PRE-MARKET INDIAN STOCK NEWS: TCS reports strong Q1 figures, Dr Reddy's gives semaglutide update, Indian govenment approves Dixon-Vivo Mobile JV
India
Apollo Micro Systems (APOLLO IS), Premier Explosives (PRE IS) - Apollo Micro Systems announces that it will acquire a 41.33% stake in Premier Explosives for INR 15.5bln. (Apollo Micro Systems)
Dixon Technologies (DIXON IS) - Co. says the Indian government has approved of its JV with Vivo Mobile. (Dixon Technologies)
Dr Reddy's (DRRD IS) - A Co. executive says we will be on track to supply between 6-7mln of Novo Nordisk's (NOVOB DC) Semaglutide pens between Q3 and Q4. Issue has nothing to do with whatever we sent to market.The actual supply to market can resume in late October to early November if issue is resolved, however, there will be a halt of supply between now and September. (Newswires)
JK Tyre & Industries (JKI IS) - Co. executive says they expect to raise product prices by between 11-13% by the end of September to offset rising input costs. (Reuters)
Maruti Suzuki India (MSIL IS) - Co. plans to add around 500 service points across India in the ongoing fiscal, after opening its 6,000th service touchpoint and serving over 28.4mln vehicles in 2025-26. (Economic Times)
Premier Energies (PREM IS) - Co. commissioned a 5.6 GW solar module facility in Telangana as part of its INR 125bln capex plan and performed ground-breaking for a 6 GWh BESS facility and 18,000 metric tonnes per annum aluminium frames facility. (Economic Times)
Oil & Natural Gas Corp (ONGC IS) - Co. approves of an expansion of India's strategic oil reserves, adding 1.75mln tonnes, according to a filing. (Bloomberg)
Shriram Finance (SHFL IS) - Co. is raising USD 1.3bln through half a dozen foreign banks to reduce borrowing costs following a rating upgrade after Mitsubishi UFJ Financial Group’s stake purchase. (Economic Times)
State Bank of India (SBIN IS) - Co. has agreed to sell a 1.42% stake in SBI Funds Management for c. INR 16.55bln. (SBI)
Tata Consultancy Services (TCS IS) - Q1 2026 (INR): Net Income 133.49bln (exp. 134.46bln, prev. 127.60bln Y/Y); Sales 722.75bln, +14% Y/Y. (TCS)
Tata Group - Chairman says the Co. is targeting c. USD 100bln in auto revenue by 2031, with Jaguar Land Rover expected to contribute between USD 45-50bln of revenue. (Tata)
Other News
- India has removed import duties on key parts for producing wireless charging modules for mobile phones, displays for medical devices and automobiles, and lithium-ion cells.
- India tells the USTR that the evidence across major Indian exports to the US does not suggest any linkage with forced labour inputs, and reiterated that issues around labour policies should be dealt within the framework of ongoing trade talks.