Tag: Vedanta

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HDFC Bank’s Net Profit Rises 18% YoY in Q3 – Top Indian Market News

HDFC Bank Q3 Results: Net profit rises 18% YoY to Rs 10,342 crore

HDFC Bank reported an 18% YoY increase in net profit to Rs 10,342.2 crore for the quarter ended December (Q3 FY22). Net profit increased 17% when compared to the previous quarter. Its net interest income (NII) grew 13% YoY (or 4% QoQ) to Rs 18,443.5 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 1.26% in Q3 FY22, compared to 1.35% in Q2 FY22. HDFC Bank’s provisions fell 12.3% YoY to Rs 2,994 crore in Q3 FY22. 

Read more here. 

Maruti Suzuki hikes prices for fourth time in FY22

Maruti Suzuki India Ltd has hiked the prices of its models for the fourth time in the current financial year (FY22). Prices of all models will go up 1.7% on a weighted average basis. Prices of select Maruti Suzuki cars went up by 1.6% in April and 1.9% in September 2021. The rise in input costs has put pressure on the margins of automakers, leading them to pass these costs on to consumers.

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Telcos seek refund of Rs 35,000 crore input tax credit, GST waiver on license fee, SUC: COAI

As per the Cellular Operators Association of India (COAI), telecom operators want the government to refund input tax credit (ITC) of around Rs 35,000 crore, reduce levies, and waive Goods & Service Tax (GST) on licence fees and spectrum usage in the upcoming Budget. Telcos Vodafone Idea, Bharti Airtel, and Reliance Jio also want the govt to suspend the universal service obligation fund (USOF) to reduce the burden on service providers. [USOF financially supports the rollout of telecom services in rural areas.]

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Hero MotoCorp lines up Rs 420 crore fresh investment in Ather Energy

Hero MotoCorp Ltd announced a new investment of Rs 420 crore in electric vehicle (EV) company Ather Energy. Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8%. The two-wheeler manufacturer is also exploring collaborations with Ather Energy in various spheres such as charging infrastructure, technology, and sourcing.

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Metro Brands Q3 Results: Net profit rises 53% YoY to Rs 102 crore

Metro Brands Ltd reported a 53% YoY increase in consolidated net profit to Rs 102 crore for the quarter ended December (Q3 FY22). Net profit increased 84% when compared to the previous quarter. Its revenue from operations rose 59% YoY (or 49% QoQ) to Rs 484 crore during the same period. 

In other news, Metro Brands has signed an exclusive strategic partnership with wellbeing footwear brand FitFlop for sale and distribution in India.

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Vedanta plans investments in Saudi Arabia’s mineral sector

Vedant Ltd has announced plans to invest in Saudi Arabia’s mineral sector, as the country is looking to team up with global companies to become a leading producer of zinc metal. “The company is in discussions to identify investment opportunities in Saudi Arabia, which will transform itself into a mineral hub in the Middle East,” said Vedanta’s chairman, Anil Agarwal.

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Govt to offer land for EV public charging stations through bidding

The Indian government has allowed state-owned entities to offer land to private agencies setting up public charging stations through a bidding process. The land available with government agencies can be offered to public sector undertakings (PSUs) at a concessional rate of Rs 1 per unit for setting up public charging stations. The tariff of public charging stations has also been capped to not exceed the average cost of supply till March 2025.

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NXTDigital board approves sale of digital, media businesses to Hinduja Global Solutions

NXTDigital Ltd’s (NDL) board has given in-principal approval for the sale of its digital and media businesses to Hinduja Global Solutions Ltd (HGSL). The move will fuel and accelerate NDL’s planned expansion across the digital ecosystem through optimal synergies with HGSL’s strength in digital processing. The proposed acquisition will include the management team, employees, all businesses and technology across NDL’s media, communications, and broadband segments.

Read more here.

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SEBI Bans Futures Trading For Seven Commodities – Top Indian Market News

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SEBI Bans Futures Trading In Seven Commodities

The Securities and Exchange Board of India (SEBI) has banned futures trading on seven commodities. The commodities are paddy (non-basmati), wheat, chana, mustard seeds and their derivatives, soya bean, crude palm oil, and moong. The move comes in the wake of the opposition that the incumbent government is facing in the wake of the country’s rising inflation rates. The food inflation in India has gone up from 0.85% in the previous month to 1.87%. 

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Shriram Properties Shares List at 24% Discount, Manage To Recover

Real estate developer Shriram Properties got listed today at 20% lower than its issue price of Rs 94. Shriram Properties’ issue price was Rs 118. The share price recovered, touching Rs 102-Rs 103 and closing at Rs 98. Shriram Properties posted a loss of Rs 60.03 crore in the six months ended September 2021. In FY21, the company’s loss narrowed to Rs 68.17 crore from Rs 86.39 crore a year ago. The company’s revenue decreased to Rs 431.5 crore from Rs 571.96 crore during the same period.

Read more here. 

Axis Bank to Raise Rs 5,000 Crore Using Bonds

Axis Bank will raise up to Rs 3,500 crore by issuing bonds. The board of directors had recently voted to allow the bank to borrow up to Rs 35,000 crores using debt instruments, perpetual debt instruments, AT-1 bonds, infrastructure bonds, Tier II capital bonds, etc. “We now wish to inform you that the Bank proposes to raise funds by issuing Senior Unsecured Taxable Redeemable Non- Convertible Debentures (Series – 6) of Rs.10 lakh each for cash at par with a base issue size of Rs 2,000 crore and Greenshoe option to retain oversubscription of Rs. 3,000 Crore thereby aggregating up to Rs. 5,000 crore”, said Axis Bank in a regulatory filing. 

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Supriya Lifescience IPO Oversubscribed 71x On Final Day

On its final day, Supriya Lifescience IPO has oversubscribed nearly 71 times. The public issue subscribed 55.76 times in the retail category, 31.83 times in the Qualified Institutional Buyers (QIB) category, and 161.22 times in the Non-Institutional Investor (NII) category. The Basis of Allotment would be decided on Dec 23, 2021. The shares will tentatively list on Dec 28, 2021.

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Royal Enfield Recalls 26,300 Units Of Classic 350 Due To Potential Brake Issue

Eicher Motors-owned Royal Enfield has recalled nearly 26,300 units of its 2021 variant of Classic 350 motorcycles citing a potential issue with the brakes. The company said in an official statement that a higher braking load applied on the rear brake pedal can potentially damage the reaction bracket. Local dealerships and service stations may call consumers whose Vehicle Identification Number (VIN) falls within September 1 to December 5, 2021. Consumers can check out the website or reach out to the nearest workshop. 

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Vedanta Acquires Nicoment, Becomes Only Nickel Producer In India

Vedanta Ltd has acquired Goa-based Nicoment, a leading nickel, and cobalt producer, making it the sole Nickel producer in India.  Currently, India imports 100% of its nickel requirement from abroad. Nicolet has a capacity to produce 7.5 tonnes per annum of nickel and cobalt. With an ambitious plan in the place, Vedanta plans to meet 50% of India’s Nickel requirements.

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Equitas Small Finance Bank Becomes banking partner for Maharashtra Govt.

Equitas Small Finance Bank announced on Monday that it is now empanelled as the banking partner for the Government of Maharashtra. The move will enable Equitas to open salary accounts for all existing employees and pension accounts for pensioners for the Government of Maharashtra. The other three banks assigned with the role of disbursing salaries are Bandhan Bank, Karur Vysya Bank, and The South Indian Bank.

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ITI Limited receives ₹433 cr worth order from Tamil Nadu Govt.

Indian Telephone Industries Limited (ITI) has received an order from TANFINET (Tamil Nadu Fibrenet Corporation Limited) (A Govt. of Tamil Nadu Undertaking) regarding BharatNet Phase-II. The contract would amount to Rs 433 crore. Under the project, ITI will be covering 10 districts, 109 blocks, 3103 Gram Panchayats, 845 Revenue villages across Tamil Nadu, providing a minimum of 1 Gbps bandwidth service.

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Wipro to acquire cybersecurity firm Edgile for $230 million

Wipro Limited has decided to acquire Texas-based headquartered Edgile for a consideration of $230 million. Edgile is a cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. Together, Wipro and Edgile will develop Wipro CyberTransform, an integrated suite that will help enterprises enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies, and reap the value of practical security in action.

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India Achieves Full Recovery in Pre-Pandemic Output Level in Q2 – Top Indian Market News

India achieves full economic recovery of pre-pandemic level in Q2: Finance Ministry

In its Monthly Economic Review report for November, the Ministry of Finance stated that India’s real GDP in Q2 FY22 has grown by 8.4% YoY, thereby recovering over 100% of the pre-pandemic output in the corresponding quarter of FY20. India is among the few countries that have recorded four consecutive quarters of growth amidst the Covid-19 pandemic, reflecting the resilience of our economy.  Data also shows that the investment cycle has kickstarted in the country.

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Antony Waste’s subsidiary secures order from North Delhi Municipal Corp

AG Enviro Infra Projects Pvt Ltd, a wholly-owned subsidiary of Antony Waste Handling Cell Ltd, has received an order for door-to-door collection and transportation of municipal solid waste to disposal sites at Sadar Paharganj Zone of North Delhi Municipal Corporation (NDMC). The contract is for ten years, and the company is estimated to handle ~1,000 tonnes of municipal waste per day.

Endurance Tech commences commercial production at new plant in Waluj

Endurance Technologies Ltd has commenced commercial production at its new plant at E-7 1, MIDC Industrial Area, Waluj in Aurangabad, Maharashtra. The plant will manufacture braking systems for the company’s original equipment manufacturer (OEM) customers. Endurance Tech will gradually ramp up the volumes of its disc brake assembly and rotary discs up to 36 lakh units per annum.

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Vedanta to pay Rs 13.5 per share as interim dividend

Vedanta Ltd will reward shareholders with a dividend payout for the second time this year after reporting back-to-back bumper profits in the past year. The mining company has approved an interim dividend of Rs 13.50 a share, totalling Rs 5,019 crore. Earlier this week, Vedanta’s subsidiary Hindustan Zinc Ltd had approved an interim dividend of Rs 18 per share, amounting to a payout of Rs 7,605.57 crore.

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Dr. Reddy’s Labs receives USFDA approval for VeraRing

Dr. Reddy’s Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) 207577- VeraRing. The pharma company is evaluating further steps in relation to this product. VeraRing covers the category of intra-uterine contraceptive devices.

Four IPOs to hit the markets next week

Medplus Health Services, Data Patterns (India) Ltd, HP Adhesives, and Supriya Lifescience will launch their initial public offerings (IPOs) between December 13th and 16th. Medplus Health Services Ltd is India’s second-largest pharmacy retailer in terms of the number of stores and revenue. It has fixed a price band for its Rs 1,398.3 crore IPO at Rs 780-796 per share.

Data Patterns (India) Ltd is set to launch its Rs 588.22 crore-IPO on December 14 at a price band of Rs 555-585 per share. It is a defense and aerospace electronics solutions provider.

HP Adhesives Ltd, a manufacturer of adhesives and sealants, will launch its initial public offer on December 15. The company has fixed Rs 262-274 per share as the price band for its Rs 125.96 crore IPO.

Supriya Lifesciences Ltd will launch its maiden public offer for subscription on December 10. The company is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs).

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ITC to Acquire 16% Stake in D2C Brand Mother Sparsh – Top Indian Market News

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ITC to acquire 16% stake in D2C brand Mother Sparsh

ITC Limited has announced plans to acquire a 16% stake in Mother Sparsh for Rs 20 crore through a share subscription agreement. Mother Sparsh is a direct-to-consumer (D2C) Ayurvedic and natural personal care brand that focuses on mother and baby care segments. ITC said the acquisition will enable access to the fast-growing D2C space in the ‘personal care’ category, which has been identified by the company as an area of interest. 

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Tata Group in talks to set up $300 million semiconductor assembly unit: Report

According to reports, Tata Group is in talks with three states to invest up to $300 million (~Rs 2,245 crore) to set up a semiconductor assembly and test unit. The group is holding talks with the governments of Tamil Nadu, Karnataka, and Telangana and scouting for land for the outsourced semiconductor assembly and test (OSAT) plant. An OSAT plant assembles and tests foundry-made silicon wafers, turning them into finished semiconductor chips. 

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IRCON emerges lowest bidder in 2 projects worth Rs 1,500 crore

Ircon International Ltd has emerged as the lowest bidder for the construction of an eight-lane access-controlled expressway in the Shirsad-Akloli section of Vadodara-Mumbai Expressway in Maharashtra. The project, floated by the National Highways Authority of India (NHAI), is valued at ~Rs 1,124 crore. IRCON has also emerged as the lowest bidder for the supply, installation, testing, and commissioning of Track Works of Standard Gauge for Chennai Metro Rail Ltd. The value of the project is Rs 337.61 crore.

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Sanofi India to divest Soframycin, Sofradex brands for Rs 125 crore

Pharma major Sonafi India will divest its Soframycin and Sofradex brands to Encube Ehticals for a total consideration of Rs 125 crores. Upon completion of the transaction, Encube would acquire the right to sell and distribute the two skin ailment creams in India and Sri Lanka. The company’s board has also approved the transfer of the unregistered Intellectual Property (IP) and product inventory to Encube.

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Aurionpro Solutions to acquire majority stake in Toshi Automatic Systems

Aurionpro Solutions Ltd has announced plans to acquire a majority stake (51%) in Toshi Automatic Systems Pvt Ltd (TASPL). The acquisition will allow Aurionpro to further consolidate its position as the only integrated player in the Automatic Fare Collection (AFC) & transit solutions space in India. Uttar Pradesh-based TASPL is an innovator with products and solutions in industrial, public safety, mass transit segments.

Apollo Hospitals, Amazon in talks for pharmacy business partnership: Report

Online retail giant Amazon is reportedly in talks with Apollo Hospitals for a partnership in its pharmacy business, Apollo HealthCo. Apollo Hospitals is looking to sell up to a 20% stake in its pharmacy subsidiary and wants to raise around $500 million (~Rs 3,744 crore). The subsidiary is making strategic moves to expand its online sales and working towards being a dominant omnichannel player.

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CDSL becomes first depository to open 5 crore active Demat accounts

Central Depository Services (India) Limited (CDSL) has become the first depository to hold more than five crore active Demat accounts. CDSL is India’s leading and only listed depository. It provides convenient, dependable, and secure depository services at an affordable cost to all market participants. To learn more about CDSL, click here.

Vedanta promoters pledge shares to raise Rs 6,000 crore

Holding companies of Vedanta Ltd have raised $800 million (~Rs 6,000 crore) by pledging shares in the company. Promoter group firms pledged 242.26 crore shares or a 65.18% stake in Vedanta in three facility agreements to raise funds. The firm is evaluating all options including demergers, spin-offs, and strategic partnerships as part of a complete overhaul of its corporate structure. It is also looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities.

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NTPC Renewable Energy signs PPA for 325 MW solar projects

NTPC Renewable Energy has signed a Power Purchase Agreement (PPA) and other project agreements with Indian Railways, Madhya Pradesh Power Management Company, and Reva Ultra Mega Solar Ltd (RUMSL) for 325 megawatts (MW) solar projects. The projects will be installed in RUMSL at Shajapur Solar Park in Madhya Pradesh

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IDFC First Bank Reports 50% YoY Rise in Net Profit in Q2 – Top Indian Market News

IDFC First Bank Q2 Results: Net profit rises 50% YoY to Rs 151 crore

IDFC First Bank reported a 49.6% YoY increase in net profit to Rs 151.7 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 27.4% YoY to Rs 2,722 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays to depositors]. The gross non-performing assets ratio (GNPA) stood at 4.27% in Q2, compared to 4.61% in the previous quarter. IDFC First Bank’s total deposits grew 20.8% YoY to Rs 83,793 crore in Q2 FY22.

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Maruti Suzuki expects adverse impact on production in November

Maruti Suzuki India said it expects an adverse impact on production at two of its plants in Haryana and at Suzuki’s Gujarat plant in November on account of supply constraints of electronic components due to the global semiconductor shortage. As per current estimates, the total vehicle production volume across both locations in Haryana next month could be around 85% of the normal roll-out.

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IOC Q2 Results: Net profit rises 2% YoY to Rs 6,360 crore

Indian Oil Corporation (IOC) reported a 2.1% YoY increase in net profit to Rs 6360.05 crore for the quarter ended September (Q2 FY22). Net profit increased 7% compared to the previous quarter. Its revenue from operations rose 46% YoY to Rs1.69 lakh crore during the same period. The company sold nearly 19 million tonnes (MT) of fuel in Q2, compared to 17.7 MT in the corresponding period last year. IOC’s board has declared an interim dividend of Rs 5 per share.

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SEBI warns Vedanta over non-compliance with disclosure norms

The Securities and Exchange Board of India (SEBI) has warned Vedanta Ltd and Hindustan Zinc Ltd (HZL) over non-compliance with certain disclosure norms, saying it will take action if such actions were repeated in the future. The market regulator flagged Vedanta executing Rs 1,407 crore of related party transactions with associate company HZL without prior approval of the audit committee. Moreover, HZL failed to inform shareholders of the deferment of a meeting relating to a price-sensitive dividend payment.

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Oberoi Realty Q2 Results: Net profit rises 94% YoY to Rs 267 crore

Oberoi Realty Ltd reported a 93.5% YoY increase in consolidated net profit to Rs 266.59 crore for the quarter ended September (Q2 FY22). Net profit increased 95% compared to the previous quarter. Its revenue from operations jumped 138.64% YoY to Rs 754.25 crore during the same period. The developer recorded bookings for 4.43 lakh sq. ft. space, taking its total bookings for the half-year ended September 2021 to 5.35 lakh sq. ft.

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Rossari Biotech Q2 Results: Net profit rises 27% YoY to Rs 26 crore

Rossari Biotech Ltd reported a 26.7% YoY increase in consolidated net profit to Rs 26.23 crore for the quarter ended September (Q2 FY22). Net profit increased 7% compared to the previous quarter. Its revenue from operations jumped 124% YoY to Rs 384.52 crore during the same period. EBITDA stood at Rs 44.4 crore, a growth of 22% YoY. Rossari Biotech is a leading chemical manufacturer based in Mumbai.

LT Foods Q2 Results: Net profit rises 4% YoY to Rs 80 crore

LT Foods reported a 4.35% YoY increase in consolidated net profit to Rs 80.83 crore for the quarter ended September (Q2 FY22). Its total income rose 6.9% YoY to Rs 1,322.53 crore during the same period. Total expenses stood at Rs 1,212 crore in Q2, up 7.5% YoY. LT Foods manufacturers and markets rice under the Daawat, Royal, Heritage, and Devaaya brands in India.

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CDSL Q2 Results: Net profit rises 76% YoY to Rs 85.9 crore

Central Depository Services (India) Ltd reported a 76% YoY increase in consolidated net profit to Rs 85.92 crore for the quarter ended September (Q2 FY22). Net profit increased 35% compared to the previous quarter. Its revenue from operations rose 64% YoY to Rs 145.97 crore during the same period. EBITDA stood at Rs 99 crore in Q2, a growth of 82% YoY

CHOLAFIN Q2 Results: Net profit rises 40% YoY to Rs 606 crore

Cholamandalam Investment & Finance Company reported a 40.4% YoY increase in net profit to Rs 606.54 crore for the quarter ended Sept (Q2 FY22). Its total income rose 1.2% YoY to Rs 2,470.69 crore during the same period. The company’s assets under management (AUM) stood at Rs 75,063 crore in Q2, registering a growth of 0.8% YoY.

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Apollo Tyres Q2 Results: Net profit at Rs 174 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 174 crore for the quarter ended September (Q2 FY22). The company had posted a net loss of Rs 246 crore in the corresponding quarter last year. Its revenue from operations rose 18% YoY to Rs 5,077 crore in Q2 FY22. Apollo Tyres stated that some of the recent additions to its product offering are helping them extend its leadership in the commercial vehicle and passenger vehicle space in India.

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Cadila Healthcare’s Net Profit Jumps Six-Fold in Q2 – Top Indian Market News

Cadila Healthcare Q2 Results: Net profit jumps over six-fold YoY to Rs 3,002 crore

Cadila Healthcare Ltd reported a 534.2% YoY jump in consolidated net profit to Rs 3,002.3 crore for the quarter ended September (Q2 FY22). Net profit jumped 411.29% compared to the previous quarter. Adjusted for exceptional items and one-off gain on the account of sale of a subsidiary, profit after tax stood at Rs 597 crore, up 6% YoY. Its revenue from operations rose 3.4% YoY to Rs 3,784.8 crore during the same period. The sales from its India business grew 12% YoY to Rs 1,591 crore in Q2.

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Tata Steel partners with Tata Power to set up 41 MW solar project in Jharkhand, Odisha

Tata Steel and Tata Power have come together to develop a grid-connected solar project in Jharkhand and Odisha. The companies have signed a Power Purchase Agreement (PPA) for a period of 25 years to set up a 41 megawatt (MW) solar project. It will be a combination of rooftop, floating, and ground-mounted solar panels. Under this partnership, Tata Power will develop photovoltaic (PV) capacities for Tata Steel at Jamshedpur (21.97 MWp) and Kalinganagar (19.22 MWp). 

Read more here. 

UPL Q2 Results: Net profit rises 36.4% YoY to Rs 633 crore

UPL Limited reported a 36.4% YoY increase in consolidated net profit to Rs 633 crore for the quarter ended September (Q2 FY22). Net profit fell 6% compared to the previous quarter. Its revenue from operations rose 18% YoY (or 24% QoQ) to Rs 10,567 crore during the same period.

Tata Motors secures order for 3,500 XPRES-T EV units from BluSmart Mobility

Tata Motors has received an order for 3,500 XPRES-T EV units from electric ride-hailing platform BluSmart Mobility. The XPRES-T EV sedan comes with optimal battery size, captive fast charging solution, which ensures low cost of ownership in addition to safety and passenger comfort. With this order, BluSmart Mobility aims to expand its all-electric fleet multi-fold across Delhi NCR.

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Vedanta Q2 Results: Net profit jumps multi-fold YoY to Rs 4,615 crore

Vedanta Ltd reported a 451% YoY jump in consolidated net profit to Rs 4,615 crore for the quarter ended September (Q2 FY22). Net profit increased 9% compared to the previous quarter. Its revenue from operations rose 44% YoY (or 7% QoQ) to Rs 30,048 crore during the same period. EBITDA stood at Rs 10,582 crore in Q2, a growth of 62% YoY. Higher revenues were supported by improved commodity prices and higher volumes across businesses.

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IndusInd Bank raises Rs 2,800 crore debt capital via bonds

IndusInd Bank has raised Rs 2,800 crore by issuing bonds on a private placement basis. The Finance Committee of the bank’s board has approved the allotment of 2,800 rated, listed, non-convertible, and unsecured Basel-III compliant bonds in the nature of debentures. The bonds carry a coupon rate of 8.11% payable annually. It will mature in 10 years.

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Dr Reddy’s Labs Q2 Results: Net profit rises 30% YoY to Rs 992 crore

Dr. Reddy’s Laboratories Ltd reported a 30% YoY increase in consolidated net profit to Rs 992 crore for the quarter ended September (Q2 FY22). Net profit surged 1.6 times over the previous quarter. Its revenue from operations rose 18% YoY to Rs 5,763 crore during the same period. The pharma company’s proprietary products business registered a 195% YoY jump in sales to Rs 182.9 crore in Q2.

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Vodafone Idea’s board approves deferment of AGR dues payment for four years

Vodafone Idea’s board has approved opting for a four-year moratorium on adjusted gross revenue (AGR) payments. Vi has now accepted both spectrum and AGR moratorium, which will help the cash-strapped telecom operator save ~Rs 1 lakh crore. The company’s decision comes on the back of a relief package announced by the government last month.

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BPCL Q2 Results: Net profit rises 79% QoQ to Rs 2,694 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a 20% YoY increase in net profit to Rs 2,694 crore for the quarter ended September (Q2 FY22). Net profit increased 79.4% compared to the previous quarter. Its revenue from operations rose 15% QoQ to Rs 81,536.7 crore during the same period. Sales volumes rose 2.9% QoQ to 9.91 million metric tonnes (MMT) in Q2. BPCL’s board has declared an interim dividend of Rs 5 per share.

Read more here.

Adani Power Q2 Results: Net loss at Rs 230 crore

Adani Power reported a consolidated net loss of Rs 230.6 crore for the quarter ended September (Q2 FY22). It had posted a net profit of Rs 2,228.05 crore in the corresponding period last year (Q2 FY21). Its total income fell 36.6% YoY to Rs 5,572 crore in Q2 FY22. EBITDA stood at Rs 1,551 crore, a decline of 69.5% YoY.

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Shree Cement Q2 Results: Net profit rises 6% YoY to Rs 577 crore

Shree Cement reported a 5.6% YoY increase in net profit to Rs 577.7 crore for the quarter ended September (Q2 FY22). Net profit fell 25% compared to the previous quarter. Its revenue from operations rose 5% YoY to Rs 3,205.9 crore during the same period. The company’s cost of raw materials rose 7.2% YoY to Rs 215.7 crore in Q2.

Read more here.

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Editorial

Why are Zinc and Aluminium Stocks Rallying? Will Base Metal Stocks Move More?

India’s base metal market is booming. Steel, Aluminium, Zinc, Copper, and other such metals are known as base metals. They are used extensively in industries. The base metal market was facing headwinds as COVID-19 restrictions were being lifted throughout the world. Competition from China, capacity rebuilding, reserve stock shortage, and unfavourable international market prices were a few of the many problems facing the sector. As China seems to battle environmental concerns, cutting down on production capacity and trimming exports, the world seems to benefit from it. In this article, we talk about the recent surge in base metal prices. 

Why Are Base Metal Stocks Rallying?

Indian base metal shares have been rallying for quite some time, facing timely corrections arising from profit bookings. The steel industry is the most polluting one in China. As the country battles environmental concerns, it is now increasing export duties along with cutting down much of the steel production. This has created a supply crunch globally and has made way for other major steel-producing countries to ramp up production. Higher steel prices and increasing production translates into better realization and profit margins for Indian companies. Steel companies that have higher exports are benefitting from it. Shares like Tata Steel, SAIL, JSW Steel, and other steel companies rallied anywhere between 8%-10% in nearly two weeks. 

Coming to Aluminium, China is facing a shortage of the raw material, magnesium. China is also the largest exporter of aluminium. Parallel to the steel sector, China has a huge part to play in the Aluminium stock rally as well. The National Aluminium Company (NALCO), Vedanta, and Hindalco Industries rallied anywhere between 15%-25% in two weeks’ time in mid-October. During the same period, Hindustan Zinc rallied ~23% and Hindustan Copper moved up by ~19% 

The following is the share price appreciation of some of the important base metal stocks between October 6, 2021, and October 18, 2021.  

Company Name% Change In Share Price
Tata Steel+10.3%
JSW Steel+8.4%
SAIL+12.1%
National Aluminium Company+27.0%
VEDANTA+28.8%
HINDALCO+14.1%
Hindustan Zinc+23.1%
Hindustan Copper+19.2%

What Should Investors Watch Out For?

While India’s domestic demand and market price for base metals remained relatively stable, a shortage of supply in the international market is pushing certain metal producers to export. This is the case for almost all base metals. The price moment for Steel stocks, Aluminium stocks, Copper stocks, and that of other base metals is running nearly parallel. 

The demand for metals remained robust, yet the metal manufacturers are faced with rising input and logistics costs. Nevertheless, the manufacturers have been successful in transferring the extra costs to customers. 


The metal stocks rally broke down after profit-booking and China’s vow to curb coal prices. This increased selling pressure significantly since the uncertainty around coal and base metal supply was reduced. Rising coal prices were earlier adding to manufacturing costs for base metal manufacturers. 

As is the case with many sectors, China seems to be pulling the strings for most. One should be cautious around any policy changes that China makes. These include import or export duties, production levels, and other trade limits that the country poses. Nevertheless, the domestic demand for metals seems healthy, yet the volatile global market situation could turn out to be beneficial for Indian stocks,  

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M&M Reports Net Profit of Rs 163 crore in Q4 – Top Indian Market News

M&M and MVML Q4 Results: Net profit at Rs 163 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a combined net profit of Rs 163 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3,255 crore in the corresponding quarter last year (Q4 FY20). The combined revenue from operations rose 48% YoY to Rs 13,338 crore in Q4 FY21. Its farm equipment business grew 100% YoY to Rs 1,095 crore. The company’s board has announced a final dividend of Rs 8.75 per share. 

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

Read more here.

Bajaj Healthcare launches Posaconazole API for treatment of black fungus

Bajaj Healthcare Ltd has announced the launch of Posaconazole API, used for the treatment of mucormycosis or Black Fungus in Covid-19 patients. The pharma company has received approval from the Food and Drugs Administration (FDA), Gandhi Nagar, Gujarat, to manufacture and market the anti-fungal drug in India. It will commence commercial production of Posaconazole API from the first week of June.

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Ashoka Buildcon secures order worth Rs 1,018 crore from Fahi Dhiriulhun Corp

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an order from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives. The order consists of the design and construction of 2,000 social housing units in Hulhumale on an engineering, procurement, and construction (EPC) basis. The total value for this project is estimated at Rs 1,018.36 crore. 

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Karur Vysya Bank Q4 Results: Net profit rises 24% YoY to Rs 104 crore

Karur Vysya Bank reported a 24.7% YoY increase in net profit to Rs 104.37 crore for the quarter ended March (Q4). Net profit has jumped 201% when compared to the previous quarter. Its total operating income declined by 7.34% YoY to Rs 1,349.31 crore during the same period. For the financial year ended March 31, 2021 (FY21), the bank’s net profit has increased by 52.92% YoY to Rs 359.39 crore. 

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Dilip Buildcon Q4 Results: Net profit declines 2.5% YoY to Rs 186 crore

Dilip Buildcon Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 186.18 crore for the quarter ended March (Q4). Net profit has increased by 2.17% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,135 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 7.68% YoY to Rs 436.54 crore. Dilip Buildcon’s board has announced a final dividend of Re 1 per share.

Canara Bank to raise up to Rs 9,000 crore in FY22

The Board of Directors of Canara Bank has approved the capital raising plan of up to Rs 9,000 crore for the financial year 2021-22 (FY22). The state-owned bank will raise funds amounting to Rs 2,500 crore by way of a qualified institutional placement (QIP). Capital of Rs 4,000 crore will be raised by issuing additional Tier-1 Basel III compliant bonds. An amount of Rs 2,400 crore will be raised by issuing additional Tier-2 Basel III compliant bonds.

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Ipca Labs Q4 Results: Net profit rises 94% YoY to Rs 161 crore

Ipca Laboratories Ltd reported a 94.09% YoY increase in consolidated net profit to Rs 161.20 crore for the quarter ended March (Q4). The pharma company’s revenue from operations rose 3.81% YoY to Rs 1,114.66 crore during the same period. It incurred a foreign exchange (forex) gain of 13.24 crore in Q4 FY21, compared with a forex loss of Rs 23.62 crore in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit rose 89% YoY to Rs 1,141 crore.

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Sun Pharma secures patent license for Dapagliflozin in India from AstraZeneca

Sun Pharmaceutical Industries has acquired the Rights to Trademarks of Dapagliflozin under the brands Oxra, Oxramet, and Oxraduo in India from Sweden-based AstraZeneca AB. The pharma company has also taken a patent license to manufacture and commercialize the drug in India, with effect from May 28, 2021. Dapagliflozin is used for the treatment of Type-2 diabetes.

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Deepak Fertilizers Q4 Results: Net profit jumps 415% YoY to Rs 116 crore

Deepak Fertilizers & Petrochemicals Corporation reported a 415% YoY jump in consolidated net profit to Rs 116 crore for the quarter ended March (Q4). Its revenue from operations rose 21.8% YoY to Rs 1,575 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 357% YoY to Rs 406 crore. The company’s board has recommended a dividend of Rs 7.5 per share.

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Vedanta to set up Aluminium Park in Odisha with an investment of Rs 10,000 crore

Vedanta Limited has announced plans to set up an aluminium park in Odisha to facilitate companies that use the metal to set up their manufacturing units in the facility. It aims to invest Rs 10,000 crore to establish the park. The facility will benefit small and medium downstream enterprises, which can set up their manufacturing units and draw hot metal from Vedanta’s aluminium smelter in Jharsuguda to make their end-products. Vedanta stated that the park would create employment opportunities for more than 1 lakh people.

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RBI imposes Rs 10 crore penalty on HDFC Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank for regulatory non-compliance. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” said RBI. The central bank said irregularities were found after examination of a whistleblower complaint with respect to the bank’s auto loan portfolio.

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City Union Bank Q4 Results: Net profit at Rs 111 crore

City Union Bank reported a net profit of Rs 111.18 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 95.29 crore in the corresponding quarter last year (Q4 FY20). Its total income declined 8.15% YoY to Rs 1,121.43 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.34% YoY to Rs 592.82 crore.

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Market News Top 10 News

Vedanta Reports 95% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Vedanta Q4 Results: Net profit rises 95% QoQ to Rs 6,432 crore

Vedanta Limited reported a 95% quarter-on-quarter (QoQ) increase in net profit to Rs 6,432 crore for the quarter ended March (Q4). Its net sales rose 24% QoQ to Rs 28,206 crore during the same period. This revenue growth was aided by a rise in volumes of its aluminium, zinc, and iron ore businesses. Operating margins fell to 32%, compared with 34% in the preceding quarter (Q3 FY21). Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 17% to Rs 9,037 crore.

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Piramal Enterprises Q4 Results: Net loss at Rs 510 crore

Piramal Enterprise Ltd reported a consolidated net loss of Rs 510 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,702 crore in the corresponding period last year. The company’s revenue rose to Rs 3,402 crore in Q4 FY21, compared with Rs 3,341 crore in Q4 FY20. In the last two years, the company’s net debt has reduced by 45% to Rs 24,968 crore. The board of Piramal Enterprises has recommended a dividend of Rs 33 per share.

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HCC-KEC JV secures order worth Rs 1,147 crore from Chennai Metro Rail

Hindustan Construction Company (HCC), in a joint venture (JV) with KEC International Ltd, has secured a contract worth Rs 1,147 crore from Chennai Metro Rail. The order includes the construction of a 7.96 km elevated viaduct and 9 elevated stations on Corridor 4 of Phase-II of the Chennai Metro. The scope of work involves civil, architectural, plumbing & drainage, and temporary services. HCC holds a 51% stake in the JV, while KEC International holds 49% stake.

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Lupin Q4 Results: Net profit rises 18% YoY to Rs 460 crore

Lupin Limited reported an 18% YoY increase in consolidated net profit to Rs 460 crore for the quarter ended March (Q4 FY21). On a quarterly basis, net profit has risen by 5%. Its revenue from operations declined by 1.6% YoY to Rs 3,783 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 1,216 crore. The company had posted a net loss of Rs 269 crore in the previous financial year (FY20). Lupin’s board has recommended a dividend of Rs 6.5 per share. 

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Happiest Minds Q4 Results: Net profit falls 14% QoQ to Rs 36 crore

Happiest Minds reported a 14.5% quarter-on-quarter (QoQ) decline in net profit Rs 36.05 crore for the quarter ended March (Q4 FY21). Net profit has jumped 580% when compared to the corresponding period last year. The IT firm’s revenue declined 14.5% QoQ (up 18.4% YoY) to Rs 220.7 crore during the same period. In US Dollar terms, revenues for the March quarter grew 15.4% QoQ and 18% YoY to $30.2 million. The company added 23 clients during Q4, taking the total number of clients to 173 as of March 31, 2021. The board of Happiest Minds has recommended a final dividend of Rs 3 per share.

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Reliance Jio tops in 4G download speed, Vodafone in upload speed in April: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio has topped the 4G speed chart in April 2021 with a data download rate of 20.1 megabits per second (Mbps). Vodafone was ahead of others in upload speed at 6.7 Mbps. Jio has almost three times higher download speed compared to Vodafone. The average speed is computed by TRAI based on the data it collects across India with the help of its MySpeed application on a real-time basis.

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Pidilite Industries Q4 Results: Net profit rises 96% YoY to Rs 307 crore

Pidilite Industries reported a 96.4% YoY increase in consolidated net profit to Rs 307.44 crore for the quarter ended March (Q4). Its sales revenue rose 44.7% YoY to Rs 2,235.52 crore during the same period. Pidilite’s Consumer and Bazaar (C&B) segment posted a 45% YoY volume growth during the quarter. For the financial year ended March 31, 2021 (FY21), net profit rose 0.4% YoY to Rs 1,126.13 crore. The company’s board has announced a dividend of Rs 8.5 per share.

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SBI Cards, Apollo Hospital, 3 Adani Group stocks enter MSCI India index

According to a release by index provider MSCI, Adani Enterprises, Adani Total Gas, and Adani Transmission have entered the MSCI India Domestic Index. SBI Cards and Payment Services and Apollo Hospital have also entered the leading index, which is being tracked widely by global investors. Zee Entertainment Enterprises has been deleted from the MSCI India index. All changes will be implemented as of May 27, 2021. According to Edelweiss Securities, India is expected to see a net inflow of $350 million from Foreign Institutional Investors (FIIs) following the adjustments made by MSCI in its global standard indices.

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IEX Q4 Results: Net profit rises 33% YoY to Rs 60.85 crore

Indian Energy Exchange (IEX) reported a 33% YoY increase in consolidated net profit to Rs 60.85 crore for the quarter ended March (Q4). Its total income rose to Rs 100.33 crore, compared with Rs 79.59 crore in the corresponding period last year (Q4 FY20). For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 205.43 crore. This is compared with a net profit of Rs 175.71 crore in FY20.

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Vinati Organics Q4 Results: Net profit declines 5% YoY to Rs 70.85 crore

Vinati Organics Limited reported a 5.06% YoY decline in net profit to Rs 70.85 crore for the quarter ended March (Q4). Its revenue from operations rose 14.03% YoY to Rs 279.77 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 19.32% YoY to Rs 269.32 crore. The company’s board has approved a final dividend of Rs 6 per share. Vinati Organics is a leading specialty chemicals company based in Mumbai.

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Eli Lilly signs licensing agreements with Torrent Pharma, Dr Reddy’s for Covid-19 drug

US-based drug firm Eli Lilly and Company has signed voluntary licensing agreements with Torrent Pharma, Dr Reddy’s Laboratories, and MSN Laboratories to expand the availability of Covid-19 drug Baricitinib in India. The drug is used in combination with Remdesivir for the treatment of Covid-19 patients with severe symptoms. On Monday, Eli Lilly had issued voluntary licenses to Cipla, Lupin, and Sun Pharma to manufacture and sell Baricitinib. This will enable the Indian pharma companies to use their existing distribution systems to ensure that the essential drug is accessible across the country.

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Editorial

Why is Goa Protesting Against Adani Ports?

The citizens of Goa took to the streets in the first week of November to protest against specific infrastructure projects in the state. The projects are aimed at transforming Goa into a coal transportation hub. It has become a highly debated topic, and Goans have pleaded to their representatives to take serious action against protecting their areas. This very project could ultimately lead to the destruction of their biodiversity. The protestors have also alleged that three major companies will benefit from the project. 

Let us understand the specific details regarding this project, and find out what led to the massive protests in the state.

  1. The Sagarmala Project
  2. Why are Goans Protesting?
  3. What Happened Amid Protests?
  4. Allegations Against Listed Companies
  5. Which is the Right Way?

The Sagarmala Project

The root cause of this problem goes way back to 2016. During that period, the Central Government had approved a proposal to initiate the Sagarmala Project. This is a flagship programme of the Ministry of Shipping to promote port-led development. A primary feature of this project was to convert Goa into a coal transportation corridor. The project includes double-tracking the Hospet-Vasco rail line, creating a flyover, and constructing nine jetties along the Zuari and Mandovi rivers. It also includes four-laning of the NH-4A highway, which connects Belgaum and Goa.

Under this plan, the Mormugao Port Trust (MPT) in Goa will become a coal/coke import hub with a projected capacity of 51 MTPA (million tonnes per annum). An important factor to be noted here is that Adani Ports & Special Economic Zone (SEZ) Ltd. has a one-birth terminal (Berth 7) in MPT. The Adani Mormugao Port Terminal Pvt. Ltd. (AMPTPL) Terminal is a fully mechanized coal handling facility. 

Why are Goans Protesting?

As we know, Goa is a dream holiday destination for tourists all around the world. It is known for its beaches, colonial architecture, and most importantly, its stunning monsoon greenery. There is no doubt that the infrastructure projects mentioned above will cause widespread disruption to its rich biodiversity.

It has been found that construction of the road and railway projects could lead to 59,000 trees being cut in Goa. The projects are also likely to cause a loss of 170 hectares of protected forest land in Bhagwan Mahavir Wildlife Sanctuary and Mollem National Park. Reports have also stated that the projects would also destroy one of the last tiger landscapes in India.

The citizens of Goa and other environmental activists are very concerned about the destruction of Goa’s biodiversity. They believe that the cost of completely disrupting the environment cannot be justified for transforming Goa into a coal hub. Students, lawyers, scientists, and activists had written to the government to take necessary steps to ensure that Goa’s ecology is protected. They had begun protests towards the end of October, but Goa’s state government initially downplayed the whole situation. 

An interesting fact to be pointed out is that the protestors have come out with creative ways to show their dissent. On November 1, more than 5,000 locals gathered at Chandol village in the Western Ghats to dance and sing in solidarity with the forests. However, the peaceful protests by Goans have been dismissed by the government as “politically motivated by outsiders”.

What Happened Amid Protests?

The protests gained a large response through social media and other platforms. Soon after, the Goa Government came up with certain concrete steps to address the problems faced by its citizens. The state’s environment minister Nilesh Cabral has stated that the government will introduce a capping mechanism for the import of coal into the state. He stated that nearly 10-12 million tonnes of coal is imported annually, and this level will not be increased. Goa’s Chief Minister Pramod Sawant will provide documentary proof to the people of Goa to underline the government’s intent  of limiting coal imports

“There is an apprehension in the minds of the people of Goa and expats across the world, that more coal will be imported into Goa. Goa will not be a coal hub at all” – Nilesh Cabral, Goa’s Environment Minister.

Allegations Against Listed Companies

The citizens of Goa have pointed out that three major companies would highly benefit from these projects. The companies include Adani, Vedanta, and JSW Group. It has been reported that projections of Mormugao Port Trust (MPT) for the year 2030 states that they are ready to import nearly 51.6 million tonnes of coal for these three companies. The Adani Group, JSW Steel, and Vedanta have separate terminals/berths to handle this imported coal. And, most of it will be transported through Goa to other states of India.

Despite these allegations against the company, we can see that shares of Adani Ports have been on a continuous uptrend. On November 5, the Group denied claims from politicians and activists that they would benefit from the projects. In a statement, the Group said that “politically motivated groups” are behind the ongoing protests in Goa. They have also stated that the company’s share at MPT is just 10%, whereas 90% is for the remaining companies.

Shares of Adani Ports & SEZ Ltd currently trading near its new 52-week high.

On November 24, the Goa Government issued a demand notice to JSW Steel Ltd to pay Rs 156.34 crore for the transportation of coal. The company has been directed to pay the amount towards the Goa Rural Improvement and Welfare Cess within 15 days. JSW Steel has moved the Bombay High Court challenging the applicability of this government order.

Which is the Right Way?

Despite the Covid-19 pandemic, thousands of Goan citizens have been marching on the streets to protest against these massive projects. The power of social media has also created a huge positive impact on this issue. Many ‘netizens’ took to social media on Sunday (November 15) in a planned tweet-storm to highlight #SaveMollem. The environmental impact would not just affect Goa, but also its neighboring state of Karnataka. At the same time, the protests do not seem to impact the operations and future plans of companies such as Adani Group and Vedanta. 

Are such infrastructure projects essential at a time when India and global economies should be transforming towards renewable energy sources? More importantly, the main cost of cutting down trees and destroying biodiversity is not truly justified for such projects. It is the people of Goa who ultimately suffer from it. 

Let us look forward to seeing how the Government would further address the issues of Goans. Will the concerned ministers keep their promises? Or, will the companies mentioned above get away from these allegations and make more profits? We will have to wait and watch.

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Market News Top 10 News

L&T Secures Massive Order from Tata Steel – Top Indian Market News

L&T secures order from Tata Steel for supply of mining equipment

Larsen & Toubro (L&T) announced that it has secured an order from Tata Steel to supply 46 units of Komatsu Mining Equipment. The agreement includes the supply of equipment and a full maintenance contract for 60,000 hours of equipment operation. The units will be deployed at Tata Steel’s iron ore mine in Odisha, and its coal mine in Jharkhand.

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Union Steel Minister calls for reducing imports of finished steel goods

Union Steel Minister Dharmendra Pradhan, on Wednesday, called for reducing imports of finished steel goods. He has urged the steel industry to leverage the technology and resources available in India. The Steel Ministry has also suggested that industry players could form joint ventures to set up special grade steel plants in the country.

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Pfizer vaccine 95% effective in final trials with no safety concerns

Pfizer Inc. announced that the final results of the clinical trials show its Covid-19 vaccine was 95% effective. The company stated that the vaccine is showing signs of being safe for people of all ages. The vaccine candidate is being developed through a partnership between Pfizer and Germany-based BioNTech. The companies are all set to seek emergency authorization for use of the vaccine from the US Food & Drug Administration (USFDA).

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India’s domestic air traffic down 57% YoY in October: DGCA

Domestic air traffic in India declined by 57% year-on-year (YoY) in October, as the number of Covid-19 cases has continued to rise. According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 52 lakh passengers in October. The Civil Aviation Minister, Hardeep Singh Puri, had stated that the domestic aviation sector will reach pre-Covid levels by the beginning of January 2021.

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Vedanta submits expression of interest to buy stake in BPCL

Vedanta Ltd., on Wednesday, submitted a preliminary expression of interest (EoI) for buying the government’s stake in Bharat Petroleum Corporation Ltd (BPCL). The company’s interest in India’s second-largest fuel retailer is because of synergies with its existing oil and gas business. The government is selling its entire 52.98% stake in BPCL, and the last date to submit the EoI was November 16.

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IRB Infra InvIT completes second round of fund raising by securing Rs 510 crore

IRB Infra InvIT said that it has completed the second installment of its fund raising programme by securing Rs 510 crore. The GIC Affiliates, which hold a 49% stake in the InvIT, have contributed Rs 250 crore. IRB Infrastructure Developers Ltd, being the 51% stakeholder, contributed Rs 260 crore. IRB Infra InvIT is India’s first infrastructure investment trust.

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Cipla signs licensing deal with Belgium-based MultiG

Cipla Limited announced that it has signed a licensing agreement with a Belgian-based firm, MultiG. As per the deal, Cipla will distribute its Covid-19 rapid antibody testing (RAT) kit across most emerging markets and Europe. The Mumbai-based drug firm will be selling the RAT kits under the brand name Covi-G. The testing kit will provide results within 10 minutes.

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M&M to make new K2 series tractors in Telangana

Mahindra & Mahindra Ltd. said that it will manufacture the new K2 tractor series exclusively at its Zaheerabad plant in Telangana. The company has stated that it will increase its investments at the facility by Rs 100 crore, and double employment by 2024. Mahindra will introduce 37 models of the new K2 series for both domestic and international markets.

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Vedanta Zinc suspends operations at South Africa mine after accident

Vedanta Zinc International (VZI), a unit of Vedanta Ltd, has suspended all mining-related activities at its Gamsberg zinc mine in South Africa. The company has stated that a geotechnical failure had trapped ten employees at the mine on Tuesday night. As of 5 am IST today, VZI said that eight of the workers were rescued, and efforts to locate and rescue the remaining two were its “main priority”.

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TTK Prestige declares lockout at Khardi unit in Maharashtra

TTK Prestige Limited said that a lockout has been declared in its Khardi unit in Maharashtra. The workers had conducted an illegal sit-down strike at the company’s unit. The firm has also stated that it has adequate alternate capacities in other factories, and the lockout would not cause a major financial impact.

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Sadbhav Engineering receives Letter of Acceptance from NHAI for EPC road projects

Sadbhav Engineering Ltd. announced that it has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI). The LoA has been provided for two Engineering, Procurement, and Construction (EPC) road projects in Gujarat. The contract value of the project has been estimated at Rs 1,572.30 crore.

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Market News Top 10 News

Tata Consumer’s Net Profit Rises 31% YoY – Top Indian Market News

Tata Consumer Q2 Results: Net Profit rises 31% YoY to Rs 273 crore

Tata Consumer Products Ltd reported a 31.4% year-on-year (YoY) increase in net profit to Rs 273.18 crore, for the quarter ended September (Q2). The company’s revenue increased by 18.5% YoY to Rs 2,781.34 crore, during the same period. The FMCG firm has stated that its sales have rebounded to pre-Covid levels.

Voltas Q2 Results: Net Profit falls 26% YoY to Rs 80 crore

Voltas Limited reported a 25.75% year-on-year (YoY) decline in consolidated net profit to Rs 79.66 crore, for the quarter ended September (Q2). The total income of the company increased by 10.45% YoY to Rs 1,650.80 crore, during the same period. Voltas has stated that it has continued to be the market leader in the room air conditioner space, with a market share of 26.8%.

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Supreme Court orders Airtel, Vodafone to provide details of special offers to TRAI

The Supreme Court has backed the Telecom Regulatory Authority of India’s (TRAI) request to seek details from Bharti Airtel Ltd and Vodafone Idea Ltd. The telecom companies will have to disclose all details regarding their segmented tariff or special offers for certain customers. As per the ruling, the disclosed information has to be kept confidential by TRAI.

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Bank of India Q2 Results: Net Profit up by 98% YoY to Rs 526 crore

Bank of India Ltd reported a 98% year-on-year (YoY) increase in standalone net profit at Rs 526 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 6.55% YoY to Rs 4,113 crore, during the same period. The share price of the bank saw a rise of 2.89%, and closed at Rs 41 on the NSE today.

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APL Apollo Tubes signs pact with Zamil Steel Buildings India

APL Apollo Tubes Ltd. has signed a pact with Zamil Steel Buildings India to develop a market for pre-engineered steel buildings made from structural steel tubes. Zamil Steel India is a subsidiary of Saudi Arabia-based Zamil Industrial Investment Company. Apollo Tubes has stated that this agreement is in line with its broader strategy to create demand for structural steel tubes in India.

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Manappuram Finance Q2 Results: Net Profit declines 6.4% YoY to Rs 405 crore

Manappuram Finance Ltd. reported a 6.4% year-on-year (YoY) decline in net profit to Rs 405.44 crore, for the quarter ended September (Q2). The total income of the company increased to Rs 1,577.91 crore, during the same period. The company has also declared an interim dividend of 60 paise per share of the face value of Rs 2.

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Coal India to consider interim dividend on November 11

Coal India Limited (CIL) has stated that it will conduct a board meeting on 11th November to consider quarterly earnings, and also consider payment of interim dividend. The company has fixed 20th November as the record date for the purpose of payment of dividend, if it is declared. Earlier, the company had also announced that its e-auction sales had nearly tripled in October to 16.8 million tonnes.

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Cipla Q2 Results: Net Profit jumps 41% YoY to Rs 665 crore

Cipla Limited reported a 41.8% year-on-year (YoY) increase in consolidated net profit to Rs 665.43 crore, for the quarter ended September (Q2). The drug maker’s total revenue from operations increased by 14.62% YoY to Rs 5,038.29 crore, during the same period. The Mumbai-based company has stated that its business in India grew by 17% YoY in Q2.

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Vedanta Q2 Results: Net Profit falls 62% YoY to Rs 824 crore

Vedanta Limited reported a 61.8% year-on-year (YoY) decline in consolidated net profit at Rs 824 crore, for the quarter ended September (Q2). The revenue of the company declined by 4% YoY to Rs 20,804 crore, during the same period. Last month, Vedanta had failed to delist its shares from the stock markets.

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MRF Q2 Results: Net Profit jumps 79% YoY to Rs 411 crore

MRF Limited reported a 79% year-on-year (YoY) increase in consolidated profit to Rs 410.92 crore, for the quarter ended September (Q2). The consolidated revenue from operations stood at Rs 4,244.43 crore, during the same period. The tyre major has stated that its top-line sales have grown above pre-Covid levels.

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Dr. Lal PathLabs Q2 Results: Net Profit rises 7.5% YoY to Rs 87 crore

Dr. Lal PathLabs Limited reported a 7.5% year-on-year (YoY) increase in net profit to Rs 87.1 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 18% YoY to Rs 431.9 crore, during the same period. The diagnostic services provider has announced an interim dividend of Rs 6 per share.

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IOL Chemicals Q2 Results: Net Profit rises 45% YoY to Rs 126 crore

IOL Chemicals & Pharmaceuticals Ltd reported a 45% year-on-year (YoY) increase in standalone net profit to Rs 126.96 crore, for the quarter ended September (Q2). The company’s sales increased by 18.83% YoY to Rs 533.48 crore, during the same period. IOL Chemicals has announced an interim dividend of Rs 4 per share. 

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