Tag: bajaj healthcare

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

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

IndiGo opens second MRO facility in Bengaluru Airport

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

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

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Quiklyz signs MoUs with five last-mile mobility players

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

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

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

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

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

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

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

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Tata Motors rolls out new Tigor EV sedan

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

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Bajaj Healthcare begins trial run for new opium processing line

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

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Zydus Lifesciences gets USFDA approval for ulcer treatment drug

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

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Renault Group selects KPIT Tech as strategic software scaling partner

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

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

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

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Reliance Jio’s ‘True 5G’ Goes Live in Delhi-NCR – Top Indian Market Updates

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

Reliance Jio’s ‘True 5G’ goes live in Delhi-NCR

Reliance Jio has become the only operator to provide True-5G services across the entire Delhi-NCR region. The network will be present across all important localities and areas, including residential areas, hospitals, schools, colleges, tech parks, and government buildings. Jio users in Delhi-NCR can opt for the Jio Welcome Offer, which offers unlimited data at up to 1 Gbps+ speeds.

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Jet Airways to cut employees’ salaries by up to 50%,

The Jalan-Kalrock Consortium (JKC), the owners of Jet Airways, has temporarily reduced the salaries of some employees by up to 50%. They have also placed some employees on leave without pay effective Dec 1. This is part of a host of measures to conserve the airline’s cash, even as the clash between employees and owners continues over unpaid dues.

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Sun Pharma gets USFDA approval for drug to treat neonatal seizures

Sun Pharmaceutical Industries Ltd has received approval from the US Food & Drug Administration (USFDA) for SEZABY, a formulation used for the treatment of neonatal seizures. The drug is expected to be available in the US in the fourth quarter of FY23. Sun Pharma Advanced Research Company (SPARC) recently licensed SEZABY to Sun Pharma, under which SPARC is eligible to receive a milestone payment.

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Welspun Corp to acquire 70% debt of Sintex BAPL: Report

Welspun Corp Ltd (WCL) is set to acquire over 70% of the debts of KKR-backed Sintex BAPL. WCL seeks to take control of the plastic products maker, which is currently undergoing insolvency proceedings. Avenue Capital-backed Asset Reconstruction Company of India and Welspun Corp have been acquiring Sintex BAPL’s loans from lenders since the beginning of FY23.

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Federal Bank partners with JCB India to finance heavy equipment buyers

Federal Bank has partnered with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio. Under the arrangement, Federal Bank will be the preferred finance partner of the construction equipment manufacturer. JCB India’s customers can avail loans from the lender at competitive interest rates.

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USFDA completes inspection of Bajaj Healthcare’s API facility

The USFDA has completed the pre-approval inspection of Bajaj Healthcare Ltd’s Vadodara-based Active Pharmaceutical Ingredients (API) facility with zero observations. This was the first-ever pre-approved inspection of the said API facility. The US drug regulator inspected the facility from November 14-17. Established in 1993, Bajaj Healthcare is a leading manufacturer of APIs, intermediates, and formulations.

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Bharat Electronics signs licensing agreement with DRDO

Bharat Electronics Ltd (BEL) has signed a licensing agreement with the Combat Aircraft Systems Development & Integration Centre (CASDIC), DRDO, for the transfer of technology of Digital Radar Warning Receiver. The state-of-the-art airborne Electronic Warfare system provides versatile situational awareness to a fighter platform in a dense signal scenario.

In other news, BEL has signed a Joint Development Agreement (JDA) with the Indian Institute of Technology Madras (IITM) for cooperation in the field of Quantum Science and Technology.

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Blackstone files DRHP for Nexus Select Trust retail REIT IPO

Global asset manager Blackstone filed a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) of Nexus Select Trust (NST). NST is India’s first retail real estate investment trust or REIT. Blackstone is the sole sponsor of the REIT. It intends to raise at least $500 million through the public issue next year. To learn more about REITs, click here.

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Kolte-Patil Developers, 2 other settle case with SEBI

Kolte-Patil Developers Ltd (KPDL) and two others have settled a case pertaining to the alleged violations of listing and disclosure rules with markets regulator SEBI. They have paid over ₹63 lakh towards the settlement amount. KPDL made wrong disclosures of Related Party Transactions on three occasions in two half-yearly disclosures of FY19 and FY20.

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Bharti Airtel Conducts Cloud Gaming Session on 5G Trial Network – Top Indian Market News

Bharti Airtel conducts cloud gaming session on 5G trial network

Bharti Airtel has successfully conducted India’s first cloud gaming session in a 5G environment. The demonstration was conducted in Manesar, Gurgaon, as part of the ongoing 5G trials using spectrum allotted by the Department of Telecommunications (DoT). Cloud gaming enables users to stream and play games in real-time without having to download or invest in gaming hardware. Bharti Airtel stated that cloud gaming will be one of the biggest use cases of 5G, given the combination of high speed and low latency (no lag).

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Tata Power to set up 330 MW solar project in Madhya Pradesh

Tata Power Saurya Ltd (TPSL), a wholly-owned subsidiary of Tata Power, has received a Letter of Award (LoA) from Rewa Ultra Mega Solar to build a 330 megawatt (MW) solar project in Neemuch Solar Park in Madhya Pradesh. The project has been awarded through tariff-based competitive bidding, followed by an e-reverse auction. The energy from the project will be supplied to the Indian Railways and Madhya Pradesh Power Management Company Ltd under a power purchase agreement (PPQ) valid for 25 years. 

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Infosys Springboard to offer digital reskilling to over 1 crore people by 2025

Infosys Ltd has launched Infosys Springboard to accelerate its digital reskilling initiatives and expand it to over 1 crore students and professionals by 2025. The program offers a virtual platform to deliver corporate-grade learning experiences for learners, ranging from school and college students to professionals and adults. Nearly 4 lakh learners and over 300 education institutions, NGOs, and support groups are part of the initiative. Infosys Springboard comes under the IT firm’s corporate social responsibility (CSR) initiatives.

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Just Dial’s board approves allotment of 2 crore shares to Reliance Retail

The Board of Directors of Just Dial Ltd has approved the allotment of 2.12 crore equity shares to Reliance Retail Ventures Ltd (RRVL). The allocation has been done at Rs 1,022.25 per share through preferential allotment on a private placement basis. Following this, RRVL holds 40.98% of the total paid-up equity share capital of Just Dial. To learn more about the deal, click here.

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Adani Green Energy raises $750 million via green bonds

Adani Green Energy Ltd (AGEL) has raised $750 million (~Rs 5,475 crore) through the issuance of green bonds. The bond issue was oversubscribed 4.7 times. The funds will be utilised towards meet the capital expenditure requirements for AGEL’s renewable projects that are under construction. With this bond issuance, AGEL has completed the final phase of its capital management plan. The company now has a fully-funded program for both debt and equity to achieve its target of 25 gigawatts (GW) of renewable energy capacity by 2025.

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M&M to cut production by 25% due to semiconductor shortage

Mahindra & Mahindra Ltd (M&M) will observe ‘No Production Days’ of around 7 days in September as its automotive division continues to face supply shortages of semiconductors. This move is estimated to result in a reduction in production volumes of the automotive division by 20-25% in September. M&M’s revenue and profitability will be impacted in line with the fall in production volumes. 

Read more here. 

Bajaj Healthcare to commence production of Nimesulide API

Bajaj Healthcare Ltd will start commercial production of Nimesulide Active Pharmaceutical Ingredient (API) at its Tarapur unit in Maharashtra on Sept 3. The company has received approval from FDA Maharashtra to manufacture and market Nimesulide API as an approved medication for pain relief and prevention of fever in India. The total installed capacity of the Tarapur unit is 111 metric tonnes (MT) per month.

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BLS International gets ePassport renewal contract from Philippines Dept of Foreign Affairs

BLS International Services Ltd has signed a contract with the Philippines Department of Foreign Affairs to provide ePassport renewal services in Italy, Qatar, and Malaysia. The company will simplify the application procedure and shorten the overall application processing time, thus contributing to improved customer service. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide.

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Natco Pharma launches generic cancer drug in Canda

Natco Pharma (Canda) Inc., a subsidiary of Natco Pharma, has launched generic Nat-Lenalidomide capsules in the Canadian market. The drug is used for the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). It is a generic alternative to Revlimid, which is to be approved by Health Canada. The launch of the product represents an important milestone in Natco Pharma’s continued efforts to expand its product portfolio.

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Ahluwalia Contracts secures order worth Rs 229 crore from WBHIDCO

Ahluwalia Contracts (India) Ltd has received an order worth Rs 229 crore from West Bengal Housing Infrastructure Development Corporation (WBHIDCO). The order is for the construction of an affordable housing project in Kolkata. Ahluwalia Contracts is a construction company based in New Delhi. Its project portfolio includes residential and commercial complexes, hotels, hospitals, corporate offices, IT parks, and institutional buildings.

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Exports rise 45% YoY in August to $33.14 billion

India’s merchandise exports stood at $33.14 billion in August 2021, an increase of 45.17% over the corresponding month last year. Total exports during April-August this year rose 66.92% YoY to $98.05 billion. Meanwhile, imports increased by 51.47% YoY to $47.01 billion in August. The trade deficit during the month stood at $13.87 billion, compared to $8.2 billion in the year-ago period. The data was released by the Ministry of Commerce & Industry.

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India’s Power Demand Hits All-Time High of 197.06 GW – Top Indian Market News

Electricity Pylons at sunset on background

India’s power demand hits all-time high of 197.06 GW

The total power demand in India touched an all-time high of 197.06 gigawatts (GW) on Tuesday (July 6). Many states are witnessing high temperatures due to delayed monsoon. The easing of Covid-related restrictions has also led to a surge in power demand. Last month, the highest supply of power on a single day stood at 191.51 GW (recorded on June 30).

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Isgec Heavy Engineering JV secures order for renewable energy project in the US

Isgec Hitachi Zosen, a joint venture (JV) between Isgec Heavy Engineering and Japan-based Hitachi Zosen Corporation, has secured an order for the supply of reactors for a renewable energy project in the United States. The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment. This is Isgec Hitachi Zosen’s first order for supplying such reactors to the US.

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Tata Motors’ JLR sees hit to FY22 guidance if chip supply issues continue

Jaguar Land Rover (JLR), a subsidiary of Tata Motors Ltd, stated that the global shortage in chip supply may threaten its revenue, margin, and free cash flow guidance for the current financial year (FY22). The automaker had targeted production of up to 235,000 units in April-September, but may only manage 150,000 units as a result of the chip shortage. Due to the substantial drop in wholesale volumes during the first and second quarters, JLR may face cash outflows of £2 billion (~Rs 20,605 crore) in the first half of FY22.

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IndusInd Bank partners with TP Central Odisha Distribution

IndusInd Bank has partnered with TP Central Odisha Distribution Ltd (TPCODL) to introduce a fully digital network for facilitating electricity bill payments across 300 semi-urban and rural regions in the state. TPCODL is a joint venture (JV) between Tata Power and the Government of Odisha. Through ‘Bharat Money Stores’, IndusInd Bank will enable nearly 30 lakh customers of TPCODL to easily pay their electricity bills at their nearest Kirana stores.

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Jindal Steel reports 20% YoY growth in production in Q1

Jindal Steel & Power Ltd (JSPL) registered a 20% year-on-year (YoY) growth in steel production to 2.01 million tonnes (MT) for the quarter ended June (Q1 FY22). This marks a record first quarter (Q1) production and second-highest quarterly production ever. JSPL said the performance in Q1 FY22 gives the company confidence in achieving a production target of 8-8.5 MT in the current financial year (FY22).

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Reliance Infra gets shareholders approval to raise up to Rs 551 crore via preferential allotment

Reliance Infrastructure Ltd’s shareholders have approved a proposal to raise up to Rs 550.56 crore through the issuance of shares on a preferential basis. The funds will be utilised for long-term resources, for general corporate purposes, and to fund future growth. The company will allot 8.88 crore equity shares and/or warrants convertible into an equivalent number of equity shares to promoters and VFSI Holdings Pte Ltd.

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Dixon Technologies partners with Bharti Enterprises to make telecom gear

Dixon Technologies Ltd and Bharti Enterprises have joined hands to invest Rs 200-250 crore to start telecom equipment manufacturing. A subsidiary of Dixon Tech will form a joint venture (JV) with Bharti Enterprises to commence production of customer-provided equipment (CPE) through their manufacturing unit in Punjab. Dixon Technologies has applied for the government’s production linked incentive (PLI) scheme for telecom and network equipment manufacturing. HFCL, Tejas Networks, VVDN, and Coral Telecom are some of the other companies that have applied for the scheme.

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Bajaj Healthcare gets DRDO license to manufacture Covid-19 drug 2-DG

Bajaj Healthcare Ltd has received approval from the Defence Research and Development Organisation (DRDO) to manufacture and market 2-Deoxy-D-Glucose (2-DG). The drug is used for the treatment of Covid-19 patients. It helps in the faster recovery of hospitalised patients and reduces the dependence on supplemental oxygen. 2-DG can be administered only upon prescription and under the supervision of a qualified physician.

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Bank of India partners with Bajaj Allianz General Insurance

Bank of India and Bajaj Allianz General Insurance (BAGI) have entered into a corporate agency agreement. The lender will distribute BAGI’s insurance products through its vast network of 5,084 branches, 80 retail business centres, and 60 small & medium enterprises (SME) centres across India. Bajaj Allianz will offer motor insurance, travel insurance, health insurance, and home insurance to Bank of India’s customers.

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Mahindra Group restructures farm equipment business in Turkey

Mahindra and Mahindra (M&M) Ltd has reshuffled its business in Turkey by acquiring the entire agricultural machinery business of its subsidiary— Hisarlar. Erkunt Traktor Sanayi A.S, a subsidiary of M&M, will acquire the complete agriculture machinery business from Hisarlar, including select assets, intellectual property (IP), and brand use rights. Meanwhile, Erkunt and another Mauritius-based subsidiary of M&M has sold their aggregate stake of 94.3% in Hisarlar for 6.6 million Turkish Lira (~Rs 5.7 crore). With this transaction, the Mahindra Group will exit Hiarlar’s metal fabrication business.

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Ujjivan SFB reports 24% YoY rise in deposits in Q1

Ujjivan Small Finance Bank (SFB) reported a 24% YoY increase in total deposits to Rs 13,673 crore for the quarter ended June 30 (Q1 FY22). Deposits have increased by 4% when compared to the previous quarter. The current and savings account (CASA) deposits grew 77% YoY to Rs 2,773 crore during the same period. Ujjivan SFB’s loan book declined by 2% YoY to Rs 14,120 crore in Q1.

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GAIL Reports 28% QoQ Rise in Net Profit in Q4 – Top Indian Market News

GAIL Q4 Results: Net profit rises 28% QoQ to Rs 1908 crore

GAIL (India) Limited reported a 28% quarter-on-quarter (QoQ) increase in net profit to Rs 1907.7 crore for the quarter ended March (Q4). Its revenue from operations rose 0.6% QoQ to Rs 15,548.1 crore during the same period. Revenue from the petrochemicals and natural gas segments rose 14.5% and 0.7%, respectively, over the previous quarter. Net margins increased to 16%, compared with 12.4% in Q3 FY21. Net profit for the financial year 2020-21 (FY21) declined by 26% YoY to Rs 4,890.18 crore.

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Dr Reddy’s partners with Rockwell for Sputnik V rollout in India

Dr Reddys Laboratories has entered into a strategic partnership with Rockwell Industries to provide WHO-certified Covid-19 vaccine freezers for the storage of Sputnik V vaccines across India. On May 14, Dr Reddy’s had announced a limited pilot soft launch of Sputnik V in India, ahead of the commercial launch in June. Rockwell will provide end-to-end logistics and after-sales service support for vaccine freezers across the country. The freezers play a critical role in the safety of the vaccine and its potency. 

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Cabinet allocates 5 MHz spectrum for Indian Railways to improve communication

The Union Cabinet has allocated a 5 MHz spectrum in the 700 MHz band to the Indian Railways to boost hi-speed radio communication. The Centre will spend around Rs 25,000 crore in the next 5 years for signal modernization and 5G spectrum implementation in Railways. Long Term Evolution (LTE) for Indian Railways will enable secure and reliable voice, video, and data communication services for better safety. 

In other news, the Cabinet has approved an increase in minimum support prices (MSP) for Kharif crops. The Cabinet Committee on Economic Affairs has also approved the revival of Ramagundam Fertilizers & Chemicals Ltd (RFCL) to boost local production of gas-based urea. RFCL is a joint venture (JV) company of National Fertilizers Ltd and Engineers India Ltd.

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Varroc Engineering signs MoU with Candera GmbH for integrating HMI technology

Varroc Engineering Ltd has signed a Memorandum of Understanding (MoU) with Candera GmbH for a strategic association to integrate the Human Machine Interface (HMI) technology in Varroc’s thin-film-transistor (TFT) instrument cluster. As per the MoU, Varroc will develop the hardware and base software of the product. Austria-based Candera will provide software solutions for HMI. The TFT cluster provides an array of features such as navigation, Bluetooth connectivity, and mobile phone synchronization.

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Petronet LNG Q4 Results: Net profit rises 71% YoY to Rs 638 crore

Petronet LNG reported a 70.9% YoY increase in consolidated net profit to Rs 637.92 crore for the quarter ended March (Q4). Net profit has declined by 27.7% when compared to the previous quarter. Its revenue from operations declined by 11.6% YoY to Rs 7,575.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 8.7% YoY to Rs 2,939.23 crore. Petronet LNG’s board has recommended a final dividend of Rs 3.5 per share.

The company has announced plans to invest $2.6 billion (~Rs 18,960 crore) over the next five years to expand local infrastructure. Its head of finance stated that investing in overseas projects is ‘not lucrative’ in the current liquefied natural gas (LNG) surplus market.

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Sterlite Tech signs fibre network expansion deal with Vocus Group

Sterlite Technologies Ltd (STL) has signed a partnership with Australia-based Vocus Group to expand its fibre network in the country. Under the agreement, STL will supply its ‘Opticonn’ solutions to the Australian fibre and network solutions provider. The Opticonn offerings include a range of optical fibre and cable products, optical interconnect, and pre-connectorised kits. This deal will enable STL to strengthen its presence in the Australian market and help network creators to deploy high-capacity networks nationwide.

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Bajaj Healthcare Q4 Results: Net profit rises 70% YoY to Rs 21.28 crore

Bajaj Healthcare Ltd reported a 69.5% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4). Net profit has declined by 19.45% when compared to the previous quarter. Its revenue from operations rose 11.54% YoY to Rs 132.18 crore during the same period. Bajaj Healthcare’s board has recommended a final dividend of Rs 0.5 per share and a special dividend of Rs 0.5 per share.

Ramco Systems launches AI-based Self Explaining Payslip

Ramco Systems Ltd announced the launch of Self Explaining Payslip, an AI-based service that lets employees seek explanations of their compensation and payslip component. It helps employees receive prompt and personalized responses to their payroll queries. The Self Explaining Payslip eases employee experience through proactive notifications across payslip availability, tax declarations, and salary analytics. Ramco Systems is a software and services provider based in Chennai.

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Star Cement Q4 Results: Net profit rises 4.72% YoY to Rs 62 crore

Star Cement Limited reported a 4.72% YoY increase in standalone net profit to Rs 62.11 crore for the quarter ended March (Q4). Net profit has jumped 195% when compared to the previous quarter. Its revenue from operations rose 12.35% YoY to Rs 589.86 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined 28.09% YoY to Rs 157.27 crore.

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Net inflows into equity MFs rise to 14-month high in May

Net inflows into equity and equity-linked schemes jumped nearly threefold over the preceding month to Rs 10,083 crore in May 2021. This is the highest inflow since March 2020. Large-cap, mid-cap, and small-cap funds witnessed net inflows for the third straight month. A net outflow of Rs 44,512 crore was seen in debt funds in May, compared to an inflow of Rs 1 lakh crore in April. The data was released by the Association of Mutual Funds in India (AMFI).

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Indian Metals Q4 Results: Net profit at Rs 65.4 crore

Indian Metals and Ferro Alloys Ltd reported a consolidated net profit of Rs 65.4 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 51.94 crore in the corresponding quarter last year (Q4 FY20). Total income rose 54.31% YoY (or 36.7% QoQ) to Rs 587.95 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 350.5% YoY to Rs 166.55 crore. The company’s board has recommended a dividend of Rs 7 per share.

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M&M Reports Net Profit of Rs 163 crore in Q4 – Top Indian Market News

M&M and MVML Q4 Results: Net profit at Rs 163 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a combined net profit of Rs 163 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3,255 crore in the corresponding quarter last year (Q4 FY20). The combined revenue from operations rose 48% YoY to Rs 13,338 crore in Q4 FY21. Its farm equipment business grew 100% YoY to Rs 1,095 crore. The company’s board has announced a final dividend of Rs 8.75 per share. 

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

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Bajaj Healthcare launches Posaconazole API for treatment of black fungus

Bajaj Healthcare Ltd has announced the launch of Posaconazole API, used for the treatment of mucormycosis or Black Fungus in Covid-19 patients. The pharma company has received approval from the Food and Drugs Administration (FDA), Gandhi Nagar, Gujarat, to manufacture and market the anti-fungal drug in India. It will commence commercial production of Posaconazole API from the first week of June.

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Ashoka Buildcon secures order worth Rs 1,018 crore from Fahi Dhiriulhun Corp

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an order from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives. The order consists of the design and construction of 2,000 social housing units in Hulhumale on an engineering, procurement, and construction (EPC) basis. The total value for this project is estimated at Rs 1,018.36 crore. 

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Karur Vysya Bank Q4 Results: Net profit rises 24% YoY to Rs 104 crore

Karur Vysya Bank reported a 24.7% YoY increase in net profit to Rs 104.37 crore for the quarter ended March (Q4). Net profit has jumped 201% when compared to the previous quarter. Its total operating income declined by 7.34% YoY to Rs 1,349.31 crore during the same period. For the financial year ended March 31, 2021 (FY21), the bank’s net profit has increased by 52.92% YoY to Rs 359.39 crore. 

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Dilip Buildcon Q4 Results: Net profit declines 2.5% YoY to Rs 186 crore

Dilip Buildcon Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 186.18 crore for the quarter ended March (Q4). Net profit has increased by 2.17% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,135 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 7.68% YoY to Rs 436.54 crore. Dilip Buildcon’s board has announced a final dividend of Re 1 per share.

Canara Bank to raise up to Rs 9,000 crore in FY22

The Board of Directors of Canara Bank has approved the capital raising plan of up to Rs 9,000 crore for the financial year 2021-22 (FY22). The state-owned bank will raise funds amounting to Rs 2,500 crore by way of a qualified institutional placement (QIP). Capital of Rs 4,000 crore will be raised by issuing additional Tier-1 Basel III compliant bonds. An amount of Rs 2,400 crore will be raised by issuing additional Tier-2 Basel III compliant bonds.

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Ipca Labs Q4 Results: Net profit rises 94% YoY to Rs 161 crore

Ipca Laboratories Ltd reported a 94.09% YoY increase in consolidated net profit to Rs 161.20 crore for the quarter ended March (Q4). The pharma company’s revenue from operations rose 3.81% YoY to Rs 1,114.66 crore during the same period. It incurred a foreign exchange (forex) gain of 13.24 crore in Q4 FY21, compared with a forex loss of Rs 23.62 crore in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit rose 89% YoY to Rs 1,141 crore.

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Sun Pharma secures patent license for Dapagliflozin in India from AstraZeneca

Sun Pharmaceutical Industries has acquired the Rights to Trademarks of Dapagliflozin under the brands Oxra, Oxramet, and Oxraduo in India from Sweden-based AstraZeneca AB. The pharma company has also taken a patent license to manufacture and commercialize the drug in India, with effect from May 28, 2021. Dapagliflozin is used for the treatment of Type-2 diabetes.

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Deepak Fertilizers Q4 Results: Net profit jumps 415% YoY to Rs 116 crore

Deepak Fertilizers & Petrochemicals Corporation reported a 415% YoY jump in consolidated net profit to Rs 116 crore for the quarter ended March (Q4). Its revenue from operations rose 21.8% YoY to Rs 1,575 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 357% YoY to Rs 406 crore. The company’s board has recommended a dividend of Rs 7.5 per share.

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Vedanta to set up Aluminium Park in Odisha with an investment of Rs 10,000 crore

Vedanta Limited has announced plans to set up an aluminium park in Odisha to facilitate companies that use the metal to set up their manufacturing units in the facility. It aims to invest Rs 10,000 crore to establish the park. The facility will benefit small and medium downstream enterprises, which can set up their manufacturing units and draw hot metal from Vedanta’s aluminium smelter in Jharsuguda to make their end-products. Vedanta stated that the park would create employment opportunities for more than 1 lakh people.

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RBI imposes Rs 10 crore penalty on HDFC Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank for regulatory non-compliance. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” said RBI. The central bank said irregularities were found after examination of a whistleblower complaint with respect to the bank’s auto loan portfolio.

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City Union Bank Q4 Results: Net profit at Rs 111 crore

City Union Bank reported a net profit of Rs 111.18 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 95.29 crore in the corresponding quarter last year (Q4 FY20). Its total income declined 8.15% YoY to Rs 1,121.43 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.34% YoY to Rs 592.82 crore.

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Tata Consumer Reports Net Profit of Rs 133 crore in Q4 – Top Indian Market News

Tata Consumer Products

Tata Consumer Q4 Results: Net profit at Rs 133.34 crore

Tata Consumer Products Ltd reported a net profit of Rs 133.34 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has declined by 44% in Q4 FY21. The company’s revenue from operations rose 26.2% YoY (down 1% QoQ) to Rs 3,037.22 crore during the same period. Tata Consumer opened 39 new stores and entered 7 new cities in FY21. The FMCG firm’s board has declared a final dividend of Rs 4.05 per share.

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Coforge Q4 Results: Net profit rises 17% YoY to Rs 133 crore

Coforge Limited reported a 17.08% YoY increase in consolidated net profit to Rs 133 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 9.02%. Its revenue from operations rose 13.7% YoY to Rs 1,261.5 crore during the same period. The IT firm secured new businesses worth $ 201 million (~Rs 1,482 crore) during the quarter. Coforge’s board has declared a dividend of Rs 13 per share. 

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IEX reports 90% YoY growth in volume of power traded in April

The electricity market at the Indian Energy Exchange (IEX) posted a 90.2% YoY growth in volume to 7,707 million units (MU) in April 2021. The rise in electricity consumption has been the key factor behind the consistent performance of the exchange market. IEX’s real-time market saw its highest ever monthly volume of 1,473 MU in April, up 4.2% from March. Its day-ahead market posted a 54% YoY volume growth to 5,699 MU last month.

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Bajaj Healthcare launches ‘Ivejaj’ tablets for Covid-19 treatment

Bajaj Healthcare Ltd (BHL) announced the launch of its anti-parasitic drug ‘Ivejaj’ (Ivermectin), which is to be used for the treatment of Covid-19 infections. The pharma company has received approval from the Drugs Controller General of India (DCGI) to manufacture and market the tablets. BHL said it has successfully developed the active pharmaceutical ingredient (API) and the formulation for Ivermectin through its own in-house research & development (R&D) team.

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Praj Industries Q4 Results: Net profit jumps 109% YoY to Rs 52 crore

Praj Industries Ltd reported a 109.21% YoY increase in net profit to Rs 52 crore for the quarter ended March (Q4). Its revenue from operations rose 91.4% YoY to Rs 567.10 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 15.11% YoY to Rs 81.07 crore. The company’s board has recommended a final dividend of Rs 2.16 per share.

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CCI orders probe against Tata Motors for alleged unfair business practices

The Competition Commission of India (CCI) has ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements. The order was based on two complaints filed against Tata Motors, Tata Capital Financial Services, and Tata Motors Finance Ltd. The CCI has observed that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position.

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Caplin Point Q4 Results: Net profit rises 35% YoY to Rs 66 crore

Caplin Point Laboratories reported a 35.75% YoY increase in consolidated net profit to Rs 66.37 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 3%. Its revenue from operations rose 22.7% YoY to Rs 288.17 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 12.69% YoY to Rs 242.28 crore.

Subex partners with Snowflake for AI-driven Augmented Analytics

Subex has partnered with US-based Snowflake to bring the power of artificial intelligence (AI)-driven Augmented Analytics to enterprises. Through Subex’s HyperSense platform, both companies will combine competencies to enable enterprises to accelerate their data analytics journey. Through the partnership, Subex and Snowflake aim to bring increased efficiency and agility to enterprises and help them create greater value for their businesses.

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Adani Transmission FY21 Results: Net profit rises 82% YoY to Rs 1,290 crore

Adani Transmission Ltd reported an 82% YoY increase in consolidated net profit to Rs 1,290 crore for the financial year ended March 31, 2021 (FY21). Its revenue from operations declined by 14% YoY to Rs 8,840 crore during the same period. The company added 2,536 circuit kilometers to its transmission network in FY21, taking the total network to 17,276 ckt km. The firm also reported strong transmission system availability at more than 99.87%.

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NTPC Renewable Energy signs PPA with GUVNL

NTPC Renewable Energy, a wholly-owned subsidiary of NTPC Ltd, has entered into a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) to sell electricity from its 150 megawatt (MW) solar project.  As per the agreement, the project will sell power at a tariff of Rs 2.20 per kilowatt-hour (kWh). With this, NTPC’s total capacity under tariff-based competitive bidding (TBCB) tenders has increased to 1.4 gigawatt (GW).

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Adani Power Q4 Results: Net profit at Rs 13.13 crore

Adani Power Limited reported a consolidated net profit of Rs 13.13 crore for the quarter ended March (Q4 FY21).  It had posted a net loss of Rs 1,312.86 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose to Rs 6,902 crore, compared with Rs 6,327.57 crore in Q4 FY20. Adani Power achieved an Average Plant Load Factor (PLF) of 59.6% and aggregate sales volumes of 14.8 billion units (BU) during the quarter. This is compared with an average PLF of 65.5% and sales volumes of 16.5 BU in Q4 FY20

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Adani Ports to Develop West Container Terminal at Colombo Port – Top Indian Market News

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Adani Ports to develop West Container Terminal at Colombo Port

Adani Ports and Special Economic Zone Ltd (APSEZ) will develop the West Container Terminal (WCT) at Colombo Port. The Sri Lankan cabinet, on Tuesday, approved the plan through a tripartite understanding with India and Japan. WCT will have a 1,400-metre quay wall, terminal area of about 64 hectares, and an annual capacity of 2.6 million TEUs (twenty-foot equivalent unit).

In other news, APSEZ announced that it had handled cargo volume of 21.12 million metric tonnes (MMT) in February 2021, which is an 8% year-on-year (YoY) growth.

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Bharti Airtel acquires spectrum worth Rs 18,699 crore in auction

Bharti Airtel has acquired 355.45 megahertz (MHz) spectrum across sub gigahertz (GHz), mid-band, and 2,300 MHz bands for Rs 18,699 crores in the latest spectrum auction. This will help improve the company’s deep indoor and in-building coverage in every urban town. The spectrum will also help improve its coverage in villages. Bharti Airtel said the acquired spectrum would help them provide services to an additional 9 crore customers in India.

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Prestige Estates signs agreement with Blackstone to sell 12 assets in Phase-1 of Rs 9,160 crore deal

Prestige Estate Projects has signed definitive agreements with global investment firm Blackstone to sell 12 completed assets in the first phase of a Rs 9,160-crore deal. In November 2020, Prestige Estates had signed a term sheet to sell a large portfolio of completed and under-construction properties to Blackstone for an enterprise value of Rs 9,160 crore. This includes completed offices, retail properties, and hotel properties. The company will use the funds for future expansion activities and repayment of debt. 

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Vodafone Idea buys spectrum in 5 telecom circles

Vodafone Idea Ltd (Vi) has acquired spectrum in India’s five telecom circles in the latest auction for 4G wireless services. However, the company did not disclose the quantity of spectrum bought or the financial details of the transaction. Vi said it expects that a large quantum of spectrum will be made available for 5G services at fair prices to enable operators to roll out the technology rapidly.

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Jindal Steel to acquire bankrupt Reliance Naval & Engineering: Report

As per a report from BloombergQuint, Jindal Steel & Power Ltd (JSPL) and two other groups were the latest to express interest in bidding for Reliance Naval & Engineering Ltd. “For Jindal Steel, Reliance Naval can be a captive client for the company’s shipbuilding plates”, said JSPL managing director Vidya Rattan Sharma. The reports further state that Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid for Reliance Naval.

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Engineers India secures consultancy project worth Rs 600 crore

Engineers India Limited (EIL) has received a consultancy project from Indian Oil Corporation Ltd (IOCL). EIL has been awarded the project for execution of ‘Consultancy for Overall Project Management’ and EPCM (Engineering, Procurement, Construction, Management) services for capacity expansion of IOCL’s Panipat Refinery from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA. The total order value is around Rs 600 crore.

Cipla receives USFDA approval for Sumatriptan Nasal Spray

Cipla Limited has received final approval from the US Food and Drug Administration (USFDA) for Sumatriptan Nasal Spray. The drug is indicated for the treatment of migraine attacks. According to IQVIA (IMS Health) data, the generic version of Sumatriptan Nasal Spray had US sales of approximately $53.3 million (~Rs 390 crore) for the 12-months ending December 2020. 

In other news, Cipla said its Gulf subsidiary has expanded its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand.  

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Govt to divest 10% stake in Ircon International

The Government of India announced that it will sell up to 4.70 crore equity shares of public sector construction firm Ircon International. This represents 10% of the issued and paid-up share capital of the company. The floor price for the offer for sale (OFS) has been fixed at Rs 88 per share. The OFS will open tomorrow (March 3, 2021) for retail investors.

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Bajaj Healthcare gets approval from Maharastra PCB to restart Tarapur unit

Bajaj Healthcare Ltd has received approval from Maharashtra Pollution Control Board (MPCB) to resume operations at its Tarapur unit in Maharashtra. The MPCB had issued a notice to the company in January 2021, directing the closure of operations at the Tarapur unit for alleged violation of the provisions of the Water (Prevention and Control of Pollution) Act 1974 and Air (Prevention and Control Pollution) Act 1981.

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Subex joins O-RAN Alliance for open radio access networks

Subex Limited announced that it has become a member of the O-RAN Alliance to support the development and standardisation of Open Radio Access Networks (RAN). [RAN is the part of a telecommunications system that connects individual devices to other parts of a network through radio connections] With its expertise in advanced network analytics based on machine learning, Subex would help drive innovation in the RAN domain. 

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Gayatri Highways acquires 51% stake in Balaji Highways Holding

Gayatri Highways Limited, on Tuesday, said it has successfully completed the acquisition of 51% equity share capital of Balaji Highways Holding Private Limited. Hyderabad-based Balaji Highways is engaged in the business of undertaking infrastructure projects such as the construction of state and national highways.