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Akasa Air Gets DGCA License to Fly – Top Indian Market Updates

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

Akasa Air gets airline license from DGCA

Ace investor Rakesh Jhunjhunwala’s Akasa Air has received the Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA). The grant of the AOC marks the satisfactory completion of all regulatory and compliance requirements for the airline’s operational readiness. The airline will start commercial operations later this month. Akasa Air will be the eighth airline to operate domestically.

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BHEL commissions 100-MW floating solar PV plant in Telangana

Bharat Heavy Electricals Ltd (BHEL) has commissioned a 100 megawatts (MW) floating solar photovoltaic (PV) plant at NTPC Ramagundam, Telangana. The plant is installed across a natural raw water reservoir, saving valuable land resources and also conserving water by reducing evaporation. The plant will produce clean power with innovatively engineered layouts and arrangements for the solar PV modules, electricals, and floaters.

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JSW Steel’s consolidated output rises 16% to 5.88 MT in Q1

JSW Steel Ltd’s combined crude steel production for Q1 FY23 stood at 5.88 million tonnes (MT), registering a growth of 16% YoY. On a quarter-on-quarter (QoQ) basis, crude steel production was 2% down from 5.98 MT in January-March 2022 (Q4 FY22). The decline is due to the preponement of certain scheduled shutdowns during the financial year 2022-23.

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Glenmark Pharma launches Sitagliptin in India

Glenmark Pharmaceuticals Ltd has launched Sitagliptin and its fixed-dose combinations (FDCs) for adults with Type-2 diabetes in India. The pharma company has introduced 8 different combinations of Sitagliptin-based drugs under the brand name SITAZIT and its variants. It will help diabetes patients to manage their glycemic levels effectively.

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Ajmera Realty Q1 sales bookings jump over 3-fold to Rs 400 crore

Ajmera Realty & Infra India Ltd reported a 261% YoY jump in sales to Rs 400 crore for the quarter ended June (Q1 FY23). The company sold 1.57 lakh sq. ft. carpet area, registering a growth of 155% YoY. Collections increased by 126% YoY to Rs 210 crore in Q1. Despite the high input cost scenario and projected high-interest environment, Ajmera Realty is observing a positive momentum from home buyers.

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Kalyan Jewellers’ revenue jumps 105% YoY in Q1

Kalyan Jewellers India Ltd’s (KJIL) consolidated revenue grew 105% YoY during the quarter ended June (Q1 FY23). The company witnessed more than a 115% YoY growth in revenue from its India operations and 65% YoY from Middle Eastern operations. KJIL saw an improvement in gross margin in Q1, driven by an increase in the studded jewellery mix and share of business from non-south markets.

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Cyient partners with IIT Hyderabad to nurture India’s entrepreneurial talent

The Cyient Foundation and the Shibodhi Foundation have partnered with IIT Hyderabad to develop the BVR Mohan Reddy School of Innovation and Entrepreneurship (BVR SCIENT) on its campus. BVR SCIENT aims to nurture and develop world-class innovation and entrepreneurial talent from India. Cyient Foundation is the Corporate Social Responsibility (CSR) arm of Cyient Ltd.

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RBI eases overseas borrowing to boost forex inflows

The Reserve Bank of India (RBI) has announced several temporary measures aimed at boosting foreign exchange (forex) inflows. The steps include doubling borrowing limits for companies from overseas to $1.5 billion during a financial year. Interest rate ceilings for foreign currency deposits by non-resident Indians’ (NRI) will be removed. The move comes at a time when persistent capital outflows and a widening trade deficit have led to a sharp depreciation in the value of the Indian Rupee to new record lows against the U.S. Dollar.

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G M Breweries Q1 Results: Net profit rises 39% YoY to Rs 16.16 crore

G M Breweries Ltd reported a 38.8% year-on-year (YoY) increase in net profit to Rs 16.16 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 103.8% YoY to Rs 142.02 crore during the same period. Total expenses rose 106% YoY to Rs 531.18 crore in Q1. G M Breweries manufactures and markets alcoholic beverages such as country liquor (CL) and Indian-made foreign liquor (IMFL).

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Power Grid, Tata Projects executives arrested in bribery case

The Central Bureau of Investigation (CBI) has arrested Executive Director of Power Grid Corporation of India B S Jha and five officials of Tata Projects in connection with alleged bribery to favor the private company. The agency had conducted searches in Ghaziabad, Noida, and Gurugram, during which Rs 93 lakh cash was recovered from the offices of Jha.

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Axis Bank Acquires Citi India’s Retail Assets for $1.6B – Top Indian Market News

Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of the consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management, and consumer loans. It also includes the sale of the consumer business of Citi’s non-banking financial company (NBFC), Citicorp Finance (India) Ltd.

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Reliance Jio lost 93 lakh subscribers in Jan 2022; Airtel gains 7.14 lakh subscribers

As per the latest subscriber data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio lost 93.32 lakh subscribers in January 2022. Vodafone Idea lost 3.7 lakh subscribers during the same month. Meanwhile, Bharti Airtel gained 7.14 lakh subscribers in Jan. Reliance Jio held the largest market share at 35.49%, followed by Bharti Airtel (31.13%) and Vodafone Idea (23.15%).

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Sundaram Fasteners wins incentive approval under PLI scheme

Sundaram Fasteners Ltd (SFL) has qualified for incentives from the Ministry of Heavy Industries for its proposed investments in making powertrain sub-assemblies for electric vehicles (EVs) and internal combustion engine (ICE) vehicles. Companies selected for incentives under this scheme will get 8-11% of the determined sales value. SFL will set aside Rs 350 crore to make advanced automotive tech components for EVs and ICE vehicles.

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Sun Pharma signs licensing pact with Lundbeck to launch anti-depressant pill

Sun Pharmaceutical Industries Ltd has entered into an exclusive patent licensing agreement with Danish drugmaker Lundbeck to market and distribute its version of antidepressant medication Vortioxetine in India. The drug will be marketed under the brand name Vortidiftm. The product is approved in over 80 countries, including the US, EU, Canada, and Australia.

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CCI raids offices of CEAT, Apollo Tyres: Report

As per a Reuters report, the Competition Commission of India (CCI) raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres and CEAT, in a case of suspected competition law violations. The report said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

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BHEL secures order for compressor package from Iraq

Bharat Heavy Electricals Ltd (BHEL) has won an order for a compressor package from Iraq. The order was placed by Northern Refineries Company (NRC), a company owned by the Ministry of Oil, Iraq. It includes the design, engineering, manufacturing, and supply of an electric motor-driven recycle gas centrifugal compressor.

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Godrej Properties to develop a 9-acre project in Pune

Godrej Properties Ltd (GPL) has acquired a 9-acre land parcel in the residential micro-market of Pimpri-​Chinchwad in Pune. The development will primarily be for a group housing project. The project will have a developable potential of around 1.7 million sq. ft. of saleable area. Based on current business assumptions, it has an estimated revenue potential of ~Rs 1,400 crore.

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Tata Consumer Products to merge Tata Coffee business with itself

Tata Consumer Products Ltd (TCPL) has announced the merger of all businesses of Tata Coffee Ltd (TCL) with itself. This is part of a reorganization plan in line with TCPL’s strategic priority of unlocking synergies and efficiencies. Initially, the plantation business of TCL will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL). Then, the remaining business of TCL (extraction and branded coffee business) will be merged with TCPL.

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Dilip Buildcon emerges lowest bidder for road project worth Rs 1,589 crore

The National Highways Authority of India (NHAI) has declared Dilip Buildcon Ltd as the lowest (L-1) bidder for a road project in Karnataka. The scope of the project includes the development of a six-lane access controlled greenfield highway from Maradgi S Andola to Baswantpur section of NH-150C. The bid project cost for the 65.50 km long project is Rs 1,589 crore. 

In other news, G R Infroprojects Ltd has received a Letter of Award (LoA) from NHAI for five new road projects worth ~Rs 5770 crore.

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HDFC Bank, Shoppers Stop launch co-branded credit cards

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 80 lakh ‘First Citizen’ customers of Shoppers Stop along with HDFC Bank customers. HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next 2-3 years. 

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WPI Inflation Rises to 13.11% in Feb – Top Indian Market News

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WPI inflation rises to 13.11% in February 

India’s wholesale price-based inflation accelerated to 13.11% year-on-year (YoY) in February, compared to 12.96% in January. Fuel and power inflation stood at 31.5% YoY in Feb, compared to 32.27% in Jan. Inflation in manufactured products rose 9.84% in Feb, as against 9.42% in the previous month. This signals that producers have begun passing part of their rising input costs to end-users. The food index moderated from a 24-month high of 9.55% in Jan to 8.47% in February.

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HAL signs pact with SASMOS to work together in aerospace domain

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with SASMOS to work together on advanced electronics, electrical, and fibre optic interconnections in the aerospace domain. The MoU is intended to explore business cooperation, especially in north India. Naini Aerospace Ltd (NAeL), a subsidiary of HAL, was also a signatory to the MoU.

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DLF to invest Rs 550 crore to construct office building for StanChart GBS in Chennai

DLF Limited has announced an investment of Rs 550 crore to construct a one-million sq. ft. office building for Standard Chartered Global Business Services’ campus in Chennai. In October 2020, DLF had pre-leased 7.7 lakh square feet of office space to StanChart GBS. The campus will be completed by mid-2024. The 2.3 million sq. ft. currently under construction would be completed by the first quarter of 2023 (H1 FY23). 

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Hero Electric partners with L&T Finance for retail financing solutions

Hero Electric has partnered with L&T Finance to offer customers easy financing solutions for its entire product portfolio across its 750-plus dealership network. Customers can avail hassle-free quick loan approvals in under 3 minutes at attractive interest rates, ranging from 7.99% onwards. Hero Electric is expanding personalized funding options and facilitating easy purchase decisions.

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Kotak Mahindra Bank hit by highest number of bank frauds in Apr-Dec FY22

Kotak Mahindra Bank has been hit by the highest number of frauds at 642, involving Rs 1 lakh and above, in the April-December period of 2021-22. It was followed by ICICI Bank and IndusInd Bank at 518 and 377 bank frauds, respectively. In the case of State Bank of India (SBI), the number of frauds declined over the last three years. There were as many as 923 incidents in FY18, 931 in FY19, 673 in FY20, and 283 in FY21.

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Alembic Pharma gets USFDA approval for Macitentan tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Macitentan tablets. The drug is used to treat pulmonary arterial hypertension to delay disease progression. As per IQVIA December 2021 data, Macitentan tablets had an estimated market size of $797 million.

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

Larsen & Toubro Construction has received significant contracts (in the range of ~Rs 1,000-2,500 crore) under its water and effluent treatment business. The Gujarat Water Infrastructure (GWIL) has placed an order for the design and construction of the Dhanki-Navda Bulk Pipeline project. The business has also been awarded a project from a prestigious client for the supply, installation, testing, and commissioning of water distribution networks and large meter connections in Dubai. 

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Power Mech Projects secures order worth Rs 2,120 crore

Power Mech Projects Ltd has secured orders worth Rs 2,120 crore under the Indian government’s Jal Jeevan Mission (JJM) program. The company has won the orders under Phase-III projects in 2120 villages of Pratapgarh, Fatehpur, and Meerut districts in Uttar Pradesh. The Rs 3.6 lakh crore Jal Jeevan Mission aims to ensure tap water supply to all rural households by 2024.

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BHEL dispatches 42nd nuclear steam generator to NPCIL

Bharat Heavy Electricals Ltd (BHEL) has dispatched its 42nd nuclear steam generator to Nuclear Power Corporation of India Ltd (NPCIL). The steam generator is to be installed at a 700 MWe unit at NPCIL’s Rajasthan Atomic Power Project. BHEL has been catering to India’s nuclear program since 1976. It has designed, manufactured, and supplied critical nuclear components like reactor headers and steam turbine generators.

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Vodafone Idea partners with Nazara Technologies to launch Vi Games

Vodafone Idea (Vi), in partnership with Nazara Technologies Ltd, has launched Vi Games on the Vi App. The telecom operator’s customers will get access to a wide range of gaming content on Vi Games, including popular game titles from various franchises in India. It will offer over 1,400 gaming titles across 10 popular genres. Vi Games will be available in three categories on the Vi App— Free Games, Gold Games, and Platinum Games. 

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RIL subsidiary to acquire assets of Lithium Werks for $61 million

Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire the assets of Lithium Werks BV for a total transaction value of $61 million (~Rs 466.5 crore). The assets include the entire patent portfolio of Lithium Werks, a manufacturing facility in China, and key business contracts. Lithium Werks is a leading provider of cobalt-free and high-performance Lithium Iron Phosphate (LFP) batteries. 

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M&M Reports 8-Fold Jump in Net Profit in Q2 – Top Indian Market News

Mahindra & Mahindra Q2 Results: Net profit jumps 785% YoY to Rs 1,432 crore

Mahindra & Mahindra Ltd reported a 785% YoY jump in net profit to Rs 1,431.7 crore for the quarter ended September (Q2 FY22). Net profit increased 67% compared to the previous quarter. Its revenue from operations rose 14.7% YoY (or 13% QoQ) to Rs 13,305.4 crore during the same period. The automaker sold 99,334 vehicles in Q2, an increase of 9% YoY. Tractor sales fell 5% YoY to 88,920 units. The surge in profit was aided by strong export volumes and by mitigating some impact from the severe global semiconductor shortage.

M&M has announced plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories to strengthen its position in India’s electric mobility segment. The automaker will invest Rs 3,000 crore into EV development. 

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Praj Industries partners with Indian Oil to produce cleaner fuel

Praj Industries Ltd and Indian Oil Corporation have signed a Memorandum of Understanding (MoU) to explore opportunities in the production of alcohol to jet (ATJ) fuels, 1G & 2G ethanol, compressed bio-gas (CBG), and related opportunities in the biofuels industry. This MOU will boost ATJ fuel production capacity and its use in India to curb emissions emanating from the airplanes as per the International Air Transport Association’s (IATA) mandate. Indian Oil and Praj will also collaborate to set up biofuel production facilities, including biodiesel, and ethanol.

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MRF Q2 Results: Net profit falls 54% YoY to Rs 189 crore

MRF Limited reported a 53.9% YoY decline in consolidated net profit to Rs 189.06 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 15.62% YoY to Rs 4,907.81 crore during the same period. The tyre manufacturer’s board has declared an interim dividend of Rs 3 per share.

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BHEL Q2 Results: Net loss narrows to Rs 46 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 46.58 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 552.38 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations rose 42.6% YoY to Rs 4,910.62 crore in Q2 FY22. Total expenses stood at Rs 5,275.39 crore during the July-Sept quarter of FY22, an increase of 16.2% YoY.

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Tata Motors partners with Bank of India for vehicle financing

Tata Motors has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85%. The scheme will offer a maximum of 90% financing on the total cost of the vehicle, which includes insurance and registration. The offers through the partnership will be applicable on the ‘New Forever’ range of conventional cars, SUVs, and EVs for personal segment buyers.

Read more here. 

Indraprastha Gas Q2 Results: Net profit rises 30% YoY to Rs  crore

Indraprastha Gas Ltd (IGL) reported a 30% YoY increase in net profit to Rs 400.54 crore for the quarter ended September (Q2 FY22). The company’s turnover rose 39% YoY to Rs 2,005.07 crore during the same period. IGL registered an average daily sale of 7.24 million metric standard cubic meters per day (mmscmd) in Q2 FY22 compared to 5.50 mmscmd in Q2 FY21, recording a growth of 32%.

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IRCON International emerges lowest bidder for order worth Rs 5,142 crore

IRCON International has emerged as the lowest (L-1) bidder in a tender valuing approximately Rs 5,142 crore floated by National High-Speed Rail Corporation (NHSRCL). The order involves the design, supply, and construction of track and track-related works (including testing and commissioning) for the double-line high-speed railway between Zaroli village and Vadodara in Gujarat. The completion period of the project is approx. 6.5 years.

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IDFC Q2 Results: Net profit at Rs 262 crore

IDFC Limited reported a consolidated net profit of Rs 262.55 crore for the quarter ended September (Q2 FY22). During the quarter, the company had received Rs 200 crore as its share of profit from its associates and joint ventures. It had posted a net loss of Rs 146.68 crore in the corresponding quarter last year (Q2 FY21). 

The Board of Directors of IDFC Ltd has approved the merger scheme of IDFC Alternatives Ltd, IDFC Trustee Company Ltd, and IDFC Projects Ltd (wholly-owned subsidiary companies) into IDFC.

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PowerGrid Q2 Results: Net profit rises 9% YoY to Rs 3,376 crore

Power Grid Corporation of India reported a 9% YoY increase in consolidated net profit to Rs 3,376.38 crore for the quarter ended September (Q2 FY22). Its total income rose 7% YoY to Rs 10,514.74 crore during the same period. During the quarter, 2,100 circuit kilometers (ckm) of transmission lines and 14,000 megavolt-ampere (MVA) transformation capacity were added. 

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Mazagon Dock delivers 4th Scorpene Submarine ‘Vela’ to Indian Navy

Mazagon Dock Shipbuilders Ltd (MDL) has delivered the fourth Scorpene Submarine of Project P-71 to the Indian Navy. It will be commissioned as INS Vela. With the delivery of Vela, MDL has lived up to its reputation as one of the country’s leading shipyards and reaffirmed India’s membership in the exclusive club of submarine-building nations.

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BPCL to Set Up 1,000 EV Charging Stations – Top Indian Market News

BPCL to set up 1,000 EV charging stations

Bharat Petroleum Corporation Ltd (BPCL) plans to add 1,000 electric vehicles (EV) charging stations in the short term. The company aims to tap new business opportunities as a hedge against the displacement of auto fuels. BPCL will offer multiple fuelling options at 7,000 petrol pumps to facilitate owners of vehicles powered by gas, electricity, and hydrogen. It also plans to spend Rs 5,000 crore to build its renewable power portfolio of 1,000 megawatts (MW) over the next five years.

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TCS secures 5-year contract from German bank NORD/LB

Tata Consultancy Services Ltd (TCS) has secured a five-year IT transformation contract from NORD/LB, a leading German commercial bank. TCS will work with the bank to simplify and transform its application estate across multiple businesses through application consolidation and automation. The IT major will also build new features and functionality to support NORD/LB´s transformation goals. 

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BHEL secures order from Goa Shipyard for warship gun mount

Bharat Heavy Electricals Limited (BHEL) has secured an order from Goa Shipyard for a warship gun mount. The order includes the supply of an upgraded Super Rapid Gun Mount (SRGM), which is the main gun onboard most warships of the Indian Navy. The upgraded SRGM is a state-of-the-art weapon system that comprises features such as the capability to manage different types of ammunition to engage fast, radio-controlled targets. 

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Sun Pharma launches cough syrup Chericof 12 in India

Sun Pharmaceutical Industries announced the launch of a novel formulation in cough management— Chericof 12 in India. It is the first prescription cough syrup in India that gives relief for up to 12 hours. Chericof 12 is manufactured using polistirex technology for sustained release of the drug. The technology helps in improving patient compliance and avoids the need for frequent dosing.

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RVNL secures order worth Rs 382 crore for Indore Metro Rail Project

Rail Vikas Nigam Ltd (RVNL) has secured a contract from the Madhya Pradesh Metro Rail Corporation worth Rs 381.95 crore. The contract is for the design and construction of seven elevated metro rail stations of the Indore Metro Rail Project. RVNL will construct the viaduct portion within the stations and transition spans on either side of the stations, entry-exit structures, etc.

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SEBI board approves framework for gold exchange

The Securities Exchange Board of India (SEBI) has approved the framework for gold exchange. The instrument representing gold will be called Electronic Gold Receipts (EGRs) and will have trading, clearing, and settlement features similar to other securities. The proposed gold exchange would lead to efficient and transparent domestic spot price discovery, assurance in the quality of gold, and augment gold recycling in India.

SEBI has also approved the creation of a Social Stock Exchange (SSE), which will help social entrepreneurs raise funds.

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SC rejects Adani Gas’ plea seeking authorisation for city gas distribution network in Ahmedabad district

The Supreme Court (SC) has rejected Adani Gas Ltd’s plea challenging the bidding process for the supply of PNG and CNG in Sanand, Bavla, and Dholka of Ahmedabad district. The SC also upheld the authorisation provided by Petroleum and Natural Gas Regulatory Board (PNGRB) to Gujarat Gas Ltd for establishing and operating the city gas distribution network in the areas adjacent to Ahmedabad. Further, the court imposed Rs 10 lakh cost on Adani Gas.

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IndiGo signs code-sharing agreement with American Airlines

InterGlobe Aviation (IndiGo), India’s largest airline, has signed a code-sharing agreement with American Airlines. The US airline is gearing up to launch new flights between the two countries. Code-sharing allows an airline to sell seats on a flight operated by its partner, such that it can fly passengers to destinations it does not serve. The agreement, expected to start in October, will see American Airlines’ code on 29 of IndiGo’s domestic routes in India.

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Bal Pharma to strengthen its position in diabetes segment via Gliclazide API

Bal Pharma Ltd is further strengthening its market-leading position in the diabetes segment via Gliclazide (API) with higher capacity utilization at the existing facility. The company will also streamline the new facility that commenced production of Gliclazide in September 2020. The pharma company is one of the largest producers and exporters of Gliclazide active pharmaceutical ingredient (API), used to treat Type-2 diabetes. Bal Pharma is a fully integrated pharmaceutical company specialized in Prescription Drugs, Generics, pharma intermediates, and Bulk Actives.

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Anupam Rasayan signs contract worth Rs 145 crore with European customers to supply active ingredient

Anupam Rasayan India has signed a Letter of Intent (LoI) worth Rs 145 crore with existing long-term European multinational customers for supplying a new life science-related active ingredient. The company will enter into a long-term contract for the next three years to supply the specialty chemical product. Anupam Rasayan manufactures products for over 66 domestic and international customers, including 24 multinational companies.

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Cabinet Clears Rs 30,600 crore Govt Guarantee for Bad Bank – Top Indian Market news

Cabinet approves Rs 30,600 crore govt guarantee for bad bank

The Union Cabinet has cleared a proposal to provide a Rs 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company Ltd (or bad bank) as part of the resolution of bad loans. NARCL will aggregate the non-performing assets (bad loans) from banks’ balance sheets and manage and dispose of them professionally. The bad bank will pay up to 15% of the agreed value for the bad loans in cash, and the remaining 85% would be government-guaranteed security receipts. Nearly 90,000 crore worth of NPAs will be transferred to NARCL in the first phase.

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BHEL commissions India’s largest floating solar PV plant

Bharat Heavy Electricals Ltd (BHEL) has commissioned India’s largest floating solar photovoltaic (PV) plant in Andhra Pradesh. Located at NTPC Simhadri, the 25 megawatt (MW) floating SPV project covers an area of 100 acres. BHEL’s scope of work in the project included design, engineering, procurement, and construction of the solar project. The project will help in saving valuable land resources and conserving water by reducing evaporation. 

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Easy Trip Planners to expand presence to Philippines, Thailand, and the US

Easy Trip Planners has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States. The company has forayed into these countries as part of the second phase of a global expansion strategy. They are anticipating a huge pent-up global demand for the travel and tourism sector in the coming months. The new subsidiaries will replicate the cost-effective operating model that EaseMyTrip has successfully adopted in India for over 13 years. 

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Dilip Buildcon secures order worth Rs 1,060 crore from NHAI

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Andhra Pradesh. The scope of work includes the construction of a four-lane Bangalore-Chennai Expressway from Bangarupalem to Gudipala section in Andhra Pradesh. The bid project cost is Rs 1,060 crore. Dilip Buildcon has to complete the project within two years.

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NCLT approves amalgamation of Lincoln Pharma and Lincoln Parenteral

The National Company Law Tribunal (NCLT)-Ahmedabad Bench has approved the scheme of amalgamation of Lincoln Pharmaceuticals Ltd and Lincoln Parenteral Ltd. This move will boost synergies in terms of operational efficiency, enhance competitive strength, cost-effectiveness, and productivity for the combined entity. The scheme will be effective upon the filing of a certified copy of the order of NCLT with the Registrar of Companies, Gujarat.

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M&M Finance enters vehicle leasing, subscription business

Mahindra & Mahindra Financial Services Ltd has forayed into the vehicle leasing and subscription business. The new vertical will operate under the brand name ‘Quiklyz’. Consumers can pay a monthly fee to access the vehicle of their choice across all car brands at a lower price point when compared to regular car ownership. Mahindra Finance said Quiklyz will add substantial value to its existing business portfolio as it aspires to tap all emerging opportunities in the vehicle leasing space.

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Saregama India’s board approves raising up to Rs 750 crore

The Board of Directors of Saregama India Ltd has approved the raising of funds by issuing securities for an aggregate amount not exceeding Rs 750 crore. The securities will be issued by way of a private placement, preferential issue, or public issue. The board has also approved the appointment of Deepak Jain as interim Chief Financial Officer (CFO) of the company. Saregama India is India’s oldest music label owned by the RP-Sanjiv Goenka Group of companies. 

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Centre receives investment proposal of Rs 6,000 crore for PLI scheme for AC, LED lights

Nearly 52 companies have applied for availing production linked incentives (PLI) for white good makers, proposing an investment of ~Rs 6,000 crore in the manufacturing of components for ACs and LED lights. The Centre has received applications from firms such as Daikin, Blue Star, Panasonic, Dixon Tech, Amber Enterprises, and Lloyd. This PLI scheme will help save foreign currency, as a majority of the components in AC and LED lights are now imported from China and Taiwan. It will also create job opportunities in the country.

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Aptech enters edtech segment with ‘ProAlley.com’ 

Aptech Limited has entered the educational technology (edtech) segment with its latest brand— ‘ProAlley.com’. The brand intends to reach out to a new set of users that are self-paced learners who want to learn and make a career in the growing media & entertainment industry. ProAlley.com comes with hi-tech features and a quick, user-friendly interface. Mumbai-based Aptech is a pioneer in the non-formal vocational training business in India. 

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India’s Industrial Output Grew by 7.2% in July – Top Indian Market News

India’s industrial output grew by 7.2% in July

The growth in India’s industrial output continued to pick up in July. The Index of Industrial Production (IIP) increased by 7.2% to 131.4 in July 2021 over the preceding month. On an annual basis, the index rose by 11.5% in July. Manufacturing output rose 8.2% on a monthly basis, compared to a rise of 7.4% in June. Mining output declined by 0.9% month-on-month (MoM), from a decline of 2.3% in the previous month. Meanwhile, electricity generation increased by 9.2% MoM in July, compared to a rise of 4.4% in June.

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Automobile wholesales fall 11% in August as chip shortage continues: SIAM

Automobile wholesales in India declined 11% year-on-year (YoY) in August, as the global semiconductor shortage weighed down production. The total wholesales across automobile categories (excluding commercial vehicles) fell to 15.86 lakh units in August 2021, compared to 17.90 lakh units in August 2020. The total dispatch of passenger vehicles rose 7% YoY to 2.32 lakh in August. The data was released by the Society of Indian Automobile Manufacturers.

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Punjab National Bank to raise Rs 6,000 crore through bonds

The Board of Directors of Punjab National Bank (PNB) has approved a proposal to raise up to Rs 6,000 crore by issuing bonds. The lender will issue Basel-III compliant Additional Tier-I (AT-1) bonds and AT-II bonds or a combination of both. Meanwhile, PNB has waived all service charges and processing fees on its retail products as part of its festival season offering.

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IndiGo aims to operate domestic flights at full capacity from December 2021: Report

According to a report from Bloomberg, InterGlobe Aviation Ltd (IndiGo) is aiming to operate domestic flights at full capacity by December 2021. The budget carrier’s current load factor is around 70%. IndiGo is also targeting just over two-thirds of capacity in international routes as the Covid-19 pandemic eases and people start traveling more. In August, the Ministry of Civil Aviation allowed domestic airlines to increase flight capacity from 65% to 72.5%.

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JioPhone Next launch postponed, to be available before Diwali

The launch of the low-cost 4G-compatible JioPhone Next, made by Reliance Jio and Google, has been delayed due to the global semiconductor shortage. It was supposed to be launched today, September 10. Both companies have begun testing the JioPhone Next with a limited set of users for further refinement. They are actively working to make the smartphone available in time for the Diwali season.

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Manyavar-owner Vedant Fashions files draft papers for IPO

Vedant Fashions, the owner of ethnic wear brand Manyavar, has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The issue will consist of an offer for sale (OFS) of up to 3.63 crore shares by promoters and existing shareholders. Vedant Fashions’ Manyavar brand is a market leader in the branded Indian wedding and celebration wear market. Twamev, Manthan, Mohey, and Mebaz are some of its other brands.

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BHEL extends footprint in HVDC-based power transmission with Raigarh-Pugalur UHVDC link

Bharat Heavy Electricals Ltd (BHEL) has played a key role in the successful implementation of the ultra-high voltage direct current (UHVDC) link between the western and southern region grid. The +800 kilovolts (kV), 6,000 megawatts (MW) UHVDC link is between Raigarh in Chattisgarh and Pugalur in Tamil Nadu. The project aims to bring relief to the power deficit southern grid. 

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Govt extends last date for filing ITR till December 31

The government has once again extended the deadline to file Income Tax Return (ITR) for the financial year 2020-21 (FY21) by three months to December 31, 2021. The deadline has been extended due to glitches on the new income tax portal, which had made it difficult for taxpayers to complete their ITR filing process. With regard to the resolution of glitches in the tax portal, the Finance Ministry on Wednesday said it is continuously engaging with Infosys to ensure a smooth filing experience for taxpayers.

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Manufacturing PMI Falls to 52.3 in August – Top Indian Market News

Manufacturing PMI falls to 52.3 in August

Manufacturing activity in India fell in August as a result of Covid-induced curbs and rising input costs. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 52.3 in August, compared with 55.3 in July. However, manufacturing production and new orders increased for the second straight month in August, but at a softer pace. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

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Auto sales data for August 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 19.2% month-on-month (MoM) decline in total sales to 1.30 lakh units in August 2021. Sales from its utility vehicle segment and exports fell 24.5% and 2.8%, respectively. 

Tata Motors Ltd registered a 7.1% MoM decline in passenger vehicle sales to 28,018 units in August. The automaker’s commercial vehicle sales increased 25% MoM to 29,791 units. Overall domestic sales rose 4.2% MoM to 54,190 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 15,973 units in August, a decline of 24% over July. M&M’s farm equipment segment posted a 21.5% decline in sales to 21,360 units.  

Bajaj Auto Ltd posted a 1.1% MoM increase in total sales to 3.73 lakh units. Meanwhile, TVS Motor Company posted a 4.2% MoM rise in total sales to 2.90 lakh units in August.

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Equitas SFB launches digital fixed deposits on Google Pay 

Equitas Small Finance Bank (SFB) will now enable users to open fixed deposits (FDs) on Google Pay. The deposits in Equitas SFB are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year. On maturity, the proceeds will automatically go to the user’s existing Google Pay linked bank account. Recently, US tech giant Google had partnered with fintech startup Setu to allow users to open FDs through its digital wallet platform.

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IEX power market reports highest-ever monthly volume in August

The electricity market at the Indian Energy Exchange (IEX) achieved a record all-time high monthly volume of 9,538 million units (MUs) in August, a growth of 74% YoY. The day-ahead market traded 6,649 MU volume (with the average price of electricity at Rs 5.06 per unit), recording a 48 % YoY growth. The term-ahead market comprising intra-day, contingency, daily & weekly contracts recorded a 401% YoY growth in trading volumes at 617 MU during the same month.

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Minda Corp to acquire 26% stake in charging solutions startup EVQPOINT

Minda Corporation Ltd, through its subsidiary Spark Minda Green Mobility Solutions, has entered into definitive agreements for acquiring a 26% stake in charging solutions startup EVQPOINT Solutions. This investment will make Spark Minda EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. The strategic partnership will position Spark Minda to capitalise on the accelerating shift to electric mobility and further boost its position as a one-stop shop for comprehensive charging solutions for EVs.

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EPL partners with Colgate-Palmolive to create recyclable toothpaste tubes

EPL Limited (formerly known as Essel Propack Ltd) has partnered with Colgate-Palmolive India to produce recyclable toothpaste tubes in India. This first set of recyclable tubes is the starting point for converting to 100% recyclable tubes for Colgate-Palmolive. EPL has innovated a first-of-a-kind Recyclable Platina Tubes for the oral care brand, keeping in mind superior functionality and no compromise on key product attributes and value.

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Ramco Systems partners with Draken International

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 across Draken International’s global operations in the US. Draken International is a leading provider of tactical fighter aircraft for contract adversary air (ADAIR) services to the defense industry. Ramco Aviation Software will offer a one-stop solution for managing Draken’s global operations and support its rapid expansion plans.

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Hindustan Zinc extends shutdown of roaster at Rajasthan’s Chanderiya smelter

Hindustan Zinc Ltd (HZL) has extended the planned shutdown of one of the roasters at Chanderiya lead-zinc smelter in Rajasthan. The shutdown is required for the repair and overhaul of major structural components to avoid operational risks in the future. HZL said the shutdown would result in a production loss of 25,000 tonnes of zinc. The company expects the roaster to come back to operation by the mid of next month.

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BHEL secures order worth Rs 10,800 crore from NPCIL

Bharat Heavy Electricals Ltd (BHEL) has received its largest-ever order worth Rs 10,800 crore from Nuclear Power Corporation of India Ltd (NPCIL). The order includes the engineering, procurement, and construction (EPC) of a Turbine Island for six units of 700-megawatt electric (MWe). Four units of 700 MWe will be established at Gorakhpur, Haryana, and two units of 700 MWe at Kaiga in Karnataka.

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GMR Group to invest Rs 520 crore in Hyderabad Airport metro link project 

GMR Group, which operates the Rajiv Gandhi International Airport (RGIA) in Hyderabad, will invest Rs 519.52 crore by 2024 in a metro rail link project for connectivity across the city. The Rs 5,000 crore project proposed by the Telangana government will span 31 kilometers in total. The metro rail link project will be extended to RGIA to create accessibility for people living in different areas of Hyderabad.

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Vedanta announces interim dividend of Rs 18.5 per share

The Board of Directors of Vedanta Ltd has approved an interim dividend of Rs 18.5 per share for the financial year 2021-22, amounting to Rs 6,877 crore. The record date for the purpose of payment of the dividend is September 9. Vedanta Ltd is one of the world’s leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia.

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Tata Power Secures Contract Worth Rs 400 crore From KSEB – Top Indian Market News

Tata Power secures contract worth Rs 400 crore from KSEB

Tata Power Company has secured a contract worth Rs 400 crore from the Kerala State Electricity Board Ltd (KSEB). The order consists of developing an 84 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala. The project has to be commissioned within three months of receipt of an order from individual residential customers. The rooftop solar project is expected to generate 120 million units (MUs) of energy every year. 

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Delta Corp Q1 Results: Net loss at Rs 28.93 crore

Delta Corp Limited reported a consolidated net loss of Rs 28.93 crore for the quarter ended June 2021 (Q1 FY22). It had posted a net loss of Rs 28.24 crore in the corresponding quarter last year (Q1 FY21). Delta Corp had reported a net profit of Rs 57.77 crore in Q4 FY21. The company’s total income increased by 34.92% YoY to Rs 82.72 crore in Q1 FY22. Delta Corp is a gaming and hospitality company that owns and operates casinos and hotels.

Ashoka Buildcon receives order worth Rs 482 crore from Ircon International

Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Ircon International for an order worth Rs 482.34 crore. The order consists of the supply, erection, testing, and commissioning of an Electro-Mechanical (E&M) System on the Dharam-Katra section of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project. Out of the 272 kilometers of the USBRL Project, work has been completed on 161 km and commissioned, said the Ministry of Railways in a press release. 

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JSW Steel’s output rises 65% YoY to 5.07 MT in Q1

JSW Steel Limited reported a 65% year-on-year (YoY) growth in production to 5.07 million tonnes (MT) for the quarter ended June 2021 (Q1 FY22). Total production rose 16% when compared to the previous quarter. The company’s capacity utilisation at the standalone level was at 91% in Q1. Amidst the second wave of the Covid-19 pandemic, JSW Steel had supplied over 65,000 tonnes of liquid oxygen across India during the April-June quarter.

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HCL Tech helps transform BP’s workplace services in multi-year deal

HCL Technologies Ltd has completed the first phase in building a modern digital workplace for UK-based multinational energy company BP. As part of a multi-year deal, HCL will help transform BP’s workplace services, enabling it to drive efficiency and create a standardised end-user experience for its employees across 500 sites. HCL Tech has been providing global site support services and managed telephony for 60,000 IT end-users at BP.

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HG Infra declared lowest bidder for road project in Delhi

HG Infra Engineering has been declared the lowest (L-1) bidder by the National Highways Authority of India (NHAI) for a road project in Delhi. The project involves the development of a six-lane Urban Extension Road (UER) on NH 344 M (Karala-Kanjhawala Road) in Delhi. The company’s bid project cost is Rs 1,393.11 crore. The order has to be completed within two years.

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Maruti Suzuki launches digital platform to provide car financing solutions

Maruti Suzuki India Ltd has announced the nationwide roll-out of its digital platform that provides end-to-end online car financing solutions to customers. The platform, Maruti Suzuki Smart Finance, will be available across India for customers of both Arena and Nexa dealerships. The automaker has on-boarded HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, IndusInd Bank, and 9 other financiers to provide enhanced car financing experience to customers.

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Tata Motors partners with IndusInd Bank to finance solutions for passenger vehicles

Tata Motors Limited has launched offers for its passenger vehicle customers in partnership with IndusInd Bank. As part of the collaboration, Tata Motors will provide the ‘Step Up’ scheme where customers can choose and buy from its range of passenger cars in India, with a special low EMI option scheme for the first 3-6 months. This is part of the automaker’s constant effort to fast-track the availability of safe personal mobility solutions to individuals and families at pocket-friendly rates.

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BHEL receives order from NPCIL for Nuclear Steam Generators

Bharat Heavy Electricals Ltd (BHEL) has secured an order for the supply of 12 steam generators from Nuclear Power Corporation of India Ltd (NPCIL). The order has been valued at Rs 1,405 crore. The generators will be manufactured at BHEL’s plant at Tiruchirapalli (Tamil Nadu). This is part of NPCIL’s Fleet Mode procurement program, which mandates the supply of steam generators for India’s highest-rated 700 MWe Pressurised Heavy Water Reactors to be set up at 4 different locations in the country.

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Kitex Group being kicked out of Kerala: MD

Sabu M. Jacob, the Managing Director of Kitex Garments Ltd, has alleged that he is being ‘kicked out’ of Kerala due to harassment by the state government. The company is planning to shift its proposed project worth Rs 3,500 crore to Telangana. Tamil Nadu and Karnataka had also shown interest in the project after the MD announced that Kitex was winding up the project in Kerala, citing an alleged witch-hunt. Read more here.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 102.58 times on the final day of bidding. The portion reserved for retail investors was subscribed 12.57 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 238.04 times and that of qualified institutional buyers (QIBs) 168.58 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 93.41 times on the final day of bidding. The portion reserved for retail investors was subscribed 9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 206.43 times and that of qualified institutional buyers (QIBs) 156.37 times. To know more about the IPO, click here.

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SAIL Reports 31% YoY Rise in Net Profit in Q4 – Top Indian Market News

SAIL Q4 Results: Net profit rises 31% YoY to Rs 3,470 crore

Steel Authority of India Ltd (SAIL) reported a 31% YoY increase in consolidated net profit to Rs 3,469.88 crore for the quarter ended March (Q4). Net profit has jumped 136.34% when compared to the previous quarter. Its total income rose 41.98% YoY to Rs 23,533.19 crore during the same period. The company’s total output rose 6% YoY to 4.56 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) increased by 95.6% YoY to Rs 4,148.13 crore. SAIL’s board has declared a final dividend of Rs 1.80 per share. 

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Industrial output falls to seven-month low in April

India’s industrial output fell to the lowest level in seven months in April due to the resurgence of Covid-19 cases. The Index of Industrial Production (IIP) fell 13% over the previous month to 126.6 in April 2021. The index for manufacturing output contracted by 12.6% over March to 125.1. The mining output index contracted 22.1% month-on-month (MoM) to 108 in April. The index for electricity generation stood at 174 in April, compared to 180 in March. The data was released by the Ministry of Statistics and Programme Implementation (MoSPI).

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TCS extends 17-year partnership with Virgin Atlantic

Tata Consultancy Services (TCS) has extended a 17-year strategic partnership with UK-based Virgin Atlantic to help them embark on a new phase of recovery and growth. The IT major will take exclusive responsibility for the airlines’ end-to-end operational management and digital transformation. TCS will build innovative digital solutions with Cloud-First guiding principles to help Virgin Atlantic improve agility and performance in its purpose-led transformation.

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DLF Q4 Results: Net profit at Rs 481 crore

DLF Limited reported a consolidated net profit of Rs 480.94 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,857.76 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income rose 1.75% to Rs 1,906.59 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 1,093.61 crore. This is compared to a net loss of Rs 583.19 crore in FY20. DLF has appointed two of its executives, Ashok Tyagi and Devinder Singh, as Chief Executive Officers (CEOs).

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Ashoka Buildcon emerges lowest bidder for road project in Punjab

Ashoka Buildcon Ltd has been declared the lowest (L-1) bidder for a road project in Punjab by the National Highways Authority of India (NHAI). The project consists of six-laning of IT City Chowk to Kurali Chandigarh Road, the design length of which is 31.23 km, in Punjab. The quoted bid price for the project is Rs 726 crore. The road project comes under the Indian government’s Bharatmala Pariyojana— Package II.

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Heranba Industries Q4 Results: Net profit rises 64.5% YoY to Rs 43 crore

Heranba Industries Ltd reported a 64.51% YoY increase in net profit to Rs 43.20 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 25.34% YoY to Rs 267.83 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 57.9% YoY to Rs 154.22 crore. The chemical manufacturing company’s board has recommended a final dividend of Rs 0.70 per share.

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Ipca Laboratories acquires 13% stake in Trophic Wellness for Rs 21 crore

Ipca Laboratories Ltd has acquired an additional 13.09% stake in Trophic Wellness Pvt Ltd (TWPL) for a cash consideration of Rs 21.20 crore. The pharma company currently holds a 52.35% stake in TWPL. With this acquisition, Trophic Wellness has become a subsidiary of Ipca Laboratories. TWPL is a nutritional and wellness products company that offers a wide variety of dietary supplements of global standards. 

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BHEL Q4 Results: Net loss at Rs 1,035 crore

Bharat Heavy Electricals Limited (BHEL) reported a consolidated net loss of Rs 1,034.82 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,532.67 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 40.23% YoY to Rs 7,245.16 crore in Q4 FY21. BHEL’s power vertical posted a 51% YoY growth in revenues to Rs 4,789 crore. Net loss for the financial year 2020-21 (FY21) stood at Rs 2,697.11 crore. This is compared to a net loss of Rs 1,466.01 crore in FY20.

Zee Entertainment to launch OTT platform ZEE5 in the US on June 22

Zee Entertainment Enterprises Ltd (ZEEL) will launch its video streaming service, ZEE5, in the United States on June 22. The over-the-top (OTT) platform is currently present in international territories such as the United Kingdom and the Middle East. The ZEE5 annual pack (priced at $84) will be available across devices at a limited launch offer price of $49.99. ZEE5 will provide 130,000 hours of content across 18 languages. You can learn more about ZEEL here.

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Deccan Cements Q4 Results: Net profit at Rs 22.08 crore

Deccan Cements Ltd reported a net profit of Rs 22.08 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 2.96 crore in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations rose 72.83% YoY to Rs 213.83 crore in Q4 FY21. Net profit for the full financial year 2020-21 (FY21) jumped 103.27% YoY to Rs 115.13 crore. The cement company’s board has recommended a final dividend of Rs 5 per share.

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Cochin Shipyard Q4 Results: Net profit rises 71% YoY to Rs 236 crore

Cochin Shipyard Ltd reported a 71.76% YoY increase in consolidated net profit to Rs 236.21 crore for the quarter ended March (Q4). Net profit has increased by 5.53% when compared to the previous quarter. Its total income rose 33.35% YoY (or 50.41% QoQ) to Rs 1,148.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 3.7% YoY to Rs 608.66 crore. Cochin Shipyard’s board has recommended a final dividend of Rs 2.50 per share.

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Tata Power to Develop 60 MW Solar Project in Gujarat – Top Indian Market News

Tata Power receives order to develop 60 MW solar project in Gujarat

Tata Power Limited has secured an order to develop a 60 megawatt (MW) solar project for Gujarat Urja Vikas Nigam Ltd (GUVNL). The energy will be supplied to GUVNL under a power purchase agreement (PPA), which is valid for 25 years from the scheduled date of commercial operation. With this order, Tata Power’s renewable energy capacity will increase to 4,007 MW.

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L&T secures orders worth Rs 1,000-2,000 crore across various business segments

Larsen & Toubro (L&T) said its construction arm has secured significant orders (in the range of Rs 1,000-2,000 crore) across various business segments. Its heavy civil infrastructure business has secured an EPC order to construct a four-lane bridge across river Ganga on the newly declared NH-131B in Bihar. L&T Construction’s water & effluent treatment business has received a design, build, and operate order from the Municipal Corporation of Amritsar for setting up a bulk water supply system.

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Indiamart Intermesh to acquire 11% stake in Legistify Services

Indiamart Intermesh Ltd, through its wholly-owned subsidiary Tradezeal Online, will acquire an 11.01% stake in Legistify Services for Rs 1.30 crore. Legistify offers a SaaS (software as a service)-based ERP tool that allows enterprises to manage their legal workflows. Indiamart said this investment is in line with its long-term objective of offering various SaaS-based solutions for businesses.

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BHEL secures order worth Rs 400 crore from Indian Oil Corp

Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs 400 crore for setting up a sulphur recovery unit at Indian Oil Corporation’s (IOCL) Paradip Refinery in Odisha. With this order, BHEL has made its entry into the downstream oil & gas process package business. The company’s scope in the contract includes project management, residual process design, testing, construction, commissioning, and performance guarantee test run of the 525 TPD (tonnes per day) sulphur recovery unit.

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Dilip Buildcon wins order worth Rs 1,137 crore from NHAI

Dilip Buildcon Limited (DBL) has secured an order worth Rs 1,137 crore from the National Highways Authority of India (NHAI) for a road project in Karnataka. The project consists of four-laning the Sannur-Bikarnakatte section of NH-169 on Hybrid Annuity Mode (HAM). The completion period for the 45-km project is 24 months.

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TCS unveils new brand statement- ‘Building on Belief’

Tata Consultancy Services (TCS) has unveiled a new brand statement— ‘Building on Belief’, as it embarks on its next decade of transformation-led growth. It expresses the active and collaborative role that TCS plays in partnering customers over the long term, leveraging its contextual knowledge, investments in research and innovation, and technology expertise to help them grow and achieve their transformational goals. TCS will launch an integrated 360-degree campaign across media platforms to highlight the new brand statement.

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Alkem Labs to invest Rs 40 crore in ABCD Technologies

Alkem Laboratories said it has agreed to subscribe to a partnership interest in healthcare services firm ABCD Technologies LLP. The pharma company will invest Rs 40 crore in ABCD Tech. The objective of this acquisition is to digitise healthcare infrastructure in India towards facilitating better distribution practices. Last week, Sun Pharma, Lupin, Cadila Healthcare, and Torrent Pharma said they have subscribed to the partnership interest in the same firm.

SJVN to develop 70 MW grid-connected solar project in Gujarat

SJVN Limited has received a Letter of Award (LoA) from the Gujarat Urja Vikas Nigam Ltd (GUVNL) to develop a 70 MW grid-controlled solar power project in Gujarat. The company will supply electricity from this project to GUVNL at a rate of Rs 2.21 per kilowatt-hour for a period of 25 years. SJVN said this project will support in achieving its vision of increasing its electricity generation capacity to 5,000 MW by 2023.

Tamilnadu Petro to invest Rs 435 crore for capacity expansion

The Board of Directors of Tamilnadu Petroproducts has approved an investment of Rs 435 crore for capacity expansion and revamping its manufacturing plants. The capacity of its linear alkyl benzene (LAB) plant will be increased from 120 kilo-tonnes per annum (KTA) to 145 KTA at an estimated cost of Rs 240 crore. The company’s heavy chemicals division (HCD) plant will be modernised at an estimated cost of Rs 165 crore.

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RBL Bank partners with Tide to serve banking needs of Indian SMEs

RBL Bank said it will provide banking infrastructure to UK-based fintech Tide’s India platform, which is focused on the small & medium enterprises (SME) segment. SMEs will have an option to open current and savings accounts at RBL Bank through Tide’s business platform. The bank can also integrate its payment APIs to enable Tide users to make seamless transactions through the platform.

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Goldiam International receives export orders worth Rs 80 crore

Goldiam International Ltd said it has secured export orders from prominent international clients. It has won an order for manufacturing diamond-studded designed gold jewellery worth Rs 80 crore. The company will deliver the export orders within 3 months. Mumbai-based Goldiam International is a leading global exporter of luxurious diamond jewellery.

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Bharti Airtel Adds 58.9 Lakh Subscribers in January – Top Indian Market News

Bharti Airtel adds 58.9 lakh subscribers in January, Vi adds 17.1 lakh subscribers: TRAI

Bharti Airtel added more wireless subscribers than market leader Reliance Jio for the sixth straight month in January. According to data released by telecom regulator TRAI, Bharti Airtel added 58.92 lakh subscribers, while Jio added 19.56 lakh subscribers in January 2021. Vodafone Idea (Vi) gained 17.1 lakh subscribers during the same month. This is the first time in 15 months that Vi is adding subscribers.

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BHEL emerges lowest bidder for NPCIL’s Rs 10,800-crore tender

Bharat Heavy Electricals Ltd (BHEL) has emerged as the lowest (L1) bidder for the supply of equipment for the 6×700 megawatt (MW) nuclear power projects of Nuclear Power Corporation of India (NPCIL). The lowest bid price offered by BHEL was Rs 10,800 crore. With this tender, BHEL has retained its market leadership position of being the sole Indian supplier of nuclear steam tubes. 

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Domestic air traffic declines 36% YoY in February: DGCA

A total of 78.27 lakh domestic passengers travelled by air in February 2021, which is 36% lower than the corresponding period in 2019. IndiGo carried 42.38 lakh passengers in February, thus securing a 54.2% share of the total domestic market. SpiceJet flew 9.62 lakh passengers, which is a 12.3% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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L&T Technology Services partners with Aspen Tech to deliver engineering solutions

L&T Technology Services Ltd (LTTS) has partnered with Aspen Technolgy, Inc. to offer a complete suite of digital engineering solutions across global enterprises. This will empower customers to optimize the performance of their assets and achieve operational excellence through cloud hosting and virtualisation. LTTS’ cloud engineering services will provide design, delivery, and support for computing, storage, and virtual network infrastructure. 

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ABB Power secures order worth Rs 124 crore from BALCO

Hitachi ABB Power Grids in India has received an order from Bharat Aluminium Company (BALCO) to strengthen power infrastructure at its Korba plant in Chattisgarh. The estimated value of the order is Rs 124 crore. The equipment required for this project will be manufactured domestically in line with the government’s Make-in-India initiative. 

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DLF to raise up to Rs 500 crore via NCD issue

DLF Limited has announced plans to raise up to Rs 500 crore through the issuance of secured, rated, redeemable non-convertible debentures (NCDs). The NCDs will be issued at a coupon rate of 8.25% on a private placement basis in one or more tranches to eligible investors. The realty firm had earlier announced plans of restructuring existing loans with a target of saving Rs 300 crore annually.

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SC orders restoration of MF units back to Dalmia Bharat Group

The Supreme Court of India (SC) has ordered IL&FS Security Services Ltd (ISSL) to release mutual fund units worth Rs 344 crore back to the Dalmia Bharat Group. In August 2019, the SC had passed an interim order that Dalmia Cement, which is a subsidiary of Dalmia Bharat, may encash the securities and an amount of Rs 344 crore shall lie in fixed deposit with ISSL. The mutual fund units of two subsidiaries of Dalmia Cements were fraudulently and illegally transferred by Allied Financial Services Pvt Ltd in collusion with ISSL.

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Shakti Pumps secures export orders worth $35 million from Uganda Government

Shakti Pumps (India) Ltd has secured a contract from the Ministry of Water and Environment, Government of Uganda, for supplying solar-powered water pumping systems. The total contract value is $35.30 million (~Rs 256.23 crore). Shakti Pumps is a manufacturer and exporter of stainless-steel water pumps, motors, and solar pumps.

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Subex partners with SkyLab to offer cybersecurity solutions for shipping industry

Subex Limited has entered into a partnership with SkyLab to offer Internet of Things (IoT) and Operational Technology (OT) cybersecurity solutions and services to the maritime sector. The companies will jointly offer Security Operations Center services and threat risk management support to improve the overall cybersecurity structure of the shipping industry. Subex is a leading enterprise software company based in Bangalore.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 1.21 times on the second day of bidding. The portion reserved for retail investors was subscribed 1.90 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 89% and that of qualified institutional buyers (QIBs) 24%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 106.77 times on the final day of bidding. The portion reserved for retail investors was subscribed 19.97 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 217.62 times and that of qualified institutional buyers (QIBs) 175.43 times. You can learn more about the IPO here.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 42% on the first day of bidding. The portion reserved for retail investors was subscribed 84%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of employees 6%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 4.01 times on the first day of bidding. The portion reserved for retail investors was subscribed 16.75 times and that of employees 2.28 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.85 times and that of QIBs 36%. To know more about the IPO, click here.