PremiumWeak global cues and profit booking have kept the markets in the red on Wednesday. Sluggish economic signs from China and weaker-than-expected US retail sales data are negative triggers affecting investor sentiment. Analysts expect the trend of profit booking to sustain for the next few sessions and global cues will dictate the market trend.
Market benchmark indices declined around 0.6% on Wednesday, extending their previous day's fall, as investors continued to book profits. The indices were dragged down by IT, Bank and Metal counters and a weak trend in the US equities.
The 30-share BSE Sensex fell 370 points to close at 61,560. The NSE Nifty dipped 104 points to close at 18,181. Thirteen of the 15 broad Nifty sectoral indices ended lower in today's session.
Among the Sensex firms, Kotak Bank, Asian Paints, HCL Technologies, Infosys, and Tata Consultancy Services were the major laggards. IndusInd Bank, ITC and Bharti Airtel were among the gainers.
Most of the sectoral indices registered losses with Media, Realty, IT, Metal, and Bank topping the list of laggards. FMCG and Auto ended in the green with minor gains.
Asian shares were subdued on Wednesday and the dollar hovered around a five-week peak as investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment.
Japan's Nikkei share average closed above the key psychological 30,000 level for the first time since September 2021 on Wednesday, buoyed by a weaker yen and momentum from a strong domestic earnings season. The Nikkei ended the day up 0.84% at 30,093.59.
China stocks fell on Wednesday, extending losses from the previous session following disappointing economic data for April, prompting some economists to downgrade the country's growth forecasts. Hong Kong stocks also fell on Wednesday.
China's blue-chip CSI300 Index closed down 0.5%, while the Shanghai Composite Index lost 0.2%. Hong Kong's benchmark Hang Seng Index slumped 2.1%, while the China Enterprises Index dropped 2.3%.
European shares slipped as concerns about whether the United States can avoid a debt default, as well as a slew of downbeat corporate updates weighed on sentiment.
London's FTSE 100 slipped for a second session as the London Stock Exchange Group (LSEG) slid after an investor consortium sold shares in the market operator while Experian slumped 5% following its lacklustre annual forecast.
Investments in India’s hospitality industry are likely to surpass $2.3 billion over the next two to five years, according to a report by real estate consulting firm CBRE South Asia.
The report, titled ‘Indian Hospitality Sector: On a Comeback Trail’ released on Wednesday highlights the positive outlook for the sector, driven by a successful vaccination program, reopening of borders, removal of travel restrictions, sustained economic growth.
According to the report, the recovery path for the hospitality sector is becoming clearer, with more than $400 million in investment expected during 2020-23. It also predicts the addition of approximately 12,000 rooms in 2023, with numbers expected to grow at a compound annual growth rate (CAGR) of around 3.3% by 2025. (Read More)
Food service company Jubilant FoodWorks posted a net profit of ₹47.5 crore in the fourth quarter of FY23, registering a 59% drop from ₹116 crore in the corresponding quarter of last year.
The operator of Domino's chain in India reported revenue of ₹1,252.3 crore in Q4FY23, a growth of 8.2% as compared to ₹1,157.8 crore, YoY.
In Domino’s, the Dine-in and Delivery channel registered 11.5% and 5.7% growth, respectively. The LFL (like-for-like) growth came in at -0.6%. (Read More)
Zydus Wellness Ltd on Wednesday reported a 9 per cent rise in consolidated net profit at ₹145.33 crore in the fourth quarter ended March 31, 2023.
The company had posted a consolidated net profit of ₹133.3 crore in the year-ago period, Zydus Wellness said in a regulatory filing.
Consolidated total revenue from operations stood at ₹712.98 crore during the quarter under review as compared to ₹639.78 crore in the year-ago period, it added.
Total expenses during the quarter stood at ₹580.23 crore, up from ₹510.34 crore in the year-ago period.
For the fiscal ended March 31, 2023 consolidated net profit was at ₹310.37 crore as compared to ₹308.87 crore in the previous year. (PTI)
Indian yoghurt maker Epigamia, backed by French dairy giant Danone, has shelved plans to sell its inflation-hit business and is now looking to expand to new markets, its CEO said in an interview.
Founded in 2015 and backed also by Belgian investor Verlinvest, Epigamia is a small Indian startup which became popular in urban centres by marketing flavoured Greek yoghurt and fruit-based drinks to health conscious customers.
But the company has been operating mostly in the red - its struggles a striking example of how surging costs are biting small consumer goods startups in India.
Epigamia's decision to not proceed with a sale comes as many startups, which rode a valuation boom in recent years, focus on profits amid a funding crunch and increased investor scrutiny. (Reuters)
Private sector life insurance major, HDFC Life has announced highest ever bonus to the tune of ₹3,660 crore on participating policy plans. A total of 23.14 lakh policyholders are eligible for this bonus.
As per the statement, from the total bonuses, about ₹2,696 crore will be payable to policies in this financial year, as a bonus on maturing policies or as cash bonuses.
Meanwhile, the rest of the bonus amount will be payable in the future upon policy cessation by way of maturity, death claim, or surrender payouts. (Read More)
IKEA India joins hands with HDFC Bank by launching a hassle-free and convenient consumer financing option for all its customers. The partnership aims to give customers a convenient and cost-effective method to buy their favourite home furnishing products.
Commenting on the collaboration, Elena Pogosova, Country Commercial Manager, IKEA India said, "We are extremely delighted to partner with HDFC Bank to provide an easy financing option for our customers. We understand that buying furniture can be a significant investment, and our aim is to make it affordable and accessible to everyone. This collaboration is a step in the direction of achieving our goal of making the better everyday life for many people." (Read More)
Renewable energy solution provider Suzlon on Wednesday announced that it has secured a ‘significant’ order from Vibrant Energy for a 99 MW wind power project.
The project entails the installation of 33 wind turbine generators (WTGs) from Suzlon’s latest 3 MW series, featuring the innovative hybrid lattice tubular (HLT) tower. The project is likely to be commissioned by FY25.
“Suzlon Group has received an order from Vibrant Energy for 33 wind turbine generators featuring its new 3 MW (each) series with a Hybrid Lattice Tubular tower for a 99 MW wind power project which is expected to be commissioned by FY25," the company said in a statement. (Read More)
Adani Ports and Special Economic Zone Ltd (APSEZ), the port and logistics division of Adani Group, on Wednesday said it handled its highest-ever rail cargo of over 120 million metric tonnes (MMT) in FY23. This was a 22% increase from 98.61 MMT in the previous year, according to an exchange filing.
Adani Ports generated around ₹14,000 crore in revenue from rail cargo for the Indian Railways in FY23. (Read More)
Gaurav Jani - Research Analyst, Prabhudas Lilladher Pvt Ltd on Bank of Baroda (BOB IN): Rating: BUY | CMP: Rs187 | TP: Rs235
Q4FY23 Result Update - Stronger asset quality; ECL impact not material
Quick Pointers:
§ Core PPoP beat by 8%, given better TWO recovery and fee income.
§ GNPA fell by 74bps QoQ due to lower slippages; ECL impact may be softer.
BoB witnessed a healthy quarter as core PPoP at ~Rs80bn beat PLe by 8.4% largely led by better fees and TWO recovery, while asset quality was stronger as GNPA declined by 74bps QoQ to 3.8% due to lower net slippages. Exposure to the stressed airline is Rs13bn against which bank carries provision of Rs5bn while collateral cover totals to Rs10bn. ECL impact could be 1-1.5% of loans and bank would like to keep credit costs under 1% including ECL effect. Bank expects loan growth of 13-14% in FY24E and retail share could improve. Momentum in unsecured loans should continue given its low share (2%). NIM for FY23 was 3.3% and while we factor a 12bps decline in FY24 margins, there is scope for an upgrade as 1) retail share could increase 2) MCLR share is higher at 50% and 3) fixed rate loans would reprice upwards in FY24E. Valuation at 0.9x is attractive; maintaining multiple at 1.2x we roll forward to Mar’25 and raise TP from Rs220 to Rs235. Retain ‘BUY’.
Avishek Datta - Research Analyst, Prabhudas Lilladher Pvt Ltd on Indian Oil Corporation (IOCL IN): Rating: BUY | CMP: Rs87 | TP: Rs125
Q4FY23 Result Update - Marketing environment improves outlook
Quick Pointers:
§ Blended marketing margins turn positive at Rs7/ltr for Q1FY24E (Rs3/ltr in Q4)
§ Geopolitical uncertainty to keep refining product spreads healthy
We change our FY24/25E earnings by 20%26% to factor in actual FY23 numbers. IOCL reported better than expected Q4 results with standalone EBITDA of Rs153.4bn (+327%QoQ; PLe ₹92.5bn) and PAT of Rs100.6bn (PLe Rs41.8bn), due to higher than expected GRMs at USD15.2/bbl (Q3: USD12.9; PLe USD9.6). Earnings surprise came despite Q4 refining inventory loss of Rs43.8bn.
We believe OMCs are well placed to benefit from improving marketing margins and healthy refining profitability. We maintain ‘’BUY" with a PT of Rs125 based on EV/EBITDA of 5.5x FY24E (7x earlier) as earnings environment stabilizes. Retain Buy
The real money gaming industry has surpassed the education sector to emerge as the most violative in advertising, according to a recent report by the Advertising Standards Council of India (ASCI). The report revealed that 92% of gaming advertisements reviewed during FY23 were not compliant with real-money gaming guidelines, failed to alert consumers to financial loss and addiction risks. Moreover, only half of the ads were voluntarily modified after being called out, making the sector the least compliant.
In its annual complaints report for financial year 2022-23, ASCI said that it reviewed 7,928 advertisements across various mediums, including print, digital, and television, marking a twofold increase in scrutiny over the past two years. (Read More)
Oil fell for a second day as traders weighed the outlook for demand in China and a US industry report pointed to a build in stockpiles, with crude joining a broad move lower among commodities including copper.
West Texas Intermediate dropped toward $70 a barrel after losing 0.4% on Tuesday. Some banks cut forecasts for China’s growth this year after weak April data, although the International Energy Agency remains upbeat on the Asian nation’s demand prospects following the end of Covid curbs.
The industry-funded American Petroleum Institute reported nationwide crude inventories rose by 3.7 million barrels last week, as stockpiles built at the key hub at Cushing, Oklahoma, according to people familiar with the figures. Still, the breakdown also showed countrywide gasoline and distillate holdings fell. (Bloomberg)
SEBI gets extension of time till August 14 to complete its probe into the Adani-Hindenburg episode. SC also directs the copies of the report submitted by the Justice Sapre panel will be given to the parties in the meantime to enable them assist in further deliberations. Next hearing in July.
According to Knight Frank’s latest issue of the ‘The Wealth Report 2023’, India’s ultra-high-net-worth individuals (UHNWI) with net worth over US$ 30 Million is estimated to rise by 58.4%in the next five years from 12,069 in 2022 to 19,119 individuals in 2027. India’s billionaire population is expected to go up from 161 individuals in 2022 to 195 individuals in 2027. The Indian high-net-worth-individual (HNI) population, with asset value of US$ 1 Mn and more, which was recorded at 797,714 persons in 2022 will also rise to 1.65 million recording an impressive 107% in a five–year period.
Key Highlights:
Global UHNWI population decline by 3.8% in 2022 after 9.3% record growth in 2021
By 2027 India to have an estimated 1.6 mn HNIs and 195 Billionaires
US$ 175,000 entry point for India’s 1% wealthy club
The Middle East was the regional stand-out with the number of UHNWIs growing by 16.9%
Jindal Steel & Power Ltd (JSPL) registered quarter-on-quarter growth in volume and realization for Q4FY23, however, an expansion at the Ebitda (earnings before interest, tax, depreciation and amortization) level remained elusive due to one-time costs and elevated commodity prices. JSPL’s shares fell more than 3% in Wednesday’s morning trade on the National Stock Exchange (NSE).
Going ahead, multiple factors are expected to bolster margin performance. Notably, the recent drop in coking coal costs should prove beneficial for JSPL’s margin. Analysts at JM Financial Institutional Securities highlighted that forthcoming mining clearances should also enhance the margin trajectory. “The company’s coal security is expected to improve post commencement of coal blocks - Utkal C, Utkal B1, B2 and Gare Palma IV/6," added the broking firm in a report on 16 May. (Read More)
Shoonya by Finvasia announced that it's going to start offering AI-based predictions and signals for individual stocks. The company said that it is India’s first trading platform to offer this service. The company has an exclusive partnership with I Know First (IKF), a financial technology firm specialising in providing AI-powered stock market predictions. The technology will predict the movements of up to 1500 Indian scrips and identify investment opportunities on a daily basis. Shoonya has introduced a 30-day free trial for its customers, after which it will be available for ₹999 per month.
Toyota Kirloskar Motor has initiated a third shift at its Karnataka-based plant to enhance production capacity by around 30 per cent, as it looks to cut down waiting periods on some of its popular models like Innova Crysta and Fortuner.
The automaker has commenced a third shift from the first week of May in its Plant 1 in Bidadi on the outskirts of Bengaluru to ramp up the manufacturing capacity.
The company has invested over ₹90 crore to upgrade the existing infrastructure at the facility and added around 1,500 workforce for the third shift at the plant.
"We have commenced a third shift at the plant which produces models like Innova Crysta, Innova Hycross and Fortuner. These products have been quite successful and there is quite a long waiting period. We are trying to minimise the impact for the customers," TKM Senior Vice President and Chief Communication Officer Sudeep S Dalvi told PTI in an interaction. (PTI)
In what could be a double whammy for Wadia Group after its crisis-hit airline carrier Go First filed for voluntary insolvency proceedings, CARE Ratings has raised concerns over Bombay Dyeing’s ability to service its debt during fiscal years 2024 and 2025.
Bombay Dyeing & Manufacturing Company, the flagship company of the Wadia Group, has significant debt repayments due worth ₹3,597 crore between FY24 and FY25, for which the credit rating agency has flagged concerns due to the delays in raising ₹940 crore through rights issues and asset monetisation. (Read More)
India’s liquefied natural gas buyers are seeking decades-long supply deals to protect them from price surges, a move that will support the government’s plan to boost the fuel’s use.
Importers are accelerating efforts to lock in fuel, according to traders and executives. Buyers including Petronet LNG Ltd., GAIL India Ltd. and Indian Oil Corp. are in talks with suppliers in the US, Qatar and the UAE for deals that last for 20 years. The trend is a reversal for the nation, which hasn’t signed a long-term deal since 2021, according to contract data from BloombergNEF.
That should help reduce their exposure to the volatile spot market — where prices surged to a record last year and made the fuel too costly for many buyers. It also increases the prospect of imports rebounding in a boost for Prime Minister Narendra Modi’s strategy to more than double the share of gas in the country’s energy mix by the end of the decade to help reduce pollution.
“The lesson learned by the consumers is that they can’t run the business based on spot," Akshay Kumar Singh, chief executive officer of Petronet LNG, said earlier this month. “Going forward, we will be finding a lot of long-term contracts signed by different stakeholders." (Bloomberg)
The Indian rupee on Wednesday hit a more than six-week low, tracking broader dollar strength on higher U.S. yields and safe haven flows.
The rupee was at 82.4025 against the U.S. dollar by 10:59 a.m. IST, its lowest since April 3, compared to 82.2050 in the previous session.
Safe haven demand and resilient U.S. economic data sent U.S. yields higher overnight. The two-year yield reached at high of 4.12%. U.S. equities declined and the dollar index rose to near 102.60.
The risk sentiment is down, said Srinivas Puni, managing director at QuantArt Market Solutions.
A weak China data has pulled down the Asian forex market, he added.
"Dollar index strength may weigh on the rupee," a trader with private bank said, adding that the currency is expected to remain "pretty range bound". (Reuters)
Adani group stocks faced intense selling pressure earlier this week on Monday. This is despite the group’s recent announcement of a stock sale to raise approximately ₹210 billion (bn) in funds.
All ten shares belonging to the Adani group experienced a decline, with Adani Total Gas being the most affected.
Here are the key factors that triggered the decline.
Shares of Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd (IOCL) scaled new 52-week highs this week, propelled by an optimistic marketing margin outlook. Bharat Petroleum Ltd (BPCL) also scored major gains in trading.
These companies are currently recouping their losses on marketing auto fuels, gaining from a fall in global crude oil prices following last year’s rally.
Analysts at Motilal Oswal Financial Services said the drop in benchmark crude prices has boosted gross marketing margins to ₹9 and ₹11.8 per litre as of May 1st week for petrol and diesel, respectively. (Read More)
After suffering a fall in the previous session, gold prices traded higher in early trade in the domestic futures market on May 17 following positive global cues and healthy spot market demand.
The yellow metal was steady in global markets amid US debt ceiling talks while a stronger dollar capped the gains of the precious metal.
Rahul Kalantri, VP of Commodities at Mehta Equities observed that mixed US economic data and strong dollar continue to weigh on precious metal prices. (Read More)
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd.
Outlook on GOLD: We expect gold to trade lower towards 59760 levels, a break of which could prompt the price to move lower to 59510 levels.
Outlook on CRUDE: Uncertainties around crude eventually weigh on the price and cause it to decline.
Outlook on BASE METALS: We expect copper to trade lower towards 707 levels, a break of which could prompt the price to move lower to 701 levels.
Elon Musk on Tuesday dismissed speculation that he might step down as Tesla's CEO and told the company's annual shareholders meeting that the the electric car and solar panel company would start doing some advertising.
“Say it ain't so," one shareholder asked Musk about stepping down as Tesla's leader. “It ain't so," he replied without further discussion.
When another shareholder suggested that Tesla try advertising, Musk said he is open to it.
“This has some merit," he said to the shareholder at the meeting at Tesla's factory site near Austin in Texas. “We'll try a little advertising and see how it goes."
Tesla famously has avoided paying for advertising like its competitors, relying a lot on Musk's ability to generate free publicity — he has 140 million followers on Twitter, the social media company bought for USD 44 billion last fall.
Musk told shareholders that the company's “Full Self-Driving" software is getting close to where it's safer than human driving. He previously has said the system should be ready this year, a pledge he has made for several years. (PTI)
Japan's economy grew at an annual pace of 1.6 per cent in the quarter through March as private demand rebounded after COVID-19-related restrictions were eased, according to data released on Wednesday.
Real gross domestic product, which measures the sum value of a nation's products and services, grew 0.4 per cent in January-March on-quarter in the world's third-largest economy, the government Cabinet Office said.
That was the strongest GDP growth pace since April-June 2022 marked a 1.1 per cent growth. It was also better than the market consensus forecast of 0.2 per cent.
The annualised pace shows what the growth would have been if what was marked during the quarter had continued for a year.
The biggest contributor to growth was private demand, surging an annual 3.1 per cent, with consumer spending and private investment showing a healthy rebound. The recent opening of borders to tourists and other incoming travel has also helped consumption perk up. Public demand grew at an annualised 1.8 per cent. (PTI)
Bharti Airtel's consolidated net profit surged 89% QoQ to ₹3,005.6 crore for the fourth quarter. It was ₹1,588.2 crore in Q3FY23. The consolidated revenue from operations was by marginally by 0.6% sequentially to ₹36,009.0 crore from ₹35,804.4 crore. The company's consolidated net profit for Q4FY23 rose 49.7% on year from ₹2,007.8 crore during the same period in the previous fiscal. The consolidated revenue from operations jumped 14.3% on year to ₹36,009.0 crore from 31,500.3 crore in Q4FY22 on the back of robust and consistent performance delivery across the portfolio.
Most brokerage firms cheered the strong March quarter numbers of Bank of Baroda (BoB) as the public sector lender's standalone profit after tax (PAT) more than doubled in Q4 FY23. In a BSE filing on May 16, BoB said its standalone PAT for Q4FY23 rose to ₹4,775.33 crore against a profit of ₹1,778.77 in the corresponding quarter last year.
Brokerage firm Motilal Oswal Financial Services maintained a 'buy' call on the stock with a target price of ₹240, implying a 29 per cent upside potential.
"We maintain our earnings estimate on the stock and estimate FY25 RoA (return on assets) and RoE (return on equity) of 1.1 per cent and 16.4 per cent respectively. We value the stock at ₹240 premised on 1.1 times September 24 adjusted book value," said Motilal Oswal. (Read More)
CreditAccess Grameen Limited, the country’s largest NBFC Micro Finance Institution announces its Q4 FY23 result:
Business Highlights: Q4 FY23
• GLP grew by 26.7% YoY from INR 16,599 crore to INR 21,031 crore
• Borrower base grew by 11.5% YoY to 42.6 lakh across 1,786 branches
• Collection Efficiency of 98.2% (excl. arrears) and 98.4% (incl. arrears)
Financial Highlights: Q4 FY23
• Total income increased by 29.3% YoY from INR 824.5 crore to INR 1,066.2 crore
• Net interest income (NII) increased by 32.7% YoY from INR 519.6 crore to INR 689.8 crore
• Pre-provision operating profit (PPOP) increased by 36.3% YoY from INR 368.8 crore to INR 502.9 crore
While announcing its FY23 earnings, British telecom company, Vodafone Plc said the Group's carrying value of investment in Indian listed firm Vodafone Idea is Zero. Also, the Group is recording no further losses related to Vi. However, troubled-laden Vi is still in need of additional liquidity and plans to raise funds going forward.
In its FY23 report, Vodafone Plc said, "VIL remains in need of additional liquidity support from its lenders and intends to raise additional funding."
There are significant uncertainties in relation to VIL’s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable from the Group as at 31 March 2023, it added. (Read More)
State-owned Bank of Baroda, has allocated ₹500 crore as a provision against any potential losses from its exposure to Go Airlines (India) Ltd, said Sanjiv Chadha, the bank’s chief executive officer, on Tuesday.
According to Chadha, BoB had extended loans of around ₹1,300 crore to Go Air, excluding government-guaranteed exposure. “Out of this, about ₹1,000 crore is collateralized by tangible security and corporate guarantees. We have in this quarter gone ahead and made provision of ₹500 crore for this account," he said adding it has accounted for potential downside risks, ensuring full protection for BoB regarding this account. (Read More)
Fintech giant Paytm has elevated Bhavesh Gupta as the company's President and Chief Operating Officer (COO), according to a business update by One 97 Communications - which operates Paytm. Gupta, previously Senior Vice President at Paytm, will now be responsible to lead verticals of lending, insurance, payments–online and offline, consumer payments and drive key initiatives including user growth, operations risk, fraud risk and compliance, according to a regulatory filing by the company to the stock exchanges.
Gupta will continue reporting to Vijay Shekhar Sharma, managing director and chief executive of the company. According to the company's statement, Gupta is a financial services professional with over 25 years of experience building businesses grounds up in payments, technology and analytics platforms, retail loans, digital lending, SME banking, retail banking. (Read More)
The Indian rupee is expected to decline on Wednesday after the Chinese yuan dropped to its lowest level this year to the U.S. dollar.
Non-deliverable forwards indicate that the rupee will open at around 82.28-82.30 to the U.S. dollar, compared with 82.2050 in the previous session. The currency on Tuesday managed to halt a three-day losing run.
Following the slight relief, the rupee will be back under pressure, a spot trader said. Monday's high (on USD/INR) of nearly 82.40 should provide "good" resistance followed by the 82.50 level, he said.
The offshore yuan, bogged down by the resurgent dollar, dropped below 7 to the dollar for the first time this year. Safe haven demand and resilient U.S. economic data boosted demand for the dollar. (Reuters)
Honeywell Automation, Devyani Int, GSK Pharma, REC, Jubilant Foodworks, Railtel, and Jindal Stainless will be among the stocks in focus as they will be declaring their March quarter earnings today.
Here are the top 10 stocks that could be in focus in today's trade: (Read More)
Russian energy giant, Rosneft, has expressed its intention to establish a new refinery in India in partnership with local state-owned refiners. This development comes as Indian state-run refiners adjust their plans for a proposed $44-billion refinery project on the country's western coast.
Preliminary discussions have taken place between Rosneft and Indian government officials, as well as executives from state-run refiners, regarding the potential collaboration.
Rosneft is seeking to build a greenfield refinery in India through a joint venture with domestic refiners, sources familiar with the matter have revealed to The Economic Times. LiveMint could not independently verify the report. (Read More)
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher recommends buying the following stocks:
Buy Exide Industries at 194.50 with a stop loss 190 and a target price of 205
Buy UBL at 1448 with a stop loss 1425 and target price of 1505
Buy DCAL at 129.50 with a stop loss 135 and target 127 (Read More)
Jupiter Wagons Ltd (JWL) will reopen city-based engineering firm Stone India within the next six months after carrying out a modernisation programme at a capex of ₹25-30 crore, a senior company official said on Tuesday.
The maker of wagon and its components will also ramp up its capacity by at least 30 per cent in brownfield expansions at its two existing facilities in India.
On Monday, JWL concluded raising ₹125 crore through a qualified institutional placement (QIP) and the money will be utilised in funding the acquisition of Stone India, modernisation and expansion of wagon-making capacity.
"We plan to make closed Stone India operational in the next six months. We will modernise the factory with a capex of ₹25-30 crore to make it a cost-efficient producer of railway freight car braking systems and electric pantographs. This renovated plant will generate employment for 100 people," JWL Managing Director Vivek Lohia told PTI.
Stone India which has a factory at Taratala in south Kolkata, was part of the erstwhile Duncans Goenka group company. (PTI)
LIC Housing Finance announced its Q4FY23 results on May 16, reporting a net profit of ₹1,180.3 crore, registering a growth of 5.5 per cent, compared to ₹1,118.6 crore in the corresponding period last year.
The NBFC's net interest income (NII) - the difference between the interest income it earned from lending activities and the interest paid to depositors, came in at ₹1,990.3 crore for the January-March quarter, reporting a growth of 22.1 per cent, compared to ₹1,630 crore in the year-ago period.
The company's board has recommended a dividend of ₹8.50 per equity share of ₹2 each (425 per cent) for the financial year 2022-23. The dividend on equity shares will be paid on or after the date of the company's annual general meeting (AGM). (Read More)
Manish Chopra, the leader of Facebook parent company Meta's partnership initiatives in India, is resigning after serving for four and a half years.
This departure adds to a series of significant exits from Meta India, including former India head Ajit Mohan and public policy head Rajiv Aggarwal, who both left in November 2022.
Chopra, in a LinkedIn post, mentioned that he would be assisting with the transition process in the upcoming weeks. (Read More)
The central government has named Ravneet Kaur as chairperson of the Competition Commission of India (CCI), two people familiar with the development said, citing an official order.
Kaur, the first woman to hold the position, has been appointed for five years or till she reaches 65, one of the people cited above said on the condition of anonymity. She belongs to the 1968 batch of Indian Administrative Service officers, and currently serves as an additional chief secretary in the Punjab government, according to publicly available information. (Read More)
IT major TCS and Intellect Design Arena are in the race for a contract for the development of an advanced version of public procurement portal GeM, sources said.
The government invited tenders for new GeM (Government e-marketplace) portal development work in February-March this year and after scrutiny of the bids, TCS and Intellect Design Arena qualified in the technical stage.
Fintech Company Infibeam Avenues Ltd is out of the race as it was disqualified during the tender evaluation as the company was not able to submit the Capability Maturity Model Integration (CMMI) certificate which is mandatory for IT projects, they said.
The government had set a pre-condition for the bidders to have a special certificate to qualify for the GeM portal tender.
At present, a private consortium, including Intellect Design Arena and Infibeam, is running the portal. GeM was launched by the commerce ministry in August 2016 for online purchases of goods and services by all the central government ministries and departments. (PTI)
In response to EU Foreign Policy Chief Josep Borrell's comments urging action against Indian refined products derived from Russian crude, External Affairs Minister S Jaishankar suggested that he should examine the regulations of the EU Council.
"Look at EU Council regulations, Russian crude is substantially transformed in the third country and not treated as Russian anymore. I would urge you to look at Council's Regulation 833/2014," said Jaishankar.
The statement follows the earlier remarks by the EU's chief diplomat, suggesting that the EU should take measures to restrict India's resale of Russian oil as refined fuels, including diesel, into Europe. This proposal arises as Western countries tighten sanctions on Russia's energy industry.
IT major Infosys and bp, a global integrated energy company on Tuesday announced signing of a Memorandum of Understanding (MoU) to demonstrate their intent for Infosys to be bp’s primary partner for end-to-end application services, including development, modernization, management and maintenance.
As bp pivots towards becoming an integrated energy company with the ambition to be a net zero company by 2050 or sooner and to help the world get to net zero, bp and Infosys will together focus on modernizing bp’s application landscape to enhance business resilience, drive value from operational efficiencies, and build more adaptive and agile processes to speed up innovation. (Read More)
Telecom major Bharti Airtel's consolidated net profit surged 89% quarter-on-quarter to ₹3,005.6 crore for the fourth quarter ended 31 March, 2023. It was ₹1,588.2 crore in Q3FY23. The consolidated revenue from operations was by marginally by 0.6% sequentially to ₹36,009.0 crore from ₹35,804.4 crore. Bharti Airtel share price closed at ₹787.85 apiece, down by ₹10.10 or 1.27% down on BSE.
The company's consolidated net profit for Q4FY23 rose 49.7% on year from ₹2,007.8 crore during the same period in the previous fiscal. The consolidated revenue from operations jumped 14.3% on year to ₹36,009.0 crore from 31,500.3 crore in Q4FY22 on the back of robust and consistent performance delivery across the portfolio. (Read More)
The Supreme Court will on Wednesday hear a batch of Public Interest Litigations (PILs) seeking an investigation into the Adani Group-Hindenberg report issue and the SEBI's plea for an extension of time to submit the report.
The apex court on Monday adjourned the hearing on the SEBI plea seeking a six-month extension to conclude the investigation in the Hindenburg Research's report.
The bench led by the Chief Justice of India (CJI) Dr Dhananjaya Yeshwant Chadrachud and also comprising Justices P S Narsimha and J B Pardiwala adjourned the matter. (Read More)
U.S. stocks closed lower on Tuesday and benchmark Treasury yields extended their rise as mixed economic data, weak corporate results and ongoing debt ceiling negotiations in Washington dampened investor risk appetite.
While all three major U.S. stock indexes ended down, the tech-heavy Nasdaq's losses were held in check by momentum megacaps including Amazon.com, Alphabet Inc and Microsoft Corp.
President Joe Biden and House of Representatives Speaker Kevin McCarthy met to try to hammer out details of an agreement to raise the U.S. debt ceiling to avoid a catastrophic default in the face of a looming deadline.
Disappointing results from Home Depot, the largest U.S. home improvement chain, combined with weaker-than-expected retail sales data suggested consumer spending is losing some momentum as restrictive monetary policy dampens demand.
However, a core measure of retail sales suggested the American consumer continues to bolster the economy.
The Dow Jones Industrial Average fell 336.46 points, or 1.01%, to 33,012.14, the S&P 500 lost 26.38 points, or 0.64%, to 4,109.9 and the Nasdaq Composite dropped 22.16 points, or 0.18%, to 12,343.05.
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