Manufacturing PMI recovers to 3-Month high in July

Manufacturing activity in India expanded after a month in July as local lockdowns imposed to curb the second wave of the Covid-19 pandemic eased. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in July, compared with 48.1 in June. This is the fastest pace of growth in three months. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. 

Meanwhile, India’s unemployment rate fell to 6.95% in July, compared to 9.17% in the previous month.  

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HDFC Q1 Results: Net profit falls 1.7% YoY to Rs 3,001 crore

Housing Development Finance Corp (HDFC) reported a 1.69% YoY decline in standalone net profit to Rs 3,001 crore for the quarter ended June (Q1 FY22). Net profit has declined by 5.6% when compared to the previous quarter. Its net interest income (NII) grew 22.2% YoY (or 2% QoQ) to Rs 4,147 crore during the same period. HDFC’s assets under management (AUM) rose 8% YoY to Rs 5.74 lakh crore in Q1.

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Auto sales data for July 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 10.2% month-on-month (MoM) increase in total sales to 1.62 lakh units in July 2021. Sales from its utility vehicle segment and exports grew 26.6% and 24%, respectively.

Tata Motors Ltd registered a 25% MoM increase in passenger vehicle sales to 30,185 units in July. The automaker’s commercial vehicle sales increased 8% MoM to 23,848 units. Overall domestic sales rose 19% MoM to 51,981 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 21,046 units in July, an increase of 24.43% over June. M&M’s farm equipment segment posted a 43.53% decline in sales to 27,229 units. 

Two and three-wheeler manufacturer TVS Motor Company posted a 10.7% MoM increase in total sales to 2.78 lakh units. Meanwhile, Hero MotoCorp posted a 3% MoM decline in total sales to 4,54 lakh units in July.

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Emami Q1 Results: Net profit rises 96% YoY to Rs 77.79 crore 

Emami Ltd reported a 96.4% YoY increase in consolidated net profit to Rs 77.79 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 37.3% YoY to Rs 660.95 crore during the same period. Net profit and revenues have declined by 11.3% and 9.6%, respectively, when compared to the previous quarter. The FMCG company’s EBITDA grew 38% YoY to Rs 170 crore in Q1.

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Ambuja Cements to invest Rs 310 crore to expand Ropar unit in Punjab

Ambuja Cements Ltd will invest Rs 310 crore to expand the production capacity of its plant at Ropar, Punjab. This investment is part of the company’s aim to have a total cement capacity of 50 million tonnes per annum (MTPA) in the mid-term. The expansion of the Ropar plant is expected to be completed by June 2023. The total capacity of the cement grinding unit will increase from 3 MTPA to 4.5 MTPA.

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Punjab National Bank Q1 Results: Net profit jumps 232% YoY to Rs 1,023 crore

Punjab National Bank (PNB) reported a 232% YoY jump in standalone net profit to Rs 1,023 crore for the quarter ended June (Q1 FY22). Net profit has increased by 75% when compared to the previous quarter. Its net interest income (NII) rose 6.5 % YoY to Rs 7,226 crore during the same period. The gross non-performing assets ratio (GNPA) increased to 14.33% in Q1 FY22, compared to 14.12% in Q4 FY21.

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ABB India partners with Audi to provide charging solutions

ABB India Limited has announced a partnership with Audi India to provide charging solutions for the automaker’s fully electric ‘e-tron’ range. The newly launched Audi e-tron and Audi e-tron Sportback will be offered with ABB India’s Terra AC wall-box charger for smart charging at home. The Terra AC wall-box charger is capable of delivering 11 kilowatts (kW) power to the Audi e-tron and companies with all safety standards and necessary certifications.

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Varun Beverages Q2 Results: Net profit jumps two-fold to Rs 319 crore

Varun Beverages Ltd (VBL) reported a 123% YoY jump in consolidated net profit to Rs 318.8 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 49.4% YoY to Rs 2,449.85 crore during the same period. The total sales volume increased by 45.4% YoY to 152.3 million cases in Q2 CY21. VBL’s board has recommended an interim dividend of Rs 2.5 per share.

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Policybazaar files DRHP to raise Rs 6,017 crore via IPO

PB Fintech has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 6,017 crore via an initial public offering (IPO). It is the parent company of Policybazaar and Paisabazaar. The IPO will consist of a fresh issue of shares aggregating to Rs 3,750 crore and an offer for sale (OFS) by existing promoters, aggregating to Rs 2,267 crore. Policybazaar is one of India’s largest online insurance marketplaces.

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RBL Bank Q1 Results: Net loss at Rs 459 crore

RBL Bank reported a net loss of Rs 459 crore for the quarter ended June (Q1 FY22). The private sector lender had posted a net profit of Rs 141 crore in Q1 FY21. Its net interest income fell 7% YoY to Rs 1,041 crore in Q1 FY22. [NII is the difference between the interest income a bank receives on loans and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio increased to 4.99% in Q1 FY22, compared to 4.34% in Q4 FY21 (previous quarter). 

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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