The financial markets often move at a quick pace, and lately, there’s been a flurry of activities with a couple of companies making significant waves due to their strategic moves and announcements. Among them, the Indian stock markets have experienced a fairly muted end to the trading session on April 29, exhibiting a rocky trading day. The Sensex, the country’s benchmark index, edged about 70 units higher to close the session hovering around 80,288. Its counterpart, the Nifty, on the other hand, maintained its position practically unaltered, managing just a tiny gain of 7 units and winding up at 24,336.
State Bank of India (SBI), a leading player in the banking sector, has been preparing for a substantial financial endeavor. The management team of the bank is set to convene this Saturday with the primary agenda being to strategize for potential ways of accumulating equity for the financial year spanning 2025-2026. Among a plethora of options that SBI is considering are follow-on public offers (FPO), rights issue, and even exploring the possibility of qualified institutional placement (QIP).
Per the details shared in a regulatory filing, this aggressive plan of capital attraction is viewed as a clear indication of the banking major’s objective of bolstering its fiscal strength in anticipation of future expansion. In other news from the banking sector, Sumant Kathpalia, the MD & CEO of IndusInd Bank, opted for resignation. This decision has been taken in the wake of disputes sparked by derivative transactions, and as per reports, Kathpalia has taken ‘moral responsibility’ for the situation.
Infosys, a prominent player in the tech industry, is channeling its efforts into expanding its presence in the sphere of artificial intelligence. The technology giant recently announced the launch of Infosys Topaz for SAP S/4HANA Cloud. This suite, which is backed by robust AI capabilities, is primarily designed to supercharge enterprise’s journey onto the cloud. Bajaj Finance, on the other hand, reported a phenomenal 19% annual growth in net profit, amounting to Rs 4,545.6 crore in the quarter ended March.
However, it’s worth noting that the firm’s net interest income (NII), despite being robust, fell slightly short of market predictions. That being said, the core lending operations of the company appear to be on solid ground. Bajaj Finserv, the holding entity for the Bajaj Group’s financial ventures, registered an impressive 14% YoY (Year on Year) increase in net profit, reaching Rs 2,417 crore. Additionally, the revenue of the company surged upwards, landing at Rs 35,596 crore.
BPCL, a prestigious state-owned oil behemoth, reported a net profit of Rs 3,214 crore, dramatically surpassing the earlier estimate of Rs 2,700 crore. This was underpinned by solid operational performances, highlighted by an EBITDA of Rs 7,765 crore, and imposing margins exceeding expectations at 7%. Clearly, refining margins have received a definite boost.
Thanks to an incredibly successful quarter, Vishal Mega Mart, well-loved by Indian shoppers for its budget-friendly offerings, have seen its net profit soar by a significant 88% YoY, reaching Rs 115 crore. This was juxtaposed with a 23% increase in revenue and a whopping 42% increment in EBITDA.
On the other hand, Praj Industries did not fare as well, witnessing a sharp 56.7% decrease in net profit to Rs 39.8 crore. The causes behind this dip were identified as execution delays, cost escalations, and subdued demands adversely impacting the revenues which contracted by 15.6%.
Real estate brand Prestige Estates Projects is gearing up for its debut in the National Capital Region. The firm recently received the green light from the Real Estate Regulatory Authority (RERA) for its forthcoming residential development project, The Prestige City – Indirapuram. This project carries a sizeable gross development value of more than Rs 9,000 crore.
Clinching success in the pharmaceutical market, Alembic Pharmaceuticals managed to secure approval from the US FDA (Food and Drug Administration) for a critical manufacturing unit. The company was thrilled to receive the Establishment Inspection Report (EIR) for its oncology formulation facility (F-2) located in Panelav. Notably, the thorough inspection, which took place back in October 2024, included checks on both injectable and oral solid drug manufacturing.