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Godrej Consumer Reports 59% YoY Rise in Net Profit in Q4 – Top Indian Market News

Godrej Consumer Q4 Results: Net profit rises 59% YoY to Rs 366 crore

Godrej Consumer Products Ltd (GCPL) reported a 59.13% year-on-year (YoY) increase in consolidated net profit to Rs 365.84 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 27%. Its revenue from operations rose 27% YoY to Rs 2,705.69 crore during the same period. GCPL’s revenue from the Indian market was up 34.63% YoY to Rs 1,499.74 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 14.98% YoY to Rs 1,720.82 crore. GCPL said localised lockdowns could impact frontline servicing and replenishment of its outlets.

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JSW Hydro raises $707 million in first offshore bond issuance

JSW Hydro Energy, a subsidiary of JSW Energy Ltd, has raised $707 million (~Rs 5,185 crore) through its first-ever offshore bond issuance. The proceeds from the issue will be used to repay the existing debt of the company’s two operational hydro projects. The senior secured notes will bear interest from May 18, 2021, to May 18, 2031, at the rate of 4.125% per annum. The bonds will be listed on the Singapore Exchange (SGX).

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Moody’s cuts India’s FY22 GDP forecast to 9.3%

Rating agency Moody’s has slashed India’s gross domestic product (GDP) forecast for FY 2021-22 to 9.3% from the earlier projection of 13.7%. The downward revision in GDP estimates comes on the back of the second wave of Covid-19 infections across the country, which have triggered localised lockdowns and mobility curbs. Moody’s stated that the second wave will slow the near-term economic recovery and could also affect long-term growth dynamics.

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Infosys announces strategic collaboration with Britvic

Infosys Limited announced that it has been selected by UK-based Britvic as an end-to-end partner to help them deliver their strategic digital transformation roadmap and operations. Britvic is one of the leading branded soft drinks businesses in Europe. The IT services major will simplify and streamline Britvic’s cloud infrastructure and operations using its Infosys Cobalt platform.

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Granules India Q4 Results: Net profit rises 38% YoY to Rs 128 crore

Granules India Ltd reported a 38.15% YoY increase in consolidated net profit to Rs 127.6 crore for the quarter ended March (Q4). Its revenue from operations rose 33% YoY to Rs 799.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.8% YoY to Rs 549.45 crore. The pharma company’s board has recommended a final dividend of Rs 0.75 per share.

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JSW Steel’s crude steel out jumps two-fold to 13.71 LT in April

JSW Steel Limited said its crude steel output jumped over two-fold to 13.71 lakh tonnes (LT) in April 2021. The company had produced 5.63 LT in the same month last year. Crude steel output has declined by 5% when compared with March 2021. JSW Steel’s production of flat-rolled products rose three-fold to 9.57 LT, compared with 3.44 LT in April 2020. It produced 3.37 LT long-rolled products in April 2021, compared with 0.89 LT in April 2020.

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UPL signs licensing agreement with Japan-based Meiji Seika Pharma

UPL Limited said its subsidiary has entered into a licensing agreement with Japan-based Meiji Seika Pharma Co. Ltd for exclusive access to Flupyrimin in Southeast Asia. Flupyrimin is a patented active ingredient developed by Meiji. It is a novel insecticide that is effective against rice pests. UPL will obtain exclusive rights to develop, register, and commercialise formulations of Flupyrimin for applications in rice in Southeast Asia.

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Siemens Q2 Results: Net profit rises 90% YoY to Rs 334 crore

Siemens Limited reported a 90.3% YoY increase in consolidated net profit to Rs 334.4 crore for the quarter ended March (Q2 FY21). The company follows the October-September financial year cycle. On a quarterly basis, net profit has risen by 13.16%. Its total income rose 30% YoY to Rs 3,540 crore during the same period. Siemens registered new orders from continuing operations worth Rs 3,309 crore, registering a 16.9% rise compared with the same period last year (Q2 FY20). 

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Firstsource Solutions Q4 Results: Net profit falls 49% YoY to Rs 46 crore

Firstsource Solutions Ltd (FSL) reported a 49% YoY decline in net profit to Rs 46.68 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 61%. The company’s revenue from operations rose 35% YoY (or 7% QoQ) to Rs 1,460 crore during the same period. Its BFSI vertical grew 66% YoY to Rs 758 crore, while the communications, media, and technology (CMT) vertical grew 23% YoY to Rs 300.94 crore. FSL is a leading business process management (BPM) company based in Mumbai.

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Linde India Q1 Results: Net profit jumps 676% YoY to Rs 303 crore

Linde India Limited reported a 676% YoY jump in consolidated net profit to Rs 303.23 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. On a quarterly basis, net profit increased by 433.8%. Its consolidated revenue rose 17% YoY to Rs 441.42 crore during the same period. The rise in profit has been primarily due to an exceptional item worth Rs 294 crore.

Indiabulls Housing Finance to divest its mutual fund business to Groww for Rs 175 crore

Indiabulls Housing Finance has entered into a definitive agreement with Nextbillion Technology Pvt. Ltd (which operates Groww) to divest its entire stake in the mutual fund business of its subsidiaries— Indiabulls Asset Management Co. Ltd and Indiabulls Trustee Co. Ltd for Rs 175 crore. The deal includes a cash equivalent of Rs 100 crore to be invested in Groww. The transaction is expected to be completed by June 30, 2022. Indiabulls Housing said it will narrow focus on its real estate asset management business, as it looks to operate with an asset-light strategy. 

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Kalpataru Power Q4 Results: Net profit falls 43% QoQ to Rs 174 crore

Kalpataru Power Transmission reported a 43.51% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 174 crore for the quarter ended March (Q4). Net profit has jumped 461% YoY.  Its revenue from operations rose 16% QoQ (or 15.8% YoY) to Rs 4,086 crore during the same period. For the financial year ended March 31, 2021 (FY21), its net profit has increased by 72.05% YoY to Rs 671 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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Reliance to Spin-Off Oil-to-Chemicals Segment With $25 Billion Loan – Top Indian Market News

Reliance to spin-off Oil-to-Chemicals segment with $25 billion loan

Reliance Industries Ltd (RIL) announced that it has initiated the process of carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL will retain 100% management control in the subsidiary. It has also extended an interest-bearing loan of $25 billion (~Rs 1.81 lakh crore) to the O2C business. RIL expects to receive necessary approvals for the reorganisation by the second quarter of FY 2021-22.

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Cochin Shipyard secures Rs 10,000 crore order from Indian Navy

Cochin Shipyard Limited (CSL) has been declared as the lowest (L1) bidder by the Ministry of Defence for the construction of six next-generation missile vessels for the Indian Navy. The estimated value of the order is Rs 10,000 crore. The final announcement of the contract will be subject to the satisfactory completion of necessary formalities.

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Amazon India partners with Mahindra Electric to deploy 10,000 EVs for delivery

Amazon India has partnered with Mahindra Electric to deploy 10,000 electric vehicles (EVs) in its local delivery fleet by 2025. Mahindra’s electric three-wheeler, Treo Zor, is already used by Amazon’s delivery service partners in seven cities, including New Delhi, Bengaluru, and Hyderabad. This is part of Amazon.com Inc’s commitment to having 100,000 EVs in its global delivery fleet by 2030.

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Fire breaks out at UPL’s Jhagadia plant in Gujarat

UPL Limited announced that a serious fire broke out at its Jhagadia plant (in Gujarat) in the early hours of Tuesday morning. The company’s emergency team and the local fire brigade brought the massive fire under control. UPL confirmed that two people were killed and around 26 have been injured. It was reported that the fire may have been caused due to an electric short circuit.

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Adani Enterprises forms joint venture with EdgeConneX to develop data centres in India

Adani Enterprises has formed a 50:50 joint venture with US-based data centre operator EdgeConneX to build data parks in India. AdaniConneX JV has started the development of hyperscale facilities in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. It will also develop scalable edge data centres across India.

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Bharti Airtel partners with Qualcomm for 5G rollout in India

Bharti Airtel has partnered with US-based Qualcomm Technologies for accelerating 5G services in India. The telecom company will utilise Qualcomm 5G Radio Access Network (RAN) platforms to roll-out virtualised and Open RAN-based 5G networks. Recently, Airtel became India’s first telco to demonstrate 5G over a live commercial network in Hyderabad.

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Bharat Forge receives order worth Rs 178 crore from Defence Ministry

Bharat Forge has received an order worth Rs 177.95 crore from the Ministry of Defence (MoD) for the supply of Kalyani M4 armoured vehicles to the Indian Army. As per reports, the contract from MoD entails the production of 200 Kalyani M4 vehicles under emergency procurement protocols. On Monday, Bharat Forge had signed an agreement with South Africa-based Paramount Group to manufacture Kalyani M4 vehicles in India.

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Heranba Industries IPO subscribed 85% on first day of bidding

The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 85% on the first day of bidding. The issue received bids for 58.76 lakh equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 1.64 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 9%. 

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Zuari Agro Chemicals to sell Goa unit to Pradeep Phosphates for $280 million

Zuari Agro Chemical’s board has approved the sale of the company’s fertilizer plant in Goa and associated businesses to Pradeep Phosphates Ltd. The unit will be sold on a slump sale basis for an agreed enterprise value of $280 million (~Rs 2,030 crore). The business transfer agreement will be executed by the end of February 2021.

Gayatri Projects receives LoA for NHAI road project worth Rs 1,323 crore

Gayatri Projects Limited has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project worth Rs 1,323.5 crore. The order includes the development of six-lane access-controlled roads in the Uttar Pradesh portion of the Delhi-Saharanpur Highway. The project comes under the Economic Corridor in Phase-1 of the Bharatmala Pariyojana.

Sun Pharma to launch complete range of generic anti-epilepsy drug

Sun Pharmaceutical Industries said it plans to launch a complete range of anti-epilepsy drug- Brivaracetam in India. The drug is indicated for the treatment of partial-onset seizures in patients 16 years of age and older with epilepsy. Sun Pharma introduced Brevipil (Brivaracetam) tablet in the strengths of 25 mg/50 mg/75 mg/100 mg on Feb 21. 

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Whistleblower Accuses UPL Promoters of Financial Fraud – Top Indian Market News

Whistleblower accuses UPL promoters of financial fraud

According to a report by ET Prime, a whistleblower has alleged that UPL’s promoters have siphoned off money. The whistleblower stated that UPL entered into rent deals with a shell company, which was owned by its employees. The report also states that the company paid crores in rent for properties owned by the shell company. The whistleblower was reported to be a board member of the listed agrochemical company.

UPL has denied claims made in the report and has stated that the whistleblower is not a member of the board. The company said that none of the entities mentioned in the article were wholly or partially owned by promoters or employees.

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Snowman Logistics, SpiceJet sign MoU for vaccine distribution

Snowman Logistics has signed a Memorandum of Understanding (MoU) with SpiceJet Ltd for jointly distributing Covid-19 vaccines across India. The cold chain logistics firm will handle ground services such as transportation to/from manufacturers, packing, and storage. SpiceJet will provide air connectivity for temperature-controlled distribution of the Covid-19 vaccine across India, as well as internationally.

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CCI initiates probe into cartelisation of cement companies

The Competition Commission of India (CCI) has initiated an investigation against cement companies regarding alleged anti-competitive behaviour. The CCI also conducted raids at the offices of ACC, Ambuja Cements, and UltraTech Cement. The investigation comes after Roads and Highways Minister Nitin Gadkari hinted at possible cartelisation and “black marketing technique” in the cement industry in September.

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Mrs. Bectors Food IPO to open on December 15

Mrs. Bectors Food Specialities is all set to open its Rs 541 crore initial public offering (IPO) on December 15. The price band for the IPO has been set at Rs 286-288 per share. The company plans to use the proceeds from the IPO for financing its Rajpura expansion project. Mrs. Bectors Food manufactures a range of products such as biscuits, bread, and buns. It is the exclusive supplier of buns for Burger King India.

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L&T Technology Services wins $100 million project from global oil & gas major

L&T Technology Services (LTTS) said that it has been selected as a primary engineering partner by a global oil & gas major.  The company will help to support two integrated refining and chemical manufacturing facilities in the United States. LTTS stated that the five-year engagement has a potential value of more than $100 million (~Rs 737 crore). Under the contract, LTTS will provide multi-discipline plant engineering activities for both facilities of the O&G major.

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NSE to launch derivatives on Nifty Financial Services Index from Jan 11

The National Stock Exchange (NSE) will launch derivatives on the Nifty Financial Services Index from January 11, 2021. Currently, the NSE offers index derivatives on only two equity indices- Nifty 50 Index and Nifty Bank Index. The Nifty Financial Services Index consists of 20 stocks and is designed to reflect the behavior of banks, financial institutions, housing finance, and insurance companies.

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Nokia ties up with Vodafone Idea to offer tech solutions for enterprises

Nokia has partnered with Vodafone Idea Ltd (VIL) to offer technology solutions for VIL’s enterprise division customers. Under this collaboration, Nokia will provide fixed wireless and private wireless technology solutions to VIL’s customers. The partnership will help enterprises to use technologies to increase operational efficiency and improve the security of their infrastructure.

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Equitas Small Finance Bank launches 3-in-1 account

Equitas Small Finance Bank has launched a 3-in-1 account which allows its customers to invest in a wide variety of financial products. The lender stated that a 3-in-1 account (savings+trading+demat) can help customers to keep all their banking and financial investments under one umbrella entity. The bank provides stock broking and demat services through a referral arrangement with brokerage firms for trading and depository services.

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Wipro Infrastructure to acquire industrial automation firm PARI

Wipro Infrastructure Engineering has signed a definitive agreement to acquire Precision Automation and Robotics India (PARI). PARI is a prominent player in industrial automation in India and has a significant overseas presence. The combined capabilities of both companies would help strengthen its ability to forge deeper customer relationships in India and overseas.

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Ircon International secures NHAI road project in Haryana

Ircon International Ltd has received an order from the National Highways Authority of India (NHAI) to upgrade a section of the NH-352W in Haryana. The value of the order has been estimated at Rs 900 crore. Ircon International is an engineering and construction firm established by the Government of India.

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Reliance Industries Reports 15% YoY Decline in Net Profit – Top Indian Market News

Reliance Industries Q2 Results: Net Profit at Rs 9,567 crore

Reliance Industries Ltd. (RIL) has reported a 15% year-on-year (YoY) decline in net profit at Rs 9,567 crore, for the quarter ended September (Q2). The revenue from operations of RIL has declined by 24% YoY to Rs 1.16 lakh crore, during the same period. The company had posted a net profit of Rs 11,262 crore in Q2 of the previous financial year.

Indian Oil Corporation Q2 Results: 13-fold jump in Net Profit to Rs 6,026 crore

Indian Oil Corporation (IOC) reported a 13-fold year-on-year (YoY) increase in consolidated net profit at Rs 6,025.91 crore, for the quarter ended September (Q2). The consolidated revenue of IOC declined by 13.39% YoY to Rs 1.16 lakh crore, during the same period. The share price of IOC saw a rise of 1.47%, and closed at Rs 79.55 on the NSE today.

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UPL Q2 Results: Net Profit jumps 165% YoY to Rs 537 crore

UPL Ltd reported a 165.84% year-on-year (YoY) increase in consolidated net profit at Rs 537 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 14% YoY to Rs 8,939 crore, during the same period. UPL has also stated that it has decided to stop production at its oldest manufacturing plant in the Netherlands.

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BSE to consult SEBI on Future-Reliance deal: Report

Reports from various news publications have stated that the Bombay Stock Exchange (BSE) will consult market regulator SEBI, to seek clarifications from Future Retail and Reliance Industries. This comes after Amazon Inc. had objected to the $3.4 billion (~Rs 25,365 crore) deal between Reliance Retail and Future Retail. As per reports, US-based Amazon had written to SEBI and the stock markets to put the deal on hold, due to the Singapore arbitration order.

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IndusInd Bank Q2 Results: 53% YoY decline in net profit

IndusInd Bank Ltd. reported a 53% year-on-year (YoY) decline in net profit to Rs 663 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 12.7% YoY to Rs 3,278 crore, during the same period. The lender had increased its provisions during the July-September quarter to Rs 1,964 crore. Provision is an amount set aside by a company to pay for any losses that might arise in the future.

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Axis Bank revises stake acquisition agreement with Max Life

Axis Bank, on Friday, announced that the lender and its subsidiaries have agreed to enter into a revised agreement with Max Life Insurance (MLI). They will acquire 19% of the equity share capital of Max Life, instead of 17% as mentioned before. The revised agreement had to be made, as the Reserve Bank of India (RBI) had rejected Axis Bank’s earlier proposal to directly buy a 17% stake in Max Life.

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Suven Pharma Q2 Results: Net Profit declines 20% YoY to Rs 74 crore

Suven Pharmaceuticals reported a 20.35% year-on-year (YoY) decline in consolidated net profit to Rs 74.07 crore, for the quarter ended September (Q2). The consolidated total income of the company stood at Rs 237.74 crore, during the same period. Suven Pharma’s Board of Directors has allotted bonus shares at a 1:1 ratio. This means that the company will issue one bonus share for every one share held by the existing shareholders.

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Blue Dart Q2 Results: 189% YoY increase in net profit

Blue Dart Express Ltd. reported a 189.1% year-on-year (YoY) increase in consolidated net profit at Rs 42.33 crore, for the quarter ended September (Q2). The net sales of the company increased by 8% YoY to Rs 866.57 crore, during the same period. The share price of Blue Dart Express saw a rise of 13.32%, and closed at Rs 3,680 on the NSE today.

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BPCL puts Bina refinery expansion plan on hold pending privatisation

Bharat Petroleum Corporation Ltd. (BPCL) has put on hold its plans to expand its Bina refinery and install a secondary unit at its Mumbai refinery to boost efficiency. The plans have been put on hold due to the privatization process of the company. The Government wants to sell a 53.29% stake in BPCL, in order to raise funds and cover-up its fiscal deficit.

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Karur Vysya Bank Q2 Results: Net profit rises 81% YoY to Rs 115 crore

Karur Vysya Bank reported an 81.4% year-on-year (YoY) increase in net profit at Rs 114.89 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 0.9% YoY to Rs 601.5 crore, during the same period. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Mahindra Logistics Q2 Results: 34% YoY increase in net profit

Mahindra Logistics Ltd. has reported a 34% year-on-year (YoY) increase in net profit to Rs 14.98 crore, for the quarter ended September (Q2). The company’s sales have declined by 2.34% YoY to Rs 832.51 crore, during the same period. The company has stated that its sales volume has reached pre-Covid levels.

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