Here are some of the major updates that could move the markets tomorrow:
Tata Motors Q2 Results: Net loss narrows at ₹944 crore
Tata Motors Ltd reported a consolidated net loss of ₹944.61 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹4,441.57 crore in Q2 FY22. Its revenue from operations rose 29.7% YoY to ₹79,611 crore in Q2 FY23. The automaker’s domestic commercial vehicles business registered a 19% YoY growth in sales. The passenger vehicle (PV) business continued its strong momentum with wholesales at 1.42 units in Q2, up 69% YoY.
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Adani Ports to acquire 49.38% stake in Indian Oiltanking for ₹1,050 crore
Adani Ports & Special Economic Zone Ltd (APSEZ) has entered into a definitive agreement to acquire Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd (IOTL). IOTL is one of India’s largest operators of liquid storage facilities. This agreement also includes the acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a subsidiary of IOTL.
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BEML Q2 Results: Net profit rises 52% YoY to ₹16.26 crore
State-owned BEML reported a 52.5% year-on-year (YoY) rise in consolidated net profit to ₹16.26 crore for the quarter ended Sept (Q2 FY23). Its total income fell 20.4% YoY to ₹806.11 crore during the same period. Total expenses stood at ₹789.84 crore in Q2, down 21% YoY. BEML manufactures a variety of heavy equipment for earth moving, transport, and mining.
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Sun Pharma signs pact with SPARC to commercialise medication in US
Sun Pharmaceutical Industries has signed a licensing agreement with Sun Pharma Advanced Research Company (SPARC) to commercialise benzyl alcohol and propylene glycol-free phenobarbital sodium powder for injection in the US market. The drug is used to treat neonatal seizures. Under the terms of the license agreement, Sun Pharma will pay SPARC an upfront payment of $10 million.
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Barbeque Nation Q2 Results: Net profit jumps 143% YoY to ₹7 crore
Barbeque Nation Hospitality Ltd reported a 143% YoY jump in consolidated net profit to ₹7.1 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 40.3% YoY to ₹310 crore during the same period. The growth in Q2 was supported by improvement in the dine-in business. Both Toscano and BARQ’s international businesses posted robust performance.
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TVS Motor signs pact with Amazon India to scale up EV deployment
TVS Motor Company has signed an agreement with Amazon India to scale up electric vehicle (EV) deployment and strengthen their commitment to achieving net-zero carbon. As part of this collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries. The two entities will examine EV use cases for various Amazon business groups for its network and logistical requirements.
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Godrej Properties Q2 Results: Net profit rises 54% YoY to ₹55 crore
Godrej Properties Ltd reported a 54% YoY increase in consolidated net profit to ₹55 crore for the quarter ended Sept (Q2 FY23). Its total income rose 13% YoY to ₹327 crore during the same period. The real estate developer witnessed total bookings worth ₹2,409 crore and a total booking volume of 2.71 million sq. ft in Q2. It launched four new projects and phases across three cities.
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Tata Power RE to set up 150 MW solar project in Solapur
Tata Power Renewable Energy Ltd (TREPL) has received a Letter of Award from the Maharashtra State Electricity Distribution Corp Ltd (MESDCL) to set up a 150 MW solar project in Solapur. The company secured the order through tariff-based competitive bidding followed by an e-reverse auction. With this order, the total renewables capacity of TPREL has reached 5,786 megawatts (MW).
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