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Tata Motors' Net Loss Widens in Q1 - Top Indian Market Updates

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

Tata Motors Q1 Results: Net loss widens to Rs 4,951 crore

Tata Motors reported a consolidated net loss of Rs 4,950.97 crore for the quarter ended June (Q1 FY23). The automaker had posted a net loss of Rs 4,450.12 crore in Q1 FY22 and a loss of Rs 992.05 crore in Q4 FY22. Its revenue from operations fell 8.3% YoY to Rs 71,934 crore in Q1 FY23. The sharp increase in losses is primarily due to inflation, lockdowns in China, chip supply issues, and volatile commodity prices. 

Sales of passenger vehicles surged 101.7% YoY to 1,30,351 units in Q1 FY23, while commercial vehicle sales jumped 104.1% YoY to 95,900 units.

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Govt received bids worth Rs1.49 lakh crore in spectrum sale

The Indian Government has raised Rs 1,49,454 crore from the auction of 5G spectrum at the end of day two, said telecom minister Ashwini Vaishnav. The sale will most likely end on Thursday. On day one, the govt received around Rs 1.45 lakh crore, driven by the 700 MHz band, which saw bidding for the first time. Reliance Jio, Bharti Airtel, and Vodafone Idea have bid for mid and high-end airways to launch 5G services.

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Bajaj Finance Q1 Results: Net profit jumps 159% YoY to Rs 2,596 crore

Bajaj Finance Ltd reported a 159% YoY jump in consolidated net profit to Rs 2,596 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 48% YoY to Rs 6,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.25% in Q1 FY23, compared to 2.96% in Q1 FY22. The company’s total assets under management stood at Rs 2,04,018 crore in Q1 FY23, up 28% YoY.

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DGCA orders SpiceJet to cut flights by half for safety

The Directorate General of Civil Aviation (DGCA) has ordered SpiceJet Ltd to operate only 50% of its flights for eight weeks after an unusually high number of safety incidents involving the airline. SpiceJet said this order would not have any impact on its flights in the lean travel season and flights won’t be cancelled. During these eight weeks, the airline would be subjected to DGCA’s "enhanced surveillance".

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Maruti Suzuki Q1 Results: Net profit jumps 118% YoY to Rs 1,036 crore 

Maruti Suzuki India Ltd (MSIL) reported a 118% YoY jump in consolidated net profit to Rs 1,036 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 49% YoY to Rs 26,499.8 crore during the same period. The automaker sold 4,67,931 units in Q1, up 32.3% YoY. MSIL also reported its highest ever exports at 69,437 units. A shortage of electronic components in Q1 resulted in the non-production of nearly 51,000 vehicles.

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Dr. Reddy's Labs launches cancer treatment injection Bortezomib in the US

Dr. Reddy’s Laboratories Ltd has announced the launch of Bortezomib for Injection (3.5 mg per 10 ml single-dose vial) in the U.S. market. The injection is indicated for the treatment of adult patients with multiple myeloma and mantle cell lymphoma (cancer). As per IQVIA data, the generic version of the drug had sales of approx. $1.2 billion in the U.S market during the 12 months ended May 2022.

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Dixon Tech Q1 Results: Net profit jumps 152% YoY to Rs 45 crore

Dixon Technologies Ltd reported a 152% YoY jump in consolidated net profit to Rs 45.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 52.89% YoY to Rs 2,855.07 crore during the same period. Total expenses stood at Rs 2,793.44 crore in Q1, up 51.52% YoY.

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Tech Mahindra, Genesys to license imagery data for Google Street View in India

Google has announced a partnership with Tech Mahindra Ltd and mapping firm Genesys International to launch the Street View product of Google Maps in India. The US-based tech major will license imagery data for Street View from Tech Mahindra and Genesys and won’t own the data itself. The product will be available in Bengaluru, Chennai, Delhi, Mumbai, and six other cities from today.

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Bharat Forge’s arm partners with Talgo for manufacturing high-speed trains

BF Infrastructure (a subsidiary of Bharat Forge Ltd) has partnered with Talgo India to set up a joint venture (JV) that will engage in the manufacturing of high-speed passenger trains. The JV is expected to address future large business opportunities in the Indian Railways sector. It will also tap the upcoming domestic requirements in the field. Talgo is a wholly owned subsidiary of Spain-based high-speed passenger train manufacturer Patentes Talgo.

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Laurus Labs Q1 Results: Net profit rises 4% YoY to Rs 251 crore

Laurus Labs reported a 4% YoY (or 9% QoQ) increase in net profit to Rs 251 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 20% YoY to Rs 1,539 crore during the same period. The pharma company's operating profit was up 15% YoY to Rs 454 crore in Q1. The active pharmaceutical ingredients (API) business reported a revenue of Rs 583 crore, up 6% YoY.

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