Financial Performance Overview
The second quarter saw varied financial performances across different companies. Muthoot Finance reported a significant jump in profit, with an 87% increase
reaching ₹2,345 crore. Hero MotoCorp experienced a robust increase as well, with profits rising by 23% to ₹1,309 crore. In contrast, some companies faced financial setbacks. Tata Motors reported a loss of ₹867 crore, despite revenue reaching ₹18,585 crore. Apollo Tyres' profit decreased by 13% to ₹258 crore. LG Electronics also faced a decline, with profits dropping by 27% to ₹389 crore. Page Industries saw a marginal decrease in profit, while Orkla India's profit declined by 7%, although revenue increased by 5%. Sky Gold reported a profit jump of 82% to ₹67 crore, and Trident's profit rose by 9.1% to ₹90.9 crore. Asian Granito India reported a profit of ₹15.6 crore, and Hubtown Ltd.'s profit jumped to ₹32 crore. Singapore Airlines' profit was impacted by losses from Air India, affecting overall financial results, while FPI ownership in NSE-listed companies dipped to a 15-year low.
Investment & Strategic Moves
Several strategic investments and business expansions were observed during the quarter. Hero Future Energies invested ₹30,000 crore in Andhra Pradesh. KP Group and Senvion India initiated 2 GW renewable energy projects. Abakkus invested ₹95 crore in Match Graphics, indicating confidence in the media sector. NIIF sold its stake in Ather Energy for ₹541 crore. Star Air raised ₹150 crore in Series B funding, signaling growth in the aviation sector. Manipal Group was engaged in a bid for Byju's parent company, Think & Learn. Reliance Group announced ESOPs for RInfra and RPower employees, a move likely to boost employee morale. India and Canada discussed trade and investment ties, potentially leading to new collaborations. MP Tech Conclave drew investments worth ₹16,000 crore.
Policy & Trade Developments
Government policies and trade activities played a crucial role in shaping the business environment. The government imposed anti-dumping duties on steel imports from Vietnam to protect the domestic industry. India and Russia discussed measures to boost trade. India and Nepal enhanced trade through a new rail link. Discussions on trade and investment also occurred between India and Canada. The Textiles Ministry reviewed key schemes. The Ministry of Finance asked insurers and hospitals to focus on affordable healthcare. Haryana streamlined paperless property registration. Punjab released ₹332 crore for rural development. A new labor policy was also introduced, focused on creating an equitable workforce ecosystem. Furthermore, the UP government focused on ease of doing business through self-certification and audits. GST fraud of ₹645 crore was uncovered, and the SC ruled that profit-driven purchases are not considered consumer cases.
Sector-Specific Highlights
Key developments across various sectors were evident during the quarter. In the energy sector, there was an emphasis on the need for a public-private mix to ensure efficiency. The Gems & Jewellery sector saw government support for exporters. The UP Agri Dept held a dialogue focused on transforming agriculture by 2047. Maharashtra initiated a Jewellery Policy focused on hub transformation. IGL and MASAH partnered for Saudi natural gas distribution. The steel industry benefited from anti-dumping duties. Emmvee Photovoltaic's IPO was subscribed 97% on the final day, indicating positive investor sentiment in the renewable energy sector. Drone delivery was introduced in a Mumbai residential complex. SBI initiated a core banking modernization project set to be completed in two years. Capillary Tech's IPO saw ₹394 crore raised from anchor investors.
