Tag: ajanta pharma

Categories
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.

Categories
Market News Top 10 News

Tata Technologies Files IPO Papers With SEBI – Top Indian Market Updates

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

Tata Technologies files IPO papers with SEBI

Tata Technologies Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch an initial public offering (IPO). The IPO is purely an offer for sale by the promoter Tata Motors and two other existing shareholders. The offer for sale (OFS) is 9.57 crore equity shares, representing approx. 23.60% of its paid-up share capital.

Read more here.

Marksans Pharma gets final USFDA approval for Famotidine tablets

Marksans Pharma Ltd has received final approval from the US Food & Drugs Administration (USFDA) for its generic version of Famotidine tablets. The drug is indicated for the treatment of acid indigestion and heartburn. The product had sales of over $200 million in the US market.

Read more here.

Ajanta Pharma approves Rs 315 crore share buyback

Ajanta Pharma’s board has approved the buyback of 22.1 lakh equity shares of the face value of Rs 2 each through the tender offer route. The number of shares to be bought back represents 2.59% of the total number of equity shares of the company. Ajanta Pharma will carry out the buyback of shares at Rs 1,425 per share.

Read more here.

Natco Pharma launches additional strengths of Revlimid in US

Natco Pharma Ltd has launched additional strengths for its generic Lenalidomide capsules in the US market. The drug is used in the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). The launch has been done through its marketing partner Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries.

Read more here.

Automakers record best-ever dispatches in Feb: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), Indian automakers dispatched nearly 2.92 lakh passenger vehicles, up 11% YoY. This is the highest-ever dispatches for the month of Feb so far. The total two-wheeler wholesale dispatches rose 8% YoY to 11,29,661 units in Feb. Three-wheeler sales surged 86% YoY to 50,382 units.

Read more here.

Bank of Baroda board approves 49% stake divestment in BFSL

Bank of Baroda’s board has approved up to 49% divestment in subsidiary BoB Financial Solutions Ltd (BFSL). The bank currently holds 100% of the total equity share capital of BFSL. It will now issue Expression of Interests (EOIs) to suitable investors/strategic partners. Established in 1994, BFSL caters to the needs of a rapidly growing credit card industry.

Read more here.

India’s fuel demand hits at least 24-year high in Feb

India’s fuel demand hit its highest level in at least 24 years in February, according to govt data. Consumption of fuel rose more than 5% YoY to 4.82 million barrels per day last month. The strength highlights a combination of profitable refining from record Russian crude imports in February, total utilization for primary distillation across India and robust domestic consumption.

Read more here.

India’s industrial production rises 5.2% in January

India’s industrial production index (IIP) rose to 5.2% in January 2023, compared to 4.3% print in the previous month. This is mainly due to the good performance of the power, mining and manufacturing sectors. In January, growth in the mining sector stood at 8.8%, compared to 9.8% in December 2022. Manufacturing output stood at 3.7% (2.6% in Dec 2022) and electricity growth came in at 12.7% (compared to 10.4% in Dec).

Read more here.

India’s forex reserves increase, snapping four-week losing streak

India’s foreign exchange reserves rose for the first time in five weeks and stood at $562.40 billion as of the week ended March 3, according to the Reserve Bank of India (RBI). The reserves increased by $1.46 billion at the end of last week after falling by a total of $15.8 billion in the previous four weeks. It stood at $560.94 billion in the week to Feb 24.

Read more here.

Tata Power RE signs PPA with TPDDL for 510 MW hybrid plant

Tata Power Renewable Energy has signed an agreement with Tata Power Delhi Distribution Ltd (TPDDL) to supply electricity from its 510 MW solar-wind hybrid project. It is one of the largest hybrid projects in India, with the capacity bifurcation of 170 MW solar & 340 MW wind power. The project will save an average of 1540 MUs (million units) of CO2 emissions annually for TPDDL.

Read more here.

Airtel’s ARPU to rise 3% post jump in base prepaid rates: CLSA

Bharti Airtel’s recent decision to increase base prepaid rates by 57% in 19 markets is estimated to immediately boost its average revenue per user (ARPU) by 3% to Rs 199 according to analyst & brokerage group CLSA. Airtel’s tariffs across plans are already 25-57% higher than Vi and Reliance Jio. 

Read more here.

Categories
Market News Top 10 News

Vi’s Net Loss Widens to ₹7,596 crore in Q2 – Top Indian Market Updates

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

Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore

Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.

Read more here.

Gati to buy out Japanese partner in JV in FY23

Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal. 

Read more here.

HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore

Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.

Read more here.

Godrej Properties acquires 50-acre land parcel near Mumbai

Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.

Read more here.

SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore

SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.

Read more here.

Bharti Airtel deploys 5G at Bengaluru Airport

Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.

Read more here.

Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore

Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.

Read more here.

IIFL Finance aims to triple co-lending to over ₹13,000 crore

IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.

Read more here.

Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore

Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.

Read more here.

Alembic Pharma gets USFDA approval for generic injection

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.

Read more here.

HPCL Q2 Results: Net loss at ₹2,475 crore

Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.

Read more here.

Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore

Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.

Read more here.

Categories
Market News Top 10 News

India’s Coal Output Rises 29% in April – Top Indian Market News

India’s coal output rises 29% in April

India’s coal output rose 29% YoY to 66.58 million tonnes (MT) in April. Dispatch of coal to power utilities grew 18.15% YoY to 61.81 MT last month. The Ministry of Coal has been observing a decline in the prices of imported coal since the end of October 2021. India is witnessing a power crisis as coal reserves in several states are running out amid high electricity demand. 

Read more here.

Asian Paints Q4 Results: Net profit at Rs 850 crore

Asian Paints Ltd reported a consolidated net profit of Rs 850.42 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 852.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 20.6% YoY to Rs 7,889.94 crore in Q4 FY22. Asian Paints faced an exceptional loss of Rs 115.70 crore towards its Sri Lanka business and expected delay in receivable subsidy from the govt. The paint manufacturer’s board has declared a dividend of Rs 15.5 per share.

Read more here.

Polycab India Q4 Results: Net profit rises 14% YoY to Rs 322 crore

Polycab India Ltd reported a 14.47% YoY increase in consolidated net profit to Rs 322.15 crore for the quarter ended March (Q4 FY22). Net profit rose 2.4% when compared to the previous quarter. Its revenue from operations rose 35% YoY to Rs 3,979 crore during the same period. Polycab India’s board has declared a dividend of Rs 14 per share.

Read more here.

ICICI Bank partners with Santander for India-UK business ease

ICICI Bank has announced a strategic partnership with Santander UK to facilitate the banking requirements of corporates operating across India and the UK. The private sector bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions, and retail banking to the UK corporates operating in India. Santander UK will support Indian corporates and new-age businesses with their banking requirements in the UK.

Read more here.

Ajanta Pharma Q4 Results: Net profit falls 5% YoY to Rs 151 crore

Ajanta Pharma Ltd reported a 5% YoY decline in consolidated net profit to Rs 151 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 870 crore during the same period. The pharma company’s board has approved the issue of bonus shares in the ratio 1:2. [One equity share (of the face value of Rs 2) will be issued for every 2 shares (of Rs 2 each) held in the firm.]

Read more here.

Cipla signs pact with Genes2Me to launch Covid-19 RT-PCR test kit

Cipla Ltd has launched a Covid-19 RT-PCR testing kit in partnership with diagnostics firm Genes2Me. The pharma company will be responsible for the distribution of ‘RT Direct’ kits in India and has commenced supply of the same. The test protocol does not require any RNA extraction process and delivers results in just 45 minutes. 

Read more here.

MRF Q4 Results: Net profit falls 50% YoY to Rs 165 crore

MRF Limited reported a 50.26% YoY increase in consolidated net profit to Rs 165.21 crore for the quarter ended March (Q4 FY22). Net profit rose 10.6% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 5,304.82 crore during the same period. The tyre manufacturer’s board has declared a final dividend of Rs 144 per share.

Read more here.

Wipro renews IT transformation deal with Crédit Agricole

Wipro Ltd has extended its strategic agreement with Crédit Agricole CIB to fuel the next stage of growth. The IT major will help Crédit Agricole CIB to adopt cloud technologies and agile practices to achieve faster speed-to-market on new products and services. Crédit Agricole CIB is the corporate and investment banking arm of France-based Crédit Agricole Group.

Read more here.

Vodafone Idea Q4 Results: Net loss at Rs 6,563 crore

Vodafone Idea reported a net loss of Rs 6,563.1 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 7,022.8 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 6.46% YoY to Rs 10,271.8 crore in Q4 FY22. The average revenue per user (ARPU) stood at Rs 124 in Q4 FY22, compared to Rs 115 in the previous quarter (Q3 FY22). Vi’s average daily revenue growth stood at 7.7% QoQ.

Read more here.

Mutual Funds see Rs 72,847 crore net inflows in April: AMFI

The Indian mutual fund industry witnessed net inflows of Rs 72,847 crore in April 2022, compared to a net withdrawal of Rs 69,883 crore in March. Equity mutual funds attracted net inflows of Rs 15,890 crore in April, compared to Rs 28,463 crore in March. The monthly Systematic Investment Plan (SIP) contribution dropped to Rs 11,863 crore in April compared to Rs 12,328 crore in March. The data was released by the Association of Mutual Funds in India (AMFI).

Read more here.

Categories
Market News Top 10 News

RIL Reports 108% YoY Jump in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit at Rs 13,227 crore

Reliance Industries Limited (RIL) reported a 108% YoY increase in consolidated net profit at Rs 13,227 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown 1%. The consolidated revenue from operations rose 11% YoY to Rs 1,54,896 crore during the same period. RIL’s board has announced a final dividend of Rs 7 per share.

Read more here.

IndusInd Bank Q4 Results: Net profit jumps three-fold to Rs 876 crore

IndusInd Bank Limited reported a three-fold (~190%) year-on-year (YoY) increase in net profit to Rs 876 crore for the quarter ended March (Q4). Net interest income (NII) rose 9.4% YoY to Rs 3,535 crore during the same period. [NII is the difference between the income interest a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 2.67% in Q4, compared with 2.93% in Q3 FY21. Total provisions declined 23.5% YoY to Rs 1,866 crore during the quarter. IndusInd Bank’s board has announced a dividend of Rs 5 per share.

Read more here.

Marico Q4 Results: Net profit rises 14% YoY to Rs 227 crore

Marico Limited reported a 14.07% YoY increase in consolidated net profit to Rs 227 crore for the quarter ended March (Q4). Its revenue from operations rose 34.49% YoY to Rs 2,012 crore during the same period. This was driven by strong volume growth of 25% YoY in the domestic business. The FMCG firm’s operating margin was lower at 17.6% in Q4 due to high input costs. For the financial year ended March 31, 2021 (FY21), Marico’s net profit has increased by 14.96% YoY to Rs 1,199 crore. 

Read more here.

Atul Q4 Results: Net profit rises 24% YoY to Rs 141 crore

Atul Limited reported a 23.9% YoY increase in consolidated net profit to Rs 175.05 crore for the quarter ended March (Q4). Revenue from operations rose 15.6% YoY to Rs 1,115.93 crore during the same period. Its Life Science Chemicals segment posted a 22.6% YoY rise in revenues at Rs 311.89 crore. The company’s board has approved a dividend of Rs 20 per share. Atul Ltd is an integrated chemical company headquartered in Valsad, Gujarat.

Read more here.

Nestle buys vitamin brands from KKR for $5.75 billion

Nestle SA has agreed to buy vitamin maker Bountiful Co. for $5.75 billion (~Rs 42,580 crore) from private equity firms KKR & Co. and Carlyle. Through this acquisition, Nestle aims to become a world leader in the field of minerals and supplements. The Covid-19 pandemic has boosted demand for such pills from health-conscious consumers. This acquisition would double Nestle’s e-commerce revenue from supplements to about $1 billion this year.

Read more here.

Dalmia Bharat Q4 Results: Net profit at Rs 640 crore

Dalmia Bharat Limited reported a sharp rise in consolidated net profit (~2,310% YoY) to Rs 640 crore for the quarter ended March (Q4). It had posted a net profit of Rs 24 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose 32.13% YoY to Rs 3,281 crore in Q4 FY21. The company’s board has recommended a dividend of Rs 1.33 per share.

Read more here.

Escorts to temporarily shut down manufacturing operations amid Covid-19 surge

Amidst the surge in Covid-19 cases in India, Escorts Limited has decided to temporarily shut down its manufacturing operations on a selective basis between May 1 and May 3. The farm equipment manufacturer said that the safety and health of its employees and the wellness of its business ecosystem are of utmost importance. Escorts ensured that there will be no impact on fulfilling customer demand, as it has sufficient inventory in hand.

Read more here.

Vodafone Idea’s GIGAnet 4G delivers highest network speed in Q4: Ookla

According to speed testing firm Ookla, Vodafone Idea’s (Vi) 4G network GIGAnet has delivered the fastest download and upload speeds across India for the third consecutive quarter in Q4 (January-March 2021). Additionally, Vi has the fastest average 4G download speeds in 135 Indian cities, including Mumbai, Delhi NCR, and Kolkata. This comes at a time when data usage has surged exponentially as more people are staying home due to a fresh wave of Covid-19 cases in India.

Read more here.

Yes Bank Q4 Results: Net loss at Rs 3,788 crore

Yes Bank reported a net loss of Rs 3,787.75 crore for the quarter ended March (Q4). The bank had posted a net loss of Rs 3,668 crore in the corresponding period last year (Q4 FY20).  Net interest income (NII) declined 23% YoY to Rs 1,274 crore in Q4 FY21. The gross non-performing assets (NPA) ratio stood at 15.41%, compared to 15.36% in the previous quarter. Yes Bank’s deposits grew 11% quarter-on-quarter (QoQ) and 55% YoY to Rs 1,62,947 crore in Q4 FY21.

Read more here.  

Ajanta Pharma Q4 Results: Net profit rises 23% YoY to Rs 159 crore

Ajanta Pharma reported a 23% YoY increase in consolidated net profit to Rs 159 crore for the quarter ended March (Q4). Its revenue from operations 11% YoY to Rs 757 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased to Rs 654 crore, compared with Rs 468 crore in the previous financial year (FY20).

Read more here.

Bank of India’s board approves raising capital up to Rs 4,800 crore

The Board of Directors of Bank of India (BOI) has approved raising capital aggregating to Rs 4,800 crore through the issuance of shares or bonds. The lender will issue equity shares in the form of Follow-on Public Offer (FPO)/Qualified Institutional Placement (QIP) or issue Basel III compliant Tier-1 bonds worth up to Rs 3,000 crore. BOI will further issue Basel III compliant Tier-2 bonds worth up to Rs 1,800 crore. The fundraising proposal is subject to shareholders’ approval.

Read more here.

Categories
Market News Top 10 News

PM Modi Reveals Plans to Boost India’s Renewable Energy Sector – Top Indian Market News

PM Modi reveals plans to boost India’s renewable energy sector

During his speech at RE-Invest 2020, Prime Minister Narendra Modi stated that India has huge renewable energy deployment plans for the next decade. These plans will likely generate business opportunities worth $20 billion (~Rs 1.47 lakh crore) per year. He further said that India’s renewable energy capacity is currently the 4th largest in the world. PM Modi has also invited investors and developers to join India’s renewable energy journey.

Read more here.

India restricts international flights till December 31

The Government of India has extended the ban on scheduled international flights till December 31, amidst the ongoing Covid-19 pandemic. The Directorate General of Civil Aviation (DGCA) has stated that only selected flights will be allowed on a case-to-case basis. The restriction will not apply to international cargo flights. Special international flights under the Vande Bharat Mission will be allowed to operate under ‘air bubble’ agreements with selected countries.

Read more here.

Bombay High Court refuses to stay merger of Lakshmi Vilas Bank and DBS

A group of promoters of Lakshmi Vilas Bank (LVB) had filed a petition in the Bombay High Court, challenging the merger of LVB with DBS Bank India Ltd. The promoters have initiated legal action against the RBI, the Indian Government, and DBS Bank. The High Court, on Thursday, refused to provide interim relief sought by the promoters to stay the merger. The merger will be effective from November 27. The petition has been placed for hearing on December 14. 

Read more here.

TVS Automobile Solutions acquires service business of Mahindra First Choice

TVS Automobile Solutions Pvt Ltd (TVS ASPL) has acquired the service business of Mahindra First Choice Services Ltd (MFCSL). MFCSL is a chain of multi-brand car and two-wheeler service workshops and is owned by the Mahindra Group. As part of the transaction, Mahindra & Mahindra Ltd. will secure a minority stake in TVS ASPL.

Read more here.

Ajanta Pharma announces details of proposed buyback

Ajanta Pharma Ltd. has announced details of activities regarding its share buyback plan. The company will buyback 7.35 lakh equity shares at Rs 1,850 per share. The date of opening of the buyback offer is on December 3. The buyback offer will be closed on December 16. The last date of settlement of bids on the stock exchange will be December 24. 

Read more here.

Glenmark Pharma gets listed in Dow Jones Sustainability Index for 3rd straight year

Glenmark Pharmaceuticals Ltd. has been listed in the Dow Jones Sustainability Index (DJSI), under the category of emerging markets, for the third consecutive year in a row. DJSI is one of the world’s most widely accepted sustainability benchmarks. It consists of the top-ranked companies in terms of Corporate Sustainability. Glenmark is ranked 13th among global pharmaceutical companies in the DJSI Emerging Markets 2020.

Read more here.

Tube Investments to raise Rs 350 crore from Azim Premji Trust, SBI Mutual Fund

The Board of Directors of Tube Investment of India Ltd (TIIL) has approved raising Rs 350 crore from the Azim Premji Trust and SBI Mutual Fund. The company will allot shares to both entities on a preferential allotment or private placement basis. Azim Premji Trust will get 27.33 lakh shares worth Rs 200 crore. SBI Mutual Fund’s two schemes- SBI Focused Equity Fund and SBI Magnum Midcap Fund will get 15.03 lakhs share and 5.46 lakh shares worth Rs 110 crore and Rs 40 crore, respectively.

Read more here.

Laurus Labs acquires 72.55% stake in Richcore Lifesciences

Laurus Labs Ltd. has acquired a 72.55% stake in biotech company Richcore Lifesciences from Eight Roads Ventures and VenturEast. The cost of the acquisition has been estimated at Rs 246.67 crore. Laurus Labs has stated that Richcore Lifesciences will be renamed Laurus Bio Private Ltd, after the successful closure of the transaction.

Read more here.

IL&FS receives binding offer for its energy advisory business

IL&FS, on Thursday, said that it has received a binding offer for the acquisition of its energy advisory subsidiary- IL&FS Energy Development Company Ltd (IEDCL). The company currently holds a 95.54% stake in IEDCL. The winning bidder would acquire both the assets and liabilities of IEDCL. The bids are open till December 7.

Read more here.

Meghmani Organics to set up multipurpose plant in Dahej

Meghmani Organics Ltd. has announced that it is planning to set up a multipurpose plant in Dahej at a cost of Rs 310 crore. The plant is expected to be commissioned by the fourth quarter of the financial year 2021-2022. The company also stated that it has commenced commercial production at two of its plants situated in Bharuch, Gujarat.

Angel Broking enables API integration for algo trading

Angel Broking has announced that it has enabled API integration for algorithmic trading, through the launch of SmartAPI. This feature allows its users to execute real-time trades via Angel Broking, while also empowering algorithmic traders to deploy their programs in 5 programming languages. Algorithmic trading (also called automated trading) uses a computer program that follows a defined set of instructions to place a trade.

Read more here.

Categories
Market News Top 10 News

Adani Ports’ Net Profit Rises 32% YoY – Top Indian Market News

Adani Ports Q2 Results: Net Profit rises 32% YoY to Rs 1,394 crore

Adani Ports & Special Economic Zone Ltd. reported a 31.57% year-on-year increase in consolidated net profit at Rs 1,393.69 crore, for the quarter ended September (Q2). The revenue from operations increased by 3% YoY to Rs 2,902.52 crore, during the same period. The company has stated that its market share in India’s overall cargo has increased to 24%, as compared to 21% in Q1 of the current financial year.

Read more here.

Vedanta, Hindalco win in commercial coal mine auctions

Vedanta Ltd. and Hindalco Industries Ltd. are among the first private companies chosen to operate coal mines in India. The Government had allocated 38 coal mines in the country for auction to the private sector. Vedanta Ltd has placed the winning bid for the Radikapur West Coal Block in Odisha. Hindalco has won the right to operate the Chakla Coal Block in Jharkhand.

Read more here.

PVR Q2 Results: Net Loss stands at Rs 184 crore

PVR Limited reported a consolidated net loss of Rs 184 crore, for the quarter ended September (Q2). The consolidated revenue of the multiplex operator was at Rs 40.4 crore, during the same period. PVR has stated that most of its theatres have reopened, under the Unlock 5.0 guidelines. They are optimistic for a gradual improvement in revenues over the next few months.

Read more here.

Ajanta Pharma Q2 Results: Net Profit up by 45% YoY

Ajanta Pharma Limited reported a 45% year-on-year (YoY) increase in net profit at Rs 170 crore, for the quarter ended September (Q2). The company’s revenue has increased by 11% YoY to Rs 715 crore, during the same period. The Board of Directors of Ajanta Pharma has approved an interim dividend of Rs 9.50 per share. They have also announced a share buyback of 7.35 lakh equity shares, at a price of Rs 1,850 per share.

Sun Pharma Q2 Results: Net Profit jumps 70% YoY to Rs 1,813 crore

Sun Pharmaceutical Industries Ltd. reported a 70.4% year-on-year (YoY) increase in consolidated net profit to Rs 1,813 crore, for the quarter ended September. The drug firm’s consolidated revenue from operations has increased by 5.3% YoY to Rs 8,553 crore, during the same period. The share price of Sun Pharma saw a rise of 3.85%, and closed at Rs 487.45 on the NSE today.

Read more here.

Muthoot Finance Q2 Results: Net profit rises 2.5% to Rs 931 crore

Muthoot Finance Ltd. reported a 2.5% year-on-year (YoY) increase in consolidated net profit at Rs 930.81 crore, for the quarter ended September (Q2). The company has posted a 17.4% YoY increase in total income to Rs 2,824.19 crore, during the same period. The non-banking financial company has also recorded its highest-ever quarter-on-quarter (QoQ) growth in its gold loan portfolio.

Read more here.

TCS partners with B3i to launch solutions for insurance industry

Tata Consultancy Services (TCS) has partnered with B3i Services AG to design, develop, and launch ecosystem innovations for the insurance industry. The partnership will be aimed at providing solutions to improve the digital systems of insurers, brokers, and industry service providers. B3i is an industry-led blockchain initiative that is owned by 20 insurance companies around the world.

Read more here.

Dabur Q2 Results: Net Profit rises 20% YoY to Rs 483 crore

Dabur India Ltd. reported a 20.6% year-on-year (YoY) increase in consolidated net profit to Rs 482.86 crore, for the quarter ended September (Q2). The company’s consolidated revenue has increased by 14% YoY to Rs 2,516.04 crore, during the same period. The e-commerce business of Dabur grew by 200% YoY in Q2.

Read more here.

PNB to raise Rs 7,000 crore through QIP in December

Punjab National Bank (PNB), on Tuesday, said it is planning to raise Rs 7,000 crore through qualified institutional placement (QIP) of shares by December 2020. QIP is a method that allows listed companies to raise capital from domestic markets through the issue of equity shares or any other securities. This is part of PNB’s overall plan to raise capital worth Rs 14,000 crore during the current financial year.

Read more here.

Godrej Properties Q2 Results: Net Profit declines 77% YoY to Rs 7 crore

Godrej Properties Ltd. reported a 77% year-on-year (YoY) decline in consolidated net profit at Rs 7 crore, for the quarter ended September (Q2). The real-estate company posted a 36% YoY decline in total income at Rs 238 crore, during the same period. The company has stated that construction activity has resumed across its sites, with a high increase in the workforce.

Read more here.

Meghmani Finechem expands Caustic Soda Plant 

Meghmani Finechem is expanding production at its existing Caustic Soda Plant from 2.94 lakh tonnes per annum (TPA) to 4 lakh TPA. The company is also upgrading the Captive Power Plant capacity to 123 MW (megawatts) at its production site in Gujarat. The total cost of these projects is estimated at Rs 230 crore. Meghmani Finechem is a material subsidiary of Meghmani Organics Ltd.

Read more here.