Coal India Q3 net profit jumps 70% to Rs 7,556 crore on higher realisations - Moneycontrol

The company also announced an interim dividend of Rs 5.25 per share. The company has fixed Wednesday, February 8, 2023 as the Record Date for the dividend and it will be paid by March 2, 2023.

State-run miner Coal India on January 31 reported a consolidated net profit for the quarter ended December 2022 at Rs 7,755.55 crore, registering a 70.13 percent growth over Rs 4,558.39 crore a year ago.

The revenue from operations came in at Rs 35,169.33 crore, up 23.68 percent from Rs 28,433.50 crore in the corresponding quarter last year, the mining giant said in an exchange filing.

Brokerages expect the miner to report higher e-auction realisation amid high price environment.

The company also announced an interim dividend of Rs 5.25 per share. The company has fixed Wednesday, February 8, 2023 as the Record Date for the dividend and it will be paid by March 2, 2023. In November, the company had announced a dividend of Rs 15 per share.

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Closing Bell: Sensex, Nifty end with marginal gains; all eyes on Union Budget - Moneycontrol

January 31, 2023 / 03:42 PM IST

Reliance Consumer Products enters into strategic partnership with Sri Lanka based Maliban Biscuit Manufactories

Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly owned subsidiary of Reliance Retail Ventures Limited (RRVL), announced a strategic partnership with Sri Lanka headquartered Maliban Biscuit Manufactories (Private) Limited (Maliban).

January 31, 2023 / 03:32 PM IST

Rupee Close:

Indian rupee closed 42 paise lower at 81.92 per dollar against previous close of 81.50.

January 31, 2023 / 03:30 PM IST

Market Close: Benchmark indices ended on positive note in yet another volatile session on January 31.

At Close, the Sensex was up 49.49 points or 0.08% at 59,549.90, and the Nifty was up 13.20 points or 0.07% at 17,662.20.  About 2368 shares have advanced, 1026 shares declined, and 131 shares are unchanged. 

M&M, SBI, UltraTech Cement, Adani Ports and Adani Enterprises were among the top gainers on the Nifty, while losers were Bajaj Finance, TCS, Tech Mahindra, Britannia industries and Sun Pharma.

Except IT, pharma and oil & gas, all other sectoral indices are trading in the green. 

The BSE midcap index gained 1.4 percent and the smallcap index rose 2.2 percent.

January 31, 2023 / 03:25 PM IST

Oil falls on rate hike worries, Russian export flows

Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.

March Brent crude futures fell by $1.01, or 1.19%, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 90 cents, or 1.07%, to $83.60.

January 31, 2023 / 03:24 PM IST

Adani Enterprises FPO fully subscribed on Final day

The Follow-On Public Offering (FPO) of Adani Enterprises had got bids for 46.27 million shares against an offer size of 45.5 million shares, representing a 102 percent subscription, in the afternoon of January 31, the third and final day of bidding.

This excludes the anchor portion that was fully subscribed.

Retail investors have taken a backseat as the stock price slid below the FPO price band, bidding for only 11 percent of the shares set aside for them.

Qualified institutional buyers (QIB) are at the forefront. They have bid for 12.44 million shares of the 12.8 million shares set aside for them. This indicates 97 percent subscription.

Non-institutional investors have oversubscribed to 326 percent of the portion set aside for them. They have bid for 31.31 million shares against 9.6 million reserved. Meanwhile, employees have bid for 52 percent of the shares reserved for them.

January 31, 2023 / 03:23 PM IST

Vinod Nair, Head of Research at Geojit Financial Services

Economic survey is optimistic that India will continue to grow at a healthy rate in the medium term, led by consumption and capital expenditure. And the growth can expand to as high as 7 to 8 percent in the future.

The fundamentals of the Indian economy are solid, however, in the short to medium-term, widening current account deficit for an extended period is a concern that could have an implication on growth and depreciation of the INR.

For the budget, it is going to be a challenge in FY24 to plan out the expenditures due to a short-term slowdown in the economy, high core inflation, and fiscal deficit.

January 31, 2023 / 03:17 PM IST

BSE Capital Goods index rose 1 percent led by BHEL, Suzlon Energy, BEL

January 31, 2023 / 03:14 PM IST

Adani Enterprises FPO fully subscribed

The Follow-On Public Offering (FPO) of Adani Enterprises had got bids for 46.27 million shares against an offer size of 45.5 million shares, subscribed fully, on the third and final day of bidding.

January 31, 2023 / 03:10 PM IST

Economic Survey 2023: India outpaces world in fintech adoption, driving financial inclusion

The Survey quoting the latest Global FinTech Adoption Index said while the world average is 64%, India has achieved 87 per cent fintech adoption... Read More

January 31, 2023 / 03:09 PM IST

Ashwin Patil, Senior Research analyst at LKP Securities

Defence sector, as every year before the budget has a wishlist out of which the important one is outlay for emphasis on indigenisation, which means emphasis on local production. The GOI definitely does a lot for the sector every year, also on the R&D side where they plan to spend a substantial amount. Therefore even this year we expect them to announce a significant budget for the space and research, electronic equipment and advancement on further localization.

On PLI schemes we would say that the GOI is fostering healthy competition in the defence space through launching various PLI schemes. This would surely improve the quality of defence products and services and further enhance the defence sector. Also the country needs to improve on their space research, due to which we believe that further PLI schemes will be more focused on Space research.

January 31, 2023 / 03:05 PM IST

Adani Enterprises FPO subscribed 90% on Day 3

The Follow-On Public Offering (FPO) of Adani Enterprises had got bids for 40.78 million shares against an offer size of 45.5 million shares, representing a 90 percent subscription, in the afternoon of January 31, the third and final day of bidding.

This excludes the anchor portion that was fully subscribed.

Retail investors have taken a backseat as the stock price slid below the FPO price band, bidding for only 10 percent of the shares set aside for them.

Qualified institutional buyers (QIB) are at the forefront. They have bid for 12.44 million shares of the 12.8 million shares set aside for them. This indicates 97 percent subscription.

Non-institutional investors have oversubscribed to 271 percent of the portion set aside for them. They have bid for 26 million shares against 9.6 million reserved. Meanwhile, employees have bid for 46 percent of the shares reserved for them.

January 31, 2023 / 03:02 PM IST

Market at 3 PM

Benchmark indices were trading flat in the volatile session.

The Sensex was down 28.31 points or 0.05% at 59472.10, and the Nifty was down 6.30 points or 0.04% at 17642.70. About 2183 shares have advanced, 1065 shares declined, and 109 shares are unchanged. 

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Indian rupee falls against UAE dirham in early trade - Khaleej Times

Other Asian currencies advanced, led by the onshore Chinese yuan

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File photo

By Reuters

Published: Mon 30 Jan 2023, 12:02 PM

Last updated: Mon 30 Jan 2023, 12:32 PM

The Indian rupee, unlike its Asian peers, declined against the US currency and UAE dirham on Monday on dollar demand from foreign banks and importers, according to traders.

The rupee was trading at 81.6650 (22.25 against UAE dirham) at 10.40am IST, down from 81.5225 in the previous session. Other Asian currencies advanced, led by the onshore Chinese yuan.

The onshore yuan , resuming trading after a week, climbed 0.7% to near 6.75 to the dollar.

The rupee's listless move despite the Asian cues is not a major surprise, a spot trader at a private sector bank said. Foreign banks were on the bid on USD/INR at open, and importers were likely active, the trader added.

The US Federal Reserve policy decision and India's federal budget, both due on February 1, will be crucial to the rupee this week.

For the Fed, a key marker would be how the officials respond to markets pricing in rate cuts later this year. The actual rate decision is unlikely to have an impact with a 25 basis points hike fully baked in.

"Officials certainly appear to be backing "standard" 25bp increases from now on but most are warning that there is still more work to be done," ING Bank said in a note.

"Consequently, we expect to hear that ongoing interest rate hikes are "appropriate" with the balance sheet shrinking strategy remaining in place."

Meanwhile, Indian equities are having a choppy trading day following a two-day selloff fuelled by the short seller report on the Adani Group. The Nifty 50 Index (.NSEI) fell to a more than three-month low in early trading before recouping losses.

For the rupee, the uncertainty on Adani could impact foreign flows. Foreign investors were net sellers of over $700 million of Indian equities on Friday, according to preliminary exchange data.

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Stocks to Watch: Bajaj Finance, Zomato, Tata Motors, HDFC Bank, NTPC, and Others - News18

Budget 2023: Finance Ministry to stick to privatisation of already announced CPSEs next fiscal - Moneycontrol

The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal.

PTI

January 29, 2023 / 10:48 AM IST

The Finance Ministry building situated in North Block, New Delhi

The Finance Ministry will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the Budget for 2023-24 is unlikely, sources said.

The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal.

In the current fiscal, the government had budgeted to collect Rs 65,000 crore from disinvestment. However, so far, it has realised only Rs 31,106 crore by selling minority stakes in public sector companies.

After tasting success in privatising loss-making Air India in 2021, the progress of PSU sell-off has not been very impressive over the past year, and experts say that with the general election around the corner in 2024, no major disinvestment announcement is expected in this Budget either.

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NTPC's consolidated PAT rises over 43% sequentially to ₹4,777 cr in Q3, declares dividend | Mint - Mint

India's largest energy conglomerate, NTPC garnered a consolidated net profit of ₹4776.61 crore attributable to owners in the third quarter of FY23. The PAT has climbed by 6.18% from ₹4498.58 crore in Q3FY22, but posted a huge growth of 43.07% from the profit of ₹3338.45 crore witnessed in Q2 of FY23. The company has also declared a dividend of 42.50% for the current fiscal.

However, profits including non-controlling interests, came in at ₹4854.36 crore on a consolidated basis in Q3 of FY23, registering a growth of 5% QoQ and 42% YoY.

Consolidated revenue from operations stood at ₹44,601.84 crore in Q3FY23 --- rising by 33.96% from ₹33,292.61 crore a year ago same period --- but marginally up from ₹44,175.03 crore revenue recorded in September 2022 quarter.

As of December 31, 2022, NTPC's group installed capacity rose by 3,127 MW year-on-year to 70,884 MW, while its commercial capacity jumped by 2,256 MW YoY to 58,269 MW.

Further, NTPC's gross generation climbed by 2.972 BUs in Q3 to 78.646 BUs. Also, commercial generation and energy sent out grew by 3.052 BUs and 2.445 BUs YoY to 78.626 BUs and 72,870 BUs respectively.

The company's coal produced from captive mines-commercial stood at 5.35 MMT in Q3FY23 --- higher than 4 MMT in Q3 of the previous fiscal.

However, the total coal supply was at 54.02 MMT in Q3 -- contracting by 1.46 MMT from 55.48 MMT a year ago same period. This was due to a decline in domestic coal supply which was around 52.45 MMT in Q3FY23 versus 54.96 MMT in Q3FY22. The company imported coal to the tune of 1.57 MMT in Q3FY23.

Gas consumptions stood at 1.13 MMSCMD in Q3FY23, lower than 1.41 MMSCMD in Q3 of FY22.

In regards to plant availability factor (DC), coal stood at 92.67% by end of the December 2022 quarter, while gas and hydro section stood at 98.53% and 110.13% respectively.

The average tariff for nine months period of FY23 rose to ₹4.96 versus ₹3.95 in the corresponding period a year ago.

In a meeting held on Saturday, NTPC's board of directors decided to pay an interim dividend at the rate of 42.50% amounting to ₹4.25 per share on the face value of paid-up equity shares of ₹10 each for the financial year 2022-23. The company has fixed February 4th as the record date to determine eligible shareholders for the said interim dividend. Thereby, NTPC shares will turn ex-dividend on February 3rd. The payment date is set on February 24.

On BSE, NTPC shares closed at ₹166.30 apiece broadly flat on Friday compared to the previous session. Its market cap is over ₹1.61 lakh crore.

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Adani Enterprises FPO: What GMP signals after share price crash | Mint - Mint

Adani Enterprises FPO: Amid bloodbath on Dalal Street and Hindenburg Research report raising concern over debt positions of Adani group companies, the follow-on public offer (FPO) of Adani Enterprises Ltd opened for subscription on Friday. After day one of bidding the follow-on offer has been subscribed just 0.01 times whereas its retail portion got subscribed 0.02 times. Meanwhile, grey market mood is also not encouraging for the company and its promoters.

According to primary market observers, Adani Enterprises FPO grey market premium (GMP) today is zero, even though Adani Enterprises share price today is ₹2,768.50 apiece on NSE, more than 15 per cent lower from Adani Enterprises FPO upper price band of ₹3,276 per equity share.

Adani Enterprises FPO GMP today

Market observers said that Adani Enterprises FPO GMP today is zero, which is ₹45 lower from its Friday GMP of ₹45 per equity share. They said that Adani Enterprises FPO GMP has lost ₹100 in last two days, which is mainly due to the short seller Hindenburg Research report on Adani group raising concern over debt position of the Adani group companies. They said that chances ofrevival in grey market mood now depends on two developments only — either Adani Enterprises share price rebounds on Monday or Adani Enterprises management lowers its FPO price. However, even after lowering of FPO price, revival in Adani Enterprises share price is must.

Observers said that market was expecting bounce back in Adani group stock in later part of Friday session but in vain. Observers went on to add that much will depend on the kind of opening Adani group stocks, especially Adani Enterprises shares get on Monday.

According to investment expert Basant Maheshwari, "In normal circumstances, when a stock falls on a short term trigger like we are witnessing these days in Adani group stocks, they reach out to their institutional investors suggesting them to buy the stock at discounted price as there is nothing wrong with its growth outlook and fundamentals. Based on this theory, market was expecting bounce back in Adani group stocks in later half of Friday session but in vain."

See Basant Maheshwari's tweet below:

"Much depends upon Monday opening as SEBI rules clearly say that one can't decrease FPO price by more than 10 per cent. so, even if the Adani Enterprises FPO price is decreased by 10 per cent, it would fall around ₹2,800 apiece, which is higher than Adani Enterprises share price today. If there is bounce back in Adani Enterprises share price on Monday, then in that case the follow-on issue may attract investors otherwise even decreasing the FPO price won't be a handy instrument for the company promoters," said Avinash Gorakshkar, Head of Research at Profitmart.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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BharatPe Reveals Founder Ashneer Grover's Salary. It Is... - NDTV

BharatPe had sacked Ashneer Grover last year for alleged financial irregularities.

The salary of top executives of BharatPe, including its founder Ashneer Grover and his wife Madhuri Jain Grover, has been revealed after a regulatory filing by the fintech startup. The ex-Shark Tank India judge earned Rs 1.69 crore in FY22 while his wife, who was BharatPe's head of controls, took home a salary of Rs 63 lakh, according to Moneycontrol. 

The filings showed that the former Chief Executive Officer (CEO) of BharatPe, Suhail Sameer, took home Rs 2.1 crore in FY22 and co-founder Shashvat Nakrani earned Rs 29.8 lakh during the same period. Board member Kewal Handa and chairman Rajnish Kumar, the former State Bank of India chief, were paid Rs 36 lakh and Rs 21.4 lakh, respectively, the report added.

The disclosed salaries of these executives, however, do not include the share-based payment made to them. According to the company's financials, it spent Rs 70 crore in share-based payments in FY22, which was an increase of 218% from the previous year, the report stated.

BharatPe sacked Ashneer Grover and his wife last year in March for alleged financial irregularities. The founder had resigned from the company and its board days later. The fintech company, in December 2022, filed a criminal lawsuit against Ashneer Grover and his family seeking Rs 88.67 in damages. It accused the founder of cheating and embezzling funds. 

Suhail Sameer stepped down as CEO of BharatPe earlier this month. A statement by BharatPe said that he will “transition from chief executive officer to strategic advisor effective January 7, 2023”. He said last year that BharatPe did not have enough money to pay salaries to its employees as Ashneer Grover stole all. 

Last week, the Delhi High Court issued summons to Ashneer Grover on a suit by BharatPe's co-founder Bhavik Koladiya who wants to reclaim the shares he transferred to Mr Grover.

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Interest may remain high for long: Shaktikanta Das - The Economic Times

Interest rates may remain high for a long time even as central banks around the world are beginning to pivot toward lower interest rate increases or even a pause amid signs of peaking inflation, said Reserve Bank of India (RBI) Governor Shaktikanta Das.

“With some ebbing of Covid-related restrictions and cooling of inflation in various countries, though still elevated, central banks have started what appears to be a pivot towards lower rate hikes or pauses,” Governor Das said at the annual conference of Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Primary Dealers’ Association of India (PDAI). “High policy rates for a longer duration appear to be a distinct possibility, going forward.”

This is probably the first signal from the central banker that global factors are getting less tight for the first time in nearly a year when inflation around the world forced central banks to tighten monetary conditions. While inflation still worries developed world, in India it appears to be tapering though external spill overs remain a threat.

India’s market participants will have to prepare themselves to manage the changes and risks associated with globally integrated markets. Greater challenges will emerge as the footprints of Indian banks increase in the offshore markets, the range of products expand, nonresident participation in domestic markets grows and as capital account convertibility increases.

He said though India's inflation remains elevated, there has been a welcome softening during November and December 2022. India's retail inflation dropped to 5.88% in November from 6.77% in October falling below 6% for the first time in more than three quarters. It further fell to a 12-month low of 5.72%.

On the growth front, projections are now veering around to a softer recession as against a severe and more widespread recession projected a few months back. In this hostile and uncertain international environment, the Indian economy remains resilient, drawing strength from its macroeconomic fundamentals, Das said.

Das said as de-globalisation and protectionism are gaining ground around the world, it is necessary for India to build and strengthen bilateral trade relations. “The average current account deficit to GDP ratio stands at 3.3% during H1:2022-23.The slowing global demand is weighing on merchandise exports; but our exports of services and remittances remain strong. The net balance under services and remittances remains in a large surplus, partly offsetting the trade deficit. Consequently, the current account deficit is eminently manageable and within the parameters of viability,” Das said.

The Governor also said that the rupee's volatility during the Covid-19 pandemic was less than previous crisis with the one-month implied volatility touching 25% during the global financial crisis on October 10, 2008 and 20% during the taper tantrum period on August 29, 2013.

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Wholesale wheat prices fall by 10% on Centre's intervention - Indiatimes.com

NEW DELHI: The wholesale wheat prices in major mandis of MP, Haryana, Punjab, UP and Rajasthan fell by up to 10% on Friday from the peak of Rs 2,950 per quintal on Wednesday, after the Centre announced open market sale of 30 lakh tonnes of the foodgrain till mid-March. In Delhi and Ghaziabad, the wholesale prices fell by Rs 200-300 per quintal by Friday afternoon, flour millers associations said.
"The wholesale prices of wheat across the country reduced by Rs 2-4 per kg and going by the trend the prices will reduce by Rs 5-6 per kg in the next few days," said Pramod Kumar, president of Roller Flour Millers Federation. A Kolkata-based miller, Anjani Agarwal, said the wholesale wheat prices have started moderating and the full impact will be felt once the Food Corporation of India (FCI) starts e-auction.
Flour millers said the impact of the decision will be felt in the next two weeks when the retail prices of atta will reduce.
Giving details of the e-auction of wheat to bulk buyers such as millers, FCI chairman and MD Ashok Meena said the foodgrain from their stock will be sold across the country so that wheat and atta prices moderate. Officials said the corporation will be incurring a loss of around Rs 2-3 per kg on the wheat which would be sold in the open market. But the loss may reduce, if bulk buyers or millers buy the FCI wheat above the reserve price.
Meena said the FCI will go for the first e-auction of wheat on February 1 and a total of 25 lakh tonnes will be offered for bulk buyers or millers.

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Vedanta Q3 result: Net profit plunges 41% to Rs 2,464 crore; announces dividend of Rs 12.5 - Moneycontrol

Vedanta Q3 result: Revenue from operations came in at Rs 33,691 crore, down 0.01 percent from Rs 33,697 crore from the year-ago quarter

Anil Agarwal, Vedanta Resources Chairman

Vedanta Limited on January 27 reported a 40.81 percent drop in consolidated net profit for the quarter ended December 2022 at Rs 2,464 crore against Rs 4,164 crore in the same quarter last year.

The revenue from operations came in at Rs 33,691 crore, down 0.01 percent from Rs 33,697 crore in the corresponding quarter a year ago, the company said in an exchange filing.

The Board of Directors of the Company also approved the fourth interim dividend of Rs 12.50 per equity share amounting to Rs 4,647 crore. The record date for the payment is February 4, 2023.

“We have delivered a strong set of financial results and steady operational performance in a challenging macroeconomic environment,” Chief Executive Officer Sunil Duggal said.

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Tata's Air India to seal half of jumbo plane order today - Economic Times

NEW DELHI: Air India will on Friday seal half of an order worth billions of dollars for some 495 jets with Boeing and engine suppliers General Electric and CFM International, two industry sources said, as its new owner seeks to revive the airline and compete with much larger rivals.

After months of closely-guarded, tough negotiations, Air India is set to place an order for 190 Boeing 737 MAX narrowbody planes as well as some 20 Boeing 787s and 10 Boeing 777X on a day marking one year since Tata Group took control of the former state-run carrier, the sources told Reuters.

The second half of the order, which industry sources have told Reuters includes around 235 Airbus single-aisle jets and about 40 Airbus A350 widebody aircraft, is expected to be formally wrapped up over the coming days.

Senior Boeing, GE and CFM officials are expected in India to mark the deal on Friday.

Despite earlier expectations of a single coordinated announcement, it remains unclear when either deal may be publicly disclosed especially with the Aero India air show looming in February when deals like this are usually revealed.

Manufacturers Boeing and Airbus, as well as CFM's joint venture partners GE and Safran declined comment. Air India did not respond to a request for comment.

Reuters reported last month Air India was closing in on a deal for about 500 jets. The order, once finalised, aims to put Air India in the league of large global airlines and make it an influential customer for planemakers and suppliers at a time when its home market is seeing a strong post-Covid travel surge.

Domestic passenger air traffic in India grew 47% in 2022 from a year ago, government data showed.

Analysts caution the airline faces intense competition given the connectivity carved out by local and international rivals.

India, which is set to overtake China as the world's most populous country, has a large, under-served air travel market dominated by budget carrier IndiGo. The bulk of India's outbound passenger traffic, however, is carried by Middle Eastern airlines like Emirates and Qatar Airways.

RESURGENT AIR INDIA
Under its new owners Air India is looking to restore its reputation at home and overseas as a storied carrier with impeccable service and world-class planes.

It has put back in service nearly 20 aircraft that had been grounded for years due to lack of parts and money. The airline has also said it will spend over $400 million to refurbish its entire legacy wide body fleet of 27 Boeing 787-8s and 13 777 aircraft.

The aim is to corner 30% of the domestic air travel market over the next five years thus narrowing the gap with market leader IndiGo. It also wants to increase by "multiples" its current share of international travel, the airline's new chief executive Campbell Wilson previously said.

Tata's four airlines, including two budget carriers, Air India and Vistara its joint venture with Singapore Airlines, have a combined market share of 24%.

Analysts have said Air India has the ability to claw back some passengers from rival Gulf carriers but not before it matches their quality of fleet and service. Nor will the domestic battle with IndiGo happen without tough competition from a carrier that continues to expand.

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Tata Motors shares: Should you buy as carmaker returns to profit in Q3 after 7 quarters? | Mint - Mint

Homegrown carmaker Tata Motors Ltd beat expectations to post a profit for the first time after seven quarters as improving semiconductor chip supplies and rising demand helped its luxury car unit Jaguar Land Rover (JLR) turn profitable. It's consolidated net profit a consolidated net profit of ₹3,043 crore in the December 2022 quarter (Q3 FY23) as against a net loss of ₹1,451 crore in the October-December quarter of the previous fiscal. 

“JLR maintained its 4Q guidance and expects chip constraints to ease gradually. It has strong order book with 74% of orders for new RR, RR-Sport & Defender. We now expect a lower net loss in FY23 and raise FY24-25E EPS by a slight 3-5%. Despite the near-term pressures at JLR, we like Tata given the cyclical recovery and improved franchise in India, early leadership in India EVs, and JLR focus returning to higher-margin Land Rover models. We retain Buy on Tata Motors shares with a target price of ₹565 (earlier ₹540 PT)," said brokerage Jefferies.

JLR posted third-quarter profit before tax of 265 million pounds ($326.2 million), compared with a loss of 9 million pounds a year earlier, helped by higher sales and better product mix and pricing.

Tata Motors (TML) turned in Q3FY23 EBITDA of INR96bn, beating Edelweiss' estimates by 20% as margins surprised positively. Q3 compensates for 28% miss of Q2. “Despite Q2’s weak show, we had largely maintained our estimates on expectation of benefit of commodity and mix. However, we are disappointed with weak JLR volume ramp up commentary and it remains the most important monitorable," said the brokerage.

“While demand outlook remains strong for JLR (due to production bottlenecks), initial signs of moderation was hinted by management for PVs (higher time for enquiry to retails) as well as ILCV and SCV. We expect same to compensate by commodity benefits. India and JLR have tailwinds of cyclical recovery and product-cycle. This should aid balance sheet improvement—a key driver of our Braveheart call," said Edelweiss while retaining ‘Buy’ with SoTP-based target price of ₹502 per share.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Google changes India app store policy after CCI order - Indiatimes.com

NEW DELHI: Google has started to make changes to its policy dealing with apps and digital ecosystem, after it failed to get any immediate relief from the courts against the CCI order, which found it abusing dominance and engaging in anti-competitive practices in India.
Now, the US tech giant will allow smartphone makers to license its apps individually, instead of the entire bouquet. It will also allow users to choose a default search engine, instead of only Google search. The move is being seen as a massive climbdown by Google, though a section of competing Indian app makers such as MapmyIndia are still demanding more clarity.
Google was slapped with a fine of Rs 1,338 crore for abusing dominance through its ubiquitous Android operating system, while being asked to cough up another Rs 936 crore in a case related to its Play Store policies. It is now making the changes after it failed to get any reprieve from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court.
"We take our commitment to comply with local laws and regulations in India seriously. The CCI's recent directives for Android and Play require us to make significant changes for India, and today we've informed the CCI of how we will be complying with their directives," Google said.
"OEMs (such as smartphone manufacturers) will be able to license individual Google apps for pre-installation on their devices," it said, giving relief to a clause that generally mandated companies to opt for the entire suite of Google's services.
In a decision that will give more choice to consumers to explore competing apps on the Android Play Store, it said users will be able to customise their devices to suit their preferences. "Indian users will now have the option to choose their default search engine via a choice screen that will soon start to appear when a user sets up a new Android smartphone or tablet in India."
It also said that user choice billing will be available to all apps and games starting next month. "Through user choice billing, developers can offer users the option to choose an alternative billing system alongside Google Play's billing system, when purchasing in-app digital content."
Google also said it's updating the Android compatibility requirements to introduce changes for partners to build non-compatible or forked variants.
However, Indian rivals demanded more. "It is unfortunate that rather than comply fully in letter, in spirit, and in time, with orders of the apex court of India, Google is still attempting to dilute and delay the outcome of the CCI investigation and directives," Rohan Verma, CEO of MapmyIndia, which has a competing product to Google Maps app, told TOI.
"For example, why is Google not allowing users to uninstall Google Maps and its other apps? Google allows users to uninstall all other apps. Similarly, why is Google not allowing other app stores to be distributed through Google Play Store despite CCI's directives to do so?" Verma said.

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Adani shares take $9.4bn hit after Hindenburg bets against group - Financial Times

Shares in listed companies tied to India’s sprawling Adani Group shed $9.4bn in value after short seller Hindenburg Research released a report targeting the conglomerate controlled by billionaire business magnate Gautam Adani.

Shares in seven listed Adani Group companies were down 4.6 per cent on average in afternoon trading in Mumbai, with those in flagship business Adani Enterprises falling as much as 3.7 per cent. Those falls brought the combined loss in market capitalisation for Adani Group stocks to about Rs762bn ($9.4bn).

Adani’s businesses are expanding rapidly. The self-made tycoon started as a commodity trader in the 1980s before ultimately building India’s largest private infrastructure group with about a dozen ports and eight airports. The group has multiple subsidiaries spanning sectors including data and defence.

The report comes as Adani, whose net worth of roughly $118bn ranks him as Asia’s richest person, according to Bloomberg, pushes forward with a fundraising to fuel the rapid expansion of his existing industrial and fossil fuel outfits as well as green energy businesses.

In the report, Hindenburg alleges that Adani Group has engaged in stock price manipulation and accounting fraud over the course of decades, and presents a list of 88 questions related to those allegations which “we hope the Adani Group will be pleased to answer”.

Jugeshinder Singh, the chief financial officer of Adani Group, said the conglomerate was “shocked” by the Hindenburg report, describing it as “a malicious combination of selective misinformation and stale, baseless and discredited allegations”.

Singh said the timing of the report, coming days ahead of a share offer by Adani Enterprises, was intended to “undermine the Adani Group’s reputation” and damage demand for the upcoming offering. He added that the group “has always been in compliance with all laws”.

The report from Hindenburg, published on Wednesday morning ahead of the market opening in Mumbai, asserts that “even if you ignore the findings of our investigation . . . [Adani Group’s] key listed companies have 85 per cent downside purely on a fundamental basis owing to sky-high valuations”.

Hindenburg said it had taken a short position on Adani Group companies “through US-traded bonds and non-Indian-traded derivative instruments”.

The billionaire businessman has maintained that his companies’ valuations are justified.

Adani announced plans last year to increase the amount of freely traded shares in Adani Enterprises after the company’s share price gained more than 3,300 per cent in three years. Public bidding for a share offer by Adani Enterprises that is aiming to raise up to Rs200bn is expected to begin on Friday.

The shareholdings of several Mauritius-based investment funds in Adani Enterprises and other listed Adani Group companies have come under scrutiny from Indian regulators in the past.

Analysts have raised concerns over the debt-fuelled growth of Adani Group, noting that the conglomerate’s total debts of almost Rs2tn (about $24bn) are equivalent to nearly seven times pre-adjusted earnings.

In December, the billionaire businessman told the Financial Times that some analysts “have not understood [his businesses] in real terms”.

“Who understands are my lenders, my banks, my global investors. Every time Adani comes into the market, they love to invest. And that’s how we are continuously growing,” he said.

The Adani Group, which derives much of its revenues from mining and burning coal, has vowed to become one of the world’s largest green energy businesses by investing $70bn by 2030 in everything from green hydrogen to solar panel manufacturing.

Adani launched a hostile takeover of Indian broadcaster NDTV last year, in an attempt to build a media business.

Additional reporting by Benjamin Parkin, South Asia correspondent

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Adani shares take $9.4bn hit after Hindenburg bets against group - Financial Times
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Maruti Suzuki Q3: Profit zooms 130% to Rs 2,391 crore, revenue up 25% - Moneycontrol

Pending customer orders stood at about 3,63,000 vehicles at the end of this quarter out of which about 1,19,000 orders were for newly launched models

Maruti Suzuki on January 24 reported 129.55 per cent jump in consolidated net profit for quarter ended December 2022 at Rs 2,391.5 crore. The profit was Rs 1,041.8 crore in the same quarter last year.

The total revenue from operations came in at Rs 29,057.5 crore, rising 24.96 percent from Rs 23,253.3 crore in the corresponding quarter a year ago, the largest carmaker of the country said in an exchange filing.

Profit growth was driven by higher sales and fall in raw material cost. EBIT margin of the company also improved 350 basis points year on year (YoY) to 7.6 percent. Profit margin improved 380 basis points YoY to 8.4 percent

The company sold a total of 4,65,911 vehicles during the quarter, up 8.2 percent YoY. Sales in the domestic market were 4,03,929 units and exports were 61,982 units. This was against total sales of 430,668 units comprising 365,673 units in domestic and 64,995 units in export markets in the same period, previous year.

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Maruti Suzuki Q3: Profit zooms 130% to Rs 2,391 crore, revenue up 25% - Moneycontrol
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Hyundai Aura Facelift Launched In India; Prices Start From Rs 6.30 Lakh - carandbike

Hyundai has launched the Aura facelift in India with prices starting from Rs 6.30 lakh (ex-showroom). Available in five variants – E, S SX, SX+ and SX(O) – the Aura receives styling updates along with some feature enhancements. Like the recently launched Grand i10 Nios, the updated Aura too is available with petrol and CNG engine options with the 1.0-litre turbo-petrol dropped from the line-up.

Also read: Hyundai Grand i10 Nios Facelift Launched In India

Variant	E	S	SX	SX+	SX(O)
1.2 Petrol MT	Rs 6.30 Lakh	Rs 7.15 Lakh	Rs 7.92 Lakh	---	Rs 8.58 Lakh
1.2 Petrol AMT	---	---	---	Rs 8.73 Lakh	---
1.2 Petrol+CNG MT	---	Rs 8.10 Lakh	Rs 8.87 Lakh	---	---

In terms of styling, the Aura gets an updated front fascia with a slim grille sitting between the headlamps. The redesigned bumper features a prominent air-dam along with redesigned inverted L-shaped DRLs. The remainder of the design is left unchanged.

The cabin too gets some updates including revised fabrics, a new analogue instrument cluster and some new features such as fast charging USB C ports and footwell lighting. Safety kit too has taken a step up with four airbags (front and side) offered as standard with the top variant packing in six airbags, ESC, tyre pressure monitoring, stability control and hill start assist.

Moving to the engine line-up, the Aura too drops the 1.0-litre turbo-petrol engine with only the 1.2-litre petrol and CNG units carried forward. The petrol powerplant develops 82 bhp and 114 Nm and is paired with either a 5-speed manual or AMT gearbox. The 1.2 CNG mill meanwhile puts out a lower 68 bhp and 95.2 Nm when burning CNG.

The updated Aura goes up against the Maruti Suzuki Dzire, Honda Amaze and Tata Tigor.

All prices ex-showroom and introductory

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Hyundai Aura Facelift Launched In India; Prices Start From Rs 6.30 Lakh - carandbike
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Axis Bank’s Q3 net profit surges 62% to Rs 5,853 crore, beats estimates - Moneycontrol

Axis Bank's net interest income rose 32 percent year-on-year to Rs 11,459 crore on the back of a strong 15 percent loan growth and an expansion in net interest margins.

The average of the estimates of seven brokerages polled by Moneycontrol had forecast the net profit for the December quarter at Rs 5,321.5 crore.

Axis Bank reported a net profit of Rs 5,853 crore for the December quarter (Q3FY23), a growth of 62 percent year-on-year, beating street estimates comfortably.

The private sector lender's net interest income rose 32 percent year-on-year to Rs 11,459 crore on the back of a strong 15 percent loan growth and an expansion in net interest margins.

The average of the estimates of seven brokerages polled by Moneycontrol had forecast the net profit for the December quarter at Rs 5,321.5 crore. Net interest income (NII), the core income a bank earns through lending, was expected to grow 25 percent to Rs 10846 crore, the poll showed.

Also read: Banks go big on partnerships to expand services, lure customers

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Senior professionals flee startups to safety net of large companies amid layoffs - Economic Times

Startups and new-age digital companies — that were attracting top talent with their accelerated career path and huge wealth creation opportunities until recently — are seeing an exodus of senior professionals who are now seeking the safety net of established companies.

Mounting layoffs, financial uncertainty, and decline in growth momentum amid funding challenges in startups are pushing many to look at options at large firms that have more dollars to innovate and experiment, top industry officials and venture capital investors told ET.

“The risk-taking appetite of professionals working in startups is diminishing due to the funding challenges and flurry of layoffs in the last several months,” said Ankur Pahwa, managing partner of venture capital fund PeerCapital.

“The resulting financial as well as career and growth uncertainty is prompting many to take to the safety net of large established companies,” he added.

In a survey by Ciel HR Services across more than 900 senior professionals in 60 Indian startups that together employ over 60,000 people, 80% of the respondents confirmed that senior talent is migrating to established firms because of the current volatile market.

In the survey, shared exclusively with ET, 47% said lack of job security is one of the major reasons prompting the move, while 27% cited better work-life balance and 26% pointed to better pay at established firms.

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“There are arising number of senior people searching for jobs in more established companies and traditional sectors in the last few months,” said Aditya Narayan Mishra, CEO, Ciel HR Services. “The layoffs are making them worried. People are unsure about the future at startups.” Plus, there is a pull factor. Many large traditional businesses — across sectors such as banking, insurance, fast-moving consumer goods, healthcare and pharmaceutical — are scouting for top-notch talent to mainstream their digital footprint.

“There is a push factor from startups due to the volatile market, while there is a big pull from traditional firms that are looking at strengthening their digital presence,” said Anshuman Das, CEO of executive search firm Longhouse Consulting.

“These companies need senior talent to drive their tech transformation journey,” said Das.

According to data put together by Longhouse Consulting, some of the senior-level moves from startups to large companies in the last one year include Kamal Rathi, who moved from Paytm to Kotak Mahindra Bank as senior executive VP technology; Mriganki T, who moved from Nykaa to Colgate-Palmolive India as associate director ecommerce; Divakar Prayaga, who moved from CoinDCX to AP Moller — Maersk as director cyber engineering; Sandeep Kumar Pandey who moved from Udaan to Aditya Birla venture TMRW House of Brands as head of sourcing; Amit Golash, who joined Dr Reddy’s Laboratories as global head of customer services and logistics from Flipkart; Shakti Agrawal, who moved from Flipkart to Kotak Mahindra Bank as product head SME digital platform; and Amit Nayyar, who moved from Paytm to JP Morgan as managing director.

The flight of top talent from new-age firms comes after a couple of years of unprecedented surge in hiring by many startups. The hiring activity dropped significantly by October last year. Data from Ciel HR Services shows that the decline was much sharper in the case of senior leadership-level hiring, which fell by 82% in the fourth quarter of 2022 compared to the first quarter.

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ICICI Bank Q3 results beat estimates: Profit jumps 34% to Rs 8,312 crore, NII up 35% - Economic Times

India's second largest private sector lender ICICI Bank today reported 34.2% year-on-year (YoY) increase in its standalone profit after tax to Rs 8,312 crore in the December quarter.

The bank's net interest income (NII) increased by 34.6% YoY to Rs 16,465 crore in Q3. ICICI Bank's net interest margin increased to 4.65% in Q3 compared to 3.96% in the year-ago period and 4.31% in Q2 of the current financial year.

The private sector bank surprised investors on both fronts as an ET Now poll had found that analysts were expecting PAT at Rs 8,000 crore and NII at Rs 15,300 crore.

The lender's net NPA ratio declined to 0.55% in December-end from 0.61% at the end of the September quarter. The provisioning coverage ratio on non-performing assets was at 82%.

Its deposits grew by 10.3% YoY to Rs 11,22,049 crore and loan portfolio recorded a growth of 19.7% YoY. Provisions (excluding provision for tax) increased by 12.5% YoY to Rs 2,257 crore in Q3.

"During the quarter, the bank has changed its provisioning norms on nonperforming assets to make them more conservative. This change resulted in higher provisions amounting to Rs 1,196 crore in Q3-2023. Provisions for Q3-2023 also include contingency provision of Rs 1,500 crore made on a prudent basis," the lender said in an exchange filing.

ICICI Bank's retail loan portfolio grew by 23.4% YoY and 4.5% sequentially, and comprised 54.3% of the total loan portfolio in Q3. The business banking portfolio grew by 37.9%, SME 25% and rural 12.5%. The average current account and savings account deposits increased by 10.4% year-on-year in Q3.

The bank’s total capital adequacy ratio in Q3 was 18.33% and Tier-1 capital adequacy was 17.58% compared to the minimum regulatory requirements of 11.70% and 9.70%, respectively.

ICICI Bank opened about 300 branches in the first nine months of FY23 and had a network of 5,718 branches and 13,186 ATMs in December-end. The value of the bank’s merchant acquiring transactions through UPI grew by 10.6% sequentially and 78% year-on-year in Q3.

"The bank had a market share of 30.6% by value in electronic toll collections through FASTag in Q3-2023, with a 22.2% year-on-year growth in collections," it said.

During the quarter, its fee income grew by 3.7% YoY to Rs 4,448 crore. Fees from retail, rural, business banking and SME customers constituted about 78% of total fees in Q3. The bank also declared a treasury gain of Rs 36 crore in Q3 compared to Rs 88 crore in the year-ago period.

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ICICI Bank Q3 results beat estimates: Profit jumps 34% to Rs 8,312 crore, NII up 35% - Economic Times
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