Here are some of the major updates that could move the markets tomorrow:
Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore
Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.
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Gati to buy out Japanese partner in JV in FY23
Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal.
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HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore
Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.
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Godrej Properties acquires 50-acre land parcel near Mumbai
Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.
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SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore
SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.
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Bharti Airtel deploys 5G at Bengaluru Airport
Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.
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Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore
Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.
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IIFL Finance aims to triple co-lending to over ₹13,000 crore
IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.
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Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore
Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.
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Alembic Pharma gets USFDA approval for generic injection
Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.
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HPCL Q2 Results: Net loss at ₹2,475 crore
Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.
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Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore
Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.
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