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

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

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

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

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

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

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Vodafone Idea, Tata Teleservices will not become PSUs: Govt

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

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

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

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Kalpataru Power raises Rs 200 crore via NCD issue

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

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

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

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

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

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

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

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

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

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

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

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Quiklyz to offer range of EVs for leasing, subscription

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

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

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

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

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

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

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Jio-BP to open first petrol pump near Mumbai

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Infosys Reports 11.8% YoY Rise in Net Profit in Q2 – Top Indian Market News

Infosys Q2 Results: Net profit rises 11.8% YoY to Rs 5,421 crore

Infosys Ltd reported an 11.8% YoY increase in consolidated net profit to Rs 5,421 crore for the quarter ended Sept (Q2 FY22). Net profit rose 4.35% when compared to the previous quarter. Its revenue from operations rose 20.5% YoY (or 6.1% QoQ) to Rs 29,602 crore during the same period. Digital revenues stood at 56.1% of total revenues, reporting year-on-year constant currency growth of 42.4%. The IT major’s board has declared an interim dividend of Rs 15 per share.  

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Tata Motors partners with Endress+Hauser Flowtec to deploy e-buses for employees

Tata Motors has partnered with Endress+Hauser Flowtec India Pvt. Ltd (EHFI) to deploy electric buses for employee transportation. The automaker has delivered two units of 9-metre 34-seater AC electric buses and a DC fast charger for green employee mobility from its facility in Aurangabad. The electric buses were flagged off at EHFI’s facility in Aurangabad. EHFI is a global leader in measurement instrumentation, services, and solutions for industrial process engineering.

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Wipro Q2 Results: Net profit rises 18.8% YoY to Rs 2,930 crore

Wipro Limited reported an 18.86% YoY increase in consolidated net profit to Rs 2,930.7 crore for the quarter ended Sept (Q2 FY22). However, net profit declined by 9.62% when compared to the previous quarter. Its revenue from operations rose 7.7% QoQ to Rs 19,667.4 crore during the same period. Wipro expects revenues to grow 2-4% in constant currency terms in the December quarter (Q3 FY22).

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UltraTech Cement commissions 1.2 MTPA of cement capacity

Ultratech Cement Ltd announced the commissioning of cement capacity of 1.2 million tonnes per annum (MTPA) in October 2021. The cement major’s Patliputra Cement Works in Bihar added a cement capacity of 0.6 MTPA, taking its total capacity to 2.5 MTPA. Dankuni Cement Works in West Bengal increased cement capacity by 0.6 MTPA, taking its total capacity to 2.2 MTPA. This additional capacity will help Ultratech Cement service the fast-growing cement demand in the eastern markets and increase its blended cement ratio.

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Hero MotoCorp partners with Gilera Motors to expand operations in Argentina

Hero MotoCorp has partnered with Gilera Motors Argentina to reinvigorate and expand its operations in one of the key markets in South America. This move is in line with its aggressive global business strategy. As part of the agreement, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina. It will also make new investments in operations to drive business growth.

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Mindtree Q2 Results: Net profit rises 57% YoY to Rs 398.9 crore

Mindtree reported a 57.23% YoY increase in consolidated net profit to Rs 398.9 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 16.16% when compared to the previous quarter. The IT company’s revenue from operations rose 34.3% YoY (or 13% QoQ) to Rs 2,586 crore during the same period. Mindtree’s board has declared an interim dividend of Rs 10 per share.

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Invesco reveals merger talks between ZEEL and Reliance Industries

Invesco, the single largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), said it had tried to facilitate a possible deal between Reliance Industries Ltd and the company but refuted claims it had pushed for the transaction at a lower valuation. The latest statement from Invesco comes a day after ZEEL CEO Punit Goenka told the company’s board that Invesco had come with a proposal in February for a merger with certain entities owned by a large Indian group with an inflated valuation of at least Rs 10,000 crore. Invesco and ZEEL are locked in a legal battle over the former’s demand for holding an Extraordinary General Meeting (EGM).

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Piramal-Bain Capital fund IndiaRF invests Rs 310 crore in Primacy Industries

India Resurgence Fund (IndiaRF), a joint venture between Piramal Enterprises Ltd and Bain Capital Credit, has invested Rs 310 crore in Primacy Industries Ltd. The investment proceeds will be used towards strengthening the balance sheet of Primacy and providing fresh capital to fuel its growth plans. Primacy Industries is a fast-growing contracting business for fragrance-based consumer products in the air-care, personal care, and health & hygiene categories.

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Sona Comstar partners with NASSCOM to boost digital skills of employees

Sona Comstar has partnered with FutureSkills Prime– a MeitY-NASSCOM Digital Skilling Initiative to upskill its workforce in cutting-edge digital technologies with industry-relevant and government-recognized curriculum-based courses. FutureSkills Prime is the first-of-its-kind public-private cooperation between the Ministry of Electronics and Information Technology (MeitY) and NASSCOM to create a digital skilling ecosystem for India’s citizens. 

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TCS to Invest Rs 690 crore to Set Up Innovation Park in Kochi – Top Indian Market News

TCS to invest Rs 690 crore to set up Innovation Park in Kochi

Tata Consultancy Services (TCS) has agreed to invest Rs 690 crore to set up an Innovation Park in Kochi. The Kerala state government has allocated 36.84 acres of land to TCS for setting up a unit for Electronics Hardware & IT/ITES in KINFRA Electronics Manufacturing Cluster at Kakkanad, Kochi. The first phase of the project will commence operations in the financial year 2023-24 (FY24). The campus will have a capacity to cater to 10,000 employees once it becomes fully operational.

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Zomato, Swiggy to collect 5% GST on deliveries

Online food delivery apps such as Zomato and Swiggy will now have to collect and deposit 5% Goods & Services Tax (GST) on food deliveries instead of restaurants they pick orders from. The rule was approved by the GST Council to stop revenue leakages that were occurring under the current structure, as many restaurants were avoiding GST payments on food deliveries. There will be no extra tax burden on end consumers taking food delivery from restaurants registered with GST.

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Wipro launches co-innovation space with Google Cloud in Bengaluru

Wipro Ltd has launched the Wipro-Google Cloud Innovation Arena in Bengaluru to accelerate the adoption of cloud services. The cloud collaboration space will provide in-house technical expertise and ensure seamless cloud adoption. It will also accelerate innovation to drive business transformation for customers. The arena will also showcase the talent, tools, and best practices requires to develop and deploy applications on Google Cloud.

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Phoenix Mills looks to double its portfolio of retail properties by FY26

Mall developer Phoenix Mills Ltd is looking to double its portfolio of retail properties by the financial year 2025-26 (FY26). The company also wants to add 1 million square feet each year post FY26. Currently, Phoenix Mills has 6.9 million sq. ft of malls in cities such as Mumbai, Pune, and Beng­aluru. 

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Tata Motors launches Safari Hold Edition at Rs 21.89 lakhs

Tata Motors Ltd has launched a special edition of its flagship model Safari, priced at Rs 21.89 lakh, to further spruce up the range ahead of the festive season. The Safari Gold Edition comes in two carefully crafted special colour schemes— White Gold and Black Gold. It is set to be showcased at the upcoming second leg of the VIVO IPL 2021.  

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Zydus Cadila gets USFDA approval for antidepressant drug

Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to sell new generation anti-depressant Vortioxetine in the US market. The drug works by increasing serotonin (the key hormone that stabilizes our mood and happiness) in the brain. It is classified as a selective serotonin reuptake inhibitor and serotonin receptor modulator. The pharma company will manufacture the drug at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.

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Moratorium to give Bharti Airtel, Jio cash relief of Rs 16,000 crore per year: Report

According to industry analysts, a potential annual cash flow relief of over Rs 16,000 crore from the four-year moratorium allowed on statutory payouts will give telecos Bharti Airtel and Reliance Jio the financial headroom to participate aggressively in the 5G airwaves sale (spectrum auctions) early next year. Airtel will opt for the four-year deferred option for adjusted gross revenue (AGR) and spectrum payments. Vodafone Idea, weighed down by Rs 1.9 lakh crore of debt and with a cash balance of Rs 920 crore, is also expected to opt for the deferred payment option.

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Supreme Court to review 2019 verdict in Adani Power case

The Supreme Court has decided to reconsider its 2019 judgment, which affirmed Adani Power-Mundra’s call to terminate the power purchase agreement (PPA) signed with Gujarat Urja Vikas Nigam (GUVNL). A five-judge bench issued notices on a curative petition filed by GUVNL after noting that the plea raises significant questions of law. Apart from Adani Power (Mundra), notices have also been issued to Gujarat Electricity Regulatory Commission (GERC) and an NGO, Consumer Education and Research Society.

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TCS to Drive Digital Transformation of NXP Semiconductors – Top Indian Market News

TCS to drive digital transformation of NXP Semiconductors

Dutch chipmaker NXP Semiconductors NV has selected Tata Consultancy Services (TCS) to help accelerate its digital transformation. As part of the deal, TCS will drive NXP’s integrated IT strategy across apps, IT infrastructure, and workplace services. TCS will also accelerate NXP’s cloud adoption to enhance business agility and build a future-ready digital foundation that supports its growth and transformation agenda.

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India’s retail inflation eases to 5.3% in August

India’s retail inflation growth based on the Consumer Price Index (CPI) eased to 5.3% in August 2021, according to data released by the Ministry of Statistics & Programme Implementation (MoSPI). The CPI stood at 5.59% in July. This is the second successive month that the CPI data has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 3.11% in August, compared to 3.96% in July.

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Advanced Enzyme announces breakthrough in clinical trials of Covid-fatigue treating enzymes

Advanced Enzyme Technologies Ltd announced a positive breakthrough in the randomized controlled clinical trials (RCTs) of systemic enzymes and probiotics to resolve ‘long Covid’ fatigue symptoms. The company’s systemic enzyme and probiotic supplements ImmunoSEB and ProbioSEB CSC3 have passed the promising stages of RCTs in terms of efficacy to resolve post‐COVID fatigue symptoms. Advanced Enzymes conducted clinical trials on 200 patients suffering from post-Covid fatigue symptoms.

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Goldiam’s board approves Rs 45.6 crore share buyback plan

The Board of Directors of Goldiam International Ltd has approved a proposal to buy back equity shares. The company will buy back up to 3.80 lakh equity shares for an aggregate amount not exceeding Rs 45.60 crore, at Rs 1,200 per share. Goldiam International is an integrated manufacturer and supplier of diamond jewellery to leading retailers and wholesalers in the US and Europe.

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APL Apollo Tubes secures design patents for six products

The Office of the Controller General of Patents, Designs & Trademarks has granted six registrations to the innovative products of APL Apollo Tubes Ltd. The new products include Apollo Reflector (roadside reflectors), Apollo Fence (fencing solutions), Apollo Oval (gym equipment), Apollo Plank (to be used as stairs and scaffolding), Octagon (lighting poles), and Chequered Coil (covering panels). With these registrations, the company’s overall product portfolio has increased to 16.

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Granules India voluntarily recalls one batch of Naproxen Sodium tablets

Granules USA, Inc. has voluntarily recalled one batch of Naproxen Sodium 220mg tablets at the retail level due to a minor deviation of Current Good Manufacturing Practice (CGMP). One batch has 11.4 million units of Naproxen tablets, out of which 0.9 million units that were released into the market were recalled. The company said this move will not have a material impact on its financial performance. Granules USA, Inc. is a wholly-owned foreign subsidiary of Granules India Ltd.

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Ashoka Buildcon receives LoA for road project in Assam

Ashoka Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways & Infrastructure Development Corporation (NHIDCL) for a road project in Assam. The order consists of four-laning of the Kwaram Taro Village-Dillai Section of NH-29 in Assam on an engineering, procurement, and construction (EPC) mode. The accepted bid price of the project is Rs 282.11 crore. 

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Wipro partners with First Horizon Bank to provide services to VirtualBank

Wipro Ltd has partnered with US-based First Horizon Bank to transform the core banking channels and servicing capabilities of VirtualBank. The IT major has streamlined VirtualBank’s cloud migration and supported its end-to-end program management, governance, customer data conversion, and testing services. VirtualBank is an established digital bank that First Horizon inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020.

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Vedanta Resources reduced net debt by $300 million in first half of FY22

Vedanta Resources Ltd (VRL) has reduced its net debt by around $300 million (~Rs 2,200 core) in the first half of the current financial year (FY22). The company expects to further reduce its debt by $500 million (~Rs 3,680 crore) in the next half. VRL is the parent company of Vedanta Limited. The firm believes that a strong operational performance from its world-class asset base will strengthen the balance sheet and lead to investment-grade credit metrics. 

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Kesoram Industries’ board approves 133:274 rights issue

The Board of Directors of Kesoram Industries Ltd has approved the issuance of 7.99 crore rights shares for an aggregate amount of Rs 399.99 crore. The company has fixed the Rights Entitlement Ratio as 133:274. It means that 133 equity shares will be issued for every 274 equity shares held by eligible equity shareholders of the company as of September 17, 2021 (record date). The rights issue opens on September 27 and closes on October 11.

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India looking to tax cryptocurrency trades and ecosystem: Report

According to a report from ET Now, the Indian government is looking at ways to tax cryptocurrency trades and the entire ecosystem around them. The report further states that the government may permit the use of blockchain technology and treat cryptos as a tradeable asset class without banning it. The Union Cabinet will soon take up the draft bill on cryptocurrencies. However, Finance Minister Nirmala Sitharam had earlier stated that citizens will be given adequate windows to experiment with blockchains, Bitcoins, and other cryptocurrencies.

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MTAR Tech secures order worth $29.82 million from Bloom Energy

MTAR Technologies Ltd has received an export order worth $29.82 million (~Rs 220 crore) from US-based Bloom Energy. The order includes the export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022. In an official statement, MTAR Tech explained that this is the largest single order it has ever received.

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India Lifts Ban on Boeing 737 MAX – Top Indian Market News

India lifts ban on Boeing 737 MAX aircraft

The Directorate General of Civil Aviation (DGCA) has allowed Boeing 737 MAX aircraft to fly in Indian airspace again— after carrying out necessary safety modifications. The air safety regulator had banned Boeing 737 MAX operations in India in March 2019 after two fatal accidents. Meanwhile, SpiceJet expects B757 MAX jets in its fleet to return to service at the end of September 2021, following a settlement with aircraft leasing company Avolon.

Nearly 175 countries have allowed the B737 MAX to return to service following a safety ban, with 30 airlines already restarting their MAX aircraft services.

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Reliance Life Sciences seeks approval for Phase-I trial of its Covid-19 vaccine: Report

According to a report from ET, Reliance Life Sciences has applied for regulatory approval to begin early-stage human trials of its Covid-19 vaccine candidate. The Subject Expert Committee (SEC) of India’s drug regulator will review the application at a meeting on Thursday. The aim of Phase I clinical trials is to obtain reliable information on the safety, tolerability, and mechanism of action of drugs to determine the maximum tolerated dose (MTD). Reliance Life Sciences is a subsidiary of Reliance Industries Ltd.

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Standard Bank selects TCS BaNCS Cloud for digital claims transformation

Tata Consultancy Services (TCS) announced that Standard Bank’s short-term insurance business in South Africa has selected the TCS BaNCS Cloud for Insurance platform to power its digital claims transformation. TCS BaNCS Cloud for Insurance will be offered on a Software-as-a-Service (SaaS) model on AWS Cloud. It will help the insurer coordinate more than 60 products spread across four claims administration platforms, enabling faster and accurate claims processing.

Affle India board stock split in 1:5 ratio

The Board of Directors of Affle India Ltd has approved a stock split (sub-division of equity shares) in the ratio of 1:5. One equity share of the face value of Rs 10 each will be split into 5 equity shares of the face value of Rs 2 each. Affle India has fixed October 8, 2021, as the record date for the stock split. The stock split is subject to the approval of shareholders. A stock split helps boost the stock’s liquidity, particularly among retail investors.

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Wockhardt partners with Jemincare for novel respiratory antibiotic Nafithromycin

Wockhardt Bio AG has partnered with China-based Jiangxi Jemincare Group Co. for the development and commercialisation of its novel respiratory antibiotic Nafithromycin in China, Hong Kong, Macau, and Taiwan. The drug is used for the treatment of community-acquired bacterial pneumonia and other respiratory tract infections. Under the terms of the agreement, Jemincare will be responsible for the exclusive development and commercialisation of Nafithromycin in the select markets.

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RailTel launches AI-based attendance for 48,000 government schools in Assam

RailTel Corporation of India Ltd has deployed an Artificial Intelligence (AI)-based attendance system for 48,000 government schools across Assam. The state-owned company has configured and customised the system for capturing attendance across the elementary, secondary, and higher secondary schools across all 33 districts of Assam. The total project value for RailTel is Rs 19.20 crore, out of which Rs 12 crore is a one-time cost being released post completion of the project.

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Carborundum Universal to acquire 67.94% stake in PLUSS

Carborundum Universal Ltd (CUMI) has entered into definitive agreements for acquiring a controlling stake in PLUSS Advanced Technologies Pvt Ltd. PLUSS is a specialty materials research and manufacturing company based in Gurugram. CUMI will acquire equity shares equivalent to 67.94% of the issued and paid-up share capital of PLUSS by October 31. The acquisition will aggregate to Rs 115 crore and will be funded through internal accruals. CUMI is a material sciences engineering solutions provider and is part of the Murugappa Group.

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Thermax secures boiler package order worth Rs 293 crore

Thermax Babcock & Wilcox Energy Solutions (TBWES) has secured a Rs 293 crore boiler package contract from a refinery and petrochemical complex in western India. TBWES is a wholly-owned subsidiary of Thermax Ltd. The scope of the order includes design, manufacturing, installation, erection, commissioning, and testing of 3x oil and gas-fired boilers. Pune-based Thermax is a leading energy and environment solutions provider. 

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Wipro partners with DataRobot to deliver Scalable Enterprise AI solutions

Wipro Ltd has announced a global strategic partnership with US-based DataRobot, Inc., a leader in Augmented Intelligence. The partnership will deliver Augmented Intelligence (AI) at scale to help customers become AI-driven enterprises and accelerate their business impact. DataRobot’s Augmented Intelligence platform complements Wipro’s expertise in enterprise AI. The collaboration will help accelerate the execution of AI strategy and ensure quicker ‘data to value’ for businesses. 

Marksans Pharma gets USFDA approval for pain killer drug

Marksans Pharma Ltd has received approval from the US Food & Drug Administration (USFDA) for Acetaminophen Extended-Release Tablets USP, 650 mg. The drug is used as a pain reliever and fever reducer. Marksans will manufacture the products at its USFDA approved solid oral dosage facility located in Goa.

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India’s GDP Likely to Grow at 18.5% in Q1, says SBI Report – Top Indian Market News

India’s GDP likely to grow at 18.5% in April-June quarter: SBI Report

India’s gross domestic product (GDP) is expected to grow at 18.5% in the April-June quarter (Q1 FY22) due to a low base effect, said SBI in its Ecowrap research report. However, this projection is lower than the 21.4% growth projected by the Reserve Bank of India (RBI). The report further states that corporate results announced so far indicate that there is a substantial recovery in corporate gross value added (GVA) EBIDTA in Q1 FY22.

State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.

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SC grants relief to Bharti Airtel in Videocon AGR dues case

The Supreme Court has granted relief to Bharti Airtel by restraining the Department of Telecommunications (DoT) from encashing the telecom company’s bank guarantees worth Rs 1,376 crores for 3 weeks for non-payment of Adjusted Gross Revenue (AGR) dues owed by bankrupt Videocon. Further, Bharti Airtel was allowed to move the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to seek protection from payment of Videocon AGR dues.

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Wipro to hire 400 people for new delivery centre in Arkansas

Wipro Ltd announced that it will open a new delivery centre in Sherwood, Arkansas (US). The IT major expects to hire up to 400 employees for the centre in the next two years. The company will invest approximately $3 million (~Rs 22.2 crore) to transform a 70,000 square-foot facility at Landers Road into a customer service centre. The delivery centre will provide operational services to Wipro’s clients across industry verticals.    

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Power Finance Corp signs MoU with NHPC to lend funds for development of hydro projects

Power Finance Corporation Ltd (PFC) has signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects. The signing of the MoU will further boost the long-standing association between the two companies and facilitate knowledge and technology transfer. The partnership will also work towards contributing to India’s sustainable development initiatives. 

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Bajaj Finserv gets SEBI approval for mutual fund business

The Securities and Exchange Board of India (SEBI) has given its in-principal approval to Bajaj Finserv Ltd for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC). According to reports, Bajaj Finserv plans to offer all financial services and deliver seamlessly through an app-based platform. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

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Tata Steel signs MoU with Mitsui OSK Lines to develop eco-friendly shipping line

Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL) to develop and deploy environment-friendly shipping solutions. Japan-based Mitsui OSK Lines is a global marine transport group. The objective of the agreement is to reduce greenhouse gas emissions in the ocean transportation of raw materials for the production of steel. This move is in line with Tata Steel’s larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain.

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Tata Power’s arm commissions 150 MW solar project in Rajasthan

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 150 megawatt (MW) solar power project in Loharki, Rajasthan. The project is expected to generate more than 350 million units (MUs) of power annually and is spread across 756 acres of land. TPREL is a wholly-owned subsidiary of Tata Power. With the commissioning of this project, the total renewables installed capacity of Tata Power will be 2,947 MW.

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Infosys signs three-year contract with UCAS

Infosys Ltd has signed a new minimum three-year contract with UCAS, the admissions service for UK higher education. As part of the new agreement, Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organizations. UCAS and Infosys have been engaged in a technology partnership since 2015.

Read more here.

ABB India expands capacity for LV motors in Faridabad plant

ABB India has expanded manufacturing capacity for Low Voltage (LV) motors at its Faridabad facility in Haryana, powered by renewable energy. The expansion will increase the company’s plant capacity by more than 20% and will further strengthen its presence in the region and global markets. The new line will develop energy-efficient motors up to 55 kilowatts (kW) for customers operating in different industrial segments such as water & wastewater, cement, metals and mining, etc. 

Read more here.

Reliance plans to unveil super app adding Just Dial offerings: Report

According to a report from ET, Reliance Industries Ltd (RIL) is planning to create a super app by integrating the offerings of local search engine Just Dial, as it aims to become the number one player in the e-commerce space. The one-stop super app is likely to be a marketplace of services and offerings, delivered via in-house technology and through third-party integrations. Last month, Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in JustDial for Rs 3,497 crore. You can read more about it here.

Read more here.

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Editorial

IT Sector Q1 Result Preview: Performance To Peak in FY21?

The pharma industry has clearly managed to break the glass ceiling throughout the COVID-19 pandemic in terms of revenue generation, profitability, and investor returns. Yet, there is another sector that was less impacted during the COVID-19 period. The IT Services and Software Industry. A close look at the results of big names like TCS, Infosys, WIPRO, L&T Infotech gives you a sense of optimism when it comes to the growth outlook of the sector as a whole. In this piece, we discuss the Q1 results of Financial Year 2021-22, how the pandemic shaped the industry and what lies ahead.

The Big Guns 

TCS

  • The company reported a 18.5% YoY revenue growth to Rs 45,411 crore. The QoQ revenue growth was 3.5%.
  • It has a net profit growth of 28.5% YoY to Rs 9,001 crore. However, the company had a decline in profit of (-)2.8% as compared to last quarter.
  • The company’s share price hasn’t seen consistent growth since the last quarter. The share price has grown ~42% over the past year.
  • The operating expense of the company increased by 5% over the preceding quarter and by 15% as compared to last year. 

INFOSYS

  • Infosys had revenue growth of ~6.2% QoQ. The revenue grew by 18.5% YoY to Rs 25,815 crore. Infosys’ North America business contributed 61.7% to total revenue.
  • Net profit grew by 2.3% over last quarter and 22.73% since last year to Rs 5,195 crore
  • Infosys’ share price has shot up by ~70% over one year and by ~14% in the last three months. 
  • Operating expense for Infosys has risen by 7.48% since last quarter and 16.6% since last year to Rs 20,464 crore

WIPRO

  • The company’s revenue grew by 13.5% QoQ and 22.31% YoY. The company had one of the most outstanding quarters according to news reports, such that it beat its own estimates for the quarter.
  • Wipro scored a net profit growth of 9.09% QoQ and a staggering 35.5% YoY to Rs 3,242 crore  
  • Wipro’s share price has zoomed 121.8% over one year. In the last three months, the stock has returned 23.5% on investment. 

HCL

  • HCL’s revenue grew by 2.2% QoQ and 12.05% YoY to Rs 20,323 crore. The company added 7,500+ employees during the quarter. 
  • The company saw a threefold increase in Net Profit over the last quarter from Rs 1,102 crore to Rs 3,205. The net profit increased by 9.35% YoY.
  • The company’s share price hasn’t seen much momentum over the last 6 months. The share price has increased by 3.30% over the last three months and by ~53% over the last few months. 

Apart from the big guns, the overall market scenario is such that even midcap IT stocks such as MindTree, Oracle, Coforge, Happiest minds have managed to perform better than last year. The midcap IT stocks saw a demand spike right after they announced their results. Yet there are some things common and some things different for the IT industry. 

Bad Operating Margin, Outsourcing and Growth Potential

Almost all companies in the IT sector saw a decline in operating margin. The reason is the same for almost all companies, and that is wage hikes, higher attrition rates, and increase cost of hiring. The end of the year saw IT companies increasing salaries and incentives of employees which impacted the operating margin. The labor market was rather tight, with a loss of resignations and applications which might have increased the cost of recruitment. 

 Another trend was an increase in operating expenses of IT companies. The onset of the pandemic meant that companies needed to be restructured, attrition rate increase, and business took a temporary hit. Nevertheless, the increase in expense is justified by the increase in revenue, net profit, and sales altogether for the industry.  The IT sector on average had double-digit growth numbers, with good results, even the second wave of the COVID-19 in India couldn’t deter the big guns of the IT industry from a good quarterly result.

What Lies Ahead

There are many things that hint at good growth for the IT sector this year. One of them is outsourcing. The cost of labor in India is way lower than in the UK, US, or Europe. Many companies have started outsourcing projects to Indian companies with a good amount of foreign remittances being a part of the revenue stream. Another reason is the return to normalcy in many countries that have high vaccination rates. In countries like the US or UK, employees are being called back to the office, mask mandates are being eased, and life is getting back to normal. Even though the condition in India might not be apt for a complete unlock till the end of the year, and countries opening up could mean good business for Indian IT companies. 

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Market News Top 10 News

Cabinet Approves Rs 6,322 crore PLI Scheme for Specialty Steel – Top Indian Market News

Cabinet approves Rs 6,322 crore PLI scheme for specialty steel

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for specialty steel. Incentives worth Rs 6,322 crore will be provided to eligible manufacturers over five years. The scheme is expected to bring in investments of approximately Rs 40,000 crore and capacity addition of 25 million tonnes (MT). It will cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, electrical steel, etc. The PLI scheme for the steel sector will enhance exports and minimize dependence on imports of high-end steel in India.

Read more here.

Hindustan Unilever Q1 Results: Net profit rises 9.6% to Rs 2,061 crore

Hindustan Unilever Ltd (HUL) reported a 9.6% YoY jump in standalone net profit to Rs 2,061 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 13% YoY to Rs 11,915 crore during the same period. EBITDA grew 7.7% YoY to Rs 2,847 crore in Q1. HUL registered a 12% YoY rise in domestic consumer growth during the quarter. The company’s revenue growth in Q1 was mainly led by double-digit growth of its foods & refreshments and personal care segments.

Read more here.

UltraTech Cement Q1 Results: Net profit jumps two-fold to Rs 1,703 crore

UltraTech Cement Ltd reported a 114.4% YoY jump in consolidated net profit to Rs 1,703 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4.09% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 11,829 crore during the same period. The company’s sales volume stood at 21.53 million metric tonnes (MMT), a growth of 47% YoY. 

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Adani Ports to raise $500 million through dollar bonds

Adani Ports & Special Economic Zone (APSEZ) aims to raise at least $500 million (~Rs 3,720 crore) on offshore debt through dollar bonds. The proceeds will be used to repay existing debt, meet capital expenditure requirements, and for general corporate purposes of the company’s subsidiaries in India and Sri Lanka. Axis Bank, Barclays, Bank of America, and Citi are advising the company on the fundraisal.

Read more here.

Bajaj Auto Q1 Results: Net profit more than doubles to Rs 1,061 crore 

Bajaj Auto Ltd reported a 101.2% YoY jump in standalone net profit to Rs 1,061.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.3% when compared to the previous quarter. Its revenue from operations rose 139.88% YoY to Rs 7,386 crore during the same period. Bajaj Auto sold nearly 3.42 lakh units of motorcycles and commanded a market share of 19.7% in Q1. The company announced the formation of a wholly-owned subsidiary to venture into the electric mobility segment.

Read more here.

Tata Power to transfer 100% stake held in Trust Energy Resources to Tata Power International

Tata Power Company Ltd has signed a share purchase agreement (SPA) with Tata Power International Pte. Ltd (TPIPL) for the sale of 100% equity shares held in Trust Energy Resources (TERPL) for $285.64 million (~Rs 2,125 crore). Both TPIPL and TERPL are wholly-owned subsidiaries of Tata Power. The transaction is likely to be completed in the next two to three weeks.

IEX Q1 Results: Net profit rises 49% YoY to Rs 62.8 crore

Indian Energy Exchange (IEX) reported a 49.23% YoY increase in consolidated net profit to Rs 62.81 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.1% when compared to the previous quarter. Its total income rose 26.86% YoY (or 2.5% QoQ) to Rs 102.87 crore during the same period. IEX’s board has declared a final dividend of Rs 1.5 per share for the financial year 2020-21 (FY21). You can learn more about IEX’s operations here.

TCS partners with Dutch Open Golf Tournament

Tata Consultancy Services (TCS) has announced a new partnership with the Dutch Open Golf Tournament, one of Europe’s most innovative and sustainable golf events. The IT company will leverage its expertise in digital technologies to help the Dutch Open enrich the participant and spectator experience. The Dutch Open 2021 will take place from September 16 to 19 at the Bernardus Golf court in Cromvoirt.

In other news, Kerala’s Industries Minister P. Rajeev confirmed that Kerala Industrial Infrastructure Development Corp (KINFRA) will sign a Memorandum of Understanding (MoU) with TCS for Rs 1,350 crore in two phases.

Read more here.

IndiaMART InterMESH Q1 Results: Net profit rises 18% YoY to Rs 88 crore

IndiaMART InterMESH Ltd reported an 18.62% YoY increase in consolidated net profit to Rs 87.9 crore for the quarter ended June (Q1 FY22). Net profit increased by 57.81% when compared to the previous quarter. Its total income rose 12.9% YoY (or 11% QoQ) to Rs 211 crore during the same period. The e-commerce company’s board has announced a final dividend of Rs 15 per share for the financial year ended March 31, 2021 (FY21). 

Wipro partners with ServiceNow to offer FieldX for enhanced after-sales services

Wipro has launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution build on ServiceNow’s Now Platform. Manufacturing firms can use the solution to enhance their after-sales customer service operations and reduce costs. FieldX integrates the customer service and field-service management capabilities of the Now Platform with Wipro’s Internet of Things (IoT) and Augmented Reality (AR) platforms.

Read more here.

CSB Bank Q1 Results: Net profit rises 14% YoY to Rs 61 crore

CSB Bank reported a 13.89% YoY increase in consolidated net profit to Rs 61 crore for the quarter ended June (Q1 FY22). Net profit has increased by 42.2% when compared to the previous quarter. Its total income rose 15% YoY to Rs 571.53 crore during the same period. Its gross non-performing assets (GNPA) ratio rose to 4.88% in Q1 FY22, compared to 3.51% in Q1 FY21.

Read more here.

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Market News Top 10 News

Bajaj Finserv Reports 31% YoY Fall in Net Profit in Q1 – Top Indian Market News

Bajaj Finserv Q1 Results: Net profit falls 31% YoY to Rs 833 crore

Bajaj Finserv Ltd reported a 31.5% YoY decline in consolidated net profit to Rs 832.7 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 14.9% when compared to the previous quarter. Its revenue from operations fell 1.7% YoY (or 9.34% QoQ) to Rs 13,949.5 crore during the same period. Under its life insurance business, new business premiums grew 75% YoY to Rs 1,296 crore in Q1. However, the net profit of the life insurance business declined by 35% YoY to Rs 84 crore due to a surge in claims related to Covid-19 deaths. 

Read more here.

Bharti Airtel partners with Intel to accelerate 5G rollout in India

Bharti Airtel has announced a collaboration with Intel to develop 5G network by leveraging virtualized radio access network (vRAN) and open radio access network (O-RAN) technologies. The telecom operator will deploy Intel’s 3rd-generation Xeon Scalable processors and other specialised telecom equipment across its network to build a foundation for rolling out wide-scale 5G and mobile edge computing (MEC). The partnership is part of Airtel’s 5G roadmap for India, as it transforms its networks to allow customers to reap full possibilities of the hyperconnected world.

Read more here.

Glenmark Life Sciences IPO to open on July 27; price band set at Rs 695-720 per share

The initial public offering (IPO) of Glenmark Life Sciences will open on July 27 and close on July 29. The price band of the IPO is fixed at Rs 695-720 per share. It consists of a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale (OFS) of up to 63 lakh shares by Glenmark Pharma Ltd (the promoter). At the higher end of the price band, the company is expected to raise Rs 1,513.6 crore. Glenmark Life Sciences is a leading manufacturer of Active Pharmaceutical Ingredients (APIs).

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Wipro announces strategic partnership with Celonis

Wipro Limited has entered into a strategic partnership with Celonis, a global leader in execution management. The IT company will launch the Global Celonis Center to drive operations transformation for clients. The partnership will leverage the Celonis Execution Management System and Wipro’s expertise to streamline operations for clients across several areas, including finance, human resources, and supply chain management. 

Read more here.

Havells India Q1 Results: Net profit jumps nearly four-fold to Rs 236 crore

Havells India Limited reported a 268.5% YoY jump in consolidated net profit to Rs 235.78 crore for the quarter ended June (Q1 FY22). Net profit declined by 22.4% when compared to the previous quarter. Its total revenue from operations rose 75.95% YoY to Rs 2,609.97 crore during the same period. The revenue from its cables segment grew 75% YoY to Rs 807.17 crore. The electrical consumer durables business posted a revenue of Rs 576.33 crore in Q1, an increase of 91% YoY.

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Gland Pharma Q1 Results: Net profit rises 12% YoY to Rs 350 crore

Gland Pharma Limited reported an 11.82% YoY increase in consolidated net profit to Rs 350.7 crore for the quarter ended June (Q1 FY22). Net profit increased by 34.66% when compared to the previous quarter. Its revenue from operations rose 30.5% YoY to Rs 1,153.9 crore during the same period. The company’s key markets of Canada, Europe, the US, and Australia registered a growth of 16% YoY and accounted for 61% of the total revenue in Q1.

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Firstsource Solutions partners with Upfront Healthcare

Firstsource Solutions Ltd has partnered with US-based Upfront Healthcare to provide personalised navigation for each patient. The companies will offer data-backed personalisation and health communications to engage patients before and after care— ultimately transforming the care experience and reducing friction. They will focus on improving medication & visit adherence and reducing patient communication fatigue.

Read more here.

Syngene Q1 Results: Net profit rises 33% You to Rs 77 crore

Syngene International reported a 33.27% YoY increase in consolidated net profit to Rs 77.3 crore for the quarter ended June (Q1 FY22). Net profit declined by 51.8% when compared to the previous quarter. Its revenue from operations rose 41% YoY to Rs 594.5 crore during the same period. EBITDA grew 27% YoY to Rs 177.30 crore in Q1. Syngene International is a contract research and manufacturing company. It provides drug discovery and development services in India and the US.

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Jubilant Foodworks Q1 Results: Net profit at Rs 69 crore

Jubilant Foodworks Ltd reported a consolidated net profit of Rs 69.51 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.89 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 129.95% YoY to Rs 893.18 crore in Q1 FY22. The company opened 29 new stores in Q1, including 20 new Domino’s stores and three stores each for Hong’s Kitchen, Ekdum!, and Dunkin Donuts.

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Tejas Networks Q1 Results: Net profit at Rs 7.55 crore

Tejas Networks Ltd reported a consolidated net profit of Rs 7.55 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 9.76 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 80.73% YoY to Rs 152.63 crore during the April-June quarter of FY22. Tejas Networks is a global optical, broadband, and data networking products company.

CEAT Q1 Results: Net profit at Rs 23.98 crore

CEAT Limited reported a consolidated net profit of Rs 23.98 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 34.76 crore in the corresponding quarter last year (Q1 FY21). However, net profit has declined by 84.31% when compared to the previous quarter (Q4 FY21). The tyre manufacturer’s total income rose 70.11% YoY to Rs 1,910.28 crore during the April-June quarter of FY22. 

Sterling Gtake secures order worth Rs 60 crore for high-speed electric 2W application

Sterling Gtake E-mobility Ltd (SGEM) has secured an order worth Rs 60 crore for motor control units (MCUs) from a leading electric two-wheeler manufacturer. SGEM is a subsidiary of Sterling Tools Limited. The company expects electric vehicle (EV) components to contribute more than 10% of its revenues by the end of the current financial year (FY22). SGEM has been focusing on identifying partners and driving technology transfer to provide customers with application support and technology adapted to Indian requirements.

Read more here.

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Market News Top 10 News

Asian Paints Reports 161% YoY Jump in Net Profit in Q1 – Top Indian Market News

Asian Paints Q1 Results: Net profit jumps 161% YoY to Rs 574 crore

Asian Paints Ltd reported a 161.5% year-on-year (YoY) jump in consolidated net profit to Rs 574.3 crore for the quarter ended March (Q1 FY22). Its revenue from operations rose 91.1% YoY to Rs 5,585.4 crore during the same period. Revenue from its paints segment grew 90.4% YoY to Rs 5,464.7 crore in Q1. A steep rise in the prices of raw materials impacted Asian Paints’ margins across all business segments.

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Infosys opens digital tech and innovation center in Germany for auto sector

Infosys Limited has set up an Automotive Digital Technology and Innovation Centre in Stuttgart, Germany. As part of the IT company’s partnership with Daimler, automotive IT infrastructure experts based in Germany will transition from Daimler AG to the new innovation centre. Infosys will support Daimler AG to strengthen its IT and data centre infrastructure and drive a competitive edge.

Read more here.

Bajaj Finance Q1 Results: Net profit rises 4% YoY to Rs 1,002 crore

Bajaj Finance Ltd reported a 4.17% YoY increase in consolidated net profit to Rs 1,002.44 crore for the quarter ended June (Q1 FY22). Net profit has declined by 25.56% when compared to the previous quarter. The net interest income (NII) rose 8% YoY to Rs 4,489 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.96% in Q1 FY22, compared to 1.79% in Q4 FY21. Bajaj Finance’s assets under management (AUM) grew by 15% YoY to Rs 1.59 lakh crore in Q1.  

Read more here.

Wipro to invest $1 billion over next three years to expand cloud transformation capabilities

Wipro Limited has announced plans to invest $1 billion (~Rs 7,465 crore) over the next three years to build capabilities around cloud technologies. The IT company has launched ‘Wipro FullStride Cloud Services’, a portfolio of services that will help them offer comprehensive cloud transformation capabilities to its customers. The strategic investment and launch are in line with the consistent growth Wipro has witnessed in its cloud business. 

Read more here.

JSW Energy energy to invest Rs 3,000 crore to set up windmills in Tamil Nadu

JSW Energy Ltd has signed an investment agreement worth Rs 3,000 crore with the Tamil Nadu government to set up windmills across the state. The company will establish windmills at Thoothukudi, Tirunelveli, and Tirupur districts. The project will create employment opportunities for more than 600 people.

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DCM Shriram Q1 Results: Net profit jumps two-fold to Rs 158 crore

DCM Shriram Ltd reported a 124.68% YoY jump in consolidated net profit to Rs 157.5 crore for the quarter ended June (Q1 FY22). Net profit has declined by 31.9% when compared to the previous quarter. Its total income rose 4.47% YoY to Rs 2,205.11 crore during the same period. DCM Shriram is engaged in the manufacturing of sugar, fertilisers, chloro-vinyl, and bio-seeds.   

Read more here.

Tatva Chintan IPO subscribed 180.36 times on final day of bidding 

The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 180.36 times on the final day of bidding. The IPO received bids for 58.82 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 35.35 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 512.22 times and 185.23 times, respectively, against their reserved portions. To learn more about the IPO, click here.

CRISIL Q1 Results: Net profit rises 51% YoY to Rs 100 crore

CRISIL Limited reported a 51.9% YoY increase in consolidated net profit to Rs 100.8 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 528.5 crore during the same period. The company’s board has declared an interim dividend of Rs 8 per share. Revenue from its research segment and advisory segment grew 20.2% YoY and 14% YoY, respectively, in Q1. To learn more about CRISIL, click here.

Isgec Heavy Engineering secures order from Russian firm

Isgec Heavy Engineering has secured a significant order from one of the world’s most prominent soda ash manufacturing companies based in Russia. The order is for two sets of carbonation columns, one set of gas scrubber columns, and a set of distillation columns. The broad scope of the order includes casting, machining, hydro-testing, and painting. Noida-based Isgec Heavy Engineering is a diversified heavy engineering company engaged in manufacturing and project businesses.

Read more here.

Shyam Metalics Q1 Results: Net profit jumps 470% YoY to Rs 458 crore

Shyam Metalics and Energy Ltd reported a 470.4% YoY jump in consolidated net profit to Rs 457.98 crore for the quarter ended June (Q1 FY22). Net profit has increased by 18.2% when compared to the previous quarter. Its revenue from operations rose 170% YoY to Rs 2,464 crore during the same period. The company posted strong volume growth of ~37% in Q1. Shyam Metalics and Energy’s shares were listed on the stock exchanges on June 24.

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NTPC emerges winner for 450 MW solar capacity at Rewa

The renewables arm of NTPC Limited has emerged as the winner at the Rewa Ultra Mega Solar Ltd auction for 450 megawatts (MW) of solar projects at the Shajapur Solar Park in Madhya Pradesh. NTPC Renewable Energy won a capacity of 105 MW and 200 MW by quoting the lowest tariff of Rs 2.35 per kilowatt-hour (kWh) and 2.33 per kWh, respectively. NTPC aims to build 60 gigawatts (GW) of renewable energy capacity by 2032.

Read more here.

IOC to build India’s first green hydrogen plant

Indian Oil Corporation (IOC) will build India’s first green hydrogen plant at its Mathura refinery. The company has drawn a strategic growth path that aims to maintain focus on its core refining and fuel marketing businesses over the next 10 years. Meanwhile, IOC will also focus on its advancements in petrochemicals, hydrogen, and electric mobility.

Read more here.

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Market News Top 10 News

Wipro Reports 36% YoY Rise in Net Profit in Q1 – Top Indian Market News

Wipro Q1 Results: Net profit rises 36% YoY to Rs 3,243 crore

Wipro Limited reported a 36.65% year-on-year (YoY) increase in consolidated net profit to Rs 3,242.6 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.09% when compared to the previous quarter. The IT company’s revenue from operations rose 22.4% YoY (or 12.4% QoQ) to Rs 18,252 crore during the same period. Wipro secured eight large deals worth $715 million (~Rs 5,330 crore) in Q1. However, the attrition rate jumped from 12.1% in Q4 FY21 to 15.5% in Q1 FY22.

Read more here.

Reliance in advanced talks to acquire Justdial: Report

According to a report from ET Now, Reliance Industries Ltd (RIL) is in advanced talks to acquire local search engine Justdial from its promoters in a deal worth Rs 5,920 crore-6,660 crore. The report further states that this acquisition will allow Reliance Retail to leverage the merchant database of the 25-year-old local discovery platform and its network across India. Justdial will evaluate fundraising proposals at its scheduled board meeting tomorrow (July 16).

Read more here.

RBL Bank partners with Visa after RBI bans Mastercard

RBL Bank has entered into a partnership with Visa Worldwide to start the issuance of credit cards on the Visa platform. The lender will be able to issue new cards after technology integration with Visa, which is expected to take 8-10 weeks. The move comes after the Reserve Bank of India (RBI) indefinitely barred US-based Mastercard from issuing new credit, debit, and prepaid cards for its failure to comply with data storage norms. The ban takes effect on July 22.

Read more here.

Zomato IPO subscribed 4.8 times on second day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 4.8 times on the second day of bidding. The IPO has received bids for 344.76 crore equity shares against the issue size of 71.92 crore shares. Retail investors have subscribed 4.73 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 45% and 7.07 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

Kolte-Patil Developers partners with Planet Smart City to develop 15,000 housing units

Kolte-Patil Developers Ltd has created a residential development platform with Planet Smart City to develop 15,000 housing units. The joint entity will primarily focus on developing aspirational housing projects in Pune, Mumbai, and Bengaluru. The platform will enable Kolte-Patil Developers to capture structured outright land purchase transactions while maintaining a sound balance sheet.

Read more here.

Angel Broking Q1 Results: Net profit jumps 156% YoY to Rs 121.36 crore

Angel Broking Ltd reported a 156% YoY jump in consolidated net profit to Rs 121.36 crore for the quarter ended June (Q1 FY22). Net profit has increased by 19.09% when compared to the previous quarter. Its total income rose 92.42% YoY (or 13.28% QoQ) to Rs 474.48 crore during the same period. The company’s board has declared an interim dividend of Rs 5.15 per share. Angel Broking crossed the 5 million client milestone in June 2021. Its board has also approved a proposal to change the company name to ‘Angel One’ or ‘Angel One Fintech’.

USFDA issues import alert on Jubilant Pharmova’s Roorkee plant

The US Food & Drug Administration (USFDA) has placed an import alert on Jubilant Pharmova’s manufacturing plant in Roorkee (Uttarakhand). USFDA had conducted an inspection of the formulations plant in March 2021. Earlier, the Roorkee facility had received an Official Action Indicated (OAI) from the agency in December 2018, followed by a warning letter in March 2019. Jubilant Pharmova said it will engage with USFDA to resolve the import alert at the earliest and ensure Current Good Manufacturing Practice (cGMP) compliance. 

Read more here.

LTI Q1 Results: Net profit rises 19.13% YoY to Rs 496 crore

Larsen & Toubro Infotech (LTI) Ltd reported a 19.13% YoY increase in net profit to Rs 496.3 crore for the quarter ended June (Q1 FY22). Net profit has declined by 8.97% when compared to the previous quarter. Its total income rose 18.88% YoY (or 6.28% QoQ) to Rs 3,584 crore during the same period. LTI is a global information technology (IT) solutions and services company based in Mumbai.

BLS International ties up with Flipkart for last-mile delivery services

BLS International Services Ltd has announced a partnership with Flipkart to provide last-mile delivery services across India. The company works with over 46 client governments, including Diplomatic Missions, Embassies & Consulates, and leverages technology and processes that ensure data security. BLS has more than 12,000 centres globally, with 15,000+ employees and associates that provide consular, biometrics, and citizen services. 

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Tata Elxsi Q1 Results: Net profit rises 64% YoY to Rs 113.37 crore

Tata Elxsi Limited reported a 64.61% YoY increase in net profit to Rs 113.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 1.55% when compared to the previous quarter. Its total income rose 39.11% YoY (or 9.63% QoQ) to Rs 575.81 crore during the same period. Tata Elxsi is a leading design and technology services provider based in Bengaluru.