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Adani Ports Posts 4% YoY Rise in Q2 Profit - Top Indian Market Updates
Adani Ports reported a 4% YoY rise in consolidated net profit for Q2 FY24. This article also covers Q2 results for ZEEL and Ashok Leyland, along with other significant market updates.
On this page
- Adani Ports Q2 Results: Net profit rises 4% YoY to ₹1,748 crore
- Vedanta working with JPMorgan to advise on business overhaul
- ZEEL Q2 Results: Net profit rises 9% YoY to ₹123 crore
- Apollo Hospitals to invest ₹3,435 crore on capacity expansion
- Ashok Leyland Q2 Results: Net profit jumps 220% YoY to ₹526 crore
- ICICI Bank receives RBI nod to make ICICI Securities a wholly owned subsidiary
- Tata Electronics acquires 100% stake in Wistron India
- Pidilite to enter lending business
- Piramal Pharma clears USFDA inspection for US unit
- Ashok Leyland to invest ₹1,200 crore in Switch Mobility
Key takeaways
- Adani Ports Ltd reported a 4% YoY rise in consolidated net profit to ₹1,748 crore for the quarter ended September 2023 (Q2 FY24).
- Zee Entertainment Enterprises Ltd (ZEEL) reported a 9% YoY rise in consolidated net profit to ₹123 crore for Q2 FY24.
- Ashok Leyland Ltd reported a 220.7% YoY rise in net profit to ₹526 crore for the quarter ended September 2023 (Q2 FY24).
- Apollo Hospitals will invest ₹3,435 crore in expanding its bed capacity by adding 2,300 beds across 8 locations over the next three financial years.
- ICICI Bank received approval from the Reserve Bank of India (RBI) for making ICICI Securities a wholly-owned subsidiary.
Here are some of the major updates that could move the markets tomorrow:
Adani Ports Q2 Results: Net profit rises 4% YoY to ₹1,748 crore
Adani Ports Ltd reported a 4% YoY rise in consolidated net profit to ₹1,748 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 28% YoY to ₹6,646 crore during the same period. EBITDA stood at ₹3,880 crore, up 19% YoY in Q2. The domestic cargo volumes of the company jumped 13% YoY to 98.12 million metric tonnes (MMT), while the total cargo volumes rose 17% YoY to 101.22 MMT.
Read more here.
Vedanta working with JPMorgan to advise on business overhaul
Vedanta Group is reportedly collaborating with JPMorgan Chase & Co. to assist with a restructuring plan unveiled in September. The move indicates progress in the conglomerate's efforts to simplify its financial structure. Vedanta is also in discussions to secure a $1.25 billion private loan to address its refinancing requirements.
Read more here.
ZEEL Q2 Results: Net profit rises 9% YoY to ₹123 crore
Zee Entertainment Enterprises Ltd (ZEEL) reported a 9% YoY rise in consolidated net profit to ₹123 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 20% YoY to ₹2,437 crore during the same period. Consolidated EBITDA stood at ₹333 crore, up 6% YoY.
Read more here.
Apollo Hospitals to invest ₹3,435 crore on capacity expansion
Apollo Hospitals will invest ₹3,435 crore in expanding its bed capacity. The private healthcare provider will be adding 2,300 beds across 8 locations to its network over the next three financial years. The capacity expansion will be met through internal accruals and debt financing.
Read more here.
Ashok Leyland Q2 Results: Net profit jumps 220% YoY to ₹526 crore
Ashok Leyland Ltd reported a 220.7% YoY rise in net profit to ₹526 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 19% YoY to ₹11,429 crore during the same period. EBITDA stood at ₹1,871 crore, up 83% YoY. The company’s overall sales rose 10% YoY to 49,846 units.
Read more here.
ICICI Bank receives RBI nod to make ICICI Securities a wholly owned subsidiary
ICICI Bank received approval from the Reserve Bank of India (RBI) for making ICICI Securities a wholly-owned subsidiary. The bank on June 26 had said that it would consider a proposal for delisting of its institutional and retail broking arm ICICI Securities. The delisting proposal was approved by the board. The acquisition is likely to be completed in the next 12-15 months after various regulatory approvals.
Read more here.
Tata Electronics acquires 100% stake in Wistron India
The Tata Group has signed a binding share purchase agreement with SMS InfoComm (Singapore) and Wistron Hong Kong Limited to acquire a 100% equity stake in Wistron Infocomm Manufacturing (India). The acquisition will enable Tata Group to officially join the Apple supply chain as an iPhone assembler.
Read more here.
Pidilite to enter lending business
Pidilite Industries is planning to enter the lending business, providing small-value retail loans. To facilitate this, the company will acquire an existing NBFC, Pargro Investments, from its promoter group. Over the next two years, the company expects to invest up to ₹100 crore in multiple rounds in the new business, through a mix of equity and debt.
Read more here.
Piramal Pharma clears USFDA inspection for US unit
Piramal Pharma announced that it has received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA) for one of its manufacturing units located in Pennsylvania. The health regulator, while issuing Form 483, made two observations related to system improvement only. None of the observations were related to data integrity.
Read more here.
Ashok Leyland to invest ₹1,200 crore in Switch Mobility
Ashok Leyland Ltd's board has approved an investment of ₹1,200 crore in its electric vehicle (EV) arm Switch Mobility for capital expenditure, research & development (R&D), and meeting operational requirements in the UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more rounds.
Read more here.
Frequently asked questions
What was Adani Ports' net profit for Q2 FY24?
Adani Ports' net profit for Q2 FY24 was ₹1,748 crore, marking a 4% YoY rise.
How much did Ashok Leyland's net profit increase in Q2 FY24?
Ashok Leyland's net profit jumped 220.7% YoY to ₹526 crore in Q2 FY24.
What is Apollo Hospitals' investment plan for capacity expansion?
Apollo Hospitals plans to invest ₹3,435 crore to add 2,300 beds across 8 locations over the next three financial years.
Which company did Tata Electronics acquire a 100% stake in?
Tata Electronics acquired a 100% equity stake in Wistron Infocomm Manufacturing (India).
Written by
Cherian VargheseRelated reads
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