UltraTech Cement and India Cements: UltraTech Cement’s Board approved the purchase of a 32.72% equity stake in India Cements from its promoters and their associates for ₹3,954 crore at ₹390 per share. This stake sale will trigger a mandatory open offer at ₹390/share, subject to regulatory approvals. The price offered is 4.1% higher than ICL shares’ closing price of ₹374.60. India Cements has a total capacity of 14.45 mtpa of grey cement, with 12.95 mtpa in the South and 1.5 mtpa in Rajasthan. The India Cements acquisition enables UltraTech to serve southern markets more effectively and accelerates its path to 200+ MTPA capacity.
ICICI Bank: The private lender reported a 14.6% rise in standalone net profit to ₹11,059 crore for Q1FY25, driven by robust loan growth, healthy core lending income, and solid treasury operations. Net interest income (NII) rose 7.4% to ₹19,553 crore, while net interest margin (NIM) fell to 4.36% due to increased cost of funds. Non-interest income grew 23% to ₹6,389 crore, with treasury gains more than doubling to ₹613 crore. Total loans grew by 15.9%, and asset quality improved with gross NPA at 2.15% and net NPA at 0.43%. Fresh slippages increased to ₹5,916 crore, driven by retail, rural, and business banking segments. Deposits rose 15% YoY to ₹14.26 lakh crore, and advances were up 15.6% YoY to ₹12.23 lakh crore.
IndusInd Bank: The bank reported a 2.2% rise in consolidated net profit to ₹2,171 crore for Q1FY25, despite slower loan growth and a slight shrink in lending margin. NII rose 11.1% to ₹5,408 crore. Net loans and deposits both grew 15%. Loan growth was smaller compared to previous quarters. Managing Director Sumant Kathpalia cited external disturbances for the cautious disbursals. NIM shrunk marginally to 4.25%. Asset quality deteriorated, with gross NPA at 2.02% and net NPA at 0.60%. Provisions rose to ₹1,050 crore. The Capital Adequacy Ratio declined to 17.55%.
InterGlobe Aviation: IndiGo reported a 12% fall in net profit to ₹2,729 crore for the June quarter, its first YoY decline in two years, due to higher costs. Total income rose 18% to ₹20,249 crore, including a 17% increase in revenue from operations at ₹19,570.7 crore. Total expenses rose 24% to ₹17,445 crore, with fuel costs up 22.7% to ₹6,416.5 crore. Yield was at ₹5.24 per km, up 1.3% YoY. IndiGo added 15 aircraft, bringing its fleet to 382. The airline plans to induct six more aircraft from Qatar Airways on wet or damp lease. Free cash stood at ₹22,088 crore. IndiGo aims for low double-digit capacity growth for FY25 and high single-digit growth for Jul-Sep. The airline served 88 domestic and 30 international destinations.
Cipla: Cipla reported a 17% rise in consolidated net profit to ₹1,177.64 crore for the April-June quarter, driven by a favorable product mix and operational efficiencies. Consolidated revenue rose 7% to ₹6,694 crore. Ebitda grew 14% YoY to ₹1,716 crore, with an operating margin of 25.6%. Cipla’s India market is expected to grow at 10%. The US business posted record quarterly revenue of $250 million, and the South African market grew 19% YoY. Cipla is exploring acquisitions in India and other key markets. The company expects to commence supplies to the US market from its China facility in the second half of FY25. Cipla is addressing regulatory issues at its domestic plants and targeting new therapeutic areas.
SBI Cards and Payment Services: SBI Card reported a flat net profit of ₹594 crore for Q1FY25, compared to ₹593 crore in the same period last year, due to a rise in delinquencies. Total income rose to ₹4,483 crore from ₹4,046 crore. Interest income increased to ₹2,243 crore from ₹1,804 crore, while income from fees and commission remained almost flat at ₹2,115 crore. Gross NPAs rose to 3.06% from 2.41%, and net NPAs increased to 1.11% from 0.89%. Impairment losses and bad debt expenses surged 53% to ₹1,101 crore. The capital adequacy ratio declined to 20.6% from 22.9%.
Punjab National Bank: PNB reported a 159% rise in standalone net profit to ₹3,251.5 crore for Q1FY25, its highest-ever quarterly profit, compared to ₹1,255.4 crore last year. Net interest income (NII) rose 10.2% to ₹10,476.2 crore. The substantial increase in net profit is attributed to a decline in bad loans and an improvement in interest income. Total income rose to ₹32,166 crore from ₹28,579 crore.
Adani Enterprises: The conglomerate will commission the first phase of a $4 billion PVC project by December 2026, marking its entry into the petrochemicals sector. India’s annual PVC demand is 4 million tonnes, but domestic production is only 1.5 million tonnes. Adani Enterprises is setting up a PVC plant in Mundra, Gujarat, with a capacity of 2 million tonnes per annum, to be executed in phases. The initial phase of 1 million tonnes per annum is slated for commissioning by December 2026. The project is financed by an SBI-led consortium.
Dr Reddy’s Laboratories: Dr Reddy’s reported a 0.8% drop in net profit to ₹1,392 crore for Q1FY25, compared to ₹1,335 crore last year. Revenue from operations rose 14% to ₹7,672.7 crore. EBITDA rose 1.1% to ₹2,160 crore, with a margin drop to 28.2% from 29%. Revenues from North America grew 20% to ₹3,850 crore, while India’s generics business revenue stood at ₹1,325 crore. The company announced a 1:5 stock split and an investment in preference shares to infuse up to GBP 500 million into its Switzerland-based unit.
Bosch and Uno Minda: Bosch and Uno Minda are set to receive domestic value-addition (DVA) certificates under the ₹25,938-crore PLI scheme for automotives and automotive components. The PLI-Auto scheme requires companies to prove a minimum of 50% domestic value addition to be eligible for incentives. The scheme aims to boost local manufacturing of automotive technology products and create domestic and global supply chains. So far, eight companies, including Tata Motors and Mahindra & Mahindra, have received DVA certificates. The scheme has attracted proposed investments of ₹67,690 crore against a target of ₹42,500 crore over five years.
Shriram Finance: The company reported a 19% increase in consolidated net profit to ₹2,031 crore for Q1FY25, up from ₹1,712 crore last year. Total income rose to ₹9,610 crore from ₹8,293 crore, while total expenses increased to ₹6,943 crore from ₹5,760 crore. Gross NPAs declined to 5.39% from 6.03%, and net NPAs moderated to 2.71% from 2.96%. Shriram Capital received in-principle approval from RBI for its asset reconstruction company (ARC), focusing on retail loans.
IDFC First Bank: The bank reported an 11% drop in net profit to ₹680.7 crore for Q1FY25, impacted by increased provisions due to floods in Tamil Nadu. Net interest income rose 25.4% to ₹4,695 crore, while interest income jumped 28% to ₹8,789 crore. Gross NPAs dropped to 1.9%, and net NPAs rose slightly to 0.59%. Total deposits increased 35.8% YoY to ₹2,09,666 crore. Provisions increased 109% YoY to ₹994 crore.
NTPC: NTPC posted a 12% rise in consolidated net profit to ₹5,506.07 crore for Q1FY25, up from ₹4,907.13 crore last year. Total income rose to ₹48,981.68 crore from ₹43,390.02 crore. Consolidated power generation increased to 114 billion units from 104 billion units. On a standalone basis, net profit was ₹4,511 crore, and total income was ₹45,053 crore. NTPC coal stations achieved a plant load factor of 80.39%.
Adani Energy Solutions: The company selected investment banks to arrange a share sale aiming to raise at least ₹50 billion ($597 million). The share sale, expected to conclude by mid-August, marks Adani’s first public equity market foray since a short-seller’s report last year. The board approved raising up to ₹125 billion through various methods. Adani Energy operates over 21,100 circuit kilometers of transmission lines and aims to reach 30,000 ckm by 2030.
REC: The company posted a 16.57% rise in consolidated net profit to ₹3,460.19 crore for Q1FY25, up from ₹2,968.05 crore last year. Total income rose to ₹13,092.44 crore from ₹11,108.16 crore. Expenses stood at ₹8,743.22 crore. The board approved an interim dividend of ₹3.50 per equity share. REC provides long-term loans and financing for infrastructure assets in India.
Godrej Properties: Godrej Properties raised ₹1,275.40 crore through non-convertible debentures (NCDs) on a private placement basis. The company plans to launch residential projects worth ₹30,000 crore this fiscal to achieve 20% growth in sales bookings. Last fiscal, sales bookings jumped 84% to ₹22,527 crore. Net profit increased to ₹725.27 crore, and total income rose to ₹4,334.22 crore. The company aims to deliver 15 million square feet in FY25.
KEC International: The company reported a net profit of ₹87.6 crore for Q1FY25, more than doubling from ₹42 crore last year. Revenue increased by 6.3% YoY to ₹4,512 crore. EBITDA rose by 10.6% to ₹270 crore, with a margin of 6%. The company plans to raise up to ₹6,000 crore through qualified institutional placement and non-convertible debentures. Additionally, KEC will transfer its cables business to a new subsidiary.
Biocon: The US FDA conducted the cGMP and pre-licensing inspection at Biocon Biologics’ facilities in Bengaluru during July 15-26. At the close of the inspection, the regulator issued a Form-483 with 10 observations.
Bharat Heavy Electricals: BHEL has received a Letter of Intent (LOI) from Damodar Valley Corporation (DVC) for setting up the 2×800 MW Koderma Phase-II thermal power station at Koderma in Jharkhand on an EPC basis the contract is worth ₹10,000 crore.
Maruti Suzuki India: The automobile company has received a final assessment order with a total tax demand (including interest) of ₹779.2 crore. It has also received a Show Cause Notice for the initiation of penalty proceedings concerning this order Maruti will be filing an appeal before the Income Tax Appellate Tribunal. The company stated that the order would have no impact on the financial operational or other activities of the company.
Sun Pharma Advanced Research Company: SPARC has re-designated Nitin Dharmadhikari as Chief Operation Officer effective July 26. Mudgal Kothekar, vice president and Sandeep Inamdar, vice president – Clinical Development, have also been designated as senior management personnel of the company effective July 26.
Glenmark Life Sciences: The Gujarat Pollution Control Board (GPCB) has issued a closure notice for the company’s Ankleshwar facility. The sample collected from the GIDC storm water drain was found to be contaminated with high COD levels and other parameters. GPCB has ordered the company to deposit interim environment damage compensation as determined by GPCB and to submit a bank guarantee of ₹15 lakh for compliance assurance at the time of revocation.
Hindustan Zinc: The company has received an order from the Assessment Unit Income Tax Department (NFAC) for the Assessment Year 2013-14 demanding ₹1,884.3 crore on July 25. It has already filed an application for rectification of mistakes on July 26 and is hopeful of a favourable outcome from the said rectification application. The company said it believes that the erroneous demand should be revised to reflect the correct tax liability of NIL.
Godawari Power and Ispat: The company has received permission from the Chhattisgarh Environment Conservation Board for setting up a 2 million ton pellet plant for the expansion of iron ore pelletisation capacity from 2.7 to 4.7 MTPA. The pellet plant is proposed to be financed from internal accruals of the company and is expected to be commissioned by Q1FY26.
Manappuram Finance: The gold financing company has received intimation from its subsidiary company and its service vendor (Manappuram Comptech and Consultants) about a potential fraud perpetuated by an employee. The estimated quantum of the potential fraud is ₹20 crore. It has appointed KPMG to conduct a detailed analysis of the fraud.
Jubilant Pharmova: The company has received an order from the Income Tax Department for FY20 raising a tax demand of ₹38.13 crore on its subsidiary Jubilant Generics due to mistakes apparent from records apart from certain transfer pricing adjustments.
Strides Pharma Science: The step-down subsidiary of the company Strides Pharma Global Pte in Singapore has incorporated a company – Strides Pharma New Zealand Pty Limited in New Zealand. The New Zealand company will hold market authorizations for the products there, and also undertake trading in pharmaceutical products.
Laxmi Organic Industries: The company has received an Assessment Order from the Income Tax Department for the assessment year 2020-21 demanding ₹26.27 crore for the income tax return filed for the financial year 2020-21. The company believes the claim under the said assessment order is not maintainable and is in the process of filing an appeal and rectification against the said order the assessment order.
Colgate Palmolive India: The company has received a final assessment order for Assessment Year 2020-21 demanding ₹248.7 crore (including interest) for transfer pricing-related issues. The company said it will be filing an appeal before the Income Tax Appellate Tribunal against the said order, while adding that there is no impact on the financial operations or any other activities of the company due to this order.
Cigniti Technologies: ICICI Prudential Mutual Fund, through ICICI Prudential Technology Fund, bought a 1.64% stake in Cigniti Technologies.
Parag Milk Foods: North Star Opportunities Fund VCC-Bull Value Incorporated VCC Sub-Fund bought a 1.48% stake in Parag Milk at an average price of ₹199 per share. However, Sixth Sense India Opportunities II sold a 1.5% stake in the company at the same price.
Sobha: Anamudi Real Estates LLP sold a 4.4% stake in the real estate company at an average price of ₹1,810.44 per share. Mirae Asset Mutual Fund, Invesco Mutual Fund and Aditya Birla Sun Life Mutual Fund collectively bought a 2.1% stake in Sobha.
Route Mobile: Foreign promoter Proximus Opal sold a 1.95% stake in the company at an average price of ₹1,656.6 per share. Societe Generale bought a 0.54% stake in the company at an average price of ₹1,652.2 per share.
Zen Technologies: The company posted a 92% YoY growth in topline at ₹254 crore for Q1FY25, with net profit rising by 92% to ₹74.18 crore. The order book stands at ₹1,158.54 crore, mainly for training simulators and anti-drone systems. Operational EBITDA increased to ₹103.20 crore from ₹66.17 crore. The company launched four new products and is evaluating tie-ups and acquisitions.
IFB Industries: The company reported a consolidated net profit of ₹37.54 crore for Q1FY25, compared to a net loss of ₹0.62 crore last year. Revenue from operations increased by 16.87% to ₹1,269.16 crore. Revenue from home appliances rose by 18.6% to ₹1,023.63 crore, and from the engineering segment by 9.37% to ₹210.21 crore.
Power Grid Corporation of India: PGCIL reported a consolidated net profit of ₹3,723.92 crore for Q1FY25, up 3% from ₹3,597.16 crore last year. Revenue from operations was flat at ₹11,006.18 crore. EBITDA marginally increased to ₹9,904.9 crore. The transmission business saw a marginal fall in revenues, while the telecom business and consultancy segment saw revenue growth.
LatentView Analytics: The company recorded a net profit of ₹38.92 crore for Q1FY25, up from ₹32.85 crore last year. Total income grew to ₹196.31 crore from ₹165.56 crore. The company completed the acquisition of Decision Point Analysis, enhancing its footprint in the Consumer Packaged Goods (CPG) vertical and delivering business value through Revenue Growth Management and GenAI expertise.
ITC Hotels: The company opened its 25th property under the Welcomhotel brand in Belagavi, Karnataka. The 116-key Welcomhotel Belagavi aligns with ITC Hotels’ asset-light growth strategy, expanding the brand to tier II markets and metro cities. The brand opened seven managed hotels and three owned assets with a total of 916 keys over the last five years. Separately, the company’s chairman and managing director said its demerger of its hotel business is on track and should be completed within six months. The listing of the hotel business is expected by the end of the year.
Cholamandalam Investment and Finance Company: The company reported a 29.8% YoY increase in net profit at ₹942.23 crore for Q1FY25. Net interest income jumped 40% to ₹2,573 crore. Gross NPAs were at 3.62%, and net NPAs at 2.37%. The company issued secured and unsecured non-convertible debentures aggregating to ₹48,000 crore. Disbursements increased by 22% to ₹24,332 crore.
City Union Bank: The bank reported a 16.4% YoY increase in net profit at ₹264.5 crore for Q1FY25. Net interest income rose 4.5% to ₹546 crore. Gross NPAs stood at 3.88%, and net NPAs at 1.87%.
ESAF Small Finance Bank: The bank reported a 51.7% YoY decline in net profit at ₹62.8 crore for Q1FY25. Net interest income increased by 0.5% to ₹588.5 crore. Gross NPAs stood at 6.71%, and net NPAs at 3.22%.
KFin Technologies: The company reported a 57% increase in profit after tax (PAT) at ₹68.07 crore for Q1FY25. Revenue from operations rose 31% to ₹237.56 crore. The company achieved significant milestones across business segments, with new client wins and enhanced profitability.
Colgate-Palmolive (India): The company received a tax demand notice of ₹248.74 crore from the Income Tax Authority for transfer pricing-related issues for FY21. The company will challenge the order before the appellate tribunal. The demand includes interest of ₹79.63 crore.
Punjab & Sind Bank: The bank reported a 19% rise in net profit to ₹182 crore for Q1FY25, aided by a decline in bad loans. Total income increased to ₹2,846 crore, with interest income growing to ₹2,652 crore. Gross NPAs declined to 4.72%, and net NPAs to 1.59%. The bank plans to raise ₹3,000 crore through Basel III compliant bonds and ₹5,000 crore via long-term infrastructure bonds.
Godrej Properties: The company plans to launch 21.9 million sq ft of area this fiscal with an estimated sales booking value of ₹30,000 crore. The company’s net profit for FY24 increased to ₹725.27 crore, with total income rising to ₹4,334.22 crore. It delivered 12.5 million sq ft last fiscal and aims for 15 million sq ft in FY25.
Kaynes Technology India: The company reported a 106.5% YoY increase in net profit to ₹50.8 crore for Q1FY25. Revenue from operations surged 69.6% to ₹504 crore. EBITDA rose 66.4% to ₹66.9 crore, with a margin of 13.3%. The order book grew to ₹5,038.6 crore, driven by demand in industrial, EV, aerospace, and railways segments.
Bandhan Bank: The company’s Q1 profit zoomed 47.5% to ₹1,063.5 crore, compared to ₹721 crore in the year ago period. Net interest income rose 20.6% to ₹3,005 crore, from ₹2,490.6 crore earlier, while gross NPA jumped to 4.23%, from 3.84% (QoQ) earlier. Net NPA increased to 1.15%, compared to 1.11% (QoQ) earlier.
Sumitomo Chemicals: The company’s Q1 consolidated net profit zoomed 105.4% to ₹126.7 crore, compared to ₹61.7 crore earlier. Revenue increased 15.8% to ₹838.9 crore, compared to ₹724.2 crore in the year ago period.
Zen Technologies: The company’s Q1 consolidated profit surged 111.5% to ₹79.5 crore, compared to ₹37.6 crore earlier. Revenue jumped 80% to ₹254.6 crore, compared to ₹141.4 crore earlier.
Multi Commodity Exchange of India: The company’s Q1 consolidated profit increased 26.2% to ₹110.9 crore, compared to ₹87.9 crore earlier. Revenue rose 29.4% to ₹234.4 crore from ₹181.1 crore earlier.
Jammu & Kashmir Bank: The banks Q1 standalone profit increased 27.3% to ₹415.5 crore, compared to ₹326.5 crore in the year ago period. Revenue rose 6.7% to ₹1,369.2 crore, compared to ₹1,283.3 crore earlier, while gross NPA dropped to 3.91%, compared to 4.08% (QoQ) while net NPA fell to 0.76% from 0.79% (QoQ) earlier.
KEC International: The company’s consolidated Q1 net profit jumped 107% to ₹87.6 crore, compared to ₹42.3 crore in the year ago period. Revenue increased 6.3% to ₹4,511.9 crore, compared to ₹4,243.6 crore earlier. The Board re-appointed Vimal Kejriwal as MD & CEO of the company for one year, along with approving the raising funds up to ₹4,500 crore via equity shares. It also approved the issuance of NCDs worth ₹1,500 crore.
Spandana Sphoorty Financial: The company’s standalone profit plunged 53.8% to ₹51.3 crore, compared to ₹111.1 crore in the year ago period. Net interest income increased 43% to ₹416.9 crore, compared to ₹291.6 crore earlier.
Jaiprakash Power Ventures: The company reported a 82% jump in consolidated Q1 net profit to ₹348.5 crore, compared to ₹191.7 crore in the corresponding quarter last year. Revenue increased 2.7% to ₹1,754.7 crore, compared to ₹1,707.8 crore in the year ago period.
