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IndiGo Surpasses Milestone of 2,000 Daily Scheduled Flights – Top Indian Market Updates

indigo

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

IndiGo surpasses milestone of 2,000 daily scheduled flights

IndiGo achieved a significant milestone by surpassing 2,000 planned flights per day, making it the first airline in India to do so. This marks a substantial increase in operational capacity. According to the latest data for October 2023, IndiGo is among the top 10 airlines globally in both frequency and seat capacity.

Read more here.

Adani Power promoter entities buy 2% stake via open market

Two promoter group entities in Adani Power have acquired a 2% additional stake in the company in a since September through the open market. Ardour Investment Holding and Emerging Market Investment DMCC acquired 7.92 crore shares or 2.06% stake in Adani Power between September 26 and November 16. Following the acquisition, the cumulative shareholding of promoters increased to 71.14%.

Read more here.

RBI’s move will not impact bank’s ability to grow: SBI Chairman

According to the Chairman of The State Bank of India, Dinesh Kumar Khara, the Reserve Bank of India’s move on consumer loans would not affect the lender’s ability to grow. The impact of the increased risk weight on personal loans (including credit cards) will be 55-60 basis points (bps). SBI’s capital adequacy ratio stood at 14.28% as of September end.

Read more here.

Lupin receives USFDA nod for Ganirelix Acetate injection

Lupin Ltd received approval from the United States Food and Drug Administration (USFDA) for Ganirelix Acetate injection. The drug is used to treat ovarian hyperstimulation. The pharma major will manufacture the injection at its facility in Nagpur, Maharashtra. As per IQVIA MAT data for September 2023, Ganirelix Acetate Injection had estimated annual sales worth $84 million in the United States.

Read more here.

AGS Transact Technologies wins ₹1,100 crore order from SBI for 2,500 ATMs

AGS Transact Technologies Ltd has secured an order worth ₹1,100 crore from State Bank of India (SBI) to deploy 2,500 ATMs over seven years. The company will deploy these ATMs on a transaction fee basis as a part of the Total Outsourcing Model. It will start the deployment of the new ATMs in the next calendar year.

Read more here.

JSW Infra secures ₹4,119 crore all-weather port project in Karnataka

JSW Infrastructure has received a letter of award (LoA) from the Karnataka Maritime Board to construct an all-weather port project in Karnataka. The estimated cost of the project is ₹4,119 crore, with an initial capacity of 30 million tonnes per annum (MTPA). The proposed Keni Port would have modern environment-friendly mechanised facilities for handling cape-size vessels.

Read more here.

Delhi HC stays proceedings in money laundering case against Hero Motocorp’s Pawan Munjal

The Delhi High Court stayed the proceedings against Hero Motocorp chairman Pawan Kant Munjal in a money laundering case being probed by the Enforcement Directorate (ED). Justice Saurabh Banerjee issued notice to the investigating agency on Munjal’s petition against the ED case and granted it time to file its reply. 

Read more here.

Hindustan Zinc needs govt nod to create separate biz entities

The Ministry of Mines has written to Hindustan Zinc Ltd (HZL), stressing that any business reorganisation would require formal approval from the government. HZL’s board is exploring a corporate restructuring plan to create three separate legal entities for zinc & lead, silver, and recycling businesses to unlock shareholder value. The government has a 29.54% stake in HZL, which is 64.92% owned by Vedanta Ltd.

Read more here.

India seeks to restart stalled Adani coal imports probe

Indian investigators have sought the Supreme Court’s permission to restart a probe into Adani Group’s alleged coal import overvaluation. The Directorate of Revenue Intelligence aims to collect evidence from Singapore, accusing Adani of thwarting efforts. Adani denies wrongdoing, facing wider scrutiny since Hindenburg Research’s accusations. Legal battles span Mumbai, New Delhi, and Singapore.

Read more here.

SBI to launch ‘Yono Global’ app in Singapore and US

State Bank of India (SBI) will soon launch its banking mobile app ‘Yono Global’ in Singapore and the US, offering digitised remittance and other services to its customers. Currently, SBI offers Yono Global services in 9 countries, starting with UK operations in September 2019. SBI’s foreign operations have a total balance sheet size of $78 billion.

Read more here.

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

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

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Adani Green is in talks for $1.8 billion loan

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

Read more here.

Vodafone Idea gets ₹2,000 crore from HDFC Bank

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

Read more here.

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

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

Read more here.

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

adani

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

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

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

Read more here.

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

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

Read more here.

Emami acquires 26% stake in Axiom Ayurveda

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

Read more here.

ICICI Lombard faces ₹1,728.9 crore tax demand

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

Read more here.

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

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

Read more here.

Oberoi Realty signs pact to redevelop land parcel in South Mumbai

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

Read more here.

Saregama India to acquire 6.61 lakh shares of Pocket Aces Pictures

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

Read more here.

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

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

Read more here.

Bharti Enterprises backs Eutelsat-OneWeb merger

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

Read more here.

Promoters of Adani Power increased their stake in September

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

Read more here.

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Easy FINNIFTY Expiry? – Pre-Market Analysis Report

FINNIFTY expiry - pre-market analysis

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

Stocks

Lemon Tree Hotels has signed license agreements for two properties in Bhubaneswar and Kasauli under Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively.

Brigade Enterprises has bought 6.54 acres of land in Chennai. The company will develop a residential project on the said land.

Paytm’s 23rd Annual General Meeting (AGM) is scheduled to be held on September 12.

Adani Enterprises’ promoter firm Kempas Trade and Investment bought 2.53 crore shares (2.22%) in the last 2 weeks.

Adani Power has targeted a total capacity of 21,110 MW by FY29, with net senior debt expected to increase next year.

What Happened Yesterday?

NIFTY started the day flat at 19,320 and kept taking 19,300 as support. After 2 rounds of bounces from the support, the index gave a good up move to 19,420. NIFTY closed at 19,393, up by 83 points or 0.43% 

BANK NIFTY started the day at 43,952 with a 100-point gap-down. The index was overall bullish after 10 AM, and respected 43,960 zones. A breakout above 44,100 was not formed and BANK NIFTY closed at 44,002, up by 150 points or 0.34%. 

U.S. markets closed flat to green. The European markets closed mixed.

What to Expect Today?

The Asian markets are slightly in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,389.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 19,360, 19,300 and 19,240. We can expect resistances at 19,400 19,438 and 19,500.

BANK NIFTY has supports at 43,960, 43,830 and 43,680. Resistances are at 44,100, 44,150 and 44,277.

FINNIFTY has supports at 19,500, 19,450 and 19,400. Resistances are at 19,623, 19,700 and 19,735.

NIFTY has the highest call OI build-up at 19,400. The highest put OI build-up is at 19,300. PCR is at 0.96.

BANK NIFTY has the highest call OI build-up at 44,000. The highest put OI build-up is also at 44,000. PCR is at 1.00.

FINNIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,500. PCR is at 0.96.

Foreign Institutional Investors net-sold shares worth Rs -1,901 crores. Domestic Institutional Investors net-bought worth Rs 626 crores.

INDIA VIX is at 11.96. 

The current expectation of the week remains consolidation with NIFTY moving up by just 0.4% yesterday.

Even though the market did not fall till 19,240 yesterday, DIIs supported it and kept it “stable”. FIIs continue to sell for thousands of crores.

FINNIFTY’s expiry is expected to be consolidation, going by the current market trend. You can look for trades using the levels we talked about above as an indication.

While the general market is consolidating, midcap and smallcap indices are near their all-time highs. Usually what happens in markets like these is, NIFTY consolidates while smaller stocks rally.

Both NIFTY and BANK NIFTY are trapped in a consolidation range in the daily charts, as well. So you can easily trade with these limits as an option seller! Have a safe trading day!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

ICICI Securities to Consider Delisting – Top Indian Market Updates

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

ICICI Securities to consider delisting

ICICI Securities will hold a board meeting on Thursday, June 29, to consider a proposal of delisting its equity shares. The company’s parent, ICICI Bank, will also hold a similar board meeting for the proposal. As per the March quarter shareholding pattern, ICICI Bank holds a 74.85% stake in its broking subsidiary.

Read more here.

Adani Power commissions Unit-2 of thermal power plant in Jharkhand

Adani Power’s subsidiary Adani Power Jharkhand Ltd (APJL) has commissioned Unit 2 of the 800 MW power project in Godda, Jharkhand. The project is part of the 2×800 MW Ultra-supercritical power project of APJL. The company will export the entire power generated from the project to Bangladesh through dedicated 400 kV transmission lines. The power project achieved commercial operations on June 25, 2023.

Read more here.

L&T Finance plans to sell its wholesale book to banks, NBFCs

L&T Finance Holdings plans to sell its wholesale loan book to interested banks, NBFCs, and funds. The company also plans to repay or refinance its existing wholesale loan book. The move comes as the company aims to become a 100% retail finance company. As of March 31, 2023, the wholesale book of the company was 25% of the total loan book (₹19,840 crore).

Read more here.

TCS bags deal to transform customer experience for European policyholders

Tata Consultancy Services (TCS) has partnered with Standard Life International DAC to transform its operating model and enhance the customer experience for its European policyholders. The partnership will use the TCS Digital Platform for Life and Pensions to create a more seamless and digital experience for customers. The two organisations have plans to replicate this successful model in other European markets.

Read more here.

Ajanta Pharma’s Gujarat plant gets zero observations from USFDA

Ajanta Pharma’s Dahej formulation facility received no observations from the US Food & Drugs Administration (USFDA) inspection. The formulation facility was inspected by the USFDA team between June 19-23, 2023. No Form 483 was issued to the company, meaning that there were no observations regarding the quality of the facility or the products manufactured there. In September 2022, the USFDA inspected this facility and issued two observations on that particular plant that manufactures formulations.

Read more here.

RailTel secures order worth ₹294 crore from Tamil Nadu government

RailTel Corporation of India has secured a work order worth ₹294.37 crore from Tamil Nadu State Marketing Corporation (TASMAC). The order is for implementing an integrated solution that will help end-to-end computerization and connectivity of core and support functions of the domestic entity for five years.

Read more here.

L&T’s power transmission arm bags orders in India, overseas

Larsen & Toubro (L&T)’s power transmission and distribution business has secured new orders in India and abroad. The company won two orders in the Middle East for upgrading electrical networks in large industrial facilities. It also won an order to build a transmission line in Andhra Pradesh. The order is worth approximately ₹1,000-2,500 crore.

Read more here.

Godrej Properties acquires 15 acres land in Gurugram to develop premium residential apartments

Godrej Properties has acquired nearly 15 acres of land in Gurugram, Haryana, to develop premium residential apartments. The project will offer approximately 1.6 million square feet of premium residential development with exceptional lifestyle amenities. The deal value has not been disclosed.

Read more here.

Infosys signs $454 mn deal with Danske Bank to boost digital transformation

Denmark-based Danske Bank has selected Infosys as a partner to accelerate its digital transformation. The deal is valued at $454 million for five years, with an option to renew for one additional year for a maximum of three times. The partnership will focus on developing customer-facing digital solutions and modernizing Danske Bank’s technology infrastructure.

Read more here.

NMDC plans $61 million investment in first gold block

NMDC plans to invest around ₹500 crore ($61 million) in its first foray into gold mining. The company is “on track” to secure a lease for the Chigargunta-Bisanatham gold block in Andhra Pradesh. The block has estimated gold reserves of around 1.83 million tonnes, containing 5.15 grams of gold per tonne.

Read more here.

Cyient DLM IPO to open tomorrow

The initial public offer (IPO) of Cyient DLM Limited will open tomorrow, on 27th June 2023. The public issue worth is ₹592 crores and will be open for bidding till 30th June 2023. The price band for the issue is between ₹250 and ₹265 per equity share. Cyient DLM is a supplier to global OEMs (original equipment manufacturers) in the aerospace, defence, medical technology, and industrial sectors.

Read more here.

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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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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’.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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Vi Lost 25 Lakh Subscribers in Dec – Top Indian Market Updates

Vi marketfeed

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

Vodafone Idea loses nearly 25 lakh subscribers in Dec: TRAI

Vodafone Idea (Vi) lost nearly 24.7 lakh subscribers in December 2022, as per the latest official data released by the Telecom Regulatory Authority of India (TRAI). Reliance Jio gained 17.08 lakh subscribers in the same period, while Bharti Airtel gained 15.26 lakh subscribers. 

Meanwhile, Vi reported a net loss of ₹7,990 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹7,595.5 crore in Q2.

Read more here.

Nestle India Q4 Results: Net profit rises 66% YoY to ₹628 crore

Nestle India reported a 66% YoY increase in net profit to ₹628 crore for the quarter ended December (Q4 CY22). The company follows the Jan-Dec financial year cycle. Its revenue from operations rose 14% YoY to ₹4,257 crore during the same period. EBITDA stood at ₹973 crore in Q4, up 14% YoY. The FMCG major’s board has declared an interim dividend of ₹75 per share. 

Read more here.

Ambuja Cements declared as preferred bidder for Uskalvagu limestone block

Ambuja Cements Ltd has been declared as the ‘preferred bidder’ for the Uskalvagu limestone block in Odisha. An e-auction was conducted by the Odisha government for the block. It is spread over an area of 547 hectares with an estimated limestone resource of about 141 million tonnes.

Read more here.

Tata Steel signs MoU with CBRI for sustainable mining solutions

Tata Steel and Central Building Research Institute (CBRI) signed a Memorandum of Understanding (MoU) to collaborate on research, academic growth, and sustainable solutions in mining. CBRI will provide scientific inputs to Tata Steel on slope stability analysis & control measures in mining areas and sustainable green housing technologies for the rehabilitation and resettlement of families in mining areas.

Read more here.

Adani Group denies reports of hiring Grant Thornton for audits

Adani Enterprises issued a clarification on reports of appointing Grant Thornton for audits after the Hindenburg crisis. The flagship company of Adani Group termed it as a market rumour. Media reports suggested that the group had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies to come clean after the allegations brought out by the US short-seller Hindenburg Research and to assure investors and regulators.

Read more here.

Adani Power’s ₹7,000 crore deal to buy DB Power assets fails

Adani Power’s initial pact to acquire the thermal power assets of DB Power has expired, causing the ₹7,017-crore deal to fall through. In August 2022, the Adani group company informed the stock exchanges that it had agreed to buy the assets of DB Power Ltd. DB Power owns and runs a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh.

Read more here.

HAL gets approval from DGCA for indigenously developed black boxes

Hindustan Aeronautics Ltd (HAL) has received the Indian Technical Standard Order (ITSO) authorisation from the Directorate General of Civil Aviation (DGCA) for its indigenously developed Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR). CVR and FDR are popularly known as ‘black boxes’. They are used to record critical flight parameters and audio environments in a crash-proof memory.

In other news, HAL has sealed a contract with the Argentinian Air Force for the supply of helicopter spares and engine repair services.

Read more here.

Siemens unveils first industry-ready 5G routers in India

Siemens Ltd announced the launch of its private industrial 5G router, a critical component for the manufacturing industry in its digital transformation journey. If there is no available 5G network, the device switches automatically to 4G or 3G networks. The applications on private industrial 5G offer long-term benefits to the intra-logistics, autonomous machines, remote diagnostics, augmented reality, and mobile equipment segments.

Read more here.

Paytm completes ₹850 crore share buyback within 3 months of launch

One97 Communications (Paytm) has completed the buyback of shares via the open market within three months of announcing it. The stock price remained well below the buyback price announced by the company, which allowed for a smooth purchase of the shares through the open market. On December 13, Paytm’s parent announced that it would buy back shares worth ₹850 crore at ₹810 per share through the open market.

Read more here.

Akme Fintrade files IPO papers with SEBI

Non-banking financial company (NBFC) Akme Fintrade (India) Ltd has filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The IPO includes the fresh issuance of 1.1 crore equity shares. Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat.

Read more here.

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Zomato’s Net Loss Widens in Q3 – Top Indian Market Updates

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

Zomato Q3 Results: Net loss widens to ₹347 crore

Zomato Ltd reported a consolidated net loss of ₹347 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹63 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 75% YoY to ₹1,948 crore in Q3 FY23. The gross order value (GOV) grew 22% year-on-year (YoY), driven by growth in both order volumes and average order value.

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IRCTC Q3 Results: Net profit rises 22% YoY to ₹256 crore

Indian Railways Catering & Tourism Corporation (IRCTC) reported a 22% YoY increase in net profit to ₹256 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 70% YoY to ₹918 crore during the same period. IRCTC’s total expenses jumped 121% YoY to ₹607 crore in Q3. The company’s board has declared an interim dividend of ₹3.5 per share.

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India’s finished steel exports fall 52% during April-January

India’s finished steel exports fell 52.2% YoY to 5.33 million tonnes (MT) between April 2022 and January 2023 due to sluggish global demand. The removal of an export tax in November failed to revive exports. Between April and January, India’s finished steel output increased by 5.2% YoY to 98.3 MT, and consumption went up by 10.8% to 96.4 MT.

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Devyani International Q3 Results: Net profit rises 8% YoY to ₹71 crore

Devyani International Ltd (DIL) reported an 8% YoY increase in net profit to ₹71 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 27% YoY to ₹790 crore during the same period. EBITDA stood at ₹173.9 crore in Q3, up 18% YoY. DIL opened 81 net new stores in Q3, taking the total operational stores to 1,177 as of December 31, 2022.

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Adani Wilmar’s Himachal warehouse raided by the State Excise & Taxation Dept

Officials of the Himachal Pradesh State Excise Department inspected the carrying and forward (C&F) unit of Adani Wilmar. The inspection was carried out after the company failed to deposit goods & service tax (GST) collection for multiple years. The officials went through the unit’s documents and other goods in the facility. They will prepare a report following which the next course of action will be decided.

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Hindalco Q3 Results: Net profit falls 65% YoY to ₹1,362 crore

Hindalco Industries Ltd reported a 65% YoY decline in consolidated net profit to ₹1,362 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 6% YoY to ₹53,151 crore during the same period. The copper business reported a 40% YoY growth in quarterly operating profit at ₹546 crore.

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NCLT approves merger of six wholly-owned subsidiaries with Adani Power

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the amalgamation scheme for the merger of Adani Power’s six wholly-owned subsidiaries with itself. The subsidiaries are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.

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Voltas Q3 Results: Net loss at ₹110 crore

Voltas Ltd reported a consolidated net loss of ₹110.49 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹96.56 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 11.8% YoY to ₹2,005.61 crore in Q3 FY23. The company’s expenses on exceptional items stood at ₹137.39 crore. Its total expenses stood at ₹1,946.72 crore in Q3, up 17.89% YoY.

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Antony Waste Handling Cell receives order worth ₹1,024 crore from BMC

Antony Waste Handling Cell Ltd (AWHCL) has received an order worth ₹1,024 crore from Brihanmumbai Municipal Corporation for the disposal of construction and demolition waste in Mumbai. The total contract period is for 21 years, including the mobilization period of 12 months. The contract would involve the collection and processing of around 600 tonnes per day of debris waste. 

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MRF Q3 Results: Net profit rises 17% YoY to ₹174 crore

MRF Limited reported a 17% YoY increase in consolidated net profit to ₹174.83 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14% YoY to ₹5,644.55 crore during the same period. Total expenses stood at ₹5,484.72 in Q3, up 14.5% YoY. The tyre manufacturer’s board has declared an interim dividend of ₹3 per share.

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RBI Hikes Repo Rate by 25 bps to 6.5% – Top Indian Market Updates

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

RBI hikes repo rate by 25 bps to 6.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) increased the repo rate by 25 basis points (bps) to 6.5%. The MPC has raised the key rate by 250 bps since May 2022. The real GDP growth for 2023-24 is projected at 6.4%. The RBI has hinted at more interest rate hikes to curb rising inflation. 

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Shree Cement Q3 Results: Net profit falls 44% YoY to ₹277 crore

Shree Cement reported a 44% YoY decline in net profit to ₹277 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 15% YoY to ₹4,069 crore during the same period. EBITDA stood at ₹869 crore in Q3, down 7% YoY. Its total volume rose 23% YoY to 8.03 million tonnes. The cement manufacturer’s board has declared an interim dividend of ₹45 per share.

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Bharti Airtel partners with Vultr to offer cloud solutions for enterprise clients

Bharti Airtel has announced a strategic partnership with Vultr to offer cloud solutions to enterprise customers. The partnership will open up a suite of solutions including cloud computing and infrastructure services to India’s digital ecosystem. Vultr will help the telco’s enterprise customers to gain global reach and cost-performance advantage to build, test and run demanding cloud workloads.

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Adani Power Q3 Results: Net profit falls 96% YoY to ₹9 crore

Adani Power Ltd reported a 96% YoY decline in consolidated net profit to ₹8.7 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 44.8% YoY to ₹7,764.4 crore during the same period. EBITDA stood at ₹1,469.7 crore in Q3, down 17% YoY.

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UK govt offers counter-package to Tata Steel for Port Talbot plant

The UK government has offered a counter-package to Tata Steel Ltd against its proposal seeking a financial package to execute its decarbonisation plans for its plant in Port Talbot. Tata Steel owns the UK’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans.

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Adani Wilmar Q3 Results: Net profit rises 16% YoY to ₹246 crore

Adani Wilmar reported a 16% YoY increase in net profit to ₹246.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 7.4% YoY to ₹15,438 crore during the same period. EBITDA rose 20.2% YoY to ₹605.3 crore in Q3. The standalone volume grew by 17% YoY to 1.41 million MT.

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Ujjivan Small Finance Bank launches app to ease banking access for ‘digitally challenged’

Ujjivan Small Finance Bank launched ‘Hello Ujjivan’, a mobile banking application with voice, visual, and vernacular-enabled features to provide banking access to individuals who have limited reading and writing skills. Customers can speak to the app in their native language to perform banking transactions and access services such as paying loan EMIs, opening FD and RD accounts, transferring funds, checking account balances, and updating passbooks.

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Jio-bp rolls out E20 blended petrol

Fuels and mobility entity Jio-bp announced the roll-out of E20 blended petrol (20% ethanol and 80% of fossil-based fuel). Customers with E20 petrol-compatible vehicles will be able to opt for this fuel at select Jio-bp outlets, and the offering will soon be expanded across the network. Operating under ‘Jio-bp’, Reliance BP Mobility Ltd (RBML) is an Indian fuels & mobility joint venture between Reliance Industries and UK-based bp.

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TCS secures $700-million deal from UK insurance services provider

Tata Consultancy Services (TCS) has announced an expansion of its long-standing partnership with Phoenix Group (the UK’s largest long-term savings and retirement provider) through a contract valued at over £600 million (~₹6,000 crore).  TCS will digitally transform Phoenix’s ReAssure business, including its administration services. This will be one of the largest deals for the IT company in the coming quarter.

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RIL to Develop Multi-Modal Logistics Park in TN – Top Indian Market Updates

silver lake to invest in Reliance

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

Reliance to develop multi-modal logistics park in Tamil Nadu

Reliance Industries Ltd (RIL) has secured an order to develop India’s first multi-modal logistics park (MMLP) in Chennai from the Ministry of Road, Transport, and Highways. It is estimated to cater to 7.17 million metric tonnes (MMT) of cargo in a time horizon of 45 years. The park will be developed in three phases with an estimated developer investment of ₹783 crores.

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M&M Q2 Results: Net profit rises 44% YoY to ₹2,773 crore

Mahindra & Mahindra Ltd reported a 44% year-on-year (YoY) increase in consolidated net profit to ₹2,773 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 39% YoY to ₹29,870 crore during the same period. The auto major sold a total of 1,74,098 vehicles in the second quarter, up 75% YoY. Tractor sales rose 5% YoY to 92,590 units. 

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Hinduja brothers to end their long family dispute: Report

According to a Bloomberg report, Hinduja Group’s co-chairman Gopichand Hinduja, along with Prakash, Srichand, and Ashok (Hinduja family brothers) have called a truce and decided to end the family dispute. The conflict among the billionaire brothers was because of a pact signed by them in 2014 that said that ‘everything belongs to everyone and nothing belongs to anyone’. To learn more about the Hinduja Group, click here.

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Adani Power Q2 Results: Net profit at ₹696 crore

Adani Power Ltd reported a consolidated net profit of ₹695.53 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹230.6 crore in Q2 FY22. Its revenue from operations rose 36% YoY to ₹7,044 crore in Q2 FY23. EBITDA stood at ₹2,350 crore in Q2, up 51% YoY. The company has an installed thermal power capacity of 13,610 megawatts spread across seven power plants in India.

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Domestic airline industry could report ₹15,000-17,000 crore loss: ICRA

Credit rating agency ICRA reported that India’s domestic airline industry is expected to take a hit in FY23. It projects at least a ₹15,000-17,000 crore loss due to increased aviation fuel costs. Despite domestic passenger traffic increasing by 26% YoY to 114 lakh in October, the numbers are still low compared to the pre-pandemic era.

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HAL Q2 Results: Net profit rises 44% YoY to ₹1,221 crore

Hindustan Aeronautics Ltd (HAL) reported a 44.2% YoY increase in consolidated net profit to ₹1,221.22 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 7.3% YoY to ₹5,144.8 crore during the same period. Total expenses stood at ₹3,775.5 crore in Q2, down 17.1% YoY. HAL’s board declared an interim dividend of ₹10 per share.

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USFDA issues Form-483 with 3 observations to Alkem Lab’s St Louis plant

The US Food & Drug Administration (USFDA) has issued three observations to Alkem Laboratories Ltd’s St Louis-based manufacturing facility. The health regulator conducted a pre-approval inspection at the plant from October 31, 2022, to November 9, 2022. It has observed conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

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Hindalco Q2 Results: Net profit falls 35% YoY to ₹2,205 crore

Hindalco Industries Ltd reported a 35% YoY decline in consolidated net profit to ₹2,205 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18% YoY to ₹56,176 crore during the same period. Revenue from the upstream aluminium segment rose 11% YoY to ₹8,215 crore, while revenue from the copper business grew 1% YoY to ₹9,658 crore in Q2.

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LIC Q2 Results: Net profit jumps 11-fold to ₹15,952 crore

Life Insurance Corporation of India (LIC) reported an 11-fold YoY jump in net profit to ₹15,952 crore for the quarter ended Sept (Q2 FY23). Its net premium income rose 27% YoY to ₹1.32 lakh crore during the same period. The net income from investments grew 10% YoY to ₹84,104 crore in Q2. LIC’s gross non-performing assets (GNPA) ratio improved to 5.60% in Q2 from 5.84% in Q1.

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Zomato’s Net Loss Narrows to ₹251Cr in Q2 – Top Indian Market Updates

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

Zomato Q2 Results: Net loss narrows to ₹251 crore

Zomato Ltd reported a consolidated net loss of ₹251 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹430 crore in Q2 FY22. Its revenue from operations rose 62.2% YoY to ₹1,661 crore during the same period. The gross order value for the food delivery business grew 23% YoY to ₹5,407 crore in Q2. Zomato acquired instant delivery platform Blinkit during the quarter.

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JSW Steel expects exports to hit over 5-year low

JSW Steel Ltd expects its exports to fall to a more than five-year low at 10% of overall sales in the current financial year (FY23) due to reduced global demand and high export tax. Finished steel exports from the steel producer fell more than 50% during the first seven months of FY23, partly because of a 15% export tax on steel intermediates that the Central government levied in May.

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Apollo Hospitals Q2 Results: Net profit falls 18% YoY to ₹204 crore

Apollo Hospitals Enterprise Ltd reported an 18% year-on-year (YoY) decline in consolidated net profit to ₹204 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 14.4% YoY to ₹4,251 crore during the same period. The company’s healthcare services segment posted revenue of ₹2,277 crore in Q2, up 5% YoY. Revenue from the digital health and pharmacy segment stood at ₹1,668 crore, up 43% YoY.

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Saudi Arabia’s SALIC acquires 9.2% stake in LT Foods

Saudi Agricultural and Livestock Investment Company (SALIC) has acquired a 9.22% stake in packaged foods and staples company LT Foods. SALIC is a wholly-owned subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia. This transaction will accelerate the organic/inorganic expansion of LT Foods in the Middle East and Saudi Arabia region.

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Deepak Fertilisers Q2 Results: Net profit jumps 3-fold YoY to ₹276 crore

Deepak Fertilisers & Petrochemicals Ltd reported a 196% YoY jump in consolidated net profit to ₹276 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 51.7% YoY to ₹2,719 crore during the same period. Total expenses stood at ₹2,324.37 crore in Q2, up 39.3% YoY. Revenue from the chemicals segment rose 52% YoY to ₹1,532.87 crore.

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Adani Power to sell entire stake in subsidiary to AdaniConnex

Adani Power Ltd. will sell its entire stake in its wholly-owned subsidiary Support Properties Pvt. to AdaniConnex Pvt. Ltd. (ACX) for ₹1,556 crore. The transaction will be completed by January 2023. ACX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX formed in February 2021.

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Kalyan Jewellers Q2 Results: Net profit rises 54% YoY to ₹106 crore

Kalyan Jewellers Ltd reported a 54% YoY increase in consolidated net profit to ₹106 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20% YoY to ₹3,473 crore during the same period. EBITDA stood at ₹266 crore in Q2, up 17% YoY. The company launched five new showrooms in the non-South markets in Q2.

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Equity mutual fund inflows fall in October

According to data from the Association of Mutual Funds in India (AMFI), equity mutual funds inflows fell from ₹14,099.73 crore in Sept to ₹9,390.35 crore in October. Debt funds saw a cumulative outflow of Rs 2,817.79 crore in October. Index fund net flows were ₹5,075 crore and other exchange-traded funds (ETFs) recorded ₹4,845 crore of net flows. Total Systematic Investment Plan (SIP) contribution in October stood at Rs 13,041 crore, up 0.5%.

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Eicher Motors Q2 Results: Net profit rises 76% YoY to ₹657 crore

Eicher Motors Ltd reported a 76% YoY increase in consolidated net profit to ₹657 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 56.5% YoY to ₹3,519.4 crore during the same period. EBITDA stood at ₹821 crore in Q2, up 75% YoY. Input costs rose 45% YoY to ₹2,001.4 crore.

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SJVN secures 83 MW floating solar project in MP

SJVN Ltd has received a contract to establish an 83 megawatts (MW) floating solar project worth ₹585 crore in Madhya Pradesh. The project has been secured at a tariff of ₹3.70 per unit on a build, own, and operate basis in an e-reverse auction organised by REWA Ultra Mega Solar Ltd. (RUMSL). After commissioning, the project will generate 187 million units (MUs) in the first year and 4,410 MUs over 25 years.

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JSPL Q2 Results: Net profit falls 91% YoY to ₹219 crore

Jindal Steel & Power Ltd (JSPL) reported a 91.5% YoY decline in consolidated net profit to ₹219.27 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations remained flat at ₹13,611.71 crore during the same period. The company faced an exceptional loss of ₹898.49 crore in Q2. JSPL’s steel production fell 5.6% YoY to 1.82 million tonnes (MT).

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

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

Adani Green commissions 600 MW wind-solar plant in Jaisalmer

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

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Hero MotoCorp partners with Zero Motorcycles to develop electric motorcycles

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

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IOCL forms subsidiary for treasury operations

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

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Reliance Retail launches fashion stores under Azorte brand

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

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

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

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USFDA issues warning letter to Lupin’s Tarapur unit

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

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Vedanta increases sourcing of green energy to 1GW

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

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

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

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

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

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

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

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