Tag: Bharti Airtel

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Tata Motors to Supply 1,000 Buses to Haryana Govt – Top Indian Market Updates

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

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

Tata Motors to supply 1,000 buses to Haryana govt

Tata Motors Ltd has secured an order for 1,000 buses from Haryana Roadways. The company will supply 52-seater fully-built diesel buses in a phased manner. The buses offer superior passenger comfort, high fuel efficiency, reliability, and low total cost of ownership. The bidding process was carried out through the state government’s e-tender process.

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Ashok Leyland delivers 150 vehicles to Tanzania Police Force

Ashok Leyland Ltd has delivered 150 trucks and buses to the Tanzania Police Force. The supplies are part of a contract signed between Ashok Leyland and the Ministry of Home Affairs, Tanzania. It is financed through a long-term soft loan extended by the Export-Import (EXIM) Bank of India. Currently, the Tanzania Police Force has a fleet of 625 Ashok Leyland vehicles.

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Kolte Patil Developers raise ₹206Cr from Marubeni Corporation for new residential project

Kolte Patil Developers Ltd has raised ₹206 crore from Japan-based Marubeni Corporation for its upcoming residential project located in Pimple Nilakh micro market, Pune. Based on the agreement, Marubeni Corporation will be entitled to 2.85 lakh sq. ft. of saleable area. The Pimple-Nilakh residential project has a total development potential of nearly 8 lakh sq. ft.

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Maruti Suzuki partners with IIT Bombay to drive innovation programs for startups

Maruti Suzuki India Ltd (MSIL) has partnered with the Indian Institute of Technology, Bombay to drive innovation programs for startups. MSIL and the Society for Innovation & Entrepreneurship (SNIE) at IIT Bombay will jointly shortlist startups for some of the complex business problems identified by the automaker. SNIE will also support outreach and incubation of potential startups who can be part of MSIL’s innovation programs.

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Govt hikes windfall tax on domestically produced crude

The Indian government has raised the windfall tax on domestically produced crude oil from ₹9,500 per tonne to ₹10,200 per tonne. [A windfall tax is a higher tax rate levied by governments against certain industries when economic conditions allow those industries to experience above-average profits.] The Centre has also reduced the special additional excise duty on the export of diesel from ₹13.00 per litre to ₹10.50 per litre. The duty on aviation turbine fuel exports remains unchanged at ₹5 a litre.

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Jewellery industry estimated to register 60% growth in Q2 FY 2023: ICRA

According to rating agency ICRA, the domestic jewellery industry is estimated to have registered a healthy growth of 60% in Q2 FY23 compared to pre-Covid levels (Q2 FY20). On a year-on-year basis, the demand recorded a contraction of 2% in Q2 due to a high base. The industry grew 70% YoY in Q2 FY22 due to pent-up demand after easing of Covid-19-related restrictions.

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Blackstone acquires majority stake in R Systems for ₹2,904 crore

Global investment fund Blackstone has acquired a majority stake in R Systems International Ltd for $359 million (~Rs 2,904 crore). R Systems is a leading provider of IT services, specializing in digital product engineering. It serves over 250 customers in the technology, media, telecom, and financial services sectors globally. Blackstone acquired the stake from founder Satinder Singh Rekhi and other current promoters.

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RateGain partners with Booking.com for AI-powered solutions

RateGain Travel Technologies Ltd’s Content AI platform has established a new and improved integration with online travel agency Booking.com. The integration will help in seamless content distribution and easier property management. The Content AI platform will save customers’ time and allow travellers to see up-to-date content and images from the accommodation on Booking.com.

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TCS expands deal with HR services company Randstad

Tata Consultancy Services (TCS) has expanded an existing deal from Dutch multinational human resource consulting firm Randstad. The IT company will modernize Randstad’s application estate on the cloud, strengthen the security posture, and accelerate its transformation journey. Randstad selected TCS as a strategic transformation partner in 2016 to digitise its sourcing solutions.

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Bharti Airtel launches 5G services at Pune airport

Bharti Airtel has deployed its Airtel 5G Plus service at Pune Lohegaon Airport, making it the first airport in Maharashtra to enjoy ultrafast 5G services. Airtel customers with 5G smartphones will enjoy high-speed 5G service on their existing data plans. With this launch, Airtel has deployed its 5G network in 11 cities. 

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ABFRL to bring French Galeries Lafayette stores to Delhi, Mumbai

Aditya Birla Fashion & Retail Ltd (ABFRL) and Galeries Lafayette have entered into a partnership to open stores of the French luxury retailer in India in the next 2-3 years. They will also open a dedicated e-commerce platform. Galeries Lafayette is known for its luxury store at Boulevard Haussmann in Paris. The flagship stores in India will bring more than 200 luxury and designer brands under one roof.

Read more here.

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Coal India’s Net Profit Jumps 106% YoY to ₹6,044Cr in Q2 – Top Indian Market Updates

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

Coal India Q2 Results: Net profit jumps 106% YoY to ₹6,044 crore

Coal India Ltd (CIL) reported a 106% year-on-year (YoY) jump in consolidated net profit to ₹6,043.55 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28% YoY to ₹29,838 crore during the same period. CIL’s total expenses stood at ₹23,770 crore in Q2, up 16.3% YoY. The company’s board has declared an interim dividend of ₹15 per share.

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Vehicle sales rises over 47% in October: FADA

A report by the Federation of Automobile Dealers’ Association (FADA) revealed that retail sales of vehicles in India rose 47.62% YoY to 20.94 lakh units in October 2022. Sales were higher by 8.32% compared to the pre-covid month of October 2019. Retail sales of two-wheelers rose 51% YoY to 15.71 lakh units, while that of commercial vehicles rose 25.4% to 74,443 units last month.

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Divi’s Labs Q2 Results: Net profit falls 19% YoY to ₹494 crore

Divi’s Laboratories Ltd reported an 18.6% YoY decline in consolidated net profit to ₹493.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 6.7% YoY to ₹1,854.54 crore during the same period. The pharma company’s EBITDA stood at ₹621 crore in Q2, down 24% YoY. Total expenses rose 5.81% YoY to ₹1,319.4 crore.

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Voltas to invest ₹1,000 crore for capacity expansion

Voltas will invest over ₹1,000 crore to expand its manufacturing capacity and establish a new plant near Chennai, said MD Pradeep Bakshi. Meanwhile, the proposed ₹500-crore compressor plant in partnership with China’s Highly International is yet to receive government clearance. The investments will help Voltas ensure its leadership status in ACs and commercial refrigeration.

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Ujjivan SFB Q2 Results: Net profit at ₹294 crore

Ujjivan Small Finance Bank (SFB) reported a net profit of ₹294 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹274 crore in Q2 FY22. The company’s total income rose 63% YoY to ₹1,139.83 crore in Q2 FY23. The bank registered strong disbursements at ₹4,866 crore in Q2, up 56% YoY.

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Brookfield India REIT leases over 3.06 lakh sq ft office space in Q2

Brookfield India Real Estate Trust has leased over 3.06 lakh sq. ft. office space in the second quarter, taking its total leasing to over 6 lakh sq. ft. in the first half of FY23 as the demand for office spaces continues to rise. It has also signed an expansion option of 16,000 sq. ft. in its property Candor Tech Space N1. The REIT has increased its adjusted net operating income by 48% YoY ₹241.3 crore in Q2.

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CEAT Q2 Results: Net profit falls 81% YoY to ₹7.8 crore

Ceat Ltd reported an 81% YoY decline in net profit to ₹7.83 crore in Q2 FY23, mainly due to higher input costs. Its revenue from operations rose 18% YoY to ₹2,894 crore during the same period. The tyre manufacturer’s total expenses stood at ₹2,864 crore in Q2, up 19.3% YoY. EBITDA fell 7.8% YoY to ₹202 crore.

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30 IndiGo aircraft grounded due to supply chain disruptions

Nearly 30 IndiGo aircraft have been grounded due to supply chain disruptions. The airline is evaluating wet leasing of planes and other options to boost operations. The company said it is actively engaged with various partners to work on mitigation measures that would ensure the continuity of its network and operations. At the end of September, the IndiGo had 279 aircraft in its fleet.

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Jio and Airtel add 3,500 5G sites per week in ramp up

Reliance Jio and Bharti Airtel are adding around 3,500 sites per week cumulatively, as they ramp up their 5G network rollout. Both telcos are set to further scale up site additions to 9,000-10,000 per week combined in the coming 3-4 months as equipment becomes easily available with more domestic production of radios. While Reliance Jio plans to cover the entire country with 5G by December 2023, Bharti Airtel aims to do so by March 2024.

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PB Fintech Q2 Results: Net loss narrows to ₹187 crore

PB Fintech Ltd (Policybazaar) reported a net loss of ₹197 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹204.4 crore in Q2 FY22. The company’s revenue from operation jumped 105% YoY to ₹573.47 crore in Q2 FY23. Insurance premiums stood at ₹2,545 crore in Q2, up 79% YoY. The company delivered 34% growth in health insurance premiums and 29% in life insurance new business premiums.

Read more here.

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Vi’s Net Loss Widens to ₹7,596 crore in Q2 – Top Indian Market Updates

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

Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore

Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.

Read more here.

Gati to buy out Japanese partner in JV in FY23

Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal. 

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HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore

Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.

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Godrej Properties acquires 50-acre land parcel near Mumbai

Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.

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SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore

SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.

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Bharti Airtel deploys 5G at Bengaluru Airport

Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.

Read more here.

Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore

Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.

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IIFL Finance aims to triple co-lending to over ₹13,000 crore

IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.

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Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore

Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.

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Alembic Pharma gets USFDA approval for generic injection

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.

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HPCL Q2 Results: Net loss at ₹2,475 crore

Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.

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Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore

Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.

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Bharti Airtel’s Unique 5G Users Cross 10 Lakh Mark – Top Indian Market Updates

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

Bharti Airtel crosses 10 lakh user mark on 5G network

Bharti Airtel has crossed 10 lakh unique 5G users on its network, less than 30 days after commercially rolling out 5G services in eight cities. The telecom operator has rolled out 5G services in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Varanasi, Nagpur, and Siliguri. 5G is getting rolled out in a phased manner in these cities as the company continues to construct its network and complete the rollout.

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Adani Transmission Q2 Results: Net profit falls 32% YoY to ₹194 crore

Adani Transmission Ltd reported a 32% YoY decline in consolidated net profit to ₹194 crore in Q2 FY23. Its revenue from operations rose 22% YoY to ₹3,932 crore during the same period. EBITDA stood at ₹1,241 crore in Q2, up 7% YoY. The company sold 2,233 million units (MUs) of electricity in the quarter, up from 1,975 MU in the same period in FY21.

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JK Tyre & Industries to invest ₹1100 crore to expand production capacity

JK Tyre & Industries Ltd will invest ₹1,100 crore over the next two years to expand production capacity amid higher consumer demand in rural and semi-urban markets this festive season. Investments are underway to increase the production of passenger car radials and truck bus radial tyres. The company expects demand in the domestic market to remain strong going ahead due to improvements in economic activities.

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Mahindra Holidays Q2 Results: Net profit falls 30% YoY to ₹41.4 crore

Mahindra Holidays & Resorts India Ltd reported a 30% YoY decline in consolidated net profit to ₹41.39 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 9% YoY to ₹598.36 crore during the same period. The company’s expenses increased 11.5% YoY to ₹574.66 crore in Q2. 

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Redington Q2 Results: Net profit rises 26% YoY to ₹387 crore

Redington Ltd reported a 26% YoY increase in consolidated net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹9,093.7 crore during the same period. EBITDA stood at ₹562.4 crore in Q2, up 23% YoY. Redington is a leading distributor of IT hardware and mobility products.

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Alembic Pharma gets USFDA approval for ulcerative colitis drug

Alembic Pharmaceuticals received final approval from the United States Food and Drug Administration (USFDA) for Mesalamine extended-release capsules. The drug is used to treat ulcerative colitis (an inflammatory bowel disease) and prevent the remission of the disease in adults. According to IQVIA data, the product had an estimated market size of ₹133 million for the 12 months ended June 2022.

Read more here.

Finance Miniter to launch 6th round of commercial coal mines auction

Finance Minister Nirmala Sitharaman will launch the sixth round of commercial coal mines auction on Thursday. The coal mines to be auctioned are fully-explored and partially-explored coking and non-coking mines. The auction will be held online through a transparent two-stage process based on percentage revenue share. So far, the coal ministry has auctioned 64 mines under commercial coal mines auction.

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JSW Group to invest ₹1 lakh crore in Karnataka in 5 years

JSW Group will invest ₹1 lakh crore in Karnataka over the next five years across the group’s various businesses, said Chairman Sajjan Jindal. The investments will be across steel, green energy, cement, and paints businesses as well as towards the construction of a new greenfield port.

Read more here.

Maruti Suzuki crosses production milestone of 2.5 crore units

Maruti Suzuki India Ltd has crossed the cumulative production milestone of 2.5 crore units since commencing operations at its Gurugram manufacturing facility in 1983. The company has two manufacturing plants in Gurugram and Manesar in Haryana, with an installed production capacity of 15 lakh units per annum. It sells 16 passenger vehicles in the domestic market and also exports to around 100 countries.

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Tata Steel Posts 87% YoY Fall in Q2 Net Profit – Top Indian Market Updates

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

Tata Steel Q2 Results: Net profit falls 87% YoY to ₹1,514 crore

Tata Steel reported an 87% YoY (or 80% QoQ) decline in consolidated net profit to ₹1,514 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 0.8% YoY to ₹59,877.52 crore during the same period. EBITDA stood at ₹6,060.4 crore in Q2, down 62% YoY. The company’s consolidated production fell 3% YoY to 7.56 million tonnes in Q2.

Read more here.

L&T secures orders worth ₹1,000-2,500 crore in Saudi Arabia

Larsen & Toubro’s Power Transmission & Distribution business has secured multiple orders worth ₹1,000-2,500 crore to build transmission lines and substations in Saudi Arabia. L&T Construction will undertake engineering, design, procurement, and construction of more than 400KM of 380 kilovolts (kV) overhead transmission lines and a new 230kV gas-insulated substation with associated automation and protection systems.

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India’s April-Sept fiscal deficit touches $74.91 billion

India’s federal fiscal deficit in the first half of the financial year (April-Sept) rose to ₹6.20 lakh crore ($74.91 billion) from ₹5.27 lakh crore a year earlier. [Fiscal deficit is the difference between the total revenue and total expenditure of a government.] The fiscal deficit for the period touched 37.3% of the annual estimate as the govt spent more on fertiliser, food, and fuel subsidies.

Meanwhile, net tax collections during April-September rose to ₹10.12 lakh crore, up 10% YoY.

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L&T Q2 Results: Net profit rises 22.5% YoY to ₹2,229 crore

Larsen & Toubro Ltd reported a 22.5% year-on-year (YoY) increase in consolidated net profit to ₹2,229 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹42,763 crore during the same period. Consolidated order intake rose 23% YoY during the quarter to ₹51,914 crore. L&T’s total order book stood at ₹3.72 lakh crore at the end of Q2.

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DoT approves 42 firms for telecom products under PLI scheme

The Department of Telecommunications (DoT) has given approval to 42 companies under the production-linked incentive (PLI) scheme for telecom and networking products. Global firms like Samsung, Nokia, Rising Star, Flextronics, and local players like HFCL, ITI, and Tejas Networks are the companies selected under the scheme. These firms have committed investments of ₹4,115 crore in the sector.

Read more here.

Bharti Airtel Q2 Results: Net profit rises 89% YoY to ₹2,145.2 crore

Bharti Airtel reported an 89% YoY rise in consolidated net profit to ₹2,145.2 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY (or 5.3% QoQ) to ₹6,332 crore during the same period. The telecom company’s average revenue per user (ARPU) grew 23.7% YoY or 3.6% QoQ to ₹190. Its customer base stood at 50.1 crore across 16 countries, up 4.8% YoY.

Read more here.

ONGC plans 1 GW solar power plant in Rajasthan

Oil and Natural Gas Corporation (ONGC) is planning to set up a 1 gigawatt (GW) solar power plant in Rajasthan in a key move aimed at securing a foothold in the green energy space. The company has approached the state government, seeking 5,000 acres of land to house its proposed plant. The project may require an investment of ₹5,000 crore and take about three years to finish.

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Jindal Saw set to acquire Sathavahana Ispat under IBC for ₹530 crore

Jindal Saw Ltd emerged as the highest bidder at ₹530 crore to acquire Sathavahana Ispat (SI), which is undergoing corporate insolvency. J C Flower Asset Reconstruction Company is the sole creditor of SI with an admitted claim of ₹1,747 crore. SI has a 50 megawatt captive power plant and one plant each in Andhra Pradesh and Karnataka for producing pig iron and ductile iron pipe.

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Mahindra Finance raises ₹275 crore by issuing bonds

Mahindra & Mahindra Financial Services has raised ₹275 crore by issuing bonds on a private placement basis. The company’s board had approved the allotment of 2,750 secured redeemable non-convertible market-linked debentures. The face value of the bond is ₹10 lakh each, aggregating to ₹275 crore.

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RBI launches first pilot of wholesale Digital Rupee

Reserve Bank of India (RBI) will commence a pilot project for a wholesale central bank digital rupee on Nov 1. The digital rupee will be initially used to settle transactions in government securities. State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC have been identified for participation in the pilot. 

Read more here.

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WPI Eases to 10.7% in Sept – Top Indian Market Updates

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

WPI eases to 10.7% in September

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), eased to 10.70% in September. WPI had spiked to 12.41% in August, while the revised WPI for July stood at 14.07%. The food articles segment eased to 11.03% in September, compared to 12.37% in August. The fuel and power segment marginally fell from 33.67% in August to 32.61% last month. 

Read more here.

Federal Bank Q2 Results: Net profit rises 53% YoY to ₹704 crore

Federal Bank posted its highest-ever quarterly profit of ₹704 crore for the quarter ended September (Q2 FY23), up 53% YoY or 17% QoQ. The net interest income (NII) grew 19% YoY to ₹1,762 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.46% in Q2, compared to 2.69% in Q1. Provisions fell 9% YoY to ₹268 crore in Q2 FY23.

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PSP Projects emerges lowest bidder for project in Gujarat

PSP Projects Ltd has emerged as the lowest (L1) bidder for a government project for developing a world-class sustainable tourist/pilgrimage destination in Gujarat. The bid value for the project is worth ₹345.30 crore. PSP Projects is one of India’s fastest-growing construction companies based in Ahmedabad, Gujarat. It provides construction services for industrial, institutional, residential, and commercial projects in India. 

Bajaj Auto Q2 Results: Net profit rises 20% YoY to ₹1,530 crore

Bajaj Auto Ltd reported a 20% YoY increase in net profit to ₹1,530 crore for the quarter ended September (Q2 FY23). Its revenue from operations rose 16.4% YoY to ₹10,202.8 crore during the same period. EBITDA rose 25.5% YoY to ₹1,759 crore. The company sold 11,51,012 units in Q2, up 0.57% YoY. Bajaj Auto saw domestic volumes nearly double from Q1 across both two-wheeler and three-wheeler segments.

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EaseMyTrip launches SIP scheme for travel plans

Online travel platform EaseMyTrip has announced the launch of a new product line— Save Now Buy Later (SNBL). It is an investment scheme that allows customers to start a Systematic Investment Plan (SIP) for their travel plans. Customers can invest an amount as low as ₹100 on a recurring basis. Investments will get a return of up to 20% on the total invested amount exclusively from the company.

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Unichem Labs gets USFDA approval for Phenytoin Sodium capsules

Unichem Laboratories Ltd has received abbreviated new drug application (ANDA) approval for its Extended Phenytoin Sodium Capsules USP- 100gms from the US Food & Drug Administration (USFDA). The capsules are indicated for the treatment of tonic-clonic and psychomotor seizures. It prevents seizures during or after neurosurgery. The product will be commercialised from Unichem Lab’s plant in Ghaziabad, Uttar Pradesh.

Read more here.

Shree Cement Q2 Results: Net profit falls 67% YoY to ₹183 crore

Shree Cement Ltd reported a 67.5% YoY decline in consolidated net profit to ₹183.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19.7% YoY to ₹4,038.03 crore during the same period. Total expenses increased by 41.4% YoY to ₹3956.90 crore in Q2. The company’s board has accepted the resignation of its long-serving Chairman Benu Gopal Bangur.

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L&T Construction secures order under its water and effluent treatment business

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) under its water & effluent treatment business. It has received repeat orders from the Govt. of Gujarat to execute pumping system and pipeline works from Tappar Dam to Nirona Dam. The project aims to strengthen water resources in the Kutch district of Gujarat by filling existing reservoirs that will irrigate 36,392 hectares of land.

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Bharti Airtel launches ‘Always On’ IoT connectivity solution

Bharti Airtel launched the ‘Always On’ Internet of Things (IoT) connectivity solution in the domestic market. The solution contains dual profile M2M (machine to machine) eSim, which allows an IoT device to stay connected to a mobile network from different Mobile Network Operators in the eSIM. It is best suited for vehicle tracking providers, auto manufacturers, and any use cases where equipment works in remote locations requiring universal connectivity.

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Tata Elxsi Q2 Results: Net profit rises 39% YoY to ₹174 crore

Tata Elxsi Ltd reported a 39.1% YoY increase in net profit to ₹174.3 crore for the quarter ended Sept (Q2 FY23). Net profit declined by 5.5% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY (or 5.1% QoQ) to ₹763.2 crore during the same period. The company crossed the 11,000-employee mark with 1,532 net additions in Q2.

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World Bank Cuts India’s GDP Growth Forecast for FY23 – Top Indian Market Updates

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

World Bank cuts India’s GDP growth forecast to 6.5% for FY23

The World Bank cut its FY 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India to 6.5% from an earlier estimate of 7.5%. It has warned that spillovers from Russia’s invasion of Ukraine and global monetary tightening will weigh on the economic outlook. The World Bank said private investment growth is likely to decline due to economic uncertainty and higher financing costs. Slowing global demand will impact India’s exports as well.

Read more here.

Nykaa enters into strategic alliance with Apparel Group to enter GCC market

Nykaa has entered a strategic alliance with Dubai-based fashion & lifestyle retail conglomerate Apparel Group to expand in Gulf countries. The two companies will work together to build a multi-brand beauty retail business in Gulf Cooperation Council (GCC) nations. Nykaa expects stronger demand for its products in the current quarter after a subdued season where inflationary pressures dented consumer spending.

Read more here.

Mahindra Lifespaces forms JV with Actis for industrial, logistics real estate

Mahindra Lifespace Developers Ltd has entered into an agreement with UK-based Actis to establish a joint venture (JV) platform for developing industrial and logistics real estate facilities across India. The total investment in the business over the initial years is estimated to be ₹2,200 crore. Up to 100 acres of land with ready infrastructure in two Mahindra World Cities have been identified as seed sites to be bought and developed by the JV.

Read more here.

Ujjivan SFB records 44% jump in loan book in Sept

Ujjivan Small Finance Bank (SFB) reported a 44% YoY growth in gross loan book at ₹20,938 crore at the end of September 2022. This was driven by micro, affordable housing, and individual borrowings. Deposits rose 45% YoY to ₹20,389 crore, driven by strong momentum in retail deposits, which were up 71% YoY.

Read more here.

Petrol, diesel price freeze in India likely to be extended due to OPEC output cut

The six-month-long freeze in the price of petrol and diesel will be extended after international oil prices rose on the announcement of deep production cuts by OPEC+. The top oil-producing nations have agreed to cut production by two million barrels per day to boost recovery in oil prices that had dropped to pre-Ukraine war levels.

This is bad news for India as a fall in oil prices in recent weeks had helped the govt bring down its import bill and limit losses that state-owned fuel retailers were incurring on selling petrol and diesel.

Read more here.

L&T’s construction arm bags significant orders from auto major

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ~₹1,000-2,500 crore) from a leading automobile major to construct a state-of-the-art manufacturing facility in Haryana. The scope of the order involves the design and execution of civil, structural, and architectural works. The company has also won an order to construct a police reserve campus in Guwahati from the Public Works Department (PWD), Assam.

Read more here.

HFCL partners with Qualcomm to develop 5G small cells

HFCL has partnered with Qualcomm Technologies Inc., for HFCL’s design and development of 5G Outdoor Small Cell products. The investment in 5G small cells will enable faster rollout of 5G networks, improved 5G user experience, and more efficient utilization of the 5G spectrum. HFCL’s 5G Outdoor Small Cell supports both 5G Non-Standalone (NSA) and Standalone (SA) modes.

Read more here.

Bharti Airtel launches 5G Plus in 8 cities

Bharti Airtel has launched 5G Plus in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur, and Varanasi. Airtel 5G Plus will run on a technology that will ensure that all 5G smartphones in India seamlessly work on the Airtel network. The company claims to deliver high speeds and super-fast call connections. Customers who have 5G smartphones can enjoy Airtel 5G Plus on their existing data plans until the rollout is more widespread.

Read more here.

NTPC partners with GE Gas Power for hydrogen co-firing in gas turbines

NTPC Ltd has signed a Memorandum of Understanding (MoU) with GE Gas Power to explore the feasibility of hydrogen co-firing blended with natural gas in GE’s 9E gas turbines installed at NTPC’s Kawas gas power plant in Gujarat. The two companies will explore the pathways to reduce carbon dioxide emissions from the plant and further implementation at scale across NTPC’s installed units in India. 

Read more here.

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Editorial

5G Officially Launched in India: What Can We Expect?

After a long wait, Prime Minister Narendra Modi officially launched 5G services in India on October 1. Companies involved in the telecom, optic fiber, and network infrastructure segments are gearing up for a pan-India rollout. However, it could take a while for most of us to experience 5G on our phones. In this article, we discuss how 5G would be beneficial for our economy and what we can expect from the 5G revolution.

What are the Benefits of 5G?

The fifth generation of mobile networks won’t just mean ultra-fast internet speeds. It would bring lag-free connectivity, better coverage, and energy efficiency. Internet speeds on 5G could touch 10 gigabits per second (Gbps) at its peak, compared to the 100 megabits per second (Mbps) of 4G. Telecom operators have promised more reliability, massive network capacity, and increased availability of 5G. 

5G offers high bandwidth for quick data transfer. You’ll be able to live stream videos in better quality than before. India’s healthcare, education, automotive, defence, and gaming sectors will get a boost with enhanced augmented reality (AR) & virtual reality (VR) applications and experiences. 5G networks would also improve accessibility to mobile banking.

Jio vs Airtel vs Vi: Preparing for 5G Battle!

  • In the recent 5G spectrum auctions, Reliance Jio emerged as the top bidder with investments of ~₹88,000 crore. It bought 24,740 megahertz (MHz) of bandwidth. The company bought expensive pan-India airwaves to offer better 5G coverage quality and speed. Thus, it has a competitive advantage over rivals. Jio has also promised to offer “the most affordable 5G rates in the world” and roll out services to each corner of India by December 2023.
  • Second-largest telecom operator Bharti Airtel bought 19,867.8 MHz of airwaves worth ₹43,084 crore. It is relying on mid-band spectrum acquisitions to offer essential 5G services. Airtel has become the first telco to provide 5G networks in India. It will roll out 5G in 8 cities, including Mumbai, Delhi, Bengaluru, and Kolkata.
  • Cash-strapped Vodafone Idea (Vi) spent ₹18,799 crore to acquire 6,228 MHz of airwaves. Vi has not announced any vital 5G-related developments yet.

All telecom operators are expected to reveal their 5G plans in the coming weeks. Various reports indicate that 5G plans would be priced similarly to 4G plans currently offered in India. Others say it would be at least 10-12% higher than 4G plans in the initial stage.

What are the Key Challenges?

  • During the initial 5G rollout, telecom companies will not be able to cover the entire length and breadth of India. It will only be available in Tier-1 cities first and gradually expand to Tier-2,3 cities in a couple of years. More transmitters would be needed to cover the same area as current 4G networks.
  • Another issue is that 5G signals can be blocked by walls, glass, or trees due to their shorter wavelengths. Thus, you may not get good signals inside a building or basements. 
  • The high cost of network infra and spectrum could nudge telcos to levy a premium for 5G services. Price-sensitive Indian consumers may be reluctant to adopt the technology.
  • Most 5G smartphones available today tend to consume more battery as it keeps switching between 4G and 5G. Top mobile brands will need to invest in new battery technologies.

The Way Ahead

Over the past year, smartphone brands have advanced swiftly and launched a wide range of 5G smartphones. But if you’re buying a 5G phone now, you may be paying a premium for a feature that you can’t use for at least a year. Moreover, entities involved in the 5G rollout would have to tackle issues such as limited signal range and cybersecurity concerns.

The launch of 5G will pave the way for new economic opportunities and benefits for Indian societies. It will support innovations and transform our country into a more digitally empowered and knowledgeable economy. As per reports, the cumulative economic impact of 5G on India is estimated to reach a whopping $450 billion by 2035, provided that we have a smooth rollout.

 In an early edition, we discussed how we can profit from this new revolution in the world of networking. You can read it here!

 Are you excited for the arrival of 5G in India? Let us know in the comments section of the marketfeed app!

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Market News Top 10 News

Tata Motors Launches India’s Cheapest Electric Car – Top Indian Market Updates

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

Tata Motors launches Tiago EV at ₹8.49 lakhs

Tata Motors launched its new and cheapest electric vehicle car, the Tiago EV, at an introductory price of ₹8.49 lakh. The hatchback comes with two battery options. The 24kWh battery offers a range of 315 km on a full charge, while the 19.2kWh battery is expected to deliver a range of 250 km. The automaker will offer eight years or 1,60,000 kms warranty on battery and motor.

Read more here.

Godrej Properties acquires seven-acre land in Bengaluru

Godrej Properties Ltd has acquired a 7-acre land parcel in Indiranagar extension in Bengaluru. The plot has a total development potential of around 6 lakh sq. ft. and an estimated booking value potential of ₹750 crore. The company is planning to develop the plot as a premium residential project comprising apartments of various configurations.

Read more here.

L&T Construction to build new medical college in Assam

Larsen & Toubro Ltd’s construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the State Government of Assam. The company will construct a new medical college and hospital at Golaghat, Assam. The facility will include a 430-bed teaching hospital, academic block, private ward, hostel, and residential facilities. The total built-up area will be 9.44 lakh square feet.

Read more here.

Vi to lose access to towers if it fails to clear dues: Indus Towers

Vodafone Idea (Vi) risks losing access to Indus Towers’ mobile towers from November 2022 if it fails to clear its dues. On Monday, Indus Towers held a board meeting to discuss the company’s mounting trade receivables. It reportedly issued a “strongly-worded” letter to Vi, directing the telecom company to pay 100% of monthly dues. Vodafone Idea’s total tower dues exceed ₹10,000 crore.

Read more here.

Airtel Payments Bank to install 1.5 lakh micro ATMs in FY23

Airtel Payments Bank has started rolling out 1.5 lakh micro ATMs in a phased manner across Tier 2 cities and semi-urban regions to facilitate cash withdrawal for customers. The bank will gradually expand its service to cover more banking points in a phased manner. It is now integrated with the National Payments Corporation of India’s National Financial Switch (NFS) to facilitate micro ATM transactions.

Read more here.

Ramco Cements commissions cement plant in AP

Ramco Cements Ltd has commissioned its fifth integrated cement plant at Kolumigundla, Andhra Pradesh, at a cost of ₹3,000 crore. The plant has a clinkerisation capacity of 2.25 million tonnes per annum. The plant is capable of manufacturing various types of cement as per the specifications of the Bureau of Indian Standards (BIS). The unit will provide jobs to over 1,000 people.

Read more here.

Union Cabinet approves 3-month extension for PMGKAY

The Central government announced the extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for another three months till December 2022. The PMGKAY was launched in March 2020 to provide free 5kg foodgrains per person per month to about 80 crore beneficiaries covered under the National Food Security Act (NFSA). The extension for three months will cost ₹44,700 crore, said Union Minister Anurag Thakur.

Read more here.

Indian fertilizer companies sign MoU with Canada’s Canpotex

Coromandel International, Chambal Fertilizers, and Indian Potash Ltd have signed a Memorandum of Understanding (MoU) with Canada-based Canpotex. This MoU will help reduce supply & price volatility and ensure a stable long-term supply of potash fertilizer to India.  Canpotex will supply up to 15 lakh metric tonnes of potash annually for three years to these Indian three companies. 

Read more here.

Edelweiss Financial Services to raise up to ₹400 crore

Edelweiss Financial Services (EFSL) has announced plans to raise up to ₹400 crore through a public issue of bonds next week. The base issue size is ₹200 crore with an option to retain oversubscription up to ₹200 crore. EFSL will issue secured redeemable non-convertible debentures (NCDs) of the face value of ₹1,000 each. The issue opens on October 3 and closes on October 17.

Read more here.

Krsnaa Diagnostics enters B2C segment

Krsnaa Diagnostics is set to enter the business-to-consumer (B2C) segment with a chain of 600 diagnostic centres across India. The company’s entry into the B2C space is likely to change the industry dynamics on pricing. It offers imaging and pathological tests at discounts of 45-60% and 40–80% to the market rates, respectively.

Read more here.

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Market News Top 10 News

WPI Inflation Eases to 12.41% in August – Top Indian Market Updates

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

WPI inflation eases to 12.41% in August

India’s wholesale inflation eased to 12.41% in August 2022, compared to 13.93% in July. The Wholesale Price Inflation (WPI) continues to remain in double digits for the 17th consecutive month (since April 2021). The food articles segment witnessed a spike of 12.37% in August, compared to 10.77% in July. The fuel & power segment eased to 33.67% last month from 43.75% in July.

Read more here.

Tata Power to develop 4 MWp solar project at Pune plant

Tata Power has entered into a Power Purchase Agreement (PPA) with Tata Motors to establish a 4 megawatt-peak (MWp) on-site solar project at the automaker’s Pune plant. The installation is expected to generate 5.8 million units of electricity, potentially mitigating over 10 lakh tonnes of carbon emission. 

In other news, Tata Power Solar Systems has secured an order worth ₹596 crore from NHDC to set up a 123 MWp floating solar project in Madhya Pradesh.

Read more here.

Bharti Airtel partners with IBM to deploy edge cloud services

Bharti Airtel has partnered with IBM to deploy the telco’s edge computing platform ahead of its 5G network rollout in key cities. The platform will enable enterprises across multiple industries (including manufacturing and automotive) to accelerate innovative solutions. Bharti Airtel’s edge cloud computing platform in India includes 120 network data centers across 20 cities under its data center arm Nxtra Digital.

Read more here.

Coromandel’s venture capital arm invests in drone startup Dhaksha

Dare Ventures, the venture capital arm of Coromandel International Ltd, has invested an undisclosed amount in Chennai-based drone startup Dhaksha Unmanned Systems Pvt. Ltd. The startup plans to use the funding for talent acquisition, research & development, and increase production. It has the capacity to manufacture 250-300 drones a month and aims to scale up to 1,000 a month within a year.

Read more here.

CCI dismisses CUTS plea against PVR-INOX merger

The Competition Commission of India (CCI) has dismissed a plea filed by Consumer Unity & Trust Society (CUTS) challenging the PVR-INOX merger. A complaint was filed by CUTS stating that the proposed deal will have anti-competitive effects on the industry. They also demanded a detailed probe into the proposal. The CCI said the apprehension of the likelihood of the anti-competitive practices cannot be subjected to inquiry.

Read more here.

Mindspace REIT announces ‘MindspaceforAthletes’ sports fellowship

Mindspace REIT announced the launch of ‘MindspaceforAthletes’, an initiative that assists sportspersons and strengthens sports culture in India. In its inaugural phase, the entity will support athletes from the Somnath Ghosh Table Tennis Academy in Telangana. This fellowship provides for coaching, training infrastructure, physio, diet & nutrition, and travel expenses.

Read more here.

RattanIndia launches its first anti-drone ‘Defender’

RattanIndia Enterprises Ltd has launched its first anti-drone product ‘Defender’. The product was developed by the company’s step-down subsidiary Throttle Aerospace Systems. Defender will be a 70% indigenous product with a 30% import component of brushless DC (BLDC) motors and batteries. The anti-drones will be manufactured at Throttle Aerospace’s facility in Bengaluru.

Read more here.

KPI Green Energy signs PPAs with six companies to supply green power

KPI Green Energy Ltd has signed power purchase agreements (PPAs) to supply a total of 15.88 MW of wind-solar hybrid power from its projects to six companies. The company will supply power from the upcoming wind-solar hybrid power project (comprising 16.10 MW wind capacity and 10 MW solar capacity) at Bhungar site in Bhavnagar district, Gujarat. The project was established under the Gujarat Hybrid Power Policy of 2018.

Read more here.

HFCL secures advance purchase orders worth ₹448 crore from BSNL, RailTel

HFCL has received advance purchase orders aggregating to ₹447.81 crore from Bharat Sanchar Nigam Ltd (BSNL) and RailTel Corporation of India Ltd. The order from BSNL includes the supply, installation, and commissioning of a Control User Plane Separation Broadband Network Gateway (CUPS BNG). Meanwhile, the order from RailTel comprises the supply, installation, and commissioning of an IP-based Video Surveillance System (VSS) at 180 railway stations.

Read more here.

Harsha Engineers IPO subscribed 2.87 times on first day

Harsha Engineers’ IPO was subscribed 2.87 times on the first day of bidding. The portion reserved for retail investors was subscribed 3.22 times. Non-institutional investors (NIIs) have subscribed 5.83 times against their reserved portion.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company has fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

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Market News Top 10 News

Retail Inflation Rises to 7% in August – Top Indian Market Updates

inflation - top market updates - marketfeed
Food and Price Inflation Rises After Monetary Value Growth Ideas Financial problems and forecasting market crashes crisis risk. The young man pushed the shopping cart along the rising arrow chart.

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

CPI inflation rises to 7% in August

India’s retail inflation, measured by the Consumer Price Index (CPI), jumped to 7% in August 2022, compared to 6.71% in July. Headline inflation remains above the Reserve Bank of India’s upper target for the eighth month. Inflation in food and beverages stood at 7.6% against 6.69% in July. Fuel and light inflation was at 10.8% in August, compared to 11.76% in July.

The Index of Industrial Production (IIP), which measures total factory output, saw a growth of 2.4% YoY to 134.6 in July. 

Read more here.

JSW Steel posts 22% rise in production in August

JSW Steel Ltd reported a 22% YoY increase in crude steel production in August 2022 to 16.76 lakh tonnes. The private steel company had produced 13.77 lakh tonnes in August 2021. Long product volume grew by 25% YoY to 3.75 lakh tonnes. The average capacity utilisation was lower at 87.4% due to a shortage of iron ore in the Karnataka and Odisha regions.

Read more here.

India plans $2.5 billion aid to oil firms hit by soaring costs: Report

As per a report by Economic Times, the Indian govt. plans to pay nearly $2.5 billion (~₹19,855 crore) to state-run fuel retailers (IOCL, HPCL, BPCL) to partly compensate them for losses and keep a check on cooking gas prices. State oil companies must buy crude at international prices and sell locally in a price-sensitive market. These firms have also been holding down gasoline and diesel pump prices since early April to curb accelerating inflation.

Read more here.

Bharti Airtel’s arm Nxtra to deploy fuel-cell clean energy tech at data centre

Nxtra Data Ltd, a subsidiary of Bharti Airtel Ltd, has partnered with Bloom Energy to deploy low-environmental impact fuel cell installation at its data centre in Karnataka. It will help reduce carbon emissions through a cleaner, hydrogen-ready fuel supply. Nxtra by Airtel has a network of data centers in India with 12 large and 120 edge data centers across the country. It will invest over ₹5000 crore over the next four years to expand its capacity by 3X to over 400 MW.

Read more here.

ITC to launch over 20 properties in two years

ITC Ltd is exploring options and discussing alternate structures for the demerger plan of its hotel business, said Anil Chadha, Divisional Chief Executive at ITC Hotels. The company plans to launch more than 20 hotels in the next two years. It is also evaluating its overseas expansion and considering the Middle East market. The group currently has around 115 properties with over 11,000 keys across brands in India. 

Happiest Minds Tech announces expansion of Noida campus

Happiest Minds Technologies Ltd announced the expansion of its Noida facility (Smiles 5) to increase its delivery capacity and leverage the area’s diverse high-technology talent pool. With the additional facility, the IT company will have a capacity of 450 in the NCR region. This launch follows the announcement of Happiest Minds’ acquisition of a 1,600-seater property in Bengaluru in July 2022 and expansion in newer locations like Bhubaneswar.

Read more here.

TCS wins cloud transformation deal from Penumbra

Tata Consultancy Services (TCS) has secured a deal from US-based healthcare company Penumbra to transform its core processes. TCS has completed the first phase of this cloud transformation process across order management, finance and procurement functions. The IT major has integrated internal and external data sources to enable real-time insights for decision-making and self-service.

Read more here.

Zydus gets final USFDA approval to market Cariprazine Capsules

Zydus Pharmaceuticals (USA) Inc., a subsidiary of Zydus Lifesciences Ltd, has received final approval from the US Food & Drug Administration (USFDA) to market Cariprazine Capsules. The drug is an atypical antipsychotic indicated for the treatment of schizophrenia and acute treatment of manic or mixed episodes related to bipolar disorder. The pharma company will manufacture the product at its facility at the Special Economic Zone (SEZ), Ahmedabad.

Read more here.

Bajaj Finserv to trade ex-bonus and ex-split on Tuesday

The shares of Bajaj Finserv Ltd will trade ex-bonus and ex-split on Tuesday. The company announced bonus share issuance in the ratio of 1:1. It also declared the sub-division of its shares from the face value of ₹5 to the new face value of ₹1. These announcements helped the stock rally up to 11% in a month and cross the ₹17,000 mark.

Read more here.

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Market News Top 10 News

Bharti Airtel Pays Rs 8,312 crore for 5G Spectrum – Top Indian Market Updates

airtel

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

Bharti Airtel pays Rs 8,312.4 crore to DoT for 5G spectrum

Bharati Airtel Ltd has paid Rs 8,312.4 crore to the Department of Telecommunications (DoT) towards dues for spectrum acquired in the recently concluded 5G auctions. With this payment, the telco has paid four years of 2022 spectrum dues upfront. 

The upfront payment, the moratorium on spectrum dues, and AGR-related payments for four years will free up future cash flows and allow Bharti Airtel to dedicate resources to concentrate on the 5G rollout.

Read more here.

India’s oil demand to rise 7.7% in 2023: OPEC

As per an OPEC report, India’s demand for petroleum products like petrol and diesel will grow by 7.73% in 2023, the fastest pace in the world. The country’s demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023. India is the world’s third largest oil importing and consuming nation behind the United States and China.

Read more here.

Sona Comstar partners with Israeli startup Drive to develop new tech in smart mobility

Sona Blw Precision Forgings Ltd (Sona Comstar) has partnered with Israel-based startup Drive to develop and commercialise new technologies in the smart mobility space. The partnership will give Sona Comstar access to Drive’s new testing, evaluation, and development centre. As an innovation-hub partner, the company can participate in Drive’s startup commercialisation program FastLane.

Read more here.

Kalpataru Power moves court in Paris to enforce Rwanda Energy arbitration award

Kalpataru Power Transmission Ltd (KPTL) has approached the Judicial Court of Paris to seek enforcement of an arbitration award of over $32 million (~Rs 240 crore) against Rwanda Energy Group (REG). KPTL had entered into a contract with REG in November 2013 to install and commission a 220 kilovolt (KV) power transmission network connecting the Democratic Republic of Congo and Rwanda. A dispute arose when REG refused to pay KPTL for price adjustment.

Read more here.

UPL signs pact with Oro Agri for co-distribution of ‘Orange Oil’

UPL Ltd has partnered with US-based Oro Agri for the co-distribution and development of Orange Oil, a bio-solution effective against a variety of pests and illnesses. The company will co-distribute the bio-protection formulation starting in 2023. While UPL will leverage its global distribution network to explore new markets and expand its client base, Oro Agri will continue to supply current customers directly.

Read more here.

Ashok Leyland announces merger of Hinduja Leyland Finance with NXTDIGITAL

Ashok Leyland Ltd has announced the merger of non-banking financial company (NBFC) Hinduja Leyland Finance (HLF) with NXT DIGITAL. The move will help integrate business operations, ensure efficiency in cash management, and formulate integrated operational and marketing strategies. The share exchange ratio for the merger will entail 23 shares of NXTDIGITAL to be allocated for every 10 shares of Leyland Finance held. 

Read more here.

India’s 10-year bond yield drops 10 basis points

Indian government bond yields declined on Wednesday, with the benchmark 10-year yield crashing 10 basis points (bps), following a sharp fall in global oil prices that could further lower the inflation trajectory. The benchmark 10-year govt bond yield was at 7.1966% as of 10:25 AM today. It had fallen to 7.1947% earlier in the day, after closing at 7.2894% on Friday. Global oil prices dropped, with the benchmark Brent crude contract declining to its lowest level in six months on Tuesday.

Read more here.

Jio adds 42.2 lakh subscribers in June; Bharti Airtel gains 7.9 lakh users 

Reliance Jio Infocomm gained 42.23 lakh mobile subscribers in June 2022, taking its total user base to 41.3 crore. Bharti Airtel added 7.93 lakh users, and its total mobile subscriber count rose to 36.29 crore. Vodafone Idea lost nearly 18.01 lakh mobile subscribers during June. India’s total wireless subscribers count increased marginally to 114.73 crore at the end of June 2022. 

Read more here.

M&M in talks with different states to set up EV production site

Mahindra & Mahindra has initiated talks with various state governments in India to set up manufacturing infrastructure for its upcoming range of electric sports utility vehicles (SUVs). It will evaluate incentives offered by different state governments before finalising a strategy for the production of these EVs. The automaker has lined up five new electric SUVs. The first four are expected to hit the roads between December 2024 and 2026.

Read more here.