Tag: bharat forge

Categories
Market News Top 10 News

Cipla Gets DCGI Approval to Import Moderna’s Covid-19 Vaccine – Top Indian Market News

Cipla receives DCGI approval to import Moderna’s Covid-19 vaccine to India

Cipla Limited has received an import license from the Drugs Controller General of India (DCGI) for restricted emergency use of Moderna’s Covid-19 vaccine in India. The vaccine will be used as part of donations from Moderna to our country. Currently, there is no commercial pact between Cipla and the US-based pharma giant. Moderna’s messenger mRNA vaccine will be the fourth Covid-19 jab to be available in India after Covishield, Covaxin, and Sputnik V. The vaccine has shown more than 90% efficacy in clinical trials for protection against Covid-19.

Read more here.

IRCTC Q4 Results: Net profit declines 23% YoY to Rs 104 crore

Indian Railway Catering and Tourism Corp. (IRCTC) Ltd reported a 23% YoY decline in net profit to Rs 103.8 crore for the quarter ended March (Q4). Its revenue from operations fell 41.2% YoY to Rs 338.8 crore during the same period. The revenues from its catering segment declined by 70% YoY to Rs 67.38 crore in Q4. Tourism sales declined by 69% YoY to Rs 31.6 crore. IRCTC’s board has recommended a final dividend of Rs 5 per share.

Read more here.

Reliance to invest in petrochemicals hub in Abu Dhabi: Report

According to a report from Economic Times, Reliance Industries Ltd (RIL) is planning to invest in petrochemical facilities in Abu Dhabi, as it strengthens energy ties with the Middle East. RIL is set to join projects at Abu Dhabi National Oil Company’s Ruwais refining hub. The report further states that Reliance will invest around $1.5 billion (~Rs 11,144 crore) in the facility.

Read more here.

IRFC Q4 Results: Net profit jumps 126% YoY to Rs 1,482.5 crore

Indian Railway Finance Corporation (IRFC) Ltd reported a 126.4% YoY jump in standalone net profit to Rs 1,482.5 crore for the quarter ended March (Q4). Net profit has declined by 85.84% when compared to the previous quarter. Its revenue from operations rose 39% YoY to Rs 4,455 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 38.35% YoY to Rs 4,416.13 crore. IRFC is the dedicated market borrowing subsidiary of the Indian Railways. 

Read more here.

Cyient earns partner-level status in John Deere Achieving Excellence (AE) program 

Cyient Limited has earned Partner-Level status in the John Deere Achieving Excellence (AE) Program for 2020. This is US-based Deere & Company’s highest supplier rating, awarded to companies for outstanding performance in product and service quality. Cyient is a supplier of multiple services to John Deere’s operations in India, including product design, simulation and analysis, cost management, application development, etc.

Read more here.

Jubilant Industries’ arm enters into strategic partnership with H.B. Fuller

Jubilant Agri and Consumer Products Ltd (JACPL), a wholly-owned subsidiary of Jubilant Industries Ltd, has signed a distribution agreement with US-based H.B. Fuller. This strategic collaboration will help expand the reach of H.B. Fuller’s high-performance adhesive solutions through a wide range of technologies. JACPL will serve as a national channel partner to H.B. Fuller.

Read more here.

DCM Shriram Q4 Results: Net profit declines 25% YoY to Rs 19.5 crore 

DCM Shriram Industries reported a 24.9% YoY decline in consolidated net profit to Rs 19.51 crore for the quarter ended March (Q4). Net profit has increased by 24.6% when compared to the previous quarter. Its revenue from operations rose 12.76% YoY to Rs 486.77 crore during the same period. Net profit for the financial year ended March 31, 2012 (FY21) declined by 32.5% YoY to Rs 64.75 crore. New Delhi-based DCM Shriram Industries manufactures and sells sugar, alcohol, power, chemicals, and industrial fibers.

Read more here.

GRSE deploys AI-enabled surveillance systems

Garden Reach Shipbuilders and Engineers (GRSE) Ltd has installed an artificial intelligence (AI)-enabled high-end CCTV network for surveillance at five of its units. The state-of-the-art technology will enable surveillance of the 152.81-acre area of the shipyard to ensure round-the-clock safety and security of all its premises. It will be a valuable tool for detecting unauthorized intrusion or trespassing. The cost of setting up the surveillance systems was Rs 12.95 crore

Read more here.

Parag Milk launches fat-free milk under the brand ‘Pride of Cows’

Parag Milk Foods Ltd announced its entry into the fat-free milk segment under the premium milk brand ‘Pride of Cows’. Fat-free milk will be available in Mumbai, Pune, and Surat at Rs 120 per litre. It will be offered at Rs 140 per litre in Delhi. The company will increase its milk production capacity to 2 lakh litres by 2026 to meet growing demand. Parag Milk Foods’ fat-free milk will also be available on the company’s existing subscription-based model.

Read more here.

GMDC Q4 Results: Net loss at Rs 185 crore

Gujarat Mineral Development Corp. (GMDC) reported a consolidated net loss of Rs 184.63 crore for the quarter ended March 2021 (Q4 FY21). It has posted a net profit of Rs 12.29 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 37.4% YoY to Rs 565.80 crore in Q4 FY21. Net loss for the financial year ended March 31, 2012 (FY21) stood at Rs 39.34 crore. This is compared to a net profit of Rs 146.49 crore in FY20. GMDC’s board has recommended a dividend of Rs 0.2 per share.

Read more here.

Bharat Forge acquires 100% control of Sanghvi Forging and Engineering

Bharat Forge Ltd, through its wholly-owned subsidiary BF Industrial Solutions, has acquired 100% control of Sanghvi Forging & Engineering Ltd (SFEL). The company’s resolution plan for Sanghvi Forging was approved by the National Company Law Tribunal (NCLT) on April 26 and by the Committee of Creditors (CoC) of SFEL on February 17. SFEL manufactures open and closed die forging products for the oil & gas, defence, and shipbuilding industries.

Read more here.

Categories
Market News Top 10 News

RBI Keeps Policy Rates Unchanged; Cuts FY22 GDP Forecast to 9.5% – Top Indian Market News

RBI keeps policy rates unchanged, cuts FY22 GDP growth to 9.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance as long as necessary to support growth and keep inflation within the target. RBI has projected real GDP growth of 9.5% for the current financial year (FY22), which is lower than its earlier estimate of 10.5%. The central bank will create a special liquidity window of Rs 15,000 crore to support the hotel, tourism, and aviation sectors.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

Read more here.

Bharat Forge Q4 Results: Net profit at Rs 212 crore

Bharat Forge Limited reported a consolidated net profit of Rs 212.12 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 68.59 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 16.36% YoY to Rs 2,082.85 crore in Q4 FY21. Bharat Forge reported a net loss of Rs 126.97 crore for the financial year 2020-21 (FY21). This is compared to a net profit of Rs 349.25 crore in FY20. The company’s board has recommended a final dividend of Rs 2 per share.

Read more here.

Tata Consumer enters premium coffee market; launches ‘Sonnets by Tata Coffee’

Tata Consumer Products Ltd (TCPL) has entered the premium roast and ground coffee segment with the launch of ‘Sonnets by Tata Coffee’. Through this brand, TCPL is targeting customers who seek a special coffee experience. They will provide microlot coffees that are limited edition offerings and are processed distinctively on the estates. Sonnets is sourced from Tata Coffee’s plantations in South India. TCPL is also entering the direct-to-consumer space in the coffee segment as it would be sold online only.

Read more here.

Jubilant Pharmova Q4 Results: Net profit declines 17% YoY to Rs 214 crore

Jubilant Pharmova Ltd reported a 17.89% YoY decline in consolidated net profit to Rs 213.90 crore for the quarter ended March (Q4). Net profit has declined by 30.98% when compared to the previous quarter. Its revenue from operations rose 3.63% YoY to Rs 1,551.69 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.94% YoY to Rs 835.87 crore. The pharma company’s board has recommended a dividend of Rs 5 per share. 

Read more here.

Glenmark Pharma gets USFDA approval for Theophylline tablets

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Theophylline extended-release (ER) tablets. The drug is used to prevent and treat wheezing, shortness of breath, and chest tightness caused by asthma, chronic bronchitis, and other lung diseases. According to IQVIA data, Theophylline ER tablets had achieved annual sales of ~$47.8 million (~Rs 348.5 crore) for the 12 months ended April 2021.

Read more here.

RailTel Corp secures order worth Rs 120 crore from Bharat Coking Coal

RailTel Corporation of India has secured an order worth Rs 119.72 crore from Bharat Coking Coal Ltd (BCCL). The work order is for the implementation of MPLS-VPN services along with miscellaneous services at 340 locations of BCCL for a period of five years. RailTel is a Mini Ratna PSU and a leading neutral telecom infrastructure provider. It has a pan-India optic fibre network on exclusive right of way along railway lines.

Read more here.

Bank of India Q4 Results: Net profit at Rs 250 crore

Bank of India reported a standalone net profit of Rs 250.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 3,571.41 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) declined by 29% YoY to Rs 2,936 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 13.77%, compared with 14.78% in the year-ago period. The bank’s net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 2,160.3 crore, compared to a net loss of Rs 2956.89 crore in FY20.

Read more here.

Tesla to start testing Model 3 in India from July-August

According to a report from CNBC-TV 18, Tesla is looking to bring Model 3 to India for testing by July or August. Tesla’s Model 3 is its most affordable and largest selling product in the world. The report further states that backend work to get the product ready for sale before the end of the year is currently underway. The cars will be brought in for testing, Automotive Research of India (ARAI) approvals, and for other regulatory compliances. Tesla will come up with company-owned showrooms in Mumbai, Bangalore, and Delhi, while it may explore a franchise-based model for its workshops in the country.

Read more here.

MOIL Q4 Results: Net profit rises 125% QoQ to Rs 116 crore

MOIL Limited reported a 125.83% quarter-on-quarter (QoQ) increase in net profit to Rs 116.03 crore for the quarter ended March (Q4). Net profit has jumped 761% when compared to the corresponding quarter last year. The mining company’s total income rose 67.7% QoQ (or 70.19% YoY) to Rs 481.56 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 28.84% YoY to Rs 176.63 crore. MOIL’s board has recommended a final dividend of Rs 4.9 per share. 

Read more here.

Jai Corp Q4 Results: Net profit jumps 415% YoY to Rs 14 crore 

Jai Corp Limited reported a 415% YoY jump in consolidated net profit to Rs 14.08 crore for the quarter ended March 2021 (Q4). Net profit has declined by 80.48% when compared to the previous quarter. Its revenue from operations rose 17.55% YoY to Rs 137.74 crore in Q4 FY21. The company’s board has proposed a dividend of Rs 0.50 per share. Jai Corp is primarily engaged in the plastic processing business in India. It also produces, processes, and trades in steel products.

Read more here.

NIIT Q4 Results: Net profit at Rs 46.5 crore

NIIT Limited reported a net profit of Rs 46.5 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 0.6 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 30% YoY to Rs 275.5 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 89% YoY to Rs 143.66 crore. NIIT’s board has recommended a dividend of Rs 2.5 per share.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Jumps to 11-Year High of 10.49% in April – Top Indian Market News

WPI inflation jumps to 11-year high of 10.49% in April

India’s wholesale inflation, as measured by the Wholesale Price Index (WPI), rose to an 11-year high of 10.49% in April 2021. WPI stood at 7.39% in March and 4.83% in February. The annual rate of inflation is high primarily due to the rise in prices of crude petroleum, mineral oils, and manufactured products as compared to April 2020. The prices of food articles rose 3.84%, while prices of manufactured products rose 1.65% over March 2021. The fuel and power index rose 20.94% compared to April 2020, but contracted by 1% over March 2021.

Read more here.

Bharti Airtel Q4 Results: Net profit falls 11% QoQ to Rs 759 crore

Bharti Airtel reported an 11% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 759.2 crore for the quarter ended March (Q4). The telecom company’s revenue fell 2.9% QoQ (up 17% YoY) to Rs 25,747 crore during the same period. The average revenue per user (ARPU) fell to Rs 145 from Rs 166 in the October-December quarter (Q3). Airtel Africa posted a 32.8% QoQ rise in net profit to $154 million in Q4. Bharti Airtel’s global customer base stood at ~47 crore at the end of the financial year 2020-21. 

Read more here.

Shilpa Medicare partners with Dr Reddy’s for production of Sputnik V vaccine

Shilpa Biologicals Pvt Ltd (SBPL), a wholly-owned subsidiary of Shilpa Medicare, has entered into a three-year definitive agreement with Dr Reddy’s Laboratories for the production of Sputnik V Covid-19 vaccine. SBPPL will produce and supply the vaccine from its integrated biologics research & development (R&D) and manufacturing centre at Dharwad, Karnataka. The company aims to produce up to 50 million doses of Sputnik V within the first 12 months.

Read more here.

Federal Bank Q4 Results: Net profit rises 58% YoY to Rs 478 crore

Federal Bank reported a 58.6% YoY increase in net profit to Rs 477.8 crore for the quarter ended March (Q4). Its net interest income (NII) rose 16.8% YoY to Rs 1,420.4 crore during the same period. [NII is the difference between the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 3.41% in Q4, compared with 2.71% in Q3 FY21. Federal Bank’s board has recommended a final dividend of Rs 0.70 per share. 

Read more here.

Panacea Biotec files suit against Sanofi for patent infringement

Panacea Biotec has filed a suit before the Delhi High Court seeking to refrain Sanofi Healthcare India from marketing a fully liquid hexavalent vaccine. The pharma company said a case has been filed in order to stop the infringement of its patent for fully liquid Whole Cell Pertussis-based fully liquid Hexavalent vaccine— EasySix. Both firms have been contesting this particular patent before the Indian Patent Office since 2017. 

Read more here.

Gland Pharma Q4 Results: Net profit rises 34% YoY to Rs 260 crore

Gland Pharma Ltd reported a 34% YoY increase in net profit to Rs 260.4 crore for the quarter ended March (Q4). Net profit has grown by 27% when compared to the previous quarter. Its revenue from operations rose 40% YoY to Rs 887.7 crore during the same period. The drugmaker’s revenue from its core markets of the US, Europe, Canada, and Australia rose 29% YoY to Rs 619.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 29% YoY to Rs 996.96 crore.

Read more here.

Bharat Forge to acquire 49% stake in Kalyani Strategic Systems

Bharat Forge Ltd announced that it will acquire the remaining 49% stake in its subsidiary, Kalyani Strategic Systems Ltd (KSSL). The company currently holds 51% stake in KSSL. The acquisition of shares in KSSL is subject to the prior approval of the Ministry of Home Affairs or the Department for Promotion of Industry and Internal Trade.

Colgate-Palmolive Q4 Results: Net profit rises 54% YoY to Rs 314 crore

Colgate-Palmolive India reported a 54.1% YoY increase in net profit o Rs 314.6 crore for the quarter ended March (Q4). Net profit has risen by 26.7% when compared to the previous quarter. The FMCG company’s revenue from operations rose 20.2% YoY to Rs 1,275 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 26.8% YoY to Rs 1,035.39 crore.

Read more here. 

Rane Brake Q4 Results: Net profit rises 53% YoY to Rs 14.27 crore

Rane Brake Linings reported a 53.11% YoY increase in net profit to Rs 14.27 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 25.2% YoY to Rs 148.4 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 7.4% YoY to Rs 31.8 crore. The company’s board has recommended a final dividend of Rs 25 per share.

TVS NTORQ crosses 1 lakh sales mark in international markets

TVS Motor Company said its scooter brand NTORQ 125 has crossed the one lakh sales milestone in international markets. The company sells the scooter in 19 countries across South Asia, Latin America, the Middle East, and the Association of Southeast Asian Nations (ASEAN). “This achievement is a reinforcement of our commitment to grow the TVS NTORQ brand by setting benchmarks in innovation and creating aspiration for customers,” said TVS Motor Company Director and CEO K N Radhakrishnan in a statement.

Read more here.

Shakti Pumps Q4 Results: Net profit at Rs 30.5 crore

Shakti Pumps (India) Ltd reported a consoldiated net profit of Rs 30.5 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 6.15 crore in the corresponding period last year (Q4 FY20). Its revenue from operations jumped 245% YoY to Rs 319.71 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 75.59 crore. It had posted a net loss of Rs Rs 14.08 crore in FY20. The company’s board has recommended a dividend of Rs 8 per share.

Read more here.

Subex Q4 Results: Net profit declines 51% YoY to Rs 15.6 crore

Subex Limited reported a 51.23% YoY decline in consolidated net profit to Rs 15.6 crore for the quarter ended March (Q4). Net profit has increased by 79% when compared to the previous quarter. Its revenue from operations declined by 7.78% YoY to Rs 96.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.25 per share. Subex is an enterprise software company based in Bangalore. It provides digital trust products to communication service providers.

Categories
Market News Top 10 News

Reliance to Spin-Off Oil-to-Chemicals Segment With $25 Billion Loan – Top Indian Market News

Reliance to spin-off Oil-to-Chemicals segment with $25 billion loan

Reliance Industries Ltd (RIL) announced that it has initiated the process of carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL will retain 100% management control in the subsidiary. It has also extended an interest-bearing loan of $25 billion (~Rs 1.81 lakh crore) to the O2C business. RIL expects to receive necessary approvals for the reorganisation by the second quarter of FY 2021-22.

Read more here.

Cochin Shipyard secures Rs 10,000 crore order from Indian Navy

Cochin Shipyard Limited (CSL) has been declared as the lowest (L1) bidder by the Ministry of Defence for the construction of six next-generation missile vessels for the Indian Navy. The estimated value of the order is Rs 10,000 crore. The final announcement of the contract will be subject to the satisfactory completion of necessary formalities.

Read more here.

Amazon India partners with Mahindra Electric to deploy 10,000 EVs for delivery

Amazon India has partnered with Mahindra Electric to deploy 10,000 electric vehicles (EVs) in its local delivery fleet by 2025. Mahindra’s electric three-wheeler, Treo Zor, is already used by Amazon’s delivery service partners in seven cities, including New Delhi, Bengaluru, and Hyderabad. This is part of Amazon.com Inc’s commitment to having 100,000 EVs in its global delivery fleet by 2030.

Read more here.

Fire breaks out at UPL’s Jhagadia plant in Gujarat

UPL Limited announced that a serious fire broke out at its Jhagadia plant (in Gujarat) in the early hours of Tuesday morning. The company’s emergency team and the local fire brigade brought the massive fire under control. UPL confirmed that two people were killed and around 26 have been injured. It was reported that the fire may have been caused due to an electric short circuit.

Read more here.

Adani Enterprises forms joint venture with EdgeConneX to develop data centres in India

Adani Enterprises has formed a 50:50 joint venture with US-based data centre operator EdgeConneX to build data parks in India. AdaniConneX JV has started the development of hyperscale facilities in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. It will also develop scalable edge data centres across India.

Read more here.

Bharti Airtel partners with Qualcomm for 5G rollout in India

Bharti Airtel has partnered with US-based Qualcomm Technologies for accelerating 5G services in India. The telecom company will utilise Qualcomm 5G Radio Access Network (RAN) platforms to roll-out virtualised and Open RAN-based 5G networks. Recently, Airtel became India’s first telco to demonstrate 5G over a live commercial network in Hyderabad.

Read more here.

Bharat Forge receives order worth Rs 178 crore from Defence Ministry

Bharat Forge has received an order worth Rs 177.95 crore from the Ministry of Defence (MoD) for the supply of Kalyani M4 armoured vehicles to the Indian Army. As per reports, the contract from MoD entails the production of 200 Kalyani M4 vehicles under emergency procurement protocols. On Monday, Bharat Forge had signed an agreement with South Africa-based Paramount Group to manufacture Kalyani M4 vehicles in India.

Read more here.

Heranba Industries IPO subscribed 85% on first day of bidding

The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 85% on the first day of bidding. The issue received bids for 58.76 lakh equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 1.64 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 9%. 

To know more about the IPO, click here.

Zuari Agro Chemicals to sell Goa unit to Pradeep Phosphates for $280 million

Zuari Agro Chemical’s board has approved the sale of the company’s fertilizer plant in Goa and associated businesses to Pradeep Phosphates Ltd. The unit will be sold on a slump sale basis for an agreed enterprise value of $280 million (~Rs 2,030 crore). The business transfer agreement will be executed by the end of February 2021.

Gayatri Projects receives LoA for NHAI road project worth Rs 1,323 crore

Gayatri Projects Limited has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project worth Rs 1,323.5 crore. The order includes the development of six-lane access-controlled roads in the Uttar Pradesh portion of the Delhi-Saharanpur Highway. The project comes under the Economic Corridor in Phase-1 of the Bharatmala Pariyojana.

Sun Pharma to launch complete range of generic anti-epilepsy drug

Sun Pharmaceutical Industries said it plans to launch a complete range of anti-epilepsy drug- Brivaracetam in India. The drug is indicated for the treatment of partial-onset seizures in patients 16 years of age and older with epilepsy. Sun Pharma introduced Brevipil (Brivaracetam) tablet in the strengths of 25 mg/50 mg/75 mg/100 mg on Feb 21. 

Read more here.

Categories
Market News Top 10 News

Supreme Court Halts Future Group-Reliance Deal on Amazon Plea – Top Indian Market News

Supreme Court halts Future Group-Reliance deal on Amazon plea

The Supreme Court on Monday asked the National Company Law Tribunal (NCLT) not to pass a final order on Future Retail’s Rs 24,713-crore asset sale to Reliance Industries Ltd. However, the apex court has allowed the NCLT to continue hearing on amalgamation proceedings between Future Retail and Reliance. The SC also agreed to hear Amazon’s plea against the Delhi High Court verdict staying its single-judge directive to maintain status quo on the deal.

Read more here.

L&T secures large contracts in power transmission segment

Larsen and Toubro (L&T) said its Power Transmission & Distribution (PT&D) business has secured large domestic and overseas contracts. As per the company’s specifications, a ‘large’ contract ranges between Rs 2,500-Rs 5,000 crore. The PT&D business has secured two EPC orders to establish 400 MW solar photovoltaic projects in Gujarat. The business segment has also won an order to install 400 kV line-connected current limiting reactors in Qatar.

Read more here.

Bharat Forge partners with Paramount Group to manufacture armoured vehicles in India

Bharat Forge Limited has partnered with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in India. An agreement was signed by both companies during the International Defence Expo (IDEX 2021) in Abu Dhabi. As per the agreement, the companies will join forces to manufacture Kalyani M4, a flagship aromoured vehicle designed by Paramount in partnership with Pune-based Kalyani Group.

Read more here.

Mindtree achieves Google Cloud Partner specialisation in application development

Mindtree Limited has achieved the Application Development Partner Specialization in the Google Cloud Partner Advantage Program. The IT company said this specialization highlights its expertise and success in building customer solutions in application development using Google Cloud technology. Mindtree further said it is committed to helping enterprises grow and scale their business by offering a wide spectrum of cloud-based services.

Read more here.

Dr Reddy’s launches Lansoprazole tablets in the US

Dr Reddy’s Laboratories has announced the launch of Lansoprazole delayed-release orally disintegrating tablets in the United States. The tablets are used to treat certain stomach and esophagus problems such as acid reflux, ulcers. According to IMS Health data, the generic version of the tablets had US sales of approximately $87 million (~Rs 630 crore) for the recent twelve months ending in December 2020.

Read more here.

Glenmark Pharma’s arm gets Russian Health Ministry approval for Ryaltris nasal spray

Glenmark Pharmaceuticals said its Swiss subsidiary, Glenmark Specialty, has received marketing approval from the Ministry of Health of the Russian Federation for its Ryaltris Nasal Spray. Ryaltris is indicated for the treatment of seasonal and perennial allergic rhinitis in adults and children over the age of 12 years. The company expects the product to be made available to patients in Russia in the first quarter of FY 2021-22.

Read more here.

Vivimed Labs receives approval from Uzbekistan govt for Febril syrup

Vivimed Labs Limited announced that it has received approval for Febril syrup 100ml from the Uzbekistan government. The product is used to relieve symptoms of allergy, hay fever, and the common cold. Hyderabad-based Vivimed Labs is a global supplier of specialty chemicals and pharmaceutical products.

Read more here.

Steel Strips Wheels secures export orders worth €850,000

Steel Strips Wheels Ltd (SSWL) has secured export orders of over 93,000 wheels for the EU caravan trailer market. The orders are valued at around €850,000 (~Rs 7.47 crore). The export orders will be executed between April and June from the company’s plant in Chennai. SSWL is a leading manufacturer of steel wheel rims for various segments of the automobile industry.

Tata Motors launches all-new Safari

Tata Motors Limited, on Monday, launched the all-new Tata Safari at a starting price of Rs 14.69 lakh (ex-showroom, Delhi). The SUV will be available in 6 variants. The automaker has also launched an Adventure Persona edition of the Tata Safari, which ranges between Rs 20.20 lakh – Rs 21.45 lakh.

Read more here.

Hindalco’s board approves amendments to Dividend Distribution Policy

Hindalco Industries Ltd announced that its Board of Directors has approved an amendment to its Dividend Distribution Policy. The objective of this policy is to provide clarity to stakeholders on the company’s dividend distribution framework. Hindalco’s board will now endeavour to distribute a dividend in the range of 8% to 10% of the Free Cash Flow at its consolidated level.

Categories
Market News Top 10 News

Retail Inflation Eases to 4.06% in January; Industry Output Grows 1% in December – Top Indian Market News

Retail inflation eases to 4.06% in January; industry output grows 1% in December

India’s retail inflation, calculated by the Consumer Price Index (CPI), eased to 4.06% in January 2021, primarily due to a decline in vegetable prices. The CPI stood at 4.59% in December 2020 and 7.6% in January 2020. Meanwhile, the Index of Industrial Production (IIP) grew 1% in December 2020. Mining output declined by 4.8%, while power generation grew 5.1% last month. Thus, the Indian economy is witnessing a strong recovery with inflation cooling down and industry output showing a rebound. 

Read more here.

Motherson Sumi Q3 Results: Net profit nearly triples to Rs 798 crore

Motherson Sumi Systems reported a 194% YoY increase in consolidated net profit to Rs 798 crore for the quarter ended December (Q3). The auto parts maker posted a 14% YoY increase in revenue to Rs 17,092.4 crore during the same period. With strong operating cash flows, the company’s net debt is at its lowest level compared to the previous 14 quarters. Motherson Sumo’s domestic wire harness business showed a 44% YoY increase in revenue to Rs 1,343 crore in Q3. 

Read more here.

NTPC commissions Unit-4 of Kameng hydro-electric project

NTPC announced that its fourth 150 megawatt (MW) unit of Kameng Hydro-Electric Project is commercially operational. The project is run by its subsidiary- North Eastern Electric Power Corporation. With this, the commissioned and commercial capacity of NTPC has increased to 64,075 MW.

Read more here.

Voltas Q3 Results: Net profit rises 46% YoY to Rs 129 crore

Tata Group company Voltas Ltd reported a 46.26% YoY increase in consolidated net profit to Rs 128.64 crore for the quarter ended December (Q3). Its revenue rose 32.29% YoY to Rs 2,046.26 crore during the same period. The company saw a strong recovery in its cooling products segment. Voltas’ revenue from unitary cooling products for commercial use increased 40% YoY to Rs 840 crore in Q3.

The company’s board has approved the transfer of domestic projects business to its subsidiary, Universal MEP Projects & Engineering Services. The cash consideration for the business transfer has been estimated at Rs 1,000-1,200 crore.

Read more here.

Sobha Q3 Results: Net profit falls 70% YoY to Rs 21 crore

Sobha Limited reported a 70.49% YoY decline in consolidated net profit to Rs 21.6 crore for the quarter ended December (Q3). The real estate developer’s revenue fell to Rs 696.3 crore, compared with Rs 901.2 crore in Q3 FY20. However, the firm achieved its highest-ever pre-sales volume during the October-December quarter.

Read more here.

Bharat Forge Q3 Results: Net loss at Rs 210 crore

Bharat Forge reported a consolidated net loss of Rs 210.45 crore for the quarter ended December (Q3). The auto components manufacturer posted a 5.9% YoY decline in revenue to Rs 1,723.1 crore during the same period. Bharat Forge stated that a strong recovery in end-market demand in the automobile sector helped the company register healthy double-digit growth in key parameters.

Read more here.

HAL Q3 Results: Net profit rises 85% YoY to Rs 853 crore

Hindustan Aeronautics Ltd (HAL) reported an 85% YoY increase in consolidated net profit to Rs 853 crore for the quarter ended December (Q3). Its consolidated revenue rose 21.8% YoY to Rs 5,425.46 crore during the same period.

Read more here.

Indiabulls Housing Finance Q3 Results: Net profit declines 40% YoY to Rs 329 crore

Indiabulls Housing Finance reported a 40.3% YoY decline in consolidated net profit to Rs 329.32 crore for the quarter ended December (Q3). Its revenue from operations declined by 25% YoY to Rs 2,513.25 crore during the same period. The company’s board has approved fundraising of Rs 5,000 crores through the issue of non-convertible debentures on a private placement basis.

Read more here.

Grasim Q3 Results: Net profit jumps 107% YoY to Rs 2,152 crore

Grasim Industries Limited reported a 107% YoY increase in consolidated net profit to Rs 2,152.33 crore for the quarter ended December (Q3). Its revenue from operations grew 13% YoY to Rs 20,986 crore during the same period. This is the highest-ever consolidated quarterly profit reported by the company, with strong growth across its business segments. 

Read more here.

Equitas SFB launches FASTag powered truck terminal

Equitas Small Finance Bank has launched a FASTag powered truck terminal at Khalapur, Maharashtra. The bank has partnered with Maharashtra State Road Development Corporation Ltd (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd for the same. The terminal has a capacity of 160 trucks that can be parked at any given point in time.