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

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

Vedanta approves issue of NCDs worth ₹2,500Cr

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

Read more here.

JSW in talks with LG Energy Solution to make EV batteries

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

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Adani Group forms JV to redevelop Dharavi slums

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

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

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

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Tata Consumer close to acquiring Ching’s Secret

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

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

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

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IndiGo, British Airways enter into new codeshare partnership

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

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

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

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TCS Partners With JLR’s Digital Unit – Top Indian Market Updates

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

TCS partners with JLR’s digital unit to drive ‘future-ready’ tech architecture

Tata Consultancy Services (TCS) has announced a landmark partnership with the digital unit of Jaguar Land Rover (JLR). The partnership aims to drive transformation, simplification, and effective management of JLR’s digital assets. The deal is valued at £800 million (`₹8,340 crore). TCS will provide application, development & maintenance, enterprise infrastructure management, cloud migration, cybersecurity, and data services at JLR.

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REC raised $1.15 billion in August from 6 banks

REC Ltd raised $1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans will be utilised to fund power, infrastructure and logistics sector projects as permitted under the external commercial borrowing (ECB) guidelines of the Reserve Bank of India. The funds have been raised under REC’s Market Borrowing Programme of ₹1.20 lakh crore for 2023-24.

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Consumer court orders ITC to pay Rs 1 lakh to man who found one biscuit less in a packet

A consumer court has directed ITC Ltd to pay ₹1 lakh in compensation to a consumer who found one biscuit less in a packet. The consumer accused the FMCG company of deceptive practices after he claimed that he found only 15 biscuits in a packet that was supposed to contain 16. In its ruling, the consumer court found ITC guilty of engaging in “unfair trade practices” and ordered it to cease selling the particular batch of biscuits in question. 

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Ather Energy raises Rs 900 crore from Hero MotoCorp, GIC via rights issue

Ather Energy has raised ₹900 crore ($108.27 million) from its shareholders Hero MotoCorp and Singapore’s GIC through a rights issue. The company plans to use the funds for new product launches and expand its charging infrastructure and retail network. Ather witnessed sound growth in FY23, with the company’s revenue jumping 4.4 times to ₹1,783 crore from ₹408 crore in FY22. The EV firm also increased its retail footprint by 4x to 130 stores from 30 stores last year.

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Tata Steel partners with ABB India to reduce carbon footprint in steel-making

ABB India and Tata Steel will jointly work on technologies for reducing the carbon footprint of steel production. Tata Steel has a medium-term target to reduce carbon emissions to less than two tonnes of Co2 per tonne of crude steel in its Indian operations by 2025. Under the agreement, the two companies will focus on system-level assessments of Tata Steel’s manufacturing plants and production facilities.

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lndiaRF to acquire API, CRAMS business of Ind-Swift Labs

IndiaRF will acquire the active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) business of Ind-Swift Labs. The acquisition is for a consideration of ₹1,650 crore. IndiaRF is an India-focused investment platform promoted by Piramal Enterprises and Bain Capital. The company will use the money to restructure its existing debt.

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Adani Total Gas wins work order from Ahmedabad Municipal Corporation

Adani Total Gas has received a work order from the Ahmedabad Municipal Corporation (AMC). The work order pertains to the design, build, finance and operations of a 500 tonnes per day (TPD) capacity of a Bio-CNG plant. The company will execute the order on a Public Private Partnership (PPP) model at Pirana or Gyaspur in Ahmedabad.

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Reliance Retail acquires 51% stake in Ed-a-Mamma

Reliance Retail Ventures Ltd. (RRVL) has partnered with Ed-a-Mamma, an eco-conscious clothing brand founded by Bollywood actress Alia Bhatt. RRVL acquired a majority stake of 51% in the company. The joint venture is poised to reshape the landscape of children’s fashion and maternity wear. With this partnership, Ed-a-Mamma will explore fresh domains, including personal care and baby furniture.

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HCL Tech wins Elders deal

Australian agribusiness company Elders has selected HCL Technologies to accelerate digital transformation across its business operations. Under the multi-year partnership, HCL Tech will provide managed IT services and a diverse portfolio of IT capabilities. The IT major will also be responsible for application development & management, digital workplace capabilities, infrastructure, cybersecurity, and data management for Elders.

Read more here.

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

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

FTSE to replace HDFC with HDFC Bank post merger

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

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

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

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

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

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Jubilant Food pushes deadline to restructure overseas arms to June 2024

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

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

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

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Paytm partners with Shriram Finance to boost loan distribution business

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

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

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

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

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

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

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

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ABB India awarded electrification and automation contract for ArcelorMittal Nippon Steel

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

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

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

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Asian Paints’ Profit Rises 45% YoY to Rs 1,234Cr in Q4 – Top Indian Market Updates

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

Asian Paints Q4 Results: Net profit jumps 45% YoY to Rs 1,234 crore

Asian Paints reported a 45% YoY increase in consolidated net profit to Rs 1,234 crore for Q4 FY23. Its operating revenue rose 11% YoY to Rs 8,787 crore during the same quarter. EBITDA also rose 29% YoY to Rs 1,865 crore. The company’s board has recommended a final dividend of Rs 21.25 per equity share.

Read more here.

IT dept conducts raids at Mankind Pharma’s office in New Delhi

According to a CNBC-TV18 report, India’s Income Tax department has conducted searches at Mankind Pharma’s office in New Delhi over allegations of tax evasion. Company premises and plants in Delhi and nearby locations are being covered and documents are being checked apart from the questioning of company executives as part of the searches launched early in the morning. 

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Eicher Motors Q4 Results: Net profit jumps 48% YoY to Rs 905 crore

Eicher Motors reported a 48% YoY increase in consolidated net profit to Rs 905 crore for Q4 FY23. Its operating revenue rose 19% YoY to Rs 3,804 crore during the same quarter. EBITDA stood at Rs 934 crore, up 235 YoY from Q4 FY22. The company’s board has recommended a final dividend of Rs 37 per equity share.

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SpiceJet to revive grounded fleet with $50 million ECLGS funds

SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals. The company is actively engaging with investors to raise funds and put itself back on track. In April, Credit Suisse moved the Supreme Court, filing a contempt petition against SpiceJet over allegations that the airline had failed to pay dues that were part of a settlement.

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South Indian Bank Q4 Results: Net profit jumps 22.7% YoY to Rs 333.9 crore

South Indian Bank reported a 22.7% YoY increase in net profit to Rs 333.9 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 857 crore, up 43.4% YoY. Its gross NPA stood at 5.14%, while net NPA is at 1.86%. The bank’s board has recommended a final dividend of Rs 0.3 per equity share.

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L&T plans to exit asset-heavy businesses

Larsen & Toubro Ltd plans to exit asset-heavy businesses to eliminate losses. The company sees opportunities in renewable power, particularly in Saudi Arabia, where solar projects are gaining momentum. This will generate cash and improve working capital efficiency. The Middle East as a whole is investing in renewable energy, providing further potential for growth.

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Dr Lal Pathabs Q4 Results: Net profit falls 7.5% YoY to Rs 56.7 crore

Dr Lal Pathlabs reported a 7.5% YoY decline in consolidated net profit to Rs 56.7 crore for Q4 FY23. However, its operating revenue rose 1.13% YoY to Rs 491 crore during the same quarter. EBITDA was also down 4.5% YoY to Rs 116 crore. The company’s board has approved a final dividend of Rs 6 per equity share.

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ABB India expands production footprint of drives portfolio in India

​​ABB India is expanding its production capacity at the Peenya factory in Bengaluru to include a new line for variable speed drive modules. This expansion will enable the production of drives ranging from 75 kW to 250 kW, serving various industrial sectors. ABB’s variable speed drives are used to optimize energy efficiency and performance by controlling the speed of electric motors.

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Hindustan Copper to consider raising funds via QIP, NCD issue

Hindustan Copper Ltd plans to raise funds through a qualified institutional placement (QIP) issue. The board of directors will meet on May 19 to consider issuing equity shares through QIP, with a total value of 97 million shares. They will also seek approval to offer non-convertible debentures or bonds worth Rs 500 crore through private placement. 

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Aditya Birla Capital to raise Rs 3,000 crore via equity, debt funding

Aditya Birla Capital’s board has approved plans to raise Rs 3,000 crore through a combination of equity and debt routes in one or multiple tranches. The funds will be raised through public or private offerings (including qualified institutional placements) as permitted by applicable laws. The funds will be utilised for meeting funding requirements and growth objectives of the company.

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Three Adani firms to consider raising up to Rs 40,000 crore: Report

As per a Bloomberg report, three Adani Group companies are considering fundraising of up to $5 billion (~Rs 40,000 crore). Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd may raise between $3 billion and $5 billion to boost their businesses. The boards of the three firms are meeting on Saturday to consider raising funds via the sale of shares or other securities.

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ONGC discovers oil, gas in Arabian Sea blocks

ONGC has announced the discovery of two oil and gas reserves, named ‘Amrit’ and ‘Moonga,’ in the Mumbai offshore region. The company had acquired the blocks under the Open Acreage Licensing Policy (OALP). Based on the available data, ONGC will determine if additional wells need to be drilled for further exploration and appraisal.

Read more here.

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ABB India to Automate India-Bangladesh Cross-Border Oil Pipeline – Top Indian Market Updates

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

ABB India to automate India-Bangladesh cross-border oil pipeline

ABB India will secure the 130-kilometre Indo-Bangla Friendship Pipeline (IBFPL) through integrated automation and control solutions. The pipeline will carry diesel from India to Bangladesh. With a potential capacity of one million metric tonnes per annum (MMTPA), the pipeline will enable Bangladesh to access large volumes of energy to meet its growing domestic demand.

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Jindal Stainless to invest Rs 1,290 crore in nickel pig iron JV in Indonesia

Jindal Stainless signed a joint venture agreement with an Eternal Tsingshan unit to develop a greenfield 200,000 metric tonne nickel pig iron plant in Indonesia. The company will invest $157 million (~Rs 1,290 crore) in the project over the next two years for a 49% equity stake. New Yaking Pte, a unit of Eternal Tsingshan, will hold the remaining stake.

Read more here.

IndiGo partners with VisitBritain to promote travel between India and UK

IndiGo has partnered with VisitBritain to promote travel to the United Kingdom through its codeshare partnership with Turkish Airlines. The airline will offer connectivity to London, Manchester, and Birmingham via Istanbul. IndiGo’s collaboration with VisitBritain is expected to boost travel and tourism between India and UK and promote mutual economic growth and development.

Read more here.

Gogoro, Zomato, Kotak Mahindra Prime partners to accelerate adoption of EVs

Taiwan-based battery swapping firm Gogoro Inc has partnered with Zomato and Kotak Mahindra Prime to promote fast adoption of electric mobility in the last-mile transportation segment. As per the partnership, the companies will offer last-mile delivery partners associated with Zomato affordable loan terms and battery-swapping services. Zomato currently has over 3 lakh delivery partners in the country.

Read more here.

UCO Bank hopes to earn Rs 1,500 crore net this fiscal: MD & CEO

UCO Bank hopes to achieve a net profit of Rs 1,500 crore this fiscal year, said MD & CEO of S S Prasad. He added that the bank had also doubled market capitalisation in less than a year from Rs 13,000 crore to Rs 28,000 crore, thereby increasing the wealth of the shareholders. The total business of the bank had touched Rs 4 lakh crore. 

Read more here.

Vedanta announces 5th interim dividend of Rs 20.5 per share

Vedanta has declared a fifth interim dividend of Rs 20.50 per equity share for the current financial year 2022-23 (FY23). The dividend will amount to Rs 7,621 crore. The company has already set April 7 as the record date for the same. The record date determines the eligibility of shareholders for the said dividend payment. In FY23, Vedanta has already declared four equity dividends of Rs 12.50, Rs 17,50, Rs 19.50, and Rs 31.50, respectively.

Read more here.

GR Infraprojects secures projects worth Rs 1,614 crore

GR Infraprojects Ltd has secured two projects worth Rs 1,614 crore from the National Highways Authority of India (NHAI). The first project includes the construction of a 4-6 lane bypass from Belagavi City. The second project includes the construction of a 4-lane with paved shoulders in the Belgaum-Hungund-Raichur section of NH‐748A in Karnataka.

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Reliance in talks to increase batch of forex loans to $4.5 billion: Report

According to a Bloomberg report, Reliance Industries and its telecom arm Jio are reportedly planning an increase in a batch of foreign currency loans from $3 billion to $4.5 billion due to a large number of bids. The move comes in response to a large number of bids received, and both companies have already raised $1.5 billion each.

Read more here.

Embassy Office REIT to acquire Embassy Business Hub in Bengaluru for Rs 334.8 crore

Embassy Office Parks REIT will acquire Embassy Business Hub, Bengaluru, for an aggregate value of Rs 334.8 crore. This acquisition will come with exclusive ownership rights to approximately of 1.4 million square feet of leasable area on full completion. The company plans to primarily fund the acquisition through debt at an 8.1% interest cost per annum.

Read more here.

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SpiceJet’s Net Profit Jumps 161% YoY in Q3 – Top Indian Market Updates

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

SpiceJet Q3 Results: Net profit jumps 161% YoY to ₹110 crore

SpiceJet Ltd reported a 161% YoY jump in consolidated net profit to ₹110 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2.4% YoY to ₹2,317 crore in Q3. The average domestic load factor stood at 91% in Q3, the highest among all airlines in India. 

Read more here.

NSE subsidiary launches India’s first Municipal Bond Index

NSE Indices Ltd, a subsidiary of the National Stock Exchange (NSE) has launched the country’s first-ever municipal bond index. The index will track the performance of municipal bonds issued by Indian municipal corporations. At present, the index consists of 28 municipal bonds issued by 10 issuers. All of the present constituents have a credit rating in the AA category.

Read more here.

PVR opens Lucknow’s biggest 11-screen Superplex

PVR has opened 11 screen multiplex at Lulu Mall in Lucknow, Uttar Pradesh. The 11-screen Superplex will strengthen the company’s foothold in Uttar Pradesh with 158 screens in 32 properties and consolidate the nearly-merged entity’s presence in North India with 438 screens in 100 properties. With this launch, PVR-Inox now operates the largest multiplex network with 1,653 screens at 355 properties in 113 cities.

Read more here.

Vodafone Idea’s bank loans fall 43% in Q3

Vodafone Idea’s dues to banks and financial institutions fell almost 43% YoY to ₹13,190 crore for the quarter ended December 2022 (Q3 FY23). Its trade payables-reflecting arrears to vendors such as tower firm Indus Towers and network gear supplier Nokia rose around 5.3% in the same period to ₹14,728.6 crore. Vi is now prioritising only payments essential for the continuation of its operations.

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Reliance Retail opens first freestanding Gap store in Mumbai

Reliance Retail announced the opening of the first freestanding Gap store in Mumbai. A freestanding store is a store on the street and not in a mall or a shopping centre. Through its partnership with Gap, Reliance Retail said it would bring Gap’s shopping experience to customers across India through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

Read more here.

ABB to invest ₹1,000 crore to expand manufacturing base in India

ABB India plans to expand the number of manufacturing facilities in India and will invest around Rs 1,000 crore over the next five years for the same. The company inaugurated its new factory in Nashik today, doubling its Gas Insulated Switchgear (GIS) production capacity. It will serve customers across various industries, including power distribution, smart cities, data centers, transport, etc.

Read more here.

Relief for ZEEL as NCLAT stays insolvency proceedings

The National Company Law Appellate Tribunal (NCLAT) today stayed insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). On Wednesday, the National Company Law Tribunal (NCLT) admitted an insolvency plea against ZEEL by private sector lender IndusInd Bank. The matter pertains to a default of ₹83 crore by Siti Networks, a sister company owned by Essel Group (or Zee Group).

Read more here.

Alkem Labs arm Enzene launches adalimumab biosimilar in India

Enzene Biosciences, a subsidiary of Alkem Laboratories, has begun commercial supplies of adalimumab biosimilar. The drug is used for treating autoimmune diseases like rheumatoid arthritis and ankylosis spondylitis. This is Enzene’s fourth biosimilar launch in the last eighteen months.

Read more here.

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RIL to Roll Out 5G Services by Diwali – Top Indian Market Updates

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

RIL to launch 5G services by Diwali; reveals ₹75,000 crore investment in petchem

Reliance Industries Ltd (RIL) has laid out a ₹2 lakh crore plan to launch the next generation (5G) of wireless services in India within two months. The company aims to deploy 5G services across metro cities by Diwali. RIL will partner with Qualcomm Inc to provide cloud-based 5G network solutions for businesses. It will also collaborate with Meta Platform Inc. for its JioMart shopping integration on WhatsApp.

Mukesh Ambani laid out a clear roadmap of how the conglomerate will be divided among two sons Akash and Anant, and daughter Isha. RIL will also launch its fast-moving consumer goods (FMCG) business this year. Moreover, they’ve announced an investment of ₹75,000 crore in the petrochemical business over the next five years.

Read more here.

Lupin gets USFDA nod for generic cancer treatment drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets in America. The drug is used to treat certain types of cancer. It works by slowing or stopping the growth of cancer cells. As per IQVA MAT data, Dasatinib tablets had estimated annual sales of $1,569 million in the US.

Read more here.

ABB India to upgrade Smart Power factory in Bengaluru

ABB India has decided to expand and upgrade its Smart Power factory in Nelamangala, Bengaluru, to meet the strong demand for its Smart Power solutions and energy management technologies. The facility is equipped with advanced collaborative robotics technology for better human-machine interfaces, artificial intelligence (AI), and digitalization technologies to create an automated and future-ready factory.

Read more here.

LTTS secures 5-year deal from BMW Group

L&T Technology Services (LTTS) has secured a multi-million-dollar deal from BMW Group. As part of the 5-year deal, LTTS will provide high-end engineering services for BMW’s suite of infotainment consoles targeted for its range of hybrid vehicles. The proximity to BMW Group’s campus will enable LTTS’ engineers to work on various solutions and offer services in real-time.

Read more here.

Mahindra Finance partners with CRIF to enhance customer experience

Mahindra & Mahindra Financial Services Ltd has partnered with CRIF Solutions to offer a seamless onboarding experience for customers seeking loans. The company will leverage an automated platform called StrategyOne (an Enterprise Business Rules Engine provided by CRIF) to integrate its customer acquisition channels across multiple retail asset product lines. This partnership will facilitate quicker loan approval decisions by combining automation and risk analysis.

Read more here.

EaseMyTrip partners with magicpin to launch services for travel, shopping

Easy Trip Planners Ltd (EaseMyTrip) has announced a partnership with magicpin to launch a suite of products and services that will bring travel and shopping experiences together through cross-promotion. This partnership will have unique and specially curated offerings on each other’s platforms.

Read more here.

Aurobindo Pharma subsidiary’s plant gets one observation from USFDA

The USFDA has issued one observation after inspecting a plant owned by Aurobindo Pharma’s US-based unit. The health regulator conducted its Pre-Approval Inspection (PAI) and Good Manufacturing Practice (GMP) inspection at the plant from August 22-26. The plant is owned by Aurolife Pharma LLC, a wholly-owned step-down subsidiary of Aurobindo Pharma Ltd. The company said it will respond to the USFDA within the stipulated timeline.

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​​IRCTC plunges 8% after it withdraws e-tender for data monetisation plan

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) fell over 8% today after the company withdrew the e-tender for its data monetisation plan. The bill was withdrawn after IRCTC was summoned by a Parliamentary panel over its controversial passenger data monetisation plan on Friday. The panel sought IRCTC’s stance on the proposal as it was concerned over possible data privacy violations.

Last week, IRCTC revealed plans to employ a consultant to conduct business with government and private companies by using its customer and vendor application data. The company estimated a revenue opportunity of ₹1,000 crore from this move.

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Vodafone Idea denies report of data breach

Vodafone Idea (Vi) has denied an alleged data leak of more than 20 million customers. A report by cyber security research firm CyberX9 claimed that call data records of around 20.6 million customers of Vi were leaked and accessed by cyber-criminals. The telco said the report is “false and malicious”.

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RBI to establish fraud registry to check bank frauds

The Reserve Bank of India (RBI) aims to establish a fraud registry to compile a database of dubious websites, phones, and other digital fraud methods as part of its attempts to increase client safety. Such a database will help to stop fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted.

Read more here.

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Bharti Airtel Opts to Defer AGR Dues by 4 Years – Top Indian Market Updates

airtel

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

Bharti Airtel opts to defer Rs 3,000 crore AGR dues for FY18, FY19 by 4 years

Bharti Airtel Ltd has opted for the four-year moratorium on adjusted gross revenue (AGR) dues for FY18 and FY19, amounting to ~Rs 3,000 crore. The company will not avail of the option to convert accrued interest on such statutory dues into government equity. The Department of Telecommunications (DoT) had recently offered the two options to all telcos as part of its support package for the industry.

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Manappuram Finance to raise up to Rs 770 crore via NCDs

Manappuram Finance Ltd’s board has approved a proposal to raise up to Rs 770 crore via non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, unrated, and redeemable NCDs of the face value of Rs 10 lakh for a principal amount of ~Rs 770 crore. Kerala-based Manappuram Finance is one of India’s leading gold loan non-banking financial companies (NBFCs).

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JB Chemical’s board approves acquisition of Dr Reddy’s 4 brands

JB Chemicals & Pharmaceuticals’ board has approved a proposal to acquire four pediatric brands (Z&D, Pedicloryl, Pecef, and Ezinapi) from Dr. Reddy’s Laboratories Ltd for ~Rs 98 crore. All four brands are focused on the pediatric segment in India. The combined sales of these brands stood at around Rs 33 crore for FY 2021-22. The acquisition will be funded primarily through long-term debt.

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Vodafone Idea boosts 4G experience in Uttarakhand, UP West

Vodafone Idea (Vi) has enhanced its 4G experience in Uttarakhand & Uttar Pradesh West, enabling a better network experience and faster speeds. It has deployed the 900MHz spectrum on 3100+ sites and the 1800 MHz band on 10,295 sites in Uttarakhand & UP West, providing 97.5% of the population in the circle with stronger network indoors.

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Zydus Lifesciences gets USFDA approval for Lacosamide injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Lacosamide injection. The drug is used to treat partial-onset seizures. It acts on the central nervous system to reduce the number and severity of seizures. The pharma company will manufacture the drug at its injectables facility in Jarod, Gujarat. 

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SBI Cards partners with Aditya Birla Finance to launch credit cards

SBI Cards and Payment Services Ltd has entered into a strategic partnership with Aditya Birla Finance Ltd (ABFL) to launch the ‘Aditya Birla SBI Card’. The card will offer customers significant reward points on their telecom, fashion, travel, dining, entertainment, and hotel payments. The credit card is available in two variants— Aditya Birla SBI Card SELECT and Aditya Birla SBI Card— on the Visa platform.

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Devyani International launches its 1000th outlet in Mumbai

Devyani International Ltd (DIL) has announced the milestone opening of its 1,000th outlet. Its newest Pizza Hut outlet in Mumbai marks DIL’s commitment to business growth across geographies. DIL is the largest quick-service restaurant (QSR) operator franchisee (or operator) of popular fast-food chains such as Pizza Hut, KFC, and Costa Coffee in India. 

CCI approves Google International’s acquisition of 1.28% stake in Bharti Airtel

The Competition Commission of India (CCI) has approved Google International’s buy of a 1.28% stake in Bharti Airtel. According to the agreement signed between the two firms, Google will acquire a 1.28% stake in Bharti Airtel for $700 million. It will also invest $300 million over the next five years in commercial arrangements in the areas of affordable mobile devices, 5G networks, and cloud technologies.

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ABB partners with THINK Gas to automate operations

ABB India Ltd has partnered with THINK Gas for automating operations across its gas network, which includes many remote terminals spread across multiple locations. THINK Gas has licenses to distribute compressed natural gas (CNG) across Punjab, Madhya Pradesh, Bihar, and Uttar Pradesh. ABB has created a system to integrate, monitor, and control the day-to-day operations of the company. It will help automate workflows to support operators and improve safety.

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UPL partners with Bungle to establish ‘Origeo’ in Brazil

UPL has partnered with US-based Bunge to increase productivity, profitability, and sustainability for farmers in Brazil. The two entities will establish Origeo, a company that will provide end-to-end solutions to farmers, in Brazil’s MAPITOBAPA macro-region. Origeo will combine Bunge’s expertise in financing, trading, and logistics with UPL’s sustainable agricultural inputs, solutions, and services portfolio.

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Services PMI Falls to 3 Month Low in December – Top Indian Market News

Services PMI falls to 3 month low in December

India’s services sector activity fell to a three-month low in December but remained in the expansion zone. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 55.5 in December 2021, compared to 58.1 in November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The increase in new orders was centered on the domestic market, while new business from abroad fell further due to Covid-related restrictions.

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Adani Transmission to transfer certain assets, liabilities to new unit

Adani Transmission Ltd (ATL) intends to transfer certain of the company’s assets and liabilities to a newly incorporated subsidiary— Adani Transmission Step-One Ltd. The assets and liabilities include ATL’s shares in Adani Transmission India Ltd (ATIL) and Maharashtra Eastern Grid Power Transmission Ltd (MEGPTCL). It also includes inter-corporate debt provided by the company to ATIL and MEGPTCL.

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Coal India’s April-December capex rises 37% YoY to Rs 10,717 crore

Coal India Ltd (CIL) incurred a capital expenditure (capex) of Rs 10,717 crore till December of the current financial year, registering a 37.4% year-on-year (YoY) growth. CIL’s capex spend during the period marks 86.3% of the target achievement. Construction of coal handling plants, silos with Rs 1,344 crore, and rail sidings and rail corridors at Rs 1,785 crore made up 29% of CIL’s entire capex during the period.

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L&T Heavy Engineering secures significant orders in Q3

Larsen & Toubro’s Heavy Engineering arm has secured significant contracts for its various business segments in the third quarter (Q3 FY22). The modification, revamp, and upgrade (MRU) business of the company has received a contract from a key hydrocarbon sector customer in the Middle East. The MRU business has also won a project for RFCC (residue fluid catalytic cracking) revamp as part of the expansion of the Barauni Refinery (BR-9) by Indian Oil Corporation Ltd.

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HFCL partners with Apercomm to power its network offerings with AI

HFCL Ltd will integrate artificial intelligence (AI) into its entire IO products portfolio in partnership with Apercomm, an AI-powered Wi-Fi analytics tech provider. The telecom company’s wireless solutions will be able to monitor customer experience in real-time and calibrate Wi-Fi network through its cloud management platform. HFCL plans to offer this AI solution to its existing customers for over 100,000 existing deployments. 

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Nelco secures contract worth Rs 40 crore from ONGC

Nelco Ltd has secured a contract from Oil and Natural Gas Corporation (ONGC) to provide satellite communications at offshore sites. The contract is worth Rs 40 crore. The scope of the project includes the supply, commission, and maintenance of ONGC’s captive very small aperture terminal (VSAT)-based network. This network will be used to enhance the communication infrastructure of ONGC’s Western India offshore sites. 

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ABB India launches flameproof low voltage motors for explosive atmospheres

ABB India Ltd, an engineering services company, has unveiled a new range of flameproof (FLP) motors. The motors are a safe choice for applications in potentially explosive environments. The FLP motors offer considerable benefits, including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements. The product will be manufactured at ABB India’s facility in Faridabad, Haryana.

Arbitration between Amazon, Future put on hold by Delhi HC

The Delhi High Court halted Future Group’s ongoing arbitration with Amazon.com, Inc. in light of an Indian antitrust agency’s suspension of a 2019 deal between the two sides. The e-commerce giant successfully used the terms of its 2019 investment in a Future unit to block the Indian retailer’s attempt to sell retail assets to rival Reliance Industries Ltd, alleging breach of certain contracts.

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JSL supplies 2,000 tonne stainless steel for Kanpur Metro Project

Jindal Stainless Ltd (JSL) has supplied 2,000-tonne steel for the Kanpur Metro Project, which was inaugurated by PM Narendra Modi last week. The company provided high-quality stainless steel in various tempers (strength levels) to rolling stock manufacturer Alstom. The first train set was handed over to Uttar Pradesh Metro Rail Corporation (UPMRC) by Alstom on September 18, 2021. The scope of the metro project included the design and development of 201 coaches.

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ZEEL, Sony Sign Definitive Merger Agreement – Top Indian Market News

ZEEL, Sony sign definitive merger agreement

Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) have signed definitive agreements to merge the two firms and combine their linear networks, digital assets, and program libraries. SPNI will hold a majority stake of 50.86% in the merged entity. The promoters of ZEEL will hold 3.99%, and other ZEEL shareholders will hold a 45.15% stake in the merged entity.

Under the terms of the agreement, SPNI will have a cash balance of $1.5 billion to enable the combined entity to drive sharper content creation across platforms and strengthen its footprint in the rapidly evolving digital ecosystem.

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L&T Construction secures significant order to build township in Bengaluru

Larsen & Toubro (L&T) Ltd’s construction arm has secured a significant order from a reputed developer to build one of the largest residential townships in Bengaluru. The scope of work consists of the design and construction of the entire civil structure, including waterproofing, masonry, plastering, and electrical conduiting. The project involves the construction of 6,768 apartments spread across 39 towers.  

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Gujurat Flurochemcials to foray into battery business for EVs

Gujarat Fluorochemicals Ltd (GFCL) has announced plans to foray into the battery business for electric vehicles (EVs). The company has set up GFCL EV Products Ltd, a wholly-owned subsidiary, for this purpose. The subsidiary will provide solutions for the entire value chain of all types of batteries, battery components, and products for EVs.

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Quess Corp’s Monster.com raises Rs 137.5 crore in latest funding round

Monster.com, a Quess Corp company, has raised Rs 137.5 crore in its latest funding round. The round was led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments, with participation from Quess Corp. Monster.com is valued at close to $100 million after the funding round. Quess Corp Ltd is a provider of technology and business services based in Bangalore.

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Zydus Cadila gets USFDA approval to market Pimavanserin tablets

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Pimavanserin tablets in the US market. Pimavanserin is used to treat symptoms of a certain mental or mood disorder (psychosis) that might occur with Parkinson’s disease. The drug will be manufactured at the pharma company’s formulation facility at Special Economic Zone (SEZ), Ahmedabad.

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ABB India’s board approves creation of arm to divest turbocharger business for Rs 310 crore

The Board of Directors of ABB India Ltd has decided to incorporate a wholly-owned subsidiary to which it will sell its turbocharger business for Rs 310 crore. In June 2021, the company had announced a proposal to divest/sell its turbocharger business in the Process Automation business segment. The slump sale will be completed by February-end 2022. 

PNC Infratech secures order worth Rs 369 crore from NHAI

PNC Infratech Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 369 crore from the National Highways Authority of India (NHAI). The contract is for the collection of user fees at the 135 km long Eastern Peripheral Expressway Fee Plazas in Haryana and Uttar Pradesh for one year. PNC Infratech operates as an infrastructure construction, development, and management company in India.

Apollo Hospitals, IIM Lucknow launch executive programme in healthcare management

Apollo Hospitals Ltd has partnered with IIM Lucknow to launch an executive programme in healthcare management (EPHM). The program aims to develop appropriate managerial capacities for the fast-growing health sector in India. The EPHM has been designed by taking inputs from both the public and private health sectors of India.

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Indiabulls Real Estate to raise up to Rs 1,500 crore via QIP 

The Board of Directors of Indiabulls Real Estate Ltd approved raising funds up to Rs 1,500 crore through one or more Qualified Institutions Placements (QIPs). The funds will be used to augment the long-term resources of the company. It will also be used to maintain sufficient liquidity for meeting funding requirements for existing/new projects and future business growth.

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Tata Steel’s UK plant helps build world’s largest offshore wind farm

Tata Steel Ltd announced that its Port Talbot plant in Wales is working on the world’s largest offshore wind farm project— Dogger Bank Wind Farm. The wind farm will make use of steel processed into hollow sections at Tata Steel’s Corby and Hartlepool sites in north-east England and fabricated to build the first two phases. Tata Steel said hundreds of tonnes of its products will be used for the giant wind farm project, which is due to be completed by 2026.

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RBI Retains Growth Forecast for FY22 at 9.5% – Top Indian Market News

RBI retains GDP growth target at 9.5% in FY22

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. The RBI’s projection of real Gross Domestic Product (GDP) growth for FY22 has been retained at 9.5%. The GDP growth forecast stands at 6.6% for Q3 and 6% for Q4. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 5.1% in Q3 and 5.7% in Q4.

RBI’s overarching policy focus and priority will be on supporting growth amidst the threat of a third wave of Covid-19.

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Jio-BP signs agreement with M&M to develop EV charging solutions

Jio-BP has signed an agreement with Mahindra & Mahindra (M&M) Ltd to develop electric vehicle (EV) related products and services, including EV charging solutions. The non-binding pact also includes identifying common interests in low-carbon and regular fuels. Jio-BP’s existing stations will be used for charging M&M’s electric three-wheelers, cars, quadricycles, and small commercial vehicles. Fuel and mobility player Jio-BP is a joint venture of Reliance Industries Ltd and UK-based BP plc.

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Bharti Airtel partners with Juniper Networks to expand network coverage

Bharti Airtel Ltd has selected Juniper Networks to deliver network upgrades for the expansion of its nationwide broadband coverage. The telecom company has expanded its Fibre-to-the-Home broadband coverage to over 430 towns. It further plans to cover 3 crore households in over 2,000 cities over the next three years. Juniper Networks will supply, install and provide support for upgrades to the MX Series routers and line cards as part of its broadband network gateway to manage Bharti Airtel’s subscribers and services.

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Alembic Pharma gets USFDA approval for hypertension drug

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Selexipag tablets. The drug is indicated for the treatment of pulmonary arterial hypertension (PAH) to delay disease progression and reduce the risk of hospitalization. As per IQVIA data, Selexipag tablets had an estimated market size of $461 million (~Rs 61.1 lakh) for twelve months ended September 2021. 

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L&T Infotech launches data monetising tool

Larsen & Toubro Infotech (LTI) has launched its data-to-decisions product suite ‘Fosfor’ for businesses seeking to monetise data. The Fosfor suite of products has go-to-market and technology partnerships with leading cloud companies. It is uniquely positioned in the market for artificial intelligence (AI) driven products.

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ABB India to deploy next-gen digital tech for power supply in Indore

ABB India Ltd has partnered with Indore Smart City Development Ltd (ISCDL) to deploy next-generation digital technology that enables a continuous supply of electricity to homes and businesses. In the first phase, this technology enabled more than 2,300 connections to achieve a 24/7 electricity supply with an efficient automatic response system (ARS) in case of power outages or disruption. ABB India and ISCDL plan to replicate the same model in other areas of the city and position Indore as a model for smart city projects across India.

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DLF to launch 7.7 million sq. ft. of real estate projects in second half of FY22

DLF Ltd plans to launch 7.7 million sq. ft. of real estate projects in the second half of 2021-22. This includes value homes, premium housing, and commercial properties. The company is also expected to announce the launch of the first phase of Midtown West, a premium residential complex on Shivaji Marg, Delhi. The project, with a revenue potential of Rs 12,000-15,000 crore, will have 3-4 BHK apartments.

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HCL Tech partners with apoBank to acquire German IT consulting firm

HCL Technologies Ltd has partnered with Deutsche Apotheker- und Ärztebank eG (apoBank) to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs).  HCL Tech will hold a 51% stake, while apoBank will own a 49% stake of gbs. This strategic acquisition will add an edge to HCL’s existing capabilities to accelerate digital transformation and further enhance its scale in Germany. The transaction is expected to close in January 2022.

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L&T, ReNew Tie Up For Green Hydrogen Projects – Top Indian Market News

L&T partners with ReNew for green hydrogen projects in India

Larsen & Toubro (L&T) and ReNew Power have signed an agreement to tap the $2 billion green hydrogen business opportunities in India and neighboring countries. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects. The partnership will allow both companies to pool their knowledge, expertise, and resources to take maximum advantage of the transition to cleaner fuel amidst climate change concerns. 

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Maruti Suzuki to hike prices in January

Maruti Suzuki India Ltd (MSIL) has announced plans to hike vehicle prices in January 2022 due to the increase in various input costs. The company said that the price hike will vary for different models. MSIL had increased the prices of its models in March, July, and September this year.

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Sundaram Clayton accelerates transformation journey with Altizon’s Datonis Digital Factory

Altizon Inc. is working with Sundaram Clayton Ltd (SCL) to scale up the deployment of its industry-leading Datonis Digital Factory in casting and machining cells across all SCL plants in India and North America. US-based Altizon’s Datonis Digital Factory is a cloud-based smart manufacturing platform that enables SCL to connect data from their physical assets, spread across multiple locations and enterprise systems onto a single platform. 

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ABB India completes sale of Dodge Business for Rs 45 crore

ABB India Ltd has completed the sale of its mechanical power transmission division (Dodge Business) to Dodge Industrial India Pvt Ltd (DIIPL). The consideration received for the sale is Rs 44.58 crore. DIIPL is an affiliate of RBC Bearings Incorporated, an international manufacturer and marketer of highly engineered precision bearings and products.

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Cadila’s Covid vaccine to be introduced in 7 states first

The Indian government will initially introduce Cadila Healthcare Ltd’s Covid-19 vaccine ZyCoV-D in seven states, including Maharashtra and West Bengal. The pharma company will supply one crore doses of ZyCoV-D to the Centre by December. ZyCoV-D has been developed indigenously by Cadila Healthcare. It is also the first Covid-19 vaccine that is needle-free and administered using PharmaJet, a needle-free applicator to ensure painless intradermal vaccine delivery.

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Shriram City Union Finance disburses highest ever loans worth Rs 1,022 crore in November

Shriram City Union Finance disbursed the highest ever loans worth Rs 1,022 crore for 1.6 lakh two-wheelers in November. This is the second consecutive November that the non-banking financing company (NBFC) has crossed the Rs 1,000 crore disbursement mark. The company primarily caters to salaried and non-salaried buyers inclined towards entry-segment two-wheelers, having the highest demand across categories.

Skipper secures orders worth Rs 300 crore

Skipper Limited has secured an order worth Rs 115 crore for transmission towers from Power Grid Corporation of India (PGCIL). The company’s engineering business has received export orders for transmission towers worth Rs 185 crore for several T&D projects across Latin America, the Middle East, West Asia, and South Asia markets. It has also secured export orders for telecom towers from Latin America and Africa. Skipper Ltd is an Indian transmission and distribution structures manufacturing company.

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Bharat Dynamics secures order worth Rs 471 crore from Indian Army

Bharat Dynamics Ltd (BDL) has signed a contract with the Indian Army worth Rs 471.41 crore for the refurbishment of IGLA – 1M missiles. The refurbishment will increase the life of the missiles by 10 years. BDL will also deal with the manufacturing and supply of guided missiles, underwater weapon systems, airborne weapon systems, ground support equipment, and product life cycle support.  

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Mahindra Finance reports 17% YoY rise in disbursements in Nov

Mahindra & Mahindra Financial Services Ltd reported a 17% year-on-year (YoY) increase in loan disbursements to Rs 2,500 crore. The collection efficiency improved further to 94% in November 2021, compared to 84% in Nov 2020 and 91% in October 2021. The company expects this positive trend to continue in December. 

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India to launch $10 billion incentive package to attract chip makers: Report

According to a report from Bloomberg, India is finalizing an incentive package of $10.2 billion (~Rs 76,400 crore) to attract companies to start manufacturing semiconductors in the country. The government will offer incentives over six years for domestic production of semiconductor fabs, display fabs, design, and packaging to cut down dependence on imports. The report further states that the Union Cabinet is expected to take up the proposal for approval soon.