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GAIL approves issuance of one bonus share for every two held.
Issuance subject to approval of the shareholders at the AGM scheduled for August 26.
Source: Exchange filing
The broader indices underperformed, with MidCap index rising 0.28% and SmallCap gauge adding 0.2%. Fifteen of the 19 sectoral indices compiled by BSE advanced with Capital Goods measure jumping nearly 2%.
The market breadth is skewed in the favour of neither bulls nor bears. About 1,630 stocks rose, 1,547 fell and 162 remained unchanged.
Google has launched Street View in India, in collaboration with Genesys and Tech Mahindra.
The technology is available for 10 Indian cities starting today and will be expanded to 50 cities by the end of the year.
Source: Press statement
Merged entity to be called InCred Finance, will be managed by Bhupinder Singh, Founder CEO of InCred Group.
Merged entity will have $600 million balance sheet and $300 million equity base.
InCred Finance will remain a strategic investment for KKR and will not be a portfolio company.
Alert: Merger was first announced in August 2021
Source: InCred, KKR statement
Supreme Court gives its verdict on challenge to anti-money laundering law and powers of the Enforcement Directorate.
Supreme Court rejects the challenge to provision of power of arrest and says it does not suffer from arbitrariness.
The challenge to PMLA provisions dealing with search and seizure has also been rejected.
An Enforcement Case Information Report (ECIR) cannot be equated with an FIR.
Supply of copy of an ECIR is not mandatory. Giving the grounds at the time of the arrest is sufficient.
Over 200 petitions were filed challenging various provisions of the Prevention of Money Laundering Act, 2002.
The judgment was pronounced by a bench presided by Justice AM Khanwilkar.
The question of certain amendments to PMLA via the Finance Act is left open. To be decided by a larger bench.
The full copy of the judgment is yet to be uploaded.
The broader indices almost mirrored their larger peers. Fifteen of the 19 sectoral measures compiled by BSE Ltd. advanced with Capital Goods gauge rising 0.8%.
The market breadth is skewed in the favour of neither bulls nor bears. About 1,126 stocks rose, 1,051 fell and 112 remained unchanged.
Yield on the 10-year bond was at 7.37% at the open.
Source: Bloomberg
Indian Rupee Falls 6 Paise Against The U.S. Dollar At Open
The board will evaluate the proposal for raising of funds by way of rights issue, preferential allotment, qualified institutions placement, or any other route.
Funds to be raised through issuance of equity shares, convertibles, or any other eligible securities.
Alert: Yes Bank is looking to raise $1 billion from a clutch of investors, after it completes the sale of its Rs 48,000 crore stressed assets, CEO Prashant Kumar had told BQ Prime last week.
Source: Exchange notification
Yes Bank: The private sector lender will on July 29 consider raising of funds via a rights issue, preferential allotment, qualified institutions placement or through any other permissible mode.
ONGC: The company has signed a memorandum of understanding with Greenko ZeroC to jointly pursue opportunities in Renewables, Green Hydrogen, Green Ammonia and other derivatives of green hydrogen. The MoU is valid for two years.
Wipro: The company has announced a new five-year strategic engagement with Nokia. The new agreement builds on a partnership originally established over 20 years ago.
Zomato: The company’s shareholders approved the proposal to acquire Blinkit in an all-stock deal.
Piramal Enterprises: The company received NBFC license from the Reserve Bank of India that will allow it to begin NBFC operations.
Zydus Wellness: The company has received final approval from the U.S. FDA for Bisoprolol Fumarate tablets used to treat high blood pressure. The drug will be manufactured at the company’s formulation manufacturing facility at SEZ Ahmedabad and will be distributed by Viona Pharmaceuticals Inc.
JSW Energy: The company received NCLT approval for the resolution plan for Ind-Barath that owns a 700 MW under-construction thermal power plant in Odisha.
HDFC Life Insurance: The company will consider raising funds by way of issue of equity shares and/or other securities by way of preferential issue.
Trident Group: The company has resumed operations at manufacturing locations following suspension on July 19.
Delhivery: The company has integrated its subsidiary Spoton Logistics with itself.
L&T Q1 FY23 (Consolidated, YoY)
Revenue up 22% at Rs 35,853.20 crore
EBITDA down 2% at Rs 3,120.62 crore
EBITDA margin at 8.7% vs 10.8%
Net profit up 50% at Rs 2,293.01 crore
Tata Power Q1 FY23 (Consolidated, YoY)
Revenue up 45% at Rs 14,495.48 crore
EBITDA down 2% at Rs 1,683.39 crore
EBITDA margin at 11.61% vs 17.3%
Net profit up 90% at Rs 883.54 crore
Relaxo Footwears Q1 FY23 (Consolidated, YoY)
Revenue up 34% at Rs 667.15 crore
EBITDA up 30% at Rs 86.12 crore
EBITDA margin at 12.9% vs 13.3%
Net profit up 25% at Rs 38.67 crore
Tata Investment Corporation Q1 FY23 (Consolidated, QoQ)
Revenue up 65% at Rs 101.97 crore Vs Rs 61.9 crore
EBIT up 62% at Rs 90.83 crore Vs Rs 55.99 crore
EBIT margin 89% Vs 90.5%
Net profit up 67% at Rs 89.94 crore Vs Rs 53.84 crore
United Spirits Q1 FY23 (Consolidated, YoY)
Revenue up 16% at Rs 7,131.3 crore Vs Rs 6,168.5 crore (Bloomberg estimate: Rs 1,057.8 crore)
EBITDA up 98% at Rs 372.30 crore Vs Rs 188.5 crore (Bloomberg estimate: Rs 142.8 crore)
EBITDA margin 5% Vs 3%
Net profit up 38x at Rs 266.2 crore Vs Rs 55.5 crore (Bloomberg estimate: Rs 81.54 crore)
Aditya Birla Sun Life AMC Q1 FY23 (Standalone, YoY)
Revenue up 1% at Rs 299.01 crore Vs Rs 295.15 crore (Bloomberg estimate: Rs 300 crore)
EBITDA up 0.4% at Rs 179.98 crore Vs Rs 179.25 crore (Bloomberg estimate: Rs 170 crore)
EBITDA margin 60.19% Vs 60.73%
Net profit fell 33% at Rs 101.51 crore Vs Rs 151.36 crore (Bloomberg estimate: Rs 140 crore)
UTI Asset Management Q1 FY23 (Consolidated, YoY)
Revenue up 15% at Rs 293.12 crore Vs Rs 344.34 crore (Bloomberg estimate: Rs 270 crore)
EBIT fell 50% at Rs 95.91 crore Vs Rs 190.29 crore (Bloomberg estimate: Rs 120 crore)
EBIT margin 33% Vs 55%
Net profit fell 39% at Rs 94.41 crore Vs Rs 155.03 crore (Bloomberg estimate: Rs 50 crore)
Sanofi Q1 FY23 (Consolidated, YoY)
Revenue fell 11% at Rs 699.3 crore Vs Rs 789.1 crore
EBITDA fell 35% at Rs 161.10 crore Vs Rs 247.1 crore
EBITDA margin 23% Vs 31%
Net profit fell 33% at Rs 120.4 crore Vs Rs 178.3 crore
India Grid Trust Q1 FY23 (Consolidated, QoQ)
Revenue up 1% at Rs 560.88 crore Vs Rs 554.38 crore
EBIT fell 7% at Rs 319.87 crore Vs Rs 345.25 crore
EBIT margin 57% Vs 62%
Net profit fell 5% at Rs 80.95 crore Vs Rs 85.25 crore
Shopper’s Stop Q1 FY23 (Consolidated, QoQ)
Revenue up 33% at Rs 948.44 crore Vs Rs 713.34 crore
EBITDA up 2x at Rs 162.50 crore Vs Rs 76.24 crore
EBITDA margin 17% Vs 11%
Net profit of Rs 22.83 crore Vs net loss of Rs 15.85 crore
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