Adani Enterprises FPO Fully Subscribed on Final Day - Top Indian Market Updates


Here are some of the major updates that could move the markets tomorrow:

Adani Enterprises FPO fully subscribed on final day

The follow-on public offering (FPO) of Adani Enterprises Ltd secured bids for 50.85 million shares against an offer size of 45.5 million shares (representing a 1.12 times subscription) on the final day of bidding. Non-institutional investors (NIIs) put in bids for over three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. The FPO received a muted response from retail investors.

Read more here.

India's GDP growth to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government, India's economic growth is forecast to be 6.5% in FY24, compared to 7% in the current financial year (FY23). The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, IMF, and RBI. Meanwhile, the govt has achieved 48% of its disinvestment target of ₹65,000 crore for FY23 as of Jan 18.

Read more here.

IOCL Q3 Results: Net profit falls 92% YoY to ₹442 crore

Indian Oil Corporation Ltd (IOCL) reported a 92% YoY decline in net profit to ₹442 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 22.7% YoY to ₹2.04 lakh crore during the same period. Total expenses increased 20.18% YoY to ₹2.29 lakh crore in Q3. Domestic sales volume rose by 10.22% YoY to 23.17 million metric tonnes (MMT), while export sales fell 27.71% YoY to 1.135 MMT.

Read more here.

Lupin gets tentative USFDA approval for DETAF tablets

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its new drug application Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets. DETAF is used to manage HIV infections and will be available for supplies to low and middle-income countries. The product will be manufactured at Lupin's facility in Nagpur. 

Read more here.

UPL Q3 Results: Net profit rises 16% YoY to ₹1,087 crore

UPL Limited reported a 16% YoY decline in consolidated net profit to ₹1,087 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 21% YoY to ₹13,679 crore during the same period. EBITDA stood at ₹3,305 crore in Q3, up 14% YoY. In India, UPL saw healthy growth driven by strong traction in its seeds business, while the crop protection business saw flat growth.

Read more here.

Godrej Properties buys 89-acre land parcel in Khalapur

Godrej Properties Ltd has entered into an agreement for the outright purchase of an 89-acre land parcel in the Khalapur locality of Maharashtra’s Raigad district. The plot is estimated to have a development potential of around 1.9 million sq ft of saleable area consisting primarily of residential plotted development. It is in proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune.

Read more here.

Sun Pharma Q3 Results: Net profit rises 5% YoY to ₹2,166 crore

Sun Pharmaceutical Industries Ltd reported a 5% YoY increase in consolidated net profit to ₹2,166 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 14% YoY to ₹11,241 crore during the same period. Sun Pharma’s board has also declared an interim dividend of ₹7.50 per share. 

Read more here.

Hindustan Zinc to invest $1 billion to replace diesel-run mining vehicles with EVs

Hindustan Zinc Ltd (HZL) will invest $1 billion to convert around 900 diesel-run mining vehicles into battery-operated ones over the next five years. The company is steadily switching to electric vehicles for its underground mine operations. With the help of Finnish technology company Normet Group Oy, HZL has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry.

Read more here.

Godrej Consumer Q3 Results: Net profit rises 3.5% YoY to ₹546 crore

Godrej Consumer Products Ltd reported a 3.5% YoY increase in consolidated net profit to ₹546.34 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 9% YoY to ₹3,598.92 crore during the same period. Its India business sales grew by 11% YoY to ₹1,975 crore and volumes rose 3% YoY. 

Read more here.

Income Tax Department conducts survey action against Cipla: Report

As per a CNBC-TV18 report, the Income Tax Department has carried out a survey action against drug major Cipla Ltd. The department is conducting the surprise action to check the balance sheets and other business documents of the pharma company as part of an alleged tax evasion investigation. 

Read more here.

India's core sector growth at 3-month high of 7.4% in Dec

Production of eight infrastructure sectors rose at a three-month high of 7.4% in December 2022, compared to 4.1% in Dec 2021. The production of coal rose by 11.5%, fertiliser by 7.3%, steel by 9.2%, and electricity by 10% in Dec 2022 compared to a year ago. Crude oil production declined by 1.2% YoY in December 2022.

Read more here.

Post your comment

No comments to display

    Honeykomb by BHIVE,
    19th Main Road,
    HSR Sector 3,
    Karnataka - 560102

    Crafted by Traders 🔥© marketfeed 2023