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Adani Enterprises’ Net Profit Falls 51% YoY in Q2 – Top Indian Market Updates

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

Adani Enterprises Q2 Results: Net profit falls 51% YoY to ₹228 crore

Adani Enterprises Ltd reported a 51% YoY fall in consolidated net profit to ₹227.82 crore for the quarter ended September (Q2 FY24). Its revenue fell 41% YoY to ₹22,517 crore during the same period. EBITDA stood at ₹2,430 crore, up 30% YoY. The sharp fall in net profit was despite a 2-fold rise in the other income to ₹549 crore.

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Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance

Kotak Mahindra Bank Ltd (KMBL) will sell a majority stake in its subsidiary, Kotak Mahindra General Insurance Company, to Zurich Insurance Company. Zurich Insurance will invest around ₹4,051 crore to obtain a 51% stake in Kotak General Insurance. The deal is likely to be completed by June 30, 2024. Zurich Insurance will buy an additional 19% stake within three years from its initial acquisition.

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Tata Motors Q2 Results: Net profit at ₹3,764 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,764 crore for the quarter ended September (Q2 FY24). The automaker posted a net loss of ₹945 crore in the same quarter last year (Q2 FY23). Its consolidated revenue grew 32% YoY to ₹1.05 lakh crore in Q2 FY24. EBITDA stood at ₹21,214 crore, up 93% YoY.

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Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

Minda Corporation Ltd signed an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The JV will offer a full system solution ranging from design and development to manufacture sunroofs for passenger vehicles. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030.

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Adani Power Q2 Results: Net profit jumps 800% YoY to ₹6,594 crore

Adani Power Ltd reported an 800% YoY jump in net profit to ₹6,594 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹696 crore a year ago (Q2 FY23). Its revenue from operations increased 84% YoY to ₹12,991 crore in Q2 FY24. Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% in Q2 FY24, much higher than 39.2% last year.

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Tata Motors partners with JLR to develop premium pure electric series Avinya

Tata Motors has partnered with Jaguar Land Rover (JLR) to develop its premium pure electric series Avinya. Tata Passenger Electric Mobility (TPEM) signed an agreement with JLR for licensing JLR’s platform for a royalty fee for developing Avinya series vehicles. The access to JLR’s EMA platform will help accelerate TPEM’s entry into the high-end EV segment while reducing development cycle time and costs.

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Dabur Q2 Results: Net profit rises 5% YoY to ₹515 crore

Dabur Ltd reported a 5% YoY increase in net profit to ₹515 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 7% YoY to ₹3,204 crore during the same period. EBITDA stood at ₹777 crore, up 7% YoY. The company’s board declared a dividend of ₹2.75 per equity share.

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Adani Green is in talks for $1.8 billion loan

Adani Green Energy Ltd is in talks with a group of foreign lenders to borrow as much as $1.8 billion. The loan proceeds will be used to build new capacity in solar and wind projects. The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc. The transaction hasn’t been finished yet, and the terms could still change.

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Vodafone Idea gets ₹2,000 crore from HDFC Bank

HDFC Bank has extended a loan of ₹2,000 crore to Vodafone Idea (Vi) to assist the telco in addressing its pending license fees and fulfilling its 5G spectrum payment commitments. The loan has a tenure of two years. The funds were disbursed in mid-September, just before the deadlines for some of the company’s loan and statutory payment commitments.

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Tata Motors to supply 200 electric buses in Srinagar, Jammu for 12 years

Tata Motors will supply and operate 200 electric buses in Srinagar and Jammu for 12 years for Jammu and Srinagar Smart City projects. The company has supplied the first batch of Ultra EV air-conditioned electric buses to Srinagar Smart City Ltd via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a group company. 

Read more here.

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Adani Green Posts 149% YoY Jump in Net Profit in Q2 – Top Indian Market Updates

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

Adani Green Q2 Results: Net profit jumps 149% YoY to ₹372 crore

Adani Green Energy Ltd (AGEL) reported a 149% year-on-year (YoY) jump in net profit to ₹372 crore for the quarter ended September (Q2 FY24). AGEL’s consolidated net revenue rose 40% YoY to ₹2,220 crore during the same period. EBITDA stood at ₹1,699 crore, up 96.2% YoY.

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Sun Pharma to market Zydus’ novel anti-CKD drug Desidustat

Sun Pharmaceutical Industries Ltd has entered into a licensing agreement with Zydus Lifesciences to co-market the latter’s drug Desidustat in India. The drug is used to treat anaemia associated with Chronic Kidney Disease (CKD). Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India. Sun Pharma will market the drug under the brand name RYTSTAT.

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Marico Q2 Results: Net profit rises 17% YoY to ₹353 crore

Marico Ltd reported a 17% YoY increase in consolidated net profit to ₹353 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined marginally to ₹2,476 crore during the same period. EBITDA stood at ₹497 crore, up 14.7% YoY. The company’s board declared a dividend of ₹3 per equity share.

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Tata Motors wins Singur plant arbitration

Tata Motors Ltd secured an arbitral award amounting to ₹765.78 crores and interest as compensation for their investment in the now-defunct Singur plant. The automaker won the arbitrations against the West Bengal Industrial Development Corporation Ltd (WBIDC), the nodal agency of the West Bengal government’s Industry, Commerce & Enterprises Department. The scrapped Singur plant was initially intended for the production of the Tata Nano. 

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DLF Q2 Results: Net profit rises 31% YoY to ₹623 crore

DLF Ltd reported a 31% YoY increase in net profit to ₹623 crore for the quarter ended September (Q2 FY24). Its revenue from operations grew 4% YoY to ₹1,348 crore during the same period. EBITDA stood at ₹462 crore, up 6% YoY. Total expenses for the quarter rose marginally to ₹1,012 crore.

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No payments pending for Russian oil imports: BPCL

According to Bharat Petroleum Corp’s (BPCL) head of finance, Ramakrishna Gupta, said the company has cleared all payments for Russian oil purchases. The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan. He also added that BPCL was processing Russian oil at the maximum “potential level” at its three plants, averaging about 30-40% of overall crude intake.

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TVS Motor Q2 Results: Net profit rises 32% YoY to ₹537 crore

TVS Motor Company reported a 32% YoY increase in net profit to ₹536.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 13% YoY to ₹8,145 crore during the same period. EBITDA stood at ₹900 crore, up 22% YoY. The overall two-wheeler and three-wheeler sales (including exports) grew by 5% YoY to 10.74 lakh units in Q2.

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DGGI probes GCPL’s acquisition of Raymond’s consumer goods business

The Directorate General of GST Intelligence (DGGI) is probing Godrej Consumer Products Ltd’s (GCPL)  acquisition of Raymond’s consumer goods business. GST authorities have asked Raymond Consumer Care Ltd (RCCL) to explain why GST should not be levied on the transaction amount. GCPL acquired the FMCG business, along with the Park Avenue, KS, KamaSutra and Premium trademarks, through a slump sale in April 2023 for ₹2,825 crore.

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AU Small Finance Bank to acquire Fincare Small Finance Bank 

AU Small Finance Bank (SFB) is all set to acquire Fincare Small Finance Bank in an all-share deal and merge it with itself, subject to regulatory approvals. As per the agreement between the two, shareholders of Fincare SFB shall receive 579 equity shares of AU SFB for every 2,000 shares held. The merger would be effective from February 1, 2024.

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Sri Lankan government renews Lanka IOC’s petroleum licence for 20 years

The Sri Lankan government has renewed the petroleum products licence granted to Lanka IOC for another 20 years. Lanka IOC is a subsidiary of Indian Oil Corporation Ltd (IOCL). The licence originally issued in 2003 was to expire in January 2024. The renewed license will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044.

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Macrotech Developers to launch housing projects worth ₹12,000Cr by March

Macrotech Developers Ltd (Lodha) plans to launch housing projects worth ₹12,000 crore by March 2024 to tap strong consumer demand for quality homes from branded players. The company also said it would easily achieve the ₹14,500 crore sales booking target fixed for the current financial year as against ₹12,070 crore in the previous year. Lodha has already achieved sales bookings of ₹6,890 crore during the first six months of FY24.

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

adani

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

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

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

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

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

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Emami acquires 26% stake in Axiom Ayurveda

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

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ICICI Lombard faces ₹1,728.9 crore tax demand

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

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

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

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Oberoi Realty signs pact to redevelop land parcel in South Mumbai

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

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Saregama India to acquire 6.61 lakh shares of Pocket Aces Pictures

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

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

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

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Bharti Enterprises backs Eutelsat-OneWeb merger

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

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Promoters of Adani Power increased their stake in September

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

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Adani Green & TotalEnergy to Form Rs 2,500Cr JV – Top Indian Market Updates

adani

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

Adani Green and TotalEnergy to form Rs 2,490Cr JV

Adani Green Energy’s board approved the execution of a binding term sheet between Adani Green Energy Twenty Three Ltd and TotalEnergies. Total will make a further investment of $300 million (~₹2,490 crore) to form a new 50:50 Joint Venture (JV) company. The new JV will house a 1,050 MWac portfolio, comprising a mix of already operational, under construction, and under development assets with a blend of both, solar and wind power.

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ONGC willing to wait to regain oil from Russian project

According to ONGC Videsh’s Head of Investment, ONGC wants to eventually receive a share of crude from a Russian project it partly owns. However, the company is willing to wait because Russian oil is hard to ship now. ONGC has a 20% stake in Russia’s Sakhalin-1 oil & gas project. The company is also in talks with the Russian government and company shareholders to resume taking oil under a production-sharing arrangement.

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Aurobindo Pharma’s Andhra plant receives observation from USFDA 

The US Food & Drug Administration (USFDA) has issued a Form 483 with one observation after inspecting a formulation production facility of Aurobindo Pharma’s unit in Andhra Pradesh. USFDA inspected the Unit IV of APL Healthcare Ltd in Tirupati district of Andhra Pradesh from September 13-19, 2023. APL Healthcare Ltd is a wholly-owned subsidiary of Aurobindo Pharma.

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Verizon denies Vi acquisition rumours

Verizon Consumer Group has categorically denied claims of it considering the acquisition of Vodafone Idea (Vi). Vodafone Idea also refuted any discussions regarding a potential acquisition with Verizon, Amazon, or Elon Musk-owned Starlink. The company emphasised India’s significance in its global growth strategy, citing the country’s unique capabilities and access to talent pools.

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Viacom18 to showcase ISL on 8 TV channels, Jio Cinema

Viacom18 will showcase the upcoming Indian Super League (ISL) 2023–24 season across eight linear channels in four different languages. The tournament will also be streamed live for free on Jio Cinema. The matches will be aired on Sports18 Khel (Hindi), Sports18 1 SD & HD (English), VH1 SD & HD (English), Surya Movies (Malayalam), DD Bangla, and Colors Bangla Cinema (Bengali).

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Apollo Tyres halts tyre production in Gujarat plant

Apollo Tyres has temporarily ceased bias off-the-road (OTR) tyre production at its manufacturing facility located in Limda, Gujarat. The decision was prompted by concerns raised among shop floor employees regarding the renewal of a long-term settlement agreement. The company has started discussions and negotiations with labour union representatives to address the employees’ concerns.

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Culver Max to replace Zee Entertainment in FTSE indices post-merger

FTSE has announced that Culver Max Entertainment (Sony) will replace Zee Entertainment in all FTSE indices post-merger. For every 100 shares of Zee Entertainment held, shareholders will receive 85 shares in Culver Max Entertainment (Sony). This transition is not only significant but also removes a major uncertainty that has been looming over the stock. The timelines and final date of the merger are yet to be announced.

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PFC may fund 70% of SJVN’s ₹1.19 lakh crore RE projects

SJVN has signed a Memorandum of Understanding (MoU) with Power Finance Corporation Ltd. (PFC) for financial assistance for projects. The MoU pertains to various diversified project portfolios, including renewable energy (RE) and thermal generation projects. The overall cost of the projects is nearly ₹1.19 lakh crore. The term loan financial assistance is proposed tentatively at 70% of the project cost.

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Central trade unions of Coal India to observe a 3-day strike

Coal India Ltd (CIL) has received a three-day strike notice from central trade unions. The notice prompts concerns about the potential impact on the nation’s coal supply and electricity generation. The joint strike notice was issued jointly by prominent labour organisations BMS, INTUC, HMS, AITUC, and CITU. The three-day strike will be from October 5 to October 7, 2023. 

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Delhi HC upholds SBI’s eligibility criteria for ATM caretaker services

The Delhi High Court has upheld SBI’s eligibility criteria for selecting caretaker agencies for its automated teller machines (ATM) in Delhi. The High Court stated that SBI is best equipped to gauge the practicalities involved. Recently, a startup alleged that the eligibility criteria barred start-ups from participating in the tenders due to strict requirements. Only bidders with a minimum average annual turnover of ₹150 crore in the past three years and prior experience in providing similar services for at least five years were eligible.

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India to mandate annual audit of pharma suppliers by drugmakers

According to a government document, India will make it mandatory for drugmakers to audit their raw material suppliers at least once a year. The govt is tightening rules after India-made cough syrups were linked to 141 children’s deaths worldwide. The new mandate, along with additional testing rules for cough syrup exports implemented in June, shows that India is seeking to reassure buyers about the safety of its $42 billion pharmaceuticals industry.

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Indian Oil Becomes Title Sponsor of MotoGP Bharat – Top Indian Market Updates

Indian Oil

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

Indian Oil becomes title sponsor of MotoGP Bharat

Indian Oil Corporation has become the title sponsor for MotoGP Bharat. The event is scheduled at the Buddh International Circuit in Greater Noida from September 22 to 24. The event will see participation from 42 teams and 84 riders. The race will be live-streamed on Jio Cinema and Sports18 in India.

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SBI plans to bundle home loans with rooftop solar installations

State Bank of India (SBI) plans to bundle and make home loans with rooftop solar installations mandatory for residential projects funded from its long-term climate action funds drawn down from multilateral agencies. SBI has a home loan book of over ₹6.3 lakh crore as of June and outstanding foreign exchange (forex) loans of $2.3 billion from multilateral lenders, including the World Bank, Asian Development Bank, and KfW of Germany.

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Centre receives ₹1,487 crore from NTPC as dividend

According to the Secretary of the Department of Investment and Public Asset Management, the central government has received about ₹1,487 crore from NTPC as dividends. NTPC is India’s largest power utility firm with an installed capacity of 73,824 MW (including Joint Ventures) and plans to become a 130 GW company by 2032. On Wednesday, the govt received ~₹1,701 crore from Power Grid Corporation of India Ltd (PGCIL) as a dividend.

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Tata Steel to get £500 million from UK govt for Port Talbot

Tata Steel and the UK government have signed a joint agreement on a proposal to invest in Electric Arc Furnace steelmaking at the Port Talbot site costing £1.25 billion. The government will grant up to £500 million to Tata Steel. The steel company said it would reduce direct emissions by 50 million tonnes over a decade.

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Ashok Leyland to invest ₹1,000 cr to set up its first plant in Uttar Pradesh

Ashok Leyland will invest ₹1,000 crore in Uttar Pradesh to set up a bus manufacturing facility focused on clean mobility. The company has signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government to come up with the plant. The company will set up an integrated commercial vehicle bus plant focused on green mobility near Lucknow.

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India may add up to 30 GW more thermal power capacity

According to the Union Power Minister R. K Singh, India may add 25-30 gigawatts (GW) of thermal electricity generation capacity. The additional investment is in addition to 50 GW already under work to meet the rising demand. Singh said that India has around 25 GW of thermal capacity under construction and another 25 GW is planned.

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TotalEnergies in talks to invest in Adani Green’s projects

TotalEnergies SE is in talks to invest in renewable energy projects developed by Adani Green Energy Ltd. They are looking to buy stakes in some of Adani Green’s projects to expand its portfolio of clean energy projects. TotalEnergies could invest about $700 million in total into the projects. This deal potentially marks the first public deal between the French oil giant and Gautam Adani since Hindenburg. 

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SpiceJet completes $1.5 million payment to Credit Suisse

SpiceJet completed the payment of $1.5 million payment to Credit Suisse. The payment comes days after India’s Supreme Court (SC) urged the company’s chairman Ajay Singh to make the payment or face consequences. Earlier this week, SC had asked Singh to make a payment of $5,00,000 towards an instalment to Credit Suisse by September 22, along with $1 million towards the defaulted amount.

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IOCL clears ₹904 crore additional investment in Hindustan Urvarak & Rasayan

Indian Oil Corporation Ltd’s (IOCL) board of directors has approved an additional investment of ₹903.52 crore in Hindustan Urvarak and Rasayan Ltd (HURL). HURL was formed in June 2016 as a joint venture consortium of five public sector units for catering to the urea needs of farmers in the eastern and northern parts of India. Coal India, NTPC, and IOCL are the lead promoters of HURL, holding a total of 89% stake (29.67% each).

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Shakti Pumps secures ₹293 crore order from UP govt

Shakti Pumps (India) Ltd received a Letter of Award (LoA) under the PM- KUSUM III scheme under component B from the UP government’s Department of Agriculture. The Agricultural Department placed an order for 10,000 pumps worth ₹293 crore. Under the contract, Shakti Pumps will supply, install, and commission solar water pumping systems. The company plans to complete the project in 90 days.

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Bharat Electronics bags orders worth ₹3,000 crore

Bharat Electronics Ltd (BEL) has received orders worth ₹3,000 crore, including an order worth ₹2,118.57 crore from Cochin Shipyard. The company will supply next-generation missile vessels equipped with state-of-the-art technology worth ₹2,118.57 crore to the Indian Navy. The project will involve the active engagement of Indian electronics and related sectors, including micro, small, and medium enterprises (MSMEs).

Read more here.

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Maruti Suzuki Posts 2.5x Jump in Net Profit in Q1 – Top Indian Market Updates

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

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

Maruti Suzuki Q1 Results: Net profit jumps 2.5x to ₹2,485 crore

Maruti Suzuki India reported a 2.5x YoY jump in consolidated net profit to ₹2,485 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 22% YoY to ₹32,327 crore during the same period. The automaker sold 498,030 units during the quarter, registering a growth of 6.4% YoY.

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SAIL awards ₹30,483 crore mine development project to Power Mech

Power Mech Projects has secured a mine development and operation (MDO) project of ₹30,438 crore by state-owned steel maker SAIL. The duration of the contract is 28 years, which includes two years of development period. The contract will primarily comprise mine infrastructure development, removal of overburden and extraction of coking coal, crushing, transportation, and setting up of coal washery of 3.5 MTPA capacity.

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UPL Q1 Results: Net profit falls 81% to ₹166 crore

UPL Limited reported an 81% YoY decline in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 17% YoY to ₹8,963 crore during the same period. UPL has significantly cut its earnings guidance for FY24. The company now sees revenue growing 1-5% in FY24, compared to 6-10% earlier.

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Nirma closes in on Glenmark’s API subsidiary

The Nirma Group is the frontrunner to acquire Glenmark Life Sciences (GLS), an 82.84% subsidiary of Glenmark Pharmaceuticals. The conglomerate emerged as the sole bidder late last week. Nirma is using healthcare subsidiary Aculife Healthcare as the likely vehicle for the acquisition. GLS is a leading active pharmaceutical ingredient (API) platform.

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Adani Green Q1 Results: Net profit rises 51% YoY to ₹323 crore

Adani Green Energy Ltd reported a 51% YoY increase in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations rose 33% YoY to ₹2,176 crore during the same period. Revenue from power supply was up 55% YoY to ₹2,059 crore in Q1. The sale of energy has increased by 70% YoY to 6,023 million units.

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DGCA renews Jet Airways flying permit

The Directorate General of Civil Aviation (DGCA) has renewed Jet Airways’ flying permit till September as the fate of the airline still remains uncertain. The company’s air operator’s certificate (AOC) lapsed after it shut operations in April 2019. The airline has been undergoing insolvency proceedings in India’s bankruptcy court (NCLT).

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GAIL Q1 Results: Net profit falls 51% YoY to ₹1,412 crore

GAIL (India) Ltd reported a 51.5% YoY decline in net profit to ₹1,412 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 14% YoY to ₹32,227.47 crore during the same period. The company’s board has approved a proposal to increase the cost of its new petrochemical plant in the Raigad district of Maharashtra from ₹7,823 crore to ₹11,256 crore.

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Laxmi Organic board approves ₹710 crore capex to set up manufacturing site

Laxmi Organic Industries Ltd’s board has approved a capital expenditure of ₹710 crore for setting up a manufacturing site in Dahej, Gujarat. The proposed capacity addition of the site in Dahej will be more than 1 lakh tonnes every year. The first phase of the product portfolio at this new site will include speciality items like Diketene and Ketene derivatives.

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Vi partners with TSSC to launch IoT Centre of Excellence

Vodafone Idea Foundation has partnered with the Telecom Sector Skill Council (TSSC) to launch the IoT Centre of Excellence at Indira Gandhi Delhi Technical University for Women (IGDTUW) in Delhi. The centre will provide hands-on training in new age and emerging technologies such as 5G, artificial intelligence/machine learning (AI/ML), IoT (internet of things), security, and surveillance to build a skilled workforce for the future.

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India’s core sector growth output at 5-month high of 8.2% in June

Growth of eight key infrastructure sectors slowed down to 8.2% YoY in June 2023 due to a decline in the production of crude oil, natural gas, and electricity, as against 5% in May. The coal sector saw a growth of 9.8% YoY in June after growing 32.1% in the same month a year ago. Natural gas grew 3.6% YoY, while crude oil saw a dip of 0.6% YoY.

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LTIMindtree to Replace HDFC in Nifty 50 From July 13 – Top Indian Market Updates

nse

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

LTIMindtree to replace HDFC in Nifty50 from July 13

LTIMindtree will replace HDFC in the Nifty 50 index following its merger with HDFC Bank. The change will come into effect on July 13. HDFC Ltd will stop trading from July 13. Nuvama’s preliminary calculations expect LTIMindree to see an inflow of $150 million to $160 million. IT firm LTIMindtree is a subsidiary of Larsen & Toubro Ltd.

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SBI gets approval for buyout of SBICAPS stake in SVL for Rs 708 crore

The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved the acquisition of the entire stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd (SVL) for ₹708 crore. SBI Capital Markets Ltd (SBICAPS) is a wholly-owned subsidiary of SBI. The reason behind SBI’s acquisition of SVL is for better governance.

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Indian Oil to consider fundraise via rights issue on July 7

Indian Oil Corporation’s (IOC) board is planning to consider raising capital. The capital raise will be through a rights issue of equity shares. The company will use the funds to meet the capital expenditure plan for its various projects. The company plans to host the board meeting on July 7.

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REC set to raise $1 billion via loans

REC Ltd plans to raise about $1 billion through term loans to help fund infrastructure projects. The external commercial borrowing is split into two tranches, with the first expected to close this month amounting to $505 million. The company expects to raise the second tranche of $520 million in August, as it has applied to the RBI for approval.

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Sun Pharma promoter creates pledge on 51.30 lakh shares on June 30

Sun Pharma created a pledge of 51.3 lakh equity shares on June 30, 2023. The company has pledged the shares in favour of Tata Capital Financial Services. The promoters have a shareholding of 54.48 %. Some large promoters of the company are Dilip Shanghvi with 9.6% shareholding, Shanghvi Finance Private Ltd with 40.3% shareholding, and AdityaMedisales Ltd with 1.67% shareholding.

Pledging of shares means taking a loan against the securities you own.

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IDFC-IDFC First Bank merger gets board approval

IDFC First Bank has received approval from its board of directors for a merger with IDFC Ltd. The share exchange ratio for the amalgamation will be 155 equity shares of the face value of ₹10 each fully paid-up of IDFC First Bank for every 100 equity shares of the face value of ₹10 each fully paid-up of IDFC Ltd. The bank’s standalone book value per share would increase by 4.9%, as calculated on audited financials as of March 31, 2023.

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HPL Electric bags orders worth Rs 903 crore for smart meters

HPL Electric and Power Ltd (HPL) has secured orders worth ₹903 crores for smart meters. With this contract, the company’s total pending pipeline order book stands at over ₹2,250 crores. HPL Electric claims these smart meters contribute to a greener and more sustainable future by empowering consumers and utilities to optimise energy usage.

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Adani Green Energy to consider fundraise on July 6

Adani Green Energy will hold a board meeting to discuss and approve a fundraising proposal. The proposal involves issuing equity shares or other eligible securities through different methods, including private placement, qualified institutions placement, and preferential issue. However, the specific details regarding the amount to be raised and its utilisation are undisclosed. 

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Chalet Hotels to raise up to Rs 600 crore

Chalet Hotels’ board of directors has approved raising funds of up to ₹500 crores. The purpose of this fundraising is to refinance the company’s high-cost debt. The company plans to raise the funds through non-convertible debentures (NCDs) or other debt instruments in multiple tranches. Additionally, the board has also authorised raising funds of up to ₹100 crores by borrowing from the company’s promoters. These funds will be utilised to cover expenses related to the residential project in Koramangala, Bengaluru.

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Tata Steel’s NINL plant reaches 100% capacity utilisation within 1 year of acquisition

Tata Steel’s NINL plant has reached 100% capacity utilisation within one year of its acquisition by the company. The company completed the acquisition of Neelachal Ispat Nigam Ltd (NINL) through its subsidiary Tata Steel Long Products Ltd (TSLPL) for a consideration of ₹12,000 crores. After being shut down for almost three years, operations at the NINL unit were started by Tata Steel in October 2023.

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Biocon Biologics launches biosimilar adalimumab in US

Biocon’s subsidiary Biocon Biologics has launched a biosimilar version of AbbVie’s top-selling biologic Humira in the US market under the brand HULIO. Adalimumab is used to treat certain inflammatory diseases like rheumatoid arthritis. Humira contributed $21.2 billion in sales to AbbVie for 2022, making it the world’s top-selling non-COVID prescription drug until recently.

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Hero MotoCorp commences Harley-Davidson X440 bookings

Hero MotoCorp has started bookings for the Harley-Davidson X440 motorcycle across the country with deliveries expected to commence from October onwards. The 440-cc bike is being manufactured by Hero MotoCorp at its Neemrana plant. X440 is the smallest and most affordable Harley-Davidson bike to come to India ever since the Street 750. 

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M&M’s Net Profit Rises 22% YoY to Rs 1,549Cr in Q4 – Top Indian Market Updates

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

M&M Q4 Results: Net profit jumps 22% YoY to Rs 1,549 crore

Mahindra & Mahindra Ltd reported a 22% YoY rise in standalone net profit to Rs 1,549 crore for the quarter ended March (Q4 FY23). Its revenue also rose 31% YoY to Rs 22,571 crore during Q4 FY23. EBITDA stood at Rs 2,797 crore, up 12.4% YoY. The company’s board has announced a dividend of Rs 16.25 per equity share.

Read more here.

Adani Wilmar enters whole wheat market in India

Adani Wilmar has entered the whole wheat market with its Fortune brand, offering a range of wheat varieties. The company aims to cater to selective households that prefer specific wheat varieties, ensuring superior quality and variety assurance. Adani Wilmar intends to expand its presence in high-value metro markets like New Delhi, Mumbai, Pune, Surat, and Ahmedabad, aiming to increase its market share.

Read more here.

Forex reserves fall $6.1 billion to $593.48 billion

According to the Reserve Bank India (RBI), India’s foreign exchange reserves fell  $6.052 billion to $593.477 billion as on May 19, 2023. Gold reserves fell by $1.227 billion to $45.127 billion while Special Drawing Rights (SDRs) fell by $137 million to $18.276 billion. The country’s total Foreign Currency Assets (FCA) also fell by $4.654 billion to $524.945 billion.

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Reliance enters into partnership with General Mills for western snacks

Reliance Retail’s FMCG subsidiary Reliance Consumer Products Ltd (RCPL) has entered into a partnership with General Mills to enter the western snacks category. As part of the agreement, Reliance will introduce the global corn chips brand Alan’s Bugles in India, owned by General Mills. This move will position Reliance Consumer as a competitor to brands like Lays, Bingo, Balaji Wafers, and other players in the western snacks market.

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Sun Pharma Q4 Results: Net profit at Rs 1,984 crore

Sun Pharma reported a consolidated net profit of Rs 1,984.5 crore in Q4 FY23. The company reported a net loss of Rs 2,277 crore in the same period last year. Its revenue rose 12% YoY to Rs 10,726 crore during the same quarter. EBITDA stood at Rs 2,802 crore, up 19.7% YoY. The company’s board has approved a dividend of Rs 4 per equity share.

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Adani Green commissions 130 MW wind power plant in Kutchh

Adani Green’s subsidiary Adani Wind Energy Kutchh Five Ltd has commissioned a 130 MW wind power plant at Kutchh in Gujarat. The plant has a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at a rate of Rs. 2.83 per kWh. The plant will be managed by Adani Green Energy Ltd’s (AGEL) Energy Network Operation Centre (ENOC) platform.

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Grasim Q4 Results: Net profit falls 89% YoY to Rs 94 crore

Grasim reported an 89% YoY fall in standalone net profit to Rs 93.5 crore in Q4 FY23. However, its operating revenue rose 4.2% YoY to Rs 6,645.8 crore during the same quarter. EBITDA stood at Rs 426 crore, down 43.4% YoY. The company’s board has announced a dividend of Rs 10 per equity share.

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NCLAT sets aside NCLT order on Zee-Sony merger

In a relief to Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribuna (NCLT) order, which directed NSE and BSE to reconsider their approval for the ZEEL-Sony merger. A two-member NCLAT bench observed that the order passed by the Mumbai bench of NCLT was against the “principle of natural justice” as it did not grant any opportunity to ZEEL to respond over the issue of Shirpur Gold Refinery, an Essel Group firm.

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SAIL Q4 Results: Net profit falls 50% YoY to Rs 1,160 crore

Steel Authority of India Ltd (SAIL) reported a 50% YoY decline in consolidated net profit to Rs 1,159.2 crore for the quarter ended March (Q4 FY23). Its revenue also fell 5.6% YoY to Rs 29,416.39 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 0.50 per equity share.

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Mphasis to partner with Kore.ai

Mphasis has announced a strategic partnership with Kore.ai. The collaboration aims to enhance customer experience management and employee engagement for enterprise clients. Through the use of virtual assistants and intelligent virtual assistants (IVA), businesses in various sectors such as retail, banking, travel, insurance, and healthcare can interact more efficiently with customers. Kore.ai’s platform offers a wide range of services in multiple languages and deployment options for different enterprise businesses.

Read more here.

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Nykaa’s Net Profit Falls 72% YoY to Rs 2.4Cr in Q4 – Top Indian Market Updates

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

Nykaa Q4 Results: Net profit falls 72% YoY to Rs 2.4 crore

Nykaa reported a 71.8% YoY decline in net profit of Rs 2.4 crore for the quarter ended March (Q4 FY23). However, its consolidated revenue rose 33.75% YoY to Rs 1,301 crore during the same quarter. Total tax expense of Rs 4.35 crore during the quarter severely impacted the revenue. EBITDA stood at Rs 70.6 crore, down 84% YoY.

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FDI into India falls 16% in FY23

Gross foreign direct investment (FDI) into India has seen a 16% fall in FY23. FDI Inflows stood at $71 billion in FY23, compared to $84.8 billion in FY22. This is the first time India has seen inflows decline in the last 10 years. The drop comes off the back of a very high base in FY22 (nearly $85 billion).

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Vedanta raises about $850 million via JPMorgan, Oaktree loan

Vedanta Group has secured a new loan of around $850 million from JPMorgan Chase & Co. and Oaktree. The company is seeking funds amid concerns over its debt load, especially with rising interest rates. This loan comes just before Vedanta Resources Ltd. faces a $500 million bond repayment. The group requires cash after facing obstacles in selling a zinc mining unit to Hindustan Zinc Ltd.

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Adani Green to seek board approval to raise up to $1 billion

Adani Green Energy plans to seek board approval to raise between ₹6,150 crore ($750 million) and ₹8,200 crore ($1 billion) through the qualified institutional placement (QIP) route. This move is part of the group’s strategy to build a three-year equity cushion to support expansion. The funds raised will be used to repay a $750 million bond issued in 2021, which is due next year.

In other news, GQG Partners looks to invest an additional $1 Billion in the Adani Group.

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Hindalco Q4 Results: Net profit falls 48% YoY to Rs 832 crore

Hindalco Industries reported a 48% YoY decline in standalone net profit to Rs 832 crore in Q4 FY23. However, its operating revenue increased 5% YoY to Rs 19,995 crore during the same quarter. EBITDA stood at Rs 1,775 crore, down by 45.6% YoY. The company’s board has recommended a dividend of Rs 3 per equity share.

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Oil Ministry working on proposal to merge MRPL with HPCL

The oil ministry is preparing a proposal to merge Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL). HPCL and MRPL are both subsidiaries of Oil and Natural Gas Corp (ONGC). The ministry is now pushing for a share-swap deal between HPCL and MRPL, with HPCL issuing fresh shares to MRPL shareholders. The transaction will increase ONGC’s stake in HPCL, reducing the free float.

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Suzlon Energy wins 300 MW wind energy project from Torrent Power

Suzlon Energy has secured a substantial order from Torrent Power for a 300 MW wind power project. The order involves the installation of 100 3 MW wind turbine generators (WTGs) with Hybrid Lattice Tubular (HLT) towers. The project, located in Karnataka, is set to be commissioned in 2025. This marks the sixth and largest order received by Suzlon for their new 3 MW series within a month.

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Cummins Q4 Results: Net profit jumps 68% YoY to Rs 319 crore

Cummins reported a 68.5% YoY jump in standalone net profit to Rs 318.5 crore in Q4 FY23. Its revenue increased 29% YoY to Rs 1,926 crore during the same quarter. EBITDA stood at Rs 326 crore, up by 58% YoY. The company’s board has recommended a final dividend of Rs 13 per equity share.

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Deepak Nitrite arm to invest Rs 5,000 cr in Gujarat to manufacture speciality chemicals

Deepak Nitrite’s subsidiary Deepak Chem Tech has signed a Memorandum of Understanding (MoU) with the Gujarat government to invest approximately Rs 5,000 crore over the next four years. The investment aims to establish projects for the production of Speciality Chemicals, Phenol/Acetone, and Bisphenol in Dahej/Nandesari, Gujarat.

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India’s Services PMI Surges to 12-Year High in Feb – Top Indian Market Updates

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

India’s services PMI surges to 12-year high in Feb

Services activity in India expanded at the fastest pace in 12 years in February 2023 as input cost pressures eased. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.4 in Feb, compared to 57.2 in Jan. New orders placed with service providers rose further in February. However, the rate of job creation was minimal.

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

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RIL, Adani Group plan to build 25 GW of clean energy in Andhra Pradesh

Reliance Industries Ltd (RIL) and Adani Group will develop a combined 25 gigawatts of renewable power in Andhra Pradesh, as both business houses continue to go ahead with their green energy goals. Both groups already have a significant presence in the state, with RIL operating its offshore deep-sea gas fields in the Krishna-Godavari basin and Adani Group overseeing two large ports.

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World Bank commits $1 billion to India for public healthcare infra

The World Bank and the Indian govt. signed two complementary loans of $500 million each to support and enhance the country’s healthcare infrastructure. The bank will support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) to improve the public healthcare infrastructure. One of the loans will prioritize health service delivery in seven states— Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh.

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JSPL to invest ₹10,000 crore to set up 3 MT steel plant in AP

Jindal Steel & Power Ltd (JSPL) will invest Rs 10,000 crore to set up a 3 million tonne per annum (MTPA) steel plant in Andhra Pradesh. This will lead to the creation of 10,000 jobs. The group will also sign an agreement with the AP Government to invest in renewable energy across solar, wind and hydro as well expanding the capacity of its existing cement plant.

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Lemon Tree Hotels signs licence agreement for two new hotels in Maharashtra

Lemon Tree Hotels has signed a License Agreement for two new properties in Maharashtra under its brands ‘Lemon Tree Hotel’ and ‘Keys Lite by Lemon Tree Hotel’. The two new hotels are located in the popular beach destination Dapoli in the South Konkan region of Maharashtra. They will become operational by October 2023. 

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Tata Motors crosses 50 lakh passenger vehicle production milestone

Tata Motors has crossed the 50 lakh cumulative passenger vehicle production milestone. To celebrate the milestone, the automaker will roll out a celebratory campaign for customers and employees across India. Tata Motors achieved the 10 lakh production mark in 2004 and the 20 lakh milestone in 2010. It crossed 30 lakh units in 2015 and 40 lakh units in 2020.

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PowerGrid wins bid for two projects in Chhattisgarh

Power Grid Corporation of India Ltd (PGCIL) has won the bid under tariff-based competitive bidding to establish an inter-state transmission system for two projects in Chhattisgarh. The first project comprises the establishment of a 400kV transmission line passing through the state and bays extension works at two existing substations. The second project comprises bays extension works, including the creation of 220kV voltage at two existing substations

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Adani Green has India’s largest operating renewable portfolio at 8,024 MW

Adani Green Energy Ltd. has become the company with the largest operating renewable portfolio in India with a capacity of 8,024 megawatts (MW). The company achieved this feat after its fourth wind-solar hybrid power plant became fully operational at Jaisalmer, Rajasthan. The combined operational generation capacity of this hybrid power plant was 700 MW. It has a power purchase agreement (PPA) at ₹3.24/kwh for 25 years.

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Mahanagar Gas to acquire 100% stake of Unison Enviro

Mahanagar Gas Ltd (MGL) has signed a Share Purchase Agreement to acquire a 100% stake in Unison Enviro Pvt Ltd (UEPL). This acquisition will enable MGL to expand to newer geographical areas in Maharashtra and Karnataka, thereby providing new avenues for long-term growth. It would help MGL scale its future business development activities across a larger network and customer base.

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Bharti Airtel’s Net Profit Rises 91% YoY in Q3 – Top Indian Market Updates

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

Bharti Airtel Q3 Results: Net profit rises 91% YoY to ₹1,588 crore

Bharti Airtel Ltd reported a 91% YoY increase in consolidated net profit to ₹1,588.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹35,804 crore during the same period. The telecom major’s average revenue per user (ARPU) increased from ₹163 in Q3 FY22 to ₹193 in Q3 FY23.

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Adani Group planning independent review

Adani Group is considering an independent evaluation of issues relating to legal compliance, related party transactions, and internal controls following a U.S. short-seller’s critical report on its businesses. On Jan 24, Hindenburg Research alleged that the group had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt. On Monday, Adani Group said it would pre-pay $1.11 billion of loans on shares.

Read more here.

Adani Green Energy Q3 Results: Net profit jumps 110% YoY to ₹103 crore

Adani Green Energy Ltd (AGEL) reported a 110% YoY jump in consolidated net profit to ₹103 crore for the quarter ended December (Q3 FY23). The total income grew 53% YoY to ₹2,258 crore during the same period. Revenue from power supply increased 29% YoY to ₹1,260 crore in Q3.

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Jio launches 5G services in 10 more cities

Reliance Jio launched its True 5G services across 10 cities across eight states— Andhra Pradesh, Chhattisgarh, Odisha, Punjab, Rajasthan, Telangana, Uttar Pradesh, and Uttarakhand, with the total count of cities rising to 236. Jio users in these cities will be invited to the Jio Welcome Offer to experience unlimited data at up to 1 Gbps speeds at no additional cost.

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Hero MotoCorp Q3 Results: Net profit rises 4% YoY to ₹711 crore

Hero MotoCorp Ltd reported a 4% YoY increase in net profit to ₹711.06 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹8,031 crore during the same period. The two-wheeler maker sold 12.40 lakh units in Q3, down 4% YoY. The company’s board has approved an interim dividend of ₹65 per share.

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Dhampur Sugar completes expansion of distillery capacity at Uttar Pradesh unit

Dhampur Sugar Mills Ltd has completed the expansion work at its Dhampur unit in the Bijnor district of Uttar Pradesh. The sugar producer has completed the expansion of distillery capacity by 130 kilo-litres per day (KLPD) on “C” heavy molasses. With the setting up of a new distillery unit, the distillery capacity will go up to 350 KLPD. The new capacity was commissioned on February 5.

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Ambuja Cement Q3 Results: Net profit rises 46% YoY to ₹369 crore

Ambuja Cement Ltd reported a 46% YoY increase in net profit to ₹368.99 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 10% YoY to ₹4,128.52 crore during the same period. EBITDA grew 9.8% YoY to ₹626 crore in Q3. The company’s sales volume grew from 7.2 million tonnes per annum (MTPA) in Q3 FY22 to 7.7 MTPA in Q3 FY23.

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Blue Star detects cyber attack at certain locations

Air conditioning and commercial refrigeration firm Blue Star Ltd had detected a cyber-attack at certain locations. However, it has not found any material impact on the operations of the company due to this incident. Blue Star said all critical operational systems are functioning. But as a precautionary measure, restricted access and preventive checks have been put in place for employee and customer-facing portals & touchpoints.

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Ramco Cements Q3 Results: Net profit falls 32% YoY to ₹51 crore

Ramco Cements Ltd reported a 31.9% YoY decline in consolidated net profit to ₹51.21 crore for the quarter ended December (Q3 FY23). Its total income rose 29.6% YoY to ₹2,020.37 crore during the same period. The company’s cement sales volume grew 19% YoY to 3.57 million tonnes (MT) in Q3. Total expenses in the quarter stood at ₹1,925.61 crore, up 32.94% YoY. 

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Maruti Suzuki to Recall 9,125 Vehicles – Top Indian Market Updates

maruti suzuki news

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

Maruti Suzuki to recall 9,125 vehicles to fix possible defects in seat belts

Maruti Suzuki India will recall 9,125 units of Ciaz, Brezza, Ertiga, XL6, and Grand Vitara models to fix possible defects in a part of the front row seat belts. The affected vehicles were manufactured between November 2-28, 2022. The automaker has decided to recall the suspected vehicles for inspection and replacement of the faulty part, free of cost.

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Global airline industry to post $6.9 billion loss in 2022: IATA

The global airline industry is projected to report a lower loss of $6.9 billion in 2022, according to International Air Transport Association (IATA). There were stronger passenger yields and cost control measures by airlines amid rising fuel prices. The industry registered a loss of $42 billion and $137.7 billion in 2021 and 2020, respectively. IATA said the global airline industry is expected to return to profitability in 2023 and post a small net profit of $4.7 billion.

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Bharti Airtel launches WorldPass, a data pack for roaming across 184 countries

Bharti Airtel has revamped its international roaming (IR) offerings under the newly launched WorldPass, which offers IR services in 184 countries. A customer with a layover at an international airport or travelling to two or more countries can use one plan for the entire trip. The pass also gives customers access to 24×7 call centre support from any corner of the world free of cost on call and WhatsApp.

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ABFRL leads race to acquire TCNS Clothing

Aditya Birla Fashion & Retail Ltd (ABFRL) is now the frontrunner to acquire TCNS Clothing Co, owner of the listed women’s branded apparel retailer that owns brands such as W, Elleven, and Aurelia. This could well be the largest branded apparel buyout by the $60-billion Aditya Birla Group. Promoters of the retailer (New Delhi-based Pasricha family) and private equity investor TA Associates together own 61.24% of TCNS Clothing.

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World Bank upgrades India’s GDP growth forecast to 6.9% for FY23

The World Bank cut India’s gross domestic product (GDP) growth forecast for FY23 from 7.5% to 6.5% in October. Now, it has upgraded the projection to 6.9% for FY2022-23 (April 2022-March 2023). A senior economist at the WB said that India is better positioned than its peers to weather external financial shocks this financial year.

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India’s thermal power generation rises 16% YoY in Nov

India’s thermal power generation rose 16.28% year-on-year (YoY) to 87,687 million units (MU) in November. The country’s overall power generation increased by 14.63% YoY to 1,18,029 MU last month. Power utilities’ despatch rose 3.55% YoY to 62.34 million tonnes (MT) during November 2022. Total coal output also rose 11.66% YoY to 75.87 MT.

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Gravita India begins production at recycling plant in West Africa

Gravita India Ltd (GIL) has started commercial production of aluminium cast alloys from a new recycling plant in Togo, West Africa. The plant is operated by Gravita Togo SAU, a step-down subsidiary of GIL. With an annual capacity of 4,000 million tonnes per annum (MTPA), it can produce aluminium cast alloys in Phase 1. The company forecasts an additional revenue of ₹60 crore per annum from the new capacity.

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Adani Green raises Japanese Yen-denominated refinancing facility

Adani Green Energy Ltd, through its subsidiary Adani Solar Energy AP Six Pvt Ltd, has raised Japanese Yen-denominated facility to refinance its existing debt. The facility comprises JPY 27,954 million (or $200 million) amortising project loan facility. The project loan facility is supported by AGEL’s strong relationship with MUFG Bank Ltd and Sumitomo Mitsui Banking Corp, with equal participation.

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IDFC First partners with Sa-Dhan to provide digital microfinance solutions

IDFC First Bank has partnered with the association of microfinance institutions (MFI) Sa-Dhan and Delhi-based fintech solutions provider NextGen to provide digital microfinance solutions to feature phone users. This partnership will help in developing a new payment and collection system by using feature phones. It will provide additional benefits for entities in the MFI ecosystem, including UPI, banking & wallets, bill payment systems, and individual & merchant money transfers. 

Read more here.