RBI Imposes Rs 2.5Cr Fine on L&T Finance - Top Indian Market Updates

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

RBI imposes ₹2.5 crore fine on L&T Finance

The Reserve Bank of India (RBI) has imposed a penalty of ₹2.5 crore on L&T Finance Ltd for non-compliance with certain norms concerning non-banking financial companies (NBFCs). The RBI reported that the NBFC did not disclose info about the gradation of risk and rationale for charging different interest rates to different categories of borrowers in its loan application forms.

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JSW Steel Q2 results: Net profit at ₹2,760 crore

JSW Steel Ltd posted a net profit of ₹2,760 crore for the quarter ended September (Q2 FY24); beating street estimates. The steel company posted a net loss of ₹848 crore in Q2 last year. Its consolidated revenue from operations rose 7% YoY to ₹44,584 crore in Q2 FY24. EBITDA stood at ₹7,886 crore, up 350.11% YoY.

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Adani Group refinances $3.5 billion debt taken for ACC-Ambuja buy

The Adani Group is to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement. At least 18 global banks have agreed to join the consortium led by Barclays, Deutsche Bank, and Standard Chartered. The Adani family will prepay around $300 million. This will also be the largest refinancing exercise across the Asia Pacific this financial year.

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Paytm Q2 Results: Net loss narrows to ₹290 crore

One97 Communications Ltd (Paytm) reported a net loss of ₹290 crore for the quarter ended September 2023 (Q2 FY24). Net loss stood at ₹357 crore in the same period a year ago. Its revenue from operations rose 32% YoY to ₹2,519 crore in Q2 FY24. EBITDA stood at ₹153 crore, up 82% YoY. 

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Godrej Properties’ subsidiary gets ₹260Cr GST demand order

Godrej Properties’ subsidiary, Godrej Landmark Redevelopers, received an order from tax authorities over an alleged non-payment of Goods & Services Tax (GST). The notice is concerning one of the projects developed by the company. The Additional Commissioner, CGST, Navi Mumbai, has issued the order with a GST demand of ₹129.39 crore along with interest and a penalty of ₹129.39 crore.

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Hindustan Zinc Q2 Results: Net profit falls 35% YoY to ₹1,729 crore

Hindustan Zinc Ltd reported a 35% YoY decline in consolidated net profit to ₹1,729 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 16% YoY to ₹6,619 crore during the same period. EBITDA stood at ₹3,139 crore, down 24% YoY.

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Titagarh Rail Systems secures ₹350Cr contract from Gujarat Metro

Titagarh Rail Systems Ltd (TRSL) secured a ₹350 crore contract from Gujarat Metro Rail Corporation (GMRC). TRSL will design and manufacture 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. The prototype has to be delivered within 70 weeks from the Letter of Acceptance (LOA) and delivery completion will be 94 weeks from the LOA. These metro cars will be manufactured at the company's facility in Uttarpara, West Bengal.

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Kotak Bank gets RBI approval for acquisition of Sonata Finance

Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) for its ₹537 crore acquisition of microlender Sonata Finance. The approval is for acquiring 100% of the issued and paid-up capital in Sonata. RBI has allowed Kotak to make Sonata as its business correspondent subsidiary, and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank. 

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Samvardhana Motherson announces three acquisitions

Samvardhana Motherson International Ltd (SAMIL) has made three acquisitions valued at over ₹380 crore in the aerospace, health and medical sectors to strengthen its non-automotive businesses. The aerospace division of the company is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace original equipment manufacturers (OEMs).

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ONGC to acquire PTC India’s power generation subsidiary

PTC India’s board has approved a bid submitted by ONGC Ltd for the acquisition of a 100% stake in its wholly-owned subsidiary, PTC Energy Ltd (PEL), for ₹925 crore. PEL has a renewable energy portfolio of 288.8 MW, consisting of 50 MW wind power projects in Madhya Pradesh, 50 MW wind power projects in Karnataka and 188.8 MW wind power projects in Andhra Pradesh. PEL recorded revenue from operations of ₹296.77 crore during FY23.

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