading stock exchanges BSE and NSE on May 9, 2023.

Read more here.

NOTE: The Indian markets will be closed on Monday (May 1) on account of Maharashtra Day.

Categories
Market News Top 10 News

Piramal Pharma’s US Facility Passes USFDA Inspection – Top Indian Market Updates

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

Piramal Pharma’s Sellersville facility clears USFDA inspection

Piramal Pharma has passed an inspection by the United States Food and Drug Administration (USFDA) of its manufacturing facility in Sellersville, Pennsylvania, and issued an Establishment Inspection Report (EIR) for the unit. The inspection took place between December 19, 2022, and January 13, 2023. The Sellersville facility is involved in manufacturing and packaging solid oral dosage forms, liquids, creams, and ointments.

Read more here.

Foxconn to bring in technology partners for semiconductor manufacturing in JV with Vedanta

The Vedanta-Foxconn semiconductor joint venture (JV) has shared its technology partners with the Indian government.Vedanta will take the lead on the construction of the Gujarat factory, with revenue expected by 2027. The consortium plans to begin manufacturing chips of 40 nm on a factory line with a capacity of 40,000 wafers per month. The Indian govt has promised to cover half of the project cost and provide other incentives as part of a $10 billion package to promote domestic semiconductor manufacturing.

Read more here.

NMDC explores lithium reserves for mining in Australia

NMDC Ltd is exploring lithium reserves in Australia. The company is the majority owner of a mine located in Mt. Bevan, and hopes to begin mining within two years. NMDC is seeking to secure supplies of lithium to support the production of electric vehicle batteries as part of India’s push to promote green vehicles.

Read more here.

IndusInd Bank signs $100 million loan deal with JBIC to aid Japanese OEMs in India

IndusInd Bank has signed a long-term loan agreement with the Japan Bank for International Cooperation (JBIC) to provide credit facilities to companies in the supply chain of Japanese origin equipment manufacturers (OEMs) in India. The funds raised will be used to provide need-based credit facilities to upstream and downstream companies of Japanese construction equipment firms in India, including component suppliers, dealers, and final buyers of the machinery. The $100 million loan is the first of its kind by JBIC through an IFSC Banking unit at GIFT City. 

Read more here.

Prestige Estates quarterly sales surge to Rs 3,889 crore

Prestige Estates has reported the highest-ever sales of Rs 12,930.9 crore, up 25% YoY, and collections of Rs 9,805.5 crore, up 31% YoY during FY23. Quarterly sales were up 19% YoY to Rs 3,888.8 crore and quarterly collections up 12% YoY to Rs 2,763.3 crore in Q4 FY23. The company sold over 9,600 homes in FY23 and launched 26.38 million square feet, up 57% YoY.

Read more here.

RBI grants AU Small Finance Bank permission to deal with foreign exchange

AU Small Finance Bank has received permission from the Reserve Bank of India (RBI) to act as an Authorised Dealer (Category-I (AD-I) under section 10 of FEMA, 1999). The permission is subject to compliance of applicable regulations. In addition, the RBI has approved the re-appointment of Sanjay Agarwal as managing director and CEO of the bank and Uttam Tibrewal as whole-time director for a period of three years.

Read more here.

Zydus Lifesciences gets USFDA approval to manufacture generic anti-inflammatory drug

Zydus Lifesciences has received final approval from the USFDA to manufacture and market generic Roflumilast Tablets used to reduce inflammation in the lungs that leads to chronic obstructive pulmonary disease (COPD). The drug will be manufactured at the group’s formulation manufacturing facility in SEZ Ahmedabad. Roflumilast Tablets had annual sales of USD 34 million in the United States in FY23.

Read more here.

Shakti Pumps gets pending $1 million for Ugandan Water Project from EXIM Bank

Shakti Pumps has received a pending USD 1 million from EXIM Bank on behalf of the Government of Uganda for a project aimed at providing safe and sustainable water supply to half a million people in 20 rural districts. The project involves the supply of a solar-powered water pumping system, for which Shakti Pumps was awarded a contract worth USD 35.30 million in March 2021 by the Ministry of Water and Environment of the Ugandan government.

Read more here.

NBCC gets project worth Rs 208 crore from PWD Puducherry

NBCC (India) Limited has been awarded a project worth Rs 208 crore from PWD Puducherry. The project involves providing comprehensive design, engineering, and project management consultancy services for a range of infrastructure works, including the construction of a disabled accessible platform, iconic cycle track, and sewage system remodeling. NBCC has also recently received orders worth Rs 448 crore from the Ministry of Home Affairs and the NCLT nod to dissolve its subsidiary, NBCC Engineering & Consultancy Limited (NECL).

Read more here.

UltraTech Cement commissions 2.2 MTPA cement grinding unit in Bihar

UltraTech Cement has commissioned a 2.2 MTPA Brownfield expansion at its grinding unit in Patliputra, Bihar, increasing its grinding capacity to 4.7 mtpa. The expansion will allow the company to meet growing demand for cement in the East region and increase its blended cement ratio. UltraTech Cement’s total grey cement manufacturing capacity in India is now 129.15 mtpa. The company reported a 12% YoY increase in consolidated sales volume to 105.7 million tonnes in FY23. A 14% YoY increase in grey cement volumes to 100.1 mt was also reported.

Read more here.

Categories
Market News Top 10 News

IndusInd Bank’s Net Profit Rises 57% YoY in Q2 – Top Indian Market Updates

Indusind Bank

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

IndusInd Bank Q2 Results: Net profit rises 57% YoY to ₹1,805 crore

IndusInd Bank reported a 57.3% YoY increase in net profit to ₹1,805.2 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 18% YoY to ₹4,302 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 2.11% in Q2, compared to 2.35% in Q1. Provisions fell 33% YoY to ₹1,141 crore in Q2 FY23.

Read more here.

BEL signs MoU with Triton to manufacture hydrogen fuel cells

Bharat Electronics Ltd has signed a Memorandum of Understanding (MoU) with US-based Triton Electric Vehicle (TEV) to manufacture of hydrogen fuel cells. BEL will manufacture the cells using the technology transfer from TEV. This would also help to meet the requirements of the Indian market and mutually agreed-upon export markets.

Read more here.

Nestle India Q3 Results: Net profit rises 8% YoY to ₹668 crore

Nestle India Ltd reported an 8.3% YoY increase in net profit to ₹668.34 crore for the quarter ended Sept (Q3 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations rose 18.24% YoY to ₹4,591 crore during the same period. E-commerce contributed 7.2% to the quarterly sales. Nestle India’s board has declared an interim dividend of ₹120 per share.

Read more here.

Bharat Forge, General Atomics to develop Li-Ion battery system

Bharat Forge Ltd has signed an agreement with US-based technology major General Atomics to collaborate and develop a Lithium-Ion battery system for the Indian Navy. The two entities have also agreed to partner in the area of permanent magnet motors. The pact was signed on the sidelines of the DefExpo in Gandhinagar, Gujarat. 

Read more here.

UltraTech Cement Q2 Results: Net profit falls 42% YoY to ₹758 crore

UltraTech Cement reported a 42% YoY decline in consolidated net profit to ₹758.7 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 15.61% YoY to ₹13,892.69 crore during the same period. The cement manufacturer’s total expenses stood at ₹12,934.27 crore in Q2, up 26.68% YoY. Total sales volume rose 7% YoY to 23.10 million metric tonnes (MMT).

Read more here.

REC, PFC to provide ₹8,520 crore finance for 1,320 MW thermal power plant at Buxar

State-owned REC Ltd and Power Finance Corporation (PFC) have signed a pact to provide ₹8,520.92 crore to SJVN Thermal Pvt Ltd to set up a 1,320 megawatts (MW) thermal power plant at Buxar (UP). The total estimated project cost is ₹12,172.74 crore, with a debt requirement of ₹8,520.92 crore. REC and PFC will finance the total debt requirement.

Read more here.

INOX Leisure Q2 Results: Net loss at ₹40 crore

INOX Leisure Ltd reported a consolidated net loss of ₹40.37 crore for the quarter ended Sept (Q2 FY23). The multiplex operator posted a net loss of ₹87.66 crore in Q2 FY22. Its revenue from operations jumped 688% YoY to ₹374.12 crore in Q2 FY23. Total expenses stood at ₹434.24 crore in Q2, up 155% YoY. The company plans to add 11 properties and 47 screens in the current financial year (FY23).

Read more here.

Reliance Retail partners with 50+ traditional sweets makers

Reliance Retail Ventures Ltd has entered distribution partnerships with over 50 regional sweets makers across India to distribute, mass produce, modernise packaging, and develop traditional Indian sweets with extended shelf life. These packaged mithais will be placed at all Reliance grocery stores such as Smart Bazaar, Smart, and other grocery formats. It will also be available on Reliance Retail’s e-commerce platform JioMart.

Read more here.

Havells India Q2 Results: Net profit falls 38% YoY to ₹187 crore

Havells India reported a 38% YoY decline in net profit to ₹187 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14% YoY to ₹3,679 crore during the same period. The company’s revenue from its cable business rose 18.8% YoY to ₹1,359 crore in Q2. EBITDA stood at ₹286 crore, down 36% YoY

MakeMyTrip, Goibibo, OYO fined ₹392 crore by CCI for unfair business practices

The Competition Commission of India (CCI) had slapped penalties totaling ₹392 crore on online travel firms MakeMyTrip-Goibibo (MMT-Go) and hospitality services provider OYO for unfair business practices. It was alleged that MMT-Go imposed a price parity in their agreements with hotel partners.

Under such pacts, hotel partners are not allowed to sell their rooms on any other platform or on their own online portal at a price below the price at which it is being offered on the two entities’ platforms.

Read more here.

Categories
Market News Top 10 News

RIL Reports 46% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

RIL Q1 Results: Net profit rises 46% YoY to Rs 17,955 crore

Reliance Industries Ltd (RIL) reported a 46.29% YoY increase in consolidated net profit to Rs 17,955 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 54.5% YoY to Rs 2,23,113 crore during the same period. RIL’s oil-to-chemical (O2C) business delivered its best-ever performance in Q1 despite the global challenges.

Reliance Jio Infocomm reported a 24% YoY (or 4% QoQ) increase in net profit to Rs 4,335 crore in Q1. The telecom giant’s revenue grew 21.6% YoY to Rs 21,873 crore. The growth in revenues was driven by an increase in average revenue per user (ARPU) and modest addition to its subscriber base.

Read more here.

Rupee holding up well relative to advanced, emerging market peers: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the Indian economy is relatively better placed amidst the grim global scenario. He added that the Indian Rupee is holding up well relative to advanced and emerging market peers. “RBI has been supplying US Dollars to the market to ensure adequate supply of liquidity. Also, it is necessary to look at unhedged forex exposures factually, rather than being alarmed by it,” he said.

Read more here.

UltraTech Cement Q1 Results: Net profit falls 7% YoY to Rs 1,584 crore

UltraTech Cement Ltd reported a 7.4% YoY (or 39.5% QoQ) decline in consolidated net profit to Rs 1,584 crore for the quarter ended June (Q1 FY23). The sharp rise in power and fuel costs had an adverse impact on the company’s profits. Its revenue from operations grew 28.2% YoY to Rs 15,163.98 crore during the same period. UltraTech Cement achieved capacity utilisation of 83% in Q1 FY23, compared to 73% in Q1 FY22.

Read more here.

Domestic air traffic records 66% growth in January-June period: DGCA

The number of passengers carried by domestic airlines grew 66.73% YoY to 343.37 lakh in the January-July period. The passenger load factor (PLF) or occupancy rates for IndiGo was 78.6% and 84.1% for SpiceJet during this period. IndiGo had the largest market share in the April-June quarter (Q1 FY23) at 56.3%, followed by Go First at 10.4%, and SpiceJet at 9.7%. The data was released by the Directorate General of Civil Aviation.

Read more here.

Bandhan Bank Q1 Results: Net profit jumps 137% YoY to Rs 887 crore

Bandhan Bank reported a 137% YoY jump in net profit to Rs 886.5 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 18.9% YoY to Rs 2,514.4 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 7.25% in Q1 FY23, compared to 8.18% in Q1 FY22. Total deposits increased by 20.3% YoY to Rs 77,336 crore.

Read more here.

Tata Motors wins tender for 1,500 electric buses from DTC

Tata Motors Ltd has received an order of 1,500 electric buses from Delhi Transport Corporation (DTC) as part of a larger tender by Convergence Energy Services Ltd (CESL). The automaker will supply, operate and maintain these buses for 12 years. To date, Tata Motors has supplied over 650 electric buses across multiple cities in India.

Read more here.

JSW Steel Q1 Results: Net profit falls 86% YoY to Rs 838 crore

JSW Steel Ltd reported an 85.8% YoY (or 75% QoQ) decline in consolidated net profit to Rs 838 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 32% YoY to Rs 38,086 crore during the same period. The rise in the cost of raw materials, power, fuel, and other expenses severely impacted the company’s margins. EBITDA stood at Rs 4,309 crore in Q1, down 58% YoY.

Read more here.

Olectra Greentech to supply 300 electric buses worth Rs 500 crore to Telangana

Olectra Greentech Ltd has received an order for 300 electric buses from Telangana State Road Transport Corporation (TSRTC). The value of this order is approximately Rs 500 crore. These 12-metre, low-floor, non-AC buses have a seating capacity of 35 and wheelchair accessibility. The lithium-ion (Li-ion) battery installed in these buses enables them to travel nearly 200 kilometres on a single charge at 80%.

Read more here.

Coforge Q1 Results: Net profit rises 21% YoY to Rs 150 crore

Coforge Ltd reported a 21.1% YoY increase in consolidated net profit to Rs 149.7 crore for the quarter ended June (Q1 FY23). Net profit declined by 27.9% when compared to the previous quarter. Its gross revenues grew 25.2% YoY (or 5% QoQ) to Rs 1,829.4 crore during the same period. The IT company secured orders worth $315 million (~Rs 2,514 crore) in Q1. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

Read more here.

Hindustan Unilever to invest Rs 700 crore in Uttar Pradesh by 2025

Uttar Pradesh is set to see investments worth Rs 700 crore from Hindustan Unilever Ltd (HUL) by 2025, said the state’s Chief Minister Yogi Adityanath. The FMCG firm will create lakhs of direct and indirect employment opportunities in the region in the next three years. CEO Sanjiv Mehta and UP CM virtually unveiled HUL’s new spray-dried detergent factory and co-located distribution centre in Hamirpur district.

Categories
Market News Top 10 News

Jio-BP to Set Up EV Charging Infra at Omaxe Properties – Top Indian Market Updates

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

Jio-BP to set up EV charging infra at Omaxe properties

Real estate developer Omaxe Ltd has partnered with Jio-bp to establish a battery charging ecosystem for electrical vehicles. Jio-bp is a fuel and mobility joint venture (JV) between Reliance Industries and UK-based bp. The JV will install 24×7 EV charging and swapping infrastructure for two and four-wheelers at Omaxe properties across India.

Read more here.

Shriram Transport Finance raises $250 million loan from DFC

Shriram Transport Finance Company Ltd (STFCL) has secured long-term funding of $250 million (~Rs 1,944 crore)  from the US International Development Finance Corporation (DFC). The external commercial borrowing is a fixed-rate 10-year loan. The funds raised from DFC will enable STFCL to on-lend for the purchase of new and used vehicles throughout India.

Read more here.

UltraTech Cement partners with Coolbrook to reduce CO2 emissions at plants

UltraTech Cement has signed a Memorandum of Understanding (MoU) with Finland-based Coolbrook to explore the possibility of reducing CO2 emissions from its cement manufacturing operations. The two entities will explore electrification of the cement kiln heating process. They aim to develop optimal electric process heating solutions for the cement manufacturing process replacing fossil fuels.

Read more here.

Welspun Corp, Tata Steel to manufacture pipes for hydrogen transportation

Welspun Corp Ltd (WCL) has partnered with Tata Steel to develop the framework and manufacture pipes for transporting pure hydrogen and natural gas-blended hydrogen. Through this strategic collaboration, WCL aims to assess the suitability of its “green” pipes for the transportation of pure hydrogen.

Read more here.

Fino Payments Bank partners with Go Digit for shop insurance policy

Fino Payments Bank Ltd has exclusively partnered with Go Digit General Insurance Ltd to offer shop insurance policies to small and medium business owners. The tie-up will allow businesses to avail the benefits of Go Digit’s My Business Policy in case of an adverse event. Fino is associated with Go Digit as a corporate agent.

Reliance closes in on Boots acquisition, makes binding offer

The consortium of Reliance Industries Ltd (RIL) and US buyout firm Apollo Global Management Inc. has moved closer to acquiring Walgreens Boots Alliance Inc’s international chemist and drugstore units. The bid for the Boots business is fully backed by committed financing. If completed, the deal will be RIL’s largest cross-border acquisition.

Read more here.

Coal India floats its first tender for coal imports

Coal India Ltd (CIL) has floated an international competitive bidding e-tender, seeking bids for importing 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents (order) received from them for the period of July-September of FY23. 

Read more here.

Iraqi Airways goes live on Ramco Systems’ aviation system

Ramco Systems Ltd has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9. It has completely digitalized all core business processes of the airways. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability, ensuring 100% aircraft airworthiness on the release.

Read more here.

Equity mutual fund inflows rise 16% in May: AMFI

Net investments into equity and equity-linked schemes rose 16% over the previous month to Rs 18,529.4 crore in May. Multi caps witnessed the least investments among all categories, while large caps saw the most. The monthly contribution to systematic investment plans (SIPs) grew by Rs 423.33 crore in May. The data was released by the Association of Mutual Funds in India (AMFI).

Read more here.

Categories
Market News Top 10 News

UltraTech Cement to Invest Rs 12,886 crore for Capacity Expansion – Top Indian Market Updates

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

UltraTech Cement to invest Rs 12,886 crore towards capacity expansion

UltraTech Cement Ltd’s board has approved a proposal to invest Rs 12,886 crore to add 22.6 million tonnes per annum (MTPA) capacity to its total production. The company aims to set up integrated and grinding units and bulk terminals. These new capacities are expected to commence commercial production in a staggered way across India by the end of FY25. 

Read more here.

Abdul Latif Jameel to invest Rs 150 million in Greaves Cotton’s EV arm

Saudi Arabia-based Abdul Latif Jameel International (ALJI) will invest $150 million (~Rs 1,160 crore) for a 35.8% stake in Greaves Electric Mobility (GEM). This values the electric vehicle (EV) arm at Rs 3,298 crore. ALJI has an option to invest another $70 million in the next twelve months. GEM has a strong presence in both electric 2-wheelers and electric 3-wheelers segments.

Read more here.

La Opala RG commences production at Uttarakhand unit

La Opala RG announced the commencement of commercial production at its green field plant at Sitarganj, Uttarakhand. The unit has a production capacity of 11,000 metric tons per annum. It is the second plant of the company in the state. La Opala RG is a pure-play tableware company. Its brands include La Opala, Diva, and Solitare.

Read more here.

BLS International signs pact with Royal Thai Consulate General

The Royal Thai Consulate-General, Mumbai, has authorised BLS International Ltd to accept and process visa applications. The company will provide Thai visa application services and value-added services like form filling assistance, SMS tracking, primetime submission, travel insurance, etc.  BLS International is a trusted global tech-enabled services partner for governments and citizens.

Ashok Leyland unveils eight-wheel truck AVTR 2620

Ashok Leyland Ltd has unveiled its first eight-wheel truck (AVTR 2620), making the company the only player to have a full range of trucks based on lift axle technology. The new product can be operated as a 25.5 tonne truck with lift axle down and an 18.5 tonne truck with lift axle up, offering lower fuel and operating costs during light load.

Read more here.

Fire breaks out at Deepak Nitrite GIDC plant

Deepak Nitrite Ltd’s GIDC plant at Nandesari, Vadodra, witnessed five major chemical blasts today. Smoke was visible from a long distance, and 7-8 fire-fighters reached the spot to put out the fire. Deepak Nitrite manufactures and sells basic chemicals, fine & speciality chemicals, and performance products in India.

Jio-bp to partner with MG Motor, Castrol to boost EV adoption in India

MG Motor India and Castrol India Ltd will partner with Jio-bp to explore mobility solutions for electric cars. The three entities will explore setting up a four-wheeler EV charging infrastructure and expand Castrol’s existing auto service network to cater to EV customers. This partnership is in line with Jio-bp and MG Motor’s commitment to providing vast and reliable charging infra to electric car customers and accelerating EV adoption in India.

[Jio-bp is a joint venture between Reliance Industries Ltd (RIL) and British oil and gas major bp].

Read more here.

GR Infra’s arm signs pact with NHAI for road project in Andhra Pradesh

GR Madanapalli Pileru Highway Pvt Ltd (GRMPHPL) has signed an agreement with the National Highways Authority of India (NHAI) for a road project worth Rs 1,577 crore. The project consists of four-laning of NH-71 from Madanapalli to Pileru in Andhra Pradesh. The length of the road is 55.9 km. GRMPHPL is a wholly-owned subsidiary of GR Infraprojects Ltd.

SEBI penalises Eicher Motors for flouting rules

Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 10 lakh for failing to follow rules in the duplicate share certificates case. The company has to pay the fine within 45 days. The order comes after the SEBI received a complaint from Adesh Kaur against the automaker. It mentioned that 903 shares of the company were fraudulently transferred to an account of an impersonator who managed to forge her signature and change her address.

Categories
Market News Top 10 News

Maruti Suzuki Reports 58% YoY Rise in Q4 Net Profit – 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 Q4 Results: Net profit rises 58% YoY to Rs 1,839 crore 

Maruti Suzuki India Ltd (MSIL) reported a 58% YoY increase in net profit to Rs 1,839 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 25,514 crore during the same period. The automaker sold 4,88,830 vehicles in Q4, registering a 0.7% YoY decline. Lower sales promotion costs helped MSIL outweigh the impact of high raw material costs and global semiconductor shortages.

Read more here.

IRDAI hikes exposure limit for insurers in BFSI sector to 30%

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to have exposure to financial and insurance activities up to 30% of their investment assets. This move will give insurance companies more flexibility to invest and could help improve returns. IRDAI has also proposed rationalisation and standardised administration of group health policies.

Read more here.

IndusInd Bank Q4 Results: Net profit rises 55% YoY to Rs 1,361  crore

IndusInd Bank reported a 55.3% YoY increase in consolidated net profit to Rs 1,361 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 13% YoY (or 5% QoQ) to Rs 7,860 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The bank’s provisions and contingencies declined by 21.5% YoY to Rs 1,464 crore in Q4.

Read more here.

UltraTech Cement Q4 Results: Net profit rises 47% YoY to Rs 2,614 crore

UltraTech Cement Ltd reported a 47% YoY increase in net profit to Rs 2,613.75 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 9.45% YoY to Rs 15,767.28 crore during the same period. Sales volumes fell 0.3% YoY to 27.69 million tonnes (MT) in Q4. The cement manufacturer’s board has declared a dividend of Rs 38 per equity share. 

Read more here.

IDBI Bank privatisation process on: DIPAM Secretary

DIPAM Secretary Tuhin Kanta Pandey said IDBI Bank’s privatisation process is on, and the quantum of stake sale will be decided after the roadshow is complete. The government may decide to sell its entire stake in one go or in tranches depending on the investors’ response. The Indian government holds a 45.48% stake in the bank, while LIC holds a 49.24% stake.

Read more here.

Wipro Q4 Results: Net profit rises 4% YoY to Rs 3,092 crore

Wipro Limited reported a 4% YoY increase in consolidated net profit to Rs 3,092 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 28% YoY to Rs 20,860 crore during the same period. The IT company closed 37 large deals resulting in a total contract value (TCV) of over $2.3 billion in FY22.

Read more here.

Tata Motors unveils Avinya concept EV

Tata Motors has unveiled a new electric SUV Concept named “Avinya” based on its latest Pure EV third-generation architecture. The concept promises more than 500 km range on a single charge cycle. It could come with dual electric motors, each powering one axle and sending power to all four wheels. The automaker aims to introduce the new EV by 2025.

Read more here.

SBI Cards Q4 Results: Net profit jumps 231% YoY to Rs 581 crore

SBI Cards & Payment Services Ltd reported a 231% YoY jump in consolidated net profit to Rs 581 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.91% YoY to Rs 2,319 crore during the same period. Earnings before credit costs increased by 25% YoY to Rs 1,172 crore in Q4. Total operating costs stood at Rs 1,577 crore, up 23% YoY.

Read more here.

PVR to bring opera-inspired auditorium concept Oma Cinema to India

PVR Cinemas has entered into an exclusive partnership with Oma Cinemas to roll out opera house-inspired cinemas in India. Oma Cinemas is a premium auditorium concept created by noted French architect Pierre Chican. Its unique tiered balconies (or pods) provide viewers with a sociable cinema experience while enjoying a perfect view of the screen.

Read more here.

Varroc Engineering to sell Europe, Americas 4-wheeler lighting business for $631 million

Varroc Engineering Ltd will sell its four-wheeler lighting system operations in the Americas and Europe to France’s Compagnie Plastic Omnium for $630.96 million. The company will continue to operate its China joint venture and its other businesses in countries such as Italy, Vietnam, Poland, and Romania. The divestment is part of its strategy to focus on the two-wheeler sector globally and electric vehicle product lines.