Tag: bank of maharashtra

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Adani Ports to Buy Back up to Rs 1,620Cr of 2024 Bond – Top Indian Market Updates

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

Adani Ports to buy back up to ₹1,620Cr of 2024 bond

Adani Ports & Special Economic Zone (SEZ) commenced a cash tender offer for up to $195 million (~₹1,620 crore) to partly prepay its near-term debt maturities. The company started a buyback programme of some debt securities in April to prepay part of its near-term loans due in 2024. The tender offer is to buy the outstanding 3.375% senior notes due in 2024 for up to $195 million in cash. 

Read more here

Bank of Maharashtra fails to attract buyers for loans to Asian Hotels

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North) at the auction held on Tuesday. Asian Hotels (North) operates the five-star property Hyatt Regency (Delhi). According to the auction notice from the bank, it had set a reserve price of ₹330 crore as against the outstanding dues of ₹ 324 crore.

Read more here. 

Dixon Tech signs manufacturing agreement with Xiaomi

Dixon Technologies Ltd’s subsidiary, Padget Electronics Pvt Ltd, has entered into an agreement with Xiaomi to manufacture smartphones and other related products. The manufacturing will take place at Padget’s manufacturing facility in Noida. The deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing. 

Read more here.

NMDC’s China exports hindered by logistics

According to a Reuters report, NMDC is unable to export low-grade iron ore to China due to logistics issues. The company did not immediately reply to a Reuters email seeking comments. There is a severe shortage of rakes to move the ore anywhere in the country which is affecting exports. China imports around 80% of India’s overall shipments.

Read more here.

Apollo acquires under-development hospital asset from Future Oncology in Kolkata

Apollo Hospitals has acquired a partially built hospital in Sonarpur, Kolkata, from Future Oncology Hospital and Research Centre for ₹102 crore in an all-cash deal. The acquired hospital has a total capacity of 325 beds. The acquisition is being fully funded through internal accruals by Apollo Multi Speciality Hospitals, a wholly-owned subsidiary of Apollo Hospitals.

Read more here.

ADIA looks to invent $600 million into RIL’s retail business

According to an Economic Times report, Abu Dhabi Investment Authority (ADIA) is looking to buy an additional stake in Reliance Retail. ADIA is seeking to invest $600 million into Reliance Retail at valuations that significantly exceed those during an earlier concluded fundraising round three years ago. 

Read more here.

Tata Power Renewable Energy to set up 41 MW captive solar plant for TP Solar

Tata Power Renewable Energy Ltd (TPREL) will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu. The plant is for TP Solar’s new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL is a subsidiary of Tata Power.

Read more here.

Glenmark signs agreement to market Cosmo Pharma’s acne cream in Europe, South Africa

Glenmark Specialty SA (GSSA) has signed distribution and licence agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne. The company will market and distribute Winlevi in Europe and South Africa. Glenmark Speciality SA will receive exclusive rights from Cosmo’s subsidiary to commercialise Winlevi in 15 EU countries and South Africa. GSSA is a subsidiary of Glenmark Pharma.

Read more here.

Aditya Birla Capital gets ₹750 crore investment in subsidiary

Aditya Birla Capital Ltd (ABCL) announced investment in its wholly-owned subsidiary. The company is making an investment of around ₹750 crore on a rights basis in the equity shares of Aditya Birla Finance Ltd (ABFL). ABCL is investing in ABFL to meet its growth and funding requirements and improve its leverage ratio.

Read more here.

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What are Penny Stocks?

Penny stocks offer a unique investment opportunity for individuals seeking high potential returns on small investments. In the Indian stock market, several penny stocks have received attention due to their impressive growth potential. In this article, we will explore the best penny stocks in India and discuss the advantages, disadvantages, and key factors to consider before investing in them.

What are Penny Stocks?

Stocks that trade at a very low price and have a low market capitalisation are known as Penny Stocks. Depending on the company’s market capitalisation, these stocks are categorised into nano-cap stocks, micro-cap stocks, and small-cap stocks. Although there is no official rule, penny stocks in the Indian stock market are those which have prices below ₹10.

Advantages of Penny Stocks

Investing in penny stocks can provide several advantages to investors, including:

1. High Growth Potential

Penny stocks often represent small companies with significant growth prospects. These stocks have the potential to generate substantial returns over a short period. Therefore Investors can generate multibagger returns on their investments.

2. Affordable

Penny stocks are affordable, making them accessible to investors with limited funds. This low entry barrier allows individuals to diversify their portfolios without substantial financial commitments.

3. Market Volatility Opportunities

The inherent volatility of penny stocks can present opportunities for investors to profit from short-term price fluctuations. Skilled traders can leverage market volatility to buy low and sell high, potentially maximising their gains.

Disadvantages of Penny Stocks

It is crucial to acknowledge the potential disadvantages associated with investing in penny stocks:

1. High Risk

Penny stocks are high-risk investments. This is because they are often more volatile than stocks of established companies. The financial performance of some of these companies may not be great and are even likely to go bankrupt.

2. Limited Information

Penny stocks are not as widely tracked by financial analysts as compared to larger companies. This limited coverage makes it challenging for investors to obtain accurate and reliable information about these stocks. This increases the risk of making uninformed investment decisions.

3. Easy Manipulation

Penny stocks can be manipulated easily due to their low market capitalisation and limited trading volume. This manipulation can happen in different forms. For example, some people might boost a stock’s price and then sell it for a profit (pump-and-dump scheme), leaving other investors with huge losses.

4. Lack of Liquidity

Penny stocks are often illiquid, which means that it can be difficult to buy or sell them. This can make it difficult to exit your investment if you need to.

Factors to Consider While Investing in Penny Stocks

Before investing in penny stocks, it is crucial to consider the following factors:

1. Company Fundamentals

Thoroughly research the company’s financials, growth prospects, and competitive position. Look for a strong management team, a sustainable business model, and a track record of profitability.

2. Industry Analysis

Evaluate the industry trends and dynamics in which the company operates. Ensure that it is well-positioned to capitalise on market opportunities and navigate potential challenges.

3. Risk Management

Set realistic expectations and establish an investment strategy that aligns with your risk tolerance. Diversify your portfolio and avoid allocating a significant portion of your capital to a single penny stock.

4. Market Liquidity

Assess the liquidity of the penny stock by analysing its trading volume and average bid-ask spread. Higher liquidity enhances the ease of buying and selling, reducing the risk of being stuck with illiquid stocks.

Best Penny Stocks in India

Now, let’s explore some of the best penny stocks in India that have caught the attention of investors:

1. Vodafone Idea

Vodafone Idea (Vi) is one of the leading telecommunications companies in India. Despite facing financial challenges, Vi has shown signs of revival with strategic partnerships and initiatives. Vi has undergone a comprehensive restructuring process recently to improve its financial position. The Indian government’s recent decision to permit telecom operators to raise prices is expected to have a positive long-term impact on Vodafone Idea’s financial stability.

Recently, the Government of India converted the company’s interest dues owed to the government into equity. This conversion, pending since September 2021, has resulted in the government acquiring shares in Vodafone Idea worth ₹16,133.10 crores at an issue price of ₹10 per share.

Despite many challenges, Vodafone Idea possesses several contributing factors to its potential revival. These include a solid market capitalisation of ₹36,023 crores, the backing of Indian billionaire KM Birla who recently rejoined the company’s board, and the government’s interest in salvaging a prominent telecom entity like Vodafone Idea from failure.

2. Bank of Maharashtra

Bank of Maharashtra is a public sector bank that demonstrates a comparable stock performance to other public sector bank stocks. These stocks are part of the outperforming Nifty PSU Bank Index (which consists of 12 PSU bank stocks).

The bank has robust fundamentals, marked by solid credit and deposits growth, and the added assurance of a sovereign guarantee. It has witnessed a decline in non-performing assets (NPAs) quarter-on-quarter, which works in its favour. Over the past year, the stock price has doubled, indicating positive momentum.

Bank of Maharashtra is primarily engaged in providing banking services in the treasury, corporate/wholesale banking, and retail banking segments. The bank’s emphasis on digitalisation and customer-centric services aligns with the changing landscape of the banking industry in India.

3. Indian Overseas Bank

Indian Overseas Bank (IOB) is another public sector bank that has shown promise recently. IOB’s operations revolve around domestic deposits, domestic advances, foreign exchange operations, investments, micro, small, and medium enterprises (including the MUDRA Loan Scheme), retail banking (including Arogya Mahila Savings Bank Accounts), mid-corporate department, agricultural credit portfolio, loans to small and marginal farmers, loans to non-corporate farmers and microfinance.

IOB’s financial performance showcases positive indicators, such as lower gross non-performing assets (NPAs) on a sequential basis, higher basic earnings per share (EPS) quarter-on-quarter, increasing profit after tax, and a significant rise in total income.

The bank has been able to reduce provisions for bad loans every quarter, indicating improved asset quality. Investors are optimistic about IOB’s stock potential, with hopes for a continuation of its impressive performance from last year.

4. Reliance Power

Reliance Power (RPower) is a part of the renowned Reliance Group and operates in the power generation and distribution sector. The company has a diverse portfolio of projects, including thermal, hydro, and renewable energy. As India focuses on renewable energy and infrastructure development, RPower stands to gain from the government’s initiatives in these sectors.

Despite a sequential loss in the December quarter, the company saw a 5% increase in net sales. Reliance Power is committed to fully repaying its debt of ₹1,500 crores in 2023 and has raised ₹1,200 crore in debt capital. Noteworthy developments include BlackRock ETF acquiring a stake and the withdrawal of insolvency proceedings. The company aims to meet India’s growing electricity demand, improve efficiency, reduce costs, and expand into international markets (especially Africa).

5. Morepen Laboratories

Morepen Laboratories is a pharmaceutical company that manufactures and distributes Active Pharmaceutical Ingredients (APIs), formulations, and diagnostics. With a strong presence in the domestic market, the company also exports its products, expanding its reach beyond national borders.

By focusing on R&D, the company aims to develop new products and enhance its existing offerings, ensuring a diverse and comprehensive product portfolio. Additionally, Morepen Laboratories has made strategic investments in digital technology, leveraging it to improve operational efficiency and streamline its processes. Investors are also drawn to the company due to its growth potential in the pharmaceutical industry.

Always remember that penny stocks are volatile and can experience rapid price fluctuations. Diversification, risk management, and a long-term perspective are crucial elements of a successful investment strategy. With careful analysis and a disciplined approach, investors can potentially find opportunities and unlock the growth potential offered by the best penny stocks in the Indian stock market.

Disclaimer: The information and stocks mentioned in the article are purely for educational purposes. Kindly do your own research before investing.

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Profit Booking! More Up-move Loading? Pre Market Analysis

Up light arrows and speed lines on dark blue background, copy space composition, growth competition technology concept.

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

Stocks

ICICI Lombard‘s net profit increased 12% year-on-year to Rs 390 crore for the first quarter ended June.

Himadri Speciality has reported net profit of Rs 86 crore in the first quarter. Revenue from operations, meanwhile, came in at Rs 951 crore.

Shares of Tata Communications, L&T Finance, and Bank of Maharashtra will be in focus as the companies will announce their first quarter results.

What to Expect Today?

NIFTY opened with a gap-up at 19,798 and had a volatile day. The index moved in a range of 200 points and closed at 19,749, up by 38 points or 0.19%. It was long unwinding we saw in Nifty as profit booking kicked in.

BANK NIFTY opened with a gap-up at 45,794 and formed a double top. There was a huge down-move to 45,370 and a bounce that got sold off quickly. BN closed at 45,410, down by 38 points or 0.09%.

IT moved up by 1.06%. 

The US markets closed well in the green. The European markets also closed higher.

The Asian markets are trading mixed.

The U.S. Futures and European futures are trading mixed.

GIFT NIFTY is trading flat at 19,800.

All the factors combined indicate a flat to gap-up opening.

NIFTY has supports at 19,690, 19,600, 19,500 and 19,450. We can expect resistances at 19,820, 19,850 and 19,800.

BANK NIFTY has supports at 45,370, 45,230 and 45,000. Resistances are at 45,650, 45,800 and 46,000.

NIFTY has the highest call OI build-up at 20,000. The highest put OI build-up is at 19,600. 

BANK NIFTY has the highest call OI build-up at 45,500. The highest put OI build-up is at 45,000.

Foreign Institutional Investors net-bought shares worth Rs 2,100 crores. Domestic Institutional Investors also net-bought shares worth 1,300 crores.

INDIA VIX moved up by 4% to 11.7.

That intraday red candle would have been a surprise to the bullish players. The indices moved down all of a sudden. Though there was a recovery move, it was quickly sold off. 

It was a volatile day. However, option buyers who could execute the entries and exits well would have been able to land in profits. Option sellers who could not cut losses quickly would have found it hard to adjust the strikes and end in green.

US Retail sales came out less strong than expected.

It could be a buy-on-dip day as some profits booking has already happened. The candle on Monday was so big that the bulls would protect their positions vigorously.

There are strong support zones in BN and there could be a down-move followed by a recovery trapping the bears.

I will watch 19,650 on the downside in NIFTY. 19,820 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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Market News Top 10 News

India’s Manufacturing PMI Falls to 57.8 in June – Top Indian Market Updates

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

India’s manufacturing PMI slips to 57.8 in June

India’s manufacturing PMI (Purchasing Manager’s Index) for June stood at 57.8, compared to 58.87 in May. The PMI of 57.8 is higher than 50 indicating an expansion in activities. Anything below 50 indicates contraction. India’s May manufacturing sector activity was at a 31-month high.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Adani Ports registers record cargo volume of over 100 MMT in June quarter

Adani Ports and Special Economic Zone Ltd (APSEZ) has reported an 11.5% YoY increase in cargo volume handled at 101.4 million metric tonnes (MMT) in the quarter ending June 2023. This is the highest-ever quarterly cargo volume handled by the company. The company witnessed growth across most ports and all three broad cargo segments. The container segment grew 19% YoY, while liquids and gas and dry bulk segments grew 8% and 7% YoY respectively.

Read more here.

Edelweiss Financial Services to raise Rs 300 crore from NCDs 

Edelweiss Financial Services has announced the public issue of secured redeemable non-convertible debentures (NCDs). The NCDs have a face value of ₹1,000 each, amounting to ₹150 crores (base issue size). The issue also has the option to retain over-subscription up to ₹150 crores aggregating to ₹300 crores. Effective annual yield for NCDs ranges from 8.94% to 10.46%.

Read more here.

USFDA closes inspection at Zydus’ Ahmedabad unit with VAI recommendation

Zydus Lifesciences Ltd’s Ahmedabad unit received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA). The inspection has been closed with a ‘voluntary action indicated’ (VAI) recommendation in the EIR. A VAI is generally issued when a plant receives observations and responds to them, and the regulator believes the response by the company is satisfactory.

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Kansai Nerolac sells Thane land parcel for Rs 671 crore to Hiranandani Group

Kansai Nerolac Paints Ltd sold its land parcel in Thane to the Hiranandani Group. The sale was for a total consideration of ₹671 crore. The company entered into a deed of conveyance last Friday for the sale of a total area of 97,090 square metres together with the transfer of rights in land admeasuring 6,300 square metres.

Read more here.

SpiceJet repays Rs 100 crore to City Union Bank, releasing all securities pledged

SpiceJet completed the ₹100 crore settlement payment to City Union Bank a little over a decade after it took the loan. The airline said it paid the last Rs 25 crore tranche on June 30, 2023, thereby shutting the loan account opened in 2012. With this, all the securities of the airline that had been pledged with the bank now get released. 

Read more here.

Lupin gets USFDA nod for cyanocobalamin nasal spray

Lupin Ltd has received approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for cyanocobalamin nasal spray. The cyanocobalamin nasal spray is a generic equivalent of Nascobal nasal spray. According to IQVIA MAT, Cyanocobalamin nasal spray (RLD Nascobal) had estimated annual sales of $69 million in the US.

Read more here.

IIFL Finance raises $175 million from HSBC, Union Bank & Bank of Baroda

IIFL Finance raised $175 million through the external commercial borrowing (ECB) route in June 2023. The NBFC has raised $75 million from HSBC, $50 million from Union Bank (Sydney), and $50 million from Bank of Baroda. The company raised funds at SOFR (Secured Overnight Financing Rate) plus 200 basis points. With this, the company’s total borrowing since March 2023 aggregates to $275 million.

Read more here.

Zee and IndusInd Bank announce a settlement of all dues

The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Zeel after payment to creditors. NCLAT recorded that all payments were made to IndusInd Bank by June 30 as per the agreed-upon terms. As per IndusInd Bank’s plea, Zee paid nearly ₹84 crores in the case related to Siti Networks.

Read more here.

Bank of Maharashtra clocks 25% loan growth

Bank of Maharashtra has posted a credit growth of 24.93% at ₹1.75 lakh crore in the June quarter. The outstanding credit was ₹1.40 lakh crore at the end of June 30, 2022. The bank registered a 24.82% growth in the total business (total advances and total deposits) to ₹4.19 lakh crore at the end of June 2023 compared to ₹3.36 lakh crore in the June quarter of 2022.

Read more here.

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Market News Top 10 News

India’s Manufacturing PMI Hits 31-month High in May – Top Indian Market Updates

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

India’s manufacturing PMI hits 31-month high in May

India’s manufacturing sector expanded significantly, reaching a 31-month high in May. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.7 in May, compared to 57.2 in April. The strong performance was driven by robust demand and output and the highest hiring rate in six months.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for May 2023: Highlights  

Maruti Suzuki India posted a 10% year-on-year (YoY) increase in total wholesale sales to 1.78 lakh units in May 2023. Sales of its mini & compact vehicle segment fell 30% YoY to 12,236 units and 5% YoY to 71,419 units respectively. Exports fell 3% YoY to 26,477 units.

Tata Motors Ltd registered a 6% YoY increase in domestic passenger vehicle sales to 45,878 units in May. The automaker’s commercial vehicle sales declined by 12% YoY to 28,989 units.

Mahindra & Mahindra’s total domestic passenger vehicle segment posted total sales of 32,886 units in May, an increase of 22% YoY. The total sales are up 14% at 61,415 units as compared to 53,726 units in May 2022. 

TVS Motor Company’s total sales stood at 3.3 lakh units in May, up 9% YoY. Meanwhile, Bajaj Auto’s sales rose 29% YoY to 3.55 lakh units.

Read more here.

Coal India spends 15% higher than statutory requirement on CSR

Coal India Ltd has exceeded the required expenditure on corporate social responsibility (CSR) projects in FY23. They spent Rs 513 crore, which is 15.3% more than the statutory requirement of Rs. 445 crore. Over the past four years, CIL has spent a total of Rs. 2,238 crore on CSR, surpassing the mandated amount of Rs. 1,735 crore. Notable projects include a 5,000-seater library at Ranchi University and the treatment of thalassemia children through bone marrow transplantation.

Read more here.

Venus Remedies gets marketing authorization from Saudi Arabia for Docetaxel

Venus Remedies Ltd has obtained marketing authorization in Saudi Arabia for Docetaxel, a commonly used chemotherapy drug. This achievement follows the company’s recent GMP certification for its production facilities in Baddi, Himachal Pradesh. It serves as a primary treatment option for breast, prostate, stomach, and non-small cell lung cancers. The global Docetaxel market, valued at USD 102 billion, is projected to reach USD 184 billion by 2030, with a compound annual growth rate (CAGR) of 10.22%.

Read more here.

Aurum PropTech set to buy Ratan Tata-backed NestAway

Aurum PropTech plans to acquire NestAway Technologies, a managed rental home company backed by Goldman Sachs, Tiger Global, and Ratan Tata. The acquisition will involve a complete buyout of all existing shareholders, including the founders and global institutional investors. The deal is estimated to be worth over $20 million, making it a significant acquisition in the rental platform sector.

Read more here.

Coal India output grows 9.5% to record 60 MT in May

Coal India Ltd (CIL) achieved a 9.5% YoY increase in coal output with a new monthly production in May 2023 to 60 million tonnes (mt). The combined production of CIL and its subsidiaries in April-May 2023 reached 117.5 mt, an 8.6% growth from the previous year. In May 2023, total coal supplies rose to 63.7 mt, a 4.1% rise from May 2022. The coal off-take for April-May 2023 stood at 126 million tonnes, showing a 6.2% YoY growth.

Read more here.

GST collections rise 12% to Rs 1.57 lakh crore in May

The Goods and Services Tax (GST) collections in May reached Rs 1.57 lakh crore, showing a 12% YoY growth. The gross GST revenue collected consisted of CGST at Rs 28,411 crore, SGST at Rs 35,828 crore, IGST at Rs 81,363 crore (including Rs 41,772 crore from imports), and cess at Rs 11,489 crore (including Rs 1,057 crore from imports). Last year’s May GST collection was around Rs 1.41 lakh crore.

Read more here.

GOCL Corporation bags orders worth Rs 257 crore from Coal India

Hinduja Group’s subsidiary GOCL Corporation Ltd has secured orders worth Rs 257.72 crore from Coal India Ltd. The two-year order, spanning from June 2023 to May 2025, involves the supply of detonators, accessories, and cartridge explosives. The current business activities of GOCL include energetics, mining & infrastructure services, and property development.

Read more here.

Bank of Maharashtra likely to raise up to Rs 1,000 crore via QIP

According to a CNBC report, the Bank of Maharashtra intends to raise funds through a qualified institutional placement (QIP), targeting up to Rs 1,000 crore. The QIP may consist of a base size of Rs 500 crore, which could be extended by an additional Rs 500 crore through a greenshoe option. Institutional investors may be offered a discount of approximately 5% for the QIP. This move aims to attract investment from institutional investors and strengthen the bank’s capital base.

Read more here.

L&T to create renewable energy infra for world’s largest green hydrogen plant in Saudi Arabia

Larsen and Toubro Ltd (L&T) has been awarded contracts worth $2.779 billion (~Rs 22,900Cr) to create renewable energy infrastructure for the world’s largest green hydrogen plant in Saudi Arabia. L&T’s power transmission and distribution business will be responsible for engineering, procuring, and constructing a 2.2 GWac PV solar plant,a 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.

Read more here.

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Market News Top 10 News

IndusInd Bank’s Net Profit Rises 50% YoY to Rs 2,040Cr – Top Indian Market Updates

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

IndusInd Bank Q4 Results: Net profit Jumps 50% YoY to Rs 2,040 crores

IndusInd Bank has reported a 50% YoY increase in net profit to Rs 2,040 crore and a Net Interest Income (NII) of Rs 4,669 crore, up 17% YoY, for Q4 FY 22-23. The bank’s net non-performing assets (NPA) ratio fell to 0.59% from 0.64% in Q4 FY22.  Its loan book grew 21% YoY to Rs 2.89 lakh crore. The bank’s board recommended a dividend of Rs 14 per equity share.

Read more here.

NMDC plans to increase iron ore output by more than 21% in FY23

NMDC plans to increase iron ore production to 50 million tonnes in the current financial year (FY24), up 21% from last year. The company’s output in Q4 FY23 was its highest for a quarter, and it expects uniform production for FY24 (except for the September quarter due to monsoon rains). NMDC has iron ore mines in Chhattisgarh and Karnataka and is exploring lithium reserves in Australia, where it holds a majority stake in a mine.

Read more here.

Tata Steel commences trial use of hydrogen gas in blast furnace at Jamshedpur plant

Tata Steel has begun trial injection of hydrogen gas in one of the six blast furnaces at its Jamshedpur plant in Jharkhand. The trial will continue for 4-5 days and will provide insights into operating blast furnaces with greener fuel injectants, reducing fossil fuel consumption and CO2 emissions. The trial has the potential to reduce coke rate by 10%, resulting in a 7-10% reduction in CO2 emissions per tonne of crude steel produced.

Read more here.

Adani Ports starts $130 million buyback of bonds to prepay near-term debt

Adani Ports and Special Economic Zone Limited (APSEZ) is set to buy outstanding 3.375% senior notes due 2024 for $130 million in cash. The purchase will be funded through cash reserves available with the company. The move is aimed at partly prepaying the company’s near-term debt maturities and to convey its comfortable liquidity position. After the completion of this tender offer, the outstanding notes are expected to remain at $520 million.

Read more here.

Infosys signs pact with Aramco to boost employee experience with AI

Infosys has signed a Memorandum of Understanding (MoU) with Saudi Aramco to collaborate on HR technology. The companies aim to bring new insights to HR data and analytics, use automation tools, and enhance employee experience through AI technologies. Infosys will also embed digital transformation practices and tools into Aramco’s HR platform to enhance the overall digital experience for employees.

Read more here.

Bank of Maharashtra Q4 Results: Net profit jumps 135% YoY to Rs 840 crore

Bank of Maharashtra announced a 135% YoY jump in net profit to Rs 840 crore for the quarter ended March (Q4 FY23). Its Net Interest Income (NII) increased by over 35% YoY to Rs 2,187 crore during the same period. The bank’s net non-performing assets (NNPA) declined to 0.25%, compared to 0.47% in the same quarter last year. The bank’s board recommended a dividend of Rs 1.3 per share. 

The board also approved a capital raise of up to Rs 7,500 crore via equity and debt.

Read more here.

Maharashtra Seamless receives Rs 262 crore order from ONGC 

Maharashtra Seamless has received an order from ONGC for the supply of seamless tubing pipes and accessories to be delivered to five Indian states. The company will gradually dispatch the order over 10 months. It has an annual capacity of 650,000 tonnes for seamless pipes and serves the oil and gas sector, power, automotive, and general engineering industries.

Read more here.

Zydus Lifesciences gets USFDA approval for heart diseases treatment drug

Zydus Lifesciences has obtained final approval from the US Food and Drug Administration (USFDA) for Icosapent Ethyl capsules for the treatment of heart diseases. These tablets are used to reduce fat (triglyceride) levels in the blood in adult patients with severe hypertriglyceridemia. According to IQVIA data, the annual sales of Icosapent Ethyl Capsules in the United States were $1,316 million for the 12 months ended February 2023.

Read more here.

Bharti Airtel partners with Secure Meters to deploy narrow band-powered smart metres in Bihar

Bharti Airtel has partnered with Secure Meters to deploy narrow band (NB-IoT) powered smart meters in Bihar, India. Under the partnership, Airtel will deploy NB-IoT services to power 1.3 million homes via a smart meter solution. The deployment is said to be India’s first NB-IoT solution on a narrow band with a fall-back option that will work on 2G and 4G. It will also ensure real-time connectivity and uninterrupted transfer of critical data.

Read more here.

Singapore’s regulatory body approves HDFC Bank to acquire shares in Griha Pte

HDFC Bank has received approval from the Monetary Authority of Singapore (MAS) to acquire 20% or more stake in HDFC’s Investments-subsidiary, Griha Pte. Limited. Griha Pte is a foreign step-down subsidiary of HDFC Limited. The scheme was approved by the HDFC board and received no objection or approval letters from various Indian authorities, including the RBI, SEBI, CCI, and NCLT.

Read more here.

Mankind Pharma IPO opens tomorrow

Mankind Pharma’s IPO opens tomorrow. The issue will be open till April 27th and is completely an offer for sale (OFS) of 40 million equity shares by promoters and existing shareholders. The company has set a price band of Rs 1,026-1,080 per share for the IPO. Mankind Pharma’s products span therapeutic areas ranging from antibiotics to erectile dysfunction medications.

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Market News Top 10 News

L&T Secures Multiple Contracts Worth Rs 7,000Cr – Top Indian Market Updates

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

L&T secures multiple contracts worth over Rs 7,000 crore in Middle East

Larsen & Toubro (L&T) has secured multiple contracts worth more than Rs 7,000 crore in the Middle East region. The scope of work comprises engineering, procurement, construction and installation for various new offshore facilities and integration with the existing installation. L&T is engaged in EPC projects and hi-tech manufacturing and services. It operates in over 50 countries.

Read more here.

Bank of Maharashtra logs 30% loan growth

Bank of Maharashtra (BoM) posted a credit growth of 29.59% YoY to Rs 1.75 lakh crore for the March quarter (Q4 FY23). The outstanding credit was Rs 1.35 lakh crore at the end of March 31, 2022. The lender registered a 21.28% growth in total business to cross a milestone of Rs 4 lakh crore.

Read more here.

Coal India aims to supply 610 MT coal to power plants in FY24

Coal India Ltd (CIL) is aiming to supply 610 million tonnes of coal to power plants in the current financial year (FY24). The company supplied a record 586.6 million tonnes (MT) of dry fuel to coal-fired power plants in FY23. CIL said it is gearing itself to meet the rising demand on the back of adequate coal stocks at its pitheads and increased production in the first quarter of FY24.

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India Grid commissions its first battery energy storage system in Maharashtra

India Grid Trust has commissioned its first battery energy storage system (BESS) project coupled with its solar panels at the Dhule substation in Maharashtra. The project will meet the substation’s auxiliary consumption requirement. IndiGrid is the first infrastructure investment trust (InvIT) in the Indian power sector.

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Bandhan Bank’s total deposits rise 12.% in Q4 FY23

Bandhan Bank’s total deposits in the fourth quarter of FY23 stood at Rs 1,08,069 crore, registering a rise of 12.2% year-on-year (YoY). Loans and advances during the quarter stood at Rs 1,09,112 crore, reflecting a growth of 9.8% YoY. The Kolkata-based bank’s current account, savings account (CASA) in Q4 stood at Rs 42,471 crore, up 6% YoY.

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Adani Ports cargo volumes jump 9.5% in March

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 32 million metric tonnes (MMT) of total cargo in March 2023, registering a growth of 9.5% YoY. With 339 million tonnes in FY23 (April 2022 to March 2023), APSEZ recorded its largest port cargo volumes ever. The overall container volumes handled by APSEZ in India rose 5% YoY to 6.6 million twenty-foot equivalent units (TEUs).

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Consumer demand steady in Q4, expect double-digit volume growth: GCPL

Godrej Consumer Products Ltd (GCPL) said consumer demand remained “steady” through the March quarter (Q4) and the FMCG sector is expected to witness a gradual recovery in growth rates. The company expects to deliver double-digit volume and value growth. Overall, the growth was broad-based and led by double-digit volume and value growth in both Home Care and Personal Care.

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Mahindra Lifespaces JV enters into lease pact with Mitsubishi Electric

Mahindra Lifespace Developers Ltd’s joint venture company Mahindra Industrial Park Chennai Ltd. has executed a lease agreement with Mitsubishi Electric India Ltd. for ~52 acres of land at its industrial cluster in Chennai – Origins by Mahindra. Mitsubishi Electric will set up a manufacturing plant in the area. 

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RailTel bags orders worth Rs 115 crore from the Bihar govt and NIC

RailTel Corporation of India Ltd. has secured orders worth Rs 115 crore from the Government of Bihar and the National Informatics Centre (NIC). The company will implement and manage internet connectivity, Wi-Fi system, and smart classes in government engineering colleges and polytechnic institutes in Bihar. It will also install, test and commission 4 Mbps lease line connectivity for 19 sites for NIC.

Read more here.

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WPI Inflation Eases to 4.95% in December – Top Indian Market Updates

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

India’s WPI inflation eases to 22-month low of 4.95% in December

India’s wholesale price-based inflation (WPI) declined to a 22-month low of 4.95% in December 2022, mainly due to a fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85% in November 2022 and 14.27% in December 2021. Inflation in food articles was (-)1.25%, while it was 18.09% in the fuel & power segment during Dec 2022.

Read more here.

​​Maruti Suzuki announces price hike across all models

Maruti Suzuki India Ltd (MSIL) will hike the prices across all its models by around 1.1% with effect from January 16. In Dec, the automaker announced its intentions to hike prices in January due to increased cost pressure driven by overall inflation and recent regulatory requirements. As per reports, car makers Honda, Hyundai, and Tata Motors also plan to hike prices in January.

Read more here.

Bank of Maharashtra Q3 Results: Net profit doubles to ₹775 crore

Bank of Maharashtra reported a 139% year-on-year (YoY) jump in net profit to ₹775 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 30% YoY to ₹1,980 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 4.73% in Q3 FY22 to 2.94% in Q3 FY23. The bank’s total deposits grew 12% YoY to ₹2.08 lakh crore.

[NII is the difference between the interest income received on loans and the interest paid to depositors.] 

Read more here.

Bharti Airtel launches 5G services in five UP cities

Bharti Airtel announced the launch of 5G services in Agra, Meerut, Gorakhpur, Kanpur, and Prayagraj in Uttar Pradesh. The telecom operator’s services are already live in Lucknow and Varanasi. Customers with 5G-enabled devices can enjoy the high-speed Airtel 5G Plus network at no extra cost until the rollout is more widespread.

Read more here.

RIL suspends latest auction of gas from east coast block

Reliance Industries Ltd (RIL) and its partner BP plc suspended a planned auction for the sale of natural gas from their KG-D6 block following changes in gas marketing rules. E-bidding for the sale of 6 million standard cubic meters per day of gas was to happen on January 18. On Jan 13, the Ministry of Petroleum & Natural Gas published new rules for the sale and resale of gas produced from discoveries in deep sea, ultra-deepwater, and high pressure-high temperature areas with marketing and pricing freedom.

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HG Infra secures project from Delhi Metro Rail Corporation

HG Infra Engineering Ltd has secured an order worth more than ₹412 crore from the Delhi Metro Rail Corporation Ltd. (DMRC). The company will design and construct an elevated viaduct and four elevated Delhi Metro stations. The construction work on the 3.512 km stretch is likely to be completed in 24 months.

Read more here.

Dr. Reddy’s acquires trademark rights of breast cancer drug from Pfizer India

Dr. Reddy’s Laboratories Ltd. has acquired the trademark rights of the breast cancer drug PRIMCYV from Pfizer Products India. PRIMCYV slows down or stops the growth of cancer cells. The pharma company will manufacture the drug at its facilities approved by the US Food & Drug Administration (USFDA). It also plans to roll out a unique ‘patient assistance program’ to support long-term therapy of the patients on PRIMCYV.

Read more here.

GPT Infraprojects secures order worth ₹216 crore

GPT Infraprojects Ltd has secured a contract worth ₹216 crore from the Maharashtra Rail Infrastructure Development Corporation Ltd., Mumbai. The company will construct the proposed extensions of the Ghatkopar Cable Stayed Road Over Bridge. This order win is worth two-thirds of the company’s total market valuation of ₹323 crore. 

Read more here.

Leading European airline selects RateGain to expand to new markets

Greek airline SKY Express has selected RateGain Travel Technologies Ltd’s solution AirGain for real-time pricing insights as the airline looks to expand its footprint across Europe. AirGain will allow the airline to respond promptly to market shifts and deliver the most cost-effective service. 

Read more here.

KPI Green Energy signs Power Purchase Agreements with three clients for solar power sale

KPI Green Energy Ltd (KGEL) has signed new Power Purchase Agreements (PPAs) for the sale of 6.3 megawatts (MW) of solar power in the interdependent power producer (IPP) segment. It has signed the long-term PPAs with three private companies— Heubach Colour Pvt. Ltd (2.9 MW), Sachin Paper Mills (0.4 MW), and Alembic Pharmaceuticals Ltd (3 MW). KGEL develops, operates, and maintains captive solar power projects for its clients.

Read more here.

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PVR Reports ₹71 crore Loss in Q2 – Top Indian Market Updates

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

PVR Q2 Results: Net loss at ₹71 crore

PVR Ltd reported a net loss of ₹71.23 crore for the quarter ended September (Q2 FY23). It posted a net loss of ₹153.3 crore in the corresponding quarter last year (Q2 FY22). The multiplex operator’s revenue from operations jumped 5x YoY to ₹686 crore in Q2 FY23. EBITDA rose 95.85% YoY to ₹170 crore. PVR’s total expenses stood at ₹813.33 crore in Q2, up 76.4% YoY.

Read more here.

Biocon signs pact with Yoshindo to commercialise two biosimilar assets

Biocon Biologics has entered into a strategic out-licensing agreement with Japanese pharma company Yoshindo Inc. for commercialising bUstekinumab and bDenosumab (two of its biosimilar assets) in the Japanese market. As part of the agreement, Yoshindo will get exclusive commercialisation rights for the two biosimilars in Japan for an addressable market opportunity of over $700 million. Biocon Biologics is a subsidiary of pharma major Biocon Ltd.

Read more here.

Snowman Logistics launches 5PL operations in India

Snowman Logistics Ltd has launched Fifth-Party Logistics or 5PL services in India. It is the first company to introduce this service in the cold chain logistics and supply chain management sector in India. Snowman Logistics will now provide distribution and consolidation services (including sourcing on behalf of customers) along with the existing range of 3PL services of transportation and warehousing.

Read more here.

Craftsman Automation Q2 Results: Net profit rises 25% YoY to ₹62 crore

Craftsman Automation Ltd reported a 25% YoY increase in consolidated net profit to ₹62.48 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 35.97% YoY to ₹776.24 crore during the same period. The company’s revenue from the automotive powertrain segment rose 29.46% YoY to ₹378.18 crore, while sales from aluminium products segment stood at ₹196.34 crore, up 39.53% YoY. 

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JSW Steel, Smartex to explore low-emission steel production

JSW Steel Ltd has signed a Memorandum of Understanding (MoU) with Smartex to explore low-emission steel production aiming at decarbonisation of the steel sector in India. The two companies will explore the potential to promote innovation and turnkey approaches— from financing to technology availability and market access.

Smartex has launched the Financing Steel Decarbonisation (FSD) initiative. They aim to create a $1 billion Steel Decarbonisation Fund (SDF) and an eco-system to support steel industry decarbonization. 

Read more here.

ACC Q3 Results: Net loss at ₹87.35 crore

ACC Limited reported a consolidated net loss of ₹87.35 crore for the quarter ended Sept (Q3 CY22). The cement maker follows the January-December financial year cycle. It posted a net profit of ₹450 crore in the corresponding quarter last year (Q3 CY21). Net sales stood at ₹3,910 crore in Q3 CY22, up 7% YoY. Total expenses rose 30% YoY to ₹4,162 crore during the same period.

Read more here.

Ericsson partners with Jio to build 5G standalone network

Telecom gear maker Ericsson on Monday announced a long-term strategic 5G contract with Reliance Jio to roll out a 5G standalone (SA) network in India. This is the first partnership between Jio and Ericsson for radio access network deployment in the country. Jio’s standalone 5G network deployment modernises the network infrastructure to deliver a transformative 5G experience to consumers and enterprises.

Read more here.

Zydus Lifesciences gets USFDA approval for two generic drugs

Zydus Lifesciences Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market its generic versions of Valbenazine capsules and Roflumilast tablets. Valbenazine capsules are indicated for the treatment of tardive dyskinesia (uncontrolled movement of face or tongue). Roflumilast tablets are used for reducing the risk of chronic obstructive pulmonary disease.

Read more here.

Bank of Maharashtra Q2 Results: Net profit doubles to ₹535 crore

Bank of Maharashtra reported a 103% YoY jump in net profit to ₹535 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 26% YoY to ₹1,887 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 3.4% in Q2, compared to 3.74% in Q1. Provisions fell 42% YoY to ₹532 crore in Q2 FY23.

Read more here.

Sunteck Realty’s pre-sales up 24% in Q2

Realty developer Sunteck Realty Ltd reported a 24% year-on-year (YoY) growth in its pre-sales at ₹337 crore in Q2 FY23. Total collections for the quarter rose 60% YoY to ₹331 crore. The company acquired a land parcel spread over 7.25 acres in Mira Road’s Beverly Park locality (Mumbai) in Q2. Sunteck Realty’s total pre-sales performance in the first half of the financial year (H1 FY23) stood at ₹670 crore, up 49% YoY.

Read more here.

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Adani Group to Build 3 Giga Factories as Part of Green Energy Push – Top Indian Market Updates

adani

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

Adani Group to build 3 giant factories as part of green energy push

Adani Group will build three giant factories in India leading to the world’s most integrated green energy value chains, said Chairman Gautam Adani. The giga factories will manufacture polysilicon for solar modules, wind turbines, and hydrogen electrolysers. In July, the group announced plans to invest $70 billion in green energy transition and infrastructure projects to become a net exporter of clean energy.

Read more here.

NCLT allows to convene shareholders’ meeting to seek approval of ZEEL-Sony merger

The National Company Law Tribunal (NCLT) has allowed Zee Entertainment Enterprises Ltd. (ZEEL) to convene a meeting of its shareholders to seek the approval of its proposed merger with Culver Max Entertainment Pvt. Ltd. (formerly known as Sony Pictures Networks India Pvt Ltd). ZEEL and Sony Pictures Network India signed a definitive agreement to merge the two companies on December 22, 2021.

The broadcasters are yet to receive formal approval from the Competition Commission of India (CCI).

Read more here.

Coal India’s production up by 44.6 MTs in 5 months

Coal India Ltd’s production in the ongoing financial year (FY23) increased by 44.6 million tonnes (MTs) in five months and four days, beating the previous best of 44.5 MTs registered in FY16 (full year). The company is hopeful of reaching close to the apportioned target of 306 MTs in the April-September period (H1) of FY23.

Read more here.

Lupin, DKSH to market Alvotech biosimilars in Philippines

Lupin Ltd has signed an exclusive license and supply agreement with Swiss healthcare distributor DKSH to commercialize five of Alvotech’s proposed biosimilars in the Philippines. Multicare Pharmaceuticals, Lupin’s subsidiary in the Philippines, will file for marketing approval and be responsible for the distribution of the biosimilars once approved. This agreement enhances Multicare’s oncology, rheumatology, gastroenterology, and ophthalmology portfolio.

Read more here.

Bank of Maharashtra raises ₹710 crore via bonds

Bank of Maharashtra has raised ₹710 crore from bonds to fund business growth. The fund was raised via Basel-III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including a green shoe option of ₹610 crore) at a coupon rate of 8.74%. The capital raised through the AT1 bonds will support the bank’s business growth.

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Cipla gets USFDA approval for Lenalidomide Capsule

Cipla Ltd has received final approval for its Abbreviated New Drug Application (ANDA) for Lenalidomide Capsule from the US Food & Drug Administration (USFDA). Lenalidomide is an immunomodulatory prescription drug indicated for several hematological malignancies (cancers that begin in blood-forming tissue) in adults. The drug had sales of ~$2.58 billion during the 12 months ended June 2022 in the US.

Read more here.

Max Ventures to acquire Acreage Builders for ₹292 crore

Max Ventures and Industries Ltd (MaxVIL) announced the acquisition of Acreage Builders for ₹291.5 crore. The company executed the share purchase agreement on September 6 for the acquisition of a 100% stake in the realty firm. This acquisition marks MaxVIL’s entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi-NCR and pan-India.

Read more here.

Axis Bank partners with Paynearby; aims to grow loan book organically

Axis Bank has announced plans to grow its Priority Sector Lending (PSL) book organically and make it a profitable business. The bank has partnered with Paynearby, a distribution as a service (DAAS) company. As part of the partnership, Axis Bank will get access to more than 50 lakh micro-retailers and aims to source better lending opportunities on a range of products. 

Read more here.

Maruti Suzuki to enter mid-SUV segment to lift market share to 50%

Maruti Suzuki India Ltd (MSIL) is all set to consider the sports utility vehicle (SUV) segment as the key area to lift its overall market share in India to 50%. The automaker’s overall market share is currently under 45%. It does not have a car in the mid-SUV segment, whose total domestic market size stands at 5.5 lakh. MSIL will launch a model under the mid-SUV segment in the last week of September 2022. 

Read more here.

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Services PMI Rises to 57.2 in August – Top Indian Market Updates

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

Services PMI accelerates to 57.2 in August 

India’s services sector saw gains in new business, ongoing improvements in demand conditions, and job creation during August. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 57.2 in August, compared to 55.5 in July. The rate of job creation last month was the strongest in more than 14 years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month. 

Read more here. 

IEX’s total trade volume falls 18% in August

Indian Energy Exchange (IEX) registered an 18% YoY decline in total trade volume to 7,805 million units (MU) in August 2022. This includes 6,517 MU in the conventional power market, 437 MU in the Green Power market, and 851 MU in the Renewable Energy Certificate (REC) market. The average clearing price in the Day-Ahead market rose 2% YoY to Rs 5.17 per unit last month. 

Read more here. 

Paytm denies link with Chinese loan merchants under ED scanner

Payment platform Paytm has denied any links with the merchants that are currently under Enforcement Directorate’s (ED) scanner in the Chinese loan app case. On Friday, ED carried out search operations at six premises in Bengaluru concerning an investigation of the case. The premises of Razorpay, Cashfree Payments, Paytm Payment Services, and other entities “controlled” by Chinese persons were covered in the operation. The raids were conducted under provisions of the Prevention of Money Laundering Act (PMLA), 2002. 

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Dixon Tech signs pact with Google to sub-license rights relating to Android

Dixon Technologies Ltd has signed an agreement with Google to sub-license rights relating to Android and Google TV. This partnership will enable the company to offer a cost-effective and high-quality experience to its existing customers and potential new brands. It will further strengthen Dixon Tech’s market leadership in the LED TV category.

Read more here.

Bank of Maharashtra organises loan outreach program; sanctions more than ₹1,000 crore

Bank of Maharashtra has organised a credit outreach program under which it has sanctioned loans worth nearly ₹1,000 crore. Loan sanction letters were distributed to the beneficiaries by Financial Services Secretary Sanjay Malhotra in Pune. He also visited self-help group stalls at the event and interacted with members. The secretary also visited self-help group stalls at the event and interacted with the members.

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Mahindra Lifespace expects over 2.5-fold rise in bookings soon

Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to ₹2,500 crore in the next three years on better housing demand. The company registered ₹600 crore of residential sales during the April-June quarter (Q1) of FY2022-23, compared to ₹1,028 crore in the full previous year. It expects very strong continued growth in Q2 and the rest of the year.

Read more here.

Would surpass ₹21,000-crore revenue target by 2026: ABFRL chairman

Aditya Birla Fashion and Retail Ltd (ABFRL) is confident of fortifying its market position further and surpassing the projected revenue of ₹21,000 crore by 2026, said chairman Kumar Mangalam Birla. The company is leveraging technology and its execution excellence to build a strong, profitable, and future-ready brand portfolio. ABRFRL is also working on strategic alliances and is building a comprehensive set of iconic brands.

Read more here.

Aurionpro Solutions acquires US-based startup Hello Patients Solutions Inc.

Aurionpro Fintech Inc., a US-based subsidiary of Aurionpro Solutions Ltd, announced the acquisition of Hello Patients Solutions Inc, a startup registered in Delaware, USA. Hello Patients provides a healthcare billing and patients’ management solution that leverages Aurionpro’s technology for payments processing. Aurionpro will acquire the entire stake in Hello Patients in an all-cash transaction of $250,000 (~₹1.99 crore).

Read more here.

OPEC to cut oil output for first time in a year

For the first time in a year, OPEC+ agreed to make a token oil supply cut for October. The organisation aims to stabilise international markets after a faltering economic backdrop triggered the longest price decline in two years. At a meeting held today, OPEC decided to reduce production by 100,000 barrels a day in October, taking supplies back to August levels.

Read more here.

HAL-L&T consortium secures ₹860-crore contract to build five PSLVs

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro has won an ₹860 crore deal from NewSpace India Limited (NSIL) to build five Polar Satellite Launch Vehicle (PSLV) rockets over four years. The contract was exchanged today between HAL and NSIL during the inaugural session of the 7th Bengaluru Space Expo 2022.

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Adani Wilmar Slashes Edible Oil Prices – Top Indian Market Updates

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

Adani Wilmar cuts edible oil prices by Rs 30 per litre

Adani Wilmar Ltd has announced a reduction in cooking oil prices by up to Rs 30 per litre amidst a fall in global prices. The price of Adani Wilmar’s Fortune soyabean oil has been revised from Rs 195 per litre to Rs 165 per litre. The sunflower oil rate has been reduced from Rs 210 per litre to Rs 199 per litre. The move comes after the Indian government had slashed import duties by 5.5% and asked manufacturers to pass it on to consumers.

Read more here.

JSW Steel collaborates with BCG to work on decarbonisation goals

JSW Steel Ltd has partnered with US-based Boston Consulting Group (BCG) to meet its decarbonisation goals. The steelmaker has an ambitious target of reducing its carbon emission by 42% YoY by 2029-30 (compared to the base year 2005). This collaboration will focus on applying digital and analytics to track, measure, and enhance JSW Steel’s environmental performance.

Read more here.

Bank of Maharashtra Q1 Results: Net profit doubles to Rs 452 crore

Bank of Maharashtra reported a 117% YoY jump in net profit to Rs 451.9 crore for the quarter ended June (Q1 FY23). Total income fell 0.5% YoY to Rs 3,774.32 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.74% in Q1 FY23, compared to 6.35% in Q1 FY22. Provisions fell 27% YoY to Rs 548.41 crore.

Read more here.

Jio puts in highest EMD at Rs 14,000 crore for 5G spectrum sale

Reliance Jio Infocomm, Bharti Airtel, Adani Data Networks, and Vodafone Idea (Vi) have put in earnest money deposits (EMDs) of Rs 14,000 crore, Rs 5,500 crore, Rs 100 crore, and Rs 2,200 crore, respectively. The EMDs are part of applications that the applicants filed to the Department of Telecommunications (DoT) to participate in the upcoming 5G spectrum sale, starting July 26.

Read more here.

Hindalco partners with Israel’s Phinergy to develop aluminium-air batteries for EVs in India

Hindalco Ltd has signed a Memorandum of Understanding (MoU) with Israel-based metal-air battery technology pioneer Phinergy to develop and pilot the production of aluminium (Al) plates for aluminium-air batteries in India. In an aluminium-air battery, energy is released when Al reacts with oxygen in ambient air to produce aluminium hydroxide. Due to its lightweight and high energy density, such a battery becomes ideal for electric vehicles (EVs).

Read more here.

Cyient partners with Honeywell to make cloud-connected cockpit system

Cyient Ltd has partnered with Honeywell to manufacture the aviation industry’s first cloud-connected cockpit system— The Honeywell Anthem. It will be driven by a versatile software platform that can be modified for every type of aircraft, including passenger & cargo planes, business jets, and helicopters. The proposed flight deck will have an intuitive interface modeled after smart devices, powered by good connectivity.

Read more here.

Jindal Stainless to supply 3,500 tonnes stainless steel for railway link tunnel project

Jindal Stainless Ltd will supply 3,500 tonnes stainless steel for the Indian Railway’s Udhampur-Srinagar-Baramulla Railway Link (USBRL) tunnel project. This will be the first-ever application of stainless steel cable trays in an Indian railway project. The USBRL tunnel project is a 272 km-long railway link between Jammu and Kashmir. It will provide an all-weather and reliable connectivity between the two cities.

Read more here.

Zydus Lifesciences gets USFDA approval to market generic antifungal medication

Zydus Lifesciences Ltd’s subsidiary has received approval from the US Food & Drug Administration (USFDA) to market antifungal Efinaconazole Topical solution. The pharma group will produce the drug at its topical manufacturing facility in Ahmedabad. As per IQVIA MAT May 2022 data, the generic version of the drug had annual sales of $292 million in the US.

Read more here.

HCL Technologies wins multi-year deal from DSM

HCL Technologies Ltd has signed a multi-year deal to drive the modernization of the core IT business systems of Dutch health and nutrition multinational DSM. The company will implement IT service delivery solutions for approximately 18,000 end users across 200 sites in more than 50 countries. HCL’s Fenix 2.0 digital execution framework will drive transformation at scale across DSM’s business units and product lines.

Read more here.