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Dabur Posts 3% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

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

Dabur Q2 Results: Net profit falls 2.8% YoY to ₹490 crore

Dabur Ltd reported a 2.85% year-on-year (YoY) decline in consolidated net profit to ₹490.86 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹2,986.49 crore during the same period. The company’s total expenses stood at ₹2,471.28 crore in Q2, up 8.94% YoY. Dabur India’s board has declared an interim dividend of ₹2.5 per share.

The FMCG major will acquire a 51% stake in Badshah Masala Pvt. Ltd for ₹587.52 crore. Badshah Masala manufactures, markets, and exports ground spices, blended spices, and seasonings.

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Hero MotoCorp partners with Terrafirma Motors to enter Philippines market

Hero MotoCorp announced plans to enter the Philippines, for which it has partnered with Terrafirma Motors Corp (TMC) for the assembly and distribution of its vehicles. TMC will set up an assembly facility of 29,000 sq. metres in its existing principal manufacturing facility in Laguna City. It will start operations in the second half of FY24.

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Gland Pharma Q2 Results: Net profit falls 20% YoY to ₹241 crore

Gland Pharma Ltd reported a 20.14% YoY decline in consolidated net profit to ₹241.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 3.33% YoY to ₹1,044.4 crore during the same period. The pharma company’s revenue from the Indian market fell 42% YoY to ₹72.6 crore in Q2.

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Ahluwalia Contracts secures orders worth ₹103 crores

Ahluwalia Contracts (India) Ltd has secured an order worth ₹60 for construction work of Amity Campus Hyderabad (Telangana) from Ritnand Salved Education Foundations. The company has secured another order worth ₹43 crore for the civil, structural, and external development work of a hospital from Muthoot Hospital Pvt. Ltd. The total order inflow during the current financial year (FY23) stands at ₹3,114.72 crore.

Century Textiles Q2 Results: Net profit rises 60% YoY to ₹70 crore

Century Textiles & Industries Ltd reported a 69.38% YoY increase in consolidated net profit to ₹69.97 crore for the quarter ended Sept (Q2 FY23). Its total income grew 20% YoY to ₹1,242.11 crore during the same period. Total expenses stood at ₹1,125.25 crore in Q2, up 15.75% YoY. 

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Zydus Lifesciences gets USFDA approval to market generic Micafungin injection

Zydus Lifesciences has received final approval from the US Food & Drug Administration to market its generic Micafungin injection. The drug is also used to prevent fungal infections in patients who are having a stem cell transplant. It will be produced at the pharma company’s injectable manufacturing facility at Jarod, near Vadodara. 

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Tata Power Solar Systems launches off-grid solar solutions in three states

Tata Power Solar Systems Ltd (TPSSL) announced the launch of cost-efficient solar off-grid solutions in West Bengal, Bihar, and Jharkhand. The off-grid solutions provide a combination of high-efficient solar modules, inverters, and batteries. They are engineered to provide an efficient integrated power system to consumers for their power backup requirements during grid supply shortages.

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Ramkrishna Forgings Q2 Results: Net profit rises 27% YoY to ₹64 crore

Ramkrishna Forgings Ltd reported a 27% YoY increase in net profit to ₹64 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31.7% YoY to ₹762.55 crore during the same period. Overall capacity utilization stood at 82.24% in Q2. The company will raise around ₹100 crore through the preferential issue of convertible warrants. The proceeds will be utilised to reduce debt.

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ZEEL, Sony agree to sell 3 Hindi channels to address anti-competition concerns

Zee Entertainment Enterprises Ltd (ZEEL) and Sony India have voluntarily agreed to sell three Hindi channels (Big Magic, Zee Action, and Zee Classic) to address possible anti-competition concerns arising out of their proposed merger. They submitted their merger proposal to the Competition Commission of India (CCI), which cleared the deal subject to certain modifications on Oct. 4. To learn more about the ZEEL-Sony merger, click here.

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Jio Adds 65 lakh Subscribers, Vi Loses 14 lakh in July – Top Indian Market News

Reliance Jio adds 65 lakh subscribers in July, Vodafone Idea loses 14 lakh

Reliance Jio Infocomm added 65.1 lakh wireless subscribers in July 2021, taking its gross user base to 44.32 crore. Bharti Airtel gained 19.4 lakh subscribers, while Vodafone Idea (Vi) lost 14.3 lakh subscribers in July. Jio consolidated its leadership in rural India by adding 34.8 lakh subscribers in rural markets. Vodafone Idea and Bharti Airtel lost 9.9 lakh and 4.1 lakh subscribers, respectively, in rural markets. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Jio and Airtel have widened customer market shares to 37.34% and 29.83%, respectively, in July. 

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Tejas Networks secures optical network expansion deal from Bharti Airtel

Bharti Airtel has selected Tejas Networks to enhance its optical network capacity in key metropolitan markets. The telecom gear maker will supply, install, and support its optical transmission products for extending Bharti Airtel’s optical networks towards the edge, supporting 5G backhaul, business-to-business (B2B) services, and broadband applications. The order given to Tejas Networks will enable Bharti Airtel to deliver a world-class experience to its customers.

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BPCL, SBI Card launch co-branded RuPay contactless credit card

Bharat Petroleum Corp Ltd (BPCL) and SBI Cards and Payment Services have launched a co-branded RuPay contactless credit card. The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps. It will also offer a 1% fuel surcharge waiver on every transaction up to Rs 4,000, translating to a 4.25% value back. Cardholders will also get accelerated savings on other categories of spends, including groceries, departmental stores, dining, and movies.

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JBM Auto gets orders for 500 CNG, electric buses from various states

JBM Auto Ltd has secured orders for supplying 500 compressed natural gas (CNG) and electric buses from various state governments. The company has received orders for BS-VI CNG buses from Delhi Integrated Multi-Modal Transit System Ltd. It will also supply electric buses to Bengaluru Metropolitan Transport Corp (BMTC). These orders will be executed in the current financial year (FY22).  

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CAMS, KFin Tech launches new platform for mutual fund transactions

Computer Age Management Services (CAMS) and KFin Technologies have launched MFCentral, a one-stop platform for all mutual fund investors. The platform minimises the need to visit the websites of multiple mutual fund houses to access your portfolio, statements, service requests, and investments. MFCentral will offer digital access to investor lifecycle engagement with the entire mutual fund industry under one roof. 

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Adani Airports signs pact with Flamingo, Mumbai Travel Retail to operate duty-free outlets in airports and seaports

Adani Airport Holdings Ltd (AAHL) has entered into a strategic partnership with Flemingo Travel Retail Pvt Ltd. and Mumbai Travel Retail Pvt Ltd (MTRPL) to operate duty-free outlets in airports and seaports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. Under this partnership, AAHL will subscribe to 28.49 lakh equity shares (of the face value of Rs 10 each), constituting 74% of the total share capital of MTRPL, for an aggregate investment of Rs 2.85 crore.

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G R Infra secures road project worth Rs 927 crore in Punjab

G R Infraprojects Ltd has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Punjab. The order consists of the development of the six-lane Amritsar-Bathinda Greenfield section of NH-7S4A as part of the Amritsar-Jamnagar Economic Corridor in Punjab. The bid project cost is Rs 927 crore, while the first-year operation and maintenance cost is Rs 3.87 crore.

RIL denies reports of JBF Industries acquisition

Reliance Industries Ltd (RIL) has denied reports of a takeover of stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC). RIL clarified that no negotiations are taking place for the takeover of JBF Industries and its assets. A news site had reported earlier that RIL is likely to acquire JBF and that bankers had sought takeover bids in July. The report further stated that CFM ARC is believed to have put in a Rs 825 crore bid for the company that owes Rs 2,116 crore to its lenders.

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Ahluwalia Contracts secures order worth Rs 58.8 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of Infosys Regional Office Building for Software Development Block (SDB) at Kolkata. The order is worth Rs 58.8 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,198.66 crore.

HCL Tech selects RISE with SAP to modernise digital estate

HCL Technologies Ltd has selected RISE with SAP offering to further modernise its enterprise digital landscape. As an SAP strategic partner, HCL will help its clients by leveraging their combined experience in the industry cloud transformation space. Germany-based SAP and HCL will deploy the full stack framework for RISE with SAP along with HCLCloudSmart suite of industry cloud solutions to drive cost-effective modernization of business processes for enterprises worldwide. 

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Cargo Traffic at Major Ports Rises by 11.43% in August – Top Indian Market News

Cargo traffic at major ports rises by 11.43% in August

Cargo traffic at India’s major ports increased by 11.43% year-on-year (YoY) to 57.59 million tonnes (MT) in August. The country’s 12 major ports had handled 51.68 MT of cargo in August 2020. The ports under control of the central government include Deendayal, Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar, VO Chidambarnar, Visakhapatnam, Paradip, and Kolkata. 

VA Tech Wabag secures $11.45 million order for Malaysia’s Petronas Refinery

VA Tech Wabag has secured an order worth $11.45 million (~Rs 83.7 crore) from Dialog E&C Sdn. Bhd. for establishing an effluent treatment plant in Johor, Malaysia. The plant at Pengerang Integrated Complex will be constructed for PRPC Utilities and Facilities Sdn Bhd, a subsidiary of Petronas Refinery and Petrochemical Corporation (PRPC). Wabag will provide design, engineering, procurement, and supervision services for the proposed effluent treatment plant.

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Welspun gets USFDA approval for 3 Ply Surgical Masks

Welspun India has become the first Indian company to receive one of the most stringent and well-recognized quality approvals, the USFDA 510(k) clearance, for its 3 Ply Surgical Masks. The product is made with 100% polypropylene and offers 98% protection against bacterial load. Welspun’s 3 Ply Surgical Masks is already certified by the Bureau of Indian Standards (BIS) and CE (conformity of goods with European standards).

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Lupin partners with TB alliance for new therapy for drug-resistant Tuberculosis

Non-profit drug developer TB Alliance has granted a non-exclusive license to manufacture anti-tuberculosis drug Pretomanid to Lupin Ltd. Pretomanid is part of a three-drug regimen BPaL, which includes bedaquiline and linezolid. It is used to treat those with extensively drug-resistant TB. Lupin intends to commercialize the drug in nearly 140 countries and territories, including many of the highest TB burden nations around the world.

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Ahluwalia Contracts secures order worth Rs 890 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of an Animal Science University at Patna from the Executive Engineer Construction Division-1, Building Construction Department, Patna (Bihar). The order is worth Rs 890 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,119 crore.

Zydus Cadila gets USFDA approval for diabetes medication

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Sitagliptin, a drug indicated to treat diabetes. On October 31, 2020, the pharma company had filed a new drug application (NDA) with the USFDA seeking approval to market Sitagliptin base 25, 50, and 100 mg tablets. The NDA received tentative approval upon completion of the first review cycle on September 2, 2021.

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Tamilnad Merchantile Bank files DRHP for IPO

Tamilnad Merchantile Bank has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The IPO comprises a fresh issue of up to 1.58 crore shares and an offer for sale (OFS) of up to 12,505 shares by existing shareholders. Tuticorin-based Tamilnad Mercantile Bank is a professionally managed lender and does not have an identifiable promoter. The 100-year-old company was established as a lender for the Nadar community in Tamil Nadu.

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Alembic Pharma’s JV gets USFDA approval for Metronidazole gel

Aleor Dermaceuticals, a joint venture (JV) of Alembic Pharma, has received final approval from the USFDA for Metronidazole gel. The gel is indicated for the topical treatment of inflammatory lesions of rosacea (a condition that causes redness and often small, red, pus-filled bumps on the face). According to IQVIA, Metronidazole gel USP had annual sales of $29 million (~Rs 211 crore) for the twelve months ended June 2021.

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NMDC targets iron ore output of 44 MT in FY22; draws up capex of Rs 3,750 crore

NMDC Limited is planning a capital expenditure (capex) of Rs 3,750 crore and targeting an iron ore output of 44 million tonnes (MT) in the current financial year (FY22). The company had achieved an iron ore output of 35 MT during the Covid-hit FY21. NMDC has registered strong volume growth and revenue growth during the first five months of FY22 and expects to sustain the growth momentum.

State-owned NMDC has also reduced the prices of lump ore and fine ore by Rs 1,000 per tonne.

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Bharti Airtel Conducts Cloud Gaming Session on 5G Trial Network – Top Indian Market News

Bharti Airtel conducts cloud gaming session on 5G trial network

Bharti Airtel has successfully conducted India’s first cloud gaming session in a 5G environment. The demonstration was conducted in Manesar, Gurgaon, as part of the ongoing 5G trials using spectrum allotted by the Department of Telecommunications (DoT). Cloud gaming enables users to stream and play games in real-time without having to download or invest in gaming hardware. Bharti Airtel stated that cloud gaming will be one of the biggest use cases of 5G, given the combination of high speed and low latency (no lag).

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Tata Power to set up 330 MW solar project in Madhya Pradesh

Tata Power Saurya Ltd (TPSL), a wholly-owned subsidiary of Tata Power, has received a Letter of Award (LoA) from Rewa Ultra Mega Solar to build a 330 megawatt (MW) solar project in Neemuch Solar Park in Madhya Pradesh. The project has been awarded through tariff-based competitive bidding, followed by an e-reverse auction. The energy from the project will be supplied to the Indian Railways and Madhya Pradesh Power Management Company Ltd under a power purchase agreement (PPQ) valid for 25 years. 

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Infosys Springboard to offer digital reskilling to over 1 crore people by 2025

Infosys Ltd has launched Infosys Springboard to accelerate its digital reskilling initiatives and expand it to over 1 crore students and professionals by 2025. The program offers a virtual platform to deliver corporate-grade learning experiences for learners, ranging from school and college students to professionals and adults. Nearly 4 lakh learners and over 300 education institutions, NGOs, and support groups are part of the initiative. Infosys Springboard comes under the IT firm’s corporate social responsibility (CSR) initiatives.

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Just Dial’s board approves allotment of 2 crore shares to Reliance Retail

The Board of Directors of Just Dial Ltd has approved the allotment of 2.12 crore equity shares to Reliance Retail Ventures Ltd (RRVL). The allocation has been done at Rs 1,022.25 per share through preferential allotment on a private placement basis. Following this, RRVL holds 40.98% of the total paid-up equity share capital of Just Dial. To learn more about the deal, click here.

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Adani Green Energy raises $750 million via green bonds

Adani Green Energy Ltd (AGEL) has raised $750 million (~Rs 5,475 crore) through the issuance of green bonds. The bond issue was oversubscribed 4.7 times. The funds will be utilised towards meet the capital expenditure requirements for AGEL’s renewable projects that are under construction. With this bond issuance, AGEL has completed the final phase of its capital management plan. The company now has a fully-funded program for both debt and equity to achieve its target of 25 gigawatts (GW) of renewable energy capacity by 2025.

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M&M to cut production by 25% due to semiconductor shortage

Mahindra & Mahindra Ltd (M&M) will observe ‘No Production Days’ of around 7 days in September as its automotive division continues to face supply shortages of semiconductors. This move is estimated to result in a reduction in production volumes of the automotive division by 20-25% in September. M&M’s revenue and profitability will be impacted in line with the fall in production volumes. 

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Bajaj Healthcare to commence production of Nimesulide API

Bajaj Healthcare Ltd will start commercial production of Nimesulide Active Pharmaceutical Ingredient (API) at its Tarapur unit in Maharashtra on Sept 3. The company has received approval from FDA Maharashtra to manufacture and market Nimesulide API as an approved medication for pain relief and prevention of fever in India. The total installed capacity of the Tarapur unit is 111 metric tonnes (MT) per month.

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BLS International gets ePassport renewal contract from Philippines Dept of Foreign Affairs

BLS International Services Ltd has signed a contract with the Philippines Department of Foreign Affairs to provide ePassport renewal services in Italy, Qatar, and Malaysia. The company will simplify the application procedure and shorten the overall application processing time, thus contributing to improved customer service. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide.

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Natco Pharma launches generic cancer drug in Canda

Natco Pharma (Canda) Inc., a subsidiary of Natco Pharma, has launched generic Nat-Lenalidomide capsules in the Canadian market. The drug is used for the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). It is a generic alternative to Revlimid, which is to be approved by Health Canada. The launch of the product represents an important milestone in Natco Pharma’s continued efforts to expand its product portfolio.

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Ahluwalia Contracts secures order worth Rs 229 crore from WBHIDCO

Ahluwalia Contracts (India) Ltd has received an order worth Rs 229 crore from West Bengal Housing Infrastructure Development Corporation (WBHIDCO). The order is for the construction of an affordable housing project in Kolkata. Ahluwalia Contracts is a construction company based in New Delhi. Its project portfolio includes residential and commercial complexes, hotels, hospitals, corporate offices, IT parks, and institutional buildings.

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Exports rise 45% YoY in August to $33.14 billion

India’s merchandise exports stood at $33.14 billion in August 2021, an increase of 45.17% over the corresponding month last year. Total exports during April-August this year rose 66.92% YoY to $98.05 billion. Meanwhile, imports increased by 51.47% YoY to $47.01 billion in August. The trade deficit during the month stood at $13.87 billion, compared to $8.2 billion in the year-ago period. The data was released by the Ministry of Commerce & Industry.

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Tata Sons Raises Stake in AirAsia India to 83.6% – Top Indian Market News

FILE PHOTO: AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (COVID-19), in Sepang, Malaysia April 14, 2020. REUTERS/Lim Huey Teng/File Photo

Tata Sons raises stake in AirAsia India to 83.6%

Tata Sons has acquired an additional 32.67% stake in AirAsia India from Malaysian carrier AirAsia Berhad for $37.6 million (~Rs 276 crore). This takes Tatas’ stake in the Indian airline to 83.6%. As part of the transaction, Tata Sons has the option to pick up AirAsia Berhad’s remaining 16.33% stake after the closure of the current transaction. Prior to this transaction, Tata Sons held a 51% stake in AirAsia India, while AirAsia Berhad held a 49% stake.

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Asset quality of banking system may deteriorate sharply: RBI Report

According to RBI’s latest issue of ‘Report on Trend And Progress of Banking in India’, the asset quality of the Indian banking system may deteriorate sharply going ahead, due to the uncertainty induced by the pandemic and its real economic impact. The report states that bad loans on banks’ balance sheets have been falling consistently since March 2018. The gross non-performing asset (GNPA) ratio dropped from the highs of nearly 15% in March 2018 to about 7.5% as of September 2020. However, the six-month loan moratorium and the subsequent asset quality standstill norms have hidden the impact of Covid-19 on banks’ balance sheets.

[The RBI’s Trend and Progress report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions. The report also offers some perspectives on the evolving outlook for India’s financial sector.]

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Multi-modal approach to be established for transporting Covid-19 vaccine: Civil Aviation Ministry 

Civil Aviation Minister Hardeep Singh Puri stated that about 30 crore Indians will be vaccinated against Covid-19 by July 2021. The Aviation Secretary, Pradeep Singh Kharola, said that the government has identified airports and is also in talks with airlines to take care of the logistics. The Aviation Ministry is also working with the Ministry of Health and pharmaceutical companies to plan the vaccine roll-out.

Hardeep Singh Puri further stated that he foresees ‘a short extension’ of suspension of flights from the UK. This is to contain the spread of the new strain of coronavirus that was first detected in that country.  

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Tesla to start operations in India by early 2021: Nitin Gadkari

Union Transport Minister Nitin Gadkari stated that electric car manufacturer Tesla would be arriving in India ‘early’ in 2021. He said that Tesla will start operations first with sales and then look at assembly and manufacturing, based on the response to the cars. Recent reports also suggest that the first model to come to India will be the more affordable Tesla Model 3. The minister further stated that India will become ‘the number 1 manufacturing hub for automobiles in five years’. 

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L&T Construction bags contract for its Water & Effluent Treatment business

The Water & Effluent Treatment business of L&T Construction has secured an EPC order involving design, engineering, supply, and installation of plant and equipment. The contract is for laying 135km of slurry pipeline and pipeline systems between Bacheli and Nagarnar in Chhattisgarh. The value of the contract stands somewhere between the range of Rs 1,000-2,500 crore.

ICICI Bank to acquire 9.09% stake in Myclassboard Education Solutions

ICICI Bank Ltd announced that it will acquire a 9.09% stake in ed-tech platform Myclassboard Educational Solutions Pvt Ltd, for cash consideration of Rs 4.5 crore. Myclassboard offers an online school management platform and reported a turnover of Rs 12 crore in FY 2020. The transaction is expected to be completed by the end of February 2021.

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Glenmark Pharma launches Remogliflozin + Vildagliptin FDC to treat Type 2 diabetes

Glenmark Pharmaceuticals has launched a fixed-dose combination (FDC) of Remogliflozin Etabonate and Vildagliptin in India. The fixed drug combination is indicated for the management of Type 2 diabetes. The FDC will be marketed under two brand names- Remo V and Remozen V. Glenmark’s FDC has been launched at a breakthrough price of Rs 14 per tablet.

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Ahluwalia Contracts secures construction orders worth Rs 310 crore

Ahluwalia Contracts (India) Ltd said it has secured new construction orders worth around Rs 310 crore. The order consists of the construction of a high-rise multi-storied residential complex, located at Z-1, Project, Phase-III, Nandankanan Road, in Bhubaneswar (Orissa). The company stated that its total order inflow during FY21 stands at Rs 2086.44 crore. 

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Allied Digital Services’ subsidiary bags multi-year deals worth $21.8 million

Allied Digital Services Ltd announced that its US subsidiary, Allied Digital Services LLC, has bagged multi-year prestigious services deals with a collective total contract value of $21.8 million (~Rs 154 crore). The contracts have been secured from leading customers across Healthcare, Finance, and Automobile segments. Allied Digital USA will transform Infrastructure Management, Edge Computing, and User Computing across a wide range of technology platforms, operations, and geographies.

Vedanta Resources to issue $400 million notes to Oaktree Capital

A unit of Vedanta Resources will issue $400 million (~Rs 2,935 crore) in notes to an entity under Oaktree Capital Group, as the mining company looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd. The new deal with Oaktree comes after Vedanta Resources sold $1 billion (~Rs 7,339 crore) of securities earlier this month, at one of the highest yields for a dollar bond in Asia this year.

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Lupin launches Mycophenolate Mofetil tablets in the US

Lupin Ltd, on Tuesday, announced the launch of Mycophenolate Mofetil tablets in the United States. The tablets are used to help prevent the body from rejecting organ transplants. The newly launched product is the generic equivalent of CellCept tablets of Roche Palo Alto LLC. According to IQVIA MAT October 2020 data, Mycophenolate Mofetil tablets USP had an annual sales of approximately $87 million (~Rs 638 crore) in the US.

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