Tag: Aurobindo Pharma

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Macrotech Developers to Launch 16 Projects Worth ₹10,300Cr – Top Indian Market Updates

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

Macrotech Developers to launch 16 projects worth ₹10,300 crore in H2 FY23

Realty firm Macrotech Developers Ltd (Lodha) plans to launch 16 new projects in the second half (H2) of FY23 with an estimated sales potential of ₹10,300 crore as it seeks to tap rising housing demand. These projects would be a mix of fully-owned and joint development with landowners. The company has delivered more than 89 million square feet of real estate and is developing around 100 million sq. ft. under its ongoing and planned portfolio.

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MRF Q2 Results: Net profit falls 32% YoY to ₹130 crore

MRF Ltd reported a 32% year-on-year (YoY) decline in consolidated net profit to ₹130 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18.7% YoY to ₹5,826 crore during the same period. The tyre manufacturer’s total expenses stood at ₹5,730 crore, up 21% YoY. MRF’s board has declared an interim dividend of ₹3 per share.

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Arvind Q2 Results: Net profit rises 79% YoY to ₹125 crore

Textile manufacturer Arvind Ltd reported a 79% YoY increase in consolidated net profit to ₹125.02 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 2.9% YoY to ₹2,169.81 crore during the same period. The company’s total expenses stood at ₹2,072.45 crore in Q2, up 3.5% YoY. Revenue from its textiles segment rose 1.8% YoY to ₹1,758.98 crore.

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Godrej Properties acquires 12-acre land parcel in Pune

Godrej Properties Ltd has acquired a 12-acre land parcel in the Mundhwa locality of Pune. The company is planning to develop a premium group housing project in this land parcel. The project will have a developable potential of around 2.2 million sq. ft. with an estimated revenue potential of around ₹2,000 crore based on the current business assumptions.

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Bajaj Electricals Q2 Results: Net profit flat at ₹62 crore

Bajaj Electricals Ltd reported a net profit of ₹62 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹62.55 crore in Q2 FY22. Its revenue from operations fell 6.41% YoY to ₹1,201.14 crore in Q2 FY23. The company’s revenue from the consumer products segment fell 2.45% YoY to ₹882.87 crore. Total expenses stood at ₹1,159.22 crore in Q2, down 6.81% YoY.

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Aurobindo Pharma units recall products in US market for manufacturing issues

Aurobindo Pharma Ltd’s units are recalling different products in the US market for manufacturing lapses. According to the latest Enforcement Report by the US Food & Drug Administration (USFDA), New Jersey-based Aurobindo Pharma USA, Inc. is recalling 9,504 bottles of Quinapril and Hydrochlorothiazide tablets. The tablets (used to treat high blood pressure) were manufactured in India.

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Bosch Q2 Results: Net profit flat at ₹372 crore

Bosch Limited reported a net profit of ₹372.4 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹372 crore in Q2 FY22. The auto component manufacturer’s revenue from operations rose 25.5% YoY to ₹3,662 crore in Q2 FY23. Total expenses stood at ₹3,324.2 crore, up 25.7% YoY.

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Two IPOs to hit the markets tomorrow

Five Star Business Finance Ltd’s IPO is set to open for subscription tomorrow. The company provides secured business loans to micro-entrepreneurs and self-employed individuals. The IPO only consists of an offer for sale (OFS) aggregating to ₹1,960 crore. The company has fixed ₹319-336 as the price band of the IPO.

Archean Chemical Industries Ltd is also launching its IPO tomorrow. The company is a leading speciality marine chemical manufacturer in India. The IPO consists of a fresh issue of equity shares aggregating to ₹805 crore and an OFS aggregating to ₹657.31 crore. The company has fixed ₹386-407 as the price band of the IPO.

Jubilant FoodWorks Q2 Results: Net profit rises 9.8% YoY to ₹131.5 crore

Jubilant FoodWorks Ltd reported a 9.8% YoY increase in consolidated net profit to ₹131.5 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16.6% YoY to ₹1,301.48 crore during the same period. Total expenses stood at ₹1,153.92 crore, up 19.76% YoY. The company opened 76 new Domino’s stores in Q2, taking the total number to 1,701.

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Godrej Consumer Q2 Results: Net profit falls 25% YoY to ₹359 crore

Godrej Consumer Products Ltd (GCPL) reported a 25% YoY decline in consolidated net profit to ₹358.86 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7% YoY to ₹3,364.45 crore during the same period. GCPL’s total expenses rose 14.41%Y YoY to ₹2,951.38 crore in Q2. Revenue from the Indian market stood at ₹1,985.03 crore, up 8% YoY.

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RIL to Roll Out 5G Services by Diwali – Top Indian Market Updates

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

RIL to launch 5G services by Diwali; reveals ₹75,000 crore investment in petchem

Reliance Industries Ltd (RIL) has laid out a ₹2 lakh crore plan to launch the next generation (5G) of wireless services in India within two months. The company aims to deploy 5G services across metro cities by Diwali. RIL will partner with Qualcomm Inc to provide cloud-based 5G network solutions for businesses. It will also collaborate with Meta Platform Inc. for its JioMart shopping integration on WhatsApp.

Mukesh Ambani laid out a clear roadmap of how the conglomerate will be divided among two sons Akash and Anant, and daughter Isha. RIL will also launch its fast-moving consumer goods (FMCG) business this year. Moreover, they’ve announced an investment of ₹75,000 crore in the petrochemical business over the next five years.

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Lupin gets USFDA nod for generic cancer treatment drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets in America. The drug is used to treat certain types of cancer. It works by slowing or stopping the growth of cancer cells. As per IQVA MAT data, Dasatinib tablets had estimated annual sales of $1,569 million in the US.

Read more here.

ABB India to upgrade Smart Power factory in Bengaluru

ABB India has decided to expand and upgrade its Smart Power factory in Nelamangala, Bengaluru, to meet the strong demand for its Smart Power solutions and energy management technologies. The facility is equipped with advanced collaborative robotics technology for better human-machine interfaces, artificial intelligence (AI), and digitalization technologies to create an automated and future-ready factory.

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LTTS secures 5-year deal from BMW Group

L&T Technology Services (LTTS) has secured a multi-million-dollar deal from BMW Group. As part of the 5-year deal, LTTS will provide high-end engineering services for BMW’s suite of infotainment consoles targeted for its range of hybrid vehicles. The proximity to BMW Group’s campus will enable LTTS’ engineers to work on various solutions and offer services in real-time.

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Mahindra Finance partners with CRIF to enhance customer experience

Mahindra & Mahindra Financial Services Ltd has partnered with CRIF Solutions to offer a seamless onboarding experience for customers seeking loans. The company will leverage an automated platform called StrategyOne (an Enterprise Business Rules Engine provided by CRIF) to integrate its customer acquisition channels across multiple retail asset product lines. This partnership will facilitate quicker loan approval decisions by combining automation and risk analysis.

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EaseMyTrip partners with magicpin to launch services for travel, shopping

Easy Trip Planners Ltd (EaseMyTrip) has announced a partnership with magicpin to launch a suite of products and services that will bring travel and shopping experiences together through cross-promotion. This partnership will have unique and specially curated offerings on each other’s platforms.

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Aurobindo Pharma subsidiary’s plant gets one observation from USFDA

The USFDA has issued one observation after inspecting a plant owned by Aurobindo Pharma’s US-based unit. The health regulator conducted its Pre-Approval Inspection (PAI) and Good Manufacturing Practice (GMP) inspection at the plant from August 22-26. The plant is owned by Aurolife Pharma LLC, a wholly-owned step-down subsidiary of Aurobindo Pharma Ltd. The company said it will respond to the USFDA within the stipulated timeline.

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​​IRCTC plunges 8% after it withdraws e-tender for data monetisation plan

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) fell over 8% today after the company withdrew the e-tender for its data monetisation plan. The bill was withdrawn after IRCTC was summoned by a Parliamentary panel over its controversial passenger data monetisation plan on Friday. The panel sought IRCTC’s stance on the proposal as it was concerned over possible data privacy violations.

Last week, IRCTC revealed plans to employ a consultant to conduct business with government and private companies by using its customer and vendor application data. The company estimated a revenue opportunity of ₹1,000 crore from this move.

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Vodafone Idea denies report of data breach

Vodafone Idea (Vi) has denied an alleged data leak of more than 20 million customers. A report by cyber security research firm CyberX9 claimed that call data records of around 20.6 million customers of Vi were leaked and accessed by cyber-criminals. The telco said the report is “false and malicious”.

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RBI to establish fraud registry to check bank frauds

The Reserve Bank of India (RBI) aims to establish a fraud registry to compile a database of dubious websites, phones, and other digital fraud methods as part of its attempts to increase client safety. Such a database will help to stop fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted.

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Bharti Airtel Launches Wynk Studio – Top Indian Market Updates

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

Bharti Airtel launches Wynk Studio to support independent artists

Bharti Airtel Ltd has launched Wynk Studio, a music distribution ecosystem for independent artists. The studio enables artists to launch and monetise their music. The company has earmarked Rs 100 crore to promote local talent and launch 5,000 independent artists. At present, Wynk Studio has onboarded 130 artists from India, Singapore, and the United States.

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Aurobindo Pharma Q1 Results: Net profit falls 32% YoY to Rs 521 crore

Aurobindo Pharma Ltd reported a 32% YoY decline in consolidated net profit to Rs 521 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 9% YoY to Rs 6,236 crore during the same period. EBITDA stood at Rs 935 crore in Q1, down 22% YoY. The company’s Active Pharmaceutical Ingredients (API) business grew 12% YoY to Rs 907 crore. 

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Ashok Leyland’s EV arm partners with Chalo to deploy 5,000 EV buses

Ashok Leyland’s EV subsidiary, Switch Mobility, has partnered with Chalo (an app-based public transport operator) to supply over 5,000 electric buses over three years. Switch Mobility will manufacture the buses, while its sister company OHM Mobility will operate them in partnership with Chalo. The electric buses will be deployed across metros and major cities.

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Jet Airways Q1 Results: Net loss at Rs 390 crore

Jet Airways reported a net loss of Rs 390.1 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 129 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations fell 83% YoY to Rs 12.53 crore in Q1 FY23. It has started the process of hiring pilots for Airbus’ A320 aircraft and Boeing’s 737NG and 737Max planes. They intend to recommence commercial operations in the current quarter (Q2 FY23).

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NMDC hikes lump ore rate to Rs 4,100 per tonne; fines at Rs 2,910

NMDC Ltd has hiked prices of lump ore by Rs 200 per tonne and fines by Rs 100 per tonne with immediate effect. It fixed the prices of lump ore at Rs 4,100 per tonne and fines at Rs 2,910 per tonne. NMDC is India’s largest producer and seller of iron ore. It contributes around 17% to the country’s annual iron ore output.

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Bata India Q1 Results: Net profit rises 72% YoY to Rs 119 crore

Bata India Ltd reported a 71.82% YoY increase in consolidated net profit to Rs 119.37 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 253% YoY to Rs 943 crore during the same period. Footfalls across retail outlets and sales through digital channels saw significant growth. Bata India opened more than 20 new franchise stores in Q1, taking the total number to over 320.

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Go Fashion plans to open 120-130 stores every year

Go Fashion (India) Ltd is pushing ahead with its plan to strengthen its footprint across geographies by adding about 120-130 stores every year. The company saw a five-fold YoY jump in total revenue to Rs 165.2 crore for the quarter ended June (Q1 FY23). It posted a net profit of Rs 24.4 crore in Q1 FY23, compared to a loss of Rs 19 crore in Q1 FY22. Go Fashion has been continually adding new products across all its bottom-wear categories.

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Wonderla Holidays Q1 Results: Net profit at Rs 64 crore

Wonderla Holidays reported a net profit of Rs 64.38 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 13.25 crore in Q1 FY22 and a net profit of Rs 8.51 crore in the previous quarter (Q4 FY22). Its revenue from operations surged to Rs 149.42 crore in Q1 FY23, compared to a revenue of Rs 4.35 crore in Q1 FY22 and Rs 57.69 crore in Q4 FY22. 

The company aims to focus on leveraging digital marketing, scaling content, consistent park activities, and innovative rides in the coming years.

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Syrma SGS Technology’s IPO to open tomorrow

Chennai-based engineering and design company Syrma SGS Technology will launch its Rs 840 crore initial public offering (IPO) on Friday. The issue will be sold in the price band of Rs 209-220 and would be a mix of fresh issue (Rs 766 crore) and an offer for sale (Rs 74 crore). The IPO will conclude on August 18.

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Trent Q1 Results: Net profit at Rs 115 crore

Trent Limited reported a consolidated net profit of Rs 114.93 crore for the quarter ended June (Q1 FY23). The retail firm had posted a net loss of Rs 138.29 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped over three-fold YoY to Rs 1,803.15 crore in Q1 FY23. Total expenses stood at Rs 1,734.28 crore, up 157% YoY.

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TCS secures order from Five Star Bank

Tata Consultancy Services (TCS) has partnered with Five Star Bank (a subsidiary of US-based Financial Institutions, Inc.) to offer its Customer Intelligence & Insights (CI&I) analytics platform. TCS will leverage the AI-powered CI&I platform’s real-time contextual engagement capabilities to help the bank gain insights to avoid attrition blind spots and drive omnichannel customer personalisation.

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Oil India Q1 Results: Net profit jumps 3x to Rs 1,555 crore

Oil India Ltd (OIL) reported a 3x jump in net profit to Rs 1,555.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 98% YoY to Rs 5,967.55 crore during the same period. OIL realised an average crude price of $112.73 per barrel in Q1 FY23, compared to $67.15 per barrel in Q1 FY22. 

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Bajaj Auto Announces Rs 2,500 crore Share Buyback Plan – Top Indian Market Updates

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

Bajaj Auto announces Rs 2,500 crore share buyback plan

Bajaj Auto Ltd’s board has approved the buyback of shares worth up to Rs 2,500 crore. The two-wheeler manufacturer intends to buy back 54.35 lakh shares (aggregating up to 1.88% of the total paid-up share capital) via the open market at Rs 4,600 per share. The buyback price is a 20.64% premium to Friday’s closing price of Rs 3,812.80.

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India’s petroleum products’ export falls 1% in May: Oil Ministry data

India’s total export of petroleum products fell 1% year-on-year (YoY) to 5.7 million metric tonnes (MMT) in May 2022. Exports had risen 22% YoY in April as demand soared in the domestic market. Imports increased 14% YoY to 3.2 MMT in May, compared to 3.8 MMT in April. Diesel and petrol make up three-fourths of India’s petroleum products exports in terms of volume, while LPG comprises 40% of imported fuels.

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TTK Prestige acquires 40% stake in Ultrafresh Modular Solutions

TTK Prestige Ltd will acquire a 51% majority stake in Ultrafresh Modular Solutions (UMS). This move mark’s the company foray into the fast-growing modular kitchen solutions segment. TTK Prestige has invested nearly Rs 20 crore to acquire a 40% stake in UMS. It will invest another Rs 10 crore to acquire a further 11% stake. The acquisition is in line with TTK Prestige’s overall goal of becoming a total kitchen solutions brand.

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Aurobindo Pharma receives SEBI’s warning letter over ongoing USFDA audit

Aurobindo Pharma Ltd has received a warning letter from the Securities & Exchange Board of India (SEBI) for non-disclosure of details related to an ongoing audit of one of its manufacturing units in Hyderabad and observations made by the US Food and Drug Administration (USFDA). The warning letter observes that the company had “disclosed very limited and restricted information”. It also did not disclose detailed reasons for the audit and did not consider the observations of USFDA as serious.

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ISRO’s optical imaging system technology transferred to Paras Defence & Space

New Space India Ltd (NSIL) has signed a letter of intent (LoI) with Paras Defence and Space Technologies Ltd for transferring the ‘Optical Imaging System’ technology developed by the Indian Space Research Organisation (ISRO). The tech will be handed over through a Technology Transfer Agreement for the development, manufacturing, and sale of Optical Imaging Systems in India and abroad.

Maruti Suzuki bets big on hybrids over EVs

Maruti Suzuki India Ltd (MSIL) stated that electric vehicles (EVs) are not the solution for decreasing carbon emissions, at least not immediately. The automaker believes that vehicles powered by hybrid technology, natural gas, and biofuels will be much better options than EVs as India generates ~75% of its electricity from coal. MSIL is planning to launch its first hybrid car under a partnership between Suzuki Motor Corp and Toyota within 12 months.

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Adani Enterprise’s arm raises Rs 6,000 crore loan to set up greenfield copper plant

Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd, has secured a debt of Rs 6,071 crore. The funds will be utilized towards setting up a copper refining capacity of 0.5 million tonnes per annum (MTPA) as part of Phase-1 of the greenfield plant. The total planned capacity is 1 MTPA in two phases. KCL aims to boost the production of refined copper, which plays a vital role in strengthening India’s shift towards renewables and EVs.

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M&M launches all-new Scorpio-N; price starts at Rs 11.99 lakh

Mahindra & Mahindra (M&M) Ltd has launched the all-new seven-seat Scorpio-N SUV in the Indian market. The prices of the manual variants of the SUV start at Rs 11.99 lakh and go up to Rs 19.49 lakh (ex-showroom). Bookings will start on July 30, 2022, at dealerships and M&M’s online website. Deliveries are set to commence during the festive season.

Read more here.

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HDFC Bank Hikes Lending Rates by 35bps – Top Indian Market Updates

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

HDFC Bank hikes lending rates by 0.35%

HDFC Bank has raised its lending rate by 35 basis points (bps) across the board to over 7.5%. This will increase the interest rates on all personal loans by the banks that are dependent on their marginal cost of funds. The move comes ahead of widespread anticipation that the Reserve Bank of India will raise interest rates sharply on June 8.

Read more here.

Axis Bank, Indian Oil launch co-branded RuPay contactless credit card

Axis Bank and Indian Oil Corporation Ltd (IOCL) have launched a co-branded contactless INDIANOIL AXIS BANK RuPay Credit Card in partnership with the National Payments Corporation of India (NPCI). The card offers 100% cashback up to Rs 250 on all fuel spends within the first 30 days of card issuance. It also offers waiver of a 1% fuel surcharge on fuel spends between Rs 200 to Rs 5000.

Read more here.

Aurobindo Pharma unit gets USFDA nod for prostate cancer drug

Eugia Pharma Specialties, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Leuprolide Acetate injection. The drug is used to treat the symptoms associated with advanced prostate cancer. As per IQVIA data, the product had an estimated market size of $83 million for the twelve months ended April 2022.

Read more here.

AMD takes 500,000 sqft leased space in Prestige Group’s commercial property in Bengaluru

US-based semiconductor manufacturer Advanced Micro Devices (AMD) has leased ~500,000 sq. ft. office space in Prestige Group’s commercial property in Bengaluru. It is one of the largest office deals in the southern market in 2022. AMD will use the new office space to expand its operations in the city. The office is expected to be operational by the end of 2022.

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Neelachal Ispat Nigam acquisition crucial for Tata Steel’s growth trajectory: Official

Tata Steel said winning the bid for acquiring a majority stake in Neelachal Ispat Nigam Ltd (NINL) was “crucial” for its growth trajectory. In January 2022, Tata Steel Long Products Ltd won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel will begin work immediately to build a 4.5 million tonnes per annum (MTPA) state-of-the-art long products complex in the next few years.

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Aster DM Healthcare partners with Skye Air Mobility for deliveries via drones

Aster DM Healthcare has commenced drone delivery trials with drone technology-based logistics firm Skye Air Mobility in Kerala. Several drones transported essential medicine and critical lab samples from Aster MIMS Hospital to Aster Mother Hospital Areekode. Aster DM Healthcare will leverage Skye Air’s drone technology for the delivery of diagnostic samples and medicines initially in Calicut and further across Kerala.

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Jio launches 4G mobile service near Pangong Lake in Ladakh

Reliance Jio has launched its 4G voice and data services in Spangmik village near Pangong Lake in Ladakh. The lake is one of the most popular tourist locations in Ladakh. This launch is expected to provide a boost for the local economy besides providing seamless connectivity to the tourists and the troops in the area.

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IEX achieves 16% growth in electricity volumes in May

Indian Energy Exchange (IEX) achieved 7,596 million units (MU) of electricity volume in May 2022, registering a 16% YoY growth. The Day-Ahead Market volume stood at 3,173 MU in May, a decline of 27% YoY. The Real-Time Market volume at 2,319 MU grew 61% YoY.

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SBI Cards to raise Rs 2,500 cr via NCDs

SBI Cards & Payment Services Ltd’s board has approved a proposal to raise Rs 2,500 crore by issuing non-convertible debentures (NCDs) to fund business growth. The fund would be raised in one or more tranches (rounds) on a private placement basis.

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ONGC Offers Stake in KG Block to Foreign Firms – Top Indian Market News

ONGC market updates | marketfeed

ONGC offers stake in KG block to foreign firms

Oil & Natural Gas Corporation (ONGC) is offering foreign companies a stake in its ultra deepsea gas discovery and a high-pressure, high-temperature block in the KG basin. The company is seeking technology partners and service providers for the development of the Deen Dayal West (DDW) block and the ultra-deep discoveries in Cluster-III of its KG-D5 area. Expressions of Interest (EoIs) have been invited by June 16, as per the tender floated by ONGC.

Read more here.

Colgate-Palmolive India Q4 Results: Net profit rises 3% YoY to Rs 324 crore

Colgate-Palmolive India Ltd (CPIL) reported a 2.8% YoY increase in net profit to Rs 323.57 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 1.4% YoY to Rs 1,293.35 crore during the same period. The oral care company’s total expenses increased by 1.2% YoY to Rs 871.85 crore in Q4. CPIL became a Rs 5,000 crore turnover company in FY22.

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Aurobindo Pharma’s arm gets USFDA approval for cancer drug

Eugia Pharma Specialties Ltd, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Pemetrexed injection. The drug is used in combination with other chemotherapy medications as the first treatment for a certain type of non-small cell lung cancer. As per IQVIA data, the product had an estimated market size of $1,272 million for the fiscal year ended March 31, 2022.

Read more here.

Hindalco Q4 Results: Net profit doubles to Rs 3,851 crore

Hindalco Industries Ltd reported a 2x increase in consolidated net profit to Rs 3,851 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 55,764 crore during the same period. EBITDA stood at Rs 7,597 crore in Q4, up 30% YoY. Hindalco’s aluminium sales grew 2% YoY at 336-kilo tonnes (KT) in Q4.

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RailTel, Esri India signs pact to offer cloud-based GIS solutions

RailTel Corporation of India Ltd has signed a Memorandum of Understanding (MoU) to provide cloud-based geographic information system (GIS) solutions to government-sector customers. Esri India has already developed the ‘Indo ArcGIS’ suite for government customers, which will now be available on RailTel Cloud. The suit includes industry-specific solution products for disaster management, land records, electric utility management, etc.

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IT Dept raids 34-40 premises of Asian Granito India

As per reports, Income Tax Dept officials have carried out searches at around 35-40 locations of Ahmedabad-based Asian Granito India Ltd. The raids were conducted a day after the ceramic wall and floor tile manufacturing company reported excellent financial performance in FY22. It had also announced plans to set up three state-of-the-art manufacturing facilities in value-added luxury surfaces and bathware segments at Morbi, Gujarat.

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Muthoot Finance Q4 Results: Net profit falls 4% YoY to Rs 960 crore

Muthoot Finance Ltd reported a 3.6% YoY decline in net profit to Rs 960 crore for the quarter ended March (Q4 FY22). Its total income fell 5% YoY to Rs 2,678.37 crore during the same period. Interest income fell 5.3% YoY to Rs 2,640.95 crore in Q4. The company’s consolidated assets under management (AUM) stood at Rs 64,494 crore, registering a growth of 11% YoY. 

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UPL announces supply agreement for Bayer’s Spirotetramat

UPL announced a new supply agreement for Spirotetramat, an insecticide developed by Bayer CropScience Ltd for integrated pest control. Through this long-term global data access and supply agreement, UPL will use its expertise in insecticides and global research & development network to register and distribute new differentiated solutions containing Spirotetramat.

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Kirloskar Industries Q4 Results: Net profit falls 99% YoY to Rs 0.12 crore

Kirloskar Industries Ltd reported a 99.82% YoY decline in consolidated net profit to Rs 0.12 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.16% YoY to Rs 1,037.36 crore during the same period. The company manufactures and sells iron castings in India. 

SEBI exempts govt from open offer for Vi

The Securities & Exchange Board of India (SEBI) has exempted the government from making an open offer to the shareholders of Vodafone Idea (Vi). The exemption is for the government’s proposed acquisition of over 33% stake in Vi as part of the telecom relief package. SEBI said the government has been exempted from such an offer since the sole purpose of the purchase of stake is saving the larger public interest.

Read more here.

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PVR to Merge With INOX – Top Indian Market News

PVR to merge with INOX to form India’s largest entertainment company

Multiplex chains PVR Ltd and INOX Leisure Ltd have decided to merge to form the largest entertainment company in India. On Sunday, the boards of the two companies approved the amalgamation and share exchange ratios. INOX shareholders will receive three shares in PVR for 10 shares of INOX. After the merger, PVR promoters will have a 10.62% stake, while INOX promoters will have a 16.66% stake in the combined entity. 

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Tata Power, Rustomjee Group collaborate for EV charging infrastructure

Tata Power has partnered with real estate developer Rustomjee Group to provide electric vehicle (EV) charging solutions across its residential and commercial projects in Mumbai. The power company will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24×7 charging facility and maintenance support.

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L&T constructs 7-storey facility for DRDO in record 45 days

Larsen & Toubro Ltd has constructed a 7-storey, state-of-the-art Flight Control System (FCS) integration facility for the Defence Research and Development Organization (DRDO) in 45 days. The company used integrated hybrid modular construction technology to build the facility. Constructed on a total built-up area of 130,000 sq. feet, the site team had to coordinate with 21 off-site locations to integrate design, structure, and architecture services.

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Adani Group selects Google Cloud to modernise IT operations for future scale, innovation

Adani Group has announced a multi-year partnership with Google Cloud to modernise IT operations for future scale and group-wide innovation. The first phase of the partnership is underway. The Adani Group is making swift progress in migrating its extensive IT footprint from its existing on-premises data centre to Google Cloud.

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G R Infraprojects emerges lowest bidder for road project in Rajasthan

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a road project in Rajasthan worth Rs 1,368 crore. The project involves the construction of a 4-lane greenfield expressway spur from Bandikui to Jaipur on a hybrid annuity model. It also entails an operations and maintenance cost of Rs 2.97 crore in the first year. G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

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HCL Tech to provide global service desk and on-site support to Novo Nordisk

Danish pharma company Novo Nordisk has selected Tata Consultancy Services (TCS) to provide global service desk and on-site support. Through the partnership, HCL will help Novo Nordisk transform its IT operations and drive efficiency across its workforce. HCL will implement a multilingual and omnichannel digital workplace solution for Novo Nordisk. 

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Coal India records high of 528 MT of coal supplies to domestic power utilities

Coal India Ltd (CIL) has supplied an all-time high of 528 million tonnes (MTs) of coal to India’s power utilities. This is 98.5% of the prorated demand of 535 MTs projected by the Ministry of Power and Central Electricity Authority. CIL is concentrating all its efforts to meet the projected coal demand of the power sector. The company is expected to open the next financial year (FY23) with over 60 MT at its pitheads (top or entrance of the mining pits).

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EaseMyTrip, DBS Bank India to launch green debit card

DBS Bank India has partnered EaseMyTrip to launch an environment-friendly international debit card. It is made from 99% recycled polyvinyl chloride (PVC) material. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers. It also rewards users for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.

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Aurobindo Pharma acquires business and assets of Veritaz Healthcare for Rs 171 crore

Aurobindo Pharma Ltd has acquired the business and certain assets of Veritaz Healthcare for a cash consideration of Rs 171 crore. The transaction is expected to close by May 2022. Veritaz sells branded generic formulations and other healthcare-related products in the Indian market. Its sales and distribution network includes nearly 50,000 retailers, spread across 23 cities.

Aster DM Healthcare to invest Rs 500 crore to set up healthcare facilities in Tamil Nadu

Aster DM Healthcare Ltd has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up healthcare facilities. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies, and laboratories in Tamil Nadu. It will help provide affordable, quality healthcare and generate employment for more than 3,500 people.

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Centre to Become Largest Shareholder in Vi – Top Indian Market News

Govt to become largest shareholder in Vodafone Idea

Vodafone Idea’s (Vi) board has informed the Department of Telecommunications (DoT) that it will opt for converting the interest on spectrum and adjusted gross revenue (AGR) dues into government equity. The Indian govt will hold 35.8% and become the single largest shareholder in Vi. The cash-strapped telecom company had past AGR dues worth Rs 58,254 crore, of which it has paid Rs 7,854 crore.

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JSW Steel combined output grows 28% in Q3

JSW Steel Ltd reported a 28% YoY growth in combined steel production to 5.35 million tonnes (MT) for the quarter ended December (Q3 FY22). The company’s standalone output rose 8% YoY to 4.41 MT during the same period. JSW Steel’s capacity utilisation at the standalone level stood at 94% in Q3. 

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DLF sells properties worth Rs 1,500 crore in new luxury housing project in Delhi

DLF Limited has sold properties worth Rs 1,500 crore in its newly launched housing project at Moti Nagar in Delhi. On Friday, the realty major launched its luxury housing project ‘ONE Midtown’ comprising 913 units at Shivaji Marg in Moti Nagar, with a starting price of Rs 3 crore. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC.

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L&T’s heavy engineering arm dispatches mega tubular reactors to petrochemical complex overseas

Larsen & Toubro (L&T) Ltd’s heavy engineering arm has dispatched two large ethylene oxide reactors weighing 1,200 tonnes each from Hazira (Gujarat) to a large petrochemical complex overseas. This was a repeat order after four identical reactors were supplied by L&T to the same client in 2020. These highly complex reactors are crucial equipment for the production of mono ethylene glycol in the petrochemical complex.

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Tata Teleservices opts for conversion of interest to equity; Centre to hold 9.5%

Tata Teleservices has opted for converting the interest from adjusted gross revenue (AGR) dues amounting to Rs 850 crore to equity. The government will hold 9.5% in the company. Tata Teleservices has AGR dues of Rs 16,798 crore, of which it has paid Rs 4,197 crore and had opted for the 4-year AGR and spectrum payment moratorium.

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Marksans Pharma gets USFDA approval for Cetrizine Hydrochloride tablets

Marksans Pharma Ltd has received final approval from US Food & Drugs Administration (USFDA) for over-the-counter Cetirizine Hydrochloride tablets. The drug is indicated for the treatment of perennial allergic rhinitis, including sneezing, postnasal discharge, watery eyes, and running nose. The product will be marketed under store brand labels and is comparable to the brand Zyrtec.

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Aurobindo Pharma in talks with PEs for stake sale in injectable business: Report

As per a report from the Economic Times, Aurobindo Pharma Ltd has initiated talks with private equity (PE) funds to sell a stake of around 30-35% in its injectable business for Rs 4,500-5,250 crore. With this move, the drugmaker plans to unlock value in its core businesses. TPG Capital Management, Advent International, Bain Capital, and Blackstone have been contacted for a potential transaction, valuing the business at Rs 15,000 crore.

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Delta Corp Q3 Results: Net profit at Rs 70 crore

Delta Corp Ltd reported a consolidated net profit of Rs 70.38 crore for the quarter ended December (Q3 FY22). It had reported a net profit of Rs 1.28 crore in the corresponding quarter last year (Q3 FY21). The company’s revenue jumped 104% YoY to Rs 247 crore in Q3 FY22. EBITDA stood at Rs 106.9 crore during the same period, an increase of 813% YoY.

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Future Group seeks SC’s permission to proceed with sale of assets to Reliance Retail

Future Group has sought permission from the Supreme Court (SC) to proceed with the deal to sell its retail assets to Reliance Retail. The court was hearing a combination of several cases filed by Amazon and Future Group in a dispute arising out of the e-commerce giant’s objection to the Indian company’s Rs 25,000 crore deal with Reliance. “We should be allowed to secure shareholder approval, seek nod from CCI, NCLT,” said senior advocate Harish Salve, representing Future Retail.

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Federal Bank’s subsidiary FedFina to initiate IPO process

The Board of Directors of Federal Bank has approved the process of an initial public offering (IPO) of its subsidiary Fedbank Financial Services Ltd (FedFina). FedFina is the retail-focused non-banking finance company set up by the Kerala-based bank. The IPO is subject to approvals from the Securities and Exchange Board of India (SEBI).

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Adani Green posts 84% YoY growth in total operational capacity in Q3

Adani Green Energy’s total operational capacity increased by 84% year-on-year (YoY) to 5,410 megawatts (MW) for the quarter ended December. The company’s sale of energy increased by 97% YoY at 2,504 million units during the same period.

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India’s GDP Grows 1.6% in Q4; Contracts 7.3% in FY21 – Top Indian Market News

India’s GDP grows 1.6% in Q4; contracts 7.3% in FY21

India’s Gross Domestic Product (GDP) for the January-March quarter (Q4 FY21) grew by 1.6%, as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). This indicates that an economic recovery was well underway before the second wave of the Covid-19 pandemic struck the country. The GDP contracted by 7.3% for the entire financial year 2020-21. The Gross Value Added (GVA), which is a more accurate way of assessing the actual economic growth, contracted by 6.2% in FY21.

The agricultural sector grew 3.1%, while the manufacturing sector grew by 6.9% in Q4 FY21. The mining sector contracted by 5.7% during the quarter, and the financial services sector grew 5.4%.

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Aurobindo Pharma Q4 Results: Net profit falls 7% YoY to Rs 801 crore

Aurobindo Pharma Ltd reported a 7.2% YoY decline in consolidated net profit to Rs 801 crore for the quarter ended March. Net profit has declined by 72.8% when compared to the previous quarter. Its revenue from operations fell 2.5% YoY to Rs 6,001.5 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 47% YoY to Rs 5,333.83 crore. 

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PNB Housing Finance to raise Rs 4,000 crore from multiple entities

The Board of Directors of PNB Housing Finance has approved fundraising of up to Rs 4,000 crore via the issue of shares and warrants to multiple investors. Pluto Investments, an affiliated entity of private equity fund Carlyle, will invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants at Rs 390 per share. Existing shareholders of the company and funds managed by Ares SSG and General Atlantic are also participating in the capital raise.

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Man Industries Q4 Results: Net profit rises 106% YoY to Rs 25.86 crore

Man Industries (India) Ltd reported a 106.88% YoY increase in consolidated net profit to Rs 25.86 crore for the quarter ended March (Q4). Net profit has declined by 15.4% when compared to the previous quarter. Its revenue from operations declined by 20.76% YoY to Rs 540.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.7% YoY to Rs 100.85 crore during the same period. The company’s board has declared a final dividend of Rs 2 per share. Man Industries is a leading manufacturer and exporter of large diameter carbon steel line pipes.

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TVS Motors expands in Iraq, launches two new products

TVS Motor Company said it will launch two new products in Iraq as part of its expansion plan in the country. It had opened a new showroom with sales, service, and spares support in Baghdad. The company will launch its commuter motorcycle TVS StaR HLX 140 5 Gear and three-wheeler TVS King Deluxe Plus in Iraq. The new retail outlet has been set up with distribution partner Ritaj International General Trade LLC, which has been distributing TVS Motors’ products since 2017.

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Magma Fincorp Q4 Results: Net loss at Rs 626 crore

Magma Fincorp Ltd reported a net loss of Rs 626 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 35 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations declined by 17% YoY to Rs 446 crore in Q4 FY21. The company cleaned its balance sheet by writing off all default account beyond the 90 days past dues in the SME lending business and beyond 180 days past dues in the vehicle finance business.

Magma Fincorp has appointed Adar Poonawalla as its chairman and will soon be rebranded as a Poonawalla Group company.

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Intellect Design Arena partners with CWB to enhance payment service technology for business owners

Intellect Design Arena announced that Canadian Western Bank (CWB) has partnered with Intellect Global Transaction Banking (iGTB). The partnership aims to enable more efficient payment capabilities and opportunities to meet the evolving needs of Candian business owners. The solution is architected on a cloud-enabled technology for the high availability and scalability needed for a payments platform. 

Shilpa Medicare Q4 Results: Net profit declines 78% YoY to Rs 7.83 crore

Shilpa Medicare reported a 77.35% YoY decline in consolidated net profit to Rs 7.83 crore for the quarter ended March (Q4). Net profit has increased by 2.10% when compared to the previous quarter. Its revenue from operations declined 5.44% YoY to Rs 208.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 5.36% YoY to Rs 147.78 crore. The pharma company’s board has declared a dividend of Rs 1.10 per share.

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J Kumar Infraprojects secures Rs 1,307.88 crore order from MMRDA

J Kumar Infraprojects Ltd has secured an order worth Rs 1,307.88 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The order is for part design and construction of balance works of the Mumbai Metro Rail project. J Kumar Infraprojects is engaged in construction activities in India. It executes contracts of various infrastructure projects, including transportation engineering, irrigation projects, civil construction, etc.

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Kolte-Patil Developers Q4 Results: Net profit at Rs 21 crore

Kolte-Patil Developers Ltd reported a consolidated net profit of Rs 20.9 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 2.18 crore in the corresponding quarter last year (Q4 FY20). The revenue from operations rose 33.52% YoY to Rs 296.08 crore in Q4 FY21. The company’s sales volumes increased by 27.1% YoY to 0.85 million sq. ft. This has been the best-ever sales quarter in the last six years, both in terms of volume and value.

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RBI clarifies on 2018 cryptocurrency circular, asks banks to carry out customer due diligence

The Reserve Bank of India (RBI) has clarified that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies, as it had been set aside by the Supreme Court in March 2020. The RBI asked banks to continue to carry out the necessary customer due diligence process in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), and obligations of regulated entities under Prevention of Money Laundering Act.

Recently, several large private and public sector lenders had cited the RBI’s 2018 notice to caution customers from dealing in digital currencies and deny services of certain cryptocurrency exchanges.

 

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Automakers Fear Container Shortage to Hit Parts Supply, Output – Top Indian Market News

Indian automakers fear container shortage to hit parts supply, output

Automakers in India are bracing for a parts shortage and possible production losses over the next 3-4 months due to a global shortage of available shipping containers. The concern was put forth by the Society of Indian Automobile Manufacturers (SIAM). The trade body stated that shipping freight rates have surged since July and companies are now finding it difficult to sustain normal trade operations. Major auto exporters also have to book containers weeks in advance.

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Aurobindo Pharma & COVAXX to develop Covid-19 vaccine for India, UNICEF

Aurobindo Pharma Ltd has entered into an exclusive licensing agreement with US-based COVAXX to develop, commercialize, and manufacture UB-612 for India and the United Nations Children’s Fund (UNICEF). UB-612 is the first Multitope Peptide-based vaccine to fight Covid-19. COVAXX is currently conducting a Phase-1 clinical trial for the vaccine candidate. Aurobindo Pharma will manufacture the finished doses of UB-612 at its facilities in Hyderabad.

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Adani Power terminates pact to buy 49% stake in Odisha Power Gen Corp

Adani Power, on Thursday, said that the agreement to acquire a 49% stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation has been formally terminated. The Odisha government, which holds a 51% stake in OPGC, had exercised the Right of First Refusal (RoFR) to purchase the 49% stake held by AES. In June 2020, Adani Power had announced a share sale and purchase agreement (SSPA) to acquire a total of 89.3 lakh equity shares (or 49% stake) in OPGC from AES OPGC Holding and AES India Pvt Ltd.

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SpiceJet partners with GMR Hyderabad Air Cargo for Covid-19 vaccine delivery

SpiceJet Ltd announced that it has signed a Memorandum of Understanding (MoU) with GMR Hyderabad Air Cargo (GHAC) to provide cargo services to all vaccine manufacturers in the region. SpiceXpress, the cargo arm of SpiceJet, aims to provide the first-mile pickup and last-mile delivery to carry Covid-19 vaccines across the domestic and international markets. Under the MoU, GHAC will provide the required space for SpiceJet’s vaccine shipments and also train its personnel on the handling of the vaccine.

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Vodafone Idea, Airtel file segmented offer details to TRAI

Vodafone Idea and Bharti Airtel have both complied with the telecom regulator’s (TRAI) recent directive and filed details of all their segmented offers made between January and November 2020. On December 4, TRAI had directed all telecom companies to submit details of all segmented offers made between January and November 2020, including offer name, tariff rates, terms and conditions, validity spans, and benefits- within 15 days. TRAI stated that such disclosures would need to be made on a monthly basis for each service area.

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India challenges Vodafone arbitration ruling in Singapore: Report

According to a report from ET, the Indian Government has challenged the international arbitration court’s ruling in favour of Vodafone Plc in the retrospective tax case. In September 2020, Vodafone had won the long-pending arbitration case against India’s income tax (IT) department that demanded over Rs 22,000 crore on a retrospective basis. The tribunal, in its ruling, had said the government must cease seeking dues from Vodafone and pay more than Rs 40 crore to the company as partial compensation for its legal costs.

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Govt of Himachal Pradesh allots three hydro projects to SJVN

The Government of Himachal Pradesh has allotted three hydro projects of 501 MW capacity in Chenab Basin to SJVN Ltd. In a Cabinet meeting held today (which was chaired by CM Jai Ram Thakur), SJVN was allocated 104 MW Tandi, 130 MW Rashil, and 267 MW Sach Khas Hydro Electric Projects in the Chenab Basin. With the allocation of these three projects, SJVN has now secured six projects with a total capacity of 1279 MW in the Chenab Basin.

Lupin gets tentative nod from USFDA for toenail fungus topical treatment solution

Lupin Ltd announced that it has received tentative nod from the US Food & Drug Administration (USFDA) to market generic Efinaconazole topical solution 10%. The solution is used for treatment of fungal infections of toenails. The product is a generic version of Bausch Health Americas Inc’s Jublia topical solution of the same strength. According to IQVIA MAT September 2020 data, Efinaconazole topical solution 10% had an estimated annual sales of $222.9 million (~Rs 1,640 crore) in the US.

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Central Bank to exit housing finance business; to sell JV stake for Rs 160 crore

Central Bank of India will exit its housing finance joint venture, CBHFL, by selling its entire stake of over 64% to Centrum Housing Finance. Centrum Capital, which is the parent of Centrum Housing, stated that the cost of the acquisition is about Rs 160 crore. Centrum Capital said the deal is expected to be closed in about 2-3 months. CBHFL is a financing and mortgage company jointly promoted by four public sector institutions – Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI), and Housing and Urban Development Corporation (HUDCO).

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Caplin Point receives approval from USFDA for anesthetic injection

Caplin Point Laboratories stated that its subsidiary, Caplin Steriles, has received final approval from the USFDA for etomidate injection USP. Etomidate is a general anesthetic, used for the induction of general anesthesia and for the supplementation of sub potent anesthetic agents. According to IQVIA (IMS Health), etomidate injection USP had US sales data of approximately $9 million (~Rs 66.16 crore) for the 12-month period ending October 2020.

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Govt Approves 74% FDI in Defence Sector Under Automatic Route – Top Indian Market News

Govt approves 74% FDI in defence sector under automatic route

The Indian Government has now permitted up to 74% foreign direct investment (FDI) in the defence sector, under the automatic route. The automatic route means that investments can be made even without prior approval from the government. The earlier limit for FDIs in the sector was 49%. The increased limit would help firms in the defense sector (HAL, BEML, BDL) to seek new industrial licences. The government has also stated that FDI in this sector will be subject to security clearance by the Ministry of Home Affairs.

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RBL Bank, ICICI Prudential Life Insurance form bancassurance partnership

RBL Bank Ltd and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the bank’s customers. The lender will distribute ICICI Prudential Life’s products through its network of 398 branches, which is spread across 28 states. For the insurance firm, the partnership will help to further strengthen its multi-channel distribution network.

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Heritage Foods sells holding in Future Retail for Rs 132 crore

Heritage Foods Ltd has sold its entire shareholding in Future Retail for Rs 131.94 crore, in the open market. The company held a 3% stake or 1.78 crore equity shares in the Kishore Biyani-led Future Retail. Heritage Foods said that the sale proceeds will be mainly utilized for the repayment of its long term loans.

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Zydus Cadila gets USFDA Fast Track Designation for Saroglitazar

Zydus Cadila has received Fast Track Designation (FTD) from the US Food and Drug Administration (USFDA) for its investigational drug candidate- Saroglitazar Mg. The drug is indicated for the treatment of a serious liver disease known as primary biliary cholangitis (PBC). A drug that receives FTD is eligible for accelerated approval and priority review, if the relevant criteria are met.

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Maruti Suzuki launches online car financing platform in Nexa

Maruti Suzuki Ltd has announced the launch of Smart Finance service for Nexa customers across 30 cities in India. The online service seeks to provide end-to-end and real-time car finance facilities to prospective customers. To offer multiple financier options, Maruti has also tied up with HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, and many more.

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Aurobindo Pharma gets USFDA approval for sedative drug

Aurobindo Pharma Ltd said it has received final approval from the US Food & Drug Administration for its generic version of Precedex injection. This injection is used for the sedation of patients. The drug major stated that the product will be launched in January 2021 and has an estimated market size of $228 million (~ Rs 1,677 crore).

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HAL announces interim dividend of Rs 15 per share

The Board of Directors of Hindustan Aeronautics Ltd (HAL) has declared an interim dividend of Rs 15 per equity share of Rs 10 each fully paid up, for FY21. The record date for the payment of interim dividend will be December 19, 2020. This is the first interim dividend to be declared by HAL for the financial year ended 2021.

Dr. Reddy’s ADRs listed at NSE International Exchange

The American Depository Receipts (ADRs) of Dr. Reddy’s Laboratories has been listed at the NSE International Exchange (NSE IFSC). The secondary listing of Dr. Reddy’s ADRs at NSE IFSC would provide global investors an additional venue to transact in their ADRs. Participants holding depository accounts with the International Central Securities Depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) shall be able to transact on these ADRs.

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Amazon eyes potential $100 million investment in Apollo Pharmacy: Report

According to a report from Economic Times, Amazon.com, Inc. is considering a $100 million (~Rs 736 crore) investment in Apollo Pharmacy. The report states that Amazon’s potential investment would help it to compete with Reliance Industries and Tata Group, in India’s fast-growing drug market. Apollo Pharmacy is India’s largest branded pharmacy network, with over 3,000 outlets in key locations. 

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Firstsource Solutions partners with Celonis to accelerate digital transformation for enterprises

Firstsource Solutions Ltd has partnered with Germany-based Celonis GmbH to help businesses to improve agility and optimize their outcomes. The strategic partnership combines Firstsource’s deep domain expertise with Celonis’ AI-powered technologies to accelerate digital transformation for enterprises. Firstsource Solutions is a provider of business process outsourcing (BPO) services, based in Mumbai.

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HDFC Bank’s Market Cap Crosses Rs 8 lakh crore Mark – Top Indian Market News

HDFC Bank becomes India’s first lender to cross Rs 8 lakh crore in market cap 

HDFC Bank Limited, on Wednesday, became India’s first lender to cross Rs 8 lakh crore in market capitalisation. The private sector bank is the third most valued domestic firm in terms of market capitalization, after Reliance Industries and TCS. This year, the shares of HDFC Bank have gained 15.11% so far. 

[Market Cap of a listed company is calculated by multiplying the total number of shares by the present share price]

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MHA announces new Covid-19 guidelines for states/UTs

The Ministry of Home Affairs (MHA) has issued fresh guidelines for the surveillance, containment, and caution against Covid-19. The MHA has asked states to strictly enforce standard operating procedures (SOPs) on various activities, exercise caution, and regulate crowds. States and union territories can also impose restrictions like night curfews, after consultations with the Central Government. The guidelines will be effective from 1st December. 

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Cabinet approves merger of Lakshmi Vilas Bank with DBS Bank

The Union Cabinet, on Wednesday, approved the RBI’s proposal to merge Lakshmi Vilas Bank (LVB) with DBS Bank India. As part of the amalgamation plan, DBS India will infuse fresh capital of Rs 2,500 crore into LVB. The restrictions on LVB’s depositors regarding the withdrawal of their deposits have also been removed.

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L&T Construction wins order to build India’s longest river bridge

Larsen & Toubro (L&T) announced that its construction arm has secured a large contract to build India’s longest road bridge across the Brahmaputra river. The 19 kilometre-long bridge will be built between Dhubri in Assam and Phulbari in Meghalaya. According to L&T, the bridge will reduce the distance between Assam and Meghalaya by 250 kilometres. The project is valued between Rs 2,500 to Rs 5,000 crore.

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HDFC Ltd to acquire 19.9% stake in Renaissance Investment Solutions ARC

HDFC Limited announced that it will acquire a 19.9% stake in Renaissance Investment Solutions ARC for Rs 49.8 lakh. The investment would result in HDFC holding 4,98,750 equity shares of Rs 10 each in the asset reconstruction company (ARC). HDFC Ltd stated that Renaissance Investment will undertake the business of asset reconstruction after it receives the receipt of approval from the Reserve Bank of India.

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Route Mobile wins contract from BSNL to deploy SMS Firewall

Bharat Sanchar Nigam Ltd. (BSNL) has selected Route Mobile Limited to deploy its SMS Firewall Platform across the Southern and Western Zones in India. Route Mobile will provide control and security over BSNL’s user SMS traffic and the monetization of international SMS traffic terminating over their network. Mumbai-based Route Mobile is a leading communications platform service provider.

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USFDA releases details of warning letter issued to Aurobindo Pharma’s New Jersey unit

The U.S Food and Drug Administration (USFDA) has released details of a warning letter issued to Aurobindo Pharma’s New Jersey unit. On 22nd October, the drug maker had announced that its subsidiary had received a warning letter from USFDA for its oral solid manufacturing facility situated at Dayton, New Jersey. The warning letter states that methods, facilities, and procedures used at the unit do not conform to the Current Goods Manufacturing Practice (CGMP).

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ARSS Infrastructure secures Rs 210 crore order from NHIDCL

ARSS Infrastructure Projects Ltd. has secured an order worth Rs 210 crore from the National Highways & Infrastructure Development Corporation Ltd (NHIDCL). The work order will be for the improvement of the NH-40 section in Meghalaya into a two-lane with paved shoulder road. The order will be based on an engineering, procurement, and construction (EPC) mode.

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Union Bank of India to raise Rs 1,000 crore from bonds

Union Bank of India Ltd. has announced that it will raise Rs 1,000 crore from bonds to fund its business growth. The bonds of face value of Rs 10 lakh each and bearing a coupon of 7.18% per annum, will have a maturity of 15 years. The bonds have a fixed allotment date of November 26, 2020. 

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Shiva Cement to invest Rs 1,500 crore in new Odisha unit

Shiva Cement Ltd has announced plans to invest Rs 1,500 crore in a new 1.36 million tonne clinker unit project in the Sundergarh district of Odisha. The company is a subsidiary of JSW Cement Ltd. It has stated that Rs 1,150 crore will be raised through debt instruments. JSW will invest Rs 150 crore through redeemable preference shares, and the remaining amount will be raised through a rights issue.

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