Corporate Earnings Review
Several major Indian corporations recently announced their quarterly earnings, showcasing varying performances across different sectors. Apollo Tyres reported
a 13% decrease in profit, reaching ₹258 crore, while LG Electronics experienced a 27% drop in profit, with earnings of ₹389 crore. Hubtown Ltd saw a significant improvement, with its profit jumping to ₹32 crore. Trident reported an increase of 9.1% in its profits, totaling ₹90.9 crore, and Muthoot Finance witnessed an impressive 87% surge in profit, reaching ₹2,345 crore. Asian Granito India's profit was ₹15.6 crore, and Page Industries saw a marginal profit decline. Hero MotoCorp's profit jumped by 23%, reaching ₹1,309 crore. Orkla India’s profit declined by 7%, but revenue increased by 5%. Sky Gold reported a profit jump of 82%, reaching ₹67 crore in the second quarter. Tata Motors reported a loss of ₹867 crore on revenue of ₹18,585 crore. Eureka Forbes saw a 32% rise in profit on a 15% increase in revenue.
Policy and Trade Updates
The Indian government continues to implement and review various policies to boost economic growth. The imposition of anti-dumping duties on steel imports from Vietnam aims to protect the domestic steel industry. Discussions between India and Russia focused on ways to enhance trade measures. The Ministry of Textiles reviewed key schemes' progress, and the government is streamlining paperless property registration in Haryana. India and Nepal are working to boost trade with a new rail link. The finance ministry is engaging with insurers and hospitals to address affordable healthcare. In other news, experts predict a continued decline in inflation due to GST cuts. The SC ruled on profit-driven purchases, stating they are not consumer cases.
Investment and Expansion
Investment activities continue to be a crucial element in driving the Indian economy forward. Hero Future Energies is investing ₹30,000 crore in Andhra Pradesh. KP Group, in partnership with Senvion India, is undertaking renewable energy projects of 2 GW. Abakkus invested ₹95 crore in Match Graphics, indicating confidence in the sector. Manipal Group is bidding for Byju's parent company, Think & Learn. NIIF sold its stake in Ather Energy for ₹541 crore. Star Air raised ₹150 crore in Series B funding. Several companies are also going public, including Emmvee Photovoltaic, which saw its IPO subscribed by 97% on the final day, and Fujiyama Power, whose IPO was 9% subscribed on the first day. Drone delivery is being implemented in a Mumbai residential complex.
Financial Market Dynamics
The financial markets are displaying intriguing trends, with various shifts and developments. FPI ownership in NSE-listed companies reached a 15-year low. The gold price surged, increasing by ₹3,000 amid a weakening dollar. SpiceJet appointed Chandan Sand as Executive Director. S Krishnan was appointed Chairman of J&K Bank. RBI reconstituted the Irinjalakuda Bank Committee. Reliance Group is offering ESOPs for employees of RInfra and RPower. GST fraud involving a ₹645 crore ITC scam was uncovered. The government of Punjab released ₹332 crore for rural development. India and Canada are discussing trade and investment ties. Singapore Airlines reported a profit slump due to losses at Air India.
