Author: Ben Benny

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Govt Receives Rs 3,636Cr Dividend from IOCL – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Centre receives ₹3,636Cr dividend from IOCL

According to the secretary of the Department of Investment and Public Asset Management (DIPAM), the Central Government has received ₹3,636 crore from Indian Oil Corporation of India Ltd as a dividend tranche. Additionally, it received received about ₹23 crore from RailTel Corporation of India Ltd. 

Read more here.

IOC corners more than a third of D6 gas in latest Reliance auction

Indian Oil Corporation (IOC) has cornered more than a third of the natural gas that Reliance Industries Ltd and its partner BP offered in the latest auction of the KG-D6 gas. IOC got 1.45 million standard cubic meters per day out of the 4 mmscmd of gas auctioned last week. Reliance and BP last week auctioned 4 mmscmd of gas from the Krishna Godavari basin block starting December 1, 2023.

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Jubilant Foodworks to acquire majority stake in DP Eurasia

Jubilant Foodworks Ltd announced plans to acquire an additional 51.1% stake in DP Eurasia NV.  DP Eurasia NV is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia. The acquisition will be carried out through a subsidiary, with a proposed consideration of up to EUR 73.36 million (approximately ₹670 crore).

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Tata Motors launches registered vehicle scrapping facility in Punjab

Tata Motors has launched a registered vehicle scrapping facility (RVSF) in Punjab, which will be the company’s fourth such unit. The facility, developed by Tata Motors’ partner Dada Trading Company, can safely disassemble 12,000 end-of-life vehicles annually. The facility, which operates both passenger and commercial vehicles, is part of the company’s commitment to eco-friendly initiatives.

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Tata Power Renewable Energy secures 200 MW FDRE project

Tata Power Renewable Energy Ltd (TPREL) secured a 200 MW firm and dispatchable renewable energy (FDRE) project from SJVN Ltd. The project, providing round-the-clock power, aligns with power distribution company’s renewable purchase obligation and energy storage obligation. The financial details of the order haven’t been disclosed yet.

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Apollo launches India’s first pediatric health assessment on chronic, lifestyle diseases in children

Apollo Hospitals has launched an industry-first pediatric ProHealth Programme to combat the increasing trend of non-communicable diseases (NCDs) among children and adolescents. The Pediatric ProHealth Programme curates tests to assess the child based on his or her family history and age group and also conducts routine tests. 

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PCBL to acquire Aquapharm Chemicals for ₹3,800 crore

Philips Carbon Black (PCBL) approved the acquisition of Aquapharm Chemicals Private Limited for an aggregate of ₹3,800 crore. The proposed transaction shall be financed through a mix of internal accruals and external funds raised by the company and/or its affiliates/associates. The acquisition of ACPL marks the company’s foray into global speciality segments of water treatment chemicals and oil & gas chemicals.

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China’s Alipay to sell its 3.4% stake in Zomato for nearly $400 million

According to Reuters, Alipay plans to sell its 3.4% stake in food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. Bank of America and Morgan Stanley are advisers on the deal.

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Sale of Aster DM’s GCC business likely to be announced soon

Aster DM Healthcare is on the verge of announcing the sale of its Gulf Cooperation Council (GCC) region business. Fajr Capital, in collaboration with key promoters, is expected to acquire the business in a landmark deal expected to be valued at $1 billion. Aster DM Healthcare has entrusted the task of overseeing the sale of its GCC business to independent directors. This decision is aimed at avoiding any potential conflicts of interest during the sale process.

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Amazon signs partnerships with HDFC Securities, TCS and Tech Mahindra 

Amazon Web Services (AWS) has partnered with HDFC Securities, Tata Consultancy Services (TCS) and Tech Mahindra during its annual tech conference, Re: Invent. HDFC Securities Ltd has built its latest trading app, HDFC Sky, on the AWS cloud platform. The TCS partnership includes a generative AI practice with AWS that it hopes will aid businesses in making good on opportunities. Tech Mahindra has partnered with AWS to build a sports cloud platform.

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JSW Steel Completes Investment in JSW Paints – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

JSW Steel completes strategic investment in JSW Paints

JSW Steel has officially completed the authorized strategic investment of ₹750 crore in JSW Paints. The investment was planned to be carried out in 3-4 rounds between FY 2021-22 to FY 2024-25. The last tranche of investment of around ₹75 crore was made on November 22, 2023. Post this allotment, JSW Steel holds a 12.84% stake in JSW Paints.

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L&T Finance gets $125 million loan to support MSMEs, farmers

L&T Finance has signed a $125 million loan pact with the Asian Development Bank (ADB) to support financing in rural and peri-urban areas in India, particularly for women borrowers. The funding comprises a loan of up to $125 million from ADB, and an agreement to syndicate an additional $125 million co-financing from other development partners. 

Read more here.

Indian Hotels invests ₹55 crore in Genness Hospitality & ₹35 crore in Qurio Hospitality

Indian Hotels Company Ltd (IHCL) has invested ₹55 crore in Genness Hospitality and ₹35 crore in Qurio Hospitality via a rights issue. Genness Hospitality, incorporated for a greenfield project (Vivanta Hotel) in Ekta Nagar, Gujarat, is presently under development. The investment involves the acquisition of equity shares of Genness, an existing wholly-owned subsidiary of IHCL.

Read more here.

Affle India files 10 new AI patents

Affle India Ltd has filed 10 new patents related to Artificial Intelligence (AI) in India. The company filed the patents with an aim to strengthen the company’s innovations in the domains of Artificial Intelligence (AI) and automation. The newly-filed patents include the systems and methods for transferring personalised machine learning or AI models and data, along with the ones that integrate models with coordinators and AI agents in a marketplace environment.

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Lupin secures USFDA nod for Bromfenac Ophthalmic solution

Lupin Ltd has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) concerning Bromfenac Ophthalmic Solution. The solution is used to treat postoperative inflammation. The company will manufacture the solution in its pithampur facility. According to IQVIA data, the drug had an estimated annual sales of $185 million in the US as of September 2023.

Read more here. 

Cipla stands firm amid USFDA scrutiny, pledges swift response to warning letter

Cipla Ltd reasserted its confidence in its existing commercial product portfolio, stating that it perceives no material risk to its current offerings. The pharma major’s response comes after the US Food & Drug Administration (USFDA) made public the warning letter it issued to the company’s Pithampur unit on November 20. 

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Coal India to phase out mining equipment imports in 6 years

Coal India Ltd has drawn up a plan to phase out imported mining equipments over the next six years. The company has imported high-capacity mining equipment worth ₹3,500 crore in the past five years. The move aims to encourage and develop domestically manufactured equipment.

Read more here.

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Coal India to Spend Rs 16,500-18,000Cr Over 5 Years – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Coal India to spend ₹16,500-18,000 crore over five years

Coal India Ltd expects to spend ₹16,500 – ₹18,000 crore over the next five years as capital expenditure. For FY25, the company has announced a production target of 850 MT, which is 9% higher than the current year’s target. To support the increase in volumes, Coal India said that it is working on developing sufficient rail infrastructure for the same.

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Welspun Corp arm Sintex to set up ₹479 crore manufacturing unit

Welspun Corp Ltd’s wholly-owned subsidiary, Sintex BAPL, has received approval from the Odisha government for its proposal to invest ₹479.47 crore to establish a manufacturing unit. The unit will produce CPVC, UPVC, SWR, agri pipes, PVC fittings, and plastic tanks, boasting an annual capacity of 37,520 tonnes. The company plans to set up the proposed facility in Sambalpur, Odisha.

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SBI’s unsecured lending to see moderation after RBI’s tightening

SBI Chairman Dinesh Kumar Khara announced that there will be “moderation” in the bank’s unsecured lending portfolio following the Reserve Bank of India’s tightening of norms. He said the impact of higher risk weights will have a 0.02-0.03% impact on its net interest margins in the December quarter (Q3), but a better picture will emerge in the next quarter.

Earlier this month, the RBI increased risk weights on unsecured lending for banks and non-banking financial companies (NBFCs).

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Nazara Tech says there will be new gaming IPs in the next six months

Nazara Technologies is looking at more acquisitions to improve its gaming and e-sports business, which together contributed over 86% of its total revenue as of the financial year ending March 2023. The company has built a strong pipeline, especially in core gaming studio intellectual properties (IPs), eSports space, and a little in ad-tech. 

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Bharti Airtel begins IPO process for its subsidiary Bharti Hexacom

According to a CNBC-TV18 report, Bharti Airtel Ltd has begun the process of making its subsidiary Bharti Hexacom public. It will be the first IPO from the Bharti Group after over a decade. Bharti Hexacom’s valuation is likely to be estimated at ₹20,000 crore, and the listing process is likely to be completed by early 2024.

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CG Power seeks approval to set up semiconductor assembly unit

CG Power and Industrial Solutions Ltd has filed an application with the Central government to set up an Outsourced Semiconductor Assembly and Test facility (OSAT). The estimated investment in the project over five years is $791 million (approximately ₹6,592 crore). The funding for the project is expected to be through a combination of subsidy, joint venture (JV) partners, equity contribution and debt.

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Aurobindo Pharma’s unit gets USFDA nod for Ryzenuta injection

Aurobindo Pharma’s subsidiary, Acrotech Biopharma, and Evive Biotech received approval from the US Food and Drug Administration (USFDA) for Ryzenuta injection. The injection is used to treat chemotherapy-induced neutropenia (an abnormally low count of a type of white blood cell). The approval was based on the results of the two pivotal Phase 3 studies completed in the United States and Europe. 

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IndusInd Bank promoters deny report of raising funds via share pledge

IndusInd Bank’s promoters have denied claims of raising funds by pledging their stake in the bank. The bank denied the information in a Business Standard article titled “Hindujas raise ₹8000 crores by pledging IndusInd stake”. The lender labelled the article as “malicious and factually incorrect.” IndusInd Bank emphasised that information regarding the pledge of a listed entity is readily available in the public domain and can be verified through official channels.

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GMR Power and Urban Infra buys Malaysian partner’s stake in power subsidiary

GMR Power and Urban Infra Ltd has acquired its joint venture (JV) partner’s 29.14% stake in GMR Energy Ltd (GEL) for $28.5 million (approx. ₹237.37 crore). The company has acquired 105.11 crore equity shares, representing a 29.14% stake, in GEL from Power and Energy International (Mauritius) Ltd. Following the stake purchase, the group’s shareholding in GEL has increased from 57.76% to 86.90%

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Servotech Power Systems bags order for 2,649 EV chargers from Bharat Petroleum

Servotech Power Systems has secured an order for 2,649 electric vehicle (EV) charges from Bharat Petroleum Corporation Ltd (BPCL). However, the company did not disclose the value of the order in its statement. The company will manufacture, supply and install 2,649 AC EV Chargers strategically across India, equipping petrol pumps in major Indian cities under the BPCL E-drive Project.

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Tata Tech to Launch IPO Tomorrow – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Tata Tech to launch ₹3,042Cr IPO tomorrow

The much-awaited initial public offering (IPO) of Tata Technologies (a subsidiary of Tata Motors) will open for subscription tomorrow— Nov 22. The company is planning to raise ₹3,042.51 crore. The price band for the issue has been fixed at Rs 475-500 per share. The issue comprises only an offer-for-sale (OFS) by the promoter and investors. 

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KEC International bags new projects worth ₹1,005Cr

KEC International Ltd has secured new projects worth ₹1,005 crore across its various business verticals, including railways and cables. The company has secured projects for transmission, distribution, and cabling in India, the Middle East, Europe, Africa and the Americas.

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RIL to invest ₹20,000Cr in West Bengal on 5G, retail, energy

Reliance Jio is set to take the power of 5G to West Bengal even as the telco is on track to conclude the world’s fastest 5G rollout in India by December end. RIL chairman, Mukesh Ambani, said that every home in West Bengal would be converted into smart homes very soon with the rapid rollout of JioFiber (wired broadband) and Jio AirFiber services (the company’s 5G-based fixed wireless access service).

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Tata Motors re-enters Thailand with CVs

Tata Motors has appointed Inchcape Plc as its distributor for commercial vehicles in Thailand, re-entering the market after a three-year break. The company stopped selling its pickup trucks and small commercial vehicles in Thailand after it closed its 100% subsidiary in 2020. However, it has been providing support and services to customers there.

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TCS makes provision of $125 million in Q3 for Epic Systems penalty 

The US Supreme Court has rejected an appeal by Tata Consultancy Services (TCS) against a $140-million penalty concerning a trade secret lawsuit filed by US-based Epic Systems. The firm will make a provision of $125 million for the same in the third quarter of this financial year ending December 2023.

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OneWeb gets approval to launch satcom services in India

Bharti Airtel-backed low earth orbit (LEO) satellite firm OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. Now, the company needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services.

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Jindal Power will not bid to take over Go First

Jindal Power Ltd has decided to not follow through with a bid to take over Go First, pushing the insolvent airline closer to liquidation. It is the only company whose expression of interest to take over Go First was accepted by creditors. According to Reuters, Jindal had decided against bidding after evaluating the airline’s financial statements.

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Titan Company plans to hire over 3,000 employees in 5 years

The Titan Company is planning to add over 3,000 employees in the next 5 years across the engineering, design, luxury, digital, data analytics, marketing and sales domains. The company is looking for professionals with specialised skills such as data analytics, cyber security, product management, digital marketing and other new-age skills, amongst others. 

Read more here.

DLF buys office space in Gurgaon for ₹81 crore

DLF group’s subsidiary, DLF Building & Services Pvt Ltd has bought about 31,254 sq. ft. of premium office space at Horizon Centre on Golf Course Road in Gurgaon for ₹81 crore. The building is the costliest office space tower in Gurgaon. The space was owned by Madhur Maini and has been leased to WeWork India.

Read more here.

Strides Pharma gets USFDA approval for oral solution to treat seizures

Strides Pharma Science Ltd’s subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for Levetiracetam Oral Solution. It is an oral drug used to treat seizures. The pharma major will manufacture the product at its facility in Bengaluru. According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.

Read more here.

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L&T Wins Mega Order in Middle East – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

L&T secures mega order in Middle East 

Larsen and Toubro Ltd’s (L&T) hydrocarbon business has secured a mega order (worth ₹10,000 – 15,000 crore) from a client in the Middle East. The company will construct and install a new large offshore platform. According to the company’s director, the mega order from the new customer reaffirms global acknowledgement of their capabilities and marks a key milestone for their offshore business.

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USFDA warns Cipla for lapses in manufacturing practices at Pithampur facility

Cipla Ltd received a warning from the US Food & Drug Administration (USFDA) after an inspection at the company’s Pithampur facility earlier this year. The USFDA conducted a routine inspection at the facility in February. The drug manufacturer was given a detailed breakdown of the lapses in methods followed at the facility.

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Karnataka Bank signs pact with HDFC Life to distribute life insurance products

Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life to offer life insurance products to its customers. By combining Karnataka Bank’s century-old banking experience and HDFC Life’s expertise in providing quality life insurance products, this collaboration is set to deliver a host of benefits to customers seeking financial security and life protection. 

Read more here.

LTTS partners with NVIDIA to boost medical imaging via AI

L&T Technology Services (LTTS) has partnered with NVIDIA to develop software-defined architectures for medical devices concentrated on endoscopy. It will boost the image quality and scalability of products. The architecture is a scalable platform that assists several applications, offering a real-time decision-making tool for the medical industry.

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Jio Financial Services in talks with merchant bankers for maiden bond issue

According to a Reuters report, Jio Financial Services is in early talks with merchant bankers for its maiden bond issue. The company may raise ₹5,000 – 10,000 crore through the issue and may tap the market in the last quarter of this financial year. The company is in the process of getting its credit rating and other necessary approvals.

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ABB India partners with Titagarh Rail for metro projects

ABB India has formed a strategic partnership with Titagarh Rail Systems to supply propulsion systems for metro rolling stock projects in India. The partnership is aligned with the Indian government’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives. It covers an agreement for Titagarh to purchase ABB propulsion systems, including traction converters, auxiliary converters, traction motors, and TCMS software.

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RBI approves Hinduja Group directors on board of bankrupt Reliance Capital

The Reserve Bank of India (RBI) has approved five Hinduja Group representatives as directors on the board of Reliance Capital, which is undergoing insolvency proceedings. The RBI’s approval came along with its ‘no-objection’ for IIHL’s ₹10,000 crore resolution plan for Reliance Capital, and the proposed transfer of control of the bankrupt company to IIHL’s wholly owned subsidiary, IIHL BFSI (India).

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Tata Technologies fixes ₹475-500 as price band for IPO

Tata Technologies has fixed the price band for its upcoming initial public offer (IPO) at ₹475-500 per share with a lot size of 30 equity shares and its multiples. The much-awaited public offer of the Tata Group entity will run for subscription from November 22 to November 24.

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Redington India responds to governance concerns raised by proxy advisory firm

Proxy advisory firm SES has advised shareholders of Redington India Ltd. to vote against the appointment of VS Hariharan as the company’s group CEO. SES has cited that VS Hariharan has not served a cooling-off period of one year before his transition as Group CEO from an Independent Director. 

In response, Redington India has informed the exchanges that the cooling-off period specified by SES is only applicable to whole-time or executive directors and not to other executive positions.

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IndiGo Surpasses Milestone of 2,000 Daily Scheduled Flights – Top Indian Market Updates

indigo

Here are some of the major updates that could move the markets on Monday:

IndiGo surpasses milestone of 2,000 daily scheduled flights

IndiGo achieved a significant milestone by surpassing 2,000 planned flights per day, making it the first airline in India to do so. This marks a substantial increase in operational capacity. According to the latest data for October 2023, IndiGo is among the top 10 airlines globally in both frequency and seat capacity.

Read more here.

Adani Power promoter entities buy 2% stake via open market

Two promoter group entities in Adani Power have acquired a 2% additional stake in the company in a since September through the open market. Ardour Investment Holding and Emerging Market Investment DMCC acquired 7.92 crore shares or 2.06% stake in Adani Power between September 26 and November 16. Following the acquisition, the cumulative shareholding of promoters increased to 71.14%.

Read more here.

RBI’s move will not impact bank’s ability to grow: SBI Chairman

According to the Chairman of The State Bank of India, Dinesh Kumar Khara, the Reserve Bank of India’s move on consumer loans would not affect the lender’s ability to grow. The impact of the increased risk weight on personal loans (including credit cards) will be 55-60 basis points (bps). SBI’s capital adequacy ratio stood at 14.28% as of September end.

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Lupin receives USFDA nod for Ganirelix Acetate injection

Lupin Ltd received approval from the United States Food and Drug Administration (USFDA) for Ganirelix Acetate injection. The drug is used to treat ovarian hyperstimulation. The pharma major will manufacture the injection at its facility in Nagpur, Maharashtra. As per IQVIA MAT data for September 2023, Ganirelix Acetate Injection had estimated annual sales worth $84 million in the United States.

Read more here.

AGS Transact Technologies wins ₹1,100 crore order from SBI for 2,500 ATMs

AGS Transact Technologies Ltd has secured an order worth ₹1,100 crore from State Bank of India (SBI) to deploy 2,500 ATMs over seven years. The company will deploy these ATMs on a transaction fee basis as a part of the Total Outsourcing Model. It will start the deployment of the new ATMs in the next calendar year.

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JSW Infra secures ₹4,119 crore all-weather port project in Karnataka

JSW Infrastructure has received a letter of award (LoA) from the Karnataka Maritime Board to construct an all-weather port project in Karnataka. The estimated cost of the project is ₹4,119 crore, with an initial capacity of 30 million tonnes per annum (MTPA). The proposed Keni Port would have modern environment-friendly mechanised facilities for handling cape-size vessels.

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Delhi HC stays proceedings in money laundering case against Hero Motocorp’s Pawan Munjal

The Delhi High Court stayed the proceedings against Hero Motocorp chairman Pawan Kant Munjal in a money laundering case being probed by the Enforcement Directorate (ED). Justice Saurabh Banerjee issued notice to the investigating agency on Munjal’s petition against the ED case and granted it time to file its reply. 

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Hindustan Zinc needs govt nod to create separate biz entities

The Ministry of Mines has written to Hindustan Zinc Ltd (HZL), stressing that any business reorganisation would require formal approval from the government. HZL’s board is exploring a corporate restructuring plan to create three separate legal entities for zinc & lead, silver, and recycling businesses to unlock shareholder value. The government has a 29.54% stake in HZL, which is 64.92% owned by Vedanta Ltd.

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India seeks to restart stalled Adani coal imports probe

Indian investigators have sought the Supreme Court’s permission to restart a probe into Adani Group’s alleged coal import overvaluation. The Directorate of Revenue Intelligence aims to collect evidence from Singapore, accusing Adani of thwarting efforts. Adani denies wrongdoing, facing wider scrutiny since Hindenburg Research’s accusations. Legal battles span Mumbai, New Delhi, and Singapore.

Read more here.

SBI to launch ‘Yono Global’ app in Singapore and US

State Bank of India (SBI) will soon launch its banking mobile app ‘Yono Global’ in Singapore and the US, offering digitised remittance and other services to its customers. Currently, SBI offers Yono Global services in 9 countries, starting with UK operations in September 2019. SBI’s foreign operations have a total balance sheet size of $78 billion.

Read more here.

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Retail Inflation Falls to 4-Month Low in October – Top Indian Market Updates

Consumer Price Index

Here are some of the major updates that could move the markets on Wednesday:

India’s retail inflation falls to 4-month low of 4.87% in October

India’s retail inflation, measured by the Consumer Price Index (CPI), declined to a four-month low of 4.87% in October. CPI stood at 5.02% in September 2023. The consumer food price index (CFPI) remained stable at 6.61% last month, a marginal decline from 6.62% recorded in September. RBI has projected 5.6% inflation for the October-December quarter.

Read more here.

Manappuram Finance Q2 Results: Net Profit rises 20% YoY to ₹420 crore

Manappuram Finance Ltd reported a 20% YoY rise in net profit to ₹420 crore in the quarter ended September (Q2 FY24). The company’s total income stood at ₹1,456 crore, up 17% YoY. The interest income stood at ₹1,405 crore, up 13.4%YoY. Its finance costs grew 21% YoY to ₹443 crore. The company’s board declared a dividend of ₹0.85 per equity share.

Read more here.

ONGC to start oil production from $5 billion deep-water project this month

Oil and Natural Gas Corporation (ONGC) is set to commence oil production from its Cluster-2 project in the Krishna Godavari basin in the Bay of Bengal. The floating production unit (FPSO), Armada Sterling-V, is already in the block. ONGC plans to gradually ramp up production, starting with 3 to 4 wells initially. Oil production from Cluster-2 should have begun by November 2021 but was delayed due to the pandemic.

Read more here.

India’s coal import rose 4% in September

India’s coal import increased by 4.3% YoY to 20.61 million tonnes (MT) in September. Non-coking coal imports stood at 13.89 MT, against 12.08 MT imported in September last financial year. Coking coal imports dropped to 4.59 MT from 4.88 MT imported in September FY23.

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GAIL conducts world’s first ship-to-ship LNG transfer

GAIL (India) Ltd has conducted the world’s first ship-to-ship liquefied natural gas (LNG) transfer to reduce shipping costs and cut emissions. The company, which has contracted 5.8 million tonnes per annum (MTPA) of LNG from the US, implemented an innovative contractual arrangement to optimize vessel paths, resulting in a significant reduction in CO2 emissions.

Read more here.

Patel family to acquire additional 1% stake in GMM Pfaudler

The Patel family, promoter of engineering firm GMM Pfaudler, is set to acquire an additional 1% stake in the company in a strategic transfer. The family will now own a 25.18% stake in GMM Pfaudler. The deal involves the purchase of 4.49 lakh equity shares from Pfaudler Inc. at ₹1,700 per share. The transaction is being done through Millars Machinery, a key entity within the promoter group.

Read more here.

Tata Steel to scrap 800 jobs in the Netherlands

Tata Steel has revealed plans to eliminate 800 jobs at its plant in the Netherlands, located in IJmuiden near Amsterdam. The decision is aimed at enhancing market conditions and reducing costs for the under-pressure plant. The cuts will affect some 500 full-time workers, mainly in management, staff and support functions, while another 300 temporary jobs are also to disappear.

Read more here.

Adani Electricity used renewable sources to supply power to Mumbai on Diwali

Adani Electricity relied completely on renewable sources for the supply of power to Mumbai for four hours on Diwali day. The company supplied 1,200 MW of power from renewable sources to its 3 million subscribers between 10 AM and 2 PM, meaning that over 40% of Mumbai’s power needs were derived from renewable energy.

Read more here.

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Tata Power Posts 7% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Tata Power Q2 Results: Net profit rises 7% YoY to ₹876 crore

Tata Power Ltd reported a 7% YoY rise in consolidated net profit to ₹876 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 12% YoY to ₹15,738 crore during the same period; largely driven by higher revenue from core businesses of generation, transmission and distribution. EBITDA stood at ₹3,090 crore, up 76% YoY in Q2.

Read more here.

Lupin launches anesthesia injection in US

Lupin Ltd launched Rocuronium Bromide injection, an anaesthesia medicine, in the United States. The launch came after Lupin’s alliance partner Caplin Steriles received approval from the US Food & Drug Administration (USFDA). According to the IQVIA MAT August 2023 data, the injection had estimated annual sales of $54 million in the US.

Read more here.

CAMS Q2 Results: Net profit rises 17% YoY to ₹84.5 crore

Computer Age Management Services Ltd (CAMS) reported a 17.1% YoY rise in net profit to ₹84.51 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13.5% YoY to ₹275.08 crore during the same period. The company’s board recommended a dividend of ₹10 per equity share. CAMS acts as a registrar and transfer agent for mutual funds. 

Read more here.

Voltas to take ₹500 crore term loan for new plants

Voltas Ltd will take up to ₹500 crore in term loans to finance the manufacturing of new plants in Chennai and Waghodia (Gujarat). The board approved the proposal to take an unsecured rupee term loan of up to ₹500 crore from a bank. The board also approved dropping the proposed non-convertible debentures issue through private placement for raising to ₹500 crore.

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Bata India Q2 Results: Net profit falls 38% YoY to ₹34 crore

Bata India reported a 38% YoY fall in net profit to ₹34 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 1.3% YoY to ₹819.1 crore during the same period. EBITDA stood at ₹181.6 crore, up 12.9% YoY. Bata India has opened 30 new stores in nearly 25 cities.

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Pidilite Industries Q2 Results: Net profit rises 36% YoY to ₹458 crore

Pidilite Industries Ltd reported a 35.7% YoY rise in net profit to ₹458.5 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 2.2% YoY to ₹3,076 crore during the same period. EBITDA stood at ₹679.6 crore, up 35.9% YoY. The company intends to set up a lending business by acquiring Pargro Investments Pvt. for ₹10 crore.

Read more here.

US’ DFC to invest $553 million in Adani Group’s Sri Lanka port

US International Development Finance Corporation (IDFC) will fund a project partly owned by the Adani Ports & Special Economic Zone Ltd (APSEZ). US IDFC will invest $553 million in the Colombo port terminal project, a consortium of APSEZ, John Keells Holdings (JKH) and the Sri Lanka Ports Authority. 

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Gland Pharma gets EIR from USFDA for Visakhapatnam facility

Gland Pharma has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA. The health regulator inspected the company’s Vizag unit from July 20 to July 28.

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DLF to buy residual stakes in entities owning 63 acres of land in Gurugram for ₹40 crore

DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around ₹40 crore. The real estate company acquired development rights for these land parcels in 2009-10. DLF’s board approved the acquisition of around 5.22% stake in Invecon Pvt Ltd and 4.48% and 3.24% stake in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

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Eris Lifesciences acquires Biocon Biologic’s Nerphro, derma units

Biocon Biologics Ltd has signed a definitive agreement with Eris Lifesciences to divest its Dermatology and Nephrology branded formulations business units in India. The total transaction value of the divestment is ₹366 crore. The divestiture is expected to close by the end of November 2023, subject to customary closing conditions.

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Infosys partners with AWS to accelerate cloud transformation of financial institutions

Infosys has entered into a three-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate financial cloud transformation in financial institutions. Their customers will receive AWS’ transformative cloud services, Infosys’ domain knowledge & delivery and the expertise of Infosys Capital Markets will transform their business models and modernise their applications. 

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Hero MotoCorp to enter Europe market with EV range next year

Hero MotoCorp has announced its entry into the European market with an electric scooter range next year. The company will introduce the VIDA V1 electric scooter in Spain, France, and the UK by mid-2024. On Tuesday, Hero MotoCorp unveiled three production-ready vehicles and three concept vehicles at EICMA 2023, an auto industry event taking place in Milan, Italy.

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IRCTC Posts 30% YoY Rise in Q2 Net Profit – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

IRCTC Q2 Results: Net profit rises 30% YoY to ₹295 crore

Indian Railway Catering and Tourism Corporation (IRCTC) reported a 30% YoY rise in net profit to ₹295 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 23% YoY to ₹995 crore during the same period. EBITDA stood at ₹366 crore, up 20% YoY in Q2. The company’s board approved a dividend of ₹2.5 per share.

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L&T arm secures significant orders in Odisha, MP

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured orders in the range of ₹1000-2500 crore from the Governments of Odisha and Madhya Pradesh. The order from the Water Resources Department, Government of Odisha, is to execute mega lift irrigation projects. L&T will also execute Pressurized Piped Lift Irrigation Projects to irrigate about 34,942 hectares of culturable command area in Dewas, Madhya Pradesh.

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Devyani International Q2 Results: Net profit falls 43% YoY to ₹33 crore

Devyani International Ltd reported a 43% YoY fall in consolidated net profit to ₹33.35 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 9.64% YoY to ₹819.47 crore during the same period. EBITDA stood at ₹158.8 crore in Q2. Devyani International operates KFC outlets in India.

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Voltas denies report on considering sale of home appliance biz

Voltas denied reports claiming that the Tata Group is considering selling its home appliance business. Earlier today, Bloomberg reported that Tata Group is considering selling the home appliance operation of Voltas Ltd. Voltas is separately taking up the matter with Bloomberg to issue a necessary clarification.

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Zydus Lifesciences Q2 Results: Net profit rises 53% YoY to ₹801 crore

Zydus Lifesciences Ltd reported a 53% YoY increase in net profit to ₹801 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 9.1% YoY to ₹4,369 crore during the same period. EBITDA stood at ₹1,146 crore, up 40.6% YoY.  The pharma company’s India sales rose 4.8% YoY to ₹1,769 crore in Q2 FY24.

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JSW, Vedanta’s ₹10,000 cr investment in cement plants in Punjab stuck in red tape

JSW Group and Vedanta’s joint investment in Talwandi Sabo Power Plant (TSPL) to set up cement plants in Punjab are awaiting approval from the state government. TSPL plans to set up cement manufacturing plants in Punjab with an overall investment of around ₹10,000 crore. TSPL has plans to set up multiple cement plants next to its existing power plant in the Mansa district of Punjab. One of these plants will be set up by the JSW group.

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Power Grid Q2 Results: Net profit rises 5% YoY to ₹3,834 crore

Power Grid Ltd reported a 5% YoY rise in net profit of ₹3,834 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell marginally by 0.5% YoY to ₹10,419.41 crore during the same period. EBITDA stood at ₹9,207.32 crore, up 4% YoY. Its board recommended a dividend of ₹4 per equity share.

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Glenmark gets USFDA approval for generic drug used to treat mental disorder

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fluphenazine Hydrochloride tablets. The drug is used to treat certain types of mental disorders. According to IQVIA data, the drug’s equivalent had annual sales of approximately $18.1 million in the 12 months ended September 2023.

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Trent Q2 Results: Net profit jumps 3x YoY to ₹228 crore

Trent Ltd reported an 189% YoY jump in consolidated net profit of ₹228.06 crore for the quarter ended September (Q2 FY24). Its total income rose 51.4% YoY to ₹3,062.47 crore during the same period. Total expenses stood at ₹2,773.52 crore in Q2 FY24, compared to 1,899.49 crore in Q2 FY23.

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Adani Energy’s Net Profit Rises 34% YoY in Q2 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Energy Q2 Results: Net profit rises 34% YoY to ₹276 crore

Adani Energy Solutions Ltd reported a 34% YoY rise in net profit to ₹276 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13% YoY to ₹3,674 crore during the same period. EBITDA stood at ₹1,368 crore, up 10% YoY. Other income for the quarter stood at ₹93 crore, compared to ₹125 crore a year ago.

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Reliance Jio introduces new onboard diagnostics device

Reliance Jio has introduced a new onboard diagnostics (OBD) device called JioMotive that can transform any car into a smart vehicle. The pocket-size device is easy to install and simply needs to be plugged into the car’s OBD port, commonly found under the dashboard. By using an e-SIM, the device connects to the Jio network, eliminating the need for a separate SIM card or data plan.

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Nykaa Q2 Results: Net profit rises 50% YoY to ₹7.8 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 50% YoY increase in net profit to ₹7.8 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations increased 22% YoY to ₹1,231 crore during the same period. EBITDA stood at ₹80.6 crore, up 32% YoY. The gross merchandise value (GMV) rose 25% YoY to ₹2,943 crore in Q2.

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Reliance Retail ramps up Smart Bazaar stores in small towns

Reliance Retail Ventures Ltd (RRVL) is opening more Smart Bazaar stores in towns with a population of up to 50,000 to meet growing demand. RRVL is the retail unit of Reliance Industries. It is the largest grocery retailer in the country that operates stores in multiple formats – Smart Superstore, Smart Point, Smart Bazaar, Fresh Signature, Freshpik and 7-Eleven.

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Adani Group in talks to exit JV with Wilmar

Adani Group is in talks with multiple multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar Ltd. The conglomerate is expecting $2.5-3 billion for the stake in the joint venture with Wilmar International, which also owns 43.97% of the company. Adani Wilmar owns the Fortune brand of edible oils and packaged groceries.

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Divi’s Labs Q2 Results: Net profit falls 29% YoY to ₹348 crore

Divi’s Labs Ltd reported a 29% YoY fall in net profit to ₹348 crore for the quarter ended September 2023 (Q2 FY24); missing street estimates. The pharma company’s revenue rose 3% YoY to ₹1,909 crore during the same period. Consolidated EBITDA stood at ₹479 crore in Q2.

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L&T arm secures airport project in Andhra Pradesh

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured an order to construct the greenfield Bhogapuram International Airport project in Andhra Pradesh. The contract is worth approximately ₹2,500-5,000 crore. The project will initially be developed to handle 6 million passengers per annum (MPA), and the capacity will be further enhanced to 12 MPA.

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Varun Beverages Q3 Results: Net profit rises 32% YoY to ₹501 crore

Varun Beverages Ltd (VBL) reported a 32% YoY rise in consolidated net profit of ₹501 crore for the quarter ended September (Q3 CY23). The company follows the January-December financial year cycle. Its revenue from operations grew 22% YoY to ₹3,871 crore during the same period. EBITDA stood at ₹882 crore, up 26% YoY. VBL is PepsiCo’s second-largest franchisee outside the US.

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Bata to retail Nine West shoes, accessories in India

Bata India will sell shoes and accessories of US-based lifestyle brand Nine West through its retail stores. The company’s board has approved a licensing and manufacturing deal with Authentic Brands Group for their world-renowned lifestyle brand, Nine West. Bata India will have rights to manufacture, market and distribute Nine West shoes and accessories, across India through its stores.

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Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

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Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

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RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

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Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

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L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

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MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

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Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

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IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

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Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

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Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

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MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

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Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

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Adani Enterprises’ Net Profit Falls 51% YoY in Q2 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Enterprises Q2 Results: Net profit falls 51% YoY to ₹228 crore

Adani Enterprises Ltd reported a 51% YoY fall in consolidated net profit to ₹227.82 crore for the quarter ended September (Q2 FY24). Its revenue fell 41% YoY to ₹22,517 crore during the same period. EBITDA stood at ₹2,430 crore, up 30% YoY. The sharp fall in net profit was despite a 2-fold rise in the other income to ₹549 crore.

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Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance

Kotak Mahindra Bank Ltd (KMBL) will sell a majority stake in its subsidiary, Kotak Mahindra General Insurance Company, to Zurich Insurance Company. Zurich Insurance will invest around ₹4,051 crore to obtain a 51% stake in Kotak General Insurance. The deal is likely to be completed by June 30, 2024. Zurich Insurance will buy an additional 19% stake within three years from its initial acquisition.

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Tata Motors Q2 Results: Net profit at ₹3,764 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,764 crore for the quarter ended September (Q2 FY24). The automaker posted a net loss of ₹945 crore in the same quarter last year (Q2 FY23). Its consolidated revenue grew 32% YoY to ₹1.05 lakh crore in Q2 FY24. EBITDA stood at ₹21,214 crore, up 93% YoY.

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Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

Minda Corporation Ltd signed an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The JV will offer a full system solution ranging from design and development to manufacture sunroofs for passenger vehicles. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030.

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Adani Power Q2 Results: Net profit jumps 800% YoY to ₹6,594 crore

Adani Power Ltd reported an 800% YoY jump in net profit to ₹6,594 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹696 crore a year ago (Q2 FY23). Its revenue from operations increased 84% YoY to ₹12,991 crore in Q2 FY24. Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% in Q2 FY24, much higher than 39.2% last year.

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Tata Motors partners with JLR to develop premium pure electric series Avinya

Tata Motors has partnered with Jaguar Land Rover (JLR) to develop its premium pure electric series Avinya. Tata Passenger Electric Mobility (TPEM) signed an agreement with JLR for licensing JLR’s platform for a royalty fee for developing Avinya series vehicles. The access to JLR’s EMA platform will help accelerate TPEM’s entry into the high-end EV segment while reducing development cycle time and costs.

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Dabur Q2 Results: Net profit rises 5% YoY to ₹515 crore

Dabur Ltd reported a 5% YoY increase in net profit to ₹515 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 7% YoY to ₹3,204 crore during the same period. EBITDA stood at ₹777 crore, up 7% YoY. The company’s board declared a dividend of ₹2.75 per equity share.

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Adani Green is in talks for $1.8 billion loan

Adani Green Energy Ltd is in talks with a group of foreign lenders to borrow as much as $1.8 billion. The loan proceeds will be used to build new capacity in solar and wind projects. The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc. The transaction hasn’t been finished yet, and the terms could still change.

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Vodafone Idea gets ₹2,000 crore from HDFC Bank

HDFC Bank has extended a loan of ₹2,000 crore to Vodafone Idea (Vi) to assist the telco in addressing its pending license fees and fulfilling its 5G spectrum payment commitments. The loan has a tenure of two years. The funds were disbursed in mid-September, just before the deadlines for some of the company’s loan and statutory payment commitments.

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Tata Motors to supply 200 electric buses in Srinagar, Jammu for 12 years

Tata Motors will supply and operate 200 electric buses in Srinagar and Jammu for 12 years for Jammu and Srinagar Smart City projects. The company has supplied the first batch of Ultra EV air-conditioned electric buses to Srinagar Smart City Ltd via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a group company. 

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