Tag: birla corp

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Market News Top 10 News

L&T Wins Multibillion-Dollar Order From Saudi Aramco – Top Indian Market Updates

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

L&T wins multi-billion-dollar order from Saudi Aramco

Larsen & Toubro (L&T) has secured a multi-billion dollar worth contract from Saudi Aramco. The combined value of the order win is estimated at $3.9 billion. According to MEED (formerly Middle East Economic Digest), L&T is one of the three contractors to win different packages for Saudi Aramco’s $10 billion worth expansion at its Jafurah unconventional gas production project in Saudi Arabia. L&T is the selected contractor for package one worth $ 2.9 billion and package three worth $1 billion of the project.

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PM Modi to lay foundation stone for expansion project of BPCL refinery

Prime Minister Narendra Modi will lay the foundation stone for the expansion of the BPCL’s Bina Refinery. The expansion is at an estimated cost of ₹50,000 crore in the Sagar district of Madhya Pradesh on September 14. The refinery’s capacity (crude distillation/vacuum distillation unit) is 7.7 million metric tonnes per annum and the expansion aims to take this figure to 11 MMTPA.

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ONGC to infuse Rs 15,000 cr in OPaL

Oil & Natural Gas Corporation (ONGC) will infuse about ₹15,000 crore in OPaL as part of a financial restructuring exercise. This will result in GAIL (India) Ltd being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in ONGC Petro-additions Ltd (OPaL). OPaL operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%.

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Hitachi Energy bags order from Ayana Renewable Power

Hitachi Energy India has secured a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system. The project is scheduled to be commissioned in March 2024.

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Birla Corp aims to double Mukutban cement plant output

Birla Corporation aims to double the production rate at its Mukutban cement plant in Maharashtra. The move will improve its profitability by as much as a third by the end of the year. The Mukutban cement plant produced 1,00,000 tonnes per month last year. The company plans to produce 2,00,000 tonnes per month this year. The plant has the capacity to produce 3.9 million tonnes per year and is currently operating at about 45-50% of its capacity.

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Vedanta plans to meet investors as it faces $2 billion debt bill

Representatives of Vedanta Resources Ltd are travelling to Singapore and Hong Kong to meet bondholders, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year. JPMorgan Chase & Co. and Standard Chartered Plc are organising the non-deal roadshow . Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress.

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Nazara Tech raises Rs 410 crore from SBI Mutual Fund

Nazara Technologies is raising ₹410 crore from SBI Mutual Fund. This comes just days after a ₹100 crore infusion by Zerodha cofounder Nikhil Kamath. The company’s board approved the issue of 5.7 million equity shares at ₹714 per share to SBI Mutual Fund. The funds will be invested via three schemes of SBI Mutual Fund — SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.

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Samvardhana Motherson expands operations in UAE

Samvardhana Motherson International Ltd (SAMIL) has expanded its operations in UAE with a new unit in Ras Al Khaimah (RAK). RAK is one of the seven emirates that make up the UAE. UAE Supreme Council Member Sheikh Saud bin Saqr Al Qasimi inaugurated the company’s wiring harness facility in RAK. The facility is located in the Ras Al Khaimah Economic Zone (RAKEZ).  

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Crompton Greaves bags order from Haryana govt for solar pumps

Crompton Greaves Consumer Electricals Ltd has secured a ₹25.44 crore order under the PM Kusum Scheme from the Haryana government for solar pumps. The company will execute the order within 120 days. It has been granted the inaugural work order of supplying, installing, and commissioning 7.5 HP and 10 HP Solar Submersible Water Pumping Systems by the New & Renewable Energy Department Haryana and HAREDA.

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HCL Tech secures multi-year deal from Siemens

HCL Technologies Ltd has signed a multiyear managed public cloud services agreement with Germany’s Siemens AG to modernise its IT landscape worldwide. The company will power cloud-led digital transformation for Siemens. As part of the agreement, HCL Tech will migrate and operate the IT infrastructure of Siemens on AWS and Azure, while ensuring that its cloud resources are optimised, scalable and secure.

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Editorial

Meet the Top 10 Richest Indians!

A recent report from Forbes showed that the total number of billionaires in India rose to a record 166 in the financial year 2021-22 (FY22). The combined net worth of these billionaires grew 26% to 750 billion! Their business empires have played a significant role in the economic growth of our nation. In this article, meet the top 10 richest Indians!

Gautam Adani

Gautam Adani, chairman of the Adani Group, has a net worth of $122.3 Billion (~Rs 9.31 lakh crore). With a meteoric rise in shares of group firms, Adani’s wealth grew by Rs 6,000 crore every week over the past year! He is currently the sixth richest person in the world!

The Adani Group has interests in the infrastructure, logistics, power generation & transmission, and real estate sectors via Adani Enterprises, Adani Ports, Adani Green Energy, Adani Transmission, and other group firms. The group also operates some of the major airports in our country. Adani has announced plans to become the world’s largest producer of green energy. They will invest up to $20 billion in renewable energy projects over the next decade.

Mukesh Ambani

Mukesh Ambani is the chairman of Reliance Industries Ltd (RIL), India’s largest company. RIL’s subsidiaries are involved mainly in petrochemicals, oil & gas, telecom (Jio Platforms), and retail (Reliance Retail). Reliance is also pivoting into green energy. The company aims to invest $80 billion over the next 10-15 years in renewable energy.

With a net worth of $98 Billion (~Rs 7.46 lakh crore), Ambani is the 10th richest person in the world!

Shiv Nadar

Shiv Nadar co-founded HCL Technologies, one of India’s largest IT companies. He is also known for his philanthropic activities. In July 2020, Nadar stepped down as chairman of HCL Technologies, handing over the position to his daughter, Roshni Nadar Malhotra. He is currently the Chairman Emeritus and strategic advisor of HCL Tech.

Shiv Nadar’s net worth stands at $28 Billion (~Rs 2.12 lakh crore). 

Cyrus Poonawalla

Also known as the ‘Vaccine King’, Cyrus Poonawalla is the world’s richest billionaire in the healthcare industry. His company, Serum Institute of India (SII), manufactured the Covishield vaccine last year. SII produces over 1.5 billion doses of vaccines per annum, including those for measles, polio, and flu. Poonawalla’s assets include a majority stake in listed financial services firm Poonawalla Fincorp.

Cyrus Poonawalla’s net worth stands at $26 Billion (~Rs 1.98 lakh crore).

Radhakishan Damani

Veteran investor and founder of Avenue Supermarts (popularly known as DMart), Radhakishan Damani has a net worth of $20 Billion (Rs 1.52 lakh crore). His company operates over 250 DMart stores across India. Also known as the ‘Retail King’, Damani holds stakes in VST Industries, India Cements, and Tata Trent.

Savitri Jindal & Family

The Jindal Group is chaired by Savitri Jindal, widow of founder Om Prakash Jindal. Their four sons run the business empire now. The conglomerate has interests in mining, power, industrial gases, cement, and steel manufacturing. The group’s listed firms include Jindal Steel & Power, Jindal Steel, JSW Steel, and JSW Energy.

Savitri Jindal and her family have a net worth of nearly $20 Billion (~1.52 lakh crore).

Lakshmi Mittal

Lakshmi Mittal serves as the executive chairman of ArcelorMittal, one of the world’s largest steel and mining companies in terms of output. The company operates steel manufacturing units in 17 countries. Even though he is based out of London, Mittal holds an Indian passport. His net worth stands at $18 Billion (~Rs 1.37 lakh crore).

Kumar Mangalam Birla & Family

Kumar Birla is the fourth generation head of the Aditya Birla Group. The group companies include UltraTech Cement, Hindalco, Aditya Birla Fashion & Retail, Aditya Birla Capital, and even the failed Idea Cellular. Birla’s net worth stands at $17 Billion (Rs 1.29 lakh crore).

Dilip Shanghvi 

Dilip Shanghvi founded Sun Pharmaceutical Industries, one of India’s most valuable pharma companies having significant sales across the world. He grew Sun Pharma through a series of acquisitions, including the 2014 purchase of rival Ranbaxy Laboratories for $4 billion. He has personally invested in renewable energy and oil & gas projects. His net worth stands at $16.2 Billion (~Rs 1.23 crore).

Uday Kotak

Uday Kotak is the executive vice-chairman and managing director of Kotak Mahindra Bank. His company is now among India’s top four banks in the private sector. The company offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. Kotak’s net worth stands at $14.7 Billion (Rs 1.12 lakh crore).

Source: Forbes Real-Time Billionaires List (as of 13/4/2022)

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Market News Top 10 News

UltraTech Cement’s Q3 Net Profit Rises 122% YoY – Top Indian Market News

UltraTech Cement Q3 Results: Net profit rises 122% YoY to Rs 1,584 crore

UltraTech Cement Ltd reported a 122.7% YoY increase in consolidated net profit to Rs 1,584 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 711.17 crore during the corresponding period in FY20. Revenue from operations rose 17% YoY to Rs 12,254 crore in Q3 FY21. During the quarter, it had a volume growth of 14% to 22.82 million tonnes. UltraTech Cement’s performance in Q3 was driven by pent-up demand, supply restoration, and improving cost efficiencies.

Read more here. 

Tata Power Solar wins Rs 1,200 crore order to set up 320 MW project

Tata Power Solar Systems announced that it has bagged an order worth Rs 1,200 crore from state-run power giant NTPC Ltd for setting up a 320 MW ground-mounted solar project. The company is a wholly-owned subsidiary of Tata Power Limited. The scope of work includes the acquisition, engineering, procurement, installation, and commissioning of the grid-connected solar project on a turnkey basis. The commercial operation date for this project is set for May 2022.

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Mahindra Lifespaces Q3 Results: Net loss at Rs 11.19 crore

Mahindra Lifespace Developers Ltd reported a consolidated net loss of Rs 11.19 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 1.81 crore in the corresponding period in FY20. Total income declined 17% YoY to Rs 70.19 crore in Q3 FY21. The company stated that it has important project launches lined up and a few land acquisition deals expected to conclude in the current quarter (Q4).

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Apollo Hospitals raises Rs 1,170 crore through allotment of shares to QIBs

Apollo Hospitals announced raising Rs 1,169.99 crore through allotment of shares to qualified institutional buyers (QIBs). Its Fund Raising Committee has approved the allotment of 45.59 lakh equity shares of the face value of Rs 5 each to eligible QIBs, at the issue price of Rs 2,511 per share. The issue opened on January 18 and closed on January 22.

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Zydus Cadila gets USFDA approval for thyroid drug

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Liothyronine Sodium tablets. The tablets are indicated for the treatment of underactive thyroid. The drug will be manufactured at the group’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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DCB Bank Q3 Results: Net profit at Rs 96 crore

DCB Bank Ltd reported a net profit of Rs 96.21 crore for the quarter ended December (Q3). The bank had posted a net profit of Rs 96.7 crore in the same period last year. Net interest income (NII) increased by 4% YoY to Rs 335 crore in Q3 FY21. Provisions rose 150% YoY to Rs 147 crore during the same period.

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Birla Corp Q3 Results: Net profit jumps 82% YoY to Rs 148 crore

Birla Corporation Ltd announced an 82.1% YoY increase in net profit to Rs 148.42 crore for the quarter ended December (Q3). Its revenue rose 5% YoY to Rs 1,823 crore during the same period. The company’s performance in Q3 was driven by growth in sales volume for the cement division, aggressive cost rationalisation, and higher sales of premium products. Birla Corp is on course to expand its production capacity to 25 million tonnes (MT) by 2025.

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Supreme Industries Q3 Results: Net profit rises 153% YoY to Rs 312 crore

Supreme Industries Ltd reported a 153.08% YoY increase in net profit to Rs 312.28 crore for the quarter ended December (Q3). Revenue rose 34.26% YoY to Rs 1,843.80 crore during the same period. The company has announced plans to invest around Rs 400 crore to support construction activities at seven production sites. Supreme Industries is an Indian plastics company, based in Mumbai.

Petrol price touches record high of Rs 85.70 in Delhi; diesel at Rs 75.88

Petrol and diesel prices on Saturday touched new all-time highs after rates were increased for the fourth time this week. This took the petrol price in Delhi to Rs 85.70 per litre and diesel price to Rs 75.88 per litre. All prices have gone up by Re 1 per litre this week. Earlier this week, Oil Minister Dharmendra Pradhan blamed the Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.

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Polycab Q3 Results: Net profit rises 19% YoY to Rs 263 crore

Polycab India Ltd reported a 19.07% YoY increase in net profit to Rs 263.62 crore for the quarter ended December (Q3). Its revenue rose 11.63% YoY to Rs 2,798.83 crore during the same period. The company saw volume growth across its two product segments- wires & cables and fast-moving electrical goods (FMEG).