Tag: Biocon

Categories
Market News Top 10 News

Tata Power Posts 7% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Tata Power Q2 Results: Net profit rises 7% YoY to ₹876 crore

Tata Power Ltd reported a 7% YoY rise in consolidated net profit to ₹876 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 12% YoY to ₹15,738 crore during the same period; largely driven by higher revenue from core businesses of generation, transmission and distribution. EBITDA stood at ₹3,090 crore, up 76% YoY in Q2.

Read more here.

Lupin launches anesthesia injection in US

Lupin Ltd launched Rocuronium Bromide injection, an anaesthesia medicine, in the United States. The launch came after Lupin’s alliance partner Caplin Steriles received approval from the US Food & Drug Administration (USFDA). According to the IQVIA MAT August 2023 data, the injection had estimated annual sales of $54 million in the US.

Read more here.

CAMS Q2 Results: Net profit rises 17% YoY to ₹84.5 crore

Computer Age Management Services Ltd (CAMS) reported a 17.1% YoY rise in net profit to ₹84.51 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13.5% YoY to ₹275.08 crore during the same period. The company’s board recommended a dividend of ₹10 per equity share. CAMS acts as a registrar and transfer agent for mutual funds. 

Read more here.

Voltas to take ₹500 crore term loan for new plants

Voltas Ltd will take up to ₹500 crore in term loans to finance the manufacturing of new plants in Chennai and Waghodia (Gujarat). The board approved the proposal to take an unsecured rupee term loan of up to ₹500 crore from a bank. The board also approved dropping the proposed non-convertible debentures issue through private placement for raising to ₹500 crore.

Read more here.

Bata India Q2 Results: Net profit falls 38% YoY to ₹34 crore

Bata India reported a 38% YoY fall in net profit to ₹34 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 1.3% YoY to ₹819.1 crore during the same period. EBITDA stood at ₹181.6 crore, up 12.9% YoY. Bata India has opened 30 new stores in nearly 25 cities.

Read more here.

Pidilite Industries Q2 Results: Net profit rises 36% YoY to ₹458 crore

Pidilite Industries Ltd reported a 35.7% YoY rise in net profit to ₹458.5 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 2.2% YoY to ₹3,076 crore during the same period. EBITDA stood at ₹679.6 crore, up 35.9% YoY. The company intends to set up a lending business by acquiring Pargro Investments Pvt. for ₹10 crore.

Read more here.

US’ DFC to invest $553 million in Adani Group’s Sri Lanka port

US International Development Finance Corporation (IDFC) will fund a project partly owned by the Adani Ports & Special Economic Zone Ltd (APSEZ). US IDFC will invest $553 million in the Colombo port terminal project, a consortium of APSEZ, John Keells Holdings (JKH) and the Sri Lanka Ports Authority. 

Read more here.

Gland Pharma gets EIR from USFDA for Visakhapatnam facility

Gland Pharma has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA. The health regulator inspected the company’s Vizag unit from July 20 to July 28.

Read more here.

DLF to buy residual stakes in entities owning 63 acres of land in Gurugram for ₹40 crore

DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around ₹40 crore. The real estate company acquired development rights for these land parcels in 2009-10. DLF’s board approved the acquisition of around 5.22% stake in Invecon Pvt Ltd and 4.48% and 3.24% stake in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

Read more here.

Eris Lifesciences acquires Biocon Biologic’s Nerphro, derma units

Biocon Biologics Ltd has signed a definitive agreement with Eris Lifesciences to divest its Dermatology and Nephrology branded formulations business units in India. The total transaction value of the divestment is ₹366 crore. The divestiture is expected to close by the end of November 2023, subject to customary closing conditions.

Read more here.

Infosys partners with AWS to accelerate cloud transformation of financial institutions

Infosys has entered into a three-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate financial cloud transformation in financial institutions. Their customers will receive AWS’ transformative cloud services, Infosys’ domain knowledge & delivery and the expertise of Infosys Capital Markets will transform their business models and modernise their applications. 

Read more here.

Hero MotoCorp to enter Europe market with EV range next year

Hero MotoCorp has announced its entry into the European market with an electric scooter range next year. The company will introduce the VIDA V1 electric scooter in Spain, France, and the UK by mid-2024. On Tuesday, Hero MotoCorp unveiled three production-ready vehicles and three concept vehicles at EICMA 2023, an auto industry event taking place in Milan, Italy.

Read more here.

Categories
Market News Top 10 News

Deloitte to Resign as Adani Ports’ Auditor – Top Indian Market Updates

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

Adani Ports auditor Deloitte to resign

Deloitte Haskins & Sells LLP will resign as the auditor for Adani Ports & SEZ in the next few days. The move comes after a mere year since their reappointment amid differences with the company management over the auditor’s position on certain transactions. The auditor is likely to resign and a formal announcement is expected within the next 3-4 days. The audit firm was reappointed as the statutory auditor just last year for five years, according to the company’s annual report of FY22.

Read more here.

HAL Q1 Results: Net profit rises 31% YoY to ₹814 crore

Hindustan Aeronautics Ltd (HAL) reported a 31% YoY rise in consolidated net profit to ₹814 crores for the quarter ended June (Q1 FY24). On a sequential basis, the net profit fell 71% from ₹2,831 crore in the March quarter. Its revenue from operations for the quarter stood at ₹3,915 crore, up 8% YoY. EBITDA also rose 6% YoY to ₹880 crore in Q1.

Read more here.

India’s industrial output rises 3.7% in June

India’s industrial production dipped to 3.7% in June, down from 5.3% in May 2023. Factory output measured in terms of the Index of Industrial Production (IIP) had risen to 12.6% in June 2022. The mining sector output saw a growth of 7.6% in June this year, down from 7.8% seen a year ago. The manufacturing sector output grew by 3.1% in June this year after growing 12.9% in the same month a year ago.

Read more here.

Nykaa Q1 Results: Net profit rises 8% YoY to ₹5.4 crore

Nykaa reported an 8% YoY rise in consolidated net profit to ₹5.4 crore for the quarter ended June (Q1 FY24). Its revenue from operations for the quarter stood at ₹1,422 crore, up 24% YoY. EBITDA rose 60% YoY to ₹73.5 crore in Q1. Physical retail space increased 43% YoY with 152 stores at the end of the June quarter. The company’s owned brands’ gross merchandise value (GMV) grew close to 40% YoY.

Read more here.

CCI clears Kotak-Biocon Biologics deal

The Competition Commission of India (CCI) has cleared Kotak Special Situations Fund’s (KSSF) proposed investment in Biocon Biologics Ltd under the green channel route. In February, KSSF (an arm of Kotak Mahindra Bank) announced a ₹1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition. The investment will help Biocon Biologics’ acquisition of the biosimilars business of its partner Viatris. KSSF is a SEBI-registered alternative investment fund (AIF).

Read more here.

Apollo Hospitals Q1 Results: Net profit falls 47% YoY to ₹173 crore

Apollo Hospitals reported a 47% YoY rise in net profit to ₹173 crore for the June quarter (Q1 FY24). However, its revenue from operations rose 16% YoY to ₹4,418 crore during the same period. Consolidated EBITDA stood at ₹509, up 4% YoY. Revenue from existing hospitals grew 10%, while that from the new hospitals rose 23% during the reporting period.

Read more here.

India’s forex reserves fall $2.41 billion to $601.5 billion as on Aug 4

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves fell by $2.41 billion to $601.453 billion for the week ending August 4. Foreign currency assets (FCAs) dropped by $1.94 billion to $533.4 billion. Gold reserves also dipped by $224 million to $44.7 billion, while SDRs dropped by $171 million to $18.27 billion. The reserve position in the IMF decreased by $86 million to $5.1 billion.

Read more here.

Godrej Industries Q1 Results: Net profit falls 13% YoY to ₹178 crore

Godrej Industries reported a 13% YoY fall in consolidated net profit to ₹178 crore for Q1 FY24. Its total revenue rose 15% YoY to ₹4,893 crore during the same period. EBITDA rose 28% YoY. The sales growth came on the back of 10% YoY volume growth in constant currency. Its real estate business in Q1 FY24 witnessed a total booking value of ₹2,254 crore with 2.25 million square feet of area sold during the quarter.

Read more here.

NCLAT stays admission of Coffee Day Enterprises for insolvency

The National Company Law Appellate Tribunal (NCLAT) of the bankruptcy court stayed the admission of Coffee Day Enterprises Ltd (CDEL). The stay was after it was challenged by the promoter, Malavika Hedge. She claimed that the default occurred during the “calm period” amid the global pandemic in March 2020 when lenders were barred from approaching the National Company Law Tribunal (NCLT) for default on loans. On July 20, 2023, the Bangalore NCLT admitted CDEL for corporate insolvency on a petition filed by IndusInd Bank.

Read more here.

Info Edge Q1 Results: Net profit rises 35% YOY to ₹200 crore

Info Edge reported a 35% YoY increase in net profit to ₹200 crore for Q1 FY24. Its revenue from operations rose 15% YoY to ₹584 crore during the same period. Sequentially, the net profit rose nearly 12%, and the revenue increased by 4%. Tax outgo for the quarter was higher at ₹67 crore, compared to ₹46 crore a year ago.

Read more here.

Categories
Market News Top 10 News

LTIMindtree to Replace HDFC in Nifty 50 From July 13 – Top Indian Market Updates

nse

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

LTIMindtree to replace HDFC in Nifty50 from July 13

LTIMindtree will replace HDFC in the Nifty 50 index following its merger with HDFC Bank. The change will come into effect on July 13. HDFC Ltd will stop trading from July 13. Nuvama’s preliminary calculations expect LTIMindree to see an inflow of $150 million to $160 million. IT firm LTIMindtree is a subsidiary of Larsen & Toubro Ltd.

Read more here.

SBI gets approval for buyout of SBICAPS stake in SVL for Rs 708 crore

The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved the acquisition of the entire stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd (SVL) for ₹708 crore. SBI Capital Markets Ltd (SBICAPS) is a wholly-owned subsidiary of SBI. The reason behind SBI’s acquisition of SVL is for better governance.

Read more here.

Indian Oil to consider fundraise via rights issue on July 7

Indian Oil Corporation’s (IOC) board is planning to consider raising capital. The capital raise will be through a rights issue of equity shares. The company will use the funds to meet the capital expenditure plan for its various projects. The company plans to host the board meeting on July 7.

Read more here.

REC set to raise $1 billion via loans

REC Ltd plans to raise about $1 billion through term loans to help fund infrastructure projects. The external commercial borrowing is split into two tranches, with the first expected to close this month amounting to $505 million. The company expects to raise the second tranche of $520 million in August, as it has applied to the RBI for approval.

Read more here.

Sun Pharma promoter creates pledge on 51.30 lakh shares on June 30

Sun Pharma created a pledge of 51.3 lakh equity shares on June 30, 2023. The company has pledged the shares in favour of Tata Capital Financial Services. The promoters have a shareholding of 54.48 %. Some large promoters of the company are Dilip Shanghvi with 9.6% shareholding, Shanghvi Finance Private Ltd with 40.3% shareholding, and AdityaMedisales Ltd with 1.67% shareholding.

Pledging of shares means taking a loan against the securities you own.

Read more here.

IDFC-IDFC First Bank merger gets board approval

IDFC First Bank has received approval from its board of directors for a merger with IDFC Ltd. The share exchange ratio for the amalgamation will be 155 equity shares of the face value of ₹10 each fully paid-up of IDFC First Bank for every 100 equity shares of the face value of ₹10 each fully paid-up of IDFC Ltd. The bank’s standalone book value per share would increase by 4.9%, as calculated on audited financials as of March 31, 2023.

Read more here.

HPL Electric bags orders worth Rs 903 crore for smart meters

HPL Electric and Power Ltd (HPL) has secured orders worth ₹903 crores for smart meters. With this contract, the company’s total pending pipeline order book stands at over ₹2,250 crores. HPL Electric claims these smart meters contribute to a greener and more sustainable future by empowering consumers and utilities to optimise energy usage.

Read more here.

Adani Green Energy to consider fundraise on July 6

Adani Green Energy will hold a board meeting to discuss and approve a fundraising proposal. The proposal involves issuing equity shares or other eligible securities through different methods, including private placement, qualified institutions placement, and preferential issue. However, the specific details regarding the amount to be raised and its utilisation are undisclosed. 

Read more here.

Chalet Hotels to raise up to Rs 600 crore

Chalet Hotels’ board of directors has approved raising funds of up to ₹500 crores. The purpose of this fundraising is to refinance the company’s high-cost debt. The company plans to raise the funds through non-convertible debentures (NCDs) or other debt instruments in multiple tranches. Additionally, the board has also authorised raising funds of up to ₹100 crores by borrowing from the company’s promoters. These funds will be utilised to cover expenses related to the residential project in Koramangala, Bengaluru.

Read more here.

Tata Steel’s NINL plant reaches 100% capacity utilisation within 1 year of acquisition

Tata Steel’s NINL plant has reached 100% capacity utilisation within one year of its acquisition by the company. The company completed the acquisition of Neelachal Ispat Nigam Ltd (NINL) through its subsidiary Tata Steel Long Products Ltd (TSLPL) for a consideration of ₹12,000 crores. After being shut down for almost three years, operations at the NINL unit were started by Tata Steel in October 2023.

Read more here.

Biocon Biologics launches biosimilar adalimumab in US

Biocon’s subsidiary Biocon Biologics has launched a biosimilar version of AbbVie’s top-selling biologic Humira in the US market under the brand HULIO. Adalimumab is used to treat certain inflammatory diseases like rheumatoid arthritis. Humira contributed $21.2 billion in sales to AbbVie for 2022, making it the world’s top-selling non-COVID prescription drug until recently.

Read more here.

Hero MotoCorp commences Harley-Davidson X440 bookings

Hero MotoCorp has started bookings for the Harley-Davidson X440 motorcycle across the country with deliveries expected to commence from October onwards. The 440-cc bike is being manufactured by Hero MotoCorp at its Neemrana plant. X440 is the smallest and most affordable Harley-Davidson bike to come to India ever since the Street 750. 

Read more here.

Categories
Market News Top 10 News

ZEEL’s Net Loss at Rs 196Cr in Q4 – Top Indian Market Updates

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

ZEEL Q4 Results: Net loss at Rs 196 crore

Zee Entertainment Enterprises Ltd reported a net loss of Rs 196 crore for the quarter ended March (Q4 FY23). The company posted a net profit of Rs 181 crore in Q4 FY22. Its revenue also declined 9% YoY to Rs 2,112 crore during Q4 FY23. EBITDA stood at Rs 152 crore, down 69% YoY. The company’s operating profit was hit by the advertising spending slowdown, investment in ZEE5, movie launches, and sports.

Read more here.

Reliance completes acquisition of Lotus Chocolate

Reliance’s Reliance Consumer Products (RCPL) acquired a 51% stake in Lotus Chocolate Company Ltd for Rs 74 crore. They also subscribed to non-cumulative redeemable preference shares of Lotus for Rs 25 crore. RCPL gained sole control of the company on May 24, 2023, after completing the open offer under SEBI Takeover Regulations.

Read more here.

Biocon Biologics may raise additional equity of $300 million in FY24

Biocon Biologics plans to raise an additional $300 million in equity by the end of FY24 to reduce the debt incurred from the $3.3 billion acquisition of Viatris’ biosimilar business. The funds would provide flexibility for business development and asset in-licensing. While preferring clean private equity investments, Biocon Biologics remains open to structured investment deals with assured returns.

Read more here.

Wipro Chairman Rishad Premji takes a 50% compensation cut

Wipro’s Chairman Rishad Premji has taken a nearly 50% reduction in his remuneration for the financial year ended March 2023 after the IT firm cut employees’ variable pay. He will receive a total compensation of $951,353, which is almost half of his remuneration from the previous financial year. This marks the first reduction in his compensation since the pandemic, after a 31% cut previously.

Read more here.

Page Industries Q4 Results: Net profit falls 59% YoY to Rs 78 crore

Page Industries reported a 59% YoY decline in net profit to Rs 78 crore in Q4 FY23. Its operating revenue also declined 13% YoY to Rs 1,111 crore during the same quarter. EBITDA stood at Rs 134 crore, down by 50% YoY. The company’s board has declared a dividend of Rs 60 per equity share.

Read more here.

Titagarh Wagons rebrands as Titagarh Rail Systems

Titagarh Wagons has undergone a major transformation and is rebranded as Titagarh Rail Systems. The new name reflects the company’s expanded focus on various rail-related activities, including wagon manufacturing, rail infrastructure development, and modernization. The company has also merged its shipbuilding segment with the freight rail system segment. This strategic rebranding has received a positive market response.

Read more here.

Bharat Dynamics Q4 Results: Net profit falls 42% YoY to Rs 153 crore

Bharat Dynamics reported a 42% YoY fall in net profit to Rs 153 crore in Q4 FY23. Its revenue declined 41% YoY to Rs 797 crore during the same quarter. EBITDA stood at Rs 182 crore, down 52% YoY. Delays in the receipt of certain electronic components and explosives due to the ongoing Russia-Ukraine war affected the performance during FY23.

Read more here.

Granules India hit by IT security breach

Granules India has reported an information technology security breach and stated that it is currently investigating the incident. The affected IT assets have been isolated, and the company is taking necessary actions to address the breach. The containment and remediation measures are being carried out in a controlled manner. The company will bear the expenses related to the incident and subsequent remediation efforts.

Read more here.

Tata Chemicals cuts soda ash prices by 3.5% to the lowest level in 15 months

Tata Chemicals has once again cut soda ash prices, reducing them to the lowest level in 15 months. It has cut the price of light soda ash from Rs 35,100 per million tonnes (MT) to Rs 33,900 per MT. The price cut has been undertaken in Andhra Pradesh, Telangana, Karnataka, Maharashtra, Bihar, Jharkhand, and Chhattisgarh. Soda ash is one of the most highly consumed inorganic materials on the planet with nearly half of the global production of the compound being used in glass manufacturing.

Read more here.

Categories
Market News Top 10 News

Bajaj Auto’s Net Profit Falls 2% to Rs 1,433Cr in Q4 – Top Indian Market Updates

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

Bajaj Auto Q4 Results: Net profit falls 2% YoY to Rs 1,433 crore

Bajaj Auto reported a 2% YoY decline in net profit to Rs 1,433 crore and an operating revenue of Rs 8,905 crore, up 11.7% YoY, for Q4 FY23. EBITDA rose 25.7% YoY to Rs 1,716.6 crore during the quarter. EBITDA margin stood at 19.3%, compared to 17.1% in Q4 FY22. The company’s board recommended a dividend of Rs 140 per share.

Read more here.

Zydus Lifesciences gets USFDA approval to market Metronidazole Topical cream in US

Zydus Lifesciences has received the final approval from the US Food and Drug Administration (USFDA) for manufacturing and marketing Metronidazole Topical cream in the US. According to IQVIA data, the cream had sales of $25m in the US in the 12 months ended February 2023. Zydus’ Topical manufacturing facility in Ahmedabad will manufacture the product.

Read more here.

HDFC AMC Q4 Results: Net profit jumps 10% YoY to Rs 376 crore

HDFC Asset Management Company Ltd (HDFC AMC) reported a 10% YoY increase in net profit to Rs 376.2 crore and a 5% rise in revenue to Rs 541 crore for Q4 FY23. The company’s Quarterly Average Assets Under Management (QAAUM) for Q4 was Rs 4.49 lakh crore, compared to Rs 4.32 lakh crore for the same period last year. The company’s board has recommended a dividend of Rs 48 per share.

Read more here.

Tata Consumer Q4 Results: Net profit rises 23% YoY to Rs 268 crore

Tata Consumer Products reported a net profit of Rs 268 crore for Q4 FY23 compared to the loss of Rs 217 crore in Q4 FY22. The revenue from operations rose 14% YoY to Rs 3,619 crore. The company’s profit before exceptional items and tax also increased 13% YoY to Rs 456 crore led by strong growth in the India branded business. The board has recommended a final dividend of Rs 8.45 per equity share. 

Read more here.

L&T Construction bags orders in the range of Rs 1,000-2,500 crore in India and overseas

Larsen and Toubro’s (L&T) Power Transmission & Distribution (PT&D) business has secured significant orders in India and overseas. L&T has won a power supply system order for the second phase of Chennai Metro and an order to supply, construct, test and commission a 132kV substation in the United Arab Emirates. The company aims to reduce Aggregate Technical & Commercial losses at a pan-India level through the latest bagged order under the Reforms-based Results-linked Distribution Sector Scheme (RDSS).

Read more here.

Anupam Rasayan signs long-term supply contract worth Rs 380 crore

Anupam Rasayan has signed a Letter of Intent (LoI) worth $46 million (Rs 380 crore) with a major American multinational corporation to supply a new-age specialty chemical intermediate for the next five years. The company expects its share of revenues from the US to significantly increase in the coming years. The product will be manufactured in its upcoming multipurpose manufacturing facilities and is being produced in India for the first time.

Read more here.

Sun Pharma launches novel therapy CEQUA for dry eye disease in India

Sun Pharmaceutical Industries Ltd has launched its ophthalmology treatment CEQUA in the Indian market to treat Dry Eye Disease (DED). The treatment is being released by one of its wholly-owned subsidiaries using nanomicellar (NCELL) technology. CEQUA is the first DED treatment in India and has already been launched in the United States and other geographies as part of Sun Pharma’s specialty portfolio of drugs.

Read more here.

Serum Institute to double investment in Biocon Biologics to $300 million

Serum Life Sciences will make an additional equity investment of $150 million in Biocon Biologics (BBL), a subsidiary of Biocon. It had invested $150 million in Biocon Biologics in November 2022, and this additional investment will be made through the conversion of the $150 million loan provided to Biocon Pharma into equity in BBL. The total aggregate equity investment of SILS in BBL will now amount to $300 million.

Read more here.

AU SFB Q4 Results: Net profit rises 23% YoY to Rs 425 crore

AU Small Finance Bank has reported a 23% YoY increase in net profit to Rs 425 crore. The Net Interest Income (NII) also increased 37% YoY to Rs 4,425 for Q4 FY23. The bank’s total income rose 34% YoY to Rs 9,240 crore. The gross non-performing assets ratio fell to 1.7% from 1.98% in Q4 FY22. The bank’s board proposed a 10% dividend of Rs 1 per equity share for Q4 FY23. 

Read more here.

Categories
Market News Top 10 News

Viacom18 to Stream IPL for Free – Top Indian Market Updates

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

Viacom18 to stream IPL for free after paying $2.7 billion

Viacom18 will stream Indian Premier League cricket games for free using its exclusive rights to one of the world’s most-watched sporting events. Viacom18 Media Pvt., the joint venture between Paramount Global and Mukesh Ambani’s Reliance Industries Ltd., licensed the IPL streaming rights last year for $2.7 billion (~₹23,700 crore). The company’s executives have estimated that an audience of over 55 crore will watch the weeks-long IPL games.

Read more here.

Biocon raises $129 million from Kotak to fund biosimilars deal

Kotak Mahindra Group’s asset management arm is set to invest $129 million (₹1,070 crore) in Biocon Ltd to help it fund its acquisition of Viatris Inc’s biosimilars business. Biocon Biologics completed the $3.34-billion acquisition of U.S.-based Viatris’s biosimilars business in late November. At the time, the company paid $2 billion in cash to Viatris and issued convertible preference shares worth $1 billion to fund the deal.

Read more here.

Patel Engineering bags projects worth Rs 1,026 crore

Patel Engineering has bagged a water tunnel and an irrigation project totalling Rs 1,026 crore in Maharashtra and Karnataka. With the latest contract, the company’s total order book has increased to Rs 18,600 crore. The first project includes the design and construction of a long treated water tunnel in Raigad district of Maharashtra.

Read more here.

Adani firm repays Rs 1,500 cr to SBI Mutual Fund, Aditya Birla Sun Life

Adani Group paid Rs 1,000 crore to SBI Mutual Fund and Rs 500 crore to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on Monday. SBI MF had an exposure of around Rs 1,000 crore to Adani Group, which has been repaid on maturity. With this payment, SBI MF has no further exposure to the Adani Group.

Read more here.

HDFC Bank signs deal with Lulu Exchange to enhance cross-border payments

HDFC Bank and UAE-based Lulu Exchange have signed a Memorandum of Understanding (MoU) to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region. As Phase 1 of the partnership, it launched a digital inward remittance service called ‘RemitNow2India’. This will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC’s digital banking channels

Read more here.

Bankruptcy court admits Zee Entertainment under the insolvency resolution process

The Mumbai bench of the National Company Law Tribunal (NCLT) admitted Zee Entertainment Enterprises Ltd. (ZEEL) and Siti Network Ltd under the Corporate Insolvency Resolution Process (CIRP). The development is likely to cause issues with ZEEL’s merger with Culver Max Entertainment (Sony). IndusInd Bank had approached the tribunal against ZEEL seeking payment of default of over Rs 89 crore.

Read more here.

Wipro freshers’ salary cut: IT union NITES files complaint with labour ministry

Pune-based labour union Nascent Information Technology Employees Senate (NITES) has filed a complaint against Wipro Ltd with the central labour ministry alleging “unethical reduction” in salary offers of more than 4,000 candidates. The offer has been made to all ‘Velocity’ graduates of the 2022-23 batch. ‘Velocity’ is a skilling and training program undertaken by Wipro Elite candidates (₹3.5 LPA) to be eligible for the Turbo package (₹6.5 LPA) after they go through some skill upgradation courses.

Read more here.

SBI allows BHIM-based real-time payment with Singapore

State Bank of India announced a partnership with PayNow, the online payment system of Singapore for cross-border payments. The facility is offered through SBI’s BHIM SBIPay mobile application and the linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using the UPI ID. The inward bilateral remittance between the two countries was around $949 million in 2021.

Read more here.

FDI equity inflows decline 15% to $36.75 billion in Apr-Dec FY23

Foreign direct investment (FDI) into India declined by 15% YoY to $36.75 billion during the April-December of FY23, according to the latest Department for Promotion of Industry and Internal Trade data. The computer software and hardware sector attracted the highest inflows of $8 billion during the same period. Singapore emerged as the top investor with a $13 billion FDI.

Read more here.

Categories
Market News Top 10 News

Tata Group, SIA to Merge Air India With Vistara by 2024 – Top Indian Market Updates

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

Tata Group, SIA to merge Air India with Vistara by 2024

Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara. SIA will secure a 25.1% stake in the merged entity at an investment of ₹2,058.5 crore. This 25.1% stake will be in an enlarged Air India Group, which will have Air India, Vistara, AirAsia India, and Air India Express. The merger of all airlines is estimated to be completed by March 2024.

Read more here.

Britannia Industries to form JV with Bel SA

Britannia Industries Ltd has signed a joint venture (JV) agreement with France-based Bel SA and Britannia Dairy Pvt Ltd (BDPL) to develop, manufacture, and sell cheese products in India and other markets. As a part of the JV, Britannia Industries will sell a 49% stake in BDPL to Bel SA for ₹262 crore. It will then infuse an additional ₹215 crore in the joint venture.

Read more here.

Tata Motors partners with IndusInd Bank to boost EV adoption

Tata Motors has partnered with IndusInd Bank to offer exclusive electric vehicle (EV) financing to the automaker’s dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This move is part of Tata Motors’ mission to increase EV adoption in India. 

Read more here.

Cipla launches injection for prostate cancer in the US

Cipla Ltd announced the launch of Leuprolide Acetate Injection Depot in the US market. The drug is used to treat advanced prostate cancer. It is also indicated for endometriosis and is used with other medication to treat anemia caused by uterine fibroids. According to IQVIA data, LUPRON DEPOT had sales of approximately $197 million in the US for the 12 months ended September 2022.

Read more here.

Gland Pharma acquires French CDMO Cenexi for €120 million

Gland Pharma’s Singapore subsidiary, Gland Pharma International PTE, will acquire France-based contract development & manufacturing organisation (CDMO) Cenexi Group for €120 million (~₹1,012 crore). The acquisition will give Gland Pharma a foothold in the European CDMO market. Cenexi has a presence across four manufacturing sites in Europe, which include three sites in France and one site in Belgium.

Read more here.

ICICI Bank launches digital lending solution iLens

ICICI Bank announced the launch of a digital lending solution called ‘iLens’. It allows customers to secure housing loans digitally with hassle-free onboarding via paperless login, uploading documents, instant sanctions, and disbursement of loans. ICICI Bank Lending Solutions (iLens) is powered by the TCS Lending Platform. The bank also plans to offer personal loans, auto loans, and credit cards through this platform.

Read more here.

Lupin launches generic version of COPD treatment drug

Lupin Ltd announced the launch of a generic version of Formoterol Fumarate Inhalation Solution in the US market. The drug is used to treat chronic obstructive pulmonary disease (COPD). According to IQVIA MAT data, the product had estimated annual sales of $268 million for the 12 months ended Sept 2022.

Read more here.

Tech Mahindra signs pact with Axiata Group to develop 5G enterprise solutions

Tech Mahindra has signed a Memorandum of Understanding (MoU) with Axiata Group Berhad to co-develop and market 5G enterprise solutions across Malaysia, Sri Lanka, Bangladesh, Nepal, and Cambodia. The two entities aim to develop new-age and cost-effective 5G solutions across the manufacturing, oil & gas, and smart cities & services industries.

Read more here.

Biocon completes acquisition of Viatris’s biosimilar business

Biocon Biologics has completed the acquisition of the $3.34 billion Viatris’ global biosimilars business. The company has issued Compulsorily Convertible Preference Shares (CCPS) in the company valued at $1 billion (equivalent to an equity stake of ~12.9%) and made an upfront cash payment of $2 billion to Viatris. Biocon Biologics is a subsidiary of Biocon Ltd.

Read more here.

ONGC gas price to be capped at $6.5 for five years

A government-appointed gas price review panel has recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. Oil & Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum price of $4 per million British thermal units (Btu) and a ceiling price of $6.5 per million Btu, compared to the current rate of $8.57.

Read more here.

Categories
Market News Top 10 News

PVR Reports ₹71 crore Loss in Q2 – Top Indian Market Updates

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

PVR Q2 Results: Net loss at ₹71 crore

PVR Ltd reported a net loss of ₹71.23 crore for the quarter ended September (Q2 FY23). It posted a net loss of ₹153.3 crore in the corresponding quarter last year (Q2 FY22). The multiplex operator’s revenue from operations jumped 5x YoY to ₹686 crore in Q2 FY23. EBITDA rose 95.85% YoY to ₹170 crore. PVR’s total expenses stood at ₹813.33 crore in Q2, up 76.4% YoY.

Read more here.

Biocon signs pact with Yoshindo to commercialise two biosimilar assets

Biocon Biologics has entered into a strategic out-licensing agreement with Japanese pharma company Yoshindo Inc. for commercialising bUstekinumab and bDenosumab (two of its biosimilar assets) in the Japanese market. As part of the agreement, Yoshindo will get exclusive commercialisation rights for the two biosimilars in Japan for an addressable market opportunity of over $700 million. Biocon Biologics is a subsidiary of pharma major Biocon Ltd.

Read more here.

Snowman Logistics launches 5PL operations in India

Snowman Logistics Ltd has launched Fifth-Party Logistics or 5PL services in India. It is the first company to introduce this service in the cold chain logistics and supply chain management sector in India. Snowman Logistics will now provide distribution and consolidation services (including sourcing on behalf of customers) along with the existing range of 3PL services of transportation and warehousing.

Read more here.

Craftsman Automation Q2 Results: Net profit rises 25% YoY to ₹62 crore

Craftsman Automation Ltd reported a 25% YoY increase in consolidated net profit to ₹62.48 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 35.97% YoY to ₹776.24 crore during the same period. The company’s revenue from the automotive powertrain segment rose 29.46% YoY to ₹378.18 crore, while sales from aluminium products segment stood at ₹196.34 crore, up 39.53% YoY. 

Read more here.

JSW Steel, Smartex to explore low-emission steel production

JSW Steel Ltd has signed a Memorandum of Understanding (MoU) with Smartex to explore low-emission steel production aiming at decarbonisation of the steel sector in India. The two companies will explore the potential to promote innovation and turnkey approaches— from financing to technology availability and market access.

Smartex has launched the Financing Steel Decarbonisation (FSD) initiative. They aim to create a $1 billion Steel Decarbonisation Fund (SDF) and an eco-system to support steel industry decarbonization. 

Read more here.

ACC Q3 Results: Net loss at ₹87.35 crore

ACC Limited reported a consolidated net loss of ₹87.35 crore for the quarter ended Sept (Q3 CY22). The cement maker follows the January-December financial year cycle. It posted a net profit of ₹450 crore in the corresponding quarter last year (Q3 CY21). Net sales stood at ₹3,910 crore in Q3 CY22, up 7% YoY. Total expenses rose 30% YoY to ₹4,162 crore during the same period.

Read more here.

Ericsson partners with Jio to build 5G standalone network

Telecom gear maker Ericsson on Monday announced a long-term strategic 5G contract with Reliance Jio to roll out a 5G standalone (SA) network in India. This is the first partnership between Jio and Ericsson for radio access network deployment in the country. Jio’s standalone 5G network deployment modernises the network infrastructure to deliver a transformative 5G experience to consumers and enterprises.

Read more here.

Zydus Lifesciences gets USFDA approval for two generic drugs

Zydus Lifesciences Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market its generic versions of Valbenazine capsules and Roflumilast tablets. Valbenazine capsules are indicated for the treatment of tardive dyskinesia (uncontrolled movement of face or tongue). Roflumilast tablets are used for reducing the risk of chronic obstructive pulmonary disease.

Read more here.

Bank of Maharashtra Q2 Results: Net profit doubles to ₹535 crore

Bank of Maharashtra reported a 103% YoY jump in net profit to ₹535 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 26% YoY to ₹1,887 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 3.4% in Q2, compared to 3.74% in Q1. Provisions fell 42% YoY to ₹532 crore in Q2 FY23.

Read more here.

Sunteck Realty’s pre-sales up 24% in Q2

Realty developer Sunteck Realty Ltd reported a 24% year-on-year (YoY) growth in its pre-sales at ₹337 crore in Q2 FY23. Total collections for the quarter rose 60% YoY to ₹331 crore. The company acquired a land parcel spread over 7.25 acres in Mira Road’s Beverly Park locality (Mumbai) in Q2. Sunteck Realty’s total pre-sales performance in the first half of the financial year (H1 FY23) stood at ₹670 crore, up 49% YoY.

Read more here.

Categories
Market News Top 10 News

India’s Services PMI Hits 11-Year High in June – Top Indian Market Updates

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

India’s services PMI hits 11-year high in June

Services activity in India expanded at the fastest pace in 11 years in June 2022. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.2 in June, compared to 58.9 in May. The data indicated further accelerations in new business growth and output at Indian services companies amid ongoing improvements in demand conditions. However, concerns surrounding price pressures restricted business confidence. 

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

Read more here. 

Adani Power to seek shareholders’ approval for deal worth Rs 5,000 crore with AdaniConnex

Adani Power Ltd (APL) will seek shareholders’ approval for the proposed related-party transaction worth ~Rs 5,000 crore with AdaniConnex Pvt. Ltd (ACPL) during its annual general meeting on July 27. The transaction involves the sale of APL’s special purpose vehicles (SPVs) or subsidiaries to ACPL. AdaniConneX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX that builds data centres across India.

Read more here.

Passenger vehicle sales rose 40% in June: FADA

As per data released by the Federation of Automobile Dealers Association (FADA), retail passenger vehicle sales in India rose 40% YoY to 2,60,683 units in June. An increase in dispatches indicates that supplies of semiconductors have improved. Two-wheeler retail sales increased 20% YoY last month to 11,19,096 units.

Read more here.

KEC International aims to double civil contracts business to Rs 4,000 crore in FY23

KEC International Ltd is betting on its civil contracts business and aims to double revenue in the segment during the current financial year (FY23). The company’s total revenue increased 5% YoY to Rs 13,700 crore in FY22, led by growth in the civil, railways, and cables businesses. The contribution of the civil business to the total revenue stood at Rs 1,900 crore.

Read more here.

Tata Steel’s output remains flat at 7.66 MT in Q1

Tata Steel Ltd’s consolidated steel output remained flat at 7.66 million tonnes (MT) during the April-June quarter (Q1) of the current financial year (FY23). The company produced 7.65 MT of steel in Q1 FY22. Consolidated sales fell 4% YoY to 6.53 MT during the same period. Tata Steel India registered over a 6% YoY rise in output at 4.92 MT. Its sales fell 2% YoY to 4.06 MT.

Read more here.

RBL Bank’s total deposits rise 6% YoY in Q1

RBL Bank Ltd’s total deposits rose 6% year-on-year (YoY) to Rs 79,217 crore as of June 30, 2022 (Q1 FY23). Deposits rose 0.27% when compared to the previous quarter. The bank’s current account-savings account (CASA) stood at Rs 28,525 crore in Q1, up 14% YoY or 2% QoQ. Gross advances grew 7% YoY and 0.24% QoQ to Rs 62,095 crore in Q1.

Read more here.

IEX electricity volume rises 17% YoY in June

Indian Energy Exchange (IEX) registered a 17% YoY growth in power trade volumes to 8,267 million units (MU) in June 2022. This comprises 7,058 MU in the conventional power market, 536 MU in the green power market, and 673 MU in the renewable energy certificate market. Prices at the day ahead market reduced from Rs 6.76 in May to Rs 6.49 per unit in June due to improved supply-side availability. For the first quarter of FY23, IEX achieved 23,437 MU volume across all segments, registering a 10% YoY growth.

Read more here.

Tejas Networks acquires 62.65% stake in Saankhya Labs for Rs 276.24 crore

Tejas Networks Ltd (TNL) has acquired a 62.65% stake in Saankhya Labs for Rs 276.24 crore. The company intends to acquire the balance 37.35% stake in the Bengaluru-based firm in due course. The acquisition will help enhance TNL’s wireless offerings by adding 5G ORAN, 5G Cellular Broadcast, and satellite communication products to its product portfolio. It also gives the company access to in-house semiconductor chip design expertise for specialised applications.

Read more here.

Biocon Biologics gets EU GMP certification for new facility in Bengaluru

Biocon Biologics (a subsidiary of Biocon Ltd) has received the Europen Union’s Good Manufacturing Practice (GMP) certification from the Health Products Regulatory Authority (HPRA), Ireland, for its new monoclonal antibodies (mAbs) drug substance manufacturing facility at Biocon Park, Bengaluru. The GMP accreditation is offered to pharmaceutical manufacturers who adhere to a minimal standard in their production practices. 

Categories
Market News Top 10 News

India’s GDP Grows 5.4% in Q3 – Top Indian Market News

India’s GDP grows 5.4% in Q3

India’s gross domestic product (GDP) grew by 5.4% in the December quarter (Q3 FY22), lower than 8.4% growth in the previous quarter (Q2 FY22). The agricultural sector grew at 2.6% in Q3 FY22, compared to 3.7% in Q2. The mining sector grew 8.8% in the October-December quarter of FY22, compared to 14.2% growth in the last quarter. India’s construction sector witnessed a -2.8% growth in Q3, compared to 8.2% in Q2. 

According to the latest estimates from the Ministry of Statistics and Programme Implementation, the economy is likely to grow at 8.9% in FY 2021-22. There are rising risks from higher prices of crude oil and commodities after Russia’s invasion of Ukraine.

Read more here.

Biocon Biologics acquires Viatris’ biosimilar business for $3.34 billion 

Biocon Biologics Ltd (BBL) has entered into a definitive agreement with its partner Viatris Inc to acquire its biosimilar business for $3.34 billion. The deal will enable BBL to secure a robust commercial engine in the developed markets of the US and Europe. Viatris would receive cash of $2 billion upon closing the deal and up to $335 million as additional payments in 2024. BBL will also issue Compulsorily Convertible Preference Shares (CCPS) worth $1 billion to Viatris. BBL is a subsidiary of Biocon Ltd.

Read more here.

Mahindra Logistics acquires Hyderabad-based Whizzard

Mahindra Logistics Ltd (MLL) has acquired a majority stake in Hyderabad-based last-mile delivery services provider Whizzard. This acquisition will complement MLL’s existing last-mile delivery business and its electric vehicle (EV)-based delivery services. Whizzard offers seamless handling of 60-million packages per year across diverse segments.

Read more here.

Zen Technologies secures export order worth Rs 13.5 crore

Zen Technologies Ltd has secured an export contract worth Rs 13.50 crores for the supply of training equipment. The company’s total order book currently stands at Rs 428.56 crore. Hyderabad-based Zen Tech designs, develops, and manufactures state-of-the-art training simulators. It also offers drones and anti-drone solutions.

Read more here.

Piramal Enterprises to raise up to Rs 500 crore via NCDs

The Administrative Committee of Piramal Enterprises Ltd’s board has approved a proposal to raise up to Rs 500 crore by issuing non-convertible debentures (NCDs) on a private placement basis. It has approved the issue of NCDs of up to Rs 100 crore, along with an option to retain an oversubscription of up to Rs 400 crore (greenshoe option). The NCDs will have a tenure of 30 months with a coupon rate of 8% per annum.

Read more here.

IndiGo, SpiceJet to operates special flights to evacuate Indians stranded in Ukraine

SpiceJet Ltd and IndiGo will operate special flights from Budapest (Hungary) and Bucharest (Romania) on Monday and Tuesday to evacuate Indians stranded in Ukraine due to Russia’s military offensive. Around 14,000 Indians, mainly college students, are currently stranded in Ukraine. Tata Group-owned Air India has evacuated a total of 1,156 Indian nationals in five evacuation flights till now.

Read more here.

HPCL, SECI to work together in electric mobility, alternative fuels

Hindustan Petroleum Corp Ltd (HPCL) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) for collaboration in the field of renewable energy, electric mobility, and alternative fuels. The two entities will also develop environmental, social, and governance (ESG) projects. The partnership is in line with the Indian government’s vision of a carbon-neutral economy by 2070.

Read more here.

DLF expects Rs 700 crore sales revenue from housing project in Chennai

DLF Limited has launched a new housing project in Chennai and expects a sales revenue of Rs 700 crore over the next 18 months. The realty company will invest ~Rs 100 crore to develop infrastructure at the 85-acre housing project (termed ‘Parc Estate’). DLF will develop 1,500 plots, having a 2.15 million sq. ft. area. It will sell 750 plots in the first phase in a price bracket of Rs 20 lakh to Rs 1.25 crore.

Read more here.

Sterlite Tech partners with Analog Devices to develop O-RAN 5G radio units

Sterlite Technologies Ltd (STL) has partnered with US-based Analog Devices, Inc. to develop 5G Open RAN radio units (O-RU). The two firms will build 5G-ready solutions to expand the diversity of commercially available O-RUs. STL and Analog Devices will work closely with other ecosystem providers, including leading power amplifier (PA) vendors.

Read more here.

IndiaMART acquires stake in Realbooks

IndiaMART InterMESH Ltd has announced an investment of ~Rs 13.75 crore in Adansa Solutions Private Ltd. As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases. Its final shareholding in Adansa will stand at 26.01%. Adansa Solutions, under the brand name Realbooks, offers a cloud-based accounting software product for businesses.

Read more here.

Tanla Platforms partners with Truecaller

Tanla Platforms Ltd has entered into an exclusive partnership with Truecaller, a global platform that verifies contacts and blocks unwanted communication. Under the partnership, Truecaller Business Messaging will be exclusively powered by Tanla’s Wisely CPaaS platform. Wisely is one of the world’s largest blockchain-enabled communications platform as a service (CPaaS) platforms. The collaboration aims to help businesses reach out to more than 300 million active users of Truecaller with relevant messages.

Read more here.

Categories
Market News Top 10 News

DMart’s Net Profit Rises 24% YoY in Q3 – Top Indian Market News

Avenue Supermarts Q3 Results: Net profit rises 24% YoY to Rs 553 crore

Avenue Supermarts Ltd (DMart) reported a 23.71% YoY increase in consolidated net profit to Rs 553 crore for the quarter ended December (Q3 FY22). Net profit rose 32% compared to the previous quarter. Its revenue from operations rose 22.2% YoY (or 18% QoQ) to Rs 9,218 crore during the same period. The company added 17 stores in Q3 FY22, taking the tally to 263 stores.

Read more here.

Oberoi Realty’s sales bookings jump 2-fold to Rs 1,965 crore in Q3

Oberoi Realty Ltd reported an over two-fold jump in sales bookings to Rs 1,965 crore for the quarter ended December (Q3 FY22). The realty company sold 371 units in Q3, compared to 234 units in the corresponding quarter last year. During the first nine months of FY 2021-22, Oberoi Realty’s sales bookings more than doubled to Rs 2,964 crore.

Read more here.

Mahanagar Gas hikes CNG-PNG prices for second time in 3 weeks

Mahanagar Gas Ltd (MGL) has decided to hike prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Saturday midnight. The basic price of CNG has been increased by Rs 2.50 per kg and domestic PNG by Rs 1.50 per standard cubic meter (SCM) for the Mumbai Metropolitan Region (MMR).

Read more here.

Maruti Suzuki lines up its biggest annual product launch

Maruti Suzuki India Ltd (MSIL) has lined up more product launches in 2022 than it has done ever during a year in the past. The automaker plans to launch more than half a dozen products in 2022. Half of these products will be in the fast-growing SUV space, and the rest in its core area of small cars. In the first nine months of FY22, MSIL has produced 1.164 million vehicles, compared to 939,000 units in the same period last year. 

Read more here.

Equitas Holdings to divest its stake in subsidiary ETPL ahead of merger with Equitas SFB

Equitas Holdings Ltd will divest its entire stake in subsidiary Equitas Technologies Pvt Ltd (ETPL) as part of the requirement for the merger with Equitas Small Finance Bank (ESFB). As part of the Reserve Bank of India’s licensing conditions, the boards of Equitas Holdings and ESFB had in July 2021 approved the scheme of amalgamation between them. According to the scheme, all assets held by Equitas Holdings (including its investments in ETPL) have to be transferred to ESFB.

Read more here.

CSB Bank MD & CEO takes early retirement; lender to set up panel to find successor

C V R Rajendran, the Managing Director & Chief Executive Officer of CSB Bank, has decided to take early retirement on health grounds. He will continue as MD & CEO till March 2022. His current three-year term was supposed to end on December 8, 2022. The Board of Directors of CSB Bank has decided to constitute a search committee to identify and evaluate candidates, either internally or externally, for the position of MD & CEO.

Read more here.

Wonderla Holidays temporarily shuts Bangalore Park for two weekends

Wonderla Holidays Ltd has announced that the Bangalore park operations will be temporarily shut for the two weekends i.e., January 8 & 9 and 15 & 16. The move comes after the Government of Karnataka announced strict restrictions to contain the Covid-19 pandemic.

USFDA rejects Biocon, Vitaris’ application for Insulin Aspart

Biocon Biologics, a subsidiary of Biocon Ltd, said the US Food & Drug Administration (USFDA) has not approved an application for Insulin Aspart filed by its partner Viatris Inc. The USFDA has issued a complete response letter (CRL) for the biologics license application (BLA) for Insulin Aspart. Biocon Biologics said it will respond to the CRL to satisfy the FDA’s requests.

Read more here.

DLF launches luxury residential project in New Delhi

DLF Home Developers Ltd. (DHDL) and GIC, Singapore’s sovereign wealth fund, will develop over 900 luxury apartments at Delhi’s Moti Nagar. The revenue potential of the project is Rs 4,000 crore. DLF’s ONE Midtown luxury residential project will have luxury condominiums with two, three, and four-bedroom residences. DHDL is a wholly-owned subsidiary of DLF Ltd.

Read more here.

Categories
Market News Top 10 News

India’s Manufacturing PMI Rises to 57.6 in November – Top Indian Market News

India’s manufacturing PMI rises to 57.6 in November 

India’s manufacturing activity expanded for the fifth straight month in November. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.6 in November, compared to 55.9 in October. Factory orders rose at the fastest pace since February. Strong demand led to higher production volumes, and output rose at the fastest rate in nine months. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

Read more here. 

Auto sales data for November 2021: Highlights  

Maruti Suzuki India posted a 0.61% month-on-month (MoM) increase in total sales to 1,39,184 units in November 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment fell 9.25% MoM to 24,574 units. Exports stood at 21,393 units, an increase of 0.3% MoM.

Tata Motors Ltd registered a 12.22% MoM decline in passenger vehicle sales to 29,778 units in November. The automaker’s commercial vehicle sales fell 4.43% MoM to 32,245 units. Overall domestic sales declined 12.18% MoM to 58,073 units.   

Mahindra & Mahindra’s auto segment posted total sales of 40,102 units in November, a decline of 4.3% over October. M&M’s farm equipment segment posted a 41% fall in sales to 27,681 units. 

Bajaj Auto Ltd posted a 13.7% MoM decline in total sales to 3,79,276 units. Meanwhile, Escorts posted a 47.3% MoM fall in tractor sales to 7,116 units in November.  

Read more here.

Tata Power secures India’s largest solar and battery project worth Rs 945 crore

Tata Power Solar Systems Ltd (TPSSL) has secured a project from Solar Energy Corporation of India (SECI) to build a 100 megawatt (MW) EPC solar project, along with a 120 MWh utility-scale Battery Energy Storage System. The total contract value of the project is approximately Rs 945 crore. The project will be completed within 18 months. TPSSL is a wholly-owned subsidiary of Tata Power Company Ltd.  

Read more here.

Royal Enfield partners with Belstaff for exclusive range of apparel

Royal Enfield, a subsidiary of Eicher Motors Ltd, has partnered with British brand Belstaff to market an exclusive range of apparel. With this collaboration, Royal Enfield aims to write a new chapter in the brand history that celebrates the spirit of riding. The limited-edition Belstaff Capsule collection launches today in India and will be available exclusively on the company’s online store and dealerships.

Read more here.

Zen Tech reports fire accident at its demonstration center

Zen Technologies Ltd announced that there was a fire accident around 10:00 PM (IST) on November 30 night at its demonstration center located at Maheshwaram Hardware Park in Telangana. There were no casualties. The facility is insured, and the financial damage is currently being accessed. Operations are expected to resume within a couple of days, and no impact is expected on any ongoing projects.

Read more here.

NCLAT rejects Kotak Mahindra Bank’s plea to set aside insolvency proceedings against MSEL

The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Kotak Mahindra Bank along with a director of debt-ridden McNally Sayaji Engineering Ltd (MSEL) to set aside insolvency proceedings against MSEL. On February 11, 2021, the Kolkata bench of the National Company Law Tribunal (NCLT) admitted a plea by ICICI Bank and directed to initiate insolvency proceedings against MSEL.

Kotak Mahindra Bank had contended that it had advanced loans to MSEL, and NCLT has failed to appreciate that more than 50% of members of the lenders’ consortium had opposed initiation of the corporate insolvency resolution process (CIRP), as they were considering a restructuring of loan outside the IBC.

Read more here.

Sapphire Foods expects to double store count in next 3-4 years

Sapphire Foods India Ltd said it expects to turn profit after tax (PAT) positive in the third quarter (Q3 FY22) and double its store count in the next 3-4 years. The company’s CEO, in a press statement to mark the 500th store opening, said Sapphire Foods has seen a healthy recovery in dine-in sales alongside a continued acceleration in delivery sales.  The positive metrics translated into positive same-store sales growth in both October and November 2021 compared to the pre-Covid calendar. 

Read more here.

Biocon enters Dow Jones Sustainability Index in Emerging Markets category

Biocon Ltd has been selected for the Dow Jones Sustainability Index (DJSI) in the Emerging Markets (EM) category for its Environmental, Social, and Governance (ESG) practices. It is among the top 15 companies from India, and one of the 12 companies from the pharmaceuticals, biotechnology, and life sciences sectors to be featured in the index for 2021.

Read more here.

Gross GST collection in November crosses Rs 1.31 lakh crore

The gross Goods & Services Tax (GST) revenue collected in November 2021 was Rs 1,31,526 crore, the second-highest ever since the introduction of GST. The revenues for November are 25% higher than the GST revenues in the same month last year. The Finance Ministry said that the recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance.

Read more here.