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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.

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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.

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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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Godrej Properties Posts 167% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

godrej properties

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

Godrej Properties Q1 Results: Net profit jumps 167% YoY to Rs 46 crore

Godrej Properties Ltd reported a 167.5% YoY jump in consolidated net profit to Rs 45.55 crore for the quarter ended June (Q1 FY23). Its total income rose 62.8% YoY to Rs 426.4 crore during the same period. The real estate firm’s total sales bookings jumped five-fold to Rs 2,520 crore in Q1. The company said it is on track to meet its objective of achieving a total booking value of Rs 10,000 crore for FY23.

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LTI expands partnership with Microsoft

Larsen & Toubro Infotech Ltd (LTI) plans to train more than 12,000 employees on various Microsoft technologies by 2024. The company also announced the expansion of its collaboration with Microsoft to focus on developing high-value cloud solutions for enterprises. As part of this multi-year partnership, LTI has launched a dedicated Microsoft business unit that develops and offers end-to-end digital transformation solutions.

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Adani Green Energy Q1 Results: Net profit falls 2% YoY to Rs 214 crore

Adani Green Energy Ltd (AGEL) reported a 2% YoY decline in consolidated net profit to Rs 214 crore for the quarter ended June (Q1 FY23). Net profit increased by 77% when compared to the previous quarter. Its revenue from operations rose 67% YoY (or 12% QoQ) to Rs 1,635 crore during the same period. EBITDA stood at Rs 1,052 crore, up 46% YoY.

CCI approves RIL arm’s acquisition of 50.1% stake in Sanmina-SCI India

The Competition Commission of India (CCI) has granted approval for Reliance Strategic Business Ventures Ltd’s (RSBVL) acquisition of a 50.1% stake in Sanmina-SCI India (SCIPL).  US-based Sanmina Corporation and RSBVL have signed an agreement to create a joint venture (JV) that will establish a world-class electronic manufacturing hub in India. RSBVL is set to invest Rs 1,670 crore in the JV and hold the majority stake. The new JV will serve both domestic and export markets.

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Ajmera Realty acquires land parcel in Mumbai for Rs 42.5 crore

Ajmera Realty & Infra India Ltd’s subsidiary has acquired 1,721 square metres of land in Mumbai for Rs 42.5 crore to develop a housing project. The subsidiary, Shree Yogi Realcon Pvt Ltd, bought the property from Tata Communications Ltd. The company aims to develop around 100 residential units in this project. It is estimated to generate a sales value of ~Rs 250 crore over the next three years.

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Bank of India Q1 Results: Net profit falls 22% YoY to Rs 561 crore

Bank of India reported a 22% YoY decline in net profit to Rs 561 crore for the quarter ended June (Q1 FY23). Its total income fell 4.4% YoY to Rs 11,124.36 crore during the same period. Operating expenses stood at Rs 3,041 crore in Q1, up 12% YoY. The gross non-performing assets (GNPA) ratio improved to 9.3% in Q1 FY23, compared to 13.51% in Q1 FY22.

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SpiceJet clears all dues with Airports Authority of India

SpiceJet Ltd has entered into a full and final settlement with the Airports Authority of India (AAI) and cleared all outstanding principal dues of the airport operator. The airline will no longer remain on “cash and carry” at AAI-run airports across India and revert to an advance payment mechanism for daily flight operations. According to SpiceJet’s spokesperson, the company’s ability to clear the pending dues reflects its improved cash flow in recent times.

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Data Patterns Q1 Results: Net profit rises 38% YoY to Rs 14.26 crore

Data Patterns (India) Ltd reported a 38.4% YoY increase in net profit to Rs 14.26 crore for the quarter ended June (Q1 FY23). Net profit declined by 77% when compared to the previous quarter. Its revenue from operations rose 84% YoY to Rs 68.38 crore during the same period. The company’s order book currently stands at Rs 663.55 crore. Data Patterns is a leading solution provider for the defence and aerospace electronics industries.

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CCI approves divestment of IDFC AMC

The Competition Commission of India (CCI) has approved the divestment of IDFC Asset Management Company (IDFC AMC). In April 2022, a consortium of Bandhan Bank’s parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital, and Singapore’s sovereign fund GIC announced the acquisition of IDFC AMC for Rs 4,500 crore. Established in 2000, IDFC AMC manages over Rs 1,15,000 crore of Asset Under Management (AUM) as of March 31, 2022.

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Tata Power partners with JLL to provide green energy solutions for realty sector

Tata Power has signed a Memorandum of Understanding (MoU) with JLL India to promote green energy solutions in the real estate space. Both entities will jointly evaluate opportunities across JLL India’s clients’ portfolios to extend Tata Power’s green energy solutions. Tata Power will also work with JLL India to support the transition of their existing offices into green energy power hubs.

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Adani Green Energy Raises $288M for RE Projects – Top Indian Market News

Adani Green Energy raises $288 million for RE projects

Adani Green Energy Ltd (AGEL) has raised $288 million (~Rs 2,188 crore ) for the construction of its renewable energy (RE) projects. The funds will initially finance the 450 megawatts (MW) hybrid portfolio of solar and wind RE projects that AGEL is setting up in Rajasthan. The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030.

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Airbus in talks with Tatas, Indian carriers for A350XWB aircraft

Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes. Currently, only Vistara and Air India have wide-bodied aircraft in their fleet. Wide-bodied planes like the A350XWB have larger fuel tanks that allow them to travel longer distances. “We predict a 6.2% yearly average growth for the air traffic out of India. The world average is at 3.9%,” noted Remi Maillard, President & MD of Airbus India & South Asia.

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Glenmark Pharma gets USFDA approval for Lacosamide tablet

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is used to treat partial-onset seizures in patients 4-years and older. As per IQVIA January 2022 data, the generic version of the drug had achieved annual sales of ~$1.7 billion (~Rs 12,964 crore). 

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Godrej Properties records sales worth Rs 1,002 crore in Pune township project

Godrej Properties Ltd (GPL) has achieved sales of Rs 1,002 crore in 2021-22 in its township project ‘Riverhills’ in Mahalunge, Pune. The realty company has sold over 1,550 homes across 1.5 million sq. ft. in the current financial year. Since the launch of Phase-1 of the township in September 2019, GPL has sold over 3,600 homes with 3.4 million square feet of area and a booking value of over Rs 2,100 crore.

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TCS, Google Cloud secures Fletcher Building digitisation deal

Tata Consultancy Services (TCS) has secured a deal from Fletcher Building to build a Google cloud-based enterprise platform to support long-term growth. TCS and Google Cloud will implement enterprise-grade cloud capability to run the realty company’s mission-critical enterprise workloads. Both entities will develop Fletcher Building’s customer data strategy to create an end-to-end understanding of customer needs and behaviors.

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Wockhardt partners with SII to set up vaccine manufacturing plant in UK

Wockhardt UK has partnered with a subsidiary of Serum Institute of India (SII) to set up a new vaccine manufacturing facility in Wrexham, North Wales (UK). The collaboration between Wockhardt UK and Serum Life Sciences UK Ltd will help create employment opportunities and establish a new sterile fill and finish facility in Wrexham. The facility will deliver an additional 150 million vaccine doses of multiple vaccines.

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NMDC becomes first Indian company to cross 40 MT iron ore production in a year

NMDC Ltd has crossed the milestone of producing over 40 million tonnes (MT) of iron ore in a year, becoming the first Indian company to do so. The company has now set a target of becoming a 100 million tonnes per annum (MTPA) company by 2030. NMDC plans to leverage its expertise in moving towards a multi-mineral outlook with coal, diamond, gold, and other strategic minerals to its portfolio.

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Strides Pharma signs pact with MPP to market Covid-19 drug

Strides Pharma Science Ltd has signed a sub-licence agreement with Medicines Patent Pool (MPP) to commercialise the generic version of Pfizer’s Covid-19 oral treatment (Kovidax) in 95 low and middle-income countries. The product will be manufactured at Strides’ flagship facility in Bengaluru. The company has also secured active pharmaceutical ingredients (API) supplies for the drug via a preferred partnership agreement. 

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KEC International secures new orders worth Rs 1,005 crore

KEC International Ltd has secured new orders worth Rs 1,005 crores across its various business segments. The transmission & distribution (T&D) business has received orders for the supply of towers and poles in the Americas. Its railways business has won orders for overhead electrification and associated works. The company’s civil business has secured an order for the construction of a depot cum workshop in the urban infra segment in India.

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Banks recover Rs 61,000 crore via one-time settlement of loans

The Central Govt informed Parliament that around 11 banks have recovered ~Rs 61,000 crore by way of one-time settlement of loans in nearly four financial years. The figures are for the last three financial years and up to December 2021 of FY22. As per RBI norms, banks are required to have a board-approved loan recovery policy. The policy may cover negotiated settlements through compromise, including one-time settlements (OTS). Such measures will help banks promptly recycle their funds with advantage.

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Domestic air traffic rose 20% in Feb: DGCA

Around 76.96 lakh domestic passengers travelled by air in February 2022, a 20% increase over January. This shows a sign of recovery for the domestic aviation market, which had dipped 43% due to the third wave of the Covid-19 pandemic. IndiGo carried 39.51 lakh passengers in Feb, securing a 51.3% share of the domestic market. SpiceJet Ltd flew 8.2 lakh passengers and Air India flew 8.55 lakh passengers in February.

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Bharti Airtel Conducts Cloud Gaming Session on 5G Trial Network – Top Indian Market News

Bharti Airtel conducts cloud gaming session on 5G trial network

Bharti Airtel has successfully conducted India’s first cloud gaming session in a 5G environment. The demonstration was conducted in Manesar, Gurgaon, as part of the ongoing 5G trials using spectrum allotted by the Department of Telecommunications (DoT). Cloud gaming enables users to stream and play games in real-time without having to download or invest in gaming hardware. Bharti Airtel stated that cloud gaming will be one of the biggest use cases of 5G, given the combination of high speed and low latency (no lag).

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Tata Power to set up 330 MW solar project in Madhya Pradesh

Tata Power Saurya Ltd (TPSL), a wholly-owned subsidiary of Tata Power, has received a Letter of Award (LoA) from Rewa Ultra Mega Solar to build a 330 megawatt (MW) solar project in Neemuch Solar Park in Madhya Pradesh. The project has been awarded through tariff-based competitive bidding, followed by an e-reverse auction. The energy from the project will be supplied to the Indian Railways and Madhya Pradesh Power Management Company Ltd under a power purchase agreement (PPQ) valid for 25 years. 

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Infosys Springboard to offer digital reskilling to over 1 crore people by 2025

Infosys Ltd has launched Infosys Springboard to accelerate its digital reskilling initiatives and expand it to over 1 crore students and professionals by 2025. The program offers a virtual platform to deliver corporate-grade learning experiences for learners, ranging from school and college students to professionals and adults. Nearly 4 lakh learners and over 300 education institutions, NGOs, and support groups are part of the initiative. Infosys Springboard comes under the IT firm’s corporate social responsibility (CSR) initiatives.

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Just Dial’s board approves allotment of 2 crore shares to Reliance Retail

The Board of Directors of Just Dial Ltd has approved the allotment of 2.12 crore equity shares to Reliance Retail Ventures Ltd (RRVL). The allocation has been done at Rs 1,022.25 per share through preferential allotment on a private placement basis. Following this, RRVL holds 40.98% of the total paid-up equity share capital of Just Dial. To learn more about the deal, click here.

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Adani Green Energy raises $750 million via green bonds

Adani Green Energy Ltd (AGEL) has raised $750 million (~Rs 5,475 crore) through the issuance of green bonds. The bond issue was oversubscribed 4.7 times. The funds will be utilised towards meet the capital expenditure requirements for AGEL’s renewable projects that are under construction. With this bond issuance, AGEL has completed the final phase of its capital management plan. The company now has a fully-funded program for both debt and equity to achieve its target of 25 gigawatts (GW) of renewable energy capacity by 2025.

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M&M to cut production by 25% due to semiconductor shortage

Mahindra & Mahindra Ltd (M&M) will observe ‘No Production Days’ of around 7 days in September as its automotive division continues to face supply shortages of semiconductors. This move is estimated to result in a reduction in production volumes of the automotive division by 20-25% in September. M&M’s revenue and profitability will be impacted in line with the fall in production volumes. 

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Bajaj Healthcare to commence production of Nimesulide API

Bajaj Healthcare Ltd will start commercial production of Nimesulide Active Pharmaceutical Ingredient (API) at its Tarapur unit in Maharashtra on Sept 3. The company has received approval from FDA Maharashtra to manufacture and market Nimesulide API as an approved medication for pain relief and prevention of fever in India. The total installed capacity of the Tarapur unit is 111 metric tonnes (MT) per month.

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BLS International gets ePassport renewal contract from Philippines Dept of Foreign Affairs

BLS International Services Ltd has signed a contract with the Philippines Department of Foreign Affairs to provide ePassport renewal services in Italy, Qatar, and Malaysia. The company will simplify the application procedure and shorten the overall application processing time, thus contributing to improved customer service. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide.

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Natco Pharma launches generic cancer drug in Canda

Natco Pharma (Canda) Inc., a subsidiary of Natco Pharma, has launched generic Nat-Lenalidomide capsules in the Canadian market. The drug is used for the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). It is a generic alternative to Revlimid, which is to be approved by Health Canada. The launch of the product represents an important milestone in Natco Pharma’s continued efforts to expand its product portfolio.

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Ahluwalia Contracts secures order worth Rs 229 crore from WBHIDCO

Ahluwalia Contracts (India) Ltd has received an order worth Rs 229 crore from West Bengal Housing Infrastructure Development Corporation (WBHIDCO). The order is for the construction of an affordable housing project in Kolkata. Ahluwalia Contracts is a construction company based in New Delhi. Its project portfolio includes residential and commercial complexes, hotels, hospitals, corporate offices, IT parks, and institutional buildings.

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Exports rise 45% YoY in August to $33.14 billion

India’s merchandise exports stood at $33.14 billion in August 2021, an increase of 45.17% over the corresponding month last year. Total exports during April-August this year rose 66.92% YoY to $98.05 billion. Meanwhile, imports increased by 51.47% YoY to $47.01 billion in August. The trade deficit during the month stood at $13.87 billion, compared to $8.2 billion in the year-ago period. The data was released by the Ministry of Commerce & Industry.

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Amara Raja Batteries Reports 38% YoY Rise in Net Profit in Q4 – Top Indian Market News

Amara Raja Batteries Q4 Results: Net profit rises 38% YoY to Rs 189 crore

Amara Raja Batteries reported a 38% YoY increase in consolidated net profit to Rs 189.38 crore for the quarter ended March (Q4). Net profit has declined by 2.23% when compared to the previous quarter. Its revenue from operations rose 33% YoY to Rs 2,102.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 2.11% YoY to Rs 646.83 crore. The company’s board has announced a final dividend of Rs 6 per share. 

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Adani Green Energy’s arm transfers 74% stake of Mundra Solar Energy to Adani Tradecom

Adani Renewable Energy Holding Four Ltd, a wholly-owned subsidiary of Adani Green Energy, has transferred 74% shareholding of Mundra Solar Energy Ltd (MSEL) to Adani Tradecom LLP (ATLLP). The subsidiary has transferred 7,400 equity shares of the face value of Rs 10 each, aggregating to Rs 74,000, to ATLLP. MSEL is incorporated to manufacture crystalline silicon solar PV cells, modules, and ancillary products. It is yet to commence business operations.

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AkzoNobel Q4 Results: Net profit rises 37% YoY to Rs 74 crore

AkzoNobel India reported a 37% YoY increase in consolidated net profit to Rs 74.25 crore for the quarter ended March (Q4). Net profit has declined by 15% when compared to the previous quarter. The paints manufacturer’s revenue declined 9% YoY to Rs 2,421.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 12.56% YoY to Rs 207.64 crore. The company’s board has announced a dividend of Rs 30 per share.

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Hero MotoCorp to resume production at all plants from May 24

Hero MotoCorp said it will resume production at all its manufacturing plants in India from May 24 (Monday). The two-wheeler manufacturer had temporarily shut down operations from April 22 due to the second wave of the Covid-19 pandemic. At the beginning of this week, the company had resumed partial operations at its three plants at Gurugram, Dharuhera (Haryana), and Haridwar (Uttarakhand).

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Natco Pharma gets USFDA approval for generic cancer treatment drug

Natco Pharma Limited has received approval from the US Food & Drug Administration (USFDA) for generic Lenalidomide capsules. The drug is indicated for the treatment of adults with multiple myeloma, mantle cell lymphoma, and myelodysplastic syndromes (cancer). The pharma company has also received final approval for its Abbreviated New Drug Application (ANDA) for Everolimus tablets. This drug is indicated for the treatment of organ rejection in kidney and liver transplants.

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Punjab & Sind Bank Q4 Results: Net profit at Rs 161 crore

Punjab & Sind Bank reported a net profit of Rs 161 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 236 crore in the corresponding quarter last year (Q4 FY20). This is the first quarterly profit for the bank after eight consecutive quarters of net losses. Its total income declined by 15.24% YoY to Rs 1,940.62 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has widened to Rs 2,732.90 crore. This is compared with a net loss of Rs 990.80 crore in FY20.

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FTSE includes Gland Pharma, IRFC in All World Index

Index provider FTSE has included newly listed stocks Gland Pharma and Indian Railway Finance Corporation (IRFC) in its All World index as part of its quarterly rebalancing review.  FTSE will also implement the fourth and final tranche of India Foreign Ownership Limit (FOL) changes. All changes will be effective from June 21, 2021. According to a report from Edelweiss Alternate Research, the inclusion of Gland Pharma and IRFC in the All World index is likely to bring in an estimated inflow of $68 million and $20 million, respectively.

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TVS Electronics Q4 Results: Net profit at Rs 5.85 crore

TVS Electronics has reported a standalone net profit of Rs 5.85 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 5.69 crore in the corresponding period last year (Q4 FY20). Its revenue from operations rose 35.79% YoY to Rs 72.31 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 97.44% YoY to Rs 0.77 crore.                     

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TCS launches innovation hub to boost sustainable development in Europe

Tata Consultancy Services has launched a co-innovation and advanced research centre in Amsterdam to bring together an ecosystem of partners from academia, government institutions, start-ups, and technology providers. TCS Pace Port Amsterdam will serve as a hub for TCS teams to co-innovate with European customers, guiding them through the discovery, definition, refinement, and delivery phases of innovation.

TCS has also announced plans to set up over 100 Covid-19 vaccination centres across India. The IT company is partnering with hospitals and health care providers to procure doses for vaccinating its associates and their families.

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MCX Q4 Results: Net profit declines 41% YoY to Rs 38 crore

Multi Commodity Exchange of India reported a 41% YoY decline in consolidated net profit to Rs 38.44 crore for the quarter ended March (Q4). Net profit has declined by 46.5% when compared to the previous quarter. Its total income declined by 19.62% YoY to Rs 108.46 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit fell 4.77% YoY to Rs 225.22 crore. MCX’s board has announced a final dividend of Rs 27.70 per share.

Mangalam Cement Q4 Results: Net profit rises 134% YoY to Rs 36 crore

Mangalam Cement reported a 134.5% YoY increase in standalone net profit to Rs 36.4 crore for the quarter ended March (Q4). Net profit has declined by 2% when compared to the previous quarter. Its revenue from operations rose 38.42% YoY to Rs 410.82 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 43.5% YoY to Rs 108.98 crore. Mangalam Cement’s board has declared a dividend of Rs 1.50 per share. 

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IOC Reports 78% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Indian Oil

IOCL Q4 Results: Net profit rises 78% QoQ to Rs 8,781 crore

Indian Oil Corporation Ltd (IOCL) reported a 78.6% quarter-on-quarter (QoQ) increase in net profit to Rs 8,781 crore for the quarter ended March (Q4). Its revenue rose 16.3% QoQ to Rs 1.24 lakh crore during the same period. The oil retailer’s operating profit grew 40.3% QoQ to Rs 13,502 crore. The company’s gross refining margin (GRM) stood at $5.46 a barrel in FY21, compared with $0.08 per barrel in FY20. IOCL’s board has recommended a final dividend of Rs 1.50 per share.

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Adani Green Energy to acquire 5-GW renewable portfolio from SB Energy for $3.5 billion

Adani Green Energy Ltd (AGEL) has signed definitive agreements to acquire 5 gigawatts (GW) of renewable power portfolio from SB Energy India for a fully completed enterprise evaluation of $3.5 billion (~Rs 25,600 crore). SB Energy is a joint venture (JV) between Japan-based Softbank Group and Bharti Group, who held 80% and 20% stake, respectively. It has a total renewable portfolio of 4,954 megawatts (MW) across four states in India. This transaction marks the largest acquisition in the renewable energy sector in India.

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JK Tyre Q4 Results: Net profit at Rs 196 crore

JK Tyre & Industries reported a consolidated net profit of Rs 196.02 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 46.95 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 63.3% YoY to Rs 2,921.28 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has jumped 111% YoY to Rs 319.34 crore. The company’s board has recommended a dividend of Rs 2 per share.

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Anupam Rasayan secures orders worth Rs 540 crore to supply specialty chemicals

Anupam Rasayan India Ltd has secured orders worth Rs 540 crore from two multinational companies for supplying specialty chemicals. The company will provide life sciences-related specialty chemicals to both firms for a period of five years. It will produce the materials required for these contracts in its current multipurpose facilities. Gujarat-based Anupam Rasayan is engaged in custom synthesis and manufacturing of specialty chemicals.

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BEML unveils mechanical minefield marking equipment for Indian Army

BEML has rolled out the prototype of mechanical minefield marking equipment Mk-II, built on BEML TATRA 6×6— an ‘Atmanirbhar’ product. The equipment is designed for marking minefields at a faster rate, semi-automatically, and with minimal human intervention. The product was developed through a transfer of technology (ToT) from Research & Development Establishment Engineers (R&DE Engineers) of the Defence Research and Development Organisation (DRDO). 

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Heritage Foods Q4 Results: Net profit at Rs 24 crore

Heritage Foods Ltd reported a consolidated net profit of Rs 24.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 209.9 crore in the corresponding quarter last year (Q4 FY20). The dairy company’s revenue from operations declined by 5% YoY to Rs 619.4 crore in Q4 FY21. The board of Heritage Foods has recommended a dividend of Rs 5 per share.

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Royal Enfield to recall 2.36 lakh motorcycles due to defects in ignition coil

Eicher Motors-owned Royal Enfield announced that it will recall around 2,36,966 motorcycles across several models due to defects in the ignition coil. The defects could cause misfiring, and in rare cases, an electric short circuit. The recall will apply to Meteor, Classic, and Bullet model motorcycles sold in India, Thailand, Indonesia, Philippines, Australia, New Zealand, and Malaysia. The defect was discovered during routine internal testing.

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Endurance Tech Q4 Results: Net profit rises 75% YoY to Rs 187.4 crore

Endurance Technologies reported a 75.42% YoY increase in consolidated net profit to Rs 187.4 crore for the quarter ended March (Q4). Net profit has declined by 1.4% when compared to the previous quarter. Its sales revenues rose 33.58% YoY to Rs 2,132.90 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 8% YoY to Rs 519.7 crore. The company’s board has recommended a dividend of Rs 6 per share. Endurance Technologies is a leading manufacturer of automotive components in India.

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Happiest Minds partners with Coca Cola Bottling Company to drive robotic automation journey 

Happiest Minds Technologies said it has successfully executed a digital transformation project for Coca Cola Bottling Company United. The order is for streamlining Coca Cola United’s order management with robotic process automation (RPA) in Microsoft Power Automate. The new, simplified process allows orders from all channels, such as inbound and outbound call center agents, field service sales representatives at customer sites, and via a customer self-service portal.

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Dr Reddy’s in talks with RDIF on Sputnik V for other countries

Dr Reddys Laboratories is in discussions with the Russian Direct Investment Fund (RDIF) for acquiring rights of Covid-19 vaccine Sputnik V for more countries. Recently, Dr Reddy’s and Apollo Hospital announced that they have kicked off the first phase of vaccinations with Sputnik V in Hyderabad and Visakhapatnam. The pharma company plans to supply Sputnik V to the Indian government only when local production begins around July.

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RBI Governor Announces Measures to Battle Second Wave Impact – Top Indian Market News

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RBI Governor announces relief measures to battle second wave impact

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a set of relief measures to help stakeholders battle the impact of the second wave of Covid-19 infections in the country. The RBI has opened an on-tap liquidity window of Rs 50,000 crore to ramp up Covid-19 related healthcare infrastructure and services. Under the scheme, banks can provide fresh lending support to vaccine manufacturers, suppliers of vaccines and priority medical devices, hospitals, logistics firms, etc. The Governor has also announced loan restructuring facilities for individuals, small businesses, and micro, small & medium enterprises (MSMEs) who have been adversely affected by the pandemic.

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Adani Enterprises Q4 Results: Net profit jumps 282% YoY to Rs 234 crore

Adani Enterprises Ltd (AEL) reported a 282.2% year-on-year (YoY) jump in consolidated net profit to Rs 233.95 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 21%. Profit for the quarter was impacted by a one-time exceptional loss of Rs 179 crore. Its total revenue stood at Rs 13,688.95 crore during the same period, compared with Rs 13,698 crore in Q4 FY20. The company’s board has recommended a final dividend of Re 1 per share.

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Cabinet approves strategic divestment of IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment, along with the transfer of management control in IDBI Bank. The extent of respective shareholding to be divested by the Government of India (GoI) and Life Insurance Corporation (LIC) will be decided at the time of structuring of the transaction, in consultation with the RBI. Currently, GoI owns 45.48% equity in IDBI Bank, while LIC holds 49.24%.

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Tata Steel Q4 Results: Net profit at Rs 6,644 crore

Tata Steel Limited reported a 79.7% quarter-on-quarter (QoQ) increase in net profit to Rs 6,644 crore for the quarter ended March (Q4). Revenue rose 19% QoQ to Rs 49,977 crore during the same period. Hot-rolled coil prices rose 16.7% during the quarter to Rs 54,856 per tonne. Tata Steel’s consolidated sales volumes rose 0.43% QoQ to 4.67 million tonnes. The company’s board has approved a dividend of Rs 25 per share.

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SRF Q4 Results: Net profit rises 96% YoY to Rs 381 crore

SRF Limited reported a 96% YoY increase in consolidated net profit to Rs 381 crore for the quarter ended March (Q4). Its revenue from operations rose 40% YoY to Rs 2,608 crore during the same period. SRF’s chemical segment posted a 31% YoY increase in revenue to Rs 1,153 crore. Its packaging films segment reported a 63% YoY increase in revenue to Rs 980 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 31% YoY to Rs 1,198 crore. 

SRF’s board has approved the setting up of a multi-purpose plant at Dahej (Gujarat) at an approximate cost of Rs 375 crore.

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Alembic Pharma gets USFDA approval for ophthalmic solution

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic solution. The drug is indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension who are insufficiently responsive to beta-blockers. According to IQVIA data, the product had sales of approximately $80 million (~Rs 590 crore) for the 12 months ended December 2020.

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CEAT Q4 Results: Net profit jumps three-fold to Rs 153 crore

CEAT Limited reported a three-fold (195%) YoY increase in net profit to Rs 153 crore for the quarter ended March (Q4). The tyre company’s revenue rose 45% YoY to Rs 2,290 crore during the same period. CEAT introduced better inventory efficiency measures to compensate for the rise in raw material costs. The company’s board has approved an investment of Rs 1,205 crore to expand capabilities in the truck and bus radial (TBR) segment. CEAT has also announced a final dividend of Rs 18 per share.

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Wipro partners with Transcell Oncologics to transform vaccine safety assessment strategies

Wipro Limited has partnered with Hyderabad-based Transcell Oncologics to transform vaccine safety assessment strategies using artificial intelligence (AI). The partnership combines Transcell’s innovative stem cell technology with the advanced AI capabilities of Wipro HOLMES. This will enable customers to improve the safety of global vaccine immunization programs.

Kirloskar Ferrous Q4 Results: Net profit jumps 135% YoY to Rs 135 crore

Kirloskar Ferrous Industries reported a 135.4% YoY jump in net profit to Rs 135.33 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 27%. Its revenue from operations rose 67% YoY to Rs 748.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 168% YoY to Rs 302.11 crore. The company’s board has declared a final dividend of Rs 3 per share.

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Hikal signs multi-year agreement with a global pharma company

Hikal Limited has signed a multi-year contract with a leading global pharmaceutical company. The contract includes the development and supply of a portfolio of niche Active Pharmaceutical Ingredients (APIs) over a period of 10 years. Hikal and its customer will jointly invest in its plant in Panoli (Gujarat) to set up a multipurpose manufacturing asset to produce the APIs. Commercial supplies will commence after the successful development and plant commercialisation, which is estimated to be from FY 2023-24 onwards.

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Craftsman Automation Q4 Results: Net profit rises 8.7% QoQ to Rs 47.28 crore

Craftsman Automation Ltd reported an 8.74% quarter-on-quarter (QoQ) increase in net profit to Rs 47.28 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 1,064.5%. Its revenue from operations rose 9.47% QoQ to Rs 540.12 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 143% YoY to Rs 97.36 crore.

Adani Green Energy Q4 Results: Net profit rises 8.25% YoY to Rs 105 crore

Adani Green Energy Limited (AGEL) reported an 8.25% YoY increase in consolidated net profit to Rs 105 crore for the quarter ended March (Q4). On a quarterly basis, net profit has jumped 138.6%. Its total revenue from operations rose 50.5% YoY to Rs 1,082 crore during the same period. AGEL’s revenue from power supply rose 15% YoY to Rs 690 crore. The company added 925 megawatt (MW) of operational capacity in FY21.

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HDFC Bank Reports 18% YoY Rise in Net Profit in Q4 – Top Indian Market News

HDFC Bank Q4 Results: Net profit rises 18% YoY to Rs 8,186 crore

HDFC Bank reported an 18.2% year-on-year (YoY) rise in standalone net profit to Rs 8,186.5 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 6.5%. Net interest income (NII) increased by 12.6% YoY to Rs 17,120 crore during the same period. The bank’s gross non-performing assets (NPAs) ratio stood at 1.32% in Q4, compared to 1.38% in the October-December quarter (Q3). Total deposits grew 16.3% YoY to Rs 13.35 lakh crore. 

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Glenmark Pharma’s subsidiary files paperwork for IPO with SEBI

Glenmark Life Sciences Limited (GLSL) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). GLSL is a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited. The IPO will consist of a fresh issue of shares worth Rs 1,160 crore and an offer for sale (OFS) of up to 73.05 lakh shares. 

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ICICI Lombard Q4 Results: Net profit rises 22% YoY to Rs 345.68 crore

ICICI Lombard General Insurance Company Ltd reported a 22.6% YoY increase in net profit to Rs 345.68 crore for the quarter ended March (Q4). Total revenue rose 22.4% YoY to Rs 3,489.39 crore during the same period. Its gross direct premium income (GDPI) rose 9.4% YoY to Rs 3,478 crore in Q4 FY21. The company’s board has proposed a final dividend of Rs 4 per share.

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Adani Green Energy secures 15 MWac solar power project in Gujarat

Adani Renewable Energy Holding Fifteen Ltd (AREHFifteenL) has secured an order to establish a 150 MWac (megawatt, alternating current) solar power project in Gujarat. AREHFifteenL is a wholly-owned subsidiary of Adani Green Energy Limited (AGEL). The fixed tariff for this project capacity is Rs 2.22 per kilowatt-hour (kWh) for a period of 25 years. The project is expected to be commissioned by Q3 of FY 2022-23.

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India’s pharma exports grew 18% to $24.4 billion in FY21

According to the Pharmaceuticals Export Promotion Council of India, pharma exports increased by 18% year-on-year (YoY) to $24.44 billion (~Rs 1.82 lakh crore) during the financial year 2020-21. The figure stood at $20.58 billion in FY20. Exports grew by 48.5% YoY to $2.3 billion in March, the highest ever in FY21. Country-wise exports to the US, Canada, and Mexico have recorded a growth of 12.6%, 30%, and 21.4%, respectively.

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DoT allocates 4G spectrum to Reliance Jio, Bharti Airtel

The Department of Telecommunications (DoT) has completed the process of allocating spectrum to successful bidders of the auctions conducted in March. Reliance Jio Infocomm has paid Rs 2,149.59 crore for its share of airwaves, while Bharti Airtel has deposited Rs 157.38 crore. Thus, the government has received Rs 2,306.97 crore from the telecom spectrum auctions so far.

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Coforge Limited’s board approves issue of NCDs for Rs 340 crore

The Board of Directors of Coforge Limited has approved the issuance of up to 3,400 listed, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each— aggregating to Rs 340 crore. The NCDs will be issued on a private placement basis. Coforge is a leading global IT solutions provider based in Noida.

Indiamart’s subsidiary to acquire 22% stake in Truckhall

Tradezeal Online Private Limited, a wholly-owned subsidiary of Indiamart Intermesh Limited, will acquire a 22% stake in Kolkata-based TruckHall Pvt Ltd. The total cost of the acquisition is Rs 9.68 crore. TruckHall is engaged in the business of creating an online marketplace and software development for the logistics industry. This investment is in line with Indiamart Group’s long-term objective of offering various Software-as-a-Service (SaaS)-based solutions for businesses.

Prestige Estates acquires stake in partnership firms with land parcels in North Bengaluru

Prestige Estates Projects Limited said it has acquired a 45% stake in Century Megacity and a 55% stake in Century Landmark. Century Megacity is a partnership firm that holds land parcels in North Bangalore, which will be developed into an office space soon. Century Landmark is also a partnership firm holding land parcels in North Bangalore, which will be developed into a commercial space in the near future. 

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Centre’s Net Indirect Tax Collections Rise 12% in FY21 – Top Indian Market News

Centre’s net indirect tax collections rise 12% in FY21

The Centre’s net revenue collections from indirect taxes witnessed a 12.3% year-on-year (YoY) rise to 10.71 lakh crore in the financial year 2020-21. This was supported by robust growth in receipts from customs duty and central excise (mostly from petrol and diesel). This figure has surpassed both the original as well as upwardly revised estimates for FY21 in the case of customs duty, central excise, and service tax taken together. The Centre collected Rs 1.32 lakh crore in customs duty receipts in FY21, an increase of 21% YoY. 

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BPCL partners with Accenture to transform its sales, distribution network

Bharat Petroleum Corporation Ltd (BPCL) has partnered with Accenture to transform its extensive sales and distribution network. Accenture will use its capabilities in data, artificial intelligence (AI), and cloud technologies to build, design, and implement a digital platform, called IRIS. This platform will integrate real-time data from across BPCL’s countrywide network to provide a consolidated view of its extensive operations.

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S&P Dow Jones Indices removes Adani Ports from sustainability index

S&P Dow Jones Indices said it is removing Adani Ports and Special Economic Zone Ltd (APSEZ) from its sustainability index due to the company’s business ties with Myanmar’s military, which is accused of human rights violations after a coup in February. APSEZ had earlier announced plans of building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). The stock will be removed from the index prior to the open on April 15.

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L&T begins construction of 300-MW solar power plant in Saudi Arabia

The renewables arm of Larsen & Toubro’s (L&T) Power Transmission & Distribution Business has secured the go-ahead to begin construction of a 300 MW solar power plant in Jeddah, Saudi Arabia. The engineering, procurement, and construction (EPC) order was received from a consortium of Masdar, EDF Renewables, and Nesma Company. Earlier, L&T said it had secured a major EPC order for establishing a 1.5 gigawatt (GW) Sudair solar PV project in Saudi Arabia.

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Adani Green Energy’s subsidiary commissions 50-MW solar plant in Chitrakoot

Adani Solar Energy Chitrakoot One Ltd (ASECOL), a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 50 megawatt (MW) solar power plant in Chitrakoot, Uttar Pradesh. The plant has a power purchase agreement (PPA) with the Uttar Pradesh Power Corporation Ltd at Rs 3.07 per kilowatt-hour for a period of 25 years. This takes AGEL’s total operational renewable capacity to 3,520 MW.

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JLR will report significant cash flow in Q4: Tata Motors

Tata Motors Limited said Jaguar Land Rover (JLR) is confident of reporting significant cash flows for the quarter ended March (Q4) and break-even on a cash flow basis for the financial year ended March 31. JLR posted a 12.4% year-on-year (YoY) increase in retail sales to 123,483 units in Q4. Sales of Jaguar declined by 17.1%YoY to 23,463 units, while sales of Land Rover jumped 22.6% YoY to 100,020 units during the same period.

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Ashoka Buildcon declared lowest bidder for Gujarat Rail project

Ashoka Buildcon Limited has emerged as the lowest (L1) bidder for a tender floated by Gujarat Rail Infrastructure Development Corporation. The project consists of Gauge Conversion of Bechraji-Ranuj section to Broad Gauge with 25 kilovolt (kV) AC electrification in Ahmedabad Division of Western Railway. The total project cost is Rs 333.26 crore.

Cipla doubles remdesivir production amid unprecedented demand

Cipla Limited said it has doubled production of Covid-19 medication remdesivir to help meet “unprecedented demand” as India battles the second wave of infections. Recently, the Centre banned the export of the antiviral drug and its Active Pharmaceutical Ingredients (API) to deal with shortages of the medication. The drugmaker is working with authorities to restrict remdesivir supply just to hospitals and areas with a high burden of severe Covid-19 cases.

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NBCC secures order to construct office building in Noida

NBCC (India) Limited has been awarded a work order for engagement as Project Management Consultant (PMC) for the construction of a Fertilizer Corporation of India (FCIL) office building at Noida, Uttar Pradesh. The total value of the project is Rs 65.10 crore at a PMC fee of 7%. NBCC (India) is a Government of India enterprise that provides civil engineering construction services.

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Ramco Systems partners with EXSYN Aviation Solutions

Ramco Systems Limited has partnered with EXSYN Aviation Solutions to jointly offer aircraft data migration solutions to new clients. This partnership will enable new clients that are onboarding Ramco Aviation M&E MRO Suite to trust and rely on the expertise and technology of EXSYN. This will help clients to smoothly migrate their data from existing systems into Ramco applications.

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Adani Green Energy’s Unit Wins 300-MW Wind Power Project – Top Indian Market News

Adani Green Energy’s unit wins 300 MW wind power project

Adani Green Energy Ltd (AGEL) said its subsidiary, Adani Renewable Energy Holding Fifteen Ltd (AREHFL), has received the Letter of Award (LoA) to set up a 300 megawatt (MW) wind power project. The fixed tariff for this project capacity is Rs 2.77 per kilowatt-hour (kWh) for a period of 25 years. The project comes under a tender issued by the Solar Energy Corporation of India for setting up 1,200 MW interstate transmission system (ISTS)-connected wind projects. This takes AGEL’s total renewable energy capacity to 15,165 MW.

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Delhi HC stays order restraining Future Retail to go ahead with Reliance deal

The Delhi High Court, on Monday, stayed a single judge’s order restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail. The deal was objected to by US-based e-commerce giant Amazon.com, Inc. A division bench of Chief Justice D.N Patel and Justice Jasmeet Singh issued a notice to Amazon on Future Group’s appeal challenging the single judge’s judgment (made on March 18) on the deal. The bench has listed the matter for further hearing on April 30.

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Lok Sabha passes Insurance (Amendment) Bill to raise FDI cap to 74%

The Lok Sabha has passed the Insurance (Amendment) Bill, 2021, which seeks to raise the limit for Foreign Direct Investment (FDI) in insurance companies from 49% to 74%. The Bill was passed by the Rajya Sabha last week and now requires Presidential approval to become law. The increase in FDI limit will help improve life insurance penetration and create more value-based affordable healthcare for all Indians.

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RailTel Corp secures order worth Rs 153 crore from Central Coalfields

RailTel Corporation of India has secured a work order amounting to Rs 153.15 crore from Central Coalfields Limited. The order consists of establishing MPLS-VPN Network or higher Bandwidth on a rental basis for 5 years. State-owned RailTel Corp is one of the largest neutral telecom infrastructure providers in India.

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Bharti Airtel to allot 3.64 crore shares to Lion Meadow Investment

Bharti Airtel said its Special Committee of Directors for Fund Raising has approved allotment of 3.64 crore equity shares on a preferential basis to Warburg Pincus’ affiliate Lion Meadow Investment Limited (LMIL) at an issue price of Rs 600 per share. As per the deal, Bharti Airtel will acquire a 20% stake in its DTH arm, Bharti Telemedia, from LMIL for Rs 3,126 crore. After this transaction, LMIL will hold a 0.664% stake in Bharti Airtel.

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Mindtree partners with Knauf to drive its digital transformation initiatives

Mindtree Ltd has signed a multi-year agreement with Germany-based Knauf to help accelerate its IT transformation initiatives. Knauf is a global manufacturer of building materials and construction systems. The IT services firm will build a future-ready technology core, drive innovation, and improve Knauf’s operating efficiency. Mindtree will also provide application development services and help in digitising Knauf’s infrastructure.

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KNR Constructions receives LoA for road project in Karnataka

KNR Constructions Ltd has received the Letter of Acceptance (LoA) for a road construction project worth Rs 1,100.88 crore in Karnataka. The project involves four-laning of the Bangalore-Mangalore section of NH-75 on an engineering, procurement, and construction (EPC) basis. The project is to be completed within 24 months.

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Thermax’s arm partners with Steinmüller Babcock Environment for waste-to-energy tech

Thermax Ltd said its wholly-owned subsidiary, Thermax Babcock & Wilcox Energy Solutions (TBWES), has signed a Know-How Transfer and License agreement with Steinmüller Babcock Environment GmbH (SBE), Germany for Waste-to-Energy technology. TBWES will design, engineer, manufacture, and sell Municipal Solid Waste (MSW) fired waste to energy solutions using SBE’s well-established grate and boiler technology.

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Piramal Capital & Housing Finance raises Rs 4,050 crore via issuance of NCDs

Piramal Enterprises Ltd (PEL) said its subsidiary, Piramal Capital & Housing Finance Ltd, has raised Rs 4,050 crore through the issuance of long-term non-convertible debentures (NCDs). The five-year NCDs were issued in two tranches (rounds) in March 2021. With this, the total amount raised by PEL (including debt, equity, and asset sales) since April 2019 has touched Rs 50,000 crore. 

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Man Industries wins orders worth Rs 500 crore from domestic, overseas markets

Man Industries (India) Ltd said it has won orders worth Rs 500 crore from domestic and export markets in the oil & gas and water segments. With this, the company’s total order book stands at Rs 1,250 crore. Mumbai-based Man Industries is one of India’s leading large diameter pipe manufacturing companies.

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Maruti Suzuki to hike car prices in April due to rise in input costs

Maruti Suzuki India Ltd said it will raise prices for different car models to mitigate the impact of rising input costs. The car manufacturer did not specify by how much it planned to raise prices. The price hike comes at a time when Maruti Suzuki’s sales have stabilised after a year of troubled business due to the Covid-19 pandemic. In January 2021, the automaker had increased prices for certain models by around Rs 34,000.

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