Here are some of the major updates that could move the markets tomorrow:
Zomato Q2 Results: Net loss narrows to ₹251 crore
Zomato Ltd reported a consolidated net loss of ₹251 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹430 crore in Q2 FY22. Its revenue from operations rose 62.2% YoY to ₹1,661 crore during the same period. The gross order value for the food delivery business grew 23% YoY to ₹5,407 crore in Q2. Zomato acquired instant delivery platform Blinkit during the quarter.
Read more here.
JSW Steel expects exports to hit over 5-year low
JSW Steel Ltd expects its exports to fall to a more than five-year low at 10% of overall sales in the current financial year (FY23) due to reduced global demand and high export tax. Finished steel exports from the steel producer fell more than 50% during the first seven months of FY23, partly because of a 15% export tax on steel intermediates that the Central government levied in May.
Read more here.
Apollo Hospitals Q2 Results: Net profit falls 18% YoY to ₹204 crore
Apollo Hospitals Enterprise Ltd reported an 18% year-on-year (YoY) decline in consolidated net profit to ₹204 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14.4% YoY to ₹4,251 crore during the same period. The company’s healthcare services segment posted revenue of ₹2,277 crore in Q2, up 5% YoY. Revenue from the digital health and pharmacy segment stood at ₹1,668 crore, up 43% YoY.
Read more here.
Saudi Arabia’s SALIC acquires 9.2% stake in LT Foods
Saudi Agricultural and Livestock Investment Company (SALIC) has acquired a 9.22% stake in packaged foods and staples company LT Foods. SALIC is a wholly-owned subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia. This transaction will accelerate the organic/inorganic expansion of LT Foods in the Middle East and Saudi Arabia region.
Read more here.
Deepak Fertilisers Q2 Results: Net profit jumps 3-fold YoY to ₹276 crore
Deepak Fertilisers & Petrochemicals Ltd reported a 196% YoY jump in consolidated net profit to ₹276 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 51.7% YoY to ₹2,719 crore during the same period. Total expenses stood at ₹2,324.37 crore in Q2, up 39.3% YoY. Revenue from the chemicals segment rose 52% YoY to ₹1,532.87 crore.
Read more here.
Adani Power to sell entire stake in subsidiary to AdaniConnex
Adani Power Ltd. will sell its entire stake in its wholly-owned subsidiary Support Properties Pvt. to AdaniConnex Pvt. Ltd. (ACX) for ₹1,556 crore. The transaction will be completed by January 2023. ACX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX formed in February 2021.
Read more here.
Kalyan Jewellers Q2 Results: Net profit rises 54% YoY to ₹106 crore
Kalyan Jewellers Ltd reported a 54% YoY increase in consolidated net profit to ₹106 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20% YoY to ₹3,473 crore during the same period. EBITDA stood at ₹266 crore in Q2, up 17% YoY. The company launched five new showrooms in the non-South markets in Q2.
Read more here.
Equity mutual fund inflows fall in October
According to data from the Association of Mutual Funds in India (AMFI), equity mutual funds inflows fell from ₹14,099.73 crore in Sept to ₹9,390.35 crore in October. Debt funds saw a cumulative outflow of Rs 2,817.79 crore in October. Index fund net flows were ₹5,075 crore and other exchange-traded funds (ETFs) recorded ₹4,845 crore of net flows. Total Systematic Investment Plan (SIP) contribution in October stood at Rs 13,041 crore, up 0.5%.
Read more here.
Eicher Motors Q2 Results: Net profit rises 76% YoY to ₹657 crore
Eicher Motors Ltd reported a 76% YoY increase in consolidated net profit to ₹657 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 56.5% YoY to ₹3,519.4 crore during the same period. EBITDA stood at ₹821 crore in Q2, up 75% YoY. Input costs rose 45% YoY to ₹2,001.4 crore.
Read more here.
SJVN secures 83 MW floating solar project in MP
SJVN Ltd has received a contract to establish an 83 megawatts (MW) floating solar project worth ₹585 crore in Madhya Pradesh. The project has been secured at a tariff of ₹3.70 per unit on a build, own, and operate basis in an e-reverse auction organised by REWA Ultra Mega Solar Ltd. (RUMSL). After commissioning, the project will generate 187 million units (MUs) in the first year and 4,410 MUs over 25 years.
Read more here.
JSPL Q2 Results: Net profit falls 91% YoY to ₹219 crore
Jindal Steel & Power Ltd (JSPL) reported a 91.5% YoY decline in consolidated net profit to ₹219.27 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations remained flat at ₹13,611.71 crore during the same period. The company faced an exceptional loss of ₹898.49 crore in Q2. JSPL’s steel production fell 5.6% YoY to 1.82 million tonnes (MT).
Read more here.