Tag: Adani Group

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NTPC Group Crosses 3 GW Operational Renewable Energy Capacity – Top Indian Market Updates

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ntpc

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

NTPC Group crosses 3 GW operational renewable energy capacity

NTPC Group (including joint ventures and subsidiaries) has crossed 3 gigawatts (GW) of operational renewable energy (RE) capacity. The group achieved this milestone with the commissioning of Phase 1 of the 300 megawatts (MW) Nokhra Solar PV Project at Bikaner, Rajasthan. The company now has 36 operational RE projects spread across 12 states with a cumulative capacity of 3,094 MW.

Read more here.

Delhivery to acquire supply chain solutions provider Algorhythm Tech

Delhivery Ltd will acquire Pune-based supply chain solutions provider Algorhythm Tech (AT) to strengthen its offerings in this space. Post completion of this transaction, AT will operate as a wholly-owned subsidiary of the company. Algorhythm Tech offers end-to-end supply chain planning and execution products to clients across various sectors such as FMCG, pharma, steel, auto, and telecom.

Read more here.

Adani Group company VCPL has picked up 8.27% stake via open offer: NDTV

NDTV has disclosed that Adani Group firm Vishvapradhan Commercial Pvt. Ltd. (VCPL) has acquired an 8.27% stake in the company in the recently concluded open offer. Adani’s total shareholding in the media company has increased to 37.45% with the closure of the open offer. The open offer was triggered after VCPL acquired a 99.5% stake in RRPR Holding Pvt. Ltd. (RRPR), which translated to 29.18% of the shareholding in the TV news company. To learn more about the takeover, click here.

Read more here.

Shyam Metalics enters stainless steel business with Mittal Corp buyout

Shyam Metalics & Energy Ltd (SMEL) seeks to conclude its acquisition of Mittal Corp to strengthen its metal portfolio by entering the stainless steel/wire rod & bar mill business. The company has embarked on a ‘diversification approach’ in the metal space to chart its growth journey and proposes to further invest ₹7,500 crore over the next five years. SMEL aims to increase its capital expenditure (capex) to ₹10,000 crore in the next five years for organic and inorganic expansion.

Read more here.

Banks write off loans worth ₹11.17 lakh crore in last 6 years

Banks have written off bad loans worth ₹11.17 lakh crore from their books in the last six years till the financial year 2021-22, said Minister of State for Finance Bhagwat Karad. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from banks’ balance sheets by way of write-offs. Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefits, and optimise capital.

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Tata Motors migrates dealer management system to Oracle Cloud Infrastructure

Tata Motors announced the migration of its entire Dealer Management System (DMS) to Oracle Cloud Infrastructure (OCI). The move is expected to boost the automaker’s operational efficiencies with deeper business insights, greater security, increased flexibility, and cost optimisation. The DMS supports Tata Motors’ pre-sales, sales, and after-sales market touchpoints across all segments of passenger and commercial vehicles.

Read more here.

Bharti Airtel acquires strategic stake in Lemnisk

Bharti Airtel has acquired a strategic stake in Lemnisk (Immensitas Private Limited) under its StartUp Accelerator Program. Airtel will work towards creating a customer data platform (CDP) across its digital business, including ad-tech (Airtel Ads), Digital Entertainment (Wynk Music and Airtel Xstream) and Digital Marketplace (Airtel Thanks App) through this acquisition.

Read more here.

Capacit’e Infraprojects bags Rs 117 crore order from DLF

Construction firm Capacit’e Infraprojects Ltd has bagged an order worth ₹117.20 crore from DLF Ltd for the construction of a mall in Goa. The contract amount excludes GST and labour cess. The company said the order inflow for the current fiscal, along with the existing order book, gives it confidence to deliver good growth in the coming quarters.

Read more here.

CCI approves Brookfield’s minority stake buy in UPL Sustainable Agri Solutions Ltd

The Competition Commission of India (CCI)  has approved Woodhall Holdings Ltd’s acquisition of a minority stake in UPL Sustainable Agri Solutions Ltd (UPL SAS). The deal has been cleared under the green channel route. Under this framework, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair trade regulator.

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Care Ratings predicts 12-15% growth in general insurance premium

Care Ratings expects the gross direct premium of general insurance companies to grow by 12-15% in the medium term, with private insurers continuing to outperform government-owned insurers. Lower health insurance payouts post Covid, increase in prices of group insurance and easing of solvency requirements for crop insurance will support growth for general insurance companies in the next financial year, said the rating agency.

Read more here.

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Adani Group Launches App for Airports Vertical – Top Indian Market Updates

adani

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

Adani Group launches consumer app for airports vertical

The Adani Group has rolled out Adani One, a consumer app for its airports vertical. Users will be able to book flights & cabs, shop for duty-free products, and check their flight status through the app. The app also has a loyalty program for users to earn and redeem reward points. The group currently operates seven airports in India — Mumbai, Ahmedabad, Guwahati, Lucknow, Mangalore, Jaipur, and Thiruvananthapuram.

Read more here.

Reliance Jio gains 14 lakh subscribers in Oct, Bharti Airtel adds 8 lakh users: TRAI

Reliance Jio added 14.1 lakh wireless subscribers in October 2022, while Bharti Airtel gained 8 lakh subscribers. Vodafone Idea (Vi) continued to suffer heavy customer losses and is unable to compete effectively with its financially stronger rivals. Vi lost 35 lakh subscribers in Oct, further shrinking its total subscriber base to 24.56 crore. Data released by the Telecom Regulatory Authority of India (TRAI) showed that Jio and Bharti Airtel’s total user bases stood at 42.13 crore and 36.5 crore, respectively.

Read more here.

Car sales in India set to hit record 38 lakh units in 2022: Report

According to an Economic Times report, India’s automakers are projected to end this calendar year with sales of ~38 lakh passenger vehicles (PVs), driven by sustained demand and improved component supplies that helped them increase production. This projection exceeds the previous record by more than 4 lakh vehicles. Sales in the first 11 months of 2022 have already crossed the previous annual record of 33.9 lakh units set in 2018.

Read more here.

Yes Bank completes transfer of bad loans worth ₹48,000 crore to J.C. Flowers

Yes Bank completed the transfer of bad loans worth ₹48,000 crore ($5.81 billion) to private equity firm J.C. Flowers. This transaction would clean and strengthen Yes Bank’s balance sheet. The deal comes more than two years after the Reserve Bank of India stepped in to take control of the bank after a dramatic rise in bad loans alarmed investors and depositors.

Read more here.

Dr. Reddy’s Labs completes Phase 1 study of proposed arthritis drug

Dr. Reddy’s Laboratories Ltd has successfully completed the Phase 1 study of its proposed biosimilar of Tocilizumab. The drug is to be used to treat rheumatoid arthritis in adults. This study used a subcutaneous formulation to evaluate the pharmacokinetic equivalence, safety, and immunogenicity of the company’s Tocilizumab biosimilar candidate in comparison to reference products.

Read more here.

KEC International secures new orders worth ₹1,313 crore

KEC International Ltd has secured new orders worth ₹1,313 crore across various business verticals. It has secured orders for transmission & distribution projects in India, East Asia Pacific, and SAARC. These include a 220 kV gas-insulated substation (GIS) for a refinery project in India, a 500 kV transmission line in Thailand, and another 132 kV transmission line and substations in Nepal.

Read more here.

CDSL buys 46,000 sq. ft. office in Mumbai for ₹163 crore

Central Depository Services Ltd (CDSL) has acquired two floors of office space measuring over 46,000 sq ft carpet area in commercial tower Marathon Futurex in Mumbai’s Lower Parel for ₹163 crore. The depository services company paid stamp duty worth ₹9.79 crore for the registration of the deals that took place on December 14.

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Glenmark Pharma gets USFDA approval for high blood pressure drug 

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Nicardipine Hydrochloride Capsules. The drug is used to treat high blood pressure and chest pain. The generic version of the drug achieved annual sales of ~$10.9 million for the 12 months ended Oct 2022, according to IQVIA sales data.

Read more here.

HDFC Bank targets issuing 10 lakh credit cards a month

HDFC Bank Ltd is looking to issue 10 lakh credit cards a month, said Parag Rao, the bank’s country head for payments business, consumer finance, digital banking & marketing. The company will announce partnerships across a range of industries from online retail to food delivery in the coming weeks to increase spending on cards. They also plan to collaborate with two airlines and a large hotel chain.

In other news, HDFC Bank is reportedly seeking to raise nearly $1 billion via an offshore loan.

Read more here.

HZL to spend over $1 billion on shift to battery-operated mining vehicles

Hindustan Zinc (HZL) is planning to invest over $1 billion (~₹8,270 crore) to convert its diesel-fired mining vehicles into battery-operated ones and also to fully turn a green energy user over the next five years. The company is already running four of its 900 mining vehicles on battery on a pilot basis.

Read more here.

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Maruti Suzuki to Hike Vehicle Prices from Jan – Top Indian Market Updates

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

Maruti Suzuki to hike vehicle prices from January

Maruti Suzuki India Ltd (MSIL) will increase the prices of its vehicles ‘substantially’ from next month (Jan 2023). The automaker aims to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which kick in from April 2023. MSIL continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements.

Read more here.

RIL buys Russian naphtha, increases fuel oil imports

According to data from Refinitiv, Reliance Industries Ltd is purchasing Russian refined fuels, including rare purchases of naphtha (used for making petrochemicals), after some Western buyers stopped Russian imports. Western sanctions against Russia over its invasion of Ukraine have led to the rise of rare trade routes for Russian crude and refined products that were mainly sold to European countries. 

So far, RIL’s fuel oil imports from Russia have surged to a record 3 million tonnes (MT) since April-Dec of FY23, compared to 1.6 million for all of FY22.

Read more here.

Godrej Properties acquires an 18.6-acre land parcel in Mumbai’s Kandivali

Godrej Properties Ltd has acquired an 18.6-acre land parcel in the Kandivali suburb of Mumbai. It is the company’s 8th project in its development portfolio in the current financial year (FY23). The new project will have a developable potential of around 3.72 million sq. ft. with an estimated revenue potential of nearly ₹7,000 crores.

Read more here.

Adani Group seeks central forces protection at Vizhinjam port

The Adani Group moved the Kerala High Court, seeking the assistance of central forces to continue with construction at the Vizhinjam seaport in Thiruvananthapuram. There have been violent protests at the site recently, which are halting construction work. Justice Anu Sivaraman asked the state and central governments to discuss the possibility of deploying the central forces.

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RBI gives approval to Carlyle, Advent to acquire a 9.99% stake each in Yes Bank

The Reserve Bank of India (RBI) has given conditional approval to private equity investors Carlyle Group and Advent to acquire a 9.99% stake each in Yes Bank. Both investors will infuse ₹8,898.4 crores into the bank. Each investor will first acquire 1,848 million shares (or 5.9% equity) of Yes Bank at ₹13.78 per share. Separately, the bank will issue convertible warrants at ₹14.82 per share after 18 months.

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Tata Power to invest ₹6,000 crores in Odisha in five years

Tata Power CEO and MD Praveer Sinha announced a ₹6,000 crore capital investment by the company in Odisha. The company will also set up 1,000 electric vehicles (EV) charging points, 1,00,000 solar pumps, microgrids, and rooftop & floating solar plants in the next five years. The company has been engaged in power distribution across Odisha and is committed to ensuring ease-of-doing business through quality power supply.

Read more here.

Amara Raja Batteries to invest ₹9,500 crore in Telangana

Amara Raja Batteries Ltd plans to invest ₹9,500 crores over the next 10 years in Telangana to set up research and manufacturing facilities for lithium-ion batteries. The initial facilities would include an energy research and innovation center in Hyderabad, called the Amara Raja E-hub. It will be equipped with advanced laboratories and testing infrastructure for material research, prototyping, and product life cycle analysis.

Read more here.

Bank credit grows nearly 17% for the fortnight ended Nov 18: RBI

As per RBI data, the Indian banking system’s outstanding credit grew by 16.96% YoY to ₹133.29 lakh crore for the two weeks ended November 18. The current financial year (FY23) has seen a steady rise in credit growth in FY23 driven by a variety of reasons, including strong economic growth and borrowers’ shift to banks as against other credit substitutes amid rising interest rates. In FY 2021-22, bank credit rose by 8.59% and deposits by 8.94%.

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NTPC coal mining output jumps 48% to 12.24 MMT in April-Nov

NTPC recorded 48% YoY growth in coal mining output at 12.24 million metric tonnes (MMT) for April-November 2022. The four operational coal mines, Pakri-Barwadih & Chatti Bariatu (Jharkhand), Dulanga (Odisha), and Talaipalli (Chhattisgarh) contributed to accomplishing the highest ever monthly coal production of 20.47 lakh metric tonne in November.

Read more here.

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Adani Group’s ₹493Cr Open Offer for NDTV to Start Tomorrow – Top Indian Market Updates

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

Adani Group’s ₹493 crore open offer for NDTV to start tomorrow

Adani Group’s open offer to acquire an additional 26% shareholding in the media company New Delhi Television (NDTV) from the market will start tomorrow. The offer will close on December 5. If fully subscribed, the open offer will amount to ₹492.81 crore at ₹294 per share. To learn more about Adani’s takeover of NDTV, click here.

Read more here.

RBI allows HDFC Bank, Canara Bank to open Vostro account for INR trade with Russia

The Reserve Bank of India (RBI) has allowed HDFC Bank and Canara Bank to open a special “vostro account” for trade in Indian Rupees with Russia. Vostro accounts are accounts held by a bank on behalf of another (often a foreign bank), and this forms a key part of correspondent banking. Payments can be settled in Rupee for India-Russia trade, enabling cross-border transactions in the Indian currency.

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Jindal Steel wins bid to build 300 MW coal power plant in Botswana

Botswana has selected Jindal Steel & Power Ltd (JSPL) to build a coal-fired power plant. The contract is for the design, construction, operation, and maintenance of a 300 megawatts  (MW) net greenfield coal-fired power plant. JSPL will finance the construction of the plant and recoup its investments from selling electricity to the Botswana Power Corporation (BPC) under terms to be negotiated between the two parties.

Read more here.

Aurobindo Pharma aims to complete ₹2,000 crore plant in AP by March 2024

Aurobindo Pharma Ltd aims to complete its ₹2,000 crore Penicillin G (Pen G) plant in Andhra Pradesh by March 2024, even as the trial of the initial batches will take place starting October 2023 onwards. The production capacity of the plant will be around 15,000 tonnes annually. The plant has been approved under the government’s PLI scheme for Key Starting Materials/Drug Intermediates and Active Pharmaceutical Ingredients (APIs).

Read more here.

NCLT clears Jio’s acquisition of Reliance Infratel

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Reliance Property & Projects Management Services Ltd’s (RPPMSL) acquisition of Reliance Infratel Ltd (RITL). RPPMSL is a subsidiary of Reliance Jio that looks into the telco’s tower business. Jio has to deposit ₹3,500 crore in an SBI escrow account to complete the acquisition of RITL.

Read more here.

Lighthouse India to sell Nykaa shares worth ₹335 crore

Investment firm Lighthouse India will sell shares worth ₹335 crore of Nykaa via a block deal tomorrow at a price band of ₹180-183.50 per share. After the lock-in period expired earlier this month, several pre-IPO investors have been liquidating shares held by them. Last week, investor Mala Gopal Gaonkar sold 5.75 crore shares of Nykaa at an average price of ₹175.48 in a deal worth ₹1,009 crore.

Read more here.

Arvind forms joint venture with PurFi Global to reduce textile waste

Textiles manufacturer Arvind Ltd and US-based PurFi Global LLC will set up a joint venture (JV) to reduce the amount of textile waste going to landfills. The JV plans to set up its first fibre rejuvenation facility near one of Arvind’s manufacturing facilities in India. PurFi’s technology creates a solution that transforms textile waste into virgin-quality fibres.

Read more here.

Ashok Leyland eyeing to launch Dost in Middle East, African markets

Ashok Leyland Ltd is testing its highly popular light commercial vehicle (LCV) ‘Dost’ with left-hand drive (LHD) option as it plans to serve the Middle East and African markets. The company currently sells a range of LCVs under the ‘Dost’ brand with right-hand drive option both in domestic and overseas. In October 2022, sales from the LCVs business grew by 18% YoY to 5,671 units.

Read more here.

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How Adani Group Became India’s Largest Airport Operator

Adani Group is one of the biggest diversified conglomerates in India with a market cap of over ₹19.75 lakh crore. It has established a world-class transportation and utility infrastructure portfolio across our country. 

The group has spent the past few years expanding its businesses and even venturing into the data centers, cement, telecom, and media segments. It now owns India’s largest city-gas distributor, coal miner, private-sector port, and airport operator. 

Moreover, Adani’s airport business became the second-largest revenue generator for the group. In today’s article, we dive into how the Adani Group aims to transform India’s transit gateways into world-class destinations.

Adani Airport’s Origin

The Adani Group entered the airports industry in 2019 as part of its mission to become a recognised leader in the integrated infrastructure and transportation industries. The group is dedicated to providing travellers with the greatest airport infrastructure possible by delivering seamless and secure airport experiences.

Through Adani Airports Ltd (AAL), the group envisions redefining the city-airport relationship. It aims to build shared facilities that cater to the ever-evolving global travel, life, and work requirements. AAL is a 100% wholly-owned subsidiary of Adani Enterprises Ltd (AEL).

Source: AEL’s Investor Presentation

Adani Airport Holdings

Adani Airport Holdings is the airport management and operations subsidiary of the group. It holds controlling ownership in Mumbai International Airport Ltd (MIAL), which operates the Chhatrapati Shivaji Maharaj International Airport. It also holds a majority stake in Navi Mumbai International Airport (currently under construction). Additionally, the company has a 50-year lease on the international airports of Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore, and Thiruvananthapuram since January 2021. 

In February 2020, the company signed the Concession Agreement (CA) for three airports and subsequently commenced operations at Mangalore International Airport on October 31, 2020, Chaudhary Charan Singh International Airport (Lucknow) on November 2, 2020, and Sardar Vallabhbhai Patel International Airport (Ahmedabad) on Nov 7, 2020. Furthermore, it will operate, oversee, and expand each of the six airports for the next 50 years. 

Adani Airport’s Strong Growth 

Adani Enterprises Ltd’s (AEL) expansion and growth initiatives for its airports business are paying off! Its airport operations were the conglomerate’s second-highest revenue producer in the past financial year (FY22). 

The integrated resources management (IRM), solar, and mining businesses of the Adani Group are considered “established businesses”. Meanwhile, its airports segment is considered “emerging”. The airport business has grown substantially over the past year, contributing to strong revenue creation. However, the IRM division continues to contribute the most in terms of revenues and profits.

Financial Performance in FY22:

So far, the group has acquired management rights for at least eight airports, including four international and four regional airports. Together, these airports generated revenue of ₹1,165.58 crore in Q4 FY22, compared to ₹89.80 crore in Q4 of FY21. 

The airport business’ net profit stood at ₹75.37 crore in Q4 FY22. It incurred a loss of ₹87.78 crore in the same period last year (Q4 FY21).

As of Q4 FY22, Adani Airports Holdings’ total assets stood at ₹30,937.47 crore, compared to ₹2,062.23 in Q4 FY21. On the other hand, liabilities increased multifold to ₹8,266.30 crore in Q4 FY22, compared to ₹928.16 crore in Q4 FY21.

The group had to borrow huge funds to finance its airport projects.

Recent Developments 

  • AEL’s established businesses have been enhancing their performance, while new businesses like networked airport ecosystems, road & water infrastructure, and green data centres are expected to have a promising future. 
  • Out of the eight airports under AAL, at least seven are operational. Together, the airports handled 36.9 million passengers in FY22, accounting for at least 20% of the overall passenger traffic in India.
  • The company claimed that the next generation of its strategic business investments is centered around airport management and roads.
  • Adani Group is also aiming to build aerotropolises around airports. They plan to develop real estate projects alongside its airports in the country. These “aero cities” will include a variety of accommodations, conference centres, shopping, entertainment, healthcare facilities, logistics units, and business offices. The company is in preliminary talks with hospitality chains such as Marriott International, InterContinental Hotels Group (IHG), and Hilton for developing hotels under this plan. 
  • The company is looking to create ‘lifestyle destinations’ for customers both inside and outside the airport. Adani strives “to dominate the airports’ space with 300 million+ consumer base leveraging network effect and consumer mindset”.

Acquisitions:

  • Adani Airport Holdings acquired AirWorks, the oldest Maintenance, Repair, and Operations (MRO) firm in India, for an enterprise value of ₹400 crore. 
  • According to sources, the group is negotiating to buy a 30% share in a joint venture between US-based MRO provider AAR Corp. and Prajay Patel-owned Indamer Aviation. AAR holds 40% of the MRO business. The Adani Group is in negotiations to acquire half the stake held by Patel. 
  • The company is also poised to make a competitive offer for AI Engineering Services (AIESL), which is the MRO unit of Air India that the government is looking to sell in the first quarter of the next financial year (FY23).

Adani’s Mission 

From a college dropout to a business tycoon, Gautam Adani’s story is nothing short of remarkable. Adani Group, which focuses on large-scale infrastructure development in India, has established itself as the market leader in its transportation logistics and energy utility portfolio industries. 

Adani Group owes its success and leadership position to its core philosophy of ‘Nation Building’ driven by ‘Growth with Goodness’ – a guiding principle for sustainable growth. It is committed to increasing its environmental, social, and governance (ESG) footprint by realigning its businesses with an emphasis on climate protection. The group is also increasing community outreach based on the principles of sustainability, diversity, and shared values.

Adani is a prominent global infrastructure operator with a diversified portfolio of operations, including coal mining, coal trading, ports, power generation, multi-model logistics, renewable energy, and gas transmission and distribution. The group has long been renowned for its capacity for expansion and national-building aspirations. But will it continue to thrive or will it perish with the ‘emerging’ airport sector? 

Will a single entity be able to operate airports more efficiently or is there a danger of a monopoly arising in India’s airport space? Let us know your views in the comments section of the marketfeed app! 

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TCS Posts 8% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

TCS Q2 Results: Net profit rises 8% YoY to ₹10,431 crore

Tata Consultancy Services (TCS) reported an 8.4% YoY increase in consolidated net profit to ₹10,431 crore for the quarter ended September (Q2 FY23). The IT company’s revenue from operations rose 18% YoY to ₹55,309 crore during the same period. Its order book stood at $8.1 billion in Q2. TCS’s board has approved a dividend of ₹8 per share. 

Read more here.

JSW Steel’s combined production grows 12% to 5.68 MT in July-Sept

JSW Steel Ltd reported a 12% year-on-year (YoY) growth in its combined steel production at 5.68 million tonnes (MT) during the quarter ended September (Q2 FY23). Production was down 3% compared to 5.88 MT in the April-June period (Q1). The fall in production can be attributed to extended maintenance shutdowns, subdued market conditions in the US, and lower capacity utilisation in various units in India. 

Read more here.

Adani Group in talks for Jaiprakash’s cement unit for $606 million: Report

According to an ET Now report, Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd. to acquire its cement unit. The group could pay about ₹5,000 crore (~$606 million) for a cement grinding unit and other smaller assets. The deal will help consolidate the Adani Group’s dominance in the cement sector, which started after it recently bought Ambuja Cements Ltd. and ACC Ltd. from Switzerland’s Holcim Ltd.

Read more here.

India’s fuel demand slips to 10-month low in September

India’s monthly fuel demand in September was at its lowest since November 2021. Total monthly fuel demand in September fell 3.6% from August, although it was up 8.1% when compared with September 2021. Consumption of fuel totaled 17.18 million tonnes (MT) in September, up from 15.89 MT a year earlier. Sales of diesel grew 13.4% YoY to 6.26 MT in Sept but dropped 1.4% month-on-month.

Read more here.

EaseMyTrip’s board approves bonus shares and stock split

The Board of Directors of Easy Trip Planners Ltd has approved a bonus issue. It will issue three bonus shares for every one share held in the company. Easy Trip Planners will need free reserves of ₹130.4 crore (created out of the company’s profits in FY22) for implementing the bonus issue. The board also cleared a proposal to split its stock in the ratio of 1:2 (each equity share with a face value of ₹2 will be split into two equity shares with a face value of ₹1). 

Read more here.

India Cements divests entire stake in Springway Mining to JSW Cement for ₹477 crore

India Cements Ltd has signed a pact with JSW Cement to divest its entire stake in Springway Mining Pvt Ltd (SMPL) for ₹477 crore. SMPL owns limestone-bearing land in Madhya Pradesh’s Panna district. It is also setting up a cement plant in Damoh district. JSW Cement has paid ₹373.87 crore towards part of the deal amount. The rest has to be paid on or before December 31, 2022. 

Read more here.

Gravita starts commercial production at aluminium recycling plant in Senegal

Gravita India Ltd’s step-down subsidiary in Senegal (West Africa) has commenced commercial production of aluminium from a new recycling plant. The plant has an annual capacity of around 4,000 metric tonnes per annum (MTPA). The company is expecting an additional revenue of approx. ₹60 crore per annum with gross margins of nearly 20% from the new capacity.

Read more here.

Equity inflows surge in September despite volatility: AMFI

Data released by the Association of Mutual Funds in India (AMFI) showed that equity mutual funds witnessed a net inflow of ₹14,077 crore in September 2022, compared to a net inflow of ₹5,942.2 crore in August. Total assets under management for the mutual fund industry stood at ₹38.42 lakh crore as of September 30, compared to ₹39.33 lakh crore as of August 31. Contribution through SIP went up to ₹12,976 crore in September when compared to ₹12,693 crore in August. 

Read more here.

Nykaa Fashion partners with Revolve to offer new range of global fashion labels

E-commerce platform Nykaa’s fashion arm, Nykaa Fashion, announced a partnership with California-based Revolve to offer access to a range of global fashion labels. With this collaboration, Nykaa Fashion will offer consumers curations spanning over 26,000 options and over 400 brands across apparel, footwear, and accessories, including REVOLVE and its own online platform.

Read more here.

Tata Motors’ global sales up 33% in Q2

Tata Motors reported a 33% YoY increase in global sales (including that of Jaguar Land Rover) to 3,35,976 units during the quarter ended September (Q2 FY23). Global wholesale units of all Tata Motors’ commercial vehicles and Tata Daewoo range in the quarter stood at 1,03,226 units, up 16% YoY. Sales of JLR stood at 89,899 units in Q2 FY23, compared to 78.251 units in Q2 FY22.

Read more here.

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Adani Group to Invest Over $100 billion in Next Decade – Top Indian Market Updates

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

Adani Group to invest over $100 billion in next decade

The Adani Group will invest more than $100 billion in the next decade, said Chairman Gautam Adani at the Forbes Global CEO Conference in Singapore. Nearly 70% of this investment will be in the energy transition space. The group will add 45 gigawatts of hybrid renewable power generation capacity and build 3 giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.

Read more here.

Torrent Pharma to acquire Curatio Health for $245 million

Torrent Pharmaceuticals Ltd will acquire skincare major Curatio Health Care (I) for ₹2,000 crores. Following the Curatio deal, Torrent Pharma will be among the top 10 companies in the dermatology segment in India. Sequoia Capital-backed Curatio has a portfolio of over 50 brands that are marketed in India.

Read more here.

Reliance Retail launches first outlet of ‘Reliance Centro’

Reliance Retail Ventures Ltd announced the launch of its fashion & lifestyle departmental store “Reliance Centro” in Vasant Kunj, Delhi. Centro’s core offerings are curated to make it a one-stop fashion destination for mid-premium segment customers. The store offers categories including apparel, footwear, cosmetics, lingerie, sportswear, and accessories with over 300 Indian and international brands.

Read more here.

Axis Bank eyes general insurance space: MD

Axis Bank MD & CEO Amitabh Chaudhry indicated that the lender may be interested in investing in a general insurance company if a good opportunity comes up. Under Chaudhry’s leadership, Axis Bank has been expanding its footprint in the financial sector space as it aims to challenge bigger rivals like SBI, HDFC Bank, and ICICI Bank to become a one-stop service provider.

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BHEL secures order for 2×660 MW Talcher Thermal Power Project Stage-III

Bharat Heavy Electricals Ltd (BHEL) has received a prestigious order for setting up the 2×660 megawatts (MW) Talcher Thermal Power Project Stage-III from NTPC Ltd. State-owned NTPC is investing ₹11,843.75 crore for this project. BHEL is an Indian government-owned engineering and manufacturing enterprise based in New Delhi, India. 

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid Corporation of India Ltd’s (PGCIL) board has approved an investment of ₹327.71 crore for the transmission project line in Gujarat. PGCIL will link its pooling station with Reliance Industries Ltd’s Jamnagar oil refinery in Gujarat. The scheduled commissioning date is September 2023.

Read more here.

Muthoot Finance signs MoU with Lulu International Exchange for ease of money transfer

Muthoot Finance has signed a Memorandum of Understanding (MoU) with UAE-based Lulu International Exchange to work as its collection partner. Through this partnership, Muthoot Fiance aims to drive convenience and ease of money transfer for over four lakh NRIs in the UAE region whose relatives have availed gold loans back home. NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE. 

Read more here.

HFCL secures orders worth ₹202 crore

HFCL Ltd has secured orders worth ₹202.6 crore from three customers. The company has received a purchase order of ₹167.60 crore from Reliance Retail and Reliance Projects & Property Management Services for the supply of optical fibre cables (OFC). It has also bagged an order of ₹35 crore from one of its overseas customers for the supply of OFCs and related accessories. 

Read more here.

India’s inclusion into key government bond index pushed back to next year: Report

As per a Reuters report, Indian government bonds will likely only be included in the JPMorgan emerging market global index early next year as the govt. still needs to address various operational issues. Investors had expected a decision on this could come this month when operators meet to review the composition of the index and after Russia’s exit earlier this year. The rupee turned lower and bond yields rose after news of the delay in inclusion. 

Read more here.

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Market News Top 10 News

SpiceJet to Send 80 Pilots on Leave Without Pay – Top Indian Market Updates

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

SpiceJet to send 80 pilots on leave without pay

SpiceJet Ltd will send around 80 pilots on Leave Without Pay (LWP) as the airline finds itself with excess pilots. Around 40 pilots from the Boeing 737 fleet and 40 from the Q400 fleet have been asked to go on LWP for three months. The airline will call them back gradually as it deploys new aircraft into its fleet. SpiceJet plans to add seven new Boeing 737 Max starting from December 2022.

Read more here.

Hero MotoCorp, HPCL to set up charging infrastructure for EVs

Hero MotoCorp Ltd has partnered with Hindustan Petroleum Corporation Ltd (HPCL) to set up charging infrastructure for electric vehicles across India. The companies will first set up charging stations in select cities and expand to other key markets to establish a high-density of EV charging station network. They will initially establish charging infrastructure at HPCL’s existing network of energy stations.

Read more here.

Piramal Enterprises to raise ₹750 crores via NCDs

Piramal Enterprises Ltd’s board has approved a proposal to raise ₹750 crore through the issuance of non-convertible debentures (NCDs). It will raise market-linked NCDs on a private placement basis up to ₹100 crore along with an option to retain oversubscription of up to ₹650 crore. The debentures will be listed on the debt segment and capital market segment of NSE and BSE, respectively.

Read more here.

C E Info Systems acquires 26% stake in KOGO

C E Info Systems Ltd (CEISL) has completed the acquisition of a 26.37% stake in Kogo Tech Labs Pvt. Ltd for ₹10 crore. This acquisition would help automotive OEMs deliver a premium and engaging user-first approach to travel experiences for their vehicle owners. Kogo is a gamified social travel commerce platform. Users earn KOGOCOIN as they step out and can spend it on hotels, experiences, and stores on the KOGO Marketplace.

Zydus Lifesciences launches cancer drug in the US

Zydus Lifesciences Ltd has announced the launch of Lenalidomide capsules in the US. The drug is used to treat various types of cancer. It works by slowing or stopping the growth of cancer cells. Lenalidomide can also treat anemia in patients with certain blood/bone marrow disorders. Zydus will maufacture the drug at its manufacturing facility at the Special Economic Zone (SEZ) in Ahmedabad.

Read more here.

Adani pledges stake worth $13 billion in newly acquired Holcim cement units

The Adani Group has pledged shares valued at around $13 billion (~₹1.03 lakh crore) in two cement firms days after it completed the acquisition from Holcim Ltd. Stakes in two companies (57% of ACC and 63% in Ambuja Cements Ltd.) have been pledged for “the benefit of certain lenders and other finance parties”. The buyouts from Holcim earlier this year marked the group’s entry into the cement business.

Read more here.

Adani Transmission to invest over ₹5,000 crore in FY24-25

Adani Transmission Ltd. is planning to invest over ₹5,000 crore to add more capacity in each of the next two financial years. The company aims to increase the share of its renewable energy capacity to 60% by FY26-27. Currently, Adani Trans holds a portfolio of 18,795 circuit kilometers (ckm) of transmission lines and 40,001 megavolt-amperes (MVA) of power transformation capacity across 13 states.

Read more here.

Mindtree secures multi-year engagement with UK-based Currys

UK’s leading retailer of technology products and services, Currys, has selected Mindtree Ltd. to deliver a highly personalised shopping experience to its customers across multiple markets. Mindtree will design and implement an omnichannel solution that provides a unified customer experience across online, mobile, and in-store shopping while driving cross-channel fulfillment and inventory optimisation for Currys. 

Read more here.

NPCI in talks with govt as Zomato, Swiggy plans entry into UPI space

The National Payments Corporation of India (NPCI) is worried over the delay in implementing its mandate requiring payment apps to hold no more than 30% market share in the UPI ecosystem. NPCI is in talks with the govt. and industry stakeholders over the effect of late implementation. The recent action comes at a time when Zomato and Swiggy are reportedly planning an entry into the UPI payments platform as third-party payments apps.

Read more here.

Wipro, Finastra to power digital transformation for corporate banks

Wipro Ltd has partnered with UK-based Finastra to help corporate banks accelerate digital transformation. This partnership combines Wipro’s expertise in consulting and digital infrastructure with Finastra’s cutting-edge solutions to deliver modern API-enabled platforms for banks. The solution will help banks streamline and digitize core trade finance processes and reduce cost overheads.

Read more here.

India to grow at over 7% in FY23: CEA

Chief Economic Advisor V Anantha Nageswaran said the Indian economy will grow at 7% in FY23, down from the 8-8.5% growth rate projected in January. The aftereffects of the COVID-19 pandemic and Russia’s invasion of Ukraine are hurting economic growth. India can sustain the 7% growth rate for the rest of the decade, he added.

Read more here.

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Market News Top 10 News

Adani Acquires Holcim’s Stake in Ambuja Cement, ACC – Top Indian Market Updates

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

Adani completes acquisition of Holcim’s stake in Ambuja Cement, ACC

The Adani Group has completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland-based Holcim Group for $6.4 billion (~₹51,030 crore). This transaction comprises Holcim’s entire 63.11% stake in Ambuja Cement and a 4.48% direct stake in ACC. Ambuja holds a 50.05% interest in ACC Ltd. The two cement makers together make Adani the second largest cement player in India after Aditya Birla Group’s UltraTech Cement. 

Read more here.

Govt clears 23 strategic projects under National Technical Textiles Mission

The Central Govt. has cleared 23 strategic research projects of ~Rs 60 crore in the areas of specialty fibres, sustainable textiles, geotextiles, and sports textiles under the National Technical Textiles Mission. Textiles Minister Piyush Goyal emphasised the importance of contributions of technology & segment experts, scientists, and academicians to the future growth of technical textiles in India.

Read more here.

Domestic air passenger traffic rises 3% in August: DGCA

Domestic air traffic grew marginally by 3% in August 2022 to 1 crore passengers, compared to 97 lakh domestic passengers in July. IndiGo flew the most number of passengers, with a market share of 58%. Tata Group airlines (Air India, Vistara, and AirAsia India) had a 24% market share as of August. Data released by the Directorate General of Civil Aviation (DGCA) showed that airlines flew with an average seat occupancy of 75% last month.

Read more here.

Godrej Properties clocks ₹1,210 crore sale bookings in two new projects

Godrej Properties Ltd has achieved sales bookings worth ₹1,210 crore in its two new housing projects in Mumbai. The realty company launched two projects— Godrej Ascend at Thane and Godrej Horizon at Wadala— during Q1 FY23. It has cumulatively sold more than 700 homes accounting for an area of ~8.08 lakh square feet for both projects.

Read more here.

Hero MotoCorp to launch EV model next month

Hero MotoCorp plans to enter the electric segment next month with the launch of its first model in the domestic market. The company confirmed in a quarterly report that “a new era in mobility is about to begin,” referring to an event in Jaipur under its “Vida” brand on October 7. The two-wheeler manufacturer has sent invitations for the event to its dealers, investors, and global distributors.

Read more here.

UPL partners with Cleanmax to build hybrid power project in Gujarat

UPL Ltd will partner with Mumbai-based CleanMax Enviro Energy Solutions to set up a hybrid energy power plant in Gujarat. The companies will operate a hybrid captive power plant with a capacity of 28.05 MW of solar power and 33 MW of wind power. The project will allow UPL to increase its renewable energy usage to 30% of its total global power consumption (from 8% currently).

Read more here.

Zydus Lifesciences gets tentative USFDA approval for Sugammadex injection

Zydus Lifesciences Ltd’s US-based subsidiary has received tentative approval from the US Food & Drug Administration (USFDA) to market Sugammadex injection. The drug is indicated for the reversal of neuro-muscular blockade induced by rocuronium bromide and vecuronium bromide (used in modern anesthesia) in adults undergoing surgery. The injection will be manufactured at the pharma company’s facility at Jarod, Gujarat.

Read more here.

ED freezes ₹46.66 crore held in merchant accounts of Paytm, Razorpay

The Enforcement Directorate (ED) has frozen ₹46.67 crore held in merchant accounts maintained by Paytm, Razorpay, Cashfree, and Easebuzz in the instant Chinese loan app case. As per ED’s investigation, Lillion Technocab and Shigoo Technology Pvt. Ltd. used to route their money via HPZ token to the merchant accounts of these digital payment firms.

Read more here.

Zomato’s Blinkit starts home delivery of iPhone 14

Zomato-owned quick-commerce platform Blinkit has partnered with Unicorn Info solutions to deliver iPhones 14 and other Apple products to doorsteps. The service is currently available in Delhi, Gurugram, and Mumbai. Customers in India can get the iPhone 14 for ₹79,900 and the 6.7-inch iPhone 14 Plus for ₹89,900 (available from Oct 7).

Read more here.

Harsha Engineers IPO subscribed 74.7 times on final day

Harsha Engineers’ IPO was subscribed 74.7 times on the final day of bidding. The portion reserved for retail investors was subscribed 17.63 times. Non-institutional investors (NIIs) have subscribed 71.32 times against their reserved portion. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 178.26 times.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company had fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

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Editorial

NDTV: Adani’s Toughest Takeover Yet?

Last month, the Adani Group made a surprising announcement: It will indirectly acquire a 29.18% stake in New Delhi Television Ltd (NDTV)! They will also launch an ‘open offer’ to acquire an additional 26% stake in the news media company. Many consider this a hostile takeover, and NDTV claims there had been no discussions or consent regarding the matter.

In this article, we discuss the timeline of events that led to Adani Group’s aggressive proposal to take over NDTV.

The Story…

  • NDTV is regarded as a legacy brand that pioneered independent news broadcasting in India. It is credited with launching the country’s first 24×7 news and lifestyle channel. Way back in 2005, private equity firm General Atlantic (GA) Global Investments acquired an 8% minority stake in NDTV for ₹116 crore in a block deal. 
  • The promoters of NDTV, Prannoy Roy and Radhika Roy, made an offer to buy back shares from the company’s existing investors. Their initial plan was to acquire a 7.73% stake from GA Global Investments. However, this proposal triggered an open offer to other minority shareholders of NDTV.

What is an Open Offer?

Suppose you’re a minority shareholder in a company. You have the right to exit an investment if you believe that a change in ownership structure could harm the company’s future. Thus, the Securities & Exchange Board of India (SEBI) asks promoters/investors to make an additional open offer to minority shareholders when they acquire a sizeable stake in a company from select investors. The open offer will allow you to sell your shares at a specified price and walk away from the investment.

  • Coming back to the story, the Roys’ did not have the money to buy back shares. So they established a firm called RRPR Holding Pvt. Ltd, which borrowed nearly ₹540 crores from Indiabulls Financial Services by pledging NDTV shares as collateral.
  • Unfortunately, their plans got derailed due to the global financial crisis of 2008. NDTV shares crashed, and the collateral backing the loan lost most of their value. 
  • That same year, the promoters took another loan of ₹375 crores from ICICI Bank to repay Indiabulls Financial Services. This loan carried an interest rate of 19%!
  • After the economic slowdown, ICICI Bank settled the loan at ₹350 crore. This amount was funded through a loan RRPR Holding took from Vishvapradhan Commercial Pvt. Ltd. (VCPL) on an interest-free basis. In return, RRPR had to offer convertible warrants to VCPL.

What are Convertible Warrants?

They are financial instruments that will allow you to buy a company’s shares at a fixed price if certain conditions are met. 

  • According to the loan agreement, RRPR had to issue convertible warrants to VCPL representing 99.99% of its share capital when exercised. Thus, VCPL would hold a ~99% stake in RRPR Holding (promoter entity of NDTV).
  • Due to desperate circumstances, Prannoy Roy and Radhika Roy told VCPL that they would hand over RRPR’s entire stake in NDTV (~29%) in the form of warrants. 

This is Where Things Get Interesting…

  • VCPL was established in 2008. The only key transaction they had conducted was the loan made out to NDTV’s promoters! In 2009, VCPL received ₹403.85 crore as an unsecured loan from Shinano Retail Pvt. Ltd. Meanwhile, Shinano received the same amount from various subsidiaries owned by Reliance Industries Ltd (RIL)! So RIL was slyly holding an indirect stake in NDTV as well!
  • In 2012, a firm called Eminent Networks obtained ownership of the loan VCPL took from Shinano Retail. This firm was owned by Mahendra Nahata, a Board Member of Reliance Jio Infocomm! As per company statements in 2012, the new owners of VCPL were NextWave Televenture and Skyblue Buildwell, both firms linked to Nahata.
Source: Tijori Finance Report

Recent Developments

  • On August 23, 2022, AMG Media Networks Ltd, a wholly-owned subsidiary of Adani Enterprises Ltd, acquired VCPL for ₹113.74 crore. Interestingly, AMG Media Networks proceeded to exercise the warrants owned by VCPL to own 29.18% of NDTV! What a tactical move by the Adani Group!
  • AMG Media Networks is obligated to issue an open offer for an additional 26% stake in NDTV at a discount of ₹294 per share. This offer will be launched from October 17 to November 1. This is in compliance with the requirements of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
  • Meanwhile, Prannoy Roy and Radhika Roy (promoters) still hold a 32.26% stake in NDTV, which was not a part of RRPR. They had recently issued a statement saying that the Adani Group had not sought their consent for the takeover. Now, NDTV and the Roys are definitely fighting back against Adani’s takeover.

In a letter to the stock exchanges, NDTV mentioned that the Roys had been found guilty of insider trading in 2020, and were banned from dealing in financial securities. The ban will be lifted by November 26, 2022. So NDTV believes that VCPL can only acquire its shares by overriding the ban. A pretty complicated situation indeed! They even approached SEBI and the Income Tax Dept. to try and stop Adani Group’s acquisition plans. However, Adani is ready with countermeasures to tackle any issues that may come their way.

What are your views on Adani Group’s strategic takeover of NDTV? Let us know in the comments section of the marketfeed app!

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Market News Top 10 News

Tanla Platforms’ Board Approves ₹170 crore Buyback Plan – Top Indian Market Updates

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

Tanla Platforms’ board approves ₹170 crore share buyback proposal

The Board of Directors of Tanla Platforms Ltd has approved a share buyback proposal aggregating ₹170 crore. The equity shares offered under the buyback have a face value of ₹1 each. The company has fixed ₹1,200 per share as the floor price for the buyback. The offer price represents a premium of 66.39% over the closing price of Tanla’s shares on NSE on Sept 1, 2022.

Read more here.

Adani Group-led consortium gets extension to complete Haifa Port purchase

A consortium led by Adani Group has requested and received an extension from the Israeli Government to complete its purchase of Haifa Port. The extension of a month and a half comes at the consortium’s request and takes into account Jewish holidays, said Israel’s Finance Ministry. It set a new final date of Nov. 27.

In July 2022, Israel announced it would sell Haifa Port (a major trade hub on its Mediterranean coast) to winning bidders Adani Ports and local chemicals & logistics group Gadot for $1.2 billion.

Read more here.

Tata Power RE to set up 100 MW solar project in Maharashtra

Tata Power Renewable Energy Ltd, a subsidiary of Tata Power, will set up a 100 MW solar power plant for Viraj Profile Pvt. Ltd (VPPL) in Maharashtra. The plant is expected to generate about 200 million units (MUs) of energy and offset approx. 170.43 million kg of carbon dioxide annually. VPPL is a stainless steel manufacturer, which owns and operates a plant located at Tarapur at Nandgaon.

Read more here.

Dr. Reddy’s Labs launches generic Revlimid in US market

Dr. Reddy’s Laboratories Ltd has announced the launch of Lenalidomide Capsules in the US market. The drug is used to treat various types of cancers. It is a therapeutic equivalent generic version of Revlimid Capsules approved by the US Food & Drug Administration (USFDA). With this volume-limited launch, Dr. Reddy’s Labs is eligible for first-to-market, 180 days of generic drug exclusivity for Lenalidomide Capsules.

Read more here.

USFDA asks Panacea Biotec to take corrective measures at Himachal unit

The US Food & Drug Administration (USFDA) has asked Panacea Biotech Ltd for further corrective actions at the manufacturing unit of its wholly-owned arm at Baddi, Himachal Pradesh. Otherwise, the health regulator may withhold approval of any pending product applications from the facility. After inspection of the unit in May-June, USFDA issued Form 483 with eight observations related to improvements in existing procedures.

Read more here.

TVS Motor unveils updated Apache range

TVS Motor Company Ltd has unveiled the 2022 models of its flagship Apache range. The new models are upgraded versions with a host of new features and would strengthen the company’s product portfolio. The motorcycles of the new range are priced at ₹1.17 lakh for the 160cc (base variant) and ₹1.30 lakh (ex-showroom New Delhi) for the 180cc base variant.

Read more here.

Hindustan Zinc incorporates fertilisers subsidiary

Hindustan Zinc Ltd (HZL) has formed fertiliser subsidiary called Hindustan Zinc Fertilisers. The newly formed entity will manufacture, sell, and deal with multiple grades of nitrogenous, phosphatic, and potassic fertilisers. Last week, HZL announced an investment of ₹350 crore for a 26% stake in a special purpose vehicle (SPV) that was created on February 18 to implement renewable energy power projects.

Read more here.

Govt to acquire stake in Vodafone Idea after shares stabilise at ₹10 or above

According to reports, the government will acquire a stake in debt-ridden Vodafone Idea (Vi) after its stock price stabilises at ₹10 or above. Vi’s board has offered a stake to the government at a par value of ₹10 per share. The Finance Ministry had cleared the proposal to acquire a stake in VIL in July.

The Ministry of Finance cleared a proposal to convert the accrued interest on dues related to deferred adjusted gross revenue (AGR) worth Rs 16,130 crore of Vi into equity, reported Economic Times today.

Read more here.

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Market News Top 10 News

Adani Group to Build 3 Giga Factories as Part of Green Energy Push – Top Indian Market Updates

adani

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

Adani Group to build 3 giant factories as part of green energy push

Adani Group will build three giant factories in India leading to the world’s most integrated green energy value chains, said Chairman Gautam Adani. The giga factories will manufacture polysilicon for solar modules, wind turbines, and hydrogen electrolysers. In July, the group announced plans to invest $70 billion in green energy transition and infrastructure projects to become a net exporter of clean energy.

Read more here.

NCLT allows to convene shareholders’ meeting to seek approval of ZEEL-Sony merger

The National Company Law Tribunal (NCLT) has allowed Zee Entertainment Enterprises Ltd. (ZEEL) to convene a meeting of its shareholders to seek the approval of its proposed merger with Culver Max Entertainment Pvt. Ltd. (formerly known as Sony Pictures Networks India Pvt Ltd). ZEEL and Sony Pictures Network India signed a definitive agreement to merge the two companies on December 22, 2021.

The broadcasters are yet to receive formal approval from the Competition Commission of India (CCI).

Read more here.

Coal India’s production up by 44.6 MTs in 5 months

Coal India Ltd’s production in the ongoing financial year (FY23) increased by 44.6 million tonnes (MTs) in five months and four days, beating the previous best of 44.5 MTs registered in FY16 (full year). The company is hopeful of reaching close to the apportioned target of 306 MTs in the April-September period (H1) of FY23.

Read more here.

Lupin, DKSH to market Alvotech biosimilars in Philippines

Lupin Ltd has signed an exclusive license and supply agreement with Swiss healthcare distributor DKSH to commercialize five of Alvotech’s proposed biosimilars in the Philippines. Multicare Pharmaceuticals, Lupin’s subsidiary in the Philippines, will file for marketing approval and be responsible for the distribution of the biosimilars once approved. This agreement enhances Multicare’s oncology, rheumatology, gastroenterology, and ophthalmology portfolio.

Read more here.

Bank of Maharashtra raises ₹710 crore via bonds

Bank of Maharashtra has raised ₹710 crore from bonds to fund business growth. The fund was raised via Basel-III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including a green shoe option of ₹610 crore) at a coupon rate of 8.74%. The capital raised through the AT1 bonds will support the bank’s business growth.

Read more here.

Cipla gets USFDA approval for Lenalidomide Capsule

Cipla Ltd has received final approval for its Abbreviated New Drug Application (ANDA) for Lenalidomide Capsule from the US Food & Drug Administration (USFDA). Lenalidomide is an immunomodulatory prescription drug indicated for several hematological malignancies (cancers that begin in blood-forming tissue) in adults. The drug had sales of ~$2.58 billion during the 12 months ended June 2022 in the US.

Read more here.

Max Ventures to acquire Acreage Builders for ₹292 crore

Max Ventures and Industries Ltd (MaxVIL) announced the acquisition of Acreage Builders for ₹291.5 crore. The company executed the share purchase agreement on September 6 for the acquisition of a 100% stake in the realty firm. This acquisition marks MaxVIL’s entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi-NCR and pan-India.

Read more here.

Axis Bank partners with Paynearby; aims to grow loan book organically

Axis Bank has announced plans to grow its Priority Sector Lending (PSL) book organically and make it a profitable business. The bank has partnered with Paynearby, a distribution as a service (DAAS) company. As part of the partnership, Axis Bank will get access to more than 50 lakh micro-retailers and aims to source better lending opportunities on a range of products. 

Read more here.

Maruti Suzuki to enter mid-SUV segment to lift market share to 50%

Maruti Suzuki India Ltd (MSIL) is all set to consider the sports utility vehicle (SUV) segment as the key area to lift its overall market share in India to 50%. The automaker’s overall market share is currently under 45%. It does not have a car in the mid-SUV segment, whose total domestic market size stands at 5.5 lakh. MSIL will launch a model under the mid-SUV segment in the last week of September 2022. 

Read more here.