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India’s Coal Output Rises 29% in April – Top Indian Market News

India’s coal output rises 29% in April

India’s coal output rose 29% YoY to 66.58 million tonnes (MT) in April. Dispatch of coal to power utilities grew 18.15% YoY to 61.81 MT last month. The Ministry of Coal has been observing a decline in the prices of imported coal since the end of October 2021. India is witnessing a power crisis as coal reserves in several states are running out amid high electricity demand. 

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Asian Paints Q4 Results: Net profit at Rs 850 crore

Asian Paints Ltd reported a consolidated net profit of Rs 850.42 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 852.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 20.6% YoY to Rs 7,889.94 crore in Q4 FY22. Asian Paints faced an exceptional loss of Rs 115.70 crore towards its Sri Lanka business and expected delay in receivable subsidy from the govt. The paint manufacturer’s board has declared a dividend of Rs 15.5 per share.

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Polycab India Q4 Results: Net profit rises 14% YoY to Rs 322 crore

Polycab India Ltd reported a 14.47% YoY increase in consolidated net profit to Rs 322.15 crore for the quarter ended March (Q4 FY22). Net profit rose 2.4% when compared to the previous quarter. Its revenue from operations rose 35% YoY to Rs 3,979 crore during the same period. Polycab India’s board has declared a dividend of Rs 14 per share.

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ICICI Bank partners with Santander for India-UK business ease

ICICI Bank has announced a strategic partnership with Santander UK to facilitate the banking requirements of corporates operating across India and the UK. The private sector bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions, and retail banking to the UK corporates operating in India. Santander UK will support Indian corporates and new-age businesses with their banking requirements in the UK.

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Ajanta Pharma Q4 Results: Net profit falls 5% YoY to Rs 151 crore

Ajanta Pharma Ltd reported a 5% YoY decline in consolidated net profit to Rs 151 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 870 crore during the same period. The pharma company’s board has approved the issue of bonus shares in the ratio 1:2. [One equity share (of the face value of Rs 2) will be issued for every 2 shares (of Rs 2 each) held in the firm.]

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Cipla signs pact with Genes2Me to launch Covid-19 RT-PCR test kit

Cipla Ltd has launched a Covid-19 RT-PCR testing kit in partnership with diagnostics firm Genes2Me. The pharma company will be responsible for the distribution of ‘RT Direct’ kits in India and has commenced supply of the same. The test protocol does not require any RNA extraction process and delivers results in just 45 minutes. 

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MRF Q4 Results: Net profit falls 50% YoY to Rs 165 crore

MRF Limited reported a 50.26% YoY increase in consolidated net profit to Rs 165.21 crore for the quarter ended March (Q4 FY22). Net profit rose 10.6% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 5,304.82 crore during the same period. The tyre manufacturer’s board has declared a final dividend of Rs 144 per share.

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Wipro renews IT transformation deal with Crédit Agricole

Wipro Ltd has extended its strategic agreement with Crédit Agricole CIB to fuel the next stage of growth. The IT major will help Crédit Agricole CIB to adopt cloud technologies and agile practices to achieve faster speed-to-market on new products and services. Crédit Agricole CIB is the corporate and investment banking arm of France-based Crédit Agricole Group.

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Vodafone Idea Q4 Results: Net loss at Rs 6,563 crore

Vodafone Idea reported a net loss of Rs 6,563.1 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 7,022.8 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 6.46% YoY to Rs 10,271.8 crore in Q4 FY22. The average revenue per user (ARPU) stood at Rs 124 in Q4 FY22, compared to Rs 115 in the previous quarter (Q3 FY22). Vi’s average daily revenue growth stood at 7.7% QoQ.

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Mutual Funds see Rs 72,847 crore net inflows in April: AMFI

The Indian mutual fund industry witnessed net inflows of Rs 72,847 crore in April 2022, compared to a net withdrawal of Rs 69,883 crore in March. Equity mutual funds attracted net inflows of Rs 15,890 crore in April, compared to Rs 28,463 crore in March. The monthly Systematic Investment Plan (SIP) contribution dropped to Rs 11,863 crore in April compared to Rs 12,328 crore in March. The data was released by the Association of Mutual Funds in India (AMFI).

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UPL Posts 29% YoY Rise in Q4 Net Profit – Top Indian Market News

UPL Q4 Results: Net profit rises 29% YoY to Rs 1,379 crore

UPL Ltd reported a 29% YoY increase in consolidated net profit to Rs 1,379 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24% YoY to Rs 15,860 crore during the same period. The chemical manufacturer’s EBITDA stood at Rs 3,591 crore in Q4, up 26% YoY. UPL’s board has declared a dividend of Rs 10 per share.

UPL has settled a case with SEBI pertaining to the alleged failure to modify the terms of appointment of the auditor of its subsidiary. It has paid Rs 19.5 lakh towards settlement charges.

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Vodafone Idea partners with SonyLIV to boost content offerings

Vodafone Idea (Vi) has partnered with SonyLIV to offer premium content services. SonyLIV is the video streaming platform from Sony Pictures Networks India. Vi has introduced a new add-on recharge of Rs 82, which will provide a free mobile-only subscription of SonyLIV Premium for 28 days and an added data benefit of 4GB with 14-day validity.

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PVR Q4 Results: Net loss at Rs 105.5 crore

PVR Limited reported a consolidated net loss of Rs 105.49 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 289.21 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations jumped nearly three-fold to Rs 537.14 crore in Q4 FY22. The multiplex chain operator’s total expenses stood at Rs 731.17 crore, up 43.91% YoY.

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L&T secures order from Jharkhand govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Government of Jharkhand. The project aims to provide water to irrigate 22,283 hectares of culturable command area (CCA) in Dumka district by pumping water from the Sidheshwari river. The scope of the order includes survey, design, and construction of a barrage across the river.

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Suven Pharma Q4 Results: Net profit rises 11% YoY to Rs 92 crore

Suven Pharmaceuticals Ltd reported a 10.3% YoY increase in consolidated net profit to Rs 91.66 crore for the quarter ended March (Q4 FY22). Net profit fell 42.7% when compared to the previous quarter. Its revenue from operations rose 40.54% YoY to Rs 364 crore during the same period. The pharma company’s board has declared an interim dividend of ₹1 per share.

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Can Fin Homes clarifies on possible RBI probe into fraud detection

Can Fin Homes Ltd offered clarification on a possible Reserve Bank of India (RBI) probe into the detection of fraud in 37 accounts, saying it has not received any such information from the regulator. Earlier today, a media report claimed that RBI may launch a probe into the detection of fraudulent accounts in Can Fin Homes. The company further said the report is factually incorrect and that it is unaware of its source.

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HCL Tech to acquire digital banking firm Confinale

HCL Technologies UK has signed a definitive agreement to acquire Switzerland-based Confinale AG, a digital banking and wealth management consulting specialist. With this acquisition, HCL Tech will expand its footprint in the global wealth management market. Confinale has one of the largest pools of Avaloq-certified specialists in Europe. It works with leading banks and wealth advisors. 

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LIC IPO subscribed 2.94 times on final day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 2.94 times on the final day of bidding. Retail investors have subscribed 1.98 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2.91 times and 2.83 times, respectively, against their reserved portions. LIC policyholders have subscribed 6.09 times the portion reserved for them. 

Aarti Drugs Q4 Results: Net profit rises 7% YoY to Rs 55 crore

Aarti Drugs Ltd reported a 7.14% YoY increase in consolidated net profit to Rs 55.34 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its revenue from operations rose 38.4% YoY to Rs 694.27 crore during the same period. The pharma company’s total expenses stood at Rs 626.73 crore in Q4, up 43.2% YoY.

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SRF Q4 Results: Net profit rises 59% YoY to Rs 

SRF Limited reported a 59% YoY increase in consolidated net profit to Rs 605.65 crore for the quarter ended March (Q4 FY22). Net profit rose 19.8% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 3,549 crore during the same period. The company’s chemicals business posted a revenue of Rs 1,572 crore in Q4, up 36% YoY. 

SRF’s board has approved a project to set up dedicated facilities to produce key specialty products at its Dahej plant at an estimated cost of Rs 115 crore. They have also approved a project for capacity expansion at the Dahej plant at an approx. cost of Rs 30 crore.

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Manufacturing PMI Rises to 54.7 in April – Top Indian Market News

Manufacturing PMI rises to 54.7 in April

India’s manufacturing activity picked up marginally in April after decelerating to a six-month low in March. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.7 in April 2022, compared to 54 in March. Input costs rose to their fastest pace since November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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Adani Wilmar Q4 Results: Net profit falls 26% YoY to Rs 234.3 crore 

Adani Wilmar Ltd reported a 25.6% YoY decline in consolidated net profit to Rs 234.3 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.2% YoY to Rs 14,960.4 crore during the same period. The company’s total expenses increased by 40% YoY to Rs 14,726.7 crore in Q4.

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Power Grid to acquire IL&FS Energy Development Company’s stake in CPTCL

Power Grid Corporation India Ltd (PGCIL) will purchase IL&FS Energy Development Company Ltd’s (IEDCL) equity shareholding in Cross Border Power Transmission Company Ltd (CPTCL). PGCIL’s board has cleared the proposal for the purchase of 77,30,225 equity shares of IEDCL in CPTCL. Currently, Power Grid owns a 26% stake in CPTCL, while IEDCL holds a 38% stake.

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HDFC Q4 Results: Net profit rises 16% YoY to Rs 3,700  crore

HDFC Limited reported a 16.4% YoY increase in net profit to Rs 3,700 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 14% YoY to Rs 4,601 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] Its loan book grew 14% YoY to Rs 5.55 lakh crore, driven by lending to affordable housing and high-end properties. HDFC’s board has declared a dividend of Rs 30 per share for FY22.

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Vodafone Idea partners with ICRIER to set up telecom centre of excellence

Vodafone Idea Ltd has partnered with Indian Council for Research on International Economic Relations (ICRIER) to set up a telecom Centre of Excellence. The centre has been named InViCT (ICRIER & Vodafone Idea Centre for Telecom). It will provide a common platform to facilitate the development of a coordinated policy response to emerging technology and business trends for India’s telecom sector.

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Britannia Industries Q4 Results: Net profit rises 5% YoY to Rs 378 crore

Britannia Industries Ltd reported a 4.96% YoY increase in consolidated net profit to Rs 377.95 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.4% YoY to Rs 3,550.45 crore during the same period. The FMCG major’s operating profit stood at Rs 549.68, up 9% YoY. Its board has declared a dividend of Rs 56.5 per share.

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Mahindra Holidays Q4 Results: Net profit at Rs 16.25 crore

Mahindra Holidays & Resorts India Ltd reported a consolidated net profit of Rs 16.25 crore for the quarter ended March (Q4 FY22). It had posted a loss of Rs 10.17 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 16.58% YoY to Rs 542.58 crore in Q4 FY22. Its resort occupancies stood at 77% in Q4.

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Route Mobile to acquire Teledgers’ blockchain, DLT platform for Rs 130 crore

Route Mobile Ltd (RML) will acquire the artificial intelligence-based blockchain and distributed ledger technology (DLT) platform of Teledgers Technology for ~Rs 130 crore. The acquisition will enable Route Ledger (a subsidiary of RML) to offer DLT and encrypted messaging solutions to mobile network operators. Route Mobile intends to enable telecom operators & enterprises with DLT Platform across Latin America, the Middle East, Africa, and Asia-Pacific.

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LIC IPO’s Rs 5,630 crore anchor book oversubscribed: Report

According to a CNBC-TV18 report, LIC IPO’s Rs 5,630 crore anchor book saw an overwhelming response and was oversubscribed. Earlier reports stated that Goldman Sachs, Morgan Stanley, Nomura, Singapore’s GIC Pte, Norway’s sovereign wealth fund, and SBI Mutual Fund would be among those who may bid for the LIC’s anchor book.

Auto sales data for April 2022: Highlights  

Maruti Suzuki India posted a 5.6% year-on-year (YoY) decline in total sales to 1,50,661 units in April 2022. Sales of its compact vehicle segment fell 21.6% YoY to 76,321 units. Exports rose 6.8% to 18,413 units.

Tata Motors Ltd registered a 73% YoY increase in total domestic sales to 72,468 units in April. The automaker’s commercial vehicle sales rose 87% YoY to 30,838 units. Overall passenger vehicle wholesales rose 66% YoY to 41,587 units.

Mahindra & Mahindra’s auto segment posted total sales of 54,640 units in April, an increase of 25% YoY. M&M’s farm equipment segment posted a 49% YoY fall in sales to 40,939 units. 

Hero Motocorp posted a 12.45% YoY increase in total sales to 4,18,622 units in April.  

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RBI Cuts FY23 GDP Forecast to 7.2% – Top Indian Market News

RBI keeps policy rates unchanged; cuts FY23 GDP forecast to 7.2%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance to support growth and keep inflation within the target of 2-6%. RBI has projected real GDP growth of 7.2% for the current financial year (FY23), which is lower than its earlier estimate of 7.8%. 

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RBI imposes penalties on Axis Bank, IDBI Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs 93 lakh on Axis Bank. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines, and “levy of penal charges for non-maintenance of minimum balances in savings bank accounts”. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank for similar violations.

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JSW Steel’s combined crude steel output grows 37% YoY in Q4

JSW Steel Ltd reported a 37% YoY increase in combined crude steel production at 5.98 million tonnes (MT) for the quarter ended March (Q4 FY22). The capacity utilisation of existing operations at the standalone level improved from 94% in Q3 to 98% in Q4. During the entire FY 2021-22, JSW Steel posted a 38% YoY growth in combined steel production to 21.47 MT.

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Tax collections soar to a record Rs 27.07 lakh crore in FY22

India’s tax collections soared to a record high of Rs 27.07 lakh crore in FY22 as mop-up from income and other direct taxes as well as indirect taxes jumped. Gross tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 compares with the Budget estimate of Rs 22.17 lakh crore. While direct taxes showed a 49% growth, indirect tax collections were up 30% in FY22.

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Abu Dhabi’s IHC to invest $2 billion in 3 Adani Group firms

Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion (~Rs 15,180 crore) as primary capital in three Adani portfolio companies– Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL). IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL, and Rs 7,700 crore in AEL. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening the balance sheet, and for general corporate purposes.

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Sterling and Wilson RE’s loss narrows in Q4

Sterling and Wilson Renewable Energy Ltd (SWREL) posted a loss of Rs 126.61 crore for the quarter ended March 2022 (Q4 FY22). It had reported a loss of Rs 344.80 crore in the corresponding period last year. The company’s revenue fell by 21.5% YoY to Rs 1,071 crore during the same quarter. SWREL reported a net loss of Rs 909.46 crore in FY22, compared to a loss of Rs 285.38 crore in FY21.

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Indoco Remedies gets USFDA approval for Lacosamide injection

Indoco Remedies Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lacosamide Injection. The drug is used for the prevention and control of seizures. It is an anti-epileptic drug. According to IQVIA data, the generic version of the drug had annual sales of $43.8 million, growing at 25%.

V-Guard Industries bets on consumer durables, expansion outside south India

V-Guard Industries is betting big on its consumer durables and kitchen appliances division as well as increasing its operations outside south India. The company will open four new factories over the next 12 months– two in Hyderabad and one each in Vapi and Uttarakhand. This will help increase the share of in-house manufacturing in its product portfolio. V-Guard has invested about Rs 200 crore in its manufacturing & distribution expansion and will be investing Rs 180-200 crore more.

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Govt returns bank guarantees worth Rs 15,000 crore to Vodafone Idea

The Department of Telecommunication (DoT) has returned bank guarantees worth Rs 15,000 crore to Vodafone Idea (Vi). It is in line with last year’s telecom reforms package, which reduced bank guarantee requirements for licence fees and spectrum dues. The Rs 15,000 crore bank guarantee pertains to spectrum auctions between 2012-’16. The DoT has also released bank guarantees worth Rs 7,000 crore to Bharti Airtel.

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Equity mutual fund inflows rise 44% in March: AMFI

Net inflows into equity and equity-linked schemes increased 44% over the previous month to Rs 28,463.5 crore in March. Multi-cap funds witnessed the highest investments among all categories, while small caps saw the least. Monthly contributions into systematic investment plans (SIPs) recovered to hit an all-time high of Rs 12,327.9 crore in March. That data was released by the Association of Mutual Funds in India (AMFI).

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HDFC Bank to Raise up to Rs 50,000 crore via Bonds – Top Indian Market News

HDFC Bank to raise up to Rs 50,000 crore via bonds

HDFC Bank’s board will consider a proposal for raising up to Rs 50,000 crore over the next 12 months. The bank aims to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier-I capital), Tier-II Capital Bonds, and Long Term Bonds (Financing of Infrastructure and Affordable Housing). The board is scheduled to meet on April 16 to consider and approve the financial results for the March quarter (Q4) and FY 2021-22.

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L&T’s building & factories biz secures ‘significant’ orders

Larsen & Toubro Ltd’s (L&T) building and factories business has received significant orders (in the range of Rs 1,000-2,500 crore) from prestigious clients. The health segment of the business has secured an order from the Government of Telangana to construct a 1,750-bed super specialty hospital at Warangal. The project also involves constructing a configuration of the basement and other ancillary buildings.

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Titan reports muted sales in Q4

Titan Company Ltd said it finished the March quarter (Q4 FY22) on a satisfactory note, despite partial Omicron-led lockdowns and other disruptions. The company’s jewellery division reported a 4% YoY decline in revenue during Q4. Revenue from the watches and wearables segment grew 12% YoY. Meanwhile, Titan’s eyecare division recorded 5% YoY growth, while other businesses saw a 23% rise in revenue. 

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Maruti Suzuki to hike vehicle prices this month

Maruti Suzuki India Ltd (MSIL) plans to hike the prices of different models in April due to rising input costs. The automaker did not disclose the quantum of the proposed price hike. It has already hiked vehicle prices by nearly 8.8% from January 2021 to March 2022 due to the constant increase in input costs.

In other news, MSIL has recalled 19,731 units of its EECO model to inspect and rectify incorrect marking of wheel rim size.

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Actis nearing a deal to buy road assets worth $400 million from Welspun Group: Report

According to a Bloomberg report, UK-based Actis is nearing a deal to acquire a portfolio of road assets from Welspun Group for nearly $400 million (~Rs 3,032 crore). The buyout firm is in advanced talks for the assets and is set to beat out several rival bidders. The deal could give Welspun’s road portfolio an enterprise value of about $1.2 billion.

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HAL, Israel Aerospace Industries sign pact for MMTT aircraft

Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi-mission tanker transport (MMTT) aircraft in India. Under this pact, HAL will convert pre-owned civil aircraft into air-refueling aircraft with cargo and transport capabilities. This move aims to provide India’s defence ecosystem with new capabilities and cost-effective solutions in the market.

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Union Bank to invest Rs 1,000 crore to upgrade IT infrastructure

Union Bank will invest Rs 1,000 crore in upgrading its information technology (IT) platforms in the current financial year. It aims to generate revenue from digital channels and save costs. The state-owned bank launched its super app named UnionNxt today. The main thrust of its digital initiatives is to empower customers with smarter ways of banking across all segments.

In other news, Union Bank’s MD Rajkiran Rai G said the lender will transfer 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company (bad bank) by the end of April.

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Equitas SFB gross advances rise 15%, deposits up 16% in FY22

Equitas Small Finance Bank’s (SFB) gross advances witnessed a 15% YoY growth on a provisional basis to Rs 20,648 crore in FY22. Total deposits grew by 16% YoY to Rs 18,951 crore in FY22, compared to Rs 16,392 crore in FY21. The bank’s CASA (current account & savings account) deposits rose 76% YoY to Rs 9,855 crore in FY22. Equitas SFB saw an all-around improvement in performance in the previous quarter (Q4 FY22) as well.

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JSW Steel successfully bids for Ajgaon iron ore block mining license

The Directorate of Geology and Mining, Maharashtra, has declared JSW Steel Ltd as a
“preferred bidder” for a composite licence of an unexplored iron ore mine (Ajgaon Iron Ore Block) in Sindhudurg district. JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe.

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Vodafone Idea launches Vi Jobs & Education for job seekers

Vodafone Idea has partnered with Apna, Enguru, and Pariksha platforms to provide over 26 crore customers access to curated job search and exam preparation facilities targeted at Indian youth. The telecom operator has launched Vi Jobs & Education on the Vi App to increase customer stickiness with the brand by offering services to its large prepaid customer base. The platform offers free priority access to India’s most prominent job listings.

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IEX reports 38% YoY rise in trade volumes in FY22

Indian Energy Exchange (IEX) registered a 38% YoY growth in trade volumes at 1,02,035 million units (MUs) in the financial year 2021-22. IEX achieved 9,605 MU volume in March, recording a growth of 16% YoY. The volume comprises 8,702 MU in the conventional power market, 392 MU in the green power market, and 511 MU in the renewable energy certificates market.

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WPI Inflation Rises to 13.11% in Feb – Top Indian Market News

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WPI inflation rises to 13.11% in February 

India’s wholesale price-based inflation accelerated to 13.11% year-on-year (YoY) in February, compared to 12.96% in January. Fuel and power inflation stood at 31.5% YoY in Feb, compared to 32.27% in Jan. Inflation in manufactured products rose 9.84% in Feb, as against 9.42% in the previous month. This signals that producers have begun passing part of their rising input costs to end-users. The food index moderated from a 24-month high of 9.55% in Jan to 8.47% in February.

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HAL signs pact with SASMOS to work together in aerospace domain

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with SASMOS to work together on advanced electronics, electrical, and fibre optic interconnections in the aerospace domain. The MoU is intended to explore business cooperation, especially in north India. Naini Aerospace Ltd (NAeL), a subsidiary of HAL, was also a signatory to the MoU.

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DLF to invest Rs 550 crore to construct office building for StanChart GBS in Chennai

DLF Limited has announced an investment of Rs 550 crore to construct a one-million sq. ft. office building for Standard Chartered Global Business Services’ campus in Chennai. In October 2020, DLF had pre-leased 7.7 lakh square feet of office space to StanChart GBS. The campus will be completed by mid-2024. The 2.3 million sq. ft. currently under construction would be completed by the first quarter of 2023 (H1 FY23). 

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Hero Electric partners with L&T Finance for retail financing solutions

Hero Electric has partnered with L&T Finance to offer customers easy financing solutions for its entire product portfolio across its 750-plus dealership network. Customers can avail hassle-free quick loan approvals in under 3 minutes at attractive interest rates, ranging from 7.99% onwards. Hero Electric is expanding personalized funding options and facilitating easy purchase decisions.

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Kotak Mahindra Bank hit by highest number of bank frauds in Apr-Dec FY22

Kotak Mahindra Bank has been hit by the highest number of frauds at 642, involving Rs 1 lakh and above, in the April-December period of 2021-22. It was followed by ICICI Bank and IndusInd Bank at 518 and 377 bank frauds, respectively. In the case of State Bank of India (SBI), the number of frauds declined over the last three years. There were as many as 923 incidents in FY18, 931 in FY19, 673 in FY20, and 283 in FY21.

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Alembic Pharma gets USFDA approval for Macitentan tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Macitentan tablets. The drug is used to treat pulmonary arterial hypertension to delay disease progression. As per IQVIA December 2021 data, Macitentan tablets had an estimated market size of $797 million.

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L&T Construction secures contracts under its water and effluent treatment business

Larsen & Toubro Construction has received significant contracts (in the range of ~Rs 1,000-2,500 crore) under its water and effluent treatment business. The Gujarat Water Infrastructure (GWIL) has placed an order for the design and construction of the Dhanki-Navda Bulk Pipeline project. The business has also been awarded a project from a prestigious client for the supply, installation, testing, and commissioning of water distribution networks and large meter connections in Dubai. 

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Power Mech Projects secures order worth Rs 2,120 crore

Power Mech Projects Ltd has secured orders worth Rs 2,120 crore under the Indian government’s Jal Jeevan Mission (JJM) program. The company has won the orders under Phase-III projects in 2120 villages of Pratapgarh, Fatehpur, and Meerut districts in Uttar Pradesh. The Rs 3.6 lakh crore Jal Jeevan Mission aims to ensure tap water supply to all rural households by 2024.

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BHEL dispatches 42nd nuclear steam generator to NPCIL

Bharat Heavy Electricals Ltd (BHEL) has dispatched its 42nd nuclear steam generator to Nuclear Power Corporation of India Ltd (NPCIL). The steam generator is to be installed at a 700 MWe unit at NPCIL’s Rajasthan Atomic Power Project. BHEL has been catering to India’s nuclear program since 1976. It has designed, manufactured, and supplied critical nuclear components like reactor headers and steam turbine generators.

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Vodafone Idea partners with Nazara Technologies to launch Vi Games

Vodafone Idea (Vi), in partnership with Nazara Technologies Ltd, has launched Vi Games on the Vi App. The telecom operator’s customers will get access to a wide range of gaming content on Vi Games, including popular game titles from various franchises in India. It will offer over 1,400 gaming titles across 10 popular genres. Vi Games will be available in three categories on the Vi App— Free Games, Gold Games, and Platinum Games. 

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RIL subsidiary to acquire assets of Lithium Werks for $61 million

Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire the assets of Lithium Werks BV for a total transaction value of $61 million (~Rs 466.5 crore). The assets include the entire patent portfolio of Lithium Werks, a manufacturing facility in China, and key business contracts. Lithium Werks is a leading provider of cobalt-free and high-performance Lithium Iron Phosphate (LFP) batteries. 

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Reliance to Step Up Fuel Exports to Europe – Top Indian Market News

Reliance Industries to step up fuel exports to Europe

As per reports, Reliance Industries Ltd’s Jamnagar facility is lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel in Europe. RIL is already sending shipments of the fuel to Europe. The complex in Gujarat can process 1.36 million barrels of crude per day from two refineries and can export most of the fuel. 

Various Asian refiners are looking to send diesel abroad as crude oil prices surge in Europe following Russia’s invasion of Ukraine.

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Coal India receives 100% booking in its first single-window e-auction

Coal India Ltd’s first-ever offer of nearly 5.2 lakh tonnes (LT) of coal under the single-window e-auction received an encouraging response from coal consumers. 100% of the offered quantity was booked. After the merger of multiple auction windows into a solitary outlet, CIL conducted an e-auction in two of its subsidiaries on March 3, 2022. 

Cyient partners with iBASEt to drive business growth

Cyient has entered into a strategic partnership with iBASEt, a company that simplifies how complex products are built and maintained. iBASEt’s industry-leading manufacturing software solutions complement Cyient’s experience in implementing manufacturing execution solutions. 

Read more here.

L&T Construction bags significant order from Delhi Metro

The heavy civil infrastructure business vertical of L&T Construction has won a significant order (in the range of Rs 1,000-2,500 crore) from the Delhi Metro Rail Corporation Ltd (DMRC). The scope of work includes the design and construction of 5 km of twin tunnel by shield tunnel boring machine, underground ramp, and four stations. The project is funded by Japan International Cooperation Agency (JICA).

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Expedia selects RateGain as a preferred connectivity partner

RateGain Travel Technologies Ltd announced its preferred connectivity partner status with Expedia Group. The company will work with the leadership team of Expedia Group to provide feedback and help shape future products and technology solutions. The Expedia Group Connectivity Partner Programme recognizes and rewards top connectivity providers, including channel managers, property management systems, and central reservation systems.

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PSP Projects secures order worth Rs 564 crore

PSP Projects Ltd has emerged as the lowest (L-1) bidder for a construction project in Gujarat. The order comprises the construction of a sports complex in Ahmedabad. The bid value of the project is Rs 563.99 crore. PSP Projects offers a wide range of construction and allied services for industrial, residential, and government residential projects in India.

Hatsun Agro to sell RTE business, Oyalo brand to Naga Ltd

Hatsun Agro Product Ltd (HAPL) has entered into a pact with Naga Ltd. to sell its Ready to Eat (RTE) business and ‘Oyalo’ brand for Rs 25 crore. The transaction will be effective by end of April 2022. As of March 2021, RTE’s net worth (based on the gross value of assets) was Rs 59.87 crore (5.86% of the net worth of the company). HAPL’s net worth stood at Rs 1,021.51 crore.

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J. Kumar Infra secures orders worth Rs 2,032 crore

J. Kumar Infraprojects Ltd has secured a work order from Pune Municipal Corporation for the development of the Mula Mutha river from Bund Garden Bridge to Mundhwa under the Pune river rejuvenation project. The order is worth Rs 604.75 crore. The company has also won an order worth Rs 1,426.99 crore for designing and constructing twin tunnels and four underground stations of Phase-IV of Delhi Metro.

Read more here.

Vodafone UK in talks to sell remaining 21% in Indus Towers

As per an ET report, Vodafone Group Plc is in advanced talks with American Tower Co (ATC), Crown Castle International, Brookfield, and others to sell its remaining 21% stake in Indus Towers through block deals. Vodafone UK’s residual stake of 56.72 lakh shares in Indus Towers is valued at ~Rs 11,571 crore. Once Vodafone sells its stake in Indus Towers, it will mark the company’s exit from the passive telecom infrastructure business in India.

Read more here.

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LIC IPO May Get Pushed to FY23 – Top Indian Market News

LIC IPO may get pushed to FY23 amid volatility 

The government may postpone Life Insurance Corporation’s (LIC) mega initial public offering (IPO) to the next financial year (FY23). The Centre is likely to hold a meeting to reassess the IPO timing amid market volatility due to the Russia-Ukraine war. On February 13, India’s largest life insurer had filed the Draft Red Herring Prospectus (DRHP) for a 5% stake sale by the government. You can read more about it here.

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Vodafone Idea board approves Rs 14,500 crore fund-raising plan

Vodafone Idea Ltd’s board has approved a proposal to raise up to Rs 4,500 crore from its promoters– Vodafone Group and Aditya Birla Group – through a preferential share issue at Rs 13.30 a share. The board also cleared raising another Rs 10,000 crore via equity and debt instruments. The cash-strapped telecom operator is looking to strengthen its balance sheet and invest in network infrastructure after availing of a government bailout.

Read more here.

Tata Motors to deploy mobile showrooms in rural areas

Tata Motors Ltd will deploy over 100 mobile showrooms across India as part of an initiative to offer doorstep car buying experience in rural areas. The automaker has launched Anubhav, a showroom on wheels, in line with its rural marketing strategy. The initiative will help increase Tata Motors’ reach in rural areas, which have high potential in terms of population and economy.

Read more here.

LT Foods acquires 51% stake in Golden Star Trading

LT Foods Ltd announced the acquisition of a 51% stake in Golden Star Trading Inc. along with its brand Golden Star through its subsidiary LT Foods Americas Inc. (LTFA). LTFA is a material non-listed subsidiary of LT Foods. It contributes more than 35% to the overall revenue through its flagship brand Royal in North America. The acquisition entails strengthening the share of LTFA in the branded jasmine rice market.

Mahindra Finance’s disbursements up 44% at Rs 2,733 crore in February

Mahindra & Mahindra Financial Services Ltd’s loan disbursements rose 44% to Rs 2,733 crore in February. The collection efficiency during the month stood at 98%. The year-to-date (YTD) disbursement at approximately Rs 23,632 crore registered a yearly growth of 42%. The positive trend in collections led to a month-on-month improvement in asset quality.

Read more here.

Adani Ports achieves 14% growth in handled cargo volumes in Feb

Adani Ports & Special Economic Zone (APSEZ) Ltd handled cargo volumes of 24.15 million metric tonnes (MMT), registering a growth of 14.4% YoY. During the eleven months of FY22, APSEZ’s portfolio of ports handled a total cargo volume of 283 MMT, recording a 28% YoY growth.

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LTTS secures multi-year engineering contract from Airbus Group

L&T Technology Services Ltd (LTTS) has secured a multi-year contract from European aerospace major Airbus under its Engineering, Manufacturing Engineering, and Services Strategic Suppliers program. The engagement covers all Airbus divisions, subsidiaries, and affiliates. LTTS has scaled up operations across Airbus’ key geographic locations, including Toulouse (France), which will become the main R&D Centre of Excellence (CoE),

Read more here.

TCS launches Enterprise 5G Edge Suite solutions

Tata Consultancy Services (TCS) has launched its Enterprise 5G Edge Suite of solutions with Microsoft Azure private mobile edge computing (private MEC). The suite brings comprehensive capabilities that help enterprises design, integrate, and operate an enterprise 5G edge ecosystem using the Azure private MEC solution. The new offering will serve various use cases, including bringing together enterprise assessment toolkits for edge and 5G readiness.

Read more here.

Lupin gets USFDA approval to market Efinaconazole Topical solution in the US

Lupin Ltd has received approval from the US Food & Drug Administration to market Efinaconazole topical solution in the US market. The drug is used to treat fungal toenail infections. The product will be manufactured at the company’s facility in Pithampur, Madhya Pradesh. According to IQVIA-December 2021 data, Efinaconazole topical solution had estimated annual sales of $274 million (~Rs 2,078.6 crore) in the US.

Read more here.

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TVS Motor Exports Over 10 lakh Units in FY22 – Top Indian Market News

tvs

TVS Motor exports over 10 lakh two-wheelers for the first time in a year in FY22

TVS Motor Company Ltd has sold over 10 lakh two-wheelers in overseas markets this year. This is the first time ever that the company crossed the 7-figure sales mark in a financial year. It has a presence across 80 countries in Africa, Southeast Asia, the Indian sub-continent, and Central and Latin America. The company is also looking to enter more markets in Europe and North America. The key exports include the TVS Apache, HLX, Raider, and Neo two-wheelers.

Read more here. 

Dabur India partners with IndianOil for direct-to-home sales

Dabur India Ltd has announced an exclusive partnership with IndianOil to offer its range of products to nearly 14 crore Indane LPG consumers across India. Indane LPG distributors will become retail business partners for the FMCG company. They will help sell Dabur products directly to LPG consumer households through their network of delivery personnel. Both companies are working on technological system integration for seamless supplies across the value chain.

Read more here.

Adani Enterprises divests stake in DC Development Hyderabad, NDCL

Adani Enterprises Ltd (AEL) has divested its entire stake in DC Development Hyderabad Pvt Ltd and Naida Data Center Ltd (NDCL) to AdaniConnex Pvt Ltd. The two firms have ceased to be wholly-owned subsidiaries of AEL. AdaniConnex is a 50:50 joint venture company of AEL with EdgeConneX Europe B.V.

Read more here.

Spandana Sphoorty expects to disburse Rs 1,000 cr in Q4 of FY22

Spandana Sphoorty Ltd has resumed disbursements and expects to lend Rs 1,000 crore in the fourth quarter (Q4FY22). The microfinance institution had put disbursements on hold in the previous quarter (Q3) after its managing director Padmaja Reddy resigned abruptly in November 2021. The company has disbursed new loans worth Rs 30 crore so far in February.

Read more here.

Cadila Healthcare gets USFDA approval for type-2 diabetes drug

Cadila Healthcare Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Dapagliflozin Tablets. The drug is used with a proper diet and exercise program to control high blood sugar in people with type-2 diabetes. It will be manufactured at the Cadila’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

Read more here.

M&M Finance launches special deposit schemes

Mahindra & Mahindra Financial Services Ltd announced the launch of a special deposit scheme for digitally affluent customers. Depositors will have the opportunity to interact directly with the deposit-taking companies for the placement of deposits. To leverage the opportunity, Mahindra Finance will launch an innovative scheme that will offer 20 basis points (bps) higher interest rates per annum on direct deposits. 

Read more here.

Vodafone Group looks to sell 5% stake in Indus Towers to Bharti Airtel: Report

According to a PTI report, Vodafone Group is in talks to sell its ~5% stake in Indus Towers (valued at over Rs 3,300 crore) to Bharti Airtel. The proceeds from the sale will be pumped into the loss-making Vodafone Idea Ltd (VIL). During an analyst call earlier this year, VIL’s management had reiterated March 2022 as the deadline for raising capital to finance its operations. This move comes after the telco opted to convert its AGR and spectrum dues into equity, making the Indian government the largest shareholder of the company.

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D-Mart all set to enter GIFT City

Avenue Supermarts Ltd (ASL), which owns and operates D-Mart stores, is all set to open a store in GIFT City, Gujarat. GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC). ASL was recently allotted 70,000 sq. ft. development rights in the smart city. The new store seeks to provide customers with a distinctive shopping experience, comprising a wide range of everyday consumer products.

Read more here.

India could export $500 billion in green energy over 20 years: Mukesh Ambani

India could become a global green energy superpower with exports of clean energy rising to $500 billion over the next 20 years, said RIL chairman Mukesh Ambani. He added that India should have a strategy to end dependence on fossil fuels in the next 2-3 decades. India would have to follow “low-carbon and no-carbon strategies” in the near and medium-term.

Companies such as Reliance Industries and the Adani Group have announced plans worth billions of dollars to boost India’s renewable energy capacity. You can read all about it here. 

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ZEEL asks NCLT to dismiss IndusInd Bank’s insolvency plea

Zee Entertainment Enterprises Ltd (ZEEL) has filed an application in the Mumbai bench of the National Company Law Tribunal (NCLT), seeking dismissal of IndusInd Bank’s insolvency petition against the company. Earlier this month, IndusInd Bank had moved NCLT against ZEEL under the Corporate Insolvency Resolution Process, claiming a default of over Rs 83.08 crore.

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GAIL to Connect Srinagar to Gas Grid – Top Indian Market News

GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023

GAIL India Ltd has announced plans to lay a pipeline to Srinagar to take natural gas to the Kashmir Valley. The company is doubling down on efforts to expand infrastructure to support the government’s vision of a gas-based economy. By May 2023, GAIL will complete a 700-km pipeline from Mumbai to Nagpur. This will enabe the flow of gas to central India. GAIL is on track to meet the target of mid-2022 for completing major portions of the Urja Ganga project.

Read more here.

India’s mineral production rises 3% in December

India’s mineral production rose 2.6% in December 2021 over the corresponding month a year ago. The index of mineral production of mining and quarrying sector stood at 120.3. As per provisional data from the Indian Bureau of Mines (IBM), there was a cumulative growth of 16% YoY during the April-December period of 2021-22. The production of important minerals that showed year-on-year growth during December includes magnesite (73.2%), gold (71%), bauxite (27.1%), and lignite (21.4%).

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Mankind Pharma to acquire Combihale, Daffy brands of Dr Reddy’s Labs

Mankind Pharma has signed a pact with Dr. Reddy’s Laboratories to acquire two brands— Combihale and Daffy. Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease. Meanwhile, Daffy is a soap-free moisturizing bar for infants. Mankind Pharma said the market for Combihale is valued at Rs 900 crore, growing at 14%. The total market for Daffy is valued at Rs 1,000 crore and growing at 18%.

Read more here.

Cyient launches private 5G networks CoE; signs MoU with IIT-H 

Cyient Ltd announced the launch of its Private 5G Networks Center of Excellence (CoE). It has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Hyderabad, as a research partner for the CoE. The CoE will combine Cyient’s enterprise and network experience with IIT-H’s research and technology expertise to develop and test private 5G network solutions. 

Read more here.

Vodafone Idea appoints SBI Cap to negotiate loan recast of up to Rs 23,000 crore

Vodafone Idea Ltd has appointed SBI Capital Markets to negotiate the restructuring of loans worth Rs 20,000-23,000 crore that it is due to repay within the next four years. The cash-strapped telco has also sought an additional half-billion dollars as loans for capital expenditure (capex) requirements critical to expanding its 4G network.

TCS partners with MATRIXX Software to offer subscription management platform for CSPs

Tata Consultancy Services (TCS) has announced a partnership with US-based MATRIXX Software. The IT firm will integrate TCS HOBS, its plug-and-play digital business platform for subscription, device, and data management, with the cloud-native capabilities of the MATRIXX digital commerce platform. The integrated solution will help Communication Service Providers (CSPs) transform their prepaid and postpaid businesses for superior customer experience and growth.

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India wants Tesla to buy $500 million of local auto parts: Report

According to a report from ET, Tesla Inc. would need to commit to sourcing at least $500 million of auto components from India for the electric carmaker’s request for an import tax cut on its vehicles to be considered. The EV maker would need to agree to ramp up Indian parts purchases by around 10-15% a year until a satisfactory level is achieved. The govt has formally told Tesla to ramp up domestic sourcing. However, it is yet to relay a procurement target to the company.

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Wipro secures $150 million deal from ABB

Wipro Ltd has secured a five-year strategic engagement to drive transformation for ABB’s Information Systems digital workplace services. The agreement is worth over $150 million (~Rs 1,126.7 crore). Wipro will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries.

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BSE collaborates with 4 regional associations to promote EGRs, International Bullion Exchange

BSE Ltd has collaborated with four regional associations from Maharashtra and Tamil Nadu to promote Electronic Gold Receipts (EGRs). These pacts are aimed at providing a boost for the growth and development of the commodities segment in general and the proposed EGR market. Apart from knowledge sharing and research, the collaboration will help standardise EGRs for Indian markets at the regional level and enhance transparency in pricing.

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Tata Motors’ JLR partners with Nvidia for AI-powered vehicles

Jaguar Land Rover (JLR), a subsidiary of Tata Motors, announced a partnership with Nvidia for all new vehicle platforms slated for production beginning in 2025. Future JLR vehicles will be based on the Nvidia Drive Hyperion 8 platform featuring the Orin-based computing system. It combines safety, security, networking, and sensors systems required for autonomous driving. 

Read more here.

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Axis Bank’s Net Profit Jumps 224% YoY in Q3 – Top Indian Market News

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Axis Bank Q3 Results: Net profit jumps three-fold YoY to Rs 3,614 crore

Axis Bank reported a 224% YoY jump in net profit to Rs 3,614 crore for the quarter ended December (Q3 FY22). Net profit increased by 15% when compared to the previous quarter. Its net interest income (NII) rose 17% YoY (or 10% QoQ) to Rs 8,653 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.17% in Q3 FY22, compared to 3.53% in Q2 FY22. Provisions fell 64% YoY to Rs 1,335 crore in Q3 FY22. 

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SBI Cards Q3 Results: Net profit rises 84% YoY to Rs 386 crore

SBI Cards & Payment Services Ltd reported an 84% YoY increase in net profit to Rs 386 crore for the quarter ended December (Q3 FY22). Net profit rose 12% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 13% QoQ) to Rs 2,889 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.40% in Q3 FY22, compared to 2.51% in Q3 FY21.

Read more here. 

Star Housing Finance enters into co-lending agreement with Capital India Home Loans

Star Housing Finance Ltd (SHFL) has entered into co-lending partnership with Capital India Home Loans to complement its asset under management (AUM) growth across their shared operational geographies. The partnership will provide housing finance assistance to low-income group home buyers looking to purchase/construct low-cost housing units in Tier 2,3 towns and semi-urban locations.

Shriram Transport Finance Q3 Results: Net profit falls 6% YoY to Rs 681 crore

Shriram Transport Finance Company Ltd reported a 6% YoY decline in net profit to Rs 681 crore for the quarter ended December (Q3 FY22). Net profit fell 12% when compared to the previous quarter. Its net interest income (NII) rose 11% YoY to Rs 2,388 crore during the same period. Total assets under management stood at Rs 1,24,602 crore in Q3 FY22, up 8% YoY. Loan losses and provisions increased by 46% YoY to Rs 984 crore.

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Tube Investments to acquire 70% stake in Cellestial E-Mobility

Tube Investments of India Ltd (TII) will acquire a 70% stake in startup Cellestial E-Mobility Pvt Ltd for Rs 161 crore. Cellestial E-Mobility is engaged in the design and manufacture of electric tractors, aviation ground support electric equipment, and other electric machinery. It has designed and developed two tractor prototypes for production. As part of its entry into clean mobility, TII is also setting up a 100% subsidiary for its electric 3-wheeler initiative.

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HDFC AMC Q3 Results: Net profit falls 3% YoY to Rs 360 crore

HDFC Asset Management Company (AMC) reported a 3% YoY decline in net profit to Rs 359.75 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 14% YoY to Rs 549.8 crore during the same period. Overall operational cost increased 35% to Rs 151 crore. Total assets under management (AUM) stood at Rs 4.37 lakh crore in Q3, up 7% YoY.

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Paytm partners with Fullerton India to scale up lending to MSMEs

One97 Communications Ltd (Paytm) has partnered with Fullerton India to expand digital lending to micro, small & medium enterprises (MSMEs) and consumers from smaller cities and towns. Both companies will leverage data-driven insights and their wide reach to bring loans to new-to-credit users. The program will offer Paytm Postpaid to millions of consumers on the Paytm platform while utilizing Fullerton’s deep risk assessment capabilities and scale.

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IEX Q3 Results: Net profit rises 38% YoY to Rs 80 crore

Indian Energy Exchange (IEX) reported a 38% YoY increase in net profit to Rs 80.5 crore for the quarter ended December (Q3 FY22). Net profit increased by 5% when compared to the previous quarter. Its revenue from operations rose 38% YoY (or 7% QoQ) to Rs 117 crore during the same period. EBITDA stood at Rs 98.7 crore in Q3, up 42% YoY. 

Vi MD says drop in customer base is because of tariff hikes/SIM consolidation

Vodafone Idea (Vi) Managing Director Ravinder Takkar said there was “no concern regarding the 4G customer addition pace”, and the drop in subscribers was the result of tariff hikes in November and SIM consolidation. His comments come on the back of a 5.8 million decline in Vi’s customer base in the quarter ended December (Q3 FY22).  The telecom company only saw a 0.8 million addition in its 4G subscribers in Q3.

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Deepak Nitrite Q3 Results: Net profit rises 13% YoY to Rs 243 crore

Deepak Nitrite Ltd reported a 13% YoY increase in consolidated net profit to Rs 243 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. The chemical manufacturer’s revenue from operations rose 40% YoY (or 2% QoQ) to Rs 1,722 crore during the same period.

Ramco Cements Q3 Results: Net profit falls 63% YoY to Rs 75 crore

The Ramco Cements Ltd reported a 63% YoY decline in consolidated net profit to Rs 75.2 crore for the quarter ended December (Q3 FY22). Net profit fell 85% when compared to the previous quarter. Its revenue from operations rose 16% YoY (or 6% QoQ) to Rs 1,541 crore during the same period. The company’s EBITDA fell 42% YoY to Rs 217 crore in Q3.

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RIL Reports 42% YoY Rise in Net Profit in Q3 – Top Indian Market News

RIL Q3 Results: Net profit rises 42% YoY to Rs 18,549 crore

Reliance Industries Ltd (RIL) reported a 42% YoY increase in net profit to Rs 18,549 crore for the quarter ended December (Q3 FY22). Net profit rose 36% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 1,91,271 crore during the same period. RIL’s oil to chemical (O2C) business reported a revenue of Rs 1.31 lakh crore, up 57% YoY. Reliance Retail recorded consolidated gross revenue of Rs 57,714 crore for Q3, a growth of 52.5% YoY.

Reliance Jio’s net profit rose 10% YoY increase in net profit to Rs 3,615 crore in Q3 FY22. Its revenue from operations rose 4.6% YoY to Rs 19,347 crore.

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JSW Steel Q3 Results: Net profit rises 62% YoY to Rs 4,357 crore

JSW Steel Ltd reported a 62% YoY increase in consolidated net profit to Rs 4,357 crore for the quarter ended December (Q3 FY22). Net profit fell 39% when compared to the previous quarter. Its revenue from operations rose 74% YoY (or 17% QoQ) to Rs 38,071 crore during the same period. JSW Steel’s total sales volume stood at 3.91 million tonnes (MT) in Q3, down 1% YoY.

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Bandhan Bank Q3 Results: Net profit rises 36% YoY to Rs 859  crore

Bandhan Bank reported a 36% YoY increase in net profit to Rs 859 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 2.7% YoY (or 10% QoQ) to Rs 2,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 10.81% in Q3 FY22, compared to 1.1% in Q3 FY21. Provisions fell 25.2% YoY to Rs 805.71 crore in Q3 FY22.

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Gland Pharma Q3 Results: Net profit rises 34% YoY to Rs 273 crore crore

Gland Pharma Ltd reported a 33.77% YoY increase in consolidated net profit to Rs 273.03 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.7% YoY to Rs 1,063.33 crore during the same period. The pharma company’s EBITDA rose 32% YoY to Rs 394.6 crore in Q3. Revenue from its core markets (US, Europe, Canada, Australia) grew 10% YoY to Rs 665.2 crore.

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PTC India board to meet Jan 22 after allegations of irregularities in financial lending units

PTC India Ltd will hold its first board meeting on Saturday (Jan 22) following recent allegations of lapses in governance and operations at its financial lending units. PTC India Financial Services Ltd was accused of lapses in corporate governance by three independent directors who resigned on Thursday. PTI India’s chairman, Rajib Mishra, promised an investigation into the matter and has formed an internal committee that would submit a report in 30 days.

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Inox Leisure Q3 Results: Net loss at Rs 1.31 crore

Inox Leisure Ltd reported a net loss of Rs 1.31 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 102.5 crore in Q3 FY21 and a loss of Rs 87.66 crore in the previous quarter (Q2 FY22). Its revenue from operations jumped 1892.4% YoY to Rs 296.47 crore in Q3 FY22.

Nestle apologies for KitKat packs; says packs withdrawn last year

Nestle India has apologised for depicting images of Hindu Gods on some packs of its chocolate brand KitKat. The company stated that it withdrew the packs in mid-2021. Consumers across social media have accused the company of hurting religious sentiments by showing images of Hindu Gods on its chocolate brand wrappers.

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IDBI Bank Q3 Results: Net profit rises 53% YoY to Rs 578 crore

IDBI Bank reported a 53% YoY increase in net profit to Rs 578 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 31% YoY to Rs 2,383 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid on deposits]. The gross non-performing assets (GNPA) ratio stood at 20.56% in Q3 FY22, compared to 23.52% in Q3 FY21. Provisions fell 11% YoY to Rs 1,189 crore in Q3 FY22.

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Vodafone Idea Q3 Results: Net loss widens to Rs 7,231 crore

Vodafone Idea Ltd (Vi) reported a net loss of Rs 7,231 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 4,532 crore in Q3 FY21. Its revenue from operations fell 10.8% YoY to Rs 9,717 crore in Q3 FY22. Vi’s average revenue per user (ARPU) for the quarter stood at Rs 115, up 5.2% quarter-on-quarter (QoQ). The total gross debt of the company stood at Rs 1,98,980 crore as of December 31, 2021.

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