Yes Bank Plans Growth Roadmap After $1B Capital Raising - Top Indian Market Updates


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Yes Bank plans growth roadmap after $1 billion capital raising

Yes Bank is aiming to expand its loan book by 15% in FY23 and acquire smaller rivals to revive its business, said CEO Prashant Kumar. The bank’s expansion plan comes after it raised $1.1 billion (~Rs 8,725 crore) last week by selling up to a 10% stake to Carlyle Group and Advent International. The capital raised will improve the bank's common equity Tier-1 capital ratio (a key indicator of financial strength) from 11.9% to 15.7%.

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Britannia Industries Q1 Results: Net profit falls 13% YoY to Rs 337 crore

Britannia Industries Ltd reported a 13.37% YoY decline in consolidated net profit to Rs 337.44 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8.74% YoY to Rs 3,700.96 crore during the same period. The company’s total expenses stood at Rs 3,293.15 crore in Q1, up 12.28% YoY. 

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Adani Enterprises arm to acquire toll roads in Guj, Andhra from Macquarie Asia Infra Fund

Adani Road Transport Ltd (ARTL) will acquire a 100% stake in Swarna Tollway Pvt. Ltd (STPL) and a 56.8% stake in Gujarat Road and Infrastructure Company Ltd. (GRICL) from Macquarie Asia Infrastructure Fund. STPL & GRICL have two stretches of toll roads each in Andhra Pradesh and Gujarat. The acquisition is at an enterprise value of Rs 3,110 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd.

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Dabur Q1 Results: Net profit rises 0.6% YoY to Rs 441 crore

Dabur India Ltd reported a 0.6% YoY (or 50% QoQ) increase in consolidated net profit to Rs 441.06 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8% YoY to Rs 2,822.43 crore during the same period. The company’s domestic FMCG business posted a 5% volume growth.

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LTI partners with Saviynt to deliver intelligent identity solutions

Larsen & Toubro Infotech (LTI) has partnered with US-based Saviynt to provide organisations with improved identity management and security threat protection during digital transformation. The partnership combines Saviynt’s Enterprise Identity Cloud with LTI’s Active XDR (Extended Detection & Response) capabilities. The two entities will deliver integrated solutions seamlessly across cloud and hybrid environments.

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BHEL Q1 Results: Net loss at Rs 188 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 187.99 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 447.48 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 63.35% YoY to Rs 4,449.5 crore in Q1 FY23. Sate-run BHEL’s power business sales stood at Rs 3,526.2 crore, up 66.57% YoY. Total expenditure increased by 40.15% YoY to Rs 5,006.5 crore in Q1. 

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Zydus Lifesciences gets USFDA approval for anti-inflammatory skin cream

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Ivermectin cream. The cream is used to treat inflammatory lesions of rosacea, a common skin condition that causes redness of the skin. As per IQVIA data, Ivermectin cream total had sales of $176 million (~Rs 1,396 crore) in the US during the twelve months ended June 2022.

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Berger Paints Q1 Results: Net profit rises 80% YoY to Rs 254 crore

Berger Paints India Ltd posted an 80.6% YoY increase in consolidated net profit to Rs 253.71 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53.44% YoY to Rs 2,759.7 crore during the same period. The paint manufacturer’s total expenses stood at Rs 2,433.92 crore in Q1, up 49.8% YoY.

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IndusInd Bank partners with M2P Fintech to expand its digital suite of products

IndusInd Bank has partnered with M2P Fintech to roll out path-breaking customer value propositions across payments and lending solutions. The bank will leverage M2P's cutting-edge technology backed by analytics to deliver hyper-personalised offerings. M2P's fully equipped API infrastructure allows IndusInd Bank to develop innovative products or experiences on top of its core banking system.

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Adani Enterprises Q1 Results: Ney profit rises 73% YoY to Rs 469 crore

Adani Enterprises Ltd (AEL) reported a 73% YoY (or 54% QoQ) increase in consolidated net profit to Rs 469 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 225% YoY (or 64% QoQ) to Rs 40,844 crore during the same period. EBITDA stood at Rs 1,742 crore in Q1, up 119% YoY. 

In other news, AEL has signed a pact with Israel Innovation Authority (IIA) to access tech solutions provided by Israeli start-ups. The collaboration will span across climate change, cyber, AI, 5G, and agriculture – all of which are core businesses for the Adani Group.

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Adani Ports signs MoU with AD Ports Group for infrastructure investments in Tanzania

Adani Ports & SEZ Ltd has signed a Memorandum of Understanding (MoU) with UAE-based AD Ports Group to jointly develop port, rail, and maritime services and an industrial zone in Tanzania. AD Ports Group’s strategic investment in infrastructure and solutions in Tanzania will allow international companies to enter African markets.

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