allied digital services Archives

Adani Ports acquires 100% stake in marine services firm Ocean Sparkle

Adani Ports & Special Economic Zone Ltd’s (APSEZ) subsidiary, Adani Harbour Services Ltd, has entered into a definitive agreement for the acquisition of a 100% stake in Ocean Sparkle Ltd (OSL). OSL ranks first in India and 11th globally in providing end-to-end marine services. Key activities carried out by OSL include towage, pilotage, and dredging. It has an asset base of 94 owned vessels and 13 third-party-owned vessels.

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Hindustan Zinc Q4 Results: Net profit rises 18% YoY to Rs 2,928 crore

Hindustan Zinc ltd reported an 18% YoY increase in consolidated net profit to Rs 2,928 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 26.6% YoY (or 10% QoQ) to Rs 8,797 crore during the same period. EBITDA stood at Rs 5,007 crore, up 29% YoY or 14% QoQ. Mined metal production increased by 2.6% YoY to 295 metric kilotonnes.

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Nykaa makes investments in Earth Rhythm, Nudge Wellness, Kica Active

Nykaa has made strategic investments in brands across the clean beauty, athleisure, and nutri-cosmetics categories. The company has acquired an 18.51% stake in Earth Rhythm, a clean beauty and personal care cosmetics brand, for Rs 41.65 crore. It has acquired a 60% stake in dietary supplement and nutri-cosmetics products maker Nudge Wellness. Nykaa has also acquired Kica, an activewear athleisure brand, for Rs 4.51 crore.

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Tejas Networks Q4 Results: Net loss at Rs 49 crore

Tejas Networks Ltd reported a net loss of Rs 49.62 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 33.5 crore in Q4 FY21 and a loss of Rs 24 crore in Q3 FY22. Its revenue from operations fell 37.2% YoY to Rs 126.5 crore in Q4 FY22. Tejas Network’s order book stood at Rs 1,175 crore, up 73% YoY.

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Zen Tech secures order worth Rs 55 crore

Zen Technologies Ltd has signed an annual maintenance contract worth Rs 55 crore for simulators for a period of 5 years. The company’s total order book stands at Rs 477.04 crore. Hyderabad-based Zen Tech designs, develops, and manufactures world-class, state-of-the-art training simulators.

Allied Digital Services secures order worth Rs 85 crore

Allied Digital Services Ltd has secured an order from the Lucknow Safe City Project worth Rs 85 crore. The order includes setting up a city-wide surveillance system, artificial intelligence-based video analytics, integrated smart control room, data center, and cloud-based disaster recovery. The project has to be executed within 9 months. Allied Digital is an IT service management company based in Mumbai.

Wendt India Q4 Results: Net profit rises 40.9% YoY to Rs 7.47 crore

Wendt India Ltd reported a 40.94% increase in consolidated net profit to Rs 7.47 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.25% YoY to Rs 47.30 crore during the same period. Wendt India’s board has declared a final dividend of Rs 45 per share. The company manufactures and sells super abrasives, high precision grinding, honing, special purpose machines, and high precision components.

Maruti Suzuki plans its biggest product offensive to regain market share

Maruti Suzuki India is on track to execute one of its biggest product offensives this financial year (FY23). It aims to regain market share despite the uncertainties in the current business environment. The automaker launched the all-new XL6, a premium multipurpose vehicle (MPV) priced between Rs 11.29-14.55 lakh. An SUV jointly developed with Toyota, codenamed YFG, will take on segment leader Hyundai Creta. Meanwhile, the all-new Jimny is expected to challenge Mahindra Thar.

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Future Group lenders reject Reliance’s retail assets deal: Report

Lenders have rejected the slump sale proposal of Kishore Biyani’s Future Group to Reliance Retail Ventures (RRVL). The rejection by lenders comes amid a long-drawn legal challenge by US-based Amazon.com Inc. The e-commerce giant has accused Future of violating certain contracts by dealing with Reliance.

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Tata Sons raises stake in AirAsia India to 83.6%

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

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Asset quality of banking system may deteriorate sharply: RBI Report

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

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

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

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

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

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

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

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

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

ICICI Bank to acquire 9.09% stake in Myclassboard Education Solutions

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

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

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

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Ahluwalia Contracts secures construction orders worth Rs 310 crore

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

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

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

Vedanta Resources to issue $400 million notes to Oaktree Capital

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

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Lupin launches Mycophenolate Mofetil tablets in the US

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

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