Financial Performance Highlights
Several Indian companies have released their quarterly financial results, showcasing varied performances. Reliance Industries announced a 9.6% year-on-year
increase in Q2 profit, though it was down from Q1. Reliance Retail's Q2 revenue was up 18%, with a profit increase of 22%. CESC saw a 19% rise in Q2 profit to Rs 445 crore. UCO Bank reported profit increases, and REC's net profit also rose by 9% to Rs 4,414.93 crore. Other companies with positive results included Orient Electric (Q2 profit up 15.5%), Choice International (Q2 profit up 22% to Rs 56 crore), and Dixon Technologies, with a remarkable 86% jump in net profit for the September quarter. However, JSW Energy experienced a 17% decline in Q2 profit due to higher expenses, and India Cements reported a profit of Rs 8.81 crore.
Market & Investment News
The Indian market witnessed several key developments. The FSSAI confiscated adulterated sweets in Shimla, highlighting food safety concerns. Sebi eased the demat and transfer process of physical shares. The IPO market continued its momentum, with the Midwest IPO being subscribed 87.89 times on its final day, and Rs 2.6 lakh crore in the pipeline for IPOs. Sify Infinit filed for a Rs 3,700 crore data center IPO. Gold prices reached record highs during Dhanteras, indicating robust buying activity. Meanwhile, the industry is also seeking alternatives due to the rare earth magnet crisis. Additionally, Sathlokhar Synergy's order book stands at Rs 1,222 crore, signaling growth prospects for the company.
Strategic Initiatives & Expansions
Several companies announced significant strategic moves. IndiGo is expanding its fleet with orders for 30 more Airbus A350 planes, and has started flights to Athens from Mumbai and Delhi. Reliance JioMart is expanding quick commerce services to 1000+ cities. Biocon plans to supply affordable insulin in the US. IHCL and the Ambuja Neotia Group are expanding their partnership. DP World and WEP are working to empower women entrepreneurs. HFCL secured a USD 32 million export order for fiber cables. Furthermore, EaseMyTrip has acquired four companies, and Mindspace REIT is focusing on curbing plastic and e-waste in Navi Mumbai. Akasa Air is expanding its flights, with Delhi being its new base.
Other Key Updates
Other notable events include the launch of INR crypto options at Rs 10 by Pi42. Delhi's GST refund of Rs 738 crore was disbursed before Diwali. The Rajasthan government is set to release ₹717.96 crore under the Kisan Samman Nidhi scheme. Moreover, there's a need to upgrade the India-Sri Lanka FTA, as stated by the Lankan PM in Delhi. Auto dealers are seeking SC relief on a Rs 2,500 crore cess. Power & Instrumentation received an order worth Rs 21 crore. Additionally, the DGCA is implementing auto computer numbers for flight crew exams.
