TCS Posts 9% YoY Rise in Q2 Net Profit - Top Indian Market Updates

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

TCS Q2 Results: Profit rises 9% YoY to ₹11,342 crore

Tata Consultancy Services (TCS) reported a 9% YoY increase in consolidated net profit to ₹11,342 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹59,692 crore. EBITDA stood at ₹14,483 crores, up 9.1% YoY. The company’s board has recommended an interim dividend of ₹9 per share. The board has also approved buyback of shares worth ₹17,000 crore at ₹4,150 per share.

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L&T secures mega contract in Middle East

Larsen & Toubro (L&T) Ltd’s hydrocarbon business (L&T Energy Hydrocarbon) has secured a Letter of Intent (LoI) for a 'mega onshore project' from a prestigious client in the Middle East. The project is valued at above ₹7,000 crore and involves engineering, procurement and construction of gas compression plants.

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Vedanta incorporates base metals unit

Vedanta Ltd has incorporated its base metals unit Vedanta Base Metals Ltd with an authorised share capital of ₹1 lakh to implement the demerger scheme. The company holds 100% shareholding of the newly incorporated unit. Vedanta Base Metals will have a diversified portfolio of international base metal assets, including Tuticorin, Fujairah Gold, Silvassa and VZL.

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Maruti Suzuki signs MoU with IDBI to provide dealer financing solutions

Maruti Suzuki India has signed a Memorandum of Understanding (MoU) with IDBI Bank to offer financing solutions for dealers. The partnership will empower over 4,000 Maruti Suzuki sales outlets across India with comprehensive inventory funding options for their working capital needs. 

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GST Authority imposes ₹36,844 penalty on LIC

The Goods & Services Tax (GST) Authority has imposed a fine of ₹36,844 on Life Insurance Corporation Ltd (LIC) for lower payment of taxes. LIC has received a communication or demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state. As per the notice, LIC paid 12% GST instead of 18% on certain invoices. LIC said there is no material impact on financials, operations or other activities.

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Aster’s India unit draws suitors valuing business at $1.5 billion

Private equity firm BPEA EQT, Ontario Teachers’ Pension Plan (OTPP) Board, and other firms are considering a deal to acquire Aster DM Healthcare Ltd’s assets, including its India business. Others interested in potential bids for Aster’s India business include Blackstone Inc. and KKR & Co. The deal values Aster’s India business at $1.5 billion.

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ONGC Videsh keen on Sri Lankan oil and gas blocks

Oil and Natural Gas Corp is interested in the exploration of oil and gas blocks in Sri Lanka. The company is awaiting an announcement of the oil and gas 'roadmap' of the island nation. ONGC Videsh is an overseas investment arm of ONGC. ONGC Videsh is open to having deals through government-to-government negotiations or through competitive bidding depending on Sri Lanka's yet-to-be-announced exploration policy.

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Shakti Pumps to invest ₹114 crore in EV subsidiary Shakti EV Mobility

Shakti Pumps (India) Ltd will make an investment of ₹114 crore in its wholly-owned electric vehicle subsidiary, Shakti EV Mobility Pvt Ltd. The company will make the investment in one or more rounds in the next five years. Shakti Pumps had invested ₹1 crore in its Shakti EV Mobility Pvt Ltd by purchasing 10 lakh equity shares of ₹10 each last year. 

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Grasim to consider fundraising on October 16

Grasim Industries will consider fundraising in its meeting scheduled on October 16. The board will consider the proposal for raising funds via equity shares or other securities through rights issues, qualified institutions placement, preferential issues or any other method in the board meeting.

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