RIL to Develop Multi-Modal Logistics Park in TN - Top Indian Market Updates

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

Reliance to develop multi-modal logistics park in Tamil Nadu

Reliance Industries Ltd (RIL) has secured an order to develop India's first multi-modal logistics park (MMLP) in Chennai from the Ministry of Road, Transport, and Highways. It is estimated to cater to 7.17 million metric tonnes (MMT) of cargo in a time horizon of 45 years. The park will be developed in three phases with an estimated developer investment of ₹783 crores.

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M&M Q2 Results: Net profit rises 44% YoY to ₹2,773 crore

Mahindra & Mahindra Ltd reported a 44% year-on-year (YoY) increase in consolidated net profit to ₹2,773 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 39% YoY to ₹29,870 crore during the same period. The auto major sold a total of 1,74,098 vehicles in the second quarter, up 75% YoY. Tractor sales rose 5% YoY to 92,590 units. 

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Hinduja brothers to end their long family dispute: Report

According to a Bloomberg report, Hinduja Group’s co-chairman Gopichand Hinduja, along with Prakash, Srichand, and Ashok (Hinduja family brothers) have called a truce and decided to end the family dispute. The conflict among the billionaire brothers was because of a pact signed by them in 2014 that said that 'everything belongs to everyone and nothing belongs to anyone'. To learn more about the Hinduja Group, click here.

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Adani Power Q2 Results: Net profit at ₹696 crore

Adani Power Ltd reported a consolidated net profit of ₹695.53 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹230.6 crore in Q2 FY22. Its revenue from operations rose 36% YoY to ₹7,044 crore in Q2 FY23. EBITDA stood at ₹2,350 crore in Q2, up 51% YoY. The company has an installed thermal power capacity of 13,610 megawatts spread across seven power plants in India.

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Domestic airline industry could report ₹15,000-17,000 crore loss: ICRA

Credit rating agency ICRA reported that India’s domestic airline industry is expected to take a hit in FY23. It projects at least a ₹15,000-17,000 crore loss due to increased aviation fuel costs. Despite domestic passenger traffic increasing by 26% YoY to 114 lakh in October, the numbers are still low compared to the pre-pandemic era.

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HAL Q2 Results: Net profit rises 44% YoY to ₹1,221 crore

Hindustan Aeronautics Ltd (HAL) reported a 44.2% YoY increase in consolidated net profit to ₹1,221.22 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 7.3% YoY to ₹5,144.8 crore during the same period. Total expenses stood at ₹3,775.5 crore in Q2, down 17.1% YoY. HAL’s board declared an interim dividend of ₹10 per share.

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USFDA issues Form-483 with 3 observations to Alkem Lab's St Louis plant

The US Food & Drug Administration (USFDA) has issued three observations to Alkem Laboratories Ltd’s St Louis-based manufacturing facility. The health regulator conducted a pre-approval inspection at the plant from October 31, 2022, to November 9, 2022. It has observed conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

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Hindalco Q2 Results: Net profit falls 35% YoY to ₹2,205 crore

Hindalco Industries Ltd reported a 35% YoY decline in consolidated net profit to ₹2,205 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18% YoY to ₹56,176 crore during the same period. Revenue from the upstream aluminium segment rose 11% YoY to ₹8,215 crore, while revenue from the copper business grew 1% YoY to ₹9,658 crore in Q2.

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LIC Q2 Results: Net profit jumps 11-fold to ₹15,952 crore

Life Insurance Corporation of India (LIC) reported an 11-fold YoY jump in net profit to ₹15,952 crore for the quarter ended Sept (Q2 FY23). Its net premium income rose 27% YoY to ₹1.32 lakh crore during the same period. The net income from investments grew 10% YoY to ₹84,104 crore in Q2. LIC's gross non-performing assets (GNPA) ratio improved to 5.60% in Q2 from 5.84% in Q1.

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