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EquityPandit

EquityPandit
BUSINESS

ITC Slips 3% Post Q4 Results

Shares of ITC Ltd dipped 3 per cent to Rs 209.35 on the BSE in intra-day trade on Wednesday, after the company reported in-line results for the March quarter, although, analysts remained cautious on the cigarettes and hotels businesses in the medium-term.


In March 2021 quarter (Q4FY21), ITC’s consolidated revenues grew 24 per cent year-on-year (YoY) to Rs 14,157 crore, led by a 14.2 per cent growth in the cigarettes business, 15.8 per cent growth in the fast-moving consumer goods (FMCG) business and 13.5 per cent growth in the paperboard business.

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BUSINESS

Bharat Forge Subsidiary and Compal Electronics Partner to Boost India’s Server Manufacturing

Ali Waghbakriwala

Bharat Forge Ltd on Thursday, 6 March, announced that its wholly-owned subsidiary Kalyani Powertrain has announced signing a technology licensing agreement with Compal Electronics for manufacturing X86 platform servers in India. 

Kalyani Powertrain and Compal Electronics have signed a Memorandum of Understanding (MoU) to develop the server business in India, aligning with the Make in India initiative. Under this partnership, Compal Electronics will provide technological expertise to Kalyani Powertrain, overseeing local production, assembly, testing, and server sales.

Amit Kalyani, Vice Chairman & Joint Managing Director of Bharat Forge, highlighted that this partnership with Compal, a global leader in technological products, will significantly enhance India’s manufacturing competitiveness and strengthen its position in the industry.

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Tony Bonadero, CEO of Compal Electronics, emphasized that this collaboration aligns with Compal’s strategy to expand its server business through strategic partnerships. He noted that Kalyani Powertrain’s deep expertise in the Indian market would create strong synergies, paving the way for further ICT-related opportunities and long-term value creation.

Additionally, Kalyani Powertrain’s electronics division has announced the launch of Made-in-India servers from its state-of-the-art manufacturing facility in Pune, Maharashtra, in February 2025. The company expects the facility to play a crucial role in boosting local businesses, attracting investments, and contributing to the region’s expanding manufacturing ecosystem.

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BUSINESS

Ola Electric Layoff 1,000 Jobs Amid Internal Restructuring 

Ali Waghbakriwala

Ola Electric, the electric two-wheeler startup led by Bhavish Aggarwal, has laid off around 1,000 workers in the marketing, sales, and distribution divisions as a result of a significant internal restructuring effort.

The company is figuring out what needs to be reorganized. According to people acquainted with the matter, a number of workers were let go, and a number of distribution networks on the ground were shut down.

Ola Electric acknowledged that restructuring had taken place, although it did not specify the number of jobs that were impacted.

Ola Electric spokesperson said, “We have restructured and automated our front-end operations delivering improved margins, reduced cost, and enhanced customer experience while eliminating redundant roles for better productivity.”

This move comes after a similar downsizing that affected at least 500 employees in November 2024.

The latest restructuring coincides with several high-level departures. In December 2024, both chief technology officer Suvonil Chatterjee and chief marketing officer Anshul Khandelwal resigned.

Ola Electric has undergone multiple phases of reorganization in recent years. In September 2022, the company streamlined operations and hired a number of new employees in anticipation of its first public offering. However, recent layoffs suggest a shift in approach as the business struggles in the competitive EV sector.

Industry sources speculate that the purpose of these layoffs may be to improve financial efficiency as Ola Electric is ready to expand in the future despite changing market conditions.

Ola Electric revealed its December quarter results on February 7, indicating that its losses had grown compared to the same time last year.

The company’s net loss this quarter was Rs 564 crore, as opposed to Rs 376 crore in the same quarter the previous year. The December quarter’s revenue was Rs 1,045 crore, a 19.4% drop from the year before.

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BUSINESS

SpiceJet Announced its Q3 Earnings 

Ali Waghbakriwala

SpiceJet Ltd announced its financial results for the September and December quarters on Wednesday, 26 February.

The airline posted a net profit of Rs 24.9 crore for the third quarter, a significant drop from Rs 301 crore in the same period last year. However, Chairman and Managing Director Ajay Singh highlighted that the company has turned net worth positive for the first time in a decade. “The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet,” he stated.

Total income for the quarter stood at Rs 1,650 crore, down from Rs 2,148 crore in the corresponding quarter of the previous fiscal. Meanwhile, aviation turbine fuel (ATF) expenses for the December quarter were recorded at Rs 167 crore, compared to Rs 234 crore in the prior year.

The company’s auditors noted that SpiceJet’s accumulated losses have reached Rs 8,170 crore. Additionally, the airline and some of its subsidiaries are reportedly non-compliant with various laws and regulations, though the exact impact on consolidated financial results remains uncertain.

The auditor further pointed out that SpiceJet’s current liabilities exceed its current assets by Rs 3,925 crore, raising concerns about the company’s ability to continue as a going concern due to material uncertainties.

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BUSINESS

Indian Clearing Corporation Gets Rs 5 Crore Fine from SEBI

Ali Waghbakriwala

The Securities and Exchange Board of India (Sebi) fined Indian Clearing Corporation (ICCL), a fully owned subsidiary of the BSE, with a Rs 5.05 crore fine on Tuesday for allegedly violating regulations relating to cyber security and system audits. 

Following an inspection between December 2022 and July 2023, the market regulator issued the show-cause notice in October 2024.

Sebi concluded that ICCL forwarded the network auditor report to the regulator without seeking input from management or the board.  

The guidelines stipulate that the governing board of the market infrastructure institutions must be presented with the audit report and management’s comments. Within a month of the audit’s completion, Sebi must receive the board’s comments and the same document.

Additionally, it was discovered that ICCL had an outdated inventory that did not fit the requirements. The verdict pointed out that the findings of the report were not immediately addressed, despite the fact that ICCL conducted yearly cyber audits.  

The market regulator claims that the clearing company failed to meet regulatory standards by having a one-to-one connection between the Primary Data Center (PDC) and the disaster recovery site (DRS) or near site (NS).

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BUSINESS

Tata Steel Invests Rs 10,727 Crore T Steel Holdings Pte Ltd

Ali Waghbakriwala

Tata Steel Ltd, a leading steel manufacturer, announced on Tuesday, 25 February, that it had acquired 78.85 million ordinary equity shares from its wholly owned subsidiary, T Steel Holdings Pte Ltd (TSHP), for $1.24 billion (approximately Rs 10,727 crore).

The investment, completed on 25 February 2025, will be utilized to repay external debt in Tata Steel’s offshore subsidiaries and aid the restructuring of Tata Steel UK Ltd. TSHP, established in Singapore in 2006, functions as Tata Steel’s holding entity for its international businesses.

Although TSHP was already a wholly owned subsidiary, Tata Steel secured approval from the Reserve Bank of India (RBI) for the investment, as it exceeded the $1 billion annual limit under the automatic route for overseas investments.

Last week, Tata Steel announced the acquisition of over 191 crore equity shares of TSHP for $300 million (Rs 2,603.16 crore).

The company reported a net profit of Rs 295.5 crore, outperforming CNBC-TV18’s estimated loss of Rs 550 crore. However, net profit declined 43.4% from Rs 522 crore in the same quarter last year.

Tata Steel recorded an exceptional loss of Rs 126.2 crore, significantly lower than the Rs 334.13 crore loss reported in the previous year. Meanwhile, revenue from operations stood at Rs 53,648.3 crore, surpassing the expected Rs 52,550 crore but reflecting a 3% year-on-year (YoY) decline from Rs 55,312 crore.

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