Author: Ben Benny

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SBI to Raise Rs 50,000Cr Via Debt – Top Indian Market Updates

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

SBI to raise Rs 50,000 crore via debt instruments in FY24

State Bank of India’s (SBI) board said it plans to raise up to Rs 50,000 crore this financial year (FY24) by issuing debt instruments. The instruments could be long-term bonds, Basel-III compliant additional tier-1 bonds, or Basel-III compliant tier-2 bonds. The move is part of the bank’s plans to meet the overall demand for credit. 

Demand for bank loans has consistently stayed in double digits despite a 250-basis points increase in interest rates since May 2022.

Read more here.

Tata Motors partners with HSBC India for EV financing solutions

Tata Motors has partnered with HSBC India to provide loans to corporate sector employees for buying electric vehicles (EVs). The deal offers customers with a salaried account with HSBC India a bespoke loan solution to buy from Tata’s EV portfolio. People who avail this loan will get a special accessory kit for the EV they purchase and other advantages like low processing fees, zero depositions, no hypothecation, and no documentation fees.

Read more here.

Allcargo Logistics closes 30% stake purchase from KWE in Gati subsidiary

Allcargo Logistics has successfully acquired a 30% stake (~1.50 lakh shares) in Gati-Kintetsu Express (GKEPL) for Rs 406.71 crore. The company’s subsidiary (Gati) already held a 70% stake in GKEPL. With this acquisition, Allcargo and Gati now own 100% of GKEPL and assume complete control. The completion of this transaction aligns with the Share Purchase Agreement (SPA) signed between the parties in March 2023.

Read more here.

Indoco Remedies gets EU-GMP certification for Himachal plant

Indoco Remedies has received the EU GMP certification for its manufacturing site in Himachal Pradesh. The health authority of Germany inspected the facility for oral dosage forms from May 22-25, 2023. The certification confirms compliance with Good Manufacturing Practice requirements. This EU certification will facilitate the supply of drug products registered in Europe from this manufacturing site, enhancing Indoco Remedies’ presence in the European market.

Read more here.

India’s forex reserves up $5.9 billion to $595.1 billion 

Reserve Bank of India (RBI) announced that India’s foreign exchange reserves rose by $5.9 billion to reach $595.06 billion for the week ending June 2. This marked the largest increase in a month, breaking a two-week declining trend. India’s Special Drawing Rights (SDRs) decreased by $6 million to $18.186 billion, while the reserve position with the IMF grew by $10 million to $5.123 billion.

Read more here.

Zydus starts trial to generate data on effect of Saroglitazar Mg in NAFLD patients

Zydus Lifesciences has initiated a Phase IV real-world data registry trial to evaluate the advantages of Saroglitazar Magnesium in patients with non-alcoholic fatty liver disease (NAFLD) and comorbidities. The trial aims to enroll approx 1,500 male and female NAFLD patients with comorbidities such as obesity, type 2 diabetes mellitus, dyslipidemia, or metabolic syndrome. The study will span approximately 56 weeks.

Read more here.

Greenlam Industries’ subsidiary starts commercial production at Tamil Nadu plant

Greenlam Industries’ subsidiary HG Industries Ltd has begun commercial production at its new plant in Tindivanam, Tamil Nadu. With an investment of Rs 125 crore, the facility is equipped to manufacture plywood and related products with an annual capacity of 18.9 million square meters. This greenfield project reinforced Greenlam’s commitment to meeting the growing demand for quality wood-based materials.

Read more here.

Aether Industries signs agreement with Saudi Aramco Tech for new technology 

Aether Industries Ltd has signed a license agreement with Saudi Aramco Tech for the convergence polyols technology. The company has commenced the manufacturing and commercialization of the Converge polyols technology and product series. This partnership enables Aether to leverage the expertise and technology of Saudi Aramco to produce and market innovative polyols products.

Read more here.

IndiGo offers connectivity to US via codeshare connections with Turkish Airlines

IndiGo has launched new connections via Istanbul to the United States, offering passengers connectivity to New York, Boston, Chicago and Washington via its codeshare partnership with Turkish Airlines. The expansion will come into effect on June 15, 2023. IndiGo aims to double its capacity by the end of the decade and expand its network, especially in international markets.

Read more here.

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RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

rbi

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.50%. The decision was made by RBI’s Monetary Policy Committee (MPC) unanimously, with a majority vote on withdrawing accommodation to tackle inflation and prioritise growth. The RBI has maintained India’s GDP growth estimate for the financial year 2023-24 at 6.5%.

Read more here.

Mahindra forays into dual-fuel small commercial vehicle segment with Supro CNG Duo

Mahindra & Mahindra has ventured into the dual-fuel segment for small commercial vehicles by introducing the Supro CNG Duo, priced at Rs 6.32 lakh. This model can operate on both CNG and petrol, providing flexibility. With a payload capacity of 750 kg and a CNG tank capacity of 75 litres, it offers a range of 325 km. Additionally, it includes a five-litre petrol tank to address concerns about range anxiety.

Read more here.

SpiceJet partners with FTAI Aviation to restore fleet

SpiceJet announced a lease agreement with FTAI Aviation to obtain up to 20 engines. The company plans to reactivate some of its grounded aircraft within 2-3 months. This partnership aims to reduce maintenance costs, minimize aircraft downtime, and improve the airline’s overall performance. SpiceJet had previously initiated the revival of 25 grounded planes using its own funds and a $50 million credit line from an Indian government scheme.

Read more here.

Dilip Buildcon secures order worth Rs 780 crore from NHAI in Andhra Pradesh

Dilip Buildcon Ltd has announced that its subsidiary has signed a concession agreement with the NHAI for a Rs 780.12 crore road project. The project involves constructing a six-lane access-controlled greenfield highway in Andhra Pradesh as part of the Bharatmala Pariyojana Phase-I. It will be completed within 24 months from the appointed date and have a 15-year operation period from the commercial operation date (COD).

Read more here.

L&T Finance Holdings recommends final dividend of Rs 2 per share for FY23

L&T Finance Holdings Ltd announced that its board of directors has proposed a final dividend of Rs 2 per equity share for the fiscal year 2022-23. If approved at the Annual General Meeting, the dividend will be disbursed within 30 days from the AGM. The company’s consolidated net income for the March 2023 quarter increased by 46% YoY to Rs 501 crore.

Read more here.

Titagarh Rail’s board to consider raising funds

Titagarh Rail (previously Titagarh Wagons) has announced that it will convene a board meeting on June 10 to discuss raising funds. The company is considering various options, such as issuing equity shares, securities, or a combination of methods, including preferential issue, Qualified Institutional Placement (QIP), and rights issue. The purpose of the meeting is to deliberate and decide on the best approach for raising the necessary capital.

Read more here.

Zydus receives final approval from USFDA for esomeprazole magnesium

Zydus Lifesciences Ltd has obtained final approval from the US Food & Drug Administration (USFDA) for esomeprazole magnesium. It is an oral suspension used to treat stomach and oesophagus issues. The medication aids in healing acid damage, prevents ulcers, and may reduce the risk of esophageal cancer. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad.

Read more here.

Tanla Platforms to acquire ValueFirst for Rs 346 crore from Twilio

Tanla Platforms has announced its acquisition of ValueFirst from Twilio in a Rs 346 crore ($42 million) all-cash deal. The company has signed a definitive share purchase agreement, with the acquisition set to close in July 2023. Additionally, Tanla has signed a binding term sheet to acquire ValueFirst Middle East FZC for Rs 20 crore, aiming to enhance its global presence. This acquisition is projected to be completed by September 2023, pending closing conditions. 

Read more here.

Aether Industries signs LoI with US-based global oilfield services company

Aether Industries has signed a Letter of Intent (LoI) with a US-based global oilfield services company, establishing them as a strategic supplier and contract manufacturing partner. The LoI sets the stage for the execution of a Strategic Supply Agreement (SSA) within three months, as stated in Aether Industries’ regulatory filing. Under this agreement, Aether will be responsible for manufacturing four specific products for the new customer, with a combined monthly volume of 1,325 metric tons.

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GAIL completes insolvency resolution process of JBF Petrochemicals in 15 months

GAIL (India) Ltd has completed the corporate insolvency resolution process (CIRP) for JBF Petrochemicals Ltd (JBFPL) within a remarkable 15 months. The payment has been released to all stakeholders of JBFPL, marking one of the fastest transaction closures in the post-COVID period for the National Company Law Tribunal (NCLT). GAIL has already invested Rs 2,101 crore in the resolution plan and now holds a 100% stake in JBFPL.

Read more here.

Tata Power Renewable Energy arm bags contract to set up 966 MW renewable project for Tata Steel

Tata Power Renewable Energy, via its subsidiary TP Vardhaman Surya Ltd, has secured a contract to establish a 966 MW round-the-clock hybrid renewable power project for Tata Steel. The project consists of a combination of 379 MW solar and 587 MW wind power capacities. Tata Steel aims to meet a significant portion of its green energy requirements through this project. This leads to a reduction of 23.9 lakh tonnes of CO2 emissions annually.

Read more here.

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India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

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

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

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Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

Read more here.

NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

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Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

Read more here.

KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

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Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

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Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

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VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

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HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

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Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

Read more here.

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L&T to Build India’s Tallest Commercial Building in Mumbai – Top Indian Market Updates

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

Larsen & Toubro to construct India’s tallest commercial building in Mumbai

Larsen and Toubro (L&T) Construction has secured an order to construct commercial towers in Mumbai. The exact value of the projects has not been disclosed, but they fall within the range of Rs 1,000 crore to Rs 2,500 crore. One of the orders involves building the tallest commercial building in India, with a height of over 300.05 metres. The project includes four-level basements and two towers with 70 and 50 floors, totaling a built-up area of 3.4 million square feet.

Read more here.

Aditya Birla Group forays into branded jewellery retail business

Aditya Birla Group is entering the jewellery retail business with a Rs 5,000 crore investment. This is their third venture in two years, following paints and business to business (B2B) e-commerce. The new business, called ‘Novel Jewels Ltd’, will open big jewellery stores in India and feature their own jewellery brands.

Read more here.

GTPL Hathway plans capex of Rs 1400 crore over the next three years

GTPL Hathway plans to invest Rs 1,400 crore in the next three years in capital expenditure (capex). They will allocate around Rs 450-500 crore annually for capex. The investment will be evenly split between their cable TV and broadband businesses. In FY22, they spent Rs 468.5 crore on capex, with Rs 225 crore for broadband and the remainder for cable TV.

Read more here.

IPCA Labs undergoes crucial USFDA inspection at Ratlam facility amid import alert

The United States Food & Drugs Administration (USFDA) is currently inspecting IPCA Laboratories’ API facility in Ratlam. This inspection is important because the facility has been under import alert since FY15, affecting supplies to the US. Three major facilities of Ipca, including Ratlam, Silvassa, and Pithampur, are still under import alert. In April 2023, the USFDA inspected Ipca’s formulation facility in Silvassa, resulting in three observations.

Read more here.

JK Cement to buy 100% stake in Toshali Cements for Rs 157 crore

JK Cement Ltd announced its plan to acquire a 100% stake in Toshali Cements Private Ltd for Rs 157 crore. The company aims to expand its presence in the eastern region with this acquisition. The Board of Directors approved to sign a Share Purchase Agreement for the acquisition. Toshali currently operates two manufacturing units, one in Odisha with a clinker capacity of 0.33 MTPA and a grinding capacity of 0.198 MTPA.

Read more here.

KEC International receives two orders for train collision avoidance systems

KEC International has received two large orders worth Rs 600 crore for its Train Collision Avoidance System (TCAS) called Kavach. The recent tragic train collision in Odisha has highlighted the urgent need for TCAS implementation. With these orders in hand, the company anticipates more tenders and increased demand for their TCAS systems.

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Sonata Software partners with SAP Commerce to drive digital innovation, e-commerce solutions

Sonata Software has partnered with SAP Commerce to drive digital innovation and support businesses. The collaboration aims to offer customized e-commerce solutions and seamless experiences to customers. Sonata Software will provide implementation, customisation, and maintenance services, including integration with third-party systems. The partnership will enable customers to benefit from storefront design, services across multiple channels, and ongoing support and maintenance.

Read more here.

Man Infra receives another redevelopment project in Mumbai’s Ghatkopar

Man Infraconstruction Ltd’s subsidiary MICL Creators LLP  has announced a new residential project in Ghatkopar East, Mumbai. By acquiring development rights from neighboring societies, the company will work on a total area of approximately 13 lakh square feet. The project is expected to be completed in the next 3.5 to 4 years, with a saleable carpet area of around 4 lakh square feet.

Read more here.

Bank Nifty weekly options contract to now expire on Fridays

The National Stock Exchange (NSE) has changed the weekly options expiry day for Nifty Bank contracts based on feedback. Starting from July 7, 2023, Nifty Bank’s weekly options contracts will expire on Fridays instead of Thursdays. If Friday is a trading holiday, the expiry will occur on the previous day. Monthly contracts will also expire on the last Friday of each month, except when it coincides with a trading holiday, in which case the expiry will be on the previous Thursday. Existing F&O contracts will have their expiry and maturity dates rescheduled to Fridays from July 6.

Read more here.

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India’s Services PMI Declines to 61.1 in May From 62.0 in April – Top Indian Market Updates

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

India’s services PMI declines to 61.1 in May from 62.0 in April

India’s service sector Purchasing Managers’ Index (PMI) declined slightly to 61.2 in May from 62 in April. However, the sector continued to expand due to robust demand despite high inflationary pressures. This marks the longest expansion streak in nearly 12 years, with the index remaining above the 50-mark which signifies growth for 22 consecutive months. The services sector contributes over 50% to India’s GDP.

Read more here.

TCS receives 10-year contract for the teachers’ pension scheme in England and Wales

Tata Consultancy Services (TCS) has been chosen by the Department for Education (DfE) in the UK. The contract is to administer and enhance the customer experience of the ‘Teachers’ Pension Scheme’, the country’s second-largest public sector pension scheme. With a long-term contract of 10 years, TCS will utilize its core banking software suite, TCS BaNCS, to manage the pension scheme, which covers over 2 million members in England and Wales.

Read more here.

Tata Power Renewable commissions 110-MW solar project for Kerala electricity board

Tata Power’s subsidiary Tata Power Renewable Energy Limited (TPREL) has successfully commissioned a 110-MW solar power project in Bikaner, Rajasthan. The project will provide power to the Kerala State Electricity Board (KSEB). Despite challenges like difficult land topography, extreme weather conditions, and adverse geopolitical circumstances, the project was completed within a remarkable period of 7 months. It utilized 2,59,272 mono-bifacial PERC half-cell modules.

Read more here.

Suzlon crosses 20 GW installed windmills capacity worldwide

Suzlon has achieved a significant milestone by surpassing 20 GW of installed capacity worldwide. Through the deployment of 12,467 wind turbines across 17 countries, spanning six continents, Suzlon solidifies its position as a major player in the global wind energy landscape. The company, which has been instrumental in developing India’s wind energy sector since 1995, continues the vision of its late founder Tulsi Tanti.

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Dr Reddy’s rheumatoid arthritis drug meets all endpoints in Phase 1 study

Dr Reddy’s Laboratories has announced the successful Phase-I study of its Tocilizumab Biosimilar candidate, ‘DRL_TC’. The study evaluated its effectiveness in treating moderate-to-severe active rheumatoid arthritis and compared it to reference products. The results showed equivalence and similarity in pharmacodynamic parameters, safety, and immunogenicity. Dr Reddy’s had previously completed a successful phase I study of the biosimilar candidate administered subcutaneously.

Read more here.

Patel Engineering secures Rs 519.5 crore project from CIDCO

Patel Engineering Ltd has secured a new project worth Rs 519.5 crore. The City and Industrial Development Corporation (CIDCO) awarded the company a letter of acceptance (LoA) for the construction of a 6.7 km water tunnel in Maharashtra. The project, which includes associated works, will be executed solely by Patel Engineering within a timeframe of 60 months.

Read more here.

Lupin launches Darunavir tablets used in controlling HIV infections

Lupin Ltd has introduced Darunavir tablets, used to manage HIV infection, in the US market. The newly launched drug is a generic version of Janssen Products’ Prezista tablets. According to IQVIA data, Darunavir tablets had an estimated annual sales of $308 million in the US for the 12 months ending March 2023.

Read more here.

Nava’s Zambia subsidiary discharges all overdue loan instalments

Nava Ltd announced that its Zambian subsidiary, Maamba Collieries Ltd. (MCL), has successfully paid off all overdue loan installments. As a result, the company’s overall liabilities have reduced from $483 million in December 2022 to $206 million. MCL has also been meeting its regular debt service requirement since March 2023. Following this achievement, MCL plans to engage with lenders in future discussions, building on the positive progress made.

Read more here.

Bharat Petroleum starts pilot to test ED7 blend fuel

Bharat Petroleum Corp Ltd (BPCL) has launched a pilot program in partnership with Ashok Leyland and Hero Mototcorp to test the effectiveness of the ED7 fuel blend. The blend, consisting of 93% diesel and 7% ethanol, aims to revolutionize India’s biofuel economy and establish a more stable energy mix. Ashok Leyland conducted laboratory trials on their engines using the ED7 fuel. BPCL’s initiative aligns with India’s goal of reducing import bills and promoting a cleaner, greener future.

Read more here.

Greaves Finance introduces ‘evfin’ platform for EV financing

Greaves Cotton Ltd’s subsidiary Greaves Finance Ltd has launched “evfin,” a financial platform aimed at transforming the landscape of electric vehicle (EV) financing. With a projected compound annual growth rate (CAGR) of 49% from 2022 to 2030, the domestic EV market is expected to reach an annual sales volume of one crore units by 2030. 

Read more here.

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India’s Coal Production Grows 7.10% in May – Top Indian Market Updates

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

India’s coal production grows 7.10% to 76.26 MT in May

Domestic coal production in India grew 7.10% YoY in May, reaching 76.26 million tonnes (MT). The Ministry of Coal achieved this milestone, surpassing the previous year’s production. In April-May FY23, cumulative coal production increased to 149.41 MT from 138.41 MT in the corresponding period last year. Coal India Ltd contributed significantly to the overall production, producing 59.94 MT of coal, marking a growth of 9.54% YoY.

Read more here.

India’s forex reserves fall to $589 billion 

According to the Reserve Bank of India (RBI), India’s foreign exchange (forex) reserves declined to $589.14 billion, reaching a one-month low as of May 26. This marks the second consecutive week of falling reserves, with a decrease of $4.34 billion compared to the previous week. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Read more here.

Bank of Baroda board approves raising additional capital worth Rs 5,000 crore

Bank of Baroda’s board has approved raising additional capital through debt. The bank aims to raise funds up to Rs 5,000 crore through Tier I or Tier II debt capital instruments. The bank also has the option to interchange these instruments within India or outside the country, by the end of the current financial year or at a later date if deemed suitable. Bank of Baroda stated that the capital will be raised when market conditions are favourable.

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Info Edge orders forensic audit of 4B Networks after Rs 280 crore loan impairment

Info Edge Ltd has announced that its subsidiary, Allcheckdeals India Private Ltd (AIPL), has fully impaired its loan of Rs 280 crore to 4B Networks. AIPL is initiating a forensic audit, led by Deloitte Touche Tohmatsu India LLP, to investigate the matter. 4B Networks operates platforms for real estate developers and brokers to communicate and facilitate loan origination.

Read more here.

GAIL infuses Rs 2,100 crore in JBF Petrochemicals

GAIL (India) Ltd has invested Rs 2,100 crore in JBF Petrochemicals Ltd. The company acquired JBF Petro through bankruptcy proceedings in March 2022. This investment includes Rs 625 crore of equity and Rs 1,476 crore of debt. With this investment, JBF has now become a wholly-owned subsidiary of GAIL, effective from June 1, 2023.

Read more here.

Grasim starts beta testing its painting service sparkle

Grasim Industries Ltd is beta-testing its painting service ‘Sparkle’ in Mumbai, Pune, and Bengaluru. Initially, it will be available exclusively to Aditya Birla Group staff and their friends and family. The service currently uses paint products from authorized dealers. Any product complaints will be directed to the respective paint companies for warranty claims. 

Read more here. 

Government advances strategic sale of BEML

The Central Government is preparing to proceed with the financial bids for the strategic sale of defence PSU BEML after receiving the necessary clearances from state governments. DIPAM Secretary Tuhin Kanta Pandey confirmed that land clearances have been obtained, with the Karnataka and Kerala governments addressing issues related to land and registration. In January 2021, the government invited bids for selling a 26% stake in BEML.

Read more here.

Minda Corp board approves Rs 600 crore fundraise

Minda Corporation Ltd’s board has approved a fundraise of up to Rs 600 crore by issuing securities. The company plans to raise funds through various offerings, including preferential issues, qualified institutions placement, and further public offers (FPO). The decision comes as part of Minda Corporation’s efforts to secure additional capital for its operations.

Read more here.

M&M to strengthen Swaraj brand with multiple tractor launches

Mahindra & Mahindra (M&M) plans to launch multiple tractor models under the Swaraj brand over the next few quarters as the market leader seeks to fill the white spaces in the agriculture and horticulture segment. The company announced its entry into the lightweight compact tractor segment by launching the Swaraj Target. M&M aims to corner a 27-30% share in the 50,000-per-annum lightweight tractor market.

Read more here.

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India’s Manufacturing PMI Hits 31-month High in May – Top Indian Market Updates

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

India’s manufacturing PMI hits 31-month high in May

India’s manufacturing sector expanded significantly, reaching a 31-month high in May. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.7 in May, compared to 57.2 in April. The strong performance was driven by robust demand and output and the highest hiring rate in six months.

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

Read more here.

Auto sales data for May 2023: Highlights  

Maruti Suzuki India posted a 10% year-on-year (YoY) increase in total wholesale sales to 1.78 lakh units in May 2023. Sales of its mini & compact vehicle segment fell 30% YoY to 12,236 units and 5% YoY to 71,419 units respectively. Exports fell 3% YoY to 26,477 units.

Tata Motors Ltd registered a 6% YoY increase in domestic passenger vehicle sales to 45,878 units in May. The automaker’s commercial vehicle sales declined by 12% YoY to 28,989 units.

Mahindra & Mahindra’s total domestic passenger vehicle segment posted total sales of 32,886 units in May, an increase of 22% YoY. The total sales are up 14% at 61,415 units as compared to 53,726 units in May 2022. 

TVS Motor Company’s total sales stood at 3.3 lakh units in May, up 9% YoY. Meanwhile, Bajaj Auto’s sales rose 29% YoY to 3.55 lakh units.

Read more here.

Coal India spends 15% higher than statutory requirement on CSR

Coal India Ltd has exceeded the required expenditure on corporate social responsibility (CSR) projects in FY23. They spent Rs 513 crore, which is 15.3% more than the statutory requirement of Rs. 445 crore. Over the past four years, CIL has spent a total of Rs. 2,238 crore on CSR, surpassing the mandated amount of Rs. 1,735 crore. Notable projects include a 5,000-seater library at Ranchi University and the treatment of thalassemia children through bone marrow transplantation.

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Venus Remedies gets marketing authorization from Saudi Arabia for Docetaxel

Venus Remedies Ltd has obtained marketing authorization in Saudi Arabia for Docetaxel, a commonly used chemotherapy drug. This achievement follows the company’s recent GMP certification for its production facilities in Baddi, Himachal Pradesh. It serves as a primary treatment option for breast, prostate, stomach, and non-small cell lung cancers. The global Docetaxel market, valued at USD 102 billion, is projected to reach USD 184 billion by 2030, with a compound annual growth rate (CAGR) of 10.22%.

Read more here.

Aurum PropTech set to buy Ratan Tata-backed NestAway

Aurum PropTech plans to acquire NestAway Technologies, a managed rental home company backed by Goldman Sachs, Tiger Global, and Ratan Tata. The acquisition will involve a complete buyout of all existing shareholders, including the founders and global institutional investors. The deal is estimated to be worth over $20 million, making it a significant acquisition in the rental platform sector.

Read more here.

Coal India output grows 9.5% to record 60 MT in May

Coal India Ltd (CIL) achieved a 9.5% YoY increase in coal output with a new monthly production in May 2023 to 60 million tonnes (mt). The combined production of CIL and its subsidiaries in April-May 2023 reached 117.5 mt, an 8.6% growth from the previous year. In May 2023, total coal supplies rose to 63.7 mt, a 4.1% rise from May 2022. The coal off-take for April-May 2023 stood at 126 million tonnes, showing a 6.2% YoY growth.

Read more here.

GST collections rise 12% to Rs 1.57 lakh crore in May

The Goods and Services Tax (GST) collections in May reached Rs 1.57 lakh crore, showing a 12% YoY growth. The gross GST revenue collected consisted of CGST at Rs 28,411 crore, SGST at Rs 35,828 crore, IGST at Rs 81,363 crore (including Rs 41,772 crore from imports), and cess at Rs 11,489 crore (including Rs 1,057 crore from imports). Last year’s May GST collection was around Rs 1.41 lakh crore.

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GOCL Corporation bags orders worth Rs 257 crore from Coal India

Hinduja Group’s subsidiary GOCL Corporation Ltd has secured orders worth Rs 257.72 crore from Coal India Ltd. The two-year order, spanning from June 2023 to May 2025, involves the supply of detonators, accessories, and cartridge explosives. The current business activities of GOCL include energetics, mining & infrastructure services, and property development.

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Bank of Maharashtra likely to raise up to Rs 1,000 crore via QIP

According to a CNBC report, the Bank of Maharashtra intends to raise funds through a qualified institutional placement (QIP), targeting up to Rs 1,000 crore. The QIP may consist of a base size of Rs 500 crore, which could be extended by an additional Rs 500 crore through a greenshoe option. Institutional investors may be offered a discount of approximately 5% for the QIP. This move aims to attract investment from institutional investors and strengthen the bank’s capital base.

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L&T to create renewable energy infra for world’s largest green hydrogen plant in Saudi Arabia

Larsen and Toubro Ltd (L&T) has been awarded contracts worth $2.779 billion (~Rs 22,900Cr) to create renewable energy infrastructure for the world’s largest green hydrogen plant in Saudi Arabia. L&T’s power transmission and distribution business will be responsible for engineering, procuring, and constructing a 2.2 GWac PV solar plant,a 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.

Read more here.

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Adani Ports’ Net Profit Rises 5% YoY to Rs 1,159Cr in Q4 – Top Indian Market Updates

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

Adani Ports Q4 Results: Net profit rises 5% YoY to Rs 1,159 crore

Adani Ports reported a 5% YoY increase in consolidated net profit to Rs 1,159 crore for the quarter ended March (Q4 FY23). Its consolidated revenue rose 40% YoY to Rs 5,797 crore during Q4 FY23. EBITDA stood at Rs 3,270.7 crore, up 59% YoY. The company’s board has recommended a dividend of Rs 5 per equity share.

Read more here.

Inox Wind receives 150 MW order from NTPC Renewable Energy

Inox Wind secures a 150 MW wind power project order from NTPC Renewable Energy. The project will be located in Gujarat and Inox Wind will supply and install Wind Turbine Generators, as well as handle operation and maintenance services. This brings Inox Wind’s total orders from NTPC to 550 MW. The addition will expand Inox Wind’s O&M fleet and contribute to overall profitability.

Read more here.

India’s growth momentum likely to be sustained in FY24: RBI

India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, the Reserve Bank of India (RBI) said in its Annual Report 2022-23. The central bank added that the economy will be supported by sound macroeconomic policies, softer commodity prices, a robust financial sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains.

Read more here.

Jubilant Pharmova’s Canada unit gets OAI status

Jubilant Pharmova’s Canadian unit gets Official Action Indicated (OAI) status from the US Food & Drug Administration (USFDA). The USFDA might not approve applications or supplements for Jubilant Pharmova’s Montreal facility. The regulator inspected the facility in February 2023 and found objectionable conditions. Jubilant HollisterStier, a subsidiary of Jubilant Pharmova, is working with the USFDA to address the observations within the given timeframe.

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Mankind Pharma Q4 Results: Net profit jumps 50% YoY to Rs 285 crore

Mankind Pharma reported a 50% YoY increase in consolidated net profit to Rs 285 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 19% YoY to Rs 2,053 crore during Q4 FY23. For FY23, the company reported an 11% fall in consolidated net profit to Rs 1,282 crore, despite a 12.4% growth in revenue to Rs 8,749 crore.

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Triveni to expand capacity of its existing plants

Triveni Engineering & Industries will invest Rs 85 crore in expanding its sugar business. The company plans to increase the capacity of its sugar unit in Uttar Pradesh by 2,000 tonnes of cane per day, raising it from 7,000 Tonnes of Cane per Day (TCD) to 9,000 TCD. This expansion will bring the company’s total crushing capacity to 63,000 TCD according to the company.

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Sun Pharma signs pact with Philogen to commercialise skin cancer drug

Sun Pharma has partnered with Philogen SpA to commercialize an under-development skin cancer drug called Nidlegy in Europe, Australia, and New Zealand. Nidlegy, currently in Phase III clinical trials, is being developed by Philogen for the treatment of melanoma and non-melanoma skin cancers. Sun Pharma will hold exclusive rights to commercialize the product and will share post-commercialization economics with Philogen in a 50:50 ratio.

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Apollo Hospitals Q4 Results: Net profit jumps 50% YoY to Rs 146 crore

Apollo Hospitals reported a 50% YoY increase in net profit to Rs 146 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 21% YoY to Rs 4,303 crore during Q4 FY23. EBITDA stood at Rs 488 crore, up 5% YoY. The company’s board has recommended a dividend of Rs 9 per equity share.

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Prestige Estates acquires DB Group’s balance stake in 2 Mumbai projects for Rs 1,176 crore

Prestige Estates Projects has acquired the remaining stake in two projects located in Mumbai’s Bandra-Kurla Complex (BKC) and Mahalaxmi locality from DB Group. The total cost of the acquisitions amounts to over Rs 1,176 crore. The projects are expected to be completed within the next 3-4 years. These strategic acquisitions will allow Prestige Estates Projects to strengthen its ownership in these prime assets and significantly enhance the value of its annuity rental portfolio.

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V-Guard Q4 Results: Net profit falls 41% YoY to Rs 53 crore

V-Guard Industries reported a 41% YoY fall in consolidated net profit to Rs 52.73 crore in Q4 FY23. However, its operating revenue rose 7% YoY to Rs 1,140 crore during Q4 FY23. EBITDA stood at Rs 99 crore, down 12% YoY. The company’s board has announced a dividend of Rs 1.3 per equity share.

Read more here.

Shriram Properties reports highest-ever sales volumes of in FY23

Shriram Properties Ltd (SPL) has reported the highest-ever sales volumes of 4.02 million sq. ft (msf) in FY23 with sales value reaching a new high of Rs 1,846 crore, up 25% YoY, supported by higher volumes, better realisation, change in product mix and the impact of seven launches. Gross collections stood firm at Rs 1,200 crore. SPL completed seven projects with an aggregate development area of 3.8 msf during the year.

Read more here.

Patanjali Foods Q4 Results: Net profit rises 13% YoY to Rs 264 crore

Patanjali Foods Ltd reported a 13% YoY rise in standalone net profit to Rs 264 crore in Q4 FY23. The profit stood at Rs 234 crore in the same period last year. Its operating revenue also rose 18% YoY to Rs 7,873 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 6 per equity share.

Read more here.

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Torrent Power’s Net Profit at Rs 484Cr in Q4 – Top Indian Market Updates

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

Torrent Power Q4 Results: Net profit at Rs 484 crore

Torrent Power reported a consolidated net profit of Rs 483.93 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 487 crore last year. However, its total revenue rose 60% YoY to Rs 6,133 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 4 per equity share.

The board also approved a proposal to issue non-convertible debentures worth up to Rs 3,000 crore in one or more tranches by way of private placement.

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Baring EQT set to buy HDFC’s education loan unit for up to $1.5 billion

Baring Private Equity Asia EQT plans to purchase HDFC’s education loan unit, Credila Financial Services, for approximately $1.3-1.5 billion. ChrysCapital and Baring have formed a consortium for the transaction. HDFC will retain a 10% stake in the company and may sell it within the next two years. An official announcement is expected by the end of June before HDFC and HDFC Bank’s merger.

Read more here.

ICICI Bank to raise stake in ICICI Lombard

ICICI Bank has decided to raise its stake in ICICI Lombard, the general insurance joint venture with Lombard. With this transaction, its ownership will increase beyond 50%, officially making ICICI Lombard a subsidiary. The Board of Directors approved the increase, with ICICI Bank purchasing 2.5% of the shares. As of March 2023, ICICI Bank’s stake in ICICI Lombard was 48.02%.

Read more here.

RVNL Q4 Results: Net profit falls 5% YoY to Rs 359 crore

Rail Vikas Nigam Ltd (RVNL) reported a 5% YoY fall in consolidated net profit to Rs 359.3 crore in Q4 FY23. Its operating revenue fell 11% YoY to Rs 5,719 crore during Q4 FY23. EBITDA stood at Rs 374.4 crore, down 8.3% YoY. The company’s board has announced a dividend of Rs 0.36 per equity share.

Read more here.

Viacom18 signs multi-year content deal with NBC Universal

Reliance’s Viacom18 has entered into a multi-year content agreement with NBCUniversal (NBCU) to enhance its premium content library. Through this partnership, JioCinema will gain access to a vast collection of NBCU films and TV series for distribution in India. The content offering includes titles from various entities under NBCU, such as Universal Television, UCP, Universal International Studios, DreamWorks Animation, Universal Pictures, and more.

Read more here.

Federal Bank picks investment banks for Rs 4,000 crore fundraising

Federal Bank has chosen Kotak Mahindra Capital, Axis Capital, BofA Securities, and JP Morgan as advisors for its plan to raise up to Rs 4,000 crore. The capital raise aims to support retail growth and inorganic activities and may be executed through debt, equity, or a combination of both.

Read more here.

Adani Transmission & Adani Total Gas to be removed from MSCI Global Standard Index

Adani Transmission and Adani Total Gas will be removed from the MSCI Global Standard Index. This is due to changes in MSCI’s index calculation regarding free float market cap. The removal is anticipated to trigger outflows of $189 million for Adani Transmission and $167 million for Adani Total Gas. MSCI’s rejig is expected to see the inclusion of stocks like Max Healthcare Institute, Hindustan Aeronautics (HAL) and Sona BLW Precision Forgings.

In other news, the Adani Group unveiled a new multimedia advertising campaign highlighting the conglomerate’s emphasis on infrastructure development.

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ONGC to invest Rs 1 lakh cr in energy transition, targets net-zero by 2038

ONGC has announced plans to invest Rs 1 lakh crore by 2030 on energy transition projects. The company aims to achieve net zero carbon emissions by 2038. It also plans to increase its electricity generation from renewable sources from 189 MW to 1 GW by 2030. ONGC is also exploring opportunities in offshore wind farms and the establishment of a 1 million tonne per annum green ammonia plant in Mangalore.

Read more here.

BPCL partners with BARC to scale up alkaline electrolyzer tech for green hydrogen production

Bharat Petroleum Corporation Ltd (BPCL) is collaborating with the Bhabha Atomic Research Centre (BARC) to develop a 1 MW electrolyzer manufacturing capacity in India by 2025. The research and development division of BPCL is focusing on scaling up alkaline electrolyzer technology for green hydrogen production. The company intends to involve a third party in establishing the electrolyzer manufacturing facility, and the resulting alkaline electrolyzers are expected to be 20-30% cheaper than the current market rate of approx. $800 per kW.

Read more here.

Maruti Suzuki expects production loss in Q1

Maruti Suzuki India expects continuing production loss in the first quarter due to the shortage of electronic components, with relief anticipated in July-September. The company has been facing a shortage of chips for a while, which has impacted its supplies to cater to the market demand. In FY23, the automaker lost 1.7 lakh units due to chip shortage. It has an order backlog of over 4 lakh units, with Ertiga leading the pack with close to 1 lakh bookings.

Read more here.

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M&M’s Net Profit Rises 22% YoY to Rs 1,549Cr in Q4 – Top Indian Market Updates

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

M&M Q4 Results: Net profit jumps 22% YoY to Rs 1,549 crore

Mahindra & Mahindra Ltd reported a 22% YoY rise in standalone net profit to Rs 1,549 crore for the quarter ended March (Q4 FY23). Its revenue also rose 31% YoY to Rs 22,571 crore during Q4 FY23. EBITDA stood at Rs 2,797 crore, up 12.4% YoY. The company’s board has announced a dividend of Rs 16.25 per equity share.

Read more here.

Adani Wilmar enters whole wheat market in India

Adani Wilmar has entered the whole wheat market with its Fortune brand, offering a range of wheat varieties. The company aims to cater to selective households that prefer specific wheat varieties, ensuring superior quality and variety assurance. Adani Wilmar intends to expand its presence in high-value metro markets like New Delhi, Mumbai, Pune, Surat, and Ahmedabad, aiming to increase its market share.

Read more here.

Forex reserves fall $6.1 billion to $593.48 billion

According to the Reserve Bank India (RBI), India’s foreign exchange reserves fell  $6.052 billion to $593.477 billion as on May 19, 2023. Gold reserves fell by $1.227 billion to $45.127 billion while Special Drawing Rights (SDRs) fell by $137 million to $18.276 billion. The country’s total Foreign Currency Assets (FCA) also fell by $4.654 billion to $524.945 billion.

Read more here.

Reliance enters into partnership with General Mills for western snacks

Reliance Retail’s FMCG subsidiary Reliance Consumer Products Ltd (RCPL) has entered into a partnership with General Mills to enter the western snacks category. As part of the agreement, Reliance will introduce the global corn chips brand Alan’s Bugles in India, owned by General Mills. This move will position Reliance Consumer as a competitor to brands like Lays, Bingo, Balaji Wafers, and other players in the western snacks market.

Read more here.

Sun Pharma Q4 Results: Net profit at Rs 1,984 crore

Sun Pharma reported a consolidated net profit of Rs 1,984.5 crore in Q4 FY23. The company reported a net loss of Rs 2,277 crore in the same period last year. Its revenue rose 12% YoY to Rs 10,726 crore during the same quarter. EBITDA stood at Rs 2,802 crore, up 19.7% YoY. The company’s board has approved a dividend of Rs 4 per equity share.

Read more here.

Adani Green commissions 130 MW wind power plant in Kutchh

Adani Green’s subsidiary Adani Wind Energy Kutchh Five Ltd has commissioned a 130 MW wind power plant at Kutchh in Gujarat. The plant has a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at a rate of Rs. 2.83 per kWh. The plant will be managed by Adani Green Energy Ltd’s (AGEL) Energy Network Operation Centre (ENOC) platform.

Read more here.

Grasim Q4 Results: Net profit falls 89% YoY to Rs 94 crore

Grasim reported an 89% YoY fall in standalone net profit to Rs 93.5 crore in Q4 FY23. However, its operating revenue rose 4.2% YoY to Rs 6,645.8 crore during the same quarter. EBITDA stood at Rs 426 crore, down 43.4% YoY. The company’s board has announced a dividend of Rs 10 per equity share.

Read more here.

NCLAT sets aside NCLT order on Zee-Sony merger

In a relief to Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribuna (NCLT) order, which directed NSE and BSE to reconsider their approval for the ZEEL-Sony merger. A two-member NCLAT bench observed that the order passed by the Mumbai bench of NCLT was against the “principle of natural justice” as it did not grant any opportunity to ZEEL to respond over the issue of Shirpur Gold Refinery, an Essel Group firm.

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SAIL Q4 Results: Net profit falls 50% YoY to Rs 1,160 crore

Steel Authority of India Ltd (SAIL) reported a 50% YoY decline in consolidated net profit to Rs 1,159.2 crore for the quarter ended March (Q4 FY23). Its revenue also fell 5.6% YoY to Rs 29,416.39 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 0.50 per equity share.

Read more here.

Mphasis to partner with Kore.ai

Mphasis has announced a strategic partnership with Kore.ai. The collaboration aims to enhance customer experience management and employee engagement for enterprise clients. Through the use of virtual assistants and intelligent virtual assistants (IVA), businesses in various sectors such as retail, banking, travel, insurance, and healthcare can interact more efficiently with customers. Kore.ai’s platform offers a wide range of services in multiple languages and deployment options for different enterprise businesses.

Read more here.

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ZEEL’s Net Loss at Rs 196Cr in Q4 – Top Indian Market Updates

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

ZEEL Q4 Results: Net loss at Rs 196 crore

Zee Entertainment Enterprises Ltd reported a net loss of Rs 196 crore for the quarter ended March (Q4 FY23). The company posted a net profit of Rs 181 crore in Q4 FY22. Its revenue also declined 9% YoY to Rs 2,112 crore during Q4 FY23. EBITDA stood at Rs 152 crore, down 69% YoY. The company’s operating profit was hit by the advertising spending slowdown, investment in ZEE5, movie launches, and sports.

Read more here.

Reliance completes acquisition of Lotus Chocolate

Reliance’s Reliance Consumer Products (RCPL) acquired a 51% stake in Lotus Chocolate Company Ltd for Rs 74 crore. They also subscribed to non-cumulative redeemable preference shares of Lotus for Rs 25 crore. RCPL gained sole control of the company on May 24, 2023, after completing the open offer under SEBI Takeover Regulations.

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Biocon Biologics may raise additional equity of $300 million in FY24

Biocon Biologics plans to raise an additional $300 million in equity by the end of FY24 to reduce the debt incurred from the $3.3 billion acquisition of Viatris’ biosimilar business. The funds would provide flexibility for business development and asset in-licensing. While preferring clean private equity investments, Biocon Biologics remains open to structured investment deals with assured returns.

Read more here.

Wipro Chairman Rishad Premji takes a 50% compensation cut

Wipro’s Chairman Rishad Premji has taken a nearly 50% reduction in his remuneration for the financial year ended March 2023 after the IT firm cut employees’ variable pay. He will receive a total compensation of $951,353, which is almost half of his remuneration from the previous financial year. This marks the first reduction in his compensation since the pandemic, after a 31% cut previously.

Read more here.

Page Industries Q4 Results: Net profit falls 59% YoY to Rs 78 crore

Page Industries reported a 59% YoY decline in net profit to Rs 78 crore in Q4 FY23. Its operating revenue also declined 13% YoY to Rs 1,111 crore during the same quarter. EBITDA stood at Rs 134 crore, down by 50% YoY. The company’s board has declared a dividend of Rs 60 per equity share.

Read more here.

Titagarh Wagons rebrands as Titagarh Rail Systems

Titagarh Wagons has undergone a major transformation and is rebranded as Titagarh Rail Systems. The new name reflects the company’s expanded focus on various rail-related activities, including wagon manufacturing, rail infrastructure development, and modernization. The company has also merged its shipbuilding segment with the freight rail system segment. This strategic rebranding has received a positive market response.

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Bharat Dynamics Q4 Results: Net profit falls 42% YoY to Rs 153 crore

Bharat Dynamics reported a 42% YoY fall in net profit to Rs 153 crore in Q4 FY23. Its revenue declined 41% YoY to Rs 797 crore during the same quarter. EBITDA stood at Rs 182 crore, down 52% YoY. Delays in the receipt of certain electronic components and explosives due to the ongoing Russia-Ukraine war affected the performance during FY23.

Read more here.

Granules India hit by IT security breach

Granules India has reported an information technology security breach and stated that it is currently investigating the incident. The affected IT assets have been isolated, and the company is taking necessary actions to address the breach. The containment and remediation measures are being carried out in a controlled manner. The company will bear the expenses related to the incident and subsequent remediation efforts.

Read more here.

Tata Chemicals cuts soda ash prices by 3.5% to the lowest level in 15 months

Tata Chemicals has once again cut soda ash prices, reducing them to the lowest level in 15 months. It has cut the price of light soda ash from Rs 35,100 per million tonnes (MT) to Rs 33,900 per MT. The price cut has been undertaken in Andhra Pradesh, Telangana, Karnataka, Maharashtra, Bihar, Jharkhand, and Chhattisgarh. Soda ash is one of the most highly consumed inorganic materials on the planet with nearly half of the global production of the compound being used in glass manufacturing.

Read more here.

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Nykaa’s Net Profit Falls 72% YoY to Rs 2.4Cr in Q4 – Top Indian Market Updates

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

Nykaa Q4 Results: Net profit falls 72% YoY to Rs 2.4 crore

Nykaa reported a 71.8% YoY decline in net profit of Rs 2.4 crore for the quarter ended March (Q4 FY23). However, its consolidated revenue rose 33.75% YoY to Rs 1,301 crore during the same quarter. Total tax expense of Rs 4.35 crore during the quarter severely impacted the revenue. EBITDA stood at Rs 70.6 crore, down 84% YoY.

Read more here.

FDI into India falls 16% in FY23

Gross foreign direct investment (FDI) into India has seen a 16% fall in FY23. FDI Inflows stood at $71 billion in FY23, compared to $84.8 billion in FY22. This is the first time India has seen inflows decline in the last 10 years. The drop comes off the back of a very high base in FY22 (nearly $85 billion).

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Vedanta raises about $850 million via JPMorgan, Oaktree loan

Vedanta Group has secured a new loan of around $850 million from JPMorgan Chase & Co. and Oaktree. The company is seeking funds amid concerns over its debt load, especially with rising interest rates. This loan comes just before Vedanta Resources Ltd. faces a $500 million bond repayment. The group requires cash after facing obstacles in selling a zinc mining unit to Hindustan Zinc Ltd.

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Adani Green to seek board approval to raise up to $1 billion

Adani Green Energy plans to seek board approval to raise between ₹6,150 crore ($750 million) and ₹8,200 crore ($1 billion) through the qualified institutional placement (QIP) route. This move is part of the group’s strategy to build a three-year equity cushion to support expansion. The funds raised will be used to repay a $750 million bond issued in 2021, which is due next year.

In other news, GQG Partners looks to invest an additional $1 Billion in the Adani Group.

Read more here.

Hindalco Q4 Results: Net profit falls 48% YoY to Rs 832 crore

Hindalco Industries reported a 48% YoY decline in standalone net profit to Rs 832 crore in Q4 FY23. However, its operating revenue increased 5% YoY to Rs 19,995 crore during the same quarter. EBITDA stood at Rs 1,775 crore, down by 45.6% YoY. The company’s board has recommended a dividend of Rs 3 per equity share.

Read more here.

Oil Ministry working on proposal to merge MRPL with HPCL

The oil ministry is preparing a proposal to merge Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL). HPCL and MRPL are both subsidiaries of Oil and Natural Gas Corp (ONGC). The ministry is now pushing for a share-swap deal between HPCL and MRPL, with HPCL issuing fresh shares to MRPL shareholders. The transaction will increase ONGC’s stake in HPCL, reducing the free float.

Read more here.

Suzlon Energy wins 300 MW wind energy project from Torrent Power

Suzlon Energy has secured a substantial order from Torrent Power for a 300 MW wind power project. The order involves the installation of 100 3 MW wind turbine generators (WTGs) with Hybrid Lattice Tubular (HLT) towers. The project, located in Karnataka, is set to be commissioned in 2025. This marks the sixth and largest order received by Suzlon for their new 3 MW series within a month.

Read more here.

Cummins Q4 Results: Net profit jumps 68% YoY to Rs 319 crore

Cummins reported a 68.5% YoY jump in standalone net profit to Rs 318.5 crore in Q4 FY23. Its revenue increased 29% YoY to Rs 1,926 crore during the same quarter. EBITDA stood at Rs 326 crore, up by 58% YoY. The company’s board has recommended a final dividend of Rs 13 per equity share.

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Deepak Nitrite arm to invest Rs 5,000 cr in Gujarat to manufacture speciality chemicals

Deepak Nitrite’s subsidiary Deepak Chem Tech has signed a Memorandum of Understanding (MoU) with the Gujarat government to invest approximately Rs 5,000 crore over the next four years. The investment aims to establish projects for the production of Speciality Chemicals, Phenol/Acetone, and Bisphenol in Dahej/Nandesari, Gujarat.

Read more here.