Tag: Antony Waste

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Asian Paints Posts 53% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Asian Paints Q2 Results: Net profit rises 53% YoY to ₹1,232 crore

Asian Paints reported a 53.3% year-on-year (YoY) increase in net profit to ₹1,232 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue from operations rose just 0.2% YoY to ₹8,478.6 crore during the same period. EBITDA stood at ₹1,716.2 crore, up 39.8% YoY. The company’s board recommended a dividend of ₹5.15 per share.

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Infosys signs 5-year deal with EV firm smart Europe

Infosys Ltd has entered into a five-year collaboration with smart Europe GmbH to provide services related to sustainable electric mobility to its customers. The deal is to refine the company’s direct-to-customer (D2C) business model in the European market, along with providing enhanced customer experience, engagement and personalisation driven by data.

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Canara Bank Q2 Results: Net profit rises 43% YoY to ₹3,606 crore

Canara Bank reported a 43% YoY increase in net profit to ₹3,606 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 19.76% YoY to ₹8,903 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 6.37% in Q2 FY23 to 4.76% in Q2 FY24. 

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Adani Group seeks to raise $4 billion to fund green hydrogen plans

Adani Enterprises Ltd’s subsidiary, Adani New Industries Ltd, is seeking loans from both domestic and international banks to build plants that would produce low-cost green hydrogen. The company is currently in initial discussions with various lenders. This move comes as India aims to reduce its carbon footprint. Gautam Adani has previously stated that 75% of the group’s projected capital expenditure will be directed towards green businesses.

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ACC Q2 Results: Net profit at ₹387 crore

ACC Ltd reported a consolidated net profit of ₹387 crore for the quarter ended September (Q2 FY24). The cement company posted a net loss of ₹87.32 crore in the same quarter a year ago. Its revenue from operations fell 11.2% YoY to ₹4,434.73 crore during the same period. Sales volume (cement & clinker) rose 17.4% YoY to 8.1 million tonnes in Q2.

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ONGC hopes to recover over $500 million dividend as sanctions on Venezuela eased

Oil and Natural Gas Corp (ONGC) is hoping to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects as sanctions on the nation were eased. US sanctions had hit Venezuela’s finances and oil output, leading to the accumulation of dividends for foreign companies like ONGC. ONGC Videsh holds a 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, and 11% in the Carabobo area-1.

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Zen Tech secures ₹100 crore defence ministry order

Zen Technologies secured an order worth ₹100 crore from the Ministry of Defence for its advanced tank training system. The system has been designed, developed, and tested in-house. With this inaugural order for the force-on-force tank training simulators, the company expects strong demand for this product in both domestic and international markets going forward.

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Antony Waste’s subsidiary wins order worth ₹386 crore

Antony Waste Handling Cell Ltd’s subsidiary, AG Enviro Infra Projects Pvt Ltd, secured an order worth ₹386 crore from the Panvel Municipal Corporation in the Mumbai Metropolitan Region (MMR). The contract is for the door-to-door collection and transportation of municipal solid waste by the corporation. The five-year contract has the option of a two-year extension. 

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Kolte-Patil Developers approves issue of NCDs worth ₹113.65 crore

Kolte-Patil Developers Ltd will issue non-convertible debentures (NCDs) worth more than ₹113 crore on a private placement basis. The board approved the issuance of secured, rated, listed, redeemable NCDs with a face value of ₹100,000 each. The debentures will be issued on a private placement basis and will aggregate up to ₹113.65 crore.

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Zomato launches maternity insurance for women delivery partners

Zomato has introduced a  maternity insurance program for its female delivery partners. This insurance coverage caters to a range of pregnancy-related expenses, including childbirth and maternity complications. Operated in collaboration with ACKO, the maternity insurance program is available to female delivery partners who have completed 1,000 deliveries on the Zomato platform.

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PNB Q2 Results: Net profit jumps four-fold to ₹1,756.13 crore

Punjab National Bank (PNB) reported a 327% YoY jump in net profit to ₹1,756.13 crore for the quarter ended September 2023 (Q2 FY24). This is the highest profit recorded in the previous 14 quarters. The net interest income (NII) grew 20% YoY to ₹9,923 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 10.48% in Q2 FY23 to 6.96% in Q2 FY24. 

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Zomato’s Net Loss Widens in Q3 – Top Indian Market Updates

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

Zomato Q3 Results: Net loss widens to ₹347 crore

Zomato Ltd reported a consolidated net loss of ₹347 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹63 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 75% YoY to ₹1,948 crore in Q3 FY23. The gross order value (GOV) grew 22% year-on-year (YoY), driven by growth in both order volumes and average order value.

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IRCTC Q3 Results: Net profit rises 22% YoY to ₹256 crore

Indian Railways Catering & Tourism Corporation (IRCTC) reported a 22% YoY increase in net profit to ₹256 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 70% YoY to ₹918 crore during the same period. IRCTC’s total expenses jumped 121% YoY to ₹607 crore in Q3. The company’s board has declared an interim dividend of ₹3.5 per share.

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India’s finished steel exports fall 52% during April-January

India’s finished steel exports fell 52.2% YoY to 5.33 million tonnes (MT) between April 2022 and January 2023 due to sluggish global demand. The removal of an export tax in November failed to revive exports. Between April and January, India’s finished steel output increased by 5.2% YoY to 98.3 MT, and consumption went up by 10.8% to 96.4 MT.

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Devyani International Q3 Results: Net profit rises 8% YoY to ₹71 crore

Devyani International Ltd (DIL) reported an 8% YoY increase in net profit to ₹71 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 27% YoY to ₹790 crore during the same period. EBITDA stood at ₹173.9 crore in Q3, up 18% YoY. DIL opened 81 net new stores in Q3, taking the total operational stores to 1,177 as of December 31, 2022.

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Adani Wilmar’s Himachal warehouse raided by the State Excise & Taxation Dept

Officials of the Himachal Pradesh State Excise Department inspected the carrying and forward (C&F) unit of Adani Wilmar. The inspection was carried out after the company failed to deposit goods & service tax (GST) collection for multiple years. The officials went through the unit’s documents and other goods in the facility. They will prepare a report following which the next course of action will be decided.

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Hindalco Q3 Results: Net profit falls 65% YoY to ₹1,362 crore

Hindalco Industries Ltd reported a 65% YoY decline in consolidated net profit to ₹1,362 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 6% YoY to ₹53,151 crore during the same period. The copper business reported a 40% YoY growth in quarterly operating profit at ₹546 crore.

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NCLT approves merger of six wholly-owned subsidiaries with Adani Power

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the amalgamation scheme for the merger of Adani Power’s six wholly-owned subsidiaries with itself. The subsidiaries are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.

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Voltas Q3 Results: Net loss at ₹110 crore

Voltas Ltd reported a consolidated net loss of ₹110.49 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹96.56 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 11.8% YoY to ₹2,005.61 crore in Q3 FY23. The company’s expenses on exceptional items stood at ₹137.39 crore. Its total expenses stood at ₹1,946.72 crore in Q3, up 17.89% YoY.

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Antony Waste Handling Cell receives order worth ₹1,024 crore from BMC

Antony Waste Handling Cell Ltd (AWHCL) has received an order worth ₹1,024 crore from Brihanmumbai Municipal Corporation for the disposal of construction and demolition waste in Mumbai. The total contract period is for 21 years, including the mobilization period of 12 months. The contract would involve the collection and processing of around 600 tonnes per day of debris waste. 

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MRF Q3 Results: Net profit rises 17% YoY to ₹174 crore

MRF Limited reported a 17% YoY increase in consolidated net profit to ₹174.83 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14% YoY to ₹5,644.55 crore during the same period. Total expenses stood at ₹5,484.72 in Q3, up 14.5% YoY. The tyre manufacturer’s board has declared an interim dividend of ₹3 per share.

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Mindtree Reports 37% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Mindtree Q1 Results: Net profit rises 37% YoY to Rs 472 crore

Mindtree reported a 37.3% YoY increase in net profit to Rs 471.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 36.2% YoY (or 7.7% QoQ) to Rs 3,121.1 crore during the same period. The IT company’s earnings before interest & tax (EBIT) stood at Rs 598 crore, up 47% YoY or 9% QoQ. Mindtree registered its highest-ever order book of $570 million (~Rs 4,547 crore) in Q1.

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RITES signs pact with CRILS to explore rail tech opportunities

Rail India Technical and Economic Service Ltd (RITES) has signed a Memorandum of Understanding (MoU) with the Centre for Railway Information Systems (CRIS) to explore information technology-based opportunities in the railway sector. Both entities will leverage each other’s expertise and collaborate to drive digitalisation in railway technologies. CRIS and RITES will work on national and international projects.

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TCS launches its 5th global research and innovation centre in Toronto

Tata Consultancy Services (TCS) has launched TCS Pace Port Toronto, its fifth global research and co-innovation centre. The centre provides companies with access to the latest technologies and “breakthrough thinking” from TCS Research labs, startups, entrepreneurs, and academia. TCS Pace Port hubs around the world include 4,000 researchers and innovators, 2,300 start-up partners, and over 30 innovation labs.

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Glenmark Pharma claims its nasal spray can reduce Covid-19 viral load by 93.7% in 24 hours

Glenmark Pharmaceuticals Ltd and its strategic partner SaNOtize Research and Development Corp published their peer-reviewed Phase-3 clinical trials of their Nitric Oxide Nasal Spray (NONS). When administered to adult Covid-19 patients, the nasal spray demonstrated a reduction of viral load by 93.7% in 24 hours and 99% in 48 hours. The nasal spray has been launched in India under the brand name FabiSpray.

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ED files FIR against IndusInd Bank employees, others for remittance irregularities

The Enforcement Directorate (ED) has filed a first information report (FIR) against a few employees of Indusind Bank and some entities in connection with alleged irregularities in remittances for import transactions between 2011-2014. “There is no credit exposure of the bank to these entities,” said Indusind Bank in an exchange filing.

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RBL Bank partners with IMGC to offer MG-backed home loans

RBL Bank has partnered with India Mortgage Guarantee Corporation (IMGC) to offer Mortgage Guarantee (MG) backed home loan products for prospective customers. This partnership with IGC will help RBL Bank extend MG-backed home loans to new borrower segments through its network of over 500 branches across India. It will also allow RBL Bank to mitigate credit risks by leveraging IMGC’s expertise.

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Antony Waste Handling Cell reports record-high operating revenues in Q1

Antony Waste Handling Cell Ltd (AWHCL) handled 1.05 million tonnes (MT) in the April-June quarter (Q1 FY23), an increase of 17% YoY. The company’s collection & transportation (C&T) business managed approx 0.40 MT in Q1, a growth of 15.8% YoY. The total tonnage of waste processed by the firm rose 17.8% YoY to 0.65 MT. Total operating revenue improved by nearly 26% YoY in Q1. AWHCL provides a full spectrum of Municipal Solid Waste (MSW) services.

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Adani Ports achieves 100 MMT cargo volume in Q1

Adani Ports & Special Economic Zone Ltd (APSEZ) registered a cargo throughput of 100 million metric tonnes (MMT) in the first 99 days of FY23. The present growth in cargo is supported by a 12% YoY increase in June 2022 at 31.88 MMT. APSEZ was able to handle 100 MMT cargo volume due to innovations that integrate conventional business processes with new-age digital technologies.

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Signature Global files draft papers with SEBI for Rs 1,000 crore IPO

Gurgaon-based real estate developer Signature Global has filed the Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 1,000 crore via an initial public offering (IPO). The IPO will include a fresh issue of shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore. Signature Global primarily develops affordable housing projects in the National Capital Region (NCR).

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Tata Power’s arm secures hybrid power project from SECI

TP Saurya Limited (TPSL) has received a ‘Letter of Award’ (LoA) from Solar Energy Corporation of India (SECI) for establishing a 600 megawatt (MW) hybrid power project in Karnataka. The project will be commissioned within 24 months. By securing this project, Tata Power’s total renewable capacity has reached ~5,524 MW.

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India Achieves Full Recovery in Pre-Pandemic Output Level in Q2 – Top Indian Market News

India achieves full economic recovery of pre-pandemic level in Q2: Finance Ministry

In its Monthly Economic Review report for November, the Ministry of Finance stated that India’s real GDP in Q2 FY22 has grown by 8.4% YoY, thereby recovering over 100% of the pre-pandemic output in the corresponding quarter of FY20. India is among the few countries that have recorded four consecutive quarters of growth amidst the Covid-19 pandemic, reflecting the resilience of our economy.  Data also shows that the investment cycle has kickstarted in the country.

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Antony Waste’s subsidiary secures order from North Delhi Municipal Corp

AG Enviro Infra Projects Pvt Ltd, a wholly-owned subsidiary of Antony Waste Handling Cell Ltd, has received an order for door-to-door collection and transportation of municipal solid waste to disposal sites at Sadar Paharganj Zone of North Delhi Municipal Corporation (NDMC). The contract is for ten years, and the company is estimated to handle ~1,000 tonnes of municipal waste per day.

Endurance Tech commences commercial production at new plant in Waluj

Endurance Technologies Ltd has commenced commercial production at its new plant at E-7 1, MIDC Industrial Area, Waluj in Aurangabad, Maharashtra. The plant will manufacture braking systems for the company’s original equipment manufacturer (OEM) customers. Endurance Tech will gradually ramp up the volumes of its disc brake assembly and rotary discs up to 36 lakh units per annum.

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Vedanta to pay Rs 13.5 per share as interim dividend

Vedanta Ltd will reward shareholders with a dividend payout for the second time this year after reporting back-to-back bumper profits in the past year. The mining company has approved an interim dividend of Rs 13.50 a share, totalling Rs 5,019 crore. Earlier this week, Vedanta’s subsidiary Hindustan Zinc Ltd had approved an interim dividend of Rs 18 per share, amounting to a payout of Rs 7,605.57 crore.

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Dr. Reddy’s Labs receives USFDA approval for VeraRing

Dr. Reddy’s Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) 207577- VeraRing. The pharma company is evaluating further steps in relation to this product. VeraRing covers the category of intra-uterine contraceptive devices.

Four IPOs to hit the markets next week

Medplus Health Services, Data Patterns (India) Ltd, HP Adhesives, and Supriya Lifescience will launch their initial public offerings (IPOs) between December 13th and 16th. Medplus Health Services Ltd is India’s second-largest pharmacy retailer in terms of the number of stores and revenue. It has fixed a price band for its Rs 1,398.3 crore IPO at Rs 780-796 per share.

Data Patterns (India) Ltd is set to launch its Rs 588.22 crore-IPO on December 14 at a price band of Rs 555-585 per share. It is a defense and aerospace electronics solutions provider.

HP Adhesives Ltd, a manufacturer of adhesives and sealants, will launch its initial public offer on December 15. The company has fixed Rs 262-274 per share as the price band for its Rs 125.96 crore IPO.

Supriya Lifesciences Ltd will launch its maiden public offer for subscription on December 10. The company is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs).

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SBI Reports 80% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 80% YoY to Rs 6,451 crore

State Bank of India (SBI) reported an 80.14% year-on-year (YoY) increase in standalone net profit to Rs 6450.75 crore for the quarter ended March (Q4). Net interest income (NII) rose 19% YoY to Rs 27,067 crore during the same period. [NII is the difference between the interest income a bank receives on loans, and the interest it pays to depositors] The gross non-performing assets (GNPA) ratio rose to 4.98% in Q4, compared with 4.77% in Q3. Provisions declined by 18.11% YoY to Rs 11,051 crore during the quarter. SBI’s board has declared a dividend of Rs 4 per share.

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India’s gas output rises 23% in April as RIL-BP fields start production

India’s natural gas production increased by 22.7% in April, after Reliance Industries Ltd (RIL) and UK-based BP Plc ramped up output from their eastern offshore KG-D6 block. Our country produced 2.65 billion cubic meters (bcm) of natural gas in April, compared with 2.16 bcm in the same month last year. Crude oil production declined by 2% YoY to 2.49 million tonnes in April, as state-owned ONGC and Oil India Ltd produced less. The data was released by the Ministry of Petroleum and Natural Gas.

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JSW Steel Q4 Results: Net profit rises 56.5% QoQ to Rs 4,198 crore

JSW Steel Limited reported a 56.5% quarter-on-quarter (QoQ) rise in consolidated net profit to Rs 4,198 crore for the quarter ended March (Q4 FY21). Net profit has jumped 1,717% YoY. Its revenue from operations rose 51% YoY to Rs 26,934 crore during the same period. The steelmaker’s exports grew 3.8% QoQ. JSW Steel’s board has announced a final dividend of Rs 6.5 per share. The company has also approved new projects that entail a capital expenditure of Rs 25,115 crore, spread between FY22 and FY24.

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SJVN secures 75 MW solar project in Uttar Pradesh

SJVN Limited has secured a 75 megawatt (MW) grid-connected solar project in Jalaun, Uttar Pradesh through tariff-based competitive bidding. The power generated from the project will be procured by Uttar Pradesh New and Renewable Development Agency (UPNEDA) for 25 years at Rs 2.68 per kilowatt-hour (KWh). SJVN is a joint venture between the Government of India (GoI) and the Himachal Pradesh government.

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Hindalco Q4 Results: Net profit jumps 189% YoY to Rs 1,928 crore

Hindalco Industries reported a 189% YoY jump in consolidated net profit to Rs 1,928 crore for the quarter ended March (Q4). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 38% YoY to Rs 40,507 crore during the same period. The company’s India business posted a 72% YoY growth in revenue to Rs 653 crore in Q4. This was aided by higher volume growth, better product mix, and lower input costs. Hindalco’s board has declared a final dividend of Rs 3 per share. 

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Antony Waste Handling Cell receives C&T contract from Jhansi Smart City

AG Enviro Infra Projects, a subsidiary of Antony Waste Handling Cell Ltd, has received a Letter of Intent (IoT) from Jhansi Smart City Ltd for door-to-door Collection and Transportation (C&T) of solid waste. The C&T contract is worth Rs 21 crore and is applicable for a period of five years. It involves the collection of solid waste from points such as households, commercial shops, and bulk waste generators.

Shree Cement Q4 Results: Net profit rises 49% YoY to Rs 798 crore

Shree Cement Ltd reported a 48.98% YoY (or 26.5% QoQ) increase in consolidated net profit to Rs 798.43 crore for the quarter ended March (Q4). Its revenue from operations rose 23.12% YoY to Rs 4,204.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 48.83% YoY to Rs 2,285.87 crore. Shree Cement’s board has recommended a final dividend of Rs 60 per share.

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IndiGo selects CFM’s engines to power 310 A320neo family aircraft

InterGlobe Aviation (IndiGo) has selected CFM International LEAP-1A engines to power its fleet of 310 new Airbus A320neo, A321neo, and A321XLR aircraft. The airline has ordered 620 new installed engines and associated spare engines. The agreement with CFM also includes long-term, multi-year service contracts. The new agreement will help IndiGo secure LEAP-1A engines and service agreements for its A320neo family aircraft from 2023 onwards.

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Persistent Systems to acquire assets of Sureline Systems for $2.5 million

Persistent Systems Ltd has entered into an agreement to acquire select contracts, intellectual property, assets, and employees of Sureline Systems for $2.5 million (~Rs 18.20 crore). The acquisition is expected to strengthen Persistent Systems’ cloud transformation offering and solutions by reducing cloud migration costs. Based in California and Pune, Sureline Systems provides cloud migration and disaster recovery solutions.

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Dr. Lal PathLabs Q4 Results: Net profit jumps 156% YoY to Rs 83 crore

Dr. Lal PathLabs Ltd reported a 156% YoY jump in net profit to Rs 83.4 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 42% YoY to Rs 431 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 30% YoY to Rs 290.8 crore. The company’s board has declared a final dividend of Rs 8 per share.

South Indian Bank Q4 Results: Net profit at Rs 6.79 crore

South Indian Bank reported a net profit of Rs 6.79 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 143.69 crore in the corresponding quarter last year (Q4 FY20). Total income declined by 10.4% YoY to Rs 2,098.25 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio rose to 6.97% as of March 31, 2021 (FY21), compared with 4.98% in FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 41% YoY to Rs 61.9 crore.

Read more here.

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Delhi HC Declines Future Retail’s Plea Against Amazon – Top Indian Market News

Delhi HC declines Future Retail’s plea against Amazon

The Delhi High Court, on Monday, declined to grant Future Retail Ltd’s (FRL) plea for an interim injunction to restrain Amazon from writing to SEBI, CCI, and other authorities about the arbitral order against its asset sale. Kishore Biyani-led FRL had approached the court to direct Amazon to refrain from interfering with the approval process for the Rs 27,513-crore deal between Future Retail and Reliance Retail Ventures Ltd. 

The High Court noted that Future Retail and Amazon have already made their representations and counter representations to the statutory authorities or regulators. It is now up to these authorities to make their decision.

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India bans all flights from UK amid fears of new Covid-19 variant spread

The Indian Government, on Monday, decided to suspend all flights from and to the United Kingdom between December 23 to 31, amid fears of a new and more infectious coronavirus variant found in the country. Passengers arriving from the UK before the suspension deadline will be mandatorily tested for Covid-19 on arrival at Indian airports. The new variant of Covid-19 is up to 70% more transmissible and has spread from the UK to Denmark, Netherlands, and Australia.

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Antony Waste Handling Cell IPO subscribed 2 times on Day 1

The initial public offering (IPO) of Antony Waste Handling Cell has been subscribed 1.97 times on December 21, the first day of the bidding. The Rs 300-crore public issue has received bids for 1.32 crore equity shares, as against an offer size of 66.66 lakh shares. The retail portion was subscribed 3.56 times and that of non-institutional investors 0.083 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 0.63 times.

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Tata Motors to hike prices of commercial vehicles from January 2021

Tata Motors announced that it will hike prices of its commercial vehicle (CV) range, effective from 1 January 2020. The price increase is expected across the portfolio of Medium & Heavy Commercial Vehicles, Light & Intermediate CV, Small CV & buses. The actual change in price will depend on the individual model, variant, and fuel type. The company stated that the steady rise in material and other output costs has escalated the cost of manufacturing vehicles.

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M&M to hike prices of its tractors from January 2021

Mahindra & Mahindra (M&M) Ltd said that it will hike prices of its range of tractors from January 1, 2021, in order to partially offset the impact of rising input costs. The company further said that details of the price increase across different tractor models will be communicated in due course. Last week, M&M had announced that it will hike prices of its entire range of passenger and commercial vehicles from next month.

In other news, M&M’s Korean subsidiary- SsangYong Motor Company (SYMC) has filed for bankruptcy. The troubled automaker has also applied for an autonomous restructuring support (ARS) programme, which is a court designed process. This development comes a week after SYMC missed the repayment of a loan worth Rs 480 crore to JP Morgan Chase, South Korea.

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Glenmark Pharma receives tentative approval for blood thinning drug

Glenmark Pharma, on Monday, said it has received tentative approval from the US Food & Drug Administration (USFDA) for anticoagulant Dabigatran Etexilate capsules. The approved product is a generic version of Boehringer Ingelheim Pharmaceuticals’ Pradaxa capsules. Pradaxa is used to prevent blood clots from forming because of certain irregular heart rhythms. 

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Ramco Systems to implement aviation software for Iberia Maintenence

Ramco System Ltd announced that it will implement its flagship aviation software, Ramco Aviation M&E MRO Suite, for Spain-based Iberia Maintenance (Iberia MRO). Ramco Aviation Software will replace multiple systems to unify operations across Airframe Maintenance, Engine Shops, Component Shops & Supply Chain. The technology transformation program will enable Iberia Maintenance to future-proof its business growth while offering a simplified user experience driving better user adoption, increase process automation, and self-service.

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L&T Finance Holdings dissolves Middle East subsidiary

L&T Finance Holdings (LTFH) said that its subsidiary, L&T Capital Markets (Middle East) Ltd (LTCM-ME) has been dissolved and ceased to exist. On July 17, LTFH had informed about the voluntary winding-up of one of its wholly-owned subsidiaries incorporated in Dubai to carry on the off-shore wealth management business, subject to applicable laws of the United Arab Emirates. The company stated that the arm was not a material subsidiary of the company. [A Material Subsidiary refers to a subsidiary whose income or net worth exceeds 10% of the consolidated income or net worth of the parent company].

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SpiceJet seeks one-time restructuring of debt

SpiceJet Ltd has sought a one-time debt restructuring, apart from ₹500-crore in a working capital loan, from Yes Bank. The airline company has submitted a revival plan and its financial documents to the private bank. The stressed low-cost airline requires these temporary funds to tide over the pandemic-related disruptions.

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L&T Defence gets ‘Green Channel Status’ from Defence Ministry

The defence arm of Larsen & Toubro (L&T) has been awarded the coveted ‘Green Channel Status’ for major naval weapon delivery systems from the Directorate General Quality Assurance (DGQA), under the Ministry of Defence. The status provides L&T Defence deemed registration status and waiver of pre-dispatched inspections. L&T Defence was awarded the status after stringent audits of its production facilities, quality systems, and products carried out by the DGQA.

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Editorial

Antony Waste Handling IPO: All You Need to Know

Antony Waste Handling Cell Limited has decided to take the public route and it will hit the market on 21st December 2020. Probably, this should be the last Initial Public Offer (IPO) of 2020. Let’s dig deeper and understand what it is all about.

About the Company

Antony Waste Handling Cell Limited was incorporated in 2001. They are one of the top five companies in the Indian municipal solid waste management industry. Jose Jacob Kallarakal, one of the founders, is the current Chairman and Managing Director of the company. They offer a range of services like solid waste collection, transportation, landfill construction, processing and disposal services nationwide. Currently, Antony Waste Handling Cell has 23 ongoing projects and 1,089 vehicles.

These are 17 MSW C&T (Municipal Solid Waste Collection & Transportation), 2 MSW processing and 4 mechanized sweeping projects. MSW C&T projects include walking door-to-door and collecting waste from households, commercial establishments and other community bins. MSW processing projects include sorting and segregation waste which is collected through MSW C&T. The segregated waste is further processed by composting, shredding, recycling and turned into refuse-derived fuel.

Antony Waste serves some of India’s biggest municipal corporations like Municipal Corporation of Delhi, Kalyan-Dombivali Municipal Corporation and Jaypee International Sports. Many of their projects are running already at Navi Mumbai Municipal Corporation (NMMC), Thane Municipal Corporation (TMC), Greater Noida Industrial Development Authority (GNIDA) and more.

About the IPO

IPO DateDec 21, 2020 – Dec 23, 2020
Issue TypeBook Built Issue IPO
Face ValueRs 5 per equity share
IPO PriceRs 313 to Rs 315 per equity share
Market Lot 47 Shares
Offer for Sale Up to Rs 215 crore
Fresh IssueUp to Rs 85 crore
Issue SizeUp to Rs 300 crore
Listing AtNSE, BSE

For the second time, Antony Waste Handling Cell will be hitting the market this year. Earlier in March, they came up with a Rs 206 crore issue in the price band of Rs 295-300. But, due to shutdown and dramatic fall in the market due to Covid-19, they failed to generate enough bids. 

This time, the company has come out with a larger issue size and a higher price band. The size of the issue is now Rs 300 crore and the new price band is Rs 313-Rs 315 per share. The issue will open on 21st December and close on 23rd December. The minimum and maximum lot of this IPO is of 47 shares and 611 shares respectively. That means an investor who is looking to invest in this IPO has to at least pay Rs 14,805. The maximum a single investor can invest is Rs 1,92,465, but this is likely not going to happen as the IPO will be oversubscribed. 

This IPO consists of two parts: a fresh issue and an offer for sale (OFS). Tonbridge (Mauritius), Leeds (Mauritius), Cambridge (Mauritius), and Guildford (Mauritius) are selling some of their equity shares. The company has already raised Rs 89.99 crore at a price band of Rs 315 ahead of its IPO. Massachusetts Institute of Technology was the top anchor investor winning 44% of the total anchor allotments. 

Antony Waste Handling Cell has three reasons behind taking going public. Firstly, some parts of the proceeds will be used to finance its waste-to-energy project at Pimpri Chinchwad in Maharashtra. This will be done by investing money in its subsidiaries AG Enviro and ALESPL. The second objective is to infuse debt in AG Enviro to reduce consolidated borrowings of the company. Lastly, some of the proceeds will be used to meet general corporate purposes.

Financial Overview of the Company

30 September 202031 March 202031 March 201931 March 2018
Total Assets707.56672.10512.63428.07
Total Income215.10464.61298.51290.77
Profit after Tax29.0562.0734.6839.88
Values in Rs crores

The company had an amazing FY20 as their profits rose by a massive 79% year-on-year (YoY) to Rs 62 crore. Their top-line (revenue) also showed a jump of 58% from Rs 298 crore to Rs 464 crore. Even after the lockdown due to coronavirus, Antony Waste has accumulated almost Rs 30 crore of profits in the first half of this financial year. With this trend, we can see them surpassing last year’s profits number as well. Thus, the company has done fairly well to manage its bottom line.

The biggest strength is their desire to use the latest technology tools, vehicles, and equipment. They hold a diversified project portfolio, thus, not depending only on one type of projects. A nation-wide reach also helps them to spread their wings and operate in several states. Their consistent track record of MSW projects execution has earned them a leader tag in the MSW management industry. Another big advantage? They don’t have any listed competitors. Thus, investors might look at this IPO as another opportunity to gain.

Risk Factors

  • As you can already interpret from the company’s client list, they are very much dependent on the Municipal Corporations for projects. A major chunk of the revenue is generated from them. These municipalities are themselves dependent on budgets which are allocated by the state or central governments. Any reduction in this budget can massively impact Antony Waste’s business.
  • Even if the projects are rolled out by these municipal corporations, there is no guarantee that Antony Waste will get them. If any other waste handling company satisfies the prequalification requirements of the tender, the project will be handed to that company.
  • Antony Waste Handling Cell requires a high amount of working capital. If they fail to generate money quickly from their projects, their business will be impacted heavily. Over the past three years, their trade receivables have increased consistently. In FY18, they had a trade receivable of Rs 88 crore. This stood at Rs 113 crore in FY20. This is not a good sign for any company which has huge working capital requirements. (Trade receivable is the amount owed to Antony Waste by its customers).

Conclusion

As we mentioned before, Antony Waste Handling Cell Limited is the only entity belonging from MSW industry which will be listed. Thus, investors will be keenly looking at the performance of this IPO. We cannot imagine our lives without the operations of these types of companies. They help us to live in a cleaner society. MSW industry is expected to grow at a CAGR of 5%. In FY18, the MSW market was estimated to worth around Rs 3,000 crore. The company believes that the market will be worth Rs 6,200 crore by the end of FY23. The company is already a market leader. They also depend on recent technologies to carry out their daily operations which aids them in cutting their costs. Can we expect the last IPO of 2020 to be another hit?

With a lot of negative global cues running around, foreign institutions might not fully subscribe to the IPO, and it may become a flop. My opinion is to again wait to see how institutions react to this IPO.

What are your thoughts on the company? Do let us know by commenting below. You can find the company’s red herring prospectus here.