(20 second reading) Macrotech Developers, which develops properties under the ‘Lodha’ brand, posted a 21% jump in its profit after tax at Rs 670 crore in Q4FY24.Its revenues from operations went up 23% y-o-y at Rs 4,020 crore.
The company said it posted its best ever annual pre-sales at Rs 14,520 crore and best ever quarterly pre-sales at Rs 4,230 crore. Its collection went up 20% to Rs 3510 crore.
Abhishek Lodha, MD & CEO, Macrotech Developers, said, “Driven by the strength of our brand, we delivered pre-sales of Rs 14,500 crore for FY24, meeting our guidance of delivering consistent and predictable 20% growth. Our Q4FY24 pre-sales stood at Rs 4,230 crore, showing a strong 40% y-o-y growth.”
Lodha said the company has achieved its guidance of reducing its net debt well below 0.5x of equity.

(20 second reading) Oracle Financial Services Software Limited, a subsidiary majority-owned by Oracle, has reported a 12% YoY rise in its consolidated revenue to Rs.6,373 crore.Operating income for fiscal year 2024 stood at Rs.2,680 crore, exhibiting a robust 13% escalation from fiscal year 2023. Net income also surged to Rs.2,219 crore for fiscal year 2024, demonstrating an impressive 23% increase compared to the previous year.
The company's consolidated revenue for the quarter ending March 31, 2024, amounted to Rs.1,642 crore, showing a 12% year-over-year growth.

(20 second reading) Indian Hotels Company’s net profit jumped 27.43 percent year-on-year to Rs 418 crore in the Q4 2023-34, compared to Np of Rs. 328 Cr in the Q4 of 22-23.The company also declared a dividend of Rs 1.75 per share.
Consolidated revenue for the Q4 stood at Rs 1,951 crore, increasing from Rs 1,625 crore in the same period last year. For the full year, the net profit recorded a 26 percent YoY increase at Rs 1,259 crore, while the revenue grew 17 percent to Rs 6,952 crore.
Puneet Chhatwal, managing director & CEO of IHCL, said the company will continue to deliver double digit growth in FY25.

(20 second reading) Blackstone-backed Aadhar Housing Finance has decided to reduce the size of its IPO to Rs 3,000 crore from the originally planned Rs 5,000 crore.
The plan is to have a solid pop on market debut and have a successful listing, so the size of the IPO has come down. Initially, the offer for sale component was Rs 4,000 crore and now it has been revised to Rs 2,000 crore.
The updated draft red herring prospectus has been filed and as things stand, the IPO is likely to be launched in the second week of May.
The IPO valuation of Aadhar Housing Finance has been fixed at around Rs 13,500 crore.

(20 second reading) DCB Bank has reported a net profit of Rs 156 crore in the Q4 as compared with Rs 142 crore in the year-ago quarter. Net interest income during the quarter, rose to Rs 508 crores compared with Rs 486 crores in the year-ago period. Similarly, total income rose to Rs 644 crores from Rs 608 crores in the year-ago period. Advances growth on a YoY basis stood at 19 per cent while deposits grew by 20 percent in the same period. GNPAs declined to 3.23 per cent as compare with 3.19 per cent in the year-ago quarter. Capital adequacy ratio of the bank stood at 16.59 per cent at the end of March 31, 2024, the bank said. Net NPAs rose to 1.11 per cent from 1.04 per cent in the corresponding quarter last year. The bank's provision coverage ratio, at the end of March quarter, stood at 77.30 per cent, the bank said.

(20 second reading) Tata Passenger Electric Mobility Ltd. (TPEM), a subsidiary of Tata Motors Ltd., has signed a non-binding Memorandum of Understanding with Vertelo for the delivery of 2,000 XPRES-T EVs. Tata Motors’ Electric Vehicle (EV) arm will begin deliveries of the cars to Vertelo in a phased manner.
Early this week, Macquarie Group announced the introduction of $1.5-billion Electric Vehicle (EV) financing platform named Vertelo, which will offer financing, fleet management and charging infrastructure solutions
Sandeep Gambhir, Chief Executive Officer, Vertelo stated that this partnership aims to bring together two business that are at the forefront of fleet electrification and decarbonisation in India.

(20 second reading) Chennai-based petrochemical manufacturing company Tamilnadu Petroproducts Limited (TPL) aims at developing an integrated carbon-neutral roadmap aligned with its long-term sustainability goals.
The company announced a partnership with consultancy firm EY-Parthenon to support its carbon-neutral goals.TPL aims at establishing internal reduction targets consistent with the science-based targets initiative (SBTi) and devising an emission reduction plan primarily for Scope 1 and 2 emissions.
The company wants to move towards its goal of carbon-neutral manufacturing.

(20 second reading) FMCG major HUL on Wednesday reported a 6% drop in its standalone net profit at Rs 2,406 crore for the quarter ended March 2024. The same stood at Rs 2,552 crore in the last year quarter.
Revenue from operations in the reporting period rose marginally to Rs 14,693 crore, compared with Rs 14,638 crore in the corre.
The Board has also recommended a final dividend of Rs 24 for the financial year ended March 2024.
HUL said it delivered a resilient performance in the quarter with an underlying sales volume growth of 2%.
EBITDA for the reporting fourth quarter fell 1% year-on-year to (YoY) Rs 3,435 crore against Rs 3,471 crore in the same quarter previous year.

(20 second reading) The Reserve Bank of India (RBI) on Wednesday asked Kotak Mahindra Bank to cease issuing new credit cards and onboard new customers through its online and mobile banking channel. This directive comes as part of regulatory actions taken by the RBI in response to concerns regarding compliance and risk management at the bank.
The RBI, however, directed the bank to continue providing services to its existing customers, including its credit card customers.
RBI has taken decisive action against the bank following significant concerns arising from the central bank's IT examination for two consecutive years i.e. 2022 and 2023.

Power sector received the highest inflow from foreign investors, who bought shares worth Rs. 5,143 crore after buying Rs. 45 crore in March. In 2023, the sector witnessed inflows worth Rs. 2,477 crore. With the government expected to boost the country's power capabilities as part of its ambition to make India into a manufacturing hub, the focus is on the companies that will benefit from the revival of the sector.
Foreign portfolio investors continued to pump money into the financial shares with the sector receiving Rs.3,212 crore inflows in the first half of the month. The sector received inflows of over Rs.52,000 crore last year.

(20 second reading) Welspun Corp has received a letter of award worth Rs. 611 crore in India to supply LSAW pipes, coating and bends in Latin America to be executed in the 2024-25.
Earlier this week, the company said it had received orders worth Rs. 872 crore in the last one month to supply multiple-line pipes, both in India and the United States.
Of these, one order involves supplying coated LSAW pipes and bends for a crucial oil transportation project in the Middle East, specifically for extreme sour service application.
Last month, Welspun Corp received line pipe orders, both in India and the US, cumulatively valued at Rs.2,039 crore.

(20 second reading) Bengaluru-based real estate developer Puravankara Ltd. has been unanimously selected as the preferred developer for developing a residential housing society in Mumbai's Pali Hill locality.
The project has a cumulative estimated development potential of 4.1 lakh square feet carpet area with over 2.15 lakh square feet available for sale. The potential Gross Development Value (GDV) for the said project is said to be Rs.2,000 crore.
Property rates at Pali Hill range from Rs.1 lakh to Rs.1.2 lakh per square feet. The residential society in question is spread over two-and-a-half acres and is one of the largest in the micro-market.

(20 second reading) Craftsman Automation announced that its board would consider the proposal for a fund-raise in its upcoming meeting on April 27.
The board will also approve the Q4 FY24 earnings of Craftsman Automation in the same meeting.
The company is looking to raise funds in one or more tranches by issue of equity shares and/or any other instruments or eligible securities representing either equity shares and/or convertible securities linked to equity shares or through any other permissible mode or a combination thereof
The company did not reveal either the quantum of funds it is looking to raise or how it plans to use the proceeds.

(20 second reading) The IRCTC has teamed with an online food delivery platform to serve pre-ordered meals.
Now passengers will not be forced to eat pantry food, instead, they can directly buy food from various eateries using the IRCTC official service.
This allows users to purchase meals from their preferred restaurant or food chain and have it delivered to their seats while on a train.
If you are still unsure about how the entire process works, here are the details of this newly launched service.
While ordering, the passenger needs to keep in mind that they need to order food in advance. Zomato will also track the train status in real time and get the food delivered accordingly

(20 second reading) GPT Infraprojects Limited (GPT) on Wednesday announced that the company has secures a contract valued at Rs 487 crore from the Central Railway, Mumbai.
The contract entails the construction of a new Broad Gauge (BG) line spanning from chainage 52500 to 83200 in Solapur-Osmanabad section of Solapur Division of Central Railway.
The share of the company in this joint venture contract stands at 26 per cent.
The shares of the company surged over 16 per cent in the early morning after the announcement of the company bagging the order.

(20 second reading) Reliance Jio has become the world's largest mobile operator in terms of data traffic.
The total traffic on the Jio network has reached 40.9 Exabytes, marking a 35.2 per cent year-on-year increase. This surge is attributed to the growing adoption of 5G and Home services.
Reliance Jio, the telecom giant of India, has become the world's largest mobile operator in terms of data traffic, surpassing China Mobile. The announcement came on Monday as Jio revealed its quarterly results, showcasing staggering numbers and milestones achieved in various segments.
As of March 2024, Jio boasts a subscriber base of 481.8 million, out of which 108 million subscribers are on Jio's True5G Standalone network. The number reflects Jio's stronghold in the Indian telecom market.

(20 second reading) Mastek, a digital engineering and cloud transformation company has won a multi-tower deal from Saudi Arabia-based Yanbu Cement Company to optimise the efficiency of the latter's production line.
Yanbu Cement Company (YCC) brought Mastek on board in 2022 for its digital and cloud transformation, aligning with Saudi Arabia's Vision 2030 and Smart Industry 4.0 initiatives.Mastek will kick-off the second phase, focusing on automating YCC's front office operations and streamlining the lead-to-cash cycle.
Its shares gained nearly 5.5% after the announcement.

(20 second reading) Analysts at most top brokerages raised or retained share price targets on Reliance Industries (RIL) The average analyst price target on Reliance after the fourth quarter results stood at Rs.3,113.94 - implying an upside of 6.67% over Tuesday's closing.
HSBC said that the oil-to-chemical business is likely to remain lackluster due to adverse macro factors and new capacity commissioning. Although tariff hikes are awaited in the digital services segment, the stock is expected to be range-bound in the near term.
BNP Paribas said that although the consumer business continues to scale up well, there are limited catalysts in other businesses. Jio will be a key driver in FY25 for the company

(20 second reading) Cash management services company CMS Info Systems is planning to diversifying into gold logistics and collection of retail loan repayments.
The company that reported more than Rs 2,000 crore of revenue in fiscal 2023 has already piloted bullion logistics and debt collections — and is soon expected to launch the businesses commercially. CMS, which posted more than 20% expansion in revenue over the last three years, is eyeing incremental growth from the new businesses.
Bullion is a large and growing sector in India. For the pilot in bullion logistics, the company has worked with 35-40 clients, including Hindustan Zinc, Muthoot FinCorp, Kalyan Jewelers and MMTC Pamp. It is registered with MCX for bullion warehouse services.

(20 second reading) Tamilnad Mercantile Bank (TMB) posted a flat net profit at Rs 253 crore in the Q4 2024 against the corresponding quarter last year on the back of provisions for increase in employees’ salary.
The operating profit also dipped by 9% at Rs 367 crore in Q4 FY24, which was at Rs 404 crore during the year ago quarter.
However, the bank recorded its highest ever net profit Rs 1,072 crore for the whole year in 2023-24, registering the growth rate of 4.2% over 2022-23.
While the slippage ratio decreased to 0.16% in Q4 FY24 from 0.21% in the corresponding quarter last year, the net NPA stood at 0.85% during the last quarter of 2023-24.

(20 second reading) Mahindra & Mahindra Financial Services Ltd., the non-bank lender, informed the exchanges late on Monday that a fraud to the extent of ?150 crore was detected at one of the company's branches in the North East region. The fraud pertained to retail vehicle loans disbursed by the company and involved forgery of KYC documents, leading to embezzlement of company funds. M&M Finance detected the fraud during the January-March quarter and the detection was followed by arrest of the few people involved in the fraud. The people involved included an area business manager and other employees of the concerned branch of the company in the North East.

(20 second reading) Tejas Networks Ltd., the Tata Group company reported a net profit for the Q4, which was the first quarterly profit the company reported after five quarters of losses. Net profit for Q4 stood at Rs.146.8 crore, compared to a loss of Rs.11.47 crore during the same quarter last year. The company's revenue surged 343% from last year, while it rose by 137% when compared to the Q3. Tejas Networks is a designer and manufacturer of wireless networking products. The Tata Group's semiconductor foray can give it an added boost. For the quarter that ended on March 31, the company's order book stood at Rs.8,221 crore.

(20 second reading) Reliance Jio said that the increasing adoption of its 5G Fixed Wireless Access (FWA) service, JioAirFiber, and Fiber-to-the-Home (FTTH) service, JioFiber, will boost its strategy to aggressively tap the home segment.
Tier 2 and tier 3 towns have been the areas where demand has been the greatest for JioFiber, but reaching optical fibre to those towns is time-consuming, but with AirFiber available in thousands of cities, it is seeing strong adoption. This increased distribution and presence mean its whole strategy will see an accelerating momentum into the future.
JioAirFiber, is now being offered across ~5,900 cities/ towns, with pan India coverage soon.

(20 second reading) Sanjay Mashruwala, one of the two managing directors at Reliance Jio, resigned from the company, the company said in a stock exchange filing. The 76-year-oldhas been a key executive with Reliance since the time of founder Dhirubhai Ambani. He has been involved with several of its projects and business initiatives.
Meanwhile, Pankaj Mohan Pawar, the other managing director, will continue, as per the BSE filing.
Sanjay Mashruwala has been the Managing Director of the company since 2013.

(20 second reading) Sona BLW Precision Forgings, the leading auto component players in India, has established its new manufacturing plant in the Fipasi Industrial Park, Silao, Mexico. The Sunjay Kapur-led global provider of automotive technology solutions has announced that it will be making driveline solutions for Battery Electric Vehicles (BEVs) in North America.
It has been learnt from sources that Tesla Inc. will be one of the EV manufactures, among other OEMs, which is keen source certain parts and aggregates from Sona’s Mexican facility. Sona Comstar, however, hasn’t officially confirmed it since it has a Non-Disclosure Agreement with the Elon Musk-led company.

(20 second reading) The bank on April 19, 2024 received income-tax computational statements determining refund of Rs 284.21 crore, including interest amounting to Rs 113.44 crore, for the assessment years 2011-12 to 2013-14.
Shares of Yes Bank gained in early trade on April 22 after the company received a tax refund order of Rs 284.21 crore for the assessment years 2011-12 to 2013-14.

At 9:25am, Yes Bank was quoting Rs 24.12, up Rs 0.18, or 0.75 percent, on the BSE.

(20 second reading) Lloyds Engineering announced the acquisition of significant orders for naval equipment. The orders, valued at Rs. 81 crores, encompass Ship steering gears System and Ship stabiliser systems, and are slated for execution over the course of three years.
These orders, in respect to new ships being built, signify the company's proactive stance in capturing the increasing demand resulting from the government's heightened defence spending, Lloyds Engineering added.
This order not only signify a substantial revenue boost but also represent the company's strategic shift towards emerging sectors.

(20 second reading) US-based asset manager BlackRock on Friday acquired shares of Electrosteel Castings and PTC India Ltd for Rs 207 crore through open market transactions.
BlackRock, through its affiliates iShares II Public Ltd Company - iShares Global Water UCITS ETF, iShares Global Clean Energy ETF and iShares Global Clean Energy UCITS ETF purchased shares of two companies.
Shares of PTC India surged 11.29 per cent to close at Rs 234.05 apiece, the scrip of Electrosteel Castings jumped 4.46 per cent to settle at Rs 196.80 per scrip and the stock of Ion Exchange (India) plunged 3.05 per cent to end at Rs 541.90 per piece on the NSE.

(20 second reading) Emirates NBD, Dubai’s largest lender, is reportedly considering submitting a bid to acquire a majority stake in Yes Bank, Moneycontrol reported, citing sources. This interest follows reports on April 12 that Japan’s Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) were also mulling bids for the troubled lender. Private equity firms Carlyle and Advent International invested ?8,900 crore in the lender in July 2022, securing up to a 10% stake each. Yes Bank’s share price was up 3.13% at Rs.24.70 around noon on Monday.

(20 second reading) Ultratech Cement has approved the purchase of a grinding unit at Parli, Maharshtra from India Cement for a sum of Rs 315 crore.
The Parli unit of India Cement has an installed capacity of 1.1 mtpa in addition to a captive railway siding
Ultratech has entered into an asset purchase agreement with India Cement for the aforesaid transaction. The purchase will help the Company to strengthen its presence in the rapidly growing Maharashtra markets.The acquisition is part of Ultratech’s brownfield capacity expansion plan, whereby it targets to add 3 mtpa additional capacity by the financial year 2025-26.

(20 second reading) Welspun Corp has won multiple line pipe orders, both in India and USA.

One of the orders is for Concrete Coated LSAW Pipes and Bends, which will be used for an oil transportation project in the Middle East.
Earlier in 2024, Welspun's associate company, East Pipes Integrated Company for Industry (EPIC), received orders worth around Rs 3,000 crore in Saudi Arabia. All the orders won will be executed during FY25.

(20 second reading) Ireda the nation's largest pure-play green financing NBFC achieved an all-time high net profit after tax of Rs.1252.23 crore, marking an impressive growth of 44.83% over the previous fiscal year 2022–23. The loan book of IREDA grew from Rs.47,052.52 crore as of March 31, 2023, to Rs. 59,698.11 crore as of March 31, 2024, registering a growth of 26.81%.
The company has successfully reduced its net NPA to 0.99% in FY 2023–24 from 1.66% in FY 2022–23, demonstrating a significant reduction of 40.52% YoY.
Its stock witnessed an 11.40% surge reaching Rs. 179 apiece.

(20 second reading) Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market bias has improved after the pullback rally on Friday. She recommended three buy or sell stocks for today — Hindustan Unilever Ltd or HUL, Grasim Industries, and Tata Steel. 1] HUL: Buy at Rs 2231, target Rs 2310, stop loss Rs 2185; 2] Grasim Industries: Buy at Rs 2273, target Rs2350, stop loss Rs2225; and 3] Tata Steel: Buy at Rs 162, target Rs170, stop loss Rs 158.

(20 second reading) ITC Infotech, the technology arm of the eponymous tobacco major said it has agreed to acquire 100% shareholding of cloud services provider Blazeclan Technologies for a consideration of Rs 485 crore.
The Pune-headquartered Blazeclan offers cloud services to global clients on AWS, Azure and GCP and claims to an AWS premier partner, an elite partner with Snowflake and offers services such as cloud migration, digital cloud consulting and data analytics which help speed up digital transformation with native cloud services and migration accelerators.
The company intends to further deepen its global presence through cloud competency centres in Australia, Singapore, Malaysia, and India.

(20 second reading) Man Industries has received approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar, Gujarat after undergoing stringent technical assessment of coating mill. Even on February 29, Man Industries received orders worth Rs 555 crore. The total unexecuted order book as of today stands at approximately Rs 2,000 crore to be executed in the next six months.
The company, which was founded in 1988, is a manufacturer of large-diameter carbon steel pipes used in industries such as oil and gas, petrochemicals, water, dredging, and fertilisers.

,(20 second reading) Premier Explosives has approved splitting one equity share of Rs.10 into five equity shares of Rs. 2 apiece. The company also approved raising of funds worth up to Rs.400 crore through issuance of instruments or security including equity shares.

Premier Explosives manufactures explosives and & accessories which includes Emulsion and Slurry explosives, LD cartridge explosives, Bulk Explosives, Small-dia non-permitted explosives, Permitted explosives, Cast Boosters, Pillow-packs for secondary blasting. The company produces solid propellants for India's missile programs.

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(20 second reading) Hindustan Zinc, a Vedanta group firm, reported a Q4 net profit of Rs 2,040, down 21% YoY from Rs 2583 crore in Q4 FY23. Sequentially, the net profit grew 0.5% to Rs 2,038 crore in Q4 from Rs 2,028 in the previous quarter.
The company’s revenue from operations fell 12% year on year to Rs 7,285 crore against Rs 8,281 crore it recorded in the same quarter the previous year. The revenue of Hindustan Zinc increased by 3% quarter-on-quarter from Rs 7,067 crore it reported in Q3.
The company’s EBITDA came in at Rs 3,641 crore, up 2% sequentially. It saw a fall of 14% on year as it stood at Rs 4,208 crore in the same period a year ago.

(20 second reading) RVNL emerged as the Lowest Bidder (L1) for an order from South Central Railway.

The company announced that it emerged as the Lowest Bidder (L1) from South Central Railway for EPC tender for proposed doubling of track between Ankai station and Karanjgaon stations, including electrification and signalling works in connection with Aurangabad-Ankai doubling project in Nanded division of South Central Railway.
Shares of Rail Vikas Nigam Ltd (RVNL) on Friday briefly entered the positive terrain before slipping in to the red

(20 second reading) Bengaluru-based apparel manufacturer Gokaldas Exports Ltd. initiated its QIP aiming to raise Rs 600 crore. The issue price has been set at Rs 775 per share, representing a 4.05% discount to the last closing price, with a floor price at Rs 789.99.
Gokaldas Exports specializes in the design, manufacture, and sale of a diverse range of garments for men, women, and children. Additionally, it exports apparels to fashion brands and retailers across continents.
Gokaldas Exports reported an 8% decline in revenue year-on-year, totaling Rs 1,566 crore, along with a 46% drop in net profit to Rs 86 crore.

(20 second reading) Endurance Technologies announced that it will enhance its production for aluminium die casting and machining of automotive components with an investment of Rs.63.1 crore.
The upcoming expansion will see the installation of new high-end technology machines, primarily focusing on the production of machined clutch housing and transmission housing for four-wheelers, the company said.
These advancements will take place at the company's existing manufacturing facilities at Chakan, Pune.
The shares gained nearly 3% on Thursday, April 18, after the announcement.

(20 second reading) To encourage the ongoing adoption of electric vehicles despite decreasing government subsidies, Bajaj Auto plans to introduce more affordable electric scooters under its Chetak brand. The company is set to launch a new electric scooter targeting the mass market in May. Additionally, Bajaj Auto aims to expand its retail presence by threefold within the next few months.
The upcoming Bajaj Chetak electric scooter model is expected to be equipped with a smaller battery and a hub motor. A test mule of the upcoming Chetak electric scooter was spotted last year.

(20 second reading) Motilal Oswal Financial Services announced plans to consider a proposal to issue bonus shares at a board meeting on April 26.

At 1.51 pm, Motilal Oswal Financial Services was trading at Rs 2,248.55 on the National Stock Exchange after hitting a 52-week high of Rs 2,269.50. The stock has been on a tear, having doubled its value in the past month. The company bought back shares worth Rs 160 crore between June and July 2022 through the tender offer route.

(20 second reading) Inox Wind has received a repeat order for the supply of 210MW of wind turbine generators (WTGs) from Hero Future Energies, which is one of the leading renewable energy players in the country.
The company bagged the order for its 3 MW Wind Turbine Generators (WTGs). The WTGs will be supplied from the third quarter of FY25 onwards and will be installed in South India.
As per the order, the company will supply equipment and provide certain add-on services. Inox Wind will also provide post-commissioning multi-year operations and maintenance (O&M) services.
Inox Wind is a part of the $8-billion INOXGFL Group, which is into chemicals and renewable energy businesses.

(20 second reading) Aditya Birla Group has announced its grand entrance into the branded jewellery retail sector with a whopping Rs 5,000 crore investment. This marks the conglomerate’s third major venture in two years following successful expansions into paints and B2B e-commerce for building materials. Aditya Birla Group Chairman Kumar Mangalam Birla confirmed this during the launch of Aditya Birla Capital Digital’s new direct-to-customer app platform. Birla has set an ambitious target for the group's financial services arm, aiming to place it among the top three players in lending, asset management, insurance, and payments.

(20 second reading) Mastek Ltd is being named as a supplier on the UK Ministry of Defence's £1.2 billion digital and IT professional services framework. The budget is over a period of four years.
Mastek has been placed on Lot 1: Solution, Enterprise & Tech Architecture, Data, Innovation, Tech Assurance and Knowledge & Information Management of the UK Ministry of Defence's (MOD) digital and professional services framework.
Mastek has been a supplier to the UK Ministry of Defence since 2017
Shares of the company, surged as much as 17% on Thursday.

(20 second reading) Without naming the partnering firm, Ramkrishna Forgings said that the partnership marks its entry into the electric passenger vehicle segment, based on its comprehensive portfolio of cutting-edge solutions. Milesh Gandhi, executive director of Ramkrishna Forgings Limited, highlighted the company's ongoing commitment to innovation and its capabilities to meet the demands of the EV industry. "This collaboration speaks volumes about our ongoing commitment to innovate and our capabilities to meet the demands of the EV industry. As of 11.45am, Ramkrishna Forgings was quoting Rs 753.9, up 3.99 percent from the last closing price.

(20 second reading) Infosys announced that it is acquiring in-tech, an engineering R&D services provider focused on the German automotive industry. The acquisition is pegged at Rs.450million (about $480 million), and the consideration includes upfront and earnouts, excluding management incentives, and retention bonus. Infosys in 2012 acquired Swiss technology consulting firm Lodestone Holding for $350 million. And in 2019, it acquired Irish contact centre Eishtec for an undisclosed amount.

Indian IT companies have been acquisition shy as compared with their global peers,

(20 second reading) Bajaj Auto Ltd reported a net profit of Rs 2,011.43 crore for the fourth quarter of FY24. The company posted revenue of Rs 11,554.95 crore in the three months ended March 31.

The automaker's board also approved a dividend at the rate Rs 80 per share (800%) of face value of Rs 10 each on equity shares for the financial year ended 31 March 2024.

Analysts projected a profit of Rs 1,816 crore on revenue of Rs 11,096 crore, according to an average estimate of eight brokerages.

The shares of Bajaj Auto rose 1.61 percent to Rs 9,062 on BSE today. The earnings were announced after the close of trading.

(20 second reading) Infosys Ltd, India's second-largest IT services company, reported a net profit of Rs 7,969 crore for the fiscal fourth quarter, beating Street estimates. The company reported revenue of Rs 37,923 crore in the three months ended March 31, according to an exchange filing on April 18.

Analysts projected a profit of Rs 6,128 crore on revenue of Rs 38,413 crore, based on an average of 13 brokerage estimates. Infosys also declared a final dividend of Rs 20 per equity share and a one-time dividend of Rs 8 per share.

Infosys stock rose 0.34 percent today to end at Rs 1,419.25, ahead of the quarterly earnings report.

(20 second reading) The Ministry of Finance has notified new FDI regulations for satellites with the aim to increase investment in satellite-related activities by foreign entities.
Under these new guidelines, foreign investors can now invest up to 100 per cent of FDI into the sector, with 74 per cent being under the automatic route. This includes investments in satellite manufacturing and operations, the ground segment, user segment, as well as satellite data products.
Notably, this notification arrives just days ahead of the anticipated visit of Elon Musk.
Concurrently, approvals for Musk's satellite internet project, Starlink, are nearing finalization.

(20 second reading) Adani Enterprises, the flagship firm of billionaire Gautam Adani, is seeking to aggressively expand its data centre business. AdaniConneX, the equal joint venture between AEL and Sweden’s EQT-owned EdgeConneX, is looking to invest $5 billion in the next five years, of which more than half could be ploughed in this year itself.
Of the $5 billion investment plan, promoter equity infusions would account for around a quarter.
AdaniConneX plans to develop 1 GW of data centre capacity before 2030. It is in talks with several international banks to raise $1.2-1.4 billion in an offshore loan to ramp up growth plans that should be closed in the next couple of weeks.

(20 second reading) India's exports of iron ore fines and lump hit a three-year high of 36.5 million tonne (mt) in FY24 compared with around 15 mt in FY23, an increase of about 145 percent year on year,. Exports of iron ore pellets, likewise, increased nearly 80 percent y-o-y to 11.3 mt in FY24 as against 6.3 mt in FY23. Over 90 percent of the exports are made to China.
The surge in Indian iron ore fines exports to China was driven by robust pre-Chinese New Year restocking and encouraging economic signals in China.
This trend will boost the performance of NMDC and its share price.

(20 second reading) Capacite Infra has received orders worth Rs.549 crore.Of these, one order worth Rs. 256 crore is from Macrotech Developers for a luxury residential project in Worli, Mumbai. The other order worth Rs.293 crore is from Raymond for an additional building in Thane and scope enhancement for an existing building.
Earlier this year, its ED and CFO Subir Malhotra told that the company was confident of achieving its order inflow guidance of Rs.2,000 crore in FY24.
In January, the company had also concluded a Rs200 crore QIP issue. It approved the allotment of 79.47 lakh equity shares to eligible qualified institutional buyers at the issue price of ?251.65 apiece.

(20 second reading) Bigbloc Building Elements Pvt Ltd, wholly owned subsidiary of BigBloc Construction Ltd, one of the largest manufacturers of Aerated Autoclaved Concrete (AAC) Blocks, Bricks, and Panels in India is planning to install a rooftop solar power project of 625 Kilo Watts (KW) at is Wada Plant in Palghar, Maharashtra. Company will be investing around Rs. 2.5 crore in this initiative that underscores company’s commitment to environmental stewardship and renewable energy solutions with a commitment towards keeping the carbon footprints to the lowest possible.
The Company will be able to replace approximately 33% of its power requirement at its plant with renewable green energy – solar power.

(20 second reading) Tata Communications reported a whopping increase in its net profit to Rs 321.52 crore, from Rs45.1 crore in the third quarter. However, this figure was down by 1.5% from Rs326.42 crore for the same quarter a year ago. At the same time Tata Com also reported consolidated Q4 revenue rising 24.6% year-on-year to Rs5,692 crore; Ebitda increased by 2% to Rs 1,056 crore. Margins on the other hand, declined to 18.6% from 22.6% a year ago and profit margins slipped 156 basis points to 5.6% for the quarter.
Margin pressures are likely to continue due to its efforts to integrate its global acquisitions as well as spending to turn around some overseas operations. He also indicated that costs may stay on the higher side as Tata Com is looking to increase its reach in the foreign markets.

(20 second reading) India’s leading electric 3-wheeler company, Mahindra Last Mile Mobility Limited (MLMML), has introduced the Treo Plus with a sturdy metal body.
Responding to customer feedback, MLMML has enhanced its popular product, the Treo Plus, with a metal body, now available at an attractive price of Rs 3.58 Lakh, ex-showroom.
The Treo Plus boasts exceptional performance with a 10.24 kWh battery capacity, 8 kW power, 42 Nm torque, and a remarkable driving range of over 150 km on a single charge. With features like a 2073 mm wheelbase and Hill Hold Assist, it promises an outstanding driving experience.

(20 second reading) Talbros Automotive Components announced order win from a large European OEM for a multi-year contract valued at approximately Rs 1,000 crore.

The order will be executed over the next 8 years commencing from Q4FY25. The order win is by TACL's Joint Venture Company, Marelli Talbros Chassis Systems Private Limited (MTCS). The order is centered on the supply of Suspension Arms tailored for both conventional Internal Combustion Engine (ICE) vehicles and new age EV platforms.
Talbros Automotive shares opened 5% higehr at Rs 293.30 against the previous close

(20 second reading) IIFL Finance plans to raise 1,272 crore through a rights issue, at 300 per share, offering a near-30% discount to the market price. The issue opens April 30 and ends May 14.
IIFL Finance shareholders will get one share for every nine they hold. This move comes after the Reserve Bank of India (RBI) banned IIFL Finance from issuing gold loans in March.
Nearly a third of IIFL Finance’s book consists of gold loans, with assets under management of more than 20,000 crore.
On April 16, shares of the company declined 2.35% to 421.7 apiece.

(20 second reading) The directors of Leading PSU Power Grid Corporation approved a proposal to raise up to Rs 12,000 through the issuance of bonds in one or more tranches in 2024-25.
Power Grid Corporation is the country's largest electric power transmission utility. It operates 86 per cent of Inter-Regional networks. It is engaged in the bulk transmission of power across states in the country.
Meanwhile, shares of Power Grid Corporation last traded at Rs 274.35 apiece, up 0.07 per cent on Tuesday, April 16.

(20 second reading) Leading shipbuilder, Cochin Shipyard carried out the steel cutting of the first zero-emission feeder container vessel in the world using green hydrogen as the fuel for Samskip, a leading logistics company headquartered in the Netherlands. The feeder container project is among the latest bagged by the CSL as part of its plan to turn green vessel construction into a key earning source in the next couple of years. Europe is set to become a major market for green vessels and CSL is already flooded with queries from companies primarily from Western Europe looking to transition to green shipping as part of their commitment to reduce carbon emissions. Average age of the fleet of these vessels (around 2,500 in numbers) could be getting close to 20 years.

(20 second reading) Zomato CEO Deepinder Goyal announced the launch of India’s first large order fleet designed specifically for handling group, party, and event orders.
Goyal highlighted previous challenges with delivering large orders, noting that they often led to less-than-optimal customer experiences when managed by multiple regular fleet partners. This specialized fleet also promises to streamline the delivery process by ensuring that all aspects of service adhere to Zomato’s standards
This led his team to launch a new, all-electric fleet that can cater to gatherings of up to 50 people, marking a move towards more sustainable and efficient food delivery services.

(20 second reading) CNG-powered vehicles pose lower costs and improved efficiency versus their gasoline-powered siblings.
Ever-tightening emissions restrictions are forcing vehicle manufacturers to explore all sorts of alternative power options. Of course, electric power is fast becoming a ubiquitous alternative to internal combustion. But within the realm of the ICE, there are quite a few innovations.
This is something Indian motorcycle manufacturer Bajaj has its sights set on, with company CEO Rajiv Bajaj announcing accelerated development of the company’s new CNG platform.
Bajaj’s CNG bikes hope to provide users with twice the mileage (effectively halving the cost) with every tank of gas

(20 second reading) Rajiv Jain-led GQG Partners, which had shot to limelight after making contra bets on Adani stocks in the peak of the Hindenburg crisis, has increased stake in Baba Ramdev’s Patanjali Foods by nearly 4 times to 11.5% in the March quarter.
Earlier, GQG had invested around Rs 2,400 crore for acquiring a 5.96% stake in the offer for sale (OFS) of Patanjali in July 2023.
It holds positions in companies including ITC and Sun Pharmaceutical Industries along with lenders ranging from the State Bank of India to ICICI Bank and HDFC Bank.

(20 second reading) With the Ahmedabad-based Indian conglomerate being seen as becoming "too big to ignore", foreign institutional investors or FIIs increased stake in 6 out of 10 Adani stocks in the March quarter.
During the quarter, FII ownership went up by 26 bps to 14.98% in Adani Ports. Adani Green Energy and Adani Wilmar also saw a rise of 12 bps each in FII holding. Other stocks in which foreign ownership rose quarter-on-quarter are Adani Power, Adani Total Gas and NDTV, shows data pulled from ACE Equity.
Mutual funds were seen raising bets on ACC, Adani Enterprises, Adani Green Energy and Adani Power. Retail investors, on the other hand, seemed to have booked profits in all stocks of the conglomerate barring Adani Energy.

(20 second reading) Savita Oil Technologies has become the first Indian lubricant company to manufacture Ester molecule, which is used in biodegradable applications and also acts as a cooling agent in two- and three-wheeler electric vehicles.
The company is also looking at the possibility of using the molecule for immersion cooling of data centres. Immersion cooling is a rising technology for cooling data centres and its market is currently worth $400 million and is expected to surge to $2 billion by 2031.

The firm's stock price zoom 5.45 percent to Rs 516.50 on BSE at 13:26 pm on April 16.

(20 second reading) Power Grid Corp. of India Ltd has bagged three inter-state transmission projects under tariff-based competitive bidding
The first project is the Transmission System for the evacuation of power from Rajasthan.
The second project, Transmission System for Evacuation of Power from potential renewable energy zone at Khavda in Gujarat, comprises augmentation works at an existing substation in the state.
The third project is a transmission system for the evacuation of power from Rajasthan, involving the establishment of a new 765 kV sub-station at Rishabhdeo, 765 kV D/C transmission lines and the extension of associated bays at other substations in Rajasthan and Madhya Pradesh.

(20 second reading) Asian Paints launched Neo Bharat Latex Paint on April 15, venturing into a new category of paint as robust growth in the sector driven by increasing urbanization, rising disposable incomes, encouraged existing players to tap into the booming demand and lap in more market share.
The company, which is the leading player in India, touts the new segment to being affordable, offering over 1,000 shades for consumers.
The company also onboarded cricket player Virat Kohli as the brand ambassador for new launch.
Neo Bharat Latex Paint marks one of Asian Paints' most significant launches to date.

(20 second reading) Vodafone Idea has concluded its anchor book allocation just before the commencement of its highly anticipated Follow-on Public Offering (FPO), garnering approximately Rs 5,400 crore from both global and domestic heavyweight investors. The list of investors subscribing to the anchor book boasts distinguished names including GQG Partners, UBS, Morgan Stanley India Investment Fund, Citigroup Global Markets Mauritius, Goldman Sachs, and Fidelity, among others.

(20 second reading) Ratings firms Crisil reported a 5.4 per cent drop in consolidated net profit to Rs 138 crore for the Q1 ended March 31. The company had posted a net profit of Rs 146 crore in the same period last year.
Crisil's consolidated total income rose to Rs 751 crore for the quarter ended March 31, 2024, from Rs 732 crore a year ago.
Its board has also approved the payment of an interim dividend of Rs 7 per equity share of face value of Re 1 each, for the financial year ending December 31, 2024, which will be paid on May 14, 2024, it said.
The rating agency expects India's GDP growth to moderate to 6.8 per cent in fiscal 2025 due to high-interest rates, fiscal consolidation and uneven global growth.

(20 second reading) Global brokerage firm Jefferies maintained a 'buy' rating on India's biggest private lender, HDFC Bank, saying that its margin improvement will be key to increase the RoA and re-rating valuations. The brokerage firm assigned a target price of Rs 1,800 per share, signalling an upside of 20 percent from current levels.
Analysts at Jefferies believe that HDFC Bank's potential for credit growth over the next five years would build sensitivity to deposit market share gains.
The analysts at Macquarie had assigned a 'buy' rating on HDFC Bank, with a target price of Rs 2,000 per share

(20 second reading) LTIMindtree, India’s fifth largest IT company, witnessed a spate of senior-level exits with the latest resignations of Pankaj Chugh and Gregory Dietrich, both executive vice-presidents of global sales..
Chugh and Dietrich’s exit follows that of Vinit Teredesai who resigned as the chief financial officer in 2024. Before that, Dilip Panjwani, then head of cyber security practice, exited the firm in January 2024.
Since the merger of Larsen & Toubro Infotech and Mindtree was announced in May 2022, which became operational in November of that year, there have been several high-profile exits from the merged entity.
Following the development, LTIMindtree shares lost more than 2% to become the top Nifty 50 loser.

(20 second reading) Leading SUV manufacturer Mahindra & Mahindra todat unveiled the 9-seater 'Bolero Neo+' in two variants -- the P4 and the P10, at a starting price of Rs 11.39 lakh (ex-showroom). According to the company, the P4 serves as the entry-level option, while the P10 represents a more premium trim.
It also comes with advanced safety features such as an anti-lock braking system (ABS), dual airbags, child seats, engine immobiliser, and automatic door locks.

In addition, the new SUV features a 22.8 cm touchscreen infotainment system which includes Bluetooth, USB, and Aux connectivity.

(20 second reading) Brigade Enterprises Limited will be investing Rs.400 crore to develop a commercial project in Chennai,

The company has entered into a Joint Development Agreement with Agni Estates & Foundations Pvt Ltd to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai.
The project will have a leasable area of 8.36 lakh sq ft spread across two towers. This will be the next commercial launch by Brigade Group after the successful completion of the landmark ‘World Trade Center’ on OMR.Brigade Tech Boulevard will be of world-class quality, with significant focus on sustainability,

(20 second reading) Energy and environment solutions company Thermax opened a new manufacturing facility in Chinchwad, Pune, for water and wastewater treatment solutions.
Ashish Bhandari, MD and CEO of Thermax, said their water and wastewater business had grown 3x in the last four years and continues to grow, driven by regulations, better enforcement of those regulations, transition to sustainable technologies and shortage of water.
“The country will need 2x water by 2047 and there will be no more fresh water available. This business was growing by 20-30% annually, and the company’s aspiration is to make this a Rs 1,000 crore business in FY25,” Bhandari said.

(20 second reading) TVS Motor has kicked off export of its BMW electric-two wheeler. TVS exported 924 units of both its iQube Electric as well as what it classified as “BMW EV” in March 2024.
The company produced 15,246 units of the two EVs in March 2024, showed the SIAM stats. 
TVS exported 113 units of the iQube electric in February and 249 units in the April 2023 to February 2024 period. The 924 units tally in March took its total e-two wheeler exports to 1173 units at the end of FY24.
Last October, TVS and BMW Motorrad jointly unveiled the CE-02 which is the first EV two-wheeler jointly developed by the two companies. Production of the product began at Hosur late last year.

(20 second reading) The top player in the two-wheeler segment, Eicher Motors soon to give a big boost to its Royal Enfield fleet in India. The company is gearing up to launch new motorcycles in multiple segments, catering to a wider audience in the country.
The report suggested that the company has lined up 6 motorcycles, which are likely to arrive in the current fiscal. As per the details shared by Autocar, Royal Enfield has lined up 6 models, out of which four will be introduced under 350cc, 440cc, and 450cc, while the remaining ones will be released under 650cc.

(20 second reading) Domestic mutual funds reduced their exposure to many public sector stocks in the March quarter following a sharp rally in the pack over the past year. The BSE PSU index rallied 96% in the last year and is currently trading at a 40% premium to the five-year average.

Of the 25 public sector undertakings (PSUs) that published their shareholding for the March quarter, 11 saw a decline in mutual fund holdings, while only three stocks saw an increase in stakes.
Asset managers reduced their stakes in state-owned companies like SJVN, Punjab Nationa bank, RITES, Hindustan Copper, Mishra Dhatu Nigam, BHEL, Bharat Electronics, and Life Insurance Corporation, among others.

(20 second reading) Mining conglomerate Vedanta Ltd has secured an 11-year term loan of Rs 3,918 crore from Power Finance Corporation Ltd. The financial closure will enable Vedanta to expedite completion of its power projects.

The latest financing follows Vedanta group's takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process. The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27.
It will primarily use the funds for these two of its key power plants.

(20 second reading) The subsidiary of Fairfax Financial Holdings provided a Rs 500-crore lifeline to IIFL Finance, which is banned by the Reserve Bank of India from offering gold loans due to irregularities in its lending process.
Odyssey Reinsurance, a subsidiary of the Prem Watsa-promoted company, provided three-year debt in the form of secured, rated, listed bonds at a 9.5% coupon, payable semi-annually, they added.
IIFL Finance's total loan AUM is Rs 77,444 crore, of which gold loans account for about 32%, or Rs 24,692 crore, as of December 31, 2023.
A day after the banking regulator curbed IIFL from giving new gold loans, Canadian billionaire Watsa announced liquidity support of $200 million to if the company faces a funding crunch.

(20 second reading) Regulatory troubles continue for Sun Pharma as the drug manufacturer’s Mumbai unit has been issued an "official action indicated" (OAI) tag by the US Food and Drug Administration, which may affect new launches.
The OAI classification for Sun’s Dadra unit follows recent regulatory trouble for Halol and Mohali facilities in the recent past, which had an impact on Sun Pharma's generic sales.
HSBC expects the drugmaker's US generic sales, excluding cancer drug Revlimid, to remain range-bound due to regulatory issues.
Analysts at HSBC expect the FDA move to add to the regulatory overhang for the drugmaker, while those at Nomura see it as a negative surprise.

(20 minute reading) An IndiGo flight traveling from Ayodhya to Delhi on Saturday, April 13, was forced to make an unscheduled landing in Chandigarh due to low fuel, raising concerns about passenger safety and potential violations of aviation protocols.
Satish Kumar, a passenger on the flight and Deputy Commissioner of Police, shared his harrowing experience on social media. "The plane finally managed to land at Chandigarh Airport at 6:10 PM, 115 minutes after the announcement about having 45 minutes of holding fuel. Got to know after landing that we landed in the nick of time, with only 1 or 2 minutes of fuel left, from the crew staff," he claimed.

(20 second reading) Ambuja Cements of the Adani Group, has signed an agreement to acquire My Home Group's 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu for Rs 413.75 crore.
The acquisition is expected to enhance the company's footprint across the southern markets of Tamil Nadu and Kerala.
The facility is spread across 61 acres and is conveniently located near the Tuticorin Port with a long-term fly ash agreement will be value accretive from the beginning.
Ambuja, with its subsidiaries ACC Ltd and Sanghi Industries has taken the Adani Group’s cement capacity to 78.9 MTPA with 18 integrated plants and 19 cement grinding units.

(20 second reading) UBS reiterated its ‘buy’ for hotels giant Indian Hotels Company raising the target price to Rs.715, up 43% from its previous target of Rs. 500 per share. The revised target implies a potential upside of around 19% from the stock’s current market price of around Rs.600.
The analysts believe that the acceleration in earnings will be driven by operating and financial leverage. The brokerage firm also mentioned various growth drivers that could enhance revenue and profitability.
The brokerage added that “both earnings upgrades and embedded value of optionality should support the re-rating.

(20 second reading) The real estate sector is seen reaching $1.5 trillion by 2034, more than trebling from $482 billion, constituting 10.5% of the total economic output, up from 7.3%last year, over the next decade, says an industry report. Of the $1.5 trillion valuation, the residential market is expected to lead with a value of $906 billion, followed by the office sector contributing $125 billion, according to a weekend note by realty consultancy Knight Frank and industry lobby CII. Land for manufacturing activities is estimated to be $28 billion, while warehousing is projected to yield revenues of $8.9 billion, the report adds.

(20 second reading) The Mahindra Group will foray into the hybrid renewable energy segment with an investment of Rs 1,200 in a solar and wind project.

Mahindra Susten, its renewable energy platform, will develop the project along with Ontario Teachers' Pension Plan Board as a strategic partner. As a part of this project, the group will install ˜101 MW wind capacity and ˜52 MW solar capacity.The project will be one of the largest co-located solar + wind hybrid projects in Maharashtra to deliver clean energy to Commercial and Industrial (C&I) customers, it said.

The company expects to commission the plant in the next years, built using 80 per cent locally manufactured components.

(20 second reading) Global brokerage firm Jefferies has initiated coverage on the stock with a 'Buy' recommendation, saying reforms in crude and gas pricing have improved the company's profitability above past decade averages.

Jefferies' price target of ?390 per share on the ONGC stock implies a potential upside of nearly 47% over the next 12 months.

Augmented by profitable production growth over FY24-26, the foreign brokerage sees strong free cash flow (FCF) generation and consolidated net debt reduction.

Tesla has agreed upon on deal with Indian behemoth Tata for making semiconductor chips for the former, globally. Tata's subsidiary, Tata Electronics is said to have entered into an understanding with the American company.
This comes at the back of another development, when the carmaker dispatched a tranche of its associates to India, to visit the potential site for a future plant. The team is said to have visited the state of Gujarat for the same.

Tesla, arguably one of the most consequential players in the business has upped its efforts to set up its much talked about manufacturing plant in India.

(20 second reading) The US FDA issued no section 483 observation on completion of an audit on the Visakhapatnam facility of Granules India.The company’s Unit V facility at Anakapally in Visakhapatnam, Andhra Pradesh, underwent an inspection by the US drug regulator from April 8 to 12. This audit was a pre-approval inspection (PAI) and cGMP audit for active pharmaceutical ingredients (APIs) and formulations (FDs); oncology and non-oncology, which resulted in Zero 483's.
This facility manufactures APIs and formulations of oncology and non-oncology products.

The shares of Granules India traded down 1.5 percent in early trade on April 15 even after NIL observations.

(20 second reading) Ramkrishna Forgings announced that it has won a Rs 270 crore order from BHEL-TRSL consortium for 32 Vande Bharat train sets.
The scope of the project involves the development and validation of the bogie frame for the sleeper version of the Vande Bharat trainset. The order encompasses 32 train sets, each comprising 16 coaches. The company will produce a total of 1,024 bogie frames.
Ramkrishna Forgings recorded a profit of Rs 86.86 crore in Q3FY24 an increase of 42.3 percent compared to Rs 61.04 crore

(20 second reading) Brokerage firm UBS expects shares of food delivery giant Zomato Ltd. to rise up to as high as Rs.250 per share over the next 12 months. However, this isn't the highest target for the stock on the street. Brokerages like ICICI Securities (Rs.300) and JM Financial (Rs.260) have targets higher than UBS for Zomato's shares.
Out of the 28 analysts that track Zomato, 24 of them maintain a "buy" recommendation on the stock, while four of them have a "sell" rating. UBS believes that Zomato's quick commerce growth and margin potential are under appreciated by the street.
The brokerage expects Zomato's Gross Merchandise Value (GMV) to reach $10.2 billion by financial year 2029 or over the next five years,

(20 second reading) ISMT is awarded two contracts from ONGC. The contracts, which were received on April 12th, are for the supply of regular casing pipes and have a total value of approximately Rs 343.72 crore. The contracts are expected to be executed between April 11, 2024 and February 13, 2025. As of 9:49 am, ISMT was quoting at Rs 99.25, up by Rs 2.98 or 3.10% on the BSE.
Currently, the stock is trading 11.57 percent below its 52-week high and 45.74 percent above its 52-week low.

(20 second reading) For the first time in 19 years, the headcount in TCS has declined, ever since the company was listed in 2004, the company reported.
TCS revealed on April 12 that its headcount has declined by 13,249, bringing down the number of the employee base to 601,546 in the financial year 2023-24.

Headcount refers to the number of people working in a company or in a particular department over a given period of time.
The net addition of new employees was just 22,600 in the whole year.

(20 second reading) Since the Iran-Israel War has escalated, worries over India’s current account deficit have re-emerged with crude oil prices expected to touch $100 per barrel soon . Being the world’s third largest consumer of crude oil with around 80 percent of the crude being imported, India is particularly vulnerable to any price fluctuations in this commodity.
Historical data shows that there is a high correlation between oil prices and the current account deficit (CAD). As the average oil price increases, the current account deficit widens. When the oil price was between $100 and $120 per barrel in the past, India saw its current account deficit burgeoning to -3.6 percent of GDP. Given that India settles its oil imports in dollars, a surge in oil import expenses can drive up demand for dollars, potentially depreciating the rupee vis-à-vis the dollar.

(20 second reading) Gold climbed past $2,410 per ounce, marking a new record high, posting 3 percent gains for the week as Middle East tensions flair. Gold has been taking support from safe-haven buying on the back of higher inflation, expectation of interest rate cuts and global geopolitics tensions.
The latest reports suggest Israel Israel says that around 300 drones and missiles were fired by Iran and that some of the launches also came from Iraq and Yemen.
The other factor that would support gold is the rising crude oil prices. Crude is up 18 percent in 2024 till time on the back of supply disruptions at the Red Sea, Russian oil facilities attacked by Ukraine drones and the OPEC output cuts. higher crude means higher inflation, adding buying support to Gold.

(20 second reading) Realty giant DLF has embarked on the construction of a new 26-27 lakh square feet shopping mall in Gurugram, reflecting its strategic expansion efforts amidst a resurgence in retail activity following the COVID-19 pandemic. With an estimated investment of approximately Rs 2,200 crore, this development underscores DLF's commitment to bolstering its retail presence.
DLF currently boasts a retail footprint of approximately 42 lakh square feet, comprising nine properties, including malls and shopping centers, predominantly located across Delhi-NCR. Notably, around 3.4 lakh square feet of this retail portfolio falls under DLF Ltd, while the remainder is under the joint venture entity DLF Cyber City Developers Ltd (DCCDL), in partnership with Singapore sovereign wealth fund GIC.

(20 second reading) Anand Rathi Wealth aims to repurchase approximately 370,000 fully paid-up equity shares, each with a nominal value of Rs 5, accounting for 0.88% of the company's total issued shares.
The buyback offer is priced at Rs 4,450 per share, representing a 9.9% premium over the closing price on Friday. The aggregate buyback amount is capped at Rs 164.65 crore. The shares will be bought back via a "tender offer" method, ensuring a fixed buyback price.
This marks the company's inaugural share buyback since its December 2021 listing. Since then, Anand Rathi Wealth has distributed dividends totaling Rs 28 per share. The board has sanctioned a Rs 9 per share dividend for the March quarter, culminating in a total distribution of Rs 37 per share since its public offering.
The record date for the buyback has not been announced yet.

(20 second reading) Patanjali Keswani, CMD, Lemon Tree, shares how tourism sector currently at 6.8% of the GDP holds promise for huge growth over the next decade and once it reaches the global average of 10% of the GDP, it can turn to be the biggest employment generator. He also talks about Lemon Tree's expansion plans amid government's focus on spiritual tourism. To tap this fast-growing business, Lemon Tree is planning to expand Hotels In 150 Cities Over Next 2 Years from Current 65 Cities.

(20 second reading) Varun Beverages, leading bottler of beverage major PepsiCo has started commercial production of soft drinks and energy drinks from its production facility at Gorakhpur, Uttar Pradesh.
The Jaipuria family-promoted firm will also start juices, energy drinks and value-added dairy products from the Gorakhpur facility.
VBL said it is investing about Rs 1,100 crore for the greenfield project.
VBL operates across six countries. Three markets of the Indian Subcontinent -- India, Sri Lanka, and Nepal contributed 83 per cent of its net revenues, while three African countries -- Morocco, Zambia, and Zimbabwe -- contributed the remaining 17 per cent in 2023.

(20 second reading) Speciality chemicals maker Ami Organics Ltd informed it plans to raise Rs.500 crore through a qualified institutional placement (QIP).

The company's board of directors has approved the proposal for raising funds in one or more tranches by issuing equity shares and/or other convertible securities.

Shares of Ami Organics Ltd ended at Rs.1,220.95, down by ?54.70, or 4.29%, on the BSE.

(20 second reading) Engineers India Ltd and Detect Technologies Pvt Ltd signed a MoU for Artificial Intelligence (AI) based monitoring, to ensure safe practices at construction sites and monitor project progress in India and abroad.
This partnership aims to implement and maintain AI-based solutions employing cameras, drones, and cloud computing infrastructure to uphold a safe working environment, thereby minimising accidents and injuries, while concurrently overseeing project advancement.
This MoU underscores EIL's commitment to ensuring the utmost safety standards across projects.

(20 second reading) Kotak Institutional Equities has been bullish on Federal Bank stock in its April 12 report with a 'buy' rating at the CMP of Rs 159 apiece. It sets Rs 185 as a target price with an upside of 16%.

Federal Bank has a consistent track record of issuing dividends over the years.

Federal Bank is a popular option among the big investors. As per trendlyne, Rekha Jhunjhunwala portfolio holds shares of Federal bank worth Rs 759.1 crore. Moreover, SBI life, LIC and HDFC bank have some stakes in the stock.

(20 second reading) Retail inflation eased to a 10-month low of 4.85% in March while industrial output hit a four-month high of 5.7% in February, data released Friday showed.
With inflation maintaining its downward trajectory, the print — which was below 5% for the first time in five months — moved closer to the Reserve Bank of India’s target level of 4%.

Experts said the central bank is not likely to cut rates in a hurry and will possibly watch for the June-September monsoon

(20 second reading) The State Bank of India-led consortium, which rescued Yes Bank in 2020, is now considering selling its stake.
Japan’s Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) have expressed interest and are considering a bid to acquire a majority stake in Yes Bank
Another company from the Middle East has also shown interest. SBI is the largest shareholder with a 26.13 percent stake. These are very early days in the deal.

(20 second reading) India’s forex reserves jumped by USD 2.98 billion to a fresh peak of USD 648.562 billion for the week ended April 5, the RBI said on Friday. In the previous reporting week, the forex kitty had increased by USD 2.951 billion to USD 645.583 billion, which was an all-time high. In September 2021, the country’s forex kitty reached an all-time high of USD 642.453 billion, a level that was breached in March this year. For the week ended April 5, the foreign currency assets, a major component of the reserves, increased by USD 549 million to USD 571.166 billion, the data released on Friday showed.

(20 second reading) The share price of Zomato gained rose over one percent today (April 12) as the stock extended gains for the sixth straight session. Zomato shares gained 1.49% to a fresh record high of Rs.199.75 apiece on the BSE. This comes after JM Financial raised the target price on the stock and said that it sees an upside potential of over 32%.
JM Financial put a ‘Buy’ rating on the stock and raised Zomato share price target to Rs.260 per share from Rs.200 earlier. The brokerage cited a significant rise of Blinkit, Zomato's quick commerce business. JM Financial's three-year target price for Zomato stands at Rs.400 per share.

(20 second reading) TCS reported 9% rise in net profit at Rs 12,434 crore for the fourth quarter of FY24 compared to Rs 11,392 crore last year. Revenue rose 3.5% to Rs 61,237 crore in Q4 The EBIT margin was up at 26 percent for Q4, compared to 25 percent in the previous quarter. For the full year of FY24, revenue grew by by 6.8 % YoY to Rs 240,893 crore. Net profit for the year was at Rs 46,585 crore. Operating margin for the year was 24.6%. TCS reported all-time high quarterly and full year deal wins at $13.2 billion, and $42.7 billion respectively. TCS announced a final dividend of Rs 28 per share.

(22 second reading) Zomato group company, Blinkit plans to deliver Lenskart products (sunglasses and computer glasses from the Hustlr range, to customers in 10 minutes.
On Thursday, it announced a partnership with Atomberg, a manufacturer of home appliances to deliver ceiling fans in just 12 minutes.
Earlier in the month, Blinkit joined forces with tech giant Sony by delivering the highly anticipated PlayStation 5 directly to their homes in 10 minutes.
Earlier, it has also collaborated with Samsung for the delivery of the Galaxy S24 series in several major cities.

(20 second review) Dixon Technologies India signs MoU with Dassault Systemes to boost global manufacturing efficiency
The Memorandum of Understanding (MoU) aims to harness the capabilities of Dassault Systemes' Digital Enterprise Lean Manufacturing Interactive Application (DELMIA) Apriso applications to enhance efficiency and quality control throughout Dixon's production processes.
Driven by the mutual goal of optimizing manufacturing procedures, improving quality assurance, and fostering operational excellence, this partnership signals a significant step forward in the realm of digital manufacturing, according to the press release.

(20 second reading) The Defence Ministry has issued a tender to Hindustan Aeronautics for the purchase of made-in-India 97 LCA Mark 1A fighter jets expected to be worth over Rs 65,000 crore.
This is set to be the largest order for indigenous military hardware ever placed by the Indian government.
The tender was issued by the Defence Ministry to the HAL recently, and they have been given three months to respond to it.
The programme will help the IAF replace its fleet of MiG-21s, MiG-23s, and MiG-27s, which have been either phased out or are set to be phased out shortly, government officials.

(22 second reading) Retail mall developer Phoenix Mills Ltd reported 27 per cent yoy growth in total consumption at Rs 2,818 crore for Q4FY24. On a like-to-like basis, consumption in Q4 increased by 9 per cent in comparison to the same period last year. Moreover, gross retail collections stood at Rs 791 crore in Q4FY24, recording a growth of 37 per cent over Q4FY23.
For 2324, it reported retail consumption at Rs 11,327 crore, up by 22 per cent over FY23. On a like-to-like basis, consumption in FY24 went up by 8 per cent over FY23. Gross retail collections stood at Rs 2,743 crore in FY24, up 27 per cent on-year. Occupancy during Q4 went up to 70 % as against 63 % the previous year.

(20 second reading) Utkarsh Small Finance Bank has settled a case pertaining to disclosure norms with capital markets regulator SEBI and paid Rs 1.24 crore towards the settlement charges. Sebi had started adjudication proceedings against the bank for alleged violations of the Listing Obligations and Disclosure Requirements (LODR) Regulations.

The capital markets regulator had issued a showcause notice to the bank on March 16, 2023, after it appointed an adjudicating officer on March 10, 2023.

(18 second reading) Pratham EPC Projects bagged a Rs 497-crore order, from Sun Petro Chemicals. The order is more than double its market capitalisation of Rs 241 crore.

The order pertains to an EPC contract of onshore or offshore crude oil pipelines in the Gulf of Khambhat and other fields of Gujarat. The project is expected to be completed in the next 36 months. The shares of the company zoomed 20 percent and were locked in the upper circuit.

(20 second reading) Pepsico bottler Varun Beverages announced that it will buy a stake in Huoban Energy 11 and Aspirative Creative Ventures.
(i) Huoban Energy 11 Private Limitedis engaged to supply solar power to consumers in the state of Maharashtra.
(ii) Aspirative Creative Ventures is engaged to supply solar power to consumers in the state of Uttar Pradesh.
Varun Beverages intends to obtain solar power for its facility located in Dhule, Maharashtra.

(20 second reading) Maharashtra Seamless has received a work order Rs 674 crore from ONGC for the supply of casing seamless pipes.
Earlier in January, Maharashtra Seamless had received two contracts with an aggregate basic value of approximately Rs 116 crore from Indian Oil Corporation for the supply of seamless pipes. In December 2023, it had bagged an order with a basic value of Rs 187 crore from ONGC for the supply of premium casing seamless pipes.

(20 second reading) The latest shareholding pattern of Adani Energy Solutions Ltd (erstwhile Adani Transmission) suggests one of the schemes of Rajiv Jain's GQG Partners, which was the first investor in the Adani group firms in the aftermath of the Hindenburg report, bought a stake in the Adani group firm in the quarter gone by.

GQG Partners Emerging Markets Equity Fund owned 2,03,24,405 shares or 1.82 per cent stake in the company as on March 31. It was not an investor in Adani Energy Solutions at the end of the December quarter. Analysts noted that Adani Energy Solutions has set a goal to establish 30,000 ckm of transmission lines by 2030,

(20 second reading) Malabar Gold has achieved an annual global turnover of Rs 50000 crore in the last financial year. Its retail expansion plan spans India and overseas markets with plans to open 100 new stores within the next one year. The brand currently operates 345 stores across 13 countries, with plans to open new stores in New Zealand, Egypt, Bangladesh, and more locations in Europe. The company will strengthen its presence in existing markets such as the US, Canada, UK, and Australia.

Malabar Gold & Diamonds is also planning to hire an additional 7,000 employees increasing the workforce to 28,000. It currently employs 21,000 people representing 26 countries.

The company operates 14 supply chain management units in 8 countries and 15 jewellery manufacturing units across 5 countries

(20 second reading) Rating agency Icra revised downwards its outlook for the banking sector to 'stable' from 'positive' on expectations of a moderation in credit growth and profitability.

The agency said the credit growth will moderate to 11.6-12.5 per cent in FY25 from 16.3 per cent (excluding the impact of the HDFC twins merger) in FY24, while the lower net interest income margins on higher deposit rate payouts will lead to a dip in profits.On the asset quality front, it expects a further moderation in the gross non-performing assets ratio for the banking system at 2.2 per cent by March 2025 from 3 per cent likely in March 2024,

(20 second reading) NTPC Green Energy has shortlisted four investment banks to manage its Rs 10,000 crore initial public offering, which would be the biggest by a state-owned entity since the share sale by LIC of India .
IDBI Capital Markets and Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management have been shortlisted after financial and technical bids. NTPC earlier planned to sell a 20 percent stake in NTPC Green to a strategic investor.
NTPC Green is working on a pipeline of just under 25-26 GW.

(20 second reading) Tata Passenger Electric Mobility Ltd. (TPEM), has signed a non-binding Memorandum of Understanding (MOU) with Shell India Markets Private Limited (SIMPL) to collaborate in setting up public charging stations across the country.

TPEM, in an official statement, claimed that it will leverage Shell's widespread fuel station network and TPEM's insights from over 1.4 lakh Tata EVs on Indian roads to set up chargers at locations frequently visited by Tata EV owners.

(20 second reading) Computer Age Management Services (CAMS) on Wednesday, April 10, received authorisation from the RBI to operate as an online payment aggregator. CAMS–India’s largest mutual fund transfer agency had received an in-principle authorisation from the central bank in February, 2023.The company’s payment business unit, CAMSPay, is currently serving mutual funds, insurance companies, banks and NBFCs. Its offerings now include an expanded UPI autopay feature that has seen wide adoption by fintech channels and notable third-party applications

(20 second reading) Auto components maker Uno Minda Ltd said its upcoming Rs.542-crore greenfield passenger vehicle alloy wheel plant in Haryana will be set up in a phased manner over the next five years.

The first phase of the plant in IMT Kharkhoda, Haryana — with a capacity of 120,000 wheels per month — will be commissioned in Q2 of FY26. Uno Minda had recently secured an allotment of a strategic land parcel of 94.32 acres at IMT Kharkhoda & around 25 acres has been designated for this greenfield alloy wheel plant.

(20 Second reading) Vodafone Idea is gearing up to launch a FPO to raise Rs 18,000-20,000 crore by the middle of next week, sources have told Moneycontrol.

The debt-laden telecommunications company has enlisted Jefferies, SBI Caps and Axis Capital as lead managers for the FPO, the largest offerings of its kind in India. However, none of the banks are underwriting the issue, sources said. Vodafone Idea has secured commitments from anchor investors, including both foreign and domestic institutional investors

(20 second reading) Gensol Engineering, a leading player in the renewable energy sector, has informed exchanges that it has received a significant order book of Rs 1783 crore at the beginning of FY25.
The company has secured two major orders of Rs 1,448 crore and Rs 335 crore. These orders are from Solar EPC (India and the Middle East including Scorpius trackers) and Let's EV respectively.

Gensol Engineering recorded the highest-ever revenue of Rs 960 crores in FY24 with a growth of 141 % YoY

(20 second reading) SIP inflows for March surged to a record high, standing at Rs.19,271 crore, compared to Rs 19,187 crore in the previous month, according to data released by the AMFI. This marks the second consecutive month where SIP inflows have surpassed the Rs.19,000 crore mark.SIP has emerged as a powerful tool in fostering financial discipline, particularly among young investors. According to Swarup Anand Mohanty, Vice Chairman and CEO of Mirae Asset Investment Managers, Mohanty expressed optimism about this consistent surge in SIP flows, foreseeing a potential milestone of Rs.25,000 crore by the end of 2024.

(20 second reading) The healthcare product distributor, Entero Healthcare Solutions that listed at a discount of 2.3 percent on February 16, 2024, and has fallen 10 percent since, has a 50 percent upside, according to Jefferies.

The brokerage, initiating coverage on the stock with a buy recommendation, said that the company Entero Healthcare Solutions is well placed to deliver an organic revenue growth that is 2x the industry's pace over FY24-26E.

(20 second reading) Reliance Industries and L&T as well as energy companies Greenko Group and Welspun New Energy will be setting up green hydrogen and green ammonia units at Gujarat’s Deendayal Port Authority in Kandla.The project could see a cumulative investment of up to Rs 1 lakh crore which will be among the largest such investments in the sector and the energy infrastructure space in India.
Last month, DPA allotted the plots to the four companies, said the people cited above.
“DPA offered 14 plots with around 4,000 acres of land in total. Of this, RIL has been allotted six plots, L&T has been allotted five, Greenko Group has bagged two and Welspun New Energy has been allotted one plot. A formal announcement will be made in June after the polls.

(20 second reading) Shares of InterGlobe Aviation Limited scaled fresh record high on April 10 by trading 5 percent higher at Rs 3,801 a piece during afternoon trade.

Wednesday's gains made the carrier world's third largest airline in terms of market capitalisation. The 22 percent rally in the last one month has taken the stock of InterGlobe Aviation, the operator of IndiGo airline in India, to over Rs 1,46,000 crore ($17.5 billion) in total value.Data shows that Delta Air and Ryanair Holdings are the top two airlines with $30.4 billion and $26.5 billion m-cap, respectively.

(20 second reading) Jefferies is bullish on Indian metal companies amid the recent resurgence in the global manufacturing activity, including in the US and China, the world's two biggest economies. In a recent note, the brokerage firm said it had constructive views on the sector, particularly copper and aluminium.

Jefferies upheld "buy" ratings on Tata Steel and Hindalco Industries stocks but raised target prices. Tata Steel's target price has been increased to Rs 200 from Rs 165.
The brokerage has retained "hold" call on JSW Steel but has raised the target price to Rs 900 from Rs 800.

(20 second reading) In a significant ruling, the Supreme Court has allowed a curative petition filed by Delhi Metro Rail Corporation, directing Reliance Infrastructure to refund the Rs 8,000 crore paid to its subsidiary Delhi Airport Metro Express Private Limited (DAMEPL). DMRC had filed the curative petition challenging the arbitral award that had directed it to pay to the Reliance Infrastructure subsidiary.

Shortly after the court ruling, shares of Reliance Infrastructure slipped by 20 percent to hit the lower circuit.

(20 second reading) According to Rohan Gupta, Nuvama Institutional Equities,"The structural growth opportunity which we say for the speciality chemical players, especially in names like CDMO, China plus one, Europe's energy crisis and Europe plus one, all those structural growth driver were there in last one year also and even right now also we see that they remain intact,"
I think that the company like Aarti, Jubilant Ingrevia, Gujarat Fluoro, Galaxy Surfactants, are already sitting on the ready capacities because they have never ever stopped on the capex even in a weak time last year.

(20 second reading) IRB Infrastructure Developers Limited and its associate, IRB Infrastructure Trust announced a remarkable 30% YoY increase for March 2024. The aggregate toll collection for March 2024 amounted to Rs. 4,809 million, as compared to Rs. 3,700 million in the corresponding period of the previous year.

Assets under the Private InvIT, managed by IRB Infrastructure Trust, witnessed an even higher toll collection rise of 40% yoy.

(20 second reading) Bengaluru-based Puravankara Ltd, that crossed the Rs.5,900 crore benchmark in terms of sales for the first time in almost five decades, plans to focus on redevelopment projects across Mumbai and Pune this fiscal.
Mumbai and Pune will be the new focus areas, especially redevelopment projects.
The company had announced that it has secured the residential redevelopment rights for two housing societies in Mumbai in November 2023 with a revenue potential of Rs.1500 crore.
In Pune, the company is in advanced stages of discussion.

(20 second reading) Patel Engineering, a Mumbai-based engineering, procurement, and construction firm, expects its order book to touch at least Rs 25,000 crore in FY25 from Rs 19,134 crore as of December 2023 (Q3 FY24), Kavita Shirvaikar, CFO has informed.
In terms of the sector-wise mix, hydropower projects constitute 60.67 percent of the company’s current order book, irrigation 21.05 percent, tunnelling 11.02 percent, road 2.99 percent and others account for 4.27 percent.
“We are targeting to participate in tenders worth Rs 50,000-60,000 crore in FY25.

(Reading of 20 seconds) Naveen Philip, the Managing Director of Popular Vehicles and Services, expects the company's revenue to continue growing at around 20%. He pointed out that the growth in used car sales is surpassing that of new car sales by 2-3% while highlighting the subdued growth in small commercial vehicles over the past 18 months.
"If you look at a compound annual growth rate (CAGR) for the last three years, even if you look at this year with the last year, we've been going about 19 to 20% CAGR. We hope to hold that in the future too," he said.

(20 second reading) Voltas achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35% Voltas' sales numbers are also industry-first. The Tata Group company said in an exchange filing, "The company achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35%."

(Reading of 20 seconds) Exide Industries has acquired a 26% equity stake in Clean Max Arcadia Private Ltd for Rs.5.34 crore.
Clean Max Arcadia Private Limited is a Special Purpose Vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions Pvt Ltd. for generation and supply of solar power,
The primary objective of Exide's investment in Clean Max Arcadia is to qualify as a captive consumer of solar power, thereby promoting renewable energy adoption within its operations.
By subscribing to 26% of the total equity capital of the SPV, Exide seeks to optimise its power costs and enhance operational efficiency at its factory located in Bawal, Haryana.

(Reading time 20 seconds) Adani Green Energy Ltd. is in talks to raise about $400 million through an offshore loan for an upcoming renewable project. The foreign currency loan could range from seven to ten years, with the pricing likely linked to the Secured Overnight Financing Rate

The company is in talks with a group of banks including Mitsubishi UFJ Financial Group Inc., First Abu Dhabi Bank PJSC, Standard Chartered Bank and Sumitomo Mitsui Financial Group Inc.
Earlier in December, Adani Green raised a $1.4 billion loan from a group of banks.

(Reading of 20 seconds) NTPC has set a target to add 5GW of power generation capacity in the current fiscal year. The company aims to add 3GW of renewable energy capacity and 2GW to its thermal energy capacity in FY25.

In FY24, NTPC added 3.9 GW of new capacity to its portfolio, bringing its cumulative installed capacity to nearly 76 GW. Presently, the group has an operational RE capacity of 3.5 GW.
By 2032, NTPC said that it is looking to expand its non-fossil based capacity to 45-50% of the company's portfolio that will include 60 GW RE capacity with a total portfolio of 130 GW.

(20 second reading) Sterlite Technologies intends to raise around Rs 1,000 crore through the QIP at a floor price of Rs 119 per share which is a 6 percent discount to Monday's close of Rs 127.10 per share.
The equity dilution pursuant to the institutional share sale (QIP) is likely to be 22 percent of the overall outstanding equity of the company, the report added. Based on the December-quarter shareholding pattern, promoter group entities held a 53.99 percent stake.
Motilal Oswal and Nuvama are the book running lead managers for the QIP.
Sterlite Technologies recently announced receiving orders of Rs 900 crore for fiberisation projects from private telecom companies in FY 2024

(20 second reading) Maruti Suzuki has expanded the manufacturing capability at its Manesar plant in Haryana bt 1 lakh units per year. With the addition, the total manufacturing capability at Manesar now stands at 9 lakh vehicles per year.
The compay aims to nearly double its capacity to 4 million vehicles pa over the next 7-8 years, and this capacity addition of 100,000 vehicles pa is a step towards this goal.
Maruti has plans to hasten its EV capabilities and introduce its first electric car by the end of the year

(20 second reading) Juniper Green Energy on Tuesday said it has commissioned 105-MW Jalkot Solar Power Project, in Maharashtra, in record time, almost nine months before the scheduled commercial operation date of the project
The Jalkot Solar Power Project shall deliver power under a 25-year PPA with Maharashtra State Electricity Distribution Co. Ltd. Expected to produce approximately 200 MUs p.a., the project aims to reduce Maharashtra's carbon emissions by an estimated 1,78,569 tCO2 each year.
Juniper Green Energy is an independent renewable energy power producer and operator of solar, wind and hybrid power projects with significant experience

(20 second reading) According to Morgan Stanley, multiple areas of re-rating are expected to take center stage for Reliance Industries. (RIL). As the company navigates through the current earnings upgrade cycle, the 13% year-to-date move seems to be well priced in.
With an “Overweight” call, Morgan Stanley maintains a target price of Rs 3,046 on the RIL stock price. Over the past year, Reliance Industries stock has surged by 35%, with a further 10% increase since the beginning of the year. Presently, the stock trades at 24 times price-to-earnings and 10 times EV/EBITDA based on the company’s FY26 earnings estimate.

Dilip Buildcon today declared as lowest bidder by the Haryana Rail Infrastructure Development Corporation. The bid project cost, including GST, is Rs 1,092.46 crore and to be completed in 36 months.
The contract is for new BG Double Railway Line of HORC project between stations Prithla and Dhulawat for design, supply, installation, testing and commissioning of general electrical services for total length of 21.14 km on the EPC mode.

The share price of Dilip Buildcon rallied 3 percent in early trade on April 9

(20 second reading) The Indian pharmaceutical market (IPM) reported a 9.5 percent increase in March. The IPM has shown a robust value growth with all therapies showing a positive value growth except respiratory.

Across therapy segments, the unit growth was -0.7 percent, according to data from research firm Pharmarack. While most of the corporates have shown double digit value growth, unit growth remains a challenge. The growth in sales in March was primarily contributed by value growth and new introductions.

(20 second reading) Private equity firm Bain Capital is set to sell 1.08% stake, or 33.37 million shares, of Axis Bank worth Rs. 3,575 crore Tuesday through an open market transaction, showed a term sheet issued by BofA Securities,

The offer price has been fixed in the range of 1,071.0 to 1,076.05 per share, representing a modest discount at best to Monday’s closing price of 1,076.05 per share. BofA Securities India is the sole book-runner for the deal.

(20 second reading) Auto retails in March registered a growth of 3.14 per cent on a YoY basis even as passenger vehicles, commercial vehicles and tractors saw a decline.
With the expiration of FAME-II subsidy on March 31, e-2W sales rose, with the category seeing a market share bump to 9.12 per cent for the first time ever.
Upcoming Lok Sabha took a toll on sales of PVs, CVs and tractors however. PV segment fell 2 per cent on a MoM basis and a 6 per cent YoY due to heavy discounting and selective financing
CV segment, down 6 per cent YoY in March,

(20 second reading) Dixon Technologies Ltd. has signed a share purchase agreement with Ismartu In Pte. Ltd.an Indian unit of Ismartu Singapore, to acquire up to 56% equity in the latter in two tranches.

The first tranche will see Dixon acquire 1.38 crore equity shares of Ismartu India Pvt. Ltd. or 50.1% of the total equity. Out of this, 1.34 crore shares will be acquired from Ismartu In Pte Ltd., 51,832 equity shares will be acquired from Transsion Technology Ltd. and 3.46 lakh equity shares will be acquired from 5A Advisors LLP. It will spend a total amount of Rs.238.36 crore to acquire these shares.

(20 second reading) Sula Vineyards announced that it has acquired N D Wines, a winery in Nasik district, and the deal will close by the end of April 2024. It reported its highest-ever revenue in the March quarter and the financial year 2023-24, growing at 10 percent year-on-year (YoY) in both. Similarly, its premium brands also performed well, recording a 15 percent YoY growth during the reported quarter and year. Moreover, the wine tourism segment registered a growth of 31 percent YoY in the fourth quarter compared to the year-ago period, the wine maker said.

(20 second reading) Tata Motors said Jaguar Land Rover's Q4 sales rose 11 % from a year earlier to 114,038 units, driven by increased production and sustained global demand.
"Retail sales for the Q4 were 114,038 units (including the Chery Jaguar Land Rover China JV), up 11 % compared to the same quarter a year ago and up 4 % compared to the quarter ended December 31, 2023. Compared to the prior year, retail sales in the quarter were up 32 per cent in the UK, 21 per cent in North America, and 16 per cent overseas & retail sales in China were down 9 per cent and down 2 per cent in Europe for the quarter.

(20 second reading) Mumbai-based Keystone Realtors Ltd, that develops real estate projects under the Rustomjee brand, on April 8 reported a 41% growth in sales bookings to Rs.2266 crore in financial year 2024 Vs.Rs.1604 crore in FY 2023. Our performance metrics have surpassed the guidance in most of the parameters, exemplified by the remarkable achievement in pre-sales for FY24, which amounted to Rs. 2266 crore, reflecting a notable 41% YoY growth, well ahead of our projected 25% YoY,” said Boman Irani, CMD of Keystone Realtors Limited.

(20 second reading) Exide Industries announced that Hyundai and Kia were partnering with a subsidiary to localize EV battery production in India.
As part of their EV expansion strategy, Hyundai and Kia signed a MOU with Exide Energy Solutions, aiming to produce lithium-iron-phosphate (LFP) cells locally for the Indian market.
Hyundai plans to introduce a high-volume EV model in 2025, currently offering the IONIQ5 and Kona, while Kia sells the EV6 model in India.
Exide Energy Solutions was established in 2022 to venture into lithium-ion cell, module, and pack manufacturing.

(20 second reading) Adani Gas' wholly-owned subsidiary Adani Total Energies E-Mobility signed a memorandum of understanding (MoU) with MG Motor India to improve electric vehicle (EV) charging infrastructure in India.

ATEL will set up CC2 60 kW DC chargers at upcoming MG dealerships.

The companies will explore the potential of integrating public charging stations across platforms by leveraging advanced application programming interfaces (APIs) to enhance network visibility

(20 second reading) JSW Steel has achieved its highest ever consolidated crude steel production of 26.43 million tons, up 9 per cent on-year in comparison to 24.15 million tons in FY23. The company achieved combined annual production of 26.68 million tonnes against its guidance of 26.34 Million tonnes, which is a 101 per cent achievement.
For the fourth quarter of FY24, JSW Steel posted crude steel production of 6.79 million tons, up 3 per cent as against 6.58 million tons during the same period last year.
Capacity utilisation at Indian operations level stood at 93 per cent for Q4FY24. JSW Steel USA – Ohio, meanwhile, reported better volumes on QoQ as well as YoY basis.

(20 second reading) India aims to attract at least $100 billion a year in gross FDI, Rajesh Kumar Singh, secretary in the Department for Promotion of Industry and Internal Trade, said in an interview in New Delhi., as the South Asian nation courts investors looking to diversify away from China.
The ambitious target compares with an annual average of more than $70 billion in FDI in the five years through March 2023.
The Companies like Apple Inc. and Samsung Electronics Co. have boosted manufacturing in India, taking advantage of incentives offered by Prime Minister Narendra Modi’s government.

(20 second reading) Realty firm Signature Global reported a more than three-fold jump in its sales bookings to Rs 4,140 crore in Q4FY24 driven by strong demand for its luxury projects in Gurugram.
It clocked record sales bookings doubling to Rs 7,270 crore from the previous year.

In terms of volume, the company sold 2.98 million square feet area as against 1.41 million square feet.
In March, Signature Global sold 1008 luxury homes for around Rs 3,600 crore in its new project at Gurugram, Haryana, helping the company achieve record sales bookings last fiscal.

(20 second reading) Sarveshwar Foods has acquired 100 per cent of Singapore-based company Green Point Pte. Ltd, which has a turnover of USD 3,139,471. The acquisition will help Sarveshwar Foods expand its global footprint.

Wholesale Business of General Line of Groceries, Agricultural Raw Materials And Live Animals, Logs, Sawn Timber, Plywood And Related Products." Earlier, Sarveshwar Foods Limited expanded its footprint with the launch of two more 'SFL-Choupals' (Procurement Facilitation Centres). These centres will strengthen the company's procurement channel further.

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(20 second reading) The world's largest asset manager BlackRock, as well as the Abu Dhabi Investment Authority & other domestic funds have increased their holdings in Vedanta by almost 2 per cent during the last 4 months.

FIIs increased their stake in the company by 1.2 %. The recent rally in Vedanta share price on the back of demerger plans, deleveraging and soaring metal prices has led to a bullish call by domestic and international funds. The Vedanta stock has surged almost 30 per cent, adding about USD 3 billion to its market capitalization since December

(20 second reading) Realty firm Macrotech Developers has reduced its net debt by 55 per cent in the Q4 FY24 to Rs 3,010 crore with the help of internal accruals and equity fundraising.

Its net debt stood at Rs 3,010 crore as of March 31, 2024, from Rs. 6750 Cr on 31 December 2023, down 55 per cent from the previous quarter.
Surplus cash flow generated from the business, coupled with the raising of equity capital, helped the company in reducing the net debt. 

(20 second reading) Embassy Office Parks REIT informeds it will buy Embassy Splendid TechZone, a Grade-A business park, from its sponsor Embassy group for an enterprise value of Rs 1,269 crore.

The proposed acquisition marks Embassy REIT’s entry into Chennai, one of India’s top performing office markets. It intends to raise unit capital of Rs 2,500 crore, primarily to fund the acquisition and reduce the current 30% leverage of the portfolio.
ESTZ comprises 1.4 million sq ft of completed area, which is 95% occupied and leased to large global companies such as Wells Fargo and BNY Mellon, among others.

Titan Company reported robust performance in the Q4 2024, marked by significant revenue growth and expansion of its retail footprint.

In the Q4 FY24, the company achieved a revenue growth of 17% YoY. The addition of 86 stores (net) during the quarter further bolstered Titan's retail network, which now stands at 3,035 stores. The jewellery segment, a key revenue driver for Titan, witnessed growth of around 19% YoY in domestic operations. In emerging businesses, Titan's Taneira brand witnessed revenue growth of around 37% YoY. Eyecare division experienced a slight decline of approximately 1% YoY.

(20 second reading) Strides Pharma Science informed today that its wholly-owned subsidiary, Strides Alathur Private Limited, received two observations during a routine cGMP inspection conducted by the USFDA. The inspection took place at the company's formulations facility in Alathur, Chennai, from April 1 to April 5, 2024.

Strides Pharma Science is a global pharmaceutical company headquartered in Bangalore, India, with a focus on developing and manufacturing a wide range of IP-led niche pharmaceutical products. The company has a strong presence in the regulated markets of the United States, Europe, and Australia, as well as in emerging markets.

(10 second reading) The country’s largest pure-play credit card firm announced that it has partnered with Titan Company Limited to launch the Titan SBI Card, which is a one-of-its-kind shopping credit card specially designed to address the aspirational spending needs of customers, the company informed

(10 second reading) Thierry Delaporte, the Chief Executive Officer of India's No 4 IT services company Wipro (WIPR.NS), resigned on Saturday, the company said in a statement.
Srinivas Pallia, who was the CEO for the company's Americas 1 area, will take over as the new CEO and Managing Director from April 7, the company added.

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(20 second reading) In the most high-profile equity capital market deal in the financial services space, Bajaj Housing Finance has picked 5 investment banks as advisors as the home financier looks to launch a big-bang initial public offer within the next 12-18 months. Moneycontrol was the first to report the firm's listing plans on March 27. The move marks the Bajaj Group's return to the public market after many years. These are early days, and the firm is planning to raise $900 million to a billion dollars via the proposed IPO

(20 second reading) India aims to attract at least $100 billion a year in gross FDI as many investors, multinational companies are looking to diversify away from China, Rajesh Kumar Singh, secretary in the Department for Promotion of Industry and Internal Trade, said.
The target is way up from the annual average of more than $70 billion in FDI in the last five years through March 2023. Last year, India saw a dip in its FDI due to global uncertainties and other factors.

(20 second reading) The Cochin Shipyard Limited has signed the Master Shipyard Repair Agreement with the United States Navy. The MSRA is a non-financial agreement and is effective from April 5, 2024, the company informed stock exchanges on Saturday.

CSL has been qualified after a detailed evaluation process and capability assessment by the US Navy - Military Sealift Command. This will facilitate repair of US Naval vessels under Military Sealift Command in Cochin Shipyard.

(18 second reading) Indiabulls Real Estate said its board has approved raising Rs 3,911 crore through the issuance of shares and warrants to investors, including the Blackstone Group and Embassy Group. Global investment firm Blackstone will invest Rs 1,235 crore, while the Bengaluru-based Embassy Group will infuse Rs 1,160 crore.

The move is aimed at recapitalising its balance sheet and positioning the company for organic and inorganic growth purposes.

(20 second reading) Tata Steel achieved its highest-ever annual crude steel production of 20.8 million tonnes, with a growth of 4 percent YoY, by debottlenecking across sites. In 4QFY24, crude steel production at Tata Steel was broadly stable and stood at around 5.38 million tonnes. Meanwhile, the steel giant's India deliveries surpassed the previous best recorded in FY2023.

In 4QFY24, crude steel production was broadly stable and stood at around 5.38 million tonnes.

Tata Steel India's deliveries increased by 6 percent YoY and surpassed the previous best recorded in FY2023.

(20 Second reading) Stock broking firm Angel One has raised Rs 1,500 crore via qualified institutional placement (QIP) of shares. The funds will be used to fuel expansion plans.
Angel One sold 58,70,818 equity shares to qualified institutional buyers at a floor price of Rs 2555.01 per share. The floor price was at a 6.32% discount to closing price of Rs 2727.60 on March 26. The QIP issue was open from March 26 to April 2.
Angel One stock has risen 49.65% in six months and gained 154.63% in a year.

(20 second reading) Zee Entertainment Enterprises Ltd said its MD & CEO Punit Goenka has initiated a process of rationalisation of workforce by 15 per cent to prune staff strength across the company to arrive at a streamlined team that is sharply focused on the set goals for the future

ZEEL said Goenka has proposed a lean organisation structure to the board with a lateral structure while identifying broadcast, digital, movies and music as core business units.

As per ZEEL's annual report for 2022-23, the number of permanent employees on the roll of the company is 3,437.

(20 Second reading) Private sector lender Bandhan Bank on Friday said its founder, managing director and chief executive Chandra Shekhar Ghosh has tendered his resignation.

Ghosh will leave the bank, started as an NGO and then as a microfinancier in 2009 and as bank since 2014, as its managing director and chief executive on completion of his current tenure on July 9, 2024. He said post retirement he will assume a larger strategic role at Bandhan group level.
Loans and advances of Bandhan Bank has crossed Rs 1.28 trillion at the end of March 2024, up 17.8 percent on-year.

(20 seconds reading) The RBI has announced the launch of a mobile app to enable retail investors to participate in government securities (G-Secs) RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to maintain gilt accounts with the RBI and invest in government securities. The Scheme enables investors to buy securities in primary auctions as well as buy/sell securities through the Negotiated Dealing System - Order Matching system (NDS-OM) platform.

Globus Spirits has announced a joint venture with ANSA McAL, a Trinidad and Tobago headquartered brand for beer production and distribution in India, focusing on the Carib beer brand.
The JV aims to leverage the diverse expertise and resources of both companies to deliver high-quality products and expand market presence within India.
On April 1, the company informed that it has commenced commercial production of additional capacity at two of its existing units at Singhbhum in Jharkhand, and at Burdwan in West Bengal.
Its shares rose 4 percent to Rs 815 on April 5 after the JV announcement.

(24 seconds reading) Adani Wilmar has witnessed double-digit growth in both edible oils and foods businesses during the quarter ended on March 31, 2024. The company benefited from the strong demand during the festive occasion of Holi and the ongoing wedding season. “The company also achieved its highest ever volume during the quarter and it continues to gain market share.
The company reported a decline in its export business of animal feed, which dragged down the overall volume growth to 4 per cent YoY in Q4FY24.
Adani Wilmar’s food and FMCG segment revenue nearly doubled to Rs 4,700 crore in just two years.

(20 Second Reading) Marico on Friday said that the consolidated revenue for the March quarter grew in low single digits, moving back into positive territory after 3 quarters, due to incremental anniversarizaton of pricing cuts in key domestic portfolios. The company further stated that the revenue growth is expected to trend upward going forward, with domestic revenue growth outpacing volume growth in the quarters ahead. Among key inputs, copra prices inched up in line with forecasts, while edible oil and crude oil derivatives remained stable.

(20 Second reading) Amber Enterprises has formed a JV with AT Railway Sub Systems, Korea-based Yujin Machinery, Singapore-based Sinkodia and Hong Kong-based Dujin International with an investment of Rs.5 crore. The JV is for manufacturing business of all types of Driving Gears, Couplers, and Pantograph for various rolling stocks including all types of wagons, trams, Vande Bharat Trains, Indian Railways products, high speed and metro trains, regional rapid transit systems, etc, in India or such other places agreed between the parties, the company said in a filing.

(20 Seconds Reading) Jefferies India forecasts a doubling of domestic defence spending by FY30, driving optimism in stocks.

Jefferies has commenced coverage on HAL and Data Patterns with a “buy” rating while remaining optimistic about BEL’s future prospects. HAL, identified as a potential multibagger stock, has been assigned a 12-month price target of Rs 3,900, indicating a potential upside of nearly 13% from the current levels. Data Patterns’s price target of Rs 3,545 suggests over 31% potential upside from the current price.

(20 Seconds Reading) Godrej Properties has sold homes worth Rs.2,690, during the launch of its Kandivali project in Mumbai — Godrej Reserve. This is Godrej's most successful launch ever in Mumbai in terms of the value and volume of sales achieved, Godrej Reserve has a developable potential of 3.72 million square feet with an estimated revenue potential of approximately Rs.7,000 crore (on the basis of the current business assumptions). The realty company said this project has significant unlaunched inventory remaining, which it plans to sell in the coming years. Shares of Godrej Properties Ltd. gained over 4% to hit a day's high of Rs.2,512.95 on Friday

( 25 Second reading) The RBI decided to maintain the repo rate unchanged at 6.50% during the Apr’24 meet. The MPC stated that the policy decision was guided by its agenda of maintaining the growth-inflation tradeoff. Whilst growth prospects remain strong, price stability needs to be achieved.
The Indian economy has demonstrated strong growth prospects in recent times. However, inflationary risks continue to remain on the upside marked by elevated food inflation, crude price volatility besides supply side disruptions globally.

(25 Seconds Reading) Prestige Estates Projects Ltd has secured Rs.2,001 crore or $240 million funding from Abu Dhabi Investment Authority (ADIA) and Kotak AIF. The capital infusion is earmarked for the development of housing projects across four major cities as part of Prestige's expansion strategy, the company said in a regulatory filing on Monday, April 1.

CEO Venkat K Narayana revealed that the funds, structured in a quasi-equity format, will power the development of four housing projects situated in Delhi-NCR, Mumbai, Goa, and Bengaluru. ADIA and Kotak AIF will acquire stakes in the special purpose vehicles (SPV) formed for these ventures.

(25 Seconds reading) Macrotech Developers Ltd., also known as Lodha reported its best ever quarterly presales during the January-March period at Rs.4,230 crore, a growth of 40% compared to the same quarter last year.

For the full financial year, pre-sales stood at Rs.14,520 crore, which is also the best annual performance from the company & met its 20% growth guidance.

Collections for the March quarter grew by 20% from last year to Rs.3,510 crore. Full-year collections stood at Rs.11,260 crore.

Macrotech has managed to reduce its net debt to Rs.3,010 crore from Rs.7,070 crore during the same period last year, led by strong operating cash flow generation and its recently concluded equity raise.

(25 Second Reading) Realty firm Prestige Estates Projects Ltd on Thursday (April 4) said it has acquired approximately 21 acres of prime land in Whitefield, Bengaluru for ?450 crore.

The acquired land will be planned for residential development spanning approximately 4 million square feet of developable area, comprising around 1,800 apartments, Prestige Estates Projects said in a regulatory filing.

Irfan Razack, Chairman and Managing Director of Prestige Group, said, "The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 Mn Sft of developable area, with a projected Gross Development Value (GDV) of Rs.4,500 crore."

(25 Second Reading) Brigade Enterprises has signed a joint development agreement (JDA) with United Oxygen Company Private Limited to develop a ‘Grade A’ office space on ITPL Road, Whitefield, in East Bengaluru. The project will have a leasable area of 3 lakh sq ft, and a gross development value (GDV) of around Rs 340 crore. “Bengaluru continues to be the most favoured office leasing market, and demand continues to improve in the Whitefield micro market. Given this property’s prime location, metro connectivity and its innovative and sustainable design at the forefront Shares of Brigade Enterprises gained in the opening trade on April 4 @ Rs. 949.65, up Rs 6.55, or 0.69 percent.

HDFC Bank on Thursday announced that its gross advances as of March 31, 2024 aggregated to Rs 25,080 billion, increased by 55.4 per cent on-year in comparison to Rs 16,142 billion as of March 31, 2023
HDFC Bank’s deposits aggregated to Rs 23,800 billion as of March 31, 2024, posting a growth of 26.4 per cent as against Rs 18,834 billion during the same period last year. It increased by 7.5 per cent (Rs 1,660 billion) over Rs 22,140 billion as of December 31, 2023.

Retail deposits grew by 27.8 per cent over March 31, 2023 and by 6.9 per cent (Rs 1,280 billion) sequentially; and wholesale deposits grew by 19.4 per cent on YoY basis and by 10.9 per cent (Rs 380 billion) over December 31, 2023. CASA ratio stood at around 38.2 per cent as of March 31, 2024, as compared to 44.4 per cent as of March 31, 2023

The National Stock Exchange of India is looking into alleged manipulations in SME market following the comments by the Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch a few weeks ago, a senior official said.

In March, Buch had flagged signs of manipulation in the initial public offering (IPO) and share trading in the SME segment of capital markets. “We are looking into SME manipulation claims by SEBI. We’ll the complete the process as per the requirement,” the official said.

Earlier in September, NSE had announced that it was bringing in stocks in SME market under the framework of Additional Surveillance Measure (ASM) and Trade-to-Trade (T2T) settlement, noting alleged manipulation and high speculation in the market.

Liquor producer and distributor GM Breweries Ltd. has recommended issuing one bonus share for every four shares held by shareholders after its board meet on Thursday.

This is the fourth instance of the company issuing bonus shares to shareholders. It had earlier done so in 2014, 2016 and 2018. All the previous three instances also saw the company issue one free share for every four shares held.
The company's revenue grew by 2.1% from last year to Rs.159.2 crore. GM Breweries reported an operationally weak quarter for the January - March period. The company's net profit increased to Rs.86.6 crore from Rs.35.1 crore last year. However, the increase in the company's bottomline can be attributed to a sharp rise in other income, which increased to Rs.70 crore from Rs.15 crore in the year-ago quarter.

HDFC Bank’s stock are trading in the green today at Rs 1526 apiece, up by 2.93 per cent, the stock witnessed an intra-day high of Rs 1,529.55 before the market closed on April 4. The bank has also annnunced that foreign shareholding in HDFC Bank has fallen to 47.83 per cent from 52.3 per cent.

1.Brokerage firm Goldman Sachs has maintained a BUY rating for HDFC Bank’s stock.

2.The brokerage has set a target of Rs 1915 per share for the stock.

3.Goldman Sachs has also said that a strong show on deposits with good-quality; business mix improves

4.The brokerage also anticipates focus shifts to margins.

Avenue Supermarts, the parent company of the retail chain D-Mart, has reported a significant surge in standalone revenue for the fourth quarter of the financial year 2023-24. According to their latest business update, the company's revenue from operations stood at Rs.12,393.46 crore for the quarter ended March 31, 2024, showcasing an increase from Rs.10,337.12 crore in the same period last year.

The quarterly revenue figures demonstrate a consistent growth trajectory for Avenue Supermarts over the past three years, with a noticeable surge from Rs.7,303.13 crore in Q4 of the financial year 2020-21 to the current figures.

Moreover, Avenue Supermarts has marked a milestone in its expansion journey, reaching a total of 365 stores as of March 31, 2024.

The country’s premier electricity exchange, Indian Energy Exchange Ltd exceeded the 100 billion unit (BU) mark in the electricity market for the first time in its history in the 2023-24, while also achieving its highest-ever total volume of 110 BU in the year, up 13.8% from the previous year.

The exchange’s electricity volumes rose 12% from the previous year to 101.7 BU FY24.

During the year, a total of 75.39 lakh renewable energy certificates (RECs), approximately equivalent to 7,539 MU, were traded in FY24, with the volume increasing 26% year-on-year during the period.
IEX reported a rise in its sell liquidity in the 2023-24 fiscal year by 16.9% from the previous year due to multiple measures taken by the government which led to an improvement in the supply scenario, thereby improving the sell side liquidity on the exchange.

Shares of IEX traded 1.32% higher at Rs145.8 per piece on the BSE at 10:08 am on Thursday.

GE Power bagged contracts worth Rs 774 cr

GE Power bagged two orders worth Rs 774.9 crore from Jaiprakash Power Ventures for dilation and evacuation, and supply of wet limestone-based FGDs for the Nigrie Super Thermal Power Plant at Nigrie and Bina Thermal Power Plant at Bina in Madhya Pradesh

The Nigrie Super Thermal Power Plant order worth Rs 490.5 crore is to be completed within 33 months, while the Bina Thermal Power Plant order worth Rs 284.4 crore is to be completed within 30 months.Separately, GE Power recently secured a contract from NTPC to supply generator spares to NTPC Tanda and turbine blades to NTPC Nabinagar. The contract was valued at Rs 24 crore. The company has also bagged a Rs 8.75-crore contract from Hindustan Zinc Ltd for the supply of boiler firing system.

GE Power also informed that the proposed spin-off of the energy business was completed on April 2, 2024

Net investments by foreign portfolio investors in the debt market surged to $14.58 billion in FY 2024, making it the highest net inflow in the past six years as investors turned bullish following announcements to include government securities in global indices. Out of the total $14.58 billion FPI investments, $10.6 billion inflows came in the last five months of the previous fiscal, according to National Securities Depository data. In September 2023, JP Morgan Chase & Co announced that it would add Indian government bonds to its benchmark Global Bond Index Emerging Markets Index (GBI-EM).

Ramkrishna Forgings has commenced commercial production of 4,500 MT of ENOMOTO 630 Tonnes Press Line and 13,750 MT of Maxi Press 6,000 Tonnes Press Line at company's Plot No. 1988, Mouza Dugni, PO Kolabira, Dist. Saraikella, Kharswan w.e.f. 3 April, 2024 This will enhance the production capacity of the company by 18,250 tonnes per annum (TPA), it added. The total production capacity of the company will now be 2,29,150 TPA.The company has invested around Rs 54.59 crore for making the capacity addition as per the capex plan of the company, which has been financed by a mix of equity and debt. The 630-tonne press line will help strengthen the company's foray into warm forgings, while the 6,000-tonne press line will help cater to additional demands from customers. Shares of Ramkrishna Forgings gained in early trade on April 4

Kochi-headquartered Federal Bank on Wednesday announced that its gross advances rose 20 per cent to Rs 2,12,758 crore in the March 2024 quarter from Rs 1,77,377 crore in the year-ago period. As per internal classification, the lender said retail credit book grew by 25 per cent and wholesale credit book grew by 15 per cent. Retail to wholesale ratio is at 56:44, it added. "Total deposits reached Rs 2,52,583 crore, with a growth of 18 per cent over Rs 2,13,386 crore as of March 31, 2023. The bank's customer deposits (Total deposits excl. Interbank deposits and certificates of deposit) aggregated to Rs 2,40,072 crore, a growth of 19 per cent over Rs 2,02,133 Crore as of March 31, 2023," Federal Bank further stated.

In a significant development for the industrial gases sector, INOX India Ltd has been granted a patent by the Patents Office, Government of India for their innovative method of suspending inner vessels in Dewar type containers used for storing cryogenic fluids. A dewar is an insulated container used for storing cryogens and are mostly double-walled and vacuum-insulated, like thermos flasks. INOX India Limited, a leading manufacturer of cryogenic storage and transport equipment, has been at the forefront of developing cutting-edge solutions for the safe and efficient storage of cryogenic fluids such as liquid nitrogen, oxygen, and argon. The newly patented method is expected to enhance the stability and safety of inner vessels within Dewar type containers, which are double-walled vacuum flasks used for storing and transporting cryogenic liquids.

KEC International Ltd, a global infrastructure EPC company on Wednesday announced that it has secured new orders worth Rs 816 crore across its various businesses. Under the Civil segment, the business has secured orders for infrastructure projects across India. For metals and mining sector, it has bagged orders for setting up a steel plant in northern India; for cements sector, the order is for building a cement plant in Central India and for the Carbon Black business, it has received order for establishing a plant for carbon derivates in eastern India. Under the Transmission & Distribution (T&D) segment, KEC International has secured orders for the supply of towers in the United States of America. The company’s total order intake for FY24 stands at Rs 18,102 crore.

Yes Bank on Wednesday, April 3, released its business update for the fourth quarter, revealing a loan growth of 5% from the previous quarter. The private lender's loans were up 14.1% from the fourth quarter last year. Its deposits increased 10.1% from the third quarter and rose 22.5% from the previous year. Its current and saving account (CASA) ratio was at 30.9% in the fourth quarter. In the same quarter last year, it was 30.8%. The CASA ratio was 29.7% in the third quarter of the 2023-24 fiscal year. YES Bank's liquidity coverage ratio was 116.1% in the March quarter, 118.4% in the previous quarter and 118.5% in the fourth quarter last year. Its shares ended 0.82% higher at Rs.24.65 apiece on Tuesday, April 2.

JSW Energy has announced plans to raise Rs 5,000 crore through a qualified institutional placement or QIP route. Owned by billionaire Sajjan Jindal, it is a power company engaged in power generation, transmission and trading. "In this case, the company is getting the cash. The entire energy business in India, especially power generation and energy transition business, I think is in a high growth phase. Energy business requires a lot of front end commitment and a lot of capital commitment. My sense is that this is a clear endorsement by JSW Energy...," he said. So I think what they are doing is they are simply charging up and ensuring that the power business scales up," he said while noting that the port business has already scaled up.

ONGC to invest $4.5 billion to boost output ONGC plans to invest $4.5 billion in the next two to three years to reverse an output decline from its mature fields, Pankaj Kumar, director (production). “We have devised several enhanced oil-recovery schemes and have also started seeing positive results out of it. We intend to bring up these schemes in the next two to three years and it is going to involve investment of over $4.5 billion in west coast only. So, it's a huge investment. This investment will produce around 60-70 million tonnes of additional oil and oil equivalent gas,” said Kumar ONGC's crude oil production fell 3.3 percent to 5.2 million tonnes in the third quarter of FY24, while gas output dropped 4.3 percent to 5.1 billion cubic metres. In the nine months ended December, its crude oil output declined 2.9 percent to 15.78 million tonnes and gas production went down 3.4 percent to 15.5 billion cubic metres.

The CCI on Tuesday said it has cleared IndoEdge's proposed acquisition of an 8 per cent stake in MG Motor India. MG Motor India is engaged in the automobile original equipment manufacturing business and after-sales services under the brand MG. The proposed combination relates to the acquisition of up to approximately 8 per cent of the share capital of MG Motor India Pvt Ltd, along with certain rights by the IndoEdge India Fund – LVF Scheme, according to a release. IndoEdge India Fund - LVF Scheme is a large value fund for accredited investors, a scheme by IndoEdge India Fund. It is a Sebi-registered Alternative Investment Fund (AIF).

Shree Cement inaugurates new plant at Guntur Shree Cement Limited, one of India's largest cement producers, today inaugurated its new integrated cement plant in Dachepalli village, Guntur district of Andhra Pradesh. The plant, which has a cement production capacity of 3 million tons per annum (MTPA), was commissioned six months ahead of schedule and built with an investment of over Rs 2,500 crore. The Guntur plant is Shree Cement's sixth integrated production facility in India and second in the southern region after Kodla, Karnataka. It will increase the company's total manufacturing capacity to 56.4 MTPA. The plant is designed to serve the growing markets of Telangana and Andhra Pradesh, and is expected to generate approximately 700 direct jobs and 1,300 indirect jobs