Apollo Tyres Net Profit Jumps 277% YoY to Rs 427Cr in Q4 - Top Indian Market Updates

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Apollo Tyres Q4 Results: Net profit jumps 277% YoY to Rs 427 crore

Apollo Tyres reported a 277% YoY jump in consolidated net profit to Rs 427 crore for Q4 FY23. Its operating revenue rose 12% YoY to Rs 6,247 crore during the same quarter. The company’s board has recommended a final dividend of Rs 4 and a special dividend of Rs 0.5 per equity share on the occasion of the company’s  50th annual general meeting.

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Adani Ports to prepay $130 million debt

Adani Ports & Special Economic Zone (APSEZ) will prepay $130 million of debt to regain investor confidence. The company had floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four. APSEZ has received an aggregate principal amount of $412.7 million.

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Nazara Tech Q4 Results: Net profit rises 18% YoY to Rs 2.6 crore

Nazara Tech reported an 18% YoY rise in consolidated net profit to Rs 2.6 crore for Q4 FY23. Its operating revenue increased 65.2% YoY to Rs 289 crore during the quarter. The total expenses for the quarter rose to Rs 281 crore from Rs 174 crore a year ago. In FY23, gaming made for 37% of Nazara Tech’s total revenue, while 49% came from eSports, and the rest from AdTech.

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Dalmia Cement signs MoU to invest Rs 4,600 crore in Assam

Dalmia Cement Bharat has signed a Memorandum of Understanding (MoU) with the Assam government to invest about Rs 4,600 crore and create 2500 jobs in the state. The company aims to promote industrial activity and support the overall development of the region, with the government's assistance. 

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India Bulls Real Estate merger with Nam Estates and Embassy One withheld by NCLT

The merger of Nam Estates Private Limited and Embassy One into India Bulls Real Estate has been withheld by the Chandigarh Bench of the National Company Law Tribunal (NCLT) despite already being sanctioned by the NCLT Bengaluru Bench. The Chandigarh Bench raised concerns based on objections cited by the Income Tax department to the merger.

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Raymond Q4 Results: Net profit falls 26% YoY to Rs 196.5 crore

Raymond Ltd reported a 26% YoY fall in consolidated net profit to Rs 196.5 crore for Q4 FY23. Its operating revenue rose 9.8% YoY to Rs 2,150 crore during the same quarter. The total income during the quarter was up 7.89% to Rs 2,192 crore. Total expenses of the company stood at Rs 1,939.27 crore, up 17.34% YoY.

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Venus Remedies gets marketing approval for cancer drugs in Philippines, Iraq

Venus Remedies has obtained marketing authorization for two additional cancer drugs, Bleomycin and Gemcitabine, from the Philippines and Iraq, respectively. Bleomycin is used to treat various types of cancer, while Gemcitabine is used to treat a type of lung cancer. The company has secured marketing approval for 37 products in the Philippines.

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Anupam Rasayan renews long-term contract worth Rs 436 crore

Anupam Rasayan India Ltd has renewed a long-term contract with a German multinational firm worth around Rs 436 crore for the supply of patented life science specialty chemicals exclusively for the next three years. The renewal is in accordance with the automatic clause agreed upon by the parties in the long-term agreement signed three years ago.

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Castrol Q4 Results: Net profit falls 11.3% YoY to Rs 202 crore

Castrol reported an 11.3% YoY decline in net profit to Rs 202.5 crore for Q4 FY23. Its operating revenue rose 4.7% YoY to Rs 1,293 crore during the quarter. EBITDA stood at Rs 295 crore, down 7% from Q4 FY22.  According to the company, the fall in profit is due to a rise in input costs.

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Kansai Nerolac declares 1:2 bonus issue

Kansai Nerolac Paints Ltd. announced a bonus share issue of 1:2. This means that two shares will be issued for every equity share held by eligible shareholders as of the record date. The record date has not yet been determined. The board of Kansai Nerolac also recommended a dividend of Rs 2.70 per share for the financial year 2023. 

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Three Adani firms lose endorsement of UN-backed climate group

Adani Green, Adani Transmission Ltd. and Adani Ports & Special Economic Zone Ltd. were removed from the list of “companies taking action” published by the Science Based Targets initiative (SBTi) in late April 2023. The UN-backed group helps companies establish concrete plans to reduce emissions consistent with the Paris Agreement’s target of limiting global warming. The SBTi found that the companies are not in conformity with the initiative’s standards and policy requirements.

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