Tag: Yes Bank

Categories
Market News Top 10 News

ED Flags Suspicious Activities by 16 Entities in Adani Case – Top Indian Market Updates

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

ED flags suspicious activities by 16 entities in Adani case

According to reports, the Enforcement Directorate (ED) has investigated links of an Indian private bank and 15 more entities in the case related to short selling of shares of Adani Group companies. This comes days after market regulator SEBI submitted the status of its probe in the Adani-Hindenburg Research matter to the Supreme Court. 

Read more here.

SAT to hear Punit Goenka’s appeal against SEBI order on Sept 8

The Securities Appellate Tribunal (SAT) directed market regulator SEBI to file its response by September 4 in an appeal filed by Punit Goenka, the promoter of Zee Entertainment Enterprises Ltd (ZEEL). The tribunal will now hear the matter on September 8. Goenka aims to contest SEBI’s order that prevents him from taking up directorship or managerial roles in listed companies or their subsidiaries.

Read more here.

Titagarh Rail Systems secures ₹350-crore contract for Ahmedabad metro project

Titagarh Rail Systems Ltd (TRL) has received a letter of acceptance for a ₹350-crore contract from Gujarat Metro Rail Corporation (GMRC) for the design, manufacturing, supply, testing, commissioning and training of 30 standard gauge cars. The gauge cars are for the Ahmedabad Metro Rail Phase-II project. TRL is also involved in several other Metro rail projects in India.

Read more here.

YES Bank goes live with UPI interoperability on CBDC

YES Bank has gone live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) app. With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee app and undertake transactions seamlessly.

Read more here.

Ramkrishna Forgings bags €8.25 million order in South America

Ramkrishna Forgings has secured an order worth €8.25 million (₹73.65 crore) to supply equipment to a client in the South American market. The company will supply front and rear axle components for the next five years. The Kolkata-based company is a leading supplier of rolled, forged, and machined products.

Read more here.

Strides Pharma arm gets USFDA nod for generic Mycophenolate Mofetil oral suspension

Strides Pharma Science’s wholly-owned arm, Strides Pharma Global Pte. Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for generic Mycophenolate Mofetil for oral suspension. The drug is indicated for organ transplant patients to avoid rejection. The product will be manufactured at the company’s facility in Bengaluru.

Read more here.

DGCA carrying out technical evaluation of two incidents involving IndiGo planes

The Directorate General of Civil Aviation (DGCA) is coordinating with IndiGo to carry out the technical evaluation of engine issues faced by the airline’s two aircraft. Two flights of IndiGo (one from Kolkata to Bengaluru and another from Madurai to Mumbai) suffered engine issues on Tuesday. IndiGo’s fleet is powered by Pratt & Whitney (P&W) engines, and several aircraft are on the ground.

Read more here.

Tata Power-DDL gets 3-year extension from DSIR for in-house R&D unit

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has received a three-year extension till 2026 from the Department of Scientific and Industrial Research (DSIR) for its in-house R&D unit. TP-DDL is a joint venture between Tata Power and the Government of NCT of Delhi. DSIR is a part of the Ministry of Science and Technology, the Government of India.

Read more here.

NTPC approves Rs 15,530-crore investment for Lara Super Thermal Power Project Stage-II in Chhattisgarh

NTPC Ltd’s board has approved an investment of ₹15,529.99 crore for the Lara Super Thermal Power Project, Stage II. The power station is situated in the vicinity of Lara village within the Pussore Taluk of Chhattisgarh’s Raigarh district. It boasts a combined installed capacity of 1,600 megawatts (MW).

Read more here.

Fortis Healthcare expands footprint with Rs 225-crore acquisition of Medeor Hospital Manesar

Fortis Healthcare Ltd will acquire Medeor Hospital Manesar for ₹225 crore. The acquisition involves the procurement of both the Medeor Hospital Manesar asset and all moveable assets housed within the facility. This strategic move is aimed at expanding Fortis’ presence in key geographic clusters. The Medeor Hospital Manesar is a multi-speciality healthcare facility in Sector 5 of IMT Manesar, Gurgaon, Haryana.

Read more here.

Categories
Market News Top 10 News

Adani Group Launches App for Airports Vertical – Top Indian Market Updates

adani

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

Adani Group launches consumer app for airports vertical

The Adani Group has rolled out Adani One, a consumer app for its airports vertical. Users will be able to book flights & cabs, shop for duty-free products, and check their flight status through the app. The app also has a loyalty program for users to earn and redeem reward points. The group currently operates seven airports in India — Mumbai, Ahmedabad, Guwahati, Lucknow, Mangalore, Jaipur, and Thiruvananthapuram.

Read more here.

Reliance Jio gains 14 lakh subscribers in Oct, Bharti Airtel adds 8 lakh users: TRAI

Reliance Jio added 14.1 lakh wireless subscribers in October 2022, while Bharti Airtel gained 8 lakh subscribers. Vodafone Idea (Vi) continued to suffer heavy customer losses and is unable to compete effectively with its financially stronger rivals. Vi lost 35 lakh subscribers in Oct, further shrinking its total subscriber base to 24.56 crore. Data released by the Telecom Regulatory Authority of India (TRAI) showed that Jio and Bharti Airtel’s total user bases stood at 42.13 crore and 36.5 crore, respectively.

Read more here.

Car sales in India set to hit record 38 lakh units in 2022: Report

According to an Economic Times report, India’s automakers are projected to end this calendar year with sales of ~38 lakh passenger vehicles (PVs), driven by sustained demand and improved component supplies that helped them increase production. This projection exceeds the previous record by more than 4 lakh vehicles. Sales in the first 11 months of 2022 have already crossed the previous annual record of 33.9 lakh units set in 2018.

Read more here.

Yes Bank completes transfer of bad loans worth ₹48,000 crore to J.C. Flowers

Yes Bank completed the transfer of bad loans worth ₹48,000 crore ($5.81 billion) to private equity firm J.C. Flowers. This transaction would clean and strengthen Yes Bank’s balance sheet. The deal comes more than two years after the Reserve Bank of India stepped in to take control of the bank after a dramatic rise in bad loans alarmed investors and depositors.

Read more here.

Dr. Reddy’s Labs completes Phase 1 study of proposed arthritis drug

Dr. Reddy’s Laboratories Ltd has successfully completed the Phase 1 study of its proposed biosimilar of Tocilizumab. The drug is to be used to treat rheumatoid arthritis in adults. This study used a subcutaneous formulation to evaluate the pharmacokinetic equivalence, safety, and immunogenicity of the company’s Tocilizumab biosimilar candidate in comparison to reference products.

Read more here.

KEC International secures new orders worth ₹1,313 crore

KEC International Ltd has secured new orders worth ₹1,313 crore across various business verticals. It has secured orders for transmission & distribution projects in India, East Asia Pacific, and SAARC. These include a 220 kV gas-insulated substation (GIS) for a refinery project in India, a 500 kV transmission line in Thailand, and another 132 kV transmission line and substations in Nepal.

Read more here.

CDSL buys 46,000 sq. ft. office in Mumbai for ₹163 crore

Central Depository Services Ltd (CDSL) has acquired two floors of office space measuring over 46,000 sq ft carpet area in commercial tower Marathon Futurex in Mumbai’s Lower Parel for ₹163 crore. The depository services company paid stamp duty worth ₹9.79 crore for the registration of the deals that took place on December 14.

Read more here.

Glenmark Pharma gets USFDA approval for high blood pressure drug 

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Nicardipine Hydrochloride Capsules. The drug is used to treat high blood pressure and chest pain. The generic version of the drug achieved annual sales of ~$10.9 million for the 12 months ended Oct 2022, according to IQVIA sales data.

Read more here.

HDFC Bank targets issuing 10 lakh credit cards a month

HDFC Bank Ltd is looking to issue 10 lakh credit cards a month, said Parag Rao, the bank’s country head for payments business, consumer finance, digital banking & marketing. The company will announce partnerships across a range of industries from online retail to food delivery in the coming weeks to increase spending on cards. They also plan to collaborate with two airlines and a large hotel chain.

In other news, HDFC Bank is reportedly seeking to raise nearly $1 billion via an offshore loan.

Read more here.

HZL to spend over $1 billion on shift to battery-operated mining vehicles

Hindustan Zinc (HZL) is planning to invest over $1 billion (~₹8,270 crore) to convert its diesel-fired mining vehicles into battery-operated ones and also to fully turn a green energy user over the next five years. The company is already running four of its 900 mining vehicles on battery on a pilot basis.

Read more here.

Categories
Market News Top 10 News

Maruti Suzuki to Hike Vehicle Prices from Jan – Top Indian Market Updates

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

Maruti Suzuki to hike vehicle prices from January

Maruti Suzuki India Ltd (MSIL) will increase the prices of its vehicles ‘substantially’ from next month (Jan 2023). The automaker aims to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which kick in from April 2023. MSIL continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements.

Read more here.

RIL buys Russian naphtha, increases fuel oil imports

According to data from Refinitiv, Reliance Industries Ltd is purchasing Russian refined fuels, including rare purchases of naphtha (used for making petrochemicals), after some Western buyers stopped Russian imports. Western sanctions against Russia over its invasion of Ukraine have led to the rise of rare trade routes for Russian crude and refined products that were mainly sold to European countries. 

So far, RIL’s fuel oil imports from Russia have surged to a record 3 million tonnes (MT) since April-Dec of FY23, compared to 1.6 million for all of FY22.

Read more here.

Godrej Properties acquires an 18.6-acre land parcel in Mumbai’s Kandivali

Godrej Properties Ltd has acquired an 18.6-acre land parcel in the Kandivali suburb of Mumbai. It is the company’s 8th project in its development portfolio in the current financial year (FY23). The new project will have a developable potential of around 3.72 million sq. ft. with an estimated revenue potential of nearly ₹7,000 crores.

Read more here.

Adani Group seeks central forces protection at Vizhinjam port

The Adani Group moved the Kerala High Court, seeking the assistance of central forces to continue with construction at the Vizhinjam seaport in Thiruvananthapuram. There have been violent protests at the site recently, which are halting construction work. Justice Anu Sivaraman asked the state and central governments to discuss the possibility of deploying the central forces.

Read more here.

RBI gives approval to Carlyle, Advent to acquire a 9.99% stake each in Yes Bank

The Reserve Bank of India (RBI) has given conditional approval to private equity investors Carlyle Group and Advent to acquire a 9.99% stake each in Yes Bank. Both investors will infuse ₹8,898.4 crores into the bank. Each investor will first acquire 1,848 million shares (or 5.9% equity) of Yes Bank at ₹13.78 per share. Separately, the bank will issue convertible warrants at ₹14.82 per share after 18 months.

Read more here.

Tata Power to invest ₹6,000 crores in Odisha in five years

Tata Power CEO and MD Praveer Sinha announced a ₹6,000 crore capital investment by the company in Odisha. The company will also set up 1,000 electric vehicles (EV) charging points, 1,00,000 solar pumps, microgrids, and rooftop & floating solar plants in the next five years. The company has been engaged in power distribution across Odisha and is committed to ensuring ease-of-doing business through quality power supply.

Read more here.

Amara Raja Batteries to invest ₹9,500 crore in Telangana

Amara Raja Batteries Ltd plans to invest ₹9,500 crores over the next 10 years in Telangana to set up research and manufacturing facilities for lithium-ion batteries. The initial facilities would include an energy research and innovation center in Hyderabad, called the Amara Raja E-hub. It will be equipped with advanced laboratories and testing infrastructure for material research, prototyping, and product life cycle analysis.

Read more here.

Bank credit grows nearly 17% for the fortnight ended Nov 18: RBI

As per RBI data, the Indian banking system’s outstanding credit grew by 16.96% YoY to ₹133.29 lakh crore for the two weeks ended November 18. The current financial year (FY23) has seen a steady rise in credit growth in FY23 driven by a variety of reasons, including strong economic growth and borrowers’ shift to banks as against other credit substitutes amid rising interest rates. In FY 2021-22, bank credit rose by 8.59% and deposits by 8.94%.

Read more here.

NTPC coal mining output jumps 48% to 12.24 MMT in April-Nov

NTPC recorded 48% YoY growth in coal mining output at 12.24 million metric tonnes (MMT) for April-November 2022. The four operational coal mines, Pakri-Barwadih & Chatti Bariatu (Jharkhand), Dulanga (Odisha), and Talaipalli (Chhattisgarh) contributed to accomplishing the highest ever monthly coal production of 20.47 lakh metric tonne in November.

Read more here.

Categories
Market News Top 10 News

Yes Bank Plans Growth Roadmap After $1B Capital Raising – Top Indian Market Updates

yes bank

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

Yes Bank plans growth roadmap after $1 billion capital raising

Yes Bank is aiming to expand its loan book by 15% in FY23 and acquire smaller rivals to revive its business, said CEO Prashant Kumar. The bank’s expansion plan comes after it raised $1.1 billion (~Rs 8,725 crore) last week by selling up to a 10% stake to Carlyle Group and Advent International. The capital raised will improve the bank’s common equity Tier-1 capital ratio (a key indicator of financial strength) from 11.9% to 15.7%.

Read more here.

Britannia Industries Q1 Results: Net profit falls 13% YoY to Rs 337 crore

Britannia Industries Ltd reported a 13.37% YoY decline in consolidated net profit to Rs 337.44 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8.74% YoY to Rs 3,700.96 crore during the same period. The company’s total expenses stood at Rs 3,293.15 crore in Q1, up 12.28% YoY. 

Read more here.

Adani Enterprises arm to acquire toll roads in Guj, Andhra from Macquarie Asia Infra Fund

Adani Road Transport Ltd (ARTL) will acquire a 100% stake in Swarna Tollway Pvt. Ltd (STPL) and a 56.8% stake in Gujarat Road and Infrastructure Company Ltd. (GRICL) from Macquarie Asia Infrastructure Fund. STPL & GRICL have two stretches of toll roads each in Andhra Pradesh and Gujarat. The acquisition is at an enterprise value of Rs 3,110 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd.

Read more here.

Dabur Q1 Results: Net profit rises 0.6% YoY to Rs 441 crore

Dabur India Ltd reported a 0.6% YoY (or 50% QoQ) increase in consolidated net profit to Rs 441.06 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8% YoY to Rs 2,822.43 crore during the same period. The company’s domestic FMCG business posted a 5% volume growth.

Read more here.

LTI partners with Saviynt to deliver intelligent identity solutions

Larsen & Toubro Infotech (LTI) has partnered with US-based Saviynt to provide organisations with improved identity management and security threat protection during digital transformation. The partnership combines Saviynt’s Enterprise Identity Cloud with LTI’s Active XDR (Extended Detection & Response) capabilities. The two entities will deliver integrated solutions seamlessly across cloud and hybrid environments.

Read more here.

BHEL Q1 Results: Net loss at Rs 188 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 187.99 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 447.48 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 63.35% YoY to Rs 4,449.5 crore in Q1 FY23. Sate-run BHEL’s power business sales stood at Rs 3,526.2 crore, up 66.57% YoY. Total expenditure increased by 40.15% YoY to Rs 5,006.5 crore in Q1. 

Read more here.

Zydus Lifesciences gets USFDA approval for anti-inflammatory skin cream

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Ivermectin cream. The cream is used to treat inflammatory lesions of rosacea, a common skin condition that causes redness of the skin. As per IQVIA data, Ivermectin cream total had sales of $176 million (~Rs 1,396 crore) in the US during the twelve months ended June 2022.

Read more here.

Berger Paints Q1 Results: Net profit rises 80% YoY to Rs 254 crore

Berger Paints India Ltd posted an 80.6% YoY increase in consolidated net profit to Rs 253.71 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53.44% YoY to Rs 2,759.7 crore during the same period. The paint manufacturer’s total expenses stood at Rs 2,433.92 crore in Q1, up 49.8% YoY.

Read more here.

IndusInd Bank partners with M2P Fintech to expand its digital suite of products

IndusInd Bank has partnered with M2P Fintech to roll out path-breaking customer value propositions across payments and lending solutions. The bank will leverage M2P’s cutting-edge technology backed by analytics to deliver hyper-personalised offerings. M2P’s fully equipped API infrastructure allows IndusInd Bank to develop innovative products or experiences on top of its core banking system.

Read more here.

Adani Enterprises Q1 Results: Ney profit rises 73% YoY to Rs 469 crore

Adani Enterprises Ltd (AEL) reported a 73% YoY (or 54% QoQ) increase in consolidated net profit to Rs 469 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 225% YoY (or 64% QoQ) to Rs 40,844 crore during the same period. EBITDA stood at Rs 1,742 crore in Q1, up 119% YoY. 

In other news, AEL has signed a pact with Israel Innovation Authority (IIA) to access tech solutions provided by Israeli start-ups. The collaboration will span across climate change, cyber, AI, 5G, and agriculture – all of which are core businesses for the Adani Group.

Read more here.

Adani Ports signs MoU with AD Ports Group for infrastructure investments in Tanzania

Adani Ports & SEZ Ltd has signed a Memorandum of Understanding (MoU) with UAE-based AD Ports Group to jointly develop port, rail, and maritime services and an industrial zone in Tanzania. AD Ports Group’s strategic investment in infrastructure and solutions in Tanzania will allow international companies to enter African markets.

Read more here.

Categories
Market News Top 10 News

HDFC Posts 22% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

hdfc

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

HDFC Q1 Results: Net profit rises 22% YoY to Rs 3,669 crore

Housing Development Finance Corporation (HDFC) reported a 22% YoY increase in net profit to Rs 3,669 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) rose 7.8% YoY to Rs 4,447 crore during the same period. HDFC’s assets under management (AUM) stood at Rs 6,71,364 crore in Q1, up 17% YoY. Individual loan disbursements also jumped 66% YoY.

Read more here.

Reliance, Ola, and Rajesh Exports sign agreement under PLI scheme for battery manufacturing

Reliance New Energy Ltd, Ola Electric Mobility, and Rajesh Exports have signed the Program Agreement under Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell Battery Storage. These companies will receive incentives under the government’s Rs 18,100 crore program. The PLI scheme has been customised to favour companies interested in electric mobility and renewable energy.

Read more here.

Ashok Leyland Q1 Results: Net profit at Rs 96 crore

Ashok Leyland Ltd reported a consolidated net profit of Rs 96 crore for the quarter ended June (Q1 FY23). The commercial vehicle maker had posted a net loss of Rs 324 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 107% YoY to Rs 8,470 crore in Q1 FY23. Its domestic light commercial vehicle (LCV) volumes stood at 14,384 units, up 66% YoY.

Read more here.

Alembic Pharma’s arm gets USFDA approval to market skin treatment drug

Alembic Pharmaceuticals Ltd’s subsidiary, Aleor Dermaceuticals, has received approval from the US Food & Drug Administration (USFDA) to market Diclofenac Sodium topical gel. The product is indicated for the topical treatment of actinic keratoses (scaly spots or patches on the top layer of skin). As per IQVIA data, the topical gel had an estimated market size of $10 million (~Rs 79.4 crore) for the 12 months ended March 2022.

Read more here.

Cipla Q1 Results: Net profit falls 4% YoY to Rs 686 crore

Cipla Limited reported a 3.96% YoY decline in consolidated net profit to Rs 686.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations fell 2% YoY to Rs 5,375 crore during the same period. The pharma company’s India revenue (trade generics, prescription business, and consumer health segments) fell 8.4% YoY to Rs 2,483 crore. 

Read more here.

Yes Bank to raise Rs 8,898 crore from Carlyle, Advent

Yes Bank’s board has approved a proposal to sell 10% of its stake to global private equity investors Carlyle Group and Advent International for Rs 8,898 crore. The lender will issue up to 369 crore equity shares to both investors at Rs 13.78 per share. It will also issue 256 crore share warrants at Rs 14.82 per warrant to funds affiliated with Carlyle and Advent. The fundraise will further boost Yes Bank’s capital adequacy and aid its medium to long-term sustainable growth objectives

Read more here.

IOCL Q1 Results: Net loss at Rs 1,992 crore

Indian Oil Corporation Ltd reported a net loss of Rs 1,992.53 crore for the quarter ended March (Q1 FY23). It had posted a net profit of Rs 6,021.88 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 62.47% YoY to Rs 2,51,933 crore in Q1 FY23. The average gross refining margin (GRM) stood at $31.81 per barrel in Q1 FY23, compared to $6.58 per barrel in Q1 FY22.

Read more here.

DLF Q1 Results: Net profit rises 39% YoY to Rs 470 crore

DLF Limited reported a 39% YoY increase in consolidated net profit to Rs 469.56 crore for the quarter ended June (Q1 FY23). Its total income rose 22% YoY to Rs 1,516.28 crore during the same period. The realty major’s sales bookings jumped two-fold to Rs 2,040 crore in Q1. DLF has so far developed more than 153 real estate projects comprising over 330 million square feet of area.

Read more here.

Delhi govt plans 1,000 new charging points, 100 battery swapping stations

The Delhi government announced plans to ramp up infrastructure to support more electric vehicles (EV) in the capital. As part of the plan, about 1,000 new charging points for EVs and 103 battery swapping stations will be set up by Delhi Transco Ltd (DTL) in the next few weeks. The first set of charging stations are expected to be inaugurated next month.

Read more here.

NTPC Q1 Results: Net profit rises 15% YoY to Rs 3,978 crore

NTPC Limited reported a 15.5% YoY increase in consolidated net profit to Rs 3,977.7 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 44.46% YoY to Rs 43,177.14 crore during the same period. NTPC’s board has approved the issuance of debentures up to Rs 12,000 crore through private placement in the domestic market.

Read more here.

Categories
Market News Top 10 News

HDFC Bank to Move Payments Out of Core Banking – Top Indian Market Updates

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

HDFC Bank to move payments out of core banking to ensure minimal downtime

HDFC Bank will soon move its payments platform out of its core banking module to enable minimal payments downtime, even if core banking is not available. The private lender is likely to launch additional products and services under Digital 2.0, including a new payments platform for its customers and merchants. The bank has partnered with a new-age startup to co-create new core banking modules.

Read more here.

Atul Auto’s arm partners with Honda, Valeo for electrification of three-wheelers

Atul Greentech (a subsidiary of Atul Auto Ltd), Honda Powerpack Energy, and France-based automotive supplier Valeo have signed a Memorandum of Understanding (MoU) for the electrification of three-wheelers. Valeo will provide electric powertrains and powertrain control units for Atul’s electric three-wheelers to work with Honda’s swappable battery solution. The MoU brings domain expertise together to accelerate three-wheeler electrification in both passenger and cargo segments.

Read more here.

Adani Enterprises, 10 others keen on bidding for coal import tenders: CIL

Adani Enterprises Ltd and ten other companies (including offshore firms) have expressed interest in bidding for coal import tenders floated by Coal India Ltd (CIL). On June 9, CIL said it has floated its maiden tender to import 2.416 million tonnes (MT) of coal to ensure an adequate supply of the fuel to power plants in India. The company floated two more medium-term tenders for sourcing 6 MT of coal from overseas on June 10.

Read more here.

Future Enterprises defaults on Rs 6.07 crore interest payment for NCDs

Future Enterprises Ltd has defaulted on the payment of interest of Rs 6.07 crore for its non-convertible debentures (NCDs). The due date for payment was June 20, 2022. The latest default is on the interest of securities issued for a sum of Rs 120 crore. The debentures are secured and have a coupon rate of 10.15% per annum.

Read more here.

Yes Bank launches floating-rate fixed deposit for domestic customers

Yes Bank has announced the launch of Floating Rate Fixed Deposit, a new product offering for all domestic customers. The rate of interest on this fixed deposit (FD) will be linked to the prevailing repo rate, allowing customers to enjoy dynamic returns on their fixed deposits. The bank has also raised its interest rates on standard FDs up to 6.5% per annum for regular customers and up to 7.25% p.a. for senior citizens.

Read more here.

ONGC seeks minimum $17 price for coal gas from Bokaro

Oil and Natural Gas Corp (ONGC) is planning to auction gas from its coal bed methane (CBM) block in Bokaro, Jharkhand, at a crude-linked reserve price that is more than $17 per million metric British Thermal Units (mmBtu) at current oil rates. The company will conduct an e-auction for the sale of 0.20 million metric standard cubic meters per day (mmscmd) of CBM gas. ONGC and Indian Oil own 80% and 20% participating interest, respectively, in the CBM block.

Read more here.

Hindustan Motors to sell ‘Contessa’ brand to SG Corporate Mobility

Hindustan Motors Ltd has agreed to sell its ‘Contessa’ brand to SG Corporate Mobility Pvt. Ltd (SGCMPL) for an undisclosed sum. The company has executed a brand transfer agreement with SGCMPL on June 16, 2022, for the transfer of the Contessa brand, including the trademarks. Contessa was a premium sedan sold in India by Hindustan Motors from the 1980s to the early 2000s.

Read more here.

​​Oil prices rise $2 on strong demand, tight supply

Oil prices rose almost $2 on Tuesday amidst rising fuel demand while supplies remain tight due to sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.80, or 1.6%, to $115.93 a barrel. The U.S. West Texas Intermediate (WTI) crude contract for July rose $2.26, or 2.1%, to $111.82.

Meanwhile, European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions.

Read more here.

Categories
Editorial

What’s Happening at Yes Bank?

Scandal-ridden Yes Bank has been all over the news lately. It has initiated the process to form a new Board of Directors. The private sector bank seeks to exit from the reconstruction scheme devised for its rescue in 2020. It has reported a positive momentum in overall business and even claimed to regain the trust of customers, employees, and investors.

In this article, we dive into the factors behind Yes Bank’s downfall and discuss recent developments surrounding the lender.

The Downfall of Yes Bank

Yes Bank secured its banking licence and began operations in 2004. It held great promise. Over the next decade, the bank’s loan book grew quickly, customer satisfaction was high, and its share price was surging. However, many began to question its management style under promoter Rana Kapoor. 

The bank often handed out loans to various companies that were not able to get credit elsewhere. They gave credit to Cafe Coffee Day, CG Power, Jet Airways, DHFL, Anil Ambani Group firms, and IL&FS. This strategy allowed Yes Bank to expand operations, but it was too risky. Unfortunately, all companies mentioned above collapsed and caused tremendous stress in India’s financial sector over the past few years. 

Thus began the downfall of Yes Bank. The Reserve Bank of India (RBI) repeatedly called out the lender for under-reporting its non-performing assets (or bad loans). In 2018, the central bank refused to offer Rana Kapoor a new term as CEO due to “highly irregular credit management practices, serious deficiencies in governance, and a poor compliance culture.” Yes Bank’s share price crashed during this period. 

What Happened Next?

In March 2019, Ravneet Gill took charge as the MD and CEO of Yes Bank. The RBI appointed a member to its board. They attempted to raise fresh capital from new investors. To their dismay, the bank was unable to raise funds as it had lost all credibility. Whenever Yes Bank tried to raise capital by selling shares, many found discrepancies/errors in its balance sheet. 

The Securities & Exchange Board of India (SEBI) even initiated a probe against the bank over insider trading violations around the same period! More importantly, its bad loans had surged to ~Rs 40,000 crore as of March 2020! The bank’s shares, which were trading at ~Rs 390 in August 2018, crashed to around Rs 25 in March 2020.

RBI’s Intervention

The RBI finally had to step in before the bank went into a total collapse. In March 2020, it laid down a draft reconstruction plan for Yes Bank. The central bank imposed a moratorium on the troubled lender and capped withdrawals at Rs 50,000 per person. It also stated that the State Bank of India (SBI) will invest capital to acquire a 49% stake in the restructured bank. RBI’s plan proposed that depositors’ funds will be protected and all employees would keep their jobs for at least a year.

Apart from fixing the share price to Rs 10, the RBI also declared that the bank’s 81 additional tier-1 capital bonds (which offer a higher rate of interest) will have no value. Moreover, the bank’s board now included four government-appointed directors, two SBI nominees, and two RBI nominees.

Finally, it took eight financial institutions (led by SBI) and Rs 10,000 crores of combined capital infusion to rescue Yes Bank! ​​

Recovery Mode!

Last week, Yes Bank kicked off the process of forming an alternate board. It has come out of the reconstruction scheme after returning to profit in FY22 from witnessing deep losses for two consecutive years. The bank’s deposit book nearly doubled from Rs 1.05 lakh crore to Rs 1.97 lakh crore as of March 2022. Asset quality has improved slightly. It also maintained leadership in digital payments with the highest market share in the Unified Payments Interface (UPI). One of every third digital transaction is now processed by Yes Bank’s infrastructure!

“Since the implementation of the reconstruction scheme, the bank undertook multiple transformational initiatives that helped in resurrecting and rebuilding its foundation. It now remains on course to achieve its growth and profitability objective.” – Yes Bank in a regulatory filing.

Will Yes Bank get back to its glory days? Let us know your views in the comments section of the marketfeed app.

Categories
Market News Top 10 News

RBI Raises Repo Rate to 4.9% – Top Indian Market Updates

rbi

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

RBI raises repo rate to 4.9%

The Reserve Bank of India (RBI) has raised its key repo rate by 50 basis points (bps) to 4.90% to curb the rising inflation in our country. It is the second hike by the RBI in two months and is expected to hike borrowing costs for corporates and individuals. The government has entrusted RBI to ensure that retail inflation remains at 4%, with a margin of 2% on either side. 

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Ramkrishna Forgings secures order worth Rs 115 crore

Ramkrishna Forgings Ltd (RFL) has received an export order worth Rs 115 crore from a European Tier-1 supplier for a new differential housing case business. This order win will provide a boost to RFL’s geographical diversification strategy and strengthen its European order book. RFL supplies rolled, forged, and machined products.

Read more here.

India’s coal production rises 34% YoY to 71.3 MT in May

India registered a 33.8% YoY increase in coal production to 71.30 million tonnes (MT) in May. Out of the top 37 coal-producing mines, 23 produced at more than 100% capacity. The performance of 10 mines stood between 80-100%. Coal-based power generation declined by 3.82% YoY to 98,609 million units (MUs) in May.

Read more here.

Yes Bank to seek another term for CEO, restructure board

Yes Bank will seek shareholder approval for another three-year term for CEO Prashant Kumar and reconstitute the board by adding five new members. Three board members, including chairman and former AIG executive Sunil Mehta, will leave the bank. All three members were appointed by a government notification under a special scheme of restructuring after the bank nearly collapsed due to its failure to raise capital in March 2020.

Read more here.

Wipro, TCS to work at IBM’s Kochi centre to co-create AI-based automation tech

Tata Consultancy Services (TCS) and Wipro will work at IBM’s new automation innovation centre in Kochi to develop artificial intelligence (AI)-based solutions. The new centre will allow IBM and its ecosystem partners to build automation solutions through their lifecycle— product design, engineering, and support. It will help clients in the areas of business automation, Artificial intelligence for IT Operations (AIOps), and integration.

Read more here.

Tata Power Solar commissions 450 MW project in Rajasthan

Tata Power Solar has commissioned a 450 megawatt (MW) capacity solar plant for Brookfield Renewable India in Rajasthan. The project will produce over 800 gigawatt-hour (GWh) of clean energy annually and help reduce up to 600,000 tons of annual CO2 emissions. With the commissioning of this project, the company’s total utility-scale solar project portfolio touches 9.7 gigawatt-peak (GWp).

Read more here.

BLS International’s arm to acquire Zero Mass

BLS E-services Pvt. Ltd (BEPL) will acquire a 100% stake in Zero Mass Pvt. Ltd (ZMPL) for Rs 120 crore. ZMPL undertakes business correspondent services for various banks for last-mile connectivity. BEPL is a wholly-owned subsidiary of BLS International Services, a trusted global tech-enabled services partner for governments and citizens.

Read more here.

Ujjivan SFB’s board to raise Rs 1,500 crore via NCDs

Ujjivan Small Finance Bank Ltd’s board has approved a proposal to raise up to Rs 1,500 crore through the issue of non-convertible debentures (NCDs). The issue will be on a private placement basis in one or more tranches (rounds).

Lupin gets USFDA approval for cystic fibrosis drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Ivacaftor tablets in the U.S. The drug is used to treat cystic fibrosis (a disorder that damages the lungs, digestive tract, and other organs). As per IQVIA March 2022 data, Ivacaftor tablets had estimated annual sales of $109 million in the US.

Read more here.

Categories
Market News Top 10 News

Indian Oil Acquires 4.93% Stake in IGX – Top Indian Market News

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

Indian Oil Corp acquires 4.93% stake in IGX

Indian Oil Corporation (IOC) has acquired a 4.93% stake in Indian Gas Exchange (IGX). At face value, the acquisition will cost IOC Rs 3.7 crore. IGX is India’s first automated national-level gas exchange. It ensures transparent price discovery in natural gas and facilitates the growth of natural gas in India’s energy basket.

In other news, the Board of Directors of IOC has approved an investment of Rs 9,028 crore for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana. The pipeline will have a capacity to transport 17.5 million tonnes (MT) of imported crude oil per annum from the Gujarat port to IOC’s refinery in Haryana.

Read more here.

NTPC plans to have 35 GW of renewable energy capacity by 2027

NTPC Ltd has announced plans to have total renewable energy (RE) capacity of 35 gigawatts (GW) by 2027. The company expects to generate 10 billion units of green energy by 2022-23. The state-owned power giant has 2,095.5 megawatts (MW) of RE capacity, including solar, wind, and hydro energy. Its RE generation in April-November 2021 stands at 4,089.64 million units.

Read more here.

Piramal Pharma invests Rs 102 crore for minority stake in Yapan Bio

Piramal Pharma Ltd (PPL) has invested Rs 101.77 crore in Hyderabad-based Yapan Bio to augment the capabilities of its contract development and manufacturing organisation (CDMO) business. PPL will hold a 27.78% stake in Yapan Bio. The investment will allow Piramal Pharma to strengthen its CDMO business by broadening its service offerings.

Read more here.

Exide Industries to set up li-ion cell manufacturing plant

Exide Industries Ltd has announced plans to set up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. The company also plans to apply for the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries. This scheme will facilitate the reduction of import dependence of ACC batteries. It will also reduce the prices of batteries used in electric vehicles.

Read more here.

Yes Bank board approves raising up to Rs 10,000 crore

The Board of Directors of Yes Bank has approved raising funds up to Rs 10,000 crore through various instruments. The funds would be raised via the issue of equity shares, depository receipts, convertible bonds, debentures, or warrants. The fundraising is subject to necessary approvals from shareholders and regulators.

Read more here.

Inox Wind secures 150 MW wind project from NTPC Renewable Energy

Inox Wind Ltd has secured a 150 megawatt (MW) wind power project from NTPC Renewable Energy Ltd. The project will help NTPC achieve its target of having over 60 GW renewable energy capacity, constituting ~50% of the company’s overall power generation capacity by 2032. The project will be executed on a turnkey basis at Dayapar site in Kutch district, Gujarat. It is scheduled to be commissioned by April 2023.

Read more here.

RBI appoints CSB Bank to undertake banking business of central, state governments

The Reserve Bank of India (RBI) has empanelled CSB Bank as an ‘agency bank’ to undertake the general banking business of central and state governments. CSB Bank is now authorised to enter into agreements with central and state government departments for handling tax collections, pension payments, collection of stamp duty, etc. It will also enable the bank to handle a broad range of transactions related to goods & services tax (GST), property tax, and value-added tax.

Read more here.

Shilpa Medica launches chronic constipation drug

Shilpa Medicare Ltd has announced the launch of ‘Prucalshil’ (Prucalopride), a chronic constipation drug for adults. Prucalopride is used for symptomatic treatment of chronic constipation in adults at times when laxatives fail to provide adequate relief. The launch of Prucalshil will help Shilpa Medicare to build its gastro portfolio. Going forward, the pharma company aims to add more products to its gastro basket.

Read more here.

SBI acquires minority stake in JSW Cement for Rs 100 crore

State Bank of India (SBI) has acquired a minority stake in JSW Cement Ltd at an investment of Rs 100 crore via compulsorily convertible preference shares (CCPS). The conversion of such CCPS into common equity will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering. This capital infusion will support the JSW Cement’s capacity expansion from the current 14 million tonnes per annum (MTPA) to 25 MTPA

Read more here.

Jio adds 17.6 lakh mobile users in October; Airtel, Vi lose subscribers: TRAI

Reliance Jio Infocomm gained 17.6 lakh mobile subscribers in October. Jio’s total subscriber base rose to 42.65 crore during the same month. Bharti Airtel lost 4.89 lakh users, taking its overall mobile user base to 35.39 crore at the end of October. Vodafone Idea (Vi) lost 9.64 lakh subscribers in October and its user base shrunk to 26.9 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here. 

Categories
Market News Top 10 News

India’s GDP Expands 8.4% in Q2 – Top Indian Market

India’s GDP expands by 8.4% in July-Sept quarter

India’s gross domestic product (GDP) grew 8.4% in the July-September quarter of the current financial year (Q2 FY22). The GDP had contracted by 7.4% in the corresponding quarter last year. GDP at Constant (2011-12) Prices is estimated at Rs 35.73 lakh crore in Q2 FY22, compared to Rs 32.97 lakh crores in Q2 FY21. The Indian economy strengthened in Q2 due to a pickup in the pace of vaccinations and the easing of localised restrictions.

Meanwhile, the output from India’s eight core sectors grew 7.5% in October 2021, compared to a 0.5% contraction in October 2020. Core sectors’ growth stood at 4.5% in September 2021. The core sectors include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.

Read more here.

Yes Bank’s voting rights in Dish TV unfrozen by Supreme Court

The Supreme Court (SC) unfroze a restriction imposed by the police on Yes Bank’s voting rights in Dish TV India Ltd. This move will allow the bank to vote in Dish TV’s Annual General Meeting (AGM). However, the AGM scheduled to take place on November 30 has now been postponed. The freeze on voting rights of shares held by Yes Bank was due to a notice issued by the Uttar Pradesh police on Nov 5, which directed the bank not to transfer or exercise any rights as a shareholder of Dish TV. 

Read more here.

Infosys to transition Daimler’s HPC workloads to green data centre in Norway

Infosys will transfer Daimler’s High-Performance Computing (HPC) workloads to Lefdal Mine Datacenter in Norway, one of Europe’s greenest data centres. The HPC workloads are used to design vehicles and automated driving technologies. The shift to Green Data Center as a Service is an important milestone in supporting Daimler to achieve its sustainability mission (Ambition 2039) to become carbon neutral by 2039.

Read more here.

Edelweiss Financial Services to raise up to Rs 1,000 crore via NCDs

Edelweiss Financial Services Ltd (EFSL) will raise up to Rs 500 crore via the public issue of secured, redeemable, non-convertible debentures (NCDs) of face value Rs 1,000 each. The base size of the issue is Rs 200 crore, with an option to retain oversubscription up to Rs 300 crore. The issue is within the shelf limit of Rs 1,000 crore. The effective yield per annum of the NCDs ranges from 8.75% to 9.70%. 

Read more here.

redBus partners with IRCTC to offer train ticketing service

Online bus ticketing platform redBus has partnered with IRCTC to offer rail ticketing services under “redRail”. As part of its introductory offer, redRail will not levy any service fee or payment gateway charges. All of the scheduled train services of IRCTC, which includes nearly 9 million daily seats, will now also be available on the redBus app for booking.

Read more here.

Maruti Suzuki flags drop in December output due to chip shortage

Maruti Suzuki India Ltd is expecting an adverse impact on vehicle production at its manufacturing units in Haryana and Gujarat in December due to the global semiconductor shortage. Total production could only be around 80-85% of the normal production. Supply chain disruptions and booming demand for consumer electronics have led to an acute shortage of semiconductors. 

Read more here.

Dilip Buildcom emerges lowest bidder for rail project in Himachal Pradesh

Dilip Buildcon Ltd has emerged as the lowest bidder for a tender floated by Rail Vikas Nigam Ltd (RVNL) in Himachal Pradesh. The work includes slope protection and allied works in connection with the new Bhanupali-Bilaspur-Beri railway line in Bilaspur district. The project cost is Rs 636.94 crore. Dilip Buildcon has to complete the project within 24 months.

Read more here.

PTC Industries’ arm receives approval to make alloy castings for aerospace applications

Aerolloy Technologies, a subsidiary of PTC Industries Ltd, has received international certification to manufacture titanium and nickel super alloy castings for aerospace applications. Uttar Pradesh-based PTC Industries develops and manufactures strategic components and sub-systems for various defence and aerospace applications.

Read more here.

NMDC slashes lump ore prices by Rs 750 per tonne, fines by Rs 200 per tonne

NMDC Limited has reduced the prices of lump ore by Rs 750 per tonne and fines by Rs 200 per tonne. The company has revised the rates of lump ore or higher grade ore to Rs 5,200 a tonne. The price of lump ore or low-grade ore has been fixed at Rs 4,560 per tonne. The revised prices are effective from November 30, 2021.

Categories
Market News Top 10 News

RIL Reports 43% YoY Rise in Net Profit in Q2 – Top Indian Market News

Reliance Industries Q2 Results: Net profit rises 43% YoY to Rs 13,680 crore

Reliance Industries Ltd (RIL) reported a 43% YoY increase in net profit to Rs 13,680 crore for the quarter ended September (Q2 FY22). Net profit increased by 11% compared to the previous quarter. Its revenue from operations rose 49% YoY (or 21% QoQ) to Rs 1.74 lakh crore during the same period. The company posted a record quarterly consolidated operating profit of Rs 30,283 crore, an growth of 30% YoY.

 Jio Platforms reported a net profit of Rs 3,728 crore in Q2, up 23% YoY. Its revenue from operations rose ~7% YoY (or 4.4% QoQ) to Rs 19,777 crore.

Read more here.

Tata Consumer Q2 Results: Net profit rises 4% YoY to Rs 268 crore

Tata Consumer Products Ltd (TCPL) reported a 4.2% YoY increase in consolidated net profit to Rs 268.04 crore for the quarter ended September (Q2 FY22). Net profit increased by 44.77% compared to the previous quarter. Its revenue from operations rose 9.1% YoY to Rs 3,033.1 crore during the same period. TCPL’s revenue growth in Q2 was aided by a 14% YoY rise in the India beverages segment and a 23% YoY rise in the India foods business.

Read more here. 

Adani Green’s subsidiary secures 450 MW wind energy project

Adani Renewable Energy Holding Fifteen Ltd (AREHFL) has received a Letter of Award (LOA) for setting up a 450 megawatt (MW) wind energy project. AREHFL is a subsidiary of Adani Green Energy Ltd (AGEL). The fixed tariff for this project capacity is Rs 2.70 per kilowatt-hour (kWh) for 25 years. With this, AGEL has a total renewable energy project portfolio of 20,284 MWac capacity

Read more here.

HDFC Life Q2 Results: Net profit falls 16% YoY to Rs 276 crore

HDFC Life Insurance reported a 16% YoY decline in consolidated net profit to Rs 275.91 crore for the quarter ended September (Q2 FY22). Its total income rose 24.6% YoY to Rs 20,478.46 crore during the same period. HDFC Life’s net premium income (NPI) stood at Rs 11,445.33 crore in Q2 FY22, compared to Rs 10,056.71 crore in Q1 FY21.

Read more here.

RBI announces scale-based regulatory framework for NBFCs

The Reserve Bank of India (RBI) has introduced a revised scale-based regulatory framework for non-banking financial companies (NBFCs). The framework encompasses different aspects of regulation of NBFCs, including capital requirements, governance standards, and prudential regulation. There will also be a ceiling of Rs 1 crore per borrower for financing subscription to an Initial Public Offer (IPO). It will be effective from October 1, 2022.

Read more here.

PVR Q2 Results: Net loss at Rs 153 crore

PVR Limited reported a consolidated net loss of Rs 153.13 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 184.06 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 120.32 crore in Q2 FY22. PVR’s total expenses rose 18.31% YoY to Rs 460.68 crore during the same period.

Read more here.

Hindustan Zinc Q2 Results: Net profit rises 4% YoY to Rs 2,017 crore

Hindustan Zinc Ltd (HZL) reported a 3.9% YoY increase in net profit to Rs 2,017 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 7.6% YoY to Rs 5,958 crore during the same period. The company’s total expenses increased by 4.2% YoY to Rs 3,571 crore in Q2. HZL said it is progressing well on its Environmental, Social, and Governance (ESG) journey and has committed to Net Zero emissions by 2050.  

Read more here.

Federal Bank Q2 Results: Net profit rises nearly 50% YoY to Rs 460 crore

Federal Bank reported a nearly 50% YoY increase in net profit to Rs 460.26 crore for the quarter ended September (Q2 FY22). Net profit rose ~25% compared to the previous quarter. Its net interest income (NII) rose 7% YoY to Rs 1,479.4 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.24% in Q2, compared to 3.50% in the previous quarter. Provisions declined by 53.9% YoY (or 54.8% QoQ) to Rs 245 crore in the July-Sept quarter of FY22. 

Read more here. 

Paytm gets SEBI approval for Rs 16,600 crore IPO

One97 Communications, the parent company of fintech platform Paytm, has received approval from market regulator SEBI to launch its Rs 16,600 initial public offering (IPO). The IPO comprises a fresh issue of shares of up to Rs 8,300 crore and an offer for sale (OFS) of up to Rs 8,300 crore. The proceeds from the IPO will be used to strengthen Paytm’s payment ecosystem and for new business initiatives and acquisitions.

In other news, FSN E-Commerce Ventures will open its IPO on October 28 (next Thursday). The company runs Nykaa, an online marketplace for beauty and wellness products. The price band of the IPO is fixed at Rs 1,085-1,125 per share. 

Read more here.

Tata Elxsi Q2 Results: Net profit rises 59% YoY to Rs 125 crore

Tata Elxsi Ltd reported a 58.9% YoY increase in net profit to Rs 125.33 crore for the quarter ended September (Q2 FY22). Net profit increased 10.55% compared to the previous quarter. The IT company’s revenue from operations rose 38.4% YoY (or 6.6% QoQ) to Rs 595.3 crore during the same period. 

Yes Bank Q2 Results: Net profit rises 74% YoY to Rs 225 crore

Yes Bank reported a 74.3% YoY increase in net profit to Rs 225 crore for the quarter ended September (Q2 FY22). Net profit increased ~9% compared to the previous quarter. Its net interest income (NII) fell 23.4% YoY to Rs 1,512 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 15% in Q2, compared to 15.6% in the previous quarter. Provisions declined by 65% YoY to Rs 377 crore in the July-Sept quarter of FY22. 

Read more here. 

Categories
Market News Top 10 News

Maruti Suzuki Reports 62% QoQ Fall in Net Profit in Q1 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q1 Results: Net profit at Rs 441 crore

Maruti Suzuki India Ltd reported a standalone net profit of Rs 440.8 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62% when compared to the previous quarter. It had posted a net loss of Rs 249 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations fell 26% QoQ to Rs 17,770 crore in Q1 FY22. The automaker posted a 25% QoQ decline in total sales to 3.53 lakh units during the April-June quarter.

Read more here.

Yes Bank, Indiabulls Housing Finance sign co-lending agreement

Yes Bank has entered into a co-lending agreement with Indiabulls Housing Finance for home loans. The partnership aims at integrating capabilities to provide an efficient and seamless experience to retail home loan customers. The Reserve Bank of India’s co-lending framework provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

Read more here.

Nestle India Q2 Results: Net profit rises 11% YoY to Rs 539 crore

Nestle India Ltd reported an 11% YoY increase in net profit of Rs 538.6 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,476 crore during the same period. Nestle’s domestic sales grew 13.7% YoY, while export revenues grew 17.7% YoY in Q2 CY21. The company’s board has approved the sale of a 20% stake in Sahyadri Agro due to a change in business conditions. 

Read more here.

IDBI Bank Q1 Results: Net profit jumps four-fold to Rs 603 crore

IDBI Bank reported a 318% YoY jump in standalone net profit of Rs 603.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 41.4% YoY to Rs 2,506 crore during the same period. The gross non-performing assets (GNPA) ratio declined to 22.71% in Q1 FY22, compared to 26.81% in Q1 FY21. IDBI Bank’s provisions for bad loans and contingencies rose 97.2% YoY to Rs 1,751.80 crore in the April-June quarter of FY22.

Read more here.

Shilpa Medicare gets WHO approval for Tenofovir Disoproxil Fumarate

Shilpa Medicare has received approval from the World Health Organisation for Tenofovir Disoproxil Fumarate. The drug is used to treat chronic Hepatitis B and prevent and treat HIV AIDS. Shilpa Medicare is a leading manufacturer of Active Pharmaceutical Ingredients (APIs), intermediaries, and formulations in India.

Coforge Q1 Results: Net profit rises 55% YoY to Rs 124 crore

Coforge Limited reported a 54.7% YoY increase in consolidated net profit to Rs 123.6 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 38.3% YoY to Rs 1,461.6 crore during the same period. The IT company’s total order book executable over the next 12 months rose 38.7% YoY to $645 million as of June 30, 2021. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

Read more here.

Sanofi India sells nutraceuticals business to Universal Natruscience for Rs 587 crore

The Board of Directors of Sanofi India Ltd has approved the sale and transfer of its nutraceuticals business to Universal Nutriscience Pvt Ltd for Rs 587 crore. Universal Nutriscience is a strategic partnership between Kedaara Capital (a private equity firm) and Universal Medicare (a nutraceuticals company). Sanofi India’s nutraceuticals business comprises 16 brands and 30 stock-keeping units (SKUs) 

Read more here.

SRF Q1 Results: Net profit jumps 123% YoY to Rs 395 crore

SRF Limited reported a 123% YoY jump in consolidated net profit to Rs 395 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its revenue from operations rose 75% YoY to Rs 2,699 crore during the same period. The company’s chemical business posted a 59% increase in revenue to Rs 1,114 crore in Q1. SRF’s board has declared an interim dividend of Rs 12 per share.

Read more here.

Welspun India Q1 Results: Net profit jumps 343% YoY jump to 217.53 crore

Welspun India Ltd reported a 343.12% YoY jump in consolidated net profit to Rs 217.53 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its total income rose 83.15% YoY (or 2.47% QoQ) to Rs 217.53 crore during the same period. Welspun India is a multinational conglomerate based in Mumbai. Its crore industries include steel, energy, and textiles.

Mahanagar Gas Q1 Results: Net profit jumps 351% YoY to Rs 204 crore

Mahanagar Gas Ltd (MGL) reported a 351% YoY jump in consolidated net profit to Rs 204.08 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4% when compared to the previous quarter. Its revenue from operations rose 140% YoY (it fell 14% QoQ) to Rs 615.49 crore during the same period. MGL posted a 22.5% QoQ decline in CNG sales to 141.11 million standard cubic meters (MSCM) in Q1. Total gas sales fell 17% QoQ to 2.398 MSCM per day.