Retail Inflation Eases to 3-Month Low of 6.77% in Oct - Top Indian Market Updates

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

Retail inflation eases to 3-month low of 6.77% in Oct

India’s retail inflation, measured by the Consumer Price Index (CPI), fell to a three-month low of 6.77% in the month of October. The retail inflation in September stood at 7.41%. Inflation in the food basket showed a fall from 8.6% in Sept to 7.01% in October. Inflation in the fuel & light segment rose 9.93%, while the clothing & footwear segment gained 10.16% last month. Meanwhile, wholesale price-based inflation (WPI) fell to a 19-month low of 8.39% in October. 

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Grasim Q2 Results: Net profit falls 17% YoY to ₹1,097 crore

Grasim Industries Ltd reported a 17% year-on-year (YoY) decline in consolidated net profit to ₹1,097 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY to ₹27,486 crore during the same period. EBITDA stood at ₹3,783 crore in Q2, down 12% YoY. The company received a dividend of ₹628 crore from its subsidiary UltraTech Cement during Q2.

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Voltas enters technology license agreement with Denmark's Vestfrost Solution

Voltas Ltd has entered into a technology license agreement with Denmark-based Vestfrost Solutions to develop, manufacture, sell, and service medical refrigeration and vaccine storage equipment in India. This includes advanced products like ice-lined refrigerators, vaccine freezers, and ultra-low temperature freezers. This partnership will leverage the strong brand presence and wide sales and distribution network of Voltas.

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Godrej Industries Q2 Results: Net profit rises 9% YoY to ₹156 crore

Godrej Industries Ltd reported a 9% YoY increase in consolidated net profit to ₹156 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22.59% YoY to ₹4,021 crore during the same period. The company’s total expenses stood at ₹4,099 crore in Q2, up 23.2% YoY. Its board has approved a proposal to raise up to ₹2,000 crore by issuing non-convertible debentures (NCDs).

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Tata Sons initiates process to bring all airlines under Air India wings

Tata Sons has initiated the consolidation of its airline entities Vistara, AirAsia India, and Air India Express under Air India. This move will make Air India the second-largest airline in the country in terms of fleet and market share. The Tata group will have a low-cost carrier and a full-service airline under Air India, which will be the only airline brand in the group following the merger

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IRCTC Q2 Results: Net profit rises 43% YoY to ₹226 crore

Indian Railway Catering & Tourism Corp. (IRCTC) reported a 43% YoY increase in net profit to ₹226.03 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 99% YoY to ₹805.8 crore during the same period. Total expenses jumped 152% YoY to ₹524.33 crore in Q2. Revenue from internet ticketing stood at ₹300.25 crore, up 13.17% YoY.

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L&T Infotech, Mindtree merge to make India’s fifth-largest IT company

The L&T Group announced the merger of L&T Infotech (LTI) and Mindtree into 'LTI-Mindtree' with immediate effect. With this, the combined entity will become the sixth-largest IT services firm by revenue and the fifth-largest in terms of market value. Shareholders of Mindtree Ltd will get 73 LTI shares for every 100 shares they hold after the merger.

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Bharat Forge Q2 Results: Net profit falls 48% YoY to ₹141 crore

Bharat Forge Ltd reported a 48% YoY decline in consolidated net profit to ₹141.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 29% YoY to ₹3,076.4 crore during the same period. The company’s margins contracted sharply due to elevated raw material, finance, and employee costs. Its board has declared an interim dividend of ₹1.5 per share.

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Centre ready to bring petrol under GST but states unlikely to agree: Petroleum Minister

The Central govt. is ready to bring fuel under GST but the states (for whom fuel and liquor are major revenue generators) are unlikely to agree to such a proposal, said Union Minister Hardeep Singh Puri. With regard to fuel prices, the minister said India has seen one of the lowest rises in prices in the past year. US fuel prices rose by 43% in one year but India only saw a 2% rise.

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Tata Motors, Cummins Inc to offer solutions in hydrogen-powered commercial vehicle space

Tata Motors has partnered with US-based Cummins Inc to offer solutions in the hydrogen-powered commercial vehicle space. Under the pact, both entities will collaborate on the design & development of low and zero-emission propulsion technology solutions for commercial vehicles in India. This includes hydrogen-powered internal combustion engines, fuel cells, and battery electric vehicle systems.

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