Author: Ben Benny

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FTSE to Replace HDFC with HDFC Bank Post Merger – Top Indian Market Updates

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

FTSE to replace HDFC with HDFC Bank post merger

According to a report by Nuvama Alternative & Quantitative Research, FTSE Global Equity indices is expected to replace HDFC Ltd with HDFC Bank. HDFC Ltd is part of the FTSE indices, while HDFC Bank is not a member. FTSE will continue with the current free float shares of HDFC Ltd in the indexes and rename the constituent with HDFC Bank’s name. This will result in no weight changes in the indexes. The move could lead to a potential inflow of around $1.3 billion.

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RIL & BP commence production from third deepwater field in India’s KG D6 block

Reliance Industries Limited (RIL) and British Petroleum (BP Plc) have commenced gas and condensate production from the MJ field followed by testing and commissioning activities. RIL is the operator of the KG D6 block with a 66.67% participating interest, and BP holds a 33.33% participating interest. The start of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and Satellite Cluster in April 2021.

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Bharat Electronics receives defence and non-defence orders worth Rs 2,191 crore

 Bharat Electronics Ltd (BEL) has received new defence and non-defence orders worth ₹2,191 crores. The orders are for the supply of Long Range Guidance Kit with Warhead, Airborne V/UHF Jammer, Battlefield Surveillance Radar (Short Range) Upgrade, Missile Guidance Radar & Control Centre, Upgraded Radio Relay (F) with Data Modem Encryption Unit Mk II, Identify Friend or Foe Mk XII A, Anti-Submarine Warfare Shallow Water Craft (ASW SWC) Sonar and Spares.

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Jubilant Food pushes deadline to restructure overseas arms to June 2024

Jubilant FoodWorks Ltd is postponing the completion deadline to restructure overseas subsidiaries. The internal restructuring is now likely to be completed by June 2024. The date was set earlier for June 2023. The company stated in a regulatory filing that the move comes due to certain regulatory requirements.

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India’s April-May fiscal deficit at Rs 2.1 lakh crore

According to the Controller General of Accounts (CGA), the Indian government’s fiscal deficit at the end of May stood at 11.8% of the full-year Budget Estimates (BE) for 2023-24. The net tax revenue was ₹2.78 lakh crore (~11.9% of the BE). Its total expenditure was ₹6.25 lakh crore, approximately 13.9% of the estimates presented in the Union Budget for the current fiscal.

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Paytm partners with Shriram Finance to boost loan distribution business

Paytm’s parent company One 97 Communications Ltd has announced its partnership with the non-banking financial company (NBFC) Shriram Finance. Paytm will offer loan products of Shriram Finance on its platform to further expand its listings. The deal will combine Paytm’s large user base and digital loan distribution technology with Shriram Finance’s good geographical reach, deep risk understanding, and collections capabilities.

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Kalpataru Projects International wins new orders worth Rs 1,008 in India, overseas market

Kalpataru Projects International Ltd. (KPIL) has secured new orders worth ₹1,008 crores. The company and its subsidiaries have received new contracts worth ₹635 crores in the transmission and distribution (T&D) business in its Indian and overseas markets. Additionally, the company has won orders worth ₹373 crores in civil works for its buildings business in India.

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Shree Cement’s arm begins trial production at clinker grinding unit in West Bengal

Shree Cement’s subsidiary Shree Cement East Pvt Ltd has started trial production at its clinker grinding unit in West Bengal. The new unit has a capacity of 3 million tonnes per annum (MTPA). The company’s total cement capacity, including its subsidiary, has increased to 49.90 MTPA.

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L&T Technology Services partners with Palo Alto Networks for 5G, OT security offerings

L&T Technology Services Ltd has partnered with cybersecurity firm Palo Alto Networks. The partnership aims to provide enterprises with security services and solutions in 5G and Operations Technology (OT) areas. LTTS mentioned that the collaboration offers scalable and real-time security measures for 5G networks. This provides the customers with enhanced visibility and control over their network slices, private networks, and multi-access edge computing.

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ABB India awarded electrification and automation contract for ArcelorMittal Nippon Steel

ABB India has won the contract to provide electrification and automation systems for ArcelorMittal Nippon Steel India’s advanced steel cold rolling mill (CRM) in Hazira, Gujarat. The contract at the manufacturing plant comes through the project’s Original Equipment Manufacturer (OEM), John Cockerill India Limited (JCIL). The Joint Venture (JV) between the companies is setting up the new cold rolling mill as part of its downstream expansion plan.

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India’s forex reserves fall $2.91 billion to $593.2 billion as of June 23

According to the Reserve Bank of India (RBI), India’s forex reserves fell $2.9 billion and stood at $593.2 billion as of June 23. India’s foreign currency assets declined by $2.21 billion to $525.4 billion. India’s gold reserves fell by $745 million, taking the overall levels to $44.3 billion. Meanwhile, SDRs were up by $85 million to $18.33 billion.

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GQG Partners, Others Invest Nearly $1 Billion in Adani Group – Top Indian Market Updates

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

GQG Partners, others invest nearly $1 billion in Adani Group stocks

US-based investment firm GQG Partners and other investors have bought close to $1 billion (₹8,200 crore) of additional stakes in Adani Group companies. GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (₹13,600 crore). The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (₹9,600 crore).

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BPCL to raise Rs 18,000 crore via rights issue

The board of Bharat Petroleum Corporation Ltd (BPCL) has approved a proposal to raise up to Rs 18,000 crore through a rights issue. The company will raise the capital by issuing equity shares to eligible shareholders on a rights basis. The record date for the issue will be notified later. The capital infusion is for achieving energy transition, net zero, and energy security objectives.

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BEML wins orders worth Rs 385 crore

BEML has secured an order from Bharat Dynamics and Bharat Electronics Ltd for the supply of High Mobility Vehicles (HMV). The total contract value is ₹385 crore. BEML manufactures a wide range of heavy earthmoving equipment, with 50% sales from the mining and construction industry, 23% revenues from vehicles supply for defence forces, and 27% sales contributed by the rail and metro segments.

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Power Grid board approves 3 investment proposals worth Rs 389 crore

Power Grid Corporation of India Ltd’s (PGCIL) board has approved three investment proposals worth ₹389 crore. The first proposal is for a change in scope for the establishment of a dedicated telecom network for the National Transmission Asset Management Centre at a cost of ₹164.38 crore. The second proposal is for the western region expansion scheme at an estimated cost of ₹115.09 crore. The third is for the Information & Communications Technology augmentation at Navsari at an estimated cost of ₹109.47 crore.

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Adani Power’s Jharkhand plant commences supply to Bangladesh

Adani Power has started exporting power to Bangladesh from its 1,600 megawatts (MW) plant in Godda, Jharkhand. The company’s subsidiary, Adani Power Jharkhand Ltd (APJL), has achieved the commercial operations date of its second unit of 2×800 MW Godda ultra-supercritical thermal power plant. It completed the reliability run test, including commercial operation tests of the second unit of Godda power plant, on June 25.

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HDFC, Tomorrow Capital makes strategic investment in Bonito Designs

Housing Development Finance Corporation (HDFC), Tomorrow Capital, and a few high-net-worth individuals (HNIs) have invested ₹40 crore in interior design firm Bonito Designs. Bonito Designs is backed by Lodha Ventures and has a valuation of ₹650 crore. This strategic alliance with HDFC is expected to help the company deepen its presence in Mumbai and Bengaluru.

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Thermax plans entry into renewable power, electrolyser production

Thermax Ltd is planning to make a full-fledged entry into renewable power generation, electrolyzer manufacturing, and green hydrogen generation projects over the coming years. The move comes as the company seeks to meet the needs of customers transitioning to cleaner fuels. Thermax has set up open access-based renewable energy projects for commercial and industrial corporates in Gujarat, Tamil Nadu, and Maharashtra. It has around 250 MW of renewable projects at various stages of development.

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Reliance Jio acquires 30.4 lakh new subscribers in April

Reliance Jio continued its dominance over the Indian telecom space as it added 30.4 lakh subscribers in April 2023, as per data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel saw an addition of 76,328 users in April, compared with 10.4 lakh in March. Meanwhile, Vodafone Idea lost 29.9 lakh in April 2023, compared to 12.1 lakh in March.

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Tata Sons challenge Rs 1,500cr tax claim on Docomo settlement

According to an ET report, Tata Sons has disputed a ₹1,500-crore ($183 million) tax demand on its $1.27-billion settlement in 2017 with NTT Docomo over a now-defunct telecom joint venture. The Directorate General of GST Intelligence (DGGI), which had raised the tax claim, has now moved the Bombay High Court seeking a three-month extension for the next hearing on a petition filed by Tata Sons challenging the tax demand.

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Bandhan Bank triples number of branches to 1,500 in <8 years

Bandhan Bank has tripled the number of its branches in nearly eight years of operations, totalling 1,500 at present. The lender has a network of 6,000 banking outlets across the country. The Kolkata-based bank started operations with 501 branches on August 2015. Presently, it is spread across 34 states and UTs.

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NSE Scraps Plan to Shift Nifty Bank F&O Expiry to Friday – Top Indian Market Updates

nse

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

NSE scraps plan to shift Nifty Bank F&O expiry to Friday

The National Stock Exchange (NSE) has canceled its plan to change the expiry of Nifty Bank derivative contracts from Thursday to Friday. The decision came after the Bombay Stock Exchange (BSE) shifted the expiry of Sensex and Bankex contracts to Friday. BSE expressed concerns that NSE’s move could impact the growth of Sensex/Bankex derivatives. In the interest of balanced market development and risk avoidance, BSE requested NSE to consider shifting the Bank Nifty expiry to a different day.

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HDFC-HDFC Bank merger to be effective on July 1

HDFC is scheduled to merge with HDFC Bank on July 1, 2023. Both companies will hold separate board meetings on June 30, marking HDFC Ltd’s final board meeting. The stock delisting of HDFC will take effect from July 13. HDFC Bank will retain the branches, and the merger is expected to boost mortgage sales with an increase in applications. Employees under 60 will be retained without a salary cut as HDFC Bank requires their expertise in mortgages.

Read more here.

India’s current account deficit narrows to 0.2% of GDP in Q4: RBI

India’s current account deficit (CAD) in the January-March quarter of FY23 improved significantly to $1.3 billion, accounting for 0.2% of GDP. This positive outcome can be attributed to a reduced trade deficit and a notable increase in services exports. Compared to the previous quarter and the same period last year, the latest figures reflect a significant improvement in India’s balance of payments, according to the Reserve Bank of India (RBI).

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Kotak arm invests Rs 450 crore in automobile components maker Viney Corp

Kotak Mahindra Bank’s subsidiary Kotak Strategic Situations India Fund II has invested ₹450 crores in automobile components company Viney Corporation. The investment aims to support Aggarwal’s acquisition of a majority stake in VCPL and revamp the company’s capital structure for future expansion and fundraising opportunities.

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HAL announces 1:2 stock split

Hindustan Aeronautics Ltd (HAL) has received approval from its board to split the company’s equity shares in a 1:2 proportion. This means that each existing share will be divided into two shares. The split will result in the subdivision of one equity share of ₹10/- fully paid up into two equity shares of ₹5 each.

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Tata Technologies IPO: SEBI approves the first public issue from Tatas in 20 years

Capital markets regulator SEBI has approved the IPO of Tata Technologies, marking the first public offering from the Tata group since TCS in 2004. Additionally, SBFC Finance and Gandhar Oil Refinery’s IPOs have also received approval. The shares of these three companies are planned to be listed on both the BSE and NSE. Tata Technologies is a subsidiary of Tata Motors. 

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Sonata Software bags deal to build digital hub for Germany’s TUI Group in India

Sonata Software has partnered with TUI Group to establish a digital hub in India. The collaboration focuses on developing advanced digital solutions to enhance customer experience and operational efficiency. Marc Jennings, CIO of Analytics & Customer at TUI Group, expressed excitement about leveraging India’s talent pool to deliver exceptional travel experiences and fuel sustained growth.

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SAT stays SEBI’s order debarring IIFL Securities from on boarding new clients

The Securities Appellate Tribunal (SAT) granted a stay on SEBI’s order, which barred IIFL Securities from acquiring new clients for 2 years. SEBI had imposed the ban last week, citing violations of code of conduct regulations. In response, IIFL Securities filed an appeal with the tribunal.

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CCL Products to set up new plant in AP with Rs 400 cr investment

CCL Products (India) Ltd plans to establish a new manufacturing plant at Continental Coffee Park in Tirupati, Andhra Pradesh, with a ₹400 crore investment. Spanning 22 acres, the plant will have an annual capacity of 16,000 metric tonnes for spray-dried instant coffee production. The plant is scheduled to commence operations in the fourth quarter of this fiscal year, funded through internal accruals and a partial-term loan.

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BPCL to shut half of Mumbai refinery for a month from Sept 21

Bharat Petroleum Corp intends to temporarily close down 50% of its crude processing capacity at the Mumbai refinery in western India from Sept. 21 for maintenance. The planned shutdown includes a 120,000 bpd crude unit, a fluid catalytic cracker, a continuous catalytic reformer, and a catalytic cracker. Additionally, a bitumen unit will be shut for 15 days starting from mid-August.

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Adani Total Gas to build 1800 CNG stations in 7-10 years

Adani Total Gas Ltd (ATGL) plans to construct 1,800+ CNG stations in the next 7-10 years, as mentioned by Suresh P Manglani, CEO, of ATGL, in the FY23 annual report. ATGL is expanding nationwide and has a presence in 124 districts, including 19 additional areas through its joint venture with Indian Oil Adani Gas Private Limited (IOAGPL).

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ICICI Securities to Consider Delisting – Top Indian Market Updates

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

ICICI Securities to consider delisting

ICICI Securities will hold a board meeting on Thursday, June 29, to consider a proposal of delisting its equity shares. The company’s parent, ICICI Bank, will also hold a similar board meeting for the proposal. As per the March quarter shareholding pattern, ICICI Bank holds a 74.85% stake in its broking subsidiary.

Read more here.

Adani Power commissions Unit-2 of thermal power plant in Jharkhand

Adani Power’s subsidiary Adani Power Jharkhand Ltd (APJL) has commissioned Unit 2 of the 800 MW power project in Godda, Jharkhand. The project is part of the 2×800 MW Ultra-supercritical power project of APJL. The company will export the entire power generated from the project to Bangladesh through dedicated 400 kV transmission lines. The power project achieved commercial operations on June 25, 2023.

Read more here.

L&T Finance plans to sell its wholesale book to banks, NBFCs

L&T Finance Holdings plans to sell its wholesale loan book to interested banks, NBFCs, and funds. The company also plans to repay or refinance its existing wholesale loan book. The move comes as the company aims to become a 100% retail finance company. As of March 31, 2023, the wholesale book of the company was 25% of the total loan book (₹19,840 crore).

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TCS bags deal to transform customer experience for European policyholders

Tata Consultancy Services (TCS) has partnered with Standard Life International DAC to transform its operating model and enhance the customer experience for its European policyholders. The partnership will use the TCS Digital Platform for Life and Pensions to create a more seamless and digital experience for customers. The two organisations have plans to replicate this successful model in other European markets.

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Ajanta Pharma’s Gujarat plant gets zero observations from USFDA

Ajanta Pharma’s Dahej formulation facility received no observations from the US Food & Drugs Administration (USFDA) inspection. The formulation facility was inspected by the USFDA team between June 19-23, 2023. No Form 483 was issued to the company, meaning that there were no observations regarding the quality of the facility or the products manufactured there. In September 2022, the USFDA inspected this facility and issued two observations on that particular plant that manufactures formulations.

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RailTel secures order worth ₹294 crore from Tamil Nadu government

RailTel Corporation of India has secured a work order worth ₹294.37 crore from Tamil Nadu State Marketing Corporation (TASMAC). The order is for implementing an integrated solution that will help end-to-end computerization and connectivity of core and support functions of the domestic entity for five years.

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L&T’s power transmission arm bags orders in India, overseas

Larsen & Toubro (L&T)’s power transmission and distribution business has secured new orders in India and abroad. The company won two orders in the Middle East for upgrading electrical networks in large industrial facilities. It also won an order to build a transmission line in Andhra Pradesh. The order is worth approximately ₹1,000-2,500 crore.

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Godrej Properties acquires 15 acres land in Gurugram to develop premium residential apartments

Godrej Properties has acquired nearly 15 acres of land in Gurugram, Haryana, to develop premium residential apartments. The project will offer approximately 1.6 million square feet of premium residential development with exceptional lifestyle amenities. The deal value has not been disclosed.

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Infosys signs $454 mn deal with Danske Bank to boost digital transformation

Denmark-based Danske Bank has selected Infosys as a partner to accelerate its digital transformation. The deal is valued at $454 million for five years, with an option to renew for one additional year for a maximum of three times. The partnership will focus on developing customer-facing digital solutions and modernizing Danske Bank’s technology infrastructure.

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NMDC plans $61 million investment in first gold block

NMDC plans to invest around ₹500 crore ($61 million) in its first foray into gold mining. The company is “on track” to secure a lease for the Chigargunta-Bisanatham gold block in Andhra Pradesh. The block has estimated gold reserves of around 1.83 million tonnes, containing 5.15 grams of gold per tonne.

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Cyient DLM IPO to open tomorrow

The initial public offer (IPO) of Cyient DLM Limited will open tomorrow, on 27th June 2023. The public issue worth is ₹592 crores and will be open for bidding till 30th June 2023. The price band for the issue is between ₹250 and ₹265 per equity share. Cyient DLM is a supplier to global OEMs (original equipment manufacturers) in the aerospace, defence, medical technology, and industrial sectors.

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Reliance Jio in Talks to Raise $1.6 Billion – Top Indian Market Updates

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

Reliance Jio in talks to raise about $1.6 billion for purchase of equipment from Nokia

Reliance Jio Infocomm Ltd. is reportedly in discussions to secure a loan of approximately $1.6 billion (~₹13,120 crore) to purchase equipment from Nokia Oyj. The banks involved in these talks include Citigroup Inc., HSBC Holdings Plc., and JPMorgan Chase & Co. The loan is expected to have a maturity of up to 15 years. Last October, Nokia announced that it has signed an agreement with Jio to supply equipment for its 5G rollout in India.

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Asian Paints acquires additional 11% stake in White Teak for ₹54 crore

Asian Paints Ltd has acquired an additional 11% stake in Obgenix Software Private Ltd (White Teak) for ₹54 crore. The company now holds a 60% stake in White Teak, by virtue of which the brand has become a subsidiary of the company. Set up in 2016 by Silicon Valley tech entrepreneurs, White Teak is engaged in the business of decorative lighting products and fans.

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Kotak Mahindra Bank arm invests ₹732 crore in thermal power firm RattanIndia

Kotak Strategic Situations India Fund II and Kotak Private Credit Fund, managed by Kotak Investment Advisors (KIAL), announced its investment of ₹732 crore in the non-convertible debentures (NCDs) of RattanIndia Power (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders. KIAL is a subsidiary of Kotak Mahindra Bank.

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Dr Reddy’s Labs enters trade generic business in India with ‘RGenX’

Dr Reddy’s Laboratories has entered into the trade generics business in India with the launch of its new division, ‘RGenX’. Trade generics are drugs that are pushed directly to trade and not promoted via doctors. The pharma company aims to roll out its trade generics across cities and towns in India, including rural areas.

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Lupin launches oral suspension drug for treatment of seizures in the US

Lupin has launched Rufinamide Oral Suspension in the United States. The drug is indicated for the adjunctive treatment of seizures in pediatric patients. With estimated annual sales of $72 million in the United States (according to IQVIA MAT data for April 2023), Rufinamide Oral Suspension is expected to make a significant impact in the market.

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Man Infra secures order worth ₹680 crore for infrastructure works at JNPT

Man Infraconstruction Ltd. has secured an order worth Rs 680 crore from Bharat Mumbai Container Terminal Pvt. Ltd. for infrastructure-related works at Jawaharlal Nehru Port Trust (JNPT) in Maharashtra. The company will be responsible for executing phase-2 infrastructure works at the fourth container terminal of JNPT in Navi Mumbai within two and a half years. The order includes pavement work on the reclaimed earth.

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Orchid Pharma launches QIP to raise funds

Orchid Pharma Ltd has launched a Qualified Institutional Placement (QIP) issue to raise funds, with a base size of approximately Rs 300 crore and an option to upsize up to Rs 400 crore. The company has fixed Rs 425.19 as the floor price for the issue, representing a 5.5% discount to Thursday’s closing stock price. The company also has the option to offer a 5% discount on the floor price.

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BPCL to consider fundraising via rights issue on June 28

Bharat Petroleum Corporation Ltd (BPCL) will hold a board meeting on June 28 to discuss raising funds through a rights issue. The objective of the rights issue is to support the company’s energy security targets, energy transition, and net-zero objectives. A rights issue allows existing shareholders to purchase additional new shares at a discounted price.

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India’s forex reserves rise by $2.35 billion to $596 billion

As per RBI data, India’s forex reserves jumped by $2.35 billion in the week ending June 16, 2023, to $596.09 billion.  Except for gold reserves, all other components witnessed a sharp upside on a week-on-week basis. Foreign currency assets (FCA) increased by $2.57 billion to $527.651 billion. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

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Auro Pharma arm signs pact with Medicines Patent Pool to develop anti-cancer drug

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities Ltd has entered into a voluntary sub-licensing agreement with the Medicines Patent Pool (MPP). The agreement allows Aurobindo Pharma to develop and market Nilotinib capsules in 44 low and middle-income countries (LMIC). The drug is primarily used for the treatment of chronic myeloid leukaemia. The agreement aims to enhance access to affordable cancer treatment in these countries.

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HAL, GE Aerospace to Produce Fighter Jet Engines for IAF – Top Indian Market Updates

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

GE Aerospace signs pact with HAL to produce F414 fighter jet engines for IAF

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Association (MoU) with GE Aerospace to manufacture fighter jet engines for the Indian Air Force (IAF). The agreement aims to bolster defence collaboration between the two nations. It encompasses the possibility of joint production in India of GE Aerospace’s F414 engines, pending export authorization from the US government.

Read more here.

Fortis Healthcare sells hospital to Kauvery for Rs 152 crore

Fortis Healthcare Ltd has announced the sale of its hospital operations in Vadapalani, Chennai. Sri Kauvery Medical Care (India) Ltd will acquire the business for a sum of ₹152 crore in an all-cash deal. The transaction is expected to be finalised by the end of July 2023, pending the fulfilment of specific conditions outlined in the agreement. The hospital became operational in October 2020.

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Thermax subsidiary commissions wind-solar hybrid captive power plant in Gujarat

Thermax Ltd’s subsidiary First Energy Private Limited (FEPL) has successfully inaugurated a cutting-edge wind-solar hybrid captive power plant in Gujarat, India. The facility has a total capacity of 45.80 MW. It harnesses 24.3 MW from wind energy and 21.50 MW from solar energy, enabling a significant reduction of approximately 1,11,700 tonnes of carbon emissions each year.

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MM Forgings to spend upto ₹750 crore in EV business

MM Forgings plans to invest between ₹500-750 crore in the next five years in its EV business. The company’s foray into the EV sector aligns with its commitment to innovation and adaptability. MM Forgings plans to leverage its existing expertise in forging and machining to manufacture components for electric vehicles. This strategic expansion will not only enable the company to diversify its product portfolio but also contribute to the ongoing sustainability efforts within the automotive industry.

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PNB Housing Finance to consider fundraise upto Rs 5,000 cr via NCDs

PNB Housing Finance’s board has arranged a meeting on June 22 to discuss and finalize the issuance of Non-Convertible Debentures (NCDs) worth up to Rs 5,000 crore through private placement. The company specialises in providing various loans to retail customers, such as individual home loans, loans against property, non-resident property loans, and more. 

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Venus Remedies gets approval for marketing meropenem drug in Spain

Venus Remedies Ltd has obtained regulatory approval to market its popular generic product, Meropenem, in Spain. Meropenem is used to treat skin and abdominal infections. The company received clearance to sell Meropenem through its German subsidiary. Venus Remedies aims to capture a 10% market share in Spain’s meropenem market, which is valued at approximately $6.34 million in Europe.

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RVNL emerges lowest bidder for two orders worth ₹280 crore

Rail Vikas Nigam Ltd. (RVNL) has emerged as the lowest (L1) bidder for two packages offered by the Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Ltd. (MPPKVVCL) in Jabalpur. The combined value of these two orders amounts to ₹280 crore. The first order entails the supply, installation, testing, and commissioning of new 11 KV lines and LT lines on AB cable in the Chhatarpur circle of MPPKVVCL.

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L&T partners with DRDO for AIP systems for Indian Navy submarines

Larsen & Toubro (L&T) has entered into a contract with the Defense Research and Development Organization (DRDO) to develop two Air Independent Propulsion (AIP) system modules for the Indian Navy’s Kalvari class submarines. AIP technology enables non-nuclear submarines to operate without relying on atmospheric oxygen. L&T’s involvement in the realisation of AIP modules will enhance the capabilities of these submarines in terms of extended underwater endurance and stealth operations.

Read more here.

Glenmark Pharma’s manufacturing facility in North Carolina gets USFDA warning letter

Glenmark Pharmaceuticals’ manufacturing facility in Monroe, North Carolina, USA, has received a warning letter from the US Food & Drug Administration (USFDA). However, this development will not affect the current revenue generated from the plant as the company has not been selling any products from the site since August 2021. As a result, the warning letter will not have any impact on the company’s existing revenues.

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LTIMindtree launches generative AI platform

LTIMindtree has launched Canvas.ai, a powerful generative AI platform tailored for enterprises. Canvas.ai expedites the journey from concept to value for businesses. The platform enables organizations to quickly initiate and expand their generative AI capabilities. It incorporates a well-structured framework and robust governance measures, ensuring the proper management of proprietary and industry-specific data while prioritizing ethical use, sustainability, privacy, and security.

Read more here.

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RVNL Secures 3 Orders Worth Rs 11,256Cr – Top Indian Market Updates

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

RVNL secures 3 orders worth ₹11,256 crore from Chennai Metro Rail

Rail Vikas Nigam Ltd (RVNL) has secured three contracts worth ₹11,256 crore from Chennai Metro Rail Ltd (CMRL). The contract is for the construction of underground stations in the CMRL’s Phase-2 project. The first contract involves building five underground stations, including KMC, Sterling Road Jn, Nungambakkam, Gemini, and Thousand Lights. The contract duration is 1,725 days.

Read more here.

HDFC divests stake in HDFC Credila to Baring PE & ChrysCapital for ₹9,060 crore

Housing Development Finance Corp Ltd (HDFC) has announced the sale of 90% of its stake in its subsidiary HDFC Credila Financial Services Ltd. Baring PE and ChrysCapital will buy the stake for ₹9,060 crore. The transaction involves divesting approximately 90% of HDFC Credila’s issued and paid-up share capital, totalling around 13,29,49,207 equity shares. Following the deal, HDFC Credila will no longer be a subsidiary of HDFC.

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Pidilite in JVs with 2 Italian firms for cutting-edge stone fixing solutions

Pidilite Industries has inaugurated its advanced manufacturing facilities in Amod, Gujarat. These facilities are established under the joint ventures (JV) of Pidilite Litokol and Tenax Pidilite. The technology for these ventures has been transferred by Italy-based Litokol SpA and Tenax SpA. This marks a significant milestone in the technology transfer within India’s stone and ceramic solutions industry.

Read more here.

IIFL Securities to appeal against SEBI order on taking up new clients

IIFL Securities has announced its intention to appeal against the Securities and Exchange Board of India’s (SEBI) order prohibiting the broking house from taking on new clients for two years. However, the ban does not impact the company’s ongoing business with existing clients. The move follows SEBI’s decision to impose the two-year ban on IIFL Securities due to alleged mis-utilisation of client funds.

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Wipro share buyback to open on June 22

Wipro has confirmed that its Rs 12,000 crore share buyback program will commence on June 22 and close on June 29. The company plans to repurchase 26.96 crore shares (~ 4.91%) of its total paid-up equity share capital through a tender offer. The buyback was announced on April 27 at a price of Rs 445 per share, offering a premium to the previous day’s closing price. The current buyback price remains at a 17.4% premium.

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CCI approves HDFC’s acquisition of more shares in HDFC ERGO

The Competition Commission of India (CCI) approved the acquisition of the additional shareholding of HDFC Life Insurance Company Ltd by HDFC. The proposed combination involves HDFC acquiring additional shares of HDFC Life through on-market purchases. HDFC & HDFC Bank will hold over 50% of HDFC Life’s shareholding to comply with Indian banking laws following the amalgamation.

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Piramal Enterprises to sell distressed loan portfolio worth Rs 2,600 crore

According to a CNBC-TV18 report, Piramal Enterprises has attracted interest from two bidders for its distressed loan portfolio with an estimated value of Rs 2,600 crore. The first bidder is Phoenix ARC, backed by Kotak Mahindra Bank and Cerberus Capital. The second bidder is Ares SSG with ACRE. This transaction is significant in the distressed asset space and involves high-value real estate projects. The loans will be sourced from Piramal Capital’s housing book.

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Adani Group looking for more lenders to refinance $3.8 billion loans

The Adani Group is currently in talks with at least five new international banks to refinance $3.8 billion of loans taken for the acquisition of ACC Limited and Ambuja Cement. Most of the existing lenders, including Standard Chartered, Barclays and Deutsche Bank, are expected to participate in the refinancing. In addition, the group is in discussions with two Taiwanese banks and a Malaysian bank to expand the consortium of lenders for syndicating the loan. The refinancing may involve extending the payment tenor by three years.

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Abrdn sells 10.2% stake in HDFC AMC via block deal

UK-based asset management company Abrdn plc has sold its entire 10.2% stake in HDFC Asset Management Co Ltd for about ₹3,547 crore, or about $432 million. Abrdn, a part of HDFC AMC’s promoter group, had proposed to sell the stake in a range of ₹1,800 to ₹1,892.45, according to a term sheet reviewed by Reuters.

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HPCL Bags Long-Term Contract From OPaL – Top Indian Market Updates

HPCL

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

HPCL secures long-term contract from OPaL to supply 13.53 trillion Btu of Natural Gas

Hindustan Petroleum Corporation Ltd (HPCL) has secured a significant long-term contract from ONGC Petro Additions Ltd (OPaL) for the supply of Natural Gas. HPCL will supply 13.53 trillion Btu of natural gas to OPaL’s Mega Petrochemical Complex at Dahej from October 23 to May 26. OPaL, a joint venture of ONGC, GAIL, and GSPC, requires natural gas for its Captive Power Plant (CPP) to meet its power and steam requirements.

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Ipca labs under pressure after USFDA closes inspection at Madhya Pradesh unit with 11 observations

Ipca Labs’ API manufacturing facility in Ratlam received 11 observations from the US Food & Drug Administration (USFDA) during an inspection from June 5 to June 13. The facility has been under a USFDA import alert since 2015, which means its products do not meet US standards and are prohibited from being sold in the US. Additionally, two other plants in SEZ Indore and Silvassa, manufacturing formulations, have also been under import alert since 2015.

Read more here.

Laurus Labs to launch novel gene therapy assets in India and other markets

Laurus Labs Ltd has entered into a Memorandum of Association (MoA) with the Indian Institute of Technology (IIT), Kanpur, to introduce innovative gene therapy assets in India and other markets. The company plans to license gene therapy assets and offer research grants for pre-clinical development. It will also provide funding for clinical trials and launch products in India and emerging markets. Additionally, Laurus Labs will establish a plant at IIT Kanpur’s Techno Park facility.

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Grasim to begin construction of 1 lakh MT CPVC resin facility in Gujarat by late-2023

Grasim Industries has announced that the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. The company had previously agreed with Lubrizol Manufacturing India Pvt Ltd. to establish the plant, with the first phase scheduled for production in 2022. However, the project was delayed due to the Covid-19 pandemic and subsequent supply chain disruptions.

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Reliance Industries resumes vessel operations at Sikka port

Reliance Industries has resumed vessel operations at the port of Sikka in Jamnagar, Gujarat, following the impact of cyclone Biparjoy. According to industry sources, any vessel can now enter the Gulf of Kutch and call the Sikka Ports & Terminals Ltd (STPL). Last week, the company restricted vessel entry at the port due to a lack of anchorage positions. Ship-tracking data showed that around 13-21 tankers were waiting to discharge crude oil at the port.

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Tata Power lays out a capex of ₹12,000 crore this fiscal

Tata Power has announced plans to invest ₹12,000 crore in capital expenditure for the current financial year (FY23). This investment is double the amount spent in the previous year and will support the company’s growth targets. The funds will be allocated to various projects, including a 4 GW manufacturing plant, renewable energy projects, and transmission & distribution businesses in Odisha, Delhi, and Mumbai. Tata Power intends to finance these initiatives primarily through internal accruals and existing cash reserves.

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Zydus Lifesciences gets USFDA nod for generic acne-treating drug

Zydus Lifesciences has received final approval from the USFDA for its generic antibiotic Minocycline Hydrochloride extended-release tablets. These tablets help treat moderate to severe acne in individuals aged 12 years and above. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad. This approval allows the company to bring an affordable generic version of the medication to the market.

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Government to sell 0.15% stake in Coal India to employees via OFS

The Government of India has announced its plan to sell a 0.15% stake (~92.44 lakh shares) in Coal India to eligible employees via Offer For Sale (OFS). The offer will be made at a price of ₹226.10 per share and will be open for subscription from June 21 to June 23, 2023. The government currently holds a 66.13% stake in Coal India, while the remaining shares are held publicly. 

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IndiGo places order for 500 Airbus aircraft

IndiGo has received board approval to order 500 Airbus A320 Neo family aircraft. This makes it the single largest purchase agreement in commercial aviation history. With this order, IndiGo now has a total of 1,330 Airbus aircraft on order, solidifying its position as the world’s largest customer for the A320 Family. The deal is estimated to be valued at approximately $50 billion based on the most recent Airbus list prices.

Read more here.

SEBI bans IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on IIFL Securities Ltd from taking new clients as a stockbroker. The action was taken after a thematic inspection revealed that IIFL did not comply with the code of conduct for stockbrokers and violated regulations. SEBI found that IIFL failed to separate its funds from clients’ funds, misused credit balances, and wrongly designated client bank accounts.

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NSE plans derivatives based on bond indexes

According to a CNBC-TV18 report, the National Stock Exchange is planning to offer derivatives based on its bond indexes. The NSE has already applied to the Securities Exchange Board of India (SEBI) for approval. It aims to launch the corporate debt product by September. It is also reportedly planning futures for government bond indexes.

Read more here.

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Reliance in Talks for $2 Billion Loan – Top Indian Market Updates

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

Reliance in talks for $2 billion loan to fuel expansion

According to a Bloomberg report, Reliance Industries Ltd is in discussions with lenders to secure a foreign-currency loan of up to $2 billion. The company plans to utilise India’s dedicated external commercial borrowing route to obtain the loan. The maturity period of the facility is expected to be between 3-5 years, with the funds intended for capital expenditure and refinancing an existing loan set to mature in September. Notable lenders involved in the talks include Bank of America Corp, Citigroup Inc, and Standard Chartered Plc.

Read more here.

India’s goods trade deficit hits a 5-month high in May

According to government data, India’s trade deficit for May FY23 narrowed to $10.35 billion, compared to $12.20 billion in the same period in FY22. The trade deficit declined 35.41% for April and May combined. However, the merchandise trade deficit widened to $22.1 billion in May from $15.2 billion in the previous month. This is primarily due to a surge in goods imports, which reached a five-month high.

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Godrej Properties to buy land for a luxury residential project in Kolkata

Godrej Properties Ltd has acquired a 7.44-acre land parcel in the premium residential locality of New Alipore, Kolkata, from West Bengal Housing Infrastructure Development Corporation Ltd. The land has a developable potential of approximately 9.8 lakh square feet, with an estimated revenue potential of nearly Rs 1,200 crore. This marks Godrej Properties’ second luxury development in the city.

Read more here.

Cochin Shipyard wins Rs 580 crore order for cargo vessels

Cochin Shipyard’s subsidiary Udupi Cochin Shipyard Limited (UCSL) has secured an international order from Norway-based Wilson Shipowning AS. The order is for the design and construction of six new-generation diesel-electric 3800 DWT general cargo vessels. The contract includes an option for an additional eight vessels. Wilson Ship Management AS is one of the largest short-sea fleet operators in Europe, with a fleet of around 130 vessels.

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Titagarh Wagons-BHEL consortium signs ₹24,000 crore contract with Indian railways

A consortium of Titagarh Rail Systems Ltd (TRSL) and Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹24,000 crore from Indian Railways to manufacture and supply 80 Vande Bharat sleeper trains. They are responsible for manufacturing fully assembled trains by 2029 and maintaining them for 35 years. The trains’ final assembly, testing, and commissioning will occur at the Indian Railway facilities in Chennai. Each train will consist of 16 coaches, accommodating over 880 passengers.

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Dilip Buildcon Completes Highway Upgrade Project

Dilip Buildcon has announced the completion of the Chandikhole-Bhadrak Section of National Highway 5 (NH5) in Odisha. The project involved the rehabilitation and upgrade of the highway to a six-lane highway. The subsidiary, DBL Chandikhole Bhadrak Highways Ltd, executed the Rs 1,522 crore project under the hybrid-annuity model as part of the National Highways Development Project Phase V.

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TVS Motor Company sells 43.54% stake in Emerald Haven Realty

TVS Motor Company Ltd has announced the sale of its entire stake of 43.54% in Emerald Haven Realty Ltd. The company sold its holding of 11.12 crore equity shares on June 14, 2023.

In other news, the Indian Navy has partnered with TVS Motor Company for a motorcycle expedition in Ladakh as part of the ‘Azadi ka Amrit Mahotsav’ celebrations.

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Jindal Stainless signs deal with Germany’s Dassault Systemes 

Jindal Stainless Ltd (JSL) has entered into a partnership with Germany-based Dassault Systemes to enhance its production and operational functions at its Hisar and Jajpur units. The agreement aims to strengthen JSL’s production planning, scheduling, and execution processes by leveraging Dassault Systemes’ expertise. With the recent merger and capacity expansion, JSL seeks to seamlessly manage end-to-end production and operations between its facilities in Hisar, Haryana, and Jajpur, Odisha.

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Ashok Leyland partners with Aidrivers for autonomous electric terminal trucks

Ashok Leyland has partnered with Aidrivers to manufacture autonomous electric terminal trucks. This collaboration aims to address the port industry’s requirements for net-zero emissions. By combining their expertise, both companies will work towards sustainable autonomous transportation in ports. The initial fleet of vehicles will be manufactured at Ashok Leyland’s facilities. The fleet is projected to be operational for terminal operations by early next year.

Read more here.

ONGC signs MoU with IndianOil for petrochemicals

ONGC has partnered with Indian Oil Corporation (IOC) to explore opportunities in the petrochemicals sector. The Memorandum of Understanding (MoU) aims to investigate downstream prospects, including greenfield projects and acquisitions, in the petrochemical industry. ONGC already operates two downstream petrochemical plants through its subsidiaries.

Read more here.

Tata Steel, Germany’s SMS group to explore low carbon steel-making technology

Tata Steel has partnered with Germany’s SMS group to collaborate on the development of a low-carbon steelmaking process. Under a Memorandum of Understanding (MoU), the two companies will engage in technical discussions and take steps towards conducting a Joint Industrial Demonstration of the EASyMelt technology, created by SMS group. Tata Steel plans to demonstrate at its Jamshedpur plant’s E Blast Furnace, aiming to achieve a CO2 emission reduction of over 50% compared to the furnace’s current operation.

Read more here.

Coal stock grows 44% to over 110 MT

The Ministry of Coal has reported that the total coal stock has increased by 44% YoY to 110.58 million tonnes (MT) . This significant rise in coal stock demonstrates the commitment to ensuring an abundant supply of this essential fuel, which is crucial for electricity generation. The current stockpile at mines, thermal power plants, and in transit has substantially increased compared to the stock of 76.67 MT on the same day last year, emphasizing the improved availability of coal resources.

Read more here.

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WPI Inflation Eases to -3.48% in May – Top Indian Market Updates

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

May WPI inflation falls to -3.48%, lowest since November 2015

According to the Ministry of Commerce, India’s wholesale price index (WPI)-based inflation fell from -0.92% in April to -3.48% in May. WPI is at its lowest level since November 2015, marking the second consecutive month of negative wholesale inflation in India. Food wholesale inflation declined to -1.59%, while inflation in the fuel and power category reached -9.17%. Additionally, inflation in manufactured products decreased from -2.42% to -2.97% in May.

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Indian Oil Corp to set up aviation fuel plant with LanzaJet in Haryana

Indian Oil Corp Ltd (IOCL) plans to establish an 80,000 tonnes sustainable aviation fuel plant in partnership with LanzaJet in Haryana. The project is estimated to require an investment of approximately $280.1 million (~Rs 2,300 crore). IOCL is currently undertaking a pilot project for green fuel in collaboration with Praj Industries in Maharashtra.

Read more here.

Ipca Labs receives 11 observations from USFDA for MP facility

The US Food and Drug Administration (USFDA) has raised concerns about Ipca Laboratories’ manufacturing facility in Ratlam, Madhya Pradesh. During an inspection conducted from June 5 to June 13, the USFDA issued 11 observations about the facility. These observations pertain to compliance with cGMP (Current Good Manufacturing Practices) regulations. This is crucial for ensuring the quality and safety of pharmaceutical products.

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Gujarat Pollution Control Board revokes closure order to Heranba Industries

Heranba Industries announced that the Gujarat Pollution Control Board (GPCB) has lifted the order for the closure of its Vapi’s Pant units. The company had previously received an order from the GPCB instructing the prohibition and closure of operations at Unit-I and Unit-II located in Vapi. This development allows the company to resume its operations at the Vapi’s Pant units.

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SpiceJet’s financial woes deepen with $15 million judgment in UK court

SpiceJet is facing new troubles as two aircraft leasing companies, GASL Ireland and VS MSN, have obtained a summary judgment of $15 million against the airline in the London High Court. This judgment adds to the existing legal challenges faced by SpiceJet, as three more cases have been filed against the airline in the commercial courts in London. GASL Ireland and VS MSN are expected to seek enforcement of the UK court’s judgment through the National Company Law Tribunal (NCLT) in India.

Read more here.

Ramkrishna Forgings bags order worth 4.5 million euros in Europe

Ramkrishna Forgings has secured a contract worth 4.5 million euros from a well-known European passenger rail coach manufacturer. The contract entails supplying undercarriage parts, and the company expects the contract to be completed within a two-year timeframe. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings.

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KEC International secures orders worth Rs 1,373 crore

KEC International Ltd has secured orders worth Rs 1,373 crore across multiple business segments. The orders include projects in the railways vertical, transmission and distribution (T&D), cable, and civil businesses. In the T&D segment, the company received orders for transmission projects in India and the United States, including a 400 KV transmission line order in India and the supply of towers, hardware, and poles in the US through its subsidiary, SAE Towers.

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USFDA concludes inspection at Ahmedabad facility of Zydus Lifesciences with zero observation

Zydus Lifesciences Ltd has received a “Nil observation” from the US Food and Drug Administration (USFDA) for its Zydus Biotech Park in Ahmedabad. This indicates that the facility complies with the current Good Manufacturing Practices (GMP), ensuring the production of safe and effective products. In addition, Zydus Lifesciences has obtained final approval from the USFDA for Varenicline tablets, used to treat smoking addiction.

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Anupam Rasayan secures Rs 2,195 crore supply deal from Japanese firm

Anupam Rasayan has secured a supply contract worth Rs 2,186 crore from a prominent Japanese specialty chemical company. The contract involves the supply of a life science active ingredient for five years. The supply is scheduled to begin in 2025. It is subject to successful product validation, which is expected to take place over the next 18 months. Anupam Rasayan will produce the active ingredient in its existing multipurpose manufacturing facilities.

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Maruti Suzuki to launch its most expensive car in India

Maruti Suzuki is preparing to launch its most expensive car, ‘Invicto,’ with a starting price of over Rs 20 lakh. The three-row, seven-seater MPV is considered a twin of Toyota’s Hycross. Maruti Suzuki aims to capture a significant portion of the market with the Invicto, which will be available in petrol and hybrid variants. The three-row SUV/MPV segment stood at around 2.58 lakh units in FY22, with vehicles priced over Rs 20 lakh accounting for approximately 1.2-1.25 lakh units.

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PV Wholesales Rise 13.54% in May – Top Indian Market Updates

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

Passenger vehicle wholesales rise 13.54% in May at 3.3 lakh units

According to the Society of Indian Automobile Manufacturers (SIAM), wholesale domestic passenger vehicle (PV) sales in May increased by 13.54% YoY to 3,34,247 units, compared to 2,94,392 units in May FY22. Domestic two-wheeler sales rose 17.42% YoY to 14,71,550 units in May FY23. Overall, total vehicle dispatches across categories in May were recorded at 18,08,686 units, up from 15,32,861 units in May 2022.

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MRF hits Rs 1 lakh per share

Tyre major MRF Ltd. saw its share price climb above the ₹1 lakh mark in intraday trading on the BSE and NSE today, making it the first Indian stock to trade above the six-figure mark. On the NSE, MRF touched an intraday peak of ₹1,00,439.95. As of Tuesday, the market capitalisation of MRF stood at ₹42,390 crore.

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Adani Group’s wind power project in Sri Lanka to be ready by Dec 2024

Adani Group is set to complete its renewable energy project in Sri Lanka, generating 500 MW in the north and eastern regions by December 2024. Energy Minister Kanchana Wijesekara discussed the project’s progress with Adani Group’s MD & CEO and project management team, focusing on challenges, roadmaps, and timelines. The Adani Group received approval in August last year to commence wind power projects in Pooneryn.

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India set to start mega hydropower project near China border

India is all set to commence the Subansiri Lower hydropower project in July. NHPC Ltd will conduct trial runs, with the first unit expected to be commissioned in December. By the end of 2024, all eight units will be operational. This 2-gigawatt project is crucial for grid stability as solar and wind power generation increases. Despite facing environmental concerns and protests, the project will help India tap into its significant hydropower potential.

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Granules India gets USFDA approval for hypertension drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Metoprolol Succinate Extended-Release Tablets. These tablets are bioequivalent to Toprol-XL Tablets and are used for the treatment of hypertension to reduce blood pressure. According to IQVIA, the present annual market for Metoprolol Succinate ER Tablets in the US is around $321 million.

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L&T secures orders for hydrocarbon business

Larsen & Toubro’s subsidiary L&T Energy Hydrocarbon (LTEH) has secured contracts worth Rs 1,000-2,500 crore. The contracts involve engineering, procurement, construction, and installation of new offshore structures. LTEH focuses on executing offshore projects domestically and internationally with a commitment to strengthening regional presence through investments in local skills, procurement from local vendors, and collaboration with local contractors for sustainable growth.

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Adani Group in talks for major debt refinancing: Report

According to a CNBC-TV18 report, Adani Group is planning to refinance a loan facility of up to $3.8 billion taken for the acquisition of Ambuja Cements Ltd. The group is considering converting the original loan into longer-term debt and has initiated individual discussions with banks. Adani expects to conclude the process within 3-4 months, and most of the existing lenders are expected to participate.

Read more here.

Zydus Lifesciences gets USFDA approval to manufacture generic version of Varenicline

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market the generic version of Varenicline tablets, used to treat smoking addiction. The company plans to manufacture the product at its formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA MAT data 2023, Varenicline tablets had annual sales of $501 million in the US.

Read more here.

HFCL receives Rs 80 crore order from DMRC for three priority corridors

HFCL Ltd has secured a new order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The order is for the implementation of a fibre optics transmission system in three priority corridors of Phase IV of the Delhi metro rail project. The contract includes the design, manufacturing, supply, installation, testing, and commissioning of the system. The project timeline is 156 weeks from the date of notice to proceed (NTP).

Read more here.

Aircastle files fresh plea against SpiceJet

Aircraft lessor Aircastle has escalated its legal battle against SpiceJet by filing a new plea on June 13. The plea accuses SpiceJet of unpaid dues and seeks insolvency proceedings. This comes after Aircastle’s earlier attempt to initiate insolvency proceedings against SpiceJet. The NCLT has scheduled a hearing on July 17 to assess the validity of the new plea. Aircastle persists in its efforts to recover the unpaid dues from the struggling airline.

Read more here.

IndiGo gets DGCA nod to operate flight services to Nairobi

IndiGo has received permission from the Directorate General of Civil Aviation (DGCA) to operate flights to Nairobi in Kenya. This marks IndiGo’s entry into the African region. The airline had previously announced its plans to expand internationally, including destinations like Nairobi and Jakarta. According to a DGCA official, the approval for IndiGo’s operations in Nairobi will be effective from July 24.

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India’s Retail Inflation Eases to 4.25% in May – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation eases to a 2-year low of 4.25% in May

According to the Ministry of Statistics, India’s retail inflation has eased to a two-year low of 4.25% in May 2023, compared to 4.7% in April. Retail inflation is measured by Consumer Price Index (CPI). The Consumer Food Price Index (CFPI) also eased to 2.91% in May from 3.84 % in April. Rural inflation stood at 4.17%, while urban inflation stood at 4.27 %.

Read more here.

India’s industrial production up 4.2% in April

India’s Index of Industrial Production (IIP) increased by 4.2% in April, up from 1.1% in March 2023 and down from 6.7% in April 2022. The manufacturing sector’s output grew by 4.9% in April 2023 compared to 5.6% a year ago. Power generation declined by 1.1% and mining output rose by 5.1% during the same period.

Read more here.

Maharashtra Seamless prepays loans worth Rs 234 crore from internal accruals to become debt free

Maharashtra Seamless Ltd used internal accruals to make a voluntary prepayment of Rs 234 crore loan. The repayment aims to make the company debt-free. This is the second time the company has made such a prepayment in the past eight months. As of May 21, 2023, the company’s order book stands at Rs 2,063 crore.

Read more here.

L&T Finance Holdings plans to expand rural business by offering personal loans

L&T Finance Holdings aims to boost its retail portfolio by offering personal loans and loans against property in rural areas. It is also reducing its wholesale lending book. The lender aims to increase the share of its retail portfolio (which has already reached 75%) to over 80% by 2026. It plans to introduce rural Loan Against Property (LAP) loans and personal loans for the spouses of women microfinance borrowers to strengthen its presence among bottom-of-the-pyramid customers.

Read more here.

PTC Industries to spend ₹300 crore on capacity expansion

PTC Industries Ltd intends to allocate ₹300 crore for capacity expansion in the next few years. Its goal is to generate up to two-thirds of its revenue from the domestic defence aerospace sector in the medium term. The company specializes in engineering components for critical applications. Over the past few years, the company invested around ₹300-₹350 crore in developing technology and capabilities.

Read more here.

NCLT adjourns the Wilmington Trust insolvency plea against SpiceJet

The National Company Law Tribunal (NCLT) adjourned the petition filed by aircraft lessor Wilmington Trust SP Services (Dublin) Ltd for initiating the corporate insolvency resolution process. The matter is expected to be listed on July 16. This is the third case filed by the company against the airline, with two other cases filed by Aircastle (Ireland) Ltd and Willis Lease Finance Corporation. Aircastle’s petition is listed for July 17.

Read more here.

India’s domestic air passenger traffic up by 2.3% in May

According to ICRA, the domestic air passenger traffic was estimated at 131.8 lakh in May, about 2.3% higher than 128.9 lakhs in April 2023. Further, it witnessed a 15% YoY growth of about 15%, compared to May 2022. Domestic passenger traffic in May 2023 was higher by about 8% compared to the pre-Covid levels (that is, May 2019). The airlines’ capacity deployment in May 2023 was higher by 1.4%  than that of May 2022, reaching the pre-Covid levels (May 2019).

Read more here.

Jaguar Land Rover plans annual investment of 3 billion pounds by FY26

Tata Motors-owned Jaguar Land Rover plans an annual investment of 3 billion pounds while targetting revenue of over 30 billion pounds by FY26. The luxury carmaker expects to have revenue of over 28 billion pounds in FY24. Under its ‘Reimagine’ strategy, JLR had aimed to become a more agile business with a simplified manufacturing operation and an ambition to achieve a positive cash net of debt by 2025.

Read more here.

IndiGo co-founder’s family likely to sell stake worth up to ₹7,500 crore: Report

According to a CNBC-TV18 report, the family of IndiGo’s co-founder Rakesh Gangwal is likely to sell a 5-8% stake in the Indian airline’s parent InterGlobe Aviation Ltd, which is worth up to ₹7,500 crore. Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99%, respectively, in InterGlobe as of March 31, 2023.  Their Chinkerpoo Family Trust holds a 13.5% stake in the airline.

Read more here.

PB Fintech to wipe out accumulated losses in next four years

PB Fintech, the parent firm of Policybazaar, expects to wipe out accumulated losses in the next four years on the back of revenue growth. The total revenue of the company increased from Rs 1,200 crore in FY22 to Rs 1,710 crore in FY23. A top official said the company would be Rs 400-500 crore cash positive, and there may not be any need for additional capital infusion.

Read more here.