Bharti Airtel’s Net Profit Rises 50% YoY to Rs 3,006Cr in Q4 - Top Indian Market Updates


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

Bharti Airtel Q4 Results: Net Profit rises 50% YoY to Rs 3,006 crore

Bharti Airtel reported a 50% YoY increase in consolidated net profit to Rs 3,006 crore for Q4 FY23. Its consolidated revenue jumped 14.3% YoY to Rs 36,009 crore during the same quarter. EBITDA stood at Rs 18,807 crore, up 18% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 4 per equity share.

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BPCL board approves Rs 49,000 crore capex for ethylene cracker project at Bina refinery

Bharat Petroleum Corporation Ltd (BPCL) has received board approval for several projects. These include an ethylene cracker project at Bina Refinery, expansion of the refinery, and downstream petrochemical plants. Additionally, the company will set up two 50 MW wind power plants costing approximately Rs 978 crore for captive consumption, one at the Bina refinery and another at the Mumbai refinery.

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SGX Nifty to be known as GIFT Nifty from July 3

According to a circular from Singapore Exchange, SGX Nifty will be known as GIFT Nifty from July 3, 2023. All SGX orders will be completely transferred to Gift City, NSE IFSC Exchange for matching and the facility would be the sole trading location for SGX Nifty derivatives as of July 3.

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Sona Comstar partners with UK’s Equipmake to make electric powertrains in India

Sona BLW Precision Forgings Ltd has signed an agreement with UK-based Equipmake to produce electric powertrains for cars, buses, and commercial vehicles in India and other markets. The licensing agreement allows Sona Comstar, a subsidiary of Sona BLW, to manufacture and sell EV powertrains, subsystems, and components based on Equipmake's patented spoke motor and inverter technology.

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Bank of Baroda Q4 Results: Net profit jumps 168% YoY to Rs 4,775 crore

Bank of Baroda reported a 168% YoY jump in standalone net profit to Rs 4,775 crore for Q4 FY23. Its Net Interest Income (NII) jumped 33.8% YoY to Rs 11,525 crore during the same quarter. Gross NPA and Net NPA stood at 3.79% and 0.89% respectively. The bank’s board has recommended a dividend of Rs 5.5 per equity share.

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Eveready Industries cuts direct distributors to 1,000

Eveready Industries India Ltd has implemented a network revamp strategy to improve efficiency. The company's direct distributors have been reduced from 5,000 to 1,000. The changes extend not only to the organization but also to the channel structures, focusing on a more streamlined and efficient distribution network.

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Bank of Baroda made a provision of Rs 500 crore against GoFirst exposure

Bank of Baroda has made a provisioning of Rs 500 crore against its exposure to financially troubled airline Go First, which has been granted bankruptcy protection preventing the repossession of its planes by lessors. The bankruptcy filing of Go First lists Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank among its financial creditors, with a total owed amount of Rs 6,521 crore.

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IOCL Q4 Results: Net profit jumps 52% YoY to Rs 10,841 crore

Indian Oil Corp Ltd reported a 52% YoY jump in consolidated net profit to Rs 10,841 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 2.3 Lakh crore during the quarter. The company’s board has recommended a final dividend of Rs 3 per equity share.

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SPML Infra lenders start Rs 2,000-crore debt sale based on anchor bid from NARCL

Lenders led by the State Bank of India (SBI) have initiated the sale of SPML Infrastructure's debt worth over Rs 2,000 crore based on an anchor bid by the government-backed National Asset Reconstruction Company Limited (NARCL). The debt offered for sale includes fund-based and non-fund-based loans, optionally convertible debentures, and carries a security value of Rs 1,203 crore. The six banks, including SBI, Canara Bank, ICICI Bank, PNB, BOB, and Union Bank of India, are collectively selling the debt.

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INOX Air Products investing Rs 1,300 cr to set up air separation units at Tata Steel's Dhenkanal plant

INOX Air Products will invest Rs 1,300 crore to establish two air separation units (ASUs) with a daily capacity of 1,800 tonnes each at Tata Steel's plant in Dhenkanal, Odisha. The ASUs will produce industrial gases such as oxygen, nitrogen, and argon, which are vital for the steel manufacturing process. The project is expected to be operational by March 2025, and the partnership agreement covers 20 years for the supply of gases.

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Chalet signs franchise agreement with IHCL for Delhi airport hotel

Chalet Hotels Ltd’s subsidiary Chalet Airport Hotel Private Limited has entered into a franchise agreement with Indian Hotels Company Limited (IHCL), backed by the Tata Group. The agreement is for a new luxury hotel at Terminal 3 of Indira Gandhi International Airport in New Delhi. The hotel will be under the Taj brand and will feature 400 rooms and dining and conferencing facilities.

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