Tag: Adani Group

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India Set to Unveil New Foreign Trade Policy – Top Indian Market Updates

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

India set to unveil new foreign trade policy 2023-28

The Indian government is set to unveil a new Foreign Trade Policy 2023-28 tomorrow to boost exports amid slowing global trade. Minister for Commerce and Industry Piyush Goyal will announce the policy, which is expected to outline the vision statement for taking India’s goods and services exports to $2 trillion by 2030. The country is likely to end this financial year with total exports of $760 billion, up from $676bn in 2021-22. The new policy is likely to incorporate WTO-compliant export promotion measures and is expected to boost India’s position in the global trade arena.

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Adani Group aims 20% earnings growth every year to repay $23 billion in debt

The Adani Group plans to achieve a 20% growth in earnings across its various businesses to repay its debt of about $23 billion over the next 3-4 years. The business group, which has been severely impacted by US short-seller Hindenburg Research’s report that wiped off $135 billion in market value of its listed companies, has been meeting with stakeholders to address their concerns. Adani’s businesses range from seaports to airports, edible oil and commodities, energy, cement, and data centres.

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Axis Bank, Shriram Housing Finance announce partnership for co-lending

Axis Bank and Shriram Housing Finance Ltd (SHFL) have partnered under the co-lending model through the Yubi Co.Lend platform to offer secured micro, small & medium enterprise (MSME) and home loans to middle and low-income borrowers in rural and semi-urban regions. The partnership will use the loan processing technology of SHFL and the financial expertise of Axis Bank to assess the credit profiles of borrowers and offer them loans at competitive interest rates.

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HDFC Bank opens 500th branch in Tamil Nadu

HDFC Bank has announced the launch of its 500th branch in Tamil Nadu’s Madurai district, with plans to expand further in semi-urban and rural areas of the state. The bank opened its first branch in Tamil Nadu in 1995 in Anna Salai, and it now has a nationwide distribution network of 7,183 branches and 19,007 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities/towns as of December 31, 2022. The new branch at Arasaradi was inaugurated by the state Finance Minister Palanivel Thiaga Rajan.

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Tata Power approves re-appointment of Praveer Sinha as CEO and MD

Tata Power has approved the reappointment of Praveer Sinha as CEO and MD for four years starting May 1, 2023. Sinha currently chairs the CII Western Region council and co-chairs the CII National Committee on Power. He has held several leadership positions across the power sector value chain and was instrumental in driving the turnaround of Tata Power Delhi Distribution Limited. He has also contributed towards promoting innovations in the clean energy space by setting up the first international incubator in India.

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HPCL, BPCL signs pact for Hydrogen Synergy

Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation (BPCL) have signed an agreement to purchase and sell hydrogen at their refineries. The partnership aims to minimize valuable hydrogen flaring, improve environmental impact and promote cooperation and collaboration in hydrogen exchange between both refineries to sustain operations and ensure uninterrupted product availability.

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Indian pharma firm Granules opens packaging facility in US 

Granules India Ltd has opened a new packaging facility in Virginia, US, to expand its capacity for essential drugs and strengthen the biopharma supply chain. The pharma company has invested more than $100 million in the US and was one of the first Indian pharmaceutical firms to receive FDA authorisation to export to the US. The company employs nearly 200 people in Virginia, a majority of whom are first-generation Indians.

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Alembic Pharma gets USFDA nod for Glaucoma drug

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) to market Brimonidine Tartrate Ophthalmic Solution in the US. The solution is used to treat high fluid pressure in the eye. According to IQVIA data, Brimonidine Tartrate Ophthalmic Solution has an estimated market size of $97 million for twelve months ending December 2022.

Read more here.

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Maruti Suzuki to Hike Prices in April – 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 to hike prices in April

Maruti Suzuki India Ltd will hike prices in April 2023 due to increased cost pressure which will be passed on through the price increase. The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements. India is also implementing Bharat Stage 6 regulations from next month that require automakers to fit their vehicles with a device to check emissions, leading to extra costs.

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Glenmark gets USFDA nod for generic drug with 180-day exclusivity

Glenmark Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Calcipotriene & Betamethasone Dipropionate Foam (CBDF). The medication is used to treat plaque psoriasis (a condition in which skin cells build up and form scales and itchy, dry patches). with this approval, Glenmark is eligible for 180 days of generic drug exclusivity for CBDF.

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Jio-bp to install EV charging stations at Piramal’s residential projects in Mumbai

Jio-bp, a joint venture between Reliance Industries and bp, is set to install EV charging stations in all of Piramal Realty’s residential projects in Mumbai. Customers and visitors to Piramal’s residential projects will be able to charge their electric vehicles seamlessly at Jio-bp pulse EV charging stations at sites with the Jio-bp pulse mobile app. The company will provide battery-swapping services through its extensive network of stations.

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Vedanta denies media reports of Agarwal planning stake sale worth $630 million

News agency Bloomberg reported that chairman Anil Agarwal is weighing a stake sale in Vedanta as a last-resort option and is studying the possibility of selling less than 5% of the company. However, representatives of the company have denied it. Shares of Vedanta fell as much as 6.3% on Thursday after the report to their lowest since early March.

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TotalEnergies says investments in Adani entities comply with Indian laws

French oil major TotalEnergies said its investments in three subsidiaries of Indian conglomerate Adani were undertaken in full compliance with Indian laws and with TotalEnergies’ own governance processes. It was responding to a Le Monde report detailing allegations of financial irregularities that short-seller Hindenburg Research has levelled against Adani. TotalEnergies said that at current market prices, its interests in Adani entities would be worth $5.1 billion.

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TVS Motor’s social arm allocates ₹10 crore investments towards water conservation

Srinivasan Services Trust, the social arm of automobile major TVS Motor Company, has invested more than Rs 21 crore over the last six years towards water conservation efforts in Tamil Nadu and Maharashtra. It has also planned to invest over Rs 10 crore in the next three years in water conservation initiatives. 

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ITC to go for climate risk modelling for food business: Chairman

ITC Limited’s Chairman Sanjiv Puri said the conglomerate is going for climate-risk modelling to identify the hotspots owing to extreme weather conditions. Puri said that a team of experts is engaged in this job of modelling comprising big data analytics. This practice will also reduce the emission of greenhouse gases (GHGs).

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NSE, BSE to put Adani Power under short-term additional surveillance measure again

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday. The move comes after the two exchanges moved Adani group stocks Adani Green Energy and NDTV from the second stage of the long-term ASM framework to Stage I on Monday.

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Udayshivakumar Infra IPO subscribed 32.49 times on final day

The ₹66 crore initial public offering (IPO) of Udayshivakumar Infra was subscribed 32.49 times on final day of bidding. The portion reserved for retail investors was subscribed 14.95 times. Non-institutional Investors (NIIs) bid 64.08 times against their reserved portion, while Qualified Institutional Buyers (QIBs) subscribed 42.92 times.

Reliance Jio announces pre-paid plans for Indian Premier League

Reliance Jio has introduced new prepaid packs with a 3GB daily data allowance ahead of the start of this year’s Indian Premier League (IPL). In addition to the high data allowance base packs, it also launched data add-on packs with up to 90-day validity and a data allowance of 150 GB. Competitors Bharti Airtel and Vodafone Idea are yet to announce offers around the IPL.

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Godrej Properties Acquires 28-acre Land Parcel in Bengaluru – Top Indian Market Updates

godrej properties

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

Godrej Properties acquires 28-acre land parcel in Bengaluru

Godrej Properties has acquired a land parcel spread over 28 acres in Bengaluru to develop a mixed-use project consisting of apartments and retail development. The land acquisition is in line with the company’s plan of strengthening its presence across key property markets in India. The land parcel is located near Outer Ring Road and Whitefield, a neighbourhood known for technology parks, upmarket apartments, and shopping & entertainment hubs.

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Retail inflation drops to 6.44%

India’s retail inflation for February declined to 6.44% in February, compared to 6.52% in January 2023. Inflation in the food basket in Feb 2023 was at 5.95%, up from 5.94% in January (mainly due to higher cereal and milk prices). The risk of heat waves in India is a concern that could impact food production and prices.

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LIC’s debt exposure in Adani Group companies falls marginally to Rs 6,183 crore

The Life Insurance Corporation of India (LIC) has informed that its debt exposure to Adani Group of Companies has fallen from Rs 6,347.32 crore on Dec 31, 2022, to Rs 6,182.64 crore as on March 5, 2023. LIC has a debt exposure of Rs 5,388.60 in Adani Ports and SEZ, Rs 266 crore in Adani Power (Mundra), and Rs 81.60 crore in Adani Power Maharashtra Ltd – Phase I.

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Ten more banks to join syndication for RIL’s $3 billion loan

Ten more lenders are set to join the syndication of Reliance Industries Ltd (RIL) and Reliance Jio Inforcomm’s $3 billion loans. It is the largest syndicated loan by an Indian corporate house in the last five years. The loan proceeds are to fund RIL’s capital expenditure and the 5G expansion of Jio. 

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Amazon signs deal with DLF Downtown, Jayabheri Properties to acquire 8 lakh sq. ft. of space

Amazon and its affiliates have acquired over 8 lakh square feet of space from DLF Downtown and Jayabheri Properties for 15 years in Gurgaon and Hyderabad for web services, development centres, seller services, and transportation services. The e-commerce giant will be paying a rent of Rs 45-52 per sq. ft. for the Orange Towers property in Hyderabad, while the Downtown property in Gurugram will attract a rent of Rs 110.5 per sq. ft.

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Capacite Infra secures non-fund based limit worth Rs 150 crore from SBI

State Bank of India (SBI) has sanctioned a non-fund based limit of Rs 150 crore to Capacite Infraprojects Ltd. Capacite also announced that it is continuously engaging with members of a lenders’ consortium to expedite the process of sanctioning additional non-fund-based limits. Engineering and construction company Capacite works with almost all major real estate developers in India.

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USFDA completes inspection at Alembic Pharma’s Derma facility

Alembic Pharmaceuticals’ Derma facility at Karakhadi in Vadodara, Gujarat, has successfully undergone inspection by the US Food & Drug Administration (USFDA) with no observation. The inspection was conducted by the regulator between March 6 to March 10, 2023. The company manufactures and markets generic pharmaceutical products across the globe. 

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Elgi Equipments’ US subsidiary acquires 33.33% stake in CS Industrial Services

Elgi Equipments has announced that its US subsidiary has acquired a 33.33%  stake in CS Industrial Services LLC to expand its reach in the US market. The company is engaged in the manufacturing and trading of air compressors. The total cost to acquire both class A and class B shares is worth $125,000. The all-cash transaction is likely to be executed by the end of this month.

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Nazara Tech’s 2 subsidiaries hold Rs 64 cr in SVB

Nazara Technologies said that its two step-down subsidiaries, Kiddopia Inc and Mediawrkz Inc, hold cash balances at Silicon Valley Bank (SVB). However, both subsidiaries continue to be well-capitalised and are generating positive cash flows along with profitability. Nazara Tech also continues to maintain healthy reserves of cash and cash equivalents in excess of Rs 600 crore, excluding the SVB-impacted funds. 

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Indian Navy halts HAL’s ALH Dhruv Helicopter operations after accident

An Indian Navy helicopter manufactured by Hindustan Aeronautics Ltd (HAL) met with an accident off the Mumbai coast, triggering the navy to halt operations of the entire fleet of ALH Dhruv choppers. The ALH choppers are flown by all three defence forces (Army, Navy and Air Force), along with the Indian Coast Guard.

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Shriram Finance aims to raise $2.44 billion in FY24 to fund growth

Non-banking finance company (NBFC) Shriram Finance aims to grow its assets under management (AUM) by 15% in the financial year 2024 (FY24) to around Rs 20,000 crore. The company’s total AUM was Rs 1.7 lakh crore as of December 31, 2022. The company will also raise funds from local banks and the domestic capital market among others, alongside external commercial borrowings (ECBs).

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M&M sells over 6% stake in Mahindra CIE Automotive

Mahindra & Mahindra (M&M) has sold 2.29 crore equity shares of Mahindra CIE Automotive Ltd (representing 6.05% of the paid-up share capital). The sale has been executed on the stock exchanges at a gross price of Rs 357.39 per share. Following the sale, M&M’s shareholding in Mahindra CIE Automotive has come down from 9.25% to 3.19%.

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Adani Repays Rs 4,000Cr Bridge Loan – Top Indian Market Updates

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

Adani Group repays $500 million bridge loan

The Adani Group has repaid a $500 million bridge loan due on March 9, a portion of the loan from global banks amounting $4.5 billion, to finance the purchase of Holcim Ltd’s cement assets last year. The money was released to lenders on Tuesday. Some banks had hesitated to refinance the debt following the Hindenburg incident.

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Alembic Pharma gets final USFDA approval for hypertension drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application of Prazosin Hydrochloride Capsules. The drug is used for the treatment of hypertension (to lower blood pressure). According to IQVIA data, the product has an estimated market size of $50 million for the 12 months ending December 2022.

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IOC to develop Haldia refinery into petrochemicals complex

Indian Oil Corporation (IOC) is set to develop its existing refinery in West Bengal’s Haldia into a petrochemicals complex for sustaining operations profitably. IOC has sought land from Hindustan Fertilizer Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex.

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Ashok Leyland rolls out Embrace Equity programme

Ashok Leyland has launched a new campaign called ‘Embrace Equity’ commemorating International Women’s Day being celebrated. The initiative is an attempt to provide women with equal opportunities. The automaker has invited 100 women to New Delhi to be trained on driving commercial vehicles at its training institute.

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Adani Power amalgamates six subsidiary companies

Adani Power has amalgamated six of its subsidiaries with itself. An amalgamation of six wholly-owned subsidiary companies of Adani Power Ltd (APL)– Adani Power Maharashtra Ltd (APML), Adani Power Rajasthan Ltd (APRL), Udupi Power Corporation Ltd (UPCL), Raipur Energen Ltd (REL), Raigarh Energy Generation Ltd (REGL), and Adani Power (Mundra) Ltd (APMuL)– with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal.

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Jio extends 5G coverage to 27 more cities, now covers 331 cities across India

Reliance Jio has launched its 5G services in 27 more cities of 13 states and union territories to extend its network of ultra-high-speed telephony to 331 cities across India. Jio True 5G is now available in 27 additional cities in states like Andhra Pradesh, Chhattisgarh, Jammu & Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal.

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Jubilant Pharmova’s API facility in Karnataka gets VAI status from USFDA 

​​Jubilant Pharmova Ltd’s Active Pharmaceutical Ingredients (API) manufacturing facility at Nanjangud in Karnataka has been assigned a Voluntary Action Indicated (VAI) status by the US Food & Drug Administration. The VAI classification is issued when ‘objectionable conditions or practices are found during the inspection but the agency is not prepared to take or recommend any administrative or regulatory action’. VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’.

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India imposes money laundering provisions on crypto sector

The Finance Ministry has imposed anti-money laundering legislation to crypto trading, safekeeping, and related financial services in a move to tighten oversight of digital assets. The move by India aligns with a global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers.

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HDB Financial Services flags data breach at service provider

HDB Financial Services (a subsidiary of HDFC Bank) had a data breach at one of its service providers which processes customer information. HDB is working with a regulator and an office of the government to investigate the incident. HDFC Bank said it was not affected by the incident.

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Future Enterprises admitted for insolvency

Future Enterprise has been admitted to insolvency resolution requiring the firm to be auctioned to recover unpaid dues. In a regulatory filing, The Mumbai bench of the National Company Law Tribunal has ordered the commencement of corporate insolvency resolution process (CIRP). The NCLT appointed a resolution professional to manage the affairs of the company till it is sold to a successful bidder.

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Adani Group Pre-Pays Over Rs 7,350cr Worth Share-backed Financing – Top Indian Market Updates

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

Adani Group pre-pays over Rs 7,350cr worth share-backed financing

Adani Group said it prepaid share-backed financing of ₹7,378 Crores ($901.16 mn) as part of its promoters’ commitment to cut overall leverage backed by shares of its listed companies. The group has been looking to ease concerns about its credit profile after US-based short seller Hindenburg Research noted high debt and alleged improper use of offshore tax havens and stock manipulation.

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Dr Reddy’s Labs recalls over 4,000 bottles of generic drug in US

Dr Reddy’s Laboratories is recalling over 4,000 bottles of a generic drug in the US due to a packaging error. The company is recalling 4,320 bottles of Tacrolimus Capsules, which are used to prevent the body from rejecting a transplanted organ. The affected lot was produced at the company’s Bachupally-based manufacturing plant and marketed in the US by its American subsidiary.

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IGL, Genesis, to invest Rs 110 cr to set up meter manufacturing plant

Indraprastha Gas Ltd (IGL) has signed an agreement with Genesis, an arm of Vikas Lifecare Ltd (VLF), to set up a meter manufacturing plant at an estimated cost of Rs 110 crore. The unit will be set up through a joint venture company. In the joint venture, IGL and Genesis will have equity participation in the ratio of 51:49. The unit is expected to be operational by April 2024 and will have a production capacity of one million meters per annum initially.

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PowerGrid’s board approves investments of Rs 4,071 crore

Power Grid Corporation’s Board of Directors has approved investments of nearly Rs 4,071 crore for two transmission projects in India. The board has approved the transmission system for Kurnool Wind Energy Zone/ Solar Energy Zone (AP) at an estimated cost of Rs 3,546.94 crore and the Eastern Region Expansion Scheme at a cost of Rs 524.04 crore. These projects are scheduled to be commissioned by November 2024 and Nov 2025, respectively.

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NCLT approves Suraksha plan for Jaypee Infratech

The Delhi bench of the National Company Law Tribunal (NCLT) has approved Suraksha Asset Reconstruction Company’s (ARC) takeover of the debt-laden Jaypee Infratech. A two-member principal bench of NCLT headed by president Ramalingam Sudhakar approved the resolution plan, more than three months after concluding the hearing and reserving the order in Nov 2022.

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Credit card outstanding rises 29.6% to reach record high level in Jan

The credit card outstanding in January rose 29.6% to an all-time high of Rs 1.87 lakh crore on back of increased digitisation and rising consumer confidence in the post-Covid period. As per the latest data of the Reserve Bank of India (RBI), the credit card outstanding has recorded a growth of over 20% in the 10 months of the current fiscal. June recorded the highest growth of 30.7%.

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Blue Star to take up expansion at Dadra, Sri City manufacturing facilities

Blue Star Ltd will undertake capacity expansion plans at its facilities in Dadra and Sri City. In Jan, the company commenced production at its unit in Sri City in Andhra Pradesh, which was set up at an investment of Rs 350 crore. Blue Star has manufacturing plants in Himachal Pradesh, Ahmedabad, Dadra, Wada (Maharashtra) and Sri City.

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Jindal Stainless to invest Rs 120 crore to set up two rooftop solar projects

Jindal Stainless Ltd (JSL) will invest Rs 120 crore to set up rooftop solar capacities at its Jajpur and Hisar facilities. While a project of 21-megawatt peak (MWp) will be set up in Jajpur, another 6 MWp rooftop solar capacity will be installed at the company’s unit in Hisar. Both projects are scheduled to be completed by March 2024.

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HAL and L&T sign deal with India defence for 70 HTT-40 trainer aircraft and cadet training ships

The Ministry of Defence signed a contract with Hindustan Aeronautics Ltd (HAL) for the procurement of 70 HTT-40 trainer aircraft worth over Rs 6,800 crore. It has also entered into agreements with Larsen & Toubro Ltd (L&T) for the acquisition of three Cadet Training Ships worth more than Rs 3,100 crore. These deals come as a big boost to India’s efforts to achieve ‘Aatmanirbharta’ in the defense sector.

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Vedanta to buy 6% more stake in Hindustan Zinc for Rs 7,900 crore: Report

Vedanta, which currently owns 64.9% stake in Hindustan Zinc Ltd (HZL), is reportedly planning to acquire an additional 6% stake in the company as and when the government sells its holdings. The Indian govt is planning to sell its 15% stake in HZL by March-end. Sources say Vedanta is looking to raise about $1 billion from three foreign banks to fund the acquisition.

Read more here.

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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.

Read more here.

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Adani Group Sells Stake Worth Rs 15,446Cr to GQG Partners – Top Indian Market Updates

adani

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

Adani Group sells stake worth ₹15,446 crore to GQG Partners

Adani Group has sold minority stakes in four of its listed companies to US-based equity investment boutique GQG Partners for Rs 15,446 crore. Shares in Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL) were sold through secondary market block deals.

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SBI may look to cut stake in Yes Bank once lock-in ends

State Bank of India (SBI) may look to lower its stake in Yes Bank after a lock-in period ends on March 6. SBI, which initially acquired 49% of Yes Bank, now holds a 26.14% stake as of Dec. 31. The state-owned bank is still the largest single shareholder in the Yes Bank. SBI cannot reduce its holding below 26% before the completion of three years from the date of the infusion of capital, as per the reconstruction plan.

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Power consumption up 9% to 118 BU in February

Power consumption in India rose 9% YoY to 117.84 billion units (BU) in February 2023. The peak power demand met (or the highest supply in a day) rose to 209.66 gigawatts (GW) in Feb. The peak power supply stood at 193.58 GW in February 2022 and 187.97 GW in February 2021. The robust growth of power consumption indicates sustained momentum of economic activities last month.

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Reliance, Tata bid for India’s $2.4 billion solar incentives

Solar module makers, including Reliance Industries Ltd. and Tata Power, are among the bidders for $2.4 billion in financial incentives that India is offering to expand domestic manufacturing and curb panel imports from dominant producer China. The government is offering grants to take the country’s module-making capacity to as much as 90 gigawatts, enough to meet its own requirements and serve export markets.

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PVR-Inox draws up Rs 850-crore expansion plan

PVR-Inox is expected to spend ₹800-850 crore for adding new movie screens and retrofitting the existing ones. Nearly ₹700 crore will go towards the expansion of new screens and the rest for retrofitting screens. In the next two years, the merged entity plans to add 200 screens per year. In the current financial year (FY23) to date, the entity has launched 143 screens across 26 properties in 21 cities.

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RVNL emerges lowest bidder for sleeper Vande Bharat trains

A consortium of Russia’s JSC Metrowagonmash and Rail Vikas Nigam Ltd (RVNL) has emerged as the lowest bidder (L1) to manufacture, supply, and maintain 200 sleeper Vande Bharat trains. These newly-designed trains will allow the movement of new locomotives on longer routes. The consortium has bid to supply 16 sleeper car trains at a basic rate of ₹120 crore per rake.

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Adani Ports sees 10% growth in cargo volumes in February

Adani Ports & Special Economic Zone Ltd (APSEZ) handled approximately 26.5 million metric tonnes (MMT) of total cargo, recording a 10% YoY growth in Feb. During April-February, APSEZ clocked approx. 307 MMT of cargo volumes, up 8.5% YoY. Earlier this week, Adani Ports incorporated a wholly-owned subsidiary (HM Agri Logistics) that will develop and operate state-of-the-art silo complexes across India.

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Pidilite to manufacture Jowat’s hot melt adhesives in India

Adhesive manufacturing company Pidilite Industries Ltd will be manufacturing Germany-based Jowat’s range of hot melts in India. The product will be manufactured in Pidilite’s manufacturing facility in Vapi, Gujarat. The adhesive will be made under the brand name Fevicol Jowat.

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Zydus Lifesciences receives final approval from USFDA for healing cream

Zydus Lifesciences Ltd has received final approval from the US Food and Drug Administration (USFDA) for Acyclovir Cream. It is used to treat cold sores on the face and lips. Cold sores are blisters caused by a virus called herpes simplex. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. It will be launched in the US market shortly.

Read more here.

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India’s Manufacturing PMI Slows to 4-Month Low in Feb – Top Indian Market Updates

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

India’s manufacturing PMI slows to 4-month low in Feb

India’s manufacturing sector expanded at the slowest pace in four months in February. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in Feb, compared to 55.4 in Jan. New orders and output rose sharply last month, indicating strong domestic demand despite inflationary pressures. 

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

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February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross Goods and Service Tax (GST) revenue collection in February 2023 stood at Rs 1,49,577 crore, an increase of 12% on an annual basis. Of the total revenue collected, central GST is Rs 27,662 crore, state GST is Rs 34,915 crore, integrated GST is Rs 75,069 crore, while cess is Rs 11,931 crore.

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Auto sales data for Feb 2023: Highlights  

Maruti Suzuki India posted a 5% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Feb 2023. Sales of its mini & compact vehicle segment rose 4.4% YoY to 1.01 lakh units. Exports fell 28.4% YoY to 17,207 units.

Tata Motors Ltd registered a 7% YoY increase in passenger vehicle sales to 43,140 units in Feb. The automaker’s commercial vehicle sales declined by 3% YoY to 36,565 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 30,538 units in Feb, an increase of 10% YoY. M&M’s tractor sales rose 26% YoY to 25,791 units. 

TVS Motor Company’s total sales stood at 2.76 lakh units in Feb, down 2% YoY. Meanwhile, Bajaj Auto’s sales fell 11% YoY to 2.8 lakh units.

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Axis Bank completes acquisition of Citigroup’s India consumer business for Rs 11,603 crore

Axis Bank has completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns. The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, assets under management (AUMs), and liabilities as of Jan 31, 2023.

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PNB withdraws divestment process in Canara HSBC Life Insurance

Punjab National Bank (PNB) will discontinue the process of divestment in associate company Canara HSBC Life Insurance. The bank had acquired a stake in the life insurer post-amalgamation of the erstwhile Oriental Bank of Commerce (OBC). It will hold its stake in the life insurer as an investor, subject to regulatory approvals. 

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Alembic Pharma gets USFDA approval to market generic cancer drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Docetaxel Injection in multiple-dose vials. The drug is indicated for the treatment of breast cancer, non-small cell lung cancer, and castration-resistant prostate cancer. According to IQVIA data, Docetaxel injection has an estimated market size of USD 11 million in the US market. 

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Welspun Corp secures order for export of LSAW pipes and bends to Middle East

Welspun Corp Ltd (WCL) has secured an order for the export of LSAW pipes and bends to the Middle East. The contract is for approximately 83,000 MT bare pipes, with an option of coating exercisable by the project owner subsequently. The pipes supplied to the Middle East will be used for offshore production and transport of gas.

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PVR Inox to add 200 screens every year

Multiplex operator PVR is working on “getting economies of scale” after the merger of rival Inox Leisure and expects double-digit growth in its topline (revenue) in FY24, said managing director Ajay Bijli. The company is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs. PVR-Inox also plans to add 200 screens every year.

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Adani Group secures $3 billion credit from sovereign wealth fund: Report

According to a Reuters report, Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Sources said the credit line from the sovereign wealth fund could be increased to $5 billion, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo.

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Petrol, diesel sales up 12-13% in February

Domestic sales of petrol and diesel rose 12% YoY and 13% YoY, respectively, in February due to increased mobility of people and goods in an expanding economy. Jet fuel sales in Feb 2023 were 41% higher than in the same month last year but 10% lower than in 2020. Sales of liquefied petroleum gas (mainly used for cooking) increased by 2.4% YoY in Feb.

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Bajaj Finserv gets SEBI license to start mutual fund business

Bajaj Finserv has received a SEBI license to start a mutual fund business. The company has formed two wholly-owned subsidiaries — Bajaj Finserv Mutual Fund Trustee Ltd (BFMFTL) and Bajaj Finserv Asset Management Ltd (BFAML). Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products, including equity, debt, and hybrid funds to investors.

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Bharti Airtel 5G Crosses 1Cr Unique Users – Top Indian Market Updates

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

Bharti Airtel 5G crosses 1 crore unique users

Bharti Airtel has crossed 1 crore unique 5G users since it started rolling out its network in October 2022. The company said its 5G services are present across all states and will cover every town and key rural area by the end of March 2024. The telco has created 5G experience zones across all its retail stores where customers can walk in to experience the high speeds.

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Adani in talks for $400 million debt against Australian coal port assets: Report

According to an Economic Times (ET) report, the Adani Group has begun discussions with global credit funds to raise up to $400 million in debt against assets of a key coal port that makes up a large portion of the company’s Australian exports of the solid fossil fuel from the controversial Carmichael mine. Recent disclosures show that the Adani Group promoters own 100% equity in the Australian port asset.

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India’s fertiliser imports up 4% to 19.04 lakh tonnes in Jan

India’s fertiliser imports in January 2023 rose 3.9% year-on-year (YoY) to 19.04 lakh tonnes, according to the Fertiliser Ministry data. Imports stood at 18.33 lakh tonnes for the same period. Domestic fertiliser production also rose to 39.14 lakh tonnes, compared to 32.16 lakh tonnes in Jan 2022.

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Bajaj Auto plans to cut production amid uncertainties over exports: Report

Bajaj Auto is expected to take a steep cut of up to 25% in motorcycle and three-wheeler production across its export-focused plants next month. This reflects uncertainties in its biggest market, Nigeria. The company is likely to produce around 250,000-270,000 units in March, compared with an average production of 338,000 units in each of the first nine months of FY23.

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Granules gets USFDA approval to market generic medication to treat high blood pressure

Granules India has received approval from the US Food & Drugs Administration (USFDA) to market to market Losartan Potassium tablets. It is a generic product used to treat high blood pressure. According to IQVIA/IMS Health data, the current annual US market for Losartan potassium tablets is around $336 million.

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Dr. Reddy’s to acquire Mayne Pharma US generic portfolio for $105 million

Dr. Reddy’s Laboratories has entered into a definitive agreement to acquire Mayne Pharma’s US generic prescription product portfolio for $105 million. The company will acquire the portfolio for an upfront payment of $90 million in cash, contingent payments of up to $15 million, consideration for inventory, and credits for certain accrued channel liabilities.

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INOX leases commercial space from Hiranandani Group

Multiplex chain operator INOX has leased nearly 21,000 sq. ft. of commercial space at realty developer Hiranandani Group’s Hiranandani Estate in Thane for a total term of 15 years. The new multiplex is currently under development in the under-construction Bellona tower at Hiranandani Estate. The tower is expected to be completed in October 2023, with the multiplex opening in Jan 2024.

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Zomato asks for higher commission charges; restaurants are upset

Amidst widening losses, pressures on profitability, and a drop in delivery numbers in its food delivery business, Zomato has approached several restaurant chains seeking a 2-6% increase in commissions. However, restaurant operators have refused to accept the demand, triggering a fresh conflict between the two. 

Zomato’s move comes after the company reported a net loss of ₹347 crore for Q3 FY23, wider than the ₹63.2 crore loss posted a year earlier.

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Fabindia scraps ₹4,000 crore IPO due to uncertain market conditions

Lifestyle retail brand Fabindia has withdrawn its ₹4,000-crore initial public offering (IPO) due to the current market conditions. In January 2023, the company filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) for the IPO. Fabindia was planning a fresh issue of shares worth up to ₹500 crore and an offer for sale (OFS) of up to 2.5 crore shares.

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ONGC to Invest $2 Billion in Mumbai Offshore – Top Indian Market Updates

ONGC market updates | marketfeed

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

ONGC to invest $2 billion in Mumbai offshore to raise oil, gas output

Oil & Natural Gas Corporation (ONGC) is set to invest over $2 billion (₹16,500 crore) to drill a record 103 wells on its main gas-bearing asset in the Arabia Sea. The company plans to add 100 million tonnes to its overall production. ONGC has three main assets off the west coast– Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22.

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NSE gets SEBI approval to launch Social Stock Exchange as separate segment

The National Stock Exchange (NSE) has received final approval from the Securities & Exchange Board of India (Sebi) to set up a Social Stock Exchange (SSE) as a separate segment of the NSE. The SSE aims to provide a new avenue for social enterprises to finance social initiatives, give them visibility, and increase transparency in fund mobilization and utilisation by social enterprises.

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ZEEL CEO challenges NCLT’s insolvency order before NCLAT

Zee Entertainment Enterprises Limited (ZEEL) MD & CEO Punit Goenka has moved the National Company Law Appellate Tribunal (NCLAT) seeking relief from the order passed by the National Company Law Tribunal (NCLT). The NCLT allowed IndusInd Bank’s plea to admit ZEEL under the Corporate Insolvency Resolution Process (CIRP) on Wednesday. The NCLAT hears appeals against the orders passed by NCLT.

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Tata Motors seeks investors for stake in EV business

Tata Motors has begun discussions with sovereign wealth funds and private equity investors such as UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company to sell a significant minority stake in its EV division. Tata Motors plans to raise up to $1 billion through the equity sale and will use the bulk of proceeds to retire a part of its outstanding debt.

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Jio-BP to sell bio-CNG, compressed biogas

Jio-bp will shortly begin retailing compressed biogas (CBG) and bio-CNG (B-CNG), both of which can be used in place of compressed natural gas in CNG-powered vehicles. The company will retail CBG and B-CNG at its outlets in western India initially and later expand to other outlets. Jio-bp is a fuel retail joint venture between Reliance Industries and British oil major BP. 

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Domestic oil demand growth to fall to 5% in FY24: Govt forecast

Domestic oil demand growth will slow to 5% in 2023-24 after a scorching expansion of nearly 10% in this financial year, said the Petroleum Planning and Analysis Cell (PPAC). India will consume 233.8 million metric tonnes (MMT) of refined products in 2023-24, compared to the estimated consumption of 222.9 MMT in the current financial year (FY23) according to the forecast.

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ZEEL, Jio TV extend content partnership for two years

Zee Entertainment Enterprises Ltd (ZEEL) has renewed its content partnership with Jio Platforms-owned live TV aggregation app Jio TV for two more years. ZEEL’s suite of over 60 SD and HD channels will continue to be available on the Jio TV app. The company also distributes news broadcaster Zee Media’s channels. 

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Adani Group invests $442 million in cash-strapped Sri Lanka

Sri Lanka’s Board of Investment has approved the commissioning of two wind power plants by Adani Green Energy Limited for a total of $442 million. According to Reuters, Adani Group officials are in Colombo to evaluate future projects, including a $700 million port terminal at Sri Lanka’s largest port. 

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Infosys partners with Microsoft to accelerate enterprise cloud transformation

Infosys Ltd will partner with global tech giant Microsoft to accelerate the adoption of cloud solutions across the globe. The partnership will see Infosys onboard its set of cloud services, solutions, and platforms for enterprises to Microsoft’s various cloud-based platforms like Microsoft Azure. Microsoft’s cloud clients will also be able to take advantage of the Infosys Cobalt suite of solutions.

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Thales picks L&T Technology Services for 5G-driven connectivity solutions

French IT major Thales has selected L&T Engineering Services Ltd. (LTTS) to offer 5 G-driven next-gen connectivity solutions for urban railway operators in collaboration with Qualcomm Technologies. The solution leverages LTTS’ chip-to-cloud expertise as well as a technology portfolio of connected IoT devices and 5G small cells based on Qualcomm Technologies.

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Viacom18 to Stream IPL for Free – Top Indian Market Updates

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

Viacom18 to stream IPL for free after paying $2.7 billion

Viacom18 will stream Indian Premier League cricket games for free using its exclusive rights to one of the world’s most-watched sporting events. Viacom18 Media Pvt., the joint venture between Paramount Global and Mukesh Ambani’s Reliance Industries Ltd., licensed the IPL streaming rights last year for $2.7 billion (~₹23,700 crore). The company’s executives have estimated that an audience of over 55 crore will watch the weeks-long IPL games.

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Biocon raises $129 million from Kotak to fund biosimilars deal

Kotak Mahindra Group’s asset management arm is set to invest $129 million (₹1,070 crore) in Biocon Ltd to help it fund its acquisition of Viatris Inc’s biosimilars business. Biocon Biologics completed the $3.34-billion acquisition of U.S.-based Viatris’s biosimilars business in late November. At the time, the company paid $2 billion in cash to Viatris and issued convertible preference shares worth $1 billion to fund the deal.

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Patel Engineering bags projects worth Rs 1,026 crore

Patel Engineering has bagged a water tunnel and an irrigation project totalling Rs 1,026 crore in Maharashtra and Karnataka. With the latest contract, the company’s total order book has increased to Rs 18,600 crore. The first project includes the design and construction of a long treated water tunnel in Raigad district of Maharashtra.

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Adani firm repays Rs 1,500 cr to SBI Mutual Fund, Aditya Birla Sun Life

Adani Group paid Rs 1,000 crore to SBI Mutual Fund and Rs 500 crore to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on Monday. SBI MF had an exposure of around Rs 1,000 crore to Adani Group, which has been repaid on maturity. With this payment, SBI MF has no further exposure to the Adani Group.

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HDFC Bank signs deal with Lulu Exchange to enhance cross-border payments

HDFC Bank and UAE-based Lulu Exchange have signed a Memorandum of Understanding (MoU) to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region. As Phase 1 of the partnership, it launched a digital inward remittance service called ‘RemitNow2India’. This will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC’s digital banking channels

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Bankruptcy court admits Zee Entertainment under the insolvency resolution process

The Mumbai bench of the National Company Law Tribunal (NCLT) admitted Zee Entertainment Enterprises Ltd. (ZEEL) and Siti Network Ltd under the Corporate Insolvency Resolution Process (CIRP). The development is likely to cause issues with ZEEL’s merger with Culver Max Entertainment (Sony). IndusInd Bank had approached the tribunal against ZEEL seeking payment of default of over Rs 89 crore.

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Wipro freshers’ salary cut: IT union NITES files complaint with labour ministry

Pune-based labour union Nascent Information Technology Employees Senate (NITES) has filed a complaint against Wipro Ltd with the central labour ministry alleging “unethical reduction” in salary offers of more than 4,000 candidates. The offer has been made to all ‘Velocity’ graduates of the 2022-23 batch. ‘Velocity’ is a skilling and training program undertaken by Wipro Elite candidates (₹3.5 LPA) to be eligible for the Turbo package (₹6.5 LPA) after they go through some skill upgradation courses.

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SBI allows BHIM-based real-time payment with Singapore

State Bank of India announced a partnership with PayNow, the online payment system of Singapore for cross-border payments. The facility is offered through SBI’s BHIM SBIPay mobile application and the linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using the UPI ID. The inward bilateral remittance between the two countries was around $949 million in 2021.

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FDI equity inflows decline 15% to $36.75 billion in Apr-Dec FY23

Foreign direct investment (FDI) into India declined by 15% YoY to $36.75 billion during the April-December of FY23, according to the latest Department for Promotion of Industry and Internal Trade data. The computer software and hardware sector attracted the highest inflows of $8 billion during the same period. Singapore emerged as the top investor with a $13 billion FDI.

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Tata Motors to Supply 25,000 Electric Sedans to Uber – Top Indian Market Updates

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

Tata Motors to supply 25,000 XPRES-T electric sedans to Uber

Tata Motors said it would supply 25,000 XPRES-T electric vehicle units to Uber in one of the largest deals in the green mobility space to date. As per a memorandum of understanding (MoU) between the companies, Uber will utilise electric sedans in its premium category service. The electric fleet would be operational across Delhi NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad

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Adani Ports to prepay $121 million short-term debt due in March

Adani Ports & Special Economic Zone Ltd. will prepay the debt raised through commercial paper after it repaid 15 billion rupees of similar debt due on Monday as scheduled, the company’s spokesperson said. India’s largest-private-sector ports operator used its cash balance and funds generated from business operations to pay its short-term debt due on Monday.

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Maruti Suzuki to focus on local manufacturing and reducing carbon footprint

Maruti Suzuki India said it will continue to work on all kinds of technologies in order to reduce its carbon footprint. The auto major will also focus on local manufacturing to achieve its green goals. It also noted that Maruti Suzuki has the least amount of fleet carbon emission among all car manufacturers in India.

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Bank of Baroda CEO says willing to keep lending to Adani Group

Bank of Baroda CEO says that it is willing to consider lending additional money to the Adani Group, including for a project to remodel a slum that is among the world’s largest. The bank will extend loans to the conglomerate if it meets the lender’s underwriting standards. He also added that he’s not concerned about the market volatility around Adani stocks.

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Adani said to decide against a bid for stake in power trader PTC

Gautam Adani has decided against bidding for a stake in state-backed electricity trader PTC India Ltd as the company looks to preserve cash amidst the Hindenburg issue. In January, Adani was among the possible bidders reviewing preliminary information on the Mumbai-listed company, Bloomberg News reported. The company will not proceed with any offer for the energy trading firm, said the people, who asked not to be identified as the information is private.

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Gland Pharma to invest Rs 400 crore to expand its Telangana plant

Gland Pharma will invest Rs 400 crore to create additional capabilities in its existing facility at Genome Valley in Hyderabad to manufacture biologicals, biosimilars, antibodies, and recombinant Insulin. The expanded site is envisaged to meet the national and international regulations to be followed in the manufacturing of biological products as applicable, and shall be built under the GMP guidelines applicable for the respective product lines, it said.

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Domestic aviation traffic continues growth, Jan records 1.25 cr passengers with 95.72% rise

Domestic aviation traffic has continued to witness massive growth. Passengers carried by domestic airlines during January 2023 were 1.25 crore, registering an annual growth of 95.72% and monthly growth of 95.72%. According to data released by the Directorate General of Civil Aviation (DGCA), the passenger load factor or occupancy of the airlines remained on the higher side in the range of 80 to 90%.

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Centre opposes Hindustan Zinc’s $2.98 billion deal for Vedanta zinc assets

The Central government has opposed Hindustan Zinc’s proposed $2.98 billion acquisition of zinc assets from Vedanta Ltd. The govt will oppose any further resolutions on the deal and explore all legal avenues available to it. The Centre holds nearly 30% stake in Hindustan Zinc, while Vedanta is the company’s largest shareholder.

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