Titan’s Net Profit Rises 50% YoY to Rs 734Cr in Q4 - Top Indian Market Updates
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Here are some of the major updates that could move the markets tomorrow:
Titan Q4 Results: Net profit rises 50% YoY to Rs 734 crore
Titan reported a 50% YoY increase in net profit to Rs 734 crore for Q4 FY23. Its total revenue rose 33% YoY to Rs 9,704 crore during the quarter. EBITDA stood at Rs 1,044 crore in Q4 FY23, up 33% YoY. The company's board has recommended a dividend of Rs 10 per equity share.
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ED searches premises linked to Manappuram Finance
The Enforcement Directorate (ED) is carrying out searches at multiple locations on premises linked to Manappuram Finance Ltd in Thrissur, Kerala. Searches are also carried out at the headquarters and residence of promoter VP Nandakumar on allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of the Reserve Bank of India (RBI). They are also suspected of doing large-scale cash transactions without following KYC norms.
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JSW Steel USA Ohio to invest USD 145 mn to upgrade operations
JSW Steel’s US subsidiary, JSW Steel USA Ohio Inc., plans to invest $145 million to enhance its manufacturing operations in Mingo Junction, Ohio. The move aims to meet the demand for high-quality steel products melted and manufactured in the US. These new projects are expected to be completed & commissioned in FY26.
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Adani Wilmar Q4 Results: Net profit falls 60% YoY to Rs 94 crore
Adani Wilmar reported a 60% YoY fall in consolidated net profit to Rs 94 crore for Q4 FY23. Operating revenue stood at Rs 13,872 crore, down 7% YoY. EBITDA fell 30% YoY to Rs 2,407 crore from Rs 3,425 crore in Q4FY22. Meanwhile, the company crossed 5 million metric tonnes of sales during FY23.
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Tata Chem Q4 Results: Profit rises 62% YoY to Rs 709 crore
Tata Chemicals reported a 62% YoY increase in net profit at Rs 709 crore for Q4 FY23. Total revenue stood at Rs 4,407 crore, a 26.6% increase from Q4 FY22. EBITDA rose 47% YoY to Rs 965 crore in Q4FY22. The company’s board approved a dividend of Rs 17.5 per equity share.
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Godrej Consumer to consider raising Rs 5,000 crore via NCDs
Godrej Consumer is planning to raise up to Rs 5,000 crore through non-convertible debentures (NCDs), with the proposal set to be considered by its board next week. The board will also approve the company's audited financial results for the quarter and financial year ending March 31, 2023, on May 10.
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MRF Q4 Results: Net profit jumps 161% YoY to Rs 410 crore
MRF reported a 161% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue for the quarter increased 10.1% YoY to Rs 5,725 crore. EBITDA rose 60% YoY to Rs 843 crore. The company’s board announced a dividend of Rs 169 per share.
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NTPC Group's total installed capacity touches 72,304 MW
NTPC Ltd has achieved an installed capacity of 72,304 MW after the addition of unit 1 of the Maitree Super Thermal Power Plant (MSTPP) in Bangladesh. This marks the first overseas capacity addition for NTPC, which executed the project in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd (BIFPCL), a foreign joint venture company.
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Gravita India’s subsidiary secures long-term loan of 34 million euros
Gravita India's step-down subsidiary Gravita Netherlands BV has secured a long-term loan of 34 million euros from two European developmental financial institutions in the form of an ESG (environmental, social and governance) loan. The loan is guaranteed by parent company Gravita India and enables the subsidiary's offshore businesses to gain financial independence for their capex and working capital requirements.
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Strides Pharma partners with Orbicular to develop nasal sprays
Strides Pharma Science Ltd. has formed a partnership with Orbicular Pharmaceutical Technologies to jointly develop four nasal sprays for global markets with a combined market size of over $400 million. The products will be manufactured at Strides Pharma’s facility in Chestnut Ridge, New York, which has comprehensive capabilities for nasal spray manufacturing, including for controlled substances.
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India's coal production rises 22.6% in 5 years to 893.08 MT in FY23
India's coal production has registered a growth of about 23% in the last five years to 893.08 million tonnes (MT) in FY23. In the last five years, the production of Coal India Limited (CIL) has increased from 606.89 MT in FY19 to 703.21 MT, registering a growth of 15.9%. Contribution from captive and other mines to the total coal output also increased to 122.72 MT in FY23, up 113.7%.
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