Tag: alembic pharma

Categories
Market News Top 10 News

Reliance Brands Buys Majority Rights of Superdry IP – Top Indian Market Updates

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

RIL, Superdry signs JV for IP in India, Bangladesh, and Sri Lanka

Reliance Brands Ltd’s (RBL) subsidiary, Reliance Brands Holding UK Ltd (RBUK), has signed a £40 million joint venture (JV) agreement with Superdry Plc. The JV is for the sale of Superdry’s intellectual property assets in India, Sri Lanka and Bangladesh. Reliance Brands (RBL) is a subsidiary of Reliance Retail Ventures Ltd (RRVL). RRVL and Superdry will each own 76% and 24% of the joint venture vehicle, respectively.

Read more here.

JSW Neo Energy signs ₹15,000Cr MoU with Uttarakhand govt

Uttarakhand Government has signed a Memorandum of Understanding (MoU) worth ₹15,000 crores with JSW Neo Energy Ltd (JSW NEL) at the roadshow of its Global Investor Summit. As per the MoU, two pumped storage of 1,500 megawatts (MW) will be developed in the state’s Almora district. JSW NEL is a subsidiary of JSW Energy Ltd.

Read more here.

L&T secures order from West Bengal Power Development Corp

Larsen & Toubro’s (L&T) power business arm secured an order (in the range of ₹1,000-2,500 crore) from West Bengal Power Development Corporation Ltd. The engineering, procurement and construction (EPC) order pertains to setting up wet Flue Gas Desulphurization (FGD) systems for its Thermal Power Plant at Sagardighi, West Bengal. 

Read more here.

Manufacturing operations disrupted at Alembic Pharma’s Sikkim plant

Manufacturing operations at Alembic Pharma’s Sikkim plant have been disrupted due to flash floods in the Teesta River. However, the company stated that no loss or harm was caused to any personnel and the assessment of loss will take a while. All assets of the company are adequately insured and necessary intimations have been given to insurance companies. 

Read more here.

Strides Pharma gets USFDA approval to market HIV drug

Strides Pharma’s Singaporean subsidiary, Strides Pharma Global, has received approval from the US Food & Drug Administration (USFDA) to market Efavirenz, Emtricitabine, Tenofovir Disproxil Fumurate (EET) tablets. The drug helps control HIV infection. The drug is a generic version of Gilead Sciences’ Atripla tablets. As per IQVIA data, the tablet has a market opportunity of $7.5 million in the US.

Read more here.

Hindustan Zinc to use LNG-fuelled trucks of GreenLine

Hindustan Zinc Ltd (HZL) will use Greenline’s liquefied natural gas (LNG)-powered trucks in its supply chain and transportation operations to cut its carbon footprint. HZL has set a target of becoming a net-zero carbon emitter by 2050. GreenLine (promoted by Essar Group) will invest ₹200 crore to deploy LNG-powered trucks for Hindustan Zinc’s road logistics.

Read more here.

HCG acquires SRJ CBCC Cancer Hospital in Indore

HealthCare Global Enterprises Ltd (HCG) has acquired SRJ CBCC Cancer Hospital in Indore. This acquisition marks HCG’s entry into the key geography of Madhya Pradesh. HCG plans to further expand by adding 100 beds and state of art cancer diagnostic and treatment facility within an estimated operational timeline of 2 years. 

Read more here.

SBI launches Mobile Handheld Device to provide banking services

State Bank of India (SBI) launched a ‘Mobile Handheld Device’ to provide banking services to its financial-inclusive (FI) customers. The move is aimed at enhancing accessibility, convenience in availing banking services and empowering financial inclusion and extending essential banking services to the masses. The new device brings kiosk banking directly to customer’s doorstep.

Read more here.

Bandhan Bank’s advances grew 12.3% in Q2

Bandhan Bank’s advances grew 12.3% year-on-year (YoY) to ₹1.08 lakh crore, while its loan collection efficiency remained stable at 98% at the end of the September quarter (Q2 FY24). Total bulk deposits stood at ₹29,098 crore in Q2 FY24, compared to ₹25,705 crore a year back. The Kerala-based bank saw its deposit growth at 23% YoY to ₹2.33 lakh crore in Q2.

Read more here.

Categories
Market News Top 10 News

JFSL Shares Hit Lower Circuit on Listing Day – Top Indian Market Updates

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

Jio Financial Services shares hit 5% lower circuit on listing day

Jio Financial Services Ltd. closed at a 5% lower circuit at ₹248.50 per share after a muted listing on the Indian exchanges. The shares were listed at ₹262 per share on the National Stock Exchange over the discovered price of ₹261.85. On the BSE, the stock listed at ₹265 over the derived price of Rs 251. This is against the expectation of a listing premium widely expected by market analysts.

Read more here.

Wockhardt shareholders reject proposal to raise ₹1,600 crore from promotor

Shareholders of Wockhardt have rejected a proposal to raise ₹1,600 crore from a promoter entity. The board of the Mumbai-based drug firm had sought shareholder approval for a related party transaction with Khorakiwala Holdings & Investments Pvt Ltd (KHIPL) to raise up to ₹1,600 crore for five years. KHIPL is an RBI-registered non-banking financial company.

Read more here.

Tata Technologies joins AUTOSAR as premium partner

Tata Technologies has joined AUTOSAR, a worldwide development partnership of car manufacturers, suppliers, and other firms, as a premium partner. AUTOSAR aims to standardise the software architecture of vehicle electronic control units (ECUs) to improve the overall efficiency of automotive system software development and integration.

Read more here.

TPREL to supply 9 MW green energy to Tata Motors plant

Tata Power Renewable Energy Ltd (TPREL) will supply 9 megawatts (MW) of green energy to Tata Motors’ plant in Pantnagar as part of an agreement. The project will be commissioned within six months from the PPA execution date. It will utilise rooftop and ground-mounted units for installation. It is estimated to make a carbon emission reduction of 25 tonnes annually.

Read more here.

Alembic, Aurobindo Pharma recall drugs in US market

According to the US Food & Drug Administration (USFDA), Alembic Pharmaceuticals and Aurobindo Pharma are recalling different products in the US market due to manufacturing lapses. The US-based subsidiary of Alembic Pharma is recalling 82,400 bottles of Tobramycin Ophthalmic Solution (used to treat bacterial infections of the eye). Aurobindo Pharma’s US arm is recalling 48 bottles of Rufinamide Tablets (used to treat seizure disorders).

Read more here.

Telecom sector AGR up 2.53% QoQ in Q4: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), the telecom industry recorded a 2.53% sequential growth in adjusted gross revenue (AGR) in the fourth quarter of FY23. Reliance Jio’s quarterly AGR (or revenue from licensed services) grew 1.7% sequentially to ₹22,985 crore in Q4, while Bharti Airtel’s rose 1.15% quarter-on-quarter (QoQ) to ₹18,500 crore. Vi’s AGR fell 1.61% QoQ to ₹7,210.63 crore in Q4.

Read more here.

Indian Oil Corp begins digitalisation drive

Indian Oil Corporation Ltd (IOCL) has embarked on a major data-driven digitalisation drive to optimise its crude purchase, refinery operations and financial management, which has helped boost its efficiency and revenues. IOCL generates data daily from its refineries, pipelines, petrol pumps, aviation fuel stations, natural gas networks and petrochemical operations.

Read more here.

Vipul Organics enters into paper segment

Specialty chemicals maker Vipul Organics has entered into the paper segment with products like colourants, dispersions and dyes. The company is in the process of setting up a paper lab that will be fully functional shortly. It has already launched products under two categories in the segment. One range of pigment dispersions is developed exclusively for paper application, while the other one is ‘direct dyes’ for paper coating application.

Read more here.

Tanla Platforms ends pact with Vodafone Idea

Tanla Platforms has decided to discontinue its agreement with Vodafone Idea. The company had entered into a term sheet with Vodafone Idea for the provision of platform and firewall services for international A2P (application-to-person messaging) services in November 2021, which was valid for 2 years. The ending of the partnership would have a revenue impact of ₹17 crore and a net profit impact of ₹9 crore on a full-quarter basis after November 2023.

Read more here.

Inox Green Energy secures ₹40 crore order from NLC India

I-Fox Windtechnik India Pvt Ltd (a subsidiary of Inox Green Energy) has secured an order from NLC India for the Operation and Maintenance (O&M) of 51MW wind turbine generators located in Tamil Nadu. The scope of the contract comprises comprehensive O&M (including a power evacuation system) for 5 years with a revenue realisation of ₹40 crore (inclusive of taxes) during the contract period.

Read more here.

Categories
Market News Top 10 News

India Set to Unveil New Foreign Trade Policy – Top Indian Market Updates

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

India set to unveil new foreign trade policy 2023-28

The Indian government is set to unveil a new Foreign Trade Policy 2023-28 tomorrow to boost exports amid slowing global trade. Minister for Commerce and Industry Piyush Goyal will announce the policy, which is expected to outline the vision statement for taking India’s goods and services exports to $2 trillion by 2030. The country is likely to end this financial year with total exports of $760 billion, up from $676bn in 2021-22. The new policy is likely to incorporate WTO-compliant export promotion measures and is expected to boost India’s position in the global trade arena.

Read more here.

Adani Group aims 20% earnings growth every year to repay $23 billion in debt

The Adani Group plans to achieve a 20% growth in earnings across its various businesses to repay its debt of about $23 billion over the next 3-4 years. The business group, which has been severely impacted by US short-seller Hindenburg Research’s report that wiped off $135 billion in market value of its listed companies, has been meeting with stakeholders to address their concerns. Adani’s businesses range from seaports to airports, edible oil and commodities, energy, cement, and data centres.

Read more here.

Axis Bank, Shriram Housing Finance announce partnership for co-lending

Axis Bank and Shriram Housing Finance Ltd (SHFL) have partnered under the co-lending model through the Yubi Co.Lend platform to offer secured micro, small & medium enterprise (MSME) and home loans to middle and low-income borrowers in rural and semi-urban regions. The partnership will use the loan processing technology of SHFL and the financial expertise of Axis Bank to assess the credit profiles of borrowers and offer them loans at competitive interest rates.

Read more here.

HDFC Bank opens 500th branch in Tamil Nadu

HDFC Bank has announced the launch of its 500th branch in Tamil Nadu’s Madurai district, with plans to expand further in semi-urban and rural areas of the state. The bank opened its first branch in Tamil Nadu in 1995 in Anna Salai, and it now has a nationwide distribution network of 7,183 branches and 19,007 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities/towns as of December 31, 2022. The new branch at Arasaradi was inaugurated by the state Finance Minister Palanivel Thiaga Rajan.

Read more here.

Tata Power approves re-appointment of Praveer Sinha as CEO and MD

Tata Power has approved the reappointment of Praveer Sinha as CEO and MD for four years starting May 1, 2023. Sinha currently chairs the CII Western Region council and co-chairs the CII National Committee on Power. He has held several leadership positions across the power sector value chain and was instrumental in driving the turnaround of Tata Power Delhi Distribution Limited. He has also contributed towards promoting innovations in the clean energy space by setting up the first international incubator in India.

Read more here.

HPCL, BPCL signs pact for Hydrogen Synergy

Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation (BPCL) have signed an agreement to purchase and sell hydrogen at their refineries. The partnership aims to minimize valuable hydrogen flaring, improve environmental impact and promote cooperation and collaboration in hydrogen exchange between both refineries to sustain operations and ensure uninterrupted product availability.

Read more here.

Indian pharma firm Granules opens packaging facility in US 

Granules India Ltd has opened a new packaging facility in Virginia, US, to expand its capacity for essential drugs and strengthen the biopharma supply chain. The pharma company has invested more than $100 million in the US and was one of the first Indian pharmaceutical firms to receive FDA authorisation to export to the US. The company employs nearly 200 people in Virginia, a majority of whom are first-generation Indians.

Read more here.

Alembic Pharma gets USFDA nod for Glaucoma drug

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) to market Brimonidine Tartrate Ophthalmic Solution in the US. The solution is used to treat high fluid pressure in the eye. According to IQVIA data, Brimonidine Tartrate Ophthalmic Solution has an estimated market size of $97 million for twelve months ending December 2022.

Read more here.

Categories
Market News Top 10 News

Lok Sabha Passes Finance Bill – Top Indian Market Updates

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

Lok Sabha passes Finance Bill

The Finance Bill, 2023 was passed in the Lok Sabha on Friday with over 64 amendments. The securities transaction tax (STT) on the sale of options has been increased to ₹2,100 on a turnover of ₹1 crore, compared to ₹1,700 earlier. The tax on royalty or technical fees earned by foreign (non-resident) companies hiked from 10% to 20%. Meanwhile, pension fund investments will be exempt from taxation under infrastructure investment trusts (InvITs).

Read more here.

Govt proposes to withdraw long-term capital gain benefits

The Central Government has proposed to withdraw the benefit of long-term capital gain tax for debt mutual funds. The Finance Bill 2023 was passed in Parliament to classify long-term capital gains from debt mutual funds as only short-term capital gains. As per the amendment, debt funds that have not more than 35% invested in equity shares are proposed to be taxed as per the income tax slab level and considered as a short-term capital gain.

Read more here.

RITES secures order worth Rs 122 crore from Assam government

RITES Ltd has secured a Project Management Consultancy work under Assam Health System Strengthening Project. The cost of the consultancy project comes to around Rs 122 crore. RITES’ fees in the work order are around Rs 77 crore. RITES is involved in mega transportation projects like dedicated freight corridors, metros, high-speed rail studies, logistics parks, and rail infrastructure.

Read more here.

Vedanta deducts $91 million from govt’s profit to make up for tax paid

To protest against the 9-month-old windfall tax, Vedanta Ltd has reportedly withheld about $91 million from the share of profit due to the government from its oil and gas fields, to make up for the additional tax outgo. India first imposed windfall profit tax on July 1, 2022, joining a growing number of nations that tax super normal profits of energy companies.

Read more here.

Alembic Pharma gets 2 observations for Gujarat facility from USFDA

The US Food & Drug Administration (USFDA) has issued a Form-483 with two minor procedural observations following the inspection of Alembic Pharmaceuticals Ltd’s injectable and ophthalmic facility (F-3) located at Karkhadi in Gujarat. The USFDA inspected the plant from March 16-24, 2023. Form 483 is issued to a firm’s management when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Read more here.

Five executives at Nykaa resign: Report

A spokesperson for Nykaa said five executives have resigned, the latest resignation at the beauty brand comes amid rising competitors and a crashing stock price. Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of the Fashion Division Gopal Asthana, and Chief Executive Officer of the Wholesale Business Vikas Gupta are among those who have left Nykaa. The company’s shares have fallen ~35% in the past six months.

Read more here.

PowerGrid to raise up to Rs 600 crore via bonds

Power Grid Corporation of India Ltd. is planning to raise up to Rs 600 crore through the issuance of bonds on a private placement basis. The company’s board has approved the issuance of unsecured, non-convertible, redeemable bonds aggregating to Rs 600 crore. This includes a base issue size of Rs 100 crore and a greenshoe option of Rs 500 crore. The bonds will be listed on BSE and/or NSE. 

Read more here.

CIL making efforts to supply higher quantities of coal to non-regulated sector

Coal India Ltd (CIL) said it is making all efforts to supply higher quantities of coal to the non-regulated sector (NRS) without affecting supplies to the power sector through increased production. The statement comes days after the company stated that it is gearing up to meet the demand for coal from the power sector amid the early onset of summer and a pick-up in the industrial demand for electricity.

Read more here.

Govt extends deadline for eighth oil and gas exploration licensing round

The Central govt has once again extended the deadline for accepting bids in the eighth oil and gas exploration licensing round to May 16. Oil ministry officials said that investors had been demanding an extension. The eighth round under the open acreage licensing policy (OALP) was launched on July 7, 2022, with a bid submission deadline of Sept 6.

Read more here.

Categories
Market News Top 10 News

Godrej Properties Acquires 28-acre Land Parcel in Bengaluru – Top Indian Market Updates

godrej properties

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

Godrej Properties acquires 28-acre land parcel in Bengaluru

Godrej Properties has acquired a land parcel spread over 28 acres in Bengaluru to develop a mixed-use project consisting of apartments and retail development. The land acquisition is in line with the company’s plan of strengthening its presence across key property markets in India. The land parcel is located near Outer Ring Road and Whitefield, a neighbourhood known for technology parks, upmarket apartments, and shopping & entertainment hubs.

Read more here.

Retail inflation drops to 6.44%

India’s retail inflation for February declined to 6.44% in February, compared to 6.52% in January 2023. Inflation in the food basket in Feb 2023 was at 5.95%, up from 5.94% in January (mainly due to higher cereal and milk prices). The risk of heat waves in India is a concern that could impact food production and prices.

Read more here.

LIC’s debt exposure in Adani Group companies falls marginally to Rs 6,183 crore

The Life Insurance Corporation of India (LIC) has informed that its debt exposure to Adani Group of Companies has fallen from Rs 6,347.32 crore on Dec 31, 2022, to Rs 6,182.64 crore as on March 5, 2023. LIC has a debt exposure of Rs 5,388.60 in Adani Ports and SEZ, Rs 266 crore in Adani Power (Mundra), and Rs 81.60 crore in Adani Power Maharashtra Ltd – Phase I.

Read more here.

Ten more banks to join syndication for RIL’s $3 billion loan

Ten more lenders are set to join the syndication of Reliance Industries Ltd (RIL) and Reliance Jio Inforcomm’s $3 billion loans. It is the largest syndicated loan by an Indian corporate house in the last five years. The loan proceeds are to fund RIL’s capital expenditure and the 5G expansion of Jio. 

Read more here.

Amazon signs deal with DLF Downtown, Jayabheri Properties to acquire 8 lakh sq. ft. of space

Amazon and its affiliates have acquired over 8 lakh square feet of space from DLF Downtown and Jayabheri Properties for 15 years in Gurgaon and Hyderabad for web services, development centres, seller services, and transportation services. The e-commerce giant will be paying a rent of Rs 45-52 per sq. ft. for the Orange Towers property in Hyderabad, while the Downtown property in Gurugram will attract a rent of Rs 110.5 per sq. ft.

Read more here.

Capacite Infra secures non-fund based limit worth Rs 150 crore from SBI

State Bank of India (SBI) has sanctioned a non-fund based limit of Rs 150 crore to Capacite Infraprojects Ltd. Capacite also announced that it is continuously engaging with members of a lenders’ consortium to expedite the process of sanctioning additional non-fund-based limits. Engineering and construction company Capacite works with almost all major real estate developers in India.

Read more here.

USFDA completes inspection at Alembic Pharma’s Derma facility

Alembic Pharmaceuticals’ Derma facility at Karakhadi in Vadodara, Gujarat, has successfully undergone inspection by the US Food & Drug Administration (USFDA) with no observation. The inspection was conducted by the regulator between March 6 to March 10, 2023. The company manufactures and markets generic pharmaceutical products across the globe. 

Read more here.

Elgi Equipments’ US subsidiary acquires 33.33% stake in CS Industrial Services

Elgi Equipments has announced that its US subsidiary has acquired a 33.33%  stake in CS Industrial Services LLC to expand its reach in the US market. The company is engaged in the manufacturing and trading of air compressors. The total cost to acquire both class A and class B shares is worth $125,000. The all-cash transaction is likely to be executed by the end of this month.

Read more here.

Nazara Tech’s 2 subsidiaries hold Rs 64 cr in SVB

Nazara Technologies said that its two step-down subsidiaries, Kiddopia Inc and Mediawrkz Inc, hold cash balances at Silicon Valley Bank (SVB). However, both subsidiaries continue to be well-capitalised and are generating positive cash flows along with profitability. Nazara Tech also continues to maintain healthy reserves of cash and cash equivalents in excess of Rs 600 crore, excluding the SVB-impacted funds. 

Read more here.

Indian Navy halts HAL’s ALH Dhruv Helicopter operations after accident

An Indian Navy helicopter manufactured by Hindustan Aeronautics Ltd (HAL) met with an accident off the Mumbai coast, triggering the navy to halt operations of the entire fleet of ALH Dhruv choppers. The ALH choppers are flown by all three defence forces (Army, Navy and Air Force), along with the Indian Coast Guard.

Read more here.

Shriram Finance aims to raise $2.44 billion in FY24 to fund growth

Non-banking finance company (NBFC) Shriram Finance aims to grow its assets under management (AUM) by 15% in the financial year 2024 (FY24) to around Rs 20,000 crore. The company’s total AUM was Rs 1.7 lakh crore as of December 31, 2022. The company will also raise funds from local banks and the domestic capital market among others, alongside external commercial borrowings (ECBs).

Read more here.

M&M sells over 6% stake in Mahindra CIE Automotive

Mahindra & Mahindra (M&M) has sold 2.29 crore equity shares of Mahindra CIE Automotive Ltd (representing 6.05% of the paid-up share capital). The sale has been executed on the stock exchanges at a gross price of Rs 357.39 per share. Following the sale, M&M’s shareholding in Mahindra CIE Automotive has come down from 9.25% to 3.19%.

Read more here.

Categories
Daily Market Feed Market News

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.

Categories
Market News Top 10 News

India’s Manufacturing PMI Slows to 4-Month Low in Feb – Top Indian Market Updates

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

India’s manufacturing PMI slows to 4-month low in Feb

India’s manufacturing sector expanded at the slowest pace in four months in February. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in Feb, compared to 55.4 in Jan. New orders and output rose sharply last month, indicating strong domestic demand despite inflationary pressures. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross Goods and Service Tax (GST) revenue collection in February 2023 stood at Rs 1,49,577 crore, an increase of 12% on an annual basis. Of the total revenue collected, central GST is Rs 27,662 crore, state GST is Rs 34,915 crore, integrated GST is Rs 75,069 crore, while cess is Rs 11,931 crore.

Read more here.

Auto sales data for Feb 2023: Highlights  

Maruti Suzuki India posted a 5% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Feb 2023. Sales of its mini & compact vehicle segment rose 4.4% YoY to 1.01 lakh units. Exports fell 28.4% YoY to 17,207 units.

Tata Motors Ltd registered a 7% YoY increase in passenger vehicle sales to 43,140 units in Feb. The automaker’s commercial vehicle sales declined by 3% YoY to 36,565 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 30,538 units in Feb, an increase of 10% YoY. M&M’s tractor sales rose 26% YoY to 25,791 units. 

TVS Motor Company’s total sales stood at 2.76 lakh units in Feb, down 2% YoY. Meanwhile, Bajaj Auto’s sales fell 11% YoY to 2.8 lakh units.

Read more here.

Axis Bank completes acquisition of Citigroup’s India consumer business for Rs 11,603 crore

Axis Bank has completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns. The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, assets under management (AUMs), and liabilities as of Jan 31, 2023.

Read more here.

PNB withdraws divestment process in Canara HSBC Life Insurance

Punjab National Bank (PNB) will discontinue the process of divestment in associate company Canara HSBC Life Insurance. The bank had acquired a stake in the life insurer post-amalgamation of the erstwhile Oriental Bank of Commerce (OBC). It will hold its stake in the life insurer as an investor, subject to regulatory approvals. 

Read more here.

Alembic Pharma gets USFDA approval to market generic cancer drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Docetaxel Injection in multiple-dose vials. The drug is indicated for the treatment of breast cancer, non-small cell lung cancer, and castration-resistant prostate cancer. According to IQVIA data, Docetaxel injection has an estimated market size of USD 11 million in the US market. 

Read more here.

Welspun Corp secures order for export of LSAW pipes and bends to Middle East

Welspun Corp Ltd (WCL) has secured an order for the export of LSAW pipes and bends to the Middle East. The contract is for approximately 83,000 MT bare pipes, with an option of coating exercisable by the project owner subsequently. The pipes supplied to the Middle East will be used for offshore production and transport of gas.

Read more here.

PVR Inox to add 200 screens every year

Multiplex operator PVR is working on “getting economies of scale” after the merger of rival Inox Leisure and expects double-digit growth in its topline (revenue) in FY24, said managing director Ajay Bijli. The company is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs. PVR-Inox also plans to add 200 screens every year.

Read more here.

Adani Group secures $3 billion credit from sovereign wealth fund: Report

According to a Reuters report, Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Sources said the credit line from the sovereign wealth fund could be increased to $5 billion, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo.

Read more here.

Petrol, diesel sales up 12-13% in February

Domestic sales of petrol and diesel rose 12% YoY and 13% YoY, respectively, in February due to increased mobility of people and goods in an expanding economy. Jet fuel sales in Feb 2023 were 41% higher than in the same month last year but 10% lower than in 2020. Sales of liquefied petroleum gas (mainly used for cooking) increased by 2.4% YoY in Feb.

Read more here.

Bajaj Finserv gets SEBI license to start mutual fund business

Bajaj Finserv has received a SEBI license to start a mutual fund business. The company has formed two wholly-owned subsidiaries — Bajaj Finserv Mutual Fund Trustee Ltd (BFMFTL) and Bajaj Finserv Asset Management Ltd (BFAML). Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products, including equity, debt, and hybrid funds to investors.

Read more here.

Categories
Market News Top 10 News

HUL’s Profit Rises 12% YoY in Q3 – Top Indian Market Updates

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

HUL Q3 Results: Net profit rises 12% YoY to ₹2,505 crore

Hindustan Unilever Ltd (HUL) reported an 11.6% year-on-year (YoY) increase in net profit to ₹2,505 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 16% YoY to ₹14,986 crore during the same period. This revenue growth was largely driven by Beauty & Personal Care (up 10%) and Home Care segments (up 32%). HUL said its royalty and central services fees to Unilever Plc will increase from 2.65% to 3.45% over three years.

Read more here.

BHEL secures ₹300 crore order to modernise 2 units at Ukai plant

Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹300 crore to renovate and modernise (R&M) steam turbines at Ukai thermal power station in Gujarat. BHEL is also the Original Equipment Manufacturer (OEM) of these turbine sets, which have been successfully operating for nearly 40 years. BHEL will not only extend the life and reliability of the two units at the plant but will also improve the efficiency levels of the turbines.

Read more here.

AU Small Finance Bank Q3 Results: Net profit rises 30% YoY to ₹392 crore

AU Small Finance Bank (SFB) reported a 30% YoY increase in net profit to ₹392.82 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 41% YoY to ₹1,153 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.6% in Q3 FY22 to 1.81% in Q3 FY23. The bank’s operating profit stood at ₹555 crore in Q3 FY23, up 21.17% YoY.

Read more here.

Maharashtra govt. approves M&M’s proposal to set up ₹10,000Cr EV plant in Pune

The Maharashtra govt. has approved Mahindra & Mahindra’s proposal to set up a ₹10,000-crore electric vehicle (EV) plant in Pune under the state’s industrial promotion scheme for EVs. The automaker will make this investment over 7-8 years for setting up the manufacturing facility, development, and production of its upcoming Born Electric Vehicles (BEVs). These models will include the e-SUVs under M&M’s iconic brand XUV.

Read more here.

Havells India Q3 Results: Net profit falls 7% YoY to ₹283 crore

Havells India Ltd reported a 7.2% YoY decline in net profit to ₹283.54 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 12.8% YoY to ₹4,119.71 crore during the same period. Revenue from the cable business stood at ₹1,412 crore in Q3, up 17% YoY. The company’s board has declared an interim dividend of ₹3 per share.

Read more here.

Alembic Pharma gets tentative USFDA approval for blood cancer treatment drug 

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Acalabrutinib Capsules. The capsule is used to treat mantle cell lymphoma (MCL) in adults who have received at least one previous treatment for their cancer. MCL is a type of blood cancer that affects white blood cells. As per IQVIA data, Acalabrutinib Capsules had an estimated market size of $1.5 billion in the US for the 12 months ended Sept 2022.

Read more here.

L&T Tech Services Q3 Results: Net profit rises 22% YoY to ₹303 crore

L&T Technology Services Ltd reported a 22% YoY increase in net profit to ₹303.6 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 21.4% YoY to ₹2,048.6 crore during the same period. LTTS had 5 deal wins above $10M in total contract value (TCV). Airbus named the company as a strategic partner during the quarter.

Read more here.

PVR Q3 Results: Net profit at ₹16 crore

Multiplex operator PVR Limited reported a net profit of ₹16.15 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹10.18 crore in the corresponding quarter last year (Q3 FY22). PVR’s revenue from operations rose 53.17% YoY to ₹940.69 crore in Q3 FY23. The company witnessed a sharp bounce back in profits on the back of strong content performance (high-grossing movies).

Read more here.

Bombardier selects TCS as strategic partner for faster digital transformation

Canadian aerospace manufacturer Bombardier has selected Tata Consultancy Services (TCS) as a strategic partner to accelerate its digital transformation and drive innovation. TCS will help Bombardier drive its organisation-wide IT and digital transformation that aims to enhance agility. It will modernise the aviation leader’s legacy systems that support its engineering, manufacturing, aftermarket services, and defence activities.

Read more here.

Asian Paints Q3 Results: Net profit rises 6% YoY to ₹1,073 crore

Asian Paints reported a 6% YoY increase in consolidated net profit to ₹1,073 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 1.3% YoY to ₹8,636.74 crore during the same period. The extended monsoon in October affected retail sales during the peak festival season, but demand picked up in November and December. International sales increased 2.1% YoY to ₹778.82 crore in Q3.

Read more here.

Sun Pharma to acquire US-based Concert for $576 million

Sun Pharmaceutical Industries Ltd will acquire U.S.-based Concert Pharmaceuticals for $576 million to gain access to an experimental drug for treating patchy baldness. Concert’s lead candidate, deuruxolitinib, is being evaluated as a treatment for the autoimmune condition alopecia areata, which results in patchy hair loss.

Read more here.

Categories
Market News Top 10 News

India’s GDP Likely to Grow 7% in FY23 – Top Indian Market Updates

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

India’s GDP likely to grow 7% in FY23: NSO

The Indian economy is seen growing at a rate of 7% in the current financial year (FY23), as per the first advanced estimates of the National Statistical Office (NSO). The expected growth rate is lower than the 8.7% estimate for FY22. The advanced GDP estimates are an important figure for the government as they use it as a base to work out its economic growth and fiscal projections for the next Union Budget (Feb 1).

Read more here.

Sobha’s sales bookings rise 36% YoY to ₹1,425 crore in Q3

Sobha Ltd reported a 36% YoY growth in sales bookings to ₹1,424.7 crore for the quarter ended December 2022 (Q3 FY23) on a strong revival in demand. The company achieved its highest-ever quarterly sales volume of 1.47 million square feet, recording an increase of 11.6% YoY. The average price realisation improved to ₹9,650 per square feet in Q3, up 21.9% YoY.

Read more here.

Bharti Airtel launches 5G services in Hissar, Rohtak

Bharti Airtel has launched its 5G services in Hissar and Rohtak, expanding the reach of the new-age high-speed network in Haryana. The company’s 5G services are already live in Gurugram and Panipat. Airtel ‘5G Plus’ services will be available to customers in a phased manner as the company continues to construct its network and complete the rollout.

Read more here.

Macrotech Developers records ₹9,000 crore pre-sales in 9 months

Macrotech Developers (Lodha) has reported a 16% YoY growth in pre-sales for the quarter ended December (Q3 FY23) at ₹3,035 crore, taking its first nine months’ cumulative performance to a record level of 9,039 crore. The company’s net debt in India was reduced further by over ₹750 crore to ₹8,042 crores during Q3. Lodha has added four new projects across Mumbai and Pune with a gross development value potential of ₹8,500 crore.

Read more here.

Oil companies making ₹10 a litre profit on petrol, ₹6.5 loss on diesel: Report

Oil companies are selling petrol at a profit of ₹10 per litre and a loss of ₹6.5 a litre on diesel, according to an ICICI Research report. But for the past 15 months, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) have not revised petrol and diesel prices in line with the cost. They have times of low oil prices to recoup losses incurred when rates were high.

Read more here.

Unitech, former directors booked by CBI in fresh bank fraud case of ₹395 crore

The Central Bureau of Investigation (CBI) has filed a new case against Unitech Ltd and its former directors in connection with an alleged fraud in IDBI Bank involving an amount of ₹395 crore. The company was allegedly enjoying a vendor bill discounting facility (a kind of credit) of ₹400 crore from the IDBI bank in 2012. The accused Unitech founders are facing another CBI probe pertaining to alleged fraud in Canara Bank.

Read more here.

Sale of health insurance policies rising in rural areas: Report

The rising cost of healthcare services, demand from the micro-insurance segment, and post-Covid awareness are pushing the sale of health insurance policies in semi-urban and rural markets, according to a Times of India report. For instance, Kotak Mahindra General Insurance has more than doubled its rural policies from 13% in FY20 to 32% through September of the current financial year (FY23). 

Read more here.

Alembic Pharma gets USFDA approval for overactive bladder treatment drug 

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Fesoterodine Fumarate Extended-Release (ER) tablets. The drug is used to treat overactive bladder (OAB) in adults with symptoms of urinary incontinence, urgency, and frequency. According to IQVIA data, Fesoterodine Fumarate ER Tablets have an estimated market size of $177 million for the 12 months ended Sept 2022.

Read more here.

Kolkata-based JG Chemicals files papers for IPO

Kolkata-based JG Chemicals has filed a Draft Red Herring Prospectus (DRHP) with markets regulator SEBI to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth up to ₹202.50 crore and an offer-for-sale (OFS) of 57 lakh equity shares by its existing promoter group shareholders. JG Chemicals is India’s largest zinc oxide manufacturer in terms of production and revenue.

Read more here.

KIMS buys additional 5.53% stake in Sarvejana Healthcare

Hospital chain Krishna Institute of Medical Sciences Ltd (KIMS) has acquired an additional 5.53% stake in Sarvejana Healthcare Pvt Ltd. The shares were acquired at ₹340 per equity share. With this acquisition, KIMS holds 56.61% of the total paid-up equity share capital of Sarvejana Healthcare Private Ltd. 

Read more here.

Categories
Market News Top 10 News

Advent Buys Significant Stake in Suven Pharma – Top Indian Market Updates

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

Advent International acquires significant stake in Suven Pharma

Global private equity investor Advent International has entered into a definitive agreement to acquire a 50.1% stake in Suven Pharmaceuticals Ltd from the Jasti family (promoters) for ₹6,313 crore. Advent will also launch an open offer to acquire an additional 26% of the pharma company. The total deal size would add up to ₹9,589 crore. After the acquisition, Advent intends to explore the merger of its portfolio company Cohance Lifesciences with Suven Pharma.

Read more here.

Central Bank of India to raise up to ₹1,500 crore in FY23

Central Bank of India’s board has approved a proposal to raise up to ₹1,500 crore this financial year (FY23) by issuing Basel III compliant bonds. The base issue size is ₹500 crore with a greenshoe option of up to ₹1,000 crore. Under the Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

Read more here.

Electronics industry push for tax rationalisation in Union Budget 2023

The Indian electronics industry wants the government to rationalise tariffs and remove small tariffs of 2.75% on parts and components of mobile phones, sub-assemblies, and mechanics. They want the Centre to reduce Goods & Services Tax (GST) from 18% to 12%. India Cellular and Electronics Association (ICEA) also wants the 20% basic customs duty on high-end phones to be pegged at ₹4,000 per device. This measure could limit the smuggling of high-end phones, which ICEA said will add ₹1,000 crore to the GST collection.

Read more here.

Agrochemical players likely to see 15-17% growth this fiscal: CRISIL

According to a report from CRISIL Ratings, agrochemical players will grow at 15-17% in FY23, primarily driven by continued strong exports and stable domestic demand. Major agrochemical firms registered a stellar 23% growth in FY22. Their revenue could further grow by 10-12% next financial year as India continues to benefit from the China+1 strategy of global players.

Read more here.

Alembic Pharma gets USFDA approval for Fulvestrant injection

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fulvestrant injection. The drug is used in the treatment of breast cancer. As per IQVIA data, Fulvestrant injection had an estimated market size of $71 million for the 12 months ended September 2022.

Read more here.

Godrej Properties acquires 62-acre land in Kurukshetra

Godrej Properties Ltd (GPL) has acquired nearly 62 acres of land in Kurukshetra, Haryana, to develop 1.4 million sq. ft. of plotted residential development. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, and hospitals. It also has significant historical and religious importance. GPL has been acquiring land in the National Capital Region (NCR) and peripheral areas to expand its presence.

Read more here.

Noida authority directs DLF to pay ₹235 crore for Mall of India land

Noida authority has issued a notice to realty developer DLF, asking it to pay ₹235 crore within 15 days for the dispute related to the land of Mall of India (the biggest mall in the country). The move has come after the Supreme Court ordered the Noida authority to pay ₹295 crore to Veerana Reddy. The authority acquired the land from Veerana Reddy in 2005 and later auctioned it to DLF, who developed the mall there.

Read more here.

Jet Airways pilots, cabin crew exit amid relaunch uncertainty

According to a CNBV-TV18 report, many standby pilots and cabin crew of Jet Airways have exited amid relaunch uncertainty. The report further states that the vice president of in-flight service has been sent on leave, while the salaries of CEO Sanjiv Kapoor and CFO Vipula Gunatilleka have been reduced. Earlier, Bloomberg reported that lenders to Jet Airways are resisting a court-approved resolution plan, further delaying the private airline’s relaunch.

Read more here.

Welspun Enterprises to receive ₹2,339 crore in first close of road asset sale

Welspun Enterprises Ltd. will receive about ₹2,339 crore from the first closing of the sale of six road assets to Actis Highway Infra Ltd., said Managing Director Sandeep Garg. “The enterprise value for the transaction is somewhere in the range of ₹9,049 crore, out of which approx. Rs 3,000 crore were received by us during the construction phase from the client,” he added. The five projects are the Welspun Delhi-Meerut Expressway, Welspun Road Infra, MBL (CGRG) Road, MBL Road Ltd., and Chikhali Tarsod Highways.

Read more here.

Infibeam Avenues receives RBI approval for Bharat Bill Payment licence

Infibeam Avenues Ltd has received a Perpetual Licence from the Reserve Bank of India (RBI) for its bill payments business, BillAvenue. The licence will allow BillAvenue to function as a Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS). The licence will help the company offer secure and uninterrupted services to 18,000+ billers, agent institutions and a network of ten lakh agents spread across 2,000 cities and towns in India.

Read more here.

Air India Express, AirAsia India exploring synergies ahead of merger

Air India Express and AirAsia India (which has changed its name to AIX Connect) are exploring synergies in terms of having unified customer touchpoints ahead of their proposed merger. An operational review process is underway to integrate budget carrier AirAsia India with Air India Express, and the merger is likely to be completed by the end of 2023. Post-merger, the entity will be branded as Air India Express.

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

Bharti Airtel’s Unique 5G Users Cross 10 Lakh Mark – Top Indian Market Updates

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

Bharti Airtel crosses 10 lakh user mark on 5G network

Bharti Airtel has crossed 10 lakh unique 5G users on its network, less than 30 days after commercially rolling out 5G services in eight cities. The telecom operator has rolled out 5G services in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Varanasi, Nagpur, and Siliguri. 5G is getting rolled out in a phased manner in these cities as the company continues to construct its network and complete the rollout.

Read more here.

Adani Transmission Q2 Results: Net profit falls 32% YoY to ₹194 crore

Adani Transmission Ltd reported a 32% YoY decline in consolidated net profit to ₹194 crore in Q2 FY23. Its revenue from operations rose 22% YoY to ₹3,932 crore during the same period. EBITDA stood at ₹1,241 crore in Q2, up 7% YoY. The company sold 2,233 million units (MUs) of electricity in the quarter, up from 1,975 MU in the same period in FY21.

Read more here.

JK Tyre & Industries to invest ₹1100 crore to expand production capacity

JK Tyre & Industries Ltd will invest ₹1,100 crore over the next two years to expand production capacity amid higher consumer demand in rural and semi-urban markets this festive season. Investments are underway to increase the production of passenger car radials and truck bus radial tyres. The company expects demand in the domestic market to remain strong going ahead due to improvements in economic activities.

Read more here.

Mahindra Holidays Q2 Results: Net profit falls 30% YoY to ₹41.4 crore

Mahindra Holidays & Resorts India Ltd reported a 30% YoY decline in consolidated net profit to ₹41.39 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 9% YoY to ₹598.36 crore during the same period. The company’s expenses increased 11.5% YoY to ₹574.66 crore in Q2. 

Read more here.

Redington Q2 Results: Net profit rises 26% YoY to ₹387 crore

Redington Ltd reported a 26% YoY increase in consolidated net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹9,093.7 crore during the same period. EBITDA stood at ₹562.4 crore in Q2, up 23% YoY. Redington is a leading distributor of IT hardware and mobility products.

Read more here.

Alembic Pharma gets USFDA approval for ulcerative colitis drug

Alembic Pharmaceuticals received final approval from the United States Food and Drug Administration (USFDA) for Mesalamine extended-release capsules. The drug is used to treat ulcerative colitis (an inflammatory bowel disease) and prevent the remission of the disease in adults. According to IQVIA data, the product had an estimated market size of ₹133 million for the 12 months ended June 2022.

Read more here.

Finance Miniter to launch 6th round of commercial coal mines auction

Finance Minister Nirmala Sitharaman will launch the sixth round of commercial coal mines auction on Thursday. The coal mines to be auctioned are fully-explored and partially-explored coking and non-coking mines. The auction will be held online through a transparent two-stage process based on percentage revenue share. So far, the coal ministry has auctioned 64 mines under commercial coal mines auction.

Read more here.

JSW Group to invest ₹1 lakh crore in Karnataka in 5 years

JSW Group will invest ₹1 lakh crore in Karnataka over the next five years across the group’s various businesses, said Chairman Sajjan Jindal. The investments will be across steel, green energy, cement, and paints businesses as well as towards the construction of a new greenfield port.

Read more here.

Maruti Suzuki crosses production milestone of 2.5 crore units

Maruti Suzuki India Ltd has crossed the cumulative production milestone of 2.5 crore units since commencing operations at its Gurugram manufacturing facility in 1983. The company has two manufacturing plants in Gurugram and Manesar in Haryana, with an installed production capacity of 15 lakh units per annum. It sells 16 passenger vehicles in the domestic market and also exports to around 100 countries.

Read more here.