Maruti Suzuki’s Net Profit Doubles in Q3 - Top Indian Market Updates
Here are some of the major updates that could move the markets tomorrow:
Maruti Suzuki Q3 Results: Net profit jumps two-fold to ₹2,351 crore
Maruti Suzuki India Ltd reported a 132% YoY jump in consolidated net profit to ₹2,351.3 crore for the quarter ended December (Q3 FY23). Its net sales rose 25.51% YoY to ₹27,849.2 crore during the same period. The carmaker sold a total of 4,65,911 vehicles in Q3. However, the shortage of electronic components impacted production by about 46,000 vehicles.
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EaseMyTrip acquires majority stake in hotel booking marketplace cheQin
EaseMyTrip has acquired a 55% majority stake in cheQin, a real-time marketplace that allows travellers to bargain possibilities with hoteliers. The bargaining algorithm of cheQin brings in the top five lowest offers by hoteliers. The company can use the cheQin application to give hoteliers access to real-time booking requests and the ability to take control of their own bookings.
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TVS Motor Company Q3 Results: Net profit rises 22% YoY to ₹353 crore
TVS Motor Company Ltd reported a 22.5% YoY increase in net profit to ₹353 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14.7% YoY to ₹6,545.42 crore during the same period. EBITDA rose 16% YoY to ₹659 crore in Q3. The company has also declared an interim dividend of ₹5 per share.
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IndiGo launches its 'Super 6E' with special offerings on 14 international routes
IndiGo has launched its 'Super 6E' fares on fourteen new routes, effective January 20, 2023. With these additions, IndiGo now offers Super 6E fares on flights to 23 international destinations. In May 2022, IndiGo launched an exclusive fare category called "Super 6E", which will provide special services like extra 10 kg baggage, free seat selection, reduced cancellation fee, and in-flight meals.
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HDFC AMC Q3 Results: Net profit rises 3% YoY to ₹369.5 crore
HDFC Asset Management Company (AMC) reported a 3% YoY increase in net profit to ₹369.5 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹559.6 crore during the same period. Its operating profit from the core asset management business was flat at ₹397.4 crore. The company said it had a market share of 12.8% of the individual monthly average assets under management (AUM) in the industry.
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Granules India gets USFDA approval for Amphetamine capsules
Granules India has received approval from the US Food & Drug Administration (USFDA) for an abbreviated new drug application (ANDA) filed by its US subsidiary for Amphetamine capsules. Mixed salts of Amphetamine ER Capsules are used to treat attention deficit hyperactivity disorder (ADHD). The current annual US market for Amphetamine mixed salts ER capsules is approximately $1.56 billion.
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PNB Housing Finance Q3 Results: Net profit rises 43% YoY to ₹269 crore
PNB Housing Finance reported a 43% YoY increase in net profit to ₹269 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 67% YoY to ₹734 crore during the same period. The total loan book increased from Rs 57,845 crore in Q3 FY22 to ₹58,034 crore in Q3 FY23. The gross non-performing assets (GNPA) ratio improved from 6.06% in Q3 FY22 to ₹4.87% in Q3 FY23.
[NII is the difference between the interest income a bank earns from its lending activities and the interest it pays depositors.]
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BPCL to set up 1 GW renewable energy plant in Rajasthan
Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan. The nation's second-largest state oil refiner is gradually changing its path to achieving a net zero emission target by 2040. It plans to expand its renewable portfolio to reach 1 GW of generating capacity by 2025 and 10 GW by 2040. BPCL plans to offer electric vehicle charging stations at around 7,000 petrol pumps over the next 5 years.
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SBI Cards Q3 Results: Net profit rises 32% YoY to ₹509 crore
SBI Cards & Payment Services Ltd reported a 32% YoY increase in net profit to ₹509 crore for the quarter ended December (Q3 FY23). Its interest income rose 26% YoY to ₹1,609 crore during the same period. Total income stood at ₹3,656 crore in Q3, up 16% YoY. Impairment and bad losses of the company fell 15% YoY to ₹533 crore in Q3
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Delhivery secures contract to manage pan-India supply chain for air cooler business from Godrej
Delhivery Ltd has secured a contract from Godrej Appliances for managing its end-to-end supply chain of the air cooler business across India. The company will implement its integrated warehousing & distribution solution to increase market penetration of Godrej air coolers. The two companies have also jointly opened a warehouse in Ghaziabad, Uttar Pradesh.
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