Tag: adani enterprises

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Adani Enterprises to Raise ₹20,000Cr Via FPO – Top Indian Market Updates

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

Adani Enterprises to raise up to ₹20,000 crore via FPO

Adani Enterprises Ltd’s board has approved a proposal to raise up to ₹20,000 crore through a follow-on public offer (FPO). The capital raise will boost the Adani Group’s aggressive growth across business verticals, both organically and via acquisitions.

As per a Financial Times report, Adani Group is planning to invest more than $4 billion in a petrochemical complex in Gujarat. Gautam Adani also plans to launch a “super app” in the next 3-6 months to connect Adani airport passengers with other Adani Group services.

Read more here.

JLR to cut production at UK factories till spring: Report

According to a Guardian report, Tata Motors-owned Jaguar Land Rover has decided to cut production at factories in Solihull & Halewood (UK) between January & March. The global auto industry has suffered from semiconductor shortages and supply issues since the Covid-19 pandemic broke out in early 2020. Semiconductor shortages have left JLR customers waiting more than a year for their vehicles, with sales suspended for some variants.

Read more here.

Castrol India to acquire 7.09% stake in TVS Automobile Solutions’ digital arm

Castrol India Ltd (CIL) will acquire a 7.09% stake in TVS Automobile Solutions’ digital subsidiary Ki Mobility Solutions (KMS) with an investment of ₹487.5 crore in an all-cash deal. With this strategic investment, CIL aims to expand its presence in service & maintenance for both internal combustion engine (ICE) and electric vehicles (EV). It will also leverage myTVS’ digital and operational capabilities.

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Krsnaa Diagnostics plans 600 testing centres by end of FY24

Krsnaa Diagnostics plans to enter the retail segment of diagnostic services by setting up 600 collection centres under franchisee model by end of FY24. The company will open collection centres across Maharashtra, Himachal Pradesh, Punjab, West Bengal, and Rajasthan. Krsnaa will leverage its network of labs that are operational under public-private partnership (PPP) mode for its business-to-consumer (B2C) expansion.

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Reliance Jio rolls out True-5G in Gujarat

Reliance Jio has started rolling out its True-5G services in Gujarat. The state has become the first in the country to get Jio True-5G connection across all 33 district headquarters. Jio will launch a series of True 5G-powered initiatives across the education, healthcare, agriculture, and industry 4.0 sectors in Gujarat and then extend it across the country. Jio users in Gujarat will have access to 1 Gbps+ speed at no additional cost.

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Shriram Properties acquires Suvilas Realities

Shriram Properties Ltd (Ltd) has completed the acquisition of Suvilas Realities Pvt. Ltd. through its wholly-owned subsidiary, Shriprop Builders Pvt Ltd. Suvilas Realities is currently developing a 0.65 million square feet residential project at Jalahalli, Bengaluru, under the brand name “Shriram Suvilas Palms”. The project has a revenue potential of over ₹400 crore.

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IEX’s board approves buyback of shares at ₹200 per share

Indian Energy Exchange’s (IEX) board has approved a share buyback of up to Rs 98 crore at ₹200 per share through the open market route. The maximum buyback price of ₹200 per share represents a 36.01% premium to Thursday’s closing price of ₹147.05 on the BSE. The maximum number of equity shares to be bought back under the buyback would be 49 lakh.

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Nykaa records 12x jump in revenue on first day of Pink Friday Sale

Nykaa recorded a 75% year-on-year (YoY) growth in gross merchandise value (GMV) and a 12-fold jump in revenue on Day 1 of its Pink Friday sale. The company recorded over 400 orders per minute on Nov 21. The number of visitors on Day 1 of the sale grew 37% YoY to 1 crore. The sale will be live until November 28 on its website, app, and Nykaa stores. Purchases of make-up, skincare, and haircare jumped 14x, 12x, and 9x, respectively.

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VA Tech Wabag to raise ₹200 crore via NCDs

VA Tech Wabag Ltd’s board has approved a proposal to raise ₹200 crore through non-convertible debentures (NCDs) in one or more rounds to Asian Development Bank (ADB). The NCD proposal will further help the company to optimise debt. The tenure of the debt instrument would be 5 years and three months. VA Tech Wabag offers turnkey solutions for water & wastewater treatment to municipal and industrial segments in India and abroad. 

Read more here.

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Vi’s Net Loss Widens to ₹7,596 crore in Q2 – Top Indian Market Updates

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

Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore

Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.

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Gati to buy out Japanese partner in JV in FY23

Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal. 

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HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore

Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.

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Godrej Properties acquires 50-acre land parcel near Mumbai

Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.

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SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore

SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.

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Bharti Airtel deploys 5G at Bengaluru Airport

Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.

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Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore

Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.

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IIFL Finance aims to triple co-lending to over ₹13,000 crore

IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.

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Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore

Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.

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Alembic Pharma gets USFDA approval for generic injection

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.

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HPCL Q2 Results: Net loss at ₹2,475 crore

Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.

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Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore

Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.

Read more here.

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AGEL Commissions World’s Largest Hybrid Power Plant – Top Indian Market Updates

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

Adani Green commissions 600 MW wind-solar plant in Jaisalmer

Adani Green Energy Ltd (AGEL) has commissioned the world’s largest wind-solar power plant of 600 megawatts (MW) capacity in Jaisalmer, Rajasthan. The plant has a power purchase agreement with Solar Energy Corporation of India (SECI) at ₹2.69 per kilowatt-hour (kwh) for 25 years. The project consists of 600 MW solar and 150 MW wind plants.

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Hero MotoCorp partners with Zero Motorcycles to develop electric motorcycles

Hero MotoCorp is finalizing a collaboration agreement with Zero Motorcycles, a California-based manufacturer of premium electric motorcycles and powertrains. The partnership will focus on co-developing electric motorcycles. Hero MotoCorp’s board has approved an equity investment of up to $60 million (~₹490 crore) in Zero Motorcycles.

Read more here.

IOCL forms subsidiary for treasury operations

Indian Oil Corporation Ltd (IOCL) has floated a wholly-owned subsidiary to carry out finance activities such as fund pooling and treasury operations. The unit will open an office in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City). The subsidiary will also conduct global treasury operations and utilise IFSC to raise capital and debt from overseas markets.

Read more here.

Reliance Retail launches fashion stores under Azorte brand

Reliance Retail Ventures Ltd (RRVL) announced the launch of fashion and lifestyle stores under the Azorte brand that will sell mid-to-premium fashion merchandise. The products available in the stores will include private labels created specifically for the format. The stores may also stock third-party brands in categories such as perfumes and accessories. RRVL opened its first Azorte store at 1 MG-Lido Mall, MG Road, Bengaluru. 

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UNO Minda to form JV with Tachi-S Company to manufacture vehicle seat recliners

UNO Minda Ltd (UML) will set up a joint venture (JV) with Japanese firm Tachi-S Company to manufacture and market seat recliners for four-wheeler passenger vehicles in India. UML will hold a 51% stake in the JV, while Tachi-S Company Ltd will have the remaining stake. The JV will initially offer recliners and expand to other seating mechanisms, frames, and complete seating assembly.

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USFDA issues warning letter to Lupin’s Tarapur unit

The US Food and Drug Administration (USFDA) has issued a warning letter to Lupin’s facility at Tarapur, Maharashtra. The federal agency inspected the site from March 22, 2022, to April 4, 2022. Lupin said it does not believe that the warning letter will have an impact or disruption of supplies or the existing revenues from operations of this facility.

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Vedanta increases sourcing of green energy to 1GW

Vedanta Ltd has increased the sourcing of green energy to 1 gigawatt (GW) for various operations. It is also seeking bids for the supply of another 500 MW of renewable energy. The company aims to use up to 2.5 GW of renewable power by 2030. Vedanta has invited Expression of Interest (EoIs) for the supply of hybrid renewable power for its manufacturing units in Rajasthan, Chhattisgarh, and Odisha.

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Adani Enterprises secures ₹10,238 crore fund for Ganga Expressway Project

Adani Enterprises Ltd’s three wholly-owned subsidiaries have achieved financial closure for the access-controlled six-lane greenfield Ganga Expressway Project in Uttar Pradesh. The company has secured finances of ₹10,238 crore from lenders. The concession period of the project will be 30 years with a traffic link extension provision of six years, including three years of construction period.

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CCI approves Adani Power’s acquisition of Digilent Power, DB Power

The Competition Commission of India (CCI) has approved Adani Power’s acquisition of 100% share capital of Diliigent Power Pvt. Ltd. and DB Power Ltd. Diliigent Power provides project management & consultancy services and is the holding company of DB Power. DB Power operates a coal-based thermal power plant with an installed capacity of 1200 MW per hour in Chhattisgarh.

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Centre extends deadline for implementation of 6 airbags in a car by 1 year

Union Road Transport & Highways Minister Nitin Gadkari said the deadline for mandatory implementation of six airbags in a passenger car has been pushed by a year (with effect from Oct 1, 2023). The deadline has been extended due to global supply chain constraints being faced by the auto industry and its impact on the macroeconomic scenario.

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Yes Bank Plans Growth Roadmap After $1B Capital Raising – Top Indian Market Updates

yes bank

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

Yes Bank plans growth roadmap after $1 billion capital raising

Yes Bank is aiming to expand its loan book by 15% in FY23 and acquire smaller rivals to revive its business, said CEO Prashant Kumar. The bank’s expansion plan comes after it raised $1.1 billion (~Rs 8,725 crore) last week by selling up to a 10% stake to Carlyle Group and Advent International. The capital raised will improve the bank’s common equity Tier-1 capital ratio (a key indicator of financial strength) from 11.9% to 15.7%.

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Britannia Industries Q1 Results: Net profit falls 13% YoY to Rs 337 crore

Britannia Industries Ltd reported a 13.37% YoY decline in consolidated net profit to Rs 337.44 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8.74% YoY to Rs 3,700.96 crore during the same period. The company’s total expenses stood at Rs 3,293.15 crore in Q1, up 12.28% YoY. 

Read more here.

Adani Enterprises arm to acquire toll roads in Guj, Andhra from Macquarie Asia Infra Fund

Adani Road Transport Ltd (ARTL) will acquire a 100% stake in Swarna Tollway Pvt. Ltd (STPL) and a 56.8% stake in Gujarat Road and Infrastructure Company Ltd. (GRICL) from Macquarie Asia Infrastructure Fund. STPL & GRICL have two stretches of toll roads each in Andhra Pradesh and Gujarat. The acquisition is at an enterprise value of Rs 3,110 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd.

Read more here.

Dabur Q1 Results: Net profit rises 0.6% YoY to Rs 441 crore

Dabur India Ltd reported a 0.6% YoY (or 50% QoQ) increase in consolidated net profit to Rs 441.06 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 8% YoY to Rs 2,822.43 crore during the same period. The company’s domestic FMCG business posted a 5% volume growth.

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LTI partners with Saviynt to deliver intelligent identity solutions

Larsen & Toubro Infotech (LTI) has partnered with US-based Saviynt to provide organisations with improved identity management and security threat protection during digital transformation. The partnership combines Saviynt’s Enterprise Identity Cloud with LTI’s Active XDR (Extended Detection & Response) capabilities. The two entities will deliver integrated solutions seamlessly across cloud and hybrid environments.

Read more here.

BHEL Q1 Results: Net loss at Rs 188 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 187.99 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 447.48 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 63.35% YoY to Rs 4,449.5 crore in Q1 FY23. Sate-run BHEL’s power business sales stood at Rs 3,526.2 crore, up 66.57% YoY. Total expenditure increased by 40.15% YoY to Rs 5,006.5 crore in Q1. 

Read more here.

Zydus Lifesciences gets USFDA approval for anti-inflammatory skin cream

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Ivermectin cream. The cream is used to treat inflammatory lesions of rosacea, a common skin condition that causes redness of the skin. As per IQVIA data, Ivermectin cream total had sales of $176 million (~Rs 1,396 crore) in the US during the twelve months ended June 2022.

Read more here.

Berger Paints Q1 Results: Net profit rises 80% YoY to Rs 254 crore

Berger Paints India Ltd posted an 80.6% YoY increase in consolidated net profit to Rs 253.71 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53.44% YoY to Rs 2,759.7 crore during the same period. The paint manufacturer’s total expenses stood at Rs 2,433.92 crore in Q1, up 49.8% YoY.

Read more here.

IndusInd Bank partners with M2P Fintech to expand its digital suite of products

IndusInd Bank has partnered with M2P Fintech to roll out path-breaking customer value propositions across payments and lending solutions. The bank will leverage M2P’s cutting-edge technology backed by analytics to deliver hyper-personalised offerings. M2P’s fully equipped API infrastructure allows IndusInd Bank to develop innovative products or experiences on top of its core banking system.

Read more here.

Adani Enterprises Q1 Results: Ney profit rises 73% YoY to Rs 469 crore

Adani Enterprises Ltd (AEL) reported a 73% YoY (or 54% QoQ) increase in consolidated net profit to Rs 469 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 225% YoY (or 64% QoQ) to Rs 40,844 crore during the same period. EBITDA stood at Rs 1,742 crore in Q1, up 119% YoY. 

In other news, AEL has signed a pact with Israel Innovation Authority (IIA) to access tech solutions provided by Israeli start-ups. The collaboration will span across climate change, cyber, AI, 5G, and agriculture – all of which are core businesses for the Adani Group.

Read more here.

Adani Ports signs MoU with AD Ports Group for infrastructure investments in Tanzania

Adani Ports & SEZ Ltd has signed a Memorandum of Understanding (MoU) with UAE-based AD Ports Group to jointly develop port, rail, and maritime services and an industrial zone in Tanzania. AD Ports Group’s strategic investment in infrastructure and solutions in Tanzania will allow international companies to enter African markets.

Read more here.

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Bajaj Auto Announces Rs 2,500 crore Share Buyback Plan – Top Indian Market Updates

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

Bajaj Auto announces Rs 2,500 crore share buyback plan

Bajaj Auto Ltd’s board has approved the buyback of shares worth up to Rs 2,500 crore. The two-wheeler manufacturer intends to buy back 54.35 lakh shares (aggregating up to 1.88% of the total paid-up share capital) via the open market at Rs 4,600 per share. The buyback price is a 20.64% premium to Friday’s closing price of Rs 3,812.80.

Read more here.

India’s petroleum products’ export falls 1% in May: Oil Ministry data

India’s total export of petroleum products fell 1% year-on-year (YoY) to 5.7 million metric tonnes (MMT) in May 2022. Exports had risen 22% YoY in April as demand soared in the domestic market. Imports increased 14% YoY to 3.2 MMT in May, compared to 3.8 MMT in April. Diesel and petrol make up three-fourths of India’s petroleum products exports in terms of volume, while LPG comprises 40% of imported fuels.

Read more here.

TTK Prestige acquires 40% stake in Ultrafresh Modular Solutions

TTK Prestige Ltd will acquire a 51% majority stake in Ultrafresh Modular Solutions (UMS). This move mark’s the company foray into the fast-growing modular kitchen solutions segment. TTK Prestige has invested nearly Rs 20 crore to acquire a 40% stake in UMS. It will invest another Rs 10 crore to acquire a further 11% stake. The acquisition is in line with TTK Prestige’s overall goal of becoming a total kitchen solutions brand.

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Aurobindo Pharma receives SEBI’s warning letter over ongoing USFDA audit

Aurobindo Pharma Ltd has received a warning letter from the Securities & Exchange Board of India (SEBI) for non-disclosure of details related to an ongoing audit of one of its manufacturing units in Hyderabad and observations made by the US Food and Drug Administration (USFDA). The warning letter observes that the company had “disclosed very limited and restricted information”. It also did not disclose detailed reasons for the audit and did not consider the observations of USFDA as serious.

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ISRO’s optical imaging system technology transferred to Paras Defence & Space

New Space India Ltd (NSIL) has signed a letter of intent (LoI) with Paras Defence and Space Technologies Ltd for transferring the ‘Optical Imaging System’ technology developed by the Indian Space Research Organisation (ISRO). The tech will be handed over through a Technology Transfer Agreement for the development, manufacturing, and sale of Optical Imaging Systems in India and abroad.

Maruti Suzuki bets big on hybrids over EVs

Maruti Suzuki India Ltd (MSIL) stated that electric vehicles (EVs) are not the solution for decreasing carbon emissions, at least not immediately. The automaker believes that vehicles powered by hybrid technology, natural gas, and biofuels will be much better options than EVs as India generates ~75% of its electricity from coal. MSIL is planning to launch its first hybrid car under a partnership between Suzuki Motor Corp and Toyota within 12 months.

Read more here.

Adani Enterprise’s arm raises Rs 6,000 crore loan to set up greenfield copper plant

Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd, has secured a debt of Rs 6,071 crore. The funds will be utilized towards setting up a copper refining capacity of 0.5 million tonnes per annum (MTPA) as part of Phase-1 of the greenfield plant. The total planned capacity is 1 MTPA in two phases. KCL aims to boost the production of refined copper, which plays a vital role in strengthening India’s shift towards renewables and EVs.

Read more here.

M&M launches all-new Scorpio-N; price starts at Rs 11.99 lakh

Mahindra & Mahindra (M&M) Ltd has launched the all-new seven-seat Scorpio-N SUV in the Indian market. The prices of the manual variants of the SUV start at Rs 11.99 lakh and go up to Rs 19.49 lakh (ex-showroom). Bookings will start on July 30, 2022, at dealerships and M&M’s online website. Deliveries are set to commence during the festive season.

Read more here.

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HDFC Bank to Move Payments Out of Core Banking – Top Indian Market Updates

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

HDFC Bank to move payments out of core banking to ensure minimal downtime

HDFC Bank will soon move its payments platform out of its core banking module to enable minimal payments downtime, even if core banking is not available. The private lender is likely to launch additional products and services under Digital 2.0, including a new payments platform for its customers and merchants. The bank has partnered with a new-age startup to co-create new core banking modules.

Read more here.

Atul Auto’s arm partners with Honda, Valeo for electrification of three-wheelers

Atul Greentech (a subsidiary of Atul Auto Ltd), Honda Powerpack Energy, and France-based automotive supplier Valeo have signed a Memorandum of Understanding (MoU) for the electrification of three-wheelers. Valeo will provide electric powertrains and powertrain control units for Atul’s electric three-wheelers to work with Honda’s swappable battery solution. The MoU brings domain expertise together to accelerate three-wheeler electrification in both passenger and cargo segments.

Read more here.

Adani Enterprises, 10 others keen on bidding for coal import tenders: CIL

Adani Enterprises Ltd and ten other companies (including offshore firms) have expressed interest in bidding for coal import tenders floated by Coal India Ltd (CIL). On June 9, CIL said it has floated its maiden tender to import 2.416 million tonnes (MT) of coal to ensure an adequate supply of the fuel to power plants in India. The company floated two more medium-term tenders for sourcing 6 MT of coal from overseas on June 10.

Read more here.

Future Enterprises defaults on Rs 6.07 crore interest payment for NCDs

Future Enterprises Ltd has defaulted on the payment of interest of Rs 6.07 crore for its non-convertible debentures (NCDs). The due date for payment was June 20, 2022. The latest default is on the interest of securities issued for a sum of Rs 120 crore. The debentures are secured and have a coupon rate of 10.15% per annum.

Read more here.

Yes Bank launches floating-rate fixed deposit for domestic customers

Yes Bank has announced the launch of Floating Rate Fixed Deposit, a new product offering for all domestic customers. The rate of interest on this fixed deposit (FD) will be linked to the prevailing repo rate, allowing customers to enjoy dynamic returns on their fixed deposits. The bank has also raised its interest rates on standard FDs up to 6.5% per annum for regular customers and up to 7.25% p.a. for senior citizens.

Read more here.

ONGC seeks minimum $17 price for coal gas from Bokaro

Oil and Natural Gas Corp (ONGC) is planning to auction gas from its coal bed methane (CBM) block in Bokaro, Jharkhand, at a crude-linked reserve price that is more than $17 per million metric British Thermal Units (mmBtu) at current oil rates. The company will conduct an e-auction for the sale of 0.20 million metric standard cubic meters per day (mmscmd) of CBM gas. ONGC and Indian Oil own 80% and 20% participating interest, respectively, in the CBM block.

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Hindustan Motors to sell ‘Contessa’ brand to SG Corporate Mobility

Hindustan Motors Ltd has agreed to sell its ‘Contessa’ brand to SG Corporate Mobility Pvt. Ltd (SGCMPL) for an undisclosed sum. The company has executed a brand transfer agreement with SGCMPL on June 16, 2022, for the transfer of the Contessa brand, including the trademarks. Contessa was a premium sedan sold in India by Hindustan Motors from the 1980s to the early 2000s.

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​​Oil prices rise $2 on strong demand, tight supply

Oil prices rose almost $2 on Tuesday amidst rising fuel demand while supplies remain tight due to sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.80, or 1.6%, to $115.93 a barrel. The U.S. West Texas Intermediate (WTI) crude contract for July rose $2.26, or 2.1%, to $111.82.

Meanwhile, European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions.

Read more here.

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Tata Motors Secures Biggest Ever EV Fleet Order – Top Indian Market Updates

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

Tata Motors bags biggest ever EV fleet order in India

Tata Motors Ltd has secured an order for the supply of 10,000 XPRES-T EV units from BluSmart Electric Mobility. The deployment of 10,000 units makes this the biggest ever EV fleet order in India. The vehicles will be used across India for commuters, helping minimise the carbon footprint.

In other news, Tata Motors has partnered with Kolte-Patil Developers Ltd to set up EV charging infra across Pune, Mumbai, and Bengaluru.

Read more here.

Adani Enterprises to set up hyper-scale data centre at Bengal Silicon Valley

The West Bengal government has given approval to Adani Enterprises to set up a hyper-scale data centre at Bengal Silicon Valley. The project will come up on 51.75 acres of land. Bengal Silicon Valley is an innovative information technology hub. It is envisioned to attract investment in IT and telecom projects with employment potential.

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Zydus Lifesciences gets USFDA approval for Famotidine tablets

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Famotidine tablets. The drug is a histamine H2 receptor blocker, which works by reducing the amount of acid in the stomach. The pharma company will manufacture the product at its drug formulation facility at SEZ, Ahmedabad.

Read more here.

TVS looks to raise up to Rs 5,000 cr in EV push: Report

TVS Motor Co. Ltd is reportedly in advanced talks to raise Rs 4,000-5,000 crore from private equity firms to fund the expansion plan of the group’s newly formed electric mobility arm. The company aims to consolidate its position as a leader in the EV segment through relevant product offerings and increase its network presence across India.  TVS has achieved a 19% market share in the highspeed electric scooter segment in FY 2021-22.

Read more here.

Cyient to acquire Portugal-based Celfinet for €41 million

Cyient Ltd has signed a definitive agreement to acquire Celfinet, a Portugal-based wireless engineering services firm, for €41 million (~Rs 341 crore). Celfinet offers end-to-end network planning and performance optimization services. This acquisition will help Cyient strengthen its wireless engineering practice to support Communication Service Providers (CSPs) and enterprises to deploy their connectivity networks at scale.

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Automobile retail sales remained low in May compared to pre-Covid period: FADA

As per data from the Federation of Automobile Dealers Association (FADA), total retail vehicle sales stood at 16,46,773 in May 2022, compared to 5,36,795 units in the same period last year. Sales were lower by ~10% compared with the pre-covid month of May 2019. FADA said the government’s reduction in fuel prices will tame inflation and boost vehicle sales.

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L&T Construction to construct Bandra wastewater treatment facility

The Water & Effluent Treatment business of L&T Construction has secured a large order (in the range of Rs 2,500-5,000 crore) from the Brihanmumbai Municipal Corporation (BMC). The project involves the construction of a state-of-the-art wastewater treatment facility with best-in-class treatment standards.

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Power Mech Projects secured orders worth Rs 522 crore

Power Mech Projects Ltd (PMPL) has received a Letter of Award (LoA) for five separate work orders worth Rs 521.95 crore. The company bagged an order worth Rs 119 crore from BHEL for civil structural works for the flue gas desulphurization (FGD) system in the existing 1×800 megawatt (MW) North Chennai Thermal Power Plant. PMPL has secured an order worth Rs 126.91 crore from Thyssenkrupp Industries India for supplying structural steel fabricated items.

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IRB Infra Developers offers Vadodara Kim Expressway to IRB InvIT Fund

IRB Infrastructure Developers Ltd has offered Vadodara Kim Expressway to IRB InvIT Fund. The Vadodara Kim stretch, part of the Delhi-Mumbai Expressway (DME), is 23.740 km long and has a project cost outlay of Rs 2,094 crore. IRB InvIT Fund is a publicly offered and listed infrastructure investment trust (InvIT).

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JSW Steel’s Net Profit Falls 20% YoY to Rs 3,343 crore in Q4 – Top Indian Market News

A crane operator lifts up a finished steel coil at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, January 30, 2020. REUTERS/Wolfgang Rattay/Files

JSW Steel Q4 Results: Net profit falls 20% YoY to Rs 3,343 crore

JSW Steel Ltd reported a 20.2% YoY decline in consolidated net profit to Rs 3,343 crore for the quarter ended March (Q4 FY22). Its total income rose 73% YoY to Rs 47,128 crore during the same period. Expenses surged 98.9% YoY to Rs 41,282 crore in Q4. The company recorded an exceptional loss of Rs 741 crore. JSW Steel’s board has declared a final dividend of Rs 17.35 per share.

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Sun Pharma acquires Uractiv portfolio from Fiterman Pharma in Romania

Sun Pharmaceutical Industries Ltd’s subsidiary, S.C. Terapia, has acquired the Uractive portfolio from Fiterman Pharma in Romania. The portfolio comprises food supplements including minerals, vitamins, cosmetics, and medical devices used for maintaining urinary tract health. Uractiv is a leading brand in its category in Romania, with a portfolio of 12 stock-keeping units (SKUs) having annualised revenues of approximately $8.7 million.

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Nykaa Q4 Results: Net profit falls 49% YoY to Rs 8.56 crore

FSN E-Commerce Ventures (Nykaa) reported a 49% YoY decline in consolidated net profit to Rs 8.56 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 31% YoY to Rs 973.32 crore during the same period. The gross merchandise value (GMV) grew 45% YoY to Rs 179.8 crore in Q4.

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RIL, Jindal Group, HPCL-Mittal Energy in race to buy JBF Petro

Reliance Industries Ltd (RIL), an HPCL-Lakshmi Mittal joint venture, two Jindal Group firms, and three other entities have reportedly shown interest in acquiring bankrupt JBF Petrochemicals. JBF Petro manufactures purified terephthalic acid— a raw material for polyester fibre and PET raisin (used to make jars and bottles for mineral water, carbonated soft drinks). The company has an outstanding debt of Rs 4,700 crore.

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GAIL Q4 Results: Net profit rises 41% YoY to Rs 2,683 crore

GAIL Limited reported a 40.6% YoY increase in net profit to Rs 2,683.11 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 73.4% YoY to Rs 26,968.21 crore during the same period. The cost of materials consumed jumped 207.4% YoY to Rs 3,171.4 crore in Q4. GAIL’s board declared a final dividend of ₹1 per share.

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Siemens’ board approves transfer of LDA biz to Siemens AG arm for Rs 440 crore

Siemens Ltd’s board has approved the sale of its Large Drivers Application (LDA) business to a subsidiary of Siemens AG for Rs 440 crore. The business will be transferred to Siemens Large Drives India Pvt. Ltd. (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG). The LDA segment recorded a revenue of Rs 443 crore and an operating profit of Rs 25 crore in FY21.

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Ruchi Soya Q4 Results: Net profit falls 25% YoY to Rs 234 crore

Ruchi Soya Industries Ltd reported a 25.4% YoY decline in net profit to Rs 234.43 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 37.72% YoY to Rs 6,663.72 crore during the same period. The foods product segment registered a 15% increase in sales over the previous quarter. The company’s board has declared a dividend of Rs 5 per share.

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Adani Enterprises’ arm to acquire 50% stake in General Aeronautics

Adani Defence Systems and Technologies Ltd (ADSTL) will acquire a 50% stake in Bengaluru-based General Aeronautics Pvt Ltd. ADSTL is a wholly-owned subsidiary of Adani Enterprises Ltd. General Aeronautics is an end-to-end agri platform solution provider. It provides robotic drones and drone-based solutions for crop protection, yield monitoring, precision-farming, etc.

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SJVN signs pact to supply 200 MW solar power to discoms in Bihar

SJVN Limited has signed a power purchase agreement (PPA) for the supply of 200 megawatts (MW) from its solar power projects in Bihar to state discoms. The company has bagged this project at a tariff of Rs 3.11 per unit through Open Competitive Tariff Bidding organised by Bihar Renewable Energy Development Agency (BREDA). The project is scheduled to be commissioned by November, 2023.

Read more here.

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SpiceJet Settles $24 million Dispute With Credit Suisse – Top Indian Market News

Spicejet

SpiceJet settles $24 million financial dispute with Credit Suisse

SpiceJet Ltd has reached an in-principle commercial settlement with Credit Suisse AG over pending dues of $24 million. The Swiss firm had moved the Madras High Court against SpiceJet after the airline availed the services of SR Technics, Switzerland, for maintenance, repair, and overhauling of aircraft engines and components. SpiceJet had failed to make the required payments for the services.

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Exide Industries to invest Rs 6,000 crore in lithium-ion cell unit in Bengaluru

Exide Industries Ltd will invest around Rs 6,000 crore in a state-of-the-art lithium-ion cell manufacturing unit in Karnataka. The battery maker has proposed one of India’s largest giga factories for advanced cell chemistry technology. It has sought 80 acres of land in Haraluru industrial area near the Bengaluru International Airport.

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Prices of EVs to be equal of petrol cars in 2 years: Nitin Gadkari

Prices of electric vehicles (EVs) will be equal to the cost of petrol vehicles in India within two years, said Road Transport and Highways Minister Nitin Gadkari in Lok Sabha. MPs can buy electric vehicles once a charging station is installed on Parliament premises. The minister said the government’s policy is import substitute, cost-effectiveness, pollution-free and indigenous production.

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Adani Road Transport receives LoA for NHAI road project in Maharashtra

Adani Road Transport (ARTL) has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The order consists of six-laning the Kagal-Satara section of NH-48. The estimated cost of the project is Rs 2,008.47 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd. 

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Bharat Dynamics, UAE firm signs MoU to explore new business opportunities 

Bharat Dynamics Ltd (BDL) has signed a Memorandum of Understanding with UAE’s Tawazun Economic Council (TEC) for exploring new business opportunities in the field of defence. The two entities will explore the possibility of exporting products to cater to global demand. Tawazun is the defense and security acquisition authority for the UAE armed force.

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Britannia plans to raise prices by up to 7%

Britannia is planning to hike the prices of its biscuits and cookies by 7% this year. Managing Director Varun Berry said the last two years have been pretty bad for the business. The latest blow delivered by the Russia-Ukraine war has affected the food supply chain. The company had initially assumed a 3% inflation this year. However, inflation is now seen at 8-9%.

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GAIL announces Rs 1,083 crore buyback plan

GAIL (India) Ltd has announced a share buyback plan worth Rs 1,084.72 crore. The state-run company will buy back nearly 5.69 crore fully paid-up equity shares (of the face value of Rs 10 each) at Rs 190 per share. The buyback price is at a 24% premium over Wednesday’s closing price of Rs 153.40. GAIL has fixed April 22 as the record date for ascertaining the eligibility of shareholders for buyback of shares.

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Bharti Airtel partners with Tech Mahindra to co-develop 5G use cases

Bharti Airtel Ltd has entered into a strategic partnership with Tech Mahindra to co-develop and market 5G use cases in India. They will jointly set up a 5G innovation lab for developing ‘Make in India’ use cases for the Indian and global markets. Airtel has been spearheading 5G demos and testing in the country, while Tech Mahindra has developed world-class 5G applications and platforms. 

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IOCL to release 6,000 MT diesel to ease power crisis in Sri Lanka

Indian Oil Corporation Ltd (IOCL) will release 6,000 metric tonnes of diesel to Sri Lanka as it pitches in to mitigate the spike in power cuts in the island nation. Sri Lanka is facing an unprecedented economic and energy crisis caused due to shortage of foreign exchange. India recently announced to extend a $1 billion line of credit to Sri Lanka as part of its financial assistance to the country. 

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Indian govt more than doubles gas price

The government more than doubled the domestic price of natural gas, increasing it for the second time in a row amid rising global prices. Gas under the administrative price mechanism will cost 110.3% more at $6.1 a million metric British thermal units for the first half of FY23. As per reports, such a hike may benefit Oil & Natural Gas Corp., Oil India Ltd, and Reliance Industries Ltd.

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Reliance, Ola Wins Support for Battery Manufacturing – Top Indian Market News

Reliance, Ola selected for incentives under PLI scheme for battery manufacturing

Reliance New Energy Solar, Ola Electric Mobility, Hyundai, and Rajesh Exports have been selected to receive incentives under a PLI scheme for manufacturing Advanced Chemistry Cell (ACC) Battery Storage in India. Hyundai and Ola Electric have been awarded support for setting up 20 Gigawatt Hour (GWh) of manufacturing capacity each. Reliance and Rajesh Exports will be getting PLI for setting up 5 GWh of manufacturing capacity.

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Invesco supports ZEEL-Sony merger deal; decides not to pursue EGM

Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), said it will support the Zee-Sony merger deal. It has also decided not to pursue the call for an extraordinary general meeting (EGM) to remove ZEEL Managing Director and CEO Punit Goenka and two independent directors. ZEEL has welcomed the move and said it will continue to seek the required valuable support from all its stakeholders. 

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IDBI Bank’s board to consider Rs 8,000 crore resource for FY23

IDBI Bank’s board is planning to consider a proposal for approving a Rupee Bond borrowings limit of about Rs 8,000 crore for FY 2022-23. The board will meet on March 29 to consider the proposal. The resources will be borrowed in one or more tranches. IDBI Bank Ltd is an Indian private sector lender and a subsidiary of Life Insurance Corporation (LIC).

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India’s domestic aviation sector set to recover fully by mid-2022: Airbus official

India’s civil aviation sector is likely to rebound quickly from the Covid-19 crisis, even as the rising oil prices and the war in Ukraine will have an impact on the overall aviation market, said Remi Maillard, President of Airbus India & South Asia. He believes that domestic traffic in India will fully recover by the middle of the current year, while international traffic will rebound by the next year. Airbus has forecast that India will require 2,210 new aircraft over the next 20 years.

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NTPC commissions additional 42.5 MW capacity at Ramagundam solar project

NTPC Ltd has started commercial operations of an additional 42.5 MW of power generation capacity at Ramagundam floating solar project in Telangana. Earlier, the company had commissioned 17.5 MW (Part-I) and 20 MW (Part-II) of the solar project. The total commercially operational power generation capacity of the Ramagundam project has now reached 80 MW. The NTPC group’s installed and commercial capacity stands at 68,609.68 MW and 67,949.68 MW, respectively.

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IIFL Home Fin partners with SBI for affordable housing loans

IIFL Home Fin has entered into a co-lending partnership with State Bank of India (SBI) to accelerate effective and affordable credit to small home buyers in India. IIFL HFL will manage loan sourcing and servicing. Under the arrangement, 80% of the loan will be provided by SBI. IIFL HFL will service the customers throughout their entire loan cycle, from sourcing, documentation, disbursal to collection.

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Adani Enterprises, L&T among firms keen to build satellite launchers: Govt

The Government said Adani Enterprises Ltd and Larsen & Toubro are part of two consortia led by state-run enterprises that have shown interest in building Polar Satellite Launch Vehicles (PSLVs), ISRO’s rocket that put satellites in orbit. New Space India Ltd, a company under the Department of Space, had invited proposals from companies to build five PSLVs. State-run Bharat Heavy Electrical Ltd has also submitted a techno-commercial proposal for building PSLV.

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Motherson Sumi secures order from Boeing

Motherson Sumi Systems Ltd (MSSL) has secured an order from Boeing to manufacture and supply aftermarket molded polymer parts for commercial airplane interiors. The production will commence from the third quarter of FY23. It will be manufactured at MSSL’s plant situated in Noida. MSSL said it is scaling its capabilities to provide integrated solutions to the aerospace industry.

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L&T board approves long term borrowings up to Rs 10,000 crore

Infrastructure major Larsen & Toubro’s (L&T) board has approved long-term borrowings up to Rs 10,000 crore. Long-term borrowings include refinancing through external commercial borrowings, term loans, or non-convertible debentures. In other news, L&T has won a ‘significant’ order to construct hi-tech IT parks at eight locations across Bangladesh.

Read more here.

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TVS Motor Exports Over 10 lakh Units in FY22 – Top Indian Market News

tvs

TVS Motor exports over 10 lakh two-wheelers for the first time in a year in FY22

TVS Motor Company Ltd has sold over 10 lakh two-wheelers in overseas markets this year. This is the first time ever that the company crossed the 7-figure sales mark in a financial year. It has a presence across 80 countries in Africa, Southeast Asia, the Indian sub-continent, and Central and Latin America. The company is also looking to enter more markets in Europe and North America. The key exports include the TVS Apache, HLX, Raider, and Neo two-wheelers.

Read more here. 

Dabur India partners with IndianOil for direct-to-home sales

Dabur India Ltd has announced an exclusive partnership with IndianOil to offer its range of products to nearly 14 crore Indane LPG consumers across India. Indane LPG distributors will become retail business partners for the FMCG company. They will help sell Dabur products directly to LPG consumer households through their network of delivery personnel. Both companies are working on technological system integration for seamless supplies across the value chain.

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Adani Enterprises divests stake in DC Development Hyderabad, NDCL

Adani Enterprises Ltd (AEL) has divested its entire stake in DC Development Hyderabad Pvt Ltd and Naida Data Center Ltd (NDCL) to AdaniConnex Pvt Ltd. The two firms have ceased to be wholly-owned subsidiaries of AEL. AdaniConnex is a 50:50 joint venture company of AEL with EdgeConneX Europe B.V.

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Spandana Sphoorty expects to disburse Rs 1,000 cr in Q4 of FY22

Spandana Sphoorty Ltd has resumed disbursements and expects to lend Rs 1,000 crore in the fourth quarter (Q4FY22). The microfinance institution had put disbursements on hold in the previous quarter (Q3) after its managing director Padmaja Reddy resigned abruptly in November 2021. The company has disbursed new loans worth Rs 30 crore so far in February.

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Cadila Healthcare gets USFDA approval for type-2 diabetes drug

Cadila Healthcare Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Dapagliflozin Tablets. The drug is used with a proper diet and exercise program to control high blood sugar in people with type-2 diabetes. It will be manufactured at the Cadila’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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M&M Finance launches special deposit schemes

Mahindra & Mahindra Financial Services Ltd announced the launch of a special deposit scheme for digitally affluent customers. Depositors will have the opportunity to interact directly with the deposit-taking companies for the placement of deposits. To leverage the opportunity, Mahindra Finance will launch an innovative scheme that will offer 20 basis points (bps) higher interest rates per annum on direct deposits. 

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Vodafone Group looks to sell 5% stake in Indus Towers to Bharti Airtel: Report

According to a PTI report, Vodafone Group is in talks to sell its ~5% stake in Indus Towers (valued at over Rs 3,300 crore) to Bharti Airtel. The proceeds from the sale will be pumped into the loss-making Vodafone Idea Ltd (VIL). During an analyst call earlier this year, VIL’s management had reiterated March 2022 as the deadline for raising capital to finance its operations. This move comes after the telco opted to convert its AGR and spectrum dues into equity, making the Indian government the largest shareholder of the company.

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D-Mart all set to enter GIFT City

Avenue Supermarts Ltd (ASL), which owns and operates D-Mart stores, is all set to open a store in GIFT City, Gujarat. GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC). ASL was recently allotted 70,000 sq. ft. development rights in the smart city. The new store seeks to provide customers with a distinctive shopping experience, comprising a wide range of everyday consumer products.

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India could export $500 billion in green energy over 20 years: Mukesh Ambani

India could become a global green energy superpower with exports of clean energy rising to $500 billion over the next 20 years, said RIL chairman Mukesh Ambani. He added that India should have a strategy to end dependence on fossil fuels in the next 2-3 decades. India would have to follow “low-carbon and no-carbon strategies” in the near and medium-term.

Companies such as Reliance Industries and the Adani Group have announced plans worth billions of dollars to boost India’s renewable energy capacity. You can read all about it here. 

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ZEEL asks NCLT to dismiss IndusInd Bank’s insolvency plea

Zee Entertainment Enterprises Ltd (ZEEL) has filed an application in the Mumbai bench of the National Company Law Tribunal (NCLT), seeking dismissal of IndusInd Bank’s insolvency petition against the company. Earlier this month, IndusInd Bank had moved NCLT against ZEEL under the Corporate Insolvency Resolution Process, claiming a default of over Rs 83.08 crore.

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HDFC to Raise up to Rs 6,000 crore via Bonds – Top Indian Market News

hdfc

HDFC plans to raise up to Rs 6,000 crore via bonds

Housing Development Finance Corp (HDFC) will raise up to Rs 6,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The NCDs will have a base issue size of Rs 3,000 crore, with an option to retain oversubscription of Rs 3,000 crore (greenshoe option). The object of the issue is to augment/boost its long-term resources. The proceeds from the issue will be utilised for financing or refinancing the housing finance business requirements of HDFC.

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EaseMyTrip, InterGlobe Tech Quotient announces $10 million deal to boost expansion

EaseMyTrip has signed an agreement with InterGlobe Technology Quotient (ITQ) to provide seamless access to ITQ’s travel commerce platform– Travelport (1G). The deal is worth $10 million (~Rs 73.85 crore) as advance revenue from ITQ. “Our agreement along with the commitment to innovate and offer cutting-edge technologies will bring greater developments for both companies in the future”, said Sandeep Dwivedi, COO at ITQ. ITQ is a strategic business unit of InterGlobe Enterprises and connects nearly 2 lakh agency terminals.

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RIL to acquire stake in Google-backed Glance InMobi: Report

According to a report from Mint, Reliance Industries Ltd (RIL) is in talks to buy a stake in Indian mobile content provider Glance InMobi Pte. RIL is reportedly considering an investment of $300 million (~Rs 2,215 crore) in the unicorn (billion-dollar startup). Glance InMobi is backed by Alphabet Inc.’s Google. The company pushes curated news and entertainment content onto phone lock screens and runs a short video app. 

Read more here.

IndusInd Bank partners with Vistara to launch co-branded credit card

Full-service carrier Vistara has partnered with IndusInd Bank to launch a co-branded credit card— Club Vistara IndusInd Bank Explorer. The credit card will offer various benefits such as complimentary business class tickets, membership of the airline’s frequent flyer program, and lounge access. Other benefits include rescheduling fee waivers on direct booking of Vistara flights, luxury gift vouchers, complimentary movie tickets, and dining vouchers.

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Centre launches second auction attempt for 11 coal mines

The Centre has announced the launch of the second attempt of the auction process for 11 coal mines for commercial mining. These are the mines that were offered in the first auction attempt launched in March 2021 and had fetched single bids. Out of the 11 coal mines on offer, six are fully explored and five are partially explored. The auction for these mines will be held online through a transparent two-stage process based on percentage revenue share.

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Nucleus Software’s offline retail payment product passes RBI’s Regulatory Sandbox

The Reserve Bank of India (RBI) has successfully evaluated Nucleus Software Exports’ offline retail payment product, PaySe, under the cohort of Regulatory Sandbox with “Retail Payment” as its theme. PaySe is an online and offline digital payment solution that has been designed to make banking services more accessible in remote geographies. Regulatory Sandbox refers to live testing of new products or services in a controlled regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of testing.

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Patel Engineering secures order for 500 MW Teesta-VI hydro power project

Patel Engineering Ltd (PEL) has secured a civil work order worth Rs 1,251 crore for the 500 MW Teesta-VI hydro-power project in Sikkim from Lanco Teesta Hydro Power Ltd, a subsidiary of state-run NHPC. The project is located in South Sikkim District. Mumbai-based PEL has a strong presence in tunnels and underground works for hydroelectric and dam projects. 

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Piramal Enterprises to raise Rs 400 crore via NCDs

The Board of Directors of Piramal Enterprises Ltd has approved a proposal to raise up to Rs 400 crore via non-convertible debentures (NCDs). The company will issue secured, rated, listed, redeemable NCDs worth up to Rs 200 crore along with an option to retain oversubscription of up to Rs 200 crore on a private placement basis. The NCDs will be listed on the Wholesale Debt Segment and Capital Market Segment of BSE and NSE and carry a coupon rate of 8% per annum.

Adani Enterprises’ arm signs pact with April Moon Retail to operate duty-free outlets in airports

Adani Airport Holdings (AAHL) has signed a share subscription agreement with April Moon Retail Pvt Ltd (AMRPL) and existing shareholders to operate duty-free outlets in airports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. The company will acquire a 74% stake in AMRPL for Rs 7.40 lakh

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