WPI Inflation Eases to 15.18% in June - Top Indian Market Updates
Here are some of the major updates that could move the markets tomorrow:
WPI inflation eases to 15.18% in June
India’s wholesale inflation eased to 15.18% in June 2022. The Wholesale Price Index (WPI) had surged to 15.88% in May, while WPI for April was revised to 15.38%. Inflation in the food articles segment witnessed a spike of 14.39% in June, primarily due to a rise in vegetable prices. The fuel and power segment eased to 40.38% in June, compared to 40.62% in May. The manufactured goods segment eased from 10.11% in May to 9.19% in June.
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L&T Infotech Q1 Results: Net profit rises 27% YoY to Rs 634 crore
Larsen & Toubro Infotech (LTI) reported a 27.6% YoY increase in consolidated net profit to Rs 634.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 30.6% YoY (or 5.1% QoQ) to Rs 4,522.8 crore during the same period. The IT company’s EBITDA stood at Rs 830.8 crore, up 28.3% YoY. LTI secured four large deal wins in Q1, with a net total contract value (TCV) of $79 million.
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Bharti Airtel’s board approves preferential allotment of 7.11 crore shares to Google
Bharti Airtel Ltd’s board has approved the preferential allotment of 7.11 crore shares to US-based tech major Google at Rs 734 per share. Google will hold 1.2% of the total post-issue equity shares of the telecom company. In January 2022, the search engine giant announced an investment of $700 million (~Rs 5,600 crore) to acquire a 1.28 percent stake in Bharti Airtel. Google will also invest another $300 million in multi-year commercial agreements.
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Torrent Power secures Rs 2,600 crore wind energy project from SECI
Torrent Power Ltd has secured a 300 megawatts (MW) wind energy project in Karnakata from Solar Energy Corporation of India (SECI). The estimated cost of the project is Rs 2,600 crore. The Power Purchase Agreement (PPA) term is 25 years from the scheduled commercial operation date at a tariff of Rs 2.94 per kilowatt hour (kWh).
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Marico expects better demand, margins in H2 FY23
Marico Ltd expects demand and margin trends to improve towards the second half of FY23 on the likely easing of crude and edible oil prices in the next few months. The FMCG firm will closely watch rural growth and is hopeful of a demand recovery due to a good harvest season, typical monsoon forecast, and government spending. Marico expects consolidated operating margin to be in the range of 18-19% in FY23.
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ACC Q2 Results: Net profit falls 60% YoY to Rs 227 crore
ACC Limited reported a 60.07% YoY decline in consolidated net profit to Rs 227.35 crore for the quarter ended June (Q2 CY23). The cement manufacturer follows the January-December financial year cycle. Its revenue from operations grew 15% YoY to Rs 4,468.42 crore during the same period. Total expenses stood at Rs 4,221.74 crore in Q2, up 32.94% YoY.
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Adani Ports, Israel's Gadot to acquire Haifa Port
A consortium formed of India’s Adani Ports & Special Economic Zone (APSEZ) and Israel-based Gadot has won a tender for the privatization of the Port of Haifa, one of Israel's largest seaports. The group will acquire the port for 4.1 billion shekels ($1.18 billion). In recent years, Israel has been selling its government-owned ports and allowing private piers to be built to shorten wait times for cargo ships and lower import costs.
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RIL partners with AFI to support holistic development of Indian athletes
Reliance Industries Ltd (RIL) has partnered with the Athletics Federation of India (AFI) to enable the holistic growth of athletics in India. The partnership aims to discover, nurture and develop Indian athletes from across the country and provide them with world-class facilities, coaching, and medical support. The Reliance Foundation has been working closely with multiple partners to develop an ecosystem of Indian sports through improvements in infrastructure, skill development, and digital empowerment.
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Tata Elxsi Q1 Results: Net profit rises 63% YoY to Rs 184 crore
Tata Elxsi Ltd reported a 62.9% YoY increase in net profit to Rs 184.7 crore for the quarter ended June (Q1 FY23). Net profit rose 15.4% when compared to the previous quarter. Its revenue from operations grew 30% YoY (or 6.5% QoQ) to Rs 725.9 crore during the same period. The IT company’s EBITDA stood at Rs 238.2 crore in Q1, up 58.8% YoY. Tata Elxsi crossed the 10,000 employee mark with 771 net additions.
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