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What are Penny Stocks?

Penny stocks offer a unique investment opportunity for individuals seeking high potential returns on small investments. In the Indian stock market, several penny stocks have received attention due to their impressive growth potential. In this article, we will explore the best penny stocks in India and discuss the advantages, disadvantages, and key factors to consider before investing in them.

What are Penny Stocks?

Stocks that trade at a very low price and have a low market capitalisation are known as Penny Stocks. Depending on the company’s market capitalisation, these stocks are categorised into nano-cap stocks, micro-cap stocks, and small-cap stocks. Although there is no official rule, penny stocks in the Indian stock market are those which have prices below ₹10.

Advantages of Penny Stocks

Investing in penny stocks can provide several advantages to investors, including:

1. High Growth Potential

Penny stocks often represent small companies with significant growth prospects. These stocks have the potential to generate substantial returns over a short period. Therefore Investors can generate multibagger returns on their investments.

2. Affordable

Penny stocks are affordable, making them accessible to investors with limited funds. This low entry barrier allows individuals to diversify their portfolios without substantial financial commitments.

3. Market Volatility Opportunities

The inherent volatility of penny stocks can present opportunities for investors to profit from short-term price fluctuations. Skilled traders can leverage market volatility to buy low and sell high, potentially maximising their gains.

Disadvantages of Penny Stocks

It is crucial to acknowledge the potential disadvantages associated with investing in penny stocks:

1. High Risk

Penny stocks are high-risk investments. This is because they are often more volatile than stocks of established companies. The financial performance of some of these companies may not be great and are even likely to go bankrupt.

2. Limited Information

Penny stocks are not as widely tracked by financial analysts as compared to larger companies. This limited coverage makes it challenging for investors to obtain accurate and reliable information about these stocks. This increases the risk of making uninformed investment decisions.

3. Easy Manipulation

Penny stocks can be manipulated easily due to their low market capitalisation and limited trading volume. This manipulation can happen in different forms. For example, some people might boost a stock’s price and then sell it for a profit (pump-and-dump scheme), leaving other investors with huge losses.

4. Lack of Liquidity

Penny stocks are often illiquid, which means that it can be difficult to buy or sell them. This can make it difficult to exit your investment if you need to.

Factors to Consider While Investing in Penny Stocks

Before investing in penny stocks, it is crucial to consider the following factors:

1. Company Fundamentals

Thoroughly research the company’s financials, growth prospects, and competitive position. Look for a strong management team, a sustainable business model, and a track record of profitability.

2. Industry Analysis

Evaluate the industry trends and dynamics in which the company operates. Ensure that it is well-positioned to capitalise on market opportunities and navigate potential challenges.

3. Risk Management

Set realistic expectations and establish an investment strategy that aligns with your risk tolerance. Diversify your portfolio and avoid allocating a significant portion of your capital to a single penny stock.

4. Market Liquidity

Assess the liquidity of the penny stock by analysing its trading volume and average bid-ask spread. Higher liquidity enhances the ease of buying and selling, reducing the risk of being stuck with illiquid stocks.

Best Penny Stocks in India

Now, let’s explore some of the best penny stocks in India that have caught the attention of investors:

1. Vodafone Idea

Vodafone Idea (Vi) is one of the leading telecommunications companies in India. Despite facing financial challenges, Vi has shown signs of revival with strategic partnerships and initiatives. Vi has undergone a comprehensive restructuring process recently to improve its financial position. The Indian government’s recent decision to permit telecom operators to raise prices is expected to have a positive long-term impact on Vodafone Idea’s financial stability.

Recently, the Government of India converted the company’s interest dues owed to the government into equity. This conversion, pending since September 2021, has resulted in the government acquiring shares in Vodafone Idea worth ₹16,133.10 crores at an issue price of ₹10 per share.

Despite many challenges, Vodafone Idea possesses several contributing factors to its potential revival. These include a solid market capitalisation of ₹36,023 crores, the backing of Indian billionaire KM Birla who recently rejoined the company’s board, and the government’s interest in salvaging a prominent telecom entity like Vodafone Idea from failure.

2. Bank of Maharashtra

Bank of Maharashtra is a public sector bank that demonstrates a comparable stock performance to other public sector bank stocks. These stocks are part of the outperforming Nifty PSU Bank Index (which consists of 12 PSU bank stocks).

The bank has robust fundamentals, marked by solid credit and deposits growth, and the added assurance of a sovereign guarantee. It has witnessed a decline in non-performing assets (NPAs) quarter-on-quarter, which works in its favour. Over the past year, the stock price has doubled, indicating positive momentum.

Bank of Maharashtra is primarily engaged in providing banking services in the treasury, corporate/wholesale banking, and retail banking segments. The bank’s emphasis on digitalisation and customer-centric services aligns with the changing landscape of the banking industry in India.

3. Indian Overseas Bank

Indian Overseas Bank (IOB) is another public sector bank that has shown promise recently. IOB’s operations revolve around domestic deposits, domestic advances, foreign exchange operations, investments, micro, small, and medium enterprises (including the MUDRA Loan Scheme), retail banking (including Arogya Mahila Savings Bank Accounts), mid-corporate department, agricultural credit portfolio, loans to small and marginal farmers, loans to non-corporate farmers and microfinance.

IOB’s financial performance showcases positive indicators, such as lower gross non-performing assets (NPAs) on a sequential basis, higher basic earnings per share (EPS) quarter-on-quarter, increasing profit after tax, and a significant rise in total income.

The bank has been able to reduce provisions for bad loans every quarter, indicating improved asset quality. Investors are optimistic about IOB’s stock potential, with hopes for a continuation of its impressive performance from last year.

4. Reliance Power

Reliance Power (RPower) is a part of the renowned Reliance Group and operates in the power generation and distribution sector. The company has a diverse portfolio of projects, including thermal, hydro, and renewable energy. As India focuses on renewable energy and infrastructure development, RPower stands to gain from the government’s initiatives in these sectors.

Despite a sequential loss in the December quarter, the company saw a 5% increase in net sales. Reliance Power is committed to fully repaying its debt of ₹1,500 crores in 2023 and has raised ₹1,200 crore in debt capital. Noteworthy developments include BlackRock ETF acquiring a stake and the withdrawal of insolvency proceedings. The company aims to meet India’s growing electricity demand, improve efficiency, reduce costs, and expand into international markets (especially Africa).

5. Morepen Laboratories

Morepen Laboratories is a pharmaceutical company that manufactures and distributes Active Pharmaceutical Ingredients (APIs), formulations, and diagnostics. With a strong presence in the domestic market, the company also exports its products, expanding its reach beyond national borders.

By focusing on R&D, the company aims to develop new products and enhance its existing offerings, ensuring a diverse and comprehensive product portfolio. Additionally, Morepen Laboratories has made strategic investments in digital technology, leveraging it to improve operational efficiency and streamline its processes. Investors are also drawn to the company due to its growth potential in the pharmaceutical industry.

Always remember that penny stocks are volatile and can experience rapid price fluctuations. Diversification, risk management, and a long-term perspective are crucial elements of a successful investment strategy. With careful analysis and a disciplined approach, investors can potentially find opportunities and unlock the growth potential offered by the best penny stocks in the Indian stock market.

Disclaimer: The information and stocks mentioned in the article are purely for educational purposes. Kindly do your own research before investing.

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Maruti Suzuki Posts 2.5x Jump in Net Profit in Q1 – Top Indian Market Updates

"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."

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

Maruti Suzuki Q1 Results: Net profit jumps 2.5x to ₹2,485 crore

Maruti Suzuki India reported a 2.5x YoY jump in consolidated net profit to ₹2,485 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 22% YoY to ₹32,327 crore during the same period. The automaker sold 498,030 units during the quarter, registering a growth of 6.4% YoY.

Read more here.

SAIL awards ₹30,483 crore mine development project to Power Mech

Power Mech Projects has secured a mine development and operation (MDO) project of ₹30,438 crore by state-owned steel maker SAIL. The duration of the contract is 28 years, which includes two years of development period. The contract will primarily comprise mine infrastructure development, removal of overburden and extraction of coking coal, crushing, transportation, and setting up of coal washery of 3.5 MTPA capacity.

Read more here.

UPL Q1 Results: Net profit falls 81% to ₹166 crore

UPL Limited reported an 81% YoY decline in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 17% YoY to ₹8,963 crore during the same period. UPL has significantly cut its earnings guidance for FY24. The company now sees revenue growing 1-5% in FY24, compared to 6-10% earlier.

Read more here.

Nirma closes in on Glenmark’s API subsidiary

The Nirma Group is the frontrunner to acquire Glenmark Life Sciences (GLS), an 82.84% subsidiary of Glenmark Pharmaceuticals. The conglomerate emerged as the sole bidder late last week. Nirma is using healthcare subsidiary Aculife Healthcare as the likely vehicle for the acquisition. GLS is a leading active pharmaceutical ingredient (API) platform.

Read more here.

Adani Green Q1 Results: Net profit rises 51% YoY to ₹323 crore

Adani Green Energy Ltd reported a 51% YoY increase in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations rose 33% YoY to ₹2,176 crore during the same period. Revenue from power supply was up 55% YoY to ₹2,059 crore in Q1. The sale of energy has increased by 70% YoY to 6,023 million units.

Read more here.

DGCA renews Jet Airways flying permit

The Directorate General of Civil Aviation (DGCA) has renewed Jet Airways’ flying permit till September as the fate of the airline still remains uncertain. The company’s air operator’s certificate (AOC) lapsed after it shut operations in April 2019. The airline has been undergoing insolvency proceedings in India’s bankruptcy court (NCLT).

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GAIL Q1 Results: Net profit falls 51% YoY to ₹1,412 crore

GAIL (India) Ltd reported a 51.5% YoY decline in net profit to ₹1,412 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 14% YoY to ₹32,227.47 crore during the same period. The company’s board has approved a proposal to increase the cost of its new petrochemical plant in the Raigad district of Maharashtra from ₹7,823 crore to ₹11,256 crore.

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Laxmi Organic board approves ₹710 crore capex to set up manufacturing site

Laxmi Organic Industries Ltd’s board has approved a capital expenditure of ₹710 crore for setting up a manufacturing site in Dahej, Gujarat. The proposed capacity addition of the site in Dahej will be more than 1 lakh tonnes every year. The first phase of the product portfolio at this new site will include speciality items like Diketene and Ketene derivatives.

Read more here.

Vi partners with TSSC to launch IoT Centre of Excellence

Vodafone Idea Foundation has partnered with the Telecom Sector Skill Council (TSSC) to launch the IoT Centre of Excellence at Indira Gandhi Delhi Technical University for Women (IGDTUW) in Delhi. The centre will provide hands-on training in new age and emerging technologies such as 5G, artificial intelligence/machine learning (AI/ML), IoT (internet of things), security, and surveillance to build a skilled workforce for the future.

Read more here.

India’s core sector growth output at 5-month high of 8.2% in June

Growth of eight key infrastructure sectors slowed down to 8.2% YoY in June 2023 due to a decline in the production of crude oil, natural gas, and electricity, as against 5% in May. The coal sector saw a growth of 9.8% YoY in June after growing 32.1% in the same month a year ago. Natural gas grew 3.6% YoY, while crude oil saw a dip of 0.6% YoY.

Read more here.

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Tata Motors to Hike Prices of Passenger Vehicles – Top Indian Market Updates

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

Tata Motors to hike prices of passenger vehicles next month

Tata Motors will increase the prices of its passenger vehicles from May 1 to partially offset the increase in input costs. The weighted average increase will be 0.6% depending on the variant and model. This will be the second price hike by the automaker for its passenger vehicles after it initiated an average hike of 1.2% in February. 

Read more here.

NTPC to add more coal plants

NTPC Ltd plans to build more coal plants this year to meet the country’s growing energy demand, despite long-term decarbonization targets. The company is expected to award construction orders for approx 4.5 gigawatts of coal-fired capacity across 3 sites where it already operates power plants. NTPC also plans to increase its coal output from its own mines by 48% compared to the previous year.

In other news, NTPC is planning to raise funds through an initial public offering (IPO) for its green energy unit, NTPC Green Energy Ltd (NGEL), in FY23.

Read more here.

Zee Music inks multi-year global deals with YouTube, Meta

Zee Music Company (ZMC) has renewed its licensing agreement with YouTube and Meta, signing a three-year partnership with YouTube and a two-year partnership with Meta. This allows users to continue using Zee Music Company’s extensive catalogue of over 11,000 songs to create social experiences across YouTube, Facebook, and Instagram. Zee Music Company has already achieved over 290 billion views across its YouTube channels. ZMC is a subsidiary of Zee Entertainment Enterprises Ltd (ZEEL).

Read more here.

India’s forex reserves rise to $584.75 billion

India’s foreign exchange (forex) reserves increased by $6.30 billion to $584.75 billion for the week ended April 7, after declining by $329 million in the previous reporting week. The foreign currency assets increased by $4.74 billion to $514.431 billion for the week ended April 7. Gold reserves also rose by $1.49 billion to $46.69 billion. The country’s reserve position with the IMF also went up by $13 million to $5.17 billion in the reporting week. 

Read more here.

Muthoot Finance completes pre-payment of External Commercial Borrowings of $225 million

Muthoot Finance said it completed the pre-payment of External Commercial Borrowings (ECB) of $225 million on April 13. ECBs are commercial loans widely used by eligible resident entities who raise ECBs from recognised non-resident entities. Last week, the Kochi-headquartered company declared an interim dividend of Rs 22 per share for FY23. Muthoot Finance is an Indian financial corporation and the largest gold loan NBFC in India.

Read more here.

SBI keeps lending rates unchanged across tenures

State Bank of India (SBI) will keep the lending rates unchanged across tenures, effective April 15, 2023. Its 1-year Marginal Cost of Funds based Lending Rate (MCLR) remains unchanged at 8.50%. The MCLR is the minimum lending rate below which a bank is not permitted to lend. In February, SBI hiked its lending rates by 10 basis points (bps) across tenures.

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Bodhi Tree cuts planned investment in Reliance JV Viacom18 by 70% to Rs 4,306 crore

Bodhi Tree has reduced its planned investment in Reliance Industries’ broadcast venture Viacom18 by 70% and will now pump in Rs 4,306 crore. In April 2022, Reliance Industries said that Qatar Investment Authority-backed Bodhi Tree would spend Rs 13,500 crore out of a planned Rs 15,145 crore investment in Viacom18. Bodhi Tree is a joint venture between James Murdoch and a former Star India executive.

Read more here.

NSE to introduce WTI crude oil, natural gas futures contracts from May 15

National Stock Exchange (NSE) will launch futures contracts on underlying WTI crude oil and natural gas in the commodity derivatives segment from May 15. This comes after the exchange received approval from markets regulator SEBI to launch the rupee-denominated Nymex WTI crude oil and natural gas futures contracts in its commodity derivatives segment. These contracts will expand NSE’s product offering in the energy basket and its overall commodity segment.

Read more here.

Vi showcases anti-phishing solution to TRAI, RBI & SEBI

Vodafone Idea (Vi) became the first telecom operator to showcase its anti-phishing solution to the Telecom Regulatory Authority of India (TRAI), the Reserve Bank of India, and the Securities & Exchange Board of India. The operator showed an accuracy rate of over 99%. This means that its artificial intelligence (AI)-based solution (developed by Tanla Platforms) is stopping phishing attempts through SMSes most of the time. 

Read more here.

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SpiceJet’s Net Profit Jumps 161% YoY in Q3 – Top Indian Market Updates

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

SpiceJet Q3 Results: Net profit jumps 161% YoY to ₹110 crore

SpiceJet Ltd reported a 161% YoY jump in consolidated net profit to ₹110 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2.4% YoY to ₹2,317 crore in Q3. The average domestic load factor stood at 91% in Q3, the highest among all airlines in India. 

Read more here.

NSE subsidiary launches India’s first Municipal Bond Index

NSE Indices Ltd, a subsidiary of the National Stock Exchange (NSE) has launched the country’s first-ever municipal bond index. The index will track the performance of municipal bonds issued by Indian municipal corporations. At present, the index consists of 28 municipal bonds issued by 10 issuers. All of the present constituents have a credit rating in the AA category.

Read more here.

PVR opens Lucknow’s biggest 11-screen Superplex

PVR has opened 11 screen multiplex at Lulu Mall in Lucknow, Uttar Pradesh. The 11-screen Superplex will strengthen the company’s foothold in Uttar Pradesh with 158 screens in 32 properties and consolidate the nearly-merged entity’s presence in North India with 438 screens in 100 properties. With this launch, PVR-Inox now operates the largest multiplex network with 1,653 screens at 355 properties in 113 cities.

Read more here.

Vodafone Idea’s bank loans fall 43% in Q3

Vodafone Idea’s dues to banks and financial institutions fell almost 43% YoY to ₹13,190 crore for the quarter ended December 2022 (Q3 FY23). Its trade payables-reflecting arrears to vendors such as tower firm Indus Towers and network gear supplier Nokia rose around 5.3% in the same period to ₹14,728.6 crore. Vi is now prioritising only payments essential for the continuation of its operations.

Read more here.

Reliance Retail opens first freestanding Gap store in Mumbai

Reliance Retail announced the opening of the first freestanding Gap store in Mumbai. A freestanding store is a store on the street and not in a mall or a shopping centre. Through its partnership with Gap, Reliance Retail said it would bring Gap’s shopping experience to customers across India through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

Read more here.

ABB to invest ₹1,000 crore to expand manufacturing base in India

ABB India plans to expand the number of manufacturing facilities in India and will invest around Rs 1,000 crore over the next five years for the same. The company inaugurated its new factory in Nashik today, doubling its Gas Insulated Switchgear (GIS) production capacity. It will serve customers across various industries, including power distribution, smart cities, data centers, transport, etc.

Read more here.

Relief for ZEEL as NCLAT stays insolvency proceedings

The National Company Law Appellate Tribunal (NCLAT) today stayed insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). On Wednesday, the National Company Law Tribunal (NCLT) admitted an insolvency plea against ZEEL by private sector lender IndusInd Bank. The matter pertains to a default of ₹83 crore by Siti Networks, a sister company owned by Essel Group (or Zee Group).

Read more here.

Alkem Labs arm Enzene launches adalimumab biosimilar in India

Enzene Biosciences, a subsidiary of Alkem Laboratories, has begun commercial supplies of adalimumab biosimilar. The drug is used for treating autoimmune diseases like rheumatoid arthritis and ankylosis spondylitis. This is Enzene’s fourth biosimilar launch in the last eighteen months.

Read more here.

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Vi Lost 25 Lakh Subscribers in Dec – Top Indian Market Updates

Vi marketfeed

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

Vodafone Idea loses nearly 25 lakh subscribers in Dec: TRAI

Vodafone Idea (Vi) lost nearly 24.7 lakh subscribers in December 2022, as per the latest official data released by the Telecom Regulatory Authority of India (TRAI). Reliance Jio gained 17.08 lakh subscribers in the same period, while Bharti Airtel gained 15.26 lakh subscribers. 

Meanwhile, Vi reported a net loss of ₹7,990 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹7,595.5 crore in Q2.

Read more here.

Nestle India Q4 Results: Net profit rises 66% YoY to ₹628 crore

Nestle India reported a 66% YoY increase in net profit to ₹628 crore for the quarter ended December (Q4 CY22). The company follows the Jan-Dec financial year cycle. Its revenue from operations rose 14% YoY to ₹4,257 crore during the same period. EBITDA stood at ₹973 crore in Q4, up 14% YoY. The FMCG major’s board has declared an interim dividend of ₹75 per share. 

Read more here.

Ambuja Cements declared as preferred bidder for Uskalvagu limestone block

Ambuja Cements Ltd has been declared as the ‘preferred bidder’ for the Uskalvagu limestone block in Odisha. An e-auction was conducted by the Odisha government for the block. It is spread over an area of 547 hectares with an estimated limestone resource of about 141 million tonnes.

Read more here.

Tata Steel signs MoU with CBRI for sustainable mining solutions

Tata Steel and Central Building Research Institute (CBRI) signed a Memorandum of Understanding (MoU) to collaborate on research, academic growth, and sustainable solutions in mining. CBRI will provide scientific inputs to Tata Steel on slope stability analysis & control measures in mining areas and sustainable green housing technologies for the rehabilitation and resettlement of families in mining areas.

Read more here.

Adani Group denies reports of hiring Grant Thornton for audits

Adani Enterprises issued a clarification on reports of appointing Grant Thornton for audits after the Hindenburg crisis. The flagship company of Adani Group termed it as a market rumour. Media reports suggested that the group had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies to come clean after the allegations brought out by the US short-seller Hindenburg Research and to assure investors and regulators.

Read more here.

Adani Power’s ₹7,000 crore deal to buy DB Power assets fails

Adani Power’s initial pact to acquire the thermal power assets of DB Power has expired, causing the ₹7,017-crore deal to fall through. In August 2022, the Adani group company informed the stock exchanges that it had agreed to buy the assets of DB Power Ltd. DB Power owns and runs a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh.

Read more here.

HAL gets approval from DGCA for indigenously developed black boxes

Hindustan Aeronautics Ltd (HAL) has received the Indian Technical Standard Order (ITSO) authorisation from the Directorate General of Civil Aviation (DGCA) for its indigenously developed Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR). CVR and FDR are popularly known as ‘black boxes’. They are used to record critical flight parameters and audio environments in a crash-proof memory.

In other news, HAL has sealed a contract with the Argentinian Air Force for the supply of helicopter spares and engine repair services.

Read more here.

Siemens unveils first industry-ready 5G routers in India

Siemens Ltd announced the launch of its private industrial 5G router, a critical component for the manufacturing industry in its digital transformation journey. If there is no available 5G network, the device switches automatically to 4G or 3G networks. The applications on private industrial 5G offer long-term benefits to the intra-logistics, autonomous machines, remote diagnostics, augmented reality, and mobile equipment segments.

Read more here.

Paytm completes ₹850 crore share buyback within 3 months of launch

One97 Communications (Paytm) has completed the buyback of shares via the open market within three months of announcing it. The stock price remained well below the buyback price announced by the company, which allowed for a smooth purchase of the shares through the open market. On December 13, Paytm’s parent announced that it would buy back shares worth ₹850 crore at ₹810 per share through the open market.

Read more here.

Akme Fintrade files IPO papers with SEBI

Non-banking financial company (NBFC) Akme Fintrade (India) Ltd has filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The IPO includes the fresh issuance of 1.1 crore equity shares. Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat.

Read more here.

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Govt May Delist MTNL to Merge With BSNL – Top Indian Market Updates

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

Government may delist MTNL to merge with BSNL

The Central government is looking into the process of delisting state-run telecom carrier Mahanagar Telephone Nigam Ltd (MTNL) ahead of the merger with another state telecom firm Bharat Sanchar Nigam Ltd (BSNL). The merger for both ailing telecom units has been delayed for more than a decade now with the department exploring synergies between the two entities.

Read more here.

Maruti Suzuki partners with SMAS Auto to enhance its vehicles subscription program

Maruti Suzuki India Ltd has partnered with SMAS Auto Leasing India Pvt Ltd to enhance its vehicle subscription program. SMAS is the fifth partner to offer a range of the company’s vehicles on white plate subscription, wherein the vehicle is registered under the user’s name and pledged to the subscription partner. Maruti Suzuki Subscribe with SMAS is now available across Delhi, Gurugram, Noida, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai.

Read more here.

Vedanta cuts debt by $2 billion in FY23

Vedanta Ltd has reduced net debt by $2 billion (~₹15,500 crore) in the current financial year as it seeks to soothe investor concern over its liquidity and ability to repay upcoming obligations. Meanwhile, Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year. It will continue to deleverage from net debt of $7.7 billion in the next two financial years.

Read more here.

Aditya Birla Group in talks with global banks for Vi equity infusion: Report

According to an Economic Times report, Aditya Birla Group has initiated an exercise to raise funds at the promoter level for an equity infusion into Vodafone Idea (Vi) Ltd. They are also in discussions with global banks for raising term debt to subscribe to a preferential allotment of shares. These funds will be used to part-finance the planned ₹5,000-crore equity infusion by the promoters into Vi, following the Indian government’s decision to convert dues worth ₹16,133 crore into equity.

Read more here.

HAL signs pact with RPM for cooperation in helicopter emergency medical services

Hindustan Aeronautics Ltd (HAL) and Response Plus Holding PJSC (RPM) will explore new opportunities for cooperation in the areas of emergency medical services, medical evacuation, helicopter emergency medical services (HEMS), and other mutually-beneficial fields in India, the Gulf, and the MENA (Middle East & North Africa) regions. RPM is a leading healthcare provider of emergency medical services & remote healthcare services.

Read more here.

CAMSPay receives RBI authorisation to operate as payment aggregator

Computer Age Management Services Ltd’s (CAMS) payment platform, CAMSPay, has received in-principal authorisation from the Reserve Bank of India to operate as a payment aggregator. CAMSPAy has been supporting mutual fund investors, insurance policyholders, and loan borrowers for over a decade in enabling them to move from a paper-based mandate process to offering digital payment solutions.

Read more here.

Vedanta declared preferred bidder for bauxite block in Odisha

Vedanta Ltd has been declared as preferred bidder for a bauxite block in Odisha. Sijimali bauxite block is located in the Rayagada and Kalahandi districts of Odisha. The mine is a strategic fit for Vedanta, given its size, location, and bauxite quality. The block has an estimated reserves of 311 million tonnes of bauxite.

Read more here.

Adani Group’s debt servicing ratio at comfortable level

According to a credit note released by Adani Enterprises, the group’s total debt is expected to remain stable at ₹2.3 lakh crore for FY23 compared with that in the 12 months to September 2022. This reflects the reduced focus on debt-funded capital expenditure (capex) amid efforts to improve the group’s debt profile. The group’s debt was ₹1.9 lakh crore in FY22.

Read more here.

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CPI Inflation Spikes to 6.52% in Jan – Top Indian Market Updates

inflation - market updates | marketfeed

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

CPI inflation spikes to three-month high of 6.52% in Jan

India’s Consumer Price Index (CPI) or retail inflation rose to a three-month high at 6.52% in January 2023. The retail inflation rate had eased down to 5.72% in December. Food inflation surged from 4.19% in Dec to 5.94% in Jan. The inflation rate for fuel & light declined marginally from 10.97% to 10.84% in Jan.

Read more here.

Nykaa Q3 Results: Net profit falls 68% YoY to ₹9 crore

FSN E-Commerce Ventures (Nykaa) reported a 68% YoY decline in consolidated net profit to ₹9 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 33% YoY to ₹1,462 crore during the same period. The company’s expenses stood at ₹1,455 crore in Q3, up 36% YoY. The gross merchandise value (GMV) grew 37% YoY to ₹2,796 crore.

Read more here.

Natco Pharma submits application with USFDA for generic cancer drug

Natco Pharma has submitted a new application with the US Food & Drug Administration (USFDA) for marketing authorisation of the generic version of Olaparib tablets. The drug is used to treat certain forms of ovarian, breast, pancreatic, and prostate cancers. Olaparib tablets are marketed in the US by AstraZeneca under the Lynparza brand.

Read more here.

Godrej Industries Q3 Results: Net profit jumps 117% YoY to ₹314 crore

Godrej Industries Ltd reported a 117% YoY jump in consolidated net profit to ₹314.58 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 9.3% YoY to ₹3,514.61 crore during the same period. Total expenses grew 8.12% YoY to ₹3,795.10 crore in Q3. EBITDA rose 53.9% YoY to ₹373.2 crore.

Read more here.

Vodafone Idea in talks to refinance ₹3,000-4,000 crore of loans

According to an Economic Times report, Vodafone Idea (Vi) has started fresh talks with key lenders, including State Bank of India, Punjab National Bank, and HDFC Bank, to refinance loans worth ₹3,000-4,000 crore. Refinancing some debt will help free up cash for Vi. The telco urgently needs to pay substantial vendor dues to tower companies like Indus Towers and network equipment makers such as Ericsson and Nokia.

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Gujarat Gas Q3 Results: Net profit jumps 204% YoY to ₹371 crore

Gujarat Gas Ltd reported a 204% YoY jump in net profit to ₹371.26 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 27% YoY to ₹121.93 crore during the same period. Total expenses stood at ₹3,355.87 in Q3, down 34.4% YoY. The company added close to 48,600 new domestic customers and 228 commercial customers in Q3.

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Adani Group cuts revenue growth target, capex

The Adani Group has halved its revenue growth target and aims to scale down fresh capital expenditure. This move comes days after US-based short seller Hindenburg Research published a negative report on the conglomerate. The group will now aim for revenue growth of 15% to 20% for at least the next financial year (FY24), down from the 40% growth originally targeted.

In other news, Adani Group has pledged additional shares in favour of SBICAP Trustee (a subsidiary of SBI) as the group companies are required to maintain 140% collateral security coverage as per one of the conditions relating to an existing loan. 

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Balkrishna Industries Q3 Results: Net profit falls 68% YoY to ₹108 crore

Balkrishna Industries Ltd reported a 68% YoY decline in consolidated net profit to ₹108.38 crore for the quarter ended December (Q3 FY23). The tyre manufacturer’s revenue from operations rose 6% YoY to ₹2,165.57 crore during the same period. EBITDA stood at ₹314.26 crore in Q3, down 44% YoY. The company’s shares fell 11% today.

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Market News Top 10 News

Adani Promoters Prepay Loans Worth ₹8,000Cr – Top Indian Market Updates

adani

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

Adani promoters prepay to ₹8,000Cr loans to release pledged shares

Promoters of Adani Group will pre-pay loans worth $1,114 million for the release of pledged shares ahead of maturity in September 2024. The promoter’s early payment will help release 168.27 million shares of Adani Ports, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green Energy. This move is an attempt to clear up investor worries about the Adani Group’s balance sheet and its capacity to make debt payments.

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Tata Steel Q3 Results: Net loss at ₹2,224 crore

Tata Steel Ltd reported a consolidated net loss of ₹2,224 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹9,572 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations fell 6% YoY to ₹57,084 crore in Q3 FY23. For the India business, the company has reported a profit of ₹1,918 crore with a revenue of ₹32,325 crore.

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Vodafone Idea partners with Motorola to drive 5G connectivity across 5G smartphone portfolio

Vodafone Idea has partnered with Motorola to ensure seamless 5G connectivity across its fifth-generation smartphone portfolio. Motorola has successfully tested its latest and most popular smartphone models on 3350 to 3400 MHz spectrum bands on Vi 5G network in New Delhi. On Friday, the Central govt approved the conversion of the troubled telco’s accumulated interest dues worth ₹16,000 crore into equity.

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Adani Transmission Q3 Results: Net profit rises 73% YoY to ₹478 crore

Adani Transmission reported a 73% YoY increase in consolidated net profit to ₹478 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 15.8% YoY to ₹3,037 crore during the same period. EBITDA stood at 1,708 crore in Q3, up 28.9% YoY. Adani Transmission is the transmission and distribution business arm of the Adani Group.

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Indian Oil to sign MoU with LanzaJet for sustainable aviation fuel

Indian Oil Corp will sign a Memorandum of Understanding (MoU) with sustainable fuel tech provider LanzaJet to produce sustainable aviation fuel at its Panipat refinery in northern India. The company has a tie-up with LanzaTech for converting waste gas to ethanol, and U.S.-based LanzaJet will be helping in upgrading ethanol to jet fuel. 

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Easy Trip Planners Q3 Results: Net profit rises 4% YoY to ₹42 crore

Easy Trip Planners Ltd reported a 4% YoY increase in consolidated net profit to ₹41.7 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 58% YoY to ₹136 crore during the same period. The company reported the highest-ever gross booking revenue (GBR) of ₹2,267 crore in Q3, driven by strong volume growth in the flight and hotels segment.

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Snowman Logistics takes 50,000 sq. ft warehousing space at Hosur industrial park

Snowman Logistics Ltd (SLL) has taken a 50,000 sq. ft warehousing space at Horizon Industrial Park, Hosur, Bengaluru. This will be SLL’s first dry warehouse and its largest with 5,500 pallet positions. Horizon Industrial Parks is a logistics platform in India, owned and managed by Blackstone Real Estate funds.

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Auto retail sales rise 14% in January: FADA

According to the Federation of Automobile Dealers Association (FADA), automobile retail sales in India rose 14% year-on-year (YoY) to 18.27 lakh units in January. Passenger vehicle registrations rose by 22% YoY to 3.40 lakh units, while two-wheeler retails rose 10% YoY to 12.65 lakh units in Jan. Commercial vehicle registrations stood at 82,428 units last month, up 16% YoY.

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Blue Star invests ₹350 crore in new plant

Blue Star Ltd has opened a new plant in Sri City, Andhra Pradesh. The factory’s first phase has a capacity of 3 lakh room AC units, with the potential to scale up to 1.2 million units by the financial year 2027 (FY27). The company has invested ₹350 crore in the present phase of the plant, with provision for an additional investment outlay of ₹200 crore by the time Phase-3 is launched in FY27.

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Market News Top 10 News

Tata Motors Posts First Quarterly Profit in 2 Years – Top Indian Market Updates

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

Tata Motors Q3 Results: Net profit at ₹2,957 crore

Tata Motors Ltd reported a consolidated net profit of ₹2,957.71 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹1,516 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 22.5% YoY to ₹88,488.59 in Q3 FY23. The automaker’s EBITDA stood at ₹9,900 crore, up 11% YoY. Jaguar Land Rover’s revenue rose 28% YoY to £6 billion (~₹60,250 crore) in Q3.

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Adani Group stocks lose up to 10% after Hindenburg reveals short positions

Investment research firm Hindenburg Research published a report stating that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. Hindenburg said key listed companies in the group had substantial debt, which has put the entire group on an uncertain financial footing. The firm holds short positions in companies owned by billionaire Gautam Adani. Shares of Adani Group stocks fell up to 10% today after the news broke out.

Adani Group’s Chief Financial Officer, Jugeshinder Singh, said in a statement that the company was shocked by the report, calling it a “malicious combination of selective misinformation and stale, baseless and discredited allegations.”

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Hero MotoCorp commences deliveries of electric scooter VIDA in Delhi

Hero MotoCorp has commenced deliveries of its electric scooter VIDA V1 in Delhi after having started the process in Bengaluru and Jaipur. The company is planning a rapid expansion of its sales and charging network across multiple cities coinciding with the start of the sales process. Hero MotoCorp launched VIDA V1 in October last year in two variants— Pro and Plus.

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Sun Pharma launches phenobarbital sodium injection in US

Sun Pharmaceutical Industries Ltd launched its phenobarbital sodium injection, SEZABY, in the US. SEZABY is the first and only product approved by the US Food & Drug Administration (USFDA) for the treatment of neonatal seizures in term and preterm infants. Neonatal seizures are bursts of electrical activity in a newborn’s brain that can be a sign of brain conditions or injuries.  

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Bajaj Auto Q3 Results: Net profit rises 23% YoY to ₹1,491 crore

Bajaj Auto Ltd reported a 23% YoY increase in net profit to 1,491.42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.3% YoY to ₹9,315.14 crore during the same period. EBITDA rose by a sharp 29.4% YoY to Rs 1,777 crore in Q3. The revenue growth was moderate due to a sharp fall in exports, which offset the double-digit growth in domestic business.

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Vi launches rural retail touchpoints

Vodafone Idea (Vi) has launched nearly 1,100 new format physical touchpoints under the name “Vi Shops” across Tier 3 markets in 18 Indian states. The telecom operator aims to protect its rural consumer base, which is increasingly emerging as a significant target of rivals Reliance Jio and Bharti Airtel. The new retail touchpoints will deliver a uniform experience to Vi’s local customers and enable quick support.

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Dr. Reddy’s Labs Q3 Results: Net profit rises 77% YoY to ₹1,247 crore

Dr. Reddy’s Laboratories Ltd reported a 77% YoY increase in net profit to ₹1,247 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 27% YoY to ₹6,770 crore during the same period. EBITDA grew 14.3% YoY to ₹1,407.56 crore in Q3. Revenues in the global generics segment stood at ₹5,924.1 crore, up 33% YoY.

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Happiest Minds acquires Madurai-based IT services firm SMI for ₹111 crore

Happiest Minds Technologies Ltd has acquired a 100% stake in Madurai-based Sri Mookambika Infosolutions (SMI) for ₹111 crore. With 400-plus offshore-based employees, SMI has an annual run rate in revenues of $9 million. SMI provides product engineering services to its US customers around enterprise applications & integrations, digital data platform services, and mobility services.

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DLF Q3 Results: Net profit rises 36% YoY to ₹519 crore

DLF Limited reported a 36% YoY increase in consolidated net profit to ₹519.21 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.5% YoY to ₹1,494.8  crore during the same period. EBITDA was down 8.5% YoY to ₹477.2 crore in Q3. The realty company’s expenses in the quarter fell almost 5% YoY to ₹1,151.62 crore.

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Market News Top 10 News

Adani Ports Posts 8% Growth in Volumes in Dec – Top Indian Market Updates

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

Adani Ports records 8% growth in container volume in Dec

Adani Ports & Special Economic Zone (APSEZ) handled 25.1 million metric tonnes (MMT) of cargo in December 2022, recording an 8% YoY growth in container volumes. The company registered 253 MMT of cargo volumes for the April-December period of 2022, up 8% YoY. APSEZ is the largest port developer and operator in India with 6 strategically located ports and terminals.

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Bajaj Finance records highest ever quarterly increase in customer franchise

Bajaj Finance Ltd. reported the highest-ever quarterly increase in its customer franchise in the December quarter (Q3 FY23). The company’s customer franchise increased by 3.1 million during the quarter. Overall customer franchise at the end of December stood at 66 million, compared to 55.4 million during the same period last year. Bajaj Finance’s Assets under Management (AUM) grew 27% YoY to ₹2.3 lakh crore in Q3. 

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Lupin launches novel drug combination for asthma treatment

Lupin has launched a novel fixed-dose triple drug combination (FDC) in India under the brand name DIFIZMA. It is a dry powder inhalation (DPI) product that will improve lung function among patients facing inadequately controlled asthma by providing them with better symptom control. DIFIZMA is the only FDC that has received approval from the Drug Controller General of India for asthma treatment.

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Grasim Industries incorporates subsidiary for business support services

Grasim Industries Ltd announced the incorporation of a wholly-owned subsidiary company, Grasim Business Services Pvt. Ltd. The new entity will offer business support services, including staffing solutions. The newly incorporated company has an authorised capital of ₹1 crore and subscribed capital of ₹10 lakh.  

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Domestic air passenger traffic grows 15% in December: ICRA

According to rating agency ICRA, India’s domestic air passenger traffic registered a 15% year-on-year (YoY) growth to around 129 lakh in December 2022. However, it remained 1% lower than the pre-pandemic level of December 2019. The domestic aviation industry operated at an estimated passenger load factor of around 91% in December 2022, compared to 80%in December 2021 and about 88% in Dec 2019.

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Vodafone Idea equity conversion complex issue, under discussion: Ashwini Vaishnaw

Minister of Communications Ashwini Vaishnaw said debt-ridden Vodafone Idea (Vi) would need capital infusion, and equity conversion is a “complex issue” that is under discussion. The government’s equity conversion in Vi has been a matter of concern for the telecom operator’s survival. The accrued interest on AGR-related dues stands at ₹16,130 crore and the conversion may allow the Indian government to hold a majority stake of close to 33% in Vodafone Idea.

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IndiGo launches 168 weekly flights to new Goa airport

InterGlobe Aviation Ltd (IndiGo) has launched 168 weekly flights from Goa’s new airport. The airline will operate these flights between Mopa and 8 domestic destinations like Hyderabad, Delhi, Mumbai, Bangalore, Chennai, Pune, Jaipur, and Ahmedabad. At present, the new airport can handle 4.4 million passengers annually and will be developed further in phases.

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Residential housing sales at decadal high in 2022

The residential real estate sector witnessed a robust demand revival in 2022, with the year registering a decadal high of primary home sales across the top seven cities despite the rise in mortgage rates and property prices. The performance in 2022 with 2.15 lakh apartments ranks next to the peak of 2.16 lakh units achieved in 2010 in key markets like Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune.

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Saudi Arabia cuts oil prices for main market as demand slows

Saudi Arabia cut oil prices for Asia, signaling that demand in its main market remains sluggish as economies slow and Covid-19 cases in China surge. Brent crude futures have fallen from almost $125 a barrel in June to less than $80, with prices declining 7.5% so far this week. High interest rates and a strong dollar have hit demand in the US, Europe, and China. 

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Editorial

Why Does Everyone Hate the Draft Telecom Bill 2022?

Two months ago, the Indian government released a draft of the Telecommunication Bill, 2022. The Centre believes the time has come to update some of the outdated laws in the telecom sector. While it has some good intentions (well, sort of), the draft bill received a lot of criticism and backlash. If this bill is approved, the government could even indirectly force you to pay for using services like WhatsApp! 

In this article, we dive into the Draft Telecom Bill and see why it has become so controversial.

What is the Draft Telecom Bill 2022?

The Draft Telecommunication Bill, 2022, is an attempt by the Indian government to modernise the existing regulatory framework in the telecom sector. The new bill aims to replace three existing acts: the Indian Telegraph Act (1885), Wireless Telegraphy Act (1933), and Telegraph Wires (Unlawful Possession) Act (1950). 

As we know, India’s telecom sector has gone through a wide range of technological advancements and challenges over the past few decades. So it’s vital to modify outdated regulations and form new ones to keep up with all the rapid changes. According to our government, the new bill aims for “minimum but effective regulation of the telecom sector.”

Key Features of the Draft Telecom Bill, 2022:

  • There’s a proposal to bring over-the-top (OTT) communications services or apps under telecom services. WhatsApp, Telegram, Google Meet, and other internet-based apps/software may have to obtain licenses to operate in our country! However, it’s still not clear what comes under “OTT services.” 
  • The bill brings clarity around spectrum allocation. [A spectrum is a range of radio waves used for communication.] It would strengthen the government’s authority to assign spectrum, with or without auctions. The govt may also relax rules around sharing, trading, and leasing spectrum.
  • The draft bill also includes a provision for the govt to defer, write off, or grant relief to any telecom operator or firm that is facing financial stress. This would benefit struggling firms like Vodafone Idea.
  • There will be strict measures to check and verify documents required to acquire a SIM or create accounts on OTT communication platforms. Know Your Customer (KYC) will become mandatory for user verification. Forging documents may lead to imprisonment of one year or a fine of up to ₹50,000. Telecom operators will have to display the name of the caller when only the phone number is visible (like Truecaller)!
  • The draft bill proposes an efficient way to resolve disputes through arbitration or mediation (settling issues outside courts).

So Why Are People Angry?

Ever since the draft bill was published in September 2022, a large number of stakeholders within the digital ecosystem in India have taken to social media and other platforms to show their outrage against the draft bill! Many feel that the new rules are likely to kill the progress of the government’s own vision of a Digital India. Let’s see how these proposed laws could affect you:

  • Messaging platforms like WhatsApp and Telegram allow crores of Indians to send texts and make video calls via the internet (for free). There are no barriers for such platforms to enter the Indian market and don’t have to pay any fees to provide such services. They don’t have any obligation to share user data with the government.
  • On the other hand, telecom service providers like Reliance Jio and Bharti Airtel have to pay huge fees to the Central govt to use spectrum (airwaves) and provide voice & data services. You and I pay for data packs to access the internet, send messages via WhatsApp, and watch movies/TV shows on OTT platforms like Netflix. 
  • But now, the Central government wants to bring all companies that provide broadcasting services, e-mail services, voice & data services, internet & broadband services, and OTT communication services under its control/purview! It wants such companies/apps to obtain a license to operate in India!
  • Here’s a more shocking proposal mentioned in the draft bill: messaging apps/platforms (which implement end-to-end encryption) may even be required to intercept and disclose any message at the request of the govt! Surely a blatant invasion of privacy.

The Way Ahead

Now, suppose the proposed bill becomes law. The government can essentially levy hefty fees on existing companies (like WhatsApp, Google Meet) to obtain a license and offer services in India. And how would WhatsApp recover these fees? From users like you and me! Such strict laws and fees will also discourage new companies or developers from rolling out path-breaking apps or software to the public! It would kill innovation and digital transformation in our country!

Now, you may wonder why the government has even proposed such strict measures in the telecom sector. Well, they want to improve national security through “lawful” interception! The Centre argues that bringing platforms like WhatsApp and Telegram under its purview could help identify criminals or terrorists. But interestingly, many people have pointed out that there’s already a section in the current Information Technology (IT) Act that allows the government to issue directions to digital communications apps and monitor messages! So realistically, there’s not really a need for new licensing laws! 

The government needs to go back to the drawing board and ensure that the new provisions under the Telecom Bill support all forms of innovation for a greater Digital India! What are your thoughts on the government’s Draft Telecom Bill? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

Vi’s Net Loss Widens to ₹7,596 crore in Q2 – Top Indian Market Updates

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

Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore

Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.

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Gati to buy out Japanese partner in JV in FY23

Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal. 

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HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore

Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.

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Godrej Properties acquires 50-acre land parcel near Mumbai

Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.

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SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore

SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.

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Bharti Airtel deploys 5G at Bengaluru Airport

Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.

Read more here.

Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore

Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.

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IIFL Finance aims to triple co-lending to over ₹13,000 crore

IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.

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Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore

Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.

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Alembic Pharma gets USFDA approval for generic injection

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.

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HPCL Q2 Results: Net loss at ₹2,475 crore

Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.

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Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore

Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.

Read more here.