RBI hikes UPI payment limit for education, hospitals

Reserve Bank of India (RBI) increased the limits for certain types of transactions made through the popular Unified Payments Interface (UPI) platform and e-mandates that allow recurring online payments. Specifically, the central bank said it will increase the per-transaction limit for payments made to educational institutions and hospitals using the UPI platform from the existing […]

Tata Motors Reports 1% Drop in Total Auto Sales in November 2023

Tata Motors announced its November 2023 auto sales numbers, reporting total sales of 74,172 vehicles, a 1% decline from 75,478 units sold in November 2022. However, electric vehicle (EV) sales continued to grow, with 4,761 EVs sold in November, up 7% year-over-year. In the commercial vehicles segment, Tata sold 28,029 units in November 2023, compared […]

Mahindra SUV Sales Surge 32% in November, Driven by Strong Demand

Indian automaker Mahindra & Mahindra Ltd. (M&M) reported robust SUV sales growth in November 2023, driven by healthy festive season demand amid supply constraints for select parts. M&M sold 39,981 SUVs in the domestic market in November, a 32% increase over 30,238 units sold in November 2022. This took total SUV sales including exports to […]

Infrastructure Project Awarding Surges in October While Tendering Dips

Infrastructure project awarding continued its strong growth momentum in October 2023, registering a 65% year-on-year expansion to Rs 569 billion, while tendering activity witnessed a 11% decline to Rs 1.1 trillion, as per the latest monthly update report published by leading brokerage Antique Stock Broking Ltd. The total value of infrastructure projects awarded in October […]

Improved Capacity Utilization, Lower Costs Underlie Himatsingka Seide’s Q2 Performance

Bengaluru-based textile manufacturer Himatsingka Seide Limited announced its financial results for the second quarter of fiscal year 2024, ending September 30, 2023. The company reported strong year-over-year growth in revenue and profitability, driven by higher capacity utilization levels across its key divisions and softening prices of raw materials like cotton. Himatsingka Seide’s consolidated net revenue […]

Voltas junks plan for NCD issue, to go for Rs 500 cr bank loan

Voltas Limited has decided to raise funds through a rupee term loan instead of non-convertible debentures (NCDs) on a private placement basis. In a regulatory filing, Voltas informed the stock exchanges that its board had earlier approved a proposal on October 19 to raise up to Rs 500 crore through issuance of NCDs. However, the […]

Glenmark Pharma Receives FDA Approval for Anti-Psychotic Tablets

Glenmark Pharmaceuticals Ltd. announced today that it has received final approval from the U.S. Food and Drug Administration (FDA) for its generic version of Prolixin (fluphenazine hydrochloride) tablets in four strengths – 1 mg, 2.5 mg, 5 mg, and 10 mg. Glenmark’s fluphenazine hydrochloride tablets are the generic version of Prolixin tablets from Apothecon Inc. […]

DB Realty Divests Rustomjee Crown for Rs 231 Crore

DB Realty Limited has executed a share purchase agreement to sell its entire stake in wholly-owned subsidiary Real Gem Buildtech Private Limited (RGBPL) to Kingmaker Developers Private Limited for approximately Rs 231.42 crores. As per the regulatory filing by DB Realty, the share purchase agreement was signed on November 6, 2023 and the deal is […]

Exide Industries Reports Strong Q2 Results, Profit Rises 17%

Kolkata-based battery maker Exide Industries today reported its financial results for the second quarter and first half ended September 30, 2023. The company posted healthy growth in revenues and profits on the back of improved demand across automotive and industrial segments. Exide’s revenue from operations grew by 10% year-on-year to Rs 4,107 crore in Q2 […]

Adani Ports Achieves Record Cargo Volumes in October, Handling 37 Million MT

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest integrated transport utility, has achieved its highest ever monthly cargo throughput by handling 37 million metric tonnes (MMT) of cargo in October 2023. This represents a stellar 48% growth compared to October last year. This is the first time that APSEZ’s portfolio of ports across […]

Cera Sanitaryware Reports Steady Growth in Q2 FY24

Ahmedabad-based Cera Sanitaryware Limited, a leading manufacturer of sanitaryware, faucets and wellness products in India, reported steady revenue growth of 11.4% year-on-year to Rs. 4,616 million in Q2 FY24. Profit after tax also increased by 12.2% to Rs. 569 million. Cera Sanitaryware has a wide portfolio of products including tiles, faucets, wellness products like bathtubs […]

Ipca Laboratories Pithampur Plant Passes USFDA Inspection With Minor Observations

Pharmaceutical company Ipca Laboratories announced that its formulations manufacturing facility in Pithampur, Madhya Pradesh has passed a quality inspection by the US Food and Drug Administration (USFDA) and received a Voluntary Action Indicated (VAI) status. A VAI status implies that the USFDA found certain non-critical issues at the facility which require remedial action from the […]

Strides Pharma reports strong second quarter results

Strides Pharma Science Ltd (NSE: STAR), a global pharmaceutical company headquartered in Bengaluru, India, reported strong financial results for the second quarter (Q2 FY24) ended September 30, 2023. The company posted quarterly sales of ₹10,264 million, up 10% quarter-on-quarter and 21% year-on-year. This is the sixth consecutive quarter of growth for Strides, leading to an […]

Lodha Delivers Strong Q2 Results Amidst Improving Real Estate Market Conditions

Real estate developer Lodha Group reported its best ever quarterly pre-sales of Rs. 35.3 billion for the second quarter of FY2024, registering a 12% year-on-year growth despite Q2 being traditionally the weakest quarter. The company’s strong performance comes on the back of improving real estate market conditions since the Covid-19 pandemic. Lodha has rebounded strongly […]

Indian Hotels reports strong Q2 as demand continues to grow

Tata Group’s Indian Hotels Company Limited (IHCL), India’s largest hospitality company, announced strong financial results for the second quarter ending September 30th, 2023, marking the sixth consecutive quarter of record performance. IHCL’s revenue grew 18% year-on-year to Rs 1,481 crores, EBITDA jumped 26% to Rs 402 crores with margin expansion of 180 basis points, and […]

Analysts Slash Jubilant Foodworks’s Outlook After Poor Q2 Show

Jubilant Foodworks (JFL), which operates Domino’s Pizza and Dunkin’ Donuts chains in India, has seen a sharp 5% decline in its stock price as analysts downgraded the stock after its poor second quarter numbers. The company reported a 4.5% year-on-year (YoY) rise in revenues to Rs 13,448 million, while net profit declined 39.5% YoY to […]

Torrent Pharma’s Q2 Results Draw Mixed Reactions From Brokerages

Analysts have given mixed reactions to Torrent Pharmaceuticals, which reported a 16% year-on-year increase in second-quarter revenue to Rs 26,600 crore, more than half of which came from India. Kotak and JM Financial have remained cautious on Torrent Pharma with unchanged ‘REDUCE’ and ‘HOLD’ ratings respectively. While JM Financial has not outlined estimate changes, Kotak […]

Voltas Q2 gets a thumbs down from analysts

Voltas’ second quarter results failed to meet brokerage expectations, prompting several firms to cut their ratings, estimates and price targets on the stock. The company’s profitability was impacted by continued losses in its electromechanical projects and services (EMPS) business, which is closely aligned to the construction sector. Analysts acknowledged the company’s growth potential but see […]

Havells India sees estimates, target cuts from analysts after poor Q2 results

The second quarter results announced by Havells India (HAVL) have elicited broadly negative reactions from brokerages, with most downgrading earnings estimates and price targets. The primary factors responsible for the disappointing results and outlook are softness in consumer demand, elevated competitive intensity, and continuing losses in the Lloyd business. JM Financial cut its FY24 and […]

HUL gets rating downgrades, target cuts after Q2 results

Brokers have revised their ratings, estimates and price targets on consumer packaged goods company Hindustan Unilever Ltd after the company’s second quarter results. Most brokers have turned cautious in their outlook and revised down earnings and target prices, only one, Antique Stock Broking, has downgraded significantly by moving their recommendation to ‘HOLD.’ The Q2 miss […]