Tag: Aurobindo Pharma

Categories
Market News Top 10 News

Foot Locker Set For India Entry – Top Indian Market Updates

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

Foot Locker signs pact with Metro Brands, Nykaa for India entry

American sportswear & footwear retailer Foot Locker has signed a long-term licensing agreement with Metro Brands Ltd (MBL) and Nykaa Fashion for its India entry. MBL will have the rights to own and operate Foot Locker stores within India and sell authorised merchandise in Foot Locker stores. Nykaa Fashion will be the exclusive e-commerce partner, operating Foot Locker’s India website and retailing authorised merchandise.

Read more here.

Aurobindo Pharma gets USFDA approval for HIV drug

Aurobindo Pharma has received approval from the US Food & Drug Administration (USFDA) to market a generic medication used to treat human immunodeficiency virus (HIV-1) infection. The approval is to manufacture and market Darunavir tablets in strengths of 600 mg and 800 mg. As per IQVIA data, the product has an estimated market size of $274.8 million for the 12 months ended October 2023.

Read more here.

ATGL launches green hydrogen blending pilot in Ahmedabad

Adani Total Gas Ltd (ATGL) has started blending green hydrogen in natural gas they sell to households for cooking purposes and industries as fuel in Ahmedabad. ATGL will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers in Ahmedabad. The pilot project is expected to be commissioned by Q1 of the financial year 2024-25.

Read more here.

Adani Power to blend green ammonia with coal at Mundra plant

Adani Power Ltd (APL) will use green ammonia along with conventional fuel coal to run the boiler of 330 megawatts (MW) at its Mundra plant in Gujarat. The quantum of green ammonia will be up to 20% of the total fuel requirement. Adani Power has partnered with IHI and Kowa-Japan for the pilot project. They are also examining its expansion to other APL units and stations.

Read more here.

SBI takes possession of PC Jewellers promoters’ assets

State Bank of India has taken possession of two residential properties owned by PC Jewellers Ltd in New Delhi after the firm and its guarantors failed to repay ₹1,168.90 crore. In a notification, SBI cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of ₹1,267 crore. SBI has already filed a case against PC Jewellers in the National Company Law Tribunal.

Read more here.

UltraTech acquires assets of Burnpur Cement for ₹69.79 crore

UltraTech Cement has acquired the cement grinding assets of Burnpur Cement Ltd in Jharkhand for ₹169.79 crore. The company has acquired 0.54 million tonnes per annum (MTPA) cement grinding assets of Burnpur Cement Ltd at Patratu in Jharkhand. Last year, Punjab National Bank had put up for sale the account of loss-making Burnpur Cement and invited bids from Asset Reconstruction Companies (ARCs) to recover loans outstanding of over ₹50 crore.

Read more here.

Report on Zee-Sony merger risks collapse incorrect: ZEEL

Zee Entertainment Enterprises Ltd (ZEEL) called the news report captioned “Sony-Zee Merger Risks Collapse Over Eleventh-Hour CEO Drama: Report” “factually incorrect.” The report was published by NDTV. ZEEL is continuing to work towards a successful closure of the proposed merger as per the Composite Scheme of Arrangement approved by NCLT, Mumbai Bench.

Read more here.

Fire reported at Aether Industries’ Surat plant

Aether Industries announced a fire incident at its manufacturing site in Surat, Gujarat. The fire caused injuries to about 25 workers and further evaluation of losses and damages is being conducted. However, no casualties had been reported.

Read more here.

SEBI bans 9 entities from the stock market

The Securities & Exchange Board of India (SEBI) has barred nine entities from the securities market for at least two years and directed them to refund Rs 8 crore collected from investors, which they received via unregistered investment advisory services, within three months.  The regulator has also imposed a penalty totalling ₹18 lakh on them and asked them to pay the amount within 45 days.

Read more here.

NSE, BSE grant approval for delisting ICICI Securities shares

ICICI Bank had obtained approval from the National Stock Exchange (NSE) and Bombay Stock Exchange to delist the shares of ICICI Securities. On November 9, the Reserve Bank of India (RBI) granted approval to ICICI Bank, allowing it to establish full ownership of ICICI Securities. On June 26, ICICI Bank disclosed its intention to review a proposal regarding the delisting of ICICI Securities.

Read more here.

Categories
Market News Top 10 News

Coal India to Spend Rs 16,500-18,000Cr Over 5 Years – Top Indian Market Updates

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

Coal India to spend ₹16,500-18,000 crore over five years

Coal India Ltd expects to spend ₹16,500 – ₹18,000 crore over the next five years as capital expenditure. For FY25, the company has announced a production target of 850 MT, which is 9% higher than the current year’s target. To support the increase in volumes, Coal India said that it is working on developing sufficient rail infrastructure for the same.

Read more here.

Welspun Corp arm Sintex to set up ₹479 crore manufacturing unit

Welspun Corp Ltd’s wholly-owned subsidiary, Sintex BAPL, has received approval from the Odisha government for its proposal to invest ₹479.47 crore to establish a manufacturing unit. The unit will produce CPVC, UPVC, SWR, agri pipes, PVC fittings, and plastic tanks, boasting an annual capacity of 37,520 tonnes. The company plans to set up the proposed facility in Sambalpur, Odisha.

Read more here.

SBI’s unsecured lending to see moderation after RBI’s tightening

SBI Chairman Dinesh Kumar Khara announced that there will be “moderation” in the bank’s unsecured lending portfolio following the Reserve Bank of India’s tightening of norms. He said the impact of higher risk weights will have a 0.02-0.03% impact on its net interest margins in the December quarter (Q3), but a better picture will emerge in the next quarter.

Earlier this month, the RBI increased risk weights on unsecured lending for banks and non-banking financial companies (NBFCs).

Read more here.

Nazara Tech says there will be new gaming IPs in the next six months

Nazara Technologies is looking at more acquisitions to improve its gaming and e-sports business, which together contributed over 86% of its total revenue as of the financial year ending March 2023. The company has built a strong pipeline, especially in core gaming studio intellectual properties (IPs), eSports space, and a little in ad-tech. 

Read more here.

Bharti Airtel begins IPO process for its subsidiary Bharti Hexacom

According to a CNBC-TV18 report, Bharti Airtel Ltd has begun the process of making its subsidiary Bharti Hexacom public. It will be the first IPO from the Bharti Group after over a decade. Bharti Hexacom’s valuation is likely to be estimated at ₹20,000 crore, and the listing process is likely to be completed by early 2024.

Read more here.

CG Power seeks approval to set up semiconductor assembly unit

CG Power and Industrial Solutions Ltd has filed an application with the Central government to set up an Outsourced Semiconductor Assembly and Test facility (OSAT). The estimated investment in the project over five years is $791 million (approximately ₹6,592 crore). The funding for the project is expected to be through a combination of subsidy, joint venture (JV) partners, equity contribution and debt.

Read more here.

Aurobindo Pharma’s unit gets USFDA nod for Ryzenuta injection

Aurobindo Pharma’s subsidiary, Acrotech Biopharma, and Evive Biotech received approval from the US Food and Drug Administration (USFDA) for Ryzenuta injection. The injection is used to treat chemotherapy-induced neutropenia (an abnormally low count of a type of white blood cell). The approval was based on the results of the two pivotal Phase 3 studies completed in the United States and Europe. 

Read more here.

IndusInd Bank promoters deny report of raising funds via share pledge

IndusInd Bank’s promoters have denied claims of raising funds by pledging their stake in the bank. The bank denied the information in a Business Standard article titled “Hindujas raise ₹8000 crores by pledging IndusInd stake”. The lender labelled the article as “malicious and factually incorrect.” IndusInd Bank emphasised that information regarding the pledge of a listed entity is readily available in the public domain and can be verified through official channels.

Read more here.

GMR Power and Urban Infra buys Malaysian partner’s stake in power subsidiary

GMR Power and Urban Infra Ltd has acquired its joint venture (JV) partner’s 29.14% stake in GMR Energy Ltd (GEL) for $28.5 million (approx. ₹237.37 crore). The company has acquired 105.11 crore equity shares, representing a 29.14% stake, in GEL from Power and Energy International (Mauritius) Ltd. Following the stake purchase, the group’s shareholding in GEL has increased from 57.76% to 86.90%

Read more here.

Servotech Power Systems bags order for 2,649 EV chargers from Bharat Petroleum

Servotech Power Systems has secured an order for 2,649 electric vehicle (EV) charges from Bharat Petroleum Corporation Ltd (BPCL). However, the company did not disclose the value of the order in its statement. The company will manufacture, supply and install 2,649 AC EV Chargers strategically across India, equipping petrol pumps in major Indian cities under the BPCL E-drive Project.

Read more here.

Categories
Market News Top 10 News

Disney to Sign Multibillion-Dollar Deal With Reliance – Top Indian Market Updates

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

Disney to sign multibillion-dollar deal with Reliance Industries

Reliance Industries Ltd (RIL) is set to acquire Walt Disney Co’s (WDC) India operations in a cash and stock deal. WDC may sell a controlling stake in the Disney Star business, which it values at around $10 billion (~₹83.1 crore). RIL views the assets at between $7 billion to $ 8 billion. The acquisition could be announced as early as next month as some of Reliance’s media units merged into Disney Star.

Read more here.

Torrent Pharma Q2 Results: Net profit rises 24% YoY to ₹386 crore

Torrent Pharma posted a 24% YoY increase in net profit to ₹386 crore for the quarter ended September (Q2 FY24); beating street estimates. The pharma company posted a net profit of ₹312 crore in Q2 last year. Its total revenue rose 16.1% YoY to ₹2,660 crore in Q2 FY24. EBITDA stood at ₹825 crore, up 36.2% YoY.

Read more here.

Lupin gets USFDA nod to market generic antifungal tablets

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market its generic Fluconazole tablets. The drug is used to treat fungal infections. The product will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh. According to IQVIA MAT July 2023 data, the drug had an estimated annual sales of $43 million in the US.

Read more here.

Mahindra Holidays Q2 Results: Net profit falls 48% YoY to ₹21 crore

Mahindra Holidays & Resorts India Ltd (MHRIL) reported a 48% YoY decline in net profit to ₹21 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹40.9 crore in the same period a year ago. Its total revenue rose 10% YoY to ₹655 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY.

Read more here.

ONGC wins bid to acquire PTC’s wind power unit for ₹925 cr

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for ₹925 crore as part of its renewable energy portfolio expansion. ONGC already has 189 MW of renewable energy capacity and aims to reach 10 GW by 2030. The acquisition, which has a renewable energy portfolio of 288.8 MW, is subject to the approval of PTC’s shareholders.

Read more here.

Consumer court asks ICICI Bank to pay ₹77,000 for denying reward points

ICICI Bank has been instructed by the District Consumer Disputes Grievance Redressal Commission to pay ₹77,000 to a man from Chennai. The payment is compensation for the denial of reward points by the bank. The bank will pay ₹41,691 in reward points and an additional ₹35,000 for the deficiency in service, compensation for mental agony, and mental agony. 

Read more here.

Adani Power close to taking over Coastal Energen for ₹3,440 crore

Adani Power won a bid to take over bankrupt power company Coastal Energen for ₹3,440 crore. The interest in Coastal Energen (which is undergoing corporate insolvency) is mainly because it is among a few operational power plants for sale. Jindal Power, who also bid for the company, quit the auction.

Read more here.

IPCA Labs’ Ratlam facility gets favourable FDA classification

The USFDA has classified IPCA Laboratories Ltd’s’ Ratlam facility as ‘Voluntary Action Indicated’ (VAI) in its Establishment Inspection Report (EIR). A VAI is generally issued when the response from a plant to certain observations appears satisfactory to the regulator. The facility manufactures Active Pharma Ingredients (APIs). VAI is the second-best classification that a plant can get from the USFDA.

Read more here.

Aurobindo Pharma’s arm gets USFDA nod for testosterone cypionate injection

Aurobindo Pharma’s wholly-owned subsidiary, Eugia Pharma Specialties, has received the final approval from USFDA to manufacture and market the testosterone cypionate injection. This is bioequivalent and therapeutically equivalent to the reference listed drug, depo-testosterone injection. According to IQVIA data, the approved product has an estimated market size of $226.8 million for the 12 months ending August 2023.

Read more here.

BSE revises F&O turnover charges from Nov 1

Bombay Stock Exchange (BSE) has revised transaction charges in the equity derivatives segment, with effect from November 1, 2023. According to a BSE notice, these changes will primarily be levied on S&P BSE Sensex Options, particularly the nearest or immediate expiry contracts. The new transaction fee structure is based on the incremental billable monthly turnover (premium value).

Read more here.

Adani Ports incorporates new subsidiary

Adani Ports & Special Economic Zone Ltd (APSEZL) has incorporated a wholly-owned subsidiary company, “Udanvat Leasing IFSC Limited.” It is involved in the business of owning and leasing aircraft. The new company is situated in GIFT City, Gandhinagar, and is yet to commence operations.

Read more here.

Categories
Market News Top 10 News

Adani Green & TotalEnergy to Form Rs 2,500Cr JV – Top Indian Market Updates

adani

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

Adani Green and TotalEnergy to form Rs 2,490Cr JV

Adani Green Energy’s board approved the execution of a binding term sheet between Adani Green Energy Twenty Three Ltd and TotalEnergies. Total will make a further investment of $300 million (~₹2,490 crore) to form a new 50:50 Joint Venture (JV) company. The new JV will house a 1,050 MWac portfolio, comprising a mix of already operational, under construction, and under development assets with a blend of both, solar and wind power.

Read more here.

ONGC willing to wait to regain oil from Russian project

According to ONGC Videsh’s Head of Investment, ONGC wants to eventually receive a share of crude from a Russian project it partly owns. However, the company is willing to wait because Russian oil is hard to ship now. ONGC has a 20% stake in Russia’s Sakhalin-1 oil & gas project. The company is also in talks with the Russian government and company shareholders to resume taking oil under a production-sharing arrangement.

Read more here.

Aurobindo Pharma’s Andhra plant receives observation from USFDA 

The US Food & Drug Administration (USFDA) has issued a Form 483 with one observation after inspecting a formulation production facility of Aurobindo Pharma’s unit in Andhra Pradesh. USFDA inspected the Unit IV of APL Healthcare Ltd in Tirupati district of Andhra Pradesh from September 13-19, 2023. APL Healthcare Ltd is a wholly-owned subsidiary of Aurobindo Pharma.

Read more here.

Verizon denies Vi acquisition rumours

Verizon Consumer Group has categorically denied claims of it considering the acquisition of Vodafone Idea (Vi). Vodafone Idea also refuted any discussions regarding a potential acquisition with Verizon, Amazon, or Elon Musk-owned Starlink. The company emphasised India’s significance in its global growth strategy, citing the country’s unique capabilities and access to talent pools.

Read more here.

Viacom18 to showcase ISL on 8 TV channels, Jio Cinema

Viacom18 will showcase the upcoming Indian Super League (ISL) 2023–24 season across eight linear channels in four different languages. The tournament will also be streamed live for free on Jio Cinema. The matches will be aired on Sports18 Khel (Hindi), Sports18 1 SD & HD (English), VH1 SD & HD (English), Surya Movies (Malayalam), DD Bangla, and Colors Bangla Cinema (Bengali).

Read more here.

Apollo Tyres halts tyre production in Gujarat plant

Apollo Tyres has temporarily ceased bias off-the-road (OTR) tyre production at its manufacturing facility located in Limda, Gujarat. The decision was prompted by concerns raised among shop floor employees regarding the renewal of a long-term settlement agreement. The company has started discussions and negotiations with labour union representatives to address the employees’ concerns.

Read more here.

Culver Max to replace Zee Entertainment in FTSE indices post-merger

FTSE has announced that Culver Max Entertainment (Sony) will replace Zee Entertainment in all FTSE indices post-merger. For every 100 shares of Zee Entertainment held, shareholders will receive 85 shares in Culver Max Entertainment (Sony). This transition is not only significant but also removes a major uncertainty that has been looming over the stock. The timelines and final date of the merger are yet to be announced.

Read more here.

PFC may fund 70% of SJVN’s ₹1.19 lakh crore RE projects

SJVN has signed a Memorandum of Understanding (MoU) with Power Finance Corporation Ltd. (PFC) for financial assistance for projects. The MoU pertains to various diversified project portfolios, including renewable energy (RE) and thermal generation projects. The overall cost of the projects is nearly ₹1.19 lakh crore. The term loan financial assistance is proposed tentatively at 70% of the project cost.

Read more here.

Central trade unions of Coal India to observe a 3-day strike

Coal India Ltd (CIL) has received a three-day strike notice from central trade unions. The notice prompts concerns about the potential impact on the nation’s coal supply and electricity generation. The joint strike notice was issued jointly by prominent labour organisations BMS, INTUC, HMS, AITUC, and CITU. The three-day strike will be from October 5 to October 7, 2023. 

Read more here.

Delhi HC upholds SBI’s eligibility criteria for ATM caretaker services

The Delhi High Court has upheld SBI’s eligibility criteria for selecting caretaker agencies for its automated teller machines (ATM) in Delhi. The High Court stated that SBI is best equipped to gauge the practicalities involved. Recently, a startup alleged that the eligibility criteria barred start-ups from participating in the tenders due to strict requirements. Only bidders with a minimum average annual turnover of ₹150 crore in the past three years and prior experience in providing similar services for at least five years were eligible.

Read more here.

India to mandate annual audit of pharma suppliers by drugmakers

According to a government document, India will make it mandatory for drugmakers to audit their raw material suppliers at least once a year. The govt is tightening rules after India-made cough syrups were linked to 141 children’s deaths worldwide. The new mandate, along with additional testing rules for cough syrup exports implemented in June, shows that India is seeking to reassure buyers about the safety of its $42 billion pharmaceuticals industry.

Read more here.

Categories
Daily Market Feed Pre Market Report

Sideways Trend in NIFTY for the Weekly Expiry? – Pre-Market Analysis Report

sideways trends - pre-market report

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

Stocks

Power Grid has successfully commissioned assets under the government’s North Eastern Region Strengthening Scheme-VI.

Paytm’s investor Antfin has offloaded 6.53 crore equity shares or a 10.3% stake to promoter Vijay Shekhar Sharma. This makes the founder & CEO, the biggest shareholder at 19.3%.

Aurobindo Pharma is launching an HIV triple combination product for children in low and middle-income countries, under a licence from a U.K. pharma company.

Reports suggest that the govt plans to sell shares of IRFC through an offer for sale (OFS).

What Happened Yesterday?

NIFTY started the day at 19,369 with a gap-down of 65 points. It started moving up after the initial red candles and tried to break yesterday’s high. NIFTY closed at 19,465, up by 30 points or 0.16% 

BANK NIFTY started the day at 43,726 with a gap-down of 364 points. The index faced strong rejection from the 44k zone when trying to move back up. BANK NIFTY closed at 43,946, down by 144 points or 0.33%. 

US markets closed in the red. The European markets closed mixed.

What to Expect Today?

The Asian markets are trading in the red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the red at 19,394.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,400, 19,360, 19,300 and 19,240. We can expect resistances at 19,438, 19,560 and 19,620.

BANK NIFTY has supports at 43,960, 43,840, 43,750 and 43,680. Resistances are at 44,277,  44,520, and 44,800.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,300. PCR is at 1.05.

BANK NIFTY has the high call OI build-up at 44,000 and 44,500. The highest put OI build-up is at 43,800. PCR is at 0.82.

Foreign Institutional Investors net-sold shares worth Rs 722 crores. Domestic Institutional Investors net-bought worth Rs 2,406 crores.

INDIA VIX is at 12.12, the first time since May. The VIX in the U.S. market is also up.

The U.S. market continued to move down yesterday night after Fed Minutes once again confirmed a high chance of more rate hikes. The Fed also sees no recession in the 2023 forecast.

NIFTY respected all our major levels yesterday. And with the last 2 day candles, NIFTY is at the same level as Friday’s close. So till now for the week, NIFTY has had consolidation.

With today’s gap-down expected at 19,400, we should have a watch out for 19,300 as the first support. I would wait for the initial few candles before taking a position. Watch out for BANK NIFTY’s 43,680 level as well.

For the 3rd weekly expiry in the August series, let us hope the market will trade between 43,500-44,100 in BANK NIFTY and 19,250-19,550 on NIFTY.

And do remember, since it is an expiry day you can expect some volatility. So keep your eyes on the major levels and watch out for big candles!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app or our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Market News Top 10 News

Tata Motors Posts Net Profit of ₹3,203Cr in Q1 – Top Indian Market Updates

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

Tata Motors Q1 Results: Net profit at ₹3,203 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,203 crore for the quarter ended June (Q1 FY24). The company posted a net loss of ₹5,007 crore in the same quarter last year. Its consolidated revenue from operations rose 42% YoY to ₹1.02 lakh crore during the same period. EBITDA stood at ₹13,218 crore, up 448% YoY. The strong bottom line was aided by a stellar operational performance and strong sales growth.

Read more here.

Hero Future Energies signs Rs 6,200-cr MoUs with PFC, REC

Hero Future Energies (HFE) has signed two agreements with REC and PFC to develop green energy projects. The agreements were signed on the sidelines of the 4th G20 Energy Transition Working Group meeting that concluded last week in Goa. PFC and REC Ltd will infuse ₹3,100 crore each into HFE over the next five years. The funds will be used to develop renewable projects across the country.

Read more here.

L&T Q1 Results: Net profit rises 46% YoY to Rs 2,493 crore

Larsen & Toubro (L&T) reported a 46% YoY increase in consolidated net profit to ₹2,493 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also rose 34% YoY to ₹47,882 crore during the same period. The board has recommended a dividend of ₹6 per equity share. The company’s order book has crossed ₹4 lakh crore for the first time.

In other news, the board also approved a share buyback worth ₹10,000 crore through the tender offer route.

Read more here.

Tata Motors to replace DVRs with ordinary shares

Tata Motors’ board has approved the cancellation of all the Differential Voting Rights (DVRs) of the company. The cancellation will be through a scheme of arrangement, and allotting ordinary shares, which would rank pari passu with the existing DVRs in the company. The company is yet to seek approval from the National Company Law Tribunal (NCLT). Under the scheme of arrangement, the company will issue 7 fully paid-up ordinary shares of face value ₹2 each, for every 10 DVRs.

Read more here.

JSPL gets certification from Great Place to Work

Jindal Steel and Power Ltd (JSPL) has received a certification from the global body Great Place To Work. The body provides certification to corporate houses and other organisations based on various methodologies to assess workers’ overall well-being, including physical and mental health, and work culture. JSPL is an industrial powerhouse with a dominant presence in the steel, power, mining and infrastructure sectors.

Read more here.

Aurobindo Pharma arm gets USFDA nod for Plerixafor injection

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Plerixafor injection. The injection is indicated for patients with certain types of cancer to prepare them for stem cell transplants. According to IQVIA data, the approved product has an estimated market size of around USD 210 million for the 12 months ending May 2023.

Read more here.

Suzlon Energy Q1 Results: Net profit falls 96% YoY to ₹101 crore

Suzlon Energy reported a 96% YoY fall in consolidated net profit to ₹101 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹2,433 crore in Q1 FY23. Its consolidated revenue from operations also fell marginally to ₹1,351 crore during the same period. EBITDA stood at ₹199 crore, down 7% YoY.

Read more here.

SpiceJet taken off DGCA’s enhanced surveillance regime

SpiceJet has been taken off from the Directorate General of Civil Aviation’s (DGCA) ‘enhanced surveillance regime’. Under the regime, a total of 23 aircraft were inspected and 95 observations were made. The DGCA conducted 51 spot checks across 11 locations on the airline’s Boeing 737 & Q-400.

Read more here.

Jubilant FoodWorks Q1 results: Net profit falls 74% to ₹28.9 crore

Jubilant FoodWorks reported a 74% YoY fall in consolidated net profit to ₹28.9 crore for the quarter ended June (Q1 FY24). Its profit stood at ₹112 crore in Q1 last year. However, its consolidated revenue rose 1.7% YoY to ₹1,334.5 crore during the same period. EBITDA stood at ₹275.8 crore in Q1.

Read more here.

Sonata Software launches Harmoni.AI

Sonata Software has introduced Harmoni.AI, an innovative responsible-first artificial intelligence (AI) offering. This comprehensive platform comprises a range of industry solutions, service delivery platforms, and accelerators, all powered by generative artificial intelligence (AI). Harmoni.AI empowers individuals, businesses, and communities to harness the full potential of cutting-edge innovations, interconnected ecosystems, and pervasive efficiencies.

Read more here.

Categories
Market News Top 10 News

HDFC Bank’s Net Profit Rises 30% YoY to Rs 11,952Cr in Q1- Top Indian Market Updates

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

HDFC Bank Q1 Results: Net profit jumps 30% YoY to Rs 11,952 crore

HDFC Bank reported a 30% YoY jump in net profit to ₹11,952 crore for the quarter ended June (Q1 FY24); meeting street estimates. The total income for the quarter increased 39% YoY to ₹57,817 crore. The net interest income (NII) rose 21% YoY to ₹23,599 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 1.17% against 1.28% in Q1 FY23. This is the first earnings of the bank following its merger with HDFC. 

Read more here.

Ashok Leyland wins defence orders worth Rs 800 crore

Ashok Leyland has secured significant orders in the defence sector. The orders are collectively valued at ₹800 crore. The contracts awarded also include the procurement of the Field Artillery Tractor (FAT 4×4) and the Gun Towing Vehicle (GTV 6×6). The FAT 4×4 and GTV 6×6 are specialised vehicles employed by the Indian Artillery for towing light and medium guns, respectively.

Read more here.

LTIMindtree Q1 Results: Net profit jumps 4% YoY to Rs 1,151 crore

LTIMindtree reported a 4% YoY increase in consolidated net profit to ₹1,151 crore in Q1 FY24. Its revenue from operations rose 14% YoY to ₹8,702 crore. EBITDA rose 9% YoY to ₹1,635 crore during Q1. The company has added 19 clients in the quarter, taking the total number of active clients to 723. The deal wins for the first quarter stood at $1.41 billion.

Read more here.

Reliance Brands to buy kidswear range for ₹300 crore: Report

According to an Economic Times report, Reliance Brands is planning to buy Ed-a-Mamma, a kidswear brand promoted by actress Alia Bhatt. Talks between Reliance and Ed-a-Mamma are in the final stages and an agreement is likely in the next 7-10 days. The brand has been selling largely through online platforms like FirstCry, AJIO, Myntra, Amazon, and Tata CLIQ, apart from its own webstore. Reliance Brands is part of Reliance Retail Ventures Ltd (RRVL).

Read more here.

Tata Elxsi Q1 Results: Net Profit up 2% YoY to Rs 189 cr

Tata Elxsi reported a 2% YoY increase in net profit to ₹189 crore in Q1 FY24. Its operating revenue stood at ₹850 crore, up 17% YoY in Q1. The company’s EBITDA also rose 4.15 YoY to ₹230 crore. Its financial performance was also altered due to the increase in the Effective Tax Rate (ETR). The increment was on account of lower tax exemption due to the completion of 5 years for 2 of its Special Economic Zone (SEZ) units.

Read more here.

GQG acquires 5.96% stake in Patanjali Foods via OFS

GQG Partners bought a 5.96% (2.15 crore shares) stake in Patanjali Foods on July 14. The stocks were bought through the stock exchange settlement process via an offer for sale (OFS). Last week, Patanjali Foods concluded a 7% stake sale, with the promoter group stake falling to 73.82% from 80.82% earlier, meeting the minimum shareholding norms.

Read more here.

L&T’s construction unit bags ‘large’ orders from UP Water and Sanitation Mission

Larsen and Toubro’s subsidiary L&T Construction has secured orders for water supply-related works. The orders are from the Uttar Pradesh government and NTPC, with an approximate value of ₹2,500-5000 crore. The order is for constructing a water supply scheme in Ballia and Firozabad districts in Uttar Pradesh. The projects are aimed at providing safe and potable drinking water to 50.85 lakh rural citizens in the two districts.

Read more here.

USFDA recommends no regulatory action for Aurobindo Pharma’s Andhra Pradesh unit

Aurobindo Pharma Ltd received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA). The company’s Andhra Pradesh unit received the EIR with a ‘Voluntary Action Indicated’ status. The VAI inspection classification indicates that investigators found and documented objectionable conditions during the inspection. However, no regulatory or enforcement action is recommended.

Read more here.

Sheela Foam to pick 94.66% in Kurlon for Rs 2,150 cr

Sheela Foam is set to acquire a 94.66% stake in Kurlon Enterprise. The company will acquire Kurlon at a valuation of ₹2,150 crore. Additionally, Sheela Foam has purchased a controlling stake in the furniture rental company Furlenco. The company would infuse a primary fund of ₹300 crore to buy a 35% stake in Furlenco at a valuation of ₹857 crore. 

Sheela Foam will fund the acquisition through a mix of equity, internal accruals, and debt. 

Read more here.

PNGRB rejects Adani’s application for Noida city gas licence

The Petroleum and Natural Gas Regulatory Board (PNGRB) has rejected Adani Total Gas Ltd’s application for a licence to retail CNG to automobiles. The application to retail piped gas to household kitchens in Noida and on the outskirts of New Delhi has also been rejected. The rejection comes as the company does not meet the criteria. Adani has been eyeing a city gas distribution (CGD) licence for cities adjoining the national capital for nearly two decades now.

Read more here.

Indian Oil signs long-term LNG import deals with ADNOC LNG, TotalEnergies

Indian Oil Corp has signed long-term liquefied natural gas (LNG) import deals with United Arab Emirates’ s Abu Dhabi Gas Liquefaction Co Ltd (ADNOC LNG) and France’s TotalEnergies. The company signed both deals during Prime Minister Narendra Modi’s Visit to France and UAE last week. ADNOC LNG would supply up to 1.2 million metric tonnes per year of LNG to IOC for 14 years.

Read more here.

Categories
Market News Top 10 News

L&T Signs Agreement for Submarine Project Worth Rs 43,500Cr – Top Indian Market Updates

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

L&T and Spain’s Navantia sign agreement for submarine project worth Rs 43,500 cr

Larsen & Toubro (L&T) has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine programme. P75 (India) Submarine Project is expected to be valued at €4.8 billion (over Rs 43,500 crore) and is India‘s largest defence acquisition project. L&T and Navantia signed a memorandum of understanding (MOU) for the programme on April 11, 2023, in Madrid.

Read more here.

Nazara Technologies to raise Rs 750 crore via equity issue

Nazara Technologies Ltd’s directors’ board approved fundraising of up to ₹750 crores. The board has approved the fundraising through equity shares having a face value of ₹4/- each of the company or any other equity-linked instruments/securities or any combination thereof.Also, Nazara Technologies has increased authorised share capital from ₹30 crore to ₹50 crore subject to shareholders’ approval.

Read more here.

Sanghvi Movers gets work orders worth Rs 150 crore from independent power producers

Sanghvi Movers Ltd received work orders worth ₹150 crore from eminent independent power producers (IPPs) in the renewable energy sector. It will provide crane rental services along with allied services comprising WTG surface logistics, inter-carting, installation and pre-commissioning of WTGs, and development of wind farm and storage yard. The crane services account for approximately 50% of the total contract value.

Read more here.

GPT Infraprojects secures contract worth Rs 64 Crore

GPT Infraprojects Ltd secured an order worth ₹64 crores. The company received the order from the Principal Materials Manager of South Eastern Railway. The order details include the manufacturing and supply of a Mono-Block Pre-Stressed Concrete Sleeper, which confirms to RDSO Drg No 8746.

Read more here.

HPCL gets bids to lease part of Chhara LNG terminal

Hindustan Petroleum Corp Ltd (HPCL) has received six or seven bids from industries to lease a part of its Chhara liquefied natural gas (LNG) import terminal on the west coast. HPCL aims to commission the terminal with a planned capacity of 5 million metric tons per year (tpy) in the December quarter. HPCL was looking to lease a capacity of 3 million tpy to other companies for a period of more than 10 years.

Read more here.

Tata Communications Singapore arm acquires remaining 41.9% stake in Oasis

Tata Communications Ltd’s Singapore-based subsidiary Tata Communications International Pte Ltd (TCIPL) has acquired the remaining 41.9% equity in Oasis Smart SIM Europe SAS (Oasis). As part of the share purchase agreement, Tata Communications will buy out the remaining stake from the non-controlling shareholders of Oasis. It is expected that the acquisition will be complete within one month, subject to customary legal requirements.

Read more here.

Aurobindo Pharma subsidiary enters pact with BioFactura for biosimilar ustekinumab

Aurobindo Pharma’s subsidiary CuraTeQ Biologics has entered into an exclusive license agreement with the US-based BioFactura to commercialise BFI-751, a proposed biosimilar to Stelara (ustekinumab). Ustekinumab is used for treating Crohn’s disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis. As part of the agreement, BioFactura will receive license fees of a total not exceeding $33.5 million spread across different milestones leading to commercialisation in regulated markets.

Read more here.

India’s power consumption grows by 4.4% to 139.23 billion units in June

India’s power consumption grew by 4.4% to 139.23 billion units in June this year compared to last year. In the year-ago period, power consumption stood at 133.26 billion units (BU), higher than 114.48 BU in June 2021. The peak power demand met, which is the highest supply in a day, rose to 223.23 GW in June 2023. The peak power supply stood at 211.72 GW in June 2022 and 191.24 GW in June 2021.

Read more here.

MICL Real Estate acquires development rights of 10 housing societies in Mumbai’s Ghatkopar

Man Infraconstruction Ltd’s (MICL) property development entity MICL Real Estate has acquired development rights for a total of 10 adjoining housing societies in the Ghatkopar suburb of Mumbai. The company has acquired the rights to redevelop these housing societies wherein it holds a 60% partnership interest. The entire project spread over a total of more than 3 acres is estimated to have a total development potential of 1.3 million sq ft and a free-sale component of over 4 lakh sq ft.

Read more here.

Categories
Market News Top 10 News

Reliance Jio in Talks to Raise $1.6 Billion – Top Indian Market Updates

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

Reliance Jio in talks to raise about $1.6 billion for purchase of equipment from Nokia

Reliance Jio Infocomm Ltd. is reportedly in discussions to secure a loan of approximately $1.6 billion (~₹13,120 crore) to purchase equipment from Nokia Oyj. The banks involved in these talks include Citigroup Inc., HSBC Holdings Plc., and JPMorgan Chase & Co. The loan is expected to have a maturity of up to 15 years. Last October, Nokia announced that it has signed an agreement with Jio to supply equipment for its 5G rollout in India.

Read more here.

Asian Paints acquires additional 11% stake in White Teak for ₹54 crore

Asian Paints Ltd has acquired an additional 11% stake in Obgenix Software Private Ltd (White Teak) for ₹54 crore. The company now holds a 60% stake in White Teak, by virtue of which the brand has become a subsidiary of the company. Set up in 2016 by Silicon Valley tech entrepreneurs, White Teak is engaged in the business of decorative lighting products and fans.

Read more here.

Kotak Mahindra Bank arm invests ₹732 crore in thermal power firm RattanIndia

Kotak Strategic Situations India Fund II and Kotak Private Credit Fund, managed by Kotak Investment Advisors (KIAL), announced its investment of ₹732 crore in the non-convertible debentures (NCDs) of RattanIndia Power (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders. KIAL is a subsidiary of Kotak Mahindra Bank.

Read more here.

Dr Reddy’s Labs enters trade generic business in India with ‘RGenX’

Dr Reddy’s Laboratories has entered into the trade generics business in India with the launch of its new division, ‘RGenX’. Trade generics are drugs that are pushed directly to trade and not promoted via doctors. The pharma company aims to roll out its trade generics across cities and towns in India, including rural areas.

Read more here.

Lupin launches oral suspension drug for treatment of seizures in the US

Lupin has launched Rufinamide Oral Suspension in the United States. The drug is indicated for the adjunctive treatment of seizures in pediatric patients. With estimated annual sales of $72 million in the United States (according to IQVIA MAT data for April 2023), Rufinamide Oral Suspension is expected to make a significant impact in the market.

Read more here.

Man Infra secures order worth ₹680 crore for infrastructure works at JNPT

Man Infraconstruction Ltd. has secured an order worth Rs 680 crore from Bharat Mumbai Container Terminal Pvt. Ltd. for infrastructure-related works at Jawaharlal Nehru Port Trust (JNPT) in Maharashtra. The company will be responsible for executing phase-2 infrastructure works at the fourth container terminal of JNPT in Navi Mumbai within two and a half years. The order includes pavement work on the reclaimed earth.

Read more here.

Orchid Pharma launches QIP to raise funds

Orchid Pharma Ltd has launched a Qualified Institutional Placement (QIP) issue to raise funds, with a base size of approximately Rs 300 crore and an option to upsize up to Rs 400 crore. The company has fixed Rs 425.19 as the floor price for the issue, representing a 5.5% discount to Thursday’s closing stock price. The company also has the option to offer a 5% discount on the floor price.

Read more here.

BPCL to consider fundraising via rights issue on June 28

Bharat Petroleum Corporation Ltd (BPCL) will hold a board meeting on June 28 to discuss raising funds through a rights issue. The objective of the rights issue is to support the company’s energy security targets, energy transition, and net-zero objectives. A rights issue allows existing shareholders to purchase additional new shares at a discounted price.

Read more here.

India’s forex reserves rise by $2.35 billion to $596 billion

As per RBI data, India’s forex reserves jumped by $2.35 billion in the week ending June 16, 2023, to $596.09 billion.  Except for gold reserves, all other components witnessed a sharp upside on a week-on-week basis. Foreign currency assets (FCA) increased by $2.57 billion to $527.651 billion. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Read more here.

Auro Pharma arm signs pact with Medicines Patent Pool to develop anti-cancer drug

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities Ltd has entered into a voluntary sub-licensing agreement with the Medicines Patent Pool (MPP). The agreement allows Aurobindo Pharma to develop and market Nilotinib capsules in 44 low and middle-income countries (LMIC). The drug is primarily used for the treatment of chronic myeloid leukaemia. The agreement aims to enhance access to affordable cancer treatment in these countries.

Read more here.

Categories
Market News Top 10 News

Adani Enterprises Posts Rs 820Cr Profit in Q3 – Top Indian Market Updates

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

Adani Ent Q3 Results: Net profit at ₹820 crore

Adani Enterprises reported a consolidated net profit of ₹820 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹11.63 crore in Q3 FY22. Its revenue from operations rose 42% YoY to ₹26,612.23 crore in Q3 FY23. The company’s mining business sales rose nearly 3 times to ₹2,044 crore. The airports business also saw revenue doubling to ₹1,733 crore.

Read more here.

Tata Group’s Air India to acquire 250 aircraft from Airbus

Tata Sons has signed a Letter of Intent (LoI) to acquire 250 aircraft from European manufacturer Airbus. Air India will buy 40 wide-body A350 planes (used for ultra-long flights) and 210 narrow-body aircraft. The airline is likely to add almost 50 aircraft by the end of FY24, which will increase its capacity by about 50%.

Read more here.

Grasim Q3 Results: Net profit rises 44% YoY to ₹2,516 crore

Grasim Industries Ltd reported a 44% YoY increase in consolidated net profit to ₹2,516 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 17% YoY to ₹28,638 crore during the same period. Revenue from the chemicals business stood at ₹2,582 crore in Q3, up 10% YoY.

Read more here.

ICICI Bank signs MoU with European bank BNP Paribas

ICICI Bank signed a Memorandum of Understanding (MoU) with a European bank BNP Paribas to cater to the banking needs of European corporates operating in India and Indian companies in the European Union. The MoU will establish a framework of partnership between the two banks for providing financial services to corporate customers operating in the India–Europe corridor.

Read more here.

Eicher Motors Q3 Results: Net profit rises 62% YoY to ₹741 crore

Eicher Motors Ltd reported a 62% YoY increase in consolidated net profit to ₹741 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29% YoY to ₹3,721 crore during the same period. The company’s EBITDA stood at ₹857 crore in Q3, up 48% YoY. Total sales during the same period rose 48% YoY to 6.16 lakh units.

Read more here.

USFDA to not take any regulatory action on Aurobindo Pharma Telangana unit

Aurobindo Pharma Ltd said the US Food & Drug Administration (USFDA) has concluded the inspection of one of its manufacturing facilities with voluntary action indicated (VAI) in its Establishment Inspection Report (EIR). VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’. The unit is an active pharmaceutical ingredients (API) and intermediates facility located in Telangana.

Read more here.

ITC expects to sell more than ₹2,000-cr worth raw tobacco to BAT in FY24

ITC Limited is projecting to export up to ₹2,335 crore of raw tobacco to British American Tobacco (BAT) in the next financial year (FY24), a 17% increase from the estimated shipments in FY23. The company said it would seek shareholder approval for the plan since it is a related-party transaction. ITC is an associate company of Tobacco Manufacturers (India), which is a subsidiary of BAT, making both related parties.

Read more here.

Torrent Pharma enters OTC segment with calcium supplement

Torrent Pharmaceuticals has forayed into the over-the-counter (OTC) segment in India with Shelcal 500, a calcium supplement brand. The calcium is sourced from natural ingredients like oyster shells, having good absorption/bioavailability in the body. With Shelcal’s entry into OTC, Torrent Pharma believes the brand will become the largest calcium supplement brand in India.

Read more here.

Siemens Q1 Results: Net profit rises 85% YoY to ₹462 crore

Siemens Ltd reported an 85% YoY increase in consolidated net profit to ₹462.7 crore for the quarter ended December. The company follows the October-Sept financial year cycle. Its revenue from operations rose 13% YoY to ₹3,550 crore during the same period. EBITDA stood at ₹600 crore in Q1, up 64.8% YoY.

Read more here.

Categories
Market News Top 10 News

IndiGo Opens 2nd MRO Facility in Bengaluru Airport – Top Indian Market Updates

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

IndiGo opens second MRO facility in Bengaluru Airport

IndiGo has inaugurated its second maintenance repair and overhaul (MRO) facility at Bengaluru’s Kempegowda International Airport. The 13,000 sq. meter facility is built on five acres of land. It is the second-largest maintenance facility at the airport.

In other news, IndiGo CarGo operated its first international flight between Kolkata and Yangon, Myanmar. The A321 P2F freighter aircraft carried general cargo with a payload of more than 19,000 kg.

Read more here.

Quiklyz signs MoUs with five last-mile mobility players

Vehicle leasing and subscription platform Quiklyz has signed Memorandum of Understandings (MOUs) with five last-mile mobility players for leasing over 1,000 electric three-wheelers. With this, Quiklyz plans to deliver these leased vehicles over the next six months across India, opening up newer opportunities in electric vehicle (EV) leasing. Quiklyz is a subsidiary of Mahindra & Mahindra Financial Services Ltd.

Read more here.

Aurobindo Pharma’s unit signs pact with Evive Biotech to market CIN treatment product

Aurobindo Pharma’s unit (Acrotech Biopharma) has entered into a licensing pact with Evive Biotech to commercialise Ryzneuta in the US market. The product is currently under late-stage review by the US Food & Drug Administration (USFDA) for chemotherapy-induced neutropenia (CIN). Evive will develop, manufacture, register, and supply Ryzneuta, while Acrotech will market and distribute the product in the US.

Read more here.

ITC Hotels partners with Jolle Hospitality to expand footprint in South India

ITC Hotels has partnered with Jolle Hospitality for a 116-room hotel in Belagavi (Karnataka) as it aims to expand its footprint in South India. The hotel is currently under construction and likely to be completed by 2024. Spread across 5 acres, the hotel will be named ITC WelcomHotel Belagavi. 

Read more here.

SC rejects Tata Power plea challenging MERC transmission contract to Adani Power

The Supreme Court rejected Tata Power’s plea challenging a ₹7,000 crore transmission contract secured by Adani Power from Maharashtra Electricity Regulatory Commission (MERC). Tata Power had challenged the awarding of the infrastructure project without tariff-based competitive bidding. As per the contract, Adani Power will develop a 1,000 MW high-voltage direct current link between Kudu and Aarey power stations.

Read more here.

Tata Motors rolls out new Tigor EV sedan

Tata Motors has launched the new Tigor EV with an extended range of 315km. Available in four variants, the new Tigor EV price starts at ₹12.49 lakh and goes up to ₹13.75 lakh (ex-showroom). The electric passenger vehicle portfolio of the auto major currently includes the Nexon EV, Tigor EV, and Tiago EV. Tata Motors plans to offer 10 electric models in its portfolio by 2026.

Read more here.

Bajaj Healthcare begins trial run for new opium processing line

Bajaj Healthcare Ltd (BHL) has started the trial run of a new production line for processing opium at Savli in Vadodara district, Gujarat. The new production line will produce Alkaloids and Active Pharmaceutical Ingredients (APIs) used in a wide range of pharma applications. BHL was the first private entity to be awarded tenders for the highly regulated opiate processing business by the Central government.

Read more here.

Zydus Lifesciences gets USFDA approval for ulcer treatment drug

Zydus Lifesciences Ltd. has received final approval from the USFDA to market famotidine injection. The drug is used to treat ulcers of the stomach and intestines. It also prevents intestinal ulcers from coming back after they have healed. According to IQVIA data, Famotidine injection had annual sales of $1.9 million for the 12 months ended Sept 2022.

Read more here.

Renault Group selects KPIT Tech as strategic software scaling partner

France-based Renault Group has selected KPIT Technologies as a strategic software scaling partner for a next-generation software-defined vehicle (SDV) platform. The platform will drive Renault’s global growth by delivering unmatched experience to end consumers and unlocking monetisation over the length of vehicle ownership. KPIT Tech is one of the largest software integration partners for the automotive & mobility industry.

Read more here.

Oil prices fall more than $2 on Russian oil price cap talks

Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.71 (or 3.07%) to $85.65 a barrel. As per reports, G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/billion barrels of oil (bbl).

Read more here.

Categories
Market News Top 10 News

Adani Group’s ₹493Cr Open Offer for NDTV to Start Tomorrow – Top Indian Market Updates

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

Adani Group’s ₹493 crore open offer for NDTV to start tomorrow

Adani Group’s open offer to acquire an additional 26% shareholding in the media company New Delhi Television (NDTV) from the market will start tomorrow. The offer will close on December 5. If fully subscribed, the open offer will amount to ₹492.81 crore at ₹294 per share. To learn more about Adani’s takeover of NDTV, click here.

Read more here.

RBI allows HDFC Bank, Canara Bank to open Vostro account for INR trade with Russia

The Reserve Bank of India (RBI) has allowed HDFC Bank and Canara Bank to open a special “vostro account” for trade in Indian Rupees with Russia. Vostro accounts are accounts held by a bank on behalf of another (often a foreign bank), and this forms a key part of correspondent banking. Payments can be settled in Rupee for India-Russia trade, enabling cross-border transactions in the Indian currency.

Read more here.

Jindal Steel wins bid to build 300 MW coal power plant in Botswana

Botswana has selected Jindal Steel & Power Ltd (JSPL) to build a coal-fired power plant. The contract is for the design, construction, operation, and maintenance of a 300 megawatts  (MW) net greenfield coal-fired power plant. JSPL will finance the construction of the plant and recoup its investments from selling electricity to the Botswana Power Corporation (BPC) under terms to be negotiated between the two parties.

Read more here.

Aurobindo Pharma aims to complete ₹2,000 crore plant in AP by March 2024

Aurobindo Pharma Ltd aims to complete its ₹2,000 crore Penicillin G (Pen G) plant in Andhra Pradesh by March 2024, even as the trial of the initial batches will take place starting October 2023 onwards. The production capacity of the plant will be around 15,000 tonnes annually. The plant has been approved under the government’s PLI scheme for Key Starting Materials/Drug Intermediates and Active Pharmaceutical Ingredients (APIs).

Read more here.

NCLT clears Jio’s acquisition of Reliance Infratel

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Reliance Property & Projects Management Services Ltd’s (RPPMSL) acquisition of Reliance Infratel Ltd (RITL). RPPMSL is a subsidiary of Reliance Jio that looks into the telco’s tower business. Jio has to deposit ₹3,500 crore in an SBI escrow account to complete the acquisition of RITL.

Read more here.

Lighthouse India to sell Nykaa shares worth ₹335 crore

Investment firm Lighthouse India will sell shares worth ₹335 crore of Nykaa via a block deal tomorrow at a price band of ₹180-183.50 per share. After the lock-in period expired earlier this month, several pre-IPO investors have been liquidating shares held by them. Last week, investor Mala Gopal Gaonkar sold 5.75 crore shares of Nykaa at an average price of ₹175.48 in a deal worth ₹1,009 crore.

Read more here.

Arvind forms joint venture with PurFi Global to reduce textile waste

Textiles manufacturer Arvind Ltd and US-based PurFi Global LLC will set up a joint venture (JV) to reduce the amount of textile waste going to landfills. The JV plans to set up its first fibre rejuvenation facility near one of Arvind’s manufacturing facilities in India. PurFi’s technology creates a solution that transforms textile waste into virgin-quality fibres.

Read more here.

Ashok Leyland eyeing to launch Dost in Middle East, African markets

Ashok Leyland Ltd is testing its highly popular light commercial vehicle (LCV) ‘Dost’ with left-hand drive (LHD) option as it plans to serve the Middle East and African markets. The company currently sells a range of LCVs under the ‘Dost’ brand with right-hand drive option both in domestic and overseas. In October 2022, sales from the LCVs business grew by 18% YoY to 5,671 units.

Read more here.