Latest News and Updates

11th Aug, 2022

Q1 FY 23 Preview: Hero MotoCorp: Revenue seen at Rs85,222 million; PAT at Rs7,728 million

Published on: 4:30 pm

  • Result date: 12th August, 2022
  • Analysts at IIFL Securities forecast improvement in margins for Hero Motors in the June quarter.  Margins are expected to have improved in the quarter because of  price hikes by the company, operating leverage, and seasonal fall in marketing expenditure. Increase in input costs might have offset some of the increase in margins caused by the above factors. 
  • Revenue is forecasted at Rs85,222 million in the quarter. This will be a y-o-y growth of 55.3%. PAT is forecasted at Rs7,728 million. This will be a y-o-y growth of 111.5%. Read more

Hindalco inks pact with Greenko Group to co-produce round-the-clock carbon-free energy for its Odish

Published on: 3:16 pm

  • Hindalco Industries Limited, Aditya Birla Group’s metals flagship, and Greenko Energies Private Limited, India’s leading energy transition company, have entered into a commercial arrangement to set up a renewable energy (RE) project for supply of 100MW round-the-clock carbon free power. 
  • As per the filing, this arrangement covers the development of 375-400 MW of solar and wind capacity. The RE project will be set up as a captive generation facility under a 25-year offtake arrangement and will supply power to Hindalco’s Aditya Aluminium smelter located in Odisha, enabling reduction of CO2 emissions by 680,000 tonnes per year. Read More

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MAN Industries nosedives ~7% on posting 45% y-o-y decline in Q1FY23 PAT

Published on: 3:11 pm

  • MAN Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing companies, announced its un-audited financial results for the quarter ended June 30, 2022.
  • For the quarter under review, the company posted a standalone Total Income of Rs507.9 crore, as against Rs410.30 crore in Q1FY22, up by 23.80% yoy. On a consolidated basis, total income jumped 27.5% yoy at Rs523 crore.
  • Company’s EBITDA for the quarter was reported at Rs35.20 crore, down by 21.80% yoy against Rs45 crore in the previous corresponding quarter. Read more

CARE upgrades long-term rating of KEI Industries’ bank facilities worth Rs3,250 crore; stock slips ~

Published on: 2:48 pm

  • KEI Industries Limited informed that the rating agency, CARE Ratings Limited has upgraded the long-term bank facilities ratings & reaffirmed the short-term Bank Facilities/ Debt Instruments ratings of the Company.
  • CARE Ratings has revised the ratings assigned to long-term bank facilities of the company worth Rs620.22 crore. The rating has been revised from ‘CARE AA-’ to ‘CARE AA’. The rating agency has reaffirmed a ‘Stable’ outlook for the same. Read more

PVR launches the first and the largest multiplex in Nizamabad; Stock sheds 3%

Published on: 2:39 pm

  • PVR Cinemas, the largest cinema exhibition company in India has announced the launch of its first multiplex at Venu Mall, Nizamabad, Telangana. Strengthening its footprints across markets, the newly opened 4-screen property is integrated with best- in- class theatrical solutions and a host of personalized hospitality services to offer an immersive and seamless cinematic experience to customers.
  • With this launch, PVR Cinemas consolidated its foothold in Telangana with 71 screens in 13 properties and 299 screens across 49 properties in South. Read more

HLE Glascoat logs 65% y-o-y growth in Revenue for Q1FY23; stock tumbles ~5%

Published on: 2:25 pm

  • HLE Glascoat Limited, a manufacturer of chemical process equipment, filtration, drying, and glass-lined equipment, announced its unaudited financial results for the quarter ended June 30, 2022.
  • The company logged revenue of Rs204.42 crore in Q1FY23, up by 65% yoy against Rs124.23 crore in Q1FY22.
  • For Q1FY23, it reported an EBITDA of Rs31.51 crore as compared to Rs24.88 crore in the previous corresponding quarter, registering a growth of 27% y-o-y. Read more

Southern Petrochemicals posts sharp y-o-y increase in June quarter profit

Published on: 2:10 pm

  • Southern Petrochemicals Industries Corporation Ltd. (SPIC) earned an after-tax profit of Rs66.85 crore for the quarter ending in June 2022, the company announced on Thursday.
  • In the same quarter the year before, the city-based agri-nutrient and fertiliser firm posted PAT of Rs27.68 crore, according to a corporate release. The profit after taxes was Rs140.43 crore for the fiscal year that ended March 31, 2022. Read more

Mitsu Chem Plast to launch new product-Pails for packaging; Stock surges over 3%

Published on: 2:08 pm

  • Mitsu Chem Plast Ltd stocks in the fast lane on Thursday's trading session after the announcement of new product.
  • As per the filing, the company informed that it intends to diversify the product portfolio by entering into new product viz. pails to cater to lubricant, paints, ink and the food (FMCG) industry. Read more

Wynk Music unveils India’s largest music distribution ecosystem ‘Wynk Studio’; stock under pressure

Published on: 2:07 pm

  • Bharti Airtel’s Wynk Music, India's number one music streaming app in terms of downloads and daily active users, today launched Wynk Studio, the country's largest music distribution ecosystem for independent Indian artists and talent around the world.
  • The studio will help artists launch their music while also assisting them in monetizing their music across a variety of platforms. It will be part of Airtel's digital product portfolio, which also includes Wynk, Airtel Xstream, Airtel Ads, and Airtel IQ.
  • Wynk Studio is Airtel's first step toward accelerating India's music ecosystem. In the next year, the studio intends to launch 5000 independent artists on the platform. Read more

Rupee rises against the dollar to Rs79.25 / $

Published on: 1:59 pm

  • On Thursday, the Indian rupee appreciated against the dollar as a drop in U.S. inflation bolstered Asian currencies and increased risk appetite.
  • By 03:33 GMT, the rupee was trading at 79.25 to the dollar, up from 79.52 the previous session. After U.S. headline inflation slowed down more than anticipated, traders reduced their expectations of aggressive policy tightening by the Federal Reserve, which led to an increase in Asian equities and currencies Read more

TCS receives an order from Five Star Bank, stock zooms nearly 2%

Published on: 1:57 pm

  • Following news that the IT giant has teamed with Five Star Bank, a division of Financial Institutions, Inc., to offer it Customer Intelligence & Insights (CI&I) analytics platform, shares of Tata Consultancy Services (TCS) increased by nearly 2% on Thursday's trading.
  • In Central and Western New York, Five Star Bank offers consumer and business financing services.
  • As a result of the news, TCS shares increased 1.87% to a high of Rs3,418.80 on the BSE. Read more

Easebuzz gets RBI approval for payment aggregator license

Published on: 1:50 pm

  • The payment gateway Easebuzz announced that it has got preliminary clearance for payment aggregator (PA) permission from the Reserve Bank of India (RBI).
  • Easebuzz has acquired in-principle clearance for the license, joining businesses like Razorpay, Stripe, Pine Labs, and MSwipe.
  • "RBI regulation undoubtedly fosters more trust toward the digital payment ecosystem and empowers players like us to innovate, to strengthen and accelerate the growth of digital payments in the country," said Rohit Prasad, MD & CEO of Easebuzz. Read more

EaseMyTrip noted transactions worth Rs300 crore during 10-days Travel Carnival Sale

Published on: 1:42 pm

  • EaseMyTrip, one of India's largest online travel tech platforms, has achieved the extraordinary feat of outselling airline tickets. EaseMyTrip held its Travel Carnival Sale from August 1 to August 10, with some incredible discounts.
  • Additionally, from August 3 to August 7, 2022, users used the EaseMyTrip website and app to take advantage of the specific airline and bank offers on travel services such as buses, hotels, and flights.
  • In terms of the sale, EaseMyTrip saw transactions totaling more than Rs300 crore. The accomplishment was a testament to the industry's strong recovery and pent-up demand. The industry has been on an upward trend. Read more

JMC Projects stock jumps 4.5% on securing new orders of Rs1,524 crore

Published on: 1:02 pm

  • JMC Projects (India) Limited (JMC), a leading Civil Engineering and EPC Company has secured new orders of Rs1,524 crore. 
  • As per the filing, the project consists 
  • EPC Project for Integrated Airport Development in Asia of Rs1,012 crore
  • Water Projects in India of Rs370 crore
  • B&F projects in India of Rs142 crore Read more

Allcargo Logistics’ Q1FY23 PAT soars 165% y-o-y at Rs280 crore

Published on: 12:51 pm

  • Allcargo Logistics Limited announced its results for the quarter ended June 30, 2022.
  • The company logged consolidated revenue of Rs5,675 crore in Q1FY23, up by 65% y-o-y against Rs3,449 crore in the previous corresponding quarter.
  • Company’s EBITDA during the June 2022 quarter grew by 100% yoy at Rs434 crore compared to Rs217 crore in the June 2021 quarter. Read more

Zydus receives final USFDA approval for Prochlorperazine Maleate Tablets; Stock soars 2%

Published on: 12:31 pm

  • Zydus Lifesciences Limited (formerly known as Cadila Healthcare Limited) has announced that from the United States Food and Drug Administration (USFDA) it has received final approval to market Prochlorperazine Maleate tablets, USP 5 mg and 10 mg.
  • As per the filing, Prochlorperazine tablets are used to treat nervous, emotional, and mental conditions (eg. schizophrenia) and non-psychotic anxiety. It is also used to control severe nausea and vomiting problems. The drug will be manufactured at the group’s formulation manufacturing facility at Ahmedabad SEZ in India.
  • According to IQVIA MAT June 2022, Prochlorperazine Maleate tablets had annual sales of USD 30 million in the United States Read more

Microsoft lays off 200 more workers

Published on: 12:27 pm

  • Microsoft, which let go 1% of its workforce, or 1,800 workers, in July, has reportedly requested 200 additional workers to leave, this time from one of its customer-focused R&D initiatives.
  • According to posts on LinkedIn, which is owned by Microsoft, contract recruiters have been affected by recent layoffs in several locations.
  • The new job layoffs were primarily centered in Microsoft's Modern Life Experiences (MLX) business, which was formed in 2018 with the aim of "winning back consumers," according to a Business Insider article. Read more

ICRA removes Paradeep Phosphates’ bank facilities worth Rs15,000 crore from ‘Watch with negative imp

Published on: 12:26 pm

  • Paradeep Phosphates Limited informed that the rating agency ICRA Limited has upgraded the credit rating of the company. It removed the rating from watch with negative implications and assigned a ‘Stable’ outlook.
  • ICRA had previously placed Paradeep Phosphates Limited's (PPL) ratings on watch with negative implications after the company announced its plans to acquire Zuari Agro Chemicals Limited's (ZACL) urea and phosphatic fertilizer assets, as the acquisition could lead to a moderation in the company's return and credit metrics.
  • Total term loans reviewed by the ICRA have been enhanced from Rs824 crore to Rs2,000 crore and were assigned an ‘ICRA A’ rating. Read more

PB Fintech posts loss of Rs204.33 crore in June quarter

Published on: 12:05 pm

  • PB Fintech, the business that owns Policybazaar, announced the results of the June quarter. Compared to the same quarter last year, the company's loss increased significantly to Rs204.33 crore. The fintech industry's overall consolidated revenue increased by 112% to Rs505.19 crore in Q1, at the same time.
  • Its insurance business increased by 52% year over year. While credit disbursal increased 136% year over year, to Rs 2,430 crore. Read more

BEML’s stock rises on execution of US $19.76 million order for Cameroon’s MINEPAT

Published on: 12:01 pm

  • BEML Limited, a Defence Public Sector Undertaking, is carrying out an order for the supply of construction equipment for the Cameroon Cassava project.
  • Amit Banerjee, CMD BEML, and Harsha Bangari, Managing Director & CEO, Exim Bank of India presented the equipment to Zoutene Doufene, Director General, MINEPAT, Government of Cameroon, at a ceremony held at BEML's KGF Complex. Read more

Amazon on an acquisition spree

Published on: 11:58 am

  • Corporate buyers aren't taking it easy this summer; they've been busy buying up technology firms even if the sector isn't as cheap as it was in June due to the stock market's recent gain.
  • Consider Inc. Last month, the retail and cloud storage juggernaut revealed a $3.49 billion acquisition deal for software company 1Life Healthcare Inc.; this week, it revealed plans to spend $1.65 billion for iRobot Corp., the company behind the Roomba vacuum.
  • According to Bloomberg data, roughly $13.4 billion in tech-related mergers and acquisitions have already been announced in North America in just the first 10 days of August, making it the busiest month since May. Read more

Paradeep Phosphates starts production at fertilizer plants in Goa; Stock under pressure

Published on: 11:45 am

  • Paradeep Phosphates Limited had earlier intimated about the acquisition of the fertilizer plants at Goa and associated businesses of Zuari Agro Chemicals Limited (ZACL) on slump sale basis pursuant to the Business Transfer Agreement (BTA) executed by the Company with ZACL on March 01, 2021, which has been consummated with effect from June 01, 2022.
  • Post the completion of the acquisition, the Urea-ammonia section of the Goa plant started production with effect from June 13, 2022.
  • As per the filing, the company now informed about the starting of production at the NPK-A and NPK-B trains with effect from August 10, 2022. Read more

Facebook is profiting from racial supremacy groups on social media, says report

Published on: 11:16 am

  • Despite a restriction on such content on the network, Facebook is still generating money off from white supremacist organizations by providing advertisements on searches for deadly organizations like the "Ku Klux Klan."
  • More than 80 white supremacist organizations, some of which Facebook itself has classified as "dangerous organizations," have a presence on Facebook, according to a report by the Tech Transparency Project.
  • The non-profit group stated in a statement late on Wednesday that Facebook was making money off of searches for the names of white supremacist groups since the search results were frequently monetized with adverts. Read More

Pitti Engineering stock tumbles 12% despite healthy Q1FY23 performance

Published on: 11:08 am

  • Pitti Engineering Limited has announced to the exchanges its financial results for the Quarter ended June 30, 2022.
  • Q1FY23 - Financial Highlights
  • Total Revenue was at Rs311.06 crores, as compared to Rs175.84 crore in Q1 FY22, registered a growth of 76.90%
  • EBITDA was at Rs35.45 crore, as compared to Rs27.95 crore, registered a growth of 26.83% 
  • EBITDA per ton stands at Rs40,539 during the quarter 
  • Net Profit was at Rs11.71 crore, as compared to Rs7.36 crore in Q1FY22, grown by 0.59 times Read more

Zomato completes Blinkit acquisition

Published on: 11:07 am

  • Foodtech firm Zomato announced that it had successfully acquired fast-commerce business Blinkit.
  • Zomato stated in an exchange filing that the stakeholder's relationship committee of its board had approved the issue of Rs62.85 crores fully paid-up equity shares of the business to purchase 33,018 equity shares of Blink Commerce India Private Limited (BCPL).
  • Blinkist's parent company is BCPL. Read more

Route Mobile incorporates wholly-owned subsidiary in Chile; stock rises

Published on: 11:04 am

  • Route Mobile Limited informed that it has incorporated a Wholly-owned subsidiary with effect from August 10, 2022.
  • Masiv Chile SpA is incorporated with the objective to carry on the business of interalia, software, and communication solution including CPaaS solutions to enterprises.
  • This new entity would help bolster the Company's organic growth strategy in South America. Read more

Wipro launches ‘Wipro Shelde Australia’ to strengthen Sovereign Cybersecurity Capabilities

Published on: 10:46 am

  • Wipro Limited announced the launch of Wipro Shelde Australia, a sovereign cybersecurity offering for the Australian government and critical infrastructure industries that will assist in navigating the cyber threat landscape.
  • In 2021, Wipro acquired Ampion and gained access to specialist Australian cybersecurity, DevOps, and engineering capabilities by integrating its two businesses - Shelde and Revolution IT - into Wipro. Shelde's specialized Australian cybersecurity services will now be promoted as part of the new offering. Read more

Nihar Parikh sets his family office, 4Point0 Health Ventures

Published on: 10:44 am

  • After selling his family-run business, ZCL Chemicals (formerly Zandu Chemicals), to the private equity firm Advent last year, Nihar Parikh established a fund, 4Point0 Health Ventures, intending to make investments in healthcare-related businesses.
  • Saveo, digital therapeutic firm Fitterfly, elective surgery provider Glaymo Health, and Eka Care, which digitizes patient health records, have all received funding from 4Point0 Health Ventures since January. Read more

Syngene International incorporates wholly-owned subsidiary; Stock rises

Published on: 10:41 am

  • Syngene International Limited has informed that Syngene Scientific Solutions Limited (“SSSL”), a wholly-owned subsidiary company of the Company has been incorporated on August 10, 2022.
  • As per the filing, SSSL will be a related party of Syngene International Limited as it has been incorporated as a wholly owned subsidiary of the company.
  • The Industry to which the entity being acquired belongs to Scientific Research and Development and it shall be engaged in Contract Research and Manufacturing Services (CRAMS) and Clinical research services. Read more

Snapchat introduces its paid membership service in India

Published on: 10:31 am

  • To boost income in the face of slowing growth and global layoffs, Snapchat, a photo-sharing app, made its paid membership service available in India for Rs49 per month in an effort to boost income.
  • Indian subscribers will get a Snapchat+ emblem for their profile with the label "Star." Read more

Disney to increase prices for streaming customers who want to watch without advertisements

Published on: 10:19 am

  • After overtaking Netflix Inc. with a total of 221 million streaming users, Disney Co. stated it will increase pricing for individuals who wish to watch Disney+ or Hulu without advertisements.
  • When it starts to offer a brand-new option that includes advertisements at the existing price in December, the media behemoth will increase the monthly cost of Disney+ without advertising by 38% to $10.99.
  • On Wednesday, Disney stock increased 6.9% to $120.15 in after-hours trading. Read more

TGV Sraac hits new 52-week high as board nods 15MW Capacity addition to Solar Power Project

Published on: 10:12 am

  • TGV Sraac Limited informed that the board has given in-principle approval to the Company for a 15MW capacity addition to the Solar Power Project.
  • The said approval is in addition to the previous approval accorded by the board for 25MW Solar Power as intimated earlier.
  • Following this development, the company’s counter hit a new 52-week high of Rs111.50, up nearly 20% against the previous close of Rs92.95 on BSE. Read more

Tata Power to set up EV charging points across JP Infra's residential projects in Mumbai

Published on: 10:12 am

  • In alignment with the Maharashtra Government’s EV Policy, Tata Power and JP Infra Mumbai Private Limited have joined hands to install 60+ electric vehicle charging points across all JP Infra's projects viz. JP North Garden City (North Alexa, North Aviva, North Euphoria, Codename Dream Home), North Barcelona, and North Imperia, thus providing end-to-end EV charging solutions to residents for making sustainable mobility achievable.
  • According to the filing, residents with electric vehicles will have access to a 24x7 charging facility and can connect through the Tata Power EZ mobile application for all services, including remote vehicle charging monitoring and e-payments. The partnership will enable the residents to access the universal EV charging experience. Read more

Google Fiber intends to expand in five US states, the most since 2015

Published on: 10:05 am

  • In the coming years, Google Fiber intends to expand to several communities in Arizona, Colorado, Idaho, Nebraska, and Nevada, marking the company's first significant growth since it separated from Alphabet Inc. as an independent business in 2015.
  • After more than four years of polishing, Dinni Jain claimed his team was finally prepared to "bring a little bit more build velocity." in his initial press conference following his appointment as Google Fiber's CEO in February 2018. Read More

Ruby Mills skids ~4% as board approves 1:1 bonus issue

Published on: 9:53 am

  • Ruby Mills Limited informed that the board of directors of the company has considered and approved the issue of Bonus Equity Shares in the ratio of 1:1.
  • This implies that the shareholders will be issued 1 bonus share of Rs5 each for every 1 fully paid equity share held as on the Record date.
  • The company has fixed September 19, 2022, as the record date for such purposes. Read more

TARC appoints Nitin Goel as Chief Financial Officer & KMP; Stock gains over 4%

Published on: 9:51 am

  • TARC Limited has informed to the exchanges that it accepted the resignation tendered by Aarti Arora from the post of Chief Financial Officer and Key Managerial Personal of the Company, with effect from the close of business hours of August 10, 2022 due to personal assignment and other commitments.
  • Further, it announced the appointment of Nitin Goel as Chief Financial Officer and Key Managerial Personal of the Company w.e.f. August 11, 2022. Read more

Gold and silver prices decline in early trade

Published on: 9:39 am

  • On Thursday, the cost of 24-karat gold decreased by Rs660 per 10 grammes to Rs51,650, and the cost of silver decreased by Rs 300 per kilogramme to Rs58,700 per kg.
  • With the yellow metal selling at Rs47,350 per 10 grammes, the price of ten grammes of 22-carat gold is now Rs600 less than it was yesterday. Read More

Kolte-Patil acquires new project with ~Rs1,400 crore topline potential; stock climbs ~2%

Published on: 9:38 am

  • Kolte-Patil Developers Limited announced the acquisition of Pune-based Sampada Realities Private Limited.
  • Under the said acquisition, the real estate developer has agreed to acquire a residential development potential of ~2.5 million Sq.ft. at Kiwale in Pune.
  • The transaction outlines the immediate acquisition of 85% equity shares in Sampada Realities, with the remaining 15% stake to be acquired in due course. Kolte-Patil has agreed to make an aggregate total investment of Rs120 crore to be paid over time with this transaction. Read more

Markets trade bullish on positive cues; IT outperforms; Tech Mahindra, Wipro in lead

Published on: 9:38 am

  • On Thursday, trading began on a bullish note for Indian markets with Sensex climbing nearly 585 points and Nifty 50 surging by at least 161 points during the opening bell. Positive global cues lifted the markets sentiments. Sensex and Nifty 50 both recorded a broad-based buying with IT stocks outperforming. 
  • At around 09.36 AM, Sensex was trading at 59,397.39 up by 580.1 points or 0.99%. The index has touched an intraday high and low of 59,484.99 and 59,320.45 respectively.
  • Nifty 50 traded at 17,694.55 above 159.80 points or 0.91%. The index has clocked the day's high and low of 17,719.30 and 17,684.95 respectively. Read More

Lysto, a web3 startup, raises $12 million

Published on: 9:30 am

  • Square Peg, Beenext, Hashed, Tiger Global, and Better Capital have invested $12 million (about Rs 95 crore) in Lysto, a Web3 firm that offers tools to gamers.
  • By developing tools to enable validated on-chain digital credentials from issuer to gamer, the company is doubling down on the world's gaming communities at the same time as the investment round. Read more

Coal India's net profit up y-o-y by 178% in June quarter

Published on: 9:29 am

  • On Wednesday, Coal India said that stronger sales caused its consolidated net profit for the first quarter of the 2022–23 fiscal year to jump by 175 % to Rs8,834 crore.
  • The miner reported a net profit of Rs 3,174 crore during the same period the previous year. As compared to the same time in FY22, when sales were reported at Rs23,293 crore, the business said in a regulatory filing on Wednesday that its sales for the quarter under review were up 39%, at Rs32,498 crore (The financial year 2021-22). Read more

IOL Chemicals & Pharma logs ~48% y-o-y decline in Q1FY23 PAT

Published on: 9:24 am

  • IOL Chemicals and Pharmaceuticals Limited, a leading manufacturer of pharmaceutical (APIs) and specialty chemicals reported results for the first quarter ended June 30, 2022.
  • The company has reported a Total income of Rs570.20 crore in Q1FY23 as against Rs579.40 crore in the previous quarter, down by 1.6% sequentially. However, on a y-o-y basis, the company registered a growth of 8.78% against Rs524.20 crore in Q1FY22.
  • For Q1FY23, the company logged an EBITDA of Rs61.20 crore, up by 22.20% against Rs50.10 crore in the previous quarter. While on a y-o-y basis, EBITDA declined by 47.20% against Rs115.90 crore in Q1FY22. Read more

Citi to provide $125 million revolving credit line to Airtel Africa

Published on: 9:23 am

  • The American banking giant Citi has agreed to provide a 125 million USD revolving credit to Airtel Africa. The company, which operates in 14 African nations through its telecom and mobile money businesses, said that the facility entails borrowing in both local currencies and US dollars.
  • The facility will support Airtel Africa's operations and investments in four of its subsidiaries, the telecom said in a statement. Its term runs until September 2024. According to the statement, it offers interest rate discounts in exchange for reaching social impact milestones related to digital inclusion and gender diversity, with a concentration on rural regions and women. Read more

Produze raises $2.6 million

Published on: 9:20 am

  • Startup Produze has raised $2.6 million with Accel Partners as the primary investor. The founders of Ninjacart and Citymall, along with other angel investors , participated in the funding.
  • Produze, which has been in business for six months, was launched by Ben Mathew, Gaurav Agrawal, Rakesh Sasidharan, and Emil Soman. 
  • The business says it will make it possible for farmers to sell directly to stores overseas, benefiting farmers with greater international distribution and aiding retailers with better quality, more affordable prices, and more readily available products. Read More

Max Healthcare Q1 net profit rises 12% to Rs229 cr; sales up 5%

Published on: 9:20 am

  • The yearly pricing revision and the normalization of patient foot traffic, according to Max Healthcare, drove its consolidated net profit for the June quarter up 11% to Rs229 crore.
  • In the past fiscal year's June quarter, the healthcare provider had declared a net profit of Rs205 crore. Comparing the April-June quarter of the previous fiscal year to the period under review, net revenue increased to Rs1,393 crore from Rs1,322 crore. Read more

Indiabulls Housing Finance hikes home loan interest by 25 bps

Published on: 9:19 am

  • Indiabulls Housing Finance Ltd. (IBHFL) has revised its reference rates for Retail Loans by 25 basis points and Wholesale Loans by 50 basis points in line with other lending institutions and banks who have also increased their benchmark rates post the RBI Monetary Policy, August 2022. 
  • The new rates will be applicable for new customers from August 10 onwards, and for existing borrowers, effective from next payment cycle, the company said in a regulatory filing on Wednesday. Read more

TARC reports consolidated revenue growth of 161% yoy in Q1FY23; Stock gains 3%

Published on: 9:18 am

  • New Delhi based real estate developer TARC Limited, has reported an impressive revenue generation of Rs71.27 crore in the Q1 of the current financial year FY2022-23. The Company also reported a robust growth in EBIDTA in comparison to previous periods and witnessed a quantum jump in consolidated Profit during the period.
  • With its recent transaction with Bain Capital, the Company has streamlined its financial obligations once and for all. This essentially provides for the Management to vigorously focus on projects only without diverting attention for financial planning. The Bain Capital transaction is one of the largest investments received in a real estate company in North India in recent times. Read more

Hindalco posts all-time high PAT of Rs4,119 crore in Q1FY23

Published on: 9:18 am

  • Hindalco Industries Limited, the Aditya Birla Group metals flagship, announced its results for the quarter ended June 30, 2022, and surpassed its record performance in Q4FY22.
  • The company’s consolidated PAT rose to an all-time high of Rs4,119 crore in Q1FY23, up by 48% on a y-o-y basis, and 7% sequentially despite rising costs and inflationary pressures.
  • The company reported an all-time high quarterly Consolidated EBITDA of Rs8,640 crore in Q1FY23, registering a growth of 27% yoy against Rs6,790 crore in Q1FY22. Read more

Sundaram Multi Pap delivers positive Q1FY23 figures; Stock gains 2%

Published on: 9:17 am

  • Sundaram Multi Pap Limited has reported strong figures for the first quarter in 2022.
  • The Company reported Revenue from Operations of Rs2595.91 Lakhs as compared to Rs1181.87 Lakhs for three months ended June 30, 2022 and June 30, 2021 respectively which has increased by 120 % compared to earlier year.
  • The Profit after tax for three months ended June 30, 2022 is Rs.322.96 Lakhs as against loss of Rs. (99.00) Lakhs for three months ended June 30, 2021. The company has significantly reported strong profits as compared to last year’s loss. Read more

Pidilite Industries reports 64% yoy growth in PAT during Q1FY23

Published on: 9:16 am

  • Pidilite Industries Limited, has announced its financial results for the quarter ended June 30, 2022.
  • The current quarter recorded strong revenue growth. Consumer & Bazaar (“C&B”) delivered growth across all geographies and categories of adhesives, construction chemicals and DIY portfolio. Business to Business (“B2B”) growth was healthy across all verticals.
  • While input costs remained high, cost efficiency measures strong PAT growth in line with revenue growth. Read more

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