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Tata Power Secures Contract Worth Rs 400 crore From KSEB – Top Indian Market News

Tata Power secures contract worth Rs 400 crore from KSEB

Tata Power Company has secured a contract worth Rs 400 crore from the Kerala State Electricity Board Ltd (KSEB). The order consists of developing an 84 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala. The project has to be commissioned within three months of receipt of an order from individual residential customers. The rooftop solar project is expected to generate 120 million units (MUs) of energy every year. 

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Delta Corp Q1 Results: Net loss at Rs 28.93 crore

Delta Corp Limited reported a consolidated net loss of Rs 28.93 crore for the quarter ended June 2021 (Q1 FY22). It had posted a net loss of Rs 28.24 crore in the corresponding quarter last year (Q1 FY21). Delta Corp had reported a net profit of Rs 57.77 crore in Q4 FY21. The company’s total income increased by 34.92% YoY to Rs 82.72 crore in Q1 FY22. Delta Corp is a gaming and hospitality company that owns and operates casinos and hotels.

Ashoka Buildcon receives order worth Rs 482 crore from Ircon International

Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Ircon International for an order worth Rs 482.34 crore. The order consists of the supply, erection, testing, and commissioning of an Electro-Mechanical (E&M) System on the Dharam-Katra section of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project. Out of the 272 kilometers of the USBRL Project, work has been completed on 161 km and commissioned, said the Ministry of Railways in a press release. 

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JSW Steel’s output rises 65% YoY to 5.07 MT in Q1

JSW Steel Limited reported a 65% year-on-year (YoY) growth in production to 5.07 million tonnes (MT) for the quarter ended June 2021 (Q1 FY22). Total production rose 16% when compared to the previous quarter. The company’s capacity utilisation at the standalone level was at 91% in Q1. Amidst the second wave of the Covid-19 pandemic, JSW Steel had supplied over 65,000 tonnes of liquid oxygen across India during the April-June quarter.

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HCL Tech helps transform BP’s workplace services in multi-year deal

HCL Technologies Ltd has completed the first phase in building a modern digital workplace for UK-based multinational energy company BP. As part of a multi-year deal, HCL will help transform BP’s workplace services, enabling it to drive efficiency and create a standardised end-user experience for its employees across 500 sites. HCL Tech has been providing global site support services and managed telephony for 60,000 IT end-users at BP.

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HG Infra declared lowest bidder for road project in Delhi

HG Infra Engineering has been declared the lowest (L-1) bidder by the National Highways Authority of India (NHAI) for a road project in Delhi. The project involves the development of a six-lane Urban Extension Road (UER) on NH 344 M (Karala-Kanjhawala Road) in Delhi. The company’s bid project cost is Rs 1,393.11 crore. The order has to be completed within two years.

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Maruti Suzuki launches digital platform to provide car financing solutions

Maruti Suzuki India Ltd has announced the nationwide roll-out of its digital platform that provides end-to-end online car financing solutions to customers. The platform, Maruti Suzuki Smart Finance, will be available across India for customers of both Arena and Nexa dealerships. The automaker has on-boarded HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, IndusInd Bank, and 9 other financiers to provide enhanced car financing experience to customers.

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Tata Motors partners with IndusInd Bank to finance solutions for passenger vehicles

Tata Motors Limited has launched offers for its passenger vehicle customers in partnership with IndusInd Bank. As part of the collaboration, Tata Motors will provide the ‘Step Up’ scheme where customers can choose and buy from its range of passenger cars in India, with a special low EMI option scheme for the first 3-6 months. This is part of the automaker’s constant effort to fast-track the availability of safe personal mobility solutions to individuals and families at pocket-friendly rates.

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BHEL receives order from NPCIL for Nuclear Steam Generators

Bharat Heavy Electricals Ltd (BHEL) has secured an order for the supply of 12 steam generators from Nuclear Power Corporation of India Ltd (NPCIL). The order has been valued at Rs 1,405 crore. The generators will be manufactured at BHEL’s plant at Tiruchirapalli (Tamil Nadu). This is part of NPCIL’s Fleet Mode procurement program, which mandates the supply of steam generators for India’s highest-rated 700 MWe Pressurised Heavy Water Reactors to be set up at 4 different locations in the country.

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Kitex Group being kicked out of Kerala: MD

Sabu M. Jacob, the Managing Director of Kitex Garments Ltd, has alleged that he is being ‘kicked out’ of Kerala due to harassment by the state government. The company is planning to shift its proposed project worth Rs 3,500 crore to Telangana. Tamil Nadu and Karnataka had also shown interest in the project after the MD announced that Kitex was winding up the project in Kerala, citing an alleged witch-hunt. Read more here.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 102.58 times on the final day of bidding. The portion reserved for retail investors was subscribed 12.57 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 238.04 times and that of qualified institutional buyers (QIBs) 168.58 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 93.41 times on the final day of bidding. The portion reserved for retail investors was subscribed 9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 206.43 times and that of qualified institutional buyers (QIBs) 156.37 times. To know more about the IPO, click here.

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Zydus Cadila to Seek EUA for ZyCoV-D in 7-8 Days – Top Indian Market News

Some ampoules with ncov-2019 vaccine in a box. to fight the coronavirus pandemic.

Zydus Cadila to seek EUA for ZyCoV-D vaccine in 7-8 Days

Zydus Cadila has informed the Centre that it could apply for emergency use authorisation (EUA) for the ZyCoV-D vaccine in the next 7-8 days. ZyCoV-D is a DNA Covid-19 vaccine, which carries the genetic code for that part of a virus that triggers the immune system of the body. It is the second vaccine to be made in India after Bharat Biotech’s Covaxin. The vaccine is being developed with support from the Centre’s National Biopharma Mission. The pharma company has enrolled more than 28,000 volunteers in their Phase-3 study.

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Tata Motors, Tata Power jointly inaugurate solar carport in Pune

Tata Motors and Tata Power Company have announced the inauguration of India’s largest solar carport in Pune. The 6.2-megawatt peak (MWp) solar carport deployed by Tata Power will generate 86.4 lakh kilowatt-hour (kWh) of electricity per year. It is estimated to reduce 7,000 tons of carbon emissions annually. The carport (spanning over 30,000 square metres) will generate green power and provide covered parking for finished cars at Tata Motors’ car plant in Chikhali, Pune.

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Minda Industries raises Rs 50 crore via issuance of commercial papers

Minda Industries has raised Rs 50 crore through the issuance of commercial papers. The auto components manufacturer said this fund-raising is in line with the management’s efforts to bring down finance costs. In May 2021, the company’s board had approved the acquisition of a 27.55% stake in CSE Dakshina Solar for Rs 27 lakh. This acquisition is for availing solar power from CSE Dakshina for Minda Industries’ units in Tamil Nadu.

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PSP Projects Q4 Results: Net profit rises 22.38% YoY to Rs 41.73 crore

PSP Projects Ltd reported a 22.38% YoY increase in consolidated net profit to Rs 41.73 crore for the quarter ended March (Q4). Net profit has increased by 43.11% when compared to the previous quarter. Its total income rose 8.73% YoY to Rs 504.36 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 36.55% YoY to Rs 81.52 crore. The construction company’s board has recommended a final dividend of Rs 4 per share.

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Aster DM Healthcare partners with Dr. Reddy’s to administer Sputnik V vaccine in select locations

Aster DM Healthcare has entered into a partnership with Dr. Reddy’s Laboratories to administer the Sputnik V Covid-19 vaccine as part of a limited pilot soft launch. The healthcare provider will initially administer the vaccine to beneficiaries in Kochi and Kolhapur (Maharashtra). Aster has trained over a hundred staff at 14 of its hospitals to administer the vaccine jab. Dr. Reddy’s Laboratories has facilitated the necessary cold storage infrastructure for vaccine storage at the selected hospitals of Aster DM Healthcare.

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Eveready Industries Q4 Results: Net loss at Rs 441 crore

Eveready Industries India reported a standalone net loss of Rs 441.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 63.73 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations increased by 21.6% YoY to Rs 272.63 crore in Q4 FY21. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 309.13 crore. This is compared to a net profit of Rs 179.57 crore in FY20.

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Hinduja Global Solutions Q4 Results: Net profit jumps 203% YoY to Rs 131.26 crore

Hinduja Global Solutions Ltd reported a 203.3% YoY jump in consolidated net profit to Rs 131.26 crore for the quarter ended March (Q4). Net profit has increased by 74.14% when compared to the previous quarter. Its revenue from operations rose 21.6% YoY to Rs 1,563.5 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 66.41% YoY to Rs 336.05 crore. The IT service provider’s board has recommended a final dividend of Rs 22 per share.

RBI grants in-principle approval to Centrum Financial Services to set up SFB

The Reserve Bank of India (RBI) has granted in-principal approval to Centrum Financial Services Ltd to set up a small finance bank (SFB). The approval has been given to Centrum in accordance with the offer it made in response to the Expression of Interest (EoI) to take over the troubled Punjab and Maharashtra Cooperative Bank (PMC). According to reports, both Centrum and BharatPe will hold a 50% stake in the SFB, and assets and liabilities of PMC will be transferred to the SFB.

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Ashoka Buildcon Q4 Results: Net profit rises 6% YoY to Rs 142 crore

Ashoka Buildcon Ltd reported a 5.87% YoY increase in consolidated net profit to Rs 142.46 crore for the quarter ended March (Q4). Net profit has increased by 61% when compared to the previous quarter. Its revenue from operations rose 9.55% YoY to Rs 1,735.57 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 67.08% YoY to Rs 276.22 crore. Maharashtra-based Ashoka Buildcon is an infrastructure development company. It is one of the leading highway developers in India.

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Paytm to raise Rs 12,000 crore via issue of fresh equity shares

One97 Communications, the parent company of Paytm, has announced plans to raise Rs 12,000 crore by issuing fresh equity shares. Paytm’s founder Vijay Shekhar Sharma may also get declassified as a promoter of the company in accordance with market regulator SEBI’s public listing rules. The company’s much-awaited IPO is expected to launch by November.

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IPO Updates: 

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 45.62 times on the final day of bidding. The portion reserved for retail investors was subscribed 11.34 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 73.26 times and that of qualified institutional buyers (QIBs) 84.88 times. You can learn more about the IPO here.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 3.86 times on the final day of bidding. The portion reserved for retail investors was subscribed 2.9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.89 times and that of qualified institutional buyers (QIBs) 5.26 times. You can learn more about the IPO here.

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SAIL Reports 31% YoY Rise in Net Profit in Q4 – Top Indian Market News

SAIL Q4 Results: Net profit rises 31% YoY to Rs 3,470 crore

Steel Authority of India Ltd (SAIL) reported a 31% YoY increase in consolidated net profit to Rs 3,469.88 crore for the quarter ended March (Q4). Net profit has jumped 136.34% when compared to the previous quarter. Its total income rose 41.98% YoY to Rs 23,533.19 crore during the same period. The company’s total output rose 6% YoY to 4.56 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) increased by 95.6% YoY to Rs 4,148.13 crore. SAIL’s board has declared a final dividend of Rs 1.80 per share. 

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Industrial output falls to seven-month low in April

India’s industrial output fell to the lowest level in seven months in April due to the resurgence of Covid-19 cases. The Index of Industrial Production (IIP) fell 13% over the previous month to 126.6 in April 2021. The index for manufacturing output contracted by 12.6% over March to 125.1. The mining output index contracted 22.1% month-on-month (MoM) to 108 in April. The index for electricity generation stood at 174 in April, compared to 180 in March. The data was released by the Ministry of Statistics and Programme Implementation (MoSPI).

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TCS extends 17-year partnership with Virgin Atlantic

Tata Consultancy Services (TCS) has extended a 17-year strategic partnership with UK-based Virgin Atlantic to help them embark on a new phase of recovery and growth. The IT major will take exclusive responsibility for the airlines’ end-to-end operational management and digital transformation. TCS will build innovative digital solutions with Cloud-First guiding principles to help Virgin Atlantic improve agility and performance in its purpose-led transformation.

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DLF Q4 Results: Net profit at Rs 481 crore

DLF Limited reported a consolidated net profit of Rs 480.94 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,857.76 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income rose 1.75% to Rs 1,906.59 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 1,093.61 crore. This is compared to a net loss of Rs 583.19 crore in FY20. DLF has appointed two of its executives, Ashok Tyagi and Devinder Singh, as Chief Executive Officers (CEOs).

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Ashoka Buildcon emerges lowest bidder for road project in Punjab

Ashoka Buildcon Ltd has been declared the lowest (L-1) bidder for a road project in Punjab by the National Highways Authority of India (NHAI). The project consists of six-laning of IT City Chowk to Kurali Chandigarh Road, the design length of which is 31.23 km, in Punjab. The quoted bid price for the project is Rs 726 crore. The road project comes under the Indian government’s Bharatmala Pariyojana— Package II.

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Heranba Industries Q4 Results: Net profit rises 64.5% YoY to Rs 43 crore

Heranba Industries Ltd reported a 64.51% YoY increase in net profit to Rs 43.20 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 25.34% YoY to Rs 267.83 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 57.9% YoY to Rs 154.22 crore. The chemical manufacturing company’s board has recommended a final dividend of Rs 0.70 per share.

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Ipca Laboratories acquires 13% stake in Trophic Wellness for Rs 21 crore

Ipca Laboratories Ltd has acquired an additional 13.09% stake in Trophic Wellness Pvt Ltd (TWPL) for a cash consideration of Rs 21.20 crore. The pharma company currently holds a 52.35% stake in TWPL. With this acquisition, Trophic Wellness has become a subsidiary of Ipca Laboratories. TWPL is a nutritional and wellness products company that offers a wide variety of dietary supplements of global standards. 

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BHEL Q4 Results: Net loss at Rs 1,035 crore

Bharat Heavy Electricals Limited (BHEL) reported a consolidated net loss of Rs 1,034.82 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,532.67 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 40.23% YoY to Rs 7,245.16 crore in Q4 FY21. BHEL’s power vertical posted a 51% YoY growth in revenues to Rs 4,789 crore. Net loss for the financial year 2020-21 (FY21) stood at Rs 2,697.11 crore. This is compared to a net loss of Rs 1,466.01 crore in FY20.

Zee Entertainment to launch OTT platform ZEE5 in the US on June 22

Zee Entertainment Enterprises Ltd (ZEEL) will launch its video streaming service, ZEE5, in the United States on June 22. The over-the-top (OTT) platform is currently present in international territories such as the United Kingdom and the Middle East. The ZEE5 annual pack (priced at $84) will be available across devices at a limited launch offer price of $49.99. ZEE5 will provide 130,000 hours of content across 18 languages. You can learn more about ZEEL here.

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Deccan Cements Q4 Results: Net profit at Rs 22.08 crore

Deccan Cements Ltd reported a net profit of Rs 22.08 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 2.96 crore in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations rose 72.83% YoY to Rs 213.83 crore in Q4 FY21. Net profit for the full financial year 2020-21 (FY21) jumped 103.27% YoY to Rs 115.13 crore. The cement company’s board has recommended a final dividend of Rs 5 per share.

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Cochin Shipyard Q4 Results: Net profit rises 71% YoY to Rs 236 crore

Cochin Shipyard Ltd reported a 71.76% YoY increase in consolidated net profit to Rs 236.21 crore for the quarter ended March (Q4). Net profit has increased by 5.53% when compared to the previous quarter. Its total income rose 33.35% YoY (or 50.41% QoQ) to Rs 1,148.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 3.7% YoY to Rs 608.66 crore. Cochin Shipyard’s board has recommended a final dividend of Rs 2.50 per share.

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M&M Reports Net Profit of Rs 163 crore in Q4 – Top Indian Market News

M&M and MVML Q4 Results: Net profit at Rs 163 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a combined net profit of Rs 163 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3,255 crore in the corresponding quarter last year (Q4 FY20). The combined revenue from operations rose 48% YoY to Rs 13,338 crore in Q4 FY21. Its farm equipment business grew 100% YoY to Rs 1,095 crore. The company’s board has announced a final dividend of Rs 8.75 per share. 

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

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Bajaj Healthcare launches Posaconazole API for treatment of black fungus

Bajaj Healthcare Ltd has announced the launch of Posaconazole API, used for the treatment of mucormycosis or Black Fungus in Covid-19 patients. The pharma company has received approval from the Food and Drugs Administration (FDA), Gandhi Nagar, Gujarat, to manufacture and market the anti-fungal drug in India. It will commence commercial production of Posaconazole API from the first week of June.

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Ashoka Buildcon secures order worth Rs 1,018 crore from Fahi Dhiriulhun Corp

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an order from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives. The order consists of the design and construction of 2,000 social housing units in Hulhumale on an engineering, procurement, and construction (EPC) basis. The total value for this project is estimated at Rs 1,018.36 crore. 

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Karur Vysya Bank Q4 Results: Net profit rises 24% YoY to Rs 104 crore

Karur Vysya Bank reported a 24.7% YoY increase in net profit to Rs 104.37 crore for the quarter ended March (Q4). Net profit has jumped 201% when compared to the previous quarter. Its total operating income declined by 7.34% YoY to Rs 1,349.31 crore during the same period. For the financial year ended March 31, 2021 (FY21), the bank’s net profit has increased by 52.92% YoY to Rs 359.39 crore. 

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Dilip Buildcon Q4 Results: Net profit declines 2.5% YoY to Rs 186 crore

Dilip Buildcon Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 186.18 crore for the quarter ended March (Q4). Net profit has increased by 2.17% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,135 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 7.68% YoY to Rs 436.54 crore. Dilip Buildcon’s board has announced a final dividend of Re 1 per share.

Canara Bank to raise up to Rs 9,000 crore in FY22

The Board of Directors of Canara Bank has approved the capital raising plan of up to Rs 9,000 crore for the financial year 2021-22 (FY22). The state-owned bank will raise funds amounting to Rs 2,500 crore by way of a qualified institutional placement (QIP). Capital of Rs 4,000 crore will be raised by issuing additional Tier-1 Basel III compliant bonds. An amount of Rs 2,400 crore will be raised by issuing additional Tier-2 Basel III compliant bonds.

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Ipca Labs Q4 Results: Net profit rises 94% YoY to Rs 161 crore

Ipca Laboratories Ltd reported a 94.09% YoY increase in consolidated net profit to Rs 161.20 crore for the quarter ended March (Q4). The pharma company’s revenue from operations rose 3.81% YoY to Rs 1,114.66 crore during the same period. It incurred a foreign exchange (forex) gain of 13.24 crore in Q4 FY21, compared with a forex loss of Rs 23.62 crore in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit rose 89% YoY to Rs 1,141 crore.

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Sun Pharma secures patent license for Dapagliflozin in India from AstraZeneca

Sun Pharmaceutical Industries has acquired the Rights to Trademarks of Dapagliflozin under the brands Oxra, Oxramet, and Oxraduo in India from Sweden-based AstraZeneca AB. The pharma company has also taken a patent license to manufacture and commercialize the drug in India, with effect from May 28, 2021. Dapagliflozin is used for the treatment of Type-2 diabetes.

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Deepak Fertilizers Q4 Results: Net profit jumps 415% YoY to Rs 116 crore

Deepak Fertilizers & Petrochemicals Corporation reported a 415% YoY jump in consolidated net profit to Rs 116 crore for the quarter ended March (Q4). Its revenue from operations rose 21.8% YoY to Rs 1,575 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 357% YoY to Rs 406 crore. The company’s board has recommended a dividend of Rs 7.5 per share.

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Vedanta to set up Aluminium Park in Odisha with an investment of Rs 10,000 crore

Vedanta Limited has announced plans to set up an aluminium park in Odisha to facilitate companies that use the metal to set up their manufacturing units in the facility. It aims to invest Rs 10,000 crore to establish the park. The facility will benefit small and medium downstream enterprises, which can set up their manufacturing units and draw hot metal from Vedanta’s aluminium smelter in Jharsuguda to make their end-products. Vedanta stated that the park would create employment opportunities for more than 1 lakh people.

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RBI imposes Rs 10 crore penalty on HDFC Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank for regulatory non-compliance. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” said RBI. The central bank said irregularities were found after examination of a whistleblower complaint with respect to the bank’s auto loan portfolio.

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City Union Bank Q4 Results: Net profit at Rs 111 crore

City Union Bank reported a net profit of Rs 111.18 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 95.29 crore in the corresponding quarter last year (Q4 FY20). Its total income declined 8.15% YoY to Rs 1,121.43 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.34% YoY to Rs 592.82 crore.

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Centre’s Net Indirect Tax Collections Rise 12% in FY21 – Top Indian Market News

Centre’s net indirect tax collections rise 12% in FY21

The Centre’s net revenue collections from indirect taxes witnessed a 12.3% year-on-year (YoY) rise to 10.71 lakh crore in the financial year 2020-21. This was supported by robust growth in receipts from customs duty and central excise (mostly from petrol and diesel). This figure has surpassed both the original as well as upwardly revised estimates for FY21 in the case of customs duty, central excise, and service tax taken together. The Centre collected Rs 1.32 lakh crore in customs duty receipts in FY21, an increase of 21% YoY. 

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BPCL partners with Accenture to transform its sales, distribution network

Bharat Petroleum Corporation Ltd (BPCL) has partnered with Accenture to transform its extensive sales and distribution network. Accenture will use its capabilities in data, artificial intelligence (AI), and cloud technologies to build, design, and implement a digital platform, called IRIS. This platform will integrate real-time data from across BPCL’s countrywide network to provide a consolidated view of its extensive operations.

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S&P Dow Jones Indices removes Adani Ports from sustainability index

S&P Dow Jones Indices said it is removing Adani Ports and Special Economic Zone Ltd (APSEZ) from its sustainability index due to the company’s business ties with Myanmar’s military, which is accused of human rights violations after a coup in February. APSEZ had earlier announced plans of building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). The stock will be removed from the index prior to the open on April 15.

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L&T begins construction of 300-MW solar power plant in Saudi Arabia

The renewables arm of Larsen & Toubro’s (L&T) Power Transmission & Distribution Business has secured the go-ahead to begin construction of a 300 MW solar power plant in Jeddah, Saudi Arabia. The engineering, procurement, and construction (EPC) order was received from a consortium of Masdar, EDF Renewables, and Nesma Company. Earlier, L&T said it had secured a major EPC order for establishing a 1.5 gigawatt (GW) Sudair solar PV project in Saudi Arabia.

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Adani Green Energy’s subsidiary commissions 50-MW solar plant in Chitrakoot

Adani Solar Energy Chitrakoot One Ltd (ASECOL), a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 50 megawatt (MW) solar power plant in Chitrakoot, Uttar Pradesh. The plant has a power purchase agreement (PPA) with the Uttar Pradesh Power Corporation Ltd at Rs 3.07 per kilowatt-hour for a period of 25 years. This takes AGEL’s total operational renewable capacity to 3,520 MW.

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JLR will report significant cash flow in Q4: Tata Motors

Tata Motors Limited said Jaguar Land Rover (JLR) is confident of reporting significant cash flows for the quarter ended March (Q4) and break-even on a cash flow basis for the financial year ended March 31. JLR posted a 12.4% year-on-year (YoY) increase in retail sales to 123,483 units in Q4. Sales of Jaguar declined by 17.1%YoY to 23,463 units, while sales of Land Rover jumped 22.6% YoY to 100,020 units during the same period.

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Ashoka Buildcon declared lowest bidder for Gujarat Rail project

Ashoka Buildcon Limited has emerged as the lowest (L1) bidder for a tender floated by Gujarat Rail Infrastructure Development Corporation. The project consists of Gauge Conversion of Bechraji-Ranuj section to Broad Gauge with 25 kilovolt (kV) AC electrification in Ahmedabad Division of Western Railway. The total project cost is Rs 333.26 crore.

Cipla doubles remdesivir production amid unprecedented demand

Cipla Limited said it has doubled production of Covid-19 medication remdesivir to help meet “unprecedented demand” as India battles the second wave of infections. Recently, the Centre banned the export of the antiviral drug and its Active Pharmaceutical Ingredients (API) to deal with shortages of the medication. The drugmaker is working with authorities to restrict remdesivir supply just to hospitals and areas with a high burden of severe Covid-19 cases.

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NBCC secures order to construct office building in Noida

NBCC (India) Limited has been awarded a work order for engagement as Project Management Consultant (PMC) for the construction of a Fertilizer Corporation of India (FCIL) office building at Noida, Uttar Pradesh. The total value of the project is Rs 65.10 crore at a PMC fee of 7%. NBCC (India) is a Government of India enterprise that provides civil engineering construction services.

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Ramco Systems partners with EXSYN Aviation Solutions

Ramco Systems Limited has partnered with EXSYN Aviation Solutions to jointly offer aircraft data migration solutions to new clients. This partnership will enable new clients that are onboarding Ramco Aviation M&E MRO Suite to trust and rely on the expertise and technology of EXSYN. This will help clients to smoothly migrate their data from existing systems into Ramco applications.

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RailTel Corp Launches WiFi Facilities at 4,000 Railways Stations – Top Indian Market News

RailTel Corp launches WiFi facilities at 4,000 railways stations; secures order worth Rs 25 crore from BSNL

RailTel Corporation of India has started monetising its WiFi facilities at railway stations by launching high-speed prepaid WiFi at over 4,000 railway stations across India. The scheme is expected to bring additional revenue of Rs 15 crore per annum to the company. RailTel has also selected Margo Networks, a subsidiary of Zee Entertainment Ltd, to provide Content-on-Demand (CoD) services in trains and railway stations. 

In other news, RailTel Corp has received an advance purchase order amounting to Rs 25.46 crore per annum from Bharat Sanchar Nigam (BSNL). The scope of work consists of the commissioning of point-to-point links. The advance purchase order issued for the work will be valid for one year and further extendable by two years.

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Wipro to acquire UK-based consultancy firm Capco for $1.45 billion

IT major Wipro Limited said it will acquire UK-based management and technology consultancy firm Capco for $1.45 billion (~Rs 10,550 crore). Capco serves financial institutions across the Americas, Europe, and Asia-Pacific regions. This acquisition will make Wipro one of the largest end-to-end global consulting, technology, and transformation service providers to the banking and financial services industry. 

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Ashoka Buildcon to acquire 49% stake in Ashoka Highways for Rs 36 crore

Ashoka Buildcon Ltd has entered into a share purchase agreement (SPA) with India Infrastructure Fund (IIF) for purchasing a 49% stake held by IIF in Ashoka Highways (Bhandara). The aggregate consideration to be paid for acquiring the stake is Rs 35.98 crore. The completion of the transaction is subject to approvals from the National Highways Authority of India (NHAI). Ashoka Buildcon currently holds 9 shares in Ashoka Highways (Bhandara).

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TCS partners with VodafoneZiggo to accelerate its fixed fiber network rollout

Tata Consultancy Sevices (TCS) has expanded its strategic partnership with VodafoneZiggo B.V. Netherlands to accelerate its fixed fiber network rollout. TCS will deploy artificial intelligence (AI), machine learning technology, as well as TCS Twin— its digital twin solution for enterprises— for the rollout of VodafoneZiggo’s business-to-business (B2B) fixed fiber network. This will enable superior connectivity for subscribers and a faster launch of new services.

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Dilip Buildcon receives LoA from Mahanadi Coalfield for mining project in Odisha

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) for a mine developer cum operator (MDO) contract from Mahanadi Coalfield Limited. The scope of work consists of the development and operation of the SIARMAL Open Cast Project in Odisha. The value of the contract is Rs 36,819.07 crore. The contract period is 25 years.

IEX reports 50% YoY volume growth in February

Indian Energy Exchange (IEX) announced that its electricity market registered a volume of 6,769 million units (MU) in February 2021. This is a 50% growth as compared to February 2020. The company said that the robust growth in volume indicates that IEX’s electricity market is clearly positioned as the most preferred option for distribution utilities and industrial consumers to source electricity for addressing the demand-supply balance.

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MTAR Technologies IPO subscribed 10.27 times on second day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 10.27 times on the second day of bidding. The issue received bids for 7.45 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 16.55 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 8.04 times. Qualified institutional buyers (QIBs) have put in 96% bids against their reserved portion. 

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Alembic Pharma’s JV Aleor Dermaceuticals gets USFDA approval for Testosterone Gel

Alembic Pharmaceuticals said its joint venture (JV) firm Aleor Dermaceuticals has received final approval from the US Food and Drug Administration (USFDA) for Testosterone Gel. The product is used for replacement therapy in adult males for conditions associated with deficiency of testosterone. According to IQVIA data, Testosterone Gel had sales of approximately $86 million (~Rs 626 crore) for the 12 months ending December 2020.

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GE Shipping buys secondhand bulk carrier of about 56,103 dwt

Great Eastern (GE) Shipping Company Ltd has signed a contract to buy a secondhand Supramax Bulk Carrier of about 56,103 deadweight tonnage (dwt). The 2013 Japanese-built vessel is expected to join the company’s fleet in the first quarter of the upcoming financial year (Q1 FY22). Mumbai-based GE Shipping is India’s largest private sector shipping service provider.

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NBCC (India) signs MoU with Rashtriya Ispat Nigam

NBCC (India) Limited has signed a Memorandum of Understanding (MoU) with Rashtriya Ispat Nigam Ltd (RINL) for the redevelopment and monetisation of 22.19 acres of land parcels at Maddilapalem, Visakhapatnam. The company will be paid Project Management Consultancy (PMC) fee at 7% of the estimated/approved project cost or actual project cost.

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Max Healthcare launches QIP to raise around Rs 1,200 crore

Max Healthcare Institute Limited has launched a qualified institutional placement (QIP) to raise around Rs 1,200 crore. The floor price of the QIP has been fixed at Rs 190.40 per share. The company will utilise the funds raised from the QIP for meeting its capital expenditure and working capital requirements. The funds will also be used for repayment of debt and other general purposes.

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SEBI Slaps Rs 1 crore Fine On HDFC Bank – Top Indian Market News

SEBI imposes Rs 1 crore penalty on HDFC Bank in BRH Wealth Kreators case

SEBI imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by stockbroker BRH Wealth Kreators, in violation of the regulator’s interim directions. The bank has also been directed to transfer Rs 158.68 crore along with 7% interest per annum into an escrow account till the issue of settlement of clients’ securities is reconciled. [An escrow account is an account where funds are held in trust whilst two or more parties complete a transaction]. The fine shall be payable within a period of 45 days.

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Bajaj Auto Q3 Results: Net profit rises 23% YoY to Rs 1,556 crore

Bajaj Auto Ltd reported a 23.4% YoY increase in net profit to Rs 1,556 crore for the quarter ended December (Q3). The two-wheeler company’s revenue rose 17% YoY to Rs 8,9098 crore during the same period. Sales volumes grew by 9% YoY, which was led by a 26% growth in motorcycle exports and an 8% increase in domestic volumes. Bajaj Auto’s overall share in the domestic motorcycle market was 18.6% in Q3 FY21, as compared to 17.5% in Q2 FY21.

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Economic recovery in FY22 to be V (vaccine)-shaped: RBI

The Reserve Bank of India (RBI), in its ‘State of the Economy 2020’ report, has said the shape of India’s economic recovery in 2021-22 will be V-shaped — and the ‘V’ in it stands for “vaccine”. India has launched the biggest vaccination drive in the world, backed by the comparative advantage of having a strong vaccine manufacturing capacity. The report stated that the GDP is at a striking distance of attaining positive territory, and inflation is easing closer to the target.

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Asian Paints Q3 Results: Net profit surges 62% YoY to Rs 1,265 crore

Asian Paints Ltd reported a 62% YoY increase in net profit to Rs 1,265.35 crore for the quarter ended December (Q3). Its revenue rose 25% YoY to Rs 6,788.47 crore during the same period. The company’s domestic decorative business delivered more than 30% volume growth, led by premium and luxury portfolios. Asian Paints’ profitability across businesses has been supported by a good sales mix and cost optimisation measures.

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Jindal Steel & Power Q3 Results: Profit after tax at Rs 2,432 crore

Jindal Steel and Power Ltd reported a consolidated profit after tax (PAT) of Rs 2,432 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 257 crore in Q3 FY20. Its consolidated revenue increased by 40% YoY to Rs 10,534 crore in Q3 FY21. During the same period, JSPL standalone reported its highest-ever steel production volumes at 1.93 million tonnes (up 20% YoY) and sales of 1.87 million tonnes (up 12% YoY).

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Indigo Paints IPO subscribed nearly 7 times on Day 2

The initial public offering (IPO) of Indigo Paints was subscribed nearly 7 times on the second day of the bidding process. The issue has received bids for 3.84 crore shares, which is 6.97 times the issue size of 55.18 lakh shares. The reserved portion for retail investors was subscribed 9.6 times, and that of employees 1.8 times. The portion set aside for qualified institutional buyers has been subscribed 3.8 times, and that of non-institutional investors 5.4 times.

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Bandhan Bank Q3 Results: Net profit falls 14% YoY to Rs 632 crore

Bandhan Bank reported a 13.5% YoY decline in net profit to Rs 632.6 crore for the quarter ended December (Q3). The bank’s total income rose 38.3% YoY to Rs 2,625 crore during the same period. Net interest income (NII) grew by 34.5% YoY to Rs 2,071.7 crore in Q3. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors]. Provisions and contingencies increased by 262% YoY to Rs 1,068.73 crore. The bank’s operational performance in Q3 was backed by higher growth, lower costs of funds, and strong retail deposits.

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HDFC to sell 24.48% stake in Good Host for Rs 232.81 crore

HDFC Ltd has signed an agreement to sell its 24.48% stake in Good Host, a company engaged in the business of managing student housing facilities. The aggregate sale consideration for the sale of shares is Rs 232.81 crore. After the sale, Good Host will cease to be an associate of HDFC. [HDFC had acquired a 25.01% stake in Good Host in August 2018 for Rs 69.5 crore]

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Fire breaks out at Serum Institute building in Pune; vaccine production not hit

A major fire broke out at the Pune-based Serum Institute of India (SII) on Thursday afternoon. The company is involved in producing Covid-19 vaccine Covishield – developed by Oxford University and AstraZeneca – which is being used for inoculation in the country’s mega vaccination drive. The mishap led to the death of five people, while the rescue team evacuated four. It took around three hours for firemen to bring the blaze under control. The fire is believed to have started because of an electrical fault. There would be no loss of Covishield production due to the fire, said SII CEO Adar Poonawalla.

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Ashoka Buildcon secures 150 MW solar project worth Rs 502 crore

Ashoka Buildcon Ltd has received a Notification of Award (NoA) from NTPC Renewable Energy for a 150 MW solar photovoltaic (PV) plant in Rajasthan. The order includes the operation and maintenance of the solar PV plant for a period of 3 years from the date of successful trial run. The accepted bid value of the project is Rs 502.33 crore. 

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Man Industries Q3 Results: Net profit rises 4.3% YoY to Rs 30 crore

Man Industries Ltd reported a 4.3% YoY increase in net profit to Rs 30.6 crore for the quarter ended December (Q3). Its revenue rose 4.1% YoY to Rs 554.5 crore during the same period. The company’s unexecuted order book at the end of the quarter stood at ~Rs 1,200 crore. Man Industries stated that opportunities in the oil and gas sector remain positive due to stabilizing oil demand and resumption of drilling activities globally.

JK Tyre Q3 Results: Net profit at Rs 230 crore

JK Tyre & Industries Ltd reported a multi-fold jump in consolidated net profit to Rs 230.46 crore. The company had posted a consolidated net profit of Rs 10.27 crore in the third quarter of FY20. Consolidated revenue from operations grew 21.7% YoY to Rs 2,769 crore in Q3 FY21. During the third quarter, all nine plants of the company in India operated at close to 96% capacity utilisation. JK Tyre’s strong performance in Q3 was largely driven by the increased demand for passenger, commercial vehicle, and farm tyres.

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