Tag: Vodafone Idea

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Vi Partners With L&T for Trials of 5G-based Smart City Solutions – Top Indian Market News

Vi partners with L&T for trials of 5G-based smart city solutions

Vodafone Idea (Vi) has partnered with engineering and construction conglomerate Larsen & Toubro (L&T) for a pilot project to test 5G-based smart city solutions. Both companies will test and validate 5G use cases based on Internet of Things (IoT) and Video Artificial Intelligence (AI) technologies by leveraging L&T’s Smart City Program (Fusion) to address the challenges of urbanization, safety, and security. The trial will be conducted in Pune, and city residents will be offered 5G-based smart solutions.

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UltraTech Cement Q2 Results: Net profit rises 0.3% YoY to Rs 1,314 crore

UltraTech Cement reported a 0.3% year-on-year (YoY) increase in consolidated net profit to Rs 1,314 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 22.85% compared to the previous quarter. Its revenue from operations rose 14.4% YoY to Rs 11,743 crore during the same period. The company expects to resume coal mining operations at Bicharpur (Madhya Pradesh) in December to reduce dependence on external sources of coal.

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TCS partners with Japan-based Cainz to drive business transformation

Cainz Corporation has selected Tata Consulting Services (TCS) to boost its digital transformation, improve customer experience, and drive growth. Cainz Corp is a home improvement company based in Japan. Under this partnership, TCS will help Cainz by developing ‘Find in CAINZ’, a mobile application for customers and store associates for identifying the location and availability of products in a store. TCS will also set up a Global Development Centre for Cainz to help the company scale up its co-development initiatives.

Read more here. 

Hatsun Agro Product Q2 Results: Net profit rises 24.8% YoY to Rs 82 crore

Hatsun Agro Product Ltd reported a 24.79% YoY increase in net profit to Rs 82.09 crore for the quarter ended Sept (Q2 FY22). Net profit rose 40.75% compared to the previous quarter. Its revenue from operations rose 23.24% YoY to Rs 1,635.42 crore during the same period. Hatsun Agri Product is a private sector dairy company based in Chennai. It is engaged in the manufacturing and sale of milk, milk products, and ice cream.

Equitas SFB to raise Rs 1,000 crore via QIP

Equitas Small Finance Bank (SFB) has announced a proposal to raise Rs 1,000 crore through a qualified institutional placement (QIP). This will help the lender meet the 25% minimum public shareholding criterion stipulated by market regulator SEBI. Public shareholding in the company stood at 18.25% as of June 2021. The promoter, Equitas Holdings Ltd, holds the remaining stake.

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Paras Defence to incorporate a company in association with Krasny Defence Tech

The Board of Directors of Paras Defence and Space Technologies has approved a proposal to incorporate a company in association with Krasny Defence Technologies Pvt Ltd. The associate company will be engaged in the field of maintenance, servicing, and repairs of defence equipment & naval vessels. The incorporation of the entity is subject to the approval of the Ministry of Corporate Affairs (MCA) and other statutory authorities.

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L&T Infotech Q2 Results: Net profit rises 21% YoY to Rs 551 crore

L&T Infotech Ltd reported a 21.05% YoY increase in consolidated net profit to Rs 551.5 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 11.12% when compared to the previous quarter. Its revenue from operations rose 8.8% YoY to Rs 3,767 crore during the same period. The growth in margins in Q2 was subdued due to strong hiring.

Granules India receives USFDA approval for Dofetilide capsules

Granules India has received approval from the US Food & Drug Administration (USFDA) for Dofetilide capsules. The drug is indicated for the maintenance of normal sinus rhythm (delay in time to recurrence of atrial fibrillation) in patients with atrial fibrillation of greater than one week duration. Atrial fibrillation is an irregular, often rapid heart rate that causes poor blood flow. The product will be manufactured at the pharma company’s GPI facility located in Virginia, USA, and will be launched shortly.

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Tata Coffee Q2 Results: Net profit rises 46.72% YoY to Rs 34 crore

Tata Coffee Ltd reported a 46.72% YoY increase in net profit to Rs 34.04 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 18.85% compared to the previous quarter. Its revenue from operations rose 0.94% YoY (or 2.98% QoQ) to Rs 548.52 crore during the same period. The company’s Plantations vertical posted an 18% YoY decline in total revenues to Rs 79 crore in Q2. The value-added products vertical registered a revenue growth of 6.2% YoY to Rs 479 crore.

Route Mobile Q2 Results: Net profit rises 28% YoY to Rs 42 crore

Route Mobile reported a 28.3% YoY increase in consolidated net profit to Rs 42.17 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.69% compared to the previous quarter. Its total income rose 23.6% YoY (or 14.7% QoQ) to Rs 438.11 crore during the same period. Route Mobile has received shareholders’ approval to raise Rs 2,000 crore through the sale of securities.

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NCLT gives approval to creditors, shareholders of Reliance Retail to hold meetings for proposed Future Group deal

The National Company Law Tribunal (NCLT) has allowed the creditors and shareholders of Reliance Retail Ventures Ltd (RRVL) to hold meetings to seek approval for the company’s proposed Rs 24,700 crore deal with the Future Group. On October 1, 2021, RRVL extended the long-stop date for the completion of its deal with Kishore Biyani-led Future Group by another six months to March 2022. This was due to the delays ensuing from the ongoing legal battle with the US-based Amazon.com, Inc.

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Jio Adds 65 lakh Subscribers, Vi Loses 14 lakh in July – Top Indian Market News

Reliance Jio adds 65 lakh subscribers in July, Vodafone Idea loses 14 lakh

Reliance Jio Infocomm added 65.1 lakh wireless subscribers in July 2021, taking its gross user base to 44.32 crore. Bharti Airtel gained 19.4 lakh subscribers, while Vodafone Idea (Vi) lost 14.3 lakh subscribers in July. Jio consolidated its leadership in rural India by adding 34.8 lakh subscribers in rural markets. Vodafone Idea and Bharti Airtel lost 9.9 lakh and 4.1 lakh subscribers, respectively, in rural markets. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Jio and Airtel have widened customer market shares to 37.34% and 29.83%, respectively, in July. 

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Tejas Networks secures optical network expansion deal from Bharti Airtel

Bharti Airtel has selected Tejas Networks to enhance its optical network capacity in key metropolitan markets. The telecom gear maker will supply, install, and support its optical transmission products for extending Bharti Airtel’s optical networks towards the edge, supporting 5G backhaul, business-to-business (B2B) services, and broadband applications. The order given to Tejas Networks will enable Bharti Airtel to deliver a world-class experience to its customers.

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BPCL, SBI Card launch co-branded RuPay contactless credit card

Bharat Petroleum Corp Ltd (BPCL) and SBI Cards and Payment Services have launched a co-branded RuPay contactless credit card. The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps. It will also offer a 1% fuel surcharge waiver on every transaction up to Rs 4,000, translating to a 4.25% value back. Cardholders will also get accelerated savings on other categories of spends, including groceries, departmental stores, dining, and movies.

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JBM Auto gets orders for 500 CNG, electric buses from various states

JBM Auto Ltd has secured orders for supplying 500 compressed natural gas (CNG) and electric buses from various state governments. The company has received orders for BS-VI CNG buses from Delhi Integrated Multi-Modal Transit System Ltd. It will also supply electric buses to Bengaluru Metropolitan Transport Corp (BMTC). These orders will be executed in the current financial year (FY22).  

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CAMS, KFin Tech launches new platform for mutual fund transactions

Computer Age Management Services (CAMS) and KFin Technologies have launched MFCentral, a one-stop platform for all mutual fund investors. The platform minimises the need to visit the websites of multiple mutual fund houses to access your portfolio, statements, service requests, and investments. MFCentral will offer digital access to investor lifecycle engagement with the entire mutual fund industry under one roof. 

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Adani Airports signs pact with Flamingo, Mumbai Travel Retail to operate duty-free outlets in airports and seaports

Adani Airport Holdings Ltd (AAHL) has entered into a strategic partnership with Flemingo Travel Retail Pvt Ltd. and Mumbai Travel Retail Pvt Ltd (MTRPL) to operate duty-free outlets in airports and seaports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. Under this partnership, AAHL will subscribe to 28.49 lakh equity shares (of the face value of Rs 10 each), constituting 74% of the total share capital of MTRPL, for an aggregate investment of Rs 2.85 crore.

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G R Infra secures road project worth Rs 927 crore in Punjab

G R Infraprojects Ltd has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Punjab. The order consists of the development of the six-lane Amritsar-Bathinda Greenfield section of NH-7S4A as part of the Amritsar-Jamnagar Economic Corridor in Punjab. The bid project cost is Rs 927 crore, while the first-year operation and maintenance cost is Rs 3.87 crore.

RIL denies reports of JBF Industries acquisition

Reliance Industries Ltd (RIL) has denied reports of a takeover of stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC). RIL clarified that no negotiations are taking place for the takeover of JBF Industries and its assets. A news site had reported earlier that RIL is likely to acquire JBF and that bankers had sought takeover bids in July. The report further stated that CFM ARC is believed to have put in a Rs 825 crore bid for the company that owes Rs 2,116 crore to its lenders.

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Ahluwalia Contracts secures order worth Rs 58.8 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of Infosys Regional Office Building for Software Development Block (SDB) at Kolkata. The order is worth Rs 58.8 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,198.66 crore.

HCL Tech selects RISE with SAP to modernise digital estate

HCL Technologies Ltd has selected RISE with SAP offering to further modernise its enterprise digital landscape. As an SAP strategic partner, HCL will help its clients by leveraging their combined experience in the industry cloud transformation space. Germany-based SAP and HCL will deploy the full stack framework for RISE with SAP along with HCLCloudSmart suite of industry cloud solutions to drive cost-effective modernization of business processes for enterprises worldwide. 

Read more here.

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Editorial

Can IDFC First Bank Bounce Back from its Troubles?

IDFC or Infrastructure Development Finance Company and its subsidiary IDFC First Bank (formed in October 2015) have been under fire over the past few months. The IDFC Management has organized an informal conference call on September 14 to address concerns from investors. The management was bombarded with questions about their poor loan book, unsatisfactory financial performance, and dangerous exposure to the distressed teleco Vodafone Idea (Vi). As of August 31, 2021, its share price is much above than it was exactly a year back, yet still less than what it was in September 2016. In this piece, we explore what’s pricking IDFC First Bank and what lies ahead for its shareholders. 

Poor Loan Book And Additional Credit Costs

The company booked consistent profits in the financial year 2020-21. However, it recorded a loss of Rs 621 crores in its last quarter Q1FY22. The poor performance is owed to a jump in credit costs, poor quality of loans, and its high exposure to Vodafone-Idea. 

The company’s revenue for the quarter did go up by 11.08% over last year and 2.15% over the previous quarter. However, the credit costs and increasing provisions ate into its revenue. A loan book’s health is measured by two metrics, its Provisions and its Non-Performing Asset Ratio(%). The company’s Gross NPA went from 1.99% in June 2020 to 4.61% in June 2021. Its Net NPA (Gross NPA minus Provisions) has gone from 0.51% to 2.32% in the same period. 

To ensure that a bank doesn’t get into big trouble, it sets aside some money in proportion to its bad loans/NPA ratio. The process of setting aside such funds is called setting aside a Provision. IDFC First’s Provision went up by 54% from Rs 646 crore in Q4FY21 to Rs 1,001 crore in Q1FY22. The more the borrowers default on loans, the higher provisions the bank has to set aside. This time, the second wave of COVID-19 and poor asset quality led to IDFC First setting aside higher provisions. Additionally, the bank has been unable to control its operating expenses. Its Operating Expense went up by ~54% over a year, while its Total Revenue increased only by ~11% in the same period. 

Unsafe Exposure To Vodafone Idea

In the past few months, IDFC First shares were hammered down till August-end. Nevertheless, the stock regained its position throughout September. The stock has been under pressure since its loan book has high exposure to telecom operator Vodafone Idea. Vi is a financially distressed company. It has Rs 62,000 crore pending in Adjusted Gross Revenue (AGR) dues to the government. The company’s total debt is worth Rs 1.8 lakh crore. Out of the total debt, Vodafone Idea owes IDFC First Bank around Rs 3,240 crore. 

Essentially, IDFC First has 3% of its total loan book exposed to Vodafone Idea. The single-digit number isn’t insignificant. Even SBI, the largest lender to Vodafone Idea, has only 0.5% of its total loan book exposed to Vi. If the telecom company were to shut down completely, IDFC First Bank could face a huge blow. However, Vi’s shutdown is not certain as the government has provided a four-year moratorium to all telecom companies with pending AGR dues. IDFC First Bank had set a provision of Rs 324 crore, which is 15% of total exposure to Vodafone Idea.

Ideally, IDFC First’s share price revolves around news regarding Vodafone Idea. The day the government announced the moratorium for Vodafone-Idea’s AGR dues, IDFC First Bank’s shares rallied by ~4.5%. Apart from other indicators, an ideal investor should watch out for the status of Vi to map the share price of IDFC First Bank. 

Shareholder’s Concern

IDFC First Bank’s parent company IDFC Ltd is performing worse than its subsidiary. On September 14, 2021, IDFC Ltd. held an informal conference call to address investor’s concerns about the company’s performance in recent months. They were bombarded with questions from its shareholders. The entire conference call hinted towards dissatisfaction amongst the shareholders. They questioned the top-level management on CEO salary, management decisions, and the complexity in the structure of the company. They even addressed the loss in value for its shareholders and questioned the company about how it plans to address it. 

In the conference call, shareholders suggested two things: the sale of the Asset Management Business and a ‘reverse merger’ with its better-performing subsidiary IDFC First Bank. IDFC Ltd indeed plans to reverse merge with its subsidiary IDFC First Bank in which it holds close to 36.5% stake, mostly after the sale of its asset management business. You can check out the whole conference call here.

The Way Ahead

Despite some headwinds, why could IDFC First Bank be a good buy for investors? The reason is simple. Supportive technical indicators and a strong plan by the management. The company is ~30% below its 52 week high of Rs 51.4 per share. The moratorium provided by the government to telecom companies on AGR dues provided relief to IDFC First Bank shareholders. The share price rallied ~4.5% after the decision.

IDFC First’s management has some plans to turn the game around. The company plans to reduce its wholesale business (lending money to other big institutions) and increase its retail business (housing loans, personal loans, etc). The bank further plans to have at least 70% retail loans in its loan book in the next few years. This allows the company to diversify and reduce the burden of increasing corporate debt. India’s booming housing market in the coming years may support IDFC First’s plans of pressing on its retail business.  

IDFC First Bank is expecting to gain traction, reduce its credit costs, provisions for bad loans, and NPAs. This will eventually translate into very good profit numbers in the coming quarters and a rally in stock prices for the coming months. 

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Editorial

Is Vodafone Idea Staring at Slow Death?

Vodafone Idea Ltd (Vi) has been all over the news lately. Unfortunately, none of the reports about the company are positive. They are losing lakhs of subscribers rapidly and are destined to file for bankruptcy soon. There is a high level of uncertainty surrounding the survival of the telecom operator. Many feel that Vi is staring at slow death. The company’s shares have plummeted nearly 30% over the past month.

In this article, we take a closer look into the current state of Vodafone Idea and its recent financial performance.

Vi’s Massive Debt

With the exception of Reliance Jio, the major players in the Indian telecom industry are struggling with high debt. Companies have to pay hefty charges for operating and using the public airwaves in our country. They obtain rights to transmit signals over specific bands through telecom spectrum auctions. As of 2019, telecom operators collectively owed nearly Rs 1.47 lakh crore to the Centre. They were offered an extension of two years to pay off all financial obligations with interest. Vodafone Idea’s deferred spectrum charges stand at Rs 1.06 lakh crore! Reports suggest that Vi will have to pay an installment of ~Rs 16,000 crore at the end of March 2022.

Then comes Adjusted Gross Revenue (AGR) dues. Under this revenue-sharing model (introduced in 1999), telecos are required to share a percentage of their total income with the government as annual license fees and spectrum usage charges. AGR covers the revenue earned by telecom firms, including from non-telecom sources such as deposit interests and the sale of assets. [Read more on AGR dues here].

Vodafone Idea’s total liability towards AGR dues stands at Rs 62,180 crore (as of June 30, 2021)! An installment of ~Rs 8,400 is due in March 2022. Moreover, Vi’s debt from banks and financial institutions stands at Rs 23,400 crore. All these have caused a severe dent in the company’s balance sheet.

Heavy Competition

As we know, Vodafone Idea faces stiff competition from Reliance Jio Infocomm and Bharti Airtel. Jio dominates India’s mobile market and has maintained over 35% gross subscriber market share since July 2020. They plan on launching 5G services very soon. On the other hand, Bharti Airtel had outperformed Jio in terms of active subscriber rates over the past few quarters. In February 2021, they also became the first telecom company to demonstrate 5G over a live commercial network in India (in Hyderabad). 

Meanwhile, Vodafone Idea has been losing lakhs of subscribers. The company has been in deep trouble ever since Jio introduced aggressive tariff rates in India. From November 2019 to February 2021, Vi reportedly lost over 5 crore subscribers. Their rivals had collectively added over 6.6 crore subscribers during the same period. The cash-strapped company is finding it extremely difficult to compete with low tariff rates and invest in 4G/5G infrastructure. 

Vi’s management has to constantly focus on retaining customers and paying their AGR dues.

Disappointing Q1 Results

Vi posted its quarterly results for the April-June quarter (Q1 FY22) on August 14, 2021. The results were below the street/analysts’ estimates. Let us look at the main highlights: 

  • Vodafone Idea reported a net loss of Rs 7319.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 7,022.8 crore in the previous quarter (Q4 FY21). Net loss in Q1 FY21 stood at Rs 25,460, mainly due to provisioning for AGR dues liability.
  • The telecom operator’s revenue fell 4.7% QoQ (or 14% YoY) to Rs 9,152.3 crore in Q1. This is the company’s lowest quarterly revenue in more than two years. Fewer recharges due to localised lockdowns, free validity extensions for low-cost customers, and a general slowdown in economic activity affected revenue in Q1.
  • Vi’s wireless subscriber base stood at 25.54 crore as of June 30, 2021. Unfortunately, they had lost 1.23 crore subscribers since March. The 4G subscriber base stood at 1.23 crore, a decline of 10 lakh subscribers during the quarter.
  • The Average Revenue Per User (ARPU) declined to Rs 104 in Q1 FY22, compared to Rs 107 in Q4 FY21. For comparison, Bharti Airtel had an ARPU of Rs 146, whereas Jio had an ARPU of Rs 138 in Q1.
  • Vi’s net debt stood at Rs 1,90,670 crore in Q1, an increase of 5.95% QoQ (or 65.1% YoY). 

What Next for Vi?

Sadly, the Vodafone Group has made it clear it will not infuse any additional capital into the loss-making venture with Aditya Birla Group. In a desperate attempt to save Vi, Kumar Mangalam Birla wrote a letter to the Indian government last month. He offered to hand over his stake in the company to any public sector entity. He pleaded with the Centre to consider the “looming crisis” that the telecom operator is going through and bail them out. On August 4, Vodafone Idea announced the Birla has stepped down as Non-Executive Director and Non-Executive Chairman of the Board. Many argue that the Indian telecom industry is struggling now as a result of the brutal or repressive policies introduced by past governments.

Over the past few months, Vi has been trying to convince the Telecom Regulatory Authority of India (TRAI) to impose a floor price or a minimum tariff rate. The company has stated that such a measure will help existing telecom operators to earn more. Vodafone Idea has also pleaded to the Centre to extend the moratorium on spectrum dues. They are eagerly awaiting a judgment on these appeals. 

According to analysts, Vi is staring at a ‘slow death’ if it fails to quickly raise ~Rs 26,000-37,000 crore that it urgently requires to clear AGR dues, payment obligations, and invest in 4G networks. Reports are flying around stating that the Centre will soon announce a telecom relief package, and work is underway to provide aid to stressed telecom companies.

Will Vodafone Idea survive? Or will it completely collapse and die? We will have to patiently wait and watch. Let us know your views on the topic in the comments section of the marketfeed app.

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Taliban Disrupts India-Afghanistan Trade – Top Indian Market News

Taliban Halts India-Afghanistan Trade

Federation of Indian Export Organisation (FIEO) has said that the Taliban has disrupted its import-export with India. Afghanistan’s trade with India takes place through a transit route in Pakistan. Since the Taliban has stopped the movement of cargo across Pakistan, it means that trade with India also stands disrupted. According to FIEO, India can see a rise in the prices of dry fruits since it imports close to 85% of them from Afghanistan. 

Read more here.

India Ratings cuts FY22 GDP forecast to 9.4% from 9.6%

India Ratings has cut its FY22 GDP  growth estimate for India to 9.4 percent from 9.6 percent. “While COVID 1.0 was mainly in urban areas, COVID 2.0 spread to rural areas as well. Going by the pace of vaccination, it is now almost certain that India will not be able to vaccinate its entire adult population by 31 December 2021. With the ebbing of COVID 2.0, several high-frequency indicators are showing a faster rebound than expected. Kharif sowing is indicating a significant pick-up with the revival of southwest monsoon.” said the report by India Ratings.

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Aarti Industries approves demerger with Aarti Pharma Labs.

Listed-company Aarti Industries has approved a demerger of Aarti Industries from Aarti Pharmalabs, said a stock exchange filing. The company has announced that each shareholder is likely to get 1 share of Aarti Pharmalabs for every four shares of Aarti Industries they own. 

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RBI issues new guidelines for bank lockers

The Reserve Bank of India has announced a fresh set of guidelines for bank lockers, safe custody, and article facilities. The rule laid down by the central bank shall come into effect from January 1, 2022. You can check out the official notification by the RBI over here.

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Emcure Pharmaceuticals files for IPO

Emcure Pharmaceuticals, a Pune-based pharmaceutical company has filed its Draft Red Herring Prospectus(DHRP) with SEBI for its IPO. The company is expected to raise Rs 4500 crore through its IPO, issuing fresh equity shares worth Rs 1100 crores and an Offer For Sale(OFS) of 18,168,356 equity shares. According to a CRISIL report, Emcure is the 12th largest pharmaceutical company in India and is the leader in gynecology, blood-related, and HIV antivirals therapeutic areas, based on sales in India in the FY2021.

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UAE Bars Indigo Flights for Flying Passenger Without RT-PCR

United Arab Emirates has banned all Indigo flights arriving from India till August 24, 2021. since the company has floated the mandatory RT-PCR test required at the departure airport. According to UAE norms, passengers arriving from India are required to take an RTPCR 6 hours prior to departure. 

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Tata Steel announces Rs 270 crore annual bonus For Employees

Tata Steel will pay a total of Rs 270.28 crore in annual bonuses to its eligible employees for the Accounting Year 2020-21. Tata Steel has signed a Memorandum of Settlement yesterday with the Tata Workers’ Union for the payment of its annual bonuses.

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Vodafone-Idea Says It Has Fully Paid License Fees Dues For The Quarter Amidst Stir

Vodafone-Idea has confirmed that it has fully paid license fees dues for the quarter. A TOI report on Wednesday stated that the struggling telecom carrier had failed to clear its pending license fees worth Rs 150 crore for the April-June quarter. 

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Vodafone Idea’s Net Loss Widens to Rs 7,319 crore in Q1 – Top Indian Market News

Vodafone Idea Q1 Results: Net loss at Rs 7,319 crore

Vodafone Idea Ltd (Vi) reported a net loss of Rs 7319.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 7,022.8 crore in the previous quarter (Q4 FY21). The telecom operator’s revenue fell 4.7% QoQ (or 14% YoY) to Rs 9,152.3 crore during the same period. Its wireless subscriber base stood at 25.54 crore as of June 2021, as it lost 1.23 crore subscribers since March. The average revenue per user (ARPU) stood at Rs 104 in Q1 FY22, compared to Rs 107 in Q4 FY21.

Vi’s gross debt stands at Rs 1,91,590 crore, including deferred spectrum payment obligations of Rs 1.06 lakh crore and AGR liabilities of Rs 62,180 crore.

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Sobha Q1 Results: Net profit rises 73% YoY to Rs 11 crore

Sobha Limited reported a 73% YoY increase in consolidated net profit to Rs 11.4 crore for the quarter ended June (Q1 FY22). Its total income rose 46.1% YoY to Rs 525 crore during the same period. The company’s cash flows remained healthy during the April-June quarter (Q1), which resulted in a reduction in net debt. Bengaluru-based Sobha Ltd is one of the leading real estate developers in India.

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Amara Raja Batteries Q1 Results: Net profit doubles to Rs 167 crore

Amara Raja Batteries Ltd (ARBL) reported a 98.8% YoY increase in net profit to Rs 167 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 63.85% YoY to Rs 1,886 crore during the same period. ARBL said automotive segment revenue grew on the back of strong growth in exports compared to last year. The company’s telecom and UPS applications registered strong year-on-year (YoY) growth in Q1.

Read more here. 

NTPC invites EOI to set up pilot project on hydrogen blending with natural gas

NTPC Limited has floated a global Expression of Interest (EOI) to set up a pilot project on hydrogen blending with natural gas in city gas distribution networks. The project will be the first of its kind in India and will explore the viability of decarbonizing India’s natural gas grid. State-run NTPC is also exploring the production of green ammonia to decarbonize the fertilizer industry. It aims to fulfill the government’s upcoming mandate of using a certain percentage of green hydrogen in the fertiliser and refinery sector.

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SJVN Q1 Results: Net profit rises 13% YoY to Rs 342.13 crore

SJVN Limited reported a 13% YoY increase in consolidated net profit to Rs 342.13 crore for the quarter ended June (Q1 FY22). Its total income declined by 1.3% YoY to Rs 704.9 crore during the same period. Currently, SJCN has a portfolio of more than 9,000 MW and is executing 27 projects in the hydro, thermal, solar, and wind sectors in India. The state-run company announced that it has secured a 200 megawatt (MW) grid-connected solar PV power project worth Rs 1,000 crore in Bihar.

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ONGC Q1 Results: Net profit jumps 772% YoY to Rs 4,335 crore

Oil and Natural Gas Corp (ONGC) reported a 772% YoY increase in net profit to Rs 4,334.8 crore for the quarter ended June (Q1 FY22). Net profit has declined by 35.6% when compared to the previous quarter. Its revenue from operations rose 77% YoY (or 8.6% QoQ) to Rs 23,021.6 crore during the same period. ONGC’s net crude realisation (price after the deduction of subsidies) rose 13% QoQ to $65.59 in Q1.

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VLCC Health Care files DRHP to raise funds via IPO

VLCC Health Care Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds through an initial public offering (IPO). It is one of the largest players in the wellness and beauty services industry in India. The IPO comprises a fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of up to 89.2 lakh shares by promoters and shareholders. The proceeds from the IPO will be used to set up VLCC Wellness clinics in India and Gulf Cooperation Council (GCC) region. 

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Minda Industries Q1 Results: Net profit at Rs 15.4 crore

Minda Industries Ltd reported a net profit of Rs 15.42 crore for the quarter ended June (Q1 FY22). It had reported a net loss of Rs 134.5 crore in the corresponding quarter last year (Q1 FY21). The company’s revenue from operations jumped 242.5 YoY to Rs 1,602.55 crore in Q1 FY22. Minda Industries is a leading manufacturer and supplier of automotive solutions to original equipment manufacturers (OEMs).

India’s exports rise 49.85% to $35.43 billion in July; trade deficit at $10.97 billion 

India’s total exports increased by 49.85% YoY to $35.43 billion (~Rs 2.62 lakh crore) in July 2021. This can be attributed to the recovery in global markets and strong demand. There was healthy growth in the petroleum, engineering, and gems & jewelry segments in July. Imports rose 63% YoY to $46.4 billion (~Rs 3.44 lakh crore) during the same month. The trade deficit stood at (-) $10.97 billion in July 2021, compared to 4.83 billion in July 2020. India’s oil exports jumped 97.45% YoY to $12.89 billion in July 2021. 

Read more here.

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SBI Reports 55% YoY Rise in Net Profit in Q1 – Top Indian Market News

State Bank of India Q1 Results: Net profit rises 55% YoY to Rs 6,504 crore

State Bank of India (SBI) reported a 55.2% YoY increase in net profit to Rs 6,504 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 3.7% YoY to Rs 27,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 5.32% in Q1, compared to 4.98% in the previous quarter. Domestic retail loans rose 16.5% YoY to Rs 8.72 lakh crore. SBI’s total provisions fell 19.6% YoY to Rs 10,051.96 crore in the April-June quarter of FY22.

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India’s services PMI contracts for third consecutive month

India’s services sector remained in the contraction territory for the third straight month in July. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 45.4 in July, compared to 41.2 in June. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. Business activity, new orders, and employment declined further due to local restrictions amidst the Covid-19 pandemic.

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Titan Q1 Results: Net profit at Rs 61 crore

Titan Company Ltd reported a standalone net profit of Rs 61 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 270 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 74.5% YoY to Rs 3,249 crore during the same period. Titan’s jewellery segment posted a 108% YoY increase in total sales to Rs 2,467 crore in Q1.

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Britannia invests Rs 130 crore in capacity building; to hike prices

Britannia Industries Ltd announced that it has invested Rs 130 crore for capacity building in the current financial year (FY22). The FMCG company is also eyeing a greater revenue share from its e-commerce segment, which currently contributes ~2%. Britannia will gradually undertake a price hike of its products to offset the sharp rise in input costs amidst uncertainty arising out of the Covid-19 pandemic.

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Adani Green Energy Q1 Results: Net profit jumps nearly 10-fold to Rs 219 crore

Adani Green Energy Ltd (AGEL) reported an 895.45% YoY jump in consolidated net profit to Rs 219 crore for the quarter ended June (Q1 FY22). Net profit has jumped 110.5% when compared to the previous quarter. Its total income rose 22.8% YoY to Rs 1,079 crore during the same period. Total sale of electricity grew 48% YoY to Rs 2,054 million units in Q1.

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CCI approves Carlyle’s proposed Rs 4,000 crore investment in PNB Housing Finance

The Competition Commission of India (CCI) has approved the Carlyle Group-led Rs 4,000 crore equity investment transaction in PNB Housing Finance Ltd. However, the Securities and Appellate Tribunal (SAT) is yet to pronounce its verdict on the valuation controversy that the deal ran into recently. In May 2021, Carlyle Group and other investors had announced plans to infuse Rs 4,000 crore into PNB Housing through preferential allotment of equity shares and warrants. Market regulator SEBI had intervened and asked PNB Housing Finance not to go ahead with the deal until it undertakes valuation of its shares by an independent agency.

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Godrej Consumer Products Q1 Results: Net profit rises 5% YoY to Rs 413 crore

Godrej Consumer Products Ltd (GCPL) reported a 4.75% YoY increase in consolidated net profit to Rs 413.66 crore for the quarter ended June (Q1 FY22). Net profit has increased by 13.07% when compared to the previous quarter. Its revenue from operations rose 23.87% YoY to Rs 2,862.83 crore during the same period. GCPL’s expenses grew 21.53% YoY to S 2,372.65 crore in Q1. 

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Kumar Mangalam Birla steps down as Non-Executive Chairman of Vodafone Idea

Vodafone Idea (Vi) has informed that Kumar Mangalam Birla will step down as Non-Executive Director and Non-Executive Chairman of the board with effect from close of business hours on August 4, 2021. The company’s board has elected telecom veteran Himanshu Kapania as a Non-Executive Chairman. Last month, Birla had written a letter to the Indian Government in which he offered to hand over his stake in Vi to any public sector entity, considering the “looming crisis” that the telecom operator is going through. Shares of Vi fell over 16% today.

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Bosch Q1 Results: Net profit at Rs 260 crore

Bosch Limited reported a consolidated net profit of Rs 260.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 121.5 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 483 crore in the previous quarter (Q4 FY21). The automotive component manufacturer’s total revenue jumped 146.4% YoY to Rs 2,443 crore in Q1 FY22. EBITDA stood at Rs 306.6 crore in Q1, compared to an operating loss of Rs 102.5 crore in the year-ago period.

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HPCL Q1 Results: Net profit falls 11% YoY to Rs 2,004 crore

Hindustan Petroleum Corp Ltd (HPCL) reported an 11.04% YoY decline in consolidated net profit to Rs 2,003.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 34.5% when compared to the previous quarter. Its total income rose 66.9% YoY to Rs 77,980.15 crore during the same period.

Apollo Tyres Q1 Results: Net profit at Rs 128 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 127.78 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 134.58 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 55.5% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 59% YoY to Rs 4,584 crore in Q1 FY21.

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Avenue Supermarts Reports 132% YoY Jump in Net Profit in Q1 – Top Indian Market News

Avenue Supermarts Q1 Results: Net profit jumps 132% YoY to Rs 115 crore

Avenue Supermarts Ltd reported a 132.3% YoY jump in net profit to Rs 115 crore for the quarter ended June (Q1 FY22). Its total revenues rose 31.3% YoY to Rs 5,032 crore during the same period. Net profit and revenues have declined by 73.5 and 31%, respectively, when compared to the previous quarter. The second wave of the Covid-19 pandemic has caused a devastating impact on its operations in Q1. The results are below street estimates. Avenue Supermarts owns and operates the chain of ‘D-Mart’ supermarkets across India.

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Equitas SFB gets RBI approval to apply for scheme of amalgamation

Equitas Small Finance Bank (SFB) has received approval from the Reserve Bank of India (RBI) to apply for the scheme of amalgamation of Equitas Holdings Ltd (the promoter) with the bank. The approval of the application would result in the promoter’s exit from Equitas SFB. Following the approval, Equitas Holdings said they would be initiating steps to finalise the scheme of amalgamation, submit it to the boards of the company and Equitas SFB for approval.

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Mahindra hikes prices of all cars by up to Rs 1 lakh

Mahindra & Mahindra Ltd (M&M) has announced a substantial hike in the prices of all the models in its lineup. The Mahindra Thar gets the highest revision, with some of its variants becoming expensive by approximately Rs 1 lakh. The price of XUV500 has gone up from Rs 2,912 to Rs 3,188, depending upon the variant. This is the third price hike that Mahindra has introduced this year. 

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Mobikwik all set to file DRHP within a week: Report

According to a report from Bloomberg, Mobikwik is planning to raise $250-300 million (Rs 1,860-2,200 crore) through an initial public offering (IPO). The digital payments startup is set to file a Draft Red Herring Prospectus (DRHP) with market regulator SEBI within a week. Last month, the company closed a $20 million (~Rs 150 crore) funding round from Abu Dhabi Investment Authority (ADIA), valuing it at $700 million (~Rs 5,200 crore). 

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TCS to hire 40,000 freshers in FY22

Tata Consultancy Services (TCS) has announced plans to hire more than 40,000 freshers from campuses across India in the current financial year (FY 2021-22). The IT company had hired 40,000 graduates from campuses last year. Currently, TCS has an employee base of more than 5 lakh. TCS reported a higher attrition rate of 8.6% in Q1 FY22, compared to 7.2% in Q4 FY21.

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Unichem Labs receives tentative approval for Sitagliptin tablets

Unichem Laboratories Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Sitagliptin tablets. The drug is used to improve glycemic control in adults with Type-2 diabetes. Upon the receipt of final USFDA approval, the tablets will be manufactured at Unichem Lab’s plant in Goa.

Godrej Properties to invest over $1 billion in next couple of years: Chairman

Pirojsha Godrej, the Executive Chairman of Godrej Properties, said the company plans to invest more than $1 billion (~Rs 7,400 crore) over the next couple of years to develop new projects. This will be part of the real estate developer’s target to achieve higher growth. The chairman further said Godrej Properties was India’s largest developer in terms of value and volume of sales achieved in FY21. The company registered a 14% YoY growth in sales bookings to a record Rs 6,725 crore in FY21.

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Vodafone Idea in talks with Apollo Global to raise up to $3 billion: Report

According to a report from ET, Vodafone Idea Ltd (Vi) has started talks with US private equity major Apollo Global Management to secure up to $3 billion (~Rs 22,400 crore) in funding over the next three months. The telecom company aims to use the funds to meet its upcoming debt payments and dues related to adjusted gross revenue (AGR) and spectrum allocation. The report further states that Apollo Global is drilling Vi on points of business valuation and the structure of funding.

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India’s fuel demand rebounds in June as lockdowns ease

Overall fuel demand in India rebounded in June after falling drastically to a nine-month low in May. Fuel consumption rose 8% to 16.33 million tonnes (MT) in June over May 2021. Petrol sales stood at 2.4 MT in June, registering a 21% increase when compared to May. Meanwhile, the total sale of diesel rose 12% month-on-month (MoM) to 6.2 MT. The data was released by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas.

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

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

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

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Piramal Enterprises Q4 Results: Net loss at Rs 510 crore

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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RIL Reports 108% YoY Jump in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit at Rs 13,227 crore

Reliance Industries Limited (RIL) reported a 108% YoY increase in consolidated net profit at Rs 13,227 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown 1%. The consolidated revenue from operations rose 11% YoY to Rs 1,54,896 crore during the same period. RIL’s board has announced a final dividend of Rs 7 per share.

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IndusInd Bank Q4 Results: Net profit jumps three-fold to Rs 876 crore

IndusInd Bank Limited reported a three-fold (~190%) year-on-year (YoY) increase in net profit to Rs 876 crore for the quarter ended March (Q4). Net interest income (NII) rose 9.4% YoY to Rs 3,535 crore during the same period. [NII is the difference between the income interest a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 2.67% in Q4, compared with 2.93% in Q3 FY21. Total provisions declined 23.5% YoY to Rs 1,866 crore during the quarter. IndusInd Bank’s board has announced a dividend of Rs 5 per share.

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Marico Q4 Results: Net profit rises 14% YoY to Rs 227 crore

Marico Limited reported a 14.07% YoY increase in consolidated net profit to Rs 227 crore for the quarter ended March (Q4). Its revenue from operations rose 34.49% YoY to Rs 2,012 crore during the same period. This was driven by strong volume growth of 25% YoY in the domestic business. The FMCG firm’s operating margin was lower at 17.6% in Q4 due to high input costs. For the financial year ended March 31, 2021 (FY21), Marico’s net profit has increased by 14.96% YoY to Rs 1,199 crore. 

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Atul Q4 Results: Net profit rises 24% YoY to Rs 141 crore

Atul Limited reported a 23.9% YoY increase in consolidated net profit to Rs 175.05 crore for the quarter ended March (Q4). Revenue from operations rose 15.6% YoY to Rs 1,115.93 crore during the same period. Its Life Science Chemicals segment posted a 22.6% YoY rise in revenues at Rs 311.89 crore. The company’s board has approved a dividend of Rs 20 per share. Atul Ltd is an integrated chemical company headquartered in Valsad, Gujarat.

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Nestle buys vitamin brands from KKR for $5.75 billion

Nestle SA has agreed to buy vitamin maker Bountiful Co. for $5.75 billion (~Rs 42,580 crore) from private equity firms KKR & Co. and Carlyle. Through this acquisition, Nestle aims to become a world leader in the field of minerals and supplements. The Covid-19 pandemic has boosted demand for such pills from health-conscious consumers. This acquisition would double Nestle’s e-commerce revenue from supplements to about $1 billion this year.

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Dalmia Bharat Q4 Results: Net profit at Rs 640 crore

Dalmia Bharat Limited reported a sharp rise in consolidated net profit (~2,310% YoY) to Rs 640 crore for the quarter ended March (Q4). It had posted a net profit of Rs 24 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose 32.13% YoY to Rs 3,281 crore in Q4 FY21. The company’s board has recommended a dividend of Rs 1.33 per share.

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Escorts to temporarily shut down manufacturing operations amid Covid-19 surge

Amidst the surge in Covid-19 cases in India, Escorts Limited has decided to temporarily shut down its manufacturing operations on a selective basis between May 1 and May 3. The farm equipment manufacturer said that the safety and health of its employees and the wellness of its business ecosystem are of utmost importance. Escorts ensured that there will be no impact on fulfilling customer demand, as it has sufficient inventory in hand.

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Vodafone Idea’s GIGAnet 4G delivers highest network speed in Q4: Ookla

According to speed testing firm Ookla, Vodafone Idea’s (Vi) 4G network GIGAnet has delivered the fastest download and upload speeds across India for the third consecutive quarter in Q4 (January-March 2021). Additionally, Vi has the fastest average 4G download speeds in 135 Indian cities, including Mumbai, Delhi NCR, and Kolkata. This comes at a time when data usage has surged exponentially as more people are staying home due to a fresh wave of Covid-19 cases in India.

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Yes Bank Q4 Results: Net loss at Rs 3,788 crore

Yes Bank reported a net loss of Rs 3,787.75 crore for the quarter ended March (Q4). The bank had posted a net loss of Rs 3,668 crore in the corresponding period last year (Q4 FY20).  Net interest income (NII) declined 23% YoY to Rs 1,274 crore in Q4 FY21. The gross non-performing assets (NPA) ratio stood at 15.41%, compared to 15.36% in the previous quarter. Yes Bank’s deposits grew 11% quarter-on-quarter (QoQ) and 55% YoY to Rs 1,62,947 crore in Q4 FY21.

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Ajanta Pharma Q4 Results: Net profit rises 23% YoY to Rs 159 crore

Ajanta Pharma reported a 23% YoY increase in consolidated net profit to Rs 159 crore for the quarter ended March (Q4). Its revenue from operations 11% YoY to Rs 757 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased to Rs 654 crore, compared with Rs 468 crore in the previous financial year (FY20).

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Bank of India’s board approves raising capital up to Rs 4,800 crore

The Board of Directors of Bank of India (BOI) has approved raising capital aggregating to Rs 4,800 crore through the issuance of shares or bonds. The lender will issue equity shares in the form of Follow-on Public Offer (FPO)/Qualified Institutional Placement (QIP) or issue Basel III compliant Tier-1 bonds worth up to Rs 3,000 crore. BOI will further issue Basel III compliant Tier-2 bonds worth up to Rs 1,800 crore. The fundraising proposal is subject to shareholders’ approval.

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Indus Towers Reports 38% YoY Rise in Net Profit in Q4 – Top Indian Market News

Indus Towers Q4 Results: Net profit rises 38% YoY to Rs 1,364 crore

Indus Towers Limited reported a 38% year-on-year (YoY) increase in consolidated net profit to Rs 1,364 crore for the quarter ended March (Q4). Its revenue from operations rose 3% YoY to Rs 6,492 crore during the same period. The company added 3,715 towers across 22 telecom circles in India in Q4 FY21. As of March 31, 2021, Indus Towers owns and operates 1,79,225 towers with 3,22,438 co-locations across the country.

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L&T Construction secures order from Oilfield Supply Company Saudi

Larsen & Toubro Limited (L&T) said its construction arm has received a significant order (in the range of Rs 1,000-2,500 crore) from Oilfields Supply Company Saudi to design and build an oil and gas supply base at King Salman Energy Park, Dammam. The project involves the construction of industrial facilities of different sizes, an administration building, associated infrastructure, and storage yards. The project is scheduled to be completed in 30 months.

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Vodafone Idea approaches pension funds to raise $1 billion: Report

As per a report from the Economic Times, Vodafone Idea (Vi) is looking to raise around $1 billion (~Rs 7,500 crore) from pension funds to keep its India business on track. The report states that Vi has approached three Canadian pension funds— Caisse de Dépôt et Placement du Québec (CDPQ), Canada Pension Plan Investment Board (CPPIB), and Ontario Teachers’ Pension Plan (OTPP). It has also approached Norway’s Government Pension Fund Global.

In other news, Vi has rolled out new postpaid plans for businesses and working professionals with benefits such as mobile security, location tracking, data pooling, etc. The plans, which start at Rs 299, are targeted at Small and Medium Enterprises (SMEs) and startups.

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Easy Trip Planners partners with JustDial to offer air travel services

Easy Trip Planners has announced a partnership with local search engine JustDial to offer air travel services. Through this collaboration, EaseMyTrip will be the exclusive service provider for all flight bookings on JustDial. There will be direct API (application programming interface) integration of EaseMyTrip with JustDial wherein real-time bookings can be executed.

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Infosys inks pact with BP to develop integrated EaaS offering

Infosys Limited has signed a Memorandum of Understanding (MoU) with UK-based BP to develop an integrated Energy-as-a-Service (EaaS) offering that will provide end-to-end management of customers’ energy assets and services. The companies will explore opportunities using BP’s energy and mobility expertise and Infosys’ digital capabilities to manage energy assets, provide low carbon power, and low carbon heating/cooling to campuses. The collaboration seeks to apply digital services to integrated energy solutions to help de-carbonize corporations and cities.

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Filatex India Q4 Results: Net profit jumps 5-fold to Rs 118.39 crore

Filatex India Limited reported over five-fold year-on-year (YoY) increase in net profit to Rs 119.39 crore for the quarter ended March (Q4). Its total revenue rose 27.48% YoY to Rs 858.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.40 per share. Filatex India is a textile production company based in New Delhi.

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Tata Motor’s JLR suspends work at UK plants amid semiconductor shortage

Jaguar Land Rover (JLR) has temporarily shut down production at two of its main UK factories due to a shortage of semiconductors. The shutdown is scheduled to last at least a week, and the company will continue to monitor its chip supply before committing to a reopening date. The semiconductor crisis has been affecting global vehicle production for several months now, following a surge in demand for smartphones and personal computers amidst the impact of the Covid-19 pandemic.

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Visaka Industries Q4 Results: Net profit rises 350% YoY to Rs 30.87 crore

Visaka Industries Limited reported a 350.66% YoY increase in net profit to Rs 30.87 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 33.81%. Its revenue from operations rose 55.47% YoY to Rs 356.60 crore during the same period. The company’s board has recommended a final dividend of Rs 10 per share. Visaka Industries is a leading manufacturer of cement roofing sheets and fibre cement boards in India. 

Caplin Point gets USFDA approval for Neostigmine Methylsulfate Injection

Caplin Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Neostigmine Methylsulfate injection. The approved product is used for the reversal of the effects of non-depolarizing neuromuscular blocking agents (NMBAs) after surgery. As per IQVIA data, the product had US sales of approximately $20 million (~Rs 150 crore) for the 12-months ended December 2020. 

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Subex launches augmented analytics platform HyperSense

Subex Limited has announced the launch of HyperSense, an end-to-end augmented analytics platform. The platform will help enterprises make faster, better decisions by leveraging Artificial Intelligence (AI) across the data value chain. HyperSense’s unique no-code capabilities allow users without a knowledge of coding to easily aggregate data from disparate sources, turn data into insights, and effortlessly share their findings across the organization.

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Tata Elxsi Q4 Results: Net profit rises 40% YoY to Rs 115 crore

Tata Elxsi Limited reported a 40.3% YoY increase in net profit to Rs 115.16 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 9.4%. The IT services company posted an 18.12% YoY rise in revenue to Rs 518.50 crore during the same period. The company’s board has announced a final dividend of Rs 24 and a special dividend of Rs 24.

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Covid-19 Second Wave Poses Increased Risk For India’s Economic Recovery: Top Indian Market News

Covid-19 Second Wave Poses Increased Risk For India’s Economic Recovery: Fitch

Credit rating agency Fitch on Friday said that the second wave of COVID-19 currently soaring in India poses an increased risk for its economic recovery. It cited concerns regarding the MSME sector and the Banking Sector, both of which are still recovering from the shocks of the first. As of April 9, India is hitting more than 1 lakh COVID cases daily as compared to 9600 in February.

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L&T’s Arm Bags Order To Setup 1.5Gw Plant In Saudi Arabia

The Renewable arm of Larsen & Toubro’s Power Transmission & Distribution business had bagged an engineering, procurement, and construction (EPC) contract from Saudi Arabia to construct the Sudair Solar PV Project of 1.5 Gigawatts. This project is considered the

Largest Solar Plant in Saudi Arabia with PPA signed. It is also one of the largest such plants in the world.

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SII Repays South Africa For Undelivered Covid-19 Vaccines

Serum Institute of India, which was to supply the COVIshield vaccine for COVID-19 to South Africa has refunded the amount for the same after the country decided not to go ahead with the deal. This was because the COVIshield vaccine is not effective against the new variant of the coronavirus in South Africa.

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India Gifts 100,000 Covid-19 Vaccines To Bangladesh Army

Indian Army Cheif General Gen MM Naravane handed over around 100,000 vaccines to the Bangladesh Army in an official visit to the capital Dhaka on Thursday, close to 2 weeks after PM Narendra Modi was in Bangladesh. Bangladesh Army Cheif Gen Ahmed Aziz thanked India for its commendable cooperation in helping Bangladesh tackle the coronavirus pandemic. 

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Macrotech Developers IPO Goes Through On Final Day: Subscribed 1.4 Times

Macrotech Developers IPO which ended at 5:00 pm on Friday was subscribed 1.4 times by the end of the final day of the bidding process. It attracted bids for 4,94,64,480 shares against the issue size of 3,64,18,219 shares. It was subscribed 35% the previous day. 

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DoT Issues Show-Cause Notice To Vodafone-Idea Over Non-Payment Of Dues

The Department of Telecommunications has issued a show-cause notice to Vodafone Idea for non-payment of the license fee for the fourth quarter of the previous financial year (Q4FY21). As per the notice, the Vodafone-Idea failed to pay the license fee for seven circles namely  – Bihar, Kerala, Maharashtra, Gujarat, Jammu & Kashmir, Uttar Pradesh (East), and Orissa in addition to other pending charges.

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SREI Infra Shares Zoom 20% over Rs 1869 Crore Capital Infusion Bid

Shares of Srei Infrastructure Finance Limited, on Friday surgery 20% and hit the upper circuit after its subsidiary Srei Equipment Finance Limited (SEFL) said that it had received an expression of interest(EoI) for a capital infusion of $250 million or Rs 1869 crore from US-based Arena Investors and Singapore’s Makara Capital,

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Direct Tax Collection Exceeds Revised Estimate in FY21

Central Board of Direct Taxes (CBDT) has said in a release that the net direct tax collection for the fiscal ended March 31 was Rs 9.45 lakh crore, an increase of 5 percent over the revised estimates despite the inherent challenges brought by the COVID-19 pandemic.

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India’s Fuel Consumption Contracts 9.1% For The First Time In Two Decades

According to the latest data released by the oil ministry’s Petroleum Planning and Analysis Cell (PPAC), India has consumed 194.63 million tonnes of petroleum products in 2020-21 as compared to 214.12 million tonnes in the previous year. This is the first time that India has witnessed a reduction in petroleum consumption since 1998-99. 

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Centuryply Hires BCG For Operational And Cost Efficiency

Plywood manufacturer CentrutyPly has decided to engage consultancy firm Boston Consultancy Group(BCG) to handle operational efficiency and cost management for the company. In 2019-20, Century Ply had reported Rs 2,282 crore revenue and a profit of Rs 158 crore. As of April 9, 2021, the shares of CenturyPly surged 0.55% in a day, closing in at Rs 311.95 per share. 

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