MPC has kept the policy rate unchanged at 4% and voted unanimously to maintain the status quo with an accommodative stance. The reverse repo rate remained unchanged at 3.5%, the marginal standing facility and bank rate kept unchanged at 4.25%. As expected, the RBI maintained status quo amid rising COVID-19 cases in the country. The RBI had kept the key interest rate (repo) unchanged for the fifth consecutive meeting. On the back of the COVID-19 pandemic, the central bank has cut policy rates to 4% through two rate cuts of 75 bps in March'20 and 40 bps in May'20. Growth The MPC has retained the Gross Domestic Product (GDP) growth of 10.5% for the FY22 with the global growth gradually recovering from the pandemic-triggered slowdown. As per the RBI poll result done in Mar'20, firms engaged in manufacturing, services and infrastructure are optimistic of pickup in demand and expansion in business activity in FY22.The RBI stated that the country is much...
Incorporated on 15th May 1989, the company is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost 3 decades of experience in large scale manufacturing of chemicals. Company is currently among the largest manufacturers of ethyl acetate in India with a market share of approximately 30% of the Indian ethyl acetate market. It is the only manufacturer of diketene derivatives in India with a market share of approximately 55 % of the Indian diketene derivatives market in terms of revenue in FY20 and one of the largest portfolios of diketene products. Further, post completion of the YCPL...
The mobile catering contracts that were in abeyance got terminated due to change in scope of work (shift from cooked to ready to eat meals) and there has been no change in catering policy so far. License fee refund has already been provided. There is no change in the catering...
Apollo Tricoat's minority shareholders will receive for each equity share held: o One equity share in APL Apollo o Implied premium of 16% on Friday's i.e., 26th Feb,2021 closing price for Apollo Tricoat's shareholders...
Softness in Consultancy and Turnkey led to subdued Q3FY21 RITES reported revenues of `4.3bn (-28% YoY) with subdued Consultancy-Domestic and Turnkey performance which declined 18% YoY and 19.2% YoY to `2.17bn and `1.58bn respectively. The softness in consultancy was led by QA- related site level inspection delays and construction marred by land acquisition. For 9MFY21, the topline declined 19% YoY to `11.8bn. With planned 34% increase in budgetary capex for rail (lasting upto 2030), Metro and Infra projects the company sees foreseeable double digit growth in FY22 over FY20. The company reported EBITDA of `1.1bn down 25% YoY. The...
Strong Q3FY21 enabled by domestic operations , aftermarket and cost controls Endurance technology Q3FY21 consolidated revenues grew 24% YoY to `20.4bn with EBITDA at `3.5bn (+35% YoY) enabled by 32% growth in standalone operations,+20% YoY growth from Bajaj Auto, HMSI, TVS Motors, Yamaha India, Royal Enfield & Kia Motors, 28% YoY increase in aftermarket segment, better product mix, tighter cost controls and higher incentives from the state government leading to EBITDA margin expansion of 137 bps...
BLSTR's Unitary products grew by 17% YoY led by healthy growth in AC and Commercial Refrigeration business. The AC business grew 32% YoY surpassing industry growth of 25% YoY with market share of 13%. Looking to ramp up exports as it intends to participate in the impending PLI scheme. In the EMPS business, cautious execution of the projects based on customer's credit profile and operating cash flow visibility with growth opportunities from metro railways, electrical...
EPC along with deleveraging leading towards strong quarter Tata Power reported PAT of `3.3bn (adjusted for one time mining expense of `0.6bn) lead by sharp decline in interest cost, better coal JV- Mundra hedge, and profitability of CESU at `340mn. The solar EPC reported an 8.5% EBITDA Margin and 5% PAT margin (adjusted for FX loss of `180mn). The EPC business is recovering and is expected to pick-up, led by the healthy order book at Tata Power Solar. The management expects its solar EPC order book to be completed over...
Agro-tech Foods Ltd reported a ~8% Y-o-Y and Q-o-Q topline growth on account of increase in sales volumes (especially foods business) during the quarter. EBITDA grew by 9% Y-o-Y to `159mn in Q3FY21 from `146mn in Q3FY20 and EBITDA...
MPC kept the policy repo rate unchanged at 4.0%. MPC unanimously voted for keeping the policy repo rate unchanged and continued with an accommodative stance as long it is necessary-at least during the current financial year and into the next financial year. This is to revive growth and mitigate the impact of Covid-19 on the economy, while ensuring that inflation remains within the target. The Monetary Policy Committee (MPC) had unanimously voted against rate cut in Dec'20 policy. The post Covid-19 repo rate cut now stands at 115 bps and the reverse repo is down 155 bps. Growth According to the MPC, metrics like consumer confidence, manufacturing and services, infrastructure, sales of residential units in metro cities are reviving. The vaccination drive has also provided an impetus for growth. Taking these and a few other factors into consideration the MPC has projected India's growth for the next financial year at 10.5%....
AMESA performance impacted topline EPL's Q3FY21 Revenue, EBITDA and net profit grew ~8%, 0.4% and 18% YoY to `7.7bn, `1.6bn and `709mn respectively. Topline saw subdued performance in AMESA region. Management highlighted weakness in beauty & cosmetics segment and temporary shifts from tubes to larger packs impacting overall volume performance despite most of the end-consumer companies reporting healthy volume growth. Personal care performance was however strong in other geographies aided by shift to laminated...
EBITDA for the quarter stood at `2,850mn showcasing growth of ~12% Y-o-Y and 12% Q-o-Q and EBITDA margins improved to ~24.0% in Q3FY21 from 23.5% in Q3FY20. Company recorded highest gross margin ~54.1% up 303 bps...
Strong Auto recovery and benefits out of FY20 orders Mahindra Logistics' (MAHLOG) Q3FY21 consolidated revenue grew by a strong 15% YoY to `10,467mn led by SCM (+24%YoY) while the mobility segment lagged (60% YoY). The revenue were driven by recovery in auto, mainly tractor demand , benefit of new contract wins contribution of top-20 clients now below 60%, support of festive demand and further sustained growth in non-M&M; side despite some impact of supply-chain disruption in the cross-border consumer...
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