Titan’s Net Profit Falls 4% in Q3 - Top Indian Market Updates

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

Titan Q3 Results: Net profit falls 4% YoY to ₹951 crore

Titan Ltd reported a 4% YoY decline in net profit to ₹951 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 11% YoY to ₹10,444 crore during the same period. ​​The company’s jewellery business registered a total income of ₹9,518 crore in Q3, up 11% YoY. Titan’s eye care segment registered a 12% YoY growth in total income to ₹174 crore in Q3.

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Mahindra Electric Mobility merges with parent Mahindra & Mahindra

Mahindra Electric Mobility Ltd (MEML) has officially merged into the parent company, Mahindra and Mahindra Ltd (M&M). The merger received final approval from the National Company Law Tribunal (NCLT) on January 13. With this merger, M&M aims to synergise electric vehicle (EV) development, manufacturing, and sales operations.

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HDFC Q3 Results: Net profit rises 13% YoY to ₹3,691 crore

HDFC Ltd reported a 13% YoY increase in net profit to ₹3,691 crore for the quarter ended December (Q3 FY23). The mortgage lender’s revenue from operations grew 29% YoY to ₹15,230 crore during the same period. Income from interest stood at ₹14,457 crore in Q3, up 30% YoY. Dividend income more than doubled to ₹482 crore in Q3.

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Reliance Retail begins accepting govt's digital rupee for sales

Reliance Retail has started accepting retail payments via the Indian government's Digital Rupee across its stores in the country. The company launched the first in-store acceptance of the RBI-created and blockchain-based Central Bank Digital Currency (CBDC) at its gourmet food store Freshpik. The CBDC is the digital version of fiat money that will co-exist will hard cash.

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Dabur India Q3 Results: Net profit falls 5% YoY to ₹476 crore

Dabur India Ltd reported a 5.4% YoY decline in consolidated net profit to ₹476 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.4% YoY to ₹3,043.2 crore during the same period. Dabur’s homecare business registered a strong 18% YoY growth in Q3. The company said it is facing many adverse conditions in the rural markets due to inflationary pressures.   

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Bharti Airtel completes merger of Nettle Infrastructure, Telesonic Networks

Bharti Airtel Ltd has completed the merger of its wholly-owned subsidiaries Nettle Infrastructure Investments Ltd and Telesonic Networks Ltd. Around 30,000 non-convertible debentures (NCDs) of the face value of ₹10,00,000 each (aggregating to ₹3,000 crore) and 17,500 listed commercial papers of 5,00,000 each (aggregating to ₹875 crore) issued by Telesonic will also be transferred to Bharti Airtel.

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SBI gave loans worth ₹21,000 crore to Adani Group firms: Report

According to a Bloomberg report, India’s largest public lender State Bank of India (SBI_ has given loans of as much as ₹21,000 crore to Adani Group firms. SBI’s exposure includes $200 million from Adani’s overseas units. Reuters reported that the Reserve Bank of India had asked public sector banks for details of their exposure to the Adani Group of companies. Adani Group firms' stocks lost a combined market capitalisation of over ₹8.2 lakh crore in the past week due to a scathing report by US-based short seller firm Hindenburg Research. 

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Apollo Tyres Q3 Results: Net profit rises 30% YoY to ₹292 crore

Apollo Tyres Ltd reported a 30% YoY increase in consolidated net profit to ₹292 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 13% YoY to ₹6,423 crore during the same period. Input costs eased to some extent in the past quarter, which helped the tyre manufacturer improve margins.

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Tata Consumer Q3 Results: Net profit rises 26% YoY to ₹364 crore

Tata Consumer Products reported a 26% YoY increase in consolidated net profit to ₹364.43 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 8.3% YoY to ₹3,474.5 crore during the same period. The FMCG company’s EBITDA stood at ₹458 crore, down 2% YoY. The coffee business recorded revenue growth of 34% YoY, while its India foods business registered a 29% revenue growth in Q3.

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