Bharti Airtel’s Unique 5G Users Cross 10 Lakh Mark - Top Indian Market Updates

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

Bharti Airtel crosses 10 lakh user mark on 5G network

Bharti Airtel has crossed 10 lakh unique 5G users on its network, less than 30 days after commercially rolling out 5G services in eight cities. The telecom operator has rolled out 5G services in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Varanasi, Nagpur, and Siliguri. 5G is getting rolled out in a phased manner in these cities as the company continues to construct its network and complete the rollout.

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Adani Transmission Q2 Results: Net profit falls 32% YoY to ₹194 crore

Adani Transmission Ltd reported a 32% YoY decline in consolidated net profit to ₹194 crore in Q2 FY23. Its revenue from operations rose 22% YoY to ₹3,932 crore during the same period. EBITDA stood at ₹1,241 crore in Q2, up 7% YoY. The company sold 2,233 million units (MUs) of electricity in the quarter, up from 1,975 MU in the same period in FY21.

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JK Tyre & Industries to invest ₹1100 crore to expand production capacity

JK Tyre & Industries Ltd will invest ₹1,100 crore over the next two years to expand production capacity amid higher consumer demand in rural and semi-urban markets this festive season. Investments are underway to increase the production of passenger car radials and truck bus radial tyres. The company expects demand in the domestic market to remain strong going ahead due to improvements in economic activities.

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Mahindra Holidays Q2 Results: Net profit falls 30% YoY to ₹41.4 crore

Mahindra Holidays & Resorts India Ltd reported a 30% YoY decline in consolidated net profit to ₹41.39 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 9% YoY to ₹598.36 crore during the same period. The company’s expenses increased 11.5% YoY to ₹574.66 crore in Q2. 

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Redington Q2 Results: Net profit rises 26% YoY to ₹387 crore

Redington Ltd reported a 26% YoY increase in consolidated net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹9,093.7 crore during the same period. EBITDA stood at ₹562.4 crore in Q2, up 23% YoY. Redington is a leading distributor of IT hardware and mobility products.

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Alembic Pharma gets USFDA approval for ulcerative colitis drug

Alembic Pharmaceuticals received final approval from the United States Food and Drug Administration (USFDA) for Mesalamine extended-release capsules. The drug is used to treat ulcerative colitis (an inflammatory bowel disease) and prevent the remission of the disease in adults. According to IQVIA data, the product had an estimated market size of ₹133 million for the 12 months ended June 2022.

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Finance Miniter to launch 6th round of commercial coal mines auction

Finance Minister Nirmala Sitharaman will launch the sixth round of commercial coal mines auction on Thursday. The coal mines to be auctioned are fully-explored and partially-explored coking and non-coking mines. The auction will be held online through a transparent two-stage process based on percentage revenue share. So far, the coal ministry has auctioned 64 mines under commercial coal mines auction.

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JSW Group to invest ₹1 lakh crore in Karnataka in 5 years

JSW Group will invest ₹1 lakh crore in Karnataka over the next five years across the group’s various businesses, said Chairman Sajjan Jindal. The investments will be across steel, green energy, cement, and paints businesses as well as towards the construction of a new greenfield port.

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Maruti Suzuki crosses production milestone of 2.5 crore units

Maruti Suzuki India Ltd has crossed the cumulative production milestone of 2.5 crore units since commencing operations at its Gurugram manufacturing facility in 1983. The company has two manufacturing plants in Gurugram and Manesar in Haryana, with an installed production capacity of 15 lakh units per annum. It sells 16 passenger vehicles in the domestic market and also exports to around 100 countries.

Read more here.

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