Market Performance & Trends
Several companies released their quarterly results, unveiling important insights into their financial performances. Jio Platforms reported a profit jump
of 13% due to higher ARPU. Reliance Industries saw its Q2 profit rise, but inventory losses impacted the overall figures. Reliance Retail reported a revenue increase of 18% and a profit increase of 22%. Hindustan Zinc's Q2 profit went up by 14%, reaching Rs 2,649 Cr. REC saw a 9% increase in net profit, totaling Rs 4,414.93 Crore in Q2. LTTS Q2 profit went up by 3% to Rs 328.7 Cr, with revenue up 16%. Crisil's net profit also increased, reaching 12% at Rs 193 Cr in the September quarter. JSW Energy witnessed a 17% decline in Q2 profit due to increased expenses, while CESC's Q2 profit rose by 19% to Rs 445 Cr. Tata Technologies reported a Q2 PAT up by 5% at Rs 165.5 Cr. Orient Electric saw a 15.5% rise in profit, accompanied by increasing revenue. PVR Inox's Q2 profit was Rs 105.7 Cr, with revenue up 12%. Choice International's Q2 profit saw a 22% increase to Rs 56 Cr. Additionally, Mindspace REIT is focusing on curbing plastic and e-waste in Navi Mumbai.
Investment & Expansion
Investment and expansion activities have been notable in the Indian market. IndiGo placed orders for 30 more Airbus A350 planes to bolster its fleet. Sify Infinit is preparing for a Rs 3700 Cr data center IPO. BHIVE launched a new co-working center in Bengaluru, expanding its presence in the market. The Midwest IPO was oversubscribed 87.89 times on its final day. Sathlokhar Synergys' order book stands at Rs 1,222 Cr. Furthermore, EaseMyTrip completed the acquisition of four companies, showcasing strategic growth through mergers and acquisitions. India witnessed an IPO frenzy, with Rs 2.6 Lakh Cr in the pipeline, which signals a robust market sentiment towards capital raising.
Regulatory & Policy
Regulatory and policy adjustments are impacting the business environment. SEBI has eased the dematerialization and transfer of physical shares. The government is encouraging banks to accelerate the listing of their subsidiaries. Delhi saw the disbursement of Rs 738 Cr in GST refunds before Diwali. The FSSAI banned the use of 'ORS' on food products. Assocham and the government are working to simplify compliance procedures to attract capital. Auto dealers are seeking relief from the Supreme Court on a Rs 2,500 Cr cess. Moreover, Rajasthan is set to release Rs 717.96 Cr under the Kisan Samman Nidhi scheme. Additionally, the FSSAI confiscated adulterated sweets in Shimla, highlighting efforts to maintain food safety standards.
Corporate Developments & Events
Several significant corporate developments and events have shaped the business landscape. Reliance Consumer saw its H1 revenue approach Rs 10,000 Cr. Reliance JioMart is extending quick commerce services to over 1000 cities. Biocon plans to supply affordable insulin in the US. DP World and WEP are focused on empowering women entrepreneurs. Power & Instrumentation secured an order worth Rs 21 Cr. HFCL's Q2 profit experienced a marginal decline, reaching Rs 72 Crore. Piramal Fin's Q2 net doubled, while co-lending concerns were also noted. IHCL and the Ambuja Neotia Group are expanding their partnership. Akasa Air is expanding its flight operations, with Delhi becoming a new base. Furthermore, Mahesh Sharma has been appointed as the new Director of Finance at NHPC.
