Adani Promoters Prepay Loans Worth ₹8,000Cr - Top Indian Market Updates

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

Adani promoters prepay to ₹8,000Cr loans to release pledged shares

Promoters of Adani Group will pre-pay loans worth $1,114 million for the release of pledged shares ahead of maturity in September 2024. The promoter's early payment will help release 168.27 million shares of Adani Ports, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green Energy. This move is an attempt to clear up investor worries about the Adani Group's balance sheet and its capacity to make debt payments.

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Tata Steel Q3 Results: Net loss at ₹2,224 crore

Tata Steel Ltd reported a consolidated net loss of ₹2,224 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹9,572 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations fell 6% YoY to ₹57,084 crore in Q3 FY23. For the India business, the company has reported a profit of ₹1,918 crore with a revenue of ₹32,325 crore.

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Vodafone Idea partners with Motorola to drive 5G connectivity across 5G smartphone portfolio

Vodafone Idea has partnered with Motorola to ensure seamless 5G connectivity across its fifth-generation smartphone portfolio. Motorola has successfully tested its latest and most popular smartphone models on 3350 to 3400 MHz spectrum bands on Vi 5G network in New Delhi. On Friday, the Central govt approved the conversion of the troubled telco's accumulated interest dues worth ₹16,000 crore into equity.

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Adani Transmission Q3 Results: Net profit rises 73% YoY to ₹478 crore

Adani Transmission reported a 73% YoY increase in consolidated net profit to ₹478 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 15.8% YoY to ₹3,037 crore during the same period. EBITDA stood at 1,708 crore in Q3, up 28.9% YoY. Adani Transmission is the transmission and distribution business arm of the Adani Group.

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Indian Oil to sign MoU with LanzaJet for sustainable aviation fuel

Indian Oil Corp will sign a Memorandum of Understanding (MoU) with sustainable fuel tech provider LanzaJet to produce sustainable aviation fuel at its Panipat refinery in northern India. The company has a tie-up with LanzaTech for converting waste gas to ethanol, and U.S.-based LanzaJet will be helping in upgrading ethanol to jet fuel. 

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Easy Trip Planners Q3 Results: Net profit rises 4% YoY to ₹42 crore

Easy Trip Planners Ltd reported a 4% YoY increase in consolidated net profit to ₹41.7 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 58% YoY to ₹136 crore during the same period. The company reported the highest-ever gross booking revenue (GBR) of ₹2,267 crore in Q3, driven by strong volume growth in the flight and hotels segment.

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Snowman Logistics takes 50,000 sq. ft warehousing space at Hosur industrial park

Snowman Logistics Ltd (SLL) has taken a 50,000 sq. ft warehousing space at Horizon Industrial Park, Hosur, Bengaluru. This will be SLL’s first dry warehouse and its largest with 5,500 pallet positions. Horizon Industrial Parks is a logistics platform in India, owned and managed by Blackstone Real Estate funds.

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Auto retail sales rise 14% in January: FADA

According to the Federation of Automobile Dealers Association (FADA), automobile retail sales in India rose 14% year-on-year (YoY) to 18.27 lakh units in January. Passenger vehicle registrations rose by 22% YoY to 3.40 lakh units, while two-wheeler retails rose 10% YoY to 12.65 lakh units in Jan. Commercial vehicle registrations stood at 82,428 units last month, up 16% YoY.

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Blue Star invests ₹350 crore in new plant

Blue Star Ltd has opened a new plant in Sri City, Andhra Pradesh. The factory's first phase has a capacity of 3 lakh room AC units, with the potential to scale up to 1.2 million units by the financial year 2027 (FY27). The company has invested ₹350 crore in the present phase of the plant, with provision for an additional investment outlay of ₹200 crore by the time Phase-3 is launched in FY27.

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