Bikaji Foods announced robust Q4 results

(20 second reading) Bikaji Foods International posted a massive 200 percent jump in net profit at Rs 116.3 crore and revenue from operations rose 12.8 percent YoY to Rs 520.8 crore in the quarter ended March 2024.
Bikaji's EBITDA rose 10.2 percent on-year to Rs 67.5 crore during the quarter under review, while margin stood at 13 percent in the said quarter. The board of the company also approved a final dividend of Rs 1 per equity share.
Bikaji Foods International is the third largest ethnic snacks company in India, selling Indian snacks and sweets. On the bottom-line front, the snack maker's EBITDA margin for FY24 stood at 16.8 percent, led by reduction in commodity prices, superior mix, operating leverage and effective cost management.

Page Industries announces muted Q4 results

(20 second reading) Page Industries, the branded apparel player announced weakness in sales growth.
Page Industries, which licenses Jockey International's products in India, reported total revenue of Rs 995.3 crore for the March quarter, rising 3.2 percent from Rs 964.6 crore in the year-ago period.
The firm posted a consolidated net profit of Rs 108.2 crore for the March quarter, registering a growth of 38.2 percent from Rs 78.3 crore in the same quarter of the previous financial year.
Volume growth continued to be subdued, with 45.3 million pieces sold in Q4 (a growth of 6.1 percent on-year), whereas for full year it de-grew 3.4 percent to 208.3 million pieces.
Morgan Stanley said that Page Industries missed its estimates, but retained its overweight call

IndiGo posts more than double profits in Q4FY24

(20 second reading) InterGlobe Aviation Ltd., which operates budget airline IndiGo reported a net profit of Rs 18,948 million in the fourth quarter of FY24 compared to net profit of Rs 9,192 million.
This is the sixth consecutive quarter IndiGo has remained profitable as strong demand helped tide over increase in fuel prices.
For the entire FY24, IndiGo reported a net profit of Rs 81,725 million, compared to net loss of Rs 3,058 million in the previous financial year.
For the quarter ended March 31, 2024, Passengers increased by 14.0% to 26.7 million &Revenue from Operations increased by 25.9% to Rs 178,253 million

Dixon Q4 net profit up20.6% to Rs 97.3 crore

(20 second reading) Dixon Technologies reported a consolidated net profit of Rs 97.3 crore for the March quarter of FY24, registering a growth of 20.6 percent, from Rs 80.62 crore last year.
Consolidated revenue from operations stood at Rs 4657.97 crore, from Rs 3065.45 crore in the year-ago quarter, registering a growth of 51.97 percent, the company said in a regulatory filing.
Dixon recommends a Final dividend on the Equity Shares of the Company for the Financial year 2023-24 at the rate of Rs. 5/- per Equity Share of the face value of Rs. 2 each, out of the profits of the Company.

Petronet posts highest-ever net profit in Q

(20 second reading) Petronet LNG Ltd reported a 20 per cent rise in the Q4 net profit on the back of importing higher LNG volumes.
For the FY 2023-24 , Petronet reported highest-ever net profit of Rs 3,536 crore on the back of a 22 per cent growth in volume throughput.
The net profit reported in the March quarter was Rs 738 crore as compared with Rs 614 crore in the same period of the previous year.
During the current quarter ended March 31, Petronet's mainstay Dahej terminal in Gujarat processed 219 trillion British thermal units (TBTU) of LNG as against 172 TBTU during the corresponding quarter of the previous fiscal.

SCI net profit declines 19% to Rs. 307 crore

(20 second reading) State-run Shipping Corporation of India reported a 19% YoY decline in net profit at Rs.307.3 crore for the Q4 that ended March 31, 2024, compared to net profit of Rs. 380 Crore in the Q4 of the previous year.
The company's revenue from operations fell 0.4% to Rs.1,412 crore as against Rs.1,418 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA slide 12.3% to Rs.406 crore in the fourth quarter of this fiscal over Rs.463 crore in the corresponding period in the previous fiscal.

Waaree to supply 445 MW solar modules

(20 second reading) Solar solutions provider Waaree Energies said the company will supply 445 MW solar modules to Statkraft India.
Waaree Energies is set to illuminate single-location solar projects in Bikaner, Rajasthan, with a supply of 445 MW of its 540/545Wp dual glass bifacial modules.
Scheduled for delivery between May and August 2024, this contract highlights Waaree Energies' vision to contribute towards revolutionizing India's renewable energy landscape, meeting its growing power demand, and to support the nation's transition towards its net-zero goals, it stated.
The deployment of Waaree's bifacial solar modules is expected to amplify the region's renewable energy capacity.

Metro Brands Q4 Profit jumps by 126%

(20 second reading) Metro Brands recorded a profit jump of 126.3 per cent on-year for the fourth quarter of FY24 at Rs 155.57 crore in comparison to Rs 68.74 crore during the corresponding quarter of the previous fiscal year. It posted revenue from operations at Rs 582.98 crore, up 7.1 per cent as against Rs 544.13 crore during the same period last year.
In Q4 FY24, the company achieved a YoY revenue growth of 10 per cent. E-commerce sales (including omni-channel) for Q4 and full year FY24 was Rs 41 crore and Rs 215 crore respectively, posting a YoY growth of 25 per cent and 33 per cent respectively. Further, in FY24, the company achieved a gross margin of 58 per cent.The total net stores opening for the year is 97.

Garden Reach Shipbuilders has solid Q4 results

(20 second reading) In Q4, the Garden Reach Shipbuilders & Engineers' revenue crossed Rs 1,000 crore, marking an increase of 69 percent compared to the year-ago quarter. The company's net profit also doubled to Rs 112 crore during the quarter on an annual basis.
The management also added that the order book remains robust with ongoing projects currently yielding maximum revenue. Additionally, the company noted that more orders are anticipated soon. As for FY24, revenue increased by 40 percent and net profit witnessed a growth of 57 percent.
Garden Reach shares have surged a massive 70 percent in the last three months.

Ratnaveer Q4FY24 Net Sales down 6% Y-o-Y

(20 second reading) Reported Standalone quarterly numbers for Ratnaveer Precision Engineering are:
Net Sales at Rs 142.04 crore in March 2024 down 5.83% from Rs. 150.83 crore in March 2023.
Quarterly Net Profit at Rs. 5.61 crore in March 2024 down 38.67% from Rs. 9.15 crore in March 2023.
EBITDA stands at Rs. 9.13 crore in March 2024 down 39.17% from Rs. 15.01 crore in March 2023.
Ratnaveer EPS has decreased to Rs. 1.37 in March 2024 from Rs. 2.65 in March 2023.
Ratnaveer shares closed at 134.75 and has given 16.16% returns over the last 6 months

Ramco Systems reports net loss in FY24

(20 second reading) Enterprise software firm Ramco Systems continues to face challenges, with a consolidated net loss of Rs 241 crore in the FY24, increasing from a loss of Rs 206.8 crore in FY23. However, the company's consolidated net loss narrows on a yearly basis (YoY) at Rs 23 crore in the Q4 quarter, compared to Rs 45 crore in the same period last year.
For the FY24, the consolidated income of Ramco Systems was at Rs 530 crore. Recurring revenue grew at 13% YoY, as compared to 5% last year.
The company signed 11 major deals and an unexecuted order book stands at $18.8 crore. Chairman P R Venketrama Raja said with an uptick in revenue and order bookings, Ramco Systems achieved cash-flow stabilization.

Nykaa profit surges 188 % to Rs 7 crore

(20 second reading) Online fashion retailer Nykaa reported a 188% jump in net profit to Rs 6.9 crore for March quarter compared to Rs 2.4 crore in the year-ago period.
Revenue from operations in Q4 stood at Rs 1,668 crore, up 28% compared to Q4FY23. Consolidated GMV (gross merchandise value) in March quarter grew 32% YoY to Rs 3,217 crore.
EBITDA margin stood at 5.6% and EBITDA margin adjusted for ESOP expenses, new business (GCC operations) and corporate restructuring expenses expanded to 6.7% for the quarter compared to 5.5% a year ago. Nykaa Beauty business crossed $1 billion GMV in FY24, a rise of 25% YoY.
Nykaa Fashion GMV saw growth of 27% YoY in FY24 and a growth of 27% YoY in Q4 FY24.

Max Healthcare Q4 net profit down 3%

(20 second reading) Max Healthcare on May 22 reported a 3 percent fall in its fourth quarter net profit at Rs 311 crore from the year-ago quarter of Rs 320 crore.

The hospital chain's net revenue grew nearly 16 percent to Rs 1800 crore from Rs 1551 crore in the same period the previous year.

The company's operational performance improved in the January-March period, as the EBITDA margin fell to 27.9 percent, down from 28.2 percent in the base period. EBITDA for the period is Rs 503 crore.

United Spirits Q4 profit rises two-fold

(2 Minutes Reading) Diageo-controlled liquor maker United Spirits reported a two-fold increase in consolidated net profit to Rs 241 crore for the Q4FY24, compared to net profit of Rs 102 crore in the year-ago period. Its revenue from operations was up 12.41 per cent to Rs 6,511 crore during the quarter under review from Rs 5,792 crore a year earlier. Its sports business Royal Challengers Sports Pvt Ltd (RCSPL), which owns RCB teams for IPL and WPL, has a revenue of Rs 120 crore in the March quarter.

L&T To Redevelop 31.25 Lakh Sq ft In Thane

(20 second reading) In what could be one of the major real estate deals in Mumbai Metropolitan Region, L&T Parel Projects Ltd has agreed to develop a plot measuring 31.25 lakh sq ft at Pachpakhadi in Thane. L&T entered into an agreement with Jagdale Infrastructure Pvt Ltd to develop the said plot. The total RERA area to be developed is 31.25 lakh sq ft while the total rehab area to be developed will be 12.7 lakh sq ft.
The developers would jointly develop the above project land having minimum developmental potential of RERA carpet area of 31.25 lakh sq ft. While the total agreement value is Rs 697.67 Crore, the stamp duty paid is Rs 34.88 Crore, according to the documents accessed by CRE Matrix, a real estate data analytics firm.

Jubilant Foodworks Q4 net profit rises multi-fold

 (20 second reading) Jubilant Foodworks Ltd (JFL) on Wednesday reported a multi-fold increase in its consolidated net profit to Rs 208.24 crore for the fourth quarter ended March 2024, helped by exceptional item gains.
The company, which operates fast-food chains - Domino's Pizza and Dunkin' Donuts, had posted a net profit of Rs 28.54 crore in the January-March quarter of the previous fiscal.
Its revenue from operations rose 23.85 per cent to Rs 1,572.79 crore during the quarter. It was Rs 1,269.84 crore in the year-ago period, it added.
Its profit before exceptional items and tax in the March quarter was Rs 54.86 crore against Rs 53.40 crore in the same period of FY23.

Power Grid Q4 Net profit dips marginally

(20 second reading) Power Grid reported a nearly four per cent dip in its consolidated net profit to Rs 4,166.33 crore in the March 2024 quarter, mainly due to a marginal decline in income.
The company reported a consolidated net profit of Rs 4,322.87 crore in the quarter ended on March 31, 2023.Total income declined to Rs 12,305.39 crore in the quarter as compared to Rs 12,557.44 crore in the same period a year ago.
For fiscal 2023-24, the consolidated net profit rose to Rs 15,573.16 crore from Rs 15,419.74 crore a year ago. Total income in the fiscal rose to Rs 46,913.12 crore as against Rs 46,605.64 crore in the year-ago period. The board also recommended a final dividend of Rs 2.75 per share

RVNL bags large order from SE Railways

(20 second reading) The RVNL received large order from South Eastern Railway headquarters-Electrical.
The Letter of Acceptance is in reference to the order from Kharagpur division of South Eastern Railway, that intends to meet its 3000 MT loading Target. The kharagpur division of South Eastern Railway thereby is upgrading its electric traction system from 1 x 25 KV to 2 x 25 KV for the Kharagpur (Excl.)-Bhadrak (Excl.) segment, as per the release. The order involves design, supply, erection, testing, and commissioning of the electric traction system.
The order is to be completes in six months and the cost of work as per RVNL release is slightly more than Rs. 148 crore

Bharat Electronics earns bumper Q4 profits

(20 second reading) Bharat Electronics posted a net profit of Rs 1,797 crore in Q4 FY24, compared to Rs 859.5 crore in December 2023. This meant a 109 per cent jump in the entity's profits. Bharat Electronics is a state-owned aerospace and defence electronics company. The Navartna company's net profits jumped to Rs 3,984 crore from the previous year's Rs 2,984 crore. This resulted in a jump of Rs 1,000 crore. The quarterly results also appear to have placated its status at Dalal Street as well. The company's shares surged 5.87 per cent in today's intraday trade to close at Rs 274.00. In addition, just in the past one week alone, the entity's prospects have zoomed by over 20 per cent, indicating investor's faith in the company's potential.

Man Industries gets Rs 505-crore export order

(20 second reading) Man Industries has received an export order worth Rs 505 crore, the pipe manufacturer said in an exchange filing on May 21. The order for supplying a range of pipes will have to executed in six to eight months.
The company has an unexecuted order book of Rs 2,100 crore, which, too, has to be completed in the same time frame.
In April, Man Industries received an approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar in Gujarat. Earlier in the year, Man Industries received orders worth Rs 555 crore. The stock ended the day at Rs 370 on the National Stock Exchange

Trent speeds up Zudio expansion

(20 second reading) Trent Ltd’s value apparel format Zudio opened a record 203 new stores during fiscal 2024, while entering 46 new cities during the year taking the total number of stores to 545.
“During the year, Zudio added 203 new stores to its portfolio and consolidated 10 stores. With a store footprint of 10,000 sq ft, the concept affords expansion across numerous micro-markets,” ," Trent said in its annual report for the year FY24.
In FY24, Zudio entered 46 cities and added more presence in 48 cities
Zudio grew its footprint by 203 stores in the last financial year and is now more accessible than ever before with a growing density of presence in multiple micro markets, the retailer said.

RITES bags order from Bangladesh Railways

(20 second reading) RITES signed a contract agreement for supplying 200 passenger carriages to Bangladesh Railways.
The export arm of Indian Railways said that the order is worth Rs 915 crore and is funded by European Investment Bank through a global competitive bidding process.
The contract has a supply with a commissioning period of 36 months, followed by a warranty period of 24 months. This isn't the first time that the company has contributed to Bangladesh's infrastructure development. Previously, it had supplied 120 passenger coaches, 36 locomotives and 10 10-meter gauge locomotives to Bangladesh Railways.

Vi loss widens to Rs 7674 cr

(20 second reading) Vodafone Idea reported a net loss of Rs 7,674 crore for the Q4 FY2024. The company’s loss widened in the quarter under review from Rs 6,418.9 crore in the year-ago period. Its revenue from operations increased to Rs 10,606 crore from Rs 10,531 crore in the same quarter last fiscal.
VI recently raised Rs 18,000 crore from FPO. The company further mentioned that it is in discussions with banks to raise Rs 25,000 crore and additional non-fund-based facilities of up to Rs 10,000 crore. Its bank exposure has reduced by Rs 34,600 crore.
The company improved its ARPU to Rs 146, up 7.6% on YoY basis from Rs 135 in Q4FY23.
Its equity fundraise of Rs 215 billion will enable us to kickstart the investment cycle to expand its 4G coverage as well as launch of 5G services

LT Foods posts 14% jump in Q4 net profit

(20 second reading) LT Foods, owner of basmati rice brands 'Daawat' and 'Royal', on Friday posted a 14 % jump in consolidated net profit at Rs 150.24 crore (Rs 131.81 crore)for the fourth quarter of fiscal 2023-24 on robust sales.
Total income rose to Rs 2,091.73 crore during the January-March quarter of 2023-24, from Rs 1,834.95 crore in the same period a year ago.
For the full fiscal year 2023-24, LT Foods reported a 41.35 % increase in net profit at Rs 597.59 crore, compared with Rs 422.75 crore in the previous year.Total income rose to Rs 7,822.05 crore from R 6,978.81 crore a year earlier.

Welspun Enterprises Q4 Profit drops by 50.3%

(20 second reading) Welspun Enterprises recorded its Q4FY 24 profit at Rs 77.35 crore, posting a fall of 50.3 per cent on-year in comparison to Rs 155.60 crore during Q4 of FY23. It posted revenue from operations at Rs 821.11 crore, down 2.8 per cent as against Rs 845.08 crore during the same period last year. The company EBITDA stood at Rs 111 crore, up 17 per cent on-year.
The company board also recommended a final dividend of Rs 3 per equity share of the face value of Rs 10 each at the rate of 30 per cent on the equity shares for the financial year 2023-24. “The Dividend will be paid to the shareholders who are holding equity shares of the company on the last day of book closure which will be July 08, 2024,”

JSW to invest for cement plant in Rajasthan

(20 second reading) JSW Cement, part of $24.25 billion JSW Group, unveiled it plans to invest around Rs 3,000 crore to establish a greenfield cement manufacturing facility in Nagaur district of Rajasthan.
The ground-breaking ceremony was held recently to commence the construction of the factory.
JSW Cement's investment includes a clinkerization unit of up to 3.30 million tonne per annum and a grinding unit of up to 2.50 million tonne per annum, along with an 18 MW waste heat recovery based power plant. The proposed investment will be funded through a mix of equity and long-term debt.
Once commissioned, this unit will mark JSW Cement's entry into the north India cement market.


Kalpataru signs Rs.7550 cr contracts with Saudi Aramco

(20 second reading) Kalpataru Projects has signed three contracts worth Rs. 7,550 crore with Saudi Aramco. The three contracts pertain to three packages of the third expansion phase of the Master Gas System Network (MGS-3) in Saudi Arabia.
The EPC scope of the order includes laying of over 800 kilometers of lateral gas pipeline. According to Kalpataru Projects, the MGS-3 aims to expand the existing gas network to provide gas supply to various industrial consumers in the region.
In financial year 2024, Kalpataru's Oil & Gas business reported order inflow of Rs.7,953 crore and revenue of Rs 822 crore. As of March 31, 2024, the Oil & Gas business accounted for 16% of Kalpataru Projects' overall order book worth Rs.58,415 crore.

Wheels India Q4 PAT up 64% at Rs 37 crore

(20 second reading) Driven by better product mix, low aluminium prices and improved exports, Wheels India has registered just over 64% rise in net profit for Q4FY24 at nearly Rs 37 crore compared to Rs 22.4 crore in the year ago period. Revenues at Rs 1167 crore for Q4 were however, a little lower than the Rs 1,172 crore in Q4FY23.
For the full year FY 2023-24, net profit was up 8.6% at nearly Rs 68 crore compared to Rs 62.5 crore in FY23. Revenue for the full year increased 6.3% to Rs 4619 crore compared to Rs 4345 crore in FY23. The company has announced a total final dividend of Rs 7.39 per share.
Srivats Ram, MD, Wheels India, said that the company has lined up capex of over Rs 200 crore for FY25.

Delhivery posted a loss of Rs 68.5 crore in the Q4

(20 second reading) Delhivery posted a loss of Rs 68.5 crore in the quarter ended 31 March, 2024, down 57 per cent on a YoY basis from a loss of Rs 159 crore in the corresponding period last year.
Revenue from operations increased 12 per cent YoY to Rs 2,076 crore in the Q4 FY24, compared with Rs 1,860 crore in the corresponding period of the previous year.
For the entire financial year 2023-23, revenue from services stood at Rs 8,142 crore, a growth of 13 per cent from Rs 7,224 crore recorded in FY23. Similarly, loss after tax narrowed to Rs 249 crore in FY24 from Rs 1,008 Cr in FY23.

ONGC Q4 profit jumps 19x to Rs 9869 crore

(20 second reading) ONGC’s profit jumped 19 times to Rs.9,869 crore in the fourth quarter on exceptional provision in the year-ago period.
Revenues fell 4.5% from a year earlier to Rs.34,637 crore in the fourth quarter. The operational cost fell 12% in a year to Rs.25,456 crore in the quarter on lower exploration cost write-off.
The company's profit for the full year (2023-24) rose 1% to Rs.40,526 crore, up from Rs.40,097 crore in 2022-23. Annual revenues dropped 11% to Rs.1,38,402 crore.
Crude oil price realised from nominated fields rose 5% year-on-year to $80.81 per barrel in the fourth quarter. Gas price realised by ONGC in the quarter fell 24% to $6.5 per mmbtu.

Bandhan Bank Q4FY24 profit falls 94%

 (20 second reading) Private sector lender Bandhan Bank reported a steep decline of over 93 percent in its net profit, which fell to Rs 54.63 crore in the January-March quarter (Q4) of the financial year 2023-24.
During this quarter, the bank prudently wrote off loans totalling Rs 3,852 crore in line with its policy while provisions and contingencies also jumped to Rs 1,774 crore from Rs 735 crore in the year-ago period, leading to the fall in PAT.
The Banks net revenue for Q4 FY24 increased by 15 percent to Rs 3,560 crore, up from Rs 3,101 crore in Q4 FY23.
The Board of Directors recommended a dividend of Rs 1.50 per equity share of Rs 10 for the year ending March 31, 2024.

Zee Entertainment swings back to black

(20 second reading) Digital and broadcasting media company Zee Entertainment reported a profit of Rs 13 crore in the March quarter of FY24, after reporting a loss of Rs 196 crore in the year-ago period.
However, sequentially the March quarter of FY24 remained muted. The company has reported a profit of Rs 58.5 crore in Q3 FY24.
It reported total income of Rs 2,185.29 crore, up from Rs 2,126.35 crore during the same period a year ago, the company said.
The broadcaster's advertising revenue stood at Rs 1,110.2 crore versus Rs 1,005.8 crore in Q4 FY23.
In FY24, Zee's ad revenue was marginally down to Rs 4057.7 crore from Rs 4057.9 crore.

Oil India’s Q4FY24 profit up 18%

(20 second reading) Oil India reported a surge of 17.8% in its consolidated net profit for the last quarter of FY24 at Rs 2,332.94 crore against Rs 1,979.74 crore in Q4FY23.The company’s revenue from operations during the quarter under review rose by 16% and came to be at Rs 10,165.78 crore from Rs 8,764.27 in the corresponding period a year ago.
Total income stood at Rs 10,375.09 crore marking a rise of 16% from Rs 8,936.82 crore in Q4FY23.For FY24, the company’s consolidated net profit declined significantly by 29% to Rs 6,980.45 crore. The board of directors of the company has recommended issuance of one bonus share for every two shares held, subject to the approval of shareholders.

L& T bags orders for buildings, factories business

(20 second Reading) Engineering and construction conglomerate Larsen & Toubro said its buildings and factories business vertical has bagged multiple orders.The company has bagged a project from the Institute of Neurosciences Kolkata, for constructing a medical college and hospital campus in Kolkata on a design and build mode.
This involves a 605-bed hospital and a medical college. The project is to be executed in two phases over a period of 60 months. L&T's Buildings and factories business has also received several add-on orders.Larsen & Toubro is engaged in EPC projects, hi-tech manufacturing and services operating across multiple geographies.

Astral Q4 profit slides 12%

(20 second reading) PVC pipes and plastic products maker Astral Ltd reported an 11.7% YoY slide in net profit at Rs.181.6 (Rs.206 crore) crore for the fourth quarter that ended March 31, 2024. The company's revenue from operations increased 8% to Rs.1,625 crore against Rs.1,506.2 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA dipped 5.7% to Rs.291.4 crore in the fourth quarter of this fiscal over Rs.309 crore in the corresponding period in the previous fiscal.
The board has recommended a final dividend of Rs.2.25 per equity share of Rs.1 each.

Salasar Techno acquires EMC for Rs 178 Crore

Salasar Techno Engineering Ltd has completed the process to acquire EMC Ltd through an insolvency process. Acquisition has been executed in compliance with the terms and conditions and that a "sale certificate has been issued by the Liquidator in favor of Salasar confirming completion of sale".
The total acquisition cost of the engineering, procurement and manufacturing (EPC) firm is Rs 178 crore, STEL.
On the objectives behind the acquisition, STEL said the integration of EMC Ltd will strengthen its market position as a leading engineering and infrastructure company. STEL is also into manufacturing of steel structures.

SAIL Q4 Profit dips 2% to Rs 1126 crore

(20 second reading) SAIL reported a marginal 2 per cent fall in consolidated net profit to Rs 1,126.68 crore (Rs 1,159.21-crore) during the March quarter, because of higher raw material prices.The company's revenue from operations also fell to Rs 27,958.52 crore from Rs 29,130.66 crore in the March quarter of FY23.
For full fiscal year, SAIL saw its net profit growing to Rs 3,066.67 crore from Rs 2,176.53 crore in FY23. "The revenue from operations for the company has been the highest ever during FY24.
The board of the company has also approved a final dividend of Re 1 for FY24.

HPL Electric Q4 net profit spikes 22%

(20 second reading) HPL Electric & Power’s net profit increased 22.3% YoY to Rs.13.72 crore.
The company’s consolidated revenue from operations climbed 17% to Rs.424.09 crore in the quarter ended March 2024 compared to the corresponding period of the previous year.
The board of directors of the company announced a final dividend of Rs.1 per equity share
HPL Electric & Power Ltd. had received an order worth Rs.181 crore to supply smart meters on February 13. It received an order from a leading Advanced Metering Infrastructure Service Provider (AMISP) client.

 Taj-branded residences in Chennai

 Taj-branded residences in Chennai

Indian Hotels Company Ltd has announced the first-ever homes to be sold under the Taj branding anywhere in the world. Taj Sky View Hotel & Residences, presently under construction in Chennai, will see IHCL join hands with city-based real estate developer, Ampa Group, to to launch 253 hotel rooms and 123 branded apartments. The project is expected to be completed early 2027, between January and March.
The developer will fund the project while IHCL will run operations of the entire property for a period of 30 years, including maintenance of the 123 homes on site. The project's construction cost is estimated to be Rs.800 crore, of which Ampa has already invested Rs.200 crore.

PVR Inox To Screen T20 World Cup Matches

(20 second reading) India’s largest cinema operator, PVR Inox is in talks to broadcast key matches of the upcoming International Cricket Council Men's T20 World Cup to attract more patrons amid struggling movie ticket sales.
CFO of PVR Inox, highlighted in an interview that the company aims to remain relevant by showing key games starting next month. Sood mentioned that T20 matches are likely to attract larger crowds to cinemas compared to the day-long Cricket World Cup games hosted last October. PVR Inox is also expanding its offerings to include concerts, sports, and alternative events to boost attendance. Additionally, the Mumbai-based company is planning to bring filmed K-Pop performances to Indian audiences.

Chalet Hotels Q4 profit rise by 124.54% YOY

(20 second reading) Chalet Hotels showcasing a significant growth in both revenue and profit. The company's topline increased by 23.79% YoY, while the profit surged by an impressive 124.54% compared to the same quarter last year.
In comparison to the previous quarter, Chalet Hotels saw a growth of 11.93% in revenue and a 16.73% increase in profit.
The EPS for Q4 stood at Rs.4.01, marking a 78.32% increase year-on-year.

Patanjali Foods Q4FY24 profit drops 22%

(20 second reading) Patanjali Foods, co-founded by Yoga guru Baba Ramdev and Acharya Balkrishna, reported a 22% drop in fourth-quarter profit mainly due to weak demand that hurt overall sales in its core edible oils business and rising expenses.
The profit for the Ruchi Gold oil manufacturer decreased to Rs 206 crore (approximately $25 million) for the quarter ending March 31, down from Rs 264 crore the previous year, reported Reuters.
Revenue from Patanjalis edible oils segment declined by nearly 9% to Rs 5,889 crore, which hindered overall revenue growth.
In contrast, rival Adani Wilmar, the maker of Fortune cooking oil, reported a 67.5% increase in its fourth-quarter profit earlier this month.

Devyani posts net loss in Q4

(20 second reading) Quick service restaurant operator Devyani International reported a consolidated net loss of Rs 48.95 crore in the Q42024, impacted by forex translation loss due to the devaluation of Nigerian currency.
The company had posted a consolidated net profit of Rs 59.88 crore in the Q4 23. Consolidated revenue from operations during the quarter under review stood at Rs 1,047.08 crore as against Rs 754.98 crore in the corresponding period a year ago. For the fiscal ended March 31, 2024, the consolidated net loss was at Rs 9.65 crore.
In FY24, consolidated revenue from operations was at Rs 3,556.32 crore as against Rs 2,997.72 crore in FY23. "In 2024 it opened 256 new stores, including 47 in the fourth quarter. As of March 31, our total store count has reached 1,782, including the 283 KFC stores we acquired in Thailand

Bajaj Electricals Q4 net down 43.4 %

(20 second reading) Bajaj Electricals reported a 43.47 per cent decline in consolidated net profit to Rs 29.31 crore in the March quarter with revenue impacted by weakness in appliances and general trade.
The company had posted a consolidated net profit of Rs 51.85 crore in the year-ago period
Consolidated total revenue from operations in the quarter under review was Rs 1,188.08 crore as compared to Rs 1,291.97 crore in the same period a year ago, it added.
For the fiscal ended March 31, 2024, consolidated net profit was lower at Rs 131.08 crore as compared to Rs 216.19 crore in the previous year.In FY24, the total revenue from operations was Rs 4,641.27 crore as against Rs 4,889.24 crore in FY23.

Restaurant Brands Q4 net loss Rs 92 crore

(20 second reading) Restaurant Brands Asia’s consolidated net loss widened in March quarter to Rs 92 crore from Rs 80 crore a year ago.
Revenue came in at Rs 597.1 crore, rising 16 percent.
Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was at Rs 69.24 crore growing by 152.6 percent. EBITDA margins have improved by 626 bps YoY to 11.6 percent.
In FY24, the company opened a net total of 64 new restaurants, including 16 in the fourth quarter, while closing two in the same period. As of March 31, 2024, there are 455 operational restaurants, with 351 featuring BK Cafés.

INOX India Q4 Net profit jumps 44% YoY 

(20 second reading) INOX India released their Q4 results on Monday and posted a strong 44% YoY jump in their net profit to Rs.44 crore in Q4FY24 from Rs.30.6 crore during the year-ago quarter. The company's revenue increased 17% year on year from Rs235 crore to Rs.276 crore during the period under review.
The revenue from operations plunged 4% from Rs.290 crore reported during the quarter ending December 2023. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), which is a metric to calculate an organization's operational profitability, jumped 38% year on year to Rs.64 crore.
"The best-ever financial metrics underline our dedication towards shaping a future, which is not only sustainable, but also profitable.

Aarti Pharmalabs Q4 net profit increases 52%

(20 second reading) Aarti Pharmalabs reported over a 52% growth in net profit for the Q4. The company also announced a dividend payout for eligible shareholders after market hours.
The company reported a 52.2% jump in its consolidated net profit at Rs.65.25 crore for the fourth quarter of the financial year 2023-24 from the previous year's Rs.42.87 crore. The net profit was also 23% more than the previous quarter's Rs.52.76 crore.
The company’s net profit for FY24 increased by 12.09% to Rs.216.9 crore from Rs.193.49 crore in FY23.
Its shares rallied over 12% to hit an intra-day high of Rs. 591.60 per share.

PVR Inox posted Rs.130 Cr Loss

(20 second reading) PVR Inox reported a reduction in its net losses to Rs.129.5 crore for the March quarter, compared to Rs.333 crore in the same period last year. In the December quarter, the company posted a profit of Rs.12.8 crore. The company’s revenue from operation came in at Rs.1,256.4 crore, up 9% from the Rs.1,143 crore posted in the same quarter last year.
In Q4, PVR reported that 3.26 crore people visited its cinemas, up 7% from the year-ago period. The average ticket price was reported at Rs.233, down around 2% year on year, while the food and beverage (F&B) spend per head (SPH) stood at Rs.129, up 8% YoY.
As of March 31, 2024, PVR, along with INOX, collectively operates 360 cinemas with 1,748 screens spread across 112 cities.

Jindal Stainless Supplies Steel For Vande Metro Train

(20 second reading) Jindal Stainless announced the company has supplied high-strength stainless steel for the first Vande Metro train. This project is aimed at enhancing inter-city travel services across the nation.
The Vande Metro involved the use of a tempered 201LN grade of high-strength stainless steel supplied by Jindal Stainless. This marks the first instance of the 201LN grade being used, resulting in lighter and more energy-efficient train coaches. The Indian Railways unveiled its first Vande Metro train from the Integral Coach Factory in Chennai.
According to the company, the external panels of the trainsets have been slimmed down from 3 mm to 2 mm, leading to lighter, more energy-efficient, and cost-effective trains.

Allied Blenders gets Sebi nod for IPO

Allied Blenders and Distillers received final not from the capital markets regulator Sebi to raise Rs.1500 crore through an IPO. Under the issue, shares will offered at a face value of ?2 and is a mix of fresh issue of up to Rs.1000 crore and an offer for sale of up to Rs 500 crore by promoters.
Net proceeds from the IPO will be used by the company for prepayment or scheduled re-payment of a portion of certain outstanding borrowings and for general corporate purposes, it said.The Mumbai-based company was established in 1988 initially with its Officer’s Choice Whisky in the mass premium segment with a market share of 11.8% in Fiscal 2023 in the Indian whisky market.
ICICI Securities Limited, Nuvama Wealth Management Limited, and ITI Capital Limited, are the book-running lead managers.

Aditya Birla Capital Q4 net profit rises 33%

(20 second reading) Aditya Birla Capital's consolidated net profit for the quarter ended March 2024 grew 33 percent to Rs 812 crore as against Rs 609 crore recorded in the previous fiscal. Consolidated revenue grew 32 percent to Rs 12,079 crore from Rs 9,146 crore in Q4FY23.
The company reported a 31 percent YoY and 8 percent QoQ increase in the overall lending portfolio at Rs 1,24,059 crore. Total AUM for the reporting period grew by 21 percent year-on-year to Rs 4,36,442 crore.
In terms of the housing finance business, disbursements grew by 64 percent year-on-year to Rs 2,933 Crore in Q4 FY24
In terms of the insurance business, individual first year premium grew by 2 percent year-on-year to Rs 3,074 Crore in FY2024,

Zydus Wellness Q4 Net profit up over 3%

(20 second reading) Zydus Wellness reported a 3.44 per cent rise in consolidated net profit at Rs 150.3 crore in the Q4, 2024. The company had posted a consolidated net profit of Rs 145.3 crore in the same quarter of the previous fiscal.
Consolidated total revenue from operations in the quarter under review stood at Rs 782.6 crore, as against Rs 713 crore in the corresponding period a year ago, it said.
For the fiscal ended March 31, 2024 consolidated net profit was at Rs 266.9 crore, as against Rs 310.4 crore in the previous fiscal. In FY24, consolidated total revenue from operations stood at Rs 2,327.8 crore, as compared to Rs 2,254.8 crore in FY23.

BASF India Q4 net profit jumps 96%

(20 second reading) BASF India reported a 96 percent YoY rise in standalone net profit to Rs 161.5 crore for the Q4 2024.
BASF India posted a net profit of Rs 82.3 crore, in Q4 of the last year. On a consolidated basis, the profit rose 15 percent QoQ from Rs 140 crore in the December quarter.
The company's revenue from operations rose 2.4 percent to Rs 3,328.1 crore against Rs 3,249.9 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA rose 88 percent to Rs 245 crore in the fourth quarter of this fiscal over Rs 130 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 7.31 percent in the reporting quarter.

Jindal Steel net profit soars 100% in Q4

(20 second reading) Jindal Steel & Power's consolidated net profit zoomed 100.5% in the March 2024 quarter. Profit rose to Rs 933.5 crore in the last quarter against a profit of Rs 466 crore in the Q4 of FY23. Profit in the reporting quarter was affected by an exceptional loss of Rs 153.5 crore. Revenue from operations fell 1.5 percent on-year to Rs 13,487 crore for the quarter.
Revenue rose 15 percent on a sequential basis and profit fell 52 percent from Rs 1,928 crore reported in Q3FY24.
The stock has gained 63.68 per cent in one year. JSPL shares have delivered multibagger returns of 507% in the last five years.

Novelis files US IPO documents

(20 second reading) Hindalco’s fully-owned subsidiary Novelis Inc filed the registration statement on form F-1 with the Securities and Exchange Commission (SEC) relating to the proposed IPO of its common shares. The Aditya Birla Group-owned company is likely to raise about $1.2 billion via its initial stake sale at an expected valuation of $18 billion.
Atlanta-based Novelis is the world’s biggest maker of flat-rolled aluminum products, used in an array of goods, from cars to soda cans. It intends to list its common shares on the New York Stock Exchange (NYSE) under the ticker symbol 'NVL'.
Morgan Stanley, BofA Securities and Citigroup are the lead book-running managers for the proposed IPO with Wells Fargo Securities, Deutsche Bank Securities and BMO Capital Markets acting as additional book-running managers.

Cochin Shipyard bags order from European client

(20 second reading) Cochin Shipyard Ltd has secured a "large" order from a European client for hybrid service operation vessels (SOVs) with an option for two more such vessels. A large order's value is classified between Rs. 500-1,000 crore.
The hybrid SOVs, equipped with innovative hybrid battery systems, are poised to set new standards in energy efficiency while significantly reducing the carbon footprint.
The vessel is designed and built for the service, maintenance and operational needs of the offshore wind farm industry in the European market where sustainable energy solutions are in high demand. The project is expected to be completed by the end of 2026, it said.

RVNL secures order from Southern Railway

(20 second reading) State-run Rail Vikas Nigam Ltd said it has clinched a contract from Southern Railway for Rs.239 crore, for Provision of Automatic Block Signaling system in Jolarpettai Junction to Erode Junction of Salem Division in Southern Railway.
The ABS system controls and manages train movements automatically using stop signals that are operated by trains passing the signals. It is designed to allow trains travelling in the same direction to follow each other safely without the risk of rear-end collisions.
RVNL reported a 6.2% year YoY decline in net profit at Rs.358.6 crore for the third quarter that ended December 31, 2023.

DLF Q4 Net profit up 61.5% to Rs 921 crore

DLF Q4 Net profit up 61.5% to Rs 921 crore, revenue up 47%
India's largest realty firm DLF reported a 61.5 percent jump in its net profit at Rs 921 crore for the quarter ended 31 March, 2024. The company had posted a net profit of Rs 570 crore in the year-ago period.
DLF's revenue also surged nearly 47 percent YoY to Rs 2,135 crore in the January-March quarter compared to Rs 1,456 crore the firm reported in Q4FY23.
Its EBITDA, or earnings before interest, taxes, depreciation, and amortization jumped nearly 90 percent to Rs 754.4 crore in the quarter under reveiew from Rs 398.3 crore a year ago. The company's margin came in at 35.3 percent versus 27.4 percent in Q4FY23.

Tata Power to spend Rs 20000 crore for FY25

(20 second Reading) Tata Power is planning to spend Rs 20,000 crore on capital expenditure this fiscal. Tata Power will spend half the amount toward renewable energy and the rest on distribution, transmission, and coal-based plants, according to a media report.
Tata Power reported a 11 per cent rise in its consolidated net profit to Rs 1,046 crore in the March 2024 quarter compared to the year-ago period on the back of higher revenues. Profit stood at Rs 939 crore in the quarter ended on March 31, 2023.

The power sector stock has gained 24% in 2024 and risen 98% in a year.

Zomato logs fourth straight quarter of profit 

(20 second reading) Zomato reported a net profit of Rs 175 crore for the January-March (Q4) period, marking the fourth straight quarter of the food aggregator’s earnings coming in the green.
Revenue rose 73 percent year-on-year to Rs 3,562 crore at a time when the broader e-commerce sector is reeling under the pressure of high inflation and muted demand.
During the same quarter last year, Zomato had posted a net loss of Rs 188 crore and a revenue of Rs 2,056 crore.
The food delivery company's stock price has been surging on the back of rising profitability in its core business and the fast growth of its quick commerce arm, Blinkit.

UPL posts Rs 40-cr net profit in Q4

(20 second reading) Agrochemicals manufacturer UPL Limited on May 13 reported a 95 percent drop in net profit at Rs 40 crore in the quarter ended March 31, 2024, from Rs 792 crore in the year-ago period. However, the profit jumped nearly 97 percent in the reported quarter from a loss of Rs 1,217 crore in the December quarter.
The Mumbai-headquartered company’s revenue also declined to Rs 14,078 crore in the fourth quarter from Rs 16,569 crore in the same period last year, a drop of 15 percent, the filing showed.

The company also declared a dividend of Rs 1 per equity share.

Tata Gets Serious About Chip Business

(20 second reading) Tata Group's Tata Electronics, which recently made news for exporting semiconductors from its Banglore research and development centre, has a new development brewing in the board room. According to reports, Tata Group Chairman Natarajan Chandrasekaran will take over the reigns at Tata Electronics.
The group has been more aggressively steering its ship of attention and ample resources in the advanced tech sector with Tata Batteries, Tata Electronics, and, by extension, Tata Motors, and their expanding presence in the ever-growing EV market.
Tata Electronics has been a growing force in the space, as the company, as per reports, is nearing the culmination of the tape-out process for semiconductor chips across various nodes, including 28, 40, 55, and 65 nanometers.

Taj announced Ekyam a new marketing platform

(20 second reading) Tata Group-owned Indian Hotels Company Ltd (IHCL), which operates the Taj Group of hotels, on Thursday announced Ekyam, a new marketing platform that will manage a portfolio of 25 hotels and 2,500 rooms by the end of 2025.
Ekyam will primarily manage properties across destinations that offer adventure experiences across the Indian Ocean, Greater Himalayan regions and wildlife escapes, and will club IHCL’s 11 existing and seven upcoming properties owned by its long-time partner Nepali diversified business conglomerate CG Group’s CG Hospitality.
These 11 properties —Taj Exotica Resort & Spa and Taj Coral Reef Resort & Spa in Maldives, Taj Samudra in Colombo, Taj Jumeirah Lakes Towers, in Dubai, and Taj Safaris, the wildlife luxury lodges in India (Bandhavgarh, Kanha, Pench and Panna) and Nepal (Chitwan and Kathmandu) - have 900 rooms in the Indian sub-continent and west Asia.

Mahindra Sold 6,160 Thars In April, Up 16%

(20 second reading) During the month of April, Mahindra & Mahindra achieved a total sale of 68,614 units, up 13% from the 60,481 vehicles sold in April 2023.
The company's flagship Thar sales for April stood at 6,160 units – translating to around 205 Thars sold every day. This is around a 16% jump from the 5,302 Thars the company sold in April 2023.
The auto manufacturer’s top-selling model for the month was the Scorpio again. The company sold 14,807 Scorpios last month. This is an over 50% rise from the 9,167 units sold in April 2023. 13,344 of these were diesel variants.

BEML reported 62.9 % growth in net profit

(20 second reading) BEML reported 62.9 per cent growth in net profit at Rs 256.8 crore for the quarter ended March 2024, led by healthy operating numbers. Its revenue from operations grew by 9 percent YoY to Rs 1,513.7 crore.The company's EBITDA surged 29.2 percent to Rs 370.4 crore, with an improvement in margins to 24.5 percent from 20.7 percent on YoY basis.
BEML is a public sector undertaking under the MoD, which serves sectors like defence, power and infrastructure. For FY24, BEML's net profit rose 78.46 percent YoY to Rs 281.77 crore as against Rs 157.89 crore during the previous fiscal ended March 2023. The PSU firm's sales rose 3.98 percent year-on-year to to Rs 4,054.32 crore as against Rs 3,898.95 crore in the year-ago period.

Pidilite Q4 profits decline

(20 second reading) The adhesive manufacturer, Pidilite's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at Rs.577 crore, lower than the Rs.600 crore estimate. EBITDA margin also stood at 19.9%, lower than the estimate of 21.4%. Net profit for the quarter also stood at Rs.304.3 crore from Rs.415 crore earlier. Additionally, it also incurred an exceptional loss of Rs.71.7 crore on sale of shares in one of its subsidiary.
Among factors that worked for Pidilite during the quarter, revenue beat estimates, consumer business saw volume growth of 12.7% and gross margin saw healthy expansion.

SRF reports 24% decline in Q4 net profit

(20 second reading) Chemicals maker SRF Ltd reported a 24 percent YoY decline in consolidated net profit at Rs 422 crore for the Q4 of FY24. In the previous corresponding quarter, the company posted a net profit of Rs 562 crore.
Its revenue from operations dipped 5 percent to Rs 3570 crore as against Rs 3778 crore a year back.
At the operating level, EBITDA tanked 25 percent to Rs 696 crore as against Rs 932 crore last fiscal. EBITDA margin stood at 19.5 percent as compared to 24.6 percent in the same period a year ago.
While the general performance has been weak, it has seen a reasonable recovery in its Chemicals Business in the Q4

Happiest Minds Tech Q4 profit rises 25%

(20 second reading) Happiest Minds Technologies’ acquisitions of Pure Software and Macmillan Learning India will reduce the company’s operating margins to a range of 20-22% in FY25 from 24.6% reported in FY24.
The company posted an EBITDA margin of 19.9% for Q4FY24, a slight increase from 19.7% in Q3FY24. Revenue for the January-March period was Rs 417 crore, marking a sequential increase of 1.8%, while the net profit surged by 25% to nearly Rs 72 crore.
The attrition rate fell to 13% on a trailing 12-month basis in the Jan-March quarter, down from 14.1% in Q3FY24. This improvement aligns with broader industry trends, indicating a stabilising workforce environment.

Canara Bank Q4 profit rises 18 pc

(20 second reading) State-owned Canara Bank reported an 18 per cent rise in net profit to Rs 3,757 crore during the fourth quarter ended March 2024 on the back of improvement in core income and reduction in bad loans. The bank had earned a net profit of Rs 3,175 crore in the year-ago period.
During the quarter, the bank's total income increased to Rs 34,025 crore as against Rs 28,685 crore a year ago, Canara Bank said.
Interest income grew to Rs 28,807 crore during the period under review from Rs 23,910 crore in the corresponding quarter a year ago.

Godrej Agrovet Q4 net profit triples

(20 second reading) Agri-business company Godrej Agrovet Ltd reported a threefold YoY jump in net profit at Rs.65.5 crore for the fourth quarter that ended March 31, 2024.
In the corresponding quarter, Godrej Agrovet posted a net profit of Rs.23.5 crore. The company's revenue from operations increased 1.9% to Rs.2,134.3 crore against Rs.2,095 crore in the corresponding period of FY23.
EBITDA jumped 98.1% to Rs. 148 crore in the Q4 of this fiscal over Rs.74.7 crore in the year-ago period. The EBITDA margin stood at 6.9% in the Q4 versus 3.6% in the corresponding period

Hero MotoCorp Profit Jumps 15%

(20 second reading) Hero MotoCorp’s revenue from operations for the quarter stood at ?9,519 crore, up 15% from the Rs.8,307 crore posted in the same quarter last year. The auto major’s net profit for the quarter was at Rs.1,016 crore, reflecting a growth of 18% over Rs.859 crore reported in the previous year.
The company sold 13.92 lakh units of motorcycles and scooters in the March quarter.
EBITDA for the March quarter stood at Rs.1,359 crore, up 25% YoY. EBITDA margin for the quarter was at 14.3%, reflecting an improvement of 120 bps YoY basis. The company attributed the improvement to a better product mix, lower commodity costs, higher savings, and judicious price increases.

Kotak Mahindra Bank Q4 Net Profit soars 18%

(20 second reading) Kotak Mahindra Bank reported a net profit of Rs 4133 crore for the Q4 FY24, up by 18 percent from Rs 3496 crore reported in the corresponding quarter of last year.
The lender's net interest income came at Rs 6,909 crore, up by 13 percent YoY from Rs 6,103 crore last year. The net interest margin (NIM) of the lender was at 5.28 percent for Q4FY24.
The GNPA of the lender stood at 1.39 percent versus 1.78 percent last year and NNPA was at 0.34 percent compared to 0.37 percent last year.
The advances of the bank increased 20 percent YoY to Rs 3.91 lakh crore as versus Rs 3.25 lakh crore last year. For the full year FY24, the lender's profit increased to Rs 13,782 crore from Rs 10,939 crore in FY23, up 26 percent YoY.

Godfrey Phillips agreement with Ferrero

(20 second reading) Godfrey Phillips India signed an agreement with Ferrero India Pvt. Ltd for the distribution and resale of select sweet-packaged food products manufactured by Ferrero through its network.
Ferrero, a subsidiary of the Italy-based Ferrero Group known for its premium chocolates.
Godfrey Phillips India produces a range of cigarette brands, including Four Square, Red & White, Cavanders, Stellar, Focus, Originals International, and others.
The initial agreement pertains to the distribution of Ferrero products in the domestic market in India for two years, the company informed the bourses.

MRPL Q4 net profit slumps 40%

(20 second reading) MRPL reported a 40.5% YoY decline in net profit at Rs.1,138.5 crore for the Q4 FY2024 compared to net profit of Rs.1,913.4 crore in Q 4 of last year. The company's revenue from operations declined 0.1% to Rs.25,328.7 crore against Rs.25,365.4 crore in the corresponding period of the preceding fiscal.
The EBITDA margin stood at 9.2% in the reporting quarter compared to 13.8% in the corresponding period in the previous fiscal.
The board of directors has recommended a final dividend of Rs.2 per equity share of Rs.10 each fully paid-up.

Avenue Supermarts Q4 net profit rises 22.5%

(20 second reading) Avenue Supermarts, the operator of retail chain DMart reported consolidated net profit at Rs 563 crore for the Q4, registering a growth of 22.5 % from Rs 460 crore in the Q4 of the previous financial year.
The company reported total revenue at Rs 12,726.6 crore, rising 20 percent from Rs 10,594 crore in the year-ago quarter,
The company has 284 stores that are two years or older. DMart opened 41 new stores during the year and our total store count stands at 365. Its E-Commerce business commenced operations in Gurugram during the year. It is now present across 23 cities in India.

IDBI Bank Q4 Net profit jumps 44%

(20 second reading) IDBI Bank reported a 44 per cent jump in net profit at Rs 1,628 crore in the Q4 of 2023-24, compared to net profit of Rs. 1133 in the Q4 of last year.
Total income rose to Rs 7,887 crore in the period under review, from Rs 7,014 crore in the January-March period of fiscal year 2022-23.
For the 2023-24 fiscal, net profit grew 55 per cent to an all-time high of Rs 5,634 crore. In 2022-23, the profit was at Rs 3,645 crore. Total income for fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23.

Why is INOX India share price skyrocketing?

(20 second reading) INOX India shares have been in an uptrend since they bottomed out at around Rs.810 apiece at the beginning of the last week of January 2024. After that, INOX India share price has remained an idea 'buy-on-dips' stock for positional investors. In YTD time, INOX India share price has surged from nearly Rs.880 to Rs.1395 apiece on NSE, logging almost 60 percent rise in 2024. According to stock market experts, the company is in the business of cryogenic storage, which has demand in various sectors like chemical, healthcare, oil and gas, etc. Cryogenic equipment in India is projected to grow at a CAGR of 7.2 percent. INOx India shares may continue the bull trend and touch the Rs.1500 mark in the short term.

Godrej Consumer net loss of Rs 1893 crore in Q4

(20 second reading) Godrej Consumer Products reported a consolidated net loss of Rs 1,893 crore for the Q4 against a net profit of Rs 452 crore. The loss is due to one-time exceptional loss of Rs 2,376 crore.
The total revenue of the company stood at Rs 3,385.61 crore, rising 6 percent from Rs 3,200.16 crore a year ago, the company said in a regulatory filing.
In the realm of Personal Care, the latest introduction, Goodknight Agarbatti, is gaining traction and revolutionizing the Rs 21,200 crore market of Mosquito Incense Sticks, primarily dominated by illicit players.Personal Care witnessed a 4 percent growth primarily driven by volume.

Arvind SmartSpaces Q4 net profit zooms 86%

(20 second reading) Realty firm Arvind SmartSpaces reported an 85.7% YoY jump in net profit at Rs 19.5 crore for the Q4 that ended March 31, 2024, compared to Rs. 10.50 crore in last fiscal Q4.
The company's revenue from operations increased 26.6% to Rs. 117.4 crore against Rs. 92.7 crore in the Q4of the preceding fiscal.
FY24 has been a landmark year for the company with milestones achieved across bookings, collections and business development. The company has recorded the highest ever annual bookings of Rs.1,107 crore, a growth of 38 per cent year-on-year YoY.
The company added four new projects in Ahmedabad, and one each in Bengaluru and Surat.

Selan Exploration profit in Q4 rise 103%

(20 second Reading) Selan Exploration reported a 103% rise in Q4 net profit. Profit climbed to Rs 12.25 crore in Q4 against Rs 6.03 crore in the March 2023 quarter. Revenue climbed 26% to Rs 56.28 crore in the last quarter against Rs 44.75 crore in the corresponding quarter of the previous fiscal.
EBITDA in Q4 rose 49.17% to Rs 28.06 crore against Rs 18.81 crore in the corresponding quarter of the previous fiscal. EPS climbed to Rs 8.06 in Q4 against Rs 3.97 in the Q4 of FY23.
Profit in the last fiscal climbed to Rs 32.78 crore against Rs 30.85 crore in the March 2023 fiscal. Revenue rose to Rs 170.57 crore in FY 24 against Rs 121.95 crore in FY23. EBITDA in FY24 rose to Rs 83.43 crore against Rs 62.71 crore in the previous fiscal.

Selan Exploration shares have gained 260% in two years and risen 158% in a year.

Wipro to help lower New Yorkers’ medical costs

(20 second reading) Indian IT major Wipro Ltd said it has been selected by Independent Health, western New York’s only 5-star rated Medicare Advantage Plan, to implement the company's Medicare Prescription Payment Plan (MPPP360) platform for the upcoming open enrolment period.
Starting in 2025, the Medicare Prescription Payment Plan will allow users to make capped monthly payments for out-of-pocket prescription drugs, among other changes. The new law aims to improve access to affordable treatments and strengthen Medicare.
Wipro's MPPP360 platform will assist Independent Health in streamlining the payment process to seamlessly integrate these new provisions, simplifying prescription cost management

Ceat reports decline in Q4 net profit

(20 second reading) Tyre maker Ceat announced that its net profit dropped 22.76% year-on-year to Rs.102.27 crore for the Q4 that ended March 31, 2024, from Rs.132.4 crore in the year-ago period.
The company's revenue from operations grew 4.1% to Rs.2,991.9 crore compared to Rs.2,874.8 crore in the same period last fiscal year.
Additionally, at the operating level, its EBITDA rose by 6.5% to Rs.391.7 crore in this fiscal quarter from Rs.367.8 crore in the corresponding period of the previous fiscal year.
The board has proposed a final dividend of Rs.30 per equity share, equivalent to 300% of the face value of Rs.10 each fully paid up

South Indian Bank reports14% dip in Q4 profits

(20 second reading) Thrissur-based South Indian Bank reported a 14 per cent fall in net profit to Rs 287.56 crore in the last quarter against Rs 333.89 crore. Operating profit slipped 23% in Q4 to Rs 433.54 crore against Rs 561.55 crore during the Q4 of FY23. However, net interest income in Q4 rose 2 per cent to Rs 874.67 crore in Q4 against Rs 856.18 crore in Q4 of FY23.
The bank reported a 38% rise in net profit to Rs 1,070.08 crore in the last fiscal compared to Rs 775.09 crore in FY 22-23. Operating profit of the lender climbed 24 per cent to Rs 1,867.67 crore in FY24 against Rs 1,507.33 crore in FY23.Gross NPA in Q4 slipped 64 basis points to 4.50 %, Net NPAs fell 40 basis points to 1.46 per cent in Q4 from 1.86 %.

Raymond’s Profit Jumps 18% To Rs.229 Cr

(20 second reading) Fabric and fashion retailer Raymond posted an 18% increase in net profit at Rs.229.21 crore, up 18% from the Rs.194 crore posted in the same quarter last year. The revenue from operations for the quarter came in at Rs.2,608.50 crore, up 21% from the Rs.2,150 crore posted in last year.
The company achieved its highest-ever quarterly EBITDA at Rs.516 crore & an EBITDA margin of 19.2% in the March quarter. Its focused business approach across its operations led to strong growth in the ‘Branded Apparel’, ‘Garmenting’, and ‘Real Estate’ segments, resulting in an impressive double-digit revenue growth of 11% in FY24 as compared to the previous year.
In the Q4, ‘Branded Textile’ segment sales were at Rs.920 crore, while the Branded Apparel segment reported topline growth of 23% with sales at Rs.409 crore.

Coal India’s Q4 Up by 26.2 pc

(20 second reading) In the March quarter, CIL reported a 26.2 per cent increase in consolidated net profit, reaching Rs 8,682.20 crore compared to Rs 6,875.07 crore in the corresponding period of the previous fiscal year. This substantial growth underscores the efficacy of its strategies in optimizing coal production and distribution.
While the consolidated income for the January-March period decreased marginally to Rs 39,654.50 crore from Rs 40,371.51 crore a year ago.
CIL's PAT on a consolidated basis exhibited a robust growth of 25.8 per cent, amounting to Rs 8,640 crore in the Q4 of FY24. compared to PAT of Rs 6,869 crore last year.

Adani Green Q4 Net profit falls 39%

(10 second reading) Adani Green Energy Ltd on May 3 reported 39% drop in consolidated net profit at Rs 310 crore for the quarter ended March 31, 2024. It reported consolidated net profit of Rs 507 crore in the year-ago period.

The Adani Group firm's revenue fell 6% to Rs 2,806 crore in Q4FY24 as against Rs 2,977 crore in Q4FY23.

At 1420 on May 3, the firm's shares were trading 1% lower at Rs 1,772.25 apiece.

Godrej Properties Posts Highest-Ever Q Profit

(20 second reading) Realty firm Godrej Properties reported its highest-ever quarterly profit as earnings jumped 14 per cent annually to Rs 471.26 crore in the March quarter, spurred by better income and strong housing sales.
Total income rose to Rs 1,914.82 crore in the Q4 FY24 from Rs 1,838.82 crore in the corresponding period of the previous year.
During the 2023-24 fiscal, the company's net profit increased to Rs 725.27 crore from Rs 571.39 crore in the preceding year.Total income rose to Rs 4,334.22 crore last fiscal year from Rs 3,039 crore in the 2022-23 financial year.

Bajaj Auto launched the new 2024 Pulsar NS400Z

(20 second reading) Bajaj Auto has introduced the new 2024 Pulsar NS400Z, bringing the biggest Pulsar ever to the market. The 2024 Bajaj Pulsar NS400Z is priced at Rs.1.85 lakh and is positioned above the Pulsar NS200 in the brand’s portfolio. The motorcycle also looks like a beefier version of the NS200, albeit with slightly different styling elements and is effectively the new flagship Pulsar in the company’s range.
The new Bajaj Pulsar NS400Z looks identical to the NS200 at first glance but there are plenty of new lines across the motorcycle. The streetfighter gets a bolder headlamp design with the two new lightning bolt LED DRLs with a projector headlamp in the centre. The rearview mirrors are new and sportier in design and seem to have been borrowed from the new KTM 250 Duke.

Havelles India announces Strong Q4

(20 second reading) Havells India has reported strong Q4 with revenue growing by 12 per cent YoY and net profit rising by 24 per cent YoY, surpassing expectations. This growth was primarily driven by strong summer sales. Additionally, EBITDA surged by 20 per cent YoY, with margins expanding by 80 basis points (bps) to 11.7 per cent, attributed to cost rationalization efforts and an improved product mix.
HAVL's core portfolio exhibited strength, buoyed by healthy demand in real estate and construction sectors, a trend expected to persist in the near term. Particularly, the Electrical Consumer Durables (ECD) and Lloyd segments demonstrated improved performance, driven by increased sales of fans and air conditioners.

Federal Bank PAT misses estimate

(20 second reading) Private sector lender Federal Bank reported its March quarter net profit at Rs 906 crore due to higher operating expenses.
During the quarter, the bank’s total expense rose 36% YoY to Rs 5,622 crore. The higher expenses were on account of higher wage related provisions. The bank has been every year sequentially increasing its spends (on IT systems) as a share of our overall expenses.
The Board of Directors of the bank have proposed a dividend of Rs 1.20 per equity share
Overall advances rose 20% YoY. Retail loans constituted 56% of overall advances and grew 25% YoY
The bank’s asset quality improved, with GNPA, NNPA at 2.13% and 0.60% in Q4

Coforge Q4 profit rise 95% to Rs 223.7 crore

(20 second reading) Coforge posted a 94.86 per cent rise in consolidated net profit to Rs 223.7 crore for the Q4 FY24. Revenue from operations was up 8.68 per cent to Rs 2,358.5 crore against Rs 2,170 crore in the corresponding quarter in FY23. Revenue from operations for FY24 was 14.52 per cent higher at Rs 9,179 crore against Rs 8014.6 crore in FY23. The USD 400 million TCV deal signed in Q4, the 56 per cent year-on-year increase in order intake and the 102-basis points sequential margin improvement in Q4 set us up strongly to deliver robust growth in FY25 with expanded margins,” Sudhir Singh, CEO, Coforge said. For the full FY2023-24, the company clocked a profit of Rs 808 crore, up by 16.46 per cent from Rs 693.8 crore in the previous year.

KEI Industries clocked impressive profits in Q4

(20 second reading) KEI Industries Limited clocked a profit of Rs 168.5 crore during the quarter, up 22 percent from Rs 138 crore in the year-ago period.
The company's revenue rose 19 percent to Rs 2,319.2 crore from Rs 1,952.9 crore reported during the same period last year.
As for the earnings before interest, taxes, depreciation, and amortisation or EBITDA, it stood at Rs 244.5 crore, a 21 percent increase over Rs 202.1 crore in the fourth quarter of FY23. The company's EBITDA margin increased from 10.4 percent to 10.5 percent year-on-year.
Last month, Motilal Oswal has initiated coverage the wire manufacturer stocks with a 'buy' call

Adani Ports Q4 net profit rises 76% to Rs 2040 cr

(20 second reading) Adani Ports and Special Economic Zone Limited reported 76% jump in consolidated net profit (attributable to equity shareholders of parent) at Rs 2,040 crore for the quarter ended March 31, 2024, helped by a jump in cargo volumes. It reported consolidated net profit of Rs 1,158 crore in the year-ago period. The revenue from operations rose 19% to Rs 6,897 crore in Q4FY24 as compared to Rs 5,797 crore in Q4FY23.
The company declared dividend of Rs 6 per equity share of Rs 2 face value for the financial year 2023-24. Adani Ports achieved its highest ever quarterly volumes at 109 million metric tonnes (MMT) in the January-March period.

Can Fin Homes Q4 Net profit rises 26% YoY

(20 second reading) Can Fin Homes, a subsidiary of Canara Bank, reported a 26% rise in net profit for Q4 at Rs 209 crore against Rs 166 crore in the year ago period. Its interest income was 21% higher at Rs 912 crore. The lender has a comfortable asset quality with its gross NPA ratio being reported at 0.82%.

The mortgage lender, in which Canara Bank holds a 30% stake, proposed a final dividend of Rs 4 per equity share of the face value of Rs.2 each. The board of the company has also approved raising up to Rs 2100 crore by selling non-convertible debentures.

Wipro bags multi-million-dollar deal with Nokia

(20 second reading) Wipro has been selected by Nokia to overhaul its employee service desk and provide seamless, real-time IT support to a global network of employees.
Wipro's team will build a bespoke AI-powered, cloud-based solution for Nokia’s workforce, which comprises around 86,700 users globally in 130 countries of operations. According to Wipro, the solution aims to enhance the employee experience by providing highly available, modular, secure, and automated services. This project will result in the creation of an experience-driven, omni-channel, and always-on global service desk, which will provide employees with highly flexible and secure services to empower them to effectively navigate a hybrid work environment.

Greaves launches e-scooter at Rs 1.10 lakh

(20 second reading) Greaves Electric Mobility Private Limited, the e-mobility arm of Greaves Cotton Limited, launched its first high-performance family electric scooter, the Ampere Nexus, at a introductory price of Rs 1,09,900. The Nexus is available in two variants – the base EX (Rs 1.10 lakh) and the top-spec ST (Rs 1.20 lakh). These prices will rise by Rs 10,000 once the introductory offer period ends.
Greaves Cotton will be pinning hopes on the Nexus to boost its e-2Wheeler sales which took a hit after the government made changes in its subsidy scheme.
The e-scooter is powered by a 3 kWh battery and delivers a 4 kW peak motor power. It can do a top speed of 93 kmph. It has a 136 km certified range.

Uco Bank lines up Rs 1000 cr investment

(20 second reading) UCO Bank has lined up Rs 1000 crore of investment for digitisation drive and upgradation of existing information technology system, managing director Ashwani Kumar said. This is about 43% more than what the bank spent last year.
Proposed IT spending has nothing to do with the internal technical glitch in immediate payment service (IMPS), for which the bank had erroneously credited Rs 820 crore to account holders in November last year. The bank has recovered Rs 728 crore so far from these account holders till March.
The bank is planning to open 130 more branches this financial year, as compared with 28 it added last fiscal.

BHEL in pact with HIMA for railway signalling

(20 second reading) BHEL has entered into a strategic partnership agreement with HIMA Middle East FZE, Dubai for railway signalling business. The partnership with HIMA will further enhance BHEL’s offerings to the Indian Railways, the company said in an exchange filing.
HIMA is world's leading solution provider for safety-related automation in the railways and process industries
The state-run entity has been supplying locomotives, electrics for EMU/MEMU, propulsion systems, traction motors, traction alternators, traction transformers, etc. to the Indian Railways.

Adani Total Gas Q4 profit 71% up to Rs.168 crore

(20 second reading) Adani Total Gas Q4 results: Adani Total Gas revenue from operations have been announced at ?1,258.37 crore in Q4 . This is just a little higher from last year when it logged ?1,197.31 crore. Adani Total Gas on April 30 reported an increase of 71 percent in consolidated net profit at Rs.167.96 crore for the fourth quarter of financial year 2023-24 as compared to Rs.97.91 crore a year ago. The company’s revenue from operations came in at Rs. 1,258.37 crore in Q4, slightly higher than Rs.1,197.31 crore last year.

Vodafone to enter MSCI Global Standard index

(20 second reading) Vodafone Idea etc 8 stocks likely to enter MSCI Global Standard index in August rejig
according to Nuvama Institutional Equities. The addition in the index is likely to attract $233 million inflows in Vodafone Idea shares.
Seven other stocks need up to 10% rise to enter the MSCI index, Nuvama Equities said in a report. These stocks are Oberoi Realty, Zydus Lifesciences, Prestige Estates, Thermax, Nykaa parent FSN E-Commerce Ventures, Alkem Laboratories and Steel Authority of India (SAIL).
The official cut-off date is the third week of July and the MSCI announcement is likely to be made on August 13.

Havells India Q4 Net profit rises 25%

(2o second reading) Electrical goods maker Havells India reported a 25% rise in Q4 net profit. Profit climbed to Rs 446.7 crore in Q4 against Rs 358 crore in the March 2023 quarter. Revenue rose 12% to Rs 5442 crore in the last quarter against Rs 4859.2 crore in the corresponding quarter of he previous fiscal.
The Board of Directors decided to recommend a final dividend at Rs 6 per equity share of Re. 1/- each i.e. 600 % for the financial year 2023-24. This is in addition to the interim dividend declared during the FY 2023-24 for an amount of Rs 3 per share.

IOCL Q4 net profit fell by 52 percent

(20 second reading) Indian Oil Corporation, a state-owned oil company, has reported a decline in its standalone net profit for the March quarter. The company's net profit fell by 52 percent to Rs 4,838 crore. It was Rs 10,059 crore in the same period last year. During the fourth quarter, IOC's revenue from operations also witnessed a decrease of 3 percent, amounting to Rs 2.19 lakh crore as against Rs 2.26 lakh crore in the corresponding quarter of the previous year. Despite the decline in profits, the company's Board has recommended a final dividend of Rs 7 per share for the fiscal year 2023-24

Newgen Software profit crosses Rs100 crore

(20 second reading) For the whole of FY23, Newgen Software Technologies Ltd. had reported a profit of Rs.177 crore. The company witnessed a 54.2% quarter-on-quarter growth in net profit at Rs.105.3 crore for the March quarter, compared to Rs. 68.3 crore in the previous December quarter.

Revenue from operations surged to Rs. 375.3 crore in the reporting quarter, which was 16% higher than Rs.323.6 crore in the last quarter. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 59.2% QoQ to Rs. 122.6 crore, while margin improved to 33% as against 24% in the previous quarter.

REC Q4 Net profit climbs 33%

(20 second reading) State-owned REC Ltd on April 30 reported a net profit of Rs 4,079.09 crore for the quarter ending March 31, 2024, which is about 33 percent higher as compared to the year-ago period.
The company's net profit in the fourth quarter of the previous fiscal stood at Rs 3,065.37 crore.
Its total income for the fourth quarter came at Rs 12,706.66 crore from Rs 10,254.63 crore in the year-ago period. Shares of the state-owned company ended at Rs 509 on the NSE, up 9.94 percent.
For the entire FY24, the company's net profit was Rs 14,145.46 crore, up from Rs 11,166.98 crore in FY23.

SJVN’s Green Hydrogen pilot project inaugurated

(20 second reading) In a significant development, India’s first Multi-purpose (Combined Heat & Power) Green Hydrogen Pilot Project was recently inaugurated by Satluj Jal Vidyut Nigam (SJVN) at its 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Jhakri, Himachal Pradesh. SJVN’s CMD Geeta Kapur said the project is “poised to accelerate development of green hydrogen production infrastructure in the power sector, establishing green hydrogen as a clean energy source”.

Exide Industries Q4 profit rises 36.5%

(20 second reading) Storage battery maker Exide Industries reported a 36.5% YoY rise in net profit at Rs.284 crore for the Q4 2024. The company had earned a net profit of Rs.208 crore in the year-ago period.
Exide's revenue from operations rose 13.2% to Rs.4,009.4 crore in the Q4, compared to Rs.3,543 crore in the year-ago period.
The company's EBITDA rose 41% YoY to Rs.516.4 crore as against Rs.366.6 crore in the corresponding period of last year.
Exide's margin came in at 12.8% as against 10.3% on a YoY basis.

Central Bank Q4 Net profit rises 41.4%

(20 second reading) Central Bank of India on April 30 reported a 41.1 percent rise in net profit to Rs 807.34 crore for the fourth quarter of the financial year 2024-25. On a sequential basis, the net profit jumped 12.5 percent.
The gross NPA ratio of the bank stood at 4.50 percent, unchanged from a quarter-ago period and down from 8.44 percent in a year-ago period.
Similarly, the net NPA ratio stood at 1.23 percent as on March 31, as against 1.27 percent in a quarter-ago period and 1.77 percent in the year-ago period.

NHPC Deal With Norway Firm For Solar Tech

(20 second reading) India’s premier hydropower developer, NHPC Limited, has entered a partnership with Norwegian company Ocean Sun to delve into the possibilities of floating solar energy technology.

A memorandum of understanding was inked between the two entities on Thursday, April 29, 2024, to scrutinise potential areas of collaboration for showcasing Ocean Sun’s floating solar energy technology. This technology is anchored on photovoltaic panels that will be installed on hydro-elastic membranes at locations identified by NHPC. This alliance is a part of NHPC’s ongoing commitment to sustainable development and enhancing its renewable energy capacity.

Jana SFB Q4 Net profit surges nearly 4-fold

(20 second reading) Bengaluru-based Jana Small Finance Bank reported a 297.5% YoY rise in net profit at Rs. 321.7 crore for theQ4 2024, compared to Rs. 81 Crore in Q4 of 2023.The net interest income of the lender grew 26.6% YoY to Rs.591 crore against Rs. 467 crore in the same period of the previous fiscal.The gross NPAs stood at 2.11% in the March quarter against 2.19% in the December quarter. Net NPAs came at 0.56% against 0.71% QoQ. In the Q4, Jana Small Finance Bank's loan assets under management stood at Rs.24,746 crore, a 24.9% increase.

KEC International bags Rs.1036 crore orders

(20 second reading) KEC International has secured new orders totalling Rs.1,036 crore across its diverse business verticals.
The T&D segment secured orders for T&D projects in the Middle East and Americas regions. Notably, the company will be involved in setting up Overhead Transmission lines in the UAE.
Additionally, KEC International will supply towers, hardware, and poles for projects in the Americas, showcasing its global reach and capabilities in the transmission and distribution domain.
In the railways sector, KEC International secured an order for additional work in the conventional segment within India.

ICICI Bank Posts 18.5% Surge In Net Profit

(20 second reading) Shares of ICICI Bank rose nearly 5 % after the company reported an 18.5 percent rise in Q4 consolidated net profit to Rs 11,672 crore.
On a standalone basis, the second-largest private sector lender reported a 17.4 percent rise in its profit after tax to Rs 10,708 crore in the quarter under review, from Rs 9,122 crore in the year-ago period.
For fiscal 2023-24, its standalone net profit rose to Rs 40,888 crore from Rs 31,896 crore a year ago.
Core net interest income increased by 8.1 per cent to Rs 19,093 crore in the quarter under review driven by 16.8 per cent growth in loans. However, it was narrowed to 4.40 percent from 4.90 percent in the year-ago period due to a decline in net interest margin.

Tata Steel to go ahead with £1.25 bn investment

(20 second reading) Tata Steel announced that the steelmaker will proceed with its £1.25-billion investment to build an electric arc furnace in Port Talbot, replacing two blast furnaces and commence closure of the existing heavy end assets in the following months.
Tata Steel said it has informed the trade unions that Port Talbot’s two Blast Furnaces No.5 and No.4 will close by the end of June, and by the end of September, respectively. This is in contrary to the union's plan which would have kept a blast furnace in operation while building an electric arc furnace.
Tata Steel pointed out that the alternative plan presented by the union would involve additional costs of at least £1.6 billion

UCO Bank Q4’24 net down 9.5% to Rs 525 crore

(20 second reading) UCO Bank said that its board has approved the issuance of fresh equity shares with a face value of Rs 4,000 crore in the current fiscal year.
The Kolkata-based bank also reported a standalone net profit of Rs 525.77 crore for the fourth quarter ended March 2024, a decrease of 9.5 per cent compared to the corresponding period last year.
UCO Bank's total income for the quarter grew by 17.44 per cent to Rs 6,984.61 crore. The bank also witnessed an improvement in asset quality, with gross NPA falling to 3.46 per cent compared to 4.78 per cent a year ago.
The lender further declared a dividend of Rs 0.28 per share for FY24.

Tata Chemicals posts loss of Rs 841 crore

(20 second reading) Tata Chemicals, the world’s third-largest soda ash producer, posted a consolidated net loss of Rs 841 crore in Q4, impacted by a one-time charge of Rs 963 crore in its UK operations.
During the quarter under review, the firm’s revenue fell to Rs 3,475 crore from Rs 4,407 crore posted during the same quarter of previous fiscal. The firm’s Ebitda fell to Rs 443 crore from Rs 965 crore posted during year-ago period.
The company’s revenue and Ebitda were impacted due to lower volumes of soda ash and pricing pressure across all regions, it said.
The firm also declared a dividend of Rs 15 a share for FY24.

Poonawalla Fincorp’s profit jumps 84% in Q4

(20 second reading) Poonawalla Fincorp on April 29 reported its highest-ever quarterly net profit from continuing operations at Rs 332 crore in the quarter ended March 31, which was 84 percent high year-on-year and up by 25 percent sequentially.
For the financial year 2023-24, the company reported its highest-ever annual net profit of Rs 1,027 crore, rising 83 percent YoY.
The total revenue stood at Rs 915 crore compared to Rs 577 crore in the year-ago period.
The non-banking financial company also reported a YoY growth of 55 percent in assets under management to Rs 25,003 crore in the reported quarter.

Trent Q4 sales up 51% to Rs 3297.7 crore

(20 second reading) Tata group's retail arm Trent Ltd reported a multi-fold increase in consolidated net profit at Rs 712.09 crore for the fourth quarter ended March 2024, helped by exceptional item gains.
The company had posted a consolidated net profit of Rs 44.95 crore in the January-March quarter a year ago, according to a regulatory filing from Trent Ltd, which operates retail stores under the brand names -- Westside, Zudio and Star.
Its consolidated revenue from operations was up 51 per cent to Rs 3,297.70 crore during the quarter under review. It was at Rs 2,182.75 crore in the year-ago period, it added.

Birlasoft Q4 net profit zooms 60%

(20 second reading) Pune-based global IT services provider Birlasoft Ltd reported a 60.7% YoY jump in net profit at Rs.180 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Birlasoft posted a net profit of Rs.112 crore, the company said in a regulatory filing. The company's revenue from operations increased 11.1% to Rs. 1,362.5 crore against Rs. 1,226.3 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 32.7% to ?221.5 crore in the fourth quarter of this fiscal over ?166.9 crore YoY.

Waaree secures 400 MW modules supply order

(20 second reading) Waaree Energies has secured an order from Gujarat Industries Power Company for the supply of 400 MW modules. The modules are on the Approved List of Models and Manufacturers (ALMM) and range between 540 Wp and 570 Wp (watt peak) The contract entails the comprehensive supply of solar PV modules incorporating advanced bifacial technology for the 2,375 MW RE (Renewable Energy) Park near village Khavda, Great Rann of Kutch, Gujarat.

UltraTech net profit jumped over 35% in Q4

(20 second reading) The AV Birla group flagship UltraTech Cement on Monday reported a 35.2 percent on-year growth in net profit at Rs 2,258 crore(Vs.Rs.1670.10Crore last year) for the March quarter driven by robust demand for building materials and lower operating costs.
Revenue jumped at a much lower pace of 9.4 percent to Rs 20,419 crore on annualised basis but sequentially top line rose 21 percent.
For the full year, the company recorded a consolidated net sale of Rs 69,810 crore, up 12 percent on-year from Rs 62,338 crore from which it earned Rs 7,005 crore, more than 38 percent compared to Rs 5,064 crore in FY23.

IDFC First Bank Q4 net profit dips

(20 second reading) IDFC First Bank’s net profit declined by 10% to Rs.724 crore from Rs.803 crore in the year-ago quarter. Its provisions increased 50% from Rs. 482 crore in Q4FY23 to Rs.722 crore in Q4FY24 while net Interest Income (NII) for the quarter grew 24% to Rs.4,469 and core Pre-Provisioning Operating Profit (PPOP) for the quarter grew by 22% YoY to Rs.1,632 crore.

IDFC First Bank delivered a mixed quarter and net interest margin contracted 7 bps QoQ owing to which the outlook remains broadly stable.

Force Motors Q4 net profit tumbles

(20 second reading) Force Motors 's net profit dipped 4.3 percent YoY to Rs 140.3 crore but revenue climbed 35 percent to Rs 2,011.2 crore.
In the fourth quarter, the operating level EBITDA surged to Rs 278.7 crore from Rs 120.8 crore in the corresponding period of the previous fiscal. The EBITDA margin came in at 14 percent, up 600 basis points on-year.
The board of directors has proposed a dividend of Rs 20 per equity share of Rs 10 each for the financial year ended March 31, 2024.
Today, the stock was trading at Rs 9,200, down 4.3 percent from the previous close on the NSE. The stock has surged a massive 636 percent in the past year.

Adani may bid for Puri international airport

(20 second reading) Adani Group is reportedly keen on developing the proposed international airport at Puri. The group is among the top-three bidders, which participated in the second-round discussion during the pre-bid meeting on Friday.

Apart from Adani Group, representatives of two other business conglomerates - Fairfax India Holdings Corporation and GMR Group had also participated in the pre-bid meet and evinced interest to develop the airport to be named as Sri Jagannath International Airport.

IRCON bags Rs 1,200 crore railway project

(20 second reading) State-owned IRCON has secured a railway project worth about Rs 1,200 crore in a joint venture.

"Ircon International Ltd (IRCON) under its joint venture with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA) i.E. Ircon-DRA JV has been awarded the LoA
The project will be built in engineering, procurement and construction (EPC) mode in 1,260 days, IRCON said. The cost of the project awarded by East Coast Railway is Rs 1,198.09 crore, it said. IRCON, under the Ministry of Railways, is a leading turnkey construction company.

Yes Bank Q4 Profit Doubles to Rs 452 Crore

(20 second reading) Yes Bank reported over two-fold jump in standalone net profit at Rs 452 crore(Rs 202.43 crore.) for March quarter 2023-24, primarily due to benefits on the provision front.
The private sector lender benefitted from write-back on income tax and interest on income tax returns, but the profits were limited by its inability to comply with the mandatory priority sector lending (PSL) requirements, its management said.

For fiscal 2023-24, it reported 74 per cent growth in net profit at Rs 1,251 crore.

Divi’s Lab to expand capacity

(20 second reading) Divi's Laboratories is planning to expand its capacity at its manufacturing facilicity with an estimated investment of up to Rs.700 crore & s estimated to be operational around January 2027.
It added that the same would be funded via internal accruals.
Divi's Laboratories said it could not disclose any further details because of the confidentiality agreement it had signed with the customer.
The pharma major reported a 17% year-on-year increase in its net profit to Rs 358 crore for the third quarter of the 2023-24 fiscal year.

Orient Cement: Aditya Birla nearing deal

(20 second reading) The Aditya Birla Group is in advanced stage of negotiation to buy the promoter's stake in the company.
Earlier in October 2023, the firm had approached Adani Group to sell its promoter stake. Last year, JP Morgan was roped in by Birla to find a buyer for his business.

The promoter stake in Orient Cement - held by the Birla family and private investment vehicles - is 37.9 percent, with a current market value of Rs 1,917 crore.
Shares of Orient Cement Ltd surged over 11 percent after this news.

Sterlite launches BABA compliant fiber optic cables

(20 second reading) Optical and digital solutions company Sterlite Technologies Ltd announced that its fiber optic cable products manufactured in the US are compliant with the ‘Build America, Buy America’ (BABA) provisions of the Infrastructure Investment and Jobs Act.
The Rapid series of optical fiber cables range from high-capacity ribbonized cables to ruggedized designs for different applications like duct, direct buried, aerial and last-mile connectivity, the company added in a release.
The company’s North American headquarters in South Carolina—Palmetto Plant—has created 125 full-time jobs since its inauguration in September 2023.

Macrotech’s net profit goes up 21% in Q4FY24

(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.

Oracle Financial Services Q4

(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.

Indian Hotels’ profit up 27% to Rs 418 cr in Q4

(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.

Blackstone-backed Aadhar HF targets IPO in May

(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.

DCB bank Q4 net profit rises to Rs 156 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.

Tata PE inks MoU for delivering 2000 T EV

(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.

Tamilnadu Petro partners with EY Parthenon

(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.

HUL reported a 6% drop in Q4 NP

(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.

RBI stops Kotak Bank to onboard fresh online customers

(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.

FPIs lap up power & financial services stocks in April

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.

Welspun to export Rs. 611 crore line pipes to Latin America

(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.

Puravankara likely developer for a Rs.2000 crore Pali Hill project

(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.

Craftsman Automation plans fund-raise proposal

(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.

IRCTC Partners With Zomato For On-Demand Meals

(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

GPT Infraprojects Secures Rs.487 Crore Contract

(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.

Reliance Jio is World’s largest mobile operator

(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.

Mastek wins deal from Saudi Arabia company

(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.

Top brokerages raise Reliance price targets

(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

CMS Info Systems to enter gold logistics

(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.

TMB reports highest profit in 2023-24

(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.

M&M Finance reports a fraud of Rs.150 crore

(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.

Tejas Networks reports record high Q4 profit

(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.

Reliance Jio finds strong adoption of JioAirFiber

(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.

Reliance Jio MD resigns

(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.

Sona’s new plant in Mexico to supply parts to Tesla

(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.

Yes Bank gain on Rs 284.21 crore tax refund

(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.

Lloyds Engg bags naval orders of Rs 81 crore.

(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.

BlackRock buys shares of two companies

(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.

Emirates NBD is looking to buy Yes Bank

(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.

Ultratech buys India Cement grinding unit

(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.

Welspun Corp bags Rs 872 crore orders

(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.

IREDA logs highest-ever net profit in FY24

(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.

Vaishali Parekh’s stocks to buy today

(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.

ITC Infotech to buy Blazeclan for Rs 485 crore

(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.

Man Industries gets nod from Shell Global.

(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.

Premier Explosives approves Rs.400 crore fund raise

,(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.


Hindustan Zinc Q4’24 net profit down 21%

(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.

RVNL bags Rs 440 crore order

(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

Gokaldas Exports launches Rs 600 crore QIP

(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.

Endurance announced capacity addition

(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.

Bajaj To Launch Affordable E-Scooter In May

(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.

Motilal Oswal plans to issue bonus shares

(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.

Inox Wind gets order from Hero Future Energies

(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.

Aditya Birla to invest Rs. 5000 Crore in Jewellery Business

(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.

Mastek bags the £1.2 bn digital contract in UK

(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.

Ramkrishna Forgings enters US EV segment

(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.

Infosys buys German tech firm for Rs 450 million

(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,

Bajaj Auto Q4 profit at Rs 2011.43 crore

(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.

Infosys Q4 Net profit at Rs 7969 crore

(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.

100% FDI for satellites ahead of Elon Musk’s visit

(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.

Adani-EdgeConneX aims big on data centers

(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.

Global demand for Indian iron ore exploding

(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.

Capacite Infra bags Rs.549 crore projects

(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.

Bigbloc Building to install rooftop solar project

(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.

Tata Com Q4 PAT jumps over seven times

(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.

Mahindra Launched Metal-Body Treo Plus E-Auto

(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.

Talbros Automotive won Rs 1000-crore order

(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

IIFL Finance plans Rs 1272-crore rights issue

(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.

Power Grid Corp to raise Rs 12000 crore

(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.

Cochin Shipyard sets sights on green shipping

(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.

Zomato Launches Large Order Fleet For Events

(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.

Bajaj Is gearing Up to launch first CNG motorcycle

(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

GQG increases stake in Patanjali Foods by 4T

(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.

FIIs increase stake in 6 Adani stocks

(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.

Savita Oil is first in India to manufacture Ester molecule

(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.

Power Grid bags 3 inter-state transmission projects

(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.

Asian Paints launches Neo Bharat Latex Paint

(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.

VI Raises Rs 5,400 Crore anchor Investors

(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.

Crisil Q1 profit slips 5 pc to Rs 138 crore

(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.

Jefferies retains ‘buy’ rating on HDFC Bank

(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

LTIMindtree sees spate of senior-level exits

(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.

Mahindra unveils new nine-seater Bolero Neo+

(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.

Brigade Group to invest Rs400 crore in Chennai

(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,