CPI Inflation Falls to 6.71% in July - Top Indian Market Updates

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

CPI inflation falls to 5-month low of 6.71% in July

India’s retail inflation (measured by the Consumer Price Index) fell to a five-month low of 6.71% in July. CPI stood at 7.01% in June. Inflation in the food basket also showed a month-on-month fall from 7.75% in June to 6.75% in July. Meanwhile, inflation in the fuel and light segment rose 11.76%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 12.3% YoY to 137.9 during June.

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LIC Q1 Results: Net profit jumps multifold to Rs 683 crore

Life Insurance Corporation of India (LIC) reported a multifold increase in net profit to Rs 682.89 crore for the quarter ended June (Q1 FY23). The life insurer had reported a net profit of Rs 2.94 crore in the corresponding quarter last year (Q1 FY22). Its total premium income rose 20.35% YoY to Rs 98,351.76 crore in Q1 FY23. LIC sold 36.81 lakh policies in the individual segment, registering a growth of 59.56%.

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Kolte-Patil Developers eyes Rs 1,400 crore sales from housing project in Pune

Kolte-Patil Developers Ltd (KPDL) has acquired 25 acres of land in Pune to develop a housing project with an estimated sales revenue of Rs 1,400 crore. The realty firm has acquired Sampada Realities Pvt Ltd, which owns this land parcel. This acquisition is in line with KPDL’s business development target of Rs 7,000 crore for this year.

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Hero MotoCorp Q1 Results: Net profit rises 71% YoY to Rs 625 crore

Hero MotoCorp Ltd reported a 71% YoY increase in consolidated net profit to Rs 625 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53% YoY to Rs 8,393 crore during the same period. EBITDA stood at Rs 941 crore in Q1, up 82.7% YoY. The two-wheeler manufacturer registered a 36% YoY increase in sales to 13.9 lakh units. 

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Passenger vehicle dispatches rise 11% in July: SIAM

Passenger vehicle dispatches to dealers rose 11% to 2.64 lakh units in July 2022. An improvement in semiconductor supplies helped automakers ramp up production ahead of the festive season. Dispatches of passenger cars increased by 10% YoY to 1,43,522 units in July. Wholesales of motorcycles grew 4% YoY to Rs 8,70,028 units last month. The data was released by the Society of Indian Automobile Manufactures (SIAM).

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Divi’s Labs Q1 Results: Net profit rises 26% YoY to Rs 702 crore

Divi’s Laboratories Ltd reported a 26% YoY increase in consolidated net profit to Rs 702 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 2,254 crore during the same period. However, EBITDA fell 0.6% YoY to Rs 846.7 crore. Total expenses stood at Rs 1,491.61 crore in Q1, up 26.18% YoY.

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Tata Elxsi brings new age solutions for driverless cars, connected vehicles: CMO

Tech service provider Tata Elxsi is helping customers reimagine products and services in the three key verticals of transportation, media & telecom, and healthcare, said Nitin Pai, Chief Marketing Officer. It has delivered platforms like AUTONOMAI for driverless cars, TETHER for connected cars, and TE Play for OTT services. Tata Motors has adopted TETHER Auto to power connectivity and data-led services for nearly 500,000 on-road vehicles.

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ONGC Q1 Results: Net profit jumps 3.5x to Rs 15,206 crore

ONGC Ltd reported a 251% YoY jump in net profit to Rs 15,205.85 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 84% YoY to Rs 42,320.72 crore during the same period. The company’s operating margin improved to 49.7% in Q1 FY23, compared to 32.01% in Q1 FY22.

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NCLT approves demerger of pharma business from Piramal Enterprises

The National Company Law Tribunal (NCLT) has approved the demerger of Piramal Enterprises Ltd’s (PEL) pharma business and the simplification of the company’s corporate structure. The order paves the way for the creation of two separate listed entities— PEL and Piramal Pharma Ltd (PPL). PEL said the demerged entities will have greater focus and ability to pursue accelerated growth.

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Apollo Tyres Q1 Results: Net profit rises 49% YoY to Rs 191 crore

Apollo Tyres Ltd reported a 49.21% YoY jump in net profit to Rs 190.68 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 29.6% YoY to Rs 5,942 crore during the same period. Both Indian and European operations performed well, with their revenues from operations increasing 38% and 14%, respectively.

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Grasim Q1 Results: Net profit rises 13% YoY to Rs 2,759 crore

Grasim Industries Ltd reported a 12.7% YoY increase in consolidated net profit to Rs 2,758.75 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 40.7% YoY to Rs 28,041.54 crore during the same period. Grasim's viscose (fibre and yarn) business generated a revenue of Rs 4,299.88 crore in Q1 FY23, compared to Rs 2,102.76 crore in Q1 FY22.

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