Tag: Atul Auto

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Atul Auto Forays Into EV Market – Top Indian Market Updates

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

Atul Auto launches two electric three-wheelers

Three-wheeler maker Atul Auto has entered the electric vehicle (EV) space by launching two models at the Auto Expo 2023. Atul Greentech Pvt. Ltd (AGPL), a subsidiary of Atul Auto, launched Mobili (a passenger vehicle) and cargo variant Energie. Both Mobili and Energie are built with industry-leading technology, telematics, and Battery Management Systems (BMS).

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Dr. Reddy’s Labs partners with Theranica for marketing wearable Nerivio in India

Israeli digital therapeutics company Theranica has announced a strategic license and supply agreement with Dr. Reddy’s Laboratories Ltd., for the exclusive marketing and distribution of its FDA-approved Nerivio in India. Nerivio is a wearable migraine treatment that stimulates the body’s pain receptors to relieve acute and chronic migraine pain. The agreement includes licensing fees for exclusive rights to market Nerivio in India.

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Govt to invite bids for Concor privatisation this month

The government will invite Expressions of Interest (EoIs) or preliminary bids for privatising Container Corporation of India (Concor) in January. In Nov 2019, the Union Cabinet approved the strategic sale of a 30.8% stake (along with management control) in Concor. The government will retain a 24% stake post-sell-off but without any veto powers.

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Reliance Jio launches 5G in Uttarakhand

Reliance Jio has launched its True 5G services in Uttarakhand. Jio consumers in Dehradun can avail of the Jio Welcome Offer, which includes unlimited data at up to 1 Gbps+ speed at no extra cost. Apart from the existing investment of Rs 4,950 crore, Jio will additionally invest over ₹650 crore in the deployment of a standalone 5G network in the state.

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IEX’s ₹98 crore share buyback opens today

Indian Energy Exchange’s (IEX) share buyback program worth ₹98 crore opened on Wednesday. The company will buyback 49 lakh equity shares (of a face value of ₹1 each) at a maximum price of ₹200 per share. The share buyback will close on July 10. IEX is India’s first power exchange that provides an automated trading platform for electricity and renewable energy certificates.

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USFDA issues warning letter to Sun Pharma’s Halol unit

The US Food & Drug Administration (USFDA) has issued a warning letter to Sun Pharmaceuticals, specifying violations of norms in its manufacturing facility at Halol, Gujarat. The drug regulator noted that Sun Pharma failed to establish and follow appropriate written procedures. The procedures have been designed to prevent microbiological contamination of drug products. The Halol unit was placed under import alert on Dec 7, 2022.

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Oil refiners hope for ₹50,000 crore cash compensation from govt on fuel price freeze: Report

According to a CNBC-TV18 report, state-run oil marketing companies (OMCs) like HPCL, BPCL, and Indian Oil Corporation are seeking compensation of up to ₹50,000 crore to cover up for the losses they have incurred due to the freeze in fuel prices. The OMCs are demanding this compensation to make up for the losses incurred in the first half of the current financial year (H1 FY23). 

As an immediate measure, companies are of the view that diesel prices can be hiked by ₹2-3 per litre.

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Commercial loan origination volumes decline 4.3% in FY22: Report

According to a report from Crif High Mark (a credit information company), commercial lending origination volumes declined by 4.3% YoY to 22.2 lakh loans in the COVID-affected FY22. Loan originations in terms of value jumped 73% to ₹66.49 lakh crore. The average ticket sizes for commercial loans across lenders witnessed a huge spike during the year, with state-owned lenders reporting the number at ₹3.34 crore in FY22.

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Reliance Communications’ committee of creditors to meet on Thursday

The Committee of Creditors (CoC) of bankrupt Reliance Communications will meet on Thursday as part of a long-standing insolvency process. RCom, which housed Anil Ambani’s telecom business, has been undergoing corporate insolvency resolution for over four and a half years. The company was sent to the bankruptcy courts in May 2018 and started the insolvency process under the Insolvency & Bankruptcy Code (IBC) in 2019.

Indian banks, vendors, and creditors have claimed ₹86,000 crore in dues from RCom.

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HDFC Bank to Move Payments Out of Core Banking – Top Indian Market Updates

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

HDFC Bank to move payments out of core banking to ensure minimal downtime

HDFC Bank will soon move its payments platform out of its core banking module to enable minimal payments downtime, even if core banking is not available. The private lender is likely to launch additional products and services under Digital 2.0, including a new payments platform for its customers and merchants. The bank has partnered with a new-age startup to co-create new core banking modules.

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Atul Auto’s arm partners with Honda, Valeo for electrification of three-wheelers

Atul Greentech (a subsidiary of Atul Auto Ltd), Honda Powerpack Energy, and France-based automotive supplier Valeo have signed a Memorandum of Understanding (MoU) for the electrification of three-wheelers. Valeo will provide electric powertrains and powertrain control units for Atul’s electric three-wheelers to work with Honda’s swappable battery solution. The MoU brings domain expertise together to accelerate three-wheeler electrification in both passenger and cargo segments.

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Adani Enterprises, 10 others keen on bidding for coal import tenders: CIL

Adani Enterprises Ltd and ten other companies (including offshore firms) have expressed interest in bidding for coal import tenders floated by Coal India Ltd (CIL). On June 9, CIL said it has floated its maiden tender to import 2.416 million tonnes (MT) of coal to ensure an adequate supply of the fuel to power plants in India. The company floated two more medium-term tenders for sourcing 6 MT of coal from overseas on June 10.

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Future Enterprises defaults on Rs 6.07 crore interest payment for NCDs

Future Enterprises Ltd has defaulted on the payment of interest of Rs 6.07 crore for its non-convertible debentures (NCDs). The due date for payment was June 20, 2022. The latest default is on the interest of securities issued for a sum of Rs 120 crore. The debentures are secured and have a coupon rate of 10.15% per annum.

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Yes Bank launches floating-rate fixed deposit for domestic customers

Yes Bank has announced the launch of Floating Rate Fixed Deposit, a new product offering for all domestic customers. The rate of interest on this fixed deposit (FD) will be linked to the prevailing repo rate, allowing customers to enjoy dynamic returns on their fixed deposits. The bank has also raised its interest rates on standard FDs up to 6.5% per annum for regular customers and up to 7.25% p.a. for senior citizens.

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ONGC seeks minimum $17 price for coal gas from Bokaro

Oil and Natural Gas Corp (ONGC) is planning to auction gas from its coal bed methane (CBM) block in Bokaro, Jharkhand, at a crude-linked reserve price that is more than $17 per million metric British Thermal Units (mmBtu) at current oil rates. The company will conduct an e-auction for the sale of 0.20 million metric standard cubic meters per day (mmscmd) of CBM gas. ONGC and Indian Oil own 80% and 20% participating interest, respectively, in the CBM block.

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Hindustan Motors to sell ‘Contessa’ brand to SG Corporate Mobility

Hindustan Motors Ltd has agreed to sell its ‘Contessa’ brand to SG Corporate Mobility Pvt. Ltd (SGCMPL) for an undisclosed sum. The company has executed a brand transfer agreement with SGCMPL on June 16, 2022, for the transfer of the Contessa brand, including the trademarks. Contessa was a premium sedan sold in India by Hindustan Motors from the 1980s to the early 2000s.

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​​Oil prices rise $2 on strong demand, tight supply

Oil prices rose almost $2 on Tuesday amidst rising fuel demand while supplies remain tight due to sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.80, or 1.6%, to $115.93 a barrel. The U.S. West Texas Intermediate (WTI) crude contract for July rose $2.26, or 2.1%, to $111.82.

Meanwhile, European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions.

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Tata Motors’ Shareholders Approve Hiving Off PV Business Into New Entity – Top Indian Market News

Tata Motors’ shareholders approve hiving off PV business into new entity

Tata Motors Limited announced that its shareholders have approved the separation of its passenger vehicle (PV) business into a new entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the PV business unit to TML Business Analytics Services Ltd on a slump sale basis. The automaker said that its passenger vehicles business is valued at Rs 9,417 crore. The process of hiving-off its domestic PV business is expected to be completed by May-June this year.

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Tata Motors, Ashok Leyland, M&M looking to acquire 26% stake in BEML: Report

As per a report from Mint, Tata Motors, Ashok Leyland, and Mahindra & Mahindra are among at least six companies looking to buy the government’s 26% stake in state-run BEML Limited. The report states that Bharat Forge and Megha Engineering & Infrastructure are also likely to submit Expression of Interest (EoI) for acquiring the stake in BEML. In January 2021, the Department of Investment and Public Asset Management (DIPAM) had invited EoIs to offload their 26% stake in BEML. The government currently holds a 54.03% stake in the defence and construction equipment manufacturing firm. 

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Atul Auto launches new autorickshaw model in CNG, LPG, and petrol variants

Atul Auto Limited has announced the launch of a new next-generation CNG, LPG, and petrol autorickshaw model for the Gujarat market. The supplies of the new model will begin from April 2021 for India and international markets. The new model comes with features like an international styled beige dashboard, semi-digital instrument cluster, step-less entry, and LED tail lamps.

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Adani Green Energy’s subsidiary commissions 100-MW wind power plant in Gujarat

Adani Green Energy Limited announced that its subsidiary, Adani Wind Energy Kutch Three Limited (AWEKTL), has commissioned a 100 megawatt (MW) wind power plant in Kutch, Gujarat. With this, the company has an operational wind generation capacity of 497 MW. The plant has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.82 per kilowatt-hour (kwh). 

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Talbros Automotive secures multi-year contract worth Rs 304 crore

Talbros Automotive Components Ltd and its joint venture (JV) partners have won multi-year orders worth Rs 304 crore. The orders are spread across its domestic and international customers. The order covers the company’s flagship products- gaskets and forgings. It also includes products from the JV’s— Talbros Marugo Rubber Pvt Ltd and Magneti Marelli Talbros Chassis Systems Pvt Ltd.

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Easy Trip Planners IPO subscribed 2.33 times on first day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 2.33 times on the first day of bidding. The issue received bids for 3.51 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 12.58 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 15%. 

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DCW raises Rs 410 crore through debentures

DCW Limited said it has raised Rs 410 crore through the issuance of debentures to refinance its existing term loans and increase working capital. The company issued Non-Convertible Debentures (NCDs) worth Rs 350 crore and Optionally Convertible Debentures (OCDs) amounting to Rs 60 crore. The OCDs will be converted into equity within 18 months. The speciality chemical firm expects this fundraise to enhance capacity utilisation and meet increasing product demand.

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Subex to launch new AI automation platform in April

Subex Limited announced that it will launch a new artificial intelligence (AI) automation platform in April 2021. The platform will help enterprises in their AI adoption journey. Bengaluru-based Subex is a leading software company that provides digital trust products for telecom service providers. 

Natco Pharma receives final approval from USFDA for Everolimus tablets

Natco Pharma Limited announced that its marketing partner, Breckenridge Pharmaceutical Inc. (BPI), has received final approval for Everolimus Tablets from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of breast cancer and a few other types of cancers. BPI plans to launch 2.5 mg, 5 mg, and 7.5 mg strengths of the product shortly within the next few weeks.

Meera Industries receives export order worth $180,000

Meera Industries Limited has received an export order worth $180,000 (~Rs 1.31 crore) from Turkey-based Monofiber Teknik Tekstil San Tic. The order is for the company’s recently launched MODEL DTX-260 (Direct Twisting + Precision Winding). The machine is used for all kinds of industrial thread twisting and winding like woven sacks threads, cotton twine, etc. Meera Industries is a leading textile machinery manufacturing company based in Gujarat.

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Biocon Biologics Receives Rs 1,125 crore Capital Investment from Goldman Sachs – Top Indian Market News

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Biocon Biologics receives Rs 1,125 crore capital investment from Goldman Sachs

Biocon Ltd. announced that its subsidiary, Biocon Biologics, has approved a capital injection of Rs 1,125 crore from Goldman Sachs. As per the agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post-money equity valuation of $3.94 billion (~Rs 26,633 crore). The transaction is subject to customary approvals and conditions.

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Ipca Labs Q2 Results: Net Profit rises 38% YoY to Rs 267 crore

Ipca Laboratories Ltd. reported a 38% year-on-year (YoY) increase in consolidated net profit to Rs 266.7 crore, for the quarter ended September (Q2). The company’s revenue from operations stood at Rs 1,361.1 crore, during the same period. The Mumbai-based pharmaceutical company has declared an interim dividend of Rs 8 per share.

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Meghmani Organics Q2 Results: Net Profit declines 3% YoY to Rs 81 crore

Meghmani Organics Ltd. reported a 3.79% year-on-year (YoY) decline in consolidated net profit to Rs 81.15 crore, for the quarter ended September (Q2). The company’s revenue increased by 17.51% YoY to Rs 625.63 crore, during the same period. Meghmani Organics is a Gujarat-based chemical manufacturing company.

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M&M to deliver 500 units of all-new Thar SUV pan-India in just 2 days

Mahindra & Mahindra Ltd (M&M) has announced that 500 units of its all-new Thar SUV are scheduled to be delivered between the 7th and 8th of November. The company has stated that this would mark the onset of its Diwali festivities in India. The deliveries are based on the sequence of bookings received for the available variants of Thar.

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D-Link India Q2 Results:  Net Profit falls 1.4% YoY to Rs 9.7 crore

D-Link India Limited reported a 1.41% year-on-year (YoY) decline in net profit to Rs 9.77 crore, for the quarter ended September (Q2). It had posted a net profit of Rs 9.91 crore in Q2 of the previous financial year. The company’s revenue declined by 3.78% YoY to Rs 184.24 crore, in Q2 FY21.

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Affle India Q2 Results: Net Profit up by 73% YoY to Rs 26 crore

Affle India Limited reported a 73% year-on-year (YoY) increase in consolidated net profit to Rs 26.98 crore, for the quarter ended September (Q2). The revenue of the company has increased by 59.29% YoY to Rs 134.95 crore, during the same period. Affle India is a global technology company that has a consumer platform and an enterprise platform.

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Atul Auto Q2 Results: Net Profit declines 88.48% YoY to Rs 2 crore

Atul Auto Limited reported an 88.48% year-on-year (YoY) decline in consolidated net profit to Rs 2.07 crore, for the quarter ended September (Q2). The company’s revenue declined by 55.90% YoY to Rs 75.14 crore, during the same period. As per data from the Federation of Automobile Dealers Association of India (FADA), Atul Auto has surpassed M&M in terms of market share in the three-wheeler segment in Q2 FY21.

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Amber Enterprises Q2 Results: Net Profit falls 85% YoY to Rs 1.6 crore

Amber Enterprises India Ltd. reported an 85.90% year-on-year (YoY) decline in consolidated net profit to Rs 1.66 crore, for the quarter ended September (Q2). It had posted a net profit of Rs 11.77 crore in Q2 of the previous financial year. Revenue of the AC-manufacturing firm declined by 34.55% YoY to Rs 407.93 crore in Q2 FY21.

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Sobha Q2 Results: Net Profit falls 75% YoY to Rs 16 crore

Sobha Limited reported a 75.82% year-on-year (YoY) decline in net profit to Rs 16.20 crore, for the quarter ended September (Q2). The revenue of the company declined by 33.41% YoY to Rs 522 crore, during the same period. Sobha is a multinational real estate developer based in Bangalore.

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Ujjivan SFB Q2 Results: Net Profit rises 3% YoY to Rs 96 crore

Ujjivan Small Finance Bank Ltd. reported a 3% year-on-year (YoY) increase in net profit to Rs 96 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 21% YoY to Rs 470 crore, during the same period. NII is the difference between the income that a bank earns from its lending activities, and the interest in pays to depositors.