Adani Green Posts 149% YoY Jump in Net Profit in Q2 - Top Indian Market Updates

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

Adani Green Q2 Results: Net profit jumps 149% YoY to ₹372 crore

Adani Green Energy Ltd (AGEL) reported a 149% year-on-year (YoY) jump in net profit to ₹372 crore for the quarter ended September (Q2 FY24). AGEL’s consolidated net revenue rose 40% YoY to ₹2,220 crore during the same period. EBITDA stood at ₹1,699 crore, up 96.2% YoY.

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Sun Pharma to market Zydus' novel anti-CKD drug Desidustat

Sun Pharmaceutical Industries Ltd has entered into a licensing agreement with Zydus Lifesciences to co-market the latter's drug Desidustat in India. The drug is used to treat anaemia associated with Chronic Kidney Disease (CKD). Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India. Sun Pharma will market the drug under the brand name RYTSTAT.

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Marico Q2 Results: Net profit rises 17% YoY to ₹353 crore

Marico Ltd reported a 17% YoY increase in consolidated net profit to ₹353 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined marginally to ₹2,476 crore during the same period. EBITDA stood at ₹497 crore, up 14.7% YoY. The company’s board declared a dividend of ₹3 per equity share.

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Tata Motors wins Singur plant arbitration

Tata Motors Ltd secured an arbitral award amounting to ₹765.78 crores and interest as compensation for their investment in the now-defunct Singur plant. The automaker won the arbitrations against the West Bengal Industrial Development Corporation Ltd (WBIDC), the nodal agency of the West Bengal government’s Industry, Commerce & Enterprises Department. The scrapped Singur plant was initially intended for the production of the Tata Nano. 

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DLF Q2 Results: Net profit rises 31% YoY to ₹623 crore

DLF Ltd reported a 31% YoY increase in net profit to ₹623 crore for the quarter ended September (Q2 FY24). Its revenue from operations grew 4% YoY to ₹1,348 crore during the same period. EBITDA stood at ₹462 crore, up 6% YoY. Total expenses for the quarter rose marginally to ₹1,012 crore.

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No payments pending for Russian oil imports: BPCL

According to Bharat Petroleum Corp’s (BPCL) head of finance, Ramakrishna Gupta, said the company has cleared all payments for Russian oil purchases. The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan. He also added that BPCL was processing Russian oil at the maximum "potential level" at its three plants, averaging about 30-40% of overall crude intake.

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TVS Motor Q2 Results: Net profit rises 32% YoY to ₹537 crore

TVS Motor Company reported a 32% YoY increase in net profit to ₹536.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 13% YoY to ₹8,145 crore during the same period. EBITDA stood at ₹900 crore, up 22% YoY. The overall two-wheeler and three-wheeler sales (including exports) grew by 5% YoY to 10.74 lakh units in Q2.

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DGGI probes GCPL's acquisition of Raymond's consumer goods business

The Directorate General of GST Intelligence (DGGI) is probing Godrej Consumer Products Ltd’s (GCPL)  acquisition of Raymond’s consumer goods business. GST authorities have asked Raymond Consumer Care Ltd (RCCL) to explain why GST should not be levied on the transaction amount. GCPL acquired the FMCG business, along with the Park Avenue, KS, KamaSutra and Premium trademarks, through a slump sale in April 2023 for ₹2,825 crore.

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AU Small Finance Bank to acquire Fincare Small Finance Bank 

AU Small Finance Bank (SFB) is all set to acquire Fincare Small Finance Bank in an all-share deal and merge it with itself, subject to regulatory approvals. As per the agreement between the two, shareholders of Fincare SFB shall receive 579 equity shares of AU SFB for every 2,000 shares held. The merger would be effective from February 1, 2024.

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Sri Lankan government renews Lanka IOC's petroleum licence for 20 years

The Sri Lankan government has renewed the petroleum products licence granted to Lanka IOC for another 20 years. Lanka IOC is a subsidiary of Indian Oil Corporation Ltd (IOCL). The licence originally issued in 2003 was to expire in January 2024. The renewed license will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044.

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Macrotech Developers to launch housing projects worth ₹12,000Cr by March

Macrotech Developers Ltd (Lodha) plans to launch housing projects worth ₹12,000 crore by March 2024 to tap strong consumer demand for quality homes from branded players. The company also said it would easily achieve the ₹14,500 crore sales booking target fixed for the current financial year as against ₹12,070 crore in the previous year. Lodha has already achieved sales bookings of ₹6,890 crore during the first six months of FY24.

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