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Piramal Group Completes Acquisition of DHFL – Top Indian Market News

Piramal Group completes acquisition of DHFL for Rs 34,250 crore

Piramal Enterprises Ltd (PEL) has completed the acquisition of Dewan Housing Finance Corp Ltd. (DHFL) for a total consideration of Rs 34,250 crore. This includes an upfront cash payment of Rs 14,700 crore and issuance of debt instruments worth Rs 19,550 crore (10-year NCDs at 6.75% per annum on a half-yearly basis). As a part of the process, Piramal Capital and Housing Finance Ltd (PCHFL) will merge with DHFL. The creditors of DHFL would recover an aggregate amount of ~Rs 38,000 crore from the resolution process. 

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Blue Star to invest Rs 550 crore on new manufacturing unit in Andhra Pradesh

Blue Star Limited will invest Rs 550 crore over the next few years for setting up a greenfield manufacturing unit at Sri City, Andhra Pradesh. The AC and commercial refrigeration major’s newly formed subsidiary, Blue Star Climatech, has commenced construction of the new plant. The unit will be highly automated, and the company will ensure that products manufactured are globally competitive. The first phase of construction will be completed by July 2022.

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BLS International secures contract for Italian visa processing services in Russia

BLS International Services has secured a contract from the Embassy of Italy in Russia for visa processing for a period of five years. The company is expected to process approximately 1.4 lakh applications every year at 20 centres across Russia. BLS will be providing Italian visas, along with value-added services such as mobile biometric, translation, premium lounge, prime time submission, courier, and SMS alerts for the convenience of applicants.

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HCL Tech signs multi-year contract with Belgium-based Proximus

HCL Technologies Ltd has signed a multi-year strategic partnership with Proximus Group to transform its data centre business and create a resilient digital foundation. Proximus is one of Belgium’s leading digital services and communications solutions providers. HCL Tech will invest in a dedicated innovation lab, providing Proximus exclusive access to its intellectual property, product, and partner ecosystem. The partnership will allow Proximus to use HCL’s telecom and technology domain expertise to develop innovative 5G and Internet of Things (IoT) solutions.

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SpiceJet partners with EaseMyTrip for holiday bookings

SpiceJet Limited has partnered with EaseMyTrip to strengthen offerings ahead of the festive season. The travel platform will develop a holiday booking platform for SpiceJet, which will allow the airline’s customers to book holiday packages. The partnership is aimed at expanding EaseMyTrip’s scope across the rapidly growing holiday segment. Under the collaboration, SpiceJet will offer exclusive benefits such as priority services (check-in, boarding) and complimentary meals.

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HDFC Bank issues 4 lakh credit cards after lifting of embargo 

HDFC Bank has issued 4 lakh credit cards since the Reserve Bank of India (RBI) lifted the embargo (an official ban) imposed on the company. In December 2020, the RBI placed restrictions on the private sector lender on sourcing of new credit cards. The RBI eased the restrictions on August 17, 2021. HDFC Bank has also announced the relaunch of three cards— HDFC Bank’s Millennia, MoneyBack+, and Freedom. The new card variants will be available to customers in October 2021.

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Britannia partners with Accenture to accelerate its digital transformation

Britannia Industries has partnered with Accenture for digital acceleration of its operations and reduction of IT operational costs. The project will help streamline Britannia’s procurement and supply chain management, expedite digital onboarding, contract management, and procurement processes. The partnership with Accenture will work towards digitising more than 80 manufacturing units and 50 warehouses and help unlock capital for innovation and growth initiatives.

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ABB India technology to lower production costs for Tata Steel plant

ABB India Limited will provide electromagnetic brake systems (EMBR) for two compact strip production (CSP) casters for Tata Steel’s flagship plant in Jamshedpur. The company will work under contract from SMS Group, an engineering and construction firm. ABB India’s scope of supply also includes dry-type transformers, water cooling systems, and commissioning services. ABB’s EMBR technology will allow Tata Steel to improve product quality and lower production costs.

RBI removes Indian Overseas Bank out of PCA framework

The Reserve Bank of India has removed Indian Overseas Bank from the Prompt Corrective Action (PCA) framework, subject to certain conditions and continuous monitoring. The performance of the bank was reviewed by RBI’s Board for Financial Supervision. It was noted that IOB is not in breach of the PCA parameters as per the results published for the year ended March 31, 2021. PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.  

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Invesco moves NCLT against ZEEL for failing to announce EGM date

Invesco Developing Markets Fund has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) for failing to announce a date for the extraordinary general meeting (EGM). The US-based fund house had called for an EGM to remove ZEEL’s CEO and MD Punit Goenka. The majority shareholders also aim to reconstitute the company’s board. As per the rules, ZEEL has up till October 2 to call for an EGM.

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HDFC Bank Partners With NSIC to Offer Credit Support to MSMEs – Top Indian Market News

HDFC Bank partners with NSIC to offer credit support to MSMEs

HDFC Bank has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to offer credit support to micro, small, and medium enterprises (MSMEs) across India. The private sector lender will provide MSMEs with schemes to enhance their competitiveness. HDFC Bank will accept loan applications forwarded by NSIC and consider sanctioning loans on a merit basis, as per the lending norms laid down by the bank. The bank’s branches will also extend support to MSMEs in the areas they operate.

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L&T Construction secures order for water effluent treatment business

The construction arm of Larsen & Toubro has secured a significant order (in the range of Rs 1,000-2,500 crore) for its water and effluent treatment business in India. The order is from a state-utility organisation to implement rural water supply projects, providing functional house tap connection under the Jal Jeevan Mission. The scope of the order comprises tube wells, pump houses cum chlorination rooms, overhead tanks, treatment systems, solar plants, rising main and distribution pipeline network, and staff quarters.

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Tata Communications partners with Telekom Malaysia to offer high-speed connectivity in ASEAN

Tata Communications Ltd has partnered with Telekom Malaysia Berhad (TM) to offer stable, high-speed, and reliable connectivity in the Association of Southeast Asian Nations (ASEAN) region. The collaboration will enable service providers, mobile network operators, and internet service providers in the region to address their customers’ growing data connectivity needs by providing access to a global Tier-1 Internet Protocol (IP) network. Sectors such as e-commerce, online entertainment, retail, online banking, and delivery services will get a further boost. 

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ABB commissions drives at Bharat Biotech’s facility for safe manufacturing of Covaxin

ABB India has commissioned its ACS560 drives at Bharat Biotech’s Covaxin manufacturing facility in Hyderabad. The drives will enhance the safety and energy efficiency of the facility. The manufacturing of vaccines is a complex process and needs a clean room environment to deliver the desired output. ABB’s systems control the temperature, humidity, air pressure, and ventilation within a clean room. 

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Birlasoft announces  global, strategic partnership with Freshworks Inc

Birlasoft Ltd has announced a global, strategic partnership with US-based Freshworks Inc. to help enterprises provide enhanced customer experience management solutions. The partnership will focus on developing capabilities and innovative, niche-industry solutions to help enterprises address their transformation challenges and drive value at scale. Birlasoft will expand business capabilities and improve the end-user experience by integrating solutions from partners like Freshworks. 

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Dr Reddy’s launches Minoxidil for treatment of female pattern hair loss

Dr Reddy’s Laboratories Ltd has announced the launch of Minoxidil for the treatment of female pattern hair loss (FPHL). The pharma company will sell the product under the brand name Mintop. The launch follows the first-ever approval of the additional indication by the Central Drugs Standard Control Organization (CDSCO) in India for the use of Minoxidil topical solution USP 2% and 5% for the treatment of FPHL.

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Shoppers Stop partners with Accenture to accelerate digital commerce transformation

Shoppers Stop Ltd has partnered with Accenture to accelerate its digital commerce transformation across multiple retail channels. The retailer of fashion and beauty brands aims to improve profitability and shift more sales to digital channels. Through its partnership with Accenture, Shoppers Stop plans to strengthen its digital platform backed by real-time data and analytics across the value chain— from customer experience and supply chain operations to sales and last-mile delivery.

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CEAT to revamp sales network across India

Tyre manufacturer CEAT has initiated an exercise to revamp its retail sales network to enhance customer experience. The company will refurbish Ceat Shoppes nationwide, which will start with 10 new design stores in metro cities and key markets in the coming months. It also plans to launch an additional 50 stores in the current financial year (FY22). It is targeting 500 exclusive stores by 2023.

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Panacea Biotech supplies second component of Sputnik V in India

Panacea Biotec Ltd has supplied the first shipment of the second component (human adenovirus serotype 5) of the Sputnik V Covid-19 vaccine. The batch will be distributed across India through Dr. Reddy’s Laboratories, a partner of the Russian Direct Investment Fund (RDIF) and Panacea Biotec. Doses of the second component were manufactured at Panacea Biotec’s facility in Himachal Pradesh.

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India must accept cryptos as an asset: Former RBI Deputy Governor

Former RBI Deputy Governor R Gandhi said cryptocurrencies should be treated as an asset or commodity in India and governed by existing laws for exchanges. “Once cryptos are accepted, rules governing commodity exchanges could apply, and the coins could be used to pay for goods and services. Then automatically people can start buying, selling and holding”, he said. The former RBI official was addressing an event organized by the Internet and Mobile Association of India today.

The Narendra Modi government, which had initially proposed a ban on crypto trades, is finalizing regulations for cryptocurrencies. 

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India’s GDP Likely to Grow at 18.5% in Q1, says SBI Report – Top Indian Market News

India’s GDP likely to grow at 18.5% in April-June quarter: SBI Report

India’s gross domestic product (GDP) is expected to grow at 18.5% in the April-June quarter (Q1 FY22) due to a low base effect, said SBI in its Ecowrap research report. However, this projection is lower than the 21.4% growth projected by the Reserve Bank of India (RBI). The report further states that corporate results announced so far indicate that there is a substantial recovery in corporate gross value added (GVA) EBIDTA in Q1 FY22.

State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.

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SC grants relief to Bharti Airtel in Videocon AGR dues case

The Supreme Court has granted relief to Bharti Airtel by restraining the Department of Telecommunications (DoT) from encashing the telecom company’s bank guarantees worth Rs 1,376 crores for 3 weeks for non-payment of Adjusted Gross Revenue (AGR) dues owed by bankrupt Videocon. Further, Bharti Airtel was allowed to move the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to seek protection from payment of Videocon AGR dues.

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Wipro to hire 400 people for new delivery centre in Arkansas

Wipro Ltd announced that it will open a new delivery centre in Sherwood, Arkansas (US). The IT major expects to hire up to 400 employees for the centre in the next two years. The company will invest approximately $3 million (~Rs 22.2 crore) to transform a 70,000 square-foot facility at Landers Road into a customer service centre. The delivery centre will provide operational services to Wipro’s clients across industry verticals.    

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Power Finance Corp signs MoU with NHPC to lend funds for development of hydro projects

Power Finance Corporation Ltd (PFC) has signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects. The signing of the MoU will further boost the long-standing association between the two companies and facilitate knowledge and technology transfer. The partnership will also work towards contributing to India’s sustainable development initiatives. 

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Bajaj Finserv gets SEBI approval for mutual fund business

The Securities and Exchange Board of India (SEBI) has given its in-principal approval to Bajaj Finserv Ltd for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC). According to reports, Bajaj Finserv plans to offer all financial services and deliver seamlessly through an app-based platform. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

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Tata Steel signs MoU with Mitsui OSK Lines to develop eco-friendly shipping line

Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL) to develop and deploy environment-friendly shipping solutions. Japan-based Mitsui OSK Lines is a global marine transport group. The objective of the agreement is to reduce greenhouse gas emissions in the ocean transportation of raw materials for the production of steel. This move is in line with Tata Steel’s larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain.

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Tata Power’s arm commissions 150 MW solar project in Rajasthan

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 150 megawatt (MW) solar power project in Loharki, Rajasthan. The project is expected to generate more than 350 million units (MUs) of power annually and is spread across 756 acres of land. TPREL is a wholly-owned subsidiary of Tata Power. With the commissioning of this project, the total renewables installed capacity of Tata Power will be 2,947 MW.

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Infosys signs three-year contract with UCAS

Infosys Ltd has signed a new minimum three-year contract with UCAS, the admissions service for UK higher education. As part of the new agreement, Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organizations. UCAS and Infosys have been engaged in a technology partnership since 2015.

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ABB India expands capacity for LV motors in Faridabad plant

ABB India has expanded manufacturing capacity for Low Voltage (LV) motors at its Faridabad facility in Haryana, powered by renewable energy. The expansion will increase the company’s plant capacity by more than 20% and will further strengthen its presence in the region and global markets. The new line will develop energy-efficient motors up to 55 kilowatts (kW) for customers operating in different industrial segments such as water & wastewater, cement, metals and mining, etc. 

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Reliance plans to unveil super app adding Just Dial offerings: Report

According to a report from ET, Reliance Industries Ltd (RIL) is planning to create a super app by integrating the offerings of local search engine Just Dial, as it aims to become the number one player in the e-commerce space. The one-stop super app is likely to be a marketplace of services and offerings, delivered via in-house technology and through third-party integrations. Last month, Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in JustDial for Rs 3,497 crore. You can read more about it here.

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MobiKwik Files DRHP For Rs 1,900 crore IPO – Top Indian Market News

MobiKwik files DRHP for Rs 1,900 crore IPO

Digital payments firm MobiKwik has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,900 crore via an initial public offering (IPO). The IPO consists of a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of up to Rs 400 crore. The company will use the IPO proceeds for funding organic and inorganic growth initiatives. One MobiKwik Systems Ltd was previously valued at $700 million (~Rs 5,200 crore) when it raised $20 million from Abu Dhabi Investment Authority (ADIA) in June 2021.

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SJVN signs pact with Investment Board of Nepal to develop 679 MW hydroelectric project

SJVN Limited has signed a pact with the Investment Board of Nepal to develop a 679 megawatt (MW) Lower Arun Hydro Electric Project in eastern Nepal. The estimated cost of the project is $1.3 billion (~Rs 9,700 crore). This will be the second-largest foreign investment project to be undertaken by India. SJVN is required to complete a detailed report on the hydroelectric project and submit it for approval at the board within two years. The project will be developed under a build, own, operate, and transfer (BOOT) model.

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Steel Strips Wheels Q1 Results: Net profit at Rs 51.08 crore

Steel Strips Wheels Ltd reported a standalone net profit of Rs 51.08 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 38.09 crore in the corresponding quarter last year (Q1 FY21). The company’s revenue from operations jumped 463.9% YoY to Rs 678.13 crore in Q1 FY22. Steel Strips Wheels is a leading manufacturer of automotive steel and alloy wheels. 

Cyient to support HMLR to centralise, digitise local land charges records

Her Majesty’s Land Registry has selected Cyient Limited to support its Local Land Charges (LLC) Programme. HMLR is a non-ministerial department of the Government of the United Kingdom. It registers the ownership of land and property across England and Wales. The LLC program aims to digitise and migrate millions of separately held local land charge records from local authorities into a centralized digital register. Cyient will own the entire process and provide a central management information platform.

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Ashoka Buildcon secures project worth Rs 726 crore from NHAI

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an engineering, procurement, and construction (EPC) project from the National Highways Authority of India (NHAI). The order consists of six-laning of the Memmadpur (Ambala)-Banur (IT City Chowk) -Kharar (Chandigarh) corridor in Punjab on EPC mode. The total value of the project is Rs 726 crore.

Ola Electric signs pact with Bank of Baroda to raise $100 million in long-term debt

Ola Electric Pvt Ltd has signed a long-term debt financing agreement with Bank of Baroda to raise $100 million (~Rs 744 crore). The 10-year debt of $100 million will be utilised for the funding and financial closure of Phase-1 of its electric two-wheeler factory in Hosur, Tamil Nadu. The company is setting up Ola Futurefactory, a global manufacturing hub for its electric two-wheelers. In December 2020, Ola said it would invest Rs 2,400 crore for Phase-1 of the factory.

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TCS partners with Converge to enhance customer experience

Tata Consultancy Services (TCS) has partnered with Converge ICT Solutions Inc. to help them enhance customer experience for their fast-growing subscriber base. TCS’ digital services platform will help the Philippines-based broadband provider speed up product innovation and personalise customer engagement. The IT company will help Converge reduce complexity in operations and enable faster service delivery.

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ABB commissions modernisation project for BGPPL

ABB India Limited has completed the commissioning of the Induction xP Plus Profiler system on PM3 at Bilt Graphic Paper Products Ltd (BGPPL), Ballarpur (Maharashtra). The world-class domain expertise of ABB’s team helped them seamlessly deliver the modernisation project. The new Induction xP Plus is the best-in-class cross direction (CD) caliper profile control that achieves maximum induction heating in the shortest time possible. It offers reduced product variability and rapid corrections to sheet finishing profiles. 

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HFCL Q1 Results: Net profit jumps 316% YoY to Rs 87 crore

HFCL Limited reported a 316.4% YoY jump in consolidated net profit to Rs 87.82 crore for the quarter ended June (Q1 FY22). Net profit has increased by 3.73% when compared to the previous quarter. Its revenue from operations rose 72.47% YoY to Rs 1,206.87 crore during the same period. HFCL is a leading manufacturer of telecom products in India.

FDC launches Favipiravir oral suspension to treat Covid-19 in India

FDC Limited has announced the launch of an oral suspension of Favipiravir to treat mild to moderate cases of Covid-19 in India. The drug will be available at all retail medical outlets and hospital pharmacies across India. The pharma company said it is offering the best efficacy and convenience to patients. It has focused its efforts on making the process of Covid-19 treatment hassle-free 

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Vodafone Idea loses 18 lakh subscribers in April

After posting two straight months of subscriber growth, Vodafone Idea (Vi) lost 18.1 lakh subscribers in April 2021. Meanwhile, Reliance Jio added 48 lakh subscribers during the same month. Bharti Airtel registered a net addition of 5.17 lakh subscribers. Jio’s market share in the wireless category rose to 36.15% in April. Bharti Airtel and Vi’s market share stood at 29.83% and 23.93%, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Maruti Suzuki Reports 10% YoY Decline in Net Profit in Q4 – Top Indian Market News

"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."

Maruti Suzuki Q4 Results: Net profit falls 10% YoY to Rs 1,166 crore

Maruti Suzuki India Limited reported a 9.7% year-on-year (YoY) decline in net profit to Rs 1,166 crore for the quarter ended March (Q4). Revenue from operations rose 32% YoY to Rs 24,023 crore during the same period. The automaker sold a total of 4.92 lakh units in Q4 FY21, registering a growth of 27.8% YoY. Its sales for the financial year ended March 31, 2021, fell 6.7% YoY to 14.57 lakh units. Maruti Suzuki’s board has declared a final dividend of Rs 45 per share.

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JSPL to divest entire stake in Jindal Power to Worldone for Rs 3,015 crore

The Board of Directors of Jindal Steel and Power Ltd (JSPL) has approved the divestment of its entire equity stake in Jindal Power Limited (JPL) by selling its shares to Worldone Pvt Ltd. The equity value is an all-cash offer of Rs 3,015 crore for 96.42% stake in JPL, including 3,400 MW coal-fired power plants in Chhattisgarh. The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India steel business, and significantly reduce its carbon footprint by almost half.

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Axis Bank Q4 Results: Net profit at Rs 2,677 crore

Axis Bank reported a standalone net profit of Rs 2,677 crore for the quarter ended March (Q4). The lender had posted a net loss of Rs 1,388 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 11% YoY to Rs 7,555 crore in Q4 FY21. [NII is the difference between interest income received from assets such as loans, and the interest it pays to depositors] Provisions during the quarter fell 58% YoY to Rs 3,295 crore. The gross non-performing assets (NPAs) ratio stood at 3.7% in Q4, compared to 4.55% in Q3.

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Bajaj Finance Q4 Results: Net profit rises 42% YoY to Rs 1,347 crore

Bajaj Finance reported a 42% YoY increase in net profit to Rs 1,347 crore for the quarter ended March (Q4). Net interest income (NII) declined 0.5% YoY to Rs 4,659 crore during the same period. The gross non-performing assets (NPAs) ratio stood at 1.79% in Q4 FY21, compared to 2.84% in Q3 FY21. Consolidated assets under management (AUM) increased by 3.9% YoY to Rs 1.52 crore. The company’s board has recommended a dividend of Rs 10 per share.

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Dr Reddy’s expects first lot of Covid-19 vaccine Sputnik V by May end

Dr Reddy’s Laboratories said it expects to receive the first lot of Covid-19 vaccine Sputnik V from the Russian Direct Investment Fund (RDIF) by May end. The pharma company had earlier received approval from the Drugs Controller General of India (DCGI) for the restricted emergency use of the vaccine. In September 2020, Dr Reddys and RDIF entered into a partnership to conduct clinical trials of Sputnik V in India. Both companies have also obtained the rights for distribution of the first 125 million doses in the country.

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Britannia Industries Q4 Results: Net profit declines 3% YoY to Rs 360 crore

Britannia Industries Limited reported a 3% YoY decline in consolidated net profit to Rs 360.1 crore for the quarter ended March (Q4). Revenue from operations rose 8% YoY to Rs 3,038 crore during the same period. The company’s consolidated operating margin stood at 14.9% in Q4. Britannia Industries’ net income was affected by a sharp rise in tax expenses at Rs 132.6 crore.

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Hindustan Zinc Q4 Results: Net profit rises 85% YoY to Rs 2,481 crore

Hindustan Zinc Limited (HZL) reported an 85% YoY increase in net profit to Rs 2,481 crore for the quarter ended March (Q4). Its total revenue rose 56% YoY to Rs 6,725 crore during the same period. HZL saw strong volume and price traction across key verticals such as zinc, silver, and lead. Zinc volumes were up 15% YoY, while lead volumes increased by 29% YoY in Q4. HZL said both mined and finished metal production in the current financial year (FY22) will be higher than last year and is expected to reach 1,025-1,50 kilotonne each.

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ABB India Q1 Results: Net profit more than doubles to Rs 151 crore

ABB India Limited reported a 118.64% YoY increase in consolidated net profit to Rs 151 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its consolidated revenue rose 7.02% YoY to Rs 1,629.15 crore during the same period. The company received total orders worth Rs 1,825 crore in Q1, registering a growth of 24% over the previous quarter. ABB India posted sharp growth in the motion products, robotics, and process automation segments during the quarter.

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4G subscriber base to rise to 820 million in FY22: CRISIL

According to a report by rating agency CRISIL, 4G mobile data subscribers are set to rise to 820 million by the end of March 2022 (FY22)— higher than in the last financial year due to higher competitive intensity. The report states that the pace of addition in subscriber count would pick up gradually over the remainder of the current financial year (FY22), as competitive intensity in the wireless-telecom market increases despite the second wave of Covid-19 pandemic. There has been a significant capacity addition after the spectrum auctions and removal of inter-operator charge (IUC) charges.

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Hatsun Agro Products Q4 Results: Net profit jumps to Rs 57.13 crore 

Hatsun Agro Products Limited reported a multi-fold increase in net profit to Rs 57.13 crore for the quarter ended March (Q4). It had posted a net profit of Rs 7.95 crore in the corresponding period last year. The company’s sales rose 23.89% YoY to Rs 1,568.87 crore during the same period. Hatsun Agro’s net profit for the financial year ended March 31, 2021, rose 119% YoY to Rs 246.35 crore. Hatsun Agro Products is a leading dairy company based in Chennai.

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TVS Motors Q4 Results: Net profit jumps four-fold to Rs 319 crore

TVS Motor Company reported a four-fold increase in consolidated net profit to Rs 319 crore for the quarter ended March (Q4). Revenue from operations rose to Rs 6,131.90 crore in Q4, compared to Rs 4,104.71 crore in the corresponding period last year (Q4 FY20). The company’s two-wheeler sales across domestic and international markets rose 47% YoY to 9.28 lakh units in Q4.

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HCL Tech’s Q3 Net Profit Rises 31% YoY – Top Indian Market News

HCL Tech Q3 Results: Net profit rises 31% YoY to Rs 3,982 crore

HCL Technologies Ltd reported a 31.1% year-on-year (YoY) increase in net profit to Rs 3,982 crore for the quarter ended December (Q3). The IT firm had posted a net profit of Rs 3,037 crore in the same quarter in FY20. Its revenue rose 6.4% YoY to Rs 19,302 crore in Q3 FY21. HCL Tech’s solid performance during Q3 was driven by success in strategic investments and improved demand for its digital and cloud platforms. The company has declared an interim dividend of Rs 4 per share.

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GAIL announces Rs 1,046 crore share buyback

The Board of Directors of GAIL (India) Ltd has approved a Rs 1,046.35 crore share buyback programme. The state-owned gas distributor will buy back 6.97 crore shares, representing 2.5% of the total paid-up equity share capital. The buyback price has been fixed at Rs 150 per share, a 4.1% premium to Thursday’s closing price. GAIL has also declared an interim dividend of Rs 2.5 per share. The board has fixed January 28 as the record date for buyback and dividend.

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PVR reports Q3 net loss of Rs 49 crore

PVR Limited reported a consolidated net loss of Rs 49.21 crore for the quarter ended December (Q3). It had posted a net profit of Rs 36.26 crore in the corresponding period a year ago. The company’s revenue from operations declined by 95% YoY to Rs 45.4 crore in Q3 FY21. PVR stated that it has taken significant steps to mitigate the adverse impact of Covid-19 on business. The company has reached settlements with landlords for 88% of cinemas for a complete or partial waiver for the lockdown period. They also introduced temporary salary cuts and reduced overhead costs.

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Fiat Chrysler partners with Wipro to set up its first global digital hub in India

Wipro Limited has been chosen as a strategic technology services partner by Fiat Chrysler Automobiles (FCA) to establish its first global digital hub in Hyderabad. This digital hub, called FCA ICT India, will support FCA’s Information and Communication Technology operations to focus on delivering premium mobility services. Wipro will source and build a talent pool of more than 1,000 skilled consultants and technologists for FCA ICT India.

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Indian exports rise marginally to $27.15 billion in December

According to latest government data, India’s exports rose marginally to $27.15 billion (~Rs 1.98 lakh crore) in December 2020. Imports have surged 7.56% YoY to $42.59 billion (~Rs 3.13 lakh crore). The trade deficit for December increased by 23.66% YoY to $15.44 billion (~Rs 1.12 lakh crore). Prahalathan Iyer, Chief General Manager of India EXIM (Export-Import) Bank, stated that the trade data for December gives positive hopes with both exports and imports showing growth. Notably, the export growth of non-petroleum and non-jewellery was positive at 5.5%, indicating pick up in manufacturing activity in the country.

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CEAT to supply tyres to Royal Enfield for its 650cc Interceptor range

CEAT Limited announced that it will supply its Zoom Cruz tyres to bike maker Royal Enfield for its 650cc Interceptor range. With Zoom Cruz tyres, CEAT marks its entry in the 650cc segment for the two-wheeler and twin-engine cylindrical motorcycles segment. CEAT has associated with Royal Enfield in the past by supplying tyres for Royal Enfield Bullet, Classic, and Himalayan. The company is the first Indian manufacturer to supply tyres as original fitment for the Interceptor 650cc range.

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Maruti Suzuki launches online finance platform in Arena dealerships across 30 cities

Maruti Suzuki India Ltd has announced the launch of their online financing platform, Smart Finance, for Maruti Suzuki ARENA customers. Smart Finance offers customers a one-stop solution for all vehicle finance needs. The services include the option to choose among a wide range of finance products based on customer needs, selecting the best-suited loan product, and completion of all finance-related formalities. The platform will be available in over 30 cities in India.

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Hathway Cable Q3 Results: Net profit declines 6.96% YoY to Rs 62 crore

Hathway Cables & Datacom Ltd reported a 6.96% YoY decline in consolidated net profit to Rs 62.56 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 67.24 crore in the corresponding period in FY20. Its revenue declined by 1.9% YoY to Rs 442.25 crore in Q3 FY21. 

ABB India partners with Surat Municipal Corporation for optimizing water system

ABB India Ltd has partnered with the Surat Municipal Corporation (SMC) to roll out next-generation technology for delivering continuous water supply across the city. The new infrastructure will enable over 10 lakh residents to access a safe and reliable water supply in line with the government’s Smart Cities Mission. ABB said that the latest investments follow the success of Phase-1 digitalisation upgrade of the city’s water system, which took place in 2018.

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NTPC completes trial run of Unit-2 of 660 MW Meja Thermal Power Project

NTPC Limited announced that Unit-2 of 660 megawatt (MW) capacity of Meja Thermal Power Project of Meja Urja Nigam Pvt Ltd (MUNPL) has successfully completed trial operation. The total installed capacity of MUNPL and NTPC has become 1,320 MW and 63,635 MW, respectively. MUNPL is a joint venture between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam, an electricity generation company under the UP Govt.

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Trident receives European patent for ‘Fabric & Method of Manufacturing Fabric’

Trident Limited has been granted a patent for “Fabric and Method of Manufacturing Fabric” by the European Patent office. The present invention comprises a method of producing fabric by subjecting it to a special treatment, thereby obtaining increased air space. This will help the company to deliver its special soft towels in the European market, without using chemical-based fibres.

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Govt Finalises Covid-19 Vaccine Transport Module – Top Indian Market News

Some ampoules with ncov-2019 vaccine in a box. to fight the coronavirus pandemic.

Govt finalises Covid-19 vaccine transport module

The Central Government has prepared a detailed draft for air transportation of Covid-19 vaccines. Pune will be the central hub from where the vaccine distribution will take place. There are a total of 41 destinations (airports) across the country that has been finalised for the delivery of vaccines. The movement of vaccines to different parts of India is likely to begin by today or tomorrow. The development comes ahead of the Covid-19 vaccine dry run in all states across the country on January 8.

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Tata Power secures 110 MW solar power project worth Rs 488 crore from KSEB

Tata Power Company Ltd has bagged a contract worth Rs 488 crore from the Kerala State Electricity Board (KSEB) to develop a 110 MW solar project. The energy will be supplied to KSEB under a Power Purchase Agreement (PPA), valid for 25 years from the date of scheduled commercial operation. The plant is expected to generate about 274 million units (MUs) of energy per year and annually offset approximately 274 million kg of carbon dioxide. 

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SBI raises $600 million from overseas bond sale at coupon rate of 1.8%

State Bank of India (SBI) on Thursday raised $600 million (~Rs 4,403 crore) from selling bonds to international investors at a coupon rate of 1.80%. The issue, oversubscribed by 2.1 times, is part of the SBI’s $10 billion (~Rs 73,392 crore) medium-term note programme. The 5.5-year issue, denominated in US dollars, was priced at 140 basis points (bps) over the US treasury. The bonds issued through SBI’s London branch will be listed on Singapore Exchange and India INX.

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L&T Hydrocarbon Engineering secures offshore contract from ONGC

L&T Hydrocarbon Engineering (LTHE) has received an order from state-owned Oil & Natural Gas Corporation (ONGC). The contract involves engineering, procurement, construction, installation, and commissioning of a new living quarter platform, ‘NQL Platform’ with 120 men capacity. The platform will be constructed at NQ Complex in ONGC’s Mumbai High Asset on the west coast of India. The value of the contract ranges between Rs 2,500-5,000 crore.

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SEBI to allow more players to set up stock exchanges, depositories

The Securities and Exchange Board of India (SEBI), through a discussion paper, has proposed to ease ownership norms for entities that plan to start new stock exchanges in India. According to the discussion paper, any resident individual/domestic institution can set up a market infrastructure institution such as a stock exchange or a depository with 100% control, provided it is a public limited company. Earlier, individuals (resident or foreign), either directly or indirectly, could not hold more than 5% in a stock exchange or a depository.

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NMDC resumes diamond mining in Panna after forest department approval

The Madhya Pradesh Forest Department has allowed National Mineral Development Corporation Ltd (NMDC) to resume operation of its diamond mine at Majhgawan in Panna district. The operation was suspended as the environmental clearance for the mine came to an end on December 31, 2020. The state government has now extended the lease for the next 20 years. The matter of renewal of lease is pending before the State Wildlife Board and National Wildlife Board.

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Bharat Biotech enrolls over 25,800 volunteers for Covaxin Phase-3 trials

Bharat Biotech has enrolled 25,800 volunteers for Phase-3 clinical trials of its Covid-19 vaccine- Covaxin. The recruitment was supposed to be concluded by December 31 but was extended by a week since it was short of 4,000 volunteers at that time. The trials will be conducted at around 30 clinical sites throughout India. On January 3, Oxford-AstraZeneca’s Covishield (manufactured by SII) and Bharat Biotech’s Covaxin had received approval from India’s drug regulator DCGI for emergency use authorization.

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ABB India launches new range of circuit breakers for electrical retail market

ABB India Ltd has launched Formula DIN-Rail, a complete range of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs), and Isolators for the electrical retail market. The company stated that its new range meets international standards and is manufactured in ABB’s Smart Buildings factory in Bengaluru. The ABB Formula DIN-Rail portfolio would be available through the ABB Electrification business retail network across India. It will also be available on ABB eMart, the company’s online marketplace.

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Mahindra Logistics launches EV-driven last-mile cargo delivery service

Mahindra Logistics Ltd (MLL) has announced the launch of its electric vehicle (EV) based last-mile cargo delivery service under the brand name ‘EDel’. The new service would initially operate across 6 major cities in India, including Bengaluru, New Delhi, Mumbai, Pune, Hyderabad, and Kolkata. MLL plans to expand EDel to a total of 14 cities in the next 12 months.

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Lupin gets USFDA nod for generic diabetes drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) for its Empagliflozin and Metformin Hydrochloride extended-release (ER) tablets. The tablets are indicated for the treatment of diabetes. The product will be manufactured at Lupin’s Nagpur-based manufacturing facility. As per IQVIA MAT November 2020 data, Empagliflozin and Metformin Hydrochloride ER Tablets had estimated annual sales of $357 million (~Rs 2,618 crore) in the US.

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India’s GDP Contracts 7.5% in Q2 – Top Indian Market News

India’s GDP contraction slows to -7.5% in Q2

India’s real gross domestic product or Real GDP fell to 7.5% in the July-September quarter (Q2). During the April-June quarter (Q1), India’s Real GDP had contracted 23.9%. With the economy shrinking for two consecutive quarters, the country has officially entered into a technical recession. This is India’s first technical recession since the government started reporting quarterly GDP data in 1996. 

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Burger King India releases details regarding IPO

Burger King India is all set to launch its initial public offering (IPO) on December 2. The price band for the IPO has been set at Rs 59-60 per share. The quick-service restaurant chain aims to raise Rs 810 crore through the issue. This comprises a fresh issue of shares worth Rs 450 crore, and an offer for sale of up to 6 crore shares by its promoter QSR Asia Pte Ltd worth Rs 360 crore. 

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Oil regulator PNGRB simplifies gas pipeline tariff 

The Petroleum and Natural Gas Regulatory Board (PNGRB) has simplified India’s gas pipeline tariff structure. It has notified regulations for a ‘unified’ tariff structure for over a dozen pipelines that form the National Gas Grid. This will lead to a 20-30% rise in transportation charges paid by users near the source. The new structure will also help to attract investment for building gas infrastructure in India.

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Hetero ties up with RDIF to manufacture Sputnik-V vaccines in India

Pharma firm Hetero has partnered with the Russian Direct Investment Fund (RDIF) to produce over 100 million doses of the Sputnik-V vaccine in India. The vaccine will be manufactured by the company’s biologics arm Hetero Biopharma, in Hyderabad. The production will commence in the first quarter of 2021.

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Tata Power raises Rs 1,000 crore via debentures

Tata Power Limited said it has raised Rs 1,000 crore through the issue of non-convertible debentures (NCDs). The company raised the amount through the issuance of 10,000 unsecured, redeemable, taxable, listed, rated NCDs on a private placement basis. The date of maturity is 27 November 2023. The debentures would be listed on the Wholesale Debt Market segment of BSE.

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Vodafone Idea partners with edtech, healthcare firms to offer benefits to customers

Vodafone Idea (Vi) has teamed up with multiple partners in the learning and upskilling, health & wellness space, to provide exclusive benefits to its customers. The telecom company has entered into deals with firms such as upGrad, Udemy, Pedagogy, cure.fit, 1mg, and much more. The company stated that this initiative will enable individuals and enterprises to get a range of benefits and value-adds.

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Hitachi ABB Power Grids partners with Ashok Leyland in e-bus pilot at IIT Madras

Hitachi ABB Power Grids in India, Ashok Leyland, and IIT Madras have announced a partnership for an e-mobility pilot. The tripartite partnership will run an electric bus pilot to support sustainable in-campus commuting by the students and staff of IIT-Madras. The e-bus will be provided by Ashok Leyland. It will incorporate Hitachi ABB Power Grid’s innovative flash-charging technology. 

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Garware Technical Fibres’ board approves share buyback

The Board of Directors of Garware Technical Fibres Ltd has approved the company’s share buyback proposal. The company will buyback up to 3.17 lakh shares at Rs 2,300 per share. The company has fixed 11 December 2020 as the record date for the purpose of buyback. 

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ABB India launches new series of high-output motors

ABB India Ltd has launched a new range of high-output motors for its industrial customers in India. The new range of low voltage induction motors are compactly designed and minimizes space and total cost of ownership. This launch will strengthen ABB’s presence in segments such as metals, cement, water & wastewater, etc.

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BHEL manufactures India’s highest-rated auto transformer

Bharat Heavy Electricals Ltd has successfully manufactured and tested India’s highest-rated auto transformer. The testing took place at the National High Power Test Laboratory (NHPTL) in Bina, Madhya Pradesh. The high rating transformers would play a crucial role in bulk power transmission to load centres and bigger cities.

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