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Asian Paints Posts 53% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Asian Paints Q2 Results: Net profit rises 53% YoY to ₹1,232 crore

Asian Paints reported a 53.3% year-on-year (YoY) increase in net profit to ₹1,232 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue from operations rose just 0.2% YoY to ₹8,478.6 crore during the same period. EBITDA stood at ₹1,716.2 crore, up 39.8% YoY. The company’s board recommended a dividend of ₹5.15 per share.

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Infosys signs 5-year deal with EV firm smart Europe

Infosys Ltd has entered into a five-year collaboration with smart Europe GmbH to provide services related to sustainable electric mobility to its customers. The deal is to refine the company’s direct-to-customer (D2C) business model in the European market, along with providing enhanced customer experience, engagement and personalisation driven by data.

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Canara Bank Q2 Results: Net profit rises 43% YoY to ₹3,606 crore

Canara Bank reported a 43% YoY increase in net profit to ₹3,606 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 19.76% YoY to ₹8,903 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 6.37% in Q2 FY23 to 4.76% in Q2 FY24. 

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Adani Group seeks to raise $4 billion to fund green hydrogen plans

Adani Enterprises Ltd’s subsidiary, Adani New Industries Ltd, is seeking loans from both domestic and international banks to build plants that would produce low-cost green hydrogen. The company is currently in initial discussions with various lenders. This move comes as India aims to reduce its carbon footprint. Gautam Adani has previously stated that 75% of the group’s projected capital expenditure will be directed towards green businesses.

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ACC Q2 Results: Net profit at ₹387 crore

ACC Ltd reported a consolidated net profit of ₹387 crore for the quarter ended September (Q2 FY24). The cement company posted a net loss of ₹87.32 crore in the same quarter a year ago. Its revenue from operations fell 11.2% YoY to ₹4,434.73 crore during the same period. Sales volume (cement & clinker) rose 17.4% YoY to 8.1 million tonnes in Q2.

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ONGC hopes to recover over $500 million dividend as sanctions on Venezuela eased

Oil and Natural Gas Corp (ONGC) is hoping to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects as sanctions on the nation were eased. US sanctions had hit Venezuela’s finances and oil output, leading to the accumulation of dividends for foreign companies like ONGC. ONGC Videsh holds a 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, and 11% in the Carabobo area-1.

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Zen Tech secures ₹100 crore defence ministry order

Zen Technologies secured an order worth ₹100 crore from the Ministry of Defence for its advanced tank training system. The system has been designed, developed, and tested in-house. With this inaugural order for the force-on-force tank training simulators, the company expects strong demand for this product in both domestic and international markets going forward.

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Antony Waste’s subsidiary wins order worth ₹386 crore

Antony Waste Handling Cell Ltd’s subsidiary, AG Enviro Infra Projects Pvt Ltd, secured an order worth ₹386 crore from the Panvel Municipal Corporation in the Mumbai Metropolitan Region (MMR). The contract is for the door-to-door collection and transportation of municipal solid waste by the corporation. The five-year contract has the option of a two-year extension. 

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Kolte-Patil Developers approves issue of NCDs worth ₹113.65 crore

Kolte-Patil Developers Ltd will issue non-convertible debentures (NCDs) worth more than ₹113 crore on a private placement basis. The board approved the issuance of secured, rated, listed, redeemable NCDs with a face value of ₹100,000 each. The debentures will be issued on a private placement basis and will aggregate up to ₹113.65 crore.

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Zomato launches maternity insurance for women delivery partners

Zomato has introduced a  maternity insurance program for its female delivery partners. This insurance coverage caters to a range of pregnancy-related expenses, including childbirth and maternity complications. Operated in collaboration with ACKO, the maternity insurance program is available to female delivery partners who have completed 1,000 deliveries on the Zomato platform.

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PNB Q2 Results: Net profit jumps four-fold to ₹1,756.13 crore

Punjab National Bank (PNB) reported a 327% YoY jump in net profit to ₹1,756.13 crore for the quarter ended September 2023 (Q2 FY24). This is the highest profit recorded in the previous 14 quarters. The net interest income (NII) grew 20% YoY to ₹9,923 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 10.48% in Q2 FY23 to 6.96% in Q2 FY24. 

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Infosys, Microsoft to Drive AI-Enabled Solutions – Top Indian Market Updates

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

Infosys to partner with Microsoft to drive AI-enabled solutions

Infosys Ltd will partner with Microsoft to jointly develop industry-leading solutions that leverage Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services. Both companies will bring their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries. The integrated solutions will accelerate the rapid democratisation of data and intelligence that will help businesses increase productivity and drive new revenue growth.

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Poonawalla receives RBI approval to issue credit cards

Poonawalla Fincorp received the Reserve Bank of India’s (RBI) permission to issue co-branded credit cards with IndusInd Bank. The company plans to launch this credit card within three months. The partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit. 

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Tata Power’s EV arm partners with Kolkata Airport Authority 

Tata Power EV Charging Solutions Ltd (TPEVCSL) will collaborate with the Kolkata Airport Authority to install EV charging points at the airport. The formal inauguration of four EV chargers took place on September 26, 2023. A formal agreement was signed between the Airport Authorities of India and Tata Power for setting up charging stations. These chargers are suitable to charge all electric cars available in India.

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Cipla introduces drone-powered critical medicine delivery in Himachal Pradesh

Cipla has introduced drone-powered deliveries of critical medicines for hospitals and pharmacies in Himachal Pradesh in partnership with Skye Air Mobility. The company aims to deliver medicines for cardiac, respiratory and other essential chronic therapies as part of the initiative. The use of drones will support on-time deliveries of medicines to chemists and clinics in remote areas.

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Omaxe Group acquires 5-acre land in Ludhiana from RLDA for ₹220 crore

Omaxe Group has acquired a 5-acre land in Ludhiana through a bidding process by the Rail Land Development Authority (RLDA) for ₹220 crore. The acquired land will be utilised for both residential and commercial development. The acquisition aligns with the company’s strategy to strengthen its presence in key markets and contribute to the growth of Ludhiana’s real estate sector. 

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Vi launches travel offer for pre-paid user base

Vodafone Idea has launched a 5-day offer called ‘Recharge and Fly’ that targets its pre-paid user base from October 26-30 in association with online travel portal EaseMyTrip. The offer is exclusive to users of Vi’s mobile application and includes a contest that will allow users to win travel coupons on the EaseMyTrip portal. It also includes additional data on select packages by recharging their prepaid mobile number during the offer window.

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Delhivery partners with AWS and Nexus to launch startup accelerator for logistics companies

Delhivery has partnered with Amazon Web Services (AWS) and venture capital firm Nexus Venture Partners to launch a six-week accelerator programme for startups in the logistics space. In the first leg of the program, 20 startups were selected from among 234 applicants. The companies chosen spanned multiple sectors and included various warehousing platforms, agritech companies, and aggregator platforms.

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Zen Technologies secures ₹227.65 crore order

Zen Technologies Ltd won an order worth ₹227.65 crore from the Ministry of Defence. The domestic order is for the supply of anti-drone systems. The company is the single vendor for the order. A comprehensive maintenance contract (post-warranty) is built into the contract at a cost of ₹43.22 crore, inclusive of GST.

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Gland Pharma’s Hyderabad unit gets clearance from USFDA

Gland Pharma Ltd’s Pashamylaram facility in Hyderabad has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA). The USFDA inspected the facility between June 15 and June 27, 2023. The inspection pertained to seven products and Good Manufacturing Practices at the plant.

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MCA Issues Inspection Order Against Shree Cement – Top Indian Market Updates

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

MCA issues inspection order against Shree Cement

According to a CNBC TV18 report, the Ministry of Corporate Affairs (MCA) has issued an inspection order against Shree Cement. The order has been issued due to issues concerning related party transactions, corporate governance matters, and issues about improper income tax filings. This comes after the Income Tax (IT) department conducted a survey action at five locations of Shree Cement in Rajasthan.

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Foxconn eyes partnership with Tata Group after Vedanta JV pullout

Foxconn has announced its decision to exit a joint venture (JV) with Vedanta for semiconductor production in India. However, the chipmaker is exploring a potential tie-up with the Tata Group. It is expected to unveil a new agreement with the Tata Group soon. 

In other news, Tata Group is reportedly close to an agreement to acquire an Apple Inc. supplier’s factory as soon as August, marking the first time a local company would move into the assembly of iPhones.

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L&T signs Master Ship Repair Agreement with US Navy

Larsen and Toubro (L&T) entered into a significant Master Ship Repair Agreement (MSRA) with the US Navy. The agreement highlights L&T’s Kattupalli Shipyard (near Chennai) as a qualified facility for conducting voyage repairs of Military Sealift Command vessels. After a thorough evaluation by the US Navy and the Military Sealift Command, the shipyard’s capabilities have been recognised, enabling it to undertake warship refits similar to those approved by the Indian Navy and the Coast Guard.

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DGCA puts SpiceJet under enhanced surveillance

The Directorate General of Civil Aviation (DGCA) has put SpiceJet Ltd under “enhanced surveillance” amid the company facing multiple financial headwinds recently.  However, the carrier company refuted any such development. This comes against the backdrop of various aircraft lessors seeking repossession of planes leased to SpiceJet, and some of the cases have been settled by the airline.

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Zen Technologies wins order worth Rs 340 crore

Zen Technologies Ltd secured a major order worth ₹340 crore. it has bagged the order in the export markets. This is the company’s second major order win this month. On July 7, Zen Technologies secured an order worth ₹160 crore from the Indian government. The contract comes under the government’s indigenous design and Development (IDDM) initiative, which requires Indian IP and over 60% indigenous content.

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India’s steel output grows 8.37% to 33.63 MT in April-June

India’s crude steel production increased by 8.37% YoY to 33.63 million tonnes (MT) in the April-June period (Q1 FY24). Higher production and capacity ramp-up activities by steel mills will meet the increasing demand. Finished steel production in India rose 11.66% YoY in the quarter under review to 32.41 MT. Domestic steel consumption rose 10.16% to 30.29 MT from 27.50 MT a year ago.

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ITC’s FMCG segment posts 21% rise in annual consumer spend in FY23

ITC Limited’s FMCG business recorded a 21% YoY rise in annual consumer spend to nearly Rs 29,000 crore in 2022-23 (FY23). The company measures annual consumer spend as the sum total of what the consumer spends on buying the goods of the company. ITC said its products reached 230 million households in FY23, up from over 200 million households in FY22. ITC e-Store (D2C platform) is now operational in 24,000+ pin codes.

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Dr Reddy’s Labs to enhance presence in nutraceuticals, gene therapy

Dr Reddy’s Laboratories is looking to enhance its presence in various emerging segments like nutraceuticals and gene therapy. The pharma company aims to get into integrated digital healthcare services as part of its future growth plans. It also intends to follow a disciplined approach towards cash management and acquisitions.

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GST Council agrees to tax online gaming at 28%

The GST Council has agreed to levy a 28% tax on online gaming, casinos, and horse racing. The goods and services tax is likely to be levied on the full face value, which is the total value of bets placed on a platform. The council has also agreed to reduce GST on food and beverages at cinema halls from 18% to 5%.

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Adani Ports Acquires 100% Stake in Ocean Sparkle – Top Indian Market News

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Adani Ports acquires 100% stake in marine services firm Ocean Sparkle

Adani Ports & Special Economic Zone Ltd’s (APSEZ) subsidiary, Adani Harbour Services Ltd, has entered into a definitive agreement for the acquisition of a 100% stake in Ocean Sparkle Ltd (OSL). OSL ranks first in India and 11th globally in providing end-to-end marine services. Key activities carried out by OSL include towage, pilotage, and dredging. It has an asset base of 94 owned vessels and 13 third-party-owned vessels.

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Hindustan Zinc Q4 Results: Net profit rises 18% YoY to Rs 2,928 crore

Hindustan Zinc ltd reported an 18% YoY increase in consolidated net profit to Rs 2,928 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 26.6% YoY (or 10% QoQ) to Rs 8,797 crore during the same period. EBITDA stood at Rs 5,007 crore, up 29% YoY or 14% QoQ. Mined metal production increased by 2.6% YoY to 295 metric kilotonnes. 

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Nykaa makes investments in Earth Rhythm, Nudge Wellness, Kica Active

Nykaa has made strategic investments in brands across the clean beauty, athleisure, and nutri-cosmetics categories. The company has acquired an 18.51% stake in Earth Rhythm, a clean beauty and personal care cosmetics brand, for Rs 41.65 crore. It has acquired a 60% stake in dietary supplement and nutri-cosmetics products maker Nudge Wellness. Nykaa has also acquired Kica, an activewear athleisure brand, for Rs 4.51 crore.

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Tejas Networks Q4 Results: Net loss at Rs 49 crore

Tejas Networks Ltd reported a net loss of Rs 49.62 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 33.5 crore in Q4 FY21 and a loss of Rs 24 crore in Q3 FY22. Its revenue from operations fell 37.2% YoY to Rs 126.5 crore in Q4 FY22. Tejas Network’s order book stood at Rs 1,175 crore, up 73% YoY.

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Zen Tech secures order worth Rs 55 crore

Zen Technologies Ltd has signed an annual maintenance contract worth Rs 55 crore for simulators for a period of 5 years. The company’s total order book stands at Rs 477.04 crore. Hyderabad-based Zen Tech designs, develops, and manufactures world-class, state-of-the-art training simulators.

Allied Digital Services secures order worth Rs 85 crore

Allied Digital Services Ltd has secured an order from the Lucknow Safe City Project worth Rs 85 crore. The order includes setting up a city-wide surveillance system, artificial intelligence-based video analytics, integrated smart control room, data center, and cloud-based disaster recovery. The project has to be executed within 9 months. Allied Digital is an IT service management company based in Mumbai.

Wendt India Q4 Results: Net profit rises 40.9% YoY to Rs 7.47 crore

Wendt India Ltd reported a 40.94% increase in consolidated net profit to Rs 7.47 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.25% YoY to Rs 47.30 crore during the same period. Wendt India’s board has declared a final dividend of Rs 45 per share. The company manufactures and sells super abrasives, high precision grinding, honing, special purpose machines, and high precision components.

Maruti Suzuki plans its biggest product offensive to regain market share

Maruti Suzuki India is on track to execute one of its biggest product offensives this financial year (FY23). It aims to regain market share despite the uncertainties in the current business environment. The automaker launched the all-new XL6, a premium multipurpose vehicle (MPV) priced between Rs 11.29-14.55 lakh. An SUV jointly developed with Toyota, codenamed YFG, will take on segment leader Hyundai Creta. Meanwhile, the all-new Jimny is expected to challenge Mahindra Thar.

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Future Group lenders reject Reliance’s retail assets deal: Report

Lenders have rejected the slump sale proposal of Kishore Biyani’s Future Group to Reliance Retail Ventures (RRVL). The rejection by lenders comes amid a long-drawn legal challenge by US-based Amazon.com Inc. The e-commerce giant has accused Future of violating certain contracts by dealing with Reliance.

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India’s Manufacturing PMI Rises to 57.6 in November – Top Indian Market News

India’s manufacturing PMI rises to 57.6 in November 

India’s manufacturing activity expanded for the fifth straight month in November. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.6 in November, compared to 55.9 in October. Factory orders rose at the fastest pace since February. Strong demand led to higher production volumes, and output rose at the fastest rate in nine months. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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Auto sales data for November 2021: Highlights  

Maruti Suzuki India posted a 0.61% month-on-month (MoM) increase in total sales to 1,39,184 units in November 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment fell 9.25% MoM to 24,574 units. Exports stood at 21,393 units, an increase of 0.3% MoM.

Tata Motors Ltd registered a 12.22% MoM decline in passenger vehicle sales to 29,778 units in November. The automaker’s commercial vehicle sales fell 4.43% MoM to 32,245 units. Overall domestic sales declined 12.18% MoM to 58,073 units.   

Mahindra & Mahindra’s auto segment posted total sales of 40,102 units in November, a decline of 4.3% over October. M&M’s farm equipment segment posted a 41% fall in sales to 27,681 units. 

Bajaj Auto Ltd posted a 13.7% MoM decline in total sales to 3,79,276 units. Meanwhile, Escorts posted a 47.3% MoM fall in tractor sales to 7,116 units in November.  

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Tata Power secures India’s largest solar and battery project worth Rs 945 crore

Tata Power Solar Systems Ltd (TPSSL) has secured a project from Solar Energy Corporation of India (SECI) to build a 100 megawatt (MW) EPC solar project, along with a 120 MWh utility-scale Battery Energy Storage System. The total contract value of the project is approximately Rs 945 crore. The project will be completed within 18 months. TPSSL is a wholly-owned subsidiary of Tata Power Company Ltd.  

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Royal Enfield partners with Belstaff for exclusive range of apparel

Royal Enfield, a subsidiary of Eicher Motors Ltd, has partnered with British brand Belstaff to market an exclusive range of apparel. With this collaboration, Royal Enfield aims to write a new chapter in the brand history that celebrates the spirit of riding. The limited-edition Belstaff Capsule collection launches today in India and will be available exclusively on the company’s online store and dealerships.

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Zen Tech reports fire accident at its demonstration center

Zen Technologies Ltd announced that there was a fire accident around 10:00 PM (IST) on November 30 night at its demonstration center located at Maheshwaram Hardware Park in Telangana. There were no casualties. The facility is insured, and the financial damage is currently being accessed. Operations are expected to resume within a couple of days, and no impact is expected on any ongoing projects.

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NCLAT rejects Kotak Mahindra Bank’s plea to set aside insolvency proceedings against MSEL

The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Kotak Mahindra Bank along with a director of debt-ridden McNally Sayaji Engineering Ltd (MSEL) to set aside insolvency proceedings against MSEL. On February 11, 2021, the Kolkata bench of the National Company Law Tribunal (NCLT) admitted a plea by ICICI Bank and directed to initiate insolvency proceedings against MSEL.

Kotak Mahindra Bank had contended that it had advanced loans to MSEL, and NCLT has failed to appreciate that more than 50% of members of the lenders’ consortium had opposed initiation of the corporate insolvency resolution process (CIRP), as they were considering a restructuring of loan outside the IBC.

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Sapphire Foods expects to double store count in next 3-4 years

Sapphire Foods India Ltd said it expects to turn profit after tax (PAT) positive in the third quarter (Q3 FY22) and double its store count in the next 3-4 years. The company’s CEO, in a press statement to mark the 500th store opening, said Sapphire Foods has seen a healthy recovery in dine-in sales alongside a continued acceleration in delivery sales.  The positive metrics translated into positive same-store sales growth in both October and November 2021 compared to the pre-Covid calendar. 

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Biocon enters Dow Jones Sustainability Index in Emerging Markets category

Biocon Ltd has been selected for the Dow Jones Sustainability Index (DJSI) in the Emerging Markets (EM) category for its Environmental, Social, and Governance (ESG) practices. It is among the top 15 companies from India, and one of the 12 companies from the pharmaceuticals, biotechnology, and life sciences sectors to be featured in the index for 2021.

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Gross GST collection in November crosses Rs 1.31 lakh crore

The gross Goods & Services Tax (GST) revenue collected in November 2021 was Rs 1,31,526 crore, the second-highest ever since the introduction of GST. The revenues for November are 25% higher than the GST revenues in the same month last year. The Finance Ministry said that the recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance.

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ITC Reports 30% YoY Rise in Net Profit in Q1 – Top Indian Market News

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ITC Q1 Results: Net profit rises 30% YoY to Rs 3,343 crore

ITC Limited reported a 30.24% YoY increase in consolidated net profit to Rs 3,343.44 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 12.4% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 14,240 crore during the same period. Total revenue from its FMCG-cigarette business rose 34% YoY to Rs 5,802 crore in Q1.

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ICICI Bank Q1 Results: Net profit rises 78% YoY to Rs 4,616 crore

ICICI Bank Ltd reported a 78% YoY increase in standalone net profit to Rs 4,616 crore for the quarter ended June (Q1 FY22). Net profit has increased by 4.8% when compared to the previous quarter. The net interest income (NII) rose 18% YoY (or 5% QoQ) to Rs 10,936 crore during the same period. The gross non-performing assets (GNPA) ratio rose to 5.15% in Q1, compared to 4.96% in the previous quarter. The bank’s provisions fell 62.4% YoY to Rs 2,852 crore in Q1. Total deposits grew 16% YoY to Rs 9.26 lakh crore during the same period.

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IndusInd Bank to raise up to Rs 30,000 crore through debt, equity

IndusInd Bank has announced plans to raise up to Rs 30,000 crore through a mix of equity and debt to support its business growth. The private sector lender will raise funds through debt securities or equity instruments or convertible debt securities in any permitted mode, including Qualified Institutional Placement (QIP). The fundraising is subject to the approval of shareholders and regulatory authorities.

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Adani Enterprises forms JV with Hungary’s Organica

Adani Enterprises Ltd has formed a joint venture (JV) with Hungary-based Organica Technologies Pvt Co. Ltd for building a sewage treatment plant in Bhagalpur, Bihar. The company will hold a 74% stake in Bhagalpur Waste Water Ltd (the JV firm), and Organica will hold the remaining 26% stake. The plant and associated infrastructure will be built on a hybrid annuity model (HAM).

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JSW Steel completes acquisition of Welspun’s steel business

JSW Steel Ltd has completed the acquisition of the steel plate and pipe business of Welspun Corp by paying the final tranche (round) of Rs 86 crore. In April 2021, the company had announced the acquisition of Welspun’s steel business on a slump sale basis for Rs 848 crore. JSW Steel had paid Rs 225 crore in April and another Rs 498 crore in June as part consideration for the acquisition.

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Navkar Corp to invest Rs 300 crore to set up inland container depot 

The Board of Directors of Navkar Corporation Ltd has approved a proposal to set up an inland container depot and private freight terminal near Mundra or Pipavav (Gujarat). The cost of the project has been estimated at Rs 300 crore. The expansion project is expected to be completed by 2024. Navkar Corp is a leading container service operator in India.

Zen Technologies Q1 Results: Net loss at Rs 1.14 crore

Zen Technologies Ltd reported a consolidated net loss of Rs 1.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1.34 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 1.35 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 139.42% YoY to Rs 9.96 crore in Q1 FY22. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for defence and security forces worldwide.

Shakti Pumps Q1 Results: Net profit jumps 120% YoY to Rs 7.29 crore

Shakti Pumps (India) Ltd reported a 120% YoY jump in consolidated net profit to Rs 7.29 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 76% when compared to the previous quarter. Its revenue from operations rose 69.5% YoY to Rs 156.31 crore during the same period. 

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Jharkhand CM asks Coal India to pay outstanding dues worth Rs 56,000 crore 

Jharkhand Chief Minister Hemant Soren has asked Coal India Ltd (CIL) for immediate payment of Rs 56,000 crore outstanding dues in lieu of government land allotted to the company for mining. The minister also stated that CIL should start paying royalty on coal to the state on an ad valorem basis (based on estimated values). Soren has asked CIL to ensure extensive plantation work in the areas where mining takes place. 

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Zee Media Corp Q1 Results: Net loss at Rs 9.06 crore

Zee Media Corporation Ltd reported a consolidated net loss of Rs 9.06 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 12.26 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 10.5 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 28.79% YoY to Rs 170.18 crore in Q1 FY22. The company incurred a loss of Rs 17.11 crore for exceptional items and tax during the April-June quarter of FY22.

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GST Collections in April Hits Record High of Rs 1.41 lakh crore – Top Indian Market News

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GST collections in April hits new record high of Rs 1.41 lakh crore

The gross Goods and Services Tax  (GST) revenue collection for the month of April 2021 hit a record high of Rs 1,41,384 crore. The breakup of the figure included Central GST at Rs 27,837 crore, State GST at Rs 35,621 crore, and Integrated GST at Rs 68,481 crore. “The improvement came despite the second wave of Covid-19 affecting several parts of the country and was indicative of the resilience of Indian businesses,” the Finance Ministry said in a statement on Saturday.

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Auto sales data for April 2021: Highlights

Maruti Suzuki India reported a 4.3% month-on-month (MoM) decline in total sales to 1,59,691 units in April 2021. Passenger vehicle sales fell 7% over last month (March) to Rs 1.35 lakh units during the same period. The automaker’s exports increased by 48% MoM to 17,237 units.

Tata Motors posted passenger vehicle sales of 25,095 units in April. This is a 15% decline in sales as compared to March. The company’s overall domestic sales fell 41% to 39,530 units.

Mahindra & Mahindra (M&M) posted total sales of 18,285 units in April. Its passenger vehicle sales grew 9.5% over last month. M&M’s automotive division posted sales of 36,437 units, down 9.8% as compared to March.

Escorts Limited’s agricultural machinery segment posted a 43% MoM decline in tractor sales at 6,979 units in April.

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RIL emerges as India’s largest producer of medical oxygen; to produce 1,000 MT a day

Reliance Industries Ltd (RIL) has ramped up its production of medical-grade oxygen from 700 metric tonnes (MT) per day to 1,000 MT per day. This constitutes more than 11% of India’s total medical-grade liquid oxygen production. The oxygen will be provided free of cost to several state governments across the country to provide immediate relief to over 1 lakh patients on a daily basis.

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HDFC Bank’s new CEO announces changes in business and leadership

Sashidhar Jagdishan, the CEO of HDFC Bank Limited, has announced strategic changes to the bank’s business model and leadership team. The lender will reorganise itself into three clear areas— business verticals, delivery channels, and technology. As part of its strategy, HDFC Bank will increase its focus on micro, small, and medium enterprises (MSME) and launch more products and services for such clients. Rahul Shukla, who is currently the head of wholesale banking, will lead the MSME and rural verticals for the bank.

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India’s power consumption grows 41% YoY in April

According to data released by the Ministry of Power, power consumption in India grew 41% year-on-year (YoY) to 119.27 billion units (BU) in April 2021. The country’s power consumption in April last year was recorded at 84.55 BU. Peak power demand met, which is the highest supply in a day, during the first half of April remained well above the highest record of 132.20 GW in April 2020. This signifies a strong recovery in industrial and commercial demand for electricity.

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Zen Technologies Q4 Results: Net profit declines 4.5% QoQ to Rs 1.83 crore

Zen Technologies Limited reported a 4.5% quarter-on-quarter (QoQ) decline in net profit to Rs 1.83 crore for the quarter ended March (Q4). Its revenue from operations rose 30% QoQ to Rs 22.44 crore during the same period. The company’s board has announced a dividend of Rs 0.10 per share. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

CDSL Q4 Results: Net profit rises 81% YoY to Rs 51.6 crore

Central Depository Services (India) Limited (CDSL) reported an 81% YoY increase in consolidated net profit to Rs 51.6 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 4%. CDSL’s total revenue from operations rose 51% YoY to Rs 110.25 crore during the same period. The company’s board has recommended a final dividend of Rs 9 per share. CDSL allows investors to deposit securities by opening a Demat account. It gets its revenue from transaction charges and accounts maintenance charges.

M&M acquires remaining stake in Meru for Rs 98 crore

Mahindra & Mahindra (M&M) said it will raise its stake in app-based cab service Meru to 100%. The automaker currently holds a 43.20% stake in Meru. M&M will acquire 44.14% shares from private equity investor True North and others for an amount not exceeding Rs 76.03 crore. It will also acquire a 12.66% stake from Neeraj Gupta and Farhat Gupta (the founders of Meru) for Rs 21.63 crore.

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ICICI Bank’s Q3 Profit Rises 19% YoY to Rs 4,940 crore – Top Indian Market News

ICICI Bank Q3 Results: Net profit rises 19% YoY to Rs 4,940 crore

ICICI Bank Ltd reported a 19% YoY increase in net profit to Rs 4,939.6 crore for the quarter ended December (Q3). Net interest income (NII) rose 16% YoY to Rs 9,912 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The bank’s gross non-performing asset (NPA) ratio stood at 3.38%, compared with 5.17% in Q2 FY21. ICICI Bank’s total provisions increased by 31% YoY to Rs 2,741.72 crore in Q3.

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L&T Finance Holdings to open rights issue on Feb 1

L&T Finance Holdings announced that its Rs 2,998.61 crore rights issue will open on February 1, 2021. [A rights issue is an invitation to existing shareholders to purchase additional new shares in the company] The company will issue up to 46.13 crore equity shares for cash, at Rs 65 per equity share (including a premium of Rs 55 per share). The funds raised through the issue will be used to repay certain commercial papers issued by the company and for infusing funds into its subsidiary. 

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Shree Cement Q3 Results: Net profit jumps 102% YoY to Rs 626 crore

Shree Cement Ltd reported a 102% YoY increase in net profit to Rs 626.2 crore for the quarter ended December (Q3). Its revenue rose 16.2% YoY to Rs 3,309.4 crore during the same period. The company has benefited from the pick-up in sales volumes and a strong pricing environment.

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Happiest Minds acquires US-based Pimcore Global Services

Happiest Minds Technologies Ltd said it will acquire US-based Pimcore Global Services (PGS) for $8.25 million (~Rs 60 crore). PGS is a digital e-commerce and data management solutions company. Happiest Minds stated that the acquisition will further strengthen its offerings and leadership in the digital transformation space. The deal is subject to customary closing conditions and is expected to close in the quarter ended March 31, 2021 (Q4).

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SAIL Q3 Results: Net profit at Rs 1,468 crore

Steel Authority of India Ltd (SAIL) reported a net profit of Rs 1,468.20 crore for the quarter ended December (Q3). It had posted a net loss of Rs 343.57 crore in the corresponding quarter last year. The company’s revenue rose 20% YoY to Rs 19,835 crore during the same period. Total sales including domestic and exports grew 1% YoY to 4.15 million tonnes. SAIL has declared an interim dividend of Rs 1 per share.

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Power Grid secures two power transmission projects in Rajasthan

Power Grid Corporation of India has been declared as the successful bidder under tariff-based competitive bidding (TBCB) to establish two power transmission projects in Rajasthan. The projects include the establishment of a new 400/220kV Substation, 400kV D/C transmission lines, and associated Substation extension works in Rajasthan.

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Unichem Labs Q3 Results: Net profit at Rs 23 crore

Unichem Laboratories Ltd reported a consolidated net profit of Rs 23.56 crore for the quarter ended December (Q3). The pharma company had posted a net loss of Rs 14.60 crore in the corresponding quarter last year. Its revenue rose 18.72% YoY to Rs 326.28 crore in Q3 FY21.

NSE adds 5 stocks in F&O segment from March series

The National Stock Exchange (NSE) has announced the inclusion of five securities in the futures and options (F&O) segment from the March series. Alkem Laboratories, AU Small Finance Bank, Deepak Nitrite, Indian Railway Catering & Tourism Corporation (IRCTC), and Nippon Life India Asset Management will come under the F&O segment, effective from February 26. These securities have been added to the F&O segment based on the stock selection criteria prescribed by market regulator SEBI.

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Zen Technologies Q3 Results: Net profit declines 77% YoY to Rs 2.32 crore

Zen Technologies Ltd reported a 77.32% YoY decline in net profit to Rs 2.32 crore for the quarter ended December (Q3). Its revenue declined 49.77% YoY to Rs 16.57 crore during the same period. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

Relaxo Footwears Q3 Results: Net profit jumps 67% YoY to Rs 90 crore

Relaxo Footwears Ltd reported a 67% YoY increase in net profit to Rs 90 crore for the quarter ended December (Q3). Its revenue rose 12% YoY to Rs 672 crore during the same period. Total expense during the quarter increased by 4.7% YoY to Rs 555.10 crore. Relaxo Footwears is engaged in the production of Hawaii slippers, lightweight slippers, canvas shoes, PVC footwear, etc.

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