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HDFC Life Posts 15% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

HDFC Life Q2 Results: Net profit rises 15% YoY to ₹378 crore

HDFCL Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹378 crore for the quarter ended September 2023 (Q2 FY24). Its net premium rose 13% YoY to ₹14,797 crore during the same period. Revenue remained almost unchanged at ₹23,018 crore. Total assets under management (AUM) stood at ₹2.64 lakh crore, a rise of 18% YoY.

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India’s trade deficit eases in September

India’s merchandise deficit eased amidst a sharper decline in imports. According to data released by the Ministry of Commerce & Industry, the merchandise trade deficit fell to $19.4 billion in September, compared to $24.2 billion in August. Exports fell by 2.6% YoY to $34.5 billion. Imports fell by 15% annually to $53.8 billion.

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Ashok Leyland bags order for 1,666 buses from Tamil Nadu STU

Ashok Leyland Ltd has secured an order for 1,666 diesel buses from Tamil Nadu State Transport Undertakings (STU). The order is for the procurement of BS VI bus chassis. This is the single-largest order received from the state transport undertaking. Currently, Tamil Nadu’s STU has more than 18,000 Ashok Leyland buses operational in its fleet.

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Glenmark Pharma’s biotech arm licences its immunology portfolio

Glenmark Pharmaceuticals Ltd.’s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc., has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio. Astria Therapeutics will pay Ichnos up to $320 million (~₹2,700 crore) in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties.

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Zydus unit recalls 7,248 bottles of Oxybutynin Chloride tablets in US

A unit of Zydus Lifesciences is recalling over 7,000 bottles of Oxybutynin Chloride tablets in the US due to manufacturing issues. The drug is used to treat overactive bladder and urinary conditions. The lot was produced in Ahmedabad and distributed in the US by Zydus Pharmaceuticals (USA) Inc.

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Tata Steel plans to meet 25% of energy needs via green sources

Tata Steel plans to meet at least a fourth of its energy requirements through green energy by FY30 on its path to becoming net neutral on carbon emissions by 2045. It plans to do so using a mix of hydrogen injections and renewable energy (including solar and wind) at its plants across India. Tata Steel is also exploring the use of syngas as a replacement for coke in blast furnaces.

IndiGo co-founder in talks to buy ‘sizable’ stake in SpiceJet

As per reports, IndiGo co-founder Rakesh Gangwal is in talks to buy a “sizable” stake in troubled domestic airline SpiceJet. Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99%, respectively, in IndiGo operator InterGlobe Aviation. Cash-strapped SpiceJet has been struggling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.  

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Bajaj Electricals secures ₹564 crore order from Power Grid

Bajaj Electricals Ltd. has secured an order worth ₹564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh. The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool. The projects will be completed within 21 months. 

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Infosys Posts 3% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Infosys Q2 Results: Net profit rises 3% YoY to ₹6,212 crore

Infosys Ltd reported a 3% YoY increase in consolidated net profit to ₹6,212 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 7% YoY to ₹38,994 crore. Infosys adjusted its revenue guidance for FY24. The company now anticipates revenue growth in the range of 1-2.5% in constant currency terms. The IT major has announced a dividend of ₹18 per equity share.

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India’s CPI inflation eases to three-month low at 5.02% in Sept

India’s retail inflation eased to a three-month low in September, led by lower vegetable prices. The Consumer Price Index (CPI)-based inflation stood at 5.02% in September, compared to 6.83% in August. Food inflation fell to 6.56% in September, against 9.67% in August.

Meanwhile, India’s industrial output as measured by the Index of Industrial Production (IIP) stood at 10.3% in August 2023.

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RBI likely to complete vetting bidders for IDBI Bank by Oct-end

The Reserve Bank of India (RBI) is expected to accelerate a key process of vetting IDBI Bank’s potential buyers and complete it by October end, helping speed up the sale of a majority stake in the lender. The Central Govt, which holds 45.48% of IDBI Bank, and LIC, which owns 49.24%, plan to sell 60.7% of the lender. RBI began the vetting process known as ‘fit and proper criteria’ in April.

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HCL Tech Q2 Results: Net profit rises 9.8% YoY to ₹3,832 crore

HCL Technologies Ltd reported a 9.8% YoY increase in consolidated net profit to ₹3,832 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹26,672 crore. In USD terms, HCL Tech’s revenue grew to $3,225 million, up 0.8% QoQ and 4.6% YoY. The IT major’s board has declared an interim dividend of ₹12 per share.

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JLR sales grew two-fold to 2,356 units in H1 FY24

JLR India reported a 105% year-on-year (YoY) increase in total sales to 2,356 units in the first half of the financial year 2023-24. Of these, 1,000 units were of the Defender which is currently the brand’s best-selling model. The strong half-yearly growth was driven by record sales in both quarters, with Q2 witnessing a 108% YoY growth and retails of 1,308 units.

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Maruti Suzuki to consider equity issue to parent Suzuki

Maruti Suzuki India Ltd will consider issuing equity shares on a preferential basis to its parent company, Suzuki Motor Corp., in a board meeting on October 17. The move is for acquiring a 100% stake in Suzuki Motor Gujarat Pvt Ltd, subject to the approval of the members through postal ballot and all regulatory compliance. At present, Suzuki Motor Corp. holds 100% of the Gujarat manufacturing facility.

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Ircon granted ‘Navratna’ status

Ircon International Ltd. was granted the status of a ‘Navratna’ by the Department of Public Enterprises on Thursday. It’s the 15th central public sector enterprise to receive the status of a ‘Navratna’. Ircon is a Central Public Sector Enterprise (CPSE) under the Ministry of Railways, with an annual consolidated turnover of ₹10,750 crore and a net profit of Rs 765 crore for FY23.

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RBI imposes ₹5.39 cr penalty on Paytm Payments Bank

The Reserve Bank of India (RBI) has imposed a penalty of ₹5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms. RBI also found non-compliance with certain provisions related to ‘RBI Guidelines for Licensing of Payments Banks’, ‘Cyber security framework in banks’ and ‘Securing mobile banking applications including UPI ecosystem’.

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TCS Posts 9% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

TCS Q2 Results: Profit rises 9% YoY to ₹11,342 crore

Tata Consultancy Services (TCS) reported a 9% YoY increase in consolidated net profit to ₹11,342 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹59,692 crore. EBITDA stood at ₹14,483 crores, up 9.1% YoY. The company’s board has recommended an interim dividend of ₹9 per share. The board has also approved buyback of shares worth ₹17,000 crore at ₹4,150 per share.

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L&T secures mega contract in Middle East

Larsen & Toubro (L&T) Ltd’s hydrocarbon business (L&T Energy Hydrocarbon) has secured a Letter of Intent (LoI) for a ‘mega onshore project’ from a prestigious client in the Middle East. The project is valued at above ₹7,000 crore and involves engineering, procurement and construction of gas compression plants.

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Vedanta incorporates base metals unit

Vedanta Ltd has incorporated its base metals unit Vedanta Base Metals Ltd with an authorised share capital of ₹1 lakh to implement the demerger scheme. The company holds 100% shareholding of the newly incorporated unit. Vedanta Base Metals will have a diversified portfolio of international base metal assets, including Tuticorin, Fujairah Gold, Silvassa and VZL.

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Maruti Suzuki signs MoU with IDBI to provide dealer financing solutions

Maruti Suzuki India has signed a Memorandum of Understanding (MoU) with IDBI Bank to offer financing solutions for dealers. The partnership will empower over 4,000 Maruti Suzuki sales outlets across India with comprehensive inventory funding options for their working capital needs. 

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GST Authority imposes ₹36,844 penalty on LIC

The Goods & Services Tax (GST) Authority has imposed a fine of ₹36,844 on Life Insurance Corporation Ltd (LIC) for lower payment of taxes. LIC has received a communication or demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state. As per the notice, LIC paid 12% GST instead of 18% on certain invoices. LIC said there is no material impact on financials, operations or other activities.

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Aster’s India unit draws suitors valuing business at $1.5 billion

Private equity firm BPEA EQT, Ontario Teachers’ Pension Plan (OTPP) Board, and other firms are considering a deal to acquire Aster DM Healthcare Ltd’s assets, including its India business. Others interested in potential bids for Aster’s India business include Blackstone Inc. and KKR & Co. The deal values Aster’s India business at $1.5 billion.

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ONGC Videsh keen on Sri Lankan oil and gas blocks

Oil and Natural Gas Corp is interested in the exploration of oil and gas blocks in Sri Lanka. The company is awaiting an announcement of the oil and gas ‘roadmap’ of the island nation. ONGC Videsh is an overseas investment arm of ONGC. ONGC Videsh is open to having deals through government-to-government negotiations or through competitive bidding depending on Sri Lanka’s yet-to-be-announced exploration policy.

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Shakti Pumps to invest ₹114 crore in EV subsidiary Shakti EV Mobility

Shakti Pumps (India) Ltd will make an investment of ₹114 crore in its wholly-owned electric vehicle subsidiary, Shakti EV Mobility Pvt Ltd. The company will make the investment in one or more rounds in the next five years. Shakti Pumps had invested ₹1 crore in its Shakti EV Mobility Pvt Ltd by purchasing 10 lakh equity shares of ₹10 each last year. 

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Grasim to consider fundraising on October 16

Grasim Industries will consider fundraising in its meeting scheduled on October 16. The board will consider the proposal for raising funds via equity shares or other securities through rights issues, qualified institutions placement, preferential issues or any other method in the board meeting.

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RBI Stops Bank of Baroda From Adding Users to Mobile App – Top Indian Market Updates

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

RBI stops Bank of Baroda from adding customers to its mobile app

The Reserve Bank of India (RBI) has directed Bank of Baroda to stop adding customers to its mobile application, bob World. The ban is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. In July, Al Jazeera reported that Bank of Baroda officials had linked bank accounts to unrelated mobile numbers to achieve stiff targets to get customers to join the app.

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Tata Power partners with Bridgestone to install EV chargers

Bridgestone India has partnered with Tata Power to install electric vehicle (EV) chargers for four-wheelers at its dealerships across India. Tata Power will install 25/30 kilowatt-hour (Kwh) capacity DC fast chargers. The chargers are capable of charging a four-wheeler within one hour and will allow 20-24 vehicles to be charged in a day. It will be operational 24×7.

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Adani Group’s $3.5 billion Ambuja loan moves ahead

A consortium of banks that had engaged in discussions to provide Adani Group with a $3.5 billion loan for refinancing the debt taken to acquire Ambuja Cements Ltd has now obtained internal approval for this loan. The banks will provide approximately $250 million each toward the syndicated loan. Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are part of a larger consortium of banks.

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India’s crude steel output grows to 70 MT in April-Sept

India’s crude steel production rose 14.7% YoY from 61.06 million tonnes (MT) to 69.65 MT during the April-September period of FY24. The increase in production was mainly due to improved capacity utilisation rates and the ramping up of capacities by key Indian steel players. The domestic consumption of finished steel also rose 14.77 YoY to 63.99 MT from 55.75 MT in FY24.

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Godrej Properties to sell 14 acres of land in Gurugram

Godrej Properties is in advanced talks with Hero Realty to sell a 14-acre land parcel in Gurugram for around ₹730 crore. The real estate developer bought the land in Sector 89 around two years ago from a local land-aggregating company. The deal is said to be at an advanced stage and both parties have agreed on the transaction.

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NSDL to acquire office space in BKC from IDFC Bank

National Securities Depository Ltd (NSDL) has acquired a 68,000 sqft office space from IDFC First Bank in Mumbai’s Bandra-Kurla Complex (BKC) for approx. ₹198 crore. The property will serve as NSDL’s new headquarters and is expected to be ready by January-February 2024. The decision is part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower in Mumbai.

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SpiceJet and Celestial Aviation in advanced stages of settlement

SpiceJet Ltd and aircraft lessor Celestial Aviation Services Ltd are in advanced stages of settlement over a default of $29.9 million for nine aircraft. The National Company Law Tribunal (NCLT) has deferred the matter to November 7. SpiceJet is facing insolvency proceedings from two other aircraft lessors and an engine lessor. The airline has argued against the maintainability of these petitions.

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L&T Construction secures significant order from Rajasthan govt

Larsen and Toubro Ltd’s (L&T) construction arm has secured an order (worth ~₹1000-2500 crore) from the Rajasthan Government’s public health and engineering department. The engineering, procurement and construction order is to build a water supply project in the Chittorgarh district of Rajasthan for 648 villages from the Chambal River. This order marks L&T’s fourth order in this month so far.

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Sterlite Technologies’s subsidiary launches generative AI platform

Sterlite Technologies’ subsidiary, STL Digital, has launched a generative AI platform, Alnnov. The generative AI services, frameworks, methodologies and solutions are designed for enterprises to accelerate Generative AI-led innovation and adoption. The platform will accelerate the generative AI-led adoption as well as innovation for modern enterprises.

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Mazagon Dock signs Letter of Intent for 10 multi-purpose hybrid power vessels

Mazagon Dock Shipbuilders Ltd (MDL) has signed a Letter of Intent (LoI) with a European client. The LoI is to construct six firm units and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices of these vessels will be finalised at the time of signing the official contract.

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Dr Reddy’s subsidiary faces antitrust lawsuit in US over Revlimid patents

Dr Reddy’s Laboratories Ltd’s wholly-owned subsidiary, Dr Reddy’s Laboratories Inc., has been named as a defendant in a recently filed lawsuit in the US. The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal & state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation.

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Puravankara’s sale bookings rises 102% YoY in Q2

Puravankara Ltd’s sale bookings rose 102% YoY to ₹1,600 crore in Q2 FY24 from ₹791 crore in Q1. The company’s sale bookings in value terms rose 89% YoY to 2.01 million square feet in Q2. It stood at 1.07 million in Q2 FY23. Average sales realisation also increased 7% to ₹7,947 per sq ft from ₹7,396 per sq ft last year.


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Maruti Suzuki Plans Capex of Rs 1.25 Lakh Cr Till FY31 – Top Indian Market Updates

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

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

Maruti Suzuki plans total capex of ₹1.25 lakh crore till 2030-31

Maruti Suzuki India is planning capital expenditure (capex) of up to Rs 1.25 lakh crore until 2030-31. The company’s strategy involves expanding its current product lineup from 17 models to 28 while increasing its production capacity. The automaker aims to have a total production capacity of 40 lakh units annually by 2030-31.

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Prepared with business continuity plan for Haifa port: Adani Ports

Adani Ports & Special Economic Zone Ltd (APSEZ) said it is closely monitoring the conflict concentrated in south Israel, whereas its Haifa Port is situated in the north. The overall contribution of Haifa in APSEZ’s numbers is relatively small at 3% of the total cargo volume. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” APSEZ’s spokesperson said in a statement.

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Inox Green Energy to divest 100% stake in Gujarat wind farm

Inox Green Energy Services (IGESL) has signed a term sheet to sell its 100% stake in Nani Virani Wind Energy Pvt Ltd (NVWEPL) as part of a strategy to become debt-free. NVWEPL owns a 50MW operational wind farm in Gujarat. The wind farm was commissioned in May this year.

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ITC Hotels brand ‘Storii’ to set up presence in West Bengal

ITC Hotels announced the signing of its first ‘Storii’ property in Kolkata, West Bengal. The property will be located near the metropolis and is expected to open in early 2024. It will have 30 keys/rooms. ITC Hotels has three ‘Storii’ properties present in Goa and Dharamshala.

Read more here.

Magenta Mobility partners with Tata Motors to deploy EVs

Magenta Mobility has signed a Memorandum of Understanding (MoU) with Tata Motors to deploy 500 Ace EVs for last-mile delivery services. With Tata Motors, Magenta aims to drive sustainability in intra-city logistics in India by reducing the carbon footprint in the last-mile and mid-mile freight segment. 

Read more here.

Paytm introduces guest checkout solution

Paytm Payments Services Ltd (PPSL) has introduced an Alternate ID (ALT ID)-based Guest Checkout solution for merchants, enhancing cardholder safety and streamlining transactions.  With this solution, customers can make purchases as guests without storing sensitive card information on e-commerce/merchant websites. PPSL is a wholly-owned subsidiary of One97 Communications Ltd (which operates Paytm). 

Read more here.

SC to hear Jet Airways lenders’ plea against JKC on Oct 12

The Supreme Court (SC) indicated it would hear the plea by grounded airline Jet Airways’ lenders on October 12. The lenders are challenging the National Company Law Appellate Tribunal’s (NCLAT) order granting Jalan Kalrock Consortium (JKC) more time to make payments to them. JKC is the successful bidder for Jet Airways.

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Premium collection falls for life insurers in August

Premiums in the life insurance sector witnessed a drop of 13% year-on-year (YoY) to ₹30,716 crore in September 2023. Life Insurance Corporation’s (LIC) premium collection in September dropped by 27% YoY. The life insurer’s premium collection fell 25% YoY in the first half of FY24. LIC has lost 9.7% market share in the first six months of FY24 over last year.

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Fitch upgrades Tata Steel rating to ‘BBB-‘

Tata Steel Ltd’s (TSL) long-term issuer default rating was upgraded to investment grade by Fitch Ratings with a stable outlook, following less uncertainty and financial risk from its UK operations. Fitch Ratings upgraded the issuer default rating from BB+ to BBB -. It also raised the rating on Tata’s $1 billion notes due July 2024 issued by unit ABJA Investment Co. to BBB- from BB+. 

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Cipla stake sale plan faces hurdle as promoters differ on valuation: Report

According to an ET report, the stake sale plan of Cipla Ltd has come across a hurdle as the promoters are reportedly not aligned with the common valuation. Differences among founders may lead to a delay in the deal until a common consensus is reached over the valuation. Cipla’s promoter group currently controls around 33% of the company’s shares. Reports have said that the family members could sell some or all of their stakes in Cipla.

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

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% for the fourth consecutive period since May 2023 to control inflation. However, retail inflation stood at 6.83% in August. The GDP growth forecast for FY24 was retained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%. RBI will also consider bond sales via Open Market Operations (OMO) to manage liquidity.

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Kalyan Jewellers to launch 33 more showrooms before Diwali

Kalyan Jewellers plans to open 33 new showrooms in India before Diwali. The company will unveil showrooms in Kalyan and Candere formats across the country. It launched 13 showrooms across non-south markets during Q2FY24. Additionally, the company signed six letters of intent (LoIs) for the first set of pilot franchised showrooms in the south region.

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Sun Pharma files new drug application with USFDA

The US Food & Drug Administration (USFDA) has accepted Sun Pharma’s drug application for deuruxolitinib. The drug is an investigational oral drug for the treatment of adults with moderate to severe alopecia areata. The application is based on two pivotal Phase III trials which included over 1,200 patients across more than 135 clinical trial sites.

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JK Cement signs agreement with Vakrangee to access rural, semi-urban markets

Vakrangee has formed a strategic partnership with JK Cement for lead generation and facilitation of the sale of grey cement products. The sale of the products will be through Vakrangee’s Kendra network. Vakrangee Kendras represents an exclusive branded format of outlets that offer a wide array of financial products and services.

Read more here.

ONGC approves strategies to enhance OPaL’s financial position

Oil & Natural Gas Corporation Ltd’s (ONGC) board of directors has approved a series of strategic measures aimed at strengthening the financial position of ONGC Petro additions Ltd (OPaL). The company has extended its support for compulsorily convertible debentures (CCDs) issued by OPaL, amounting to ₹5,615 crore. The extension ensures the continuity of CCDs beyond their current maturity period. OPaL is a joint venture (JV) of ONGC, GAIL and GSPC.

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Angel One’s client base grew 47% YoY in September

Angel One Ltd reported a 47% YoY growth in its total client base in September and Q2FY24. The growth was aided by a significant rise in new customer acquisition. The company’s client base rose from 1.63 crore in August to 1.7 crore in September, up 4.4% month-on-month (MoM). Its gross client acquisition jumped 98% YoY during the quarter.

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TCS to consider share buyback on October 11

Tata Consultancy Services Ltd (TCS) will consider a proposal for the buyback of equity shares on October 11. The company will consider its September quarter earnings and an interim dividend (if any) on the same day. TCS had carried out a share buyback worth ₹18,000 crore in 2022, when it repurchased 4 crore shares at ₹4,500 per share.

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Som Distilleries launches QIP to raise funds

Som Distilleries and Breweries Ltd is planning to raise funds through a qualified institutional placement (QIP). It will raise up to ₹350 crore through public or private offerings or the QIP route. The company set the floor price for its QIP at ₹349.24 per share, a 9% discount to Thursday’s closing price of ₹381.55. QIP is a mode of resource raising available for listed firms to mobilise funds from the domestic market.

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

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

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

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

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

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

Read more here.

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

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

Read more here.

TCS secures order from Georgia state government

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

Read more here.

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

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

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

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

Read more here.

JLR retail sales rise 21% YoY in Q2

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

Read more here.

Future Consumer defaults on ₹370 crore payment

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

Read more here.

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

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

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

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

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

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

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L&T secures order from West Bengal Power Development Corp

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

Read more here.

Manufacturing operations disrupted at Alembic Pharma’s Sikkim plant

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

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Strides Pharma gets USFDA approval to market HIV drug

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

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Hindustan Zinc to use LNG-fuelled trucks of GreenLine

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

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HCG acquires SRJ CBCC Cancer Hospital in Indore

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

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SBI launches Mobile Handheld Device to provide banking services

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

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Bandhan Bank’s advances grew 12.3% in Q2

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

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

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

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

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

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

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IHC raises its stake in Adani Enterprises to above 5%

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

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Bajaj Finserv’s insurance arm receives GST Demand Notice

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

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

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

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India’s coal production rises 16% YoY in September

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

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JSPL starts coal production at Chhattisgarh’s Gare Palma mine

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

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Vedanta to complete steel asset sale this fiscal year

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

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NCC secures 3 orders worth ₹4,206 crore

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

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Strides Pharma gets USFDA approval for Ethyl capsules

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

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TRSL secures ₹857 crore order from Gujarat Metro Rail

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

Read more here.

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

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

Vedanta to split into six listed companies 

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

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

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

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Uno Minda to enhance stake in JV firm to 76%

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

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Ashok Leyland secures order for 1,282 buses from GSRTC

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

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Hindustan Zinc plans to spin off businesses 

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

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Godrej Properties acquires 109 acres in Nagpur

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

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

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

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

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

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

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

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

adani

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

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

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

Read more here.

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

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

Read more here.

Emami acquires 26% stake in Axiom Ayurveda

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

Read more here.

ICICI Lombard faces ₹1,728.9 crore tax demand

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

Read more here.

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

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

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Oberoi Realty signs pact to redevelop land parcel in South Mumbai

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

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Saregama India to acquire 6.61 lakh shares of Pocket Aces Pictures

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

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

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

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Bharti Enterprises backs Eutelsat-OneWeb merger

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

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Promoters of Adani Power increased their stake in September

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

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

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

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

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

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

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

Read more here. 

Dixon Tech signs manufacturing agreement with Xiaomi

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

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NMDC’s China exports hindered by logistics

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

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

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

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

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

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

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

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

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

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Aditya Birla Capital gets ₹750 crore investment in subsidiary

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

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