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HAL Signs Rs 2,400 crore Contract With BEL for Tejas MK1A Systems – Top Indian Market News

HAL signs Rs 2,400 crore contract with BEL for Tejas MK1A systems

Hindustan Aeronautics Ltd (HAL) has signed a Rs 2,400 crore contract with Bharat Electronics Limited (BEL) for the development and supply of 20 types of systems for the Light Combat Aircraft (LCA) Tejas Mk1A program. The agreement involves the supply of critical avionics, Line Replaceable Units (LRUs), flight control computers, and night-flying LRUs. The contracted items will be delivered by BEL to HAL in a ready-to-board condition.

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L&T’s power transmission, distribution business secures order from India, overseas

Larsen & Toubro’s (L&T) power transmission and distribution business has received orders from India and overseas. It has received an order to provide a dynamic reactive power compensator system at a substation in Abu Dhabi. The business has also secured orders to construct 380kV Overhead Transmission Lines, 132kV network connections, and to establish a 400kV substation in the Middle East. In India, orders have been won to create power distribution infrastructure in two circle areas of Bengaluru.

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Welspun India enters Dow Jones Sustainability Index

Home textiles company Welspun India Ltd has entered the Dow Jones Sustainability Index (DJSI). It featured in the index due to strong environmental performance and significant improvement in its social and governance impact parameters. In its maiden ranking on the DJSI, Welspun India’s Environmental, Social, and Governance (ESG) score was 48, which is ~62% higher than the average industry score.

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Cadila Healthcare gets orphan drug designation for malaria treatment compound

Cadila Healthcare Ltd announced that its antimalarial compound ZY19489 (MMV253) has received Orphan Drug Designation from the US Food & Drug Administration (USFDA). The Phase-I study of ZY19489 demonstrated a long half-life and potential for a single-dose cure for malaria. Orphan drug designation provides eligibility for certain development incentives, including tax credits for qualified clinical testing and prescription drug user fee exemptions.

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Tata Power’s subsidiary secures 300 MW wind-solar hybrid project

TP Saurya Ltd (TPSL) has received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for setting up a 300 megawatt (MW) wind-solar hybrid power project. TPSL is a wholly-owned subsidiary of Tata Power. This project has been awarded through tariff-based competitive bidding followed by an e-Reverse auction.

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Plaza Premium selects TCS to transform global airport hospitality

Tata Consultancy Services (TCS) has secured a deal from Hong Kong-based Plaza Premium Group (PPG) to develop an end-to-end digital platform that will improve customer experience and operational excellence at 70 airport locations that serve 20 million passengers annually. The platform is expected to be first deployed at Bangalore International Airport Ltd. in early 2022. TCS’ platform will enhance customer experience by simplifying reservations for various services at PPG’s lounges and other hospitality outlets.

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Vodafone Idea to target a four-fold jump in capex to $2 billion 

Vodafone Idea (Vi) is targeting a four-fold jump in annual capital expenditure (capex) to $2 billion (~Rs 15,000 crore) as it looks to take on rivals. The sharp rise in Vi’s annual capex is crucial for the company to revamp its 4G operations across its 17 priority markets. At an internal investors’ call this week, the telecom operator also announced that equity funding (including from promoters) is set to be tied up by March 2022.

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CarTrade Tech to invest $100 million, eyes new acquisitions to accelerate growth

CarTrade Tech Ltd plans to deploy up to $100 million (~Rs 750 crores) to strategically acquire and invest in companies in the automotive space. The company is actively looking to invest in companies that are driving innovation in all aspects of the automobile ecosystem, including auto finance, leasing, insurance, servicing, car ownership, electric vehicles, and new-age tech to digitize the auto buying and selling journey.

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Ramco Systems to implement its aviation suite for Pathfinder Aviation

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 at Pathfinder Aviation, a heli-charter operator with services ranging from survey and exploration, firefighting, heli-skiing, etc. The company’s full suite Aviation Software will integrate and automate various operations at Pathfinder Aviation, empowering them with a one-stop solution to cater to all their complex business needs.

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Britannia revamps Good Day brand; to add three more variants

Britannia Industries Ltd has revamped its largest selling biscuit brand Good Day and also revealed its new identity. The company is expanding the product portfolio of its most-penetrated brand Good Day by adding three more variants in the premium segment. Britannia will launch Good Day Harmony and two other variants in the premium segment, which is growing fast after the pandemic.

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Bharti Airtel Hikes Prepaid Tariffs by up to 25% – Top Indian Market News

Bharti Airtel hikes prepaid tariffs by up to 25%

Telecom operator Bharti Airtel Ltd will raise prepaid tariff rates by up to 25% with effect from November 26. In a notification to the exchanges, the company said that the decision was taken “to provide a reasonable return on capital for a financially healthy business model.” Bharti Airtel aims to enhance its average revenue per user (ARPU) while also bringing about substantial investments as it plans to roll out its 5G network in the country.

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Heranba Industries starts production at new unit in Gujarat

Heranba Industries Ltd has commenced commercial production at its new Unit-IV facility situated at Gujarat Industrial Development Corp (GIDC) in Vapi, Gujarat. The company expects the new production facility to generate revenue of Rs 100 crore per annum. The production capacity and capacity utilisation of the new Unit-IV will be 1,200 million tonnes per annum (MTPA) at maximum capacity. 

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BEL secures biggest export order from Airbus under Govt’s C295 aircraft program

Airbus has signed a deal with Bharat Electronics Ltd (BEL) under the Indian government’s C295 aircraft programme to manufacture and supply Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS). The contract is in line with the ‘Make in India’ policy and is the biggest export order received by BEL till date. The export order is worth $93.15 million (~Rs 690 crore).

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Cars24 partners with Poonawalla Fincorp for consumer financing

Cars24, an e-commerce platform for pre-owned vehicles, and Poonawalla Fincorp Ltd (PFL) have announced a strategic partnership for consumer financing on vehicles bought from Cars24. Under this partnership, PFL will fulfill consumer loans originating through Cars24. According to Cars24 co-founder Ruchit Agarwal, consumer financing penetration in the used cars industry is only at ~20%, and there is a huge market opportunity waiting to be tapped.

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Triveni Engineering partners with GEAE Tech to manufacture gas turbine components

Triveni Engineering & Industries Ltd (TEIL) has signed a 10-year deal with US-based GEAE Technology to locally manufacture certain components for its LM2500 gas turbine, which powers many of the Indian Navy’s vessels. As part of the deal, Triveni will manufacture the gas turbine’s base frame, enclosure, lubricating oil skid, and supply other source-controlled accessories. TEIL is a market leader in engineered-to-order turbo high-speed gears and gearboxes.

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IRCON emerges lowest bidder for railway projects in Sri Lanka, Bangladesh

Ircon International Ltd has emerged as the lowest bidder for projects by Sri Lanka Railways and Bangladesh Railways. The first project (worth Rs 114 crore) was floated by Sri Lanka’s Ministry of Transport Services Management for the design, installation, and commissioning of a signalling system from Maho Junction to Anuradhapura. The second project (worth Rs 24 crore) was floated by the Ministry of Railways, Bangladesh, for the construction of signalling and telecommunication systems.

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Domestic air traffic grows by 27.15% in October: DGCA

Domestic air passenger traffic saw a 27.15% growth during the festive season in October, following a decline in Covid-19 cases and higher vaccination rates. Around 8.99 million passengers took to the skies in October, compared to 7.07 million in September. IndiGo carried 4.81 million passengers last month, securing a market share of 53.5%. SpiceJet carried 0.81 million passengers during October, registering a 9% market share. The data was released by the Directorate General of Civil Aviation (DGCA).

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KPI Global Infra secures repeat order from Surat-based Devika Fibres

KPI Global Infrastructure Ltd has secured a repeat order from Surat-based Devika Fibres (an existing client) for executing a solar power project of 5.20 MWdc capacity under the Captive Power Producer (CPP) segment of the company. Gujarat-based KPI Global Infra develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer.

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IEX resumes trading of renewable energy certificates

Indian Energy Exchange (IEX) will resume trading of renewable energy certificates (RECs) with effect from November 24, 2021, after a gap of almost 16 months. A REC is a market-based instrument that promotes renewable sources of energy and the development of the electricity market. One REC is created when one megawatt-hour of electricity is generated from an eligible renewable energy source.

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Jio loses 1.9 crore users, Airtel adds 2.74 lakh subscribers in September: TRAI

Reliance Jio lost around 1.9 crore wireless subscribers in September 2021, while Bharti Airtel added 2.74 lakh subscribers. Vodafone Idea lost 10.7 lakh wireless subscribers in the same month, shedding customers for the 11th straight month. Bharti Airtel gained a 0.08% market share of wireless subscribers, while Jio’s user base declined 4.29% in September. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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

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

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

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Automobile companies register strong sales growth in March

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

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

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

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

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

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

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

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

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Wipro to acquire Australia-based Ampion for $117 million

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

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

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IRB Infra receives LoA for road project in Himachal Pradesh

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

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Tata Consumer divests stake in Empirical Group, Southern Tea

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

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

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

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

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

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Tata Consumer Q3 Profit Rises 29% YoY to Rs 218 crore – Top Indian Market News

Tata Consumer Q3 Results: Net profit rises 29% YoY to Rs 218 crore

Tata Consumer Products Ltd (TCPL) reported a 29% YoY increase in consolidated net profit to Rs 218.2 crore for the quarter ended December (Q3). Its revenue from operations rose 23% YoY to Rs 3,069.6 crore during the same period. The rise in revenue was led by volume and value growth in the branded business. The revenue from its domestic beverages segment increased by 46% YoY to Rs 1,275 crore. TCPL’s revenue from the food segment stood at Rs 630 crore.

Tata Consumer Products has signed definitive agreements to acquire 100% equity shares of Kottaram Agro Foods (KAF), owner of the brand ‘Soulfull’. This move is consistent with TCPL’s strategic plans to expand its product portfolio and participate in multiple consumption occasions.

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HDFC Q3 Results: Net profit declines 65% YoY to Rs 2,926 crore

Housing Development Finance Corp (HDFC) reported a 65% YoY decline in net profit to Rs 2,925.8 crore for the quarter ended December (Q3). Its revenue fell 42.3% YoY to Rs 11,707 crore during the same period. The company witnessed a 26% YoY growth in individual loan disbursements. HDFC’s total assets under management (AUM) rose 9.3% YoY to Rs 5.52 lakh crore in Q3. Its gross non-performing assets (NPA) ratio stood at 1.67% in Q3, compared with 1.81% in Q2 FY21.

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PVR raises Rs 800 crore via QIP

PVR Limited has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP). The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at Rs 1,440 per share. The multiplex operator said the issue opened on January 27, 2021, and closed on February 1, 2021.

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Dixon Tech Q3 Results: Net profit jumps 134% YoY to Rs 62 crore

Dixon Technologies Ltd reported a 134% YoY increase in net profit to Rs 61.6 crore for the quarter ended December (Q3). Its revenue rose 120% YoY to Rs 2,182.7 crore during the same period. The company’s board has approved a stock split in the ratio 1:5 (one equity share of Rs 10 to be split into five equity shares of face value Rs 2 each). Noida-based Dixon Technologies is a contract manufacturer of televisions, washing machines, smartphones, and LED bulbs for companies such as Samsung, Xiaomi, Panasonic, and Philips.

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Escorts Q3 Results: Net profit rises 83% YoY to Rs 281 crore

Escorts Limited reported an 83.4% YoY increase in net profit to Rs 280.7 crore for the quarter ended December (Q3). Its revenue from operations rose 23.5% YoY to Rs 2,017.4 crore during the same period. The company stated that demand for tractors and other farm equipment is witnessing continuous growth. Escorts’ tractor volumes increased by 25.7% YoY to 31,562 units in Q3.

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Delhi HC says all parties in Amazon-Future dispute need to maintain status quo

The Delhi High Court on Tuesday asked Future Retail Ltd to maintain status quo (keep things the way they presently are) with respect to its Rs 24,713 crore deal with Reliance Retail. This should give interim relief to Amazon.com Inc, as it battles to foil Future Group’s asset sales to its rival. Amazon, locked in legal disputes with Future Group, alleges that the firm violated contracts by agreeing to sell its retail assets to rival Reliance Industries last year.

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BEL records turnover of Rs 2,256 crore in Q3

Bharat Electronics Ltd (BEL) reported a 3.5% YoY increase in turnover to Rs 2,256 crore for the quarter ended December (Q3). The company received orders worth Rs 4,899 crore in Q3 FY21, compared to orders worth Rs 1,260 crore received in the corresponding period last year. BEL’s order book stood at Rs 54,791 crore as of January 1, 2021, as against Rs 54,959 crore as of January 1, 2020.

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Adani Ports records 31% YoY growth in cargo volume in January

Adani Ports & Special Economic Zone (APSEZ) Ltd handled cargo volume of 26.02 million metric tonnes (MMT) in January, a growth of 31% on a year-on-year (YoY) basis. This includes a cargo volume of 3.87 MMT of Krishnapatnam Port, which was acquired by APSEZ in October 2020. During the current financial year (FY21), APSEZ handled cargo volume of 200.14 MMT, registering a growth of 8% YoY.

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Finolex Industries Q3 Results: Net profit at Rs 256 crore

Finolex Industries Ltd reported a net profit of Rs 256 crore for the quarter ended December (Q3). It had posted a net profit of Rs 93 crore in the corresponding quarter last year. The company’s revenue rose 52.5% YoY to Rs 1,066.88 crore in Q3 FY21. Finolex Industries’ board has declared a stock split in the ratio 1:5 (one equity share of Rs 10 will be split into five equity shares of face value Rs 2 each).

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Dr. Reddy’s Labs launches vigabatrin tablets in the US

Dr. Reddy’s Laboratories has announced the launch of vigabatrin tablets in the US markets. The tablets are a therapeutic equivalent generic version of Sabril tablets approved by the US Food & Drug Administration (USFDA). Vigabatrin is a prescription medicine used with other treatments in adults and children above the age of 2 years with refractory complex partial seizures (CPS).  

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Alkyl Amines Q3 Results: Net profit rises 9% YoY to Rs 84 crore

Alkyl Amines Chemicals Ltd reported a 9.6% YoY increase in net profit to Rs 84.49 crore for the quarter ended December (Q3). Its revenue rose 26% YoY to Rs 313 crore during the same period. The company’s board has declared an interim dividend of Rs 10 per share.

Ajanta Pharma Q3 Results: Net profit rises 64% YoY to Rs 176 crore

Ajanta Pharma Limited reported a 64.23% YoY increase in consolidated net profit to Rs 176.63 crore for the quarter ended December (Q3). It had posted a net profit of Rs 107.55 crore during the corresponding quarter last year. The company’s revenue rose 14.98% YoY to Rs 748.74 crore during the same period. Maharashtra-based Ajanta Pharma is engaged in development, manufacturing, and marketing of pharmaceutical formulations.