Tag: Vodafone Idea

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RIL to Invest $80 billion in Green Energy Projects in Gujarat – Top Indian Market News

RIL to invest $80 billion in green energy projects in Gujarat

Reliance Industries Ltd (RIL) will invest $80.49 billion (~Rs 5.95 lakh crore) in green energy and other projects in Gujarat. The company will invest Rs 5 lakh crore over 10-15 years to set up a 100 gigawatts renewable energy power plant. RIL will invest Rs 60,000 crore for setting up solar modules and fuel cells. It will further spend Rs 7,500 crore to upgrade its Jio telecom network and invest Rs 3,000 crore in its retail business.

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Mindtree Q3 Results: Net profit rises 34% YoY to Rs 437 crore

Mindtree Ltd reported a 34% YoY increase in consolidated net profit to Rs 437.5 crore for the quarter ended December (Q3 FY22). Net profit increased 9.7% when compared to the previous quarter. Its revenue from operations rose 36% YoY (or 6% QoQ) to Rs 2,750 crore during the same period. The IT major’s order book stood at $358 million (~Rs 2,645 crore) in Q3, up 14.6% YoY. 

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TVS Motor partners with Swiggy to strengthen electric commercial mobility segment

TVS Motor Company Ltd has signed a pact with delivery platform Swiggy to strengthen the electric commercial mobility segment. The partnership highlights the two-wheeler maker’s commitment to strengthen electrification across diverse mobility segments and align with Swiggy’s efforts to enable the adoption of EVs in its delivery fleet. The entities will test the implementation of TVS Motor’s EV for food delivery and other on-demand services of Swiggy.

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NCLAT admits Amazon’s plea against CCI order on Future Coupons

The National Company Law Appellate Tribunal (NCLAT) has admitted Amazon’s plea challenging the Competition Commission of India’s (CCI) order, which had suspended its earlier approval of the e-commerce giant’s investment in Future Coupons. NCLAT also issued notices to CCI and Future Group and refused to give any interim relief. The next hearing will be on February 2.

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Adani Group signs MoU with POSCO to set up integrated steel mill in Gujarat

The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with South Korea-based steel company POSCO to develop and establish an integrated steel mill in Mundra, Gujarat. Around $5 billion (~Rs 37,000 crore) will be earmarked for the project. POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements 

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Equitas Small Finance Bank’s gross advances rise 13% YoY in Q3

Equitas Small Finance Bank’s (SFB) gross advances increased 13% year-on-year (YoY) to Rs 19,642 crore for the quarter ended December (Q3 FY22). Gross advances rose 3% compared to the previous quarter. Total deposits grew 13% YoY to Rs 17,884 crore during the same period. The current account savings account (CASA) stood at Rs 9,085 crore in Q3, up 129% YoY or 11% QoQ.

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Aditya Birla Money Q3 Results: Net profit rises 52% YoY to Rs 6.4 crore

Aditya Birla Money Ltd reported a 53.8% YoY increase in net profit to Rs 6.46 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.53% YoY (or 4% QoQ) to Rs 60.27 crore during the same period. EBITDA stood at Rs 16.9 crore in Q3, up 32% YoY and 5% QoQ.

Vodafone Idea partners with Ciena to upgrade its national backbone network

Vodafone Idea (Vi) has revamped its national backbone network in partnership with US-based telecom equipment manufacturer Ciena to prepare for its 5G network rollout. Vi has deployed Ciena’s 6500 packet-optical platform for high-speed network services. With this deployment, the telecom operator will maximise fiber capacity and network efficiencies to prepare for 5G. Vi has also partnered with technology and ecosystem players to develop various 5G use cases relevant for Indian enterprises and consumers. 

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GTPL Hathway Q3 Results: Net profit rises 21% YoY to Rs 54.6 crore

GTPL Hathway Ltd reported a 20.83% YoY increase in consolidated net profit to Rs 54.6 crore for the quarter ended December (Q3 FY22). Net profit increased 27% when compared to the previous quarter. Its revenue from operations declined by 7.42% YoY to Rs 599.13 crore during the same period. EBITDA stood at Rs 133 crore in Q3, down 5% YoY and 1% QoQ. GTPL Hathway provides digital television cable, satellite, wired Internet, movies on demand, and broadband services across India.

Tata Motors global wholesales rise 2% YoY to 2.85 lakh units in Q3

Tata Motors Ltd reported a 2% YoY increase in group global wholesales (including Jaguar Land Rover) to 2,85,445 units for the quarter ended December (Q3 FY22). Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q3 stood at 1,02,772 units, a growth of 14%. The global wholesales of passenger vehicles fell 3% YoY to 1,82,763 units during the same period. Jaguar Land Rover sold 83,110 vehicles globally in Q3.

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Government Becomes Largest Stakeholder in Vodafone Idea: What Next?

The Government of India has become the largest shareholder in private telecom company Vodafone Idea. Vi has faced quite some turbulence in terms of its finances and is heavily burdened by debt to banks as well as the government. The government will be the largest shareholder in Vodafone Idea after converting all of its pending interest on Adjusted Gross Revenue (AGR) dues to equity. The government would now own a 35.8% stake worth Rs 16,000 crore in Vi. This piece covers all you need to know about the deal between the two entities. 

Click here to know more about the AGR dues saga that shook the telecom industry.

Government Holds The Largest Stake in Vodafone Idea (Vi)

Quite a few telecom companies came under pressure after a Supreme Court verdict ordered them to pay ‘pending’ AGR dues to the Telecom Regulatory Authority of India (TRAI). These dues ran into thousands of crores—something which they could not afford after a disrupted telecom sector. 

Moving on, the government had come up with financial relief packages for distressed telecom companies burdened by AGR dues. While these relief packages have managed to keep Vodafone Idea and Bharti Airtel afloat, they have done little to ensure faster recovery dues. Vodafone Idea owed the government ₹58,254 crore in AGR dues. It has paid back ₹7,854 crore or 13% of the total dues. The company faced stiff competition from its relatively better-off rivals Airtel and Jio. Both Vi and Airtel had the daunting task of clearing AGR dues along with expanding their business. 

The government eventually proposed converting all the pending interest on the spectrum and AGR dues into an equity stake in telcos. Vodafone Idea accepted the deal. 

It is a pretty common practice in the business world wherein a lender converts the pending debt into equity shareholding. The government now owns a 35.8% stake worth Rs 16,000 crore in Vodafone Idea. This deal has brought down the combined promoter holding of Vodafone Plc and Aditya Birla Group from ~72% to ~46%.  “The shares may be held through the statutory undertaking of the Unit Trust of India (SUUTI) on behalf of the Government of India or by any trustee-type or other suitable arrangement,” said Vodafone Idea in an exchange filing.

Vodafone Idea NOT a Public Sector Undertaking (PSU)

The stock hit the lower circuit after the announcement. The first question that comes to the mind of an average shareholder is: Will Vodafone Idea become a PSU? The answer is, no. 

The government holding a majority stake in Vi does not make the company a PSU. TRAI has confirmed that the government shall not pay to acquire any shares, nor does it intend to convert telcos into PSUs.

Vodafone Idea’s Managing Director Ravinder Takkar said in a statement that the government had no intention to manage the company’s business. He stated that the article of association was amended to allow voting rights to shareholders with taking over 13%, allowing promoters to make decisions even if their shareholding falls below 21%. Long story short, the promoters Vodafone Group and Aditya Birla Group will continue to manage the company.

Vodafone Idea’s shares rallied ~11% after the statement by MD Ravinder Takkar. 

Despite reassurances from government officials and company management, one must not forget that the government is the largest shareholder in Vodafone Idea. It could decide to move back on its word and take over or influence Vi’s management if the need arises. 

The Way Ahead

After the decision to convert pending dues into equity was announced, Vi’s shares nosedived ~20% in a single trading session. The company gained ~11% after MD Ravinder Takkar announced that the government had no intention to participate in management decisions.

After Vodafone Idea, Tata Teleservices said it is planning to convert its interest on AGR dues into government equity. Tata Teleservices has AGR dues of Rs 16,798 crore, of which it has paid Rs 4,197 crore. Following conversion, it is expected that the Government will hold nearly 9.5% of the company’s total outstanding shares. The company’s stock price (NSE: TTML) hit a lower circuit after the announcement.

There is also BSNL and a possible merger with the state-run telecom. Although the current stand is to not interfere in Vi’s operations, there is a possibility it could be changed.

Mukesh Ambani’s Jio had managed to capture a significant market share through its competitive pricing. According to a Competition Commission of India (CCI) report, there were 21 telecom companies in 2009. The figure died down to just 6 companies in 2021. Out of the six, two are financially distressed PSUs. One is defunct, and the remaining three are the only active private players in the country. The government is trying to keep afloat all three private players, i.e. Jio, Airtel, and Vodafone Idea. If one company shuts down, there would be a duopoly in the sector. A duopoly would give telecom companies greater bargaining power over their consumers, which would go against an average Indian citizen and thereby the government. 

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TCS Reports 12% YoY Rise in Net Profit in Q3 – Top Indian Market News

TCS Q3 Results: Net profit rises 12% YoY to Rs 9,769 crore

Tata Consultancy Services (TCS) reported a 12.3% YoY increase in consolidated net profit to Rs 9,769 crore for the quarter ended December (Q3 FY22). Net profit increased 2% when compared to the previous quarter. Its revenue from operations rose 16.3% YoY to Rs 48,885 crore during the same period. The IT major has declared an interim dividend of Rs 7 per share. TCS has also announced a share buyback at Rs 4,500 per share, a 16.6% premium over the last traded stock price.

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Retail inflation surges to 5-month high of 5.59% in Dec

India’s retail inflation, as measured by the Consumer Price Index (CPI), surged to a five-month high of 5.59% in December. CPI stood at 4.91% in November. Food inflation increased to 4.05% in December, compared to 1.87% in the previous month.

Meanwhile, India’s Index of Industrial Production (IIP) witnessed a 1.4% year-on-year (YoY) growth in November. The power sector saw a growth of 2.1% YoY to 147.9 in November, while the manufacturing sector saw a rise of 0.9% to 129.6.

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Vodafone Idea, Tata Teleservices will not become PSUs: Govt

The Telecom Ministry announced that Vodafone Idea (Vi), Tata Teleservices, and Tata Teleservices (Maharashtra) Ltd (TTML) will not become public sector undertakings (PSUs) after their interest payable on dues are converted into government equity. The companies will continue to run as professionally managed private telecom operators. The government will hold a 35.8% stake in Vi and 9.5% stake in TTML post conversion.

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Infosys Q3 Results: Net profit rises 12% YoY to Rs 5,809 crore

Infosys Ltd reported an 11.8% YoY increase in consolidated net profit to Rs 5,809 crore for the quarter ended December (Q3 FY22). Net profit increased 7% when compared to the previous quarter. Its revenue from operations rose 22.9% YoY (or 8% QoQ) to Rs 31,867 crore during the same period. Infosys secured large deals worth $2.53 billion (~Rs 18,690 crore) in Q3. 

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Kalpataru Power raises Rs 200 crore via NCD issue

Kalpataru Power Transmission Ltd has raised Rs 200 crore through the issuance of non-convertible debentures (NCDs). The company has allotted 2,000 NCDs of the face value of Rs 10 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of BSE.

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Wipro Q3 Results: Net profit at Rs 2,969 crore

Wipro Ltd reported a 0.03% YoY (or 1.3% QoQ) increase in net profit to Rs 2,969 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 29.6% YoY (or 3.3% QoQ) to Rs 20,313 crore during the same period. Revenue from its IT services business stood at $2,639.7 million, an increase of 27.5% YoY and 2.3% QoQ. Wipro declared an interim dividend of Rs 1 per share. 

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L&T’s subsidiary secures two mega offshore contracts from overseas client

A consortium led by L&T Hydrocarbon Engineering (LTHE) has secured two mega offshore orders worth over Rs 7,000 crore from an overseas client. The scope of work comprises engineering, procurement, and construction (EPC) for new facilities and integration with existing installations. LTHE is currently executing several domestic and international offshore projects. 

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Tech Mahindra partners with Nokia for 5G-based solutions for enterprises

Tech Mahindra has partnered with telecom gear maker Nokia to deploy 5G-based solutions for business organisations. Under this partnership, Tech Mahindra will leverage Nokia’s private wireless digital automation cloud (DAC) solution for customers and facilitate in automating 5G private wireless network management on a cloud computing system. Nokia DAC will also enable access to other network management and operations solutions and integration with the third-party applications in the network. 

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Kolte-Patil Developers’ sales volume rises 56% in Q3

Kolte-Patil Developers Ltd reported a 56% YoY increase in sales volume to 0.86 million sq. ft. for the quarter ended December (Q3 FY22). Sales volume rose 28% when compared to the previous quarter. The total sales value stood at Rs 561 crore in Q3, a growth of 77% YoY and 31% QoQ. The company is set to expand its portfolio of projects with several launches lined up across key micro-markets in Pune, Mumbai, and Bengaluru.

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HeidelbergCement India commissions plant for use of alternate fuels at Narsingarh Clinker unit

HeidelbergCement India Ltd has commissioned a state-of-the-art facility to substitute part of the fossil fuels with alternate fuels (AF) in cement production. The AF receiving, storage, and feeding system was built at Narsingarh Clinker Unit at an investment of Rs 16 crore. The project will reduce the company’s carbon footprint by reducing the consumption of conventional fossil fuels.

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Quiklyz to offer range of EVs for leasing, subscription

Mahindra Finance’s Quiklyz will offer the widest range of electric vehicles (EVs) for leasing and subscription to potential customers. Quiklyz is a vehicle leasing and subscription platform that offers convenience, flexibility, and choice to customers across Indian cities. It currently has the largest portfolio of EVs on the subscription platform.

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Centre to Become Largest Shareholder in Vi – Top Indian Market News

Govt to become largest shareholder in Vodafone Idea

Vodafone Idea’s (Vi) board has informed the Department of Telecommunications (DoT) that it will opt for converting the interest on spectrum and adjusted gross revenue (AGR) dues into government equity. The Indian govt will hold 35.8% and become the single largest shareholder in Vi. The cash-strapped telecom company had past AGR dues worth Rs 58,254 crore, of which it has paid Rs 7,854 crore.

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JSW Steel combined output grows 28% in Q3

JSW Steel Ltd reported a 28% YoY growth in combined steel production to 5.35 million tonnes (MT) for the quarter ended December (Q3 FY22). The company’s standalone output rose 8% YoY to 4.41 MT during the same period. JSW Steel’s capacity utilisation at the standalone level stood at 94% in Q3. 

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DLF sells properties worth Rs 1,500 crore in new luxury housing project in Delhi

DLF Limited has sold properties worth Rs 1,500 crore in its newly launched housing project at Moti Nagar in Delhi. On Friday, the realty major launched its luxury housing project ‘ONE Midtown’ comprising 913 units at Shivaji Marg in Moti Nagar, with a starting price of Rs 3 crore. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC.

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L&T’s heavy engineering arm dispatches mega tubular reactors to petrochemical complex overseas

Larsen & Toubro (L&T) Ltd’s heavy engineering arm has dispatched two large ethylene oxide reactors weighing 1,200 tonnes each from Hazira (Gujarat) to a large petrochemical complex overseas. This was a repeat order after four identical reactors were supplied by L&T to the same client in 2020. These highly complex reactors are crucial equipment for the production of mono ethylene glycol in the petrochemical complex.

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Tata Teleservices opts for conversion of interest to equity; Centre to hold 9.5%

Tata Teleservices has opted for converting the interest from adjusted gross revenue (AGR) dues amounting to Rs 850 crore to equity. The government will hold 9.5% in the company. Tata Teleservices has AGR dues of Rs 16,798 crore, of which it has paid Rs 4,197 crore and had opted for the 4-year AGR and spectrum payment moratorium.

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Marksans Pharma gets USFDA approval for Cetrizine Hydrochloride tablets

Marksans Pharma Ltd has received final approval from US Food & Drugs Administration (USFDA) for over-the-counter Cetirizine Hydrochloride tablets. The drug is indicated for the treatment of perennial allergic rhinitis, including sneezing, postnasal discharge, watery eyes, and running nose. The product will be marketed under store brand labels and is comparable to the brand Zyrtec.

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Aurobindo Pharma in talks with PEs for stake sale in injectable business: Report

As per a report from the Economic Times, Aurobindo Pharma Ltd has initiated talks with private equity (PE) funds to sell a stake of around 30-35% in its injectable business for Rs 4,500-5,250 crore. With this move, the drugmaker plans to unlock value in its core businesses. TPG Capital Management, Advent International, Bain Capital, and Blackstone have been contacted for a potential transaction, valuing the business at Rs 15,000 crore.

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Delta Corp Q3 Results: Net profit at Rs 70 crore

Delta Corp Ltd reported a consolidated net profit of Rs 70.38 crore for the quarter ended December (Q3 FY22). It had reported a net profit of Rs 1.28 crore in the corresponding quarter last year (Q3 FY21). The company’s revenue jumped 104% YoY to Rs 247 crore in Q3 FY22. EBITDA stood at Rs 106.9 crore during the same period, an increase of 813% YoY.

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Future Group seeks SC’s permission to proceed with sale of assets to Reliance Retail

Future Group has sought permission from the Supreme Court (SC) to proceed with the deal to sell its retail assets to Reliance Retail. The court was hearing a combination of several cases filed by Amazon and Future Group in a dispute arising out of the e-commerce giant’s objection to the Indian company’s Rs 25,000 crore deal with Reliance. “We should be allowed to secure shareholder approval, seek nod from CCI, NCLT,” said senior advocate Harish Salve, representing Future Retail.

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Federal Bank’s subsidiary FedFina to initiate IPO process

The Board of Directors of Federal Bank has approved the process of an initial public offering (IPO) of its subsidiary Fedbank Financial Services Ltd (FedFina). FedFina is the retail-focused non-banking finance company set up by the Kerala-based bank. The IPO is subject to approvals from the Securities and Exchange Board of India (SEBI).

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Adani Green posts 84% YoY growth in total operational capacity in Q3

Adani Green Energy’s total operational capacity increased by 84% year-on-year (YoY) to 5,410 megawatts (MW) for the quarter ended December. The company’s sale of energy increased by 97% YoY at 2,504 million units during the same period.

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HAL Signs Rs 2,400 crore Contract With BEL for Tejas MK1A Systems – Top Indian Market News

HAL signs Rs 2,400 crore contract with BEL for Tejas MK1A systems

Hindustan Aeronautics Ltd (HAL) has signed a Rs 2,400 crore contract with Bharat Electronics Limited (BEL) for the development and supply of 20 types of systems for the Light Combat Aircraft (LCA) Tejas Mk1A program. The agreement involves the supply of critical avionics, Line Replaceable Units (LRUs), flight control computers, and night-flying LRUs. The contracted items will be delivered by BEL to HAL in a ready-to-board condition.

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L&T’s power transmission, distribution business secures order from India, overseas

Larsen & Toubro’s (L&T) power transmission and distribution business has received orders from India and overseas. It has received an order to provide a dynamic reactive power compensator system at a substation in Abu Dhabi. The business has also secured orders to construct 380kV Overhead Transmission Lines, 132kV network connections, and to establish a 400kV substation in the Middle East. In India, orders have been won to create power distribution infrastructure in two circle areas of Bengaluru.

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Welspun India enters Dow Jones Sustainability Index

Home textiles company Welspun India Ltd has entered the Dow Jones Sustainability Index (DJSI). It featured in the index due to strong environmental performance and significant improvement in its social and governance impact parameters. In its maiden ranking on the DJSI, Welspun India’s Environmental, Social, and Governance (ESG) score was 48, which is ~62% higher than the average industry score.

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Cadila Healthcare gets orphan drug designation for malaria treatment compound

Cadila Healthcare Ltd announced that its antimalarial compound ZY19489 (MMV253) has received Orphan Drug Designation from the US Food & Drug Administration (USFDA). The Phase-I study of ZY19489 demonstrated a long half-life and potential for a single-dose cure for malaria. Orphan drug designation provides eligibility for certain development incentives, including tax credits for qualified clinical testing and prescription drug user fee exemptions.

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Tata Power’s subsidiary secures 300 MW wind-solar hybrid project

TP Saurya Ltd (TPSL) has received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for setting up a 300 megawatt (MW) wind-solar hybrid power project. TPSL is a wholly-owned subsidiary of Tata Power. This project has been awarded through tariff-based competitive bidding followed by an e-Reverse auction.

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Plaza Premium selects TCS to transform global airport hospitality

Tata Consultancy Services (TCS) has secured a deal from Hong Kong-based Plaza Premium Group (PPG) to develop an end-to-end digital platform that will improve customer experience and operational excellence at 70 airport locations that serve 20 million passengers annually. The platform is expected to be first deployed at Bangalore International Airport Ltd. in early 2022. TCS’ platform will enhance customer experience by simplifying reservations for various services at PPG’s lounges and other hospitality outlets.

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Vodafone Idea to target a four-fold jump in capex to $2 billion 

Vodafone Idea (Vi) is targeting a four-fold jump in annual capital expenditure (capex) to $2 billion (~Rs 15,000 crore) as it looks to take on rivals. The sharp rise in Vi’s annual capex is crucial for the company to revamp its 4G operations across its 17 priority markets. At an internal investors’ call this week, the telecom operator also announced that equity funding (including from promoters) is set to be tied up by March 2022.

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CarTrade Tech to invest $100 million, eyes new acquisitions to accelerate growth

CarTrade Tech Ltd plans to deploy up to $100 million (~Rs 750 crores) to strategically acquire and invest in companies in the automotive space. The company is actively looking to invest in companies that are driving innovation in all aspects of the automobile ecosystem, including auto finance, leasing, insurance, servicing, car ownership, electric vehicles, and new-age tech to digitize the auto buying and selling journey.

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Ramco Systems to implement its aviation suite for Pathfinder Aviation

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 at Pathfinder Aviation, a heli-charter operator with services ranging from survey and exploration, firefighting, heli-skiing, etc. The company’s full suite Aviation Software will integrate and automate various operations at Pathfinder Aviation, empowering them with a one-stop solution to cater to all their complex business needs.

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Britannia revamps Good Day brand; to add three more variants

Britannia Industries Ltd has revamped its largest selling biscuit brand Good Day and also revealed its new identity. The company is expanding the product portfolio of its most-penetrated brand Good Day by adding three more variants in the premium segment. Britannia will launch Good Day Harmony and two other variants in the premium segment, which is growing fast after the pandemic.

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Tata Motors to Hike Prices of CVs by 2.5% From Jan – Top Indian Market News

Tata Motors to hike prices of CVs by 2.5% from Jan 2022

Tata Motors Ltd will hike the prices of its commercial vehicles (CV) by ~2.5% from January 1, 2022. The price increment will be effective across the following segments: medium & heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), small CVs, and buses. The increase in the costs of commodities and raw materials (aluminium, steel, semiconductors, and essential metals) has forced the automaker to incite an increment in price.

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Reliance Jio conducts trial of connected drones on its 5G network

Reliance Jio has conducted successful trials of connected drones on its indigenous 5G network. The trial involved a precision command and control of drones over 5G using a fleet management system running on the cloud. It performed tasks such as image recognition, track-and-trace, discrete payload pickup & delivery, video imagery, and real-time drone control. Jio has developed its own homegrown 5G stack, which it plans to export abroad after testing its competence on a pan-India scale.

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Tata Power signs MoU with IIT Madras to collaborate on R&D, training, tech solutions

Tata Power has signed a Memorandum of Understanding (MoU) with IIT Madras to collaborate on research & development (R&D), consultancy, advocacy, training, and technology solutions. As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology. The agreement also includes campus recruitment opportunities for postgraduate students of IIT Madras.

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Godrej Properties partners with TDI Group for luxury housing project in Delhi

Godrej Properties Ltd has entered into a joint venture (JV) with TDI Group to build a luxury housing project at Connaught Place in Central Delhi. The project would have a development potential of about 1.25 lakh square feet saleable area. This will be the realty company’s third project in Delhi.

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IEX electricity volume up 54% YoY to 9,477 MU in November

Indian Energy Exchange (IEX) traded 9,477 million units (MU) of electricity in November 2021, achieving a 54% YoY (or 3.4% QoQ) growth. The traded volumes of the day-ahead market fell 3% YoY to 4,719 MU in November, with the average monthly price at Rs 3.1 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 302.7 MU during the same month, registering a 23.4% YoY growth.

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Ramkrishna Forgings secures order worth Rs 72 crore

Ramkrishna Forgings Ltd has received a domestic order worth Rs 72 crore from an Indian automaker in the medium & heavy commercial vehicles (MHCV) segment.  The order has to be executed over a period of four years. The company has built a strong and diverse customer base in India and is now looking to strengthen its presence and gain market share. 

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Toyota Kirloskar Motor partners with Karnataka Bank for financing solutions

Toyota Kirloskar Motor (TKM) has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The finance options at competitive interest rates will be available to customers (including those covered under priority sector schemes) for purchasing Toyota vehicles for private and commercial use.

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GSS Infotech acquires Polimeraas for Rs 250 crore

GSS Infotech Ltd has acquired a 100% stake in farm-to-store company Polimeraas for Rs 250 crore in a stock and cash deal. Polimeraas operates 75 stores across Hyderabad and Bangalore, with an average footfall of 21,000 per store per month. The company deals with procurement, distribution, and sale of agricultural products, processed food, and other home consumables. GSS Infotech is an IT company specialising in application development, e-commerce & cloud, security, and remote infrastructure management.

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Indo Count Industries to acquire home textile business of GHCL

Indo Count Industries Ltd (ICIL) has entered into a Business Transfer Agreement (BTA) with GHCL Ltd for the acquisition of its home textile business at Vapi, Gujarat. The company has also signed an Asset Transfer Agreement (ATA) for the acquisition of specified assets of GHCL’s US subsidiary. The cost of the acquisition is Rs 576 crore. ICIL is a leading manufacturer and exporter of home textiles.

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Vodafone Idea in talks with vendors for sourcing 5G gear

As per reports, Vodafone Idea (Vi) has initiated talks with several local & international telecom vendors and system integrators to explore gear sourcing options for its 5G network. The company aims to negate potential cost implications that sourcing from traditional European vendors Nokia and Ericsson may have in the absence of competition. Vi’s rivals Reliance Jio and Bharti Airtel have either developed their own 5G stack or have entered strategic partnerships to jointly build the network technology in India with non-traditional companies.

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Bharti Airtel Hikes Prepaid Tariffs by up to 25% – Top Indian Market News

Bharti Airtel hikes prepaid tariffs by up to 25%

Telecom operator Bharti Airtel Ltd will raise prepaid tariff rates by up to 25% with effect from November 26. In a notification to the exchanges, the company said that the decision was taken “to provide a reasonable return on capital for a financially healthy business model.” Bharti Airtel aims to enhance its average revenue per user (ARPU) while also bringing about substantial investments as it plans to roll out its 5G network in the country.

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Heranba Industries starts production at new unit in Gujarat

Heranba Industries Ltd has commenced commercial production at its new Unit-IV facility situated at Gujarat Industrial Development Corp (GIDC) in Vapi, Gujarat. The company expects the new production facility to generate revenue of Rs 100 crore per annum. The production capacity and capacity utilisation of the new Unit-IV will be 1,200 million tonnes per annum (MTPA) at maximum capacity. 

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BEL secures biggest export order from Airbus under Govt’s C295 aircraft program

Airbus has signed a deal with Bharat Electronics Ltd (BEL) under the Indian government’s C295 aircraft programme to manufacture and supply Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS). The contract is in line with the ‘Make in India’ policy and is the biggest export order received by BEL till date. The export order is worth $93.15 million (~Rs 690 crore).

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Cars24 partners with Poonawalla Fincorp for consumer financing

Cars24, an e-commerce platform for pre-owned vehicles, and Poonawalla Fincorp Ltd (PFL) have announced a strategic partnership for consumer financing on vehicles bought from Cars24. Under this partnership, PFL will fulfill consumer loans originating through Cars24. According to Cars24 co-founder Ruchit Agarwal, consumer financing penetration in the used cars industry is only at ~20%, and there is a huge market opportunity waiting to be tapped.

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Triveni Engineering partners with GEAE Tech to manufacture gas turbine components

Triveni Engineering & Industries Ltd (TEIL) has signed a 10-year deal with US-based GEAE Technology to locally manufacture certain components for its LM2500 gas turbine, which powers many of the Indian Navy’s vessels. As part of the deal, Triveni will manufacture the gas turbine’s base frame, enclosure, lubricating oil skid, and supply other source-controlled accessories. TEIL is a market leader in engineered-to-order turbo high-speed gears and gearboxes.

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IRCON emerges lowest bidder for railway projects in Sri Lanka, Bangladesh

Ircon International Ltd has emerged as the lowest bidder for projects by Sri Lanka Railways and Bangladesh Railways. The first project (worth Rs 114 crore) was floated by Sri Lanka’s Ministry of Transport Services Management for the design, installation, and commissioning of a signalling system from Maho Junction to Anuradhapura. The second project (worth Rs 24 crore) was floated by the Ministry of Railways, Bangladesh, for the construction of signalling and telecommunication systems.

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Domestic air traffic grows by 27.15% in October: DGCA

Domestic air passenger traffic saw a 27.15% growth during the festive season in October, following a decline in Covid-19 cases and higher vaccination rates. Around 8.99 million passengers took to the skies in October, compared to 7.07 million in September. IndiGo carried 4.81 million passengers last month, securing a market share of 53.5%. SpiceJet carried 0.81 million passengers during October, registering a 9% market share. The data was released by the Directorate General of Civil Aviation (DGCA).

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KPI Global Infra secures repeat order from Surat-based Devika Fibres

KPI Global Infrastructure Ltd has secured a repeat order from Surat-based Devika Fibres (an existing client) for executing a solar power project of 5.20 MWdc capacity under the Captive Power Producer (CPP) segment of the company. Gujarat-based KPI Global Infra develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer.

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IEX resumes trading of renewable energy certificates

Indian Energy Exchange (IEX) will resume trading of renewable energy certificates (RECs) with effect from November 24, 2021, after a gap of almost 16 months. A REC is a market-based instrument that promotes renewable sources of energy and the development of the electricity market. One REC is created when one megawatt-hour of electricity is generated from an eligible renewable energy source.

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Jio loses 1.9 crore users, Airtel adds 2.74 lakh subscribers in September: TRAI

Reliance Jio lost around 1.9 crore wireless subscribers in September 2021, while Bharti Airtel added 2.74 lakh subscribers. Vodafone Idea lost 10.7 lakh wireless subscribers in the same month, shedding customers for the 11th straight month. Bharti Airtel gained a 0.08% market share of wireless subscribers, while Jio’s user base declined 4.29% in September. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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WPI Inflation Hits Five-Month High of 12.54% in October – Top Indian Market News

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WPI inflation hits five-month high of 12.54% in October

India’s wholesale inflation accelerated to a five-month high at 12.54% in October 2021. The wholesale price index (WPI) grew 10.66% in September and 1.31% in October 2020. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, food products, crude petroleum & natural gas. Food inflation contracted 1.69% in October, compared to a 4.69% contraction seen in September. The inflation in manufactured products stood at 12.04% in October from 11.41% a month ago.

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HCC-KEC JV wins Rs 1,309 crore Chennai Metro order

Hindustan Construction Company (HCC), in consortium with KEC International Ltd, has secured a Rs 1,309 crore order as a part of the second phase of Chennai Metro Rail. The order entails the construction of an 11.61 km elevated viaduct section and 11 elevated stations on corridor-5 of the second phase of Chennai Metro. The order is scheduled to be completed in 36 months.

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Vodafone Idea clarifies on reports of getting SBI loan after govt’s relief measures

Debt-ridden Vodafone Idea Ltd issued a clarification on a Bloomberg report that suggested that the company may get fresh loans from State Bank of India (SBI) after the government’s relief measures. “The company keeps discussing with various banks its funding and other requirements in the ordinary course of its business, including with SBI who is one of our main bankers. As of now, there is no development, which would require disclosure under the SEBI Listing Regulations,” Vodafone Idea informed in an exchange filing. 

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Power Mech Projects secures orders worth Rs 725.17 crore

Power Mech Projects Ltd (PMPL) has secured two orders worth Rs 725.17 crore. The company has bagged an order worth Rs 645 crore from the National Highways Authority of India (NHAI). The order is for four-laning of NH-365A from Kodad to Khammam in Telangana under the Centre’s Bharatmala Pariyojana project. PMPL has received another order worth Rs 80.17 crore from Howe India to design and build a coal handling plant in Odisha.

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Ashok Leyland in talks with investors to raise funds for EV arm

Ashok Leyland Ltd is in talks with strategic and financial investors to raise funds for Switch Mobility, its newly formed electric vehicle (EV) subsidiary. The trucks and bus manufacturer has hived off its EV division to better tap growth opportunities through the onboarding of partners.  The company also plans to roll out CNG-fitted commercial vehicles during the later part of this financial year.

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Dixon Tech partners with BSH for manufacturing of fully automatic washing machine

Dixon Technologies (India) Ltd has commenced production of fully automatic washing machines for BSH Household Appliances Manufacturing Pvt Ltd. The product will be manufactured at Dixon’s state-of-the-art manufacturing facility at Tirupati. Germany-based BSH is the largest manufacturer of home appliances in Europe.

Bharti Airtel forms ESG Committee to strengthen its focus on sustainable business

Bharti Airtel has formed a Committee of Board of Directors, called the ESG Committee, to sharpen the company’s focus towards its Environmental, Sustainability, and Governance (ESG) agenda. The committee will provide strategic guidance and oversight to the company’s progress on ESG targets, initiatives, and best practices. The telecom operator has named Manish Kejriwal, Lead Independent Director on the Board, as the Chairman of the ESG Committee.

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Delhi HC rules in favour of Britannia over Good Day brand

The Delhi High Court has ruled in favour of Britannia Industries after it had challenged oral care maker Good Day over its brand name, which is identical to one of Britannia’s mainstay biscuit brands Good Day. The court has directed the oral care maker to stop manufacturing, selling, and advertising Good Day toothpaste. ‘Good Day’ is a known trademark of Britannia and protected across all product categories.

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Parliamentary panel stresses on cryptocurrency regulation in meeting: Report

A Parliamentary Standing Committee on Finance, led by former union minister Jayant Sinha, held a meeting today with industry associations and experts on cryptocurrency. During the meeting, there was a consensus that crypto can’t be stopped, but must be regulated, news agency ANI reported. The meeting saw the participation of representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), among others.

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Tata Steel revives plans to sell its Thailand business

Tata Steel Ltd (TSL) has revived plans to sell its Thailand business. The company looks to exit less profitable overseas units in the ongoing supercycle. The proposed sale, coming on the heels of TSL’s move to offload its Singapore business NatSteel Holdings, will aid the company cut its debt further. Bangkok-listed Tata Steel Thailand has a market value of over $410 million (~Rs 3,049 crore).

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Retail Inflation Rises to 4.48% in October – Top Indian Market News

Retail inflation rises marginally to 4.48% in October

India’s retail inflation, as measured by the Consumer Price Index (CPI), rose marginally to 4.48% in October from 4.35% in September. This is the fourth successive month that the CPI data has come below the Reserve Bank of India’s (RBI) upper margin of 6%. Food inflation has increased slightly to 0.85% in October from 0.68% in September.

Meanwhile, India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a 3.1% year-on-year (YoY) growth in September. The mining sector saw a growth of 8.6% YoY to 95.1 in September, while the manufacturing sector saw a rise of 2.7% YoY to 129.9. 

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ONGC Q2 Results: Net profit jumps 565% YoY to Rs 18,347 crore 

Oil and Natural Gas Corporation (ONGC) Ltd reported a 565% YoY jump in net profit to Rs 18,347 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 44% YoY to Rs 24,353.6 crore during the same period. The operating margin expanded to 48.17% in Q2 FY22 compared to 37.78% in Q2 FY21. ONGC’s board has declared an interim dividend of Rs 5.5 per share.

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KEC International wins orders worth Rs 1,415 crore

KEC International Ltd has secured new orders worth Rs 1,415 crore in the Civil and Oil & Gas Pipeline businesses in India. The company has received an order from Chennai Metro Rail Limited (CMRL) for the construction of elevated viaduct along with 11 stations. It has received a civil infra works order from a defence entity. KEC International has also secured an order from Indian Oil Corp for the laying of oil and gas pipelines.

Vodafone Idea Q2 Results: Net loss narrows to Rs 7,132 crore

Vodafone Idea (Vi) reported a consolidated net loss of Rs 7,132.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 7,319 crore in the previous quarter. Its revenue from operations rose 3% QoQ to Rs 9,406.4 crore during the same period. Vi’s operating profit rose 4.2% QoQ to Rs 3,862.9 crore. The average revenue per user (ARPU) stood at Rs 109 in Q2, an increase of 4.8% QoQ.

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Grasim Industries Q2 Results: Net profit jumps 180% YoY to Rs 979 crore

Grasim Industries Ltd reported a 180% YoY jump in net profit to Rs 979.1 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 67% YoY to Rs 4,933 crore during the same period. The company’s operating profit increased 87% YoY to Rs 1,504 crore. Grasim’s chemical business posted a 44.5% YoY growth in total sales to Rs 1,627 crore in Q2. 

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Ramkrishna Forgings partners with ePropelled to manufacture eDTS motor technology

Ramkrishna Forgings has signed a Memorandum of Understanding with ePropelled (USA), a technology company that offers leading-edge electric propulsion systems. The two companies will develop eAxle products based on ePropelled’s patented Dynamic Torque Switching™ (eDTS) technology. The solution increases power efficiency by at least 15%, allowing manufacturers to reduce the size and cost of their battery packs.

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Coal India Q2 Results: Net profit falls marginally to Rs 2,933 crore

Coal India Ltd reported a 0.6% YoY decline in consolidated net profit to Rs 2,933 crore for the quarter ended September (Q2 FY22). Net profit fell 7.5% compared to the previous quarter. Its revenue from operations rose 10% YoY to Rs 23,291 crore during the same period. The raw coal production improved to 125.83 million tonnes (MT) in Q2 FY22, compared to 114.98 MT in Q2 FY21.

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Airtel Payments Bank to double business correspondent network to 1 million a year

According to a report from Economic Times, Airtel Payments Bank plans to double its countrywide business correspondents (BCs) network to 1 million in the next 12 months. It also aims to drive monetisation through a combination of transactions and interest-based income, besides boosting revenues from cash management services in the business-to-business (B2B) space. APB is looking to gain the necessary reach to cater to the remittances market and the Aadhar-enabled payment services business to serve millions of potential customers.

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Hindalco Q2 Results: Net profit jumps 783% YoY to Rs 3,417 crore

Hindalco Industries Ltd reported a 783% YoY jump in consolidated net profit to Rs 3,417 crore for the quarter ended September (Q2 FY22). Net profit increased 23% compared to the previous quarter. Its revenue from operations rose 52.6% YoY to Rs 47,665 crore during the same period. EBITDA stood at Rs 8,048 crore in Q2, a growth of 56% YoY (or 19% QoQ). Hindalco said its Q2 performance was largely driven by a strategic product mix, higher volumes, and stability in operations.

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SJVN signs pact with Solarworld to develop 75 MW solar power project in UP

SJVN Limited has signed an agreement with Noida-based Solarworld Energy Solutions to develop a 75 megawatt (MW) solar power project at Parasan Solar Park in Uttar Pradesh. The total cost of the project is Rs 313.59 crore. The project will generate 168.34 million units (MU) of energy annually with a capacity utilisation factor (CUF) of 25.06%.

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Motherson Sumi Q2 Results: Net profit falls 36% YoY to Rs 217 crore

Motherson Sumi Systems Ltd (MSSL) reported a 35.8% YoY decline in net profit to Rs 216.96 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 14,076.39 crore during the same period. Total expenses fell by 3% YoY to Rs 14,001.29 crore in the second quarter.

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SBI Q2 Net Profit Rises 67% – Top Indian Market News

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SBI Q2 Results: Net profit rises 67% YoY to Rs 7,626 crore

State Bank of India (SBI) reported a 67% YoY increase in net profit to Rs 7,626.5 crore for the quarter ended September (Q2 FY22). Net profit increased 17% compared to the previous quarter. Its net interest income (NII) rose 10.6% YoY to Rs 31,184 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 4.90% in Q2 FY22, compared to 5.32% in Q1 FY22. Provisions against bad loans stood at Rs 2,699 crore in Q2, down 52% YoY.

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India’s services PMI grows at the fastest pace in over a decade in October

India’s services sector activity expanded at the strongest pace in ten-and-a-half years in October. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 58.4 in October, compared to 55.2 in September. Companies indicated that a notable pick-up in new business led to the fastest expansion in output in over a decade, and as a result, more jobs were created. However, business confidence remained subdued due to growing inflationary concerns. 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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Infosys collaborates with Shell to Market Shell Inventory Optimizer Solution

Tech-giant Infosys has announced a collaboration with Shell Global Solutions International B.V. (Shell) as the commercialization partner of the “Shell Inventory Optimizer” solution targeted towards energy companies. The “Shell Inventory Optimizer” uses Artificial Intelligence to optimize warehouse inventory levels based on historical consumption. This will allow energy companies to improve demand planning, reduce time and labour, and bring down cost of operation.

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Zee Ent. To Announce Q2 Results on Nov 27 Amidst Shareholder Turmoil

Zee Entertainment has announced November 27, 2021, as the date for a board meeting to announce quarterly results (Q2). This comes after the company had cancelled its results meet on October 27, 2021, citing a lack of quorum. ZEEL’s single-largest shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC who hold 17.88% stake in the company jointly have been pressing for an extraordinary general meeting(EGM) for the removal of its Managing Director Punit Goenka, besides opposing Zee’s proposed merger deal with Pictures Network India (SPNI). Two of Zee’s independent board members Manish Chokhani and Ashok Kurien have already resigned amidst certain allegations. The two major shareholders and Zee have locked horns with Invesco and OFI Global approaching the Mumbai Bench of the National Company Law Tribunal (NCLT) whereas Zee has approached the Bombay High Court leveling allegations against each other resulting in an ugly public spat. 

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Vodafone Idea: Co Partners With Nokia India For 5G Trials

Vodafone-Idea(VI) and Nokia have announced their partnership to test 5G using ‘E-Bands’ in areas where fiber is challenging to deploy. The two claimed a speed of 9.85 Gbps while testing the 5G networkings. “We are delighted to partner with Vi in trials to deliver 5G services by connecting small cells & macrocells with fiber-like speed through E-Band, in areas where fiber is challenging to deploy”, said Nokia in a tweet. 

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Hindalco Industries to acquire Polycab’s 100% stake in Ryker

Hindalco, the Aditya Birla Group’s flagship metal company has announced the acquisition of a 100% stake in Ryker Base Pvt. Ltd., a wholly-owned subsidiary of Polycab Industries for an enterprise value of Rs 323 crore. Ryker owns a 225,000-ton plant to manufacture cast and rolled copper wire rods. On the other hand, Hindalco owns the world’s largest single-location custom copper smelters at Dahej in Gujarat, with a capacity of 345,000 tons.

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Adani Power Get NCLT Nod To Acquire Essar’s 1,200 MW Mahajan Project 

Adani Power got approval from the National Company Law Tribunal to acquire Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The Principal Bench of NCLT at New Delhi approved Adani Power’s resolution plan to acquire EPMPL (Essar Power M P Ltd) which is currently undergoing bankruptcy proceedings.

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ABFRL Q2 Results: Consolidated Revenue Doubles!

Aditya Birla Fashion and Retail Limited (ABFRL) reported a net profit of Rs 5 crore this quarter against a net loss of Rs 188 crore last year in the same quarter. The consolidated revenue doubled YoY to Rs. 2054 crore from Rs 1028 crore in the same period. The company’s overall business recovered to 90% of pre-COVID levels where the Branded Business recovered to over ~95% of normalized level and Pantaloons to ~73% of pre-COVID levels. Additionally, the E-commerce business grew by 74% over last year. The company added 160+ stores across businesses during the quarter.


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Eicher Motors Q2 Results: Profit After Tax Grows 9%

Eicher Motors reported a net profit of Rs 373 crore, growing at 9% YoY and 44% QoQ. The consolidated revenue of the company stood at Rs 2,250 crore, up 5.4% from the same quarter of the previous financial year. Royal Enfield sold 123,515 motorcycles during the quarter, a decline of 17.2% from 149,120 motorcycles sold over the same period in FY 2020-21. Royal Enfield ended the quarter with the best ever performance in international markets for the second successive quarter with total exports at 17,922 units, more than 132% increase over 7,714 in the same period last year. VE Commercial Vehicles, a joint venture between Volvo and Eicher reported a profit of Rs 9 crore against a loss of Rs 3.85 crore in the same quarter last financial year. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Adani Power Q2 Results: Net loss at Rs 230 crore

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

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

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

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IEX Reports 75% YoY Rise in Net Profit in Q2 – Top Indian Market News

IEX Q2 Results: Net profit rises 75% YoY to Rs 77 crore

Indian Energy Exchange (IEX) reported a 75% YoY increase in consolidated net profit to Rs 77 crore for the quarter ended September (Q2 FY22). Net profit increased by 25% compared to the previous quarter. Its revenue from operations rose 56% YoY (or 21% QoQ) to Rs 109 crore during the same period. IEX’s board has recommended bonus issue of equity shares in the ratio 2:1 (two additional shares for every share held in the company).

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Asian Paints Q2 Results: Net profit falls 29% YoY to Rs 605 crore

Asian Paints Ltd reported a 29% YoY decline in consolidated net profit to Rs 605.17 crore for the quarter ended September (Q2 FY22). Net profit increased by 5% compared to the previous quarter. Its revenue from operations rose 33% YoY to Rs 7,096 crore during the same period. The company saw a 72% YoY rise in the cost of raw materials to Rs 4,570 crore in the July-Sept quarter of FY22. Asian Paints’ board has approved an interim dividend of Rs 3.65 per share.

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Jio-BP to open first petrol pump near Mumbai

Global energy supermajor BP plc will open its first ‘Jio-bp’ branded petrol pump in partnership with Reliance Industries Ltd (RIL) near Mumbai. In 2019, BP had bought a 49% stake in over 1,400 petrol pumps and 31 aviation turbine fuel (ATF) stations owned by RIL for $1 billion. The existing petrol pumps of RIL have since been transferred to the joint venture, Reliance BP Mobility. 

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JSW Steel Q2 Results: Net profit jumps 350% YoY to Rs 7,170 crore 

JSW Steel Ltd reported a 350% YoY jump in consolidated net profit to Rs 7,170 crore for the quarter ended September (Q2 FY22). Net profit increased by 21.4% compared to the previous quarter. Its total revenue from operations rose 69% YoY to Rs 32,503 crore during the same period. Steel sales stood at 3.83 million tonnes (MT) in Q2, an increase of 10% QoQ. JSW Steel reported its highest ever EBITDA at Rs 10,417 crore in the July-Sept quarter of FY22.

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Vodafone Idea partners with Athonet to test, validate 5G-based solutions

Vodafone Idea has announced a partnership with private LTE and fifth-generation solutions platform provider Athonet to test 5G-based solutions for enterprise use cases. The tests will be conducted in Pune using the spectrum allocated by the government for 5G trials. The deal with Athonet comprises a demonstration of enterprise use cases on 5G in several areas such as smart construction, warehouse, agriculture, and workplace.

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IDBI Bank Q2 Results: Net profit rises 75% YoY to Rs 567 crore

IDBI Bank reported a 75% YoY increase in net profit to Rs 567 crore for the quarter ended September (Q2 FY22). Net profit declined by 6% compared to the previous quarter. Its net interest income (NII) rose 9% YoY to Rs 1,853.6 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays its depositors]. The gross non-performing assets (GNPA) ratio declined to 20.92% in Q2 FY22, compared to 25.08% in Q2 FY21.

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Kotak Mahindra Bank partners with Pine Labs to expand point-of-sale services

Kotak Mahindra Bank has partnered with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers. Through this tie-up, merchants in India will be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business. Pine Labs has a network of over 2.45 lakh merchants across Asia.

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TVS Motor Q2 Results: Net profit rises 35.1% YoY to Rs 242 crore

TVS Motor Company reported a 35.1% YoY increase in consolidated net profit to Rs 242.17 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 23.4% YoY to Rs 6,483.42 crore during the same period. The company sold 8.7 lakh two-wheelers in Q2 FY22, compared to 8.34 lakh units in Q2 FY21. Total three-wheeler sales grew 33.3% YoY to 0.47 lakh units in Q2 FY22.

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Bombay HC directs ZEEL to call for EGM as sought by Invesco 

The Bombay High Court has asked the board of Zee Entertainment Enterprises Ltd (ZEEL) to consider the requisition notice of its largest shareholder Invesco to convene an extraordinary general meeting (EGM). The court also asked the parties to propose a date and name of some neutral chairperson to conduct the EGM. While calling for the EGM, ZEEL’s right to contest the validity of the resolutions post the EGM can be reserved. You can read about the entire ZEEL-Invesco tussle here.

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Wipro signs multi-year deal with National Grid to drive digital innovation

Wipro Ltd has signed a multi-year global strategic IT and digital deal with London-based National Grid to accelerate its digital innovation journey. National Grid is a leading multinational electric and gas utility provider. The IT company will employ standardized tools and processes to provide cloud services to strengthen National Grid’s infrastructure services and support its strategic business objectives.

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CONCOR Q2 Results: Net profit rises 41% YoY to Rs 264 crore

Container Corporation of India reported a 41.2% YoY increase in net profit to Rs 264 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 21.4% YoY to Rs 1,823.9 crore during the same period. EBITDA stood at Rs 338.2 crore in Q2, an increase of 49.2% YoY. The company saw a 20% rise in rail freight to Rs 983.8 crore. CONCOR’s board has declared an interim dividend of Rs 4 per share.

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