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RBI Cuts FY23 GDP Forecast to 7.2% – Top Indian Market News

RBI keeps policy rates unchanged; cuts FY23 GDP forecast to 7.2%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance to support growth and keep inflation within the target of 2-6%. RBI has projected real GDP growth of 7.2% for the current financial year (FY23), which is lower than its earlier estimate of 7.8%. 

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RBI imposes penalties on Axis Bank, IDBI Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs 93 lakh on Axis Bank. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines, and “levy of penal charges for non-maintenance of minimum balances in savings bank accounts”. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank for similar violations.

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JSW Steel’s combined crude steel output grows 37% YoY in Q4

JSW Steel Ltd reported a 37% YoY increase in combined crude steel production at 5.98 million tonnes (MT) for the quarter ended March (Q4 FY22). The capacity utilisation of existing operations at the standalone level improved from 94% in Q3 to 98% in Q4. During the entire FY 2021-22, JSW Steel posted a 38% YoY growth in combined steel production to 21.47 MT.

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Tax collections soar to a record Rs 27.07 lakh crore in FY22

India’s tax collections soared to a record high of Rs 27.07 lakh crore in FY22 as mop-up from income and other direct taxes as well as indirect taxes jumped. Gross tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 compares with the Budget estimate of Rs 22.17 lakh crore. While direct taxes showed a 49% growth, indirect tax collections were up 30% in FY22.

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Abu Dhabi’s IHC to invest $2 billion in 3 Adani Group firms

Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion (~Rs 15,180 crore) as primary capital in three Adani portfolio companies– Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL). IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL, and Rs 7,700 crore in AEL. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening the balance sheet, and for general corporate purposes.

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Sterling and Wilson RE’s loss narrows in Q4

Sterling and Wilson Renewable Energy Ltd (SWREL) posted a loss of Rs 126.61 crore for the quarter ended March 2022 (Q4 FY22). It had reported a loss of Rs 344.80 crore in the corresponding period last year. The company’s revenue fell by 21.5% YoY to Rs 1,071 crore during the same quarter. SWREL reported a net loss of Rs 909.46 crore in FY22, compared to a loss of Rs 285.38 crore in FY21.

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Indoco Remedies gets USFDA approval for Lacosamide injection

Indoco Remedies Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lacosamide Injection. The drug is used for the prevention and control of seizures. It is an anti-epileptic drug. According to IQVIA data, the generic version of the drug had annual sales of $43.8 million, growing at 25%.

V-Guard Industries bets on consumer durables, expansion outside south India

V-Guard Industries is betting big on its consumer durables and kitchen appliances division as well as increasing its operations outside south India. The company will open four new factories over the next 12 months– two in Hyderabad and one each in Vapi and Uttarakhand. This will help increase the share of in-house manufacturing in its product portfolio. V-Guard has invested about Rs 200 crore in its manufacturing & distribution expansion and will be investing Rs 180-200 crore more.

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Govt returns bank guarantees worth Rs 15,000 crore to Vodafone Idea

The Department of Telecommunication (DoT) has returned bank guarantees worth Rs 15,000 crore to Vodafone Idea (Vi). It is in line with last year’s telecom reforms package, which reduced bank guarantee requirements for licence fees and spectrum dues. The Rs 15,000 crore bank guarantee pertains to spectrum auctions between 2012-’16. The DoT has also released bank guarantees worth Rs 7,000 crore to Bharti Airtel.

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Equity mutual fund inflows rise 44% in March: AMFI

Net inflows into equity and equity-linked schemes increased 44% over the previous month to Rs 28,463.5 crore in March. Multi-cap funds witnessed the highest investments among all categories, while small caps saw the least. Monthly contributions into systematic investment plans (SIPs) recovered to hit an all-time high of Rs 12,327.9 crore in March. That data was released by the Association of Mutual Funds in India (AMFI).

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Tata Motors Secures Order for 1,300 CVs – Top Indian Market News

Tata Motors secures order for 1,300 CVs from VRL Logistics

Tata Motors has secured an order for 1,300 commercial vehicles (CVs) from VRL Logistics. The order comprises medium & heavy commercial vehicles (MHCV) and intermediate & light commercial vehicle (ILCV) range, which suit the logistics operations of VRL Logistics. The vehicles provide superior drivability, high fuel efficiency, and a low total cost of ownership.

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NCLT approves Tata Steel Mining’s resolution plan for Rohit Ferro-Tech

The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Tata Steel Mining Ltd (TSML) for the acquisition of debt-ridden Rohit Ferro-Tech Ltd. TSML is a wholly-owned subsidiary of Tata Steel. Tata Steel is also in the process to acquire Odisha-based Stork Ferro & Mineral Industries for Rs 155 crore. This move will augment the company’s ferro-alloys processing capacities.

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Hester Biosciences gets Rs 60 crore grant from govt to make Covaxin drug substance

Hester Biosciences Ltd has received a grant of Rs 60 crores from the government’s Biotechnology Industry Research Assistance Council (BIRAC) to manufacture Covid-19 vaccine under Mission Covid Suraksha. The Ahmedabad-based poultry and animal vaccine maker is a part of the Gujarat Covid Vaccine Consortium (GCVC). In May 2021, GCVC signed an agreement with Bharat Biotech for manufacturing Covaxin drug substance.

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Bank of Maharashtra to divest entire 4% stake in ISARC

Bank of Maharashtra will divest its entire stake in India SME Asset Reconstruction Company (ISARC) for Rs 4 crore. The bank’s 4% stake, equivalent to 40 lakh equity shares, will be sold at Rs 9.80 per share for a cash consideration of Rs 3.92 crore. The transaction is expected to be completed by the end of December 2022.

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Lupin launches generic contraceptive drug in the US

Lupin Limited has launched Merzee capsules, a medication used to prevent pregnancy, in the US market. The product was launched under an exclusive license, marketing, and distribution agreement with Slayback Pharma LLC. As per IQVIA data, the generic version of the drug had estimated annual sales of $90 million (~Rs 685 crore) in the US during the 12 months ended February 2022.

In other news, Lupin has completed the acquisition of a portfolio of brands from Anglo-French Drugs & Industries Ltd (AFDIL) and its associates. The acquisition will strengthen the company’s India formulation business.

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Axis Bank signs partial guarantee pact with ADB to support supply chain financing

Axis Bank has partnered with Asian Development Bank (ADB) for a partial guarantee program with an initial outlay of $150 million (~Rs 1,139.85 crore). The program is aimed at supporting supply chain financing for impact sectors. ADB will provide guarantees for the loans issued by Axis Bank. It will have a special focus on environmental, social, and governance (ESG) and priority sectors. 

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Domestic pharma industry revenues to grow by 6-8% in FY23: ICRA

According to rating firm ICRA, the revenues of leading domestic pharma companies are likely to grow by 6-8% in the current financial year (FY23). Sales growth in FY23 is expected to be supported by a growth of 7-9% in the domestic market, 12-14% in the emerging markets, and 7-9% in the European business. Meanwhile, growth in the US business is expected to remain muted due to a subdued pricing environment in the market in the near to mid-term.

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L&T Construction secures contracts under various businesses

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) under various businesses. The Water & Effluent Treatment business has bagged a contract from the Rural Drinking Water & Sanitation Division, Karnataka, to construct drinking water supply facilities for 396 rural habitations in Dharwad and Belagavi. L&T GeoStructure has received an order from Tata Chemicals to commission a jetty-based marine outfall system and allied works in Gujarat.

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Godrej Consumer gains market share in 85% of its categories 

Godrej Consumer Products Ltd (GCPL) said it has been gaining market share in 85% of its categories despite the Indian FMCG industry witnessing a consumption slowdown over the past few months. “In India, we expect to deliver close to double-digit sales growth, driven entirely by pricing. Our 2-year [sales] CAGR would be in the early twenties. We witnessed a mixed performance in our Personal Care and Home Care categories,” said GCPL in an exchange filing. 

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Motherson Sumi completes acquisition of 55% stake in CIM Tools

Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of a majority stake in Bengaluru-based CIM Tools Private Ltd. In October 2021, MSSL had announced the acquisition of a 55% stake in CIM, a leading supplier in the aerospace supply chain. This acquisition marks MSSL’s entry into the aerospace industry. It also provides access to an existing and well-established customer base.

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Invesco divests 7.8% stake in ZEEL

Invesco Developing Market Funds sold a 7.8% stake in Zee Entertainment Enterprises Ltd (ZEEL) via a block deal today. It will sell 7.74 crore shares, which are worth around Rs 2,200 crore. Invesco will continue to hold an 11% stake in ZEEL. To learn more about ZEEL’s boardroom battle, click here.

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Bandhan-led consortium to acquire IDFC Mutual Fund biz for Rs 4,500 crore

IDFC Ltd has decided to sell IDFC Asset Management Company and IDFC AMC Trustee Company Ltd to a consortium comprising Bandhan Financial Holdings (BFHL), GIC, and ChrysCapital for Rs 4,500 crore. IDFC AMC manages over Rs 1.15 lakh crore of assets under management (AUM) as of FY22. It has a presence in over 50 cities and investors in 750 cities and towns nationwide.

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Axis Bank Acquires Citi India’s Retail Assets for $1.6B – Top Indian Market News

Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of the consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management, and consumer loans. It also includes the sale of the consumer business of Citi’s non-banking financial company (NBFC), Citicorp Finance (India) Ltd.

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Reliance Jio lost 93 lakh subscribers in Jan 2022; Airtel gains 7.14 lakh subscribers

As per the latest subscriber data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio lost 93.32 lakh subscribers in January 2022. Vodafone Idea lost 3.7 lakh subscribers during the same month. Meanwhile, Bharti Airtel gained 7.14 lakh subscribers in Jan. Reliance Jio held the largest market share at 35.49%, followed by Bharti Airtel (31.13%) and Vodafone Idea (23.15%).

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Sundaram Fasteners wins incentive approval under PLI scheme

Sundaram Fasteners Ltd (SFL) has qualified for incentives from the Ministry of Heavy Industries for its proposed investments in making powertrain sub-assemblies for electric vehicles (EVs) and internal combustion engine (ICE) vehicles. Companies selected for incentives under this scheme will get 8-11% of the determined sales value. SFL will set aside Rs 350 crore to make advanced automotive tech components for EVs and ICE vehicles.

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Sun Pharma signs licensing pact with Lundbeck to launch anti-depressant pill

Sun Pharmaceutical Industries Ltd has entered into an exclusive patent licensing agreement with Danish drugmaker Lundbeck to market and distribute its version of antidepressant medication Vortioxetine in India. The drug will be marketed under the brand name Vortidiftm. The product is approved in over 80 countries, including the US, EU, Canada, and Australia.

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CCI raids offices of CEAT, Apollo Tyres: Report

As per a Reuters report, the Competition Commission of India (CCI) raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres and CEAT, in a case of suspected competition law violations. The report said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

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BHEL secures order for compressor package from Iraq

Bharat Heavy Electricals Ltd (BHEL) has won an order for a compressor package from Iraq. The order was placed by Northern Refineries Company (NRC), a company owned by the Ministry of Oil, Iraq. It includes the design, engineering, manufacturing, and supply of an electric motor-driven recycle gas centrifugal compressor.

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Godrej Properties to develop a 9-acre project in Pune

Godrej Properties Ltd (GPL) has acquired a 9-acre land parcel in the residential micro-market of Pimpri-​Chinchwad in Pune. The development will primarily be for a group housing project. The project will have a developable potential of around 1.7 million sq. ft. of saleable area. Based on current business assumptions, it has an estimated revenue potential of ~Rs 1,400 crore.

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Tata Consumer Products to merge Tata Coffee business with itself

Tata Consumer Products Ltd (TCPL) has announced the merger of all businesses of Tata Coffee Ltd (TCL) with itself. This is part of a reorganization plan in line with TCPL’s strategic priority of unlocking synergies and efficiencies. Initially, the plantation business of TCL will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL). Then, the remaining business of TCL (extraction and branded coffee business) will be merged with TCPL.

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Dilip Buildcon emerges lowest bidder for road project worth Rs 1,589 crore

The National Highways Authority of India (NHAI) has declared Dilip Buildcon Ltd as the lowest (L-1) bidder for a road project in Karnataka. The scope of the project includes the development of a six-lane access controlled greenfield highway from Maradgi S Andola to Baswantpur section of NH-150C. The bid project cost for the 65.50 km long project is Rs 1,589 crore. 

In other news, G R Infroprojects Ltd has received a Letter of Award (LoA) from NHAI for five new road projects worth ~Rs 5770 crore.

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HDFC Bank, Shoppers Stop launch co-branded credit cards

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 80 lakh ‘First Citizen’ customers of Shoppers Stop along with HDFC Bank customers. HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next 2-3 years. 

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IT Dept Raids Hero MotoCorp Premises – Top Indian Market News

IT Dept raids Hero MotoCorp premises

The Income Tax Department has conducted raids at multiple premises of Hero Motorcorp Ltd as part of a tax evasion investigation against the company. Offices and residential premises of the promoters (including chairman & CEO of the group Pawan Munjal) in Gurugram, Haryana, Delhi, and other locations were covered under the raid. Hero Motocorp said the visit by the IT department was part of a “routine inquiry”. The company also said it was cooperating with the tax authorities.

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Adani Power partners with IHI, Kowa to study ammonia co-firing for power generation

Adani Power Ltd (APL) has partnered with IHI Corporation and Kowa Company to study ammonia co-firing for environmentally sustainable power generation. APL aims to lead India’s initiatives in achieving the targets of greenhouse gas reduction. They will evaluate the possibility and potential of ammonia as a fuel in thermal power generation. It will utilize green hydrogen-derived ammonia in APL’s thermal power plant.

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HDFC sanctions over Rs 2 lakh crore retail home loans in FY22

HDFC Ltd has approved retail home loans worth more than Rs 2 lakh crore between April 1, 2021, and March 21, 2022, the highest ever in a financial year. The thrust on digital initiatives and inherent demand for housing loans helped HDFC get back to normalcy faster than expected. HDFC has over 2.7 lakhs home loan customers who have availed benefits under the Credit Linked Subsidy Scheme (CLSS), the highest in the industry. 

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MTAR Tech secures order worth Rs 135 crore in civil nuclear power sector

MTAR Technologies Ltd was declared the lowest (L-1) bidder for tenders floated by the Nuclear Power Corporation of India Ltd (NPCIL). The order includes a fuel transfer system for GHAVP Nuclear Power Station-1 & 2 reactors. It also consists of establishing a fuel machine bridge and carriage assemblies for GHAVP-3 & 4 nuclear reactors. The total value of the order is ~Rs 135 crore.

CAMS unveils policyholder traceability solution

CAMSRep, a wholly-owned subsidiary of Computer Age Management Solutions Ltd, has unveiled a policyholder traceability solution for the insurance market. It assists insurance companies in addressing their unclaimed amounts. CAMSRep’s PolicyGenie Deep Contact Tracing is a cost-effective solution that leverages emerging digital technologies to track untraceable policyholders and update their contact information.

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Kotak Mahindra Bank, Axis Bank acquire nearly 8% stake each in ONDC

Kotak Mahindra Bank and Axis Bank have each acquired a 7.84% stake in Open Network Digital Commerce (ONDC) for Rs 10 crore. ONDC was incorporated on December 30, 2021. It is engaged in the creation of an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

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ICICI Bank partners with Chennai Super Kings for co-branded credit card

ICICI Bank has launched a co-branded credit card in partnership with Chennai Super Kings (CSK). The ‘CSK ICICI Bank Credit Card’ has been designed with a range of privileges, including a joining and renewal gift of 2,000 reward points. The points can be redeemed against CSK merchandise. It also offers complimentary tickets to CSK matches during the upcoming IPL season. Credit card users will also get an opportunity to attend a practice session.

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Adani Wilmar plans acquisition of brands, processing units in mass rice segment

Adani Wilmar Ltd is scouting for the acquisition of regional rice brands and processing units in several states of India. The company will launch branded daily-use rice under the ‘Fortune’ brand beginning with West Bengal from early April. Staple accounts for 11% of Adani Wilmar’s revenues. AWL had recently allocated Rs 450-500 crore for acquisitions.

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TCS ready to roll out 5G network anyday: Report

Officials of Tata Consultancy Services (TCS) said the company is ready to put in place a 5G network for any telecom operator across the globe on any given day. The IT major is working on country-specific gear for the network in India. TCS is a system integrator, and it builds networks of telecom operators based on their requirements. The Indian government is planning to conduct 5G auctions before June so that 5G networks can be launched by August 15.

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Bajaj Electricals extends licence pact with Morphy Richards by 15 years

Bajaj Electricals Ltd (BEL) has extended its trademark agreement with UK-based Morphy Richards for using the ‘Morphy Richards’ trademark for an additional 15 years, with effect from July 1, 2022. The extension of the exclusive license will enable BEL to continue using the trademark for producing, marketing, and selling home appliances in India and neighboring nations.

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Bajaj Auto Posts 17% YoY Fall in Net Profit in Q3 – Top Indian Market News

Bajaj Auto Q3 Results: Net profit falls 17% YoY to Rs 1,430 crore

Bajaj Auto Ltd reported a 17% YoY decline in consolidated net profit to Rs 1,429.68 crore for the quarter ended December (Q3 FY22). Net profit fell 30% when compared to the previous quarter. Its revenue from operations rose 1% YoY (or 5% QoQ) to Rs 9,021.65 crore during the same period. EBITDA stood at Rs 1,154 crore, down 25% YoY. The automaker’s total volumes fell 10% YoY to 11.81 lakh units in Q3

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Axis Bank’s subsidiary sends legal notice to ZEEL; seeks Rs 146 crore in dues

Axis Finance Ltd (AFL), a subsidiary of Axis Bank, has sent a legal notice to Zee Entertainment Enterprises Ltd (ZEEL) and its promoters, seeking to recover over Rs 146 crore in dues before finalising the proposed merger of the company with Sony Pictures Network India (SPNI). ZEEL has denied all claims. It stated that neither the company nor its MD and CEO Punit Goenka are party to any of the loan documents. ZEEL has also pointed out that Goenka or the company did not provide any assurance to AFL for repayment.

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Lupin signs pact with Shenzhen Foncoo to sell products in China

Lupin Limited has signed a pact with Shenzhen Foncoo Pharmaceutical Co. to sell products in China. This is the company’s first partnership arrangement in China and reinforces the drug makers’ commitment to bringing high-quality generic and complex generic medicines to patients around the world. Lupin will continue to explore additional partnership opportunities in China to leverage its global portfolio including complex generics and specialty medicines

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Rallis India Q3 Results: Net profit falls 13% YoY to Rs 40 crore

Rallis India Ltd reported a 13.3% YoY decline in consolidated net profit to Rs 39.56 crore for the quarter ended December (Q3 FY22). Net profit fell 30% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 628.08 crore during the same period. The chemical manufacturer’s EBITDA rose 13% YoY to Rs 67 crore in Q3. 

Ashoka Buildcon secures project worth Rs 112 crore for construction of mall-cum multiplex

Ashoka Buildcon Ltd has received the Letter of Intent (LoI) for the construction of a mull-cum multiplex in Patna. The company was awarded the project at a cost of Rs 111.51 crore excluding GST. Nashik-based Ashoka Buildcon is an infrastructure development company. It is primarily engaged in the construction & maintenance of roads and supporting services 

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L&T Infotech Q3 Results: Net profit rises 43% YoY to Rs 151 crore

L&T Infotech Ltd reported an 18% YoY increase in consolidated net profit to Rs 612 crore for the quarter ended December (Q3 FY22). Net profit rose 11% when compared to the previous quarter. Its revenue from operations rose 31% YoY (or 9.2% QoQ) to Rs 4,137 crore during the same period. EBITDA grew 14% YoY to Rs 742 crore in Q3. In dollar terms, the company’s revenue stood at $553 million, registering a growth of 29% YoY and 8.7% QoQ.

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Mahindra partners with Hero Electric to manufacture electric two-wheelers

Mahindra Group has announced a strategic partnership with Hero Electric to cater to the growing demand for electric vehicles (EVs) in India. As part of the partnership, Mahindra Group will manufacture Hero Electric’s most popular electric bikes (Optima & NYX) at their Pitampur plant. With this collaboration, Hero Electric will be able to meet its demand of manufacturing over one million EVs per year.

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JSW Energy Q3 Results: Net profit jumps over two-fold to Rs 324 crore

JSW Energy Ltd reported an over two-fold YoY jump in consolidated net profit to Rs 324 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 18% YoY to Rs 1,893 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) was higher by 35% YoY at Rs 882 crore in Q3.

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HAL signs contract with Mauritius for export of Advanced Light Helicopter

Hindustan Aeronautics Ltd (HAL) has signed a contract with the Government of Mauritius (GoM) for the export of an Advanced Light Helicopter (ALH)-MkIII for the Mauritius Police Force. Mauritius already operates an ALH and Dornier Do-228 aircraft built by HAL. The ALH Mk III is a multi-role, multi-mission helicopter in the 5.5-tonne category. It is used extensively by the Indian armed forces.

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CEAT Q3 Results: Net loss at Rs 20 crore

CEAT Limited reported a consolidated net loss of Rs 20.01 crore for the quarter ended December (Q3 FY22). It had posted a net profit of Rs 132.14 crore in Q3 FY21 and Rs 41.98 crore in the previous quarter (Q2 FY22). Its revenue from operations rose 9% YoY to Rs 2,413 crore in Q3 FY22. The tyre manufacturer’s EBITDA fell 59% YoY to Rs 134 crore during the same period.

SEBI launches Saa₹thi mobile app for investor education

The Securities and Exchange Board of India (SEBI) has launched “Saa₹thi”– a mobile app on investor education. The new app aims to create awareness among investors about the basic concepts of the securities market. It will also explain about KYC process, trading & settlement, mutual funds (MF), recent market developments, investor grievances redressal mechanism, etc.

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L&T Bags Order for Mumbai-Ahmedabad Bullet Train Project – Top Indian Market News

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L&T secures third order for Mumbai-Ahmedabad bullet train project

Larsen & Toubro (L&T) has secured a third order for the Mumbai-Ahmedabad High Speed Rail from the National High Speed Rail Corporation Ltd (NHSRCL). The order includes the design and construction of civil & building works for a double-line high-speed railway of a length of 8.198 km. It also includes the construction of the major station of Vadodara and other key civil structures.

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Axis Bank issues first Letter of Credit on dedicated govt-backed platform

Axis Bank issued the banking industry’s first Letter of Credit (LC) on the Secured Logistics Document Exchange (SLDE), a government-backed blockchain-enabled platform. The deal involved ArcelorMittal Nippon and the bank’s client Lalit Pipes & Pipes Ltd (LPPL). Axis Bank released an LC on behalf of LPPL, which required such a non-fund-based credit line for a business transaction with ArcelorMittal Nippon Steel India.

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Anupam Rasayan signs LoI worth $95 million with MNC firm

Anupam Rasayan India Ltd (ARIL) has signed a Letter of Intent (LoI) worth $95 million (~Rs 700 crore) with a multinational crop protection firm for the supply of a new life science-related active ingredient. The company will enter into a long-term contract to supply this specialty chemical product for the next five years. This LoI further expands ARIL’s high-value product portfolio with major global players.

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Adani Power, Gujarat discom settle dispute

Adani Power Ltd (APL) and Gujarat Urja Vikas Nigam Ltd (GUVNL) have reached an out-of-court settlement on a dispute pertaining to the termination of a power purchase agreement. APL has agreed to forego a compensation claim worth Rs 11,000 crore against the electricity distribution company (discom). The two companies will now work out a new tariff for the generation and supply of the 1,000-MW electricity based on domestic coal.

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GTPL Hathway partners with Aprecomm to optimize WiFi connections with AI

GTPL Hathway Ltd will remotely optimize its residential Wi-Fi connections using Artificial Intelligence (AI) in partnership with Aprecomm. The partnership would help GTPL bring down customer issue resolution time and enhance the experience of more than 7 lakh connected broadband households. Aprecomm’s AI Engine will allow GTPL to convert its household connections to AI-enabled smart WiFi access points.

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Edelweiss partners with Indian Bank for co-lending to priority sector

Edelweiss Financial Services and ECL Finance announced a strategic co-lending partnership with Indian Bank for priority sector lending. The lenders recently signed a Memorandum of Understanding (MoU) to expand the portfolio of lending products available to the target customers, thereby increasing access to credit. Agriculture, micro-enterprises, and advances to weaker sections of society are amongst the categories that form the priority segment of lending.  

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Alembic Pharma gets USFDA approval for Dronedarone tablets

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Dronedarone Tablets. The drug is indicated to reduce the risk of hospitalization for atrial fibrillation in patients in sinus rhythm. According to IQVIA data, Dronedarone tablets had an estimated market size of $500 million (~Rs 3,705 crore) for the twelve months ended September 2021.

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RailTel declares interim dividend of Rs 1.75 per share

RailTel Corporation of India has declared an interim dividend of Rs 1.75 per share for the financial year 2021-22. The company has fixed January 21 as the record date for the payment of the interim dividend. The total payout of the dividend is approximately Rs 56 crore. RailTel is one of the largest telecom infrastructure providers in the country, with a pan-India optic fibre network covering several towns, cities, and rural areas.

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JBM Auto acquires 51% stake in JBM Green Energy Systems

JBM Auto Ltd has acquired the majority stake (51%) in JBM Green Energy Systems Pvt Ltd (JBM GESPL) and JBM EV Industries Pvt Ltd (JBM EIPL) through a subsidiary, JBM Electric Vehicles Private Ltd. JBM GESPL and JBM EIPL have now become indirect subsidiary companies of JBM Auto. The company has announced plans to commission an end-to-end e-mobility ecosystem completely localised in India.

SJVN gets category ‘I’ licence for inter-state trading of electricity across India

The Central Electricity Regulatory Commission (CERC) has given category ‘I’ licence to SJVN Ltd for inter-state power trading across India. According to the CERC order, no objections were received on the petition of SJVN for grant of a category ‘I’ licence for inter-state trading in electricity. State-owned SJVN Ltd is engaged in hydroelectric power generation and transmission.

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JSPL Output Grows 9% to 5.9 MT in April-December – Top Indian Market News

JSPL output grows 9% to 5.9 MT in April-December 2021

Jindal Steel & Power Ltd (JSPL) has manufactured 5.904 million tonnes (MT) steel in the April-December period of FY 2021-22, an increase of 9% YoY. The company’s sales stood at 6.85 lakh tonnes in December 2021. Delhi-based JSPL has a significant presence in the steel, power, and mining sectors with investments of Rs 90,000 crore across the globe.

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L&T Construction secures order from DMRC

Larsen & Toubro Ltd’s construction business has secured a significant order (in the range of Rs 1,000-2,500 crore) from Delhi Metro Rail Corporation (DMRC) for the design and construction of the underground metro project Phase-1 of the Patna Mass Rapid Transit System. The project will be funded by Patna Metro Rail Corporation (PMRC). The metro project alignment passes through the heart of Patna city and is scheduled to be completed within 42 months.

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Tata Communications partners with Zain to offer smart city solutions for Saudi Arabia

Tata Communications Ltd and telecom services provider Zain KSA have entered into a strategic partnership to bring smart city solutions to Saudi Arabia. The combined ecosystems will deliver solutions and platforms to remodel cities with smart street lighting, smart waste management, connected workplace, and healthcare. The partnership will serve Saudi’s enterprises and government institutions with advanced technologies such as Internet of Things (IoT), 5G, Low Range Wide Area Network, managed security service, etc.

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Alembic Pharma gets USFDA approval for generic drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Doxycycline Hyclate Delayed-Release Tablets. The drug is indicated to reduce the development of drug-resistant bacteria. As per IQVIA data, the tablets had an estimated market size of $10 million (~Rs 74.62 crore) for the twelve months ended September 2021.

Read more here.

IDFC First Bank records 10% YoY growth in total customer deposits in Q3

IDFC First Bank reported a 10.48% YoY growth in total customer deposits to Rs 85,387 crore for the quarter ended December (Q3 FY22). The Current Account-Savings Account (CASA) ratio was 51.85% in Q3 FY22, compared to 48.31% in Q3 FY21. The bank’s housing loans book grew by 44.2% YoY. Gross funded assets aggregated to Rs 1,22,289 crore as of December 31, 2021, up 10.70% YoY.

Read more here.

Axis Bank concludes structured derivative deals as RBI ban lifts

 Axis Bank has started offering structured derivative products to leading companies after a ban on these deals was lifted by the Reserve Bank of India (RBI) effective Monday. The first of these transactions were executed with Reliance Industries Ltd, which involved the use of Barrier FX options for their currency risk management. The bank also concluded another transaction with Supreme Petrochem Ltd.

A structured product (also known as a market-linked investment) is a pre-packaged structured finance investment strategy based on securities, options, indices, derivatives, etc.

Read more here.

Piramal Capital to open 100 branches, expand to 1,000 cities post DHFL acquisition

Piramal Capital & Housing Finance Ltd (PCHFL) has announced plans to open 100 branches and expand to 1,000+ cities in the coming years. In September 2021, PCHFL completed the acquisition of debt-laden Dewan Housing Finance Ltd (DHFL), thereby creating one of the largest housing finance companies in the country. The company now has access to over 10 lakh customers across 24 states with a network of 301 branches.

Read more here.

Delhi HC dismisses Future Group’s plea for termination of Amazon arbitration

The Delhi High Court has dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, which is adjudicating Amazon’s objections against their deal with Reliance, to decide on their application for the termination of the arbitration proceedings before moving any further. 

Amazon and Future have been locked in a bitter legal tussle after the US-based e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020. Amazon argued that Future Retail Ltd (FRL) had violated their contract by entering into a deal for the sale of its assets to Reliance Retail for Rs 24,500 crore.

Read more here.

Dr. Reddy’s Labs launches Covid-19 drug Molnupiravir at Rs 35 per pill

Dr. Reddy’s Laboratories Ltd will launch its COVID-19 antiviral Molnupiravir capsules under its brand name Molflu across India at matching the price of Mankind Pharma. Molflu will be priced at Rs 35 per capsule, and the total course of 40 capsules over 5 days will cost Rs. 1,400, making it among the most affordable treatment options available to patients.

Read more here.

Bharti Airtel drops corporate rejig plan

Bharti Airtel Ltd announced the withdrawal of corporate structure that was announced in April 2021. The company will continue with the existing corporate structure, pursuing a plan to merge DTH operations with Airtel. The government’s telecom reforms have resulted in a strong balance sheet, and Bharti Airtel plans to invest aggressively in the emerging growth opportunities in the digital economy.

Read more here.

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SEBI Bans Futures Trading For Seven Commodities – Top Indian Market News

sebi

SEBI Bans Futures Trading In Seven Commodities

The Securities and Exchange Board of India (SEBI) has banned futures trading on seven commodities. The commodities are paddy (non-basmati), wheat, chana, mustard seeds and their derivatives, soya bean, crude palm oil, and moong. The move comes in the wake of the opposition that the incumbent government is facing in the wake of the country’s rising inflation rates. The food inflation in India has gone up from 0.85% in the previous month to 1.87%. 

Read more here.

Shriram Properties Shares List at 24% Discount, Manage To Recover

Real estate developer Shriram Properties got listed today at 20% lower than its issue price of Rs 94. Shriram Properties’ issue price was Rs 118. The share price recovered, touching Rs 102-Rs 103 and closing at Rs 98. Shriram Properties posted a loss of Rs 60.03 crore in the six months ended September 2021. In FY21, the company’s loss narrowed to Rs 68.17 crore from Rs 86.39 crore a year ago. The company’s revenue decreased to Rs 431.5 crore from Rs 571.96 crore during the same period.

Read more here. 

Axis Bank to Raise Rs 5,000 Crore Using Bonds

Axis Bank will raise up to Rs 3,500 crore by issuing bonds. The board of directors had recently voted to allow the bank to borrow up to Rs 35,000 crores using debt instruments, perpetual debt instruments, AT-1 bonds, infrastructure bonds, Tier II capital bonds, etc. “We now wish to inform you that the Bank proposes to raise funds by issuing Senior Unsecured Taxable Redeemable Non- Convertible Debentures (Series – 6) of Rs.10 lakh each for cash at par with a base issue size of Rs 2,000 crore and Greenshoe option to retain oversubscription of Rs. 3,000 Crore thereby aggregating up to Rs. 5,000 crore”, said Axis Bank in a regulatory filing. 

Read more here.

Supriya Lifescience IPO Oversubscribed 71x On Final Day

On its final day, Supriya Lifescience IPO has oversubscribed nearly 71 times. The public issue subscribed 55.76 times in the retail category, 31.83 times in the Qualified Institutional Buyers (QIB) category, and 161.22 times in the Non-Institutional Investor (NII) category. The Basis of Allotment would be decided on Dec 23, 2021. The shares will tentatively list on Dec 28, 2021.

Read more here.

Royal Enfield Recalls 26,300 Units Of Classic 350 Due To Potential Brake Issue

Eicher Motors-owned Royal Enfield has recalled nearly 26,300 units of its 2021 variant of Classic 350 motorcycles citing a potential issue with the brakes. The company said in an official statement that a higher braking load applied on the rear brake pedal can potentially damage the reaction bracket. Local dealerships and service stations may call consumers whose Vehicle Identification Number (VIN) falls within September 1 to December 5, 2021. Consumers can check out the website or reach out to the nearest workshop. 

Read more here.

Vedanta Acquires Nicoment, Becomes Only Nickel Producer In India

Vedanta Ltd has acquired Goa-based Nicoment, a leading nickel, and cobalt producer, making it the sole Nickel producer in India.  Currently, India imports 100% of its nickel requirement from abroad. Nicolet has a capacity to produce 7.5 tonnes per annum of nickel and cobalt. With an ambitious plan in the place, Vedanta plans to meet 50% of India’s Nickel requirements.

Read more here.

Equitas Small Finance Bank Becomes banking partner for Maharashtra Govt.

Equitas Small Finance Bank announced on Monday that it is now empanelled as the banking partner for the Government of Maharashtra. The move will enable Equitas to open salary accounts for all existing employees and pension accounts for pensioners for the Government of Maharashtra. The other three banks assigned with the role of disbursing salaries are Bandhan Bank, Karur Vysya Bank, and The South Indian Bank.

Read more here.

ITI Limited receives ₹433 cr worth order from Tamil Nadu Govt.

Indian Telephone Industries Limited (ITI) has received an order from TANFINET (Tamil Nadu Fibrenet Corporation Limited) (A Govt. of Tamil Nadu Undertaking) regarding BharatNet Phase-II. The contract would amount to Rs 433 crore. Under the project, ITI will be covering 10 districts, 109 blocks, 3103 Gram Panchayats, 845 Revenue villages across Tamil Nadu, providing a minimum of 1 Gbps bandwidth service.

Read more here.

Wipro to acquire cybersecurity firm Edgile for $230 million

Wipro Limited has decided to acquire Texas-based headquartered Edgile for a consideration of $230 million. Edgile is a cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. Together, Wipro and Edgile will develop Wipro CyberTransform, an integrated suite that will help enterprises enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies, and reap the value of practical security in action.

Read more here.

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M&M Finance Launches Car Leasing & Subscription Biz – Top Indian Market News

Mahindra Finance launches car leasing and subscription business

Mahindra & Mahindra Financial Services Ltd announced the launch of a lease-based vehicle subscription business for urban centres. The company is eyeing a business of Rs 10,000 crore from this segment in the next 3-5 years. Under the brand ‘Quiklyz’, Mahindra Finance will offer multi-brand vehicle leasing and subscription, targeting to reach nearly 30 cities within a year.

Read more here.

IndusInd Bank launches mobile app for merchants

IndusInd Bank has launched Indus Merchant Solutions, a mobile app that enables merchants, retailers, and professionals to carry out banking transactions digitally. The platform will allow merchants and retailers to undertake activities such as accepting instant cashless payments on mobile phones, tracking inventory via in-built dashboards, and avail small ticket business loans. It also allows users to apply for an exclusive Point of Sale (PoS) machine to facilitate card-based payments. 

Read more here.

Jio tops 4G chart in download speed; Airtel, Vi reduce gap in October: TRAI data

Reliance Jio Infocomm has retained its top position with the highest average data download speed of 21.9 megabits per second (Mbps) among 4G service providers in October. Bharti Airtel and Vodafone Idea’s (Vi) networks have been continuously recording an increase in data download speed, thereby reducing the gap with the Jio network. Airtel 4G data download speed increased to 13.2 Mbps in October from 5 Mbps in June. Vi’s 4G speed increased to 15.6 Mbps from 6.5 Mbps in June. 

Read more here.

Alembic Pharma JV gets USFDA approval for antibacterial ointment

Alembic Pharmaceutical Ltd’s joint venture (JV) Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Mupirocin Cream USP, 2%. The drug is indicated for the treatment of secondarily infected traumatic skin lesions. As per IQVIA data, the product had an estimated market size of $28 million (~Rs 208.05 crore) for the 12 months ended June 2021.

Read more here.

JSW Steel enters S&P DJSI for Emerging markets for 2021

JSW Steel Ltd has been selected in the S&P Dow Jones Sustainability Index (DJSI) for Emerging Markets for 2021. The steelmaker is one of the 15 companies from India that have made it to the DJSI EM Index, which comprises 108 companies globally. JSW Steel has progressively improved its score across the three domains of environment, social, and governance (ESG). DJSI is the gold standard for corporate sustainability. It is highly regarded by global investors, fund managers, and financial analysts looking at ESG-based investments. 

Read more here.

Nucleus Software gets shareholders’ approval for Rs 159 crore share buyback

Nucleus Software Exports Ltd has received shareholders’ approval for the proposed buyback of 22.67 lakh equity shares at Rs 700 per share. The company will buy back shares for an aggregate amount not exceeding Rs 159 crore. The total share buyback represents 7.81% of the total paid-up equity capital of the company.

Read more here.

NIIT partners with Axis Bank to launch FinTech Engineering Programme

NIIT Digital Banking Academy, a joint initiative by Axis Bank and NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), launched its second program for experienced IT professionals. The program offers a great career as “FrontEnd and BackEnd Application Developers” with Freecharge, one of the leading digital platforms for financial services. Axis Bank’s NIIT Digital Banking Academy was launched in 2021 to build a high-quality talent pool in fintech roles.  

Read more here.

SAIL supplies 50,000 tonne steel for Purvanchal Expressway

Steel Authority of India Ltd (SAIL) has supplied ~50,000 tonnes of steel for the Purvanchal Expressway in Uttar Pradesh. The products supplied for the project were TMT bars, structurals, and plates. PM Narendra Modi on Tuesday inaugurated the 341-km-long expressway, which connects Lucknow to Ghazipur in eastern UP.

Read more here.

Vedanta considers complete corporate overhaul to unlock value

Vedanta Ltd is considering plans for a complete overhaul of its corporate structure. The company is evaluating all options including demergers, spin-offs, and strategic partnerships. It is looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities. The Anil Agarwal-led company has constituted a committee of directors to evaluate and recommend such options and alternatives.

Read more here.

IPO Updates:

The Rs 1,023.47 crore IPO of Tarsons Products Ltd was subscribed 77.49 times on the final day of bidding. Retail investors have subscribed 10.56 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 184.48 times and 115.77 times, respectively, against their reserved portions. 

The Rs 1,013.61 crore IPO of Go Fashion (India) Ltd was subscribed 2.46 times on the first day of bidding. Retail investors have subscribed 12.14 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 44% and 25%, respectively, against their reserved portions. To learn more about the IPO, click here. 

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Kotak Mahindra Bank’s Net Profit Falls 7% YoY in Q2 – Top Indian Market News

Kotak Mahindra Bank Q2 Results: Net profit falls 7% YoY to Rs 2,032 crore

Kotak Mahindra Bank reported a 7% YoY decline in net profit to Rs 2,032 crore for the quarter ended September (Q2 FY22). Net profit rose 24% compared to the previous quarter. Its net interest income (NII) rose 3% YoY to Rs 4,021 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 3.19% in Q2, compared to 3.56% in the previous quarter. The figures have beaten street estimates.  

Read more here.

Reliance BP Mobility launches first mobility station in Navi Mumbai

Reliance BP Mobility Ltd (RBML) launched its first Jio-bp branded mobility station at Navde in Navi Mumbai. RBML is the fuel and mobility joint venture (JV) between Reliance Industries Ltd (RIL) and UK-based energy company bp. The JV operates fuel retail stations and is in the process of rebranding around 1,400 fuel pumps. Jio-bp Mobility Stations will offer additivised fuel, which forms a protective layer on critical engine parts to keep the engines clean.

Read more here.

Bajaj Finance Q2 Result: Net profit rises 53% YoY to Rs 1,481 crore

Bajaj Finance reported a 53.5% YoY increase in consolidated net profit to Rs 1,481 crore for the quarter ended September (Q2 FY22). Net profit rose 48% compared to the previous quarter. Its net interest income (NII) rose 28% YoY to Rs 5,335 crore during the same period. The company’s gross non-performing assets (GNPA) ratio stood at 2.45% in Q2, compared to 2.96% in the previous quarter. Bajaj Finance’s assets under management (AUM) stood at Rs 1,66,937 crore in Q2, an growth of 22% YoY.

Read more here.

HG Infra secures order worth Rs 2,297 crore from NHAI

HG Infra Engineering has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for projects worth Rs 2,297 crore. The first project is for the development of six lanes in the Kaliagura-Baunsaguar section of NH-130-CD road under the Raipur- Visakhapatnam Economics Corridor.  The second project is for the development of six lanes in the Baunsaguar-Baraja section of NH-130-CD road.

Read more here. 

Axis Bank Q2 Results: Net profit rises 86% YoY to Rs 3,133 crore

Axis Bank reported an 86% YoY increase in net profit to Rs 3,133 crore for the quarter ended September (Q2 FY22). Net profit rose 45% compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 7,901 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.53% in Q2, compared to 3.85% in the previous quarter. Provisions fell sharply by 60% YoY (or 47.5% QoQ) to Rs 1,735.09 crore. The figures are slightly above street estimates.

Read more here. 

Motherson Sumi and Marelli extend cooperation in India

Motherson Sumi Systems Ltd (MSSL) has announced the extension of its cooperation with Germany-based Marelli Automotive Lighting for a new tool room in India. This will be the first-of-its-kind tool room dedicated to specific lighting applications. The toolroom will be an extension of the existing joint venture (JV) company— Marelli Motherson Automotive Lighting India Pvt Ltd. The 50:50 JV was established in 2008 to address the Indian exterior lighting market.

Read more here.

Ambuja Cement Q3 Results: Net profit at Rs 441 crore

Ambuja Cements’ net profit remained flat at Rs 441 crore for the quarter ended September (Q3 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,193 crore during the same period. EBITDA stood at Rs 703 crore, up 3.2% YoY. Total operating costs rose 16.7% YoY to Rs 2,534 crore in Q2.

Read more here.

Bombay HC bars Invesco from calling EGM

The Bombay High Court has granted an interim injunction against Invesco, the largest shareholder of Zee Entertainment Enterprise Ltd (ZEEL). The court has restrained Invesco from going ahead with the demand of an Extraordinary General Meeting (EGM) to remove ZEEL MD and CEO Punit Goenka. The high court reserved its order on the issue last week after ZEEL informed the court that it did not want to hold an EGM of shareholders as requested by Invesco.

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Cipla Q2 Results: Net profit rises 8% You to Rs 712 crore

Cipla Ltd reported a 7.58% YoY increase in consolidated net profit to Rs 712 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 10.3% YoY to Rs 5,485.84 crore during the same period. EBITDA stood at Rs 1,226 crore, an increase of 4% YoY. The pharma company’s North America revenues grew 2% YoY to $142 million (~Rs 1,065 crore) in Q2.

Read more here.

IRB Infra Q2 Results: Net profit at Rs 42 crore

IRB Infrastructure Developers reported a consolidated net profit of Rs 42.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 19.6 crore in the corresponding quarter last year (Q2 FY21). Net profit fell 41% compared to the previous quarter. Its total income rose 28.7% YoY to Rs 1,504.44 crore in Q2 FY22. EBITDA stood at Rs 718 crore, up 29% YoY or 3% QoQ.

The company has announced plans to raise ~Rs 5,347 crore via a preferential allotment of equity shares to Spain-based infrastructure group Ferrovial S.A. and Singapore state investor GIC.

Torrent Pharma Q2 Results: Net profit rises 2% YoY to Rs 316 crore

Torrent Pharmaceuticals reported a 1.98% YoY increase in consolidated net profit to Rs 316 crore for the quarter ended September (Q2 FY22). Net profit declined by 4% compared to the previous quarter. The pharma company’s net sales rose 6% YoY to Rs 2,103 crore during the same period. Its domestic revenues stood at Rs 1,087 crore in Q2, an increase of 13% YoY.

Read more here.

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Tata Motors Reports Net Loss of Rs 4,451 crore in Q1 – Top Indian Market News

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

Tata Motors Q1 Results: Net loss at Rs 4,451 crore

Tata Motors Ltd reported a consolidated net loss of Rs 4,450.92 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 8,437.99 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 107.6% YoY to Rs 66,406 crore in Q1 FY22. Tata Motors’ electric vehicle (EV) business delivered 5x revenue growth and the highest ever quarterly sales at 1,715 units. Jaguar Land Rover (JLR) retail sales rose 68.1% YoY to 1.24 lakh units during the same period.

Tata Motors said the global chip shortages, uncertainty due to the spread of coronavirus variants, and commodity inflation would continue to impact business in the short term.

Read more here.

Kotak Mahindra Bank Q1 Results: Net profit rises 32% YoY to Rs 1,642 crore

Kotak Mahindra Bank reported a 32% YoY increase in net profit to Rs 1,641.9 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 6% YoY to Rs 3,942 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.56% in Q1 FY22, compared to 3.25% in Q4 FY21. The bank’s operating profit rose 19% YoY to Rs 3,121 crore in Q1 FY22. Provisions and contingencies declined by 2.8% YoY to Rs 935 crore during the April-June quarter of FY22.

[NII is the difference between the interest income a bank receives on assets such as loans and interest paid to depositors]

Read more here.

Hitachi ABB Power Grids commissions Raigarh-Pugalur UHVDC link

Hitachi ABB Power Grids in India has commissioned a 1,800 km long 6 gigawatts (GW) ultra-high voltage direct current (UHVDC) transmission link from Raigarh to Pagulur. The 800 kilovolts (kV) transmission link has the capacity to meet the electricity demand of more than 8 crore people. The link strengthens grid resilience and stabilizes the power infrastructure by combining traditional and renewable power generation. It stretches from Raigarh in Chattisgarh to Pugalur in Tamil Nadu.

Read more here.

Axis Bank Q1 Results: Net profit rises 94% YoY to Rs 2,160 crore

Axis Bank reported a 94% YoY increase in net profit to Rs 2,160 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 11% YoY to Rs 7,760 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.85% in Q1 FY22, compared to 3.7% in Q4 FY21. The bank’s operating profit grew 10% YoY to Rs 6,416 crore in Q1 FY22. Axis Bank posted a 12% YoY increase in loan advances to Rs 6.14 lakh crore.

Read more here.

Sun Pharma gets exclusive right to market Cassiopea’s acne drug in the US, Canada

Sun Pharmaceutical Industries has signed an exclusive licensing agreement with Italy-based Cassiopea SpA to sell Winlevi (clascoterone cream 1%) in the United States and Canada. Winlevi is a novel drug with a unique mechanism of action for the topical treatment of acne in patients 12 years and older. Cassiopea will receive an upfront payment of $45 million, potential commercial milestones totaling up to $190 million, and customary double-digit royalties. 

Read more here.

L&T Q1 Results: Net profit jumps 287% YoY to Rs 1,174 crore

Larsen & Toubro (L&T) reported a 287% YoY jump in consolidated net profit to Rs 1,174 crore. Its revenue from operations rose 38% YoY to Rs 29,335 crore during the same period. EBITDA increased by 95.8% YoY to Rs 3,171.5 crore in Q1. The company secured orders worth Rs 26,557 crore at the group level in Q1, registering a growth of 13% YoY. You can learn more about L&T here.

Read more here.

HCL Tech selected as a strategic launch partner for Microsoft Cloud for Financial Services

HCL Technologies has been selected as a launch partner for Microsoft’s recently announced industry cloud– Microsoft Cloud for Financial Services. It brings together capabilities with multi-layered security and comprehensive compliance coverage to deliver differentiated customer experiences. HCL Tech’s PowerBanking product is built to leverage all available capabilities of the Microsoft Cloud for Financial Services.

Read more here.

SBI Life Q1 Results: Net profit falls 43% YoY to Rs 223 crore

SBI Life Insurance Company reported a 43% YoY decline in net profit to Rs 223.16 crore for the quarter ended June (Q1 FY22). There was a 1.28 times increase in the number of claims reported from the end of the previous financial year (FY21) to the end of the June quarter. The company posted a 9% YoY growth in new business premium to Rs 3,350 crore in Q1. SBI Life’s assets under management (AUM) rose 32% YoY to Rs 1.75 lakh crore during the same period.

Read more here.

DLF Q1 Results: Net profit at Rs 337.17 crore

DLF Limited reported a consolidated net profit of Rs 337.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 71.52 crore in the corresponding quarter last year (Q1 FY21). The real estate developer’s total income rose 92% YoY to Rs 1,242.27 crore in Q1 FY22. DLF’s board has announced a dividend of Rs 2 per share for the previous financial year (FY21).

Read more here.

Alembic Pharma Q1 Results: Net profit falls 45% YoY to Rs 165 crore

Alembic Pharmaceuticals Ltd reported a 45.42% YoY decline in consolidated net profit to Rs 164.52 crore for the quarter ended June (Q1 FY22). Its revenue from operations fell 1.13% YoY to Rs 1,326.03 crore during the same period. Revenue from its Active Pharmaceutical Ingredients (API) business rose 6% YoY to Rs 279 crore in Q1. The India branded business grew 57% YoY to Rs 481 crore during the April-June quarter.

Read more here.

NTPC REL secures 325 MW solar projects at Shajapur Solar Park in Madhya Pradesh

NTPC Renewable Energy Ltd (NTPC REL) has secured 325 megawatts (MW) solar projects to be set up at Shajapur Solar Park in Madhya Pradesh. The company won a capacity of 105 MW and 220 MW by quoting the lowest tariff rate of Rs 2.35 per kilowatt-hour (kWh) and Rs 2.33 per kWh, respectively. NTPC REL is a wholly-owned subsidiary of NTPC Limited.

Read more here.

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TCS Reports 28.5% YoY Rise in Net Profit in Q1 – Top Indian Market News

TCS Q1 Results: Net profit rises 28.5% YoY to Rs 9,008 crore

Tata Consultancy Services (TCS) reported a 28.5% year-on-year (YoY) increase in consolidated net profit to Rs 9,008 crore for the quarter ended June (Q1 FY22). Its net profit has declined by 2.5% when compared to the previous quarter. The IT firm’s revenue from operations increased by 18.5% YoY to Rs 45,411 crore in Q1. TCS’ performance in Q1 was powered by higher demand from businesses ramping up digital services during the Covid-19 crisis. The company’s board has approved an interim dividend of Rs 7 per share.

Read more here.

LTI completes acquisition of Cuelogic Technologies

Larsen & Toubro Infotech (LTI) has completed the acquisition of Cuelogic Technologies, a digital engineering company based in Pune. The cost of the acquisition was $8.4 million (~Rs 61.6 crore). LTI said this acquisition would help in enhancing its digital engineering practice by combining Cuelogic’s tools, methodologies, and workforce. This is LTI’s seventh acquisition since it got listed in 2016.

Read more here.

Shyam Metalics Q4 Results: Net profit at Rs 388 crore

Shyam Metalics and Energy Ltd reported a 386% YoY jump in consolidated net profit to Rs 387.50 crore for the quarter ended March 2021 (Q4 FY21). Net profit has increased by 79.57% when compared to the previous quarter. Its revenue from operations jumped 116.9% YoY to Rs 2,350.51 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 147.87% YoY to Rs 843.36 crore. The company’s board has recommended a dividend of Rs 2.70 per share.

Read more here.

Sanofi, GSK receive approval for Phase 3 trial of Covid-19 vaccine in India

French pharma company Sanofi and GlaxoSmithKline plc (GSK) have received approval to conduct the Phase-3 clinical trial of their Covid-19 vaccine candidate in India. The global and randomised Phase 3 study will include 35,000 volunteers aged 18 and older across sites in the US, Asia, Africa, and Latin America. Sanofi and GSK hope to get approvals for their protein-based Covid-19 vaccine by the end of 2021. 

Read more here.

NIIT partners with Axis Bank to launch Digital Banking Academy

NIIT Institute of Finance Banking and Insurance (NIIT IFBI) and Axis Bank have launched a FinTech Professional Programme under the Axis Bank – NIIT Digital Banking Academy. The course is designed to build future-ready fintech professionals for Axis Bank. The program offers graduates with 0-3 years of experience an opportunity to join Axis Bank as Deputy Manager (IT). NIIT IFBI is a subsidiary of NIIT Limited. 

Read more here.

Alembic Pharma gets USFDA approval for anti-depressant drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Desipramine Hydrochloride tablets. The drug is indicated for the treatment of depression. According to IQVIA data, the tablets had estimated sales of $7 million (~Rs 52.4 crore) during the 12 months ended March 2021.

Read more here.

Magenta to deploy M&M’s Treo Zor electric cargo vehicles in Bengaluru

Mahindra & Mahindra (M&M) has partnered with Magenta to deploy its Treo Zor electric cargo vehicles in Bengaluru for last-mile delivery of essential and non-essential goods. Magenta will deploy a hundred Mahindra Treo Zor electric three-wheelers in the city, which will be inducted into its delivery fleet of the new e-mobility Electric Vehicle Enabled Transport (EVET) platform. Magenta is a clean energy solutions provider based in Navi Mumbai.

Read more here.

STFC gets Rs 312.5 crore capital infusion from promoter Shriram Capital

Shriram Transport Finance Company (STFC) has received Rs 312.50 crore from its promoter Shriram Capital Finance in connection with the allotment of preference shares and warrants. STFC has allotted 17,36,100 equity shares at Rs 1,440 per share to Shriram Capital Finance. The same amount of warrants (convertible into equity shares) have also been allotted at Rs 1,440 per warrant.

Read more here.

Bharat Dynamics to supply Akash Missiles to IAF

Bharat Dynamics Ltd (BDL) has signed a contract with the Ministry of Defence for the manufacturing and supply of Akash Missiles to the Indian Air Force (IAF). The total value of the contract is Rs 499 crore. BDL has also received export leads from certain countries expressing interest in procuring the missiles. The company said it has a well-established infrastructure and expertise to execute these orders and meet the customer delivery schedule.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 5.75 times on the second day of bidding. The portion reserved for retail investors was subscribed 7.5 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 6.31 times and that of qualified institutional buyers (QIBs) 2.79 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 4.28 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.43 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4.51 times and that of qualified institutional buyers (QIBs) 2.12 times. To know more about the IPO, click here.