Asian Paints Posts 53% YoY Rise in Q2 Net Profit - Top Indian Market Updates

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Asian Paints Q2 Results: Net profit rises 53% YoY to ₹1,232 crore

Asian Paints reported a 53.3% year-on-year (YoY) increase in net profit to ₹1,232 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue from operations rose just 0.2% YoY to ₹8,478.6 crore during the same period. EBITDA stood at ₹1,716.2 crore, up 39.8% YoY. The company’s board recommended a dividend of ₹5.15 per share.

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Infosys signs 5-year deal with EV firm smart Europe

Infosys Ltd has entered into a five-year collaboration with smart Europe GmbH to provide services related to sustainable electric mobility to its customers. The deal is to refine the company’s direct-to-customer (D2C) business model in the European market, along with providing enhanced customer experience, engagement and personalisation driven by data.

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Canara Bank Q2 Results: Net profit rises 43% YoY to ₹3,606 crore

Canara Bank reported a 43% YoY increase in net profit to ₹3,606 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 19.76% YoY to ₹8,903 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 6.37% in Q2 FY23 to 4.76% in Q2 FY24. 

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Adani Group seeks to raise $4 billion to fund green hydrogen plans

Adani Enterprises Ltd’s subsidiary, Adani New Industries Ltd, is seeking loans from both domestic and international banks to build plants that would produce low-cost green hydrogen. The company is currently in initial discussions with various lenders. This move comes as India aims to reduce its carbon footprint. Gautam Adani has previously stated that 75% of the group's projected capital expenditure will be directed towards green businesses.

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ACC Q2 Results: Net profit at ₹387 crore

ACC Ltd reported a consolidated net profit of ₹387 crore for the quarter ended September (Q2 FY24). The cement company posted a net loss of ₹87.32 crore in the same quarter a year ago. Its revenue from operations fell 11.2% YoY to ₹4,434.73 crore during the same period. Sales volume (cement & clinker) rose 17.4% YoY to 8.1 million tonnes in Q2.

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ONGC hopes to recover over $500 million dividend as sanctions on Venezuela eased

Oil and Natural Gas Corp (ONGC) is hoping to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects as sanctions on the nation were eased. US sanctions had hit Venezuela's finances and oil output, leading to the accumulation of dividends for foreign companies like ONGC. ONGC Videsh holds a 40% stake in the San Cristobal field in eastern Venezuela's Orinoco Heavy Oil belt, and 11% in the Carabobo area-1.

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Zen Tech secures ₹100 crore defence ministry order

Zen Technologies secured an order worth ₹100 crore from the Ministry of Defence for its advanced tank training system. The system has been designed, developed, and tested in-house. With this inaugural order for the force-on-force tank training simulators, the company expects strong demand for this product in both domestic and international markets going forward.

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Antony Waste’s subsidiary wins order worth ₹386 crore

Antony Waste Handling Cell Ltd’s subsidiary, AG Enviro Infra Projects Pvt Ltd, secured an order worth ₹386 crore from the Panvel Municipal Corporation in the Mumbai Metropolitan Region (MMR). The contract is for the door-to-door collection and transportation of municipal solid waste by the corporation. The five-year contract has the option of a two-year extension. 

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Kolte-Patil Developers approves issue of NCDs worth ₹113.65 crore

Kolte-Patil Developers Ltd will issue non-convertible debentures (NCDs) worth more than ₹113 crore on a private placement basis. The board approved the issuance of secured, rated, listed, redeemable NCDs with a face value of ₹100,000 each. The debentures will be issued on a private placement basis and will aggregate up to ₹113.65 crore.

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Zomato launches maternity insurance for women delivery partners

Zomato has introduced a  maternity insurance program for its female delivery partners. This insurance coverage caters to a range of pregnancy-related expenses, including childbirth and maternity complications. Operated in collaboration with ACKO, the maternity insurance program is available to female delivery partners who have completed 1,000 deliveries on the Zomato platform.

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PNB Q2 Results: Net profit jumps four-fold to ₹1,756.13 crore

Punjab National Bank (PNB) reported a 327% YoY jump in net profit to ₹1,756.13 crore for the quarter ended September 2023 (Q2 FY24). This is the highest profit recorded in the previous 14 quarters. The net interest income (NII) grew 20% YoY to ₹9,923 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 10.48% in Q2 FY23 to 6.96% in Q2 FY24. 

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