Tag: auto sales data

Categories
Market News Top 10 News

ITC Reports 3% YoY Decline in Net Profit in Q4 – Top Indian Market News

itc

ITC Q4 Results: Net profit falls 3% YoY to Rs 3,755 crore

ITC Limited reported a 3% YoY decline in consolidated net profit to Rs 3,755 crore for the quarter ended March (Q4). Net profit has increased by 6.4% when compared to the previous quarter. The FMCG firm’s consolidated revenue from operations rose 22.6% YoY to Rs 15,404 crore during the same period. The revenue from its hotel business declined by 38% YoY to Rs 302 crore. ITC’s cigarette business reported an 11.5% YoY increase in revenue to Rs 6,508 crore in Q4. The company’s board has recommended a final dividend of Rs 5.75 per share.

Read more here.

Manufacturing PMI drops to 10-month low in May

Factory activity in India fell to the lowest level in 10 months in May, as the surge in Covid-19 cases caused a severe impact on new orders and output. Overall manufacturing activity has slowed down, and job loss has accelerated. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 50.8 in May, compared with 55.5 in April. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.

Read more here.

Auto companies post sharp fall in sales in May amid second wave

Automakers posted a sharp fall in sales in May 2021 due to the resurgence of the Covid-19 pandemic. India’s largest automaker Maruti Suzuki posted a 71% decline in total sales to 46,555 units in May, compared with 1.59 lakh units in April. Mahindra & Mahindra’s passenger vehicle (PV) sales in May fell 56% over the previous month. Tata Motors’ PV sales declined by 40% month-on-month (MoM) to 15,181 units during the same month. TVS Motor Company reported a 30.16% fall in total sales to 1.66 lakh units in May over the previous month.

Read more here.

Salasar Techno Q4 Results: Net profit rises 163% YoY to Rs 9.85 crore

Salasar Techno Engineering reported a 163.36% YoY jump in consolidated net profit to Rs 9.85 crore for the quarter ended March (Q4). Its revenue from operations rose 94.73% YoY to Rs 211.50 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 33.61% YoY to Rs 28.89 crore. The company’s board has approved the proposal of issuing bonus shares in the ratio 1:1. Its board has also declared a final dividend of Re 1 per share.

Read more here.

BSE signs MoU with ESC to encourage listing of startups

Bombay Stock Exchange (BSE) has signed a Memorandum of Understanding (MoU) with Electronics and Computer Software Export Promotion Council (ESC) to create awareness about the benefits of listing among small businesses and startups. ESC will utilise its pan India network of electronics and IT exporters and evaluate the small and medium enterprises (SMEs) and startups amongst these for listing on the BSE SME platform. ESC will also assist in sensitising its investor network for investing in SMEs listed on the BSE SME platform.

Read more here.

Balrampur Chini Q4 Results: Net profit declines 2% YoY to Rs 235 crore

Balrampur Chini Mills Ltd reported a 2.46% YoY decline in consolidated net profit to Rs 235.5 crore for the quarter ended March (Q4). Its revenue from operations declined by 41.41% YoY to Rs 1,019.35 crore during the same period. The company’s revenue from sugar manufacturing fell 41.8% YoY to Rs 1,031.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit declined by 3% YoY to Rs 199.51 crore.

The Board of Directors of Balrampur Chini Mills has approved an investment of Rs 425 crore for establishing a new distillery facility with a capacity of 320 kilo-litres per day (KLPD). The unit is scheduled to commence operations from December 2022.

Read more here.

Glenmark Pharma launches anti-epileptic drug in the US

Glenmark Pharmaceuticals Ltd announced the launch of anti-epileptic drug Rufinamide tablets in the US market. The newly launched drug is a therapeutic equivalent of Banzel tablets of Japan-based Eisai, Inc. The drug is used in combination with other medications to treat children with Lennox-Gastaut syndrome, a severe form of epilepsy that causes developmental problems. According to IQVIA data, Banzel tablets had achieved annual sales of approximately $285.3 million (~Rs 2,079 crore) for the 12 months ended April 2021.

Read more here.

Radico Khaitan Q4 Results: Net profit rises 91% YoY to Rs 73.55 crore

Radico Khaitan Ltd reported a 91.3% YoY increase in consolidated net profit to Rs 73.55 crore for the quarter ended March (Q4). Its revenue from operations rose 18.7% YoY to Rs 694.73 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 18.9% YoY to Rs 270.56 crore. The company’s board has recommended a dividend of Rs 2.4 per share. Radico Khaitan is one of the leading manufacturers of Indian-Made Foreign Liquor (IMFL).

Read more here.

SEBI bans 8 entities in Infosys insider trading case

Market regulator SEBI has banned eight entities, including two Infosys employees, from trading in the stock market due to violation of insider trading norms. An investigation conducted by SEBI revealed that two employees of Infosys were found to have used insider information to trade in the IT company’s stock last year. The value of illegal gains to the tune of Rs 3.06 crore has been impounded from Capital One Partners, Tesora Capital, and several individuals associated with both firms.

Read more here.

Honeywell Automation Q4 Results: Net profit declines 6% YoY to Rs 104 crore

Honeywell Automation reported a 6.4% YoY decline in net profit to Rs 104.02 crore for the quarter ended March (Q4). Net profit has declined by 30.6% when compared to the previous quarter. Its revenue from operations fell 4.48% YoY to Rs 672.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.4% YoY to Rs 460.04 crore. The company’s board has declared a dividend of Rs 85 per share. Honeywell Automation is a leading provider of integrated automation and software solutions.

Read more here.

Gujarat Gas Q4 Results: Net profit rises 40% YoY to Rs 350 crore

Gujarat Gas Ltd reported a 40.1% YoY increase in consolidated net profit to Rs 350.86 crore for the quarter ended March (Q4). Net profit has declined by 10.56% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY to Rs 3,489.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 6.5% YoY to Rs 1,277.72 crore. The company’s board has declared a dividend of Rs 2 per share.

Categories
Market News Top 10 News

GST Collections in April Hits Record High of Rs 1.41 lakh crore – Top Indian Market News

GST

GST collections in April hits new record high of Rs 1.41 lakh crore

The gross Goods and Services Tax  (GST) revenue collection for the month of April 2021 hit a record high of Rs 1,41,384 crore. The breakup of the figure included Central GST at Rs 27,837 crore, State GST at Rs 35,621 crore, and Integrated GST at Rs 68,481 crore. “The improvement came despite the second wave of Covid-19 affecting several parts of the country and was indicative of the resilience of Indian businesses,” the Finance Ministry said in a statement on Saturday.

Read more here.

Auto sales data for April 2021: Highlights

Maruti Suzuki India reported a 4.3% month-on-month (MoM) decline in total sales to 1,59,691 units in April 2021. Passenger vehicle sales fell 7% over last month (March) to Rs 1.35 lakh units during the same period. The automaker’s exports increased by 48% MoM to 17,237 units.

Tata Motors posted passenger vehicle sales of 25,095 units in April. This is a 15% decline in sales as compared to March. The company’s overall domestic sales fell 41% to 39,530 units.

Mahindra & Mahindra (M&M) posted total sales of 18,285 units in April. Its passenger vehicle sales grew 9.5% over last month. M&M’s automotive division posted sales of 36,437 units, down 9.8% as compared to March.

Escorts Limited’s agricultural machinery segment posted a 43% MoM decline in tractor sales at 6,979 units in April.

Read more here.

RIL emerges as India’s largest producer of medical oxygen; to produce 1,000 MT a day

Reliance Industries Ltd (RIL) has ramped up its production of medical-grade oxygen from 700 metric tonnes (MT) per day to 1,000 MT per day. This constitutes more than 11% of India’s total medical-grade liquid oxygen production. The oxygen will be provided free of cost to several state governments across the country to provide immediate relief to over 1 lakh patients on a daily basis.

Read more here.

HDFC Bank’s new CEO announces changes in business and leadership

Sashidhar Jagdishan, the CEO of HDFC Bank Limited, has announced strategic changes to the bank’s business model and leadership team. The lender will reorganise itself into three clear areas— business verticals, delivery channels, and technology. As part of its strategy, HDFC Bank will increase its focus on micro, small, and medium enterprises (MSME) and launch more products and services for such clients. Rahul Shukla, who is currently the head of wholesale banking, will lead the MSME and rural verticals for the bank.

Read more here.

India’s power consumption grows 41% YoY in April

According to data released by the Ministry of Power, power consumption in India grew 41% year-on-year (YoY) to 119.27 billion units (BU) in April 2021. The country’s power consumption in April last year was recorded at 84.55 BU. Peak power demand met, which is the highest supply in a day, during the first half of April remained well above the highest record of 132.20 GW in April 2020. This signifies a strong recovery in industrial and commercial demand for electricity.

Read more here.

Zen Technologies Q4 Results: Net profit declines 4.5% QoQ to Rs 1.83 crore

Zen Technologies Limited reported a 4.5% quarter-on-quarter (QoQ) decline in net profit to Rs 1.83 crore for the quarter ended March (Q4). Its revenue from operations rose 30% QoQ to Rs 22.44 crore during the same period. The company’s board has announced a dividend of Rs 0.10 per share. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

CDSL Q4 Results: Net profit rises 81% YoY to Rs 51.6 crore

Central Depository Services (India) Limited (CDSL) reported an 81% YoY increase in consolidated net profit to Rs 51.6 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 4%. CDSL’s total revenue from operations rose 51% YoY to Rs 110.25 crore during the same period. The company’s board has recommended a final dividend of Rs 9 per share. CDSL allows investors to deposit securities by opening a Demat account. It gets its revenue from transaction charges and accounts maintenance charges.

M&M acquires remaining stake in Meru for Rs 98 crore

Mahindra & Mahindra (M&M) said it will raise its stake in app-based cab service Meru to 100%. The automaker currently holds a 43.20% stake in Meru. M&M will acquire 44.14% shares from private equity investor True North and others for an amount not exceeding Rs 76.03 crore. It will also acquire a 12.66% stake from Neeraj Gupta and Farhat Gupta (the founders of Meru) for Rs 21.63 crore.

Read more here. 

Categories
Market News Top 10 News

BEL Achieves Record Turnover of Rs 13,500 crore During 2020-21 – Top Indian Market News

BEL achieves record turnover of Rs 13,500 crore during 2020-21

Bharat Electronics Limited (BEL) said it has achieved a record turnover of about Rs 13,500 crore during FY 2020-21, despite challenges posed by the Covid-19 pandemic and high competition. The company’s turnover in the previous financial year stood at Rs 12,608 crore. BEL’s total order book as of April 1, 2021, stood at ~Rs 53,000 crore. The state-owned company also achieved export sales of around $50 million (~Rs 366 crore) during 2020-21.

Read more here.

Automobile companies register strong sales growth in March

Major automobile companies reported healthy sales growth during March 2021. Maruti Suzuki posted a 1.15% increase in total sales to 1.67 lakh units in March, compared to 1.64 units sold in February. This was led by strong sales of utility vehicles, light commercial vehicles (LCVs), and vans. Tata Motor’s overall domestic sales rose 14% in March to 66,609 units from 58,473 units sold in February. Escort Ltd’s agricultural machinery segment sold 12,337 tractors in March, the highest-ever recorded in the month. M&M’s passenger vehicle sales increased by 8% month-on-month.

Read more here.

IGL signs long-term pact with Delhi Transport Corp to supply CNG

Indraprastha Gas Limited (IGL) has signed a long-term agreement to supply compressed natural gas (CNG) to Delhi Transport Corporation (DTC). The gas supply agreement is valid till December 2030. DTC is the largest CNG-powered bus service operator in the world with a fleet size of 3,762 buses. It is in the process of procuring 1,000 new CNG buses, which would soon be plying on the roads of Delhi.

Read more here.

JSW Steel completes acquisition of Welspun’s plates, coil mill business

JSW Steel Limited has completed the acquisition of Welspun Corp’s high-grade steel and coil business. Laptev Finance Pvt Ltd, a subsidiary of JSW Group, will first acquire Welspun’s Plates and Coil Mill division for Rs 848.5 crore— subject to closing adjustments towards net working capital. The subsidiary will transfer all rights and obligations related to the deal to JSW Steel for a consideration of Rs 1 crore.

In other news, JSW Steel has commenced production of hot-rolled plates at its Dolvi Works plant in Maharashtra. The company is in the process of increasing the plant’s capacity from 5 million tonnes per annum (MTPA) to 10 MTPA.

Read more here.

RIL-BP seeks bids for sale of additional gas from KG-D6 basin

Reliance Industries Ltd (RIL) and its partner, BP, have sought bids from companies to sell the additional gas produced from the KG-D6 basin off the east coast of India. RIL and BP Exploration Alpha Ltd are currently producing and developing deepwater gas fields in the KG-D6 block under a production sharing contract with the Indian government. The consortium expects additional gas availability for sale at Kakinada, Andhra Pradesh from the last week of April or early May.

Read more here.

Wipro to acquire Australia-based Ampion for $117 million

Wipro Limited has signed an agreement to acquire Ampion, an Australia-based provider of cybersecurity, DevOps, and quality engineering services. The cost of the acquisition is $117 million (~Rs 855 crore). The IT services major said the acquisition of Ampion strengthens its commitment towards clients and stakeholders in Australia and New Zealand. The deal is expected to close in the quarter ending June 30, 2021 (Q1).

In other news, Wipro Ltd has completed a strategic digital and IT partnership deal with German wholesaler Metro AG. Wipro has acquired Metro-Nom GMBH and Metro System Romania for Rs 450 crore. 

Read more here.

IRB Infra receives LoA for road project in Himachal Pradesh

IRB Infrastructure Developers has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Himachal Pradesh. The project consists of four-laning the Pathankot-Mandi section of NH-20 in Himachal Pradesh on Hybrid Annuity Mode (HAM). The cost of the project is Rs 828 crore. With this, IRB Infra’s order book stands at Rs 14,509 crore.

Read more here.

Tata Consumer divests stake in Empirical Group, Southern Tea

Tata Consumer Products Ltd (TCPL) said its step-down subsidiaries in the US are divesting their entire stakes in Empirical Group LLC and Southern Tea LLC to their joint venture (JV) partner Harris Tea Company. This move will help TCPL focus on its core branded business in the overseas markets. It will also help simplify and streamline the company’s operations to enhance business effectiveness and profitability.

Read more here.

Reliance Infra sells Santacruz HQ to Yes Bank for Rs 1,200 crore

Reliance Infrastructure has sold its commercial property in Santacruz, Mumbai to its lender Yes Bank for Rs 1,200 crore. The entire proceeds from the sale of Reliance Centre will be utilised to repay the debt of Yes Bank. With this, Reliance Infrastructure has closed three major transactions in the last 90 days, including the sale of a road asset— Delhi-Agra toll road, transmission asset— Parbat Koldfam Transmission Company Ltd, and sale of Reliance Centre, Santacruz.

Read more here.

Mastercard to invest $100 million in Airtel Africa’s mobile money unit

Bharti Airtel’s African arm, Airtel Africa plc, has signed a deal to sell a 3.75% stake in its mobile money operations to Mastercard Inc. The global payment processor will invest $100 million (~Rs 733 crore) in Airtel Mobile Commerce BV (AMC BV)— a wholly-owned subsidiary of Airtel Africa. AMC BV is the holding company for several of Airtel Africa’s mobile money operations. It intends to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries.

Read more here.

Categories
Market News Top 10 News

India’s Manufacturing PMI Falls Marginally in February – Top Indian Market News

India’s manufacturing PMI falls marginally in February

India’s factory activity expanded for the seventh straight month in February, driven by strong demand and increased output. The IHS Markit Purchasing Managers’ Index (PMI) for India’s manufacturing sector eased slightly to 57.5 in February from 57.7 in January. Last month, firms responded to rising production needs by boosting their purchasing activities. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

Read more here.

Automobile companies register strong sales growth in February

Major automobile companies reported healthy sales growth during February 2021. Tata Motors posted a 51.1% YoY jump in total sales to 61,365 units, as passenger vehicle (PV) sales surged two-fold to 27,225 units. Maruti Suzuki reported an 11.8% YoY increase in overall sales to 1.64 lakh units in February. Bajaj Auto posted a 6% YoY rise in total sales to 3.75 lakh units during the same period. Farm equipment manufacturer Escorts reported a 30.6% YoY increase in tractor sales to 11,230 units in February.

Read more here.  

BPCL approves sale of its 61.65% stake in Numaligarh refinery for Rs 9,875 crore

Bharat Petroleum Corporation Ltd’s (BPCL) board has approved the sale of its 61.65% stake in Numaligarh Refinery Ltd (NRL) for Rs 9,875 crore. The consortium of Oil India Ltd (OIL) and Engineers India Ltd will acquire 49% stake. The remaining 13.65% will be sold to the Government of Assam. The sale of NRL is considered to be the first step towards the disinvestment of BPCL.

Read more here.

Sterlite Tech secures orders worth $100 million in Middle East, Africa 

Sterlite Technologies Ltd (STL) has secured orders worth $100 million (~Rs 734 crore) in the Middle East and Africa for setting up the network and infrastructure for 5G wireless services. The multi-year deals range from providing optical connectivity solutions to network solutions. With these new deals, the STL’s order book stands at a record Rs 11,300 crore. 

Read more here.

Godrej Properties acquires land parcels worth Rs 166 crore for residential project in Navi Mumbai

Godrej Properties Ltd has emerged as the highest bidder for two adjacent land parcels in Navi Mumbai for a total bid value of Rs 166 crore. The e-auction was conducted by Maharashtra’s City and Industrial Development Corporation (CIDCO). The company will develop a residential project on the 1.5-acre land located in Sanpada, Navi Mumbai. The project is expected to have a development potential of around 4 lakh sq ft.

Read more here.

IndiGo, BOC Aviation signs purchase-leaseback agreement for eight A320neo planes

Singapore-based aircraft leasing firm BOC Aviation has signed a purchase-and-leaseback agreement with InterGlobe Aviation (IndiGo) for eight new Airbus A320 neo planes. The aircraft are scheduled to be delivered in the second half of 2021. As of December 31, 2020, IndiGo had 287 aircraft in its fleet. Out of this, 272 were on operating lease, while the remaining 15 were owned/finance lease. 

Read more here.

Siemens acquires 99.2% stake in C&S Electric for Rs 2,100 crore

Siemens Limited has completed the acquisition of a 99.22% equity share in C&S Electric Ltd for Rs 2,100 crore. The Competition Commission of India (CCI) had given its approval for the deal on August 20, 2020. The acquisition will enable Siemens to address the competitive infrastructure low-voltage market in India while creating a manufacturing hub to source low-voltage products for export to competitive markets globally.

Read more here.

Bharat Dynamics secures order worth Rs 373 crore

Bharat Dynamics Limited said it has received an order worth Rs 372.98 crore for supplying MRSAM Missile Rear Sections for the Indian Air Force. The order is said to be executed on or before November 30, 2023. Hyderabad-based Bharat Dynamics is a leading manufacturer of defense equipment such as ammunitions and missile systems.  

Read more here.

MCX signs MoU with NSE, India INX, NSDL, and CDSL to set up new entity at GIFT City

Multi Commodity Exchange of India Ltd (MCX) has signed a Memorandum of Understanding (MoU) with National Stock Exchange (NSE), India International Exchange IFSC Ltd (India INX), National Securities Depository Limited (NSDL), and Central Depository Services (India) Ltd (CDSL) for setting up Market Infrastructure Institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.

[Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins]

Biocon Biologics, Viatris Inc. gets CHMP approval for Abevmy

Biocon Biologics, a subsidiary of Biocon Ltd, announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has recommended the approval of its biosimilar- Bevacizumab- to be marketed as Abevmy. The product was co-developed with US-based Viatris Inc. Abemby is indicated for the treatment of metastatic breast cancer, non-small-cell lung carcinoma, as well as ovarian, cervical, and renal cancer.

Read more here.

Categories
Editorial

Automobile Sales Data for Dec 2020

On January 1, 2021, all major automobile companies reported their sales figures for the month of December. Interestingly, the results were far better than expected and automobile manufacturers have ended 2020 on a very positive note. Almost every firm reported a healthy and significant increase in their sales. Let us take a look at important sales figures posted by some of India’s largest automobile manufacturers for the month of December 2020.

Important Sales Figures

Tata Motors Ltd reported a 21% year-on-year (YoY) increase in domestic sales to 53,430 units. The total commercial vehicle sales declined 5% YoY to 29,885 units, which had been mainly due to a drop in the sale of passenger carriers and small commercial vehicles. Car sales rose 84% to 23,545 units. The company stated that it will continue to bring improvements in its supply chain facilities Tata Motors also announced that it will ramp up its production in the coming months to meet the increase in demand.

Eicher Motors Ltd reported that the sales of Royal Enfield motorcycles increased by 37% YoY in December. This was led by an increase in the deliveries of models with engine capacity up to 350 cc. The company’s total sales stood at 68,995 units, compared with 50,416 units in December last year. Its exports rose 82% YoY to 3,503 units

Ashok Leyland Ltd reported an overall sales growth of 14% YoY at 12,762 units in December 2020. The sales of medium and heavy commercial vehicles declined 2% to 6,884 units. Exports rose 14.5% YoY to 905 units.

Mahindra & Mahindra Ltd reported a 10.3% YoY decline in overall auto sales at 35,187 units in December. The company’s commercial vehicle sales saw a decline of 21.1% YoY to 16,795 units in December, as compared to 21,390 units during the same period in 2019. Exports increased by 3% to 2,210 units. The Passenger Vehicles segment (which includes utility vehicles, cars, and vans) sold 16,182 vehicles in December 2020, a growth of 3% over the same period last year. The total tractor sales in December were 22,417 units, as compared to 17,991 units a year ago. The company stated that its overall sales have been affected due to a supply shortage of micro-processors (semiconductors) used in the Electronic Control Unit (ECUs). 

Maruti Suzuki India Ltd reported a total sales of 1,60,226 units in December 2020 led by compact vehicles, LCVs, and Vans. This is a growth of 20.2% over the 1,33,296 units sold in the same month last year. Its domestic sales rose 19.5% at 1,50,288 units and exports were up 31.4% at 9,938 units. 

Escorts Ltd’s agricultural machinery segment sold 7,733 tractors in December, the highest ever recorded in the month. The automaker registered a growth of 88% YoY against the 4,114 tractors sold in the same month last year. Domestic tractor sales grew 90% YoY at 7,230, while exports were up 63.3% YoY at 503 units.

TVS Motor Company Ltd announced that its December sales have risen by 17.5% at 2,72,084 units, as against 2,31,571 units sold in December 2019. The company’s motorcycle sales grew by 27% YoY at 1,19,051 units and scooter sales stood at 77,705 units.

What Led to the Increase in Sales?

Pent-up demand has been one of the major causes of a healthy increase in sales during December. This refers to a rapid increase in demand for a service or product, usually following a period of subdued or decreased spending. Also, there had been attractive year-end discounts that accelerated the sales of major automobile players’ during December. The offers and discounts offered by these companies during the holiday season would have encouraged the Indian population to purchase vehicles. Another important factor to be noted is that people prefer to own a vehicle for commuting amidst the Covid-19 pandemic. The number of people using public transportation has decreased rapidly.

As we had mentioned earlier, many automobile manufacturers had announced that they would increase the prices of their two-wheelers, passenger vehicles, or commercial vehicles from January 2021. Thus, there could have been an increase in vehicle bookings in December. 

Over the past few months, we have also been witnessing a very high increase in the sales of tractors. During the April-November period, tractor sales in India saw a 28.7% YoY growth. Industry experts have stated that this could be attributed to the better availability of finances and increased savings. The high demand could also be a result of the rise in minimum support prices (MSPs) and market-rate realisations. We can see that this increase in demand for tractors has continued in December as well.

However, many companies in the automobile industry have brought attention to the fact that they are not receiving essential parts for their production activities. This has been mainly due to the global shortage of shipping containers. Due to this issue, automakers in India are bracing for a parts shortage and possible production losses over the next 3-4 months.

Automobile manufacturers would soon post their Q3 results in the coming weeks. We would be able to obtain better clarity of their performance then. The shares of these automobile companies could also show a rally in the days to come. 

Categories
Market News Top 10 News

Covid-19 Expert Panel Recommends SII’s Covishield for Emergency Use – Top Indian Market News

Covid-19 expert panel recommends SII’s Covishield for emergency use

The Subject Expert Committee (SEC) on Covid-19 of the Central Drugs Standard Control Organisation (CDSCO) has recommended granting emergency use authorisation (EUA) for ‘Covishield’, a Covid-19 vaccine developed by Oxford University and AstraZeneca. The Pune-based Serum Institute of India (SII) has tied up with AstraZeneca to manufacture Covishield in India. The Drugs Controller General of India (DCGI) will now take the final decision on emergency approval of the vaccine based on the expert panel’s recommendations.

After SII’s application, the SEC has started reviewing the EUA application by Bharat Biotech for its Covid-19 vaccine, Covaxin, and is yet to take a final decision on the matter.

Read more here.

Tata Sons overtakes GoI as largest promoter of listed companies

As per a report from Business Standard, Tata Sons has overtaken the Government of India (GoI) as the largest promoter of listed companies. This is the first time in nearly two decades that the government has not held the position. This has been due to the decline in the market capitalisation of state-run companies. The report states that Tata Sons’ stake in the conglomerate’s listed companies is now worth Rs 9.28 lakh crore, up 34.4% on a year-on-year (YoY) basis.

Read more here. 

Automobile companies register improved sales growth in December

Major automobile companies registered healthy sales growth during December 2020. Maruti Suzuki posted a 20.2% YoY increase in total sales at 1.60 lakh units in December, which was led by compact vehicles, LCVs, and vans. Mahindra & Mahindra announced that its overall passenger vehicle sales were up 3% YoY at 16,182 units, with a 3% growth in exports at 2,210 units. Escorts Ltd’s domestic tractor sales grew 90% YoY at 7,230 units, while exports were up 63.3% at 503 units.

Read more here.

WHO approves Pfizer-BioNTech vaccine for emergency use

The World Health Organization (WHO) announced that it has cleared the Pfizer-BioNTech coronavirus vaccine for emergency use. This means that poorer countries may soon get access to the shot, which is already available in Europe and North America. Every country that has a drug regulatory agency will have to issue its own approval for any COVID-19 vaccine. However, countries with weak systems usually rely on the WHO to vet the shots.

Read more here.

TCS completes acquisition of Postbank Systems from Deutsche Bank AG

Tata Consultancy Services (TCS), on Friday, said it has completed the acquisition of 100% shares of Postbank Systems AG (PBS) from Deutsche Bank AG. PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank. It caters to the German retail banking market. In November 2020, TCS had announced its plans to acquire Postbank Systems through its subsidiary, Tata Consultancy Services Netherlands B.V.

Read more here.

Praj Industries bags Rs 226 crore order from Indian Oil Corporation

Praj Industries Ltd, on Friday, said it has bagged a Rs 226.90 crore order from Indian Oil Corporation Ltd (IOCL). The company stated that the order is for the execution of a zero liquid discharge system – water treatment package and wastewater treatment package of Acrylic/Oxo-Alcohol Project, at IOCL Dumad in Gujarat. Praj Industries is a Pune-based industrial biotechnology company.

Read more here.

Coal India output rises 6% to 157 million tonnes in Q3

Coal India Ltd’s output grew 6.3% YoY at 156.8 million tonnes (MT) during the October-December quarter (Q3). The company had reported an output of 147.5 MT during the same period in the previous financial year (FY20). The state-owned mining company also posted over 9% YoY growth in offtake at 154.6 MT during Q3 FY21. [Coal offtake is the amount of coal supplied from the coal mine]

Read more here.

Gayatri Projects declared lowest bidder for road project worth Rs 1,323 crore

Gayatri Projects Ltd said it has been declared as the lowest bidder for a road project worth Rs 1,323.52 crore. The company has been declared as an L-1 bidder for the development of a six-lane access-controlled highway in the Uttar Pradesh portion of the Delhi-Saharanpur Highway. Gayatri Projects is a Hyderabad-based construction engineering company.

Read more here.

Dabur launches ‘Dabur Red Pulling Oil’, an Ayurvedic mouthwash

Dabur India Ltd has announced its entry into the mouthwash category with the launch of Dabur Red Pulling Oil, an Ayurvedic mouthwash. The launch of this Ayurvedic detox for teeth and gums marks another first for Dabur and the Ayurvedic products industry in India. Priced at Rs 275 for a 195ml pack, Dabur Red Pulling Oil is initially available across all leading e-commerce platforms and will soon be rolled out through regular retail channels.

Adani Green secures 600 MW wind-solar hybrid power project

Adani Green Energy announced that its subsidiary, Adani Renewable Energy Holding Eight Ltd, has received the contract to build a 600 megawatts (MW) wind-solar hybrid power project. This will take the company’s total project portfolio to 14,795 MW. The fixed tariff for this project is Rs 2.41 per unit for a period of 25 years. The project is scheduled to be commissioned in 18 months from the effective date of the power purchase agreement.

Read more here.