Author: Ben Benny

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Bajaj Finance to Raise Rs 10,000Cr Via QIP, Preferential Issue – Top Indian Market Updates

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

Bajaj Finance approves ₹10,000 crore fundraise via QIP, preferential issue

Bajaj Finance Ltd’s board has approved a fundraise of up to ₹8,800 crore via a Qualified Institutional Placement (QIP). It has also approved raising up to ₹1,200 crore through a preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of equity shares to Bajaj Finserv (its promoter company). Post conversion of the preferential warrants into equity, Bajaj FInserv’s share in Bajaj Finance will rise from 52.45% to 52.57%. 

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Tata Motors to upskill 50% of employees with new-age auto tech

Tata Motors plans to equip over 50% of its overall workforce with new-age auto tech capabilities within five years. This is part of the automaker’s strategy to develop skilled and future-ready staff focused on electric vehicles (EVs) and other emerging technologies in the auto industry. The company has specially curated training modules to address the requisite developmental needs of shopfloor technicians and line engineers.

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NHPC’s Teesta V plant shut after flash flood in Sikkim

NHPC Ltd shut down all units of its 510 megawatt (MW) Teesta V power plant after the flash flood in the Teesta River in Sikkim. A 500 MW project (Teesta VI) under construction has also been affected. Detailed assessment of losses and damages suffered will be carried out after the water level recedes, which may take 4-5 days.

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TCS secures order from Georgia state government

The Georgia Department of Labor (GDOL) has selected Tata Consultancy Services (TCS) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process. TCS’ latest order win comes after the tech giant already secured multiple orders across sectors in September.

Read more here.

Manappuram Finance’s arm files ₹1,500 crore IPO papers with SEBI

Asirvad Micro Finance (AMF), a subsidiary of listed NBFC Manappuram Finance, filed a Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise ₹1,500 crore through an initial public offering (IPO). The public issue is purely a fresh issue of equity shares with no offer-for-sale (OFS) component. AMF has a presence across 22 states and 4 UTs through a network of 1,684 branches as of FY23.

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Hindalco to sign pact with Odisha Mining Corporation for long-term supply of Bauxite ore

Hindalco Industries Ltd will enter into a pact with the Odisha Mining Corporation for long-term supply of Bauxite ore. The company plans to secure Bauxite ore for its proposed 2-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda, Rayagada district, in Odisha.

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JLR retail sales rise 21% YoY in Q2

Jaguar Land Rover’s (JLR) retail sales rose 21% year-on-year (YoY) to 106,561 units for the quarter ended September (Q2 FY24). The company had posted retail sales of 88,121 units in Q2 FY23. JLR’s wholesale volumes stood at 96,817 units, up 29% YoY. Wholesale volumes for the first half of FY24 were 1.90 lakh, up 29% YoY. 

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Future Consumer defaults on ₹370 crore payment

Future Consumer Ltd (FCL) has defaulted on the payment of ₹369.59 crore towards principal and interest on loans from banks, financial institutions and unlisted debt securities in the September quarter (Q2 FY24). The default amount for unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS) is ₹115.64 crore for Q2. FCL’s total liabilities stand at ₹468.12 crore, including short-term and long-term debts. 

Read more here.

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Reliance Brands Buys Majority Rights of Superdry IP – Top Indian Market Updates

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

RIL, Superdry signs JV for IP in India, Bangladesh, and Sri Lanka

Reliance Brands Ltd’s (RBL) subsidiary, Reliance Brands Holding UK Ltd (RBUK), has signed a £40 million joint venture (JV) agreement with Superdry Plc. The JV is for the sale of Superdry’s intellectual property assets in India, Sri Lanka and Bangladesh. Reliance Brands (RBL) is a subsidiary of Reliance Retail Ventures Ltd (RRVL). RRVL and Superdry will each own 76% and 24% of the joint venture vehicle, respectively.

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JSW Neo Energy signs ₹15,000Cr MoU with Uttarakhand govt

Uttarakhand Government has signed a Memorandum of Understanding (MoU) worth ₹15,000 crores with JSW Neo Energy Ltd (JSW NEL) at the roadshow of its Global Investor Summit. As per the MoU, two pumped storage of 1,500 megawatts (MW) will be developed in the state’s Almora district. JSW NEL is a subsidiary of JSW Energy Ltd.

Read more here.

L&T secures order from West Bengal Power Development Corp

Larsen & Toubro’s (L&T) power business arm secured an order (in the range of ₹1,000-2,500 crore) from West Bengal Power Development Corporation Ltd. The engineering, procurement and construction (EPC) order pertains to setting up wet Flue Gas Desulphurization (FGD) systems for its Thermal Power Plant at Sagardighi, West Bengal. 

Read more here.

Manufacturing operations disrupted at Alembic Pharma’s Sikkim plant

Manufacturing operations at Alembic Pharma’s Sikkim plant have been disrupted due to flash floods in the Teesta River. However, the company stated that no loss or harm was caused to any personnel and the assessment of loss will take a while. All assets of the company are adequately insured and necessary intimations have been given to insurance companies. 

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Strides Pharma gets USFDA approval to market HIV drug

Strides Pharma’s Singaporean subsidiary, Strides Pharma Global, has received approval from the US Food & Drug Administration (USFDA) to market Efavirenz, Emtricitabine, Tenofovir Disproxil Fumurate (EET) tablets. The drug helps control HIV infection. The drug is a generic version of Gilead Sciences’ Atripla tablets. As per IQVIA data, the tablet has a market opportunity of $7.5 million in the US.

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Hindustan Zinc to use LNG-fuelled trucks of GreenLine

Hindustan Zinc Ltd (HZL) will use Greenline’s liquefied natural gas (LNG)-powered trucks in its supply chain and transportation operations to cut its carbon footprint. HZL has set a target of becoming a net-zero carbon emitter by 2050. GreenLine (promoted by Essar Group) will invest ₹200 crore to deploy LNG-powered trucks for Hindustan Zinc’s road logistics.

Read more here.

HCG acquires SRJ CBCC Cancer Hospital in Indore

HealthCare Global Enterprises Ltd (HCG) has acquired SRJ CBCC Cancer Hospital in Indore. This acquisition marks HCG’s entry into the key geography of Madhya Pradesh. HCG plans to further expand by adding 100 beds and state of art cancer diagnostic and treatment facility within an estimated operational timeline of 2 years. 

Read more here.

SBI launches Mobile Handheld Device to provide banking services

State Bank of India (SBI) launched a ‘Mobile Handheld Device’ to provide banking services to its financial-inclusive (FI) customers. The move is aimed at enhancing accessibility, convenience in availing banking services and empowering financial inclusion and extending essential banking services to the masses. The new device brings kiosk banking directly to customer’s doorstep.

Read more here.

Bandhan Bank’s advances grew 12.3% in Q2

Bandhan Bank’s advances grew 12.3% year-on-year (YoY) to ₹1.08 lakh crore, while its loan collection efficiency remained stable at 98% at the end of the September quarter (Q2 FY24). Total bulk deposits stood at ₹29,098 crore in Q2 FY24, compared to ₹25,705 crore a year back. The Kerala-based bank saw its deposit growth at 23% YoY to ₹2.33 lakh crore in Q2.

Read more here.

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India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

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IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

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Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

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PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

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India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

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JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

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Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

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NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

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Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

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TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

Read more here.

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Vedanta to Split Into Six Listed Companies – Top Indian Market Updates

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

Vedanta to split into six listed companies 

Vedanta Ltd will spin off and list six of its businesses as it seeks to fuel their growth. The demerger plan is aimed at driving better valuations as its parent company struggles to raise funds due to rating downgrades and concerns over meeting its debt obligations. The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd. 

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India’s core sector growth rises to 12.1% in August

According to Government data, India’s output of eight infrastructure sectors rose to 12.1% in August 2023 against 4.2% last year. The core sector output is at a 14-month high. The production of refinery products, steel, cement, and electricity also grew in August. Core sector growth in July was 8.4%. Cement production rose by 18.9% while coal production recorded a substantial increase of 17.9%.

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Uno Minda to enhance stake in JV firm to 76%

Uno Minda’s board has approved enhancing its stake in a joint venture (JV) firm to 76%. The company will increase its stake in Minda Westport Technologies Ltd (MWTL) from 50% to 76% by acquiring an additional 26% stake from its JV partner Westport Fuel Systems Italia. The purchase consideration for the 26% stake is around ₹15 crore.

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Ashok Leyland secures order for 1,282 buses from GSRTC

Ashok Leyland has secured an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC). The company will deliver 55-seater fully assembled BS VI diesel buses in a “phased manner”. Gujarat State Road Transport Corporation (GSRTC) has had a long association with Ashok Leyland with more than 2600 buses of the company being operated by GSRTC.

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Hindustan Zinc plans to spin off businesses 

Hindustan Zinc’s board has authorised a committee of directors to evaluate the appropriate corporate restructuring exercise to unlock shareholder value. The company is looking to assess distinct investment profiles to attract deeper and broader investor bases. The company is valued at ₹1.2 lakh crore ($14.45 billion) and wants to broaden its investor bases and sharpen its focus on its core businesses.

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Godrej Properties acquires 109 acres in Nagpur

Godrej Properties has acquired nearly 109 acres of land parcel in Nagpur. The company plans to develop primarily plotted residential units on this land parcel and estimates a saleable area of 2.2 million sq ft. The land parcel is located near the recently operationalised Samruddhi Mahamarg, the expressway connecting the cities of Mumbai and Nagpur and MIHAN Special Economic Zone (SEZ).

Read more here.

IFC gets RBI’s nod for acquiring 9.7% stake in Federal Bank

The Reserve Bank of India (RBI) has approved the International Finance Corporation (IFC) to acquire a 9.7% stake in Federal Bank. The central bank’s approval comes in response to IFC’s application and is contingent on compliance with several regulatory provisions. 

Read more here.

Sterling and Wilson secures order worth ₹1,535 crore from NTPC Renewable Energy

Sterling and Wilson Renewable Energy has secured a project worth ₹1,535 crore from NTPC Renewable Energy in Khavda, Gujarat. The engineering, procurement and construction (EPC) project of 300 megawatts of alternating current (MWac) of NTPC REL is located at the Khavda renewable energy plant at the Rann of Kutch in Gujarat. This is the company’s third NTPC REL order in over a year. 

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L&T bags order worth over ₹7,000Cr from MMRDA

Larsen & Toubro has won an order worth over ₹7,000 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The project is to design an underground road tunnel project between Orange Gate, and Eastern Freeway to Marine Drive Coastal Road in Mumbai. The company plans to complete the project within 54 months.

Read more here.

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IHC to Dispose Investment in AGEL, Adani Energy – Top Indian Market Updates

adani

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

Abu Dhabi’s IHC to dispose investment in Adani Green Energy and Adani Transmission

According to a Reuters report, Abu Dhabi’s International Holding Company (IHC) will dispose of its investment in Adani Green Energy and Adani Energy Solutions. A definitive agreement has been reached with the buyer to dispose of its FDI investment in Adani Green Energy and Adani Transmission. The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.

Read more here.

Sundaram Home Finance plans to raise ₹2,500-3000Cr

Sundaram Home Finance plans to raise ₹2,500-3,000 crore to fund its entry into the affordable housing loan segment. The company plans the fundraising in the second half of the current financial year. The mortgage lender is targeting 20-25% business expansion in FY24. Its current assets under management (AUM) stand at around ₹11,000 crore.

Read more here.

Emami acquires 26% stake in Axiom Ayurveda

Emami Ltd has acquired a 26% stake in Axiom Ayurveda in an all-cash deal for an undisclosed amount. Axiom sells beverages under the brand AloFrut.This investment is in line with Emami’s strategy to invest in the health and wellness segment. It will also help the company enter into the juice segment. The acquisition is on a fully diluted basis through primary infusion and secondary buyouts. The company expects the acquisition to be completed within one month.

Read more here.

ICICI Lombard faces ₹1,728.9 crore tax demand

ICICI Lombard has received a show cause and demand notice from a central law enforcement agency tasked with preventing the leakage of Goods and Services Tax (GST) revenue. The notice is for allegedly not paying ₹1,728.9 crore worth of tax for five years from July 2017 to March 2022. The notice was served on September 27.

Read more here.

SAIL sources 6 lakh tonne coking coal from Russia in 8 shipments

Steel Authority of India Ltd (SAIL) sourced around 8 coking coal shipments of 75,000 tonnes each from Russia during the April-September period of FY24. Furthermore, International Coal Ventures Pvt Ltd (ICVL) is looking to double its production capacity to 4 million tonnes per annum (MTPA). ICVL is a special purpose vehicle (SPV) of SAIL, RINL, NMDC, CIL and NTPC for acquiring coal mines and assets overseas.

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Oberoi Realty signs pact to redevelop land parcel in South Mumbai

Oberoi Realty has entered into an agreement to redevelop a land parcel spread over 3.3 acres in the Tardeo locality of South Mumbai. The company expects to generate a free sale component of around 2.5 lakh sq. ft. of carpet area from the development and redevelopment of this land parcel. The plot is adjoining a property already being redeveloped by the company in a joint venture. 

Read more here.

Saregama India to acquire 6.61 lakh shares of Pocket Aces Pictures

Saregama India Ltd will acquire 6.61 lakh shares of Pocket Aces Pictures Pvt Ltd at a value of ₹174 crores through secondary acquisition. The acquisition will result in Saregama India holding nearly 51.82% stake in Pocket Aces. The music label’s next acquisition will be the primary subscription of 25,974 shares of Pocket Aces worth ₹15 crores. The acquisition will increase its stake in Pocket Aces Pictures to 92.61%.

Read more here.

India’s external debt at $629.1 billion at June-end

According to RBI data, India’s external debt rose marginally to $629.1 billion in June 2023, although the debt-GDP ratio declined. The debt rose by about $4.7 billion from $624.3 billion in March. The external debt to GDP ratio declined to 18.6% in June 2023 from 18.8% in March 2023. 

Read more here.

Bharti Enterprises backs Eutelsat-OneWeb merger

Eutelsat Communications SA announced the completion of its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite communications network. OneWeb is backed by Bharti Enterprises. The merged company is set to become the world’s first integrated GEO-LEO satellite space connectivity provider, revolutionising the field of space communications.

Read more here.

Promoters of Adani Power increased their stake in September

The promoters of Adani Power Ltd increased their stake in the company in September. The company’s promoters increased their stake to 69.1% from 66.9% earlier between September 5 and September 25. Fortitude Trade and Investment Ltd acquired 6.58 crore shares (1.71% stake), while Emerging Market Investment DMCC acquired another 1.92 crore shares (0.5% stake). 

Read more here.

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Adani Ports to Buy Back up to Rs 1,620Cr of 2024 Bond – Top Indian Market Updates

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

Adani Ports to buy back up to ₹1,620Cr of 2024 bond

Adani Ports & Special Economic Zone (SEZ) commenced a cash tender offer for up to $195 million (~₹1,620 crore) to partly prepay its near-term debt maturities. The company started a buyback programme of some debt securities in April to prepay part of its near-term loans due in 2024. The tender offer is to buy the outstanding 3.375% senior notes due in 2024 for up to $195 million in cash. 

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Bank of Maharashtra fails to attract buyers for loans to Asian Hotels

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North) at the auction held on Tuesday. Asian Hotels (North) operates the five-star property Hyatt Regency (Delhi). According to the auction notice from the bank, it had set a reserve price of ₹330 crore as against the outstanding dues of ₹ 324 crore.

Read more here. 

Dixon Tech signs manufacturing agreement with Xiaomi

Dixon Technologies Ltd’s subsidiary, Padget Electronics Pvt Ltd, has entered into an agreement with Xiaomi to manufacture smartphones and other related products. The manufacturing will take place at Padget’s manufacturing facility in Noida. The deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing. 

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NMDC’s China exports hindered by logistics

According to a Reuters report, NMDC is unable to export low-grade iron ore to China due to logistics issues. The company did not immediately reply to a Reuters email seeking comments. There is a severe shortage of rakes to move the ore anywhere in the country which is affecting exports. China imports around 80% of India’s overall shipments.

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Apollo acquires under-development hospital asset from Future Oncology in Kolkata

Apollo Hospitals has acquired a partially built hospital in Sonarpur, Kolkata, from Future Oncology Hospital and Research Centre for ₹102 crore in an all-cash deal. The acquired hospital has a total capacity of 325 beds. The acquisition is being fully funded through internal accruals by Apollo Multi Speciality Hospitals, a wholly-owned subsidiary of Apollo Hospitals.

Read more here.

ADIA looks to invent $600 million into RIL’s retail business

According to an Economic Times report, Abu Dhabi Investment Authority (ADIA) is looking to buy an additional stake in Reliance Retail. ADIA is seeking to invest $600 million into Reliance Retail at valuations that significantly exceed those during an earlier concluded fundraising round three years ago. 

Read more here.

Tata Power Renewable Energy to set up 41 MW captive solar plant for TP Solar

Tata Power Renewable Energy Ltd (TPREL) will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu. The plant is for TP Solar’s new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL is a subsidiary of Tata Power.

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Glenmark signs agreement to market Cosmo Pharma’s acne cream in Europe, South Africa

Glenmark Specialty SA (GSSA) has signed distribution and licence agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne. The company will market and distribute Winlevi in Europe and South Africa. Glenmark Speciality SA will receive exclusive rights from Cosmo’s subsidiary to commercialise Winlevi in 15 EU countries and South Africa. GSSA is a subsidiary of Glenmark Pharma.

Read more here.

Aditya Birla Capital gets ₹750 crore investment in subsidiary

Aditya Birla Capital Ltd (ABCL) announced investment in its wholly-owned subsidiary. The company is making an investment of around ₹750 crore on a rights basis in the equity shares of Aditya Birla Finance Ltd (ABFL). ABCL is investing in ABFL to meet its growth and funding requirements and improve its leverage ratio.

Read more here.

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Infosys, Microsoft to Drive AI-Enabled Solutions – Top Indian Market Updates

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

Infosys to partner with Microsoft to drive AI-enabled solutions

Infosys Ltd will partner with Microsoft to jointly develop industry-leading solutions that leverage Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services. Both companies will bring their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries. The integrated solutions will accelerate the rapid democratisation of data and intelligence that will help businesses increase productivity and drive new revenue growth.

Read more here.

Poonawalla receives RBI approval to issue credit cards

Poonawalla Fincorp received the Reserve Bank of India’s (RBI) permission to issue co-branded credit cards with IndusInd Bank. The company plans to launch this credit card within three months. The partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit. 

Read more here.

Tata Power’s EV arm partners with Kolkata Airport Authority 

Tata Power EV Charging Solutions Ltd (TPEVCSL) will collaborate with the Kolkata Airport Authority to install EV charging points at the airport. The formal inauguration of four EV chargers took place on September 26, 2023. A formal agreement was signed between the Airport Authorities of India and Tata Power for setting up charging stations. These chargers are suitable to charge all electric cars available in India.

Read more here.

Cipla introduces drone-powered critical medicine delivery in Himachal Pradesh

Cipla has introduced drone-powered deliveries of critical medicines for hospitals and pharmacies in Himachal Pradesh in partnership with Skye Air Mobility. The company aims to deliver medicines for cardiac, respiratory and other essential chronic therapies as part of the initiative. The use of drones will support on-time deliveries of medicines to chemists and clinics in remote areas.

Read more here.

Omaxe Group acquires 5-acre land in Ludhiana from RLDA for ₹220 crore

Omaxe Group has acquired a 5-acre land in Ludhiana through a bidding process by the Rail Land Development Authority (RLDA) for ₹220 crore. The acquired land will be utilised for both residential and commercial development. The acquisition aligns with the company’s strategy to strengthen its presence in key markets and contribute to the growth of Ludhiana’s real estate sector. 

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Vi launches travel offer for pre-paid user base

Vodafone Idea has launched a 5-day offer called ‘Recharge and Fly’ that targets its pre-paid user base from October 26-30 in association with online travel portal EaseMyTrip. The offer is exclusive to users of Vi’s mobile application and includes a contest that will allow users to win travel coupons on the EaseMyTrip portal. It also includes additional data on select packages by recharging their prepaid mobile number during the offer window.

Read more here.

Delhivery partners with AWS and Nexus to launch startup accelerator for logistics companies

Delhivery has partnered with Amazon Web Services (AWS) and venture capital firm Nexus Venture Partners to launch a six-week accelerator programme for startups in the logistics space. In the first leg of the program, 20 startups were selected from among 234 applicants. The companies chosen spanned multiple sectors and included various warehousing platforms, agritech companies, and aggregator platforms.

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Zen Technologies secures ₹227.65 crore order

Zen Technologies Ltd won an order worth ₹227.65 crore from the Ministry of Defence. The domestic order is for the supply of anti-drone systems. The company is the single vendor for the order. A comprehensive maintenance contract (post-warranty) is built into the contract at a cost of ₹43.22 crore, inclusive of GST.

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Gland Pharma’s Hyderabad unit gets clearance from USFDA

Gland Pharma Ltd’s Pashamylaram facility in Hyderabad has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA). The USFDA inspected the facility between June 15 and June 27, 2023. The inspection pertained to seven products and Good Manufacturing Practices at the plant.

Read more here.

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NSE Plans Longer FnO Trading Hours – Top Indian Market Updates

NSE market updates | marketfeed

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

NSE plans longer F&O trading hours

As per an Economic Times report, the National Stock Exchange (NSE) is finalising plans to extend trading hours for equity derivatives. The exchange proposes to launch an evening session, possibly between 6 PM and 9 PM. Market participants can continue trading F&O contracts after the regular session between 9:15 AM and 3:30 PM. NSE might consider extending this session to 11:30 PM at a later stage.

Read more here.

TCS expands partnership with Africa’s Standard Bank Group

Tata Consultancy Services (TCS) has expanded its partnership with Africa’s largest custodian, Standard Bank Group (SBG). SBG would centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform. The platform has already been deployed in seven markets (including South Africa), and the others will be implemented by March 2024.

Read more here.

Serentica Renewables secures ₹3,000 crore in debt funding from REC

Serentica Renewables has raised ₹5,600 crore in funding from REC Ltd and Power Finance Corporation Ltd. It has raised ₹3,000 crore from REC and ₹2,600 crore in debt funding from PFC. This transaction is in line with REC’s expanding role in funding green projects and positioning itself as the focal agency for energy transition.

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Strides Pharma to spin off contract development unit

Strides Pharma will spin off its contract development and manufacturing organisation (CDMO) and soft gelatin business into a new entity, OneSource. OneSource will list in the next 12-16 months and will have more than 1,200 employees. The new company is expected to deliver $180-200 million in revenue in the financial year 2024-25.

Read more here.

Godrej Properties sells 670 apartments worth ₹2,000Cr 

Godrej Properties has sold 670 apartments worth over ₹2,000 crore in its project, Godrej Tropical Isle, in Sector 146, Noida. The project was launched in August 2023, nine months after the purchase of a land parcel through an e-auction conducted by the Noida Authority in November 2022. This is Godrej Properties’ most successful launch in terms of the value and volume of sales achieved.

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IHCL expands footprint in Sikkim

Indian Hotels Company Ltd (IHCL) is expanding its footprint in Sikkim, with the opening of Taj Guras Kutir Resort & Spa in Gangtok. The 69-key resort is spread over 14 acres. With the addition of this hotel, IHCL will have 11 hotels with three under development in North East India. This includes three hotels across the Taj, Vivanta and Ginger brands in Sikkim.

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Indian Oil unveils hydrogen-run bus that emits just water

Indian Oil Corporation Ltd (IOCL) unveiled India’s first green hydrogen-powered bus that emits just water as it takes the lead in bringing out unrivalled tools to replace fossil fuels. IOCL will produce nearly 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses, which will ply across the National Capital Region (NCR) for trial runs.

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IRCON executes contract worth ₹122 crore with Sri Lanka Railways

Ircon International Ltd (IRCON) has secured an order worth ₹122 crore ($14.89 million) from Sri Lanka Railways. The work includes designing, installing, testing, commissioning and certifying of signalling and telecommunication systems from Maho Junction to Anuradhapura, IRCON. This contract for the order was executed under the Indian Line of Credit on September 21.

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Grasim Industries temporarily closes Century Rayon plant

A section of Grasim Industries Ltd’s Century Rayon plant at Shahad in Maharashtra has been closed temporarily after a government order. The Department of Industrial Safety and Health’s order came after a fatal explosion at the Century Rayon plant on Saturday, September 23. Two persons died in the explosion, while six others were injured.

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Shree Cement board approves proposal to raise up to ₹700 crore via NCDs

Shree Cement Ltd’s board has approved a proposal to raise up to ₹700 crore through an issue of non-convertible debentures (NCD) on a private placement basis. The secured, rated redeemable and taxable NCDs with a base issue size of ₹350 crore and an option to retain oversubscription of up to ₹350 crore will be allotted on September 26, 2023. The issue will be at a face value of ₹1,00,000 each for cash at par.

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Alkem Labs, Biosergen AB sign pact for invasive fungal diseases treatment

Alkem Laboratories has signed a co-development and license agreement with Biotech company Biosergen AB for BSG005. It is used for the treatment of severe and difficult-to-treat invasive fungal diseases. The partnership is for Phase II and Phase III trials of the drug. Alkem will be granted an exclusive license to market the drug in India.

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Power Grid to raise up to ₹2,250 crore via bonds

Power Grid Corporation of India Ltd has approved raising up to ₹2,250 crore in its second tranche as part of its fundraising plans. The proceeds will be used to part finance the company’s capex requirements, to provide inter-corporate loans to its wholly-owned subsidiaries and joint ventures, and for general corporate purposes.

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JPMorgan to Add India to Emerging-Markets Bond Index – Top Indian Market Updates

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

JPMorgan to add India to its emerging-markets bond index in June 2024

According to a Bloomberg report, JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index. This event could drive $25-30 billion of foreign inflows to the nation’s debt market. The decision is the latest sign of India’s growing appeal to international investors as the country’s economic growth outpaces peers, its geopolitical influence grows, and companies (including Apple Inc.) look for alternatives to China. 

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Sterlite Power acquires Beawar Transmission

Sterlite Power has acquired Beawar Transmission Ltd for developing an electricity transmission project in Rajasthan. Beawar Transmission is a Special Purpose Vehicle (SPV) of REC Power Development & Consultancy Ltd. The firm was awarded to Sterlite Power through tariff-based competitive bidding in August. The company did not share the financial details of the acquisition.

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Lupin to acquire 5 drug brands from Menarini

Lupin Ltd has signed an agreement to acquire five drug brands from Italian firm Menarini for ₹101 crore. The company will acquire five legacy brands catering to gastroenterology, urology and anti-infective segments. The brands are Piclin (Picosulphate Sodium), Menoctyl (Otilonium Bromide), Sucramal O (Sucralfate + Oxetacaine), Pyridium (Phenazopyridine) and Distaclor (Cefaclor).

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Sunteck Realty, IFC to develop affordable housing projects

Sunteck Realty and IFC have set up a joint platform to invest up to ₹750 crore to develop 4-6 affordable housing projects in the Mumbai Metropolitan Region (MMR). IFC is a member of the World Bank and the largest global development institution focused on the private sector in emerging markets. The investment will be towards the development of nearly 12,000 housing units across 4-6 green housing projects within the MMR.

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SpiceJet to pay $1M every month for next 6 months to Credit Suisse

Supreme Court has ordered SpiceJet’s Chairman Ajay Singh to pay $1 million every month for the next six months to Credit Suisse. The monthly payment includes $500,000 towards arrears of $3 million and regular instalments. The order is in line with SpiceJet’s payment proposal. After six months of payments, Spicejet has to pay regular instalments of $5,00,000 to Credit Suisse.

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Suzlon Group secures 29.4 MW wind capacity order from BrightNight

Suzlon Group has secured a new order to install 29.4 MW wind capacity from BrightNight in Maharashtra. The capacity is a part of BrightNight’s 100 MW wind-solar hybrid project in Osmanabad in Maharashtra. Suzlon will install 14 units of S120 -140m wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each. The project is expected to be commissioned in phases, beginning April 2024.

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Lemon Tree Hotels expands presence in Himachal Pradesh

Lemon Tree Hotels Ltd unveiled its latest property, Lemon Tree Hotel, Mcleodganj. This marks the group’s third foray in the state of Himachal Pradesh. The Himachal property is the 95th Lemon Tree hotel, with the brand having a presence not just in India but across the world. With this, the company is steadily approaching the century mark.

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IT Dept conducts searches at premises of Lux Industries

The Income Tax Department has initiated a series of raids on Lux Industries following allegations of tax evasion exceeding ₹200 crore. These raids are currently underway across various cities, with a primary focus on locations associated with Lux Industries in Kolkata. High-ranking officials’ residences and offices are also covered in the operations.

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Ambuja Cement incorporates new subsidiaries

Ambuja Cements has incorporated three new wholly-owned subsidiaries. Two of the newly incorporated subsidiaries are in the cement business, and the other is for owning and leasing aircraft. LOTIS IFSC Pvt. Ltd will be involved in owning and leasing aircraft. The subsidiary has been incorporated with an authorised capital of ₹1.7 crore in GIFT City, Gandhinagar. The other two subsidiaries incorporated are named Ambuja Concrete North Pvt. Ltd. and Ambuja Concrete West Pvt. Ltd.

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Vedanta Approves NCD Issue Worth Rs2,500Cr – Top Indian Market Updates

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

Vedanta approves issue of NCDs worth ₹2,500Cr

Vedanta’s board has approved raising to ₹2,500 crore through the issue of secured, unrated, unlisted, redeemable non-convertible debentures (NCDs). The company will issue 2.5 lakh NCDs with a face value of ₹1 lakh each. The issue will be done on a private placement basis. The NCDs could be issued in one or more tranches. Vedanta mentioned that this proposal is part of its routine refinancing that is undertaken in the ordinary course of business.

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JSW in talks with LG Energy Solution to make EV batteries

According to a report from Reuters, JSW is in early-stage talks with LG Energy Solution (LGES) for jointly manufacturing batteries in India. JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage. The move comes as the company presses ahead with plans to build electric vehicles locally.

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Adani Group forms JV to redevelop Dharavi slums

Adani Group’s property unit has formed a joint venture (JV) with Mumbai’s slum rehabilitation authority to redevelop the Dharavi. This is a key step towards rebuilding one of Asia’s biggest slums that is mixed in legal controversy. A spokesperson from Adani Group confirmed the formation of a new entity— Dharavi Redevelopment Project Pvt Ltd. This is a significant development as Adani faces an ongoing legal challenge from a rival bidder, Dubai-based SecLink Technologies Corp.

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Trucap Finance, HDFC Bank commence co-lending partnership for MSME business

HDFC Bank and TruCap Finance Ltd (TRU) have entered into a co-lending partnership. TRU will leverage its Lending-as-a-Service (LaaS) model to offer quality credit solutions to underserved borrowers. HDFC Bank and TRU will jointly offer MSME business loans and Gold Loans to borrowers predominantly in non-urban locations. TruCap Finance (TRU) is a non-banking finance company dealing in gold and business loans.

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Tata Consumer close to acquiring Ching’s Secret

Tata Consumer Products Ltd (TCPL) has emerged as the frontrunner to acquire Capital Foods Pvt Ltd at a valuation of ₹5,500 crore. Capital Foods is the maker of condiments, food products and ingredients under the Ching’s Secret and Smith & Jones brands. TCPL will first acquire 65-70% of the company from its three investors, with a pathway to acquire the rest in different phases.

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ABB India to provide power to Samskip’s hydrogen-fueled container vessels

ABB India Ltd has secured an order from Netherlands-based global logistics company Samskip to provide a comprehensive power distribution system for two new-built short-sea container ships. The vessels will be among the world’s first of their kind to use hydrogen as a fuel. As part of its services, ABB will deliver Samskip with the new, compact version of the ABB Onboard DC Grid power distribution system to ensure optimal use of energy on board.

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IndiGo, British Airways enter into new codeshare partnership

IndiGo and British Airways have signed a codeshare agreement to further boost connections between India and the UK. Through this partnership, British Airways will add its code to a couple of destinations across IndiGo’s network which would allow customers to enjoy improved connectivity between India and the UK for travel from October 12. 

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BPCL issues corporate guarantee for $200 million loan availed by a subsidiary

Bharat Petroleum Corp Ltd (BPCL) has turned guarantor for a $200 million loan (~₹1,661 crore) availed by its step-down subsidiary. The company has issued a corporate guarantee in relation to the three-year term loan facility proposed to be availed by BPRL International BV through the State Bank of India, DIFC Branch. BPRL International is a wholly-owned subsidiary of Bharat PetroResources Ltd (BPRL), which is a subsidiary of BPCL.

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Adani Green & TotalEnergy to Form Rs 2,500Cr JV – Top Indian Market Updates

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

Adani Green and TotalEnergy to form Rs 2,490Cr JV

Adani Green Energy’s board approved the execution of a binding term sheet between Adani Green Energy Twenty Three Ltd and TotalEnergies. Total will make a further investment of $300 million (~₹2,490 crore) to form a new 50:50 Joint Venture (JV) company. The new JV will house a 1,050 MWac portfolio, comprising a mix of already operational, under construction, and under development assets with a blend of both, solar and wind power.

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ONGC willing to wait to regain oil from Russian project

According to ONGC Videsh’s Head of Investment, ONGC wants to eventually receive a share of crude from a Russian project it partly owns. However, the company is willing to wait because Russian oil is hard to ship now. ONGC has a 20% stake in Russia’s Sakhalin-1 oil & gas project. The company is also in talks with the Russian government and company shareholders to resume taking oil under a production-sharing arrangement.

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Aurobindo Pharma’s Andhra plant receives observation from USFDA 

The US Food & Drug Administration (USFDA) has issued a Form 483 with one observation after inspecting a formulation production facility of Aurobindo Pharma’s unit in Andhra Pradesh. USFDA inspected the Unit IV of APL Healthcare Ltd in Tirupati district of Andhra Pradesh from September 13-19, 2023. APL Healthcare Ltd is a wholly-owned subsidiary of Aurobindo Pharma.

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Verizon denies Vi acquisition rumours

Verizon Consumer Group has categorically denied claims of it considering the acquisition of Vodafone Idea (Vi). Vodafone Idea also refuted any discussions regarding a potential acquisition with Verizon, Amazon, or Elon Musk-owned Starlink. The company emphasised India’s significance in its global growth strategy, citing the country’s unique capabilities and access to talent pools.

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Viacom18 to showcase ISL on 8 TV channels, Jio Cinema

Viacom18 will showcase the upcoming Indian Super League (ISL) 2023–24 season across eight linear channels in four different languages. The tournament will also be streamed live for free on Jio Cinema. The matches will be aired on Sports18 Khel (Hindi), Sports18 1 SD & HD (English), VH1 SD & HD (English), Surya Movies (Malayalam), DD Bangla, and Colors Bangla Cinema (Bengali).

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Apollo Tyres halts tyre production in Gujarat plant

Apollo Tyres has temporarily ceased bias off-the-road (OTR) tyre production at its manufacturing facility located in Limda, Gujarat. The decision was prompted by concerns raised among shop floor employees regarding the renewal of a long-term settlement agreement. The company has started discussions and negotiations with labour union representatives to address the employees’ concerns.

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Culver Max to replace Zee Entertainment in FTSE indices post-merger

FTSE has announced that Culver Max Entertainment (Sony) will replace Zee Entertainment in all FTSE indices post-merger. For every 100 shares of Zee Entertainment held, shareholders will receive 85 shares in Culver Max Entertainment (Sony). This transition is not only significant but also removes a major uncertainty that has been looming over the stock. The timelines and final date of the merger are yet to be announced.

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PFC may fund 70% of SJVN’s ₹1.19 lakh crore RE projects

SJVN has signed a Memorandum of Understanding (MoU) with Power Finance Corporation Ltd. (PFC) for financial assistance for projects. The MoU pertains to various diversified project portfolios, including renewable energy (RE) and thermal generation projects. The overall cost of the projects is nearly ₹1.19 lakh crore. The term loan financial assistance is proposed tentatively at 70% of the project cost.

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Central trade unions of Coal India to observe a 3-day strike

Coal India Ltd (CIL) has received a three-day strike notice from central trade unions. The notice prompts concerns about the potential impact on the nation’s coal supply and electricity generation. The joint strike notice was issued jointly by prominent labour organisations BMS, INTUC, HMS, AITUC, and CITU. The three-day strike will be from October 5 to October 7, 2023. 

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Delhi HC upholds SBI’s eligibility criteria for ATM caretaker services

The Delhi High Court has upheld SBI’s eligibility criteria for selecting caretaker agencies for its automated teller machines (ATM) in Delhi. The High Court stated that SBI is best equipped to gauge the practicalities involved. Recently, a startup alleged that the eligibility criteria barred start-ups from participating in the tenders due to strict requirements. Only bidders with a minimum average annual turnover of ₹150 crore in the past three years and prior experience in providing similar services for at least five years were eligible.

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India to mandate annual audit of pharma suppliers by drugmakers

According to a government document, India will make it mandatory for drugmakers to audit their raw material suppliers at least once a year. The govt is tightening rules after India-made cough syrups were linked to 141 children’s deaths worldwide. The new mandate, along with additional testing rules for cough syrup exports implemented in June, shows that India is seeking to reassure buyers about the safety of its $42 billion pharmaceuticals industry.

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Tata Motors to Hike CV Prices by 3% in Oct – Top Indian Market Updates

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

Tata Motors to hike commercial vehicles prices by 3% in Oct

Tata Motors will raise the prices of its commercial vehicles (CVs) by up to 3%, its third hike in 2023, to offset the residual impact of past input costs. The price hike, effective Oct. 1, will be applicable across its range of CVs. The automaker previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

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SBI launches digital opening of NRE/NRO account setup via YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process.

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Petromin Corporation signs 3 agreements with HPCL to invest $700 million

Petromin Corporation KSA will invest $700 million in partnership with Hindustan Petroleum Corporation Ltd (HPCL) in three strategic areas. It will invest around $100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. Petromin will also invest around $100 million to install and operate up to 5,000 electric vehicle charging units at HPCL-operated stations throughout India.

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NTPC mining arm to explore battery minerals overseas

According to a Reuters report, NTPC’s mining arm will explore overseas sourcing of battery minerals such as lithium, cobalt and nickel. India has been pursuing pacts with other countries to secure key minerals in resource-rich countries such as Australia, Argentina and Chile. The country aims to be a net zero emitter of greenhouse gases by 2070.

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Torrent Pharma looks to partner with CVC Capital to fund Cipla purchase

Torrent Pharmaceuticals Ltd is in advanced negotiations with CVC Capital Partners to form a consortium and raise at least $1.2-$1.5 billion. The fundraise is for its proposed acquisition of Cipla. Torrent is also engaged with Brookfield to raise $1-1.2 billion in mezzanine debt. The company’s founders, the Sudhir and Samir Mehta family, are seeking to dilute equity and create a non-disposable undertaking (NDU) using their shares as collateral for loans.

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India’s net direct tax collections rise over 23% to ₹8.65 lakh crore

According to the Income Tax department, India’s net direct tax collections grew 23.51% to ₹8,65,117 crore till September 16, 2023, in the current financial year (FY24). The provisional figures show net collection figure for the corresponding period in FY23 was ₹7,00,416 crore. This surge can be attributed to a balanced mix of Corporation Tax (CIT) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT).

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India’s trade deficit widens to $24.16 billion in August

India’s trade deficit in August 2023 surged 17% month-on-month to $24.16 billion. The trade deficit in July stood at $20.67 billion. This rise can be attributed to an 11% increase in goods imports, whereas exports only experienced a modest 6.9% growth during the same period. [Trade deficit is the difference that arises when the amount of imports by a country exceeds its exports.] 

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VA Tech WABAG signs pact with Al Jomaih Energy and Water

VA Tech WABAG Ltd signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East. The companies examining collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

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Sona BLW Precision concerns over auto workers’ strike in US

Sona BLW Precision Forgings Ltd informed of a strike at the plants of three of its key clients in the United States. United Auto Workers (UAW) in the US went on strike at some of the plants of three original equipment manufacturers (OEMs) on September 15, 2023. The company added that it supplies to these three OEMs in the US, directly or indirectly.

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HFCL secures ₹1,015 crore order from Madhya Pradesh govt

HFCL secured a ₹1,015 crore order from the Madhya Pradesh Jal Nigam for providing engineering, procurement and construction (EPC) services. The order involves a provision for laying optical fibre cables on critical routes and execution of a multi-village drinking water supply network in the Sheopur district of the state. The project will be executed by the company in 24 months in collaboration with Khilari Infrastructure Pvt. Ltd.

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