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Market News Top 10 News

SBI to Raise Rs 50,000Cr Via Debt – Top Indian Market Updates

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

SBI to raise Rs 50,000 crore via debt instruments in FY24

State Bank of India’s (SBI) board said it plans to raise up to Rs 50,000 crore this financial year (FY24) by issuing debt instruments. The instruments could be long-term bonds, Basel-III compliant additional tier-1 bonds, or Basel-III compliant tier-2 bonds. The move is part of the bank’s plans to meet the overall demand for credit. 

Demand for bank loans has consistently stayed in double digits despite a 250-basis points increase in interest rates since May 2022.

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Tata Motors partners with HSBC India for EV financing solutions

Tata Motors has partnered with HSBC India to provide loans to corporate sector employees for buying electric vehicles (EVs). The deal offers customers with a salaried account with HSBC India a bespoke loan solution to buy from Tata’s EV portfolio. People who avail this loan will get a special accessory kit for the EV they purchase and other advantages like low processing fees, zero depositions, no hypothecation, and no documentation fees.

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Allcargo Logistics closes 30% stake purchase from KWE in Gati subsidiary

Allcargo Logistics has successfully acquired a 30% stake (~1.50 lakh shares) in Gati-Kintetsu Express (GKEPL) for Rs 406.71 crore. The company’s subsidiary (Gati) already held a 70% stake in GKEPL. With this acquisition, Allcargo and Gati now own 100% of GKEPL and assume complete control. The completion of this transaction aligns with the Share Purchase Agreement (SPA) signed between the parties in March 2023.

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Indoco Remedies gets EU-GMP certification for Himachal plant

Indoco Remedies has received the EU GMP certification for its manufacturing site in Himachal Pradesh. The health authority of Germany inspected the facility for oral dosage forms from May 22-25, 2023. The certification confirms compliance with Good Manufacturing Practice requirements. This EU certification will facilitate the supply of drug products registered in Europe from this manufacturing site, enhancing Indoco Remedies’ presence in the European market.

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India’s forex reserves up $5.9 billion to $595.1 billion 

Reserve Bank of India (RBI) announced that India’s foreign exchange reserves rose by $5.9 billion to reach $595.06 billion for the week ending June 2. This marked the largest increase in a month, breaking a two-week declining trend. India’s Special Drawing Rights (SDRs) decreased by $6 million to $18.186 billion, while the reserve position with the IMF grew by $10 million to $5.123 billion.

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Zydus starts trial to generate data on effect of Saroglitazar Mg in NAFLD patients

Zydus Lifesciences has initiated a Phase IV real-world data registry trial to evaluate the advantages of Saroglitazar Magnesium in patients with non-alcoholic fatty liver disease (NAFLD) and comorbidities. The trial aims to enroll approx 1,500 male and female NAFLD patients with comorbidities such as obesity, type 2 diabetes mellitus, dyslipidemia, or metabolic syndrome. The study will span approximately 56 weeks.

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Greenlam Industries’ subsidiary starts commercial production at Tamil Nadu plant

Greenlam Industries’ subsidiary HG Industries Ltd has begun commercial production at its new plant in Tindivanam, Tamil Nadu. With an investment of Rs 125 crore, the facility is equipped to manufacture plywood and related products with an annual capacity of 18.9 million square meters. This greenfield project reinforced Greenlam’s commitment to meeting the growing demand for quality wood-based materials.

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Aether Industries signs agreement with Saudi Aramco Tech for new technology 

Aether Industries Ltd has signed a license agreement with Saudi Aramco Tech for the convergence polyols technology. The company has commenced the manufacturing and commercialization of the Converge polyols technology and product series. This partnership enables Aether to leverage the expertise and technology of Saudi Aramco to produce and market innovative polyols products.

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IndiGo offers connectivity to US via codeshare connections with Turkish Airlines

IndiGo has launched new connections via Istanbul to the United States, offering passengers connectivity to New York, Boston, Chicago and Washington via its codeshare partnership with Turkish Airlines. The expansion will come into effect on June 15, 2023. IndiGo aims to double its capacity by the end of the decade and expand its network, especially in international markets.

Read more here.

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Market News Top 10 News

India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

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

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

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Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

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NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

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Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

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KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

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Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

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Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

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VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

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HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

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Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

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Market News Top 10 News

Hero MotoCorp, Zero Partner For Premium Electric Motorcycles – Top Indian Market Updates

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

Hero MotoCorp to partner with Zero Motorcycle for premium electric motorcycles

Hero MotoCorp have reached an agreement with California-based Zero Motorcycles to co-develop premium electric motorcycles. The companies intend to combine the expertise of Zero in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp. In Sept 2022, the board of Hero MotoCorp approved an equity investment of up to $60 million in Zero Motorcycles.

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Olectra Greentech bags order for 550 e-buses from TSRTC

Olectra Greentech Ltd has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC). The order is to supply 50 standard-floor 12-metre intercity coach e-buses and 500 low-floor 12-metre intracity e-buses. The 50 intercity coach e-buses will ply between Hyderabad in Telangana and Vijayawada in Andhra Pradesh.

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NTPC records 12% growth in electricity generation in April-Feb

NTPC Ltd has registered nearly 12% YoY growth in electricity generation to 364.2 billion units in the April-February period of FY23. The company’s captive coal production stood at 2.6 million metric tonnes (MMT) and despatch at 2.5 MMT, registering a growth of 80% and 87%, respectively. NTPC continues to demonstrate an increasing trend in coal production from its captive mines. 

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Auto components industry to grow 10-15% in FY24: ACMA

India’s auto components industry is expected to grow by around 10-15% in FY24, said the Automotive Component Manufacturers Association of India (ACMA). This growth will be driven by both domestic and export market demand despite fears of a recession in major markets of the US and Europe. Going forward, the industry is expected to gain from the transition to electric vehicles (EVs) in the developed markets in the West.

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Allcargo Logistics to acquire its partners’ contract logistics business

Allcargo Logistics plans to buy out the contract logistics business of its joint venture partner CCI Integrated Logistics and sell it to the customs clearance segment as a means of consolidating its business. The company bought a controlling stake in CCI in 2016 and subsequently formed the joint venture Avvashya CCI. It now holds over 61% stake and will buy the remaining 38.87% stake from its partners for ₹145 crore.

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Max Estates completes office complex in Noida at ₹420 crore cost

Max Estates has completed an office complex (Max Square) in Noida at a total development cost of ₹420 crore. The company is expecting an annual rental income of about ₹60-70 crore from this project. New York Life Insurance Company has co-invested in this project and holds a 49% stake. Max Estates is part of Max Group’s listed entity Max Ventures & Industries Ltd (MaxVIL).

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Vehicle sales grow 16% in February 2023: FADA

A report from the Federation of Automobile Dealers Associations of India (FADA) revealed that the total registrations across all segments rose 16% year-on-year (YoY) to 17,75,424 in Feb 2023. Total commercial vehicle retail sales in February grew 17% YoY to 79,027 units. Tractor sales rose 14% YoY to 68,988 units last month.

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Domino’s becomes first QSR brand to achieve 20-min guaranteed delivery in Bengaluru

Jubilant FoodWorks Ltd announced the launch of a 20-minute delivery guarantee for Domino’s Pizza in Bengaluru. The fast-food chain now guarantees delivery of fresh and hot pizzas to customers’ doorsteps within just 20 minutes of placing the order. The service will be available across 170 Domino’s Pizza stores across the city. 

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ONGC signs pact with TotalEnergies for exploration of deep-water blocks

Oil and Natural Gas Corp (ONGC) has signed an agreement with French major TotalEnergies for the exploration of deep-water blocks. The decision comes as the country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports. India is the world’s third-biggest oil importer & consumer of oil, and ships over 85% of its oil overseas. 

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Editorial

Logistics Firms That Could Benefit from Covid-19 Vaccines

Three major pharmaceutical companies have approached the Indian drug regulator for emergency use authorisation of their respective Covid-19 vaccine candidates. This includes the vaccine developed by Pfizer-BioNtech, Serum Institutes’ Covidshield (which is developed by Oxford-AstraZeneca), and Bharat Biotech’s Covaxin. All of us are eagerly waiting for the regulator to give a final verdict. 

Even if these companies get the necessary approvals, there still exists a major hurdle- how can the Covid-19 vaccine be distributed to the entire population of India? This is where logistics companies come in. Over the past few weeks, the stocks of logistics companies have shown an impressive surge. Let us take a look at potential firms that could help India to solve its vaccine distribution issue. One factor to be understood is that both cold chain and normal logistics companies will benefit, considering that there are multiple vaccines almost ready for deployment. So let us jump in.

Snowman Logistics

By now, Snowman Logistics Ltd would be a well-known company for all of us. It is India’s leading integrated temperature-controlled logistics company. They have over 31 warehouses across 15 cities. The company has also stated plans to expand its capacity to 33 cold storage facilities in 17 cities over the next two months. Snowman was one of the first companies which stated that they could offer the required logistics services for the Pfizer vaccine in India. As we know, this particular vaccine requires an ultra-cold chain of -70 degrees. Currently, Snowman Logistics’ can provide a storage and transportation chain for up to -30 degrees.

The company entered into a very promising partnership on December 10. Snowman Logistics and SpiceJet have signed a Memorandum of Understanding (MoU) for jointly distributing Covid-19 vaccines across India. As per the deal, Snowman will handle the ground services which include activities such as transportation to/from manufacturers, packing, and storage – all in the required temperature zones. SpiceJet will provide air connectivity for temperature-controlled distribution of the COVID-19 vaccines across India, as well as internationally.

Over the last 5 weeks, the share price of Snowman Logistics has gained 96%! marketfeed had prepared a very detailed analysis of the company. You can read it here.

Blue Star

Blue Star Limited is a leading manufacturer of air conditioners and commercial refrigerators. It is not strictly a logistics company, but they offer a wide range of cold storage facilities. The company has 4 major manufacturing plants which are located in Dadra, Kala Amb (Himachal Pradesh), Wada (Maharashtra), and Ahmedabad. It is interesting to know the Blue Star has a presence in more than 18 countries in the Middle East, Africa, and South Asian regions. 

The company has stated that except for transportation facilities, it will offer a wide range of cold storage facilities for the vaccine. Blue Star is making sure that its deep freezers and ice lined refrigerators (ILRs) are ready to support the storage of Covid-19 vaccines in India. They have planned to conduct additional shifts between December 2020 and April 2021 at their manufacturing plants. This is to ensure that they are ready to meet any demands made by the vaccine developers.

Over the last month, the share price of Blue Star Ltd has jumped by more than 20%.

Mahindra Logistics

Mahindra Logistics Ltd (MLL) is one of India’s leading providers of third-party logistics solutions. The company serves more than 400 corporate customers across the world. They have 16 million sq feet of warehouse space and operate in more than 650 locations. The company is known for its supply chain management solutions.

At present, MLL does not provide cold chain logistics. However, the company stated that they have recognized the need/demand for cold chain facilities in pharmaceuticals. They are currently on their path for a huge expansion into the temperature-controlled logistics space. Mahindra Logistics has stated that they will be ready with their cold storage logistics facilities for the Covid-19 vaccine by the end of the current financial year. They have also hired experienced personnel in this particular field to help them provide the best service. 

The share price of Mahindra Logistics has increased by around 6.5% over the last one month.

Blue Dart Express

Blue Dart Express Ltd is a prominent logistics company based in Mumbai. It is owned by DHL and DHL Express (Singapore) Pte Ltd. The company has a cargo line known as Blue Dart Aviation, that operates in South Asian countries. It is also one of the leading logistical firms that are gearing up to take up the huge task of transporting Covid-19 vaccines in India. 

In October, Blue Dart announced that it will offer a complete supply chain solution for the life sciences and clinical trials sector. The company has also ensured that it will provide cold chain services to ensure seamless transport of shipments like vaccines.

Over the last few months, the company has taken a proactive role in increasing its infrastructure and improving its Temperature-Controlled Logistics platform. The company has assured that it is prepared to meet any immediate large-scale demand.

Allcargo Logistics

Allcargo Logistics Ltd is a leading logistics firm headquartered in Mumbai. The company provides services such as global multimodal transport operations, pan India container freight stations, third-party logistics, and much more. It also has world-class warehousing facilities that are also integrated with cold chain storage. Allcargo has a strong presence in more than 160 countries.

Over the last month, Allcargo Logistics’s share price has shown an increase of more than 15%.

Navkar Corporation

Navkar Corporation Ltd. is engaged in Container Freight Station (CFS) operations. They are focused on capitalizing on the available opportunities in the logistics space in Western India. The company has a dedicated cold storage facility in Maharashtra. Navkar’s CFSs have the capacity to store vaccines in temperature-controlled warehouses. So it can be a very interesting pick.

Over the last month, the share price of Navkar Corp Ltd has increased by more than 56%. This has probably not fallen under your radar and can be checked out.

Conclusion

We have only selected a handful of the prominent logistics companies that have shown their interest in catering to the vaccine distribution needs in India. There are other listed firms such as Tiger Logistics India Ltd and Arshiya Limited, whose share prices have also shown a similar surge.

Once we get a confirmation of a vaccine being approved in India, all these stocks could see a huge rally. These companies could enter into partnerships with major vaccine developers in the days to come. However, there still exist certain limitations with respect to the temperature requirements for the Covid-19 vaccines. We can see that Snowman Logistics and other firms are trying to develop the technology and increase their capacities to ensure proper distribution of the vaccine for all Indians. Pfizer has even said that they plan to use their own logistics facilities to distribute the vaccine in our country. 

Do keep a close watch on all these prominent logistics companies of India. Will they be able to deliver on their promises? Will these firms be able to actively support what is to become one of the largest vaccination drives in the world? Let us wait and watch.