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IndusInd Bank’s Profit Rises 58% YoY in Q3 – Top Indian Market Updates

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

IndusInd Bank Q3 Results: Net profit rises 58% YoY to ₹1,963 crore

IndusInd Bank reported a 58% year-on-year (YoY) increase in net profit to ₹1,963.64 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 18% YoY to ₹4,495 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.48% in Q3 FY22 to 2.06% in Q3 FY23. The bank’s provisions declined 36% YoY to ₹1,065 crore in Q3 FY23.

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AGEL subsidiary to acquire 50% stake in Essel Saurya Urja Company of Rajasthan

Adani Renewable Energy Holding Two Ltd will acquire a 50% equity stake in Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL) from Essel Infraprojects for ₹15 crore. The Government of Rajasthan will continue to hold the remaining 50% stake in ESUCRL. ESUCRL owns and operates a solar park with 750 megawatts (MW) capacity in Rajasthan.

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Persistent Systems Q3 Results: Net profit rises 35% YoY to ₹238 crore

Persistent Systems Ltd reported a 35% YoY increase in net profit to ₹237.9 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 45.4% YoY to ₹2,169.3 crore during the same period. Total expenses stood at ₹1,849.6 crore in Q3, up 43.83% YoY. The IT firm’s board has approved an interim dividend of ₹28 per share.

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Hindalco Industries looking to raise ₹700 crore via NCDs

Hindalco Industries Ltd announced the public issue of non-convertible debentures (NCDs) worth ₹700 crore. The company will allot 70,000 rated, listed, unsecured, redeemable, NCDs of ₹1 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Rallis India Q3 Results: Net profit falls 43% YoY to ₹22.6 crore

Rallis India reported a 43% YoY decline in net profit to ₹22.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 0.4% YoY to ₹630.9 crore during the same period. EBITDA fell nearly 21% YoY to ₹53.3 crore in Q3. Tata Group-owned Rallis India is a chemical manufacturing company. 

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Cipla launches testing device for non-communicable and infectious diseases

Cipla Ltd announced the launch of Cippoint, a point-of-care testing device that offers a wide range of testing parameters such as diabetes, thyroid function, cardiac markers, and other health conditions. The device will allow healthcare professionals to get test results in 3-15 minutes. With the launch, the pharma company looks to bridge the current gap in the diagnostic ecosystem in India by providing reliable and accurate tests at affordable prices. 

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RVNL emerges as lowest bidder for 2 projects

The consortium of Rail Vikas Nigam Ltd (RVNL) and Siemens India has emerged as the lowest bidders for two projects. RVNL will supply, test, and commission the power supply receiving & distribution system for Surat Metro Rail Project Phase-I. The consortium also emerged as the lowest bidder for similar work for Ahmedabad Metro Rail Project Phase-II. The cost of the first project would be ₹673.80 crore, and the second project ₹384.30 crore.

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Jubilant FoodWorks brings US chicken brand Popeyes to Chennai

Jubilant FoodWorks Ltd has opened its first restaurant of the American fried chicken brand Popeyes in Chennai. The company inaugurated its first restaurant in Bengaluru, which was followed by rapid expansion to 12 restaurants across the city in less than a year. In Chennai, Popeyes would welcome guests at its first restaurant from January 20 onwards at the Phoenix Marketcity Mall. 

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India’s coal production target at more than 1 billion tonnes for FY24: Govt

The Central government has set a coal production target of more than one billion tonnes (BT) for the next financial year (FY24). State-owned Coal India Ltd (CIL) has been given the task to produce 780 million tonnes (MT) of coal, followed by 75 MT for Singareni Collieries Company Ltd (SCCL) and 162 MT for captive and commercial mines. A total of 290 mines are operational in CIL, out of which 97 mines produce more than 1 MT per year.

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EID Parry commissions 120 KLPD distillery at Andhra Pradesh unit

EID Parry (India) Ltd has commenced commercial operations at the new 120-kilo litre per day (KLPD) distillery at its sugar unit in Sankili, Andhra Pradesh. The company’s Sankili sugar unit has the flexibility to operate with multiple feedstocks— molasses, cane juice, and syrup/grain based. The Indian Government has announced an Ethanol Blending Program of 20% by 2025, and EID Parry intends to avail this opportunity by increasing its entry into Ethanol production.

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Jet Airways Relaunch Faces Delays – Top Indian Market Updates

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

Jet Airways facing more delays: CEO Sanjiv Kapoor

Jet Airways Ltd’s potential new owners, the Jalan-Kalrock consortium, have been trying to relaunch operations this month. However, the airline faces more delays due to unresolved negotiations between the management and engine makers on more favourable terms in its proposed leasing contracts. 

“We will start operations in a planned and phased manner and share details of our fleet, customer value proposition, and business model when we open for sale,” said CEO Sanjiv Kapoor.

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AGEL commissions 325 MW wind power project in Madhya Pradesh

Adani Green Energy Ltd (AGEL) has commissioned a 325 megawatts (MW) wind energy plant in Dhar, Madhya Pradesh. The plant has two 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) at a tariff of Rs 2.83 per kilowatt hour (kwh). The Adani Group will manage the newly commissioned plant via its ‘Energy Network Operation Centre’ platform.

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NARCL to buy 18 distressed accounts totalling ₹39,921 crore by Oct 1: Report

As per an ET Now report, the National Asset Reconstruction Company of India Ltd (NARCL) is preparing to acquire 18 distressed accounts worth ₹39,921 crore by October 31. The bad bank informed lenders that it has created two lists– Phase 1 comprised eight accounts with a debt of ₹16,744 crore. Phase 2 has 10 accounts with a debt of ₹18,177 crore.

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Welspun Corp secures order for pipeline project in the US

Welspun Corp has secured a significant order for a carbon capture pipeline project in the United States. The company will supply 785 miles (1,256 km) or 100,000 MT of high-frequency induction welding pipes. The pipes for the order will be produced at the company’s manufacturing plant in Little Rock, Arkansas, and executed in FY23-24.

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Delhi HC allows Natco Pharma to launch Chlorantraniliprole

The Delhi High Court has allowed Natco Pharma to launch Chlorantraniliprole (CTPR) and its formulations through its non-infringing process. CTPR technical is formulated into broad-spectrum insecticides for pest management on a wide range of crops. Natco Pharma estimates the current market size of products containing CTPR in India to be over ₹2,000 crore.

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Hatsun Agro Products’ board approves rights issue of ₹400 crore

The Board of Directors of Hatsun Agro Products Ltd has approved the proposal for a rights issue aggregating to ₹400 crore. The issue will be available for all existing shareholders. The eligible shareholders will be determined on the record date, which the company will announce in due course. 

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Olectra secures order to supply 123 e-buses to Thane Municipal Transport Undertaking

A consortium formed by Olectra Greentech and EVEY Trans has secured an order for 123 electric buses from the Thane Municipal Transport Undertaking. EVEY Trans will procure these e-buses from Olectra Genentech and deliver them in nine months. Meanwhile, Olectra will maintain the buses during the contract period of 15 years. The total value of the order is ₹185 crore.

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Dixon Tech signs deal with Ibahn for advanced lighting technology

Dixon Technologies (India) Ltd has entered into a binding term sheet with Delhi-based Ibahn Illumination, whereby Ibahn has agreed to transfer its cutting-edge technologies of smart lighting solutions. Ibahn’s BLE Mesh Smart Lighting (app, firmware, hardware, and cloud-hosted database) provides consumers with Wi-Fi-based technology solutions for its lighting products.

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PSP Projects secures work orders worth ₹167 crore

PSP Projects Ltd has secured orders worth ₹167.35 crore in the industrial, precast and residential segments. This includes a major order to construct Phase 2 of a Noodle Factory from a repeat client. With receipt of the above orders, the total order inflow for FY2022-23 till date amounts to ₹1,511.58 crore.

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SEBI introduces framework to prevent misuse of clients’ securities by brokers

The Securities & Exchange Board of India (SEBI) has introduced a new framework that will prevent the misuse of clients’ securities and funds by their stock brokers. Under the framework, depositories need to validate the transfer instruction for pay-in of securities from client Demat accounts to trading member pool accounts against obligations received from the clearing corporations.

In other news, SEBI is looking to boost surveillance of social media and other platforms through a web intelligence tool. Using data analytics, the tool will help to investigate violations of various securities laws by individuals, groups, and other entities.

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Tata Motors’ Shareholders Approve Hiving Off PV Business Into New Entity – Top Indian Market News

Tata Motors’ shareholders approve hiving off PV business into new entity

Tata Motors Limited announced that its shareholders have approved the separation of its passenger vehicle (PV) business into a new entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the PV business unit to TML Business Analytics Services Ltd on a slump sale basis. The automaker said that its passenger vehicles business is valued at Rs 9,417 crore. The process of hiving-off its domestic PV business is expected to be completed by May-June this year.

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Tata Motors, Ashok Leyland, M&M looking to acquire 26% stake in BEML: Report

As per a report from Mint, Tata Motors, Ashok Leyland, and Mahindra & Mahindra are among at least six companies looking to buy the government’s 26% stake in state-run BEML Limited. The report states that Bharat Forge and Megha Engineering & Infrastructure are also likely to submit Expression of Interest (EoI) for acquiring the stake in BEML. In January 2021, the Department of Investment and Public Asset Management (DIPAM) had invited EoIs to offload their 26% stake in BEML. The government currently holds a 54.03% stake in the defence and construction equipment manufacturing firm. 

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Atul Auto launches new autorickshaw model in CNG, LPG, and petrol variants

Atul Auto Limited has announced the launch of a new next-generation CNG, LPG, and petrol autorickshaw model for the Gujarat market. The supplies of the new model will begin from April 2021 for India and international markets. The new model comes with features like an international styled beige dashboard, semi-digital instrument cluster, step-less entry, and LED tail lamps.

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Adani Green Energy’s subsidiary commissions 100-MW wind power plant in Gujarat

Adani Green Energy Limited announced that its subsidiary, Adani Wind Energy Kutch Three Limited (AWEKTL), has commissioned a 100 megawatt (MW) wind power plant in Kutch, Gujarat. With this, the company has an operational wind generation capacity of 497 MW. The plant has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.82 per kilowatt-hour (kwh). 

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Talbros Automotive secures multi-year contract worth Rs 304 crore

Talbros Automotive Components Ltd and its joint venture (JV) partners have won multi-year orders worth Rs 304 crore. The orders are spread across its domestic and international customers. The order covers the company’s flagship products- gaskets and forgings. It also includes products from the JV’s— Talbros Marugo Rubber Pvt Ltd and Magneti Marelli Talbros Chassis Systems Pvt Ltd.

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Easy Trip Planners IPO subscribed 2.33 times on first day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 2.33 times on the first day of bidding. The issue received bids for 3.51 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 12.58 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 15%. 

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DCW raises Rs 410 crore through debentures

DCW Limited said it has raised Rs 410 crore through the issuance of debentures to refinance its existing term loans and increase working capital. The company issued Non-Convertible Debentures (NCDs) worth Rs 350 crore and Optionally Convertible Debentures (OCDs) amounting to Rs 60 crore. The OCDs will be converted into equity within 18 months. The speciality chemical firm expects this fundraise to enhance capacity utilisation and meet increasing product demand.

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Subex to launch new AI automation platform in April

Subex Limited announced that it will launch a new artificial intelligence (AI) automation platform in April 2021. The platform will help enterprises in their AI adoption journey. Bengaluru-based Subex is a leading software company that provides digital trust products for telecom service providers. 

Natco Pharma receives final approval from USFDA for Everolimus tablets

Natco Pharma Limited announced that its marketing partner, Breckenridge Pharmaceutical Inc. (BPI), has received final approval for Everolimus Tablets from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of breast cancer and a few other types of cancers. BPI plans to launch 2.5 mg, 5 mg, and 7.5 mg strengths of the product shortly within the next few weeks.

Meera Industries receives export order worth $180,000

Meera Industries Limited has received an export order worth $180,000 (~Rs 1.31 crore) from Turkey-based Monofiber Teknik Tekstil San Tic. The order is for the company’s recently launched MODEL DTX-260 (Direct Twisting + Precision Winding). The machine is used for all kinds of industrial thread twisting and winding like woven sacks threads, cotton twine, etc. Meera Industries is a leading textile machinery manufacturing company based in Gujarat.

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