Bajaj Finserv Posts 57% YoY to Rs 1,309 crore in Q1 - Top Indian Market Updates
Here are some of the major updates that could move the markets tomorrow:
Bajaj Finserv Q1 Results: Net profit rises 57% YoY to Rs 1,309 crore
Bajaj Finserv Ltd reported a 57% YoY increase in consolidated net profit to Rs 1,309 crore for the quarter ended June (Q1 FY23). Its total income grew 14% YoY to Rs 15,888 crore during the same period. The company’s board has approved the sub-division of shares in the ratio of 1:5 (each share having a face value of Rs 5 will be split into five shares of Re 1 each). It has also announced the issuance of bonus shares with a face value of Re 1 each for every fully paid-up share of Re 1.
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Vodafone Idea conducts 5G trial at MG Road Namma Metro Station in Bengaluru
Vodafone Idea (Vi) demonstrated 5G download speed of 1.2 gigabits per second (Gbps) during a trial at MG Road Metro Station in Bengaluru. The trial involved checking 5G coverage at road level, platforms, and tracks on both sides. The learnings from this project will be used for 5G deployment in other metro rail networks across India.
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Dr. Reddy’s Labs Q1 Results: Net profit jumps 108% YoY to Rs 1,187 crore
Dr. Reddy’s Laboratories reported a 108% YoY jump in consolidated net profit to Rs 1,187.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 6% YoY to Rs 5,215.4 crore during the same period. EBITDA stood at Rs 1,778 crore in Q1, up 74.5% YoY. The Pharmaceutical Services and Active Ingredient (PSAI) segment posted a 6% YoY decline in revenue to Rs 710 crore.
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Tata Motors partners with Axis Bank for EV financing
Tata Motors has partnered with Axis Bank to offer an exclusive electric vehicle (EV) dealer financing solution to its authorised passenger EV dealers. Dealers can obtain inventory financing over and above their Internal Combustion Engines (ICE) finance limit with pricing linked to Repo Linked Lending Rate (RLLR). The repayment tenure for this program will range from 60 to 75 days.
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Jubilant FoodWorks Q1 Results: Net profit rises 63% YoY to Rs 113 crore
Jubilant FoodWorks reported a 63% YoY increase in consolidated net profit to Rs 112.58 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 40.5% YoY to Rs 1,255.09 crore during the same period. Total expenses stood at Rs 1,104.94 crore in Q1, up 35.65% YoY. The company opened 58 new restaurants for Domino’s Pizza, adding 12 cities to its network.
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Exide Industries’ arm to set up Li-ion battery cell manufacturing facility in Bengaluru
Exide Energy Solutions Ltd (a subsidiary of Exide Industries) has announced plans to set up a lithium-ion battery cell manufacturing facility in Bengaluru. The company has executed the lease-cum-sale agreement with Karnataka Industrial Areas Development Board (KIADB) for procuring land parcels in Bengaluru. The area will be used to set up a Li-ion battery cell manufacturing facility for the electric mobility and stationary application businesses in India.
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Nestle India Q2 Results: Net profit falls 4% YoY to Rs 515 crore
Nestle India reported a 4.31% YoY increase in net profit to Rs 515.34 crore for the quarter ended June (Q2 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations grew 15.68% YoY to Rs 4,055.94 crore during the same period. Its board has approved the acquisition of the pet food business from Purina Petcare India Private Limited for Rs 123.5 crore.
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Adani Capital planning IPO in 2024 at $2-bn valuation
Adani Capital, a non-bank lender backed by Gautam Adani, is planning to raise at least Rs 1,500 crore ($188 million) in an initial public offering that could take place as early as 2024. The IPO will offer about a 10% stake in the company and target a valuation of around $2 billion. Adani Capital aims to capture more of the market for loans from Rs 30,000 to Rs 3 lakh using technology.
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TVS Motors Q1 Results: Net profit at Rs 305.37 crore
TVS Motor Company Ltd reported a consolidated net profit of Rs 305.37 crore for the quarter ended March (Q1 FY23). It had posted a net loss of Rs 10.55 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 56% YoY to Rs 7,315.7 crore in Q1 FY23. The company’s total sales rose 37.8% YoY to 9.07 lakh units during the same period.
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