Tag: apollo hospitals

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Amara Raja Batteries to Invest in Europe-based InoBat Auto – Top Indian Market News

Amara Raja Batteries to invest in Europe-based InoBat Auto

Amara Raja Batteries Ltd (ARBL) plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for e-mobility. The initiative would entail a total investment of €10 million (~Rs 84.35 crore), which includes a subscription of 0.04% stake and convertible loan in InoBat Auto AS, Norway. The initial investment will give ARBL a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push.

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NTPC receives Rs 135 crore interim dividend from JV firm

NTPC Limited has received around Rs 135 crore as interim dividend from a joint venture company. The power giant said this is the second interim dividend paid by NTPC Tamil Nadu Energy Company Ltd (NTECL) in the current financial year (FY22). The total interim dividend NTECL paid to its promoters for FY22 is Rs 488 crore. NTECL is a 50:50 JV of NTPC and Tamil Nadu Generation & Distribution Corporation Ltd.

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Bajaj Auto to set up Rs 300 crore EV manufacturing facility in Pune

Bajaj Auto Ltd will set up an electric vehicle (EV) manufacturing facility at Akurdi in Pune with an investment of Rs 300 crore. The facility will have the capacity to produce 5 lakh EVs per annum and cater to both domestic and exports markets. The first vehicle from the new unit is expected to be rolled out by June 2022. It will employ around 800 personnel.

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Ola installs hypercharges at BPCL pumps

Ride-hailing firm Ola has begun rolling out hyperchargers at Bharat Petroleum Corporation Limited (BPCL) pumps and residential complexes across India. The hyperchargers will be made operational in 6-8 weeks. It will be free for use for all customers till the end of June 2022. The development comes days after Ola started rolling out its e-scooters S1 and S1 Pro.

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BASF India to divest its production site in Quincy, Florida to Clariant for $60 million

BASF India-led holding company, BASF SE-Germany, has reached an agreement to divest its manufacturing site in Quincy, Florida, for $60 million (~Rs 447 crore) to Clariant. The transaction is expected to close in 2022, subject to the approval of the relevant Competition Commission or Anti-trust Authorities. BASF will also enter into a long-term supply agreement for its attapulgite business with Clariant.

Govt begins inviting applications from investors under PLI scheme for speciality steel

The Ministry of Steel has started inviting applications from investors looking to invest under the production-linked incentive (PLI) scheme for speciality steel. March 29, 2022, has been fixed as the last date to submit the applications. On July 22, the Union Cabinet had approved a Rs 6,322 crore PLI scheme to boost the production of speciality steel in India. It will attract an additional investment of ~Rs 40,000 crore and generate fresh job opportunities for 5.25 lakh people.

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Specialty chemical company Aether Industries files for IPO

Speciality chemicals manufacturer Aether Industries Ltd has filed its draft red herring prospectus (DRHP) with markets regulator SEBI to raise Rs 1,000 crore through an initial public offering (IPO). The public issue consists of a fresh issue of shares aggregating to Rs 757 crore and an offer for sale of up to 27.51 lakh shares. Aether is one of the fastest-growing specialty chemical companies in India, growing at a CAGR of ~60% between FY18 and FY21.

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Apollo Hospitals signs pact with J&K Govt to set up multi-specialty hospital

Jammu and Kashmir administration has signed a Memorandum of Understanding (MoU) with Apollo Hospitals to set up a multi-specialty hospital in Jammu. Lt. Governor Manoj Sinha announced that more healthcare projects and MoUs are in the pipeline to ensure that the best healthcare is within the reach of every citizen of the Union Territory (UT). In the first phase, Apollo Hospitals will set up a 250-bed hospital in the region.

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REC’s arm hands over Kallam Transmission SPV to IndiGrid firm’s consortium

REC Power Development & Consultancy Ltd (RECPDCL) has handed over special purpose vehicle (SPV) Kallam Transmission Ltd to a consortium of infrastructure investment trust IndiGrid firms. The SPV has been set up for the construction of a transmission system for evacuating power from renewable energy projects in Osmanabad area in Maharashtra. RECPDCL is a wholly-owned subsidiary of REC Ltd.

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ZEEL, Sony Sign Definitive Merger Agreement – Top Indian Market News

ZEEL, Sony sign definitive merger agreement

Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) have signed definitive agreements to merge the two firms and combine their linear networks, digital assets, and program libraries. SPNI will hold a majority stake of 50.86% in the merged entity. The promoters of ZEEL will hold 3.99%, and other ZEEL shareholders will hold a 45.15% stake in the merged entity.

Under the terms of the agreement, SPNI will have a cash balance of $1.5 billion to enable the combined entity to drive sharper content creation across platforms and strengthen its footprint in the rapidly evolving digital ecosystem.

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L&T Construction secures significant order to build township in Bengaluru

Larsen & Toubro (L&T) Ltd’s construction arm has secured a significant order from a reputed developer to build one of the largest residential townships in Bengaluru. The scope of work consists of the design and construction of the entire civil structure, including waterproofing, masonry, plastering, and electrical conduiting. The project involves the construction of 6,768 apartments spread across 39 towers.  

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Gujurat Flurochemcials to foray into battery business for EVs

Gujarat Fluorochemicals Ltd (GFCL) has announced plans to foray into the battery business for electric vehicles (EVs). The company has set up GFCL EV Products Ltd, a wholly-owned subsidiary, for this purpose. The subsidiary will provide solutions for the entire value chain of all types of batteries, battery components, and products for EVs.

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Quess Corp’s Monster.com raises Rs 137.5 crore in latest funding round

Monster.com, a Quess Corp company, has raised Rs 137.5 crore in its latest funding round. The round was led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments, with participation from Quess Corp. Monster.com is valued at close to $100 million after the funding round. Quess Corp Ltd is a provider of technology and business services based in Bangalore.

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Zydus Cadila gets USFDA approval to market Pimavanserin tablets

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Pimavanserin tablets in the US market. Pimavanserin is used to treat symptoms of a certain mental or mood disorder (psychosis) that might occur with Parkinson’s disease. The drug will be manufactured at the pharma company’s formulation facility at Special Economic Zone (SEZ), Ahmedabad.

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ABB India’s board approves creation of arm to divest turbocharger business for Rs 310 crore

The Board of Directors of ABB India Ltd has decided to incorporate a wholly-owned subsidiary to which it will sell its turbocharger business for Rs 310 crore. In June 2021, the company had announced a proposal to divest/sell its turbocharger business in the Process Automation business segment. The slump sale will be completed by February-end 2022. 

PNC Infratech secures order worth Rs 369 crore from NHAI

PNC Infratech Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 369 crore from the National Highways Authority of India (NHAI). The contract is for the collection of user fees at the 135 km long Eastern Peripheral Expressway Fee Plazas in Haryana and Uttar Pradesh for one year. PNC Infratech operates as an infrastructure construction, development, and management company in India.

Apollo Hospitals, IIM Lucknow launch executive programme in healthcare management

Apollo Hospitals Ltd has partnered with IIM Lucknow to launch an executive programme in healthcare management (EPHM). The program aims to develop appropriate managerial capacities for the fast-growing health sector in India. The EPHM has been designed by taking inputs from both the public and private health sectors of India.

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Indiabulls Real Estate to raise up to Rs 1,500 crore via QIP 

The Board of Directors of Indiabulls Real Estate Ltd approved raising funds up to Rs 1,500 crore through one or more Qualified Institutions Placements (QIPs). The funds will be used to augment the long-term resources of the company. It will also be used to maintain sufficient liquidity for meeting funding requirements for existing/new projects and future business growth.

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Tata Steel’s UK plant helps build world’s largest offshore wind farm

Tata Steel Ltd announced that its Port Talbot plant in Wales is working on the world’s largest offshore wind farm project— Dogger Bank Wind Farm. The wind farm will make use of steel processed into hollow sections at Tata Steel’s Corby and Hartlepool sites in north-east England and fabricated to build the first two phases. Tata Steel said hundreds of tonnes of its products will be used for the giant wind farm project, which is due to be completed by 2026.

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Passenger Vehicle Sales Fall 19% in November – Top Indian Market News

Passenger vehicle sales fall 19% in November: SIAM

Passenger vehicle wholesales in India fell 19% in November as the semiconductor shortage continued to impact vehicle production. Total passenger vehicle (PV) dispatches last month stood at 2,15,626 units, a decline of 19% from 2,64,898 units in November 2020. Two-wheeler sales fell sharply by 34% YoY to 10,50,616 units. Three-wheeler dispatches stood at 22,471 units, down 7% YoY. The data was released by the Society of Indian Automobile Manufacturers.

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Factory output grows 3.2% in October

India’s factory output, as measured by the Index of Industrial Production (IIP), grew 3.2% in October 2021, led by growth in primary goods. The growth comes on the back of a 4.5% rise witnessed in the same period last year as the economy was recovering from the first round of lockdown-induced contraction. The manufacturing sector’s output grew 2% in October, while mining output surged by 11.4%. Power generation went up by 3.1%.

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LIC gets RBI approval to increase stake in IndusInd Bank to 9.99%

The Reserve Bank of India (RBI) has allowed Life Insurance Corporation of India (LIC) to raise its stake in IndusInd Bank to 9.99%. LIC currently holds 4.95% of the total issued and paid-up capital of the private sector lender. The approval is valid up to December 8, 2022. The RBI norms mandate that an entity that intends to acquire more than a 5% stake in a private bank has to take prior approval from the central bank.

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RIL raises stake in HFCL to 5% via QIP

Reliance Industries Ltd (RIL) has increased its stake in HFCL to 5% by investing in its qualified institutional placement (QIP). HFCL is India’s largest integrated telecom network provider. In an exchange filing, HFCL said its board had approved the allotment of 8.73 crore equity shares at Rs 68.75 per share to qualified institutional buyers (QIBs). The company has raised Rs 600 crore through the QIP issue.

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Cadila gets USFDA approval to start clinical trials in patients with PBC

Cadila Healthcare Ltd has received approval from the US Food & Drug Administration (USFDA) to initiate the Phase 2(b)/3 clinical trials to evaluate the efficacy and safety of Saroglitazar Magnesium in patients with Primary Biliary Cholangitis (PBC). PBC is a severe liver disease that leads to cirrhosis of the liver, liver failure, and possibly death. Nearly 50% of PBC patients are unable to benefit from the existing therapy due to lack of response or intolerable side effects.  

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Sterlite Tech unveils 5G-from-India offering at IMC 2021

Digital networks integrator Sterlite Technologies Ltd (STL) has unveiled its 5G-from-India offering at the India Mobile Congress (IMC) event. The company’s 5G portfolio includes optical, radio, and deployment solutions. STL expects that the end-to-end nature of solutions will fundamentally alter the game for super-fast and high-quality 5G deployments.

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Apollo TeleHealth secures ISO certification from BSI

Apollo TeleHealth (ATH) has become the first-ever organisation in the world to attain the ISO 13131:2021 certification presented by the British Standards Institution (BSI). ISO 13131:2021 belongs to a class of standards that provides flexible, general guidelines that support innovation in healthcare. ATH is a multi-specialty telemedicine network and part of the Apollo Hospitals Group.

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Greenlam Industries temporarily shuts plant in Rajasthan

Greenlam Industries Ltd (GIL) has temporarily closed down manufacturing activities at its plant in Behror, Rajasthan, as per the directions from Commission for Air Quality Management in National Capital Region and Adjoining Areas on December 9, 2021. The company stated that the facts and reports issued by the commission seem improper. GIL has already presented its case before the competent authority in this regard. It is taking the necessary steps to resolve the matter at the earliest.

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Lupin launches diagnostic business; to open 100 labs in India

Lupin Ltd has announced the launch of its diagnostics arm as part of its strategy to provide integrated healthcare services in India. The company commenced operations with 11 labs, including a 45,000 sq. ft. national reference lab in Navi Mumbai and 200 collection centres in West and East India.  The pharma company plans to open over 100 labs across and 1000 collection centres across India in the next three years.

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Alembic Pharma acquires stake in US biotech RIGImmune

Alembic Pharmaceuticals Ltd has made a strategic investment in RIGImmune, a US-based biopharmaceutical research company. The pharma company has acquired shares in RIGImmune that amount to a 19.97% post-money stake in the first closing of the series seed round. RIGImmune focuses on the development of novel treatments for RNA (ribonucleic acid) viruses.

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TVS Motor strengthens product portfolio in Philippines market

TVS Motor Company announced the launch of its premium Apache RR310 and 125cc scooter TVS NTORQ in the Philippines market. The company has launched TVS Apache RR310 with Race Tuned Fuel Injection and feature-rich connected scooter TVS NTORQ 125 for aspirational young customers in the Philippines.

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ITC to Acquire 16% Stake in D2C Brand Mother Sparsh – Top Indian Market News

itc

ITC to acquire 16% stake in D2C brand Mother Sparsh

ITC Limited has announced plans to acquire a 16% stake in Mother Sparsh for Rs 20 crore through a share subscription agreement. Mother Sparsh is a direct-to-consumer (D2C) Ayurvedic and natural personal care brand that focuses on mother and baby care segments. ITC said the acquisition will enable access to the fast-growing D2C space in the ‘personal care’ category, which has been identified by the company as an area of interest. 

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Tata Group in talks to set up $300 million semiconductor assembly unit: Report

According to reports, Tata Group is in talks with three states to invest up to $300 million (~Rs 2,245 crore) to set up a semiconductor assembly and test unit. The group is holding talks with the governments of Tamil Nadu, Karnataka, and Telangana and scouting for land for the outsourced semiconductor assembly and test (OSAT) plant. An OSAT plant assembles and tests foundry-made silicon wafers, turning them into finished semiconductor chips. 

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IRCON emerges lowest bidder in 2 projects worth Rs 1,500 crore

Ircon International Ltd has emerged as the lowest bidder for the construction of an eight-lane access-controlled expressway in the Shirsad-Akloli section of Vadodara-Mumbai Expressway in Maharashtra. The project, floated by the National Highways Authority of India (NHAI), is valued at ~Rs 1,124 crore. IRCON has also emerged as the lowest bidder for the supply, installation, testing, and commissioning of Track Works of Standard Gauge for Chennai Metro Rail Ltd. The value of the project is Rs 337.61 crore.

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Sanofi India to divest Soframycin, Sofradex brands for Rs 125 crore

Pharma major Sonafi India will divest its Soframycin and Sofradex brands to Encube Ehticals for a total consideration of Rs 125 crores. Upon completion of the transaction, Encube would acquire the right to sell and distribute the two skin ailment creams in India and Sri Lanka. The company’s board has also approved the transfer of the unregistered Intellectual Property (IP) and product inventory to Encube.

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Aurionpro Solutions to acquire majority stake in Toshi Automatic Systems

Aurionpro Solutions Ltd has announced plans to acquire a majority stake (51%) in Toshi Automatic Systems Pvt Ltd (TASPL). The acquisition will allow Aurionpro to further consolidate its position as the only integrated player in the Automatic Fare Collection (AFC) & transit solutions space in India. Uttar Pradesh-based TASPL is an innovator with products and solutions in industrial, public safety, mass transit segments.

Apollo Hospitals, Amazon in talks for pharmacy business partnership: Report

Online retail giant Amazon is reportedly in talks with Apollo Hospitals for a partnership in its pharmacy business, Apollo HealthCo. Apollo Hospitals is looking to sell up to a 20% stake in its pharmacy subsidiary and wants to raise around $500 million (~Rs 3,744 crore). The subsidiary is making strategic moves to expand its online sales and working towards being a dominant omnichannel player.

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CDSL becomes first depository to open 5 crore active Demat accounts

Central Depository Services (India) Limited (CDSL) has become the first depository to hold more than five crore active Demat accounts. CDSL is India’s leading and only listed depository. It provides convenient, dependable, and secure depository services at an affordable cost to all market participants. To learn more about CDSL, click here.

Vedanta promoters pledge shares to raise Rs 6,000 crore

Holding companies of Vedanta Ltd have raised $800 million (~Rs 6,000 crore) by pledging shares in the company. Promoter group firms pledged 242.26 crore shares or a 65.18% stake in Vedanta in three facility agreements to raise funds. The firm is evaluating all options including demergers, spin-offs, and strategic partnerships as part of a complete overhaul of its corporate structure. It is also looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities.

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NTPC Renewable Energy signs PPA for 325 MW solar projects

NTPC Renewable Energy has signed a Power Purchase Agreement (PPA) and other project agreements with Indian Railways, Madhya Pradesh Power Management Company, and Reva Ultra Mega Solar Ltd (RUMSL) for 325 megawatts (MW) solar projects. The projects will be installed in RUMSL at Shajapur Solar Park in Madhya Pradesh

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UltraTech Cement’s Q3 Net Profit Rises 122% YoY – Top Indian Market News

UltraTech Cement Q3 Results: Net profit rises 122% YoY to Rs 1,584 crore

UltraTech Cement Ltd reported a 122.7% YoY increase in consolidated net profit to Rs 1,584 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 711.17 crore during the corresponding period in FY20. Revenue from operations rose 17% YoY to Rs 12,254 crore in Q3 FY21. During the quarter, it had a volume growth of 14% to 22.82 million tonnes. UltraTech Cement’s performance in Q3 was driven by pent-up demand, supply restoration, and improving cost efficiencies.

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Tata Power Solar wins Rs 1,200 crore order to set up 320 MW project

Tata Power Solar Systems announced that it has bagged an order worth Rs 1,200 crore from state-run power giant NTPC Ltd for setting up a 320 MW ground-mounted solar project. The company is a wholly-owned subsidiary of Tata Power Limited. The scope of work includes the acquisition, engineering, procurement, installation, and commissioning of the grid-connected solar project on a turnkey basis. The commercial operation date for this project is set for May 2022.

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Mahindra Lifespaces Q3 Results: Net loss at Rs 11.19 crore

Mahindra Lifespace Developers Ltd reported a consolidated net loss of Rs 11.19 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 1.81 crore in the corresponding period in FY20. Total income declined 17% YoY to Rs 70.19 crore in Q3 FY21. The company stated that it has important project launches lined up and a few land acquisition deals expected to conclude in the current quarter (Q4).

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Apollo Hospitals raises Rs 1,170 crore through allotment of shares to QIBs

Apollo Hospitals announced raising Rs 1,169.99 crore through allotment of shares to qualified institutional buyers (QIBs). Its Fund Raising Committee has approved the allotment of 45.59 lakh equity shares of the face value of Rs 5 each to eligible QIBs, at the issue price of Rs 2,511 per share. The issue opened on January 18 and closed on January 22.

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Zydus Cadila gets USFDA approval for thyroid drug

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Liothyronine Sodium tablets. The tablets are indicated for the treatment of underactive thyroid. The drug will be manufactured at the group’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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DCB Bank Q3 Results: Net profit at Rs 96 crore

DCB Bank Ltd reported a net profit of Rs 96.21 crore for the quarter ended December (Q3). The bank had posted a net profit of Rs 96.7 crore in the same period last year. Net interest income (NII) increased by 4% YoY to Rs 335 crore in Q3 FY21. Provisions rose 150% YoY to Rs 147 crore during the same period.

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Birla Corp Q3 Results: Net profit jumps 82% YoY to Rs 148 crore

Birla Corporation Ltd announced an 82.1% YoY increase in net profit to Rs 148.42 crore for the quarter ended December (Q3). Its revenue rose 5% YoY to Rs 1,823 crore during the same period. The company’s performance in Q3 was driven by growth in sales volume for the cement division, aggressive cost rationalisation, and higher sales of premium products. Birla Corp is on course to expand its production capacity to 25 million tonnes (MT) by 2025.

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Supreme Industries Q3 Results: Net profit rises 153% YoY to Rs 312 crore

Supreme Industries Ltd reported a 153.08% YoY increase in net profit to Rs 312.28 crore for the quarter ended December (Q3). Revenue rose 34.26% YoY to Rs 1,843.80 crore during the same period. The company has announced plans to invest around Rs 400 crore to support construction activities at seven production sites. Supreme Industries is an Indian plastics company, based in Mumbai.

Petrol price touches record high of Rs 85.70 in Delhi; diesel at Rs 75.88

Petrol and diesel prices on Saturday touched new all-time highs after rates were increased for the fourth time this week. This took the petrol price in Delhi to Rs 85.70 per litre and diesel price to Rs 75.88 per litre. All prices have gone up by Re 1 per litre this week. Earlier this week, Oil Minister Dharmendra Pradhan blamed the Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.

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Polycab Q3 Results: Net profit rises 19% YoY to Rs 263 crore

Polycab India Ltd reported a 19.07% YoY increase in net profit to Rs 263.62 crore for the quarter ended December (Q3). Its revenue rose 11.63% YoY to Rs 2,798.83 crore during the same period. The company saw volume growth across its two product segments- wires & cables and fast-moving electrical goods (FMEG).

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CBI Registers Cases Filed by SBI, Canara Bank Over Rs 8,000 crore Fraud – Top Indian Market News

CBI registers cases filed by SBI, Canara Bank over Rs 8,000 crore fraud

The Central Bureau of Investigation (CBI) has registered two separate cases filed by Canara Bank and State Bank of India regarding fraud to the extent of Rs 7,926.01 crore and Rs 313.79 crore, respectively. The first case was registered against a Hyderabad-based private company, its Chairman & Managing Director, additional Directors, and unknown public servants, on a complaint filed by Canara Bank. It was alleged that the private firm had availed credit facilities using multiple banking arrangements. 

The second case was registered against a private company in Chennai, along with its Chairman and Directors, on a complaint by the State Bank of India. It was alleged that the borrower company availed credit limits of about Rs 310 crore from SBI. The loan amounts were said to have been diverted to related parties. 

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PM Modi presents ASSOCHAM Centenary Award to Ratan Tata

Prime Minister Narendra Modi presented the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, who received the award on behalf of the Tata Group. PM Modi stated that ASSOCHAM and the entire Tata group has worked very hard to strengthen India’s economy and help the common Indian. Ratan Tata has been honoured for his distinguished contributions to the country. PM Modi was delivering the keynote address at ASSOCHAM’s Foundation Week. [ASSOCHAM stands for the Associated Chamber of Commerce of Inda].

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Apple puts Wistron on probation, confirms lapses in supplier code of conduct

Apple Inc. has placed Wistron Infocomm Manufacturing Pvt Ltd on probation and has confirmed lapses in Wistron’s supplier code of conduct that led to payment delays for the employees. This comes on the back of the violence last Saturday, when thousands of employees created unrest in Wistron’s facility in Karnataka, over unpaid dues. Apple stated that Wistron will not receive any new business from the company before they complete corrective actions. 

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Apollo Hospitals plans to raise Rs 1,500 crore in next two months 

Apollo Hospitals Enterprises Ltd (AHEL) is planning to raise around Rs 1,500 crore in the next two months to support its inorganic growth and strengthen its balance sheet. The funds will also be utilised to improve the services of Apollo 24/7, the company’s digital health platform. AHEL also stated that it is preparing to acquire specific businesses to strengthen its presence in key markets.

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Vodafone Idea launches Rs 399 digital exclusive prepaid and postpaid plans for new users

Vodafone Idea (Vi) has launched a new Rs. 399 digital exclusive plan for customers who place an order for a new SIM via its website. The new plan is listed under both prepaid and postpaid plans. The Rs 399 plan comes with data benefits. It has a validity of 56 days and offers 100 SMS per day to the users. The plan also comes with 1.5 GB mobile data per day. Additional benefits include access to Vi Movies and TV.

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IIFL Home partners with ICICI Bank to provide affordable housing and MSME loans

IIFL Finance Ltd announced that its home loan subsidiary, IIFL Home, has partnered with ICIC Bank to provide affordable housing and MSME (Micro, Small, and Medium Enterprise) loans. IIFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection & loan servicing. ICICI Bank will provide funding to these customers

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IndiGrid buys FRV’s solar projects for Rs 660 crore

India Grid Trust (IndiGrid) has entered into an agreement to acquire 100% stakes in FRV Andhra Pradesh Solar Farm-I Pvt Ltd and FRV India Solar Park II Pvt Ltd, from FRV Solar Holdings XI B.V. The two projects comprise 50 MW of solar assets each. The enterprise value of the acquisition is Rs 660 crore. IndiGrid is India’s first listed power sector infrastructure investment trust (InvIT) and is sponsored by KKR and SPGVL.

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Indian banks pursue UK bankruptcy order against Vijay Mallya

A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya. The banks are pursuing the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. Vijay Mallya owes more than Rs 9,000 crore to the Indian banks.

Read more here. 

MTAR Technologies files for Rs 650 crore IPO

MTAR Technologies Ltd has filed a draft red herring prospectus with market regulator SEBI for an initial public offering (IPO). The company is likely to raise Rs 600-650 crore through the IPO. It will consist of a fresh issue of up to 40 lakh shares and an offer for sale (OFS) of up to 82 lakh shares of the face value of Rs 10 per share. 

MTAR Technologies is engaged in the manufacturing and development of mission-critical precision components for the nuclear, space, defense and clean energy sectors. The Hyderabad-based company operates 7 manufacturing facilities.

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Punjab National Bank QIP issue falls short of target by 46%

State-owned Punjab National Bank (PNB) was only able to secure 54% of its planned fundraising target through a qualified institutional placement (QIP). PNB had planned to raise Rs 7,000 crore through the QIP that had opened on December 15 (Tuesday). As the issue closed on Friday, it was reported that PNB was only able to raise Rs 3,788.04 crore.

Read more here.

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Editorial

Stocks to Benefit from Potential Covid-19 Vaccines

The Covid-19 pandemic has caused a deep impact on people’s livelihoods and health. The economic and social disruption caused by this unprecedented pandemic is devastating. As of November 24, official data from John Hopkins University shows that there are more than 59 million confirmed cases of Covid-19 worldwide.

The only factor which keeps our spirits high is the fact that potential Covid-19 vaccine candidates are showing great results in the final stages of trials. Let us take a look at the updates of 4 major vaccines that could be supplied in India, as soon as they receive regulatory approvals.

  1. Oxford-AstraZeneca Vaccine
  2. Pfizer-BioNTech
  3. Gamaleya Institute-RDIF
  4. Bharat Biotech-ICMR
  5. Which Stocks Could Benefit from Vaccine?

Oxford-AstraZeneca

The AZD1222 Covid-19 vaccine is jointly developed by a Swedish-British pharma company AstraZeneca and the University of Oxford. According to trials conducted by the developers, the vaccine has shown an overall efficacy rate of 70%. An analysis issued by Oxford-AZ on 23rd November showed some very exciting results. The participants who received a lower amount of the vaccine in the first dose and then the full amount in the second dose were found to be 90% less likely to develop Covid.

The vaccine has also shown that it works across all age groups, and is also able to reduce asymptomatic infection. Another important feature of the Oxford-AZ vaccine is that it can be stored at normal fridge temperatures. This means that it would be cheaper to distribute and administer the vaccine to people. Experts believe that these 3 factors make this candidate a better choice, as compared to the results published by Pfizer and Moderna. There were no severe cases or hospitalisation in the 23,000 people who got the shot. 

The developers of the vaccine expect to supply 2.9 billion doses once they receive emergency use authorization. They have also stated that the vaccine would be made available in the UK first. The United States, the United Kingdom, and India are the main countries that have committed to buy a majority of its doses. The price of the shot has been set at $4-5.

It is expected to be cheaper in India, as the doses are also being manufactured by the Serum Institute of India (SII). The SII had partnered with AstraZeneca to develop the vaccine under the ‘Covidshield’ brand in our country There is a high chance that this vaccine will be the first to be administered to Indian citizens.

“The Serum Institute of India (SII) can apply for emergency use authorization (EUA) of the AstraZeneca and Oxford University’s COVID-19 vaccine in India once it is approved in the UK, since it is a partner developer” – Dr. Randeep Guleria, Director of AIIMS.

Pfizer-BioNTech

The Covid-19 vaccine candidate termed mRNA-BNT162 is being developed by US-based Pfizer Inc and Germany-based BioNTech. According to the final trials conducted by both companies, the vaccine has proven to be 95% effective in preventing Covid-19. Pfizer has approached the United States Food and Drug Administration (USFDA) to appeal for an emergency use authorization of its vaccine. However, a report on November 23 states that the USFDA will only assess the appeal on December 10.

Pfizer and BioNTech expect to supply 1.3 billion doses of the vaccine, as soon as they receive the approval from the USFDA. The United States, the UK, European Union, and Japan have already committed to buying the doses. The price per shot has been set at $20. Pfizer expects the vaccine to be rolled out by Christmas time in the United States.

On November 24, India’s Union Health Minister Harsh Vardhan said that India may not require the Pfizer-BioNTech vaccine. He stated that other vaccine candidates such as the one developed by Oxford-AZ are showing promising results. Also, the storage and distribution of Pfizer’s vaccine require an ultra-cold chain of minus 70 degrees. This would make it very expensive in India. However, based on India’s current Covid-19 situation, the government may consider buying a significant quantity of this vaccine.

Gamaleya Institute-RDIF

The Sputnik-V vaccine is being developed by Russia’s Gamaleya Research Centre and the Russian Direct Investment Fund (RDIF). They have partnered with Hyderabad-based Dr. Reddy’s to distribute the vaccine in India. According to the second interim analysis of 18,000 people who got the shot, the vaccine had an efficacy rate of 95%. They are currently undergoing Phase-3 trials with a total of 40,000 volunteers. RDIF has stated that Sputnik-V provides a stronger and longer-term immune response.

The developers of the vaccine expect to supply 1 billion doses of the vaccine, once they receive regulatory approvals. Russia, India, Vietnam, and Brazil have committed to buying the vaccine doses. The vaccine has been priced at $10 per shot.

Bharat Biotech-ICMR

Hyderabad-based Bharat Biotech has partnered with the Indian Council of Medical Research (ICMR) to develop India’s first indigenous Covid-19 vaccine- COVAXIN. The vaccine had initiated Phase-3 trials earlier this month with 26,000 volunteers from across 22 sites in India. This is the largest clinical trial conducted for a coronavirus vaccine candidate in India. On 22nd November, they announced that Covaxin will be at least 60% effective based on earlier trial results.

However, the company has not released the results of its Phase 1 & 2 results to the public. This makes us wonder about the actual effectiveness of the vaccine. The company expects the vaccine to be rolled out by mid-2021, after necessary approvals.

Which Stocks Could Benefit from Vaccine?

We can see that many sectors would benefit from the development of a vaccine in India. Whether it be manufacturing, storage, distribution, or administration of the vaccine, the support of many companies is needed. Earlier this month, it was announced that Pfizer’s vaccine needed a cold-storage facility to be stored and transported. On the same day, Snowman Logistics Ltd. said that they would create the necessary technology to provide logistical support for the vaccine.

Apollo Hospitals has also announced that they have the cold storage chain ready for Pfizer’s Covid-19 vaccine. They are ready to administer 10 lakh doses of the Covid-19 vaccine per day, once it is launched. The company has trained around 10,000 people to administer the vaccine in India.

Way back in July, Piramal Glass announced that they will be ready to supply more glass vials for the Covid-19 vaccines in India. They have taken proactive measures to meet any surge in demand for glass vials from the pharmaceutical industry across the globe. It has been estimated that India will require 6 crore vials for Covid-19 shots in the first six months of the vaccine being launched.

Dr. Reddy’s Laboratories will conduct all necessary trials and distribute the Sputnik-V coronavirus vaccine in India. The vaccine had arrived in Hyderabad on November 11, after regulators had approved to go ahead with the Phase-3 trial of the vaccine in India.

Just another thought that came into the team’s mind while brainstorming was that syringe manufacturers would also benefit from a vaccine. Companies like Albert David can be looked into. Also, diagnostic firms such as Dr. Lal PathLabs Ltd. would benefit from their Covid-19 testing facilities, until vaccines are launched.

What other sectors do you think will benefit from a Covid-19 vaccine?

Conclusion

As we can see, the Covid-19 vaccine candidates are showing great results. The vaccine developed by Oxford and AstraZeneca seems to be the most promising one, as compared to others. The developers of these vaccines are hopeful to supply it by the beginning of 2021. However, experts state that the distribution of the vaccine for all Indian citizens would be a major hurdle. For this, large pharmaceutical companies are also seeking logistical support from Indian firms to store and distribute vaccines. So, make sure that you follow news relating to such deals or orders.

The sentiments surrounding the efficiency of Covid-19 vaccine candidates have certainly lifted our spirits. However, do bear in mind that cases of Covid-19 are still rising, and many countries had even re-introduced lockdowns. Some parts of India are still reporting a large number of daily cases as well. Let us hope that the vaccine is available for every single citizen of India, once it is launched. 

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Market News Top 10 News

Reliance Retail Completes Fundraising From 10% Stake Sale – Top Indian Market News

Reliance Retail completes fundraising of Rs 47,265 crore from 10.09% stake sale

Reliance Retail Ventures Ltd.(RRVL) said that it has raised Rs 47,265 crore by selling 10.09% stake to multiple investors. According to an official release from RRVL, the company has completed the current phase of partner induction and fundraise exercise. The investors include Silver Lakes Partners, KKR, ADIA, and others. RRVL has allotted approximately 69 crore equity shares to its latest financial partners. This is the largest fundraising exercise in the retail sector completed within 2 months. 

Read more here.

SpiceJet gets clearance to fly Boeing 737 Max aircraft

SpiceJet Ltd. has received approval from the US Federal Aviation Administration (USFAA) to fly the Boeing 737 Max aircraft, after nearly 2 years of grounding. The grounding orders were placed in March 2019, after two deadly crashes. The USFAA stated that the clearance was announced after a ‘comprehensive and methodical’ 20-month review process. SpiceJet expects the jets to return to operations by the first quarter of 2021.

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RBI to conduct OMO on November 26

The Reserve Bank of India announced that it will conduct simultaneous purchase and sale of government bonds under Open Market Operations (OMO) on November 26. The central bank will conduct OMO for an aggregate amount of Rs 10,000 crore each. OMO is one of the tools used by RBI to smoothen the liquidity conditions in the economy. 

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L&T bags Rs 7,000 crore order to construct part of bullet train project

Larsen & Toubro (L&T) Construction has secured a contract worth Rs 7,000 crore from the National High-Speed Rail Corporation Ltd. The company will construct 87.56 km of the Mumbai-Ahmedabad High-Speed Rail project. L&T’s contract includes the construction of viaducts, one station, major river bridges, and maintenance depots.

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India to see Rs 10,000 crore investment in LNG stations: Dharmendra Pradhan

Oil Minister Dharmendra Pradhan said that India will see an investment of Rs 10,000 crore in the next 3 years for setting up 1,000 LNG stations. Liquefied Natural Gas (LNG) will be used for long-haul buses and trucks due to its higher energy density than CNG. It is 30-40% cheaper than diesel and will also reduce carbon emissions.

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Max Financial gets approval for share swap agreement with Mitsui Sumitomo

Max Financial Services Ltd. (MFSL) has received approval from the Department of Economic Affairs (DEA) to swap Mitsui Sumitomo’s stake in Max Life Insurance with the shares of itself. The transaction entails swapping Mitsui Sumitomo’s 20.6% stake in Max Life Insurance with a 21.9% stake in MFSL. This will result in MFSL holding more than 93% stake in the life insurance company.

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TCS expands strategic IT partnership with Kingfisher PLC

Tata Consultancy Services (TCS) has expanded its partnership with Kingfisher PLC, to accelerate the retailer’s transformation into a digital-first organization. TCS will provide consolidated application management and infrastructure support services to UK-based Kingfisher PLC. TCS has been a strategic IT partner with the retail company since 2012.

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Adani Green has no guaranteed buyer for Rs 44,540 crore solar project in India

Adani Green Energy’s $6 billion (~Rs 44,540 crore) solar power project has no guaranteed customer. This is according to the Solar Energy Corporation of India (SECI), which is the country’s main solar-adoption agency. The agreement between Adani Green and SECI in June 2020 reveals that SECI has no legal or financial obligation to support the project if it fails to find buyers. The agency has also stated that the failure of finding a customer would expose Adani Green to higher financial risk.

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Oaktree, Varde offer $2.5 billion funding to Vodafone Idea: Report

A group of private equity firms, led by US-based Oaktree Capital and Varde Partners, have offered to invest up to $2.5 billion (~Rs 18,550 crore) in Vodafone Idea Ltd. This is according to a report by BloombergQuint. Vodafone Idea (Vi) had also announced plans in September to raise Rs 25,000 crore through equity and debt instruments. Also, the company is yet to pay crores of debt to the government. 

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Apollo Hospitals partners with TataMD to launch ‘TataMD CHECK’

Apollo Hospitals has partnered with Tata Medical and Diagnostics (TataMD) to launch TataMD CHECK, a Covid-19 testing kit. TataMD will manufacture the kits at its facility in Sriperumbudur, near Chennai. Apollo Hospitals will offer the testing in the National Capital Region (NCR) from the first week of December.

Read more here.

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Market News Top 10 News

Finance Ministry Announces New Stimulus Package – Top Indian Market News

Finance Ministry unveils 12 new stimulus measures through Atmanirbhar Bharat 3.0

The Finance Ministry has announced a series of new measures to provide a further boost to India’s Covid-hit economy. The size of the stimulus package has been estimated at Rs 2.65 lakh crore. The Atmanirbhar Bharat 3.0 has focussed on sectors such as real estate and infrastructure. It has also introduced various steps to increase job opportunities in our country.

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Cold storage chain ready for Covid-19 vaccine: Apollo Hospitals CEO

Suneeta Reddy, the CEO of Apollo Hospitals, has stated that the company is ready for the administration of the Covid-19 vaccine in India. She has said that Apollo has the necessary cold storage chain in place for the vaccine. They have also trained about 10,000 people to administer the vaccine.

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Retail inflation rises 7.61% in October: Govt data

The growth rate of India’s retail inflation, which is measured by the Consumer Price Index (CPI), had increased to 7.61% in October. The CPI for September was reported at 7.27%. On a separate notice, it was stated that the Index of Industrial Production (IIP) had posted a growth of 0.2% YoY to 123.2 in September. The IIP measures India’s factory output. The two sets of data were released by the Ministry of Statistics & Programme Implementation.

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Cochin Shipyard Q2 Results: Net Profit falls 48% YoY to Rs 107 crore

Cochin Shipyard Ltd. reported a 48% year-on-year (YoY) decline in net profit to Rs 107.16 crore, for the quarter ended September (Q2). The company’s revenue declined by 32.43% YoY to Rs 657.40 crore, during the same period. The shipbuilding company has stated that its main sales activities have not recovered to pre-Covid levels.

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Eicher Motors Q2 Results: Net Profit declines 40% YoY to Rs 343 crore

Eicher Motors Ltd. reported a 40% YoY decline in consolidated net profit to Rs 343 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 2.65% YoY to Rs 2,143 crore, during the same period. Eicher Motors has stated that its sales of Royal Enfield motorcycles and commercial vehicles had fallen sharply, as compared to Q2 of the previous financial year.

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Grasim sells fertilizer business to Indorama for Rs 2,649 crore

Grasim Industries has sold 100% stake in its fertilizer business- Indo Gulf Fertilizers (IGF), to Singapore-based Indorama Corporation Ltd. IGF is engaged in manufacturing and trading of urea and other agriculture inputs in India. The total value of the sale has been estimated at Rs 2,649 crore. The transaction is subject to necessary regulatory approvals.

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Natco Pharma Q2 Results: Net Profit rises 73% YoY to Rs 204 crore

Natco Pharma Ltd. reported a 72.23% year-on-year (YoY) increase in consolidated net profit to Rs 203.9 crore, for the quarter ended September (Q2). The drug company’s consolidated revenue stood at Rs 827.9 crore, during the same period. The Board of Directors of Natco Pharma has approved an interim dividend of Rs 2 per share.

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Advanced Enzymes Q2 Results: Net Profit rises 21% YoY to Rs 38 crore

Advanced Enzymes Technologies Ltd. reported a 21% YoY increase in net profit to Rs 38.56 crore, for the quarter ended September (Q2). The company’s revenue increased by 8.03% YoY to Rs 120.39 crore, during the same period. The research-driven company has stated that a majority of the revenue came from its healthcare segment. Its performance had not been adversely affected by the Covid-19 pandemic.

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India imposes anti-dumping duty on clear float glass imports from Malaysia

India has imposed an anti-dumping duty on clear float glass from Malaysia for five years. The main aim of this duty is to protect the domestic industry from cheap imports. This was announced after a recommendation was made by the Directorate General of Trade Remedies (DGTR). Clear float glass is a material used in the automobile and refrigeration industries.

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Jubilant Foodworks Q2 Results: Net Profit rises 4% YoY to Rs 76 crore

Jubilant Foodworks Ltd. reported a 3.82% YoY increase in consolidated net profit to Rs 75.77 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 18.20% YoY to Rs 816.32 crore, during the same period. The group had to close down 105 stores in Q2 FY21. Jubilant Foodworks is the master franchisee of Domino’s Pizza in India.

Read more here.

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Editorial

The Pfizer Vaccine – All You Need to Know

A major announcement from the United States on November 9 has completely lifted our hopes and spirits! Since March, scientists around the world have been working tirelessly towards creating an effective vaccine against the novel coronavirus. And now, drugmakers Pfizer and BioNTech have come out with a very positive result. The vaccine developed by the two companies was found to be 90% effective in preventing Covid-19 infections in ongoing Phase-3 trials.

We saw that the announcement made a ripple effect across the world, with the stock markets reaching new highs. Let us dive deep into the details of the vaccine, and recent developments surrounding it.

  1. Pfizer’s Covid-19 Vaccine Trials
  2. What Happened After the Announcement?
  3. Will the Vaccine be Available in India?
  4. Will a Vaccine Solve All Our Problems?

Pfizer’s Covid-19 Vaccine Trials

US-based Pfizer Inc and Germany-based biotechnology firm BioNTech had begun their collaboration in March 2020. Their partnership is aimed at co-developing and distributing a potential Covid-19 vaccine. Here are some important facts about the recent Phase-3 trials of the potential vaccine:

  1. The Phase-3 trials of the vaccine involved 44,000 participants in six countries. Half of them were administered with the vaccine, and the other half were given a placebo- a pill with no effect (like a sugar pill). A participant would not know if he got the vaccine or the placebo, thus helping to analyse the psychological effects.
  1. As per Pfizer’s interim analysis, the vaccine is 90% effective in preventing Covid-19 in participants who had no prior history of a SARS Cov-2 infection. However, Pfizer had not disclosed how many participants from the total number were used to formulate this interim analysis. In this sample, it is not clear how many had received the vaccine, and how many had received the placebo.
  1. Pfizer has stated that protection against the virus is achieved 28 days after the injection of the vaccine.
  1. The announcement made on November 9 offers the first compelling evidence that a vaccine can prevent Covid-19. Pfizer’s report from Phase-3 trials is being welcomed by other scientists around the world. It also puts Pfizer-BioNtech ahead of the other vaccine makers.
  1. Pfizer is planning to approach the United States Food and Drug Administration (USFDA) for emergency authorization of the vaccine later this month. Meanwhile, the Phase-3 trials will continue until there are 164 Covid-19 cases among the volunteers. This final analysis will confirm the actual percentage of effectiveness of the vaccine.
  1. An important factor to be noted is that experts in the field are yet to receive an answer on how much protection the vaccine offers, and for how long it would last. So, we can say that this announcement is being taken with “cautious optimism”.

What Happened After the Announcement?

Ever since Pfizer made the statement on Nov 9, we can see that important decisions are being taken at a very rapid pace. According to a statement from Pfizer, the company has plans to globally produce up to 50 million vaccine doses in 2020, and up to 1.3 billion doses in 2021.

Reports have also stated that many countries have already made deals with the drugmaker and have plans to hoard the vaccine. The US Government has signed a $1.95 billion (~Rs 14,474 crore) deal with Pfizer to buy 100 million doses. According to Alex Azar, the US Health Secretary, their government would begin vaccinating Americans in December. This is only possible if Pfizer submits the initial positive data from its vaccine trials to the USFDA, as soon as possible.

On the day of the announcement, Pfizer CEO Albert Bouria made a very calculated move. As per a regulatory filing, 1,32,508 Pfizer shares were sold by the CEO at a price of $42 per share. This means that he had sold $5.6 million of his shares in the company. This has raised many eyebrows as almost 62% of his entire stock in the company was sold right at the peak. Several questions have also been raised regarding the effectiveness of the vaccine after this high profile stake sale.

Will the Vaccine be Available in India?

Our Indian Government is now in discussions with Pfizer to make the vaccine available in our country. So far, the American firm does not have a distribution pact with any Indian company. It has been reported that India would soon sign an agreement with the US drugmaker. However, India has some significant hurdles to overcome to ensure that we can obtain Pfizer’s vaccine.

In a statement made on November 10, Kiran Mazumdar Shaw, the Managing Director of Biocon, stated that the Pfizer vaccine is unlikely to make its way to India. The reason that she had put forth was that the vaccine requires an ultra-cold chain of minus 70 degrees. This means that the vaccine has to be stored and transported in an ultra-cold facility. Currently, India does not have the necessary logistical support to conduct such a highly specialized task. The cost of the vaccine in India may also become very high due to this reason.

Around the same time, we had also received some positive statements from Snowman Logistics. The company has found an opportunity to improve its business, by creating a super-cold storage facility for Pfizer’s Covid-19 vaccine. Sunil Nair, the CEO of Snowman Logistics, has stated that they will come up with a technology to address these requirements. On November 10, the share price of Snowman Logistics saw a surge of 14% in an intraday movement to Rs 40.95. 

Last month, Apollo Hospitals had announced that they are ready to administer 10 lakh doses of the Covid-19 vaccine per day. Today, the company’s CEO, Sunita Reddy, has said that they have the cold storage chain ready for the Pfizer vaccine.

Will Vaccine Solve All Our Problems?

Scientists have yet again proved to become a worthy opponent in the fight against a deadly virus. We have finally received an amazing update from the vaccine makers. A very effective vaccine would hopefully be available all over the world soon. The news from Pfizer had also created a very positive sentiment around the global markets. We also saw our stock market indices reaching new highs.

Our Indian companies are also preparing to create a possible technology to store and transport the vaccine. All the issues caused by the Covid-19 pandemic would soon be countered. Although a vaccine would not immediately turn around the world economies, it gives hope that there will be a brighter future going ahead. As Indians and as human beings, in the face of a problem such as Covid, we will come back much stronger. The economic conditions could become more stable, and more importantly, things are finally looking very optimistic!

Let us look forward to the latest updates surrounding the vaccines, including many others from India and around the world. We must also be aware of how our country is planning to further gear up to make the vaccine available for all citizens. And as intelligent stock market participants, identify which all sectors will benefit from the announcement of a vaccine.