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Amazon Moves Supreme Court Against Future-Reliance Retail Deal – Top Indian Market News

Amazon moves Supreme Court against Future-Reliance Retail deal

Amazon.com, Inc has moved the Supreme court against the Rs 24,713 crore deal between Future Retail and Reliance Retail. Recently, a special bench of the Delhi High Court dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal. The e-commerce giant has now challenged the lifting of ‘status quo’ orders by the special bench. Amazon had alleged that Future Retail violated contracts by agreeing to sell its retail assets to Reliance Industries in 2020. Future Group has denied any wrongdoing. 

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To learn more about the retail war between Reliance and Amazon, click here. 

Oil India Q3 Results: Net profit rises 25% YoY to Rs 889 crore

Oil India Limited (OIL) reported a 25.42% YoY increase in consolidated net profit to Rs 889.69 crore for the quarter ended December (Q3). It had posted a net profit of Rs 709.39 crore in the corresponding quarter last year. However, the company’s revenue declined by 27.72% YoY to Rs 2,137.34 crore in Q3 FY21. OIL has declared an interim dividend of Rs 3.5 per share.

Blue Star launches commercial refrigeration products for vaccine storage

Blue Star Limited has announced the launch of a new range of refrigeration products and solutions that are ideal for storing vaccines. The products comprise of specifically designed, temperature-controlled refrigerators and transporters. These are integral for building a robust ecosystem for vaccine distribution in India. Blue Star has also announced the launch of its new touchless storage water coolers and soft-push bottled water dispensers.

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Piramal Enterprises Q3 Results: Net profit rises 10% YoY to Rs 799 crore

Piramal Enterprises Ltd reported a 10% YoY increase in consolidated net profit to Rs 799 crore for the quarter ended December (Q3). The company’s two prominent units- finance and pharma- reported a 3% YoY decline in consolidated revenues to Rs 3,169 crore in Q3. Piramal had recently emerged as the successful bidder for Dewan Housing Finance Corporation Ltd (DHFL). The company said that the acquisition is in line with its strategy to diversify its loan book.

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Natco Pharma Q3 Results: Net profit declines 39% YoY to Rs 63 crore

Natco Pharma reported a 39.27% YoY decline in consolidated net profit to Rs 63.40 crore for the quarter ended December (Q3). Its revenue from operations increased by 26.33% YoY to Rs 355.20 crore during the same period. The pharma company’s profit was impacted due to lower sales in domestic oncology. It also faced a weak realization of profit from oseltamivir products (used to treat symptoms caused by flu virus) in the US. Natco Pharma has declared an interim dividend of Re 1 per share.

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Coal India Q3 Results: Net profit falls 21% YoY to Rs 3,085 crore

Coal India Ltd (CIL) reported a 21.4% YoY decline in consolidated net profit to Rs 3,085.4 crore for the quarter ended December (Q3). Its revenue increased by 2.1% YoY to Rs 23,686 crore during the same period. CIL produced 156.8 million tonnes of coal during the quarter, compared to 147.50 million tonnes in Q3 FY20. The company’s expenses increased by 1.7% YoY to Rs 19,592 crore.

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MRF Q3 Results: Net profit jumps two-fold to Rs 521 crore

MRF reported a two-fold increase in consolidated net profit to Rs 520.54 crore for the quarter ended December (Q3). Its revenue from operations increased to Rs 4,641 crore, compared to Rs 4,057.75 crore in the corresponding quarter last year. The company’s board has approved raising of Rs 1,000 crore by issuing non-convertible debentures on a private placement basis. MRF has also declared an interim dividend of Rs 3 per share.

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BHEL secures order to supply 2 Super Rapid Gun Mounts for Indian Navy ships

Bharat Heavy Electricals Ltd (BHEL) has secured an order from the Indian Navy for supplying two Super Rapid Gun Mounts for all its warships. The company has established dedicated manufacturing and inspection facilities at its plant in Haridwar for the production, installation, and commissioning of these standardised guns. BHEL is also working on an upgraded version of these guns (with enhanced range) to cater to future requirements of warships.

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Sun Pharma founder to pay Rs 62.35 lakh to SEBI for settling whistleblower charges

Dilip Shanghvi, founder and MD of Sun Pharmaceutical Industries Ltd (SPIL), will have to pay Rs 62.35 lakh to market regulator SEBI towards settling the charges by a whistleblower. In a letter to SEBI, the whistleblower alleged that Sun Pharma and its subsidiary, Sun Pharmaceutical Laboratories, had been diverting funds through Aditya Medisales Ltd (AML), which is its sole distributor in India. The letter also alleged that transactions with AML were ongoing for several years. However, AML was disclosed as a related party of SPIL only in FY 2017-18. 

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ACC Q4 Results: Net profit rises 73% YoY to Rs 472 crore

ACC Limited reported a 72.88% YoY increase in consolidated net profit to Rs 472.44 crore for the fourth quarter ended December (Q4). The company follows the January-December financial year cycle. Its total revenue rose 2.08% YoY to Rs 4,144.72 crore during the same period. ACC’s revenue from its cement segment grew by 4.63% YoY to Rs 3,876.54 crore in Q4. The company’s board has declared an interim dividend of Rs 14 per share.

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Power Grid Q3 Results: Net profit rises 26% YoY to Rs 3,368 crore

Power Grid Corporation of India reported a 26% YoY increase in consolidated net profit to Rs 3,367.71 crore for the quarter ended December (Q3). Its total revenue rose 8.3% YoY to Rs 10,142.5 crore during the same period. The company’s transmission business grew 9.3% YoY to Rs 10,042.97 crore in Q3. Power Grid’s telecom segment registered a 4.5% YoY growth in revenue to Rs 206.85 crore during the October-Decemer quarter (Q3).

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JK Cement Posts 74% YoY Jump in Profits to Rs 217 crore – Top Indian Market News

JK Cement Q3 Results: Net profit rises 74% YoY to Rs 217 crore

JK Cement Ltd reported a 74.82% YoY increase in consolidated net profit to Rs 217.28 crore for the quarter ended December (Q3). Its revenue from operations rose 24.52% YoY to Rs 1,832.71 crore during the same period. JK Cement’s board has approved the setting up of an integrated greenfield grey cement plant of 4 million tonnes per annum by its wholly-owned subsidiary Jaykaycem (Central) Ltd at Panna, Madhya Pradesh.

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Delhi Govt floats tender to set up 500 EV charging points at 100 locations

Delhi Power Minister Satyender Jain announced that the state government has floated a tender to set up 500 electric vehicle (EV) charging points at 100 locations. The estimated timeline to complete the project is one year. Earlier this week, Delhi Chief Minister Arvind Kejriwal launched ‘Switch Delhi’, an awareness campaign that aims to sensitize citizens about the benefits of switching to EVs. The Delhi government plans to ensure that 25% of new vehicles will be electric by 2024.

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BHEL Q3 Results: Net loss at Rs 217 crore 

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 217 crore for the quarter ended December (Q3). It had posted a net profit of Rs 161.81 crore in the corresponding quarter last year. The state-run company’s revenue declined 21.6% YoY to Rs 4,451.4 crore in Q3 FY21. BHEL said its operations had recovered as compared to the previous quarter (Q2), but pre-Covid levels are yet to be achieved.

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Punjab & Sind Bank Q3 Results: Net loss at Rs 2,375 crore

Punjab & Sind Bank reported a net loss of Rs 2,375.53 crore for the quarter ended December (Q3). It had posted a net loss of Rs 255.49 crore in the corresponding quarter last year. Net income fell 9.1% YoY to Rs 1,763.10 crore during the October-December period (Q3 FY21). The bank’s gross non-performing assets (NPAs) remained high at 13.14%, compared to 13.58% in Q3 FY20. Provisions for bad loans and contingencies increased to Rs 2,924.69 crore, compared with Rs 494.30 crore in Q3 FY20.

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VRL Logistics Q3 Results: Net profit rises 54% YoY to Rs 40 crore

VRL Logistics Ltd reported a 54% YoY increase in net profit to Rs 39.74 crore for the quarter ended December (Q3). Its revenue rose 1.11% YoY to Rs 563.42 crore during the same period. The company’s board has approved a proposal to buyback shares (of the face value of Rs 10 each) at Rs 300 per share. The maximum buyback size will be Rs 60 crore.

Affle India Q3 Results: Net profit roses 43% YoY to Rs 30 crore

Affle India Ltd reported a 43.08% YoY increase in net profit to Rs 30.69 crore for the quarter ended December (Q3). Its revenue rose 59.32% YoY to Rs 150.49 crore during the same period. Affle India is a global technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising. 

Divi’s Labs Q3 Results: Net profit rises 31% YoY to Rs 471 crore

Divi’s Laboratories reported a 31.05% YoY increase in net profit to Rs 470.62 crore for the quarter ended December (Q3). The drug firm’s revenue rose 22% YoY to Rs 1,720.76 crore during the same period. In December 2020, Divi’s Labs became the second listed pharma company in India after Sun Pharma to cross the Rs 1 lakh crore market capitalisation mark.

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AstraZeneca gets DCGI approval for Dapagliflozin tablets

AstraZeneca Pharma India said it has received approval from the Drugs Controller General of India (DCGI) for Dapafliflozin tablets 10mg. The tablets are used for the treatment of patients with chronic kidney disease.

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Tanla Platforms Q3 Results: Net profit jumps multi-fold to Rs 93 crore

Tanla Platforms Ltd reported a multi-fold increase in net profit to Rs 93.52 crore for the quarter ended December (Q3). It had posted a net profit of Rs 68 lakh during the corresponding quarter last year. The company’s revenue rose 21.35% YoY to Rs 654.11 crore in Q3 FY21. Tanla Platforms is a cloud communications provider based in Hyderabad.

CARE Ratings Q3 Results: Net profit rises 7% YoY to Rs 18 crore

CARE Ratings Ltd reported a 6.95% YoY increase in consolidated net profit to Rs 18.63 crore for the quarter ended December (Q3). Its revenue declined by 0.91% YoY to Rs 55.60 crore during the same period. The company’s core ratings and review business has fallen on a year-on-year basis. The Board of Directors of the credit rating agency has declared an interim dividend of Rs 3 per share.

Birlasoft Q3 Results: Net profit rises 33% YoY to Rs 96 crore

Birlasoft Ltd reported a 32.6% YoY increase in consolidated net profit to Rs 96.3 crore for the quarter ended December (Q3). Its revenue from operations grew 5.7% YoY to Rs 72.6 crore during the same period. The IT services company signed deals worth $109 million (~Rs 793 crore) in total contract value (TCV) during the quarter. Its active client count was at 295.

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SBI Reports 7% YoY Decline in Net Profit – Top Indian Market News

SBI Q3 Results: Net profit falls 7% YoY to Rs 5,196 crore

State Bank of India (SBI) reported a 7% YoY decline in net profit to Rs 5,196 crore for the quarter ended December (Q3). The lender’s net interest income (NII) rose 4% YoY to Rs 28,820 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] SBI’s gross non-performing asset (GNPA) ratio stood at 4.77%, compared to 5.28% in Q2 FY21. Total provisions increased by 43% YoY to Rs 10,324 crore in the October-December quarter.

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HPCL Q3 Results: Net profit jumps three-fold to Rs 2,355 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a three-fold increase in net profit to Rs 2,355 crore for the quarter ended December (Q3). It has posted a net profit of Rs 747 crore in the corresponding quarter last year. The company’s revenue rose 4% YoY to Rs 77,113 crore in Q3. Inventory gains due to the rise in oil prices and strengthening of the rupee helped HPCL boost profits.

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HCL Tech signs five-year digital workplace agreement with Airbus

HCL Technologies has signed a five-year digital workplace services agreement with Airbus. The IT company will establish a modernised digital workplace to enhance the user experience and service quality for the majority of Airbus employees globally. HCL’s ‘Fluid Workplace Model’ will enable Airbus to deploy the latest digital technologies and rapidly simplify its existing IT processes and optimisation of delivery costs.

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Godrej Properties Q3 Results: Net profit declines 69% YoY to Rs 14 crore

Godrej Properties Ltd reported a 69% YoY decline in net profit to Rs 14.35 crore for the quarter ended December (Q3). Its revenue from operations declined 55% YoY to Rs 170.49 crore during the same period. The real estate developer’s total booking value increased by 25% YoY to Rs 1,488 crore. The company had launched 3 new projects in the October-December quarter. Godrej Properties said it will raise Rs 3,750 crore through the issuance of equity shares or debentures.

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BHEL commissions 800 MW thermal power plant in Madhya Pradesh

Bharat Heavy Electricals Ltd (BHEL) has commissioned the second unit (800 MW) of the 2×800 MW Gadarwara Super Thermal Power Project in Madhya Pradesh. The project is being developed by NTPC Limited. BHEL’s scope of work in the project included design, engineering, manufacture, supply, and commissioning of steam turbines, generators, boilers, and associated auxiliaries.

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Bajaj Electricals Q3 Results: Net profit at Rs 98 crore

Bajaj Electricals Ltd reported a multifold increase in net profit to Rs 98.19 crore for the quarter ended December (Q3). It had posted a net profit of Rs 9.37 crore in the corresponding quarter last year. The company’s revenue from operations rose 16.85% YoY to Rs 1,500.14 crore in Q3. Bajaj Electrical’s consumer products segment saw a 34% YoY growth in revenue to Rs 1,153 crore during the same period.

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Dilip Buildcon declared lowest bidder for IRCON International tender

Dilip Buildcon Ltd said it has been declared as the lowest (L-1) bidder for a tender floated by IRCON International Ltd. The order consists of track-linking works, station building, platform work, and general electric work for a section of a railway project in Chhattisgarh. The bid project cost is Rs 654.97 crore.

Strides Pharma Q3 Results: Net profit declines 62% YoY to Rs 35 crore

Strides Pharma Science Ltd reported a 62% YoY decline in consolidated net profit to Rs 35.15 crore for the quarter ended December (Q3). Its consolidated revenue rose 13.6% YoY to Rs 832.02 crore during the same period. The company’s board has approved the demerger of its biotech business under Stelis Biopharma. The demerger is expected to unlock significant value for Srides’ shareholders.

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GMR Group to collaborate with Airbus SE on aviation services

Airport operator GMR Group has signed a Memorandum of Understanding (MoU) with Airbus SE to explore collaboration opportunities across aviation services, technologies, and innovation. GMR and Airbus teams will work together and innovate across areas such as airport operations and air cargo supply chain. The MoU was signed at Aero India 2021 in Bengaluru. 

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Tata Power Q3 Results: Net profit rises 22% YoY to Rs 318 crore

Tata Power Limited reported a 22% YoY increase in consolidated net profit to Rs 318.41 crore for the quarter ended December (Q3). Its total revenue rose 7.5% YoY to Rs 7,598 crore during the same period. Tata Power said it does not expect much impact of the Covid-19 pandemic on its business.

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Adani Power Q3 Results: Net loss narrows to Rs 289 crore

Adani Power Ltd reported a consolidated net loss of Rs 289 crore for the quarter ended December (Q3). It had posted a net loss of Rs 703 crores in the corresponding quarter last year. Revenue from operations increased by 4.9% YoY to Rs 6,894.84 crore in Q3 FY21. Adani Power (along with the power plants of its subsidiaries) achieved an average Plant Load Factor (PLF) of 75%, and aggregate sales volumes of 19.1 billion units in Q3.

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NTPC Q3 Results: Net profit rises 15% YoY to Rs 3,876 crore 

State-owned NTPC Limited reported a 15.66% YoY increase in consolidated net profit to Rs 3,876.36 crore for the quarter ended December (Q3). Its revenue from operations rose 3.56% YoY to Rs 27,526 crore during the same period. NTPC has declared an interim dividend of Rs 3 per share.

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SII Gets Purchase Order from Govt for Covishield – Top Indian Market News

Serum Institute receives purchase order from govt for 1.1 crore vaccine doses: Report

As per reports from news agencies PTI & ANI, the Serum Institute of India (SII) has signed a purchase order with the Central Government to procure 1.1 crore doses of Covid-19 vaccines. SII is manufacturing Oxford-AstraZeneca’s Covid-19 vaccine Covishield in India. As per reports, each dose of Covishield will cost Rs 220, inclusive of 14% GST. SII will begin the dispatch of the vaccine today (Jan 11). India will begin its nationwide vaccination drive on January 16, and priority will be given to around 3 crore healthcare and frontline workers.

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Passenger vehicle retail sales increases 24% in December: FADA

The Federation of Automobile Dealers Association (FADA) on Monday said passenger vehicle (PV) retail sales in December 2020 witnessed an increase of 23.99% year-on-year (YoY) to 2.71 lakh units. Two-wheeler sales increased 11.88% YoY to 14.24 lakh units last month, as compared to 12.73 lakh units in December 2019. The sales of commercial vehicles declined 13.52% YoY to 51,454 units during the same period. FADA collected vehicle registration data from 1,270 out of the 1,477 regional transport offices (RTOs) in India.

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Coal industry will be largest contributor to India’s $5 trillion economy dream: Amit Shah

The Central Government on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November 2020. Speaking at the event, Home Minister Amit Shah stated that the coal sector will be the largest contributor to India’s ambition of being a $5 trillion economy. He also launched the ‘Single Window Clearance System’, an online platform to obtain clearances for smooth operationalisation of coal mines. Coal Minister Pralhad Joshi announced that the next round of commercial mines auction will be launched later this month.

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Gross NPA of banks could rise to 13.5% by September: RBI

The gross non-performing assets (GNPA) of banks may rise to 13.5% by September 2021 from 7.5% in September 2020, according to the Financial Stability Report (FSR) released by the RBI. The report stated that the GNPA ratio of public sector banks and private sector banks may rise to 16.2% and 7.9%, respectively, in September 2021 under the baseline scenario. [RBI defines non-performing asset (NPA) as any loan or advance for which the principal or interest amount has been overdue for more than 90 days]

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Tesla to sign MoU with Tata Motors to launch its electric cars in India: Report

As per a report from Economic Times, it has been rumored that Tesla was planning to sign a Memorandum of Understanding (MoU) and partner with Tata Motors to manufacture and sell their electric vehicles (EVs) in India using Tata facilities. The rumors also state that Tesla had already conducted due diligence and found that Tata has the best EV infrastructure among all auto majors. There has been no official communication on this, and hence, the rumor could not be confirmed. In December 2020, Union Minister for Road Transport and Highways Nitin Gadkari had confirmed that Tesla is set to commence its India operations in 2021.

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Adani Green commissions 25 MW solar plant in Chitrakoot

Adani Solar Energy Chitrakoot One, a step-down subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 25 megawatt (MW) solar power plant. This plant has a Power Purchase Agreement (PPA) with Noida Power Company Ltd (NPCL) at Rs 3.08/kWh. With this commissioning, AGEL’s total operational renewable capacity has grown to 2,975 MW.

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BHEL secures Rs 450 crore order for steam and power plant from NALCO

Bharat Heavy Electricals Ltd (BHEL) announced that it has secured an order for a steam and power plant from National Aluminium Corporation Ltd (NALCO). The order is valued at Rs 450 crore and is a part of NALCO’s 5th Stream Alumina Refinery Expansion Project at Damanjodi, Odisha.  BHEL’s scope in the contract includes design, engineering, manufacturing, supply, erection, testing, and commissioning of 1×300 TPH Coal Fired Boiler, 18.5 MW Steam Turbine Generator, and associated auxiliaries.

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Sadbhav Engineering receives LoA for metro rail project worth Rs 780 crore from GMRC

Sadbhav Engineering Ltd (SEL) announced that its joint venture has received a letter of acceptance (LOA) from Gujarat Metro Rail Corporation (GMRC) for a metro rail project worth Rs 779.73 crore. The order is in the name of Sadbhav Engineering-S.P. Singla Constructions joint venture, in which SEL holds 74% stake. The order is for the construction of an 11.6 km elevated viaduct from Kadarsha Ni Nal to Dream City dead-end.

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Dr. Reddy’s launches Febuxostat tablets in the US

Dr. Reddy’s Laboratories on Monday announced the launch of Febuxostat tablets in the United States’ market. The tablets are indicated to treat gout due to high uric acid levels. It is a generic version of Tejin Ltd’s Uloric tablets. According to IQVIA Health, Uloric brand and generic versions had sales of around $108 million (~Rs 800 crore) in the US during the last twelve months.

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J. Kumar Infra receives LoA for order worth Rs 866 crore from GMRC 

J. Kumar Infraprojects Ltd has received a letter of acceptance (LoA) from Gujarat Metro Rail Corporation (GMRC) for an order worth Rs 866 crore. The contract includes design, construction, and completion of underground stations and tunnel from Surat Railway station to Chowk Bazar Ramp. J. Kumar Infraprojects is a Mumbai-based construction engineering company.

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Reliance Jio Makes All Domestic Voice Calls Free From Jan. 1 – Top Indian Market News

A shopkeeper displays JIO simcards at a mobile phone store in Mumbai on July 19, 2017. Indian oil-to-telecom conglomerate Reliance Industries's first-quarter consolidated profit jumped 28 percent July 20, pumped up by higher margins from its core oil refining business it said, beating analyst estimates. / AFP PHOTO / INDRANIL MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP via Getty Images)

Reliance Jio to make domestic voice calls free from Jan 1

Reliance Jio announced that all off-net domestic voice calls from its network to other networks anywhere in India will be free from January 1, 2021. This has been done because interconnect usage charges (IUCs) for all domestic voice calls are coming to an end from Friday. In September 2019, telecom regulator TRAI had extended implementation of IUC on mobile-to-mobile calls beyond January 1, 2020, after which Jio began charging its customers for off-net voice calls.

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India’s fiscal deficit reaches 135% of budgeted target during April-November

The Union Government’s fiscal deficit soared to Rs 10.75 lakh crore or 135.1% of the 2020-21 Budget Estimates (BE), during April-November 2020. This is mainly on account of the low realisation of revenue due to disruption in business activities amid the Covid-19 pandemic. The government’s total receipts stood at Rs 8.30 lakh crore (37% of BE 2020-21) till the end of November 2020. [Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure] 

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Eight core industries’ output contracts 2.6% in November

Contracting for the ninth consecutive month, the output of eight core infrastructure sectors dropped by 2.6% in November. This has been mainly due to a decline in the production of natural gas, refinery products, steel, and cement. The production of eight core sectors had recorded a growth of 0.7% in November 2019, as per data released by the Ministry of Commerce and Industry. The output of crude oil, natural gas, and refinery products declined by (-)4.9%, (-)9.3%, and (-)4.8%, respectively, in November 2020.

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L&T Construction wins significant orders in overseas, domestic markets

Larsen & Toubro (L&T) Ltd announced that its construction arm has received orders in the overseas and domestic market. The orders fall under the ‘significant’ category, which ranges between Rs 1,000 crore and Rs 2,500 crore. L&T stated that its power transmission and distribution business has won two transmission line packages in the Kingdom of Saudi Arabia. Its water and effluent treatment business has secured an EPC (engineering, procurement, and construction) order in Gujarat to execute a package in the SAUNI Yojna Link 3. 

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Jubilant FoodWorks to acquire 10.76% stake in Barbeque Nation for Rs 92 crore

Jubilant FoodWorks Ltd (JFL), on Thursday, said it will invest Rs 92 crore into Barbeque Nation Hospitality Limited for an equity stake of 10.76%. The company will acquire 36,50,794 fully paid-up equity shares of the face value of Rs 5 per share in the casual dining restaurant chain. The transaction is expected to be completed by January 25.

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BHEL receives orders worth Rs 3,200 crore for hydro projects

Bharat Heavy Electricals Ltd (BHEL) has secured orders valued at Rs 3,200 crore for Electro-Mechanical (E&M) works for a Hydro Electric Project (HEP) in Andhra Pradesh and E&M works of pump-motor sets for lift irrigation schemes (LIS) in Telangana. BHEL’s scope of work in the above projects includes design, engineering, manufacturing, supply, and supervision of erection, testing & commissioning of the equipment. The above orders have been received from the EPC contractor for these projects- Megha Engineering & Infrastructure Ltd.

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IRCTC launches upgraded version of e-ticketing website and app

Union Railway Minister Piyush Goyal, on Thursday, unveiled a more passenger-friendly and upgraded version of the IRCTC e-ticketing website and mobile application. Passengers will now be able to book tickets, meals, and accommodations at the same time. The website has in-built features for enhancing cybersecurity by using appropriate captchas. Predictive entry suggestions using AI will be given to the passengers when they enter a station. The website will also have simpler checking of the refund status on the user accounts page.

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Tejas Networks wins international order worth $13 million

Tejas Networks Ltd has received a purchase order amounting to $13 million (~Rs 94 crore) from a leading telecommunications service provider in South East Asia. As per the contract, Tejas Networks will supply and install its TJ1400 ultra-converged broadband products to extend high-speed broadband services to underserved rural communities in the region. The project is expected to be executed within the next 12 months.

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CCI gives nod to Jamnalal Sons to acquire 51% stake in Mukand Sumi Specialty Steel

The Competition Commission of India (CCI) has approved the acquisition of 51% of the equity share capital of Mukand Sumi Special Steel Ltd (MSSSL) by Jamnalal Sons Private Ltd (JSPL). The proposed combination entails the acquisition of 51% of the equity share capital of MSSSL from Mukand Limited and its nominees by JSPL. A nominal number of equity shares of MSSSL (not more than 60), which are being acquired by JSPL, shall be held jointly by JSPL and certain individuals. This is to comply with the minimum shareholding requirements under the Companies Act, 2013.

Glenmark Pharma receives USFDA approval for Tadalafil tablets

Glenmark Pharmaceuticals Ltd has received final approval from the United States Food & Drug Administration (USFDA) for Tadalafil tablets USP. The tablets are indicated for the treatment of erectile dysfunction and enlarged prostate. The approved product is a generic version of Cialis tablets of Eli Lilly and Company. According to IQVIA sales data for the 12 months ending November 2020, Cialis tablets achieved annual sales of approximately $125.5 million (~Rs 913 crore).

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India’s GDP Contracts 7.5% in Q2 – Top Indian Market News

India’s GDP contraction slows to -7.5% in Q2

India’s real gross domestic product or Real GDP fell to 7.5% in the July-September quarter (Q2). During the April-June quarter (Q1), India’s Real GDP had contracted 23.9%. With the economy shrinking for two consecutive quarters, the country has officially entered into a technical recession. This is India’s first technical recession since the government started reporting quarterly GDP data in 1996. 

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Burger King India releases details regarding IPO

Burger King India is all set to launch its initial public offering (IPO) on December 2. The price band for the IPO has been set at Rs 59-60 per share. The quick-service restaurant chain aims to raise Rs 810 crore through the issue. This comprises a fresh issue of shares worth Rs 450 crore, and an offer for sale of up to 6 crore shares by its promoter QSR Asia Pte Ltd worth Rs 360 crore. 

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Oil regulator PNGRB simplifies gas pipeline tariff 

The Petroleum and Natural Gas Regulatory Board (PNGRB) has simplified India’s gas pipeline tariff structure. It has notified regulations for a ‘unified’ tariff structure for over a dozen pipelines that form the National Gas Grid. This will lead to a 20-30% rise in transportation charges paid by users near the source. The new structure will also help to attract investment for building gas infrastructure in India.

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Hetero ties up with RDIF to manufacture Sputnik-V vaccines in India

Pharma firm Hetero has partnered with the Russian Direct Investment Fund (RDIF) to produce over 100 million doses of the Sputnik-V vaccine in India. The vaccine will be manufactured by the company’s biologics arm Hetero Biopharma, in Hyderabad. The production will commence in the first quarter of 2021.

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Tata Power raises Rs 1,000 crore via debentures

Tata Power Limited said it has raised Rs 1,000 crore through the issue of non-convertible debentures (NCDs). The company raised the amount through the issuance of 10,000 unsecured, redeemable, taxable, listed, rated NCDs on a private placement basis. The date of maturity is 27 November 2023. The debentures would be listed on the Wholesale Debt Market segment of BSE.

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Vodafone Idea partners with edtech, healthcare firms to offer benefits to customers

Vodafone Idea (Vi) has teamed up with multiple partners in the learning and upskilling, health & wellness space, to provide exclusive benefits to its customers. The telecom company has entered into deals with firms such as upGrad, Udemy, Pedagogy, cure.fit, 1mg, and much more. The company stated that this initiative will enable individuals and enterprises to get a range of benefits and value-adds.

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Hitachi ABB Power Grids partners with Ashok Leyland in e-bus pilot at IIT Madras

Hitachi ABB Power Grids in India, Ashok Leyland, and IIT Madras have announced a partnership for an e-mobility pilot. The tripartite partnership will run an electric bus pilot to support sustainable in-campus commuting by the students and staff of IIT-Madras. The e-bus will be provided by Ashok Leyland. It will incorporate Hitachi ABB Power Grid’s innovative flash-charging technology. 

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Garware Technical Fibres’ board approves share buyback

The Board of Directors of Garware Technical Fibres Ltd has approved the company’s share buyback proposal. The company will buyback up to 3.17 lakh shares at Rs 2,300 per share. The company has fixed 11 December 2020 as the record date for the purpose of buyback. 

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ABB India launches new series of high-output motors

ABB India Ltd has launched a new range of high-output motors for its industrial customers in India. The new range of low voltage induction motors are compactly designed and minimizes space and total cost of ownership. This launch will strengthen ABB’s presence in segments such as metals, cement, water & wastewater, etc.

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BHEL manufactures India’s highest-rated auto transformer

Bharat Heavy Electricals Ltd has successfully manufactured and tested India’s highest-rated auto transformer. The testing took place at the National High Power Test Laboratory (NHPTL) in Bina, Madhya Pradesh. The high rating transformers would play a crucial role in bulk power transmission to load centres and bigger cities.

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