Tag: bank of baroda

Categories
Daily Market Feed Post Market Analysis

Bullishness Confirmed in Nifty? – Post-Market Analysis

NIFTY started the day at 19,767 with a gap-up of 77 points. After moving up to 19,840 levels, the index consolidated in a 50-point range throughout the day. Nifty closed at 19,811, up by 121 points or 0.62%.

Nifty chart October 11 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,554 with a gap-up of 194 points. After moving up to 44,700 levels, the index consolidated with a negative bias till yesterday’s closing levels of 44,400. BNF closed at 44,516, up by 156 points or 0.35%.

Bank Nifty chart October 11 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (-0.73%) closed flat-to-green. Nifty Auto (+0.92%) moved up the most.

Major Asian markets closed up to 1.5% in the green. France’s CAC40 is currently trading in the red, while Germany’s DAX and the UK’s FTSE100 are trading in the green.

Today’s Moves

Hero MotoCorp (+4.17%) was NIFTY50’s top gainer. Brokerage firm CLSA has upgraded its rating on the stock to ‘Buy’ and raised the target price to ₹3,701 per share (from ₹3,142 earlier).

Laxmi Organics (+11.43%) surged after the company raised ₹259 crore through a qualified institutional placement (QIP).

Vodafone Idea (+7.2%) rose after the telco moved the Supreme Court regarding its Adjusted Gross Revenue (AGR) dues plea, with the apex court agreeing to consider the matter.

HCL Tech (-1.28%) was NIFTY50’s top loser. The IT major is expected to report growth in the constant currency revenue in Q2 FY24 after a consecutive decline in the previous two quarters.

Bank of Baroda (-3.31%) fell sharply after RBI suspended the bank from onboarding new customers on its ‘bob World’ app.

Markets Ahead

Nifty has hit our target of 19,800 levels and faced resistance from the gap-filling levels of 19,840 and stayed there. Bank Nifty is also holding the upper levels and might continue the up-move if today’s lows are not breached.

Nifty: The immediate support for the index is near 19,780. Meanwhile, the immediate resistance to watch out for is the 19,880 level. A breakout from there could take Nifty up to 19,946 and 20,000 levels eventually.

Bank Nifty: The immediate support is near 44,400. A breakdown from this level might take the index down to 44,180 and 44,080. On the other hand, 44,750 is the immediate resistance to watch out. A breakout from there may give us targets of 45,000 and 45,100.

Being Bank Nifty expiry today, the market was more or less calm and consolidating. Tomorrow’s Nifty expiry can be trending based on the breakdown or breakout levels. So watch out for the key levels.

Tata Consultancy Services (TCS) has kick-started the results season! The IT major reported a 9% year-on-year (YoY) growth in consolidated net profit for the quarter ended September 2023 (Q2 FY24) to ₹11,342 crore. Consolidated revenue grew nearly 8% YoY to ₹59,692 crore in Q2.

What levels are you watching out for Nifty tomorrow? Let us know in the comments section below!

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

Categories
Market News Top 10 News

RBI Stops Bank of Baroda From Adding Users to Mobile App – Top Indian Market Updates

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

RBI stops Bank of Baroda from adding customers to its mobile app

The Reserve Bank of India (RBI) has directed Bank of Baroda to stop adding customers to its mobile application, bob World. The ban is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. In July, Al Jazeera reported that Bank of Baroda officials had linked bank accounts to unrelated mobile numbers to achieve stiff targets to get customers to join the app.

Read more here.

Tata Power partners with Bridgestone to install EV chargers

Bridgestone India has partnered with Tata Power to install electric vehicle (EV) chargers for four-wheelers at its dealerships across India. Tata Power will install 25/30 kilowatt-hour (Kwh) capacity DC fast chargers. The chargers are capable of charging a four-wheeler within one hour and will allow 20-24 vehicles to be charged in a day. It will be operational 24×7.

Read more here.

Adani Group’s $3.5 billion Ambuja loan moves ahead

A consortium of banks that had engaged in discussions to provide Adani Group with a $3.5 billion loan for refinancing the debt taken to acquire Ambuja Cements Ltd has now obtained internal approval for this loan. The banks will provide approximately $250 million each toward the syndicated loan. Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are part of a larger consortium of banks.

Read more here.

India’s crude steel output grows to 70 MT in April-Sept

India’s crude steel production rose 14.7% YoY from 61.06 million tonnes (MT) to 69.65 MT during the April-September period of FY24. The increase in production was mainly due to improved capacity utilisation rates and the ramping up of capacities by key Indian steel players. The domestic consumption of finished steel also rose 14.77 YoY to 63.99 MT from 55.75 MT in FY24.

Read more here.

Godrej Properties to sell 14 acres of land in Gurugram

Godrej Properties is in advanced talks with Hero Realty to sell a 14-acre land parcel in Gurugram for around ₹730 crore. The real estate developer bought the land in Sector 89 around two years ago from a local land-aggregating company. The deal is said to be at an advanced stage and both parties have agreed on the transaction.

Read more here.

NSDL to acquire office space in BKC from IDFC Bank

National Securities Depository Ltd (NSDL) has acquired a 68,000 sqft office space from IDFC First Bank in Mumbai’s Bandra-Kurla Complex (BKC) for approx. ₹198 crore. The property will serve as NSDL’s new headquarters and is expected to be ready by January-February 2024. The decision is part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower in Mumbai.

Read more here.

SpiceJet and Celestial Aviation in advanced stages of settlement

SpiceJet Ltd and aircraft lessor Celestial Aviation Services Ltd are in advanced stages of settlement over a default of $29.9 million for nine aircraft. The National Company Law Tribunal (NCLT) has deferred the matter to November 7. SpiceJet is facing insolvency proceedings from two other aircraft lessors and an engine lessor. The airline has argued against the maintainability of these petitions.

Read more here.

L&T Construction secures significant order from Rajasthan govt

Larsen and Toubro Ltd’s (L&T) construction arm has secured an order (worth ~₹1000-2500 crore) from the Rajasthan Government’s public health and engineering department. The engineering, procurement and construction order is to build a water supply project in the Chittorgarh district of Rajasthan for 648 villages from the Chambal River. This order marks L&T’s fourth order in this month so far.

Read more here.

Sterlite Technologies’s subsidiary launches generative AI platform

Sterlite Technologies’ subsidiary, STL Digital, has launched a generative AI platform, Alnnov. The generative AI services, frameworks, methodologies and solutions are designed for enterprises to accelerate Generative AI-led innovation and adoption. The platform will accelerate the generative AI-led adoption as well as innovation for modern enterprises.

Read more here.

Mazagon Dock signs Letter of Intent for 10 multi-purpose hybrid power vessels

Mazagon Dock Shipbuilders Ltd (MDL) has signed a Letter of Intent (LoI) with a European client. The LoI is to construct six firm units and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices of these vessels will be finalised at the time of signing the official contract.

Read more here.

Dr Reddy’s subsidiary faces antitrust lawsuit in US over Revlimid patents

Dr Reddy’s Laboratories Ltd’s wholly-owned subsidiary, Dr Reddy’s Laboratories Inc., has been named as a defendant in a recently filed lawsuit in the US. The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal & state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation.

Read more here.

Puravankara’s sale bookings rises 102% YoY in Q2

Puravankara Ltd’s sale bookings rose 102% YoY to ₹1,600 crore in Q2 FY24 from ₹791 crore in Q1. The company’s sale bookings in value terms rose 89% YoY to 2.01 million square feet in Q2. It stood at 1.07 million in Q2 FY23. Average sales realisation also increased 7% to ₹7,947 per sq ft from ₹7,396 per sq ft last year.


Read more here.

Categories
Market News Top 10 News

India’s Coal Production Grows 7.10% in May – Top Indian Market Updates

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

India’s coal production grows 7.10% to 76.26 MT in May

Domestic coal production in India grew 7.10% YoY in May, reaching 76.26 million tonnes (MT). The Ministry of Coal achieved this milestone, surpassing the previous year’s production. In April-May FY23, cumulative coal production increased to 149.41 MT from 138.41 MT in the corresponding period last year. Coal India Ltd contributed significantly to the overall production, producing 59.94 MT of coal, marking a growth of 9.54% YoY.

Read more here.

India’s forex reserves fall to $589 billion 

According to the Reserve Bank of India (RBI), India’s foreign exchange (forex) reserves declined to $589.14 billion, reaching a one-month low as of May 26. This marks the second consecutive week of falling reserves, with a decrease of $4.34 billion compared to the previous week. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Read more here.

Bank of Baroda board approves raising additional capital worth Rs 5,000 crore

Bank of Baroda’s board has approved raising additional capital through debt. The bank aims to raise funds up to Rs 5,000 crore through Tier I or Tier II debt capital instruments. The bank also has the option to interchange these instruments within India or outside the country, by the end of the current financial year or at a later date if deemed suitable. Bank of Baroda stated that the capital will be raised when market conditions are favourable.

Read more here.

Info Edge orders forensic audit of 4B Networks after Rs 280 crore loan impairment

Info Edge Ltd has announced that its subsidiary, Allcheckdeals India Private Ltd (AIPL), has fully impaired its loan of Rs 280 crore to 4B Networks. AIPL is initiating a forensic audit, led by Deloitte Touche Tohmatsu India LLP, to investigate the matter. 4B Networks operates platforms for real estate developers and brokers to communicate and facilitate loan origination.

Read more here.

GAIL infuses Rs 2,100 crore in JBF Petrochemicals

GAIL (India) Ltd has invested Rs 2,100 crore in JBF Petrochemicals Ltd. The company acquired JBF Petro through bankruptcy proceedings in March 2022. This investment includes Rs 625 crore of equity and Rs 1,476 crore of debt. With this investment, JBF has now become a wholly-owned subsidiary of GAIL, effective from June 1, 2023.

Read more here.

Grasim starts beta testing its painting service sparkle

Grasim Industries Ltd is beta-testing its painting service ‘Sparkle’ in Mumbai, Pune, and Bengaluru. Initially, it will be available exclusively to Aditya Birla Group staff and their friends and family. The service currently uses paint products from authorized dealers. Any product complaints will be directed to the respective paint companies for warranty claims. 

Read more here. 

Government advances strategic sale of BEML

The Central Government is preparing to proceed with the financial bids for the strategic sale of defence PSU BEML after receiving the necessary clearances from state governments. DIPAM Secretary Tuhin Kanta Pandey confirmed that land clearances have been obtained, with the Karnataka and Kerala governments addressing issues related to land and registration. In January 2021, the government invited bids for selling a 26% stake in BEML.

Read more here.

Minda Corp board approves Rs 600 crore fundraise

Minda Corporation Ltd’s board has approved a fundraise of up to Rs 600 crore by issuing securities. The company plans to raise funds through various offerings, including preferential issues, qualified institutions placement, and further public offers (FPO). The decision comes as part of Minda Corporation’s efforts to secure additional capital for its operations.

Read more here.

M&M to strengthen Swaraj brand with multiple tractor launches

Mahindra & Mahindra (M&M) plans to launch multiple tractor models under the Swaraj brand over the next few quarters as the market leader seeks to fill the white spaces in the agriculture and horticulture segment. The company announced its entry into the lightweight compact tractor segment by launching the Swaraj Target. M&M aims to corner a 27-30% share in the 50,000-per-annum lightweight tractor market.

Read more here.

Categories
Market News Top 10 News

Bharti Airtel’s Net Profit Rises 50% YoY to Rs 3,006Cr in Q4 – Top Indian Market Updates

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

Bharti Airtel Q4 Results: Net Profit rises 50% YoY to Rs 3,006 crore

Bharti Airtel reported a 50% YoY increase in consolidated net profit to Rs 3,006 crore for Q4 FY23. Its consolidated revenue jumped 14.3% YoY to Rs 36,009 crore during the same quarter. EBITDA stood at Rs 18,807 crore, up 18% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 4 per equity share.

Read more here.

BPCL board approves Rs 49,000 crore capex for ethylene cracker project at Bina refinery

Bharat Petroleum Corporation Ltd (BPCL) has received board approval for several projects. These include an ethylene cracker project at Bina Refinery, expansion of the refinery, and downstream petrochemical plants. Additionally, the company will set up two 50 MW wind power plants costing approximately Rs 978 crore for captive consumption, one at the Bina refinery and another at the Mumbai refinery.

Read more here.

SGX Nifty to be known as GIFT Nifty from July 3

According to a circular from Singapore Exchange, SGX Nifty will be known as GIFT Nifty from July 3, 2023. All SGX orders will be completely transferred to Gift City, NSE IFSC Exchange for matching and the facility would be the sole trading location for SGX Nifty derivatives as of July 3.

Read more here.

Sona Comstar partners with UK’s Equipmake to make electric powertrains in India

Sona BLW Precision Forgings Ltd has signed an agreement with UK-based Equipmake to produce electric powertrains for cars, buses, and commercial vehicles in India and other markets. The licensing agreement allows Sona Comstar, a subsidiary of Sona BLW, to manufacture and sell EV powertrains, subsystems, and components based on Equipmake’s patented spoke motor and inverter technology.

Read more here.

Bank of Baroda Q4 Results: Net profit jumps 168% YoY to Rs 4,775 crore

Bank of Baroda reported a 168% YoY jump in standalone net profit to Rs 4,775 crore for Q4 FY23. Its Net Interest Income (NII) jumped 33.8% YoY to Rs 11,525 crore during the same quarter. Gross NPA and Net NPA stood at 3.79% and 0.89% respectively. The bank’s board has recommended a dividend of Rs 5.5 per equity share.

Read more here.

Eveready Industries cuts direct distributors to 1,000

Eveready Industries India Ltd has implemented a network revamp strategy to improve efficiency. The company’s direct distributors have been reduced from 5,000 to 1,000. The changes extend not only to the organization but also to the channel structures, focusing on a more streamlined and efficient distribution network.

Read more here.

Bank of Baroda made a provision of Rs 500 crore against GoFirst exposure

Bank of Baroda has made a provisioning of Rs 500 crore against its exposure to financially troubled airline Go First, which has been granted bankruptcy protection preventing the repossession of its planes by lessors. The bankruptcy filing of Go First lists Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank among its financial creditors, with a total owed amount of Rs 6,521 crore.

Read more here.

IOCL Q4 Results: Net profit jumps 52% YoY to Rs 10,841 crore

Indian Oil Corp Ltd reported a 52% YoY jump in consolidated net profit to Rs 10,841 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 2.3 Lakh crore during the quarter. The company’s board has recommended a final dividend of Rs 3 per equity share.

Read more here.

SPML Infra lenders start Rs 2,000-crore debt sale based on anchor bid from NARCL

Lenders led by the State Bank of India (SBI) have initiated the sale of SPML Infrastructure’s debt worth over Rs 2,000 crore based on an anchor bid by the government-backed National Asset Reconstruction Company Limited (NARCL). The debt offered for sale includes fund-based and non-fund-based loans, optionally convertible debentures, and carries a security value of Rs 1,203 crore. The six banks, including SBI, Canara Bank, ICICI Bank, PNB, BOB, and Union Bank of India, are collectively selling the debt.

Read more here.

INOX Air Products investing Rs 1,300 cr to set up air separation units at Tata Steel’s Dhenkanal plant

INOX Air Products will invest Rs 1,300 crore to establish two air separation units (ASUs) with a daily capacity of 1,800 tonnes each at Tata Steel’s plant in Dhenkanal, Odisha. The ASUs will produce industrial gases such as oxygen, nitrogen, and argon, which are vital for the steel manufacturing process. The project is expected to be operational by March 2025, and the partnership agreement covers 20 years for the supply of gases.

Read more here.

Chalet signs franchise agreement with IHCL for Delhi airport hotel

Chalet Hotels Ltd’s subsidiary Chalet Airport Hotel Private Limited has entered into a franchise agreement with Indian Hotels Company Limited (IHCL), backed by the Tata Group. The agreement is for a new luxury hotel at Terminal 3 of Indira Gandhi International Airport in New Delhi. The hotel will be under the Taj brand and will feature 400 rooms and dining and conferencing facilities.

Read more here.

Categories
Market News Top 10 News

RIL’s Net Profit Rises 19% YoY to Rs 19,299Cr – Top Indian Market Updates

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

Reliance Q4 Results: Net profit rises 19% YoY to Rs 19,299 crore

Reliance Industries announced a 19% YoY increase in consolidated net profit to Rs 19,299 crore. Revenue is up 2% YoY to Rs 2.16 lakh crore. The company’s EBITDA in Q4 reached a record high of Rs 41,389 crore, rising 22% YoY.

However, due to an expanded asset base across all businesses, depreciation surged 43% YoY to Rs 11,456 crore. Finance costs rose 64% YoY to Rs 5,819 crore on account of higher interest rates and loan balances. RIL’s gross revenue in FY23 rose 23% YoY to Rs 9.76 lakh crore, indicating continued growth momentum across all businesses.

Read more here.

India’s forex reserves rise $1.65 billion to $586.41 billion

India’s forex reserves increased to $586.41 billion, up by $1.65 billion for the week ended April 14. The rise in foreign currency assets (FCA) was the main contributor, which increased to $516.63 billion. The rupee appreciated against the US dollar by 8 paise to close at 82.09. This was supported by softening crude oil prices in the international markets.

Read more here.

SBI to raise $500 million via dollar bonds

State Bank of India (SBI) is in talks with international banks for a potential $500 million fundraise via a global bond issue. Investment banks are expected to be engaged next week for the proposed issue, which could increase in size depending on investor response. European, Japanese, and American banks are expected to be chosen as arrangers for the issue.

Read more here.

RBI gives HDFC Bank selective regulatory relief post HDFC merger

The Reserve Bank of India (RBI) has granted HDFC Bank and HDFC regulatory relief to ease the merger between the two firms. The RBI has allowed the bank to meet priority sector lending requirements in stages over three years, instead of immediately complying with the 40% lending requirement to agriculture, micro and small enterprises, education, housing, export credit, and advances to weaker sections.

Read more here.

Hindustan Zinc Q4 Results: Net profit falls 12% YoY to Rs 2,583 crore

Hindustan Zinc’s net profit fell 12% YoY to Rs 2,583 crore in Q4 FY23. Revenue dropped 4% YoY to Rs 8,281 crore due to lower zinc, lead, and silver prices, partly offset by higher metal and silver volumes. The company reported a 16% YoY decline in EBITDA to Rs 4,208 crore. It recorded the highest-ever PAT of Rs 10,511 crore for the full year (FY23) on the back of record production of over 1 million tonnes of metal.

Read more here.

Reliance Capital lenders not to accept offers outside of auction

Reliance Capital has reportedly decided to negotiate only with the highest bidder and not accept any topping offer outside the proposed auction process. The committee of creditors discussed concerns from potential bidders regarding the auction of the distressed financial services company that is undergoing a corporate insolvency process. Hinduja group entity Torrent Investments and Oaktree Capital have indicated that they will likely participate in the proposed auction scheduled on April 26.

Read more here.

Torrent Power forms subsidiary for power generation, transmission biz

Torrent Power Ltd has formed a new subsidiary named Torrent Urja Pvt 10 (TU10) for power generation and transmission. The new subsidiary was registered in Ahmedabad on April 21, 2023, and is yet to begin its business operations. The company has stated that TU10 will generate, transmit, distribute, sell, or deal in all forms of electrical power and energy, including non-conventional and renewable sources of energy.

Read more here.

PNC Infra gets LoA from road ministry for project worth Rs 819 crore

PNC Infratech has received a Letter of Acceptance (LoA) from the Ministry of Road Transport & Highways (MORT&H) for a construction project in Uttar Pradesh worth Rs 819 crore. The project involves the construction of a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli of NH-731A. The operation period is 15 years after construction. PNC Infratech has promised to execute the work in 24 months.

Read more here.

Bank of Baroda to raise up to $7 billion via bonds

Bank of Baroda’s board has approved the raising of foreign currency funds through the issuance of bonds up to $1 billion under the bank’s medium-term note (MTN) program and through the issuance of certificates of deposit (CDs) up to $3 billion in single or multiple tranches. The bank has also approved raising funds through bilateral/other borrowings up to $3 billion.

Read more here.

Power Mech bags new projects worth Rs 720 crore

Power Mech Projects Ltd has won multiple projects worth Rs 720 crore. This includes a Rs 362 crore contract to construct a government medical college and hospital for Uttarakhand Pey Jal Nigam Ltd, a Rs 162 crore contract for the Revamped Distribution Sector Scheme for MPPKWCL, Khargone Circle in Madhya Pradesh, and railway electrification of 25 KV OHE Works in Mysuru Division, Karnataka.

Read more here.

Credit Suisse takes SpiceJet to Supreme Court over unpaid dues

Credit Suisse has moved the Supreme Court (SC) against SpiceJet, alleging contempt of court over the failure of the domestic carrier to comply with a court-approved settlement plan for payment of dues. SpiceJet told SC on April 21 that it would pay a tranche the same day and the next in May.  The Supreme Court put the contempt plea on hold and will now hear the case on May 17.

Read more here.

Categories
Market News Top 10 News

ONGC to Invest USD 7 Billion to Boost Output – Top Indian Market Updates

ONGC market updates | marketfeed

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

ONGC to invest $7 billion to boost output

Oil & Natural Gas Corp (ONGC) will invest $7 billion (~Rs 57,500 crore) over the next 3-4 years to reverse the decline in oil and gas production. The majority of ONGC’s fields are old and have experienced a natural decline, but the company is heavily investing in technology to raise recovery and tap isolated reservoirs. Up to 24 field development, enhanced oil recovery (EOR), and improved oil recovery (IOR) projects are currently in progress that will help to reverse the declining trend in oil and gas production. 

Read more here.

WagonR, Alto K10 score low safety rating in Global NCAP crash test

Maruti Suzuki’s popular models, WagonR and Alto K10, have received one- and two-star safety ratings for adult occupant protection, respectively, from vehicle safety group Global NCAP after conducting crash tests. Both models scored zero stars for child occupant protection. The automaker claimed that its vehicles meet India’s crash safety regulations, which are almost similar to the standards in Europe and are duly tested and certified by the Indian govt.

Read more here.

HDFC Bank records loan growth of 17% at end of March

HDFC Bank reported a 16.9% increase in credit growth at Rs 16 lakh crore at the end of the March quarter. The bank’s outstanding credit was Rs 13.6 lakh crore at the end of March 31, 2022. The bank’s deposits grew around 20.8% YoY to Rs 18.83 lakh crore as of March 31, 2023. Domestic retail loans grew by around 21%, while commercial and rural banking loans grew 30% YoY.

Read more here.

Vedanta produces record aluminium, high refined metal in FY23

Vedanta Ltd’s aluminium production reached its highest-ever level of 22.91 lakh tonnes in 2022-23, up slightly from 22.68 lakh tonnes in FY22. Meanwhile, its high refined metal production increased by 7% to 10.32 lakh tonnes in FY23. The company also recorded a 22% YoY increase in zinc production from its international business to 2.73 lakh tonnes.

Read more here.

Adani Group JV in talks for first offshore loan since Hindenburg

An Adani Group joint venture (JV) with EdgeConneX is in talks with several banks for a loan of about $220 million. This would be the group’s first offshore borrowing since it was targeted by short-seller Hindenburg Research. The loan would be used by data center provider AdaniConneX Private Ltd. for capital expenditure. The loan may be signed in the coming weeks.

Read more here.

Bank of Baroda stops clearing payment for above-cap Russian oil: Report

As per an Economic Times report, Bank of Baroda has stopped clearing payments for Russian oil sold above the $60 per barrel price cap set by the West, which could accelerate the shift to a rupee trade mechanism. Some Indian refiners have been paying in United Arab Emirates dirham currency for Russian low-sulphur crude priced above the $60 a barrel cap using Bank of Baroda. 

Read more here.

India’s GDP growth to slow down to 6.3 % in FY24: World Bank

The World Bank has revised its forecast for India’s GDP growth in FY24 to 6.3 %, down from its earlier forecast of 6.6 % in December 2022. The slower consumption growth and challenging external conditions are expected to constrain India’s GDP growth. The Indian government’s consumption is also projected to grow slower due to the withdrawal of pandemic-related fiscal support measures. 

The World Bank’s latest India Development Update notes that the Indian economy continues to show strong resilience to external shocks.

Read more here.

India cuts windfall tax on crude production to nil

The Indian govt has cut all windfall tax on crude oil from 3,500 rupees ($42.56) per tonne effective from Tuesday. The windfall tax on diesel was cut to Rs 0.50 per litre from Rs 1 previously. As of April 4, only diesel carries a windfall tax while crude. Aviation Turbine Fuel (ATF) and petrol will not attract any such levies.

Read more here.

Categories
Market News Top 10 News

Tata Technologies Files IPO Papers With SEBI – Top Indian Market Updates

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

Tata Technologies files IPO papers with SEBI

Tata Technologies Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch an initial public offering (IPO). The IPO is purely an offer for sale by the promoter Tata Motors and two other existing shareholders. The offer for sale (OFS) is 9.57 crore equity shares, representing approx. 23.60% of its paid-up share capital.

Read more here.

Marksans Pharma gets final USFDA approval for Famotidine tablets

Marksans Pharma Ltd has received final approval from the US Food & Drugs Administration (USFDA) for its generic version of Famotidine tablets. The drug is indicated for the treatment of acid indigestion and heartburn. The product had sales of over $200 million in the US market.

Read more here.

Ajanta Pharma approves Rs 315 crore share buyback

Ajanta Pharma’s board has approved the buyback of 22.1 lakh equity shares of the face value of Rs 2 each through the tender offer route. The number of shares to be bought back represents 2.59% of the total number of equity shares of the company. Ajanta Pharma will carry out the buyback of shares at Rs 1,425 per share.

Read more here.

Natco Pharma launches additional strengths of Revlimid in US

Natco Pharma Ltd has launched additional strengths for its generic Lenalidomide capsules in the US market. The drug is used in the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). The launch has been done through its marketing partner Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries.

Read more here.

Automakers record best-ever dispatches in Feb: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), Indian automakers dispatched nearly 2.92 lakh passenger vehicles, up 11% YoY. This is the highest-ever dispatches for the month of Feb so far. The total two-wheeler wholesale dispatches rose 8% YoY to 11,29,661 units in Feb. Three-wheeler sales surged 86% YoY to 50,382 units.

Read more here.

Bank of Baroda board approves 49% stake divestment in BFSL

Bank of Baroda’s board has approved up to 49% divestment in subsidiary BoB Financial Solutions Ltd (BFSL). The bank currently holds 100% of the total equity share capital of BFSL. It will now issue Expression of Interests (EOIs) to suitable investors/strategic partners. Established in 1994, BFSL caters to the needs of a rapidly growing credit card industry.

Read more here.

India’s fuel demand hits at least 24-year high in Feb

India’s fuel demand hit its highest level in at least 24 years in February, according to govt data. Consumption of fuel rose more than 5% YoY to 4.82 million barrels per day last month. The strength highlights a combination of profitable refining from record Russian crude imports in February, total utilization for primary distillation across India and robust domestic consumption.

Read more here.

India’s industrial production rises 5.2% in January

India’s industrial production index (IIP) rose to 5.2% in January 2023, compared to 4.3% print in the previous month. This is mainly due to the good performance of the power, mining and manufacturing sectors. In January, growth in the mining sector stood at 8.8%, compared to 9.8% in December 2022. Manufacturing output stood at 3.7% (2.6% in Dec 2022) and electricity growth came in at 12.7% (compared to 10.4% in Dec).

Read more here.

India’s forex reserves increase, snapping four-week losing streak

India’s foreign exchange reserves rose for the first time in five weeks and stood at $562.40 billion as of the week ended March 3, according to the Reserve Bank of India (RBI). The reserves increased by $1.46 billion at the end of last week after falling by a total of $15.8 billion in the previous four weeks. It stood at $560.94 billion in the week to Feb 24.

Read more here.

Tata Power RE signs PPA with TPDDL for 510 MW hybrid plant

Tata Power Renewable Energy has signed an agreement with Tata Power Delhi Distribution Ltd (TPDDL) to supply electricity from its 510 MW solar-wind hybrid project. It is one of the largest hybrid projects in India, with the capacity bifurcation of 170 MW solar & 340 MW wind power. The project will save an average of 1540 MUs (million units) of CO2 emissions annually for TPDDL.

Read more here.

Airtel’s ARPU to rise 3% post jump in base prepaid rates: CLSA

Bharti Airtel’s recent decision to increase base prepaid rates by 57% in 19 markets is estimated to immediately boost its average revenue per user (ARPU) by 3% to Rs 199 according to analyst & brokerage group CLSA. Airtel’s tariffs across plans are already 25-57% higher than Vi and Reliance Jio. 

Read more here.

Categories
Market News Top 10 News

Tata Motors to Supply 25,000 Electric Sedans to Uber – Top Indian Market Updates

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

Tata Motors to supply 25,000 XPRES-T electric sedans to Uber

Tata Motors said it would supply 25,000 XPRES-T electric vehicle units to Uber in one of the largest deals in the green mobility space to date. As per a memorandum of understanding (MoU) between the companies, Uber will utilise electric sedans in its premium category service. The electric fleet would be operational across Delhi NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad

Read more here.

Adani Ports to prepay $121 million short-term debt due in March

Adani Ports & Special Economic Zone Ltd. will prepay the debt raised through commercial paper after it repaid 15 billion rupees of similar debt due on Monday as scheduled, the company’s spokesperson said. India’s largest-private-sector ports operator used its cash balance and funds generated from business operations to pay its short-term debt due on Monday.

Read more here.

Maruti Suzuki to focus on local manufacturing and reducing carbon footprint

Maruti Suzuki India said it will continue to work on all kinds of technologies in order to reduce its carbon footprint. The auto major will also focus on local manufacturing to achieve its green goals. It also noted that Maruti Suzuki has the least amount of fleet carbon emission among all car manufacturers in India.

Read more here.

Bank of Baroda CEO says willing to keep lending to Adani Group

Bank of Baroda CEO says that it is willing to consider lending additional money to the Adani Group, including for a project to remodel a slum that is among the world’s largest. The bank will extend loans to the conglomerate if it meets the lender’s underwriting standards. He also added that he’s not concerned about the market volatility around Adani stocks.

Read more here.

Adani said to decide against a bid for stake in power trader PTC

Gautam Adani has decided against bidding for a stake in state-backed electricity trader PTC India Ltd as the company looks to preserve cash amidst the Hindenburg issue. In January, Adani was among the possible bidders reviewing preliminary information on the Mumbai-listed company, Bloomberg News reported. The company will not proceed with any offer for the energy trading firm, said the people, who asked not to be identified as the information is private.

Read more here.

Gland Pharma to invest Rs 400 crore to expand its Telangana plant

Gland Pharma will invest Rs 400 crore to create additional capabilities in its existing facility at Genome Valley in Hyderabad to manufacture biologicals, biosimilars, antibodies, and recombinant Insulin. The expanded site is envisaged to meet the national and international regulations to be followed in the manufacturing of biological products as applicable, and shall be built under the GMP guidelines applicable for the respective product lines, it said.

Read more here.

Domestic aviation traffic continues growth, Jan records 1.25 cr passengers with 95.72% rise

Domestic aviation traffic has continued to witness massive growth. Passengers carried by domestic airlines during January 2023 were 1.25 crore, registering an annual growth of 95.72% and monthly growth of 95.72%. According to data released by the Directorate General of Civil Aviation (DGCA), the passenger load factor or occupancy of the airlines remained on the higher side in the range of 80 to 90%.

Read more here.

Centre opposes Hindustan Zinc’s $2.98 billion deal for Vedanta zinc assets

The Central government has opposed Hindustan Zinc’s proposed $2.98 billion acquisition of zinc assets from Vedanta Ltd. The govt will oppose any further resolutions on the deal and explore all legal avenues available to it. The Centre holds nearly 30% stake in Hindustan Zinc, while Vedanta is the company’s largest shareholder.

Read more here.

Categories
Market News Top 10 News

M&M to Invest ₹10,000Cr to Set Up EV Manufacturing Plant – Top Indian Market Updates

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

M&M to invest ₹10,000 crore to set up EV manufacturing plant in Pune

Mahindra & Mahindra (M&M) will invest ₹10,000 crore to set up an electric vehicle (EV) manufacturing plant in Pune, Maharashtra. The automaker has received approval to make the investment from Maharashtra Government’s industrial promotion scheme for EVs. The investment will be made over 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs).

Read more here.

HDFC Bank acquires 7.75% stake in Mintoak for ₹31.1 crore

HDFC Bank has acquired a minority stake (7.75%) in Mintoak Innovations Pvt. Ltd for ₹31.1 crore. Mintoak is a fintech start-up that provides a payments-led platform. It offers value-added services to merchants to engage with their customers and for acquirers to enhance their engagement with merchants. The deal is expected to be completed by January 31, 2023.

Read more here.

Bank of Baroda proposes to sell its majority stake in Nainital Bank

Bank of Baroda (BoB) plans to sell its majority stake in Nainital Bank. The bank’s board of directors has approved the divestment of its majority shareholding in Nainital Bank Ltd (NBL) and authorised the issuance of an advertisement inviting Expressions of Interest (EOI) through a Preliminary Information Memorandum (PIM) from interested parties. BoB currently holds a 98.57% equity share capital of NBL.

Read more here.

NTPC crosses 1 GW annual capacity mark in renewable energy segment in FY23

NTPC Ltd has crossed 1 gigawatt (GW) annual capacity in the renewable energy (RE) segment by adding 1,075 megawatts (MW) of renewable energy capacity in the current financial year (FY23). The company’s total non-fossil capacity has reached 9.41%. With this, NTPC’s standalone installed and commercial capacity has become 58,041.27 MW. The group installed and commercial capacity of NTPC has become 70,656.27 MW.

Read more here.

IL&FS resolves debt of ₹56,943 crore; reduces number of entities to 101

IL&FS has resolved its debt of up to ₹56,943 crore by September 30, 2022, through monetization of various assets and reduced the number of entities to 101 from 302. The company, which defaulted on its loan repayment for the first time in September 2018, had to pay back its lenders over ₹90,000 crore at that time. The new board of IL&FS has initiated various measures to reduce debts, which included asset monetisation, debt restructuring, cost optimisation, and liquidity management.

Read more here.

IRCTC’s revenue ‘reduced drastically’ in 2020-21 due to Covid-related restrictions: Govt

IRCTC’s revenue “reduced drastically” by almost 64% during 2020-21, compared to 2019-20 due to Covid-related travel restrictions, said Railway Minister Ashwini Vaishnaw. He added that the revenue increased gradually after the situation normalised. IRCTC earned ₹2,342.41 crore, which went down to ₹861.64 crore during the Covid-affected 2020-21. In 2021-22, the company earned ₹1,952.30 crore.

Read more here.

Torrent Pharma partners with Boehringer Ingelheim to co-market diabetes meds

Torrent Pharmaceuticals Ltd has entered into an alliance with Boehringer Ingelheim to co-market medicines used to treat diabetes and cardiovascular diseases. Both companies entered into a partnership for the sales and co-marketing of Empagliflozin and its combinations. This partnership aims to address the dual challenges of type-2 diabetes and heart failure in India.

Read more here.

NTPC to sell stake in green energy business: Report 

According to reports, NTPC Ltd aims to sell a 20% stake in its green energy business this fiscal year, expecting to raise up to ₹3000 crores ($363.97 million). The deal marks the first green transaction by an Indian state company. It has drawn interest from investors, such as Canada Pension Plan Investment Board (CPPIB), Malaysia’s Petronas, and Brookfield.

Read more here.

JB Pharma acquires rosuvastatin brand from Glenmark for ₹314 crore

JB Pharma has acquired cardiac brand Razel (rosuvastatin) from Glenmark Pharma for the India and Nepal region for ₹314 crores. The acquisition will be funded through long-term debt and internal accruals. Razel ranks among the top 10 brands in India in the rosuvastatin molecule category, with combined sales of ₹66.1 crore as of the year-ended October 2022 as per IQVIA data.

Read more here.

Categories
Market News Top 10 News

Jio to Launch 5G Services Tomorrow – Top Indian Market Updates

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

Jio to start 5G services from Dussehra in 4 cities with a free welcome offer

Reliance Jio will start 5G services in India with a “free welcome offer” from Dussehra. The telecom operator will commence a beta trial of its True-5G services on the auspicious occasion in four cities– Mumbai, Delhi, Kolkata, and Varanasi. Jio will send an invite to customers under Jio True 5G Welcome Offer to try its 5G services. Subscribers will get unlimited 5G data with up to 1 gigabit per second speed.

Read more here.

Bank of Baroda looks to ramp up wealth management business

State-run Bank of Baroda is hiring more than 850 relationship managers and executives to strengthen its wealth management business as it seeks to tap into the growing segment across India. The bank aims to nearly triple its assets under management (AUM) to more than ₹85,000 crore (from Rs 30,000 crore at present) in the next five years by cross-selling to about 2.5 lakh wealthy customers who already have accounts with it.

Auto sector to witness the best festive season of the decade: FADA

The Federation of Automobile Dealers Associations (FADA) anticipates that October will be the best festive in a decade for the passenger vehicle (PV) segment due to higher sales. In September, the automobile sector witnessed an 11% YoY growth in total retail vehicle sales as better supplies from manufacturers allowed dealers to ramp up customer deliveries amid the ongoing festive period.

Read more here.

Mahindra Finance reports 110% YoY growth in September

Mahindra Finance Ltd continued its momentum with the disbursement of approx. ₹4,080 crore, delivering a 110% YoY growth in September 2022. In the first half of FY23, the company is estimated to report loan disbursements of ~₹21,300 crore. Healthy disbursement trends during the first half have led to a strong gross asset book of ₹73,900 crore, a growth of nearly 16% YoY.

Read more here.

UPI payment crosses ₹11 lakh crore milestone in Sept

Payment through Unified Payments Interface (UPI) crossed a milestone of ₹11 lakh crore in September, according to data released by the National Payments Corporation of India (NPCI). The platform saw 678 crore transactions last month. Payment through UPI had crossed ₹10 lakh crore in May 2022. [UPI is an instant real-time payment system that facilitates inter-bank peer-to-peer (P2P) transactions.]

Read more here.

RIL’s subsidiary, Sanmina Corp to set up electronics JV

Reliance Industries’s arm RSBVL and US-based Sanmina Corporation have set up a joint venture to manufacture 4G and 5G hardware for Indian and overseas markets. The JV was set up at a total enterprise valuation of ~₹3,300 crore. It will manufacture hardware products at Sanmina’s 100-acre campus in Chennai. Reliance Strategic Business Ventures Ltd (RSBVL) will hold a 50.1% stake in the JV, while Sanmina will hold 49.9% stake.

Read more here.

Lupin gets USFDA approval for generic HIV drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market Darunavir Tablets in the US market. The drug is used to treat Human Immunodeficiency Virus (HIV) infection. As per IQVIA MAT data, Darunavir tablets had estimated annual sales of $343 million in the US during the 12 months ended June 2022.

Read more here.

CCI approves Sony-ZEEL merger with conditions

The Competition Commission of India (CCI) conditionally approved the proposed merger of Zee Entertainment Enterprises Ltd. (ZEEL) and Culver Max Entertainment Pvt. Ltd. (formerly known as Sony Pictures Networks India). The approval was granted after the CCI accepted the voluntary remedies proposed by the parties to allay possible anti-competitive concerns. To learn more about the merger, click here.

Read more here.

Total trade volume at IEX falls 8% in September

Indian Energy Exchange (IEX) registered an 8% YoY decline in total trade volume to 8,160 million units (MU) in September. On a month-on-month (MoM) basis, IEX registered a 5% growth last month. The average clearing price in the Day-ahead market rose to ₹5.63 in Sept, up 28% YoY and 9% MoM. 

Read more here.

Categories
Market News Top 10 News

Adani Ports’ Cargo Volumes Rise 18% YoY in August – Top Indian Market Updates

adani ports and sez

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

Adani Ports’ cargo volumes rise 18% YoY in August

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 29.3 million metric tonnes (MMT) of cargo in August 2022, recording an 18% YoY increase. Dry bulk volume grew by 44% YoY and containers by 8% YoY last month. In the initial five months of FY23, the company managed 151.4 MMT of cargo, an 11% YoY increase over the corresponding period last year.

Read more here.

Spicejet likely to receive around ₹225 crore next week as part of ECLGS

According to an ET NOW report, SpiceJet Ltd is likely to receive around ₹225 crore next week as a part of the Emergency Credit Line Guarantee Scheme (ECLGS). The funds will be used to clear statutory dues and lessor payments. The airline had applied for ₹280 crore loans under the ECLGS.

The ECLGS was launched by the Central Govt. in wake of the Covid-19 pandemic in 2020. It provides guarantee coverage to banks and NBFCs to enable them to extend emergency credit to various industries to meet their working capital requirements.

Read more here.

IndusInd Bank partners with ADB to support supply chain financing

IndusInd Bank has announced a strategic partnership with Asian Development Bank (ADB) to promote supply chain finance (SCF) solutions in India. The bank has entered into a partial guarantee program with ADB with an initial outlay of ₹560 crore, exclusively towards promoting SCF solutions. Recently, the bank launched a state-of-the-art digital portal for SCF called ‘earlyCredit’. It enables 24×7 seamless processing of SCF transactions for corporates, suppliers, and dealers.

Read more here.

State-run oil companies post strong August sales

State-run oil companies sold 16% more petrol and 23.5% more diesel in August over the previous year as economic activity gathered pace and sales at private retailers fell. Increased mobility for work and pleasure in an expanding economy has contributed to strong demand for petrol. The demand growth in retail sales of diesel is due to the bulk buyers shifting to petrol pumps to source cheaper supplies.

Read more here.

Vodafone Idea partners with Maxamtech to launch gaming content

Vodafone Idea Ltd (Vi) has partnered with Maxamtech Digital Ventures to launch multiplayer and competitive gaming content under ‘Vi Games’ to align itself with evolving customer preferences. Vi Games now offers over 40 competitive and skilled multiplayer games. Widening the participation opportunity for multiplayer gaming on Vi Games, Vi has extended the service to non-Vi users as well in a bid to attract more users.

Read more here.

Bank of Baroda raises ₹2,474 crore by issuing bonds

Bank of Baroda has raised ₹2,474 crore by issuing bonds at the rate of 7.88% through stock exchanges. The bank allotted a total of 2,474 unsecured Basel-III Additional Tier-I perpetual non-convertible bonds (NCDs), valuing ₹1 crore each. Perpetual bonds carry no maturity date and can be treated as equity rather than debt.

Read more here.

Steel prices in India to remain under pressure over near future: ICRA

A research report from ICRA stated that steel prices are expected to remain under pressure in India over the near future as prices in the domestic market cannot be cushioned by global trends. The rating agency also expects steel demand in the domestic market to grow at 7-8% in the current financial year (FY23). Steel mills in India face a tough time ahead as the external environment is becoming more challenging in key global consumption markets.

Read more here.

Wipro partners with Cisco to deliver hybrid cloud-as-a-service

Wipro Ltd has partnered with Cisco to accelerate cloud transformation for customers. The partnership will enable Wipro’s clients to deploy Wipro FullStride Cloud Service to enable a fully automated hybrid-cloud stack, reducing the implementation time and enhancing the user experience. Cisco and Wipro will bring together the edge, private, and public clouds to create an agile and adaptable hybrid cloud solution.

Read more here.

Zydus Lifesciences, Lupin recall products in US market owing to manufacturing issues

Zydus Lifesciences Ltd and Lupin are recalling products in the US due to manufacturing issues. As per an Enforcement Report by US Food & Drug Administration (USFDA), Zydus is recalling 1,116 boxes of Fulvestrant Injection, a drug used to treat breast cancer. The company’s US-based unit is recalling the affected lot due to “Failed Impurities/Degradation Specifications.”

Meanwhile, Lupin Pharmaceuticals, Inc. is recalling 7,872 bottles of Rifampin Capsules, a medication used to treat infections caused by bacteria.

Read more here.

Categories
Market News Top 10 News

Zomato Discontinues Pro, Pro Plus Programs – Top Indian Market Updates

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

Zomato discontinues Pro, Pro Plus programs

Food delivery platform Zomato has stopped onboarding new members and merchant partners to ‘Pro’ and ‘Pro Plus’ programs. These are members-only programs that assured food delivery on priority and exclusive discounts. After membership terms expire, active members won’t be able to extend or renew their subscriptions. The company said it will come up with a new program as a replacement for the discontinued schemes.

Read more here.

L&T secures large contract from Indian Oil Corporation

The hydrocarbon-onshore division of Larsen & Toubro’s energy business has secured a large contract (in the range of Rs 2,500-5,000 crore) from Indian Oil Corporation Ltd (IOCL). The contract is for setting up a Residue Hydrocracker Unit (RHCU) for IOCL’s P-25 Project. IOCL is implementing the Panipat refinery expansion (P-25) project to enhance capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA.

Read more here.

Hatsun Agro approves plan to raise Rs 700 crore

Hatsun Agro Products Ltd’s (HAPL) board has approved a proposal to raise Rs 700 crore through private placement of shares via a Qualified Institutional Placement (QIP). The board also gave its approval to acquire paid-up share capital (not exceeding 20%) of Huoban Energy 4 Pvt. Ltd. The investment is done for consuming solar energy captively for HAPL’s plant in Maharashtra.

Read more here.

RIL files contempt petition against SEBI before Supreme Court

Reliance Industries Ltd (RIL) has filed a contempt plea against the Securities & Exchange Board of India (SEBI) before the Supreme Court (SC), alleging ‘wilful disobedience’ about an order of the apex court that had directed the market regulator to give RIL access to certain documents in a 20-year-old stock allotment case. The move comes when SEBI plans to file a review petition in SC against the August 5 order that had ruled in favour of RIL on accessing the relevant documents.

Read more here.

Aurionpro secures order from one of the largest public sector banks in India

Aurionpro Solutions Ltd (ASL) has secured an order from one of the largest public sector banks in India. The order is for providing 24×7 support monitoring services for the Murex Treasury Platform at the bank. “The recent upgradation of our partnership with Murex and this new win has strengthened our position in the market, and we are looking forward to further deepening our engagement with the bank,” said ASL in a statement.

Creditors to Future Retail place claims worth Rs 21,000 crore

Future Retail Ltd. has received claims of Rs 21,057 crore from 33 financial creditors, as per data released by the company that is under the corporate insolvency resolution process. Of the total claims received, Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have not yet been verified. State Bank of India, Punjab National Bank, and other state-owned lenders have claimed over Rs 12,755 crore.

Read more here.

Bank of Baroda plans to raise Rs 2,500 crore via AT1 bonds

Bank of Baroda has announced plans to raise debt capital of Rs 2,500 crore through Additional Tier-1 (AT1) bonds in single or multiple rounds. AT1 bonds are a type of perpetual (no maturity date) debt instrument that banks use to augment their core equity base. They offer higher returns to investors but carry higher risk as well. 

Read more here.

Subex to deploy its fraud management solution for Ethio Telecom

Ethio Telecom has selected Subex Ltd to deploy its fraud management solution. The solution will replace Ethio’s existing legacy fraud management system, enabling them to move from a traditional rules-based approach to an AI-first approach. They will be able to bring in enhanced accuracy, coverage, and time-to-detect. Ethio Telecom is Ethiopia’s leading integrated telecom solutions provider with over 50 million subscribers.

Read more here.

Cipla aims to double India business in 5 years, looks at innovation in US: CEO

Cipla Ltd hopes to transform itself into a global healthcare organisation, with a sharp focus on strengthening its presence in the US market and doubling its Indian business, said CEO Umang Vohra. He said Cipla has the potential to double US business on the back of new launches in the next five years. The pharma major is also looking at China, Brazil, South Africa, and Australia as key markets, with Australia likely to be a $100-million market shortly.

Read more here.

Sobha settles nearly Rs 2.93 crore with SEBI in trade case

Real estate developer Sobha Ltd has settled Rs 2.925 crore with market regulator SEBI. Following this, the adjudication proceedings initiated against Sobha and its three Executive Directors have been disposed of. The settlement order has been passed on Monday and came into force with immediate effect.

During FY17-19, SEBI investigated certain transactions carried by Sobha with D.K. Shivakumar (DKS) and his family members/associates, which was allegedly against the interest of the minority shareholders of Sobha.

Read more here.