Tata Steel Posts 87% YoY Fall in Q2 Net Profit - Top Indian Market Updates
Here are some of the major updates that could move the markets tomorrow:
Tata Steel Q2 Results: Net profit falls 87% YoY to ₹1,514 crore
Tata Steel reported an 87% YoY (or 80% QoQ) decline in consolidated net profit to ₹1,514 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 0.8% YoY to ₹59,877.52 crore during the same period. EBITDA stood at ₹6,060.4 crore in Q2, down 62% YoY. The company’s consolidated production fell 3% YoY to 7.56 million tonnes in Q2.
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L&T secures orders worth ₹1,000-2,500 crore in Saudi Arabia
Larsen & Toubro's Power Transmission & Distribution business has secured multiple orders worth ₹1,000-2,500 crore to build transmission lines and substations in Saudi Arabia. L&T Construction will undertake engineering, design, procurement, and construction of more than 400KM of 380 kilovolts (kV) overhead transmission lines and a new 230kV gas-insulated substation with associated automation and protection systems.
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India’s April-Sept fiscal deficit touches $74.91 billion
India’s federal fiscal deficit in the first half of the financial year (April-Sept) rose to ₹6.20 lakh crore ($74.91 billion) from ₹5.27 lakh crore a year earlier. [Fiscal deficit is the difference between the total revenue and total expenditure of a government.] The fiscal deficit for the period touched 37.3% of the annual estimate as the govt spent more on fertiliser, food, and fuel subsidies.
Meanwhile, net tax collections during April-September rose to ₹10.12 lakh crore, up 10% YoY.
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L&T Q2 Results: Net profit rises 22.5% YoY to ₹2,229 crore
Larsen & Toubro Ltd reported a 22.5% year-on-year (YoY) increase in consolidated net profit to ₹2,229 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹42,763 crore during the same period. Consolidated order intake rose 23% YoY during the quarter to ₹51,914 crore. L&T’s total order book stood at ₹3.72 lakh crore at the end of Q2.
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DoT approves 42 firms for telecom products under PLI scheme
The Department of Telecommunications (DoT) has given approval to 42 companies under the production-linked incentive (PLI) scheme for telecom and networking products. Global firms like Samsung, Nokia, Rising Star, Flextronics, and local players like HFCL, ITI, and Tejas Networks are the companies selected under the scheme. These firms have committed investments of ₹4,115 crore in the sector.
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Bharti Airtel Q2 Results: Net profit rises 89% YoY to ₹2,145.2 crore
Bharti Airtel reported an 89% YoY rise in consolidated net profit to ₹2,145.2 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY (or 5.3% QoQ) to ₹6,332 crore during the same period. The telecom company’s average revenue per user (ARPU) grew 23.7% YoY or 3.6% QoQ to ₹190. Its customer base stood at 50.1 crore across 16 countries, up 4.8% YoY.
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ONGC plans 1 GW solar power plant in Rajasthan
Oil and Natural Gas Corporation (ONGC) is planning to set up a 1 gigawatt (GW) solar power plant in Rajasthan in a key move aimed at securing a foothold in the green energy space. The company has approached the state government, seeking 5,000 acres of land to house its proposed plant. The project may require an investment of ₹5,000 crore and take about three years to finish.
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Jindal Saw set to acquire Sathavahana Ispat under IBC for ₹530 crore
Jindal Saw Ltd emerged as the highest bidder at ₹530 crore to acquire Sathavahana Ispat (SI), which is undergoing corporate insolvency. J C Flower Asset Reconstruction Company is the sole creditor of SI with an admitted claim of ₹1,747 crore. SI has a 50 megawatt captive power plant and one plant each in Andhra Pradesh and Karnataka for producing pig iron and ductile iron pipe.
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Mahindra Finance raises ₹275 crore by issuing bonds
Mahindra & Mahindra Financial Services has raised ₹275 crore by issuing bonds on a private placement basis. The company’s board had approved the allotment of 2,750 secured redeemable non-convertible market-linked debentures. The face value of the bond is ₹10 lakh each, aggregating to ₹275 crore.
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RBI launches first pilot of wholesale Digital Rupee
Reserve Bank of India (RBI) will commence a pilot project for a wholesale central bank digital rupee on Nov 1. The digital rupee will be initially used to settle transactions in government securities. State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC have been identified for participation in the pilot.
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