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Tata Power Posts 7% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Tata Power Q2 Results: Net profit rises 7% YoY to ₹876 crore

Tata Power Ltd reported a 7% YoY rise in consolidated net profit to ₹876 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 12% YoY to ₹15,738 crore during the same period; largely driven by higher revenue from core businesses of generation, transmission and distribution. EBITDA stood at ₹3,090 crore, up 76% YoY in Q2.

Read more here.

Lupin launches anesthesia injection in US

Lupin Ltd launched Rocuronium Bromide injection, an anaesthesia medicine, in the United States. The launch came after Lupin’s alliance partner Caplin Steriles received approval from the US Food & Drug Administration (USFDA). According to the IQVIA MAT August 2023 data, the injection had estimated annual sales of $54 million in the US.

Read more here.

CAMS Q2 Results: Net profit rises 17% YoY to ₹84.5 crore

Computer Age Management Services Ltd (CAMS) reported a 17.1% YoY rise in net profit to ₹84.51 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13.5% YoY to ₹275.08 crore during the same period. The company’s board recommended a dividend of ₹10 per equity share. CAMS acts as a registrar and transfer agent for mutual funds. 

Read more here.

Voltas to take ₹500 crore term loan for new plants

Voltas Ltd will take up to ₹500 crore in term loans to finance the manufacturing of new plants in Chennai and Waghodia (Gujarat). The board approved the proposal to take an unsecured rupee term loan of up to ₹500 crore from a bank. The board also approved dropping the proposed non-convertible debentures issue through private placement for raising to ₹500 crore.

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Bata India Q2 Results: Net profit falls 38% YoY to ₹34 crore

Bata India reported a 38% YoY fall in net profit to ₹34 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 1.3% YoY to ₹819.1 crore during the same period. EBITDA stood at ₹181.6 crore, up 12.9% YoY. Bata India has opened 30 new stores in nearly 25 cities.

Read more here.

Pidilite Industries Q2 Results: Net profit rises 36% YoY to ₹458 crore

Pidilite Industries Ltd reported a 35.7% YoY rise in net profit to ₹458.5 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 2.2% YoY to ₹3,076 crore during the same period. EBITDA stood at ₹679.6 crore, up 35.9% YoY. The company intends to set up a lending business by acquiring Pargro Investments Pvt. for ₹10 crore.

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US’ DFC to invest $553 million in Adani Group’s Sri Lanka port

US International Development Finance Corporation (IDFC) will fund a project partly owned by the Adani Ports & Special Economic Zone Ltd (APSEZ). US IDFC will invest $553 million in the Colombo port terminal project, a consortium of APSEZ, John Keells Holdings (JKH) and the Sri Lanka Ports Authority. 

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Gland Pharma gets EIR from USFDA for Visakhapatnam facility

Gland Pharma has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA. The health regulator inspected the company’s Vizag unit from July 20 to July 28.

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DLF to buy residual stakes in entities owning 63 acres of land in Gurugram for ₹40 crore

DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around ₹40 crore. The real estate company acquired development rights for these land parcels in 2009-10. DLF’s board approved the acquisition of around 5.22% stake in Invecon Pvt Ltd and 4.48% and 3.24% stake in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

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Eris Lifesciences acquires Biocon Biologic’s Nerphro, derma units

Biocon Biologics Ltd has signed a definitive agreement with Eris Lifesciences to divest its Dermatology and Nephrology branded formulations business units in India. The total transaction value of the divestment is ₹366 crore. The divestiture is expected to close by the end of November 2023, subject to customary closing conditions.

Read more here.

Infosys partners with AWS to accelerate cloud transformation of financial institutions

Infosys has entered into a three-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate financial cloud transformation in financial institutions. Their customers will receive AWS’ transformative cloud services, Infosys’ domain knowledge & delivery and the expertise of Infosys Capital Markets will transform their business models and modernise their applications. 

Read more here.

Hero MotoCorp to enter Europe market with EV range next year

Hero MotoCorp has announced its entry into the European market with an electric scooter range next year. The company will introduce the VIDA V1 electric scooter in Spain, France, and the UK by mid-2024. On Tuesday, Hero MotoCorp unveiled three production-ready vehicles and three concept vehicles at EICMA 2023, an auto industry event taking place in Milan, Italy.

Read more here.

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IRCTC Posts 30% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

IRCTC Q2 Results: Net profit rises 30% YoY to ₹295 crore

Indian Railway Catering and Tourism Corporation (IRCTC) reported a 30% YoY rise in net profit to ₹295 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 23% YoY to ₹995 crore during the same period. EBITDA stood at ₹366 crore, up 20% YoY in Q2. The company’s board approved a dividend of ₹2.5 per share.

Read more here.

L&T arm secures significant orders in Odisha, MP

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured orders in the range of ₹1000-2500 crore from the Governments of Odisha and Madhya Pradesh. The order from the Water Resources Department, Government of Odisha, is to execute mega lift irrigation projects. L&T will also execute Pressurized Piped Lift Irrigation Projects to irrigate about 34,942 hectares of culturable command area in Dewas, Madhya Pradesh.

Read more here.

Devyani International Q2 Results: Net profit falls 43% YoY to ₹33 crore

Devyani International Ltd reported a 43% YoY fall in consolidated net profit to ₹33.35 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 9.64% YoY to ₹819.47 crore during the same period. EBITDA stood at ₹158.8 crore in Q2. Devyani International operates KFC outlets in India.

Read more here.

Voltas denies report on considering sale of home appliance biz

Voltas denied reports claiming that the Tata Group is considering selling its home appliance business. Earlier today, Bloomberg reported that Tata Group is considering selling the home appliance operation of Voltas Ltd. Voltas is separately taking up the matter with Bloomberg to issue a necessary clarification.

Read more here.

Zydus Lifesciences Q2 Results: Net profit rises 53% YoY to ₹801 crore

Zydus Lifesciences Ltd reported a 53% YoY increase in net profit to ₹801 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 9.1% YoY to ₹4,369 crore during the same period. EBITDA stood at ₹1,146 crore, up 40.6% YoY.  The pharma company’s India sales rose 4.8% YoY to ₹1,769 crore in Q2 FY24.

Read more here.

JSW, Vedanta’s ₹10,000 cr investment in cement plants in Punjab stuck in red tape

JSW Group and Vedanta’s joint investment in Talwandi Sabo Power Plant (TSPL) to set up cement plants in Punjab are awaiting approval from the state government. TSPL plans to set up cement manufacturing plants in Punjab with an overall investment of around ₹10,000 crore. TSPL has plans to set up multiple cement plants next to its existing power plant in the Mansa district of Punjab. One of these plants will be set up by the JSW group.

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Power Grid Q2 Results: Net profit rises 5% YoY to ₹3,834 crore

Power Grid Ltd reported a 5% YoY rise in net profit of ₹3,834 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell marginally by 0.5% YoY to ₹10,419.41 crore during the same period. EBITDA stood at ₹9,207.32 crore, up 4% YoY. Its board recommended a dividend of ₹4 per equity share.

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Glenmark gets USFDA approval for generic drug used to treat mental disorder

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fluphenazine Hydrochloride tablets. The drug is used to treat certain types of mental disorders. According to IQVIA data, the drug’s equivalent had annual sales of approximately $18.1 million in the 12 months ended September 2023.

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Trent Q2 Results: Net profit jumps 3x YoY to ₹228 crore

Trent Ltd reported an 189% YoY jump in consolidated net profit of ₹228.06 crore for the quarter ended September (Q2 FY24). Its total income rose 51.4% YoY to ₹3,062.47 crore during the same period. Total expenses stood at ₹2,773.52 crore in Q2 FY24, compared to 1,899.49 crore in Q2 FY23.

Read more here.

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Bearish Opening for NIFTY! – Pre-Market Analysis Report

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

Stocks

Adani Ports auditor Deloitte resigned from their duties on Friday, without giving any specific reasons. Adani appointed MSKA & Associates as a replacement.

ONGC reported a standalone profit of Rs 10,015 crore for the quarter, falling 34.1% YoY.

Nykaa reported a consolidated profit of Rs 5.4 crore for the quarter, up 8% YoY. This came with a good jump in revenue numbers.

Lupin’s manufacturing facility in Mandideep has been inspected by the USFDA without any observations.

Voltas registered a consolidated profit of Rs 129.4 crore for the quarter, up 18% YoY. However, margins fell.

RVNL reported a 15.3% YoY increase in profits to Rs 343 crore, driven by healthy operating income and topline.

Muthoot Finance reported a standalone profit of Rs 975 crore, up 22% YoY.

Major results today: ITC, Divis Laboratories, Vodafone Idea, Aster DM Healthcare, Easy Trip Planners, Indiabulls Housing.

What Happened on Friday?

NIFTY started last week at 19,517 with a gap-up on Monday. There was an attempt to push the index down on Wednesday, but then NIFTY bounced back to the week’s high at 19,650 levels. The last 2 days were heavy selling days. NIFTY closed the week at 19,428, down by 89 points or 0.45% 

BANK NIFTY started last week at 44,993 and had 4 red candles. The index gave a proper breakdown by Friday and touched the 44,100 mark. BANK NIFTY closed the week at 44,199, down by 342 points or 0.77%. 

US markets closed in slight green on Friday. The European markets closed in deep red.

What to Expect Today?

The Asian markets are trading in deep red.

The U.S. Futures are trading slightly in the red.

GIFT NIFTY is trading in the red at 19,429.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,400, 19,300 19,240 and 19,100. We can expect resistances at 19,438, 19,560 and 19,620 and 19,720.

BANK NIFTY has supports at 44,100, 44,000, 43,840 and 43,750. Resistances are at 44,277,  44,520, and 44,800.

FIN NIFTY has supports at 19,730, 19,620, and 19,500. We can expect resistances at 19,730, 19,900, 20,000.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400. PCR is at 0.63.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is also at 44,000. PCR is at 0.64.

FIN NIFTY has OI buildup between 19,500-20,000. PCR is 0.52 [overly bearish].

In the week, Foreign Institutional Investors net-sold shares worth Rs 3,073.28 crores. Domestic Institutional Investors net-bought worth Rs 500.35 crores.

INDIA VIX is at 11.55.

All global markets are trading in the red to start the week. As we had discussed, Friday was a trendsetter day for this week, and now we can see early signs of bearishness.

Bank Nifty has a crucial support at 44,100 from where bounce is important. NIFTY has similarly important support at 19,300.

FIIs sold heavily in the market on Friday, will be interesting to see what they do today.

The heavy call OI buildups across the market indicates bearishness for now. But these short-sellers might get in trouble in case of heavy buying because even though some supports have been broken, the movement range has not been high.

Do remember that tomorrow is a market holiday on account of Independence Day, and the premiums will move accordingly. That means the FINNIFTY expiry will be today, trade accordingly!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Zomato’s Net Loss Widens in Q3 – Top Indian Market Updates

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

Zomato Q3 Results: Net loss widens to ₹347 crore

Zomato Ltd reported a consolidated net loss of ₹347 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹63 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 75% YoY to ₹1,948 crore in Q3 FY23. The gross order value (GOV) grew 22% year-on-year (YoY), driven by growth in both order volumes and average order value.

Read more here.

IRCTC Q3 Results: Net profit rises 22% YoY to ₹256 crore

Indian Railways Catering & Tourism Corporation (IRCTC) reported a 22% YoY increase in net profit to ₹256 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 70% YoY to ₹918 crore during the same period. IRCTC’s total expenses jumped 121% YoY to ₹607 crore in Q3. The company’s board has declared an interim dividend of ₹3.5 per share.

Read more here.

India’s finished steel exports fall 52% during April-January

India’s finished steel exports fell 52.2% YoY to 5.33 million tonnes (MT) between April 2022 and January 2023 due to sluggish global demand. The removal of an export tax in November failed to revive exports. Between April and January, India’s finished steel output increased by 5.2% YoY to 98.3 MT, and consumption went up by 10.8% to 96.4 MT.

Read more here.

Devyani International Q3 Results: Net profit rises 8% YoY to ₹71 crore

Devyani International Ltd (DIL) reported an 8% YoY increase in net profit to ₹71 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 27% YoY to ₹790 crore during the same period. EBITDA stood at ₹173.9 crore in Q3, up 18% YoY. DIL opened 81 net new stores in Q3, taking the total operational stores to 1,177 as of December 31, 2022.

Read more here.

Adani Wilmar’s Himachal warehouse raided by the State Excise & Taxation Dept

Officials of the Himachal Pradesh State Excise Department inspected the carrying and forward (C&F) unit of Adani Wilmar. The inspection was carried out after the company failed to deposit goods & service tax (GST) collection for multiple years. The officials went through the unit’s documents and other goods in the facility. They will prepare a report following which the next course of action will be decided.

Read more here.

Hindalco Q3 Results: Net profit falls 65% YoY to ₹1,362 crore

Hindalco Industries Ltd reported a 65% YoY decline in consolidated net profit to ₹1,362 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 6% YoY to ₹53,151 crore during the same period. The copper business reported a 40% YoY growth in quarterly operating profit at ₹546 crore.

Read more here.

NCLT approves merger of six wholly-owned subsidiaries with Adani Power

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the amalgamation scheme for the merger of Adani Power’s six wholly-owned subsidiaries with itself. The subsidiaries are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.

Read more here.

Voltas Q3 Results: Net loss at ₹110 crore

Voltas Ltd reported a consolidated net loss of ₹110.49 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹96.56 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 11.8% YoY to ₹2,005.61 crore in Q3 FY23. The company’s expenses on exceptional items stood at ₹137.39 crore. Its total expenses stood at ₹1,946.72 crore in Q3, up 17.89% YoY.

Read more here.

Antony Waste Handling Cell receives order worth ₹1,024 crore from BMC

Antony Waste Handling Cell Ltd (AWHCL) has received an order worth ₹1,024 crore from Brihanmumbai Municipal Corporation for the disposal of construction and demolition waste in Mumbai. The total contract period is for 21 years, including the mobilization period of 12 months. The contract would involve the collection and processing of around 600 tonnes per day of debris waste. 

Read more here.

MRF Q3 Results: Net profit rises 17% YoY to ₹174 crore

MRF Limited reported a 17% YoY increase in consolidated net profit to ₹174.83 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14% YoY to ₹5,644.55 crore during the same period. Total expenses stood at ₹5,484.72 in Q3, up 14.5% YoY. The tyre manufacturer’s board has declared an interim dividend of ₹3 per share.

Read more here.

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Retail Inflation Eases to 3-Month Low of 6.77% in Oct – Top Indian Market Updates

Consumer Price Index

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

Retail inflation eases to 3-month low of 6.77% in Oct

India’s retail inflation, measured by the Consumer Price Index (CPI), fell to a three-month low of 6.77% in the month of October. The retail inflation in September stood at 7.41%. Inflation in the food basket showed a fall from 8.6% in Sept to 7.01% in October. Inflation in the fuel & light segment rose 9.93%, while the clothing & footwear segment gained 10.16% last month. Meanwhile, wholesale price-based inflation (WPI) fell to a 19-month low of 8.39% in October. 

Read more here.

Grasim Q2 Results: Net profit falls 17% YoY to ₹1,097 crore

Grasim Industries Ltd reported a 17% year-on-year (YoY) decline in consolidated net profit to ₹1,097 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY to ₹27,486 crore during the same period. EBITDA stood at ₹3,783 crore in Q2, down 12% YoY. The company received a dividend of ₹628 crore from its subsidiary UltraTech Cement during Q2.

Read more here.

Voltas enters technology license agreement with Denmark’s Vestfrost Solution

Voltas Ltd has entered into a technology license agreement with Denmark-based Vestfrost Solutions to develop, manufacture, sell, and service medical refrigeration and vaccine storage equipment in India. This includes advanced products like ice-lined refrigerators, vaccine freezers, and ultra-low temperature freezers. This partnership will leverage the strong brand presence and wide sales and distribution network of Voltas.

Read more here.

Godrej Industries Q2 Results: Net profit rises 9% YoY to ₹156 crore

Godrej Industries Ltd reported a 9% YoY increase in consolidated net profit to ₹156 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22.59% YoY to ₹4,021 crore during the same period. The company’s total expenses stood at ₹4,099 crore in Q2, up 23.2% YoY. Its board has approved a proposal to raise up to ₹2,000 crore by issuing non-convertible debentures (NCDs).

Read more here.

Tata Sons initiates process to bring all airlines under Air India wings

Tata Sons has initiated the consolidation of its airline entities Vistara, AirAsia India, and Air India Express under Air India. This move will make Air India the second-largest airline in the country in terms of fleet and market share. The Tata group will have a low-cost carrier and a full-service airline under Air India, which will be the only airline brand in the group following the merger

Read more here.

IRCTC Q2 Results: Net profit rises 43% YoY to ₹226 crore

Indian Railway Catering & Tourism Corp. (IRCTC) reported a 43% YoY increase in net profit to ₹226.03 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 99% YoY to ₹805.8 crore during the same period. Total expenses jumped 152% YoY to ₹524.33 crore in Q2. Revenue from internet ticketing stood at ₹300.25 crore, up 13.17% YoY.

Read more here.

L&T Infotech, Mindtree merge to make India’s fifth-largest IT company

The L&T Group announced the merger of L&T Infotech (LTI) and Mindtree into ‘LTI-Mindtree’ with immediate effect. With this, the combined entity will become the sixth-largest IT services firm by revenue and the fifth-largest in terms of market value. Shareholders of Mindtree Ltd will get 73 LTI shares for every 100 shares they hold after the merger.

Read more here.

Bharat Forge Q2 Results: Net profit falls 48% YoY to ₹141 crore

Bharat Forge Ltd reported a 48% YoY decline in consolidated net profit to ₹141.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 29% YoY to ₹3,076.4 crore during the same period. The company’s margins contracted sharply due to elevated raw material, finance, and employee costs. Its board has declared an interim dividend of ₹1.5 per share.

Read more here.

Centre ready to bring petrol under GST but states unlikely to agree: Petroleum Minister

The Central govt. is ready to bring fuel under GST but the states (for whom fuel and liquor are major revenue generators) are unlikely to agree to such a proposal, said Union Minister Hardeep Singh Puri. With regard to fuel prices, the minister said India has seen one of the lowest rises in prices in the past year. US fuel prices rose by 43% in one year but India only saw a 2% rise.

Read more here.

Tata Motors, Cummins Inc to offer solutions in hydrogen-powered commercial vehicle space

Tata Motors has partnered with US-based Cummins Inc to offer solutions in the hydrogen-powered commercial vehicle space. Under the pact, both entities will collaborate on the design & development of low and zero-emission propulsion technology solutions for commercial vehicles in India. This includes hydrogen-powered internal combustion engines, fuel cells, and battery electric vehicle systems.

Read more here.

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Coal India’s Net Profit Jumps 106% YoY to ₹6,044Cr in Q2 – Top Indian Market Updates

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

Coal India Q2 Results: Net profit jumps 106% YoY to ₹6,044 crore

Coal India Ltd (CIL) reported a 106% year-on-year (YoY) jump in consolidated net profit to ₹6,043.55 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28% YoY to ₹29,838 crore during the same period. CIL’s total expenses stood at ₹23,770 crore in Q2, up 16.3% YoY. The company’s board has declared an interim dividend of ₹15 per share.

Read more here.

Vehicle sales rises over 47% in October: FADA

A report by the Federation of Automobile Dealers’ Association (FADA) revealed that retail sales of vehicles in India rose 47.62% YoY to 20.94 lakh units in October 2022. Sales were higher by 8.32% compared to the pre-covid month of October 2019. Retail sales of two-wheelers rose 51% YoY to 15.71 lakh units, while that of commercial vehicles rose 25.4% to 74,443 units last month.

Read more here.

Divi’s Labs Q2 Results: Net profit falls 19% YoY to ₹494 crore

Divi’s Laboratories Ltd reported an 18.6% YoY decline in consolidated net profit to ₹493.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 6.7% YoY to ₹1,854.54 crore during the same period. The pharma company’s EBITDA stood at ₹621 crore in Q2, down 24% YoY. Total expenses rose 5.81% YoY to ₹1,319.4 crore.

Read more here.

Voltas to invest ₹1,000 crore for capacity expansion

Voltas will invest over ₹1,000 crore to expand its manufacturing capacity and establish a new plant near Chennai, said MD Pradeep Bakshi. Meanwhile, the proposed ₹500-crore compressor plant in partnership with China’s Highly International is yet to receive government clearance. The investments will help Voltas ensure its leadership status in ACs and commercial refrigeration.

Read more here.

Ujjivan SFB Q2 Results: Net profit at ₹294 crore

Ujjivan Small Finance Bank (SFB) reported a net profit of ₹294 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹274 crore in Q2 FY22. The company’s total income rose 63% YoY to ₹1,139.83 crore in Q2 FY23. The bank registered strong disbursements at ₹4,866 crore in Q2, up 56% YoY.

Read more here.

Brookfield India REIT leases over 3.06 lakh sq ft office space in Q2

Brookfield India Real Estate Trust has leased over 3.06 lakh sq. ft. office space in the second quarter, taking its total leasing to over 6 lakh sq. ft. in the first half of FY23 as the demand for office spaces continues to rise. It has also signed an expansion option of 16,000 sq. ft. in its property Candor Tech Space N1. The REIT has increased its adjusted net operating income by 48% YoY ₹241.3 crore in Q2.

Read more here.

CEAT Q2 Results: Net profit falls 81% YoY to ₹7.8 crore

Ceat Ltd reported an 81% YoY decline in net profit to ₹7.83 crore in Q2 FY23, mainly due to higher input costs. Its revenue from operations rose 18% YoY to ₹2,894 crore during the same period. The tyre manufacturer’s total expenses stood at ₹2,864 crore in Q2, up 19.3% YoY. EBITDA fell 7.8% YoY to ₹202 crore.

Read more here.

30 IndiGo aircraft grounded due to supply chain disruptions

Nearly 30 IndiGo aircraft have been grounded due to supply chain disruptions. The airline is evaluating wet leasing of planes and other options to boost operations. The company said it is actively engaged with various partners to work on mitigation measures that would ensure the continuity of its network and operations. At the end of September, the IndiGo had 279 aircraft in its fleet.

Read more here.

Jio and Airtel add 3,500 5G sites per week in ramp up

Reliance Jio and Bharti Airtel are adding around 3,500 sites per week cumulatively, as they ramp up their 5G network rollout. Both telcos are set to further scale up site additions to 9,000-10,000 per week combined in the coming 3-4 months as equipment becomes easily available with more domestic production of radios. While Reliance Jio plans to cover the entire country with 5G by December 2023, Bharti Airtel aims to do so by March 2024.

Read more here.

PB Fintech Q2 Results: Net loss narrows to ₹187 crore

PB Fintech Ltd (Policybazaar) reported a net loss of ₹197 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹204.4 crore in Q2 FY22. The company’s revenue from operation jumped 105% YoY to ₹573.47 crore in Q2 FY23. Insurance premiums stood at ₹2,545 crore in Q2, up 79% YoY. The company delivered 34% growth in health insurance premiums and 29% in life insurance new business premiums.

Read more here.

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India’s Manufacturing PMI Rises to 55.3 in Oct – Top Indian Market Updates

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

India’s manufacturing PMI rises to 55.3 in Oct

India’s manufacturing sector activity remained resilient in October, led by strong growth in factory orders and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in October 2022, compared to 55.1 in Sept. Job creation grew at the fastest pace in three years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

Read more here.

Auto sales data for October 2022: Highlights 

Maruti Suzuki India Ltd posted a 21% year-on-year (YoY) increase in total sales to 1.67 lakh units in October 2022. Sales from its utility vehicle segment rose 14.4% YoY to 30,971 units. Exports fell 4.1% YoY to 20,448 units.

Tata Motors Ltd registered a 33% YoY increase in passenger vehicle sales to 45,423 units in Oct. The automaker’s commercial vehicle sales fell 2% YoY to 32,912 units. Overall domestic sales rose 17% YoY to 76,537 units. 

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,298 units in Oct, up 60% YoY. M&M’s tractor segment posted an 11% YoY increase in sales to 51,994 units.  

TVS Motor Company posted a 10.9% YoY increase in total sales to 3.44 lakh units. Meanwhile, Hero MotoCorp posted a 17% YoY decline in total sales to 4.54 lakh units in October. 

Read more here.

Adani Ports Q2 Results: Net profit rises 69% YoY to ₹1,677.48 crore

Adani Ports & Special Economic Zone Ltd reported a 68.5% YoY increase in consolidated net profit to ₹1,677.48 crore in Q2 FY23. Its revenue from operations rose 33% YoY to ₹5,210.8 crore during the same period. The company’s cargo volumes grew 15% YoY to ₹86.6 million metric tonnes (MMT) in Q2.

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PNB Housing Finance expects 40% jump in disbursals this fiscal: MD & CEO

The domestic housing finance sector is now witnessing robust demand after the pandemic, and PNB Housing Finance expects strong growth of 40% in disbursals in FY23, said the company’s MD & CEO Girish Kousgi. “With the real estate boom coupled with economic activity in the country and a high shortage of housing, opportunity is still very high. All these things put together, I feel that the demand is robust,” he said.

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Voltas Q2 Results: Net loss at ₹7.41 crore

Voltas Ltd reported a consolidated net loss of ₹7.41 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹104 crore in Q2 FY22. The company’s revenue from operations rose 6% YoY to ₹1,768 crore during the same period. Voltas incurred a one-off expense of ₹106 crore as an overseas customer terminated a contract.

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NCC secures orders worth ₹1,056 crore in Oct

NCC Limited received two new orders worth ₹1,056 crore (exclusive of GST) in October from State Government agencies. These orders pertain to the company’s Water and Environment Division. NCC develops and builds residential & commercial properties, industrial facilities, public buildings, roads, and civil engineering structures across India.

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Tech Mahindra Q2 Results: Net profit falls 4% YoY to ₹1,285 crore

Tech Mahindra reported a 4% YoY decline in consolidated net profit to ₹1,285.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹13,129 crore during the same period. The IT firm secured deals worth $712 million in Q2, a decline of 10.7% from the previous quarter. Tech Mahindra’s board has declared a special dividend of ₹18 per share.

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SEBI fines 21 entities in Sunstar Realty Development case

The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹1.05 crore on 21 entities for manipulating the share price of Sunstar Realty Development Ltd (SRDL). SEBI conducted an investigation of SRDL’s stock from June 2015 to March 2016 to ascertain whether there were any violations of the Prohibition of Fraudulent & Unfair Trade Practices rules.

In other news, SEBI barred fugitive businessman Mehul Choksi from the securities markets for 10 years. It also imposed a fine of ₹5 crore on him for indulging in fraudulent trading in the shares of Gitanjali Gems Ltd.

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PNB Q2 Results: Net profit falls 63% YoY to ₹411 crore

Punjab National Bank reported a 63% YoY decline in net profit to ₹411 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 30.2% YoY to ₹8,271 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 13.36% in Q2 FY22 to 10.48% in Q2 FY23. Provisions for bad loans stood at ₹3,555.98 crore in Q2 FY23, up 32% YoY.

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UPL Q2 Results: Net profit rises 28% YoY to ₹814 crore

UPL Ltd reported a 28.4% YoY increase in consolidated net profit to ₹1,285.4 crore in Q2 FY23. Its revenue from operations rose 18.4% YoY to ₹12,507 crore during the same period. EBITDA stood at ₹2,768 crore in Q2, up 35% YoY. UPL saw revenue in Latin America, North America, and India grow by 20-24% YoY, but growth in Europe was muted at 1%.

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Nykaa Q2 Results: Net profit jumps 344% YoY to ₹5.2 crore

FSN E-Commerce Ventures (Nykaa) reported a 344% YoY jump in consolidated net profit to ₹5.2 crore in Q2 FY23. Its revenue from operations rose 39% YoY to ₹1,230.8 crore during the same period. The lifestyle retailer’s gross merchandise value or GMV rose 45% YoY to Rs 2,345.7 crore in Q2.

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Retail Inflation Eases to 4.29% in April – Top Indian Market News

Retail inflation eases to 4.29% in April; IIP grows 22.4% in March 

Retail inflation in India, measured by the Consumer Price Index (CPI), eased to 4.29% in April 2021. CPI stood at 5.52% in March. This is the fifth consecutive month that retail inflation has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 2.02% in April, compared with 4.87% in March. Vegetable prices fell 14.18% in April, while prices of cereals declined by 2.96%.

India’s factory output, measured by the Index of Industrial Production (IIP), witnessed a growth of 22.4% YoY to 143.4 in March 2021. The growth in IIP is mainly on account of the growth in the manufacturing, electricity, and mining sectors. The manufacturing sector posted a growth of 25.8% YoY to 140.4 in March. The electricity and mining sectors grew 22.5% and 6.1%, respectively, during the same month. The index had fallen by 3.4% in February 2021.

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Tata Power Q4 Results: Net profit falls to Rs 481 crore

Tata Power Company Ltd reported a marginal decline in net profit to Rs 481.21 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 474.70 crore in the corresponding period last year (Q4 FY20). Its total income rose to Rs 10,222.48 crore in Q4 FY21, compared with Rs 6,793.95 crore in Q4 FY20. Tata Power’s board has recommended a dividend of Rs 1.55 per share.

The company’s board has also approved fund-raising up to Rs 5,500 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. The funds raised from this issue will be utilised for refinancing of existing loans.

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Cabinet approves PLI scheme worth Rs 18,100 crore for battery storage manufacturing

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for promoting battery storage at an estimated outlay of Rs 18,100 crore. With the objective to promote the ‘Make in India’ initiative, the National Programme on Advanced Chemistry Cell (ACC) Battery Storage is expected to attract investments of up to Rs 45,000 crore. The proposal aims to achieve a manufacturing capacity of 50 gigawatt-hour (GWh) of ACC and 5 GWh of niche ACC. Information and Broadcasting Minister Prakash Javadekar said this PLI scheme will promote green growth and use local products like copper and bauxite to a large extent.

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UPL Q4 Results: Net profit rises 34% QoQ to Rs 1,063 crore

UPL Limited reported a 34% quarter-on-quarter (QoQ) increase in net profit to Rs 1,063 crore for the quarter ended March (Q4). Net profit has jumped 72% when compared to Q4 FY20. The company’s revenue from operations rose 40% QoQ (or 15% YoY) to Rs 12,796 crore during the same period. Its agrochemical and other agricultural-related businesses saw top-line growth of 15.7% YoY to Rs 12,331 core. UPL’s board has recommended a dividend of Rs 10 per share.

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Cadila to sell India focused animal health business for Rs 2,921 crore

Zydus Animal Health and Investments Ltd (ZAHL), a wholly-owned subsidiary of Cadila Healthcare, has entered into an agreement with a consortium of financial investors to sell its animal healthcare business Zydus AH for Rs 2,921 crore. The consortium includes Rakesh Jhunjunwala’s RARE Enterprises, Multiples Alternate Asset Management, and Canada Pension Plan Investment Board. Zydus AH is one of the fastest-growing animal health businesses in India. It claims a leadership position across a spectrum of therapeutic and nutritional products for livestock and poultry animal segments.

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JSPL Q4 Results: Net profit jumps multi-fold to Rs 1,900 crore

Jindal Steel and Power Ltd (JSPL) reported a consolidated net profit of Rs 1,900.51 crore for the quarter ended March (Q4 FY21). This includes an exceptional item of Rs 969 crore. It had posted a net profit of Rs 82.13 crore in the corresponding period last year (Q4 FY20). JSPL’s total income rose to Rs 11,903.59 crore in Q4, compared with Rs 6,819.73 crore a year ago. Total expenses rose to Rs 8,082.92 crore in the March 2021 quarter, compared to Rs 6,603.65 crore in Q4 FY20.

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Passenger vehicle wholesales fall 10% in April: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle wholesales in India declined by 10% to 2.61 lakh units in April 2021. This is compared with passenger vehicle sales of 2.90 lakh units in March 2021. Motorcycle sales declined by 33% to 6.67 lakh units in April, compared to 9.93 lakh units in March. Three-wheeler sales fell by 57% to 12.70 lakh units during the same month.

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Voltas Q4 Results: Net profit rises 49% YoY to Rs 239 crore

Voltas Limited reported a 49% YoY increase in consolidated net profit to Rs 239 crore for the quarter ended March (Q4). Its total sales revenue rose 25% YoY to Rs 2,683.24 crore during the same period. The company’s revenue from unitary products grew 20% YoY to Rs 1,437 crore. Its colling products business posted overall volume growth of 18% YoY in Q4. The board of Voltas Ltd has recommended a dividend of Rs 5 per share.

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Asian Paints Q4 Results: Net profit rises 84.5% YoY to Rs 852 crore

Asian Paints Limited reported an 84.5% YoY increase in consolidated net profit to Rs 852.13 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 31%. Its revenue from operations rose 43.5% YoY to Rs 6,651.4 crore during the same period. The company’s domestic decorative business posted volume growth of 48% YoY, led by strong growth in the premium and luxury product range. The board of Asian Paints has recommended a final dividend of Rs 14.5 per share.

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Apollo Tyres Q4 Results: Net profit falls 35% QoQ to Rs 287 crore

Apollo Tyres Limited reported a 35.27% QoQ fall in net profit to Rs 287.26 crore for the quarter ended March (Q4 FY21). Net profit has jumped 269% when compared to the corresponding period last year. Its total sales revenues fell 3.25% QoQ (up 40% YoY) to Rs 5,025.7 crore during the same period. Apollo Tyres’ sales in the Middle East and African regions rose 49% YoY to Rs 3,688 crore. The company’s board has recommended a final dividend of Rs 3.5 per share.

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Petrol, Diesel Prices Cut for Second Consecutive Day – Top Indian Market News

Petrol, diesel prices cut for second consecutive day

State-run oil marketing companies (OMCs) cut petrol and diesel prices for the second consecutive day on Thursday. The price of petrol fell by 21 paise per litre to Rs 90.78 per litre in Delhi. Diesel price fell by 20 paise to Rs 81.10 per litre in the national capital. Global crude oil prices have fallen due to growing concerns over lockdowns to contain the increasing number of Covid-19 cases. 

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Welspun Enterprises to take over Rs 1,900 crore HAM project in Kerala

Welspun Enterprises has agreed to take over a Hybrid Annuity Mode (HAM) project in Kerala from Calicut Expressway Pvt Ltd through the harmonious substitution process of the National Highways Authority of India (NHAI). The project consists of six-laning the Kozhikode Bypass (Vengalam Jn. to Ramanattukara Jn.) of NH-66 in Kerala. The current estimated bid project cost is ~Rs 1,900 crore.

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Dilip Buildcon emerges lowest bidder for HAM project in Karnataka

Dilip Buildcon Ltd (DBL) has emerged as the lowest (L1) bidder for a new Hybrid Annuity Mode (HAM) project in Karnataka. The project consists of four-laning the Sannur-Bikarnakette section of NH-169 in Karnataka. The bid cost of the 45 km-long project is Rs 1,137 crore.

In other news, Repallewada Highways (a wholly-owned subsidiary of DBL) has received a letter of appointed date from NHAI for a project in Telangana. The bid cost of the 52.6 km-long project is Rs 1,140.50 crore.

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Barbeque Nation IPO subscribed 1.98 times on second day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.98 times on the second day of bidding. The IPO has received bids for 98.75 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 9.66 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 10% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Voltas executes business transfer agreement with Universal MEP Projects

Voltas Limited has executed a business transfer agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services Ltd (UMPESL), for transferring its domestic projects business. Voltas’ mechanical, electrical & plumbing (MEP), heating, ventilation & air-conditioning (HVAC), and water projects, mining & construction equipment (M&CE) divisions will be transferred to UMPESL. The transaction is expected to be completed by the end of September 2021. 

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Kirloskar Ferrous signs mining lease deed with Karnataka Govt

Kirloskar Ferrous Industries Ltd (KFIL) was declared as the preferred bidder in an e-auction for Bharath Mines & Minerals, based on the highest final price offer submitted by the company. KFIL said it has entered into the mining lease deed with the Department of Mines and Geology, Government of Karnataka, for conducting mining operations for a period of 50 years. The operations at the mine commenced on March 24, 2021.

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Wabco India’s promoter to sell 18.10% stake via OFS

Wabco India Limited said its promoter, ZF International UK, will offload an 18.10% stake in the company through an offer for sale (OFS). This consists of a base issue of 9.05% stake and an oversubscription issue (greenshoe option) of 9.05% stake. The floor price of the OFS has been fixed at Rs 5,450 per share, a discount of 11% compared to Wednesday’s closing price of Rs 6,102. The OFS will open for retail investors tomorrow (March 26).

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CG Power’s board approves liquidation of CG Sales Network Malaysia

The Board of Directors of CG Power and Industrial Solutions Ltd has approved a proposal to liquidate its step-down subsidiary— CG Sales Network Malaysia Sdn Bhd. The voluntary liquidation is subject to statutory and regulatory approvals. CG Power is engaged in the design, manufacturing, and marketing of products related to power generation, transmission, and distribution. The company is based in Mumbai and is part of the Murugappa Group.

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Govt offers 67 blocks in second tranche of commercial coal mine auction

The Central government, on Thursday, launched the second tranche of auctions for commercial coal mining. A total of 67 coal blocks have been put up for sale. This is the highest number of mines on offer in a particular tranche (round) after the commencement of the auction regime in 2014. Out of the total 67 mines offered, 37 have been fully explored, while the remaining have been partially explored. 

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Ramco Systems wins order from a global tech company

Ramco Systems Limited said it has signed a contract with a global technology company to unify and transform its payroll operations across Japan, China, Philippines, and Malaysia. The tech company will leverage Ramco’s managed payroll services (including last-mile services on public cloud) to streamline and digitally transform its payroll operations across the four countries in Phase-1.

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Retail Inflation Eases to 4.06% in January; Industry Output Grows 1% in December – Top Indian Market News

Retail inflation eases to 4.06% in January; industry output grows 1% in December

India’s retail inflation, calculated by the Consumer Price Index (CPI), eased to 4.06% in January 2021, primarily due to a decline in vegetable prices. The CPI stood at 4.59% in December 2020 and 7.6% in January 2020. Meanwhile, the Index of Industrial Production (IIP) grew 1% in December 2020. Mining output declined by 4.8%, while power generation grew 5.1% last month. Thus, the Indian economy is witnessing a strong recovery with inflation cooling down and industry output showing a rebound. 

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Motherson Sumi Q3 Results: Net profit nearly triples to Rs 798 crore

Motherson Sumi Systems reported a 194% YoY increase in consolidated net profit to Rs 798 crore for the quarter ended December (Q3). The auto parts maker posted a 14% YoY increase in revenue to Rs 17,092.4 crore during the same period. With strong operating cash flows, the company’s net debt is at its lowest level compared to the previous 14 quarters. Motherson Sumo’s domestic wire harness business showed a 44% YoY increase in revenue to Rs 1,343 crore in Q3. 

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NTPC commissions Unit-4 of Kameng hydro-electric project

NTPC announced that its fourth 150 megawatt (MW) unit of Kameng Hydro-Electric Project is commercially operational. The project is run by its subsidiary- North Eastern Electric Power Corporation. With this, the commissioned and commercial capacity of NTPC has increased to 64,075 MW.

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Voltas Q3 Results: Net profit rises 46% YoY to Rs 129 crore

Tata Group company Voltas Ltd reported a 46.26% YoY increase in consolidated net profit to Rs 128.64 crore for the quarter ended December (Q3). Its revenue rose 32.29% YoY to Rs 2,046.26 crore during the same period. The company saw a strong recovery in its cooling products segment. Voltas’ revenue from unitary cooling products for commercial use increased 40% YoY to Rs 840 crore in Q3.

The company’s board has approved the transfer of domestic projects business to its subsidiary, Universal MEP Projects & Engineering Services. The cash consideration for the business transfer has been estimated at Rs 1,000-1,200 crore.

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Sobha Q3 Results: Net profit falls 70% YoY to Rs 21 crore

Sobha Limited reported a 70.49% YoY decline in consolidated net profit to Rs 21.6 crore for the quarter ended December (Q3). The real estate developer’s revenue fell to Rs 696.3 crore, compared with Rs 901.2 crore in Q3 FY20. However, the firm achieved its highest-ever pre-sales volume during the October-December quarter.

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Bharat Forge Q3 Results: Net loss at Rs 210 crore

Bharat Forge reported a consolidated net loss of Rs 210.45 crore for the quarter ended December (Q3). The auto components manufacturer posted a 5.9% YoY decline in revenue to Rs 1,723.1 crore during the same period. Bharat Forge stated that a strong recovery in end-market demand in the automobile sector helped the company register healthy double-digit growth in key parameters.

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HAL Q3 Results: Net profit rises 85% YoY to Rs 853 crore

Hindustan Aeronautics Ltd (HAL) reported an 85% YoY increase in consolidated net profit to Rs 853 crore for the quarter ended December (Q3). Its consolidated revenue rose 21.8% YoY to Rs 5,425.46 crore during the same period.

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Indiabulls Housing Finance Q3 Results: Net profit declines 40% YoY to Rs 329 crore

Indiabulls Housing Finance reported a 40.3% YoY decline in consolidated net profit to Rs 329.32 crore for the quarter ended December (Q3). Its revenue from operations declined by 25% YoY to Rs 2,513.25 crore during the same period. The company’s board has approved fundraising of Rs 5,000 crores through the issue of non-convertible debentures on a private placement basis.

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Grasim Q3 Results: Net profit jumps 107% YoY to Rs 2,152 crore

Grasim Industries Limited reported a 107% YoY increase in consolidated net profit to Rs 2,152.33 crore for the quarter ended December (Q3). Its revenue from operations grew 13% YoY to Rs 20,986 crore during the same period. This is the highest-ever consolidated quarterly profit reported by the company, with strong growth across its business segments. 

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Equitas SFB launches FASTag powered truck terminal

Equitas Small Finance Bank has launched a FASTag powered truck terminal at Khalapur, Maharashtra. The bank has partnered with Maharashtra State Road Development Corporation Ltd (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd for the same. The terminal has a capacity of 160 trucks that can be parked at any given point in time.

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

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

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

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

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

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

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

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

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

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APL Apollo Tubes signs pact with Zamil Steel Buildings India

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

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

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

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Coal India to consider interim dividend on November 11

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

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

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

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

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

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

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

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

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

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

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

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