Adani Wilmar: The Adani Group witnessed double-digit growth in both edible oils and food businesses during the quarter ended March FY24, driven by increased retail penetration, particularly focusing on under-indexed markets. The company also achieved its highest ever volume during the quarter, and it continued to gain market share.
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Wipro: Chief Executive Officer and Managing Director Thierry Delaporte of the IT services company resigned from his position on April 6. The software major has appointed Srinivas Pallia as the CEO and MD of the company. Thierry Delaporte stepped down as MD and CEO to pursue passions outside the workplace.
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Vodafone Idea: The telecom operator has received approval from its board of directors for fund-raising up to Rs 2,075 crore from Oriana Investments, an Aditya Birla Group entity. The company will issue up to 1,39.5 crore equity shares to Oriana Investments at an issue price of Rs 14.87 per share, subject to shareholder approval in a general meeting.
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Tata Steel: The Tata Group company said India's crude steel production grew by 4.5 percent year-on-year to 5.38 million metric tons (MT), while deliveries increased by 5 percent YoY to 5.41 MT and were the highest ever quarterly deliveries. Further, in FY24, Tata Steel India achieved the highest ever annual crude steel production of 20.8 MT, with a growth of 4 percent YoY by debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam, and deliveries increased by 5.6 percent YoY to 19.9 MT.
Cochin Shipyard: The company has signed the Master Shipyard Repair Agreement (MSRA) with the United States Navy. The MSRA is a non-financial agreement and is effective April 5. This will facilitate the repair of US Naval vessels under Military Sealift Command in the Cochin Shipyard.
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BSE: The Bombay Stock Exchange (BSE) said it would be implementing a limit price protection (LPP) mechanism in its equity derivatives segment, effective April 16, 2024, to strengthen pre-trade risk control measures.
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Titan Company: The company registered a revenue growth of 17 percent YoY for the quarter ended March FY24 and added 86 stores (net) during the quarter, while the group's retail network presence stands at 3,035 stores. Jewelry business operations grew 18 percent YoY, led by both buyers and same-store sales, clocking healthy double-digit growth, while watches and wearables business increased 6 percent compared to the year-ago period. Emerging businesses grew 24 percent YoY, and CaratLane's business increased 30 percent YoY, but the EyeCare segment recorded a 1 percent YoY decline for the quarter.
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JSW Energy: The company has closed its qualified institution placement (QIP) issue and raised Rs 5,000 crore via the allotment of 10.3 crore equity shares to 97 qualified institutional buyers at an issue price of Rs 485 per share. Goldman Sachs picked up Rs 1,356.1 crore worth of equity shares, and Nomura India bought Rs 500.15 crore worth of shares.
United Breweries: The company has received an order for tax demand (along with interest and penalty) of Rs 263.72 crore for FY20 from the Maharashtra State Goods & Service Tax Department.
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Punjab National Bank: The public sector lender has recorded total business of Rs 23.56 lakh crore for the quarter ended March FY24, growing 8.8 percent YoY, with total deposits increasing 7 percent to Rs 13.7 lakh crore and advances rising 11.5 percent YoY to Rs 9.85 lakh crore. Domestic deposits increased 6.6 percent YoY, and CASA deposits grew 2.6 percent YoY, while domestic advances rose 11.2 percent YoY.
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Nestle India: The FMCG company has received approval from the board of directors for the appointment of Suneeta Reddy as an Additional Director and Independent Non-Executive Director. The board also approved payment of general license fees (royalty) by the company to Société des Produits Nestlé S.A. (licensor), the parent company.
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Gland Pharma: The generic injectable-focused pharmaceutical company has received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate injection. It expects to launch this product in the near term through its marketing partner. Eribulin injections are used in the treatment of breast cancer that spreads to other parts of the body.
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Strides Pharma Science: The United States Food and Drug Administration (USFDA) had conducted a routine current good manufacturing practices (cGMP) inspection at the formulations facility of Strides Alathur, a wholly owned subsidiary of the company, in Chennai from April 1 to April 5, 2024. The US FDA closed the inspection with two observations.
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Cholamandalam Investment and Finance Company: The company recorded overall disbursements for Q4FY24 at around Rs 24,600 crore, a growth of 17 percent over a year-ago period. For FY24, disbursements increased 33 percent YoY to Rs 88,300 crore. Assets under management grew around 35 percent to approximately Rs 1.53 lakh crore.
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Zee Entertainment Enterprises: The media and entertainment company's MD and CEO, Punit Goenka, have proposed the implementation of a lean and streamlined management structure to the board to achieve the targeted goals of the company. The MD and CEO have initiated the process of rationalizing the workforce by 15 percent across the company. The proposed structure is aimed at arriving at a cost-effective operational model and will further enable the company to chart higher growth by maintaining performance and profitability.
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Utkarsh Small Finance Bank: The gross loan portfolio for the quarter ended March FY24 grew by 31.1 percent YoY to Rs 18,299 crore, while total deposits increased by 27.4 percent to Rs 17,473 crore, and CASA deposits rose 25.1 percent to Rs 3,582 crore during the same period. The bank recorded retail term deposits at Rs 7,968 crore, growing 42.9 percent over a year-ago period, and bulk term deposits at Rs 5,922 crore for the quarter, increasing 12.3 percent YoY.
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Bank of Baroda: The public sector lender has recorded global business at Rs 24.16 lakh crore for the quarter ended March FY24, rising 11.20 percent YoY, with global advances growing 12.41 percent YoY to Rs 10.89 lakh crore and global deposits rising 10.24 percent YoY to Rs 13.26 lakh crore. Domestic deposits jumped 7.75 percent to Rs 11.28 lakh crore, and domestic advances increased 12.8 percent to Rs 8.97 lakh crore during the same period.
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Union Bank of India: The public sector lender has reported total business at Rs 21.26 lakh crore for the quarter ended March FY24, rising 10.31 percent over a year-ago period, with advances rising 11.72 percent YoY to Rs 9.04 lakh crore and deposits increasing by 9.29 percent YoY to Rs 12.21 lakh crore. Total domestic RAM (retail, agriculture, and MSME) advances at the bank grew by 13.82 percent YoY to Rs 4.97 lakh crore in Q4 FY24.
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UCO Bank: The bank has appointed Sourav Kumar Dutta as Chief Technology Officer for three years on a contractual basis, with effect from April 5.
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Bandhan Bank: Chandra Shekhar Ghosh will retire as Managing Director and Chief Executive Officer of the bank after the completion of his current tenure on July 9, 2024.
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Dr. Reddy’s Laboratories: The pharma major has entered into a partnership with Bayer to market and distribute a second brand of Vericiguat in India. Under the terms of this agreement, Bayer has granted non-exclusive rights to Dr. Reddy’s under the brand name Gantra. Vericiguat is used in the treatment of chronic heart failure with a reduced ejection fraction.
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Aurobindo Pharma: The United States Food and Drug Administration (US FDA) has inspected the new injectable facility of Eugia Steriles, the step-down subsidiary of Aurobindo, in Andhra Pradesh, from March 28 to April 5, 2024. It closed the inspection with the observations, which are procedural in nature. Meanwhile, Aurobindo has appointed T Vijaya Kumar as President, R & D (specialty drug delivery), with effect from April 5.
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Godrej Consumer Products: Operating conditions in India continued to remain subdued in the quarter ended March FY24. India organic business continued to deliver strong underlying volume growth at a high single digit, with growth being broad-based across both home care and personal care. While demand for household insecticides has been subdued due to an extended winter in the North and East, Park Avenue and KamaSutra brands delivered in line with category seasonality. Underlying volume growth continued to be in double- digits. At a consolidated level (organic), the company expects to deliver underlying volume growth of high single digits and sales growth of mid-single digits, driven largely by currency volatility.
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Greaves Cotton: Greaves Retail, the retail unit of the company, has entered into a strategic technology transfer and supply agreement with Tsuyo Manufacturing, the Indian company specializing in electric vehicle components. The partnership will strengthen Greaves Cotton's innovation capabilities and enhance production efficiency in the electric L3 vehicle segment.
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South Indian Bank: The bank said the board has appointed Vinod Francis as Chief Financial Officer (CFO) and key managerial personnel of the bank, with effect from April 8. Vinod Francis is currently working as the general manager at the bank. The present CFO, Chithra H, will take charge as the Chief Compliance Officer (CCO) of the bank.
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Karur Vysya Bank: The bank has decided to increase the marginal cost of funds-based lending rates (MCLR) by 10 bps across tenures, with effect from April 7.
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Indiabulls Real Estate: Embassy Group, Baillie Gifford & Co., Blackstone Real Estate Fund, Quant Active Fund, Poonawalla Finance, Micro Labs, Maybank, Utpal Sheth, Capri Global, Yash Shares & Stock, Aalidhra, and others will invest Rs 3,911 crore in the real estate company via preferential allotment.
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Bank of India: The public sector lender has reported global business at Rs 13.23 lakh crore for the quarter ended March FY24, growing 11.66 percent over the corresponding period of last fiscal. Global deposits increased by 10.2 percent YoY to Rs 7.38 lakh crore, and global gross advances jumped 13.56 percent YoY to Rs 5.86 lakh crore during the quarter.
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Jammu & Kashmir Bank: Pratik D. Punjabi has resigned as Chief Financial Officer of the bank, with effect from April 5, to explore professional opportunities outside the bank.
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RITES: The transport infrastructure consultancy has signed an MoU with the Indian Institute of Technology, Madras (IIT-Madras) to collaborate on green energy projects in the field of transport and mobility. The partnership aims to find novel infrastructure solutions for the transportation and storage of green hydrogen and green ammonia.
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Force Motors: The automobile company has recorded production of commercial vehicles, utility vehicles, and tractors at 3,152 units, while domestic sales stood at 3,248 units and exports at 420 for the month of March 2024.
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Info Edge India: The standalone billings during the quarter ended March FY24 stood at Rs 826.9 crore, increasing 10.5 percent over Rs 748.6 crore recorded in the year-ago period, with recruitment business increasing 7.2 percent YoY to Rs 625.4 crore and 99 acres for the real estate segment rising 26.4 percent YoY to Rs 131.1 crore in Q4.
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Zee Media Corporation: The company has incorporated its wholly owned subsidiary, Zee Media Inc., in the State of Delaware, United States of America.
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Jay Kailash Namkeen: The company will list its equity shares on the BSE SME on April 8. The issue price is Rs. 73 per share. The stock will be in the trade-for-trade segment for 10 trading days.
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Yash Optics & Lens: The trading in equity shares of the company will commence on the NSE Emerge with effect from April 8. The issue price is Rs. 81 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.
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K2 Infragen: The company will make its debut on the NSE Emerge on April 8. The issue price is Rs. 119 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.
