Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

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

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

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Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

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RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

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Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

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L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

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MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

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Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

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IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

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Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

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Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence - fiberco business. Through this demerger, SPTL intends to create 'pure play' business verticals based on end-customer base, investor class and returns.

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MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

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Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

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