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Can Bulls Show Strength Again? – Pre-Market Analysis Report

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

Stocks

Piramal Enterprises has approved the public issuance of non-convertible debentures (NCDs) for up to Rs 3,000 crore. 

Vodafone Idea plans to clear about Rs 2,400 crore of dues to the government by September.

BEML has bagged an order from the Ministry of Defence (Army) for the supply of command post vehicles. The order is worth Rs 101 crore approximately.

What Happened Yesterday?

NIFTY started the day at 19,417 with a small gap-up of 23 points. Throughout the day, the index consolidated within just a 60-point range! The index closed at 19,396, up by 2.85 points or 0.01%.

BANK NIFTY started the day at 44,125 with a gap-up of 123 points. Similar to NIFTY, the bank index also consolidated within a 150+ point range throughout the day with negative bias. BANK NIFTY closed at 43,993, down by 8.75 points or 0.02%. 

U.S. markets closed in the red. The European markets closed in the green.

What to Expect Today?

The Asian markets are trading in the green.

The U.S. Futures are trading in green.

GIFT NIFTY is trading in green at 19,359.

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

NIFTY has supports at 19,360, 19,300 and 19,240. We can expect resistances at 19,400 19,438 and 19,500.

BANK NIFTY has supports at 43,960, 43,830 and 43,680. Resistances are at 44,100, 44,150 and 44,277.

NIFTY has the highest call OI build-up at 19,400. The highest put OI build-up is at 19,300. PCR is at 0.76.

BANK NIFTY has the highest call OI build-up at 44,000. The highest put OI build-up is also at 44,000. PCR is at 0.84.

Foreign Institutional Investors net-sold shares worth Rs -495 crores. Domestic Institutional Investors net-bought worth Rs 533 crores.

INDIA VIX is at 11.74. 

FINNIFTY’s expiry showed that this week’s current trend is consolidation.

Overall, our markets and other global markets are continuing to be weak. BANK NIFTY is in a “sell on rise” trading setup, where big wicks are being created in the day candle. 

Just two more trading days to go for the next weekly expiry, hence the heavy selling at 19,400 should be looked at. NIFTY will have a tendency to give a short-covering move if it crosses 19,450 quickly.

Straddle sellers at 44,000 have a good breathing space before getting in trouble.

A big gap-up in NIFTY can trigger a move in the morning. Keep your trades ready!

Have a safe trading day!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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GQG Partners, Others Invest Nearly $1 Billion in Adani Group – Top Indian Market Updates

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

GQG Partners, others invest nearly $1 billion in Adani Group stocks

US-based investment firm GQG Partners and other investors have bought close to $1 billion (₹8,200 crore) of additional stakes in Adani Group companies. GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (₹13,600 crore). The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (₹9,600 crore).

Read more here.

BPCL to raise Rs 18,000 crore via rights issue

The board of Bharat Petroleum Corporation Ltd (BPCL) has approved a proposal to raise up to Rs 18,000 crore through a rights issue. The company will raise the capital by issuing equity shares to eligible shareholders on a rights basis. The record date for the issue will be notified later. The capital infusion is for achieving energy transition, net zero, and energy security objectives.

Read more here.

BEML wins orders worth Rs 385 crore

BEML has secured an order from Bharat Dynamics and Bharat Electronics Ltd for the supply of High Mobility Vehicles (HMV). The total contract value is ₹385 crore. BEML manufactures a wide range of heavy earthmoving equipment, with 50% sales from the mining and construction industry, 23% revenues from vehicles supply for defence forces, and 27% sales contributed by the rail and metro segments.

Read more here.

Power Grid board approves 3 investment proposals worth Rs 389 crore

Power Grid Corporation of India Ltd’s (PGCIL) board has approved three investment proposals worth ₹389 crore. The first proposal is for a change in scope for the establishment of a dedicated telecom network for the National Transmission Asset Management Centre at a cost of ₹164.38 crore. The second proposal is for the western region expansion scheme at an estimated cost of ₹115.09 crore. The third is for the Information & Communications Technology augmentation at Navsari at an estimated cost of ₹109.47 crore.

Read more here.

Adani Power’s Jharkhand plant commences supply to Bangladesh

Adani Power has started exporting power to Bangladesh from its 1,600 megawatts (MW) plant in Godda, Jharkhand. The company’s subsidiary, Adani Power Jharkhand Ltd (APJL), has achieved the commercial operations date of its second unit of 2×800 MW Godda ultra-supercritical thermal power plant. It completed the reliability run test, including commercial operation tests of the second unit of Godda power plant, on June 25.

Read more here.

HDFC, Tomorrow Capital makes strategic investment in Bonito Designs

Housing Development Finance Corporation (HDFC), Tomorrow Capital, and a few high-net-worth individuals (HNIs) have invested ₹40 crore in interior design firm Bonito Designs. Bonito Designs is backed by Lodha Ventures and has a valuation of ₹650 crore. This strategic alliance with HDFC is expected to help the company deepen its presence in Mumbai and Bengaluru.

Read more here.

Thermax plans entry into renewable power, electrolyser production

Thermax Ltd is planning to make a full-fledged entry into renewable power generation, electrolyzer manufacturing, and green hydrogen generation projects over the coming years. The move comes as the company seeks to meet the needs of customers transitioning to cleaner fuels. Thermax has set up open access-based renewable energy projects for commercial and industrial corporates in Gujarat, Tamil Nadu, and Maharashtra. It has around 250 MW of renewable projects at various stages of development.

Read more here.

Reliance Jio acquires 30.4 lakh new subscribers in April

Reliance Jio continued its dominance over the Indian telecom space as it added 30.4 lakh subscribers in April 2023, as per data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel saw an addition of 76,328 users in April, compared with 10.4 lakh in March. Meanwhile, Vodafone Idea lost 29.9 lakh in April 2023, compared to 12.1 lakh in March.

Read more here.

Tata Sons challenge Rs 1,500cr tax claim on Docomo settlement

According to an ET report, Tata Sons has disputed a ₹1,500-crore ($183 million) tax demand on its $1.27-billion settlement in 2017 with NTT Docomo over a now-defunct telecom joint venture. The Directorate General of GST Intelligence (DGGI), which had raised the tax claim, has now moved the Bombay High Court seeking a three-month extension for the next hearing on a petition filed by Tata Sons challenging the tax demand.

Read more here.

Bandhan Bank triples number of branches to 1,500 in <8 years

Bandhan Bank has tripled the number of its branches in nearly eight years of operations, totalling 1,500 at present. The lender has a network of 6,000 banking outlets across the country. The Kolkata-based bank started operations with 501 branches on August 2015. Presently, it is spread across 34 states and UTs.

Read more here.

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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.

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GAIL Looks to Buy 26% Stake in US LNG Export Plant – Top Indian Market Updates

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

GAIL looks to buy 26% stake in a US LNG export plant

State-owned GAIL (India) Ltd has released an Expression of Interest (EoI) to acquire up to 26% in a US-based LNG plant or a proposed facility that will be commissioned by 2027 amid a rising fuel demand. The company is also focused on sourcing 1 million tonnes of LNG a year from the same facility for 15 years starting 2026. GAIL already has two long-term contracts for supply from LNG export plants.

Read more here.

IndiGo looking to start flights to many international destinations: CEO

IndiGo is looking to start flights to Nairobi, Jakarta, and some central Asian destinations as the carrier focuses on internationalisation, said Chief Executive Officer (CEO) Pieter Elbers. He asserted that there is a lot of growth ahead in the Indian market that “justifies multiple airlines”. IndiGo, which has more than 300 planes in its fleet, currently operates to 76 domestic and 26 international destinations.

Read more here.

Glenmark Pharma receives 2nd tentative approval from USFDA for generic diabetes tablets

Glenmark Pharmaceuticals Ltd’s US subsidiary has received the second tentative approval from the US Food & Drug Administration (USFDA) for Saxagliptin tablets. The drug is used to control blood sugar levels and treat type 2 diabetes mellitus. The USFDA issues a tentative approval letter to an applicant before the final approval of the generic drug product until all patent or exclusivity issues are resolved.

Read more here.

Lupin receives USFDA’s establishment inspection report for its Nagpur facility

Pharmaceuticals firm Lupin Ltd has received the establishment inspection report from the US Food & Drug Administration (USFDA) for its new injectable facility located in Nagpur. The establishment inspection report (EIR) was issued after the last inspection of the facility conducted from October 17-29, 2022. 

Read more here.

Coromandel International develops nanotechnology-based fertilizer

Agriculture solutions provider Coromandel International Ltd has developed a nanotechnology-based fertilizer (Nano DAP) from its research & development centre at the Indian Institute of Technology, Bombay. The company has been conducting extensive field studies on product efficacy, biosafety, and toxicity for the launch of Nano DAP in different agro-climatic zones with various agricultural universities.

Read more here.

BEML signs multiple MoUs during Aero India 2023

BEML has signed a Memorandum of Understanding (MoU) with Bharat Electronics Ltd for joint development and production of missile modules, airframes, and other mechanical systems for some upcoming missile programs. The company has also entered into an MoU with the Indian Navy for the development of customised storage and handling system for various types of ammunition.

Read more here.

SC refuses to accept Centre’s suggestion in sealed cover in Adani-Hindenburg issue

The Supreme Court said it will not accept the sealed-cover suggestion by the Centre to form an expert committee to examine the report by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. A bench headed by Chief Justice of India D Y Chandrachud said, “we will select the experts and maintain full transparency”.

Read more here.

PVR opens 8-screen multiplex in Indore

PVR announced the opening of an eight-screen multiplex at Phoenix Citadel Mall in Indore, Madhya Pradesh. The company now operates 299 screens in 70 properties across 25 cities in central India. Meanwhile, today (Feb 17) is the record date in the merger process whereby the shareholders of Inox Leisure will receive three shares of PVR for every ten shares of Inox Leisure.

Read more here.

Max Estates to develop 2.4 million square feet of residential space in Gurugram

Max Ventures & Industries Ltd’s (MaxVIL) real-estate arm has entered the residential real estate market in Gurugram through a joint development agreement. The plot has a development potential of 2.4 million square feet and a gross development value of over ₹3,200 crore. The land parcel measures 11.8 acres and is located in Sector 36A, Gurugram.

Read more here.

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Tata Motors Posts ₹944Cr Net Loss in Q2 – Top Indian Market Updates

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

Tata Motors Q2 Results: Net loss narrows at ₹944 crore

Tata Motors Ltd reported a consolidated net loss of ₹944.61 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹4,441.57 crore in Q2 FY22. Its revenue from operations rose 29.7% YoY to ₹79,611 crore in Q2 FY23. The automaker’s domestic commercial vehicles business registered a 19% YoY growth in sales. The passenger vehicle (PV) business continued its strong momentum with wholesales at 1.42 units in Q2, up 69% YoY.  

Read more here.

Adani Ports to acquire 49.38% stake in Indian Oiltanking for ₹1,050 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) has entered into a definitive agreement to acquire Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd (IOTL). IOTL is one of India’s largest operators of liquid storage facilities. This agreement also includes the acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a subsidiary of IOTL.

Read more here.

BEML Q2 Results: Net profit rises 52% YoY to ₹16.26 crore

State-owned BEML reported a 52.5% year-on-year (YoY) rise in consolidated net profit to ₹16.26 crore for the quarter ended Sept (Q2 FY23). Its total income fell 20.4% YoY to ₹806.11 crore during the same period. Total expenses stood at ₹789.84 crore in Q2, down 21% YoY. BEML manufactures a variety of heavy equipment for earth moving, transport, and mining.

Read more here.

Sun Pharma signs pact with SPARC to commercialise medication in US

Sun Pharmaceutical Industries has signed a licensing agreement with Sun Pharma Advanced Research Company (SPARC) to commercialise benzyl alcohol and propylene glycol-free phenobarbital sodium powder for injection in the US market. The drug is used to treat neonatal seizures. Under the terms of the license agreement, Sun Pharma will pay SPARC an upfront payment of $10 million.

Read more here.

Barbeque Nation Q2 Results: Net profit jumps 143% YoY to ₹7 crore

Barbeque Nation Hospitality Ltd reported a 143% YoY jump in consolidated net profit to ₹7.1 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 40.3% YoY to ₹310 crore during the same period. The growth in Q2 was supported by improvement in the dine-in business. Both Toscano and BARQ’s international businesses posted robust performance.

Read more here.

TVS Motor signs pact with Amazon India to scale up EV deployment

TVS Motor Company has signed an agreement with Amazon India to scale up electric vehicle (EV) deployment and strengthen their commitment to achieving net-zero carbon. As part of this collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries. The two entities will examine EV use cases for various Amazon business groups for its network and logistical requirements.

Read more here.

Godrej Properties Q2 Results: Net profit rises 54% YoY to ₹55 crore

Godrej Properties Ltd reported a 54% YoY increase in consolidated net profit to ₹55 crore for the quarter ended Sept (Q2 FY23). Its total income rose 13% YoY to ₹327 crore during the same period. The real estate developer witnessed total bookings worth ₹2,409 crore and a total booking volume of 2.71 million sq. ft in Q2. It launched four new projects and phases across three cities.

Read more here.

Tata Power RE to set up 150 MW solar project in Solapur

Tata Power Renewable Energy Ltd (TREPL) has received a Letter of Award from the Maharashtra State Electricity Distribution Corp Ltd (MESDCL) to set up a 150 MW solar project in Solapur. The company secured the order through tariff-based competitive bidding followed by an e-reverse auction. With this order, the total renewables capacity of TPREL has reached 5,786 megawatts (MW).

Read more here.

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IOC Reports 78% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Indian Oil

IOCL Q4 Results: Net profit rises 78% QoQ to Rs 8,781 crore

Indian Oil Corporation Ltd (IOCL) reported a 78.6% quarter-on-quarter (QoQ) increase in net profit to Rs 8,781 crore for the quarter ended March (Q4). Its revenue rose 16.3% QoQ to Rs 1.24 lakh crore during the same period. The oil retailer’s operating profit grew 40.3% QoQ to Rs 13,502 crore. The company’s gross refining margin (GRM) stood at $5.46 a barrel in FY21, compared with $0.08 per barrel in FY20. IOCL’s board has recommended a final dividend of Rs 1.50 per share.

Read more here.

Adani Green Energy to acquire 5-GW renewable portfolio from SB Energy for $3.5 billion

Adani Green Energy Ltd (AGEL) has signed definitive agreements to acquire 5 gigawatts (GW) of renewable power portfolio from SB Energy India for a fully completed enterprise evaluation of $3.5 billion (~Rs 25,600 crore). SB Energy is a joint venture (JV) between Japan-based Softbank Group and Bharti Group, who held 80% and 20% stake, respectively. It has a total renewable portfolio of 4,954 megawatts (MW) across four states in India. This transaction marks the largest acquisition in the renewable energy sector in India.

Read more here.

JK Tyre Q4 Results: Net profit at Rs 196 crore

JK Tyre & Industries reported a consolidated net profit of Rs 196.02 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 46.95 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 63.3% YoY to Rs 2,921.28 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has jumped 111% YoY to Rs 319.34 crore. The company’s board has recommended a dividend of Rs 2 per share.

Read more here.

Anupam Rasayan secures orders worth Rs 540 crore to supply specialty chemicals

Anupam Rasayan India Ltd has secured orders worth Rs 540 crore from two multinational companies for supplying specialty chemicals. The company will provide life sciences-related specialty chemicals to both firms for a period of five years. It will produce the materials required for these contracts in its current multipurpose facilities. Gujarat-based Anupam Rasayan is engaged in custom synthesis and manufacturing of specialty chemicals.

Read more here.

BEML unveils mechanical minefield marking equipment for Indian Army

BEML has rolled out the prototype of mechanical minefield marking equipment Mk-II, built on BEML TATRA 6×6— an ‘Atmanirbhar’ product. The equipment is designed for marking minefields at a faster rate, semi-automatically, and with minimal human intervention. The product was developed through a transfer of technology (ToT) from Research & Development Establishment Engineers (R&DE Engineers) of the Defence Research and Development Organisation (DRDO). 

Read more here.

Heritage Foods Q4 Results: Net profit at Rs 24 crore

Heritage Foods Ltd reported a consolidated net profit of Rs 24.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 209.9 crore in the corresponding quarter last year (Q4 FY20). The dairy company’s revenue from operations declined by 5% YoY to Rs 619.4 crore in Q4 FY21. The board of Heritage Foods has recommended a dividend of Rs 5 per share.

Read more here.

Royal Enfield to recall 2.36 lakh motorcycles due to defects in ignition coil

Eicher Motors-owned Royal Enfield announced that it will recall around 2,36,966 motorcycles across several models due to defects in the ignition coil. The defects could cause misfiring, and in rare cases, an electric short circuit. The recall will apply to Meteor, Classic, and Bullet model motorcycles sold in India, Thailand, Indonesia, Philippines, Australia, New Zealand, and Malaysia. The defect was discovered during routine internal testing.

Read more here.

Endurance Tech Q4 Results: Net profit rises 75% YoY to Rs 187.4 crore

Endurance Technologies reported a 75.42% YoY increase in consolidated net profit to Rs 187.4 crore for the quarter ended March (Q4). Net profit has declined by 1.4% when compared to the previous quarter. Its sales revenues rose 33.58% YoY to Rs 2,132.90 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 8% YoY to Rs 519.7 crore. The company’s board has recommended a dividend of Rs 6 per share. Endurance Technologies is a leading manufacturer of automotive components in India.

Read more here.

Happiest Minds partners with Coca Cola Bottling Company to drive robotic automation journey 

Happiest Minds Technologies said it has successfully executed a digital transformation project for Coca Cola Bottling Company United. The order is for streamlining Coca Cola United’s order management with robotic process automation (RPA) in Microsoft Power Automate. The new, simplified process allows orders from all channels, such as inbound and outbound call center agents, field service sales representatives at customer sites, and via a customer self-service portal.

Read more here.

Dr Reddy’s in talks with RDIF on Sputnik V for other countries

Dr Reddys Laboratories is in discussions with the Russian Direct Investment Fund (RDIF) for acquiring rights of Covid-19 vaccine Sputnik V for more countries. Recently, Dr Reddy’s and Apollo Hospital announced that they have kicked off the first phase of vaccinations with Sputnik V in Hyderabad and Visakhapatnam. The pharma company plans to supply Sputnik V to the Indian government only when local production begins around July.

Read more here.

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Cabinet Approves Proposal to Set Up Development Finance Institution – Top Indian Market News

Cabinet approves proposal to set up Development Finance Institution

The Union Cabinet, on Tuesday, approved the creation of a Development Finance Institution (DFI) for funding infrastructure and development activities in the country. The government will initially infuse Rs 20,000 crore into this institution. Finance Minister Nirmala Sitharaman said that the DFI is expected to raise up to Rs 3 lakh crore in the next few years. The DFI will start with 100% ownership of the Government of India. This figure will gradually be brought down to 26%.

Read more here.

L&T secures multiple orders across business segments in domestic market

Larsen & Toubro (L&T) Limited has received multiple orders across its business segments in the domestic market. The company’s water and effluent treatment business has secured EPC (engineering, procurement, and construction) orders from the Rural Water Supply and Sanitation Department, Odisha. L&T’s buildings and factories business has secured an order from a leading cement manufacturer to construct a 10,000 TPD (tonnes per day) Integrated Cement Plant in Pali, Rajasthan. The value of the orders ranges between Rs 1,000 crore and Rs 2,500 crore.

Read more here.

Godrej Properties raises Rs 3,750 crore via QIP

Godrej Properties Ltd has raised Rs 3,750 crore through a qualified institutional placement (QIP). The company’s board has issued 2.59 crore equity shares (of the face value of Rs 5 each) to eligible qualified institutional buyers (QIBs) at Rs 1,513.39 per share. Godrej Properties will utilise the funds to buy land and expand its business.

Read more here.

GMM Pfaudler acquires assets of HDO Technologies

GMM Pfaudler announced that it has participated in the e-auction process for the sale of assets owned by HDO Technologies, which is currently under liquidation. The company has been declared as the successful bidder for assets including factory land, building, plant & machinery, office equipment, etc. A consideration of Rs 58.46 crore will be paid for the proposed assets. The tentative date for the completion of the transaction is April 30, 2021.

Read more here.

TCS launches SaaS-based platform to secure enterprises from cyber risks

Tata Consultancy Services (TCS) has launched a software-as-a-service (SaaS)-based automated vulnerability remediation platform to protect enterprises from cyber attacks. The platform will identify and prioritise vulnerabilities in the software libraries of enterprises and proactively fix them. It provides risk-based analytics that helps security and IT operations teams to mitigate known risks.

Read more here.

BEML receives orders worth $23 million from Bangladesh, Cameroon

State-owned BEML Limited has received export orders from Cameroon and Bangladesh under the Government of India- Lines of Credit. The company will supply 71 units of construction equipment consisting of bulldozers, excavators, motor graders, etc to the Ministry of Economy-Planning & Regional Development, Cameroon. It will also supply equipment for road construction and infrastructure projects to the Ministry of Roads & Highways Department, Bangladesh. The total value of the orders is estimated at $23 million (~Rs 167 crore)  

Read more here.

HG Infra Engineering secures order from NTPC

HG Infra Engineering Ltd has received an order worth Rs 122.38 crore from state-owned NTPC Limited. The order is for the transportation of 26.41 lakh cubic metres of pond ash from NTPC Ramagundam to the NHAI-PIU-Mancherial road construction project. The project has to be completed within 15 months.

Read more here.

Gland Pharma to supply 252 million doses of Sputnik V vaccine

Gland Pharma Limited has entered into an agreement with the Russian Direct Investment Fund (RDIF) to supply up to 252 million doses of Sputnik V Covid-19 vaccine. The company will utilise its Drug Substance and Drug Product facilities at its sites in Hyderabad. The production is expected to commence from the third quarter of 2021.

Read more here.

IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 60% on the first day of bidding. The portion reserved for retail investors was subscribed 1.10 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 20% and that of employees 1.15%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 6.05 times on the second day of bidding. The portion reserved for retail investors was subscribed 10.38 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.48 times and that of qualified institutional buyers (QIBs) 1.15 times. You can learn more about the IPO here.

Craftsman Automation

The Rs 823.70-crore initial public offering (IPO) of Craftsman Automation was subscribed 1.26 times on the second day of bidding. The portion reserved for retail investors was subscribed 2.11 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 19% and that of QIBs 56%. To know more about the IPO, click here.

Anupam Rasayan India

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 44.06 times on the final day of bidding. The portion reserved for retail investors was subscribed 10.77 times and that of employees 1.71 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 97.42 times and that of QIBs 65.74 times. To know more about the IPO, click here.

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Tata Motors’ Shareholders Approve Hiving Off PV Business Into New Entity – Top Indian Market News

Tata Motors’ shareholders approve hiving off PV business into new entity

Tata Motors Limited announced that its shareholders have approved the separation of its passenger vehicle (PV) business into a new entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the PV business unit to TML Business Analytics Services Ltd on a slump sale basis. The automaker said that its passenger vehicles business is valued at Rs 9,417 crore. The process of hiving-off its domestic PV business is expected to be completed by May-June this year.

Read more here.

Tata Motors, Ashok Leyland, M&M looking to acquire 26% stake in BEML: Report

As per a report from Mint, Tata Motors, Ashok Leyland, and Mahindra & Mahindra are among at least six companies looking to buy the government’s 26% stake in state-run BEML Limited. The report states that Bharat Forge and Megha Engineering & Infrastructure are also likely to submit Expression of Interest (EoI) for acquiring the stake in BEML. In January 2021, the Department of Investment and Public Asset Management (DIPAM) had invited EoIs to offload their 26% stake in BEML. The government currently holds a 54.03% stake in the defence and construction equipment manufacturing firm. 

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Atul Auto launches new autorickshaw model in CNG, LPG, and petrol variants

Atul Auto Limited has announced the launch of a new next-generation CNG, LPG, and petrol autorickshaw model for the Gujarat market. The supplies of the new model will begin from April 2021 for India and international markets. The new model comes with features like an international styled beige dashboard, semi-digital instrument cluster, step-less entry, and LED tail lamps.

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Adani Green Energy’s subsidiary commissions 100-MW wind power plant in Gujarat

Adani Green Energy Limited announced that its subsidiary, Adani Wind Energy Kutch Three Limited (AWEKTL), has commissioned a 100 megawatt (MW) wind power plant in Kutch, Gujarat. With this, the company has an operational wind generation capacity of 497 MW. The plant has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.82 per kilowatt-hour (kwh). 

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Talbros Automotive secures multi-year contract worth Rs 304 crore

Talbros Automotive Components Ltd and its joint venture (JV) partners have won multi-year orders worth Rs 304 crore. The orders are spread across its domestic and international customers. The order covers the company’s flagship products- gaskets and forgings. It also includes products from the JV’s— Talbros Marugo Rubber Pvt Ltd and Magneti Marelli Talbros Chassis Systems Pvt Ltd.

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Easy Trip Planners IPO subscribed 2.33 times on first day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 2.33 times on the first day of bidding. The issue received bids for 3.51 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 12.58 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 15%. 

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DCW raises Rs 410 crore through debentures

DCW Limited said it has raised Rs 410 crore through the issuance of debentures to refinance its existing term loans and increase working capital. The company issued Non-Convertible Debentures (NCDs) worth Rs 350 crore and Optionally Convertible Debentures (OCDs) amounting to Rs 60 crore. The OCDs will be converted into equity within 18 months. The speciality chemical firm expects this fundraise to enhance capacity utilisation and meet increasing product demand.

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Subex to launch new AI automation platform in April

Subex Limited announced that it will launch a new artificial intelligence (AI) automation platform in April 2021. The platform will help enterprises in their AI adoption journey. Bengaluru-based Subex is a leading software company that provides digital trust products for telecom service providers. 

Natco Pharma receives final approval from USFDA for Everolimus tablets

Natco Pharma Limited announced that its marketing partner, Breckenridge Pharmaceutical Inc. (BPI), has received final approval for Everolimus Tablets from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of breast cancer and a few other types of cancers. BPI plans to launch 2.5 mg, 5 mg, and 7.5 mg strengths of the product shortly within the next few weeks.

Meera Industries receives export order worth $180,000

Meera Industries Limited has received an export order worth $180,000 (~Rs 1.31 crore) from Turkey-based Monofiber Teknik Tekstil San Tic. The order is for the company’s recently launched MODEL DTX-260 (Direct Twisting + Precision Winding). The machine is used for all kinds of industrial thread twisting and winding like woven sacks threads, cotton twine, etc. Meera Industries is a leading textile machinery manufacturing company based in Gujarat.

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HDFC Bank’s Q3 Net Profit Rises 18% YoY – Top Indian Market News

HDFC Bank Q3 Results: Net profit rises 18% YoY to Rs 8,758 crore

HDFC Bank Ltd reported an 18.1% YoY increase in net profit to Rs 8,758.3 crore for the quarter ended December (Q3). It had posted a net profit of Rs 7,416.48 crore in the corresponding period a year ago. The bank’s net interest income (NII) rose 15.1% YoY to Rs 16,317.6 crore. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors]. Asset quality of the bank has seen improvement in the December quarter. It had also made provisions and contingencies amounting to Rs 3,414.1 crore in Q3.

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World’s biggest Covid-19 vaccination drive begins in India

India, on Saturday, launched one of the biggest Covid-19 vaccination drives in the world. Adequate doses of the two ‘Made-in-India’ vaccines (Covishield and Covaxin) had been delivered to all states and Union Territories in the past week. The vaccine will be administered to more than 3 lakh healthcare workers on the first day. In the first phase, which starts from January 16 and ends on February 16, around 100 people will receive shots at each of the 3,006 vaccination sites.

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Adani, GMR, Godrej, and 7 other firms in race to redevelop Mumbai CST railway station

Adani Railway Transport, GMR Enterprises, Godrej Properties, and Oberoi Realty have submitted applications for the redevelopment project for Mumbai’s Chhatrapati Shivaji Maharaj Terminus (CSMT) railway station. The CSTM redevelopment project includes segregation of arrival and departure platforms, better services for passengers, and energy-efficient buildings. The heritage site will also be restored to its 1930s levels. The redevelopment cost, including the cost of financing and contingency, is estimated at Rs 1,642 crore.

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Piramal Group wins bid for DHFL; secures 93.5% votes from CoC

The Committee of Creditors (CoC) of Dewan Housing Finance Corporation Ltd (DHFL) has voted in favour of a resolution plan submitted by the Piramal Group. The sixth round of voting on resolution plans for DHFL closed on Friday, with 93.5% of creditors voting in favor of Piramal. It has been reported that the Piramal Group offered Rs 37,250 crore as part of their settlement offer to DHFL’s creditors. They beat Oaktree Capital and Adani Group to win the bid.

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Apollo Pipes Q3 Results: Net profit rises 145% YoY to Rs 16 crore

Apollo Pipes Ltd reported a 144.83% YoY increase in net profit to Rs 16.33 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 6.66 crore in Q3 FY20. Its revenue from operations rose by 28% YoY to Rs 128.1 crore. Apollo Pipes’ MD stated that the performance in Q3 was led by a robust uptick in consumption in the domestic markets. The company had also introduced cost-optimization measures during the quarter. 

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BEML launches India’s first indigenously developed driverless metro car 

BEML Ltd has launched India’s first indigenously designed and developed Driverless Metro Car in Bengaluru. The company will supply the metro cars to Mumbai Metropolitan Region Development Authority (MMRDA). The cars will operate on 25 kV AC traction power and will have the provision to carry passenger bicycles in the coaches. It is made up of stainless steel body and can carry 2,280 passengers in 6 cars Metro train‐set. BEML had secured a total order of 576 cars for MMRDA’s MRS1 project. The supply is scheduled progressively up to January 2024. 

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Dr. Reddy’s gets DCGI approval to conduct Phase-3 clinical trials of Sputnik V in India

Dr. Reddy’s Laboratories has received approval from the Drugs Control General of India (DCGI) to conduct Phase-3 clinical trials for the Sputnik V vaccine. The trials will be conducted on 1,500 subjects as part of the randomized, double-blind, parallel-group, placebo-controlled study in India. The Data and Safety Monitoring Board (DSMB) had reviewed the data from the Phase-2 clinical trial of the vaccine and recommended Phase-3 recruitment. In its report, DSMB concluded that no safety concerns were identified, and the study met the primary endpoints of safety. 

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Shoppers Stop Q3 Results: Net loss widens to Rs 25 crore

Shoppers Stop Ltd reported a net loss of Rs 25.11 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 6.51 crore in the corresponding period a year ago. Its revenue declined by 27.2% YoY to Rs 746.45 crore in Q3 FY21. The company stated that business recovery during the festive period had been encouraging. Shoppers Stop was able to generate higher digital sales in Q3.

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IRFC raises Rs 1,390 crore from 31 anchor investors ahead of IPO

Indian Railway Finance Corporation (IRFC) has raised Rs 1,390 crore from 31 anchor investors ahead of its proposed initial public offering (IPO). Around 53.46 crore equity shares were allotted to anchor investors at an upper price band of Rs 26 per share. Almost 61% of the anchor portion was allotted to four domestic mutual funds- HDFC, Nippon Life, Invesco, and ITPL. The Rs 4,633-crore IPO of IRFC is set to open for subscription on January 18 (Monday) in the price band of Rs 25-26 per share.

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IRB InvIT Fund Q3 Results: Net profit rises 2% YoY to Rs 58 crore

IRB InvIT Fund reported a 2.03% YoY increase in consolidated net profit to Rs 58 crore for the quarter ended December (Q3). Its revenue stood at Rs 332.59 crore during the same period. The firm stated that toll collections were above pre-Covid levels. Electronic toll collection was in the range of 75% to 80% and is likely to go up further, as FASTags will be made mandatory from February 2021. IRB InvIT Fund is India’s first listed infrastructure investment trust (InvIT). The trust operates and maintains a portfolio of toll road concessions throughout India.

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India’s Manufacturing PMI Remains Stable in December – Top Indian Market News

India’s manufacturing PMI in expansionary zone for fifth straight month

Aided by improved domestic demand, business activity in India’s manufacturing sector continued to recover in December 2020. IHS Markit’s Manufacturing Purchasing Managers Index (PMI) rose from 56.3 in November to 56.4 in December. The loosening of Covid-19 restrictions, strengthening demand, and improved market conditions had led to an increase in factory orders during December. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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SII to sell first 100 million doses of Covid-19 vaccine at Rs 200 per dose

Serum Institute of India (SII), the manufacturer of the Covishield vaccine, has announced that it plans to charge a special price of Rs 200 per dose for the first 100 million shots that it supplies to the government. Adar Poonawalla (the CEO of SII), stated that his firm is making around 50-60 million doses a month of the AstraZeneca-Oxford vaccine, which is cheaper than the one developed by Pfizer-BioNTech. It is also easier to store and transport. He further said that SII plans to price the vaccine at Rs 1,000 per dose in the open market if the government allows it to do so.

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No plans to enter contract farming, won’t purchase any agricultural land: Reliance Industries

Reliance Industries Limited (RIL) on Monday said it has no plans to enter contract or corporate farming and is committed to empowering farmers. RIL stated that it never bought agricultural land for corporate or contract farming and had no plans to do so either. RIL further said that its subsidiary, Reliance Retail, does not purchase food grains directly from farmers. 

Over the past few weeks, around 1,500 mobile towers and telecom gear owned by RIL’s Jio were vandalised in Punjab, allegedly by farmers. It was reported that farmers were angry over the company’s perceived role in framing three agricultural laws recently passed by Parliament. RIL also said it has filed a writ petition in the Punjab and Haryana High Court against vandalism of its communication towers.

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Jindal Steel & Power posts record sales, production numbers in December

Jindal Steel and Power Ltd (JSPL) posted a record 30% YoY jump in its standalone production and 25% YoY growth in sales during December 2020. The company’s total production from its plants in India was at 7.27 lakh tonne (LT) in December, as compared to 5.59 LT during the same month in 2019. The firm’s standalone sales were at 7.11 LT during the same month, as against 5.67 LT in December 2019. JSPL said the company recorded its highest ever production and sales numbers in December 2020, as well as in the October-December period.

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Income Tax Department raids 15 locations of Zee Entertainment

The Income Tax (I-T) Department has conducted a search and survey at 15 locations of Zee Entertainment Enterprises Ltd (ZEEL). The searches are based on alleged tax evasion data submitted by the Directorate General of GST Intelligence to the I-T department. A spokesperson for ZEEL stated that concerned officials of the company are providing all the required information and extending complete co-operation.

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L&T Hydrocarbon Engineering secures order worth over Rs 7,000 crore from HPCL Rajasthan Refinery

L&T Hydrocarbon Engineering (LTHE) has bagged an order worth over Rs 7,000 crore from HPCL Rajasthan Refinery Ltd (HRRL). The engineering, procurement, construction, and commissioning (EPCC) contract is for setting up a Dual Feed Cracker Unit (DFCU) for the Rajasthan Refinery Project at Barmer, Rajasthan. HRRL is a joint venture between Hindustan Petroleum Corporation (HPCL) and the Government of Rajasthan. 

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GMR Hyderabad, Dubai Airports launch global vaccine supply corridor

GMR Hyderabad International Airport Ltd and GMR Hyderabad Air Cargo have signed a Memorandum of Understanding (MoU) with Dubai Airports to build an exclusive vaccine air freight corridor product called HYDXB-VAXCOR (Hyderabad to Dubai Global Vaccine Corridor). They will prioritise the temperature-sensitive vaccine shipments moving between GMR Hyderabad and Dubai Airports for further connections to various continents for vaccine customers and logistics stakeholders. Hyderabad is the world’s emerging vaccine capital, with five major vaccine producers in the vicinity.

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Bajaj Auto sales rise 11% in December at 3.72 lakh units

Bajaj Auto Ltd, on Monday, reported an 11% YoY increase in total sales at 3,72,532 units in December 2020. The company had sold a total of 3,36,055 units in December 2019. Total motorcycle sales were at 3.38 lakh units in December, as compared to 2.84 lakh units in December 2019. Exports jumped 27% to 2.32 lakh units, as compared to 1.82 lakh units in the same month a year ago.

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Govt to divest 26% stake in BEML, invites bids till March 1

The Indian Government has invited preliminary bids for the strategic sale of a 26% stake, along with the transfer of management control, in BEML Limited. Bidders can submit their Expression of Interest (EoI) for buying the stake in BEML by March 1. SBI Capital Markets Limited has been appointed as the transaction adviser to advise and manage the strategic disinvestment process. BEML Ltd is engaged in the manufacturing and supply of equipment for mining, construction, defence, and rail projects. 

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Marico reports double-digit volume growth in Q3 FY21

Marico Ltd on Monday said it has witnessed a faster than expected recovery in consumer sentiment in India, aided by the festival season and a declining Covid-19 graph. The FMCG major’s Indian business posted a double-digit volume growth, while revenue growth was at par with volume expansion. The company stated that it has witnessed strong performance across its portfolio, with general trade continuing to grow healthily.

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Cochin Shipyard declares interim  dividend of Rs 9 per share

The Board of Directors of Cochin Shipyard Ltd has declared an interim dividend of Rs 9 per equity share of Rs 10 each, for the financial year 2020-21. The company has fixed January 14, 2021, as the record date for the interim dividend. The dividend will be payable to the eligible shareholders on or before February 2, 2021.

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