Tag: Bharti Airtel

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Coal India to Spend Rs 16,500-18,000Cr Over 5 Years – Top Indian Market Updates

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

Coal India to spend ₹16,500-18,000 crore over five years

Coal India Ltd expects to spend ₹16,500 – ₹18,000 crore over the next five years as capital expenditure. For FY25, the company has announced a production target of 850 MT, which is 9% higher than the current year’s target. To support the increase in volumes, Coal India said that it is working on developing sufficient rail infrastructure for the same.

Read more here.

Welspun Corp arm Sintex to set up ₹479 crore manufacturing unit

Welspun Corp Ltd’s wholly-owned subsidiary, Sintex BAPL, has received approval from the Odisha government for its proposal to invest ₹479.47 crore to establish a manufacturing unit. The unit will produce CPVC, UPVC, SWR, agri pipes, PVC fittings, and plastic tanks, boasting an annual capacity of 37,520 tonnes. The company plans to set up the proposed facility in Sambalpur, Odisha.

Read more here.

SBI’s unsecured lending to see moderation after RBI’s tightening

SBI Chairman Dinesh Kumar Khara announced that there will be “moderation” in the bank’s unsecured lending portfolio following the Reserve Bank of India’s tightening of norms. He said the impact of higher risk weights will have a 0.02-0.03% impact on its net interest margins in the December quarter (Q3), but a better picture will emerge in the next quarter.

Earlier this month, the RBI increased risk weights on unsecured lending for banks and non-banking financial companies (NBFCs).

Read more here.

Nazara Tech says there will be new gaming IPs in the next six months

Nazara Technologies is looking at more acquisitions to improve its gaming and e-sports business, which together contributed over 86% of its total revenue as of the financial year ending March 2023. The company has built a strong pipeline, especially in core gaming studio intellectual properties (IPs), eSports space, and a little in ad-tech. 

Read more here.

Bharti Airtel begins IPO process for its subsidiary Bharti Hexacom

According to a CNBC-TV18 report, Bharti Airtel Ltd has begun the process of making its subsidiary Bharti Hexacom public. It will be the first IPO from the Bharti Group after over a decade. Bharti Hexacom’s valuation is likely to be estimated at ₹20,000 crore, and the listing process is likely to be completed by early 2024.

Read more here.

CG Power seeks approval to set up semiconductor assembly unit

CG Power and Industrial Solutions Ltd has filed an application with the Central government to set up an Outsourced Semiconductor Assembly and Test facility (OSAT). The estimated investment in the project over five years is $791 million (approximately ₹6,592 crore). The funding for the project is expected to be through a combination of subsidy, joint venture (JV) partners, equity contribution and debt.

Read more here.

Aurobindo Pharma’s unit gets USFDA nod for Ryzenuta injection

Aurobindo Pharma’s subsidiary, Acrotech Biopharma, and Evive Biotech received approval from the US Food and Drug Administration (USFDA) for Ryzenuta injection. The injection is used to treat chemotherapy-induced neutropenia (an abnormally low count of a type of white blood cell). The approval was based on the results of the two pivotal Phase 3 studies completed in the United States and Europe. 

Read more here.

IndusInd Bank promoters deny report of raising funds via share pledge

IndusInd Bank’s promoters have denied claims of raising funds by pledging their stake in the bank. The bank denied the information in a Business Standard article titled “Hindujas raise ₹8000 crores by pledging IndusInd stake”. The lender labelled the article as “malicious and factually incorrect.” IndusInd Bank emphasised that information regarding the pledge of a listed entity is readily available in the public domain and can be verified through official channels.

Read more here.

GMR Power and Urban Infra buys Malaysian partner’s stake in power subsidiary

GMR Power and Urban Infra Ltd has acquired its joint venture (JV) partner’s 29.14% stake in GMR Energy Ltd (GEL) for $28.5 million (approx. ₹237.37 crore). The company has acquired 105.11 crore equity shares, representing a 29.14% stake, in GEL from Power and Energy International (Mauritius) Ltd. Following the stake purchase, the group’s shareholding in GEL has increased from 57.76% to 86.90%

Read more here.

Servotech Power Systems bags order for 2,649 EV chargers from Bharat Petroleum

Servotech Power Systems has secured an order for 2,649 electric vehicle (EV) charges from Bharat Petroleum Corporation Ltd (BPCL). However, the company did not disclose the value of the order in its statement. The company will manufacture, supply and install 2,649 AC EV Chargers strategically across India, equipping petrol pumps in major Indian cities under the BPCL E-drive Project.

Read more here.

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Market News Top 10 News

Tata Tech to Launch IPO Tomorrow – Top Indian Market Updates

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

Tata Tech to launch ₹3,042Cr IPO tomorrow

The much-awaited initial public offering (IPO) of Tata Technologies (a subsidiary of Tata Motors) will open for subscription tomorrow— Nov 22. The company is planning to raise ₹3,042.51 crore. The price band for the issue has been fixed at Rs 475-500 per share. The issue comprises only an offer-for-sale (OFS) by the promoter and investors. 

Read more here.

KEC International bags new projects worth ₹1,005Cr

KEC International Ltd has secured new projects worth ₹1,005 crore across its various business verticals, including railways and cables. The company has secured projects for transmission, distribution, and cabling in India, the Middle East, Europe, Africa and the Americas.

Read more here.

RIL to invest ₹20,000Cr in West Bengal on 5G, retail, energy

Reliance Jio is set to take the power of 5G to West Bengal even as the telco is on track to conclude the world’s fastest 5G rollout in India by December end. RIL chairman, Mukesh Ambani, said that every home in West Bengal would be converted into smart homes very soon with the rapid rollout of JioFiber (wired broadband) and Jio AirFiber services (the company’s 5G-based fixed wireless access service).

Read more here.

Tata Motors re-enters Thailand with CVs

Tata Motors has appointed Inchcape Plc as its distributor for commercial vehicles in Thailand, re-entering the market after a three-year break. The company stopped selling its pickup trucks and small commercial vehicles in Thailand after it closed its 100% subsidiary in 2020. However, it has been providing support and services to customers there.

Read more here.

TCS makes provision of $125 million in Q3 for Epic Systems penalty 

The US Supreme Court has rejected an appeal by Tata Consultancy Services (TCS) against a $140-million penalty concerning a trade secret lawsuit filed by US-based Epic Systems. The firm will make a provision of $125 million for the same in the third quarter of this financial year ending December 2023.

Read more here.

OneWeb gets approval to launch satcom services in India

Bharti Airtel-backed low earth orbit (LEO) satellite firm OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. Now, the company needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services.

Read more here.

Jindal Power will not bid to take over Go First

Jindal Power Ltd has decided to not follow through with a bid to take over Go First, pushing the insolvent airline closer to liquidation. It is the only company whose expression of interest to take over Go First was accepted by creditors. According to Reuters, Jindal had decided against bidding after evaluating the airline’s financial statements.

Read more here.

Titan Company plans to hire over 3,000 employees in 5 years

The Titan Company is planning to add over 3,000 employees in the next 5 years across the engineering, design, luxury, digital, data analytics, marketing and sales domains. The company is looking for professionals with specialised skills such as data analytics, cyber security, product management, digital marketing and other new-age skills, amongst others. 

Read more here.

DLF buys office space in Gurgaon for ₹81 crore

DLF group’s subsidiary, DLF Building & Services Pvt Ltd has bought about 31,254 sq. ft. of premium office space at Horizon Centre on Golf Course Road in Gurgaon for ₹81 crore. The building is the costliest office space tower in Gurgaon. The space was owned by Madhur Maini and has been leased to WeWork India.

Read more here.

Strides Pharma gets USFDA approval for oral solution to treat seizures

Strides Pharma Science Ltd’s subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for Levetiracetam Oral Solution. It is an oral drug used to treat seizures. The pharma major will manufacture the product at its facility in Bengaluru. According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.

Read more here.

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Market News Top 10 News

IHC to Dispose Investment in AGEL, Adani Energy – Top Indian Market Updates

adani

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

Abu Dhabi’s IHC to dispose investment in Adani Green Energy and Adani Transmission

According to a Reuters report, Abu Dhabi’s International Holding Company (IHC) will dispose of its investment in Adani Green Energy and Adani Energy Solutions. A definitive agreement has been reached with the buyer to dispose of its FDI investment in Adani Green Energy and Adani Transmission. The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.

Read more here.

Sundaram Home Finance plans to raise ₹2,500-3000Cr

Sundaram Home Finance plans to raise ₹2,500-3,000 crore to fund its entry into the affordable housing loan segment. The company plans the fundraising in the second half of the current financial year. The mortgage lender is targeting 20-25% business expansion in FY24. Its current assets under management (AUM) stand at around ₹11,000 crore.

Read more here.

Emami acquires 26% stake in Axiom Ayurveda

Emami Ltd has acquired a 26% stake in Axiom Ayurveda in an all-cash deal for an undisclosed amount. Axiom sells beverages under the brand AloFrut.This investment is in line with Emami’s strategy to invest in the health and wellness segment. It will also help the company enter into the juice segment. The acquisition is on a fully diluted basis through primary infusion and secondary buyouts. The company expects the acquisition to be completed within one month.

Read more here.

ICICI Lombard faces ₹1,728.9 crore tax demand

ICICI Lombard has received a show cause and demand notice from a central law enforcement agency tasked with preventing the leakage of Goods and Services Tax (GST) revenue. The notice is for allegedly not paying ₹1,728.9 crore worth of tax for five years from July 2017 to March 2022. The notice was served on September 27.

Read more here.

SAIL sources 6 lakh tonne coking coal from Russia in 8 shipments

Steel Authority of India Ltd (SAIL) sourced around 8 coking coal shipments of 75,000 tonnes each from Russia during the April-September period of FY24. Furthermore, International Coal Ventures Pvt Ltd (ICVL) is looking to double its production capacity to 4 million tonnes per annum (MTPA). ICVL is a special purpose vehicle (SPV) of SAIL, RINL, NMDC, CIL and NTPC for acquiring coal mines and assets overseas.

Read more here.

Oberoi Realty signs pact to redevelop land parcel in South Mumbai

Oberoi Realty has entered into an agreement to redevelop a land parcel spread over 3.3 acres in the Tardeo locality of South Mumbai. The company expects to generate a free sale component of around 2.5 lakh sq. ft. of carpet area from the development and redevelopment of this land parcel. The plot is adjoining a property already being redeveloped by the company in a joint venture. 

Read more here.

Saregama India to acquire 6.61 lakh shares of Pocket Aces Pictures

Saregama India Ltd will acquire 6.61 lakh shares of Pocket Aces Pictures Pvt Ltd at a value of ₹174 crores through secondary acquisition. The acquisition will result in Saregama India holding nearly 51.82% stake in Pocket Aces. The music label’s next acquisition will be the primary subscription of 25,974 shares of Pocket Aces worth ₹15 crores. The acquisition will increase its stake in Pocket Aces Pictures to 92.61%.

Read more here.

India’s external debt at $629.1 billion at June-end

According to RBI data, India’s external debt rose marginally to $629.1 billion in June 2023, although the debt-GDP ratio declined. The debt rose by about $4.7 billion from $624.3 billion in March. The external debt to GDP ratio declined to 18.6% in June 2023 from 18.8% in March 2023. 

Read more here.

Bharti Enterprises backs Eutelsat-OneWeb merger

Eutelsat Communications SA announced the completion of its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite communications network. OneWeb is backed by Bharti Enterprises. The merged company is set to become the world’s first integrated GEO-LEO satellite space connectivity provider, revolutionising the field of space communications.

Read more here.

Promoters of Adani Power increased their stake in September

The promoters of Adani Power Ltd increased their stake in the company in September. The company’s promoters increased their stake to 69.1% from 66.9% earlier between September 5 and September 25. Fortitude Trade and Investment Ltd acquired 6.58 crore shares (1.71% stake), while Emerging Market Investment DMCC acquired another 1.92 crore shares (0.5% stake). 

Read more here.

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Daily Market Feed Post Market Analysis

Calm Fin Nifty Expiry! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,374 with a gap-up of 68 points. The index immediately fell below the resistance levels of 19,360 levels and mostly moved in a very small range of 40 points throughout the day between 19,320 and 19,360 levels. Nifty closed at 19,342, up by 36 points or 0.19%.

Nifty chart August 29 - post-market analysis

BANK NIFTY (BNF) started the day at 44,655 with a gap-up of 161 points. Initially, the index fell to 44,500 levels. Then, similar to Nifty, BNF also consolidated within a range of 100-120 points and closed exactly at yesterday’s closing price of 44,495.

Bank Nifty chart August 29 - post-market analysis

All indices except Nifty PSU Bank (-0.49%), Nifty FMCG (-0.33%), and Nifty Pharma (-0.27%) closed flat-to-green. Nifty Realty (+1.69%) and Nifty Metal (+1.28%) moved up the most.

Major Asian markets closed in the green. European markets are currently trading in the green.

Today’s Moves

Hindalco (+2.18%) was NIFTY50’s top gainer. 

Other metal stocks like Jindal Stainless (+3.68%), NALCO (+2.54%), Jindal Steel (+3.12%), Tata Steel (+1.6%), etc., also moved up with strength. 

BEML (+13.17%) surged on the back of a strong order book position of over ₹10,000 crore.

Bharti Airtel (-1.74%) was NIFTY50’s top loser. In a block deal, 1.1 cr shares (0.16% equity) of the telecom company worth ₹922.8 crore changed hands at an average of ₹852.9 per share.

Union Bank (-6.3%) fell sharply today. The bank raised equity capital of ₹5,000 crore through a qualified institutional placement (QIP) on Aug. 25, 2023.

Markets Ahead

Buyers are trying to hold the important support levels of 19,300 in Nifty and 44,500 in Bank Nifty. Both indices haven’t crossed the levels we discussed in yesterday’s post-market analysis, and consolidated today.

Nifty: The immediate support for Nifty will be 19,300, and immediate resistance will be 19,360 levels. A breakout from here could give us a target of 19,420, and a breakdown can give us targets of 19,240 and 19,100, eventually.

Bank Nifty: The make-or-break level will be 44,500 as the index closed exactly there. A gap down could take the index to 44,430 and 44,350 on the downside. Meanwhile, 44,670 and 44,750 levels can be watched on the upside.

Fin Nifty: The index had a very calm day as the index consolidated throughout the day within the 50-point range (near 19,800). So it was an easy day for option sellers today.

Heavyweight stock Reliance Industries has fallen for the fourth consecutive trading session, exerting downward pressure on Nifty! This marks the first time in three months that RIL has experienced such sustained losses.

How did FIN NIFTY expiry go? Are you in net profit or loss today? Let us know in the comments section of the marketfeed app.

marketfeed wishes all our readers a VERY HAPPY ONAM! 🌼

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Daily Market Feed Pre Market Report

NIFTY Back to Consolidation Zone. SBI Results Out Today – Pre-Market Analysis Report

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

Stocks

Bharti Airtel registered a profit of Rs 1,612.5 crore for Q1, falling 46.4% QoQ impacted by a one-time foreign exchange loss of Rs 3,416 crore.

Eicher Motors has registered its highest-ever quarterly revenue, EBITDA and profit. Profit shot up 50.4% year-on-year to Rs 918.3 crore

Paytm has recorded merchant payment volumes at Rs 1.47 lakh crore for July 2023, growing 39% YoY. The loan distribution business is growing at 148% YoY.

LIC Housing Finance registered a 43% YoY growth in profit at Rs 1,323.7 crore for the quarter, beating estimates.

Hindalco Industries has won the bid to mine the Meenakshi West coal mine in Odisha.

Titan reported a 4% fall in net profit at Rs 753 crores. Margins of the company fell.

Indigo reported a net profit of Rs 3,090 crore, beating street estimates. Revenue jumped up 30% YoY.

HPCL reported a net profit of Rs 6,765.5 crore for Q1, v/s net loss of Rs 8,557.12 crore last year. It is still lower than expected as margins fell.

Major results today: State Bank of India, M&M, Britannia Industries, Shipping Corp, IDFC, Devyani International

What Happened Yesterday?

NIFTY started the day at 19,463 with a gap-down of 62 points. Initially, the index tried moving up, but 19,500 now turned into resistance. Failing to break the level, a crash without a retracement to 19,300 was seen. NIFTY closed at 19,381, down by 144 points or 0.74%. 

BANK NIFTY started the day at 44,862 with a gap-down of 132 points. It tried moving above 45,000 but found resistance. A fall of 750 points was seen after which BANK NIFTY closed at 44,513, down by 482 points or 1.07%. 

What to Expect Today?

US markets closed in the red. The European markets also closed in the red.

The Asian markets are trading mixed.

The U.S. Futures are trading slightly in the green.

GIFT NIFTY is trading slightly in the green at 19,486.

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

NIFTY has supports at 19,300, 19,240 and 19,200. We can expect resistances at 19,438, 19,513, and 19,566.

BANK NIFTY has supports at 44,280, 44,150 and 44,000. Resistances are at 44,600, 44,900 and 45,229.

NIFTY has the highest call OI build-up at 19,500 and 20,000. The highest put OI build-up is at 19,400 and 19,200. 

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

Foreign Institutional Investors net-sold shares worth Rs -317 crores. Domestic Institutional Investors net-bough worth Rs 1729 crores.

INDIA VIX cooled 9% to 11.18.

The international markets did not show strength or a bounce back yesterday, even though NIFTY held on strong till noon. But just after noon, the 19,400 level was broken and another quick 100-point fall was seen. A bounce is what we expected but breaking important levels meant more fall.

NIFTY has now fallen 3% from its all-time high.

Support was taken at the level of 19,300 which was the level from early July in NIFTY. Bank NIFTY has reached back to early June consolidation levels.

You can expect consolidation from these zones with a very low chance of falling below 19,000. A quick rally back to all-time highs is not expected unless triggered by huge FII buying.

Otherwise, expecting a trading range of 19,100-19,650 for this week which will change according to market conditions.

Watch out for SBI volatility around the results, this may create some buzz!

We will be entering our new Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. 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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Market News Top 10 News

Adani Enterprises’ Net Profit Rises 44% YoY to Rs 674Cr in Q1- Top Indian Market Updates

adani

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

Adani Ent Q1 Results: Net profit rises 44% YoY to ₹674 crore

Adani Enterprises reported a 44% YoY rise in consolidated net profit to ₹674 crore for the quarter ended June (Q1 FY24). However, its revenue from operations fell 38% YoY to ₹25,438 crore during the same period. The company’s EBITDA stood at ₹2,896 crore in Q1, up 47% YoY. The revenue fall is attributed to the correction in coal prices.

Read more here.

Zydus Lifesciences gets USFDA nod for generic arthritis treatment drug

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) for its generic Indomethacin suppositories. The approved drug is indicated for moderate to severe rheumatoid arthritis. According to IQVIA MAT April 2023 data, generic versions of the drug had annual sales of approximately USD 95 million in the US.

Read more here.

Zomato Q1 Results: Net profit at ₹2 crore

Zomato reported a consolidated net profit of ₹2 crore for Q1 FY24. The company posted a net loss of ₹186 crore in Q1 last year. Its revenue from operations rose 71% YoY to ₹2,416 crore during the same period. The consolidated adjusted EBITDA stood at ₹12 crore, versus a loss of ₹152 crore in Q1FY23.

Read more here.

Ambuja-ACC reaches agreement to buy Sanghi Cements

Adani Group’s Ambuja-ACC has reached an agreement to acquire Sanghi Cements after deal negotiations moved forward over the course of the past week and the Adani group companies proposed better acquisition terms and speedy deal closure. Ambuja Cements will acquire 56.74% shares of Sanghi Industries Limited at an enterprise value of ₹5000 crore.

Read more here.

Sun Pharma Q1 Results: Net profit falls 2% YoY to ₹2,023 crore

Sun Pharma reported a 2% YoY fall in consolidated net profit to ₹2,023 crore in Q1 FY24, missing estimates. However, its operating revenue increased 11% YoY to ₹11,941 crore. EBITDA stood at ₹3,332 crore, up 15.5% YoY. The fall in the net profit was partly due to certain one-time charges totalling ₹323 crore. The company also incurred a one-time transitional cost of ₹51 crore on the relocation of Alchemee operations from California to New York.

Read more here.

Oil India is now Maharatna, OVL is Navratna

The central government has upgraded the petroleum sector central public sector enterprise (CPSE) Oil India Ltd (OIL) to Maharatna, taking the number of Maharatnas to 13. OIL has an annual turnover of ₹41,039 crore and a net profit of ₹9,854 crore. The government has also upgraded ONGC Videsh Ltd (OVL) as Navratra, taking the number of Navratnas to 14.

Read more here.

Bharti Airtel Q1 Results: Net profit at ₹216 crore

Bharti Airtel reported a net profit of ₹1,612.5 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹1,607 crore in Q1 FY23. Total revenue rose 14.1% YoY to ₹37,440 crore during the same period. EBITDA rose 18.9% YoY to ₹19,746 crore in Q1. Average Revenue Per User (ARPU) for the quarter stood at ₹200, compared to ₹183 in Q1 of FY23.

Read more here.

Eicher Motors Q1 Results: Net profit jumps 50% YoY to ₹918 crore

Eicher Motors reported a 50.38% YoY increase in net profit to ₹918 crore for Q1 FY24; beating street estimates. Its revenue from operations rose 17.33% YoY to ₹3,986.37 crore during the same period. EBITDA stood at ₹1,021 crore, up 22.8% YoY. Earlier, the company had reported a 32% YoY rise in its monthly sales in July at 55,555 units of motorcycles. The international business recorded a de-growth of 22%.

Read more here.

LT Foods’ organic business arm starts new facility in Uganda

LT Foods’ subsidiary Nature Bio Foods has started a new facility in Uganda, Africa. The new facility will procure and process soyabean meals and help in the expansion of the product portfolio, including chia seeds, sesame seeds and sorghum. The plant will have a production capacity of 10,000 tonnes in the first year and aims to scale it up to 18,000 tonnes by 2024.

Read more here.

Dabur Q1 Results: Net profit rises 5% YoY to ₹464 crore

Dabur India reported a 5% YoY increase in net profit to ₹464 crore for the quarter ended June. Its revenue from operations rose 11% YoY to ₹3,130 crore during the same period. Consolidated EBITDA stood at ₹600 crore with margins at 19.3%. Dabur’s international business reported 20.6% growth in constant currency terms.

Read more here.

Kalyan Jewellers to open 11 new stores in August

Kalyan Jewellers will launch 11 new stores across the country in August. This will expand its footprint across destinations while India is seeing an increased shift towards the organised jewellery market. With this expansion, the company will surpass 200 stores globally. The upcoming showrooms will be launched in Patna, Nawada, Sitamarhi, and Arrah in Bihar, Faridabad and Panipat in Haryana, Anand in Gujarat, Dehradun in Uttarakhand, Jabalpur in Madhya Pradesh, and Chembur in Mumbai.

Read more here.

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Market News Top 10 News

India’s Manufacturing PMI Falls to 57.7 in July – Top Indian Market Updates

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

India’s manufacturing PMI falls to 57.7 in July

India’s manufacturing activity maintained its growth momentum as order growth remained high in July. The IHS Markit India Manufacturing Purchasing Managers’ Index came in at 57.7 in July compared to 57.8 in June. New export business growth picked up to the fastest since last November.

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

Read more here.

Auto sales data for July 2023: Highlights  

Maruti Suzuki India posted a 3% year-on-year (YoY) increase in total sales to 1.82 lakh units in July 2023. Sales of its mini & compact vehicle segment fell 27% YoY to 76,692 units. Exports rose 9.2% YoY to 22,199 units.

Tata Motors Ltd’s total passenger vehicle sales were flat at 47,689 units in July. The automaker’s commercial vehicle sales declined by 4% YoY to 32,944 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 36,205 units in July, an increase of 29% YoY. M&M’s exports fell 9% YoY to 2,540 units.

TVS Motor Company’s total sales stood at 3.26 lakh units in July, up 4% YoY. Meanwhile, Bajaj Auto’s sales fell 15% YoY to 2.69 lakh units.

Read more here.

Adani Total Gas Q1 Results: Net profit rises 9% YoY to ₹150 crore

Adani Total Gas reported a 9% YoY increase in consolidated net profit to ₹150 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose by 2% YoY to ₹1,135 crore during the same period. EBITDA stood at ₹225 crore, up 12% YoY on account of higher volume and cost optimisation. CNG volumes increased by 18% YoY while PNG volume decreased by 6% YoY.

Read more here.

Arvind SmartSpaces signs two golf-themed projects in Ahmedabad

Arvind SmartSpaces Ltd (ASL) has signed two large horizontal (plots and Villas) multiuse, golf-themed development projects in Ahmedabad. The projects have a total estimated area of 704 acres and a top-line potential of ₹2,300 crore. These projects are located in South Ahmedabad and would be ASL’s 17th and 18th projects in Ahmedabad. Both projects are signed under the joint development model enabling low capital intensity and higher returns.

Read more here.

L&T’s Construction unit wins multiple orders for heavy civil infrastructure business

Larsen and Toubro’s subsidiary L&T Construction has won multiple orders for its heavy civil infrastructure business. The order is from Rail Vikas Nigam Ltd. (RVNL) for the design and construction of an underground metro project in connection with the Joka – Esplanade Metro Corridor in the city of Kolkata. The company didn’t disclose the exact value of the orders but defined them as ‘large’ orders. All orders between ₹2,500 crore and ₹5,000 crore are classified under the ‘large’ category by L&T.

Read more here.

PVR Inox Q1 Results: Net loss at ₹82 crore

PVR Inox reported a consolidated net loss of ₹82 crores for the June quarter (Q1 FY24). However, its revenue from operations rose 32% YoY to ₹1,304 crore during the same period. The loss was primarily due to an over 56% rise in company expenses. The movie exhibition cost jumped to ₹298 crore in Q1FY24, which was up both sequentially and on a YoY basis.

Read more here.

Kolte-Patil acquires 2 society redevelopment projects in Mumbai suburb

Kolte-Patil Developers has agreed to redevelop two housing societies in the micro-market of Bangur Nagar in Goregaon, western suburbs of Mumbai. The projects with a total saleable area of around 4.8 lakh sq ft are estimated to have a revenue potential of ₹950 crore. The company has already executed a residential redevelopment project spread over 2.77 lakh sq ft in this micro-market and the project has already been sold out with a sales value of ₹495 crore.

Read more here.

Glenmark gets USFDA nod to market generic diabetes drug

Glenmark Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market a generic diabetes drug in the American market. The company has received final approval from the USFDA for Saxagliptin Tablets, the generic version of AstraZeneca’s Onglyza1 tablets. According to IQVIATM sales data, for the 12 months ending June 2023, the Onglyza tablets achieved annual sales of around USD 100.7 million.

Read more here.

Oberoi Realty Q1 Results: Net profit falls 20% YoY to ₹322 crore

Oberoi Realty reported a 20% YoY fall in consolidated net profit to ₹321.64 crores for the June quarter (Q1 FY24). Its total income fell slightly to ₹933.56 crore during the same period. Total income stood at ₹934.81 crore in Q1 FY23. Expenditure grew to ₹509.07 crore in the quarter from ₹463.32 crore in the year-ago period.

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Bharti Airtel launches self-service digital marketing product Airtel IQ Reach

Bharti Airtel has launched an enterprise communications platform, Airtel IQ Reach. It will enable brands/ companies to drive targeted customer engagements through personalised communications. Airtel IQ Reach is aimed at small and medium businesses and is currently available using WhatsApp as a messaging platform, with SMS and voice to be added in the future. Additionally, businesses will get access to customer information only if the customer chooses to respond to the communication sent out.

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

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

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

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

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

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

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SGX Nifty to be known as GIFT Nifty from July 3

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

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

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

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

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

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Eveready Industries cuts direct distributors to 1,000

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

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

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

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

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

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

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

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

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

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Chalet signs franchise agreement with IHCL for Delhi airport hotel

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

Read more here.

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

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

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

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

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

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

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

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

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

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

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Infosys signs pact with Aramco to boost employee experience with AI

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

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

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

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

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Maharashtra Seamless receives Rs 262 crore order from ONGC 

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

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Zydus Lifesciences gets USFDA approval for heart diseases treatment drug

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

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

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

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

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

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Mankind Pharma IPO opens tomorrow

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

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HAL Registers Rs 26,500 cr Revenue for FY23- Top Indian Market Updates

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

HAL registers Rs 26,500 crore revenue for FY23

Hindustan Aeronautics Ltd has registered its highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for FY2022-23, up 8% YoY. The order book of the Bengaluru-headquartered company stood at around Rs 82,000 crore at the end of March 2023. The cash flow of the company has improved substantially with payments of around Rs 25,000 crore received from various Defence customers.

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Larsen & Toubro secures multiple EPC projects in domestic market

Larsen & Toubro’s power transmission & distribution (PT&D) business has secured multiple significant orders (in the range of ~Rs 1,000-1,500 crore) in the domestic market. The company will establish 765kV and 400kV gas-insulated substations to serve as pooling substations at the RE zone of Khavda Renewable Energy park in Gujarat’s Kutch region.

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Sanofi looks to spin off its consumer business in India: Report

As per an Economic Times report, French drugmaker Sanofi has initiated a process to turn its consumer healthcare business in India into a listed entity through a demerger. The unit’s products include leading anti-allergy brands such as Allegra and Avil, pain management drug Combiflam, and Vitamin D brand Depura. The business posted revenue of Rs 1,000-1,250 crore in CY22.

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Va Tech Vabag secures Rs 4,400 cr seawater desalination project in Tamil Nadu

Va Tech Wabag has secured a Rs 4,400 crore seawater reverse osmosis project in Tamil Nadu. After completion, it would be the largest sea-water desalination project in the South East Asia region. The project will enhance the water security for Chennai through a stable source of drinking water.

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Bandhan Bank adds 50 new branches to its network

Bandhan Bank has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh. The private sector lender also plans to introduce new products and increase the width of services in the next financial year (FY24).

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IDBI Bank gets NCLT approval to set off accumulated losses of Rs 45,396 crore

IDBI Bank has received approval from the National Company Law Tribunal (NCLT) to set off its accumulated losses worth Rs 45,396 crore by reducing its share capital. The bank plans to utilize the balance of Rs 50,719.75 crore in its Securities Premium account to offset the losses. The Central government and the Life Insurance Corporation of India are currently in the process of selling their stake in the bank.

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Coal India exceeds annual output target of 700 mn tonnes for first time in 17 years

Coal India Ltd (CIL) has exceeded its annual production target of 700 million tonnes (MT) for the first time in 17 years. It produced an estimated 703.4 MT in the financial year ended March 2023 (FY23). This marks a 13% increase from the previous year and the highest annual production volume in the company’s history. CIL is targeting a production of 780 MT in the upcoming financial year (FY24) to meet the increasing demand from India’s power utilities.

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ZEEL enters into a one-time settlement with Standard Chartered Bank for credit facility availed by Siti Networks

Zee Entertainment Enterprises Ltd (ZEEL) has reached a one-time settlement agreement with Standard Chartered Bank for a loan taken by Siti Networks, a subsidiary of the Essel Group. The bank had provided credit facilities to Siti Networks that were secured by a Debt Service Reserve Account (DSRA) support and undertaking from ZEEL. While the amount has not been disclosed, the settlement will resolve any outstanding issues related to the loan.

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RVNL secures road project worth Rs 720.67 crore

Rail Vikas Nigam Limited (RVNL) has been declared the lowest bidder for a project worth Rs 720.67 crore by the National Highway Authority of India (NHAI). The project involves the construction of a 7.192-kilometre-long six-lane elevated Kona expressway in West Bengal. 

Meanwhile, RVNL’s joint venture with Metrowagonmash & Locomotive Electronic System has received an order from the Ministry of Railways for manufacturing Vande Bharat Trainsets. The contract involves the supply of 200 trainsets, with a cost per set of Rs 120 crore.

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Reliance Jio, Bharti Airtel gain subscribers in Jan

Reliance Jio Infocomm and Bharti Airtel gained 16.5 lakh and 12.8 lakh mobile users, respectively, in January 2023. Jio and Bharti Airtel’s user bases jumped to 42.6 crore and 36.8 crore, respectively. Meanwhile, Vi lost nearly 13.6 lakh mobile users in January, further shrinking its user base to 23.9 crore. 

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Tech Mahindra and YIT Corp Enters into Strategic Partnership

Tech Mahindra has entered into a strategic partnership with Finland-based YIT Corporation to drive its business transformation. As per the partnership, Tech Mahindra will provide a significant part of YIT’s IT services and consolidate the current services to one dedicated supplier. The IT company will also optimise YIT’s business processes through automated IT operations.

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BEL secures export orders worth $52 million

Bharat Electronics Limited (BEL) has received export orders worth $52 million in March. This includes communication equipment, electronics assembly, micro modules and mechanical parts for various customers from France, Israel, and the US. Yesterday, the Ministry of Defence signed 10 contracts worth ₹5,498 crore with BEL for the three armed forces.

Read more here.

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NCLT Approves HDFC-HDFC Bank Merger – Top Indian Market Updates

hdfc

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

HDFC-HDFC Bank merger gets NCLT approval

The National Company Law Tribunal (NCLT) has given its approval to the HDFC-HDFC Bank merger. In April 2022, HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24.

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Tata ceases discussions with Bisleri to acquire the packaged water giant

Tata Consumer Products has ended discussions with Bisleri for the potential acquisition of the packaged water giant. In November 2022, owners of Bisleri International said they will divest the company to the Indian conglomerate for an estimated ₹6,000-7,000 crore. Bisleri’s owners were reportedly looking to raise about $1 billion from a deal.

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Bharti Airtel launches unlimited 5G data offer

Bharti Airtel has launched an unlimited 5G data offer to hold on to its higher-paying postpaid users and also push its 4G users to upgrade to its next-gen wireless broadband service. This move comes after Reliance Jio’s new postpaid plans were announced earlier this week. The unlimited 5G data offer will be available to all postpaid customers as well as prepaid ones with data plans of Rs 239 and above.

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Va Tech Wabag secures order worth Rs 800 crore in Bangladesh

VA Tech Wabag has secured a Rs 800 crore project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in Bangladesh. The company will design, build and operate a sewage treatment plant with a capacity of 200 million litre per day (MLD) in Dhaka. This project has the potential to be expanded to 600 MLD in the future

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Havells commences commercial production of ACs at Sri City plant

Havells India Ltd has commenced commercial production of air conditioners (ACs) at its Sri City plant. The company manufactures home appliances, lighting for domestic, commercial, & industrial applications, LED lighting, fans, modular switches & wiring accessories, water heaters, etc.

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Zee Entertainment calls report of $10 million repayment ‘speculative’

Zee Entertainment Enterprises Ltd (ZEEL) called the report saying it will repay $10 million to IndusInd to wrap the Sony deal as “speculative”. The media company said it is exploring several strategies related to the ongoing dispute. On Thursday, Bloomberg reported that ZEEL has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it and get a step closer to completing its merger with the Sony Group.

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GAIL signs MoU with Shell Energy India for exploring ethane sourcing opportunities

GAIL (India) Ltd. signed a Memorandum of Understanding (MoU) with Shell Energy India for exploring ethane sourcing and other energy value chain opportunities. Through this agreement, GAIL expects to dive into the prospects of importing and handling different hydrocarbons that serve as essential chemical and petrochemical precursors. The company said this is a step towards achieving improved sustenance in business operations.

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Unichem Labs gets USFDA approval for chronic angina treatment tablets

Unichem Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) for its Ranolazine Extended-Release tablet. The drug is prescribed for the treatment of chronic angina (a type of chest pain caused by reduced blood flow to the heart). The product will be commercialised from its manufacturing facility in Goa. 

Read more here.

Maiden Forgings to launch IPO next week

Steel bars and wires manufacturer Maiden Forgings will launch an Initial Public Offering (IPO) to raise Rs 24 crore. The IPO will open on March 22 and close on March 24. Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

Read more here.

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India’s GDP Growth Slows to 4.4% in Q3 – Top Indian Market Updates

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

India’s GDP growth slows to 4.4% in Q3

India’s gross domestic product (GDP) for the October-December quarter (Q3 FY23) slowed down to 4.4%. The GDP had moderated to 6.3% in Q2 from 13.5% in Q1. GDP at Constant (2011-12) prices in Q3 2022-23 is estimated at ₹40.19 lakh crore in Q3, as against ₹38.51 lakh crore in Q3 2021-22. The Indian economy is expected to grow at 7% in FY23.

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Geological Survey of India finds Gold Deposits in Odisha

Surveys from the Geological Survey of India (GSI) have found gold deposits in three districts of Odisha. State Steel and Mines Minister Prafulla Mallik said that the gold reserves were found in Deogarh, Keonjhar and Mayurbhanj.

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SBI enters social loan market

State Bank of India has concluded a landmark $1 billion (~₹8,200 crore) syndicated social loan, making it the largest Environmental, Social, and Governance (ESG) loan raised by a commercial bank in the Asia Pacific market. The loan is of $500 million of the primary issue and an equal amount in greenshoe (or overallotment) option. It is also the first issue of such kind from the bank. 

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IDFC, Federal Bank partner with Sa-Dhan on UPI123PAY

IDFC First and Federal Bank will partner with association of microfinance institutions Sa-Dhan and Delhi-based fintech solutions provider NextGen to promote digital payments by feature phone users. The banks will help in developing a new payment and collection system by using feature phones with the technological intervention being provided by them.

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India approves $3.9 billion hydropower project near China border

India has approved its largest-ever hydropower project in the mountainous northeastern region bordering China as it seeks to build renewable generation to meet rising power demand. The govt approved the estimated investment of $3.9 billion for the 2,880-megawatt Dibang project in Arunachal Pradesh. The project is estimated to take nine years to build.

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India’s passenger vehicle sales to grow 9-10% in 2024: CRISIL

Rating agency CRISIL has forecast that India’s passenger vehicle sales are expected to grow about 9-10% in the next financial year (FY24), which is 20% more than the pre-pandemic levels. The forecast is owed to strong demand and easing chip shortages. India is currently the world’s fourth-largest car market.

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Zydus Lifesciences receives USFDA approval to market generic drug

Zydus Lifesciences has received approval from the US Food & Drug Administration (USFDA) to market Apixaban tablets. The drug blocks the activity of certain clotting substances in the blood. It is used to lower the risk of stroke or a blood clot in people with a heart rhythm disorder called atrial fibrillation.

Read more here.

Indian Bank ties up with Toyota Kirloskar Motor to offer vehicle financing

Indian Bank has signed a pact with automaker Toyota Kirloskar Motor to offer vehicle financing options to its customers. The tie-up would offer various initiatives including 90% on-road funding with no processing fee, foreclosure, and party payment charges to prospective customers.

Read more here.

Bharti Airtel outpaces Jio in revenue market share growth in Q3

For the second time in a row, Bharti Airtel has grabbed more revenue market share (RMS) than Reliance Jio Infocomm in the third quarter of FY23. This is mainly due to the sharp hike in base prepaid rates Airtel took last November in Odisha and Haryana along with share gains in rural markets. Loss-making Vodafone Idea (Vi) continued to lose RMS share in Q3.

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PNC Infratech bags ₹771 crore railway project in Haryana

PNC Infratech has secured a ₹771.46 crore railway project from the Haryana Orbital Rail Corporation Ltd. The scope of work includes construction design and construction of civil works at Sultanpur station in connection with the laying of a new double railway line. The construction is to be completed in 30 months.

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MRF raises ₹150 crore through NCDs via private placement

MRF Ltd has raised ₹150 crore via non-convertible debentures (NCDs) on a private placement basis. The NCDs have been listed on the debt segment of the National Stock Exchange of India with effect from February 2023. The date of maturity of these debentures is February 24, 2026.

Read more here.