Tata Steel’s Profit Falls 82% YoY to Rs 1,705Cr in Q4 - Top Indian Market Updates

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Tata Steel Q4 Results: Profit falls 82% YoY to Rs 1,705 crore

Tata Steel reported an 82% YoY fall in consolidated net profit to Rs 1,705 crore for Q4 FY23. Its revenue from operations also fell 9% YoY to Rs 62,961 crore during the same period. EBITDA stood at Rs 7,225 crore in Q4 FY23, compared to Rs 5,174 crore in Q4 FY22. The company's board has recommended a dividend of Rs 3.6 per equity share.

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Auto sales data for April 2023: Highlights  

Maruti Suzuki India posted a 6.5% year-on-year (YoY) increase in wholesale sales to 1.61 lakh units in April 2023. Sales of its mini & compact vehicle segment rose 16.7% YoY to 89,045. Exports fell 7.8% YoY to 16,941 units.

Tata Motors Ltd registered a 13% YoY increase in passenger vehicle sales to 47,107 units in April. The automaker’s commercial vehicle sales declined by 6% YoY to 6,984 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 34,698 units in April, an increase of 54% YoY. M&M’s tractor sales fell 11% YoY to 36,405 units. 

TVS Motor Company’s total sales stood at 3.06 lakh units in April, up 4% YoY. Meanwhile, Bajaj Auto’s sales rose 11% YoY to 2.8 lakh units.

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NMDC iron ore output rises 11.42% to 3.51 MT in April

NMDC Ltd reported an 11.42% rise in its iron ore production of 3.51 million tonnes (MT) in April 2023. It produced 3.15 MT of iron ore in the same month last year. The state-owned company is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

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Adani Total Gas Q4 Results: Profit rises 21% YoY to Rs 98 crore

Adani Total Gas reported a 21% YoY increase in consolidated net profit at Rs 98 crore for Q4 FY23. Operating revenue stood at Rs 1,197 crore, a 12% increase from Q4 FY22. ATGL's operating profit rose 45% to Rs 205 crore. The company’s board approved a dividend of Rs 0.25 per equity share.

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Suzlon secures 69.3 MW wind energy project from Juniper Green Energy

Suzlon has secured an order from Juniper Green Energy to develop a 69.3 megawatts (MW) wind power project. The project is located in Surendra Nagar district in Gujarat and is expected to be commissioned in 2024. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning.

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USFDA halts Sun Pharma's trials on dermatological drug

The US Food & Drug Administration (FDA) has asked Sun Pharmaceutical Industries Ltd to halt tests on one dose of an experimental dermatological drug due to the potential of blood clots. The FDA has also said that patients with alopecia areata (an autoimmune condition that results in patchy hair loss) on the 12 mg dose of deuruxolitinib should discontinue its use.

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Ambuja Cements Q4 Results: Net profit rose 2% YoY to Rs 502 crore

Ambuja Cements reported a 1.6% YoY rise in standalone net profit to Rs 502 crore for Q4 FY23. Operating revenue stood at Rs 4,256 crore, an 8% increase from Q4 FY22. EBITDA for the quarter stood at Rs 788 crore, compared to Rs 793 crore in Q4 FY22. The company’s board approved a dividend of Rs 2.5 per equity share.

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Varun Beverages Q4 Results: Net Profit rises 69% YoY to Rs 429 crore

Varun Beverages reported a 69% YoY increase in consolidated net profit to Rs 429 crore for Q4 FY23. Its operating revenue for the quarter increased 37.8% YoY to Rs 3,952 crore. EBITDA rose 50.3% YoY to Rs 798 crore. The company’s board also announced a 1:2 stock split subject to the approval of shareholders.

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Minda Corp to acquire additional 8.8% stake in Pricol

Minda Corporation has filed an application with the Competition Commission of India (CCI) to increase its stake in Pricol Ltd. to 24.5%. It had acquired 15.7% of Pricol's equity earlier this year, but stated that it was only a financial investment with no special rights. As of December last year, Pricol was a debt-free company and even had free cash flow worth Rs 112.2 crore as of financial year 2022.

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India’s unemployment rate surges to 4-month high in April

India's unemployment rate rose to 8.11% in April from 7.8% in March, the highest since December. Urban unemployment increased from 8.51% to 9.81% in the same period, while in rural areas, it fell marginally from 7.47% a month ago to 7.34% in April. India’s labour force increased by 25.5 million people to 467.6 million in April, possibly due to an “increase in optimism about finding employment."

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